Lakewood City Council
October 22, 2024

AGENDA

REGULAR CITY COUNCIL MEETING

COUNCIL CHAMBERS
5000 CLARK AVENUE

LAKEWOOD, CALIFORNIA
October 22, 2024, 7:30 p.m.

CALL TO ORDER
INVOCATION: Dr. Fardad Mogharabi, Spiritual Assembly of the Bahá'ís of Lakewood PLEDGE OF ALLEGIANCE: Scout Pack 208
ROLL CALL: Mayor Todd Rogers
Vice Mayor Cassandra Chase
Council Member David Arellano
Council Member Steve Croft
Council Member Jeff Wood
ANNOUNCEMENTS AND PRESENTATIONS:

Presentation by Captain Dan Holguin, Lakewood Sheriff’s Station, Regarding Quarterly Public Safety Report
ROUTINE ITEMS:

All items listed within this section of the agenda are considered to be routine and will be enacted by one motion without separate discussion. Any Member of Council may request an item be removed for individual discussion or further explanation. All items removed shall be considered immediately following action on the remaining items.

RI-1 MEETING MINUTES - It is recommended City Council approve Minutes of the Meetings held October 8, 2024
RI-2 PERSONNEL TRANSACTIONS - It is recommended City Council approve report of personnel transactions.

RI-3 REGISTERS OF DEMANDS - It is recommended City Council approve registers of demands.

RI-4 MEETING REPORTS AND AUTHORIZATIONS PURSUANT TO AB1234 - It is recommended City Council receive and file the report.

RI-5 MONTHLY REPORT OF INVESTMENT TRANSACTIONS - SEPTEMBER 2024 - It is recommended City Council receive and file the report.

RI-6 QUARTERLY SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2024 - It is recommended City Council receive and file the report.

In compliance with the Americans with Disabilities Act, if you are a qualified individual with a disability and need an accommodation to participate in the City Council meeting, please contact the City Clerk’s Office, 5050 Clark Avenue, Lakewood, CA, at 562/866-9771, ext. 2200; or at [email protected] at least 48 hours in advance to ensure that reasonable arrangements can be made to provide accessibility to the meeting.

Agenda items are on file in the Office of the City Clerk, 5050 Clark Avenue, Lakewood, and are available for public review during regular business hours. Any supplemental material distributed after the posting of the agenda will be made available for public inspection during normal business hours in the City Clerk’s Office. For your convenience, the agenda and the supporting documents are available in an alternate format by request and are also posted on the City’s website at www.lakewoodcity.org City Council Agenda
October 22, 2024

ROUTINE ITEMS: - Continued
RI-7 RESOLUTION NO. 2024-62; RESCINDING A RESOLUTION ESTABLISHING A DISABLED PERSON DESIGNATED PARKING SPACE - It is recommended that City Council adopt the proposed resolution authorizing removal of the disabled person designated parking space at 5515 Bellflower Boulevard.

RI-8 ACCEPTANCE OF NOTICE OF COMPLETION FOR PUBLIC WORKS PROJECT NO. 2017-9, MAYFAIR PARK STORMWATER CAPTURE, SUKUT CONSTRUCTION - It is recommended City Council accept work performed by Sukut Construction in final contract amount of $11,794,311.14; authorize release of retention; and authorize City Clerk to file Notice of Completion; and ratify expense of Willdan Engineering, Inc. providing additional Construction Management services in amount of $69,908 under their existing on-call Engineering Services Agreement and authorize Mayor to sign authorization.

RI-9 APPROVAL OF PROFESSIONAL SERVICES AGREEMENT WITH TETRA TECH, INC. TO PROVIDE ENGINEERING DESIGN SERVICES FOR FY 24-25 WATER MAIN REPLACEMENT PROJECT - It is recommended City Council approve a Professional Services Agreement with Tetra Tech Inc. for not-to-exceed amount of $49,955 to Provide Professional Engineering Services for FY 24-25 Water Main Replacement Project; and appropriate $49,955 of Water Reserve Funds and authorize Mayor to execute agreement.

REPORTS:

3.1 QUARTERLY BUDGET REPORT OF MAJOR FUNDS AS OF SEPTEMBER 30, 2024 - It is recommended City Council receive and file the report.

3.2 WELL 13A TREATMENT PLANT UPDATE - It is recommended City Council receive and file the report.

3.3 2024 HALLOWEEN CARNIVALS - It is recommended City Council receive and file the report.

ORAL COMMUNICATIONS:

ADJOURNMENT
RI-1
Routine Item 1 – City Council Minutes
will be available prior to the meeting.

RI-2

COUNCIL AGENDA
October 22, 2024
TO: The Honorable Mayor and City Council
SUBJECT: Report of Personnel Transactions
Effective
Name Title Schedule Date

FULL-TIME EMPLOYEES
A. Appointments
Jacob Bogarin Administrative Assistant II 22B 10/14/2024 B. Changes
Dario Simoes Assistant Director of PW/City Engineer 42B to 10/13/2024 44B
C. Separations
None

PART-TIME EMPLOYEES
A. Appointments
Roberto Aguilera-Rodriguez Maintenance Trainee I B 10/14/2024 Carlos Ayala Maintenance Trainee I B 10/14/2024
Fernanda Garcia Support Services Clerk I B 10/14/2024
B. Changes
Matthew Childs Maintenance Trainee I B to
Maintenance Trainee II B 10/13/2024
C. Separations
Ramiro Villaneda Diaz Maintenance Trainee I B 10/16/2024 Thaddeus McCormack
City Manager

In accordance with section 2521 of the Lakewood Municipal Code, presented herewith is a summary of obligations to be paid by the City of Lakewood. Each of the following demands has been audited by the Director of Finance and Administrative Services and approved by the City Manager.

CITY OF LAKEWOOD
FUND SUMMARY 10/10/2024
1010 GENERAL FUND 549,940.71
1030 CDBG CURRENT YEAR 12.42
1090 LAKEWOOD EQUESTRIAN CENTER 22,651.27
1500 MISC-SPECIAL REVENUE FUND 10,201.69
1622 LA CNTY MEASURE M 29,020.75
1623 LA CNTY MEASURE W-REGIONAL 1,513.65
3070 PROPOSITION "C" 199.98
5010 GRAPHICS AND COPY CENTER 50.00
5020 CENTRAL STORES 2,325.69
5030 FLEET MAINTENANCE 3,578.05
7500 WATER UTILITY FUND 48,609.00
8030 TRUST DEPOSIT 400.00
668,503.21
Council Approval
Date City Manager
City Clerk Director of Finance and Administrative Services Attest

CITY OF LAKEWOOD

SUMMARY CHECK REGISTER
CHECK

VENDOR NAME AMOUNT
CHECK
DATE
10/10/2024 SHAKER NERMINE 1,925.00
10/10/2024 ADVANTAGE MAILING LLC 3,920.03
10/10/2024 AEF SYSTEMS CONSULTING INC 5,560.00
10/10/2024 HEALTH AND HUMAN RESOURCES CENTER INC 293.22 10/10/2024 AGRI-TURF DISTRIBUTING 257.01
10/10/2024 ALLIED REFRIGERATION INC 341.38
10/10/2024 AMAZON CAPITAL SERVICES INC 383.23
10/10/2024 AMERICAN SOCCER COMPANY INC 1,652.11
10/10/2024 AT&T ENTERPRISES LLC 389.45
10/10/2024 ATALLA, IBRAHIM 117.00
10/10/2024 N. HARRIS COMPUTER CORPORATION 27,410.40
10/10/2024 B&M LAWN AND GARDEN INC 151.93
10/10/2024 B.R. BREWER SIGN & GRAPHICS 2,238.08
10/10/2024 BAY AREA DRIVING SCHOOL INC 97.50
10/10/2024 BEGINNERS EDGE SPORTS TRAINING LLC 4,282.20
10/10/2024 BREA, CITY OF 43,917.50
10/10/2024 C A P I O 50.00
10/10/2024 CAL STATE AUTO PARTS INC 143.51
10/10/2024 CALIF. STATE DISBURSEMENT UNIT 838.14
10/10/2024 CALIF STATE FRANCHISE TAX BOARD 444.59
10/10/2024 CHARGEPOINT INC 1,870.00
10/10/2024 CHRISTIAN JAMES 1,014.00
10/10/2024 CINTAS CORPORATION 210.61
10/10/2024 CAMERON WELDING SUPPLY 397.39
10/10/2024 COLOR CARD ADMINISTRATOR CORP 37.54
10/10/2024 CORELOGIC INC 37.25
10/10/2024 COUCH, RON JR 240.00
10/10/2024 DELTA DENTAL INSURANCE COMPANY 866.45
10/10/2024 DELTA DENTAL OF CALIFORNIA 8,238.18
10/10/2024 DUNRITE PEST CONTROL INC 635.00
10/10/2024 EDCO WASTE SERVICES LLC 9,955.33
10/10/2024 EDEN USA INCORPORATED 1,801.86
10/10/2024 EMPIRE DESIGN & BUILD LLC 188,679.73
10/10/2024 INTERNATIONAL E-Z UP INC 634.76
10/10/2024 GLASBY MAINTENANCE SUPPLY CO 317.69
10/10/2024 GOVERNMENT TAX SEMINARS LLC 550.00
10/10/2024 HACH COMPANY 1,805.23
10/10/2024 HACIENDA SOSEGADO LLC 10,836.50
10/10/2024 HARA M LAWNMOWER CENTER 16.53
10/10/2024 HIRSCH CLOSSON 1,124.48
10/10/2024 HOME DEPOT 4,581.84
10/10/2024 JHM SUPPLY INC 156.38
10/10/2024 JHM SUPPLY INC 1,090.79
10/10/2024 KVO INDUSTRIES INC 2,142.58

