Del Mar City Council
May 27, 2025

MARKET VALUE SUMMARY
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Current Period
03/01/25 to 03/31/25
Year-to-Date
01/30/25 to 03/31/25
Beginning Market Value $27,729,053.87 $0.00Ending Market Value $27,725,092.90 $27,725,092.90 Current Period 03/01/25 to 03/31/25
Taxable Interest -7,647.51 -5,955.12Taxable Dividends 1,916.04 2,370.01Fees and Expenses -66.96 -66.96Cash Receipts 9,029,770.71Other Gains/Losses 19,235.00 19,235.00Change in Investment Value -17,397.54 22,937.63Assets Received 18,656,801.63 215 May 27, 2025 Item 1
10101010101010101010 10101100110000010011 10100010001010000000 10011101001000010111 11011100101001001010 11001100000001100001 10100000000100010000 10010101110010001011 11011000001111010000 11000110001011110101 10000000101101011000 10101000001010010011 10000010010000010000 10100101100110000011 10001100101101100100 10001101000111111111 10111010101100010110 11000001010001011101 10011000111010100010 11111111111111111111 CITY OF DEL MARACCOUNT NUMBER: 001051018567 March 1, 2025 to March 31, 2025

ASSET SUMMARY
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Assets
Current Period
Market Value
% of
Total
Estimated
Annual Income
Total Market Value $27,725,092.90 100.00 $990,999.60Cash & Equivalents 9,154,006.37 33.00 379,858.50Taxable Bonds 18,571,086.53 67.00 611,141.10 216 May 27, 2025 Item 1

CITY OF DEL MAR
ACCOUNT NUMBER: 001051018567 March 1, 2025 to March 31, 2025

INCOME SUMMARY
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Income Received
Current Period
Income Received
YTD
Total Current Period Income -$5,731.47 -$3,585.11Taxable Interest -7,647.51 -5,955.12Taxable Dividends 1,916.04 2,370.01 217 May 27, 2025 Item 1
10101010101010101010 10101100110111010011 10100010001010000000 10011101001000010111 11011100011001001010 11001101110001000101 10100000000101101100 10010101110010000011 11011000001101001100 11000110011101000101 10000000110011010000 10101001010110011011 10000011110100001100 10100111111100001011 10001010101101010100 10000110000001011011 10100111110110111010 11000011110101111101 10011010110110010010 11111111111111111111 CITY OF DEL MARACCOUNT NUMBER: 001051018567 March 1, 2025 to March 31, 2025

Cash/Money MarketTotal Cash/Money Market

ASSET DETAIL
Total Cash
$9,152,142.37 $9,033,725.22 $118,417.15 33.0 $379,858.50 $1,864.00 $1,864.00 $0.00 0.0 $0.00
$9,154,006.37 $9,035,589.22 $118,417.15 33.0 $379,858.50 10107
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First American Government - 31846V203Oblig Fd Cl Y#3763 34,700.220 1.0000 34,700.22 34,700.22 0.00 0.1 1,376.19 3.97 U S Treasury Bill - 912797MV604/03/2025
1,020,000.000 99.9760 1,019,755.20 999,161.00 20,594.20 3.7 43,209.75 4.24 U S Treasury Bill - 912797NV506/20/2025
4,085,000.000 99.0670 4,046,886.95 3,999,766.00 47,120.95 14.6 171,212.56 4.23 U S Treasury Bill - 912797NL711/28/2025
4,160,000.000 97.3750 4,050,800.00 4,000,098.00 50,702.00 14.6 164,060.00 4.05 Principal Cash 5,955.12 5,955.12 0.0Income Cash -4,091.12 -4,091.12 0.0CashSecurity Description Shares/Face Amt Price Market Value Tax Cost
Unrealized
Gain/Loss
Percent
of Total
Portfolio
Estimated
Annual Income
Estimated
Current Yield
Cash & EquivalentsTotal Cash & Equivalents
218 May 27, 2025 Item 1

CITY OF DEL MAR
ACCOUNT NUMBER: 001051018567 March 1, 2025 to March 31, 2025

US Government Issues
ASSET DETAIL (continued)
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F H L M C M T N - 3134GWPT70.600 08/19/2025
200,000.000 98.5760 197,152.00 200,000.00 -2,848.00 0.7 12,000.00 6.09 U S Treasury Note - 91282CHU84.375 08/15/2026
700,000.000 100.5200 703,640.00 703,528.00 112.00 2.5 30,625.00 4.35 U S Treasury Note - 912828YQ71.625 10/31/2026
267,000.000 96.4690 257,572.23 257,345.28 226.95 0.9 4,338.75 1.68 U S Treasury Note - 91282CLY54.250 11/20/2026
250,000.000 100.4810 251,202.50 250,073.00 1,129.50 0.9 10,625.00 4.23 U S Treasury Note - 91282CFB22.750 07/31/2027
1,000,000.000 97.4650 974,650.00 973,750.00 900.00 3.5 27,500.00 2.82 U S Treasury Note - 91282CFH93.125 08/31/2027
1,000,000.000 98.2270 982,270.00 981,380.00 890.00 3.5 31,250.00 3.18 Federal Agri Mtg Corp M T N - 31424WWM03.950 09/13/2027 752,000.000 99.9990 751,992.48 751,112.64 879.84 2.7 29,704.00 3.95 U S Treasury Note - 91282CLQ23.875 10/15/2027
500,000.000 99.9490 499,745.00 499,320.00 425.00 1.8 19,375.00 3.88 U S Treasury Note - 91282CHK04.000 06/30/2028
1,000,000.000 100.3360 1,003,360.00 1,006,450.00 -3,090.00 3.6 40,000.00 3.99 Security Description
Shares/Face Amt Price Market Value Tax Cost
Unrealized
Gain/Loss
Percent
of Total
Portfolio
Estimated
Annual Income
Estimated
Current Yield
Taxable Bonds
219 May 27, 2025 Item 1
10101010101010101010 10101100110110010011 10100010001010000000 10011101001000001111 11011100011001000110 11001101100001001001 10100000000101010000 10010101110101110111 11011000001000111000 11000110000001110101 10000000110111000000 10101001101111001011 10000010000011101100 10100101110001111011 10001111111011011000 10000111000111000001 10101010110001100010 11011101010000110101 10011010110110101010 11111111111111111111 CITY OF DEL MARACCOUNT NUMBER: 001051018567 March 1, 2025 to March 31, 2025

Total US Government Issues
ASSET DETAIL (continued)
$12,975,184.21 $13,006,540.42 -$31,356.21 46.8 $447,605.25 10107
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U S Treasury Note - 91282CHQ74.125 07/31/2028
1,000,000.000 100.7070 1,007,070.00 1,010,590.00 -3,520.00 3.6 41,250.00 4.10 U S Treasury Note - 91282CHX24.375 08/31/2028
800,000.000 101.4650 811,720.00 815,144.00 -3,424.00 2.9 35,000.00 4.31 U S Treasury Note - 91282CCY51.250 09/30/2028
1,000,000.000 91.3670 913,670.00 915,890.00 -2,220.00 3.3 12,500.00 1.37 U S Treasury Note - 91282CDF51.375 10/31/2028
250,000.000 91.6020 229,005.00 229,167.50 -162.50 0.8 3,437.50 1.50 U S Treasury Note - 91282CEV93.250 06/30/2029
1,000,000.000 97.3440 973,440.00 977,830.00 -4,390.00 3.5 32,500.00 3.34 U S Treasury Note - 91282CFC02.625 07/31/2029
1,000,000.000 94.8280 948,280.00 952,300.00 -4,020.00 3.4 26,250.00 2.77 U S Treasury Note - 91282CLK53.625 08/31/2029
1,000,000.000 98.7460 987,460.00 992,420.00 -4,960.00 3.6 36,250.00 3.67 U S Treasury Note - 91282CLN93.500 09/30/2029
1,000,000.000 98.1840 981,840.00 986,670.00 -4,830.00 3.5 35,000.00 3.56 U S Treasury Note - 91282CFT34.000 10/31/2029
500,000.000 100.2230 501,115.00 503,570.00 -2,455.00 1.8 20,000.00 3.99 Security Description
Shares/Face Amt Price Market Value Tax Cost
Unrealized
Gain/Loss
Percent
of Total
Portfolio
Estimated
Annual Income
Estimated
Current Yield
220 May 27, 2025 Item 1

CITY OF DEL MAR
ACCOUNT NUMBER: 001051018567 March 1, 2025 to March 31, 2025

Corporate Issues
ASSET DETAIL (continued)
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Cross River Bank - 227563CJ0Medium Term Note C D4.850 05/19/2025 240,000.000 100.0550 240,132.00 240,000.00 132.00 0.9 11,640.00 4.85 Capital One Natl Assn McLean - 14042RRL7C D3.100 05/27/2025 245,000.000 99.8090 244,532.05 245,000.00 -467.95 0.9 7,595.00 3.11 Chartway Fed Cr Un Va Beach - 16141BAK7C D5.250 08/11/2025 200,000.000 100.3410 200,682.00 200,000.00 682.00 0.7 10,500.00 5.23 Bmw Bk North Amer Utah - 05580AXF6C D0.500 09/25/2025
249,000.000 98.2010 244,520.49 249,000.00 -4,479.51 0.9 1,245.00 0.51 Texas Exchange Bk Crowley - 88241TJN1C D0.600 11/25/2025 225,000.000 97.5910 219,579.75 225,000.00 -5,420.25 0.8 1,350.00 0.61 Trustone Finl Cr Un Plymouth M - 89841MBZ9C D4.400 12/12/2025 240,000.000 99.9190 239,805.60 240,000.00 -194.40 0.9 10,560.00 4.40 Bmo Harris Bk Natl Assn Chicag - 05600XBY5C D0.550 02/18/2026 200,000.000 96.9170 193,834.00 200,000.00 -6,166.00 0.7 1,100.00 0.57 Bankunited Natl Assn Miami - 066519QV4C D0.950 04/14/2026 200,000.000 96.8190 193,638.00 200,000.00 -6,362.00 0.7 1,900.00 0.98 Security Description
Shares/Face Amt Price Market Value Tax Cost
Unrealized
Gain/Loss
Percent
of Total
Portfolio
Estimated
Annual Income
Estimated
Current Yield
221 May 27, 2025 Item 1
10101010101010101010 10101100110101010011 10100010001010000000 10011101001000000111 11011100011001000110 11001101010001001001 10100000000100010100 10010101110101100001 11011000001011111110 11000110001000001101 10000000101011011000 10101000110000111011 10000010011011011100 10100001110101011111 10001000000000001000 10000100000110100111 10111000110100010000 11011010110010100101 10011010110110100010 11111111111111111111 CITY OF DEL MARACCOUNT NUMBER: 001051018567 March 1, 2025 to March 31, 2025

ASSET DETAIL (continued)
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Bank Amer Na - 06051XDT6C D5.000 05/22/2026
200,000.000 101.0000 202,000.00 200,000.00 2,000.00 0.7 10,000.00 4.95 Goldman Sachs Bk USA New York - 38150VUZ0C D5.050 06/11/2026 240,000.000 101.0910 242,618.40 240,000.00 2,618.40 0.9 12,120.00 4.99 Ubs Bk USA Salt Lake City Ut - 90348JP61C D0.900 07/08/2026 248,000.000 96.0620 238,233.76 248,000.00 -9,766.24 0.9 2,232.00 0.94 Synchrony Bank - 87165FA38C D0.950 09/17/2026
200,000.000 95.5610 191,122.00 200,000.00 -8,878.00 0.7 1,900.00 0.99 M1 Bk MacKs Creek Mo - 55316CDJ2C D4.050 09/24/2026
67,000.000 99.9120 66,941.04 67,000.00 -58.96 0.2 2,713.50 4.05 Bradesco Bk Coral Gables Bk - 10421ABM8C D4.100 09/28/2026 244,000.000 100.0260 244,063.44 244,000.00 63.44 0.9 10,004.00 4.10 Merrick Bk South Jordan Utah - 59013K6K7C D4.050 09/28/2026 249,000.000 99.9450 248,863.05 249,000.00 -136.95 0.9 10,084.50 4.05 Hapo Cmnty Cr Un Richland Wash - 41138NAD0C D5.400 09/29/2026 240,000.000 101.8990 244,557.60 240,000.00 4,557.60 0.9 12,960.00 5.30 Security Description
Shares/Face Amt Price Market Value Tax Cost
Unrealized
Gain/Loss
Percent
of Total
Portfolio
Estimated
Annual Income
Estimated
Current Yield
222 May 27, 2025 Item 1