CITY OF LAKEWOOD

SUMMARY CHECK REGISTER
CHECK

VENDOR NAME AMOUNT
CHECK
DATE
10/10/2024 LAGERLOF, LLP 875.00
10/10/2024 LAKEWOOD, CITY OF 400.00
10/10/2024 LAKEWOOD, CITY WATER DEPT 12,161.26
10/10/2024 LONG BEACH CITY GAS & WATER DEPT 457.49
10/10/2024 LOPEZ, ADRIANA 10,110.00
10/10/2024 LOS ANGELES CO SHERIFFS DEPT 108.04
10/10/2024 LA COUNTY DEPT OF PUBLIC WORKS 36,780.63
10/10/2024 MAGIC JUMP RENTALS INC 1,181.80
10/10/2024 LEON MANUEL 655.00
10/10/2024 MC MASTER-CARR SUPPLY CO 9.65
10/10/2024 NADA BUS INC 895.00
10/10/2024 NAGY KAREN 700.00
10/10/2024 NATIONAL UNION FIRE INSURANCE CO 426.15
10/10/2024 O'REILLY AUTOMOTIVE STORES INC 1,110.74
10/10/2024 HALL KARI 378.00
10/10/2024 OCEAN BLUE ENVIRONMENTAL SERVICES 11,786.77
10/10/2024 ODP BUSINESS SOLUTIONS LLC 326.12
10/10/2024 DY-JO CORPORATION 570.00
10/10/2024 UAG CERRITOS I LLC 61.65
10/10/2024 POLLARD JOSEPH G COMPANY INC 2,195.04
10/10/2024 SALCEDA LUIS 260.00
10/10/2024 BARRY SANDLER ENTERPRISES 159.65
10/10/2024 SERVICEWEAR APPAREL INC 75.40
10/10/2024 SHARP ELECTRONICS CORPORATION 4,258.03
10/10/2024 SITEONE LANDSCAPE SUPPLY LLC 1,273.38
10/10/2024 SMART & FINAL INC 408.56
10/10/2024 SO CALIF SECURITY CENTERS INC 3.56
10/10/2024 SOMERS ENTERPRISES INC 6,160.00
10/10/2024 SOUTHERN CALIFORNIA EDISON CO 60,633.22
10/10/2024 SOUTHERN CALIFORNIA EDISON CO 497.17
10/10/2024 SPASEFF TED C 240.00
10/10/2024 CHARTER COMMUNICATIONS HOLDINGS LLC 6,292.77 10/10/2024 STANDARD INSURANCE CO UNIT 22 2,125.10
10/10/2024 STANDARD INSURANCE CO UNIT 22 11,534.89
10/10/2024 MENDIBLES, ALICIA 800.00
10/10/2024 SUNSTONE MANAGEMENT INC 6,000.00
10/10/2024 SYKAHUA TEMUJIN 1,034.80
10/10/2024 TERRA REALTY ADVISORS INC 600.76
10/10/2024 TGIS CATERING SVCS INC 12,230.15
10/10/2024 THE RINKS-LAKEWOOD ICE 109.20
10/10/2024 THURSTON ELEVATOR CONCEPTS INC 152.00
10/10/2024 TRANSAMERICA LIFE INSURANCE COMPANY 1,038.19 10/10/2024 TUMBLE-N-KIDS INC 2,502.50
10/10/2024 TURF STAR 1,016.64

CITY OF LAKEWOOD

SUMMARY CHECK REGISTER
CHECK

VENDOR NAME AMOUNT
CHECK
DATE
10/10/2024 U S POSTMASTER 364.00
10/10/2024 UNDERGROUND SERVICE ALERT 304.15
10/10/2024 GOMEZ GROWERS INC 30.87
10/10/2024 HD SUPPLY INC 172.37
10/10/2024 CELLCO PARTNERSHIP 1,983.94
10/10/2024 VISION SERVICE PLAN 4,453.83
10/10/2024 WATER SYSTEM SERVICES LLC 195.00
10/10/2024 WATERLINE TECHNOLOGIES INC 4,757.24
10/10/2024 WAXIE ENTERPRISES INC 1,547.43
10/10/2024 WELLS C. PIPELINE MATERIALS 1,525.22
10/10/2024 WEST COAST ARBORISTS INC 75,717.30
10/10/2024 WESTERN WATER WORKS SUPPLY CO 14,874.49
10/10/2024 WILLDAN ASSOCIATES 29,020.75
10/10/2024 WYNN, LAKYN 78.00
10/10/2024 AHUMADA, CATHY 250.00
10/10/2024 ALVAREZ, BLANCA 250.00
10/10/2024 BAPP, JENNY 5.00
10/10/2024 BODAN, CECILIA 171.91
10/10/2024 MASTEC NORTH AMERICA, INC 305.00
10/10/2024 MENDOZA, ROMEO 250.00
Total: 668,503.21

RI-4

COUNCIL AGENDA
October 22, 2024
TO: The Honorable Mayor and City Council
SUBJECT: AB 1234 Meeting Report

INTRODUCTION
Assembly Bill 1234 became effective January 1, 2006. The legislation requires members of a legislative body to provide brief reports on the meetings they attended at the expense of the local agency at the next regular meeting of the legislative body.

STATEMENT OF FACT
 Council Member Steve Croft attended the annual California Joint Powers Insurance Authority (CJPIA) Risk Management Educational Forum on October 9-11, 2024. Mr. Croft attended the forum as a member of the executive board of the CJPIA.
 Vice Mayor Cassandra Chase and Council Members Jeff Wood and David Arellano attended the annual League of California Cities conference on October 16-18, 2024. They attended sessions on homelessness, housing and other key issues affecting cities. They attended a lunch meeting featuring the State Controller, who spoke about the state budget. Vice Mayor Chase was also named as the new President of the League of California Cities’ Women’s Caucus.

RECOMMENDATION
That the City Council receive and file this report.

Paolo Beltran Thaddeus McCormack
Deputy City Manager City Manager

RI-5

COUNCIL AGENDA
October 22, 2024
TO: The Honorable Mayor and City Council
SUBJECT: Monthly Report of Investment Transactions – September 2024

INTRODUCTION
In accordance with California Government Code Section 53607, the City Council has delegated to the City Treasurer the responsibility to invest or to reinvest funds, or to sell or exchange securities so purchased. The California Government Code Section 53607 requires that, if such responsibility has been delegated, then the Treasurer “shall make a monthly report of those transactions to the legislative body.” In compliance with this requirement, the Monthly Report of Investment Transactions is being rendered to be received and filed.

STATEMENT OF MONTHLY ACTIVITY
Date Amount at Cost Investment Transaction Rate*
01-Sep-24 $ 1,852.50 CORP Interest 0.950%
01-Sep-24 205,281.50 CAMP POOL Interest 5.290%
03-Sep-24 1,696,293.30 TREAS Purchase 2.750%
03-Sep-24 992.15 MMF Interest 4.170%
03-Sep-24 712,291.10 TREAS Sell 0.375%
03-Sep-24 57,299.81 TREAS Sell 0.375%
03-Sep-24 109,523.32 CORP Sell 1.200%
03-Sep-24 399,983.66 TREAS Sell 0.375%
03-Sep-24 252,506.17 CORP Sell 4.811%
13-Sep-24 500,000.00 CAMP POOL Sell 5.290%
14-Sep-24 822.50 CORP Interest 4.700%
15-Sep-24 446.42 ABS Interest 4.870%
15-Sep-24 375.83 ABS Interest 4.510%
15-Sep-24 518.92 ABS Interest 4.790%
15-Sep-24 0.29 ABS Interest 0.340%
15-Sep-24 1,221.21 ABS Interest 5.530%
15-Sep-24 387.50 ABS Interest 4.650%
15-Sep-24 1,311.50 ABS Interest 5.160%
15-Sep-24 331.21 ABS Interest 3.660%
15-Sep-24 1,130.83 ABS Interest 5.900%
15-Sep-24 1,284.17 ABS Interest 4.600%
Monthly Investment Transactions
October 22, 2024

Date Amount at Cost Investment Transaction Rate*
15-Sep-24 $ 5.34 ABS Interest 0.520%
15-Sep-24 1,605.50 ABS Interest 4.940%
15-Sep-24 1,372.88 ABS Interest 5.230%
15-Sep-24 365.33 ABS Interest 5.480%
15-Sep-24 501.21 ABS Interest 5.230%
15-Sep-24 1,583.33 ABS Interest 5.000%
15-Sep-24 3,622.50 CORP Interest 2.300%
15-Sep-24 637.00 ABS Interest 5.460%
15-Sep-24 786.25 ABS Interest 5.100%
15-Sep-24 713.41 ABS Interest 3.970%
15-Sep-24 902.42 ABS Interest 4.420%
15-Sep-24 862.00 ABS Interest 4.310%
15-Sep-24 31.16 ABS Interest 0.550%
15-Sep-24 1,683.29 ABS Interest 5.690%
15-Sep-24 1,039.26 ABS Paydown 0.340%
15-Sep-24 4,361.64 ABS Paydown 0.520%
15-Sep-24 14,772.86 ABS Paydown 3.970%
15-Sep-24 1,392.99 ABS Paydown 4.510%
15-Sep-24 6,934.20 ABS Paydown 3.660%
15-Sep-24 8,851.39 ABS Paydown 0.550%
16-Sep-24 363.33 ABS Interest 5.450%
18-Sep-24 1,104.54 ABS Interest 5.410%
18-Sep-24 4,743.35 CORP Interest 4.993%
18-Sep-24 142.23 ABS Interest 3.730%
18-Sep-24 16,166.15 CD Interest 5.610%
18-Sep-24 3,863.85 ABS Paydown 3.730%
19-Sep-24 865.28 CORP Interest 5.000%
19-Sep-24 2,200,000.00 CAMP POOL Sell 5.290%
24-Sep-24 196,476.57 TREAS Purchase 2.875%
24-Sep-24 197,622.00 CORP Sell 3.250%
24-Sep-24 175,514.80 CORP Sell 4.600%
25-Sep-24 196,562.50 TREAS Purchase 2.875%
25-Sep-24 1,752.17 FNMA Interest 4.377%
25-Sep-24 1,309.38 FNMA Interest 4.190%
25-Sep-24 1,074.67 FNMA Interest 3.224%
25-Sep-24 1,520.00 FNMA Interest 4.800%
25-Sep-24 1,205.13 FNMA Interest 4.777%
Monthly Investment Transactions
October 22, 2024