CITY OF DEL MAR
ACCOUNT NUMBER: 001051018567 March 1, 2025 to March 31, 2025

ASSET DETAIL (continued)
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State Bk India New York Ny - 856285YH8C D1.150 10/29/2026 248,000.000 95.5520 236,968.96 248,000.00 -11,031.04 0.9 2,852.00 1.20 Austin Telco Fed Cr Un Tex - 052392EA1C D4.300 12/14/2026 249,000.000 100.3550 249,883.95 249,000.00 883.95 0.9 10,707.00 4.28 Greenstate Cr Un North Liberty - 39573LCE6C D1.350 01/14/2027 248,000.000 95.2990 236,341.52 248,000.00 -11,658.48 0.9 3,348.00 1.42 American Express Natl Bk - 02589ABQ4C D2.000 03/09/2027 247,000.000 96.1160 237,406.52 247,000.00 -9,593.48 0.9 4,940.00 2.08 Capital One Bk USA Natl Assn Glen - 14042TFJ1C D2.700 04/13/2027 245,000.000 97.3110 238,411.95 245,000.00 -6,588.05 0.9 6,615.00 2.77 Discover Bk Greenwood Del - 254673G83C D3.150 06/14/2027 246,000.000 98.0170 241,121.82 246,000.00 -4,878.18 0.9 7,749.00 3.21 Preferred Bk Los Angeles Ca - 740367QF7C D4.000 09/30/2027 248,000.000 99.7520 247,384.96 248,000.00 -615.04 0.9 9,920.00 4.01 Liberty First Cr Un Lincoln Ne - 530520AK1C D4.700 08/07/2028 200,000.000 102.4360 204,872.00 200,000.00 4,872.00 0.7 9,400.00 4.59 Security Description
Shares/Face Amt Price Market Value Tax Cost
Unrealized
Gain/Loss
Percent
of Total
Portfolio
Estimated
Annual Income
Estimated
Current Yield
223 May 27, 2025 Item 1
10101010101010101010 10101100110100010011 10100010001010000000 10011101001000011111 11011100011001001010 11001101000001000101 10100000000100101000 10010101110010010101 11011000001110001010 11000110010100111101 10000000101111001000 10101000001001101011 10000011101100111100 10100011111000101111 10001101010110000100 10000101000000111101 10110101110011001000 11000100010111101101 10011010110110011010 11111111111111111111 CITY OF DEL MARACCOUNT NUMBER: 001051018567 March 1, 2025 to March 31, 2025

Total Corporate Issues
ASSET DETAIL (continued)

ASSET DETAIL MESSAGES
$5,595,902.32 $5,667,000.00 -$71,097.68 20.2 $163,535.85 $18,571,086.53 $18,673,540.42 -$102,453.89 67.0 $611,141.10$27,725,092.90 $27,709,129.64 $15,963.26 100.0 $990,999.60

3.57 10107
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Time of trade execution and trading party (if not disclosed) will be provided upon request.Publicly traded assets are valued in accordance with market quotations or valuation methodologies from financial industry services believed by us to be reliable. Assets that are not publicly traded may bereflected at values from other external sources. Assets for which a current value is not available may be reflected at a previous value or as not valued, at par value, or at a nominal value. Values shown donot necessarily reflect prices at which assets could be bought or sold. Values are updated based on internal policy and may be updated less frequently than statement generation.

Somerset Tr Co Pa - 835104CW8C D0.041 11/13/2028
249,000.000 99.7540 248,387.46 249,000.00 -612.54 0.9 100.85 0.04 Security Description
Shares/Face Amt Price Market Value Tax Cost
Unrealized
Gain/Loss
Percent
of Total
Portfolio
Estimated
Annual Income
Estimated
Current Yield
Total Taxable BondsTotal AssetsEstimated Current Yield
224 May 27, 2025 Item 1

CITY OF DEL MAR
ACCOUNT NUMBER: 001051018567 March 1, 2025 to March 31, 2025

TRANSACTION DETAIL
$1,692.39 -$1,692.39 $9,996,940.07
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03/03/25 Asset Income Interest Earned On
Austin Telco C D 4.300% 12/14/26
821.36

0.003299 USD/$1 Pv On 249,000 Par Value Due 3/1/25
03/03/25 Asset Income Interest Earned On
Greenstate Cr C D 1.350% 1/14/27
256.83

0.001036 USD/$1 Pv On 248,000 Par Value Due 3/1/25
03/03/25 Asset Income Interest Earned On
Hapo Cmnty Cr Un C D 5.400% 9/29/26
994.19

0.004142 USD/$1 Pv On 240,000 Par Value Due 3/1/25
03/03/25 Asset Income Interest Earned On
Liberty First C D 4.700% 8/07/28
721.10

0.003605 USD/$1 Pv On 200,000 Par Value Due 3/1/25
03/03/25 Asset Income Interest Earned On
First Am Govt Ob Fd Cl Y
1,425.93
Interest From 2/1/25 To 2/28/25
03/04/25 Sale Sold 453.97 Shares Of
US Bank Liquidity Plus Class Y
453.97 -453.97
Trade Date 3/3/25
03/05/25 Purchase Purchased 1,000,000 Par Value Of
U S Treasury Nt 4.000% 6/30/28
-1,006,450.00 1,006,450.00
Trade Date 3/4/25Purchased Through Concourse Financial Group1,000,000 Par Value At 100.645 % 03/05/25 Purchase Accrued Interest Paid Accrued Interest On Purchase Of U S Treasury Nt 4.000% 6/30/28
-7,071.82
Income Debit 7,071.82- USD
03/05/25 Purchase Purchased 1,000,000 Par Value Of
U S Treasury Nt 3.250% 6/30/29
-977,830.00 977,830.00
Trade Date 3/4/25Purchased Through Concourse Financial Group1,000,000 Par Value At 97.783 % 03/05/25 Purchase Accrued Interest Paid Accrued Interest On Purchase Of U S Treasury Nt 3.250% 6/30/29
-5,745.86
Income Debit 5,745.86- USD
DatePosted Activity Description
Income
Cash
Principal
Cash Tax Cost
Beginning Balance 03/01/2025
225 May 27, 2025 Item 1
10101010101010101010 10101100110011010011 10100010001010000000 10011101001000010111 11011100011001000110 11001100110001101001 10100000000100011100 10010101110101001101 11011000001101100010 11000110010010111101 10000000110110101000 10101000101011110011 10000011101010001000 10100010100100100011 10001011101110111000 10001111101101101011 10111001011110110100 11010011010110101101 10011000010110011010 11111111111111111111 CITY OF DEL MARACCOUNT NUMBER: 001051018567 March 1, 2025 to March 31, 2025

TRANSACTION DETAIL (continued)
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03/05/25 Purchase Purchased 1,000,000 Par Value Of
U S Treasury Nt 3.500% 9/30/29
-986,670.00 986,670.00
Trade Date 3/4/25Purchased Through Concourse Financial Group1,000,000 Par Value At 98.667 % 03/05/25 Purchase Accrued Interest Paid Accrued Interest On Purchase Of U S Treasury Nt 3.500% 9/30/29
-15,000.00
Income Debit 15,000.00- USD
03/05/25 Purchase Purchased 1,000,000 Par Value Of
U S Treasury Nt 3.625% 8/31/29
-992,420.00 992,420.00
Trade Date 3/4/25Purchased Through Concourse Financial Group1,000,000 Par Value At 99.242 % 03/05/25 Purchase Accrued Interest Paid Accrued Interest On Purchase Of U S Treasury Nt 3.625% 8/31/29
-492.53
Income Debit 492.53- USD
03/05/25 Purchase Purchased 1,000,000 Par Value Of
U S Treasury Nt 4.125% 7/31/28
-1,010,590.00 1,010,590.00
Trade Date 3/4/25Purchased Through Concourse Financial Group1,000,000 Par Value At 101.059 % 03/05/25 Purchase Accrued Interest Paid Accrued Interest On Purchase Of U S Treasury Nt 4.125% 7/31/28
-3,760.36
Income Debit 3,760.36- USD
03/05/25 Purchase Purchased 800,000 Par Value Of
U S Treasury Nt 4.375% 8/31/28
-815,144.00 815,144.00
Trade Date 3/4/25Purchased Through Concourse Financial Group800,000 Par Value At 101.893 % 03/05/25 Purchase Accrued Interest Paid Accrued Interest On Purchase Of U S Treasury Nt 4.375% 8/31/28
-475.54
Income Debit 475.54- USD
03/05/25 Purchase Purchased 1,000,000 Par Value Of
U S Treasury Nt 1.250% 9/30/28
-915,890.00 915,890.00
Trade Date 3/4/25Purchased Through Concourse Financial Group1,000,000 Par Value At 91.589 % DatePosted Activity Description
Income
Cash
Principal
Cash Tax Cost
226 May 27, 2025 Item 1

CITY OF DEL MAR
ACCOUNT NUMBER: 001051018567 March 1, 2025 to March 31, 2025

TRANSACTION DETAIL (continued)
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03/05/25 Purchase Accrued Interest Paid Accrued Interest On Purchase Of U S Treasury Nt 1.250% 9/30/28
-5,357.14
Income Debit 5,357.14- USD
03/05/25 Purchase Purchased 500,000 Par Value Of
U S Treasury Nt 4.000% 10/31/29
-503,570.00 503,570.00
Trade Date 3/4/25Purchased Through Concourse Financial Group500,000 Par Value At 100.714 % 03/05/25 Purchase Accrued Interest Paid Accrued Interest On Purchase Of U S Treasury Nt 4.000% 10/31/29
-6,906.08
Income Debit 6,906.08- USD
03/05/25 Purchase Purchased 1,000,000 Par Value Of
U S Treasury Nt 2.625% 7/31/29
-952,300.00 952,300.00
Trade Date 3/4/25Purchased Through Concourse Financial Group1,000,000 Par Value At 95.23 % 03/05/25 Purchase Accrued Interest Paid Accrued Interest On Purchase Of U S Treasury Nt 2.625% 7/31/29
-2,392.96
Income Debit 2,392.96- USD
03/05/25 Purchase Purchased 250,000 Par Value Of
U S Treasury Nt 1.375% 10/31/28
-229,167.50 229,167.50
Trade Date 3/4/25Purchased Through Concourse Financial Group250,000 Par Value At 91.667 % 03/05/25 Purchase Accrued Interest Paid Accrued Interest On Purchase Of U S Treasury Nt 1.375% 10/31/28
-1,186.98
Income Debit 1,186.98- USD
03/05/25 Sale Sold 1,902,284.29 Shares Of
US Bank Liquidity Plus Class Y
1,902,284.29 -1,902,284.29
Trade Date 3/5/251,902,284.29 Shares At 1.00 USD
03/10/25 Asset Income Interest Earned On
Ubs Bk USA C D 0.900% 7/08/26
171.22

0.00069 USD/$1 Pv On 248,000 Par Value Due 3/8/25
DatePosted Activity Description
Income
Cash
Principal
Cash Tax Cost
227 May 27, 2025 Item 1
10101010101010101010 10101100110010010011 10100010001010000000 10011101001000001111 11011100011001001010 11001100100001100101 10100000000100100000 10010101110010111001 11011000001000010110 11000110001110001101 10000000110010111000 10101000010010100011 10000010011101101000 10100000101001010011 10001110111000110100 10001110101011110001 10110100011001101100 11001101110011100101 10011000010110100010 11111111111111111111 CITY OF DEL MARACCOUNT NUMBER: 001051018567 March 1, 2025 to March 31, 2025

TRANSACTION DETAIL (continued)
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03/10/25 Asset Income Interest Earned On
American Express C D 2.000% 3/09/27
2,449.70

0.009918 USD/$1 Pv On 247,000 Par Value Due 3/9/25
03/10/25 Purchase Purchased 2,620.92 Shares Of
US Bank Liquidity Plus Class Y
-2,620.92 2,620.92
Trade Date 3/10/252,620.92 Shares At 1.00 USD
03/11/25 Asset Income Interest Earned On
Chartway Fed Cr C D 5.250% 8/11/25
805.48

0.004027 USD/$1 Pv On 200,000 Par Value Due 3/11/25
03/11/25 Purchase Purchased 805.48 Shares Of
US Bank Liquidity Plus Class Y
-805.48 805.48
Trade Date 3/11/25805.48 Shares At 1.00 USD
03/13/25 Purchase Purchased 249,000 Par Value Of
Somerset Tr Co C D 0.0405% 11/13/28
-249,000.00 249,000.00
Trade Date 3/4/25Purchased Through Concourse Financial Group249,000 Par Value At 100 % 03/13/25 Sale Sold 249,000 Shares Of
US Bank Liquidity Plus Class Y
249,000.00 -249,000.00
Trade Date 3/13/25249,000 Shares At 1.00 USD
03/14/25 Asset Income Interest Earned On
Bankunited Natl C D 0.950% 4/14/26
145.75

0.000729 USD/$1 Pv On 200,000 Par Value Due 3/14/25
03/14/25 Purchase Purchased 145.75 Shares Of
US Bank Liquidity Plus Class Y
-145.75 145.75
Trade Date 3/14/25145.75 Shares At 1.00 USD
03/17/25 Fed Tax Cost Adjust Fed Basis Of American Express C D 2.000% 3/09/27 Adjusted By 246,999.00 USD
246,999.00
Old: 1.00 USD/New: 247,000.00 USDCost Update
DatePosted Activity Description
Income
Cash
Principal
Cash Tax Cost
228 May 27, 2025 Item 1

CITY OF DEL MAR
ACCOUNT NUMBER: 001051018567 March 1, 2025 to March 31, 2025

TRANSACTION DETAIL (continued)
10107
00- -M -UC-UU -091-04
0602954-00-02387-04
03/17/25 Fed Tax Cost Adjust Fed Basis Of Austin Telco C D 4.300% 12/14/26 Adjusted By 248,999.00 USD
248,999.00
Old: 1.00 USD/New: 249,000.00 USDCost Update
03/17/25 Fed Tax Cost Adjust Fed Basis Of Bmw Bk North C D 0.500% 9/25/25 Adjusted By 248,999.00 USD
248,999.00
Old: 1.00 USD/New: 249,000.00 USDCost Update
03/17/25 Fed Tax Cost Adjust Fed Basis Of Bmo Harris Bk C D 0.550% 2/18/26 Adjusted By 199,999.00 USD
199,999.00
Old: 1.00 USD/New: 200,000.00 USDCost Update
03/17/25 Fed Tax Cost Adjust Fed Basis Of Bank Amer Na C D 5.000% 5/22/26 Adjusted By 199,999.00 USD
199,999.00
Old: 1.00 USD/New: 200,000.00 USDCost Update
03/17/25 Fed Tax Cost Adjust Fed Basis Of Bankunited Natl C D 0.950% 4/14/26 Adjusted By 199,999.00 USD
199,999.00
Old: 1.00 USD/New: 200,000.00 USDCost Update
03/17/25 Fed Tax Cost Adjust Fed Basis Of Capital One Bk C D 2.700% 4/13/27 Adjusted By 244,999.00 USD
244,999.00
Old: 1.00 USD/New: 245,000.00 USDCost Update
03/17/25 Fed Tax Cost Adjust Fed Basis Of Chartway Fed Cr C D 5.250% 8/11/25 Adjusted By 199,999.00 USD
199,999.00
Old: 1.00 USD/New: 200,000.00 USDCost Update
03/17/25 Fed Tax Cost Adjust Fed Basis Of Discover Bk C D 3.150% 6/14/27 Adjusted By 245,999.00 USD
245,999.00
Old: 1.00 USD/New: 246,000.00 USDCost Update
03/17/25 Fed Tax Cost Adjust Fed Basis Of F H L M C M T N 6.000% 8/19/25 Adjusted By 199,999.00 USD
199,999.00
Old: 1.00 USD/New: 200,000.00 USDCost Update
DatePosted Activity Description
Income
Cash
Principal
Cash Tax Cost
229 May 27, 2025 Item 1
10101010101010101010 10101100110001010011 10100010001010000000 10011101001000000111 11011100011001001010 11001100010001100101 10100000000101100100 10010101110010101111 11011000001011010000 11000110000111110101 10000000101110100000 10101001001101010011 10000010000101011000 10100100101101110111 10001001000011100100 10001101101010010111 10100110011100011110 11001010010001110101 10011000010110101010 11111111111111111111 CITY OF DEL MARACCOUNT NUMBER: 001051018567 March 1, 2025 to March 31, 2025

TRANSACTION DETAIL (continued)
10107
00- -M -UC-UU -091-04
0602954-00-02387-04
03/17/25 Fed Tax Cost Adjust Fed Basis Of Greenstate Cr C D 1.350% 1/14/27 Adjusted By 247,999.00 USD
247,999.00
Old: 1.00 USD/New: 248,000.00 USDCost Update
03/17/25 Fed Tax Cost Adjust Fed Basis Of Preferred Bk C D 4.000% 9/30/27 Adjusted By 247,999.00 USD
247,999.00
Old: 1.00 USD/New: 248,000.00 USDCost Update
03/17/25 Fed Tax Cost Adjust Fed Basis Of State Bk C D 1.150% 10/29/26 Adjusted By 247,999.00 USD
247,999.00
Old: 1.00 USD/New: 248,000.00 USDCost Update
03/17/25 Fed Tax Cost Adjust Fed Basis Of Synchrony Bank C D 0.950% 9/17/26 Adjusted By 199,999.00 USD
199,999.00
Old: 1.00 USD/New: 200,000.00 USDCost Update
03/17/25 Fed Tax Cost Adjust Fed Basis Of Texas Exchange C D 0.600% 11/25/25 Adjusted By 224,999.00 USD
224,999.00
Old: 1.00 USD/New: 225,000.00 USDCost Update
03/17/25 Fed Tax Cost Adjust Fed Basis Of Trustone Finl C D 4.400% 12/12/25 Adjusted By 239,999.00 USD
239,999.00
Old: 1.00 USD/New: 240,000.00 USDCost Update
03/17/25 Fed Tax Cost Adjust Fed Basis Of Ubs Bk USA C D 0.900% 7/08/26 Adjusted By 247,999.00 USD
247,999.00
Old: 1.00 USD/New: 248,000.00 USDCost Update
03/17/25 Fed Tax Cost Adjust Fed Basis Of U S Treasury Bill 3/20/25 Adjusted By 4,356,677.00 USD
4,356,677.00
Old: 1.00 USD/New: 4,356,678.00 USDCost Update
03/17/25 Fed Tax Cost Adjust Fed Basis Of U S Treasury Bill 4/03/25 Adjusted By 999,160.00 USD
999,160.00
Old: 1.00 USD/New: 999,161.00 USDCost Update
DatePosted Activity Description
Income
Cash
Principal
Cash Tax Cost
230 May 27, 2025 Item 1

CITY OF DEL MAR
ACCOUNT NUMBER: 001051018567 March 1, 2025 to March 31, 2025

TRANSACTION DETAIL (continued)
10107
00- -M -UC-UU -091-04
0602954-00-02387-04
03/17/25 Fed Tax Cost Adjust Fed Basis Of U S Treasury Bill 11/28/25 Adjusted By 4,000,097.00 USD
4,000,097.00
Old: 1.00 USD/New: 4,000,098.00 USDCost Update
03/17/25 Fed Tax Cost Adjust Fed Basis Of U S Treasury Bill 6/20/25 Adjusted By 3,999,765.00 USD
3,999,765.00
Old: 1.00 USD/New: 3,999,766.00 USDCost Update
03/17/25 Fed Tax Cost Adjust Fed Basis Of U S Treasury Nt 4.250% 11/30/26 Adjusted By 250,085.00 USD
250,085.00
Old: 1.00 USD/New: 250,086.00 USDCost Update
03/17/25 Fed Tax Cost Adjust Fed Basis Of Liberty First C D 4.700% 8/07/28 Adjusted By 199,999.00 USD
199,999.00
Old: 1.00 USD/New: 200,000.00 USDCost Update
03/17/25 Asset Income Interest Earned On
Synchrony Bank C D 0.950% 9/17/26
942.19

0.004711 USD/$1 Pv On 200,000 Par Value Due 3/17/25
03/17/25 Purchase Purchased 942.19 Shares Of
US Bank Liquidity Plus Class Y
-942.19 942.19
Trade Date 3/17/25942.19 Shares At 1.00 USD
03/19/25 Asset Income Interest Earned On
Chartway Fed Cr C D 5.250% 8/11/25
891.78
03/19/25 Fed Tax Cost Adjust Fed Basis Of U S Treasury Nt 4.250% 11/30/26 Adjusted By 13.00- USD
-13.00
Old: 250,086.00 USD/New: 250,073.00 USDUpdate Per Advisor 03/20/25 Purchase Purchased 267,000 Par Value Of
U S Treasury Nt 1.625% 10/31/26
-257,345.28 257,345.28
Trade Date 3/18/25Purchased Through Concourse Financial Group267,000 Par Value At 96.384 % DatePosted Activity Description
Income
Cash
Principal
Cash Tax Cost
231 May 27, 2025 Item 1
10101010101010101010 10101100110000010011 10100010001010000000 10011101001000011111 11011100011001000110 11001100000001101001 10100000000101011000 10010101110101011011 11011000001110100100 11000110011011000101 10000000101010110000 10101001110100000011 10000011110010111000 10100110100000000111 10001100010101101000 10001100101100001101 10101011011011000110 11010100110100111101 10011000010110010010 11111111111111111111 CITY OF DEL MARACCOUNT NUMBER: 001051018567 March 1, 2025 to March 31, 2025

TRANSACTION DETAIL (continued)
10107
00- -M -UC-UU -091-04
0602954-00-02387-04
03/20/25 Purchase Accrued Interest Paid Accrued Interest On Purchase Of U S Treasury Nt 1.625% 10/31/26
-1,677.97
Income Debit 1,677.97- USD
03/20/25 Purchase Purchased 500,000 Par Value Of
U S Treasury Nt 3.875% 10/15/27
-499,320.00 499,320.00
Trade Date 3/18/25Purchased Through Concourse Financial Group500,000 Par Value At 99.864 % 03/20/25 Purchase Accrued Interest Paid Accrued Interest On Purchase Of U S Treasury Nt 3.875% 10/15/27
-8,303.57
Income Debit 8,303.57- USD
03/20/25 Purchase Purchased 700,000 Par Value Of
U S Treasury Nt 4.375% 8/15/26
-703,528.00 703,528.00
Trade Date 3/18/25Purchased Through Concourse Financial Group700,000 Par Value At 100.504 % 03/20/25 Purchase Accrued Interest Paid Accrued Interest On Purchase Of U S Treasury Nt 4.375% 8/15/26
-2,791.78
Income Debit 2,791.78- USD
03/20/25 Purchase Purchased 1,000,000 Par Value Of
U S Treasury Nt 2.750% 7/31/27
-973,750.00 973,750.00
Trade Date 3/18/25Purchased Through Concourse Financial Group1,000,000 Par Value At 97.375 % 03/20/25 Purchase Accrued Interest Paid Accrued Interest On Purchase Of U S Treasury Nt 2.750% 7/31/27
-3,646.41
Income Debit 3,646.41- USD
03/20/25 Purchase Purchased 1,000,000 Par Value Of
U S Treasury Nt 3.125% 8/31/27
-981,380.00 981,380.00
Trade Date 3/18/25Purchased Through Concourse Financial Group1,000,000 Par Value At 98.138 % 03/20/25 Purchase Accrued Interest Paid Accrued Interest On Purchase Of U S Treasury Nt 3.125% 8/31/27
-1,698.37
Income Debit 1,698.37- USD
DatePosted Activity Description
Income
Cash
Principal
Cash Tax Cost
232 May 27, 2025 Item 1