Date Amount at Cost Investment Transaction Rate*
25-Sep-24 $ 791.67 FNMA Interest 5.000%
25-Sep-24 1,560.98 FNMA Interest 4.803%
25-Sep-24 1,472.50 FNMA Interest 4.650%
25-Sep-24 514.69 FNMA Interest 2.745%
25-Sep-24 1,131.67 FNMA Interest 4.850%
25-Sep-24 753.92 FNMA Interest 3.347%
25-Sep-24 1,524.00 FNMA Interest 4.572%
25-Sep-24 1,094.51 FNMA Interest 3.243%
25-Sep-24 1,501.00 FNMA Interest 4.740%
25-Sep-24 850.50 FNMA Interest 4.860%
25-Sep-24 1,362.90 FNMA Interest 4.543%
25-Sep-24 862.23 FNMA Interest 2.653%
25-Sep-24 1,505.94 FNMA Interest 4.819%
25-Sep-24 591.38 FNMA Interest 5.069%
25-Sep-24 564.26 FNMA Interest 3.303%
25-Sep-24 1,171.92 FNMA Interest 3.340%
25-Sep-24 1,258.67 FNMA Interest 4.720%
25-Sep-24 296.29 ABS Interest 5.470%
25-Sep-24 16,665.95 FNMA Paydown 4.190%
25-Sep-24 50,945.38 FNMA Paydown 4.377%
25-Sep-24 194.09 FNMA Paydown 4.777%
25-Sep-24 523.93 FNMA Paydown 3.347%
25-Sep-24 197,470.06 CORP Sell 3.250%
26-Sep-24 149,691.00 CORP Purchase 4.000%
26-Sep-24 357,980.29 TREAS Purchase 0.500%
26-Sep-24 1,567.50 CORP Interest 3.300%
26-Sep-24 362,391.79 CORP Sell 0.950%
26-Sep-24 5,419,788.97 CAMP TERM Maturity 5.290%
26-Sep-24 5,419,788.97 CAMP POOL Purchase 5.290%
27-Sep-24 204,312.23 CORP Purchase 3.450%
27-Sep-24 168,003.94 TREAS Purchase 4.250%
27-Sep-24 219,832.43 TREAS Purchase 0.000%
27-Sep-24 1,306.25 CORP Interest 2.750%
27-Sep-24 87,132.93 CORP Sell 4.800%
27-Sep-24 35,950.29 CORP Sell 5.000%
27-Sep-24 133,320.49 CORP Sell 5.000%
27-Sep-24 117,885.74 CORP Sell 4.800%
Monthly Investment Transactions
October 22, 2024

Date Amount at Cost Investment Transaction Rate*
27-Sep-24 $ 5,000,000.00 CAMP TERM Purchase 3.960%
27-Sep-24 1,600,000.00 CAMP POOL Purchase 5.290%
27-Sep-24 5,000,000.00 CAMP POOL Sell 5.290%
29-Sep-24 10,735.55 CORP Interest 5.803%
30-Sep-24 2,062.50 TREAS Interest 4.125%
30-Sep-24 2,683.43 CORP Interest 2.901%
30-Sep-24 2,406.25 TREAS Interest 0.875%
30-Sep-24 2,154.67 CORP Maturity 4.800%
* Rates shown for MMF, LAIF, and CAMP are distribution yields. All others are coupon rates.

INVESTMENT GLOSSARY
ABS (Asset-Backed Securities)
A mortgage pass-through security, collateralized mortgage obligation, mortgage-backed or other pay-through bond, equipment lease-backed certificate, consumer receivable pass-through certificate, or consumer receivable-backed bond.

AGENCY (U.S. Government Agency Issues)
Federal agency or United States government-sponsored enterprise obligations, participations, or other instruments, including those issued by or fully guaranteed as to principal and interest by federal agencies or United States government-sponsored enterprises. There are no portfolio percentage limits for U. S. Government Agency issues.

BOND (Municipal Bonds or Note)
Registered treasury notes or bonds issued by states or municipalities, 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 United States, in addition to California.

CAMP (California Asset Management Program) Pool and Term A Joint Powers Authority established in 1989 by the treasurers and finance directors of several California public agencies to provide an investment tool at a reasonable cost. Participation is limited to California public agencies. The Pool option offers daily liquidity with a variable rate of return. In recent years the Term option was added offering an investment tool for a fixed period (up to one year) and a fixed rate of return.

CD (Certificate of Deposit)
Negotiable CDs are issued by large banks and are freely traded in secondary markets as short term (2 to 52 weeks), large denomination ($100,000 minimum) CDs, that are either issued at a discount on its par value, or at a fixed interest rate payable at maturity.

Monthly Investment Transactions
October 22, 2024

COM (Commercial Paper)
Commercial paper of “prime” quality of the highest ranking or of the highest letter and number rating as provided for by a nationally recognized statistical-rating organization.

CORP (Corporate Notes)
Medium-term notes, defined as all corporate and depository institution debt securities with a maximum remaining maturity of five years or less, issued by corporations organized and operating within the Unites States or by depository institutions licensed by the United States, or any state and operating within the United States.

FNMA (Federal National Mortgage Association)
A government-sponsored, privately owned corporation established to create a secondary market for Federal Housing Administration mortgages.

LAIF (Local Agency Investment Fund, State of California) The Treasurer of the State of California administers this investment pool, providing a high-level of liquidity and strong safety through diversification of investments.

MMF (Money Market Fund)
This is a money market interest-bearing checking account that is fully insured and collateralized.

SUPRA (Supra-National Agency Bonds or Notes)
Supranational bonds and notes are debt of international or multi-lateral financial agencies. The debt is used to finance economic/infrastructure development, environmental protection, poverty reduction and renewable energy around the globe, rated AAA, highly liquid and issued in a range of maturities.

TREAS (U.S. Treasury Notes)
A Treasury obligation of the U.S. Government to provide for the cash flow needs of the Federal Government.

RECOMMENDATION
It is recommended that the City Council receive and file the Monthly Report of Investment Transactions rendered for the month of September 2024.

Jose Gomez Thaddeus McCormack
Director of Finance & Administrative Services City Manager

COUNCIL AGENDA
October 22, 2024
TO: The Honorable Mayor and City Council
SUBJECT: Quarterly Schedule of Investments – as of September 30, 2024

INTRODUCTION
The City invests idle funds in compliance with the California Government Code (CGC) and the City’s investment policy, which the City Council last reviewed and approved in January 2024. The portfolio is highly-rated and well-diversified. While the portfolio is subject to the ebb and flow of market yield fluctuations, it is largely protected from the stock market volatility as the CGC and the City’s investment policy narrowly define the authorized types of investments available.

Additionally, City staff works closely with PFM Asset Management, LLC (PFM), the City’s investment advisor, to seek out quality investments in proven sectors and keep investment allocations to any one issuer low as a percentage.

The City’s investments summarized in this report are allocated to a variety of funds such as the General Fund, Water Utility Fund, Redevelopment Successor Agency Funds, Restricted Special Revenue Funds, and Fiduciary Funds.

The City’s investment objectives, in order of priority, are safety, liquidity and yield. To meet these objectives, the City utilizes the following types of investments:

U.S. Treasury Notes
Treasury Obligations of the U.S. Government to provide for the cash flow needs of the Federal Government.

Federal Agency Bonds or Notes:

Federal agency or United States government-sponsored enterprise obligations, participations, or other instruments, including those issued by or fully guaranteed as to principal and interest by federal agencies or United States government-sponsored enterprises. This includes Collateralized Mortgage Obligations (CMOs).
 FHLB (Federal Home Loan Bank Bonds)
Bonds and discount notes issued by the Federal Home Loan Bank to provide funding to member institutions and make available money to the residential mortgage market.  FHLMC (Federal Home Loan Mortgage Corp)
A publicly chartered agency that buys qualifying residential mortgages from lenders, packages them into new securities backed by those pooled mortgages, provides certain guarantees and then re-sells the securities on the open market.  FNMA (Federal National Mortgage Association)
A government-sponsored, privately owned corporation established to create a secondary market for Federal Housing Administration mortgages.

RI-6
Quarterly Schedule of Investments
October 22, 2024

 FFCB (Federal Farm Credit Bank)
The Federal Farm Credit Bank is an independent agency of the U.S. Government that issues bonds and discount notes to provide short- and long-term credit and credit-related services to farmers, ranchers, rural homeowners, producers and harvesters.

Supra-National Agency Bonds or Notes
Supranational bonds and notes are debt of international or multi-lateral financial agencies. The debt is used to finance economic/infrastructure development, environmental protection, poverty reduction and renewable energy around the globe, rated AAA, highly liquid and issued in a range of maturities.

Negotiable Certificates of Deposit (CDs)
Negotiable CDs are issued by large banks and are freely traded in secondary markets as short term (2 to 52 weeks), large denomination ($100,000 minimum) CDs, that are either issued at a discount on its par value, or at a fixed interest rate payable at maturity.

Municipal Bonds or Notes:

Registered treasury notes or bonds issued by states or municipalities, 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 United States, in addition to California.

Corporate Notes:

Medium-term notes, defined as all corporate and depository institution debt securities with a maximum remaining maturity of five years or less, issued by corporations organized and operating within the Unites States or by depository institutions licensed by the United States, or any state and operating within the United States. Medium-term corporate notes shall be rated in a rating category of “A” or its equivalent or better.

Commercial Paper:

Commercial paper of “prime” quality of the highest ranking or of the highest letter and number rating as provided for by a nationally recognized statistical-rating organization.

Agency CMBS
Agency CMBS are commercial mortgage-backed securities collateralized by pools of real estate loans secured by multi-family or health care properties. They are issued by a U.S. government agency or federally chartered corporation, such as Fannie Mae or Freddie Mac.

Pooled Funds:
 LAIF (Local Agency Investment Fund, State of California) The Treasurer of the State of California administers this investment pool, providing a highlevel of liquidity and strong safety through diversification of investments.  CAMP (California Asset Management Program)
A Joint Powers Authority established in 1989 by the treasurers and finance directors of several California public agencies to provide professional investment services at a reasonable cost. Participation is limited to California public agencies. The Pool option Quarterly Schedule of Investments
October 22, 2024

offers daily liquidity with a variable rate of return. In recent years the Term option was added offering an investment tool for a fixed period (up to one year) and a fixed rate of return.
 Los Angeles County Pool
This pool is very similar to LAIF. It is well-diversified, very liquid, and offers competitive yields.

Summary – Schedule of Investments as of September 30, 2024

MANAGED PORTFOLIO

STAFF RECOMMENDATION
It is recommended that the City Council receive and file this report.