CITY OF DEL MAR
ACCOUNT NUMBER: 001051018567 March 1, 2025 to March 31, 2025

TRANSACTION DETAIL (continued)
10107
00- -M -UC-UU -091-04
0602954-00-02387-04
03/20/25 Purchase Purchased 752,000 Par Value Of
F A M C M T N 3.950% 9/13/27
-751,112.64 751,112.64
Trade Date 3/18/25Purchased Through Concourse Financial Group752,000 Par Value At 99.882 % 03/20/25 Purchase Accrued Interest Paid Accrued Interest On Purchase Of F A M C M T N 3.950% 9/13/27
-577.58
Income Debit 577.58- USD
03/20/25 Sale Matured 4,400,000 Par Value Of
U S Treasury Bill 3/20/25
4,375,913.00 -4,356,678.00
Trade Date 3/20/254,400,000 Par Value At 100 %
03/20/25 Asset Income Interest Earned On
U S Treasury Bill 3/20/25
24,087.00
4,400,000 Par Value At 100 %
03/20/25 Purchase Purchased 215,760.18 Shares Of
US Bank Liquidity Plus Class Y
-215,760.18 215,760.18
Trade Date 3/20/25215,760.18 Shares At 1.00 USD
03/21/25 Asset Income Dividend Earned On
US Bank Liquidity Plus Class Y

52.04 03/21/25 Cash Disbursement Cash Disbursement
Transfer To Principal
-52.04
03/21/25 Cash Receipt Cash Receipt
Transfer From Income

52.04 03/21/25 Purchase Purchased 52.04 Shares Of
US Bank Liquidity Plus Class Y
-52.04 52.04
Trade Date 3/21/25Reinvestment Of Income Received 3/21/25 03/24/25 Purchase Purchased 67,000 Par Value Of
M1 Bk MacKs C D 4.050% 9/24/26
-67,000.00 67,000.00
Trade Date 3/18/25Purchased Through Concourse Financial Group67,000 Par Value At 100 % DatePosted Activity Description
Income
Cash
Principal
Cash Tax Cost
233 May 27, 2025 Item 1
10101010101010101010 10101100110111010011 10100010001010000000 10011101001000010111 11011100001001010010 11001101110000111101 10100000000100011000 10010101110110001101 11011000001001010000 11000110001110010101 10000000111101001000 10101000001101101011 10000010011000000100 10100110000111111011 10001101110010011100 10011001011000110011 10111011100011111100 11000000110110011101 10011001010010000010 11111111111111111111 CITY OF DEL MARACCOUNT NUMBER: 001051018567 March 1, 2025 to March 31, 2025

TRANSACTION DETAIL (continued)
10107
00- -M -UC-UU -091-04
0602954-00-02387-04
03/24/25 Sale Sold 67,000 Shares Of
US Bank Liquidity Plus Class Y
67,000.00 -67,000.00
Trade Date 3/24/2567,000 Shares At 1.00 USD
03/25/25 Fee Trust Fees Collected
Charged For Period 02/14/2025 Thru 02/28/2025
-66.96
03/25/25 Asset Income Interest Earned On
Bmw Bk North C D 0.500% 9/25/25
617.38

0.002479 USD/$1 Pv On 249,000 Par Value Due 3/25/25
03/25/25 Asset Income Interest Earned On
Texas Exchange C D 0.600% 11/25/25
103.56

0.00046 USD/$1 Pv On 225,000 Par Value Due 3/25/25
03/25/25 Purchase Purchased 653.98 Shares Of
US Bank Liquidity Plus Class Y
-653.98 653.98
Trade Date 3/25/25653.98 Shares At 1.00 USD
03/26/25 Asset Income Interest Earned On
Bankunited Natl C D 0.950% 4/14/26
161.37

0.000807 USD/$1 Pv On 200,000 Par Value Due 2/14/25
03/26/25 Asset Income Interest Earned On
Bmo Harris Bk C D 0.550% 2/18/26
277.26

0.001386 USD/$1 Pv On 200,000 Par Value Due 2/18/25
03/26/25 Purchase Purchased 244,000 Par Value Of
Bradesco Bk C D 4.100% 9/28/26
-244,000.00 244,000.00
Trade Date 3/18/25Purchased Through Concourse Financial Group244,000 Par Value At 100 % 03/26/25 Sale Sold 243,561.37 Shares Of
US Bank Liquidity Plus Class Y
243,561.37 -243,561.37
Trade Date 3/26/25243,561.37 Shares At 1.00 USD
03/28/25 Purchase Purchased 249,000 Par Value Of
Merrick Bk C D 4.050% 9/28/26
-249,000.00 249,000.00
Trade Date 3/18/25Purchased Through Concourse Financial Group249,000 Par Value At 100 % DatePosted Activity Description
Income
Cash
Principal
Cash Tax Cost
234 May 27, 2025 Item 1

CITY OF DEL MAR
ACCOUNT NUMBER: 001051018567 March 1, 2025 to March 31, 2025

TRANSACTION DETAIL (continued)
-$4,091.12 $5,955.12 $27,707,265.64
10107
00- -M -UC-UU -091-04
0602954-00-02387-04
03/28/25 Sale Sold 249,000 Shares Of
US Bank Liquidity Plus Class Y
249,000.00 -249,000.00
Trade Date 3/28/25249,000 Shares At 1.00 USD
03/31/25 Asset Income Interest Earned On
Preferred Bk C D 4.000% 9/30/27
815.34

0.003288 USD/$1 Pv On 248,000 Par Value Due 3/30/25
03/31/25 Asset Income Interest Earned On
U S Treasury Nt 1.250% 9/30/28
6,250.00

0.00625 USD/$1 Pv On 1,000,000 Par Value Due 3/31/25
03/31/25 Asset Income Interest Earned On
U S Treasury Nt 3.500% 9/30/29
17,500.00

0.0175 USD/$1 Pv On 1,000,000 Par Value Due 3/31/25
03/31/25 Asset Income Dividend Earned On
US Bank Liquidity Plus Class Y
1,864.00
03/31/25 Sale Sold 10,134.88 Shares Of
US Bank Liquidity Plus Class Y
10,134.88 -10,134.88
Trade Date 3/31/2510,134.88 Shares At 1.00 USD
Purchase Combined Purchases For The Period 3/ 1/25 - 3/31/25 Of First Am Govt Ob Fd Cl Y
-260,302.10 260,302.10
Sale Combined Sales For The Period 3/ 1/25 - 3/31/25 Of First Am Govt Ob Fd Cl Y
6,757,064.98 -6,757,064.98
DatePosted Activity Description
Income
Cash
Principal
Cash Tax Cost
Ending Balance 03/31/2025
235 May 27, 2025 Item 1
10101010101010101010 10101100110110010011 10100010001010000000 10011101001000001111 11011100001001011110 11001101100000110001 10100000000100100100 10010101110001111001 11011000001100100100 11000110010010100101 10000000111001011000 10101000110100111011 10000011101111100100 10100100001010001011 10001000100100010000 10011000011110101001 10110110100100100100 11011110010011010101 10011001010010111010 11111111111111111111 CITY OF DEL MARACCOUNT NUMBER: 001051018567 March 1, 2025 to March 31, 2025

SALE/MATURITY SUMMARY
10107
00- -M -UC-UU -091-04
0602954-00-02387-04
SettlementDate Description Tax Cost Proceeds
Estimated
Gain/Loss
Cash and EquivalentsU S Treasury Bill03/20/2025912797KJ5US Bank Liquidity Plus Program- Class YUSBLP3 03/20/25 Matured 4,400,000 -4,356,678.00 4,375,913.00 19,235.00 Par ValueTrade Date 3/20/254,400,000 Par Value At 100 % 03/04/25 Sold 453.97 Shares -453.97 453.97
Trade Date 3/3/25
03/05/25 Sold 1,902,284.29 -1,902,284.29 1,902,284.29
SharesTrade Date 3/5/251,902,284.29 Shares At 1.00 USD
03/13/25 Sold 249,000 Shares -249,000.00 249,000.00
Trade Date 3/13/25249,000 Shares At 1.00 USD
03/24/25 Sold 67,000 Shares -67,000.00 67,000.00
Trade Date 3/24/2567,000 Shares At 1.00 USD
03/26/25 Sold 243,561.37 -243,561.37 243,561.37
SharesTrade Date 3/26/25243,561.37 Shares At 1.00 USD
03/28/25 Sold 249,000 Shares -249,000.00 249,000.00
Trade Date 3/28/25249,000 Shares At 1.00 USD
236 May 27, 2025 Item 1

CITY OF DEL MAR
ACCOUNT NUMBER: 001051018567 March 1, 2025 to March 31, 2025

SALE/MATURITY SUMMARY (continued)

SALE/MATURITY SUMMARY MESSAGES
10107
00- -M -UC-UU -091-04
0602954-00-02387-04
Estimates should not be used for tax purposes
SettlementDate Description Tax Cost Proceeds
Estimated
Gain/Loss
Total US Bank Liquidity Plus Program - -$2,721,434.51 $2,721,434.51 $0.00Total Cash and Equivalents -$7,078,112.51 $7,097,347.51 $19,235.00Total Sales & Maturities -$7,078,112.51 $7,097,347.51 $19,235.00 03/31/25 Sold 10,134.88 -10,134.88 10,134.88
SharesTrade Date 3/31/2510,134.88 Shares At 1.00 USD
237 May 27, 2025 Item 1
10101010101010101010 10101100110101010011 10100010001010000000 10011101001000000111 11011100001001011110 11001101010000110001 10100000000101100000 10010101110001101111 11011000001111100010 11000110011011011101 10000000100101000000 10101001101011001011 10000011110111010100 10100000001110101111 10001111011111000000 10011011011111001111 10100100100001010110 11011001110001000101 10011001010010110010 11111111111111111111 CITY OF DEL MARACCOUNT NUMBER: 001051018567 March 1, 2025 to March 31, 2025

BOND SUMMARY
10107
00- -M -UC-UU -091-04
0602954-00-02387-04
Par Value Market Value
Percentage of
Category
MATURITYTotal of Category $18,886,000.00 $18,571,086.53 100.00MOODY'S RATINGTotal of Category $18,886,000.00 $18,571,086.53 100.002025 1,599,000.00 1,586,403.89 8.552026 3,802,000.00 3,765,138.93 20.272027 4,486,000.00 4,409,324.25 23.742028 4,499,000.00 4,418,084.46 23.792029 4,500,000.00 4,392,135.00 23.65Aaa 12,467,000.00 12,223,191.73 65.82N/A 3,294,000.00 3,239,240.98 17.44NOT RATED 3,125,000.00 3,108,653.82 16.74 238 May 27, 2025 Item 1

CITY OF DEL MAR
ACCOUNT NUMBER: 001051018567 March 1, 2025 to March 31, 2025

Data contained within this section excluded Mutual Funds, Exchange Traded Funds, and Closed-Ended Funds.

BOND SUMMARY (continued)

BOND SUMMARY MESSAGES
10107
00- -M -UC-UU -091-04
0602954-00-02387-04
Par Value Market Value
Percentage of
Category
S&P RATINGTotal of Category $18,886,000.00 $18,571,086.53 100.00N/A 13,467,000.00 13,211,525.73 71.14NOT RATED 5,419,000.00 5,359,560.80 28.86 239 May 27, 2025 Item 1
10101010101010101010 10101100110100010011 10100010001010000000 10011101001000011111 11011100001001010010 11001101000000111101 10100000000101011100 10010101110110011011 11011000001010010110 11000110000111101101 10000000100001010000 10101001010010011011 10000010000000110100 10100010000011011111 10001010001001001100 10011010011001010101 10101001100110001110 11000111010100001101 10011001010010001010 11111111111111111111

THIS PAGE WAS INTENTIONALLY LEFT BLANK
240 May 27, 2025 Item 1
Glossary
The accumulation of the value of a discounted bond until maturity.

The difference between the proceeds and the Prior
Market Value of the transaction.

The difference between the Market Value and the
Adjusted Prior Market Value.

A figure calculated using the beginning Market Value for the fiscal year, adjusted for all asset related transactions during the period, employing an average cost methodology.

The decrease in value of a premium bond until maturity. - Anything owned that has commercial exchange value. Assets may consist of specific property or of claims against others, in contrast to obligations due to others (liabilities).

A measurement of a bond's quality based upon the issuer's financial condition. Ratings are assigned by independent rating services, such as Moody's, or S&P, and reflect their opinion of theissuer's ability to meet the scheduled interest and principal repayments for the bond.

Cash activity that includes both income and principal cash categories. - Also reported as Gain/Loss in Period in the Asset Detail section.

This figure shows the market appreciation (depreciation) for the current period. - The original price of an asset, normally the purchase price or appraised value at the time of acquisition. Book Value method maintains an average cost for each asset. - The original price of an asset, normally the purchase price or appraised value at the time of acquisition. Tax Basis uses client determined methods such as Last-In-First-Out (LIFO),First-In-First-Out (FIFO), Average, Minimum Gain, and Maximum Gain. (Also reported as Accrued Income) Income earned but not yet received, or expenses incurred but not yet paid, as of the end of the reporting period.

The amount of income a particular asset is anticipated to earn over the next year. The shares multiplied by annual income rate. - The annual rate of return on an investment expressed as a percentage. For stocks, yield is calculated by taking the annual dividend payments divided by the stock's current shareprice. For bonds, yield is calculated by the coupon rate divided by the bond's market price. - (Also reported as Ex-Date) For stock trades, the person who owns the security on the ex-dividend date will earn the dividend, regardless of who currently owns the stock.

A category of cash comprised of ordinary earnings derived from investments, usually dividends and interest.

The price per unit multiplied by the number of units.
- The date on which an obligation or note matures.
- The date on which a dividend, mutual fund distribution, or interest on a bond will be made.

A category of cash comprised of cash, deposits, cash withdrawals and the cash flows generated from purchases or sales of investments.
- The Proceeds less the Cost Basis of a transaction.
- The date on which a trade settles and cash or securities are credited or debited to the account.

The date a trade is legally entered into.
- The difference between the Market Value and Cost Basis at the end of the current period.
- The annual rate of return on an investment expressed as a percentage. For stocks, yield is calculated by the annual dividend payments divided by the stock's current share price.For bonds, yield is calculated by the coupon rate divided by the bond's market price.The terms defined in this glossary are only for use when reviewing your account statement. Pleasecontact your Relationship Manager with any questions.Accretion -Adjusted Prior Market Realized Gain/Loss -Adjusted Prior Market Unrealized Gain/Loss -Adjusted Prior Market Value -Amortization -Asset Bond Rating -Cash -Change in Unrealized Gain/LossCost Basis (Book Value)Cost Basis (Tax Basis)Ending Accrual -Estimated Annual Income -Estimated Current YieldEx-Dividend DateIncome Cash -Market Value -Maturity DatePayable DatePrincipal Cash -Realized Gain/Loss CalculationSettlement DateTrade Date -Unrealized Gain/LossYield on/at Market 241 May 27, 2025 Item 1
10101010101010101010 10101100110011010011 10100010001010000000 10011101001000010111 11011100001001011110 11001100110000010001 10100000000101101000 10010101110001000011 11011000001001111110 11000110000001101101 10000000111000110000 10101001110000000011 10000010000110000000 10100011011111010011 10001100110001110000 10010000110100000011 10100101001011110010 11010000010101001101 10011011110010001010 11111111111111111111 010107
-UC-091
U.S. Bank
1555 N. Rivercenter Dr.

Suite 300
Milwaukee, WI 53212

DDDFAAATTTDDAFTATATDFDDADDTTTDFADFFTTADAATTADDFTFFADDAADFDADAFADA 000004703 04 SP 000638950602763 S

CITY OF DEL MAR
1050 CAMINO DEL MAR
DEL MAR, CA 92014
242 May 27, 2025 Item 1
City of Del Mar
Agenda Report
________________________________________________________________________________________________________ City Council Action:

TO: Honorable Mayor and City Councilmembers
FROM: Ashley Jones, City Manager
Clem Brown, Assistant City Manager
Kseniia Izgarskaia, Senior Management Analyst
DATE: May 27, 2025
SUBJECT: Continued from May 19, 2025: Recap of the 2025 City Council Goals and Priorities Setting Workshop and Council Approved FY 2025-26 and FY 2026- 27 City Work Plan
REQUESTED ACTION/RECOMMENDATION:

Staff recommends that the City Council receive this report, which includes the approved Fiscal Year (FY) 2025-26 and FY 2026-27 City Work Plan reflecting Council feedback from the 2025 City Council Goals and Priorities Setting Workshop, and provide direction to staff as appropriate.

DISCUSSION/ANALYSIS:

On March 5, 2025, the City Council held a Goals and Priorities Setting Workshop (Workshop) to review and update the City Work Plan for FY 2025-26 and FY 2026-27, in preparation for the upcoming two-year budget process. At the Workshop, the City Council received an update on the work plan items that have or will be completed in FY 2024-25; reviewed and provided feedback on the FY 2025-26 and FY 2026-27 City Work Plan; and considered Councilproposed work plan items.

The City Council was supportive of the proposed updates to the FY 2025-26 and FY 2026- 27 City Work Plan as presented by staff at the Workshop. The Fiscal Years 2025-26 and 2026-27 City Work Plan (Attachment A) reflects some Tier 3 work plan items added by the City Council as follows: 1) Added an item to evaluate increasing the City’s solar capacity on City owned property; and 2) Added an item to create a new City Facilities Gas Appliances Inventory, evaluate the replacement of City gas-powered vehicles and equipment with electric as feasible, and for staff to work on a policy that prioritizes the purchase of electric appliances when possible for recommendation by Sustainability Advisory Committee and consideration by the City Council.

Throughout the year, staff will update the FY 2025-26 and FY 2026-27 City Work Plan as may be needed to reflect any new work plan items approved by the City Council.

Much of the workshop discussion focused on new work plan items proposed by individual Councilmembers for consideration by the full Council. Council consensus was to remove the 1 May 27, 2025 Item 2
City Council Agenda Report
2025 Goals and Priorities Setting Workshop Recap
May 27, 2025

following Council-proposed items from the list for future consideration: Shores Park Community Garden; 2050 Vision for Del Mar; reactivating the upper deck expansion project at the Powerhouse Community Center; and Cannabis/CBD Retail Sales/Stores Ordinance.

The City Council also discussed the remaining items on the FY 2025-26 Council-proposed Work Plan Items list and directed staff to return with more information on each item at a future meeting. A summary of the Council direction provided on these items along with a staff response for each is included in Attachment B.

FISCAL IMPACT:

There is no fiscal impact or action to be taken by the City Council related to this agenda item.

Funding needed for any approved FY 2025-26 and FY 2026-27 work plan items will be incorporated into the proposed FY 2025-26 and FY 2026-27 Operating and Capital Budget for the Council’s consideration during the May 2025 City Council Budget Workshop.

ENVIRONMENTAL IMPACT:

The proposed City Council action does not constitute a “project” under the definition set forth in California Environmental Quality Act (CEQA) Guidelines Section 15378 because it will not have a potential to result in a direct or indirect physical change in the environment and is, therefore, not subject to CEQA. No further action under CEQA is required.

NEXUS TO CITY COUNCIL GOALS AND PRIORITIES:

The purpose of this item is to memorialize the FY 2025-26 and FY 2026-27 City Council Goals and Priorities/City Work Plan.

ATTACHMENTS:

Attachment A - Final FY 2025-26 and FY 2026-27 City Council Goals and Priorities Attachment B - Summary of Proposed Council-Initiated Work Plan Items 2 May 27, 2025 Item 2
Reference
No. Item Name Description Status Fiscal Year(s) Department(s) 1 Short-Term Rentals (STR)
Regulation Administration
(New)
Issue RFP and complete implementation of an STR
administration platform including registration and
permitting, maintaining an STR database, monitoring
STR activity, compliance and code enforcement
support, community outreach, and TOT remittance and
auditing.

Staff is in the process of preparing a Request for Proposals (RFP) to hire a consultant who would manage short-term
rental (STR) administration with the City. The City aims to initiate contractor services as soon as possible with “go live” coordinated to begin when the California Coastal
Commission (CCC) approves the City’s STR regulations
(anticipated to be in late 2025).

FY2025-2026 Administrative Services
Planning
2 City Website ADA Compliance
(New)
Evaluate City Website ADA compliance and implement
solutions to maintain compliance and meet the newly
released DOJ mandate by April 2027 as required by law.

Staff is working with its website hosting vendor to analyze current state of compliance and evaluate solutions.

FY2025-2026
FY2026-2027
Administrative Services
Information Systems
3 Participation in Multiple
SANDAG Major Projects:
- San Diego LOSSAN Rail
Realignment
- DM Bluff Stabilization 5
- DM Bluffs Access
Improvements
- San Dieguito Double Track &
Special Events Platform
On-going coordination and work with SANDAG and the
public on significant CIP projects happening in parallel, including the San Diego LOSSAN Rail Realignment
Project; Del Mar Bluff Stabilization Project 5; Del Mar Bluffs Access Improvements Project (informed by the
Coastal Connections Conceptual Planning Study); and
the San Dieguito Double Track and Special Events
Platform project, which involves relocation of City
water/wastewater utility lines, a pedestrian
undercrossing, license agreements, and an
encroachment permit.

Coordination and participation with SANDAG on various
SANDAG projects affecting Del Mar is ongoing and
involves a substantial amount of City staff time from
multiple departments.

FY 2025-2026
FY 2026-2027
City Manager's Office
Public Works
Planning
City Attorney
4 Senate Bill 9 (SB 9)
Implementing Ordinance/LCPA
Ordinance/LCPA is in process to implement State law
provisions consistent with CCC guidance to harmonize
housing law with the Coastal Act. SB 9 provisions took
effect January 1, 2022; however, the CCC confirmed
that any application submitted prior to processing of the LCPA must be processed in accordance with the
existing certified LCP to ensure protection of coastal
resources. Coastal Commission certification is pending.

In-process. City Council adopted Ordinance in June 2023.

CCC certification action is pending. Final certification to complete project is anticipated summer 2025.

FY2025-2026 Planning
5 ADU Ordinance/LCPA for
Consistency with State Law
Ordinance/LCPA is in process for consistency with State law as needed to harmonize State housing law and the
Coastal Act and address inconsistencies previously
identified. Prepare and process amending
Ordinance/LCPA with CCC modifications for City
Council action as needed for Coastal Commission final
certification.

In-process. City Council adopted Ordinance in December
2023. CCC certification action is pending. Final
certification to complete project is anticipated summer 2025.

FY2025-2026 Planning
6 Tiny House Regulations (6th
Cycle Housing Element
Program 2F)
Ordinance/LCPA is in process to clarify that tiny houses are allowed in accordance with the ADU regulations.

Prepare and process amending Ordinance/LCPA with
CCC modifications for City Council action as needed for Coastal Commission final certification.

In-process with ADU Ordinance. City Council adopted
December 2023. CCC certification action is pending. Final certification to complete project is anticipated summer 2025.

FY2025-2026 Planning
TIER 1: Essential/Non-Discretionary Services (State Mandated/Legally or Contractually Required) 3 May 27, 2025 Item 2
Reference
No. Item Name Description Status Fiscal Year(s) Department(s) TIER 1: Essential/Non-Discretionary Services (State Mandated/Legally or Contractually Required) 7 Amend Central Commercial
(CC) Zone (6th Cycle Housing
Element Program 1C)
Ordinance/LCPA is in process to allow 20 du/ac density
to create adequate sites and facilitate affordable
housing. City must prepare and process amending
Ordinance/LCPA with CCC modifications for City
Council action as needed for Coastal Commission final
certification.