Jose Gomez Thaddeus McCormack
Director of Finance & Administrative Services City Manager Market % of % Change Permitted In
Security Type Value Portfolio vs. 6/30/24 by Policy Compliance U.S. Treasury Notes $ 15,631,777 38.0% -2.1% 100% √
Federal Agency 294,545 0.7% -1.2% 100% √
Agency CMBS 7,190,050 17.5% 1.9% 100% √
Municipal Bonds 820,642 2.0% 0.0% 100% √
Negotiable CDs 1,583,964 3.9% 0.0% 30% √
Corporate Notes 10,713,697 26.1% 2.1% 30% √
Asset-Backed Security 4,888,785 11.8% -0.7% 20% √
Securities Sub-Total $41,123,460 100%
Cash 31,349
Total Managed Portfolio $41,154,809
POOLED INVESTMENT ACCOUNTS Market Value
LAIF
CAMP - Pool
CAMP - Term
State of CA
US Bank
$ 3,883,922
47,599,545
40,000,000
$ 91,483,467
BANK ACCOUNTS Balance
City – Checking*
City Payroll
Successor Housing - Checking
F&M
F&M
F&M
$3,446,304
63,535
2,790,120
*The balance includes a significant amount of recently-issued checks $6,299,959 Funds held in reserve as required by debt issuance or non-agency funds - not available for City expenditures:

Successor Agency – Checking F&M $569,072
Total Portfolio $139,507,307
Attached is a more detailed report of the managed portfolio provided by PFM Investment Performance Review
For the Quarter Ended September 30, 2024
Client Management Team PFM Asset Management LLC
Monique Spyke, Managing DirectorRobert Cheddar, CFA, Managing Director Robert Montoya, Institutional Sales & Relationship ManagerRichard Babbe, CCM, Senior Managing Consultant 213 Market Street
Harrisburg, PA 17101-2141
717-232-2723
633 W 5th Street
Suite 2560
Los Angeles, CA 90071
262-725-1090
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public City of Lakewood
© PFM Asset Management LLC pfmam.com |
Market Update
PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended September 30, 2024
Market Update
© PFM Asset Management LLC | pfmam.com
Current Market Themes
▸ The U.S. economy is characterized by:
▹ A labor market that reached better balance and support consumer activity▹ Inflation that has made meaningful progress towards the Federal Reserve’s (Fed) 2% target, although shelter costs remain a headwind
▹ Resilient economic growth and consumer spending that support the ‘soft landing’ scenario ▸ Fed begins the easing cycle
▹ The Fed cut the federal funds target rate by 50 basis points (bps) to 4.75% - 5.00% at its September FOMC meeting
▹ Fed officials note they have gained greater confidence the risks to their dual mandate are “roughly” in balance
▹ The Fed’s September “dot plot” implies 50 bps of additional cuts in 2024 and 100 bps through 2025
▸ Treasury yields continued their descent
▹ Yields on maturities between 3 months and 10 years fell 62-112 bps during the 3rd quarter ▹ The yield curve began to disinvert in the 3rd quarter as the spread between the 2-year and 10-year Treasury reached positive territory for the first time in over 2 years ▹ Despite intra-quarter spread widening, yield spreads across most credit sectors were range bound at tight levels, reflecting the strength of the economy Source: Bloomberg Finance L.P., as of September 30, 2024.

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Market Update
© PFM Asset Management LLC pfmam.com |
1 Source: Federal Reserve Chair Jerome Powell Press Conference as of September 18, 2024; Bureau of Labor Statistics and Bloomberg Finance L.P., as of August 2024. © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended September 30, 2024
Market Update
Aug-24

5.2%
Aug-24

2.5%
0%1%
2%
3%4%5%6%7%8%9%
10%
Aug-21 Dec-21 Apr-22 Aug-22 Dec-22 Apr-23 Aug-23 Dec-23 Apr-24 Aug-24 Consumer Price Index (CPI)
Top-Line Contributions, Year-over-Year Changes
Shelter CPI Ex-Shelter Headline Shelter YoY% Headline CPI YoY% The shelter
component of
CPI continues to
remain outsized
accounting for
74% of the
increase in the
headline figure
Shelter Inflation increased

5.2% while CPI Ex-Shelter
increased 1.0% (YoY)
Fed Chair Powell: “[H]ousing inflation is the … one piece that is kind of dragging a bit … it’s been slower than we expected”
Inflation Trends Lower

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Market Update
© PFM Asset Management LLC pfmam.com |
2 Source: Federal Reserve Chair Jerome Powell Press Conference as of September 18, 2024; Bureau of Labor Statistics and Bloomberg Finance L.P., as of September 2024. Data is seasonally adjusted.

For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended September 30, 2024
Market Update
© PFM Asset Management LLC | pfmam.com
Fed Chair Powell: “…labor market conditions have cooled off by any measure … [but] the level of those conditions is actually pretty close to what I would call maximum employment”
Sept-24
254
0 50
100150200250300350400450500
Sep-22 Sep-23 Sep-24
Thousands
Monthly Change In
Nonfarm Payrolls
Nonfarm Payrolls 3-month Moving Average
Sept-24

4.1%
3%4%5%
Sep-22 Sep-23 Sep-24
Unemployment Rate
Labor Market Moves Into Better Balance

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Market Update
© PFM Asset Management LLC pfmam.com |
3 Source: Federal Reserve Chair Jerome Powell Press Conference as of September 18, 2024; National Federation of Independent Businesses, Bureau of Labor Statistics, and Bloomberg Finance L.P., as of August 31, 2024.

For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended September 30, 2024
Market Update
© PFM Asset Management LLC | pfmam.com
Fed Chair Powell: “…we’re not seeing rising claims. We’re not seeing rising layoffs … there is thinking that the time to support the labor market is when it’s strong and not when you begin to see the layoffs”

00.10.20.30.40.50.60.70.80.91 -10%
-5
%
0%5%
10%15%20%25%30%35%
2001 2004 2007 2010 2013 2016 2019 2022
% of Firms
Survey of Business’s Plans to Hire
Net Percent (“Increase” minus “Decrease”)
Recession Net Plans to Hire Long Run Average

00.10.20.30.40.50.60.70.80.91 0.5%1.0%

1.5%2.0%2.5%3.0%3.5%4.0%
2001 2004 2007 2010 2013 2016 2019 2022
% Monthly Layoffs
Layoffs – 6-Month Moving Average
Recession
Hiring Plans Return to Long Run Averages While Layoffs Remain Near Historic Lows

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Market Update
© PFM Asset Management LLC pfmam.com |
4 Source: Bloomberg Finance L.P., as of September 2024. © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended September 30, 2024
Market Update
Sept-2024

6.7%
4%6%
8%
10%12%14%16%18%
Sep-94 Sep-97 Sep-00 Sep-03 Sep-06 Sep-09 Sep-12 Sep-15 Sep-18 Sep-21 Sep-24 Misery Index
CPI Inflation + Unemployment Rate
Nov-2010

9.8% Unemployment
Oct-2019
Historically Low
Unemployment and
Inflation
Apr-2020

14.8% Unemployment
Jun-2022

9.1% Inflation
The “Misery Index” is a measure of economic distress and is calculated as the sum of CPI and the Unemployment Rate. The Fed’s long-run estimate of full employment at 4 - 5% and an inflation target of 2% would produce a Misery Index reading of 6 - 7%.
2000-2003
Driver: Unemployment creeps
higher and peaks at 6.3% in June
2003
Inflation and Labor Market Conditions Leave the Consumer Well-Positioned

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Market Update
© PFM Asset Management LLC pfmam.com |
5 Source: Federal Reserve Chair Jerome Powell Press Conference as of September 18, 2024; (Left) Bureau of Economic Analysis and Bloomberg Finance L.P. as of September 2024. (Right) U.S. Census Bureau and Bloomberg Finance L.P., as of August 2024.
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended September 30, 2024
Market Update
Fed Chair Powell: “…if you look at the growth in economic activity data—the [September] retail sales data [and] second quarter GDP—all of this indicates an economy that is still growing at a solid pace.” $11,000$12,000$13,000$14,000$15,000$16,000$17,000
2008 2010 2012 2014 2016 2018 2020 2022 2024
Billions
U.S. Real Personal Consumption Expenditure

4.4%

3.2%

1.6%

3.0%

2.0%

1.4%

1.8%

0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%5.0%
Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 2025
U.S. GDP Forecasts
Annualized Rate
Actual Range Median of Forecasts
Personal Consumption
is the main driver of
GDP and accounts for
69% of overall GDP
Pre-pandemic
trend
Consumer Activity Remains Solid

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Market Update
© PFM Asset Management LLC pfmam.com |
6 Source: Federal Reserve Chair Jerome Powell Press Conference as of September 18, 2024; Bloomberg Finance L.P., as of September 30, 2024. © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended September 30, 2024
Market Update
Fed Chair Powell: “…we’re recalibrating policy down over time to a more neutral level. And we’re moving at the pace that we think is appropriate given developments in the economy… The economy can develop in a way that would cause us to go faster or slower…”

4.76%

3.64%

3.5%4.0%4.5%5.0%
30-Jun 31-Jul 31-Aug 30-Sep
2-Year U.S. Treasury Yield
June 30, 2024 – September 30, 2024
-112 bp
Dovish Fed Press Conference
Weak ISM ManufacturingWeak Payrolls
Fedspeak prior to blackout period
calling for policy easing
Yields Reprice Lower In Anticipation of Fed Cuts

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Market Update
© PFM Asset Management LLC pfmam.com |
7 PFM Asset Management LLC
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended September 30, 2024
Market Update
Source: Federal Reserve Chair Jerome Powell Press Conference as of September 18, 2024; Average Cutting Cycle represents the average change in the Fed Funds Rate for the first 10 months of a cutting cycle back to 1988. Market Implied Fed Funds as of September 30, 2024. Bloomberg Finance L.P. CPI inflation and Nonfarm payrolls from Bureau of Labor Statistics and Bloomberg Finance L.P.

Fed Chair Powell: “[I]f we’d have gotten the July [jobs] report before the [July FOMC] meeting would we have cut, well we might have.”
0%1%2%3%4%5%6%
2021 2022 2023 2024 2025
Federal Funds Rate
Fed Funds Upper Bound Market Implied Fed Fund Rates Median FOMC Projections Average Cutting Cycle Dec-22
CPI Inflation

6.5% Dec-23 CPI Inflation

3.4%
Aug-24
CPI Inflation

2.5%
Dec-21
CPI Inflation

7.0%
The Fed Begins the Cutting Cycle With 50bps

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Market Update
© PFM Asset Management LLC pfmam.com |
8 The Fed’s Latest “Dot Plot
Source: Federal Reserve Chair Jerome Powell Press Conference as of September 18, 2024; Federal Reserve; Bloomberg Finance L.P.. Individual dots represent each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end. © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended September 30, 2024
Market Update
0%1%2%3%4%5%6%
Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy Sep-24 FOMC ProjectionsSep-24 MedianJun-24 Median
2024 2025 2026 2027 Longer Term
2 cuts 4 cuts 2 cuts 0 cuts ~2.9%
Fed Chair Powell: “There’s nothing in the [dots] that suggests the committee is in a rush to get this done.”