In-process. City Council adopted Ordinance April 2024.

CCC conditionally certified the LCPA February 2025. Final certification to complete project is anticipated by June 2025.

FY2025-2026 Planning
8 Process Ordinances to create
incentives and an Affordable
Housing Overlay Zone - (6th
Cycle Housing Element
Program 1D and 1I)
Utilize data from Phase II studies completed January
2023 to prepare Ordinance/LCPA creating an overlay
zone to apply objective design standards and provide
site-specific incentives for affordable housing projects on sites relied upon for the 6th Cycle Housing Element.

Will involve discussion of potential options related to scale and compatibility of development that could occur.

Action is required per Housing Element Program 1D due
to production of less than 30 lower income units by April 2025.

In-process. Will require Planning Commission
recommendation, City Council introduction and adoption of Ordinance, and Coastal Commission certification.

FY2025-2026
FY2026-2027 Planning
9 Prepare Fair Housing Materials
(6th Cycle Housing Program 6B)
Prepare and publish Fair Housing Materials in English
and Spanish in order to implement a component of
Program 6B, Affirmatively Furthering Fair Housing.

Materials will be made available on the City's website
and local non-profits.

In-process. Will coordinate with implementation of Housing Element Programs 4A/4B. FY2025-2026 Planning
10 Fairgrounds Housing Strategy
(6th Cycle Housing Element
Program 3A)
Secured Exclusive Negotiating Rights Agreement
(ENRA) with 22nd District Agricultural Association (DAA) in March 2024. City is utilizing findings of Phase I
feasibility studies to assist DAA with preparation and
processing of task orders and other tasks specified in
the ENRA for site selection and negotiation of a lease
agreement that aligns with the Fairgrounds strategic
planning process.

In-process. Continue to implement terms of ENRA, which
was approved by Fair Board February 20, 2024 and Del
Mar City Council March 4, 2024. Next steps include the
22nd DAA site selection, with feasibility studies continuing through March 2026 to facilitate site selection and other due diligence studies for solicitation of affordable housing developer.

FY2025-2026
FY2026-2027
Planning
City Manager's Office
11 Affordable Housing on CityOwned Properties at 10th Street and 28th Street (6th Cycle
Housing Element Program 3B)
Pursue Cycle 6 Smart Growth Incentive Program (SGIP)
funds to facilitate completion of feasibility and due
diligence studies (supplemental economic studies,
mobility access, environmental assessment, site design
feasibility, view corridor analysis, infrastructure and utilities assessment); affordable housing developer
selection, planning, engineering, and building plans;
CEQA documentation and entitlements for City
development project on City-owned vacant lot on 10th
Street to develop 4-8 units for lower income households per Housing Element Program 3B. Additionally, staff will evaluate next steps for the 28th Street site.

In-process and requires multiple steps. Preparation of City Council Resolution is in process for City Council
March/April 2025 to request authorization for SGIP grant submittal, which is due to SANDAG by April 11, 2025.

Grant funding will facilitate items included in description.

FY2025-2026
FY2026-2027 Planning
12 STR Permit Fee Ordinance
(New)
Prepare and process Ordinance to establish a STR
Permit Fee. Coordinate with consultant to identify the
associated cost for implementation of STR permit
issuance, monitoring, and enforcement.

In-process. RFP process to select consultant is in process.

Ordinance adoption anticipated summer 2025. FY2025-2026 Planning, Administrative Services, City Attorney 4 May 27, 2025 Item 2
Reference
No. Item Name Description Status Fiscal Year(s) Department(s) TIER 1: Essential/Non-Discretionary Services (State Mandated/Legally or Contractually Required) 13 Short Term Rental
Regulations/Preservation of
Existing Housing Stock (6th
Cycle Housing Element
Program 5C)
Process Ordinance/LCPA to regulate short term rentals.

Update correlates with NC Zone Referendum
Settlement Agreement.

In-process. City Council adoption September 2024.

Coastal Commission certification review of
Ordinance/LCPA is pending and CCC certification action is anticipated in fall 2025.

FY2025-2026
FY2026-2027
Planning
City Attorney
14 General Plan Update: Safety
Element Update (6th Cycle
Housing Element Program 6H)
City must update the Safety Element per Housing
Element and State law. Update correlates with other
required updates relating to Environmental Justice
Element and Open Space Element updates, Fire Hazard
Severity Zone Map Update, and ADU Regulations
Update.

In-process. Planning staff is working with CalFire to
finalize a draft for public review and processing. Will require Planning Commission recommendation and City
Council approval to complete.

FY2025-2026 Planning
15 General Plan Update: New
Environmental Justice Element
(6th Cycle Housing Element
Program 6E)
City must create a new Environmental Justice Element
per Housing Element. Update correlates with other
required updates relating to the Safety Element and
Open Space Element updates.

In-process. Planning staff is preparing a draft document for public review and processing. Will require Planning Commission recommendation and City Council approval to
complete.

FY2025-2026 Planning
16 General Plan Update: Open
Space Element Update (SB
1425)
By January 1, 2026, City must update Open Space
Element to address specified climate resilience and
rewilding criteria to provide coordinated mitigation of impacts to new development. Correlates with
Environmental Justice Element and Safety Element
updates.

Not yet started. FY2025-2026
FY2026-2027 Planning
17 Residential Care Facilities (6th
Cycle Housing Element
Program 4A)
Prepare and process Ordinance/LCPA to clarify this
land use type and bring the regulations into compliance with State law. City is using HAP Grant funds to
implement by March 2026.

In-process. Will require Planning Commission
recommendation, City Council approval, and Coastal
Commission certification to complete.

FY2025-2026
FY2026-2027
Planning and City
Attorney
18 Emergency Shelters,
Transitional Housing, Supportive
Housing, and Low Barrier
Navigation Centers (6th Cycle
Housing Element Program 4B)
Prepare and process Ordinance/LCPA for compliance
with State law. Develop procedures and informational
handouts to connect people to resources. City is using
HAP grant funds to implement by March 2026.

In-process. Will require Planning Commission
recommendation, City Council approval, and Coastal
Commission certification to complete.

FY2025-2026
FY2026-2027
Planning and City
Attorney
19 Mid Cycle ADU Production
Evaluation (6th Cycle Housing
Element Program 2E) (New)
Prepare Mid Cycle ADU Production Evaluation that
accounts for data collected in the 2024 APR report to
HCD (March 2025) and identifies potential new
opportunities to create low income ADUs, which may
involve future processing and consideration of
amendments to existing incentive programs adopted in
December 2023.

Not yet started. FY2025-2026 Planning
20 Reasonable Accommodation
Regulation Zone Code
Amendment (New)
Prepare and process an Ordinance to create a new Del
Mar Municipal Code Chapter that will update regulations for reasonable accommodation requests consistent with
applicable State and Federal Fair Housing regulations.

Relates to Housing Element Program 7F.

Not yet started. FY2025-2026 Planning and City
Attorney
5 May 27, 2025 Item 2
Reference
No. Item Name Description Status Fiscal Year(s) Department(s) TIER 1: Essential/Non-Discretionary Services (State Mandated/Legally or Contractually Required) 21 Update to Building and Fire
Codes (New)
Prepare and Process Ordinance to adopt the latest
California Building and Fire Codes and incorporate local modifications as desired. Routine update processed
every three years. New Codes will be effective January
1, 2026.

Not yet started. FY2025-2026 Planning and City
Attorney
22 Annual Water System Priority
Improvements Water System repairs and improvements.

Preparing bid documents to complete high priority valve repairs throughout City. Construction anticipated in spring 2026.

FY2025-2026
FY2026-2027 Public Works
23 Annual Wastewater System
Priority Improvements Wastewater System repairs and improvements.

Project modified once USEPA FY24 Community Grants
Project Funding received. Preparing application documents for federal review. Design to be completed in FY2025-
2026.

FY2025-2026
FY2026-2027 Public Works
24 Annual Storm Drain System
Priority Improvement
Replace storm drain facilities that have surpassed their useful life.

Project modified once USEPA FY24 Community Grants
Project Funding received. Preparing application documents for federal review. Design to be completed in FY2025-
2026.

FY2025-2026
FY2026-2027 Public Works
25 Annual Bike Route Repairs Repair bike lanes on major arterials; CDM, JDB, Via de la Valle, Carmel Valley Road.

Work to be completed as part of Annual Pavement
Management Program.

FY2025-2026
FY2026-2027 Public Works
26 Annual Pavement Management
Program (baseline)
Annual Roadway Repairs to Major Arterials and
Residential Streets.

City staff is working with Del Mar Fairgrounds staff to consider striping and pavement improvements on Jimmy
Durante Blvd.

FY2025-2026
FY2026-2027 Public Works
27 Annual Small Area Pavement
Repair Contract Citywide small area asphalt paving/repairs. Occurs twice per year depending on repair quantities. FY2025-2026FY2026-2027 Public Works 28 Camino del Mar Bridge
Replacement Project
Replace Camino del Mar Bridge over San Dieguito River
in accordance within Federal Highway Bridge Program
requirements.

Design documents are at 65% complete and most
resource agency permits are completed. Design will be
completed by December 2025. Caltrans review for
construction approval and Construction Management
procurement will begin in early 2026. Project construction scheduled to begin December 2026.

FY2025-2026
FY2026-2027
Public Works
Planning
29 Riverpath Del Mar Phase 3 Extend Riverpath Del Mar from Grand Avenue Bridge to Crest Canyon.

Continuing to work on grants to secure construction
funding. Construction targeted for September 2025, but
may need to be pushed to 2026 due to uncertainty with
various grant funding timelines; timing will need to be coordinated with Crest Canyon Undergrounding to avoid
construction overlap.

FY2025-2026
FY2026-2027
Public Works
Planning
30 Utility Undergrounding District
1A (Stratford South)
Undergrounding of above ground dry utilities into joint trench and underground service laterals.

City Construction substantial completion by March 2025.

Final paving to be completed after Utility companies
construction. Homeowner Service Laterals estimated
completion May 2025. Utility Companies estimated
completion by end of 2025.

FY2025-2026
FY2026-2027
Public Works
City Manager's Office
31 Utility Undergrounding District
X1A (Crest Canyon)
Undergrounding of above ground dry utilities into joint trench and underground service laterals.

Design and permitting completed March 2025. SDG&E IFC
bidding phase another 5 months. Construction targeted to begin Fall 2025 and last approximately 18 months.

FY2025-2026
FY2026-2027
Public Works
City Manager's Office
32 Utility Undergrounding District
1B (Stratford North)
Undergrounding of above ground dry utilities into joint trench and underground service laterals.

SDG&E preliminary design completion February 2025.

Design and permitting currently paused until FY 2026-
2027. Construction targeted to begin in Early 2029. Final decision pending City Council.

FY2025-2026
FY2026-2027
Public Works
City Manager's Office
6 May 27, 2025 Item 2
Reference
No. Item Name Description Status Fiscal Year(s) Department(s) TIER 1: Essential/Non-Discretionary Services (State Mandated/Legally or Contractually Required) 33 Utility Undergrounding District
25th Street (20A) (New)
Undergrounding of above ground dry utilities into joint trench and underground service laterals. Funding
included as part of Rule 20A.

District formation completed August 2024. Design targeted to start FY 2025-2026. Construction needs to be completed by December 2030 to use 20A funds.

FY2025-2026
FY2026-2027
Public Works
City Manager's Office
34 Water Valve Replacement
Project
Replace broken water valves as identified in
maintenance program. Occurs annually usually around April of each year. FY2025-2026FY2026-2027 Public Works 35 Major Facility Repairs
Essential building (City Hall, Library, Public Works,
Community Services, etc.) repairs including exterior,
doors/windows, electrical, plumbing, HVAC, fire and
security systems.