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Market Update
© PFM Asset Management LLC pfmam.com |
9 Fed’s Updated Summary of Economic Projections
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
Source: Federal Reserve Chair Jerome Powell Press Conference; Federal Reserve. As of September 2024.

For the Quarter Ended September 30, 2024
Market Update

4.4%

3.4%

2.9% 2.9% 2.8%
0%1%
2%
3%4%5%6%
2024 2025 2026 2027 Longer
Run
Federal Funds Rate
June Projections Sept Projections

2.3% 2.1% 2.0% 2.0% 2.0%
0%1%
1%
2%2%3%3%4%4%
2024 2025 2026 2027 Longer
Run
PCE Inflation
June Projections Sept Projections

4.4% 4.4% 4.3% 4.2% 4.2%
0%1%2%3%4%5%6%
2024 2025 2026 2027 Longer
Run
Unemployment Rate
June Projections Sept Projections

2.0% 2.0% 2.0% 2.0% 1.8%
0%1%
2%
3%4%
2024 2025 2026 2027 Longer
Run
Change in Real GDP
June Projections Sept Projections
Fed Chair Powell: “These median projections are lower than in June, consistent with projections for lower inflation and higher unemployment, as well as the change to balance of risks.”

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Market Update
© PFM Asset Management LLC pfmam.com |
10 U.S. Treasury Yields Fall as the Yield Curve Begins to Disinvert PFM Asset Management LLC
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
Source: Bloomberg Finance L.P., as of September 30, 2024 For the Quarter Ended September 30, 2024
Market Update

4.64%

3.60%

3.53%

3.63%

3.76%

4.10%

3.00%3.50%4.00%4.50%5.00%5.50%6.00%
Yield
Maturity
U.S. Treasury Yield Curve
1 Year RangeSeptember 30, 2024June 30, 2024
3mo 2yr 5yr 7yr 10yr 20yr 30yr

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Market Update
© PFM Asset Management LLC pfmam.com |
11 Fixed-Income Index Total Returns in 3Q 2024
1-5 Year Indices
PFM Asset Management LLC
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
Source: ICE BofA Indices. ABS indices are 0-5 year, based on weighted average life. As of September 30, 2024.

For the Quarter Ended September 30, 2024
Market Update

3.39%

2.77%

2.58%

3.70% 3.76%
0%1%2%3%4%5%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
Third Quarter 2024 Returns

7.44%

7.04%

7.43%

9.33%

10.15%
0%2%4%6%8%
10%12%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
1-Year Return

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Market Update
© PFM Asset Management LLC pfmam.com |
12 Factors to Consider for 6-12 Months
PFM Asset Management LLC
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended September 30, 2024
Market Update
Current outlook Outlook one quarter ago Negative Slightly Negative Neutral Slightly Positive Positive Statements and opinions expressed about the next 6-12 months were developed based on our independent research with information obtained from Bloomberg and FactSet. The views expressed within this material constitute the perspective and judgment of PFM Asset Management LLC at the time of distribution (6/30/2024) and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management LLC cannot guarantee its accuracy, completeness, or suitability.

Monetary Policy (Global):• The Fed has begun its easing cycle with a 50 basis point (bp) cut. The FOMC’s September median “dotplot” projection suggests an additional 50 bps in ratecuts by the end of the year “if the economy performsas expected”. The projections also calls for anadditional full percentage point of cuts in 2025. • The global easing cycle is underway with nearly all
major central banks (excluding the Bank of Japan)completing multiple rate cuts.

Economic Growth (Global):• U.S. economic growth remains strong reflecting a consumer who continues to spend at elevatedlevels.
• Economic growth outside the U.S. remains mixed.• China has moved forward with a package of stimulus measures aimed to boost growth. Thecountry remains poised to take additional swiftaction should it be deemed necessary.

Inflation (U.S.): • Inflation continues its trend lower but has been buoyed by stubborn housing costs.
• The broad-based inflation cooling helped fuel the
Fed’s decision to cut by 50 bps but policy makersnote they are not declaring victory on price stability.

Financial Conditions (U.S.):• The continuation of stable market measures, such as narrow corporate yield spreads, record equityindex levels and low volatility, reflect economicconfidence. • We remain focused on the cooling labor market and
effects this might have on the consumer as potentialcatalysts for a broader slow down, but that is not ourbase case expectation.

Consumer Spending (U.S.): • The consumer continues to spend and support economic strength. Upward revisions to thepersonal savings rate paint the consumer in betterlight than previously thought but the trend ofconsumers dipping into savings continues. • Moderation in the pace of overall spending is
expected given slowing wage growth and coolinglabor market conditions.

Labor Markets:• The labor market continues to moderate from extremely strong levels seen in prior quarters. Therecent downward revisions to nonfarm payrollsthrough March 2024 further emphasized thecooling. • Other labor metrics remain well positioned such as
the layoffs and discharge rate pointing towardsmoderation rather than deterioration.

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Market Update
© PFM Asset Management LLC pfmam.com |
13 © PFM Asset Management LLC pfmam.com |
Portfolio Review
© PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Snapshot
|
Yield and duration calculations exclude cash and cash equivalents. Sector allocation includes market values and accrued interest.The portfolio’s benchmark is Blend 51260100 Total. Source: Bloomberg Financial LP.

An average of each security’s credit rating was assigned a numeric value and adjusted for its relative weighting in the portfolio.

1. Credit Quality - S&P
5%
29% 28%
32%
6%
0%5%
10%15%20%25%30%35%
0-1 Yr 1-2 Yrs 2-3 Yrs 3-4 Yrs 4-5 Yrs
Portfolio
Duration Distribution
U.S. Treasury | 38%Corporate | 26%
Agency CMBS | 18%ABS | 12%
Negotiable CD | 4%Municipal | 2%Federal Agency | 1%
Sector Allocation
AAA | 11%AA+ | 56%AA | 2%AA- | 4%A-1+ | 1%A+ | 11%A | 8%A- | 5% BBB+ | 1%Not Rated | 2%
Portfolio Snapshot¹
Portfolio Statistics
Portfolio Effective Duration 2.51 yearsBenchmark Effective Duration N/APortfolio Credit Quality AA Yield At Market 3.89%
Yield At Cost 4.04%
Total Market Value $41,154,809.34
Securities Sub-Total $40,863,384.34Cash $31,349.94
Accrued Interest $260,075.06
14 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Account Summary
|

11.9%

26.1%

3.9%

2.0%

17.5%

0.7%

38.0%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
ABS - $4,888,785
Corporate - $10,713,697
Negotiable CD - $1,583,964
Municipal - $820,642
Agency CMBS - $7,190,050
Federal Agency - $294,545
U.S. Treasury - $15,631,777
Portfolio Allocation Sector Limit for Analysis*
Sector Allocation Analytics
For informational/analytical purposes only and is not provided for compliance assurance. Includes accrued interest.*Sector Limit for Analysis is as derived from our interpretation of your most recent Investment Policy as provided. 15 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 202
Compliance
|
Note: Pre- and post-trade compliance for the account(s) managed by PFM Asset Management is provided via Bloomberg Asset and Investment Management ("AIM").

Certificate of Compliance
During the reporting period for the quarter ended September 30 2024, the account(s) managed by PFM AssetManagement ("PFMAM") were in compliance with the applicable investment policy and guidelines as furnished to PFMAM.

Acknowledged : PFM Asset Management LLC
16 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Activity
|
Portfolio Activity
Net Activity by Sector
($ millions)
U.S. TreasuryFederal Agency
ABS
Agency CMBS
Corporate
U.S. Treasury
Federal Agency
ABS
Agency CMBS
Corporate
($6.0) ($4.0) ($2.0) $0.0 $2.0 $4.0
Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.

Sector Net ActivityCorporate $879,612
Agency CMBS $811,453ABS ($120,119)
Federal Agency ($487,882)U.S. Treasury ($735,282)Total Net Activity $347,782 Sales/Maturities Purchases
17 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Characteristics
|
Historical Sector Allocation
Only includes fixed-income securities held within the separately managed account(s) and LGIPs managed by PFMAM. 40%
2%
16%
2%4%
24%13%
Jun-24
38%
1%
18%
2%4%
26%12%
Sep-24
18 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Performance
|

1. The lesser of 10 years or since inception is shown. Performance inception date is December 31, 2007.2. Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.3. Realized gains / (losses) are shown on an amortized cost basis.

Accrual Basis Earnings
Accrual Basis EarningsInterest Earned²Realized Gains / (Losses)³Change in Amortized CostTotal Earnings 3 Months
$354,027
($94,770)
$42,491
$301,749
1 Year
$1,269,052
($454,905)
$129,208
$943,354
3 Years
$2,581,777
($987,776)
$92,296
$1,686,297
5 Year
$3,961,896
($470,258)
$131,268
$3,622,907
10 Year¹
$6,691,621
($627,942)
$57,742
$6,121,421
19 Negative Slightly Negative Neutral Slightly Positive Current outlook Outlook one quarter ago Positive © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended September 30, 2024
Market Update
Fixed-Income Sector Outlook – 4Q 2024
Sector Our Investment Preferences

C O M M E R C I A L P A P E R
/ C D

T R E A S U R I E S
T-Bill
T-Note

F E D E R A L A G E N C I E S
Bullets
Callables

S U P R A N A T I O N A L S

C O R P O R A T E S
Financials
Industrials

S E C U R I T I Z E D
Asset-Backed
Agency Mortgage-Backed
Agency CMBS

M U N I C I P A L S

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Market Update
© PFM Asset Management LLC pfmam.com |
20 © PFM Asset Management LLC pfm.com |
Issuer Distribution
© PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Summary
|
Ratings shown are calculated by assigning a numeral value to each security rating, then calculating a weighted average rating for each security type / issuer category using all available security ratings,excluding Not-Rated (NR) ratings. For security type / issuer categories where a rating from the applicable NRSRO is not available, a rating of NR is assigned. Includes accrued interest and excludes balancesinvested in overnight funds.

Issuer Diversification
Security Type / Issuer Market Value (%) S&P / Moody's / FitchU.S. Treasury 38.0% UNITED STATES OF AMERICA 0.5% AA / Aa / AAUnited States Treasury 37.5% AA / Aaa / AA Federal Agency 0.7%
Federal Home Loan Banks 0.7% AA / NR / NR
Agency CMBS 17.5%
Federal Home Loan Mortgage Corp 16.6% AA / Aaa / AAFederal National Mortgage Association 0.9% AA / Aaa / AA Municipal 2.0%
California State University 0.2% AA / Aa / NRLos Angeles Unified School District/CA 0.3% NR / Aa / AAAState Board of Administration Finance C 0.6% AA / Aa / AAState of California 0.3% AAA / Aa / NRState of Connecticut 0.2% AA / Aa / AAState of Mississippi 0.3% AA / Aa / AA Negotiable CD 3.9%
Cooperatieve Rabobank UA 1.4% A / Aa / AACredit Agricole Group 0.8% A / Aa / AA Groupe BPCE 0.7% A / A / AToronto-Dominion Bank 0.9% A / A / NR Corporate 26.1%
Adobe Inc 0.3% A / A / NRAir Products and Chemicals Inc 0.3% A / A / NRAmerican Express Co 0.5% BBB / A / AAnalog Devices Inc 0.5% A / NR / AAstraZeneca PLC 0.3% A / A / A Security Type / Issuer Market Value (%) S&P / Moody's / FitchCorporate 26.1% Bank of America Corp 0.9% A / Aa / AA
Bank of New York Mellon Corp 0.1% A / A / AA
Berkshire Hathaway Inc 0.7% AA / Aa / A
BlackRock Inc 0.6% AA / Aa / NRBP PLC 0.5% A / A / ABristol-Myers Squibb Co 0.5% A / A / NRCaterpillar Inc 0.7% A / A / ACisco Systems Inc 1.0% AA / A / NRCitigroup Inc 1.6% A / Aa / ACooperatieve Rabobank UA 1.0% A / Aa / AACummins Inc 0.5% A / A / NRDeere & Co 0.8% A / A / AEli Lilly & Co 0.2% A / A / NRGoldman Sachs Group Inc 0.7% A / A / A Home Depot Inc 0.8% A / A / AHonda Motor Co Ltd 0.7% A / A / NRHoneywell International Inc 0.8% A / A / AHormel Foods Corp 0.2% A / A / NRJPMorgan Chase & Co 1.3% A / A / AA Lockheed Martin Corp 0.5% A / A / AMastercard Inc 0.2% A / Aa / NRMorgan Stanley 1.5% A / Aa / AA National Australia Bank Ltd 1.5% AA / Aa / AA
National Rural Utilities Cooperative Fi 0.7% A / A / A
NIKE Inc 0.2% AA / A / NRPACCAR Inc 0.6% A / A / NR
21 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Summary
|
Ratings shown are calculated by assigning a numeral value to each security rating, then calculating a weighted average rating for each security type / issuer category using all available security ratings,excluding Not-Rated (NR) ratings. For security type / issuer categories where a rating from the applicable NRSRO is not available, a rating of NR is assigned. Includes accrued interest and excludes balancesinvested in overnight funds.