Work will occur throughout each fiscal year. FY2025-2026 FY2026-2027 Public Works
36 Storm Drain Capture Devices
A "storm drain capture device" is a system installed at a storm drain inlet designed to catch and trap debris,
primarily trash, before it enters the storm drain system and flows into waterways. This is required by California Regional Water Quality Control Board. The City
installs/replaces approximately 7 storm drain capture
devices per year. The exact number and locations of the devices are determined based on the results of annual
inspection and the proximity to sensitive ocean
reception points.

Occurs annually usually around or by June of each year. FY2025-2026 FY2026-2027
Public Works
Clean Water Consultant
37 Jimmy Durante Boulevard Bike
Lane Modification Project (New)
Safety enhancements to modify four curb inlets along
northbound Jimmy Durante Boulevard between Luzon
Avenue and San Dieguito Drive.

Engineering evaluation complete. Recommended remove
and replacing the existing five (5) Type C Curb inlets and Concrete Aprons with modified Type B Curb inlets.

FY2025-2026 Public Works
38 Amendment to City of San
Diego Wastewater
Transportation and Disposal
Agreements
Identify options to amend Metropolitan Wastewater
Commission Treatment and City of San Diego
Wastewater Transportation Agreements for Council
consideration. The City currently transports majority of its wastewater to the San Elijo Joint Powers Authority
water reclamation facility in Encinitas via Solana
Beach's system.

Amendment discussions with City of San Diego and
Regional Wastewater Commission JPA underway.

FY2025-2026
FY2026-2027
Public Works
City Manager's Office
39 Jimmy Durante Boulevard Bluff
Repair Project
Design and construct improvements to permanently
protect bluff in City right of way along Jimmy Durante
Boulevard.
60% Engineering Design and draft CEQA Notice of
Determination Complete. Scheduled informational Item at April 7, 2025 City Council Meeting.

FY2025-2026 Public Works
Planning
7 May 27, 2025 Item 2
Reference
No. Item Name Description Status Fiscal Year(s) Department(s) 1 Enterprise Resource Planning
(ERP) System Selection
Process
The City's current financial system will sunset on March 1, 2027. To ensure timely selection and implementation of
new financial system, the solicitation process for a
replacement ERP system began in mid-2024.

Began reviewing options and pricing of new system
in 2023. Vendor selection and contract approval are
planned for Council consideration in April-May 2025
with project initiation anticipated in May-June 2025
FY2025-2026
FY2026-2027
Administrative Services
2 Cost Allocation Plan Update
The last update to the City's cost allocation plan was
completed internally in 2016, and needs to be updated (best practice is to complete every 5 years). This is a multi-year process that is expected to begin in July 2025 and involves issuing a Request for Proposal (RFP) to hire a consultant to assist with this effort.

Goal is to start the process by issuing a RFP for
consulting services in FY 2025-26, with the goal of
completing an updated Cost Allocation Plan by end
of FY 2026-27.

FY2025-2026
FY2026-2027 Administrative Services
3 Civic Center Operations Guide Comprehensive update to the City’s facility use policies, including proposed updates to the list of eligible non-profits.

Staff brought an initial discussion item to Council on
January 22, 2024. Staff continues working on the
item in collaboration with the Council subcommittee
with plans to return to the Council with
recommended changes in 2025.

FY2025-2026 Administrative Services
4 Climate Action Plan Update
With support from a consultant, staff will update the City's 2016 Climate Action Plan, Greenhouse Gas (GHG)
Inventory, and mitigation strategies to align with other CAPs in the region and industry best practices.

Staff will issue an RFQ in FY2024-2025 to hire a
technical consultant to assist the City developing
new GHG inventories, updating the CAP, associated
mitigation strategies, and monitoring. In FY2024-
2025, staff will apply for Cycle 6 SGIP grant funds to
complete the update (April 2025). The CAP Update
will be completed in FY2025-2026.

FY2025-2026 City Manager
5 Solar Energy Partnership (6th
Cycle Housing Element
Program 6D)
Partner with programs like CEA or the Center for
Sustainable Energy to install solar on multi-unit, lower income housing to meet renewable energy goals in Climate Action Plan.

Staff is analyzing available programs, but has not yet
entered into a partnership. FY2025-2026 City Manager Planning 6 Citywide Curbside Management
Inventory (New)
Staff has identified a need to conduct a comprehensive
curbside management inventory of all existing red curbs and "no parking" areas along public streets. Working with the City's traffic Engineer, MBI, staff will coordinate with the Fire Department to review intersections for accessibility and validate the City's existing red curbs. Finally, the data will be used to calculate the City's available parking supply to assist with compliance reporting requirements of the City's Coastal Development Permit.

MBI has developed a scope of work totaling
$135,500 to complete this work. If approved, the
project would be completed in FY 2025-2026.

FY2025-2026
City Manager
Planning
Public Works
Community Services
Fire Department
7 Housing Acceleration Program
(HAP) Grant Funding - Cycle 2
SANDAG awarded Cycle 2 HAP grant funding (October
2023) for implementation of the City's Housing Element
including $1.5 million capital funds for Fairgrounds Housing project and $181,000 planning funds for Objective Design Standards and 4A/4B Supportive Housing Ordinance.

Funding applies to work starting January 1, 2024. HAP
grant funds must be expended by March 2026.

In-process through March 2026. FY2025-2026 Planning
TIER 2: Important Items that Support City Operations/Values (Not Mandated/Legally Required) 8 May 27, 2025 Item 2
Reference
No. Item Name Description Status Fiscal Year(s) Department(s) TIER 2: Important Items that Support City Operations/Values (Not Mandated/Legally Required) 8 Tree, Scenic Views, and
Sunlight Ordinance (TSVS)
Update
Prepare and process and amendment to the TSVS
Ordinance.

In-process. The City Council identified Guiding
Principles and Objectives in September 2024 and
staff is preparing the Ordinance. Will require
Planning Commission recommendation (anticipated
March 2025), City Council introduction and adoption
(anticipated May 2025).

FY2025-2026 Planning
9 Comprehensive Tree Policy and
Regulatory Standards Update
Revise existing City tree policies for both public and private trees, with an overall goal of protecting and enhancing the City’s urban forest tree canopy while managing the City’s wildfire risk.

Anticipated to start summer of 2025. FY2025-2026 Planning 10 Amend Sand Compatibility
Opportunistic Use Program
(SCOUP) Permits with
Resource Agencies to Account
for Change in San Dieguito
Lagoon Conditions (New)
Prepare and process permit applications with United States Army Corps of Engineers (USACE) and Regional Water
Quality Control Board (RWQCB) to amend the existing
SCOUP permits to allow the City to accept beach quality sand for beach nourishment when available. The permit
issued by USACE in July 2024 impacted the feasibility of City implementation due to the restrictive limits on sediment quantities imposed and USACE's large volume sand
placement in Encinitas and Solana Beach in 2024.

Work has not yet started. FY2025-2026 Planning
11 San Dieguito Lagoon Shoreline
Protection Planning Project
(Levee/Trails) and
Implementation of State Parks
Grant Funding (New)
City and San Dieguito River Park JPA are coordinating on a joint project to develop living levees and trails along the north and south banks of the San Dieguito River. State
Parks awarded $500,000 grant funding to City and $1.3
million to the SDRP JPA. The City executed task orders with Dudek ($500,000) and kicked off work in January 2025 to complete environmental, engineering, and permitting task orders. A MOU with SDRP JPA will be executed to facilitate completion of additional task orders using grant funds
through June 2027. This effort correlates to new City CIP project.

In-process through June 2027. FY2025-2026
FY2026-2027
Planning
Public Works
12 Review and Update the Carmel
Valley Precise Plan (CVPP)
Comprehensive review and potential updates to the CVPP, through the appropriate process (entitlements,
environmental review, public participation, etc.), as may be recommended by staff/City Attorney's office.

The City Attorney initiated the review of the
CVPP. Should the CVPP need to be updated, a
completion date of Fall 2026 is anticipated.

FY2025-2026
FY2026-2027
Planning
City Attorney
13 Evaluate updating Del Mar
Municipal Code Chapter 24.70
(lot line adjustments) (New)
Evaluate updating lot line adjustment/lot consolidation regulations, with consideration of requiring a lot line adjustment parcel map for any lot line adjustments or lot consolidation. Update would require processing a Zone
Code Amendment and preparing an Ordinance; Planning
Commission recommendation and City Council introduction and adoption of Ordinance.

Work has not yet started. FY2026-2027 Planning and
Engineering
14 San Dieguito Drive
Improvements
Construction of San Dieguito Drive between Racetrack View Drive and Oribia Road as part of an approved assessment district.

Construction anticipated after Work Zone 1 of UUD
X1A (Crest Canyon) in FY 2025-2026. FY2025-2026
Public Works
City Manager's Office
Planning
9 May 27, 2025 Item 2
Reference
No. Item Name Description Status Fiscal Year(s) Department(s) TIER 2: Important Items that Support City Operations/Values (Not Mandated/Legally Required) 15 29th Street Seawall and Beach
Access
Design and permit the northern half of the sea wall and beach access.

Conceptual design and cost estimate is proceeding
FY 2024-2025. Design and permitting is targeted to
begin FY 2025-2026 and construction in FY2026-
2027.

FY2025-2026
FY2026-2027 Public Works
16 Caltrans Bridge Inspection
Program Recommended Bridge
Repairs
Critical bridge infrastructure repairs recommended by
CALTRANS as a result of annual inspection of the City's five bridges.

Bridge inspections identified concrete and
miscellaneous repairs needed at three City bridges.

Project will need to be designed and put out for
public bid. Project on hold until after programmatic
EIR is completed in 2025.

FY2025-2026 Public Works
17 Stratford Court South Pavement
Improvements
Paving improvements for the Stratford Court South area
following the undergrounding project. Grind & overlay
improvements for low PCI (Pavement Condition Index)
streets of Stratford Court from 4th St to 12th St, Little Orphan Alley, and Melanie Way. Pavement sealing
application for other streets within the Stratford Court South UUD 1A District with trench lines.

Construction targeted after UUD 1A (Stratford Ct
South) in FY 2025-2026. FY2025-2026 Public Works
18 Crest Canyon Pavement
Improvements (New)
Paving Improvments for the Crest Canyon area following the undergrounding project. Grind & overlay improvements for portions of low PCI (Pavement Condition Index) streets of Zuni Dr, Avenida Primavera, and Serpentine Dr. Pavement sealing application for Crest Road and adjacent streets with trench lines.

To be included as alternative bid item with UUD X1A
(Crest Canyon). Construction targeted after UUD
X1A (Crest Canyon) end of FY 2026-2027.

FY2026-2027 Public Works
19 Public Right of Way (ROW)
Vegetation Maintenance
Regulations (New)
Development of an Ordinance regulating the maintenance
of private property vegetation and trees by private property owners, if the vegetation encroaches on the City's right-ofway.

Work has not yet started. The Ordinance would
make clear that maintenance and related liability of
vegetation originating from private property in the
public ROW is the responsibility of the property
owner who owns the vegetation, not the City.

FY2025-2026 Public Works
Planning
10 May 27, 2025 Item 2
Reference
No. Item Name Description Status Fiscal Year(s) Department(s) 1 California Municipal
Treasurers Association
(CMTA) Investment
Policy Certification
Program
Pursue CMTA Investment Policy Certification. CMTA
program provides professional guidance and assistance in developing and/or improving investment policies that meet industry best practices for California's public sector
agencies.

Begin certification process in July/August 2025.

Will solicit feedback from the City's Finance
Committee.

FY2025-2026 Administrative Services
2 Citywide Plaque Policy
Development of a City plaque policy that is consistent with the City's branding guide for consideration by the City Council in FY 2025-26.

The item is on the Parks & Recreation Committee
Work Plan for FY2025-26. FY2025-2026
City Manager's Office
Planning
Public Works
3 Del Mar Foundation
Proposal to Plant 40
Trees in Del Mar
The Del Mar Foundation has proposed to plant 40 trees
throughout Del Mar to commemorate their 40th Anniversary.

The Council referred the proposal to staff and the Parks and Recreation Committee for further vetting and a
recommendation.

Del Mar Foundation's proposal includes trees on
private property, City replacement trees, and new
trees in public spaces. DMF has paid to replace
15 City trees and plant 8 additional private trees.

The Parks & Recreation Committee has
recommended for approval new City trees. City
staff has recommended DMF complete
community outreach and further refine the
proposal, if necessary, before moving forward to
City Council.

FY2025-2026 Public Works
4 Major Arterial Median
Improvements
Design of drought tolerant landscaping and irrigation
efficiency enhancements along major arterial median
segments, currently planned for four locations as Phase I of project.

CDM 15th Street to San Dieguito River Bridge; Jimmy
Durante Blvd/Via De La Valle Triangle; Jimmy Durante
Roundabout to CDM Merge; and CDM 4th to 9th Street.

Landscaping palette and conceptual design is
currently underway for FY 2024-2025. Final
design is anticipated FY2025-2026 with
construction in FY2026-2027. Work will continue
on this project as time permits based on CIP
project management staff capacity.

FY2025-2026
FY2026-2027 Public Works
5 Native American Plaque
Development of a proposal for content and location for
placement of a sign honoring the Native American history in Del Mar by the Parks and Recreation Committee in FY 2024- 25 for City Council consideration in FY 2025-26.

Parks & Recreation Committee has reviewed work
for a panel at Grand Avenue Bridge. Second
proposal for smaller rock or monument along
Riverpath trail forthcoming.

FY2025-2026 Public Works
City Manager's Office
6 Solar Capacity on City
Owned property
Evaluate the possibility of increasing the City’s solar capacity on City owned property.

The work will commence in FY 2025-2026. the
Sustainability Advisory Committee (SAC) will
support staff in research funding prospects to
support City electrification and the expansion of
solar on City facilities. Staff will work with the
Public Works Department on more technical
components of understanding facility capacity.

FY2025-2026
FY2026-2027 City Manager's Office
7 City Facilities Gas
Appliances Inventory
Development of a policy that prioritizes the purchase of electric appliances when possible for recommendation by Sustainability Advisory Committee and consideration by the City Council.

The work will commence in FY 2025-2026. FY2025-2026 Public Works City Manager's Office
TIER 3: Dicretionary/Non-Essential Work Plan Items That Could be Differed or Eliminated (Not Required) 11 May 27, 2025 Item 2
FY 2025-26 City Council Goals & Priorities Workshop
List of Council-Identified Proposed Work Plan Items
1) Turn the Design Review Guidelines into Design Review Ordinances There was Council consensus to move forward with turning the design review guidelines into design review ordinances.

Staff Follow-Up: This effort will first require obtaining clear direction from the City Council regarding its expectation. Once that information is obtained, it is anticipated that staff will either be 1) drafting an ordinance to amend DMMC Chapter 23.08 (Design Review) to incorporate the Design Guidelines into that Chapter as regulatory “standards of review” for DRB permit approval; or 2) incorporating the Design Guidelines into Title 30 of the DMMC (Zoning Code) as regulatory development regulations. Staff will need to study the alternatives in consultation with the City Attorney to determine the most appropriate way to proceed and what procedural changes to the development review/permitting process should be considered, if any. If it is determined that incorporating the Design Guidelines in the Zoning Code would be most beneficial to the development review process, processing a Local Coastal Program Amendment (LCPA) with the Coastal Commission will be required. It should be noted that the Design Guidelines are divided into three sections, Single-Family Residential, Multi-Family Residential, and Commercial.

No outside consultants will be required for the drafting of an ordinance to amend the Municipal Code.

However, it is estimated that approximately 30 hours of City Attorney time will be required.

Given the priority placed on special projects currently underway and staff capacity, it is anticipated that this work effort could commence at the beginning of 2026 (Jan./Feb.) and would take approximately 6-8 months to complete the City process. There would be an estimated additional 12-18 months of processing time if LCPA is required.

Because the Design Guidelines are already incorporated heavily into the discretionary development review process but in a less “regulatory” fashion, staff would suggest that City Council categorize this as a Tier 2 or Tier 3 priority item and not delay or defer any other item currently on the Planning Department’s workplan in order to start this one sooner. 2) Reconsider Advisory Committee Structure
Council consensus was to form a subcommittee of Mayor Gaasterland and Deputy Mayor Martinez to evaluate potential revisions to the City’s advisory committee structure with the goal of bringing any proposed changes to the City Council for consideration before the end of the calendar year with changes going into effect in 2026.

Staff Follow-Up: Council directed a subcommittee comprised of Mayor Gaasterland and Deputy Mayor Martinez to work with City staff to evaluate potential revisions to the City’s advisory committee structure and related policies/practices. The initial recommendations will be presented to City Council on May 5, 2025, with the goal of bringing any additional proposed changes to the Council for consideration before the end of the calendar year. This item is expected to have minimal cost impacts, and it is estimated to require approximately 10-20 staff hours. 3) Amend City Appeals Procedure Consider Modifications to the Del Mar Municipal Code.

Council consensus was to direct staff to work with the City Attorney’s Office to evaluate the appeal procedure for administrative approvals with the goal of streamlining the process to put the appeal decision in front of the right decision-making body.

Staff Follow-Up: This effort will involve staff collecting and reviewing appeal procedures from neighboring agencies and other coastal agencies of a similar size. Staff will then work with the City Attorney’s Office to identify options for Council consideration of potential code revisions that would be effective for Del Mar. If the Council decides to proceed with code changes, staff will prepare an ordinance for City Council’s consideration and adoption. It is anticipated that this effort will include conducting the research, preparing and presenting options to Council, and drafting a related ordinance, all of which will take approximately 25 staff and City Attorney hours. 12 May 27, 2025 Item 2
4) LOSSAN Rail Realignment Lobbying
There was Council consensus to for staff to work with the City’s consultant Townsend Public Affairs to get cost estimates and more information about what would be involved in the LOSSAN Rail Realignment lobbying effort as proposed by Council.

Staff Follow-Up: Staff will work with Council to understand how Townsend Public Affairs (TPA) and/or other outside consulting resources could support LOSSAN Rail Realignment advocacy, obtain estimated costs, and determine next steps.
5) Options to Obtain Resident Input on How/Whether to Continue Undergrounding Program There was Council consensus in support of having staff gather more information about the various options (ballot measure, survey, etc.) for the Council to receive resident input on whether to continue with the Citywide Undergrounding Program.

Staff Follow-Up: The City Council could consider various options for receiving resident input on the Citywide Undergrounding Program including conducting an informal survey distributed by staff, conducting a formal community survey led by a specialized consultant, holding community workshops or public City Council discussions to solicit feedback, and/or placing a measure on the November 2026, General Municipal Election ballot. These options vary in cost and staff time.

As an example, a city-initiated ballot measure is estimated to cost $30,000-$40,000 and would take approximately 50 staff and City Attorney hours, and the last formal third-party community survey conducted by the City in 2016 cost $21,000.
6) Bike Lanes Safety Improvements
The Council discussed looking for opportunities to improve bike lane safety when possible, such as through the existing Jimmy Durante Bike Lane Improvement workplan item.

Staff Follow-Up: Staff proactively works with City traffic engineers and bicycle advocacy groups to identify bicycle lane safety improvements. The physical improvements are typically integrated into the City’s Pavement Management Program because fresh asphalt pavement is the City’s best opportunity to install the improvements with new thermoplastic striping.

For example, staff has been working with the City’s Traffic Engineer, Del Mar Fairgrounds (including Del Mar Thoroughbred Club), and bicycle advocacy groups to improve bicycle safety along Jimmy Durante Boulevard. The improvements are targeted for installation after Jimmy Durante Boulevard receives a fresh asphalt grind and overlay in late 2025/early 2026. Previous bicycle lane improvements along the City’s major arterials include narrower vehicle lanes, wider bicycle lanes, and green conflict zone striping.

The cost of this work is included in the funding for the City’s Pavement Management Program. The City also budgets an additional $60,000 annually for major arterial bike route repairs. This work is ongoing and operational.
7) Traffic Speed Calming
Council consensus was for staff to work with the City’s contract Traffic Engineer to weigh in on whether the City can reduce the speed by 5mph without a speed study; evaluate other traffic calming measures for major arterials; and if necessary, complete speed surveys which would allow the City to set the speed limit within 5 mph of the 85th percentile and then reduce it further by 5 mph.

Staff Follow-Up: Staff proactively works with City traffic engineers and the Traffic Parking Advisory Committee (TPAC) to conduct speed surveys and post the lowest possible enforceable speed limits in compliance with California Vehicle Code. As an annual work plan item, staff works with TPAC to identify major arterial roadway segments to conduct speed surveys with a goal to lower posted speed limits. TPAC’s proposed FY 2025-26 Workplan includes a speed survey item where: 1) TPAC will identify major arterial segments for staff to conduct speed surveys; 2) Staff will conduct the speed surveys and round the 85% percentile to the nearest 5 mph limit; and 3) then potentially reduce the posted speed limit by an additional 5 mph as recommended by the City Traffic Engineer. 13 May 27, 2025 Item 2
The City also proactively identifies and installs traffic calming measures along major arterials such as narrower vehicle lanes, wider bicycle lanes, green conflict zone striping, pedestrian bulb outs, pedestrian activated flashing crosswalks, proactive traffic striping, and retro-reflectivity traffic signage.

These activities are ongoing and routine, and funded annually through the City’s approved operating budget or incorporated into capital improvement projects as appropriate. 8) Smoke Free City Signs to Enforcement Ordinance
Council consensus was for staff to explore potential enforcement options including following up with apartment complexes where people smoke outside; increasing enforcement activities by the City’s Beach and Community Patrol Officers (BCPO); partnership with Del Mar Village Association (DMVA); and consideration to place additional no smoking signage in key areas, including the Del Mar Plaza.

Staff Follow-Up: Signs in one of the areas discussed, 4th Street and Stratford Court, were recently replaced based on a recommendation from Community Services due to several recent contacts on the sidewalk adjacent to the high-density housing complex noted in the Goals and Priorities discussion. Community Services will perform an assessment of current signage, most of which is in City parks and public beach accesses, and refresh or replace the existing inventory. The two areas noted by Council were the 4th Street and Stratford Court location and the public sidewalk adjacent to the Plaza along the 1500 block of Camino Del Mar. Community Services will identify potential locations for signage in the public ROW to add non-intrusive “No Smoking” signage in accordance with the City’s municipal code related to smoking. Other areas of the City with frequent complaints or recommended by Council may also be considered. Staff does not anticipate additional costs beyond the City’s approved operating budget to provide enforcement and add or replace signage, as needed.
9) Electrification Incentivization
Council consensus was for staff to look for opportunities to incentivize the implementation of electrification specifically for new construction or major remodels.

Staff Follow-Up: Staff and the Sustainability Advisory Committee (SAC) will continue to research and gather information about high-performance reach codes similar to one recently adopted by the City of Encinitas. Staff has not been directed by the Council to develop a high-performance reach code, as the City Attorney continues to advise a “wait and see” approach to any electrification ordinance (i.e., a highperformance reach code) due to recent court rulings that have challenged and overturned ordinance that require building electrification.
it is estimated that moderate staff time would be needed to research high- performance reach codes and to coordinate with SAC and organizations that offer electrification incentives. Given that staff’s primary focus for FY 2025-26 will be on the City’s Climate Action Plan update, it is anticipated that staff can bring an informational update on this topic to the Council by the end of calendar year 2025. 10) City Facilities Gas Appliances Inventory
Council consensus was to add creation of a City Facilities Gas Appliances Inventory to the FY 2025- 2026 Citywide Work Plan as a Tier 3 Priority; to add the item to the Sustainability Advisory Committee (SAC) FY 25-26 Workplan; and for staff to work on a policy that prioritizes the purchase of electric appliances and vehicles when possible for recommendation by SAC and consideration by the City Council.
14 May 27, 2025 Item 2