Issuer Diversification
Security Type / Issuer Market Value (%) S&P / Moody's / FitchCorporate 26.1% PNC Financial Services Group Inc 0.6% A / A / ASalesforce Inc 0.5% A / A / NRState Street Corp 1.5% A / A / AATexas Instruments Inc 0.2% A / Aa / NR Toyota Motor Corp 0.5% A / A / ATruist Financial Corp 0.5% A / Baa / A United Parcel Service Inc 0.8% A / A / NRUnitedHealth Group Inc 0.1% A / A / AWells Fargo & Co 0.9% A / Aa / AA ABS 11.9%
Ally Auto Receivables Trust 0.3% NR / Aaa / AAAAmerican Express Co 1.1% AAA / NR / AAA BA Credit Card Trust 1.3% AAA / Aaa / AAABMW Vehicle Lease Trust 0.2% AAA / NR / AAACapital One Financial Corp 0.8% AAA / Aaa / AAACarMax Inc 0.6% AAA / Aaa / AAADaimler Trucks Retail Trust 0.6% NR / Aaa / AAA Discover Card Execution Note Trust 0.6% NR / Aaa / AAA
Fifth Third Auto Trust 0.7% AAA / Aaa / NRFord Credit Auto Owner Trust 1.0% AAA / Aaa / AAAGM Financial Consumer Automobile Receiv 0.2% AAA / Aaa / NRHarley-Davidson Inc 0.9% AAA / Aaa / NRHonda Auto Receivables Owner Trust 0.7% AAA / NR / AAAHyundai Auto Receivables Trust 0.2% AAA / NR / AAAJPMorgan Chase & Co 1.6% AAA / NR / AAAMercedes-Benz Auto Receivables Trust 0.2% AAA / NR / AAA Security Type / Issuer Market Value (%) S&P / Moody's / FitchABS 11.9% WF Card Issuance Trust 1.0% AAA / Aaa / AAA
Total 100.0%
22 © PFM Asset Management LLC pfm.com |
Portfolio Transactions
© PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
BUY7/1/2024 7/5/2024 205,000.00 3137FCJK1 FHMS K070 A2 3.30% 11/1/2027 194,849.26 4.93%7/8/2024 7/10/2024 110,000.00 02665WFK2 AMERICAN HONDA FINANCE 4.90% 7/9/2027 109,858.10 4.95%7/9/2024 7/10/2024 115,000.00 63743HFS6 NATIONAL RURAL UTIL COOP (CALLABLE) 5.15% 6/15/2029 117,014.03 4.94%7/16/2024 7/25/2024 320,000.00 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 322,972.05 4.58%7/17/2024 7/18/2024 400,000.00 09247XAP6 BLACKROCK INC (CALLABLE) 3.25% 4/30/2029 379,676.67 4.61%7/17/2024 7/26/2024 200,000.00 09290DAH4 BLACKROCK FUNDING INC (CALLABLE) 4.60% 7/26/2027 199,994.00 4.60%7/18/2024 7/19/2024 250,000.00 69353RFJ2 PNC BANK NA (CALLABLE) 3.25% 1/22/2028 240,112.29 5.00%7/29/2024 8/1/2024 195,000.00 438516CX2 HONEYWELL INTERNATIONAL (CALLABLE) 4.65% 7/30/2027 194,994.15 4.65%8/1/2024 8/2/2024 800,000.00 91282CBP5 US TREASURY N/B 1.12% 2/29/2028 728,103.26 3.99%8/1/2024 8/6/2024 250,000.00 17325FBJ6 CITIBANK NA (CALLABLE) 4.92% 8/6/2026 250,782.50 4.76%8/1/2024 8/6/2024 95,000.00 69371RT30 PACCAR FINANCIAL CORP 4.45% 8/6/2027 94,873.65 4.50%8/5/2024 8/6/2024 225,000.00 79466LAH7 SALESFORCE INC (CALLABLE) 1.50% 7/15/2028 202,728.38 4.28%8/5/2024 8/6/2024 390,000.00 478160CP7 JOHNSON & JOHNSON (CALLABLE) 0.95% 9/1/2027 357,255.71 4.03%8/5/2024 8/6/2024 120,000.00 438516CX2 HONEYWELL INTERNATIONAL (CALLABLE) 4.65% 7/30/2027 121,471.90 4.23%8/5/2024 8/6/2024 260,000.00 17275RBQ4 CISCO SYSTEMS INC (CALLABLE) 4.80% 2/26/2027 268,718.67 4.29%8/6/2024 8/9/2024 55,000.00 89236TMK8 TOYOTA MOTOR CREDIT CORP 4.55% 8/9/2029 54,888.35 4.59%8/7/2024 8/8/2024 330,000.00 911312BM7 UNITED PARCEL SERVICE (CALLABLE) 3.05% 11/15/2027 319,331.74 4.35% 23 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
BUY8/7/2024 8/15/2024 360,000.00 3137HDXL9 FHMS K526 A2 4.54% 7/1/2029 364,003.46 4.33%8/12/2024 8/14/2024 65,000.00 532457CQ9 ELI LILLY & CO (CALLABLE) 4.20% 8/14/2029 64,857.65 4.25%8/12/2024 8/16/2024 65,000.00 14913UAQ3 CATERPILLAR FINL SERVICE 4.37% 8/16/2029 64,823.85 4.44%8/13/2024 8/16/2024 235,000.00 14913UAR1 CATERPILLAR FINL SERVICE 4.40% 10/15/2027 235,596.90 4.32%8/22/2024 8/23/2024 175,000.00 02665WFK2 AMERICAN HONDA FINANCE 4.90% 7/9/2027 178,437.49 4.38%8/29/2024 9/3/2024 1,750,000.00 9128283W8 US TREASURY N/B 2.75% 2/15/2028 1,696,293.30 3.75%9/23/2024 9/24/2024 200,000.00 91282CEM9 US TREASURY N/B 2.87% 4/30/2029 196,476.57 3.57%9/23/2024 9/26/2024 150,000.00 69371RT48 PACCAR FINANCIAL CORP 4.00% 9/26/2029 149,691.00 4.05%9/24/2024 9/25/2024 200,000.00 91282CEM9 US TREASURY N/B 2.87% 4/30/2029 196,562.50 3.56%9/25/2024 9/26/2024 390,000.00 91282CAH4 US TREASURY N/B 0.50% 8/31/2027 357,980.29 3.49%9/26/2024 9/27/2024 220,000.00 912797GW1 TREASURY BILL 0.00% 10/3/2024 219,832.43 4.57%9/26/2024 9/27/2024 165,000.00 91282CKE0 US TREASURY N/B 4.25% 3/15/2027 168,003.94 3.53%9/26/2024 9/27/2024 205,000.00 032654BA2 ANALOG DEVICES INC (CALLABLE) 3.45% 6/15/2027 204,312.23 3.96% Total BUY 8,500,000.00 8,254,496.32 0.00
INTEREST7/1/2024 7/1/2024 265,000.00 341271AD6 FLORIDA ST BRD OF ADM 1.25% 7/1/2025 1,666.857/1/2024 7/1/2024 115,000.00 544647FC9 LOS ANGELES UN SD-B 1.45% 7/1/2026 836.63 24 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST7/1/2024 7/25/2024 225,000.00 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 514.697/1/2024 7/25/2024 400,000.00 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 1,524.007/1/2024 7/25/2024 380,000.00 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 1,501.007/1/2024 7/25/2024 390,000.00 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 1,560.987/1/2024 7/25/2024 410,000.00 3137BVZ82 FHMS K063 A2 3.43% 1/1/2027 1,171.927/1/2024 7/25/2024 390,000.00 3137BSP72 FHMS K058 A2 2.65% 8/1/2026 862.237/1/2024 7/25/2024 210,000.00 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 850.507/1/2024 7/25/2024 380,000.00 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 1,520.007/1/2024 7/25/2024 271,378.76 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 756.927/1/2024 7/25/2024 303,121.91 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 1,206.687/1/2024 7/25/2024 190,000.00 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 791.677/1/2024 7/25/2024 140,000.00 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 591.387/1/2024 7/25/2024 375,000.00 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 1,505.947/1/2024 7/25/2024 381,295.06 3137H9MM8 FHMS KJ43 A1 4.37% 12/1/2028 1,390.777/1/2024 7/25/2024 375,000.00 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 1,309.387/1/2024 7/25/2024 380,000.00 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 1,472.507/1/2024 7/25/2024 280,000.00 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 1,131.67 25 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST7/1/2024 7/25/2024 405,000.00 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 1,094.517/1/2024 7/25/2024 400,000.00 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 1,074.677/2/2024 7/2/2024 MONEY0002 MONEY MARKET FUND 0.00% 1,960.387/9/2024 7/9/2024 385,000.00 21688ABC5 COOPERAT RABOBANK UA/NY 4.80% 1/9/2029 9,240.007/14/2024 7/14/2024 300,000.00 61690U8A1 MORGAN STANLEY BANK NA (CALLABLE) 4.95% 1/14/2028 7,262.937/15/2024 7/15/2024 265,000.00 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 1,221.217/15/2024 7/15/2024 243,148.18 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 804.427/15/2024 7/15/2024 115,000.00 344930AD4 FORDO 2023-B A3 5.23% 5/15/2028 501.217/15/2024 7/15/2024 120,000.00 14043GAD6 COPAR 2022-2 A3 3.66% 5/17/2027 366.007/15/2024 7/15/2024 100,000.00 58770AAC7 MBART 2023-1 A3 4.51% 11/15/2027 375.837/15/2024 7/15/2024 100,000.00 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 387.507/15/2024 7/15/2024 355,000.00 41285YAC9 HDMOT 2023-B A3 5.69% 8/15/2028 1,683.297/15/2024 7/15/2024 335,000.00 161571HV9 CHAIT 2024-A1 A 4.60% 1/16/2029 1,284.177/15/2024 7/15/2024 305,000.00 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 1,311.507/15/2024 7/15/2024 245,000.00 14041NGD7 COMET 2023-A1 A 4.42% 5/15/2028 902.427/15/2024 7/15/2024 85,245.52 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 39.077/15/2024 7/15/2024 110,000.00 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 446.42 26 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Activity
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Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST7/15/2024 7/15/2024 140,000.00 02007WAC2 ALLYA 2023-1 A3 5.46% 5/15/2028 637.007/15/2024 7/15/2024 380,000.00 05522RDF2 BACCT 2022-A2 A2 5.00% 4/15/2028 1,583.337/15/2024 7/15/2024 315,000.00 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 1,372.887/15/2024 7/15/2024 130,000.00 05522RDG0 BACCT 2023-A1 A1 4.79% 5/15/2028 518.927/15/2024 7/15/2024 80,000.00 44933XAD9 HART 2023-B A3 5.48% 4/17/2028 365.337/15/2024 7/15/2024 390,000.00 92970QAA3 WFCIT 2024-A1 A 4.94% 2/15/2029 1,605.507/15/2024 7/15/2024 240,000.00 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 862.007/15/2024 7/15/2024 4,627.90 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 1.317/15/2024 7/15/2024 21,134.03 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 9.167/15/2024 7/15/2024 250,000.00 94988J6H5 WELLS FARGO BANK NA (CALLABLE) 4.81% 1/15/2026 5,746.477/15/2024 7/15/2024 300,000.00 91282CGE5 US TREASURY N/B 3.87% 1/15/2026 5,812.507/15/2024 7/15/2024 2,573.74 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 0.827/15/2024 7/15/2024 185,000.00 34531QAD1 FORDO 2024-B A3 5.10% 4/15/2029 550.387/15/2024 7/15/2024 230,000.00 233868AC2 DTRT 2023-1 A3 5.90% 3/15/2027 1,130.837/16/2024 7/16/2024 80,000.00 36267KAD9 GMCAR 2023-3 A3 5.45% 6/16/2028 363.337/17/2024 7/17/2024 565,000.00 21684LGS5 COOPERAT RABOBANK UA/NY 5.08% 7/17/2026 14,351.007/18/2024 7/18/2024 245,000.00 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 1,104.54 27 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST7/18/2024 7/18/2024 53,507.68 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 166.327/22/2024 7/22/2024 250,000.00 69353RFJ2 PNC BANK NA (CALLABLE) 3.25% 1/22/2028 4,062.507/23/2024 7/23/2024 160,000.00 46647PEA0 JPMORGAN CHASE & CO (CALLABLE) 5.04% 1/23/2028 4,032.007/24/2024 7/24/2024 30,000.00 06406RBJ5 BANK OF NY MELLON CORP (CALLABLE) 4.41% 7/24/2026 662.107/25/2024 7/25/2024 65,000.00 05592XAD2 BMWOT 2023-A A3 5.47% 2/25/2028 296.297/28/2024 7/28/2024 125,000.00 89788MAH5 TRUIST FINANCIAL CORP (CALLABLE) 4.26% 7/28/2026 2,662.507/31/2024 7/31/2024 170,000.00 69371RS80 PACCAR FINANCIAL CORP 4.60% 1/31/2029 3,910.007/31/2024 7/31/2024 650,000.00 91282CFB2 US TREASURY N/B 2.75% 7/31/2027 8,937.507/31/2024 7/31/2024 150,000.00 91282CGH8 US TREASURY N/B 3.50% 1/31/2028 2,625.007/31/2024 7/31/2024 750,000.00 91282CBH3 US TREASURY N/B 0.37% 1/31/2026 1,406.257/31/2024 7/31/2024 475,000.00 91282CCP4 US TREASURY N/B 0.62% 7/31/2026 1,484.387/31/2024 7/31/2024 250,000.00 912828Z78 US TREASURY N/B 1.50% 1/31/2027 1,875.008/1/2024 8/1/2024 MONEY0002 MONEY MARKET FUND 0.00% 949.218/1/2024 8/25/2024 380,979.96 3137H9MM8 FHMS KJ43 A1 4.37% 12/1/2028 1,389.628/1/2024 8/25/2024 410,000.00 3137BVZ82 FHMS K063 A2 3.43% 1/1/2027 1,171.928/1/2024 8/25/2024 380,000.00 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 1,472.508/1/2024 8/25/2024 400,000.00 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 1,074.67 28 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST8/1/2024 8/25/2024 190,000.00 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 791.678/1/2024 8/25/2024 225,000.00 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 514.698/1/2024 8/25/2024 210,000.00 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 850.508/1/2024 8/25/2024 380,000.00 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 1,520.008/1/2024 8/25/2024 375,000.00 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 1,505.948/1/2024 8/25/2024 390,000.00 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 1,560.988/1/2024 8/25/2024 380,000.00 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 1,501.008/1/2024 8/25/2024 205,000.00 3137FCJK1 FHMS K070 A2 3.30% 11/1/2027 564.268/1/2024 8/25/2024 280,000.00 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 1,131.678/1/2024 8/25/2024 400,000.00 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 1,524.008/1/2024 8/25/2024 390,000.00 3137BSP72 FHMS K058 A2 2.65% 8/1/2026 862.238/1/2024 8/25/2024 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 1,258.678/1/2024 8/25/2024 405,000.00 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 1,094.518/1/2024 8/25/2024 375,000.00 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 1,309.388/1/2024 8/25/2024 302,925.39 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 1,205.908/1/2024 8/25/2024 270,825.98 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 755.388/1/2024 8/25/2024 140,000.00 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 591.38 29 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST8/3/2024 8/3/2024 215,000.00 857477CD3 STATE STREET CORP (CALLABLE) 5.27% 8/3/2026 5,667.408/3/2024 8/3/2024 105,000.00 89788MAC6 TRUIST FINANCIAL CORP (CALLABLE) 1.12% 8/3/2027 590.638/7/2024 8/7/2024 375,000.00 94988J6D4 WELLS FARGO BANK NA (CALLABLE) 5.45% 8/7/2026 10,218.758/7/2024 8/7/2024 55,000.00 63743HFC1 NATIONAL RURAL UTIL COOP 1.87% 2/7/2025 515.638/8/2024 8/8/2024 75,000.00 882508CG7 TEXAS INSTRUMENTS INC (CALLABLE) 4.60% 2/8/2029 1,725.008/8/2024 8/8/2024 130,000.00 009158BH8 AIR PRODUCTS & CHEMICALS (CALLABLE) 4.60% 2/8/2029 2,990.008/10/2024 8/10/2024 315,000.00 3130AKYH3 FEDERAL HOME LOAN BANK (CALLABLE) 0.83% 2/10/2027 1,307.258/14/2024 8/14/2024 130,000.00 89236TKX2 TOYOTA MOTOR CREDIT CORP 5.00% 8/14/2026 3,250.008/15/2024 8/15/2024 229,509.57 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 759.298/15/2024 8/15/2024 80,000.00 44933XAD9 HART 2023-B A3 5.48% 4/17/2028 365.338/15/2024 8/15/2024 140,000.00 02007WAC2 ALLYA 2023-1 A3 5.46% 5/15/2028 637.008/15/2024 8/15/2024 205,000.00 539830CC1 LOCKHEED MARTIN CORP (CALLABLE) 4.50% 2/15/2029 5,022.508/15/2024 8/15/2024 240,000.00 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 862.008/15/2024 8/15/2024 335,000.00 161571HV9 CHAIT 2024-A1 A 4.60% 1/16/2029 1,284.178/15/2024 8/15/2024 110,000.00 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 446.428/15/2024 8/15/2024 265,000.00 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 1,221.218/15/2024 8/15/2024 76,734.17 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 35.17 30 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST8/15/2024 8/15/2024 355,000.00 41285YAC9 HDMOT 2023-B A3 5.69% 8/15/2028 1,683.298/15/2024 8/15/2024 380,000.00 05522RDF2 BACCT 2022-A2 A2 5.00% 4/15/2028 1,583.338/15/2024 8/15/2024 185,000.00 34531QAD1 FORDO 2024-B A3 5.10% 4/15/2029 786.258/15/2024 8/15/2024 2,821.50 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 0.808/15/2024 8/15/2024 315,000.00 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 1,372.888/15/2024 8/15/2024 115,000.00 344930AD4 FORDO 2023-B A3 5.23% 5/15/2028 501.218/15/2024 8/15/2024 115,704.63 14043GAD6 COPAR 2022-2 A3 3.66% 5/17/2027 352.908/15/2024 8/15/2024 130,000.00 05522RDG0 BACCT 2023-A1 A1 4.79% 5/15/2028 518.928/15/2024 8/15/2024 16,682.40 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 7.238/15/2024 8/15/2024 1,750,000.00 912828P46 US TREASURY N/B 1.62% 2/15/2026 14,218.758/15/2024 8/15/2024 245,000.00 14041NGD7 COMET 2023-A1 A 4.42% 5/15/2028 902.428/15/2024 8/15/2024 100,000.00 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 387.508/15/2024 8/15/2024 390,000.00 92970QAA3 WFCIT 2024-A1 A 4.94% 2/15/2029 1,605.508/15/2024 8/15/2024 230,000.00 233868AC2 DTRT 2023-1 A3 5.90% 3/15/2027 1,130.838/15/2024 8/15/2024 305,000.00 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 1,311.508/15/2024 8/15/2024 100,000.00 58770AAC7 MBART 2023-1 A3 4.51% 11/15/2027 375.838/16/2024 8/16/2024 80,000.00 36267KAD9 GMCAR 2023-3 A3 5.45% 6/16/2028 363.33 31 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST8/18/2024 8/18/2024 245,000.00 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 1,104.548/18/2024 8/18/2024 49,688.98 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 154.458/18/2024 8/18/2024 250,000.00 06428CAA2 BANK OF AMERICA NA (CALLABLE) 5.52% 8/18/2026 6,907.508/20/2024 8/20/2024 200,000.00 231021AV8 CUMMINS INC (CALLABLE) 4.90% 2/20/2029 4,900.008/22/2024 8/22/2024 185,000.00 110122EF1 BRISTOL-MYERS SQUIBB CO (CALLABLE) 4.90% 2/22/2029 4,532.508/25/2024 8/25/2024 65,000.00 05592XAD2 BMWOT 2023-A A3 5.47% 2/25/2028 296.298/26/2024 8/26/2024 375,000.00 17275RBQ4 CISCO SYSTEMS INC (CALLABLE) 4.80% 2/26/2027 9,000.008/26/2024 8/26/2024 210,000.00 17275RBR2 CISCO SYSTEMS INC (CALLABLE) 4.85% 2/26/2029 5,092.508/26/2024 8/26/2024 115,000.00 04636NAL7 ASTRAZENECA FINANCE LLC (CALLABLE) 4.85% 2/26/2029 2,788.758/31/2024 8/31/2024 91282CBP5 US TREASURY N/B 1.12% 2/29/2028 7,312.508/31/2024 8/31/2024 91282CCW9 US TREASURY N/B 0.75% 8/31/2026 825.008/31/2024 8/31/2024 91282CBQ3 US TREASURY N/B 0.50% 2/28/2026 1,500.008/31/2024 8/31/2024 91282CEC1 US TREASURY N/B 1.87% 2/28/2027 3,093.759/1/2024 9/1/2024 478160CP7 JOHNSON & JOHNSON (CALLABLE) 0.95% 9/1/2027 1,852.509/1/2024 9/25/2024 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 1,074.679/1/2024 9/25/2024 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 1,520.009/1/2024 9/25/2024 3137HDXL9 FHMS K526 A2 4.54% 7/1/2029 1,362.90 32 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST9/1/2024 9/25/2024 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 753.929/1/2024 9/25/2024 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 791.679/1/2024 9/25/2024 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 1,501.009/1/2024 9/25/2024 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 1,309.389/1/2024 9/25/2024 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 514.699/1/2024 9/25/2024 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 1,472.509/1/2024 9/25/2024 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 1,205.139/1/2024 9/25/2024 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 591.389/1/2024 9/25/2024 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 1,505.949/1/2024 9/25/2024 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 850.509/1/2024 9/25/2024 3137FCJK1 FHMS K070 A2 3.30% 11/1/2027 564.269/1/2024 9/25/2024 3137BSP72 FHMS K058 A2 2.65% 8/1/2026 862.239/1/2024 9/25/2024 3137BVZ82 FHMS K063 A2 3.43% 1/1/2027 1,171.929/1/2024 9/25/2024 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 1,258.679/1/2024 9/25/2024 3137H9MM8 FHMS KJ43 A1 4.37% 12/1/2028 1,752.179/1/2024 9/25/2024 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 1,560.989/1/2024 9/25/2024 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 1,524.00 33 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST9/1/2024 9/25/2024 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 1,094.519/1/2024 9/25/2024 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 1,131.679/3/2024 9/3/2024 MONEY0002 MONEY MARKET FUND 0.00% 992.159/14/2024 9/14/2024 09290DAA9 BLACKROCK FUNDING INC (CALLABLE) 4.70% 3/14/2029 822.509/15/2024 9/15/2024 161571HV9 CHAIT 2024-A1 A 4.60% 1/16/2029 1,284.179/15/2024 9/15/2024 44933XAD9 HART 2023-B A3 5.48% 4/17/2028 365.339/15/2024 9/15/2024 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 0.299/15/2024 9/15/2024 41285YAC9 HDMOT 2023-B A3 5.69% 8/15/2028 1,683.299/15/2024 9/15/2024 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 387.509/15/2024 9/15/2024 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 31.169/15/2024 9/15/2024 14041NGD7 COMET 2023-A1 A 4.42% 5/15/2028 902.429/15/2024 9/15/2024 02007WAC2 ALLYA 2023-1 A3 5.46% 5/15/2028 637.009/15/2024 9/15/2024 084664CZ2 BERKSHIRE HATHAWAY FIN (CALLABLE) 2.30% 3/15/2027 3,622.509/15/2024 9/15/2024 344930AD4 FORDO 2023-B A3 5.23% 5/15/2028 501.219/15/2024 9/15/2024 05522RDF2 BACCT 2022-A2 A2 5.00% 4/15/2028 1,583.339/15/2024 9/15/2024 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 1,311.509/15/2024 9/15/2024 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 1,221.21 38 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST9/15/2024 9/15/2024 92970QAA3 WFCIT 2024-A1 A 4.94% 2/15/2029 1,605.509/15/2024 9/15/2024 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 862.009/15/2024 9/15/2024 58770AAC7 MBART 2023-1 A3 4.51% 11/15/2027 375.839/15/2024 9/15/2024 233868AC2 DTRT 2023-1 A3 5.90% 3/15/2027 1,130.839/15/2024 9/15/2024 14043GAD6 COPAR 2022-2 A3 3.66% 5/17/2027 331.219/15/2024 9/15/2024 05522RDG0 BACCT 2023-A1 A1 4.79% 5/15/2028 518.929/15/2024 9/15/2024 34531QAD1 FORDO 2024-B A3 5.10% 4/15/2029 786.259/15/2024 9/15/2024 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 5.349/15/2024 9/15/2024 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 446.429/15/2024 9/15/2024 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 1,372.889/15/2024 9/15/2024 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 713.419/16/2024 9/16/2024 36267KAD9 GMCAR 2023-3 A3 5.45% 6/16/2028 363.339/18/2024 9/18/2024 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 142.239/18/2024 9/18/2024 63873QP65 NATIXIS NY BRANCH 5.61% 9/18/2026 16,166.159/18/2024 9/18/2024 857477CL5 STATE STREET CORP (CALLABLE) 4.99% 3/18/2027 4,743.359/18/2024 9/18/2024 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 1,104.549/19/2024 9/19/2024 89236TLY9 TOYOTA MOTOR CREDIT CORP 5.00% 3/19/2027 865.28 39 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST9/25/2024 9/25/2024 05592XAD2 BMWOT 2023-A A3 5.47% 2/25/2028 296.299/26/2024 9/26/2024 57636QAR5 MASTERCARD INC (CALLABLE) 3.30% 3/26/2027 1,567.509/27/2024 9/27/2024 654106AJ2 NIKE INC (CALLABLE) 2.75% 3/27/2027 1,306.259/29/2024 9/29/2024 17325FBB3 CITIBANK NA (CALLABLE) 5.80% 9/29/2028 10,735.559/30/2024 9/30/2024 440452AK6 HORMEL FOODS CORP (CALLABLE) 4.80% 3/30/2027 2,154.679/30/2024 9/30/2024 857477BM4 STATE STREET CORP (CALLABLE) 2.90% 3/30/2026 2,683.439/30/2024 9/30/2024 91282CCZ2 US TREASURY N/B 0.87% 9/30/2026 2,406.259/30/2024 9/30/2024 91282CFM8 US TREASURY N/B 4.12% 9/30/2027 2,062.50 Total INTEREST 32,496,905.36 353,682.52 0.00
MATURITY7/30/2024 7/30/2024 300,000.00 91159HHX1 US BANCORP NOTES (CALLABLE) 2.40% 7/30/2024 303,600.00 Total MATURITY 300,000.00 303,600.00 0.00
PAYDOWNS7/1/2024 7/25/2024 315.10 3137H9MM8 FHMS KJ43 A1 4.37% 12/1/2028 315.107/1/2024 7/25/2024 196.52 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 196.527/1/2024 7/25/2024 552.78 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 552.787/15/2024 7/15/2024 13,638.61 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 13,638.61 40 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
PAYDOWNS7/15/2024 7/15/2024 8,511.35 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 8,511.357/15/2024 7/15/2024 1,806.40 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 1,806.407/15/2024 7/15/2024 4,451.63 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 4,451.637/15/2024 7/15/2024 4,295.37 14043GAD6 COPAR 2022-2 A3 3.66% 5/17/2027 4,295.377/15/2024 7/15/2024 2,573.74 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 2,573.747/18/2024 7/18/2024 3,818.70 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 3,818.708/1/2024 8/25/2024 193.05 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 193.058/1/2024 8/25/2024 522.17 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 522.178/1/2024 8/25/2024 263.00 3137H9MM8 FHMS KJ43 A1 4.37% 12/1/2028 263.00 1.808/15/2024 8/15/2024 4,355.27 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 4,355.278/15/2024 8/15/2024 7,111.58 14043GAD6 COPAR 2022-2 A3 3.66% 5/17/2027 7,111.588/15/2024 8/15/2024 8,757.74 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 8,757.748/15/2024 8/15/2024 1,782.24 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 1,782.248/15/2024 8/15/2024 13,869.70 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 13,869.708/18/2024 8/18/2024 3,930.45 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 3,930.459/1/2024 9/25/2024 194.09 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 194.09 0.019/1/2024 9/25/2024 50,945.38 3137H9MM8 FHMS KJ43 A1 4.37% 12/1/2028 50,945.38 342.09 41 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
PAYDOWNS9/1/2024 9/25/2024 16,665.95 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 16,665.95 221.129/1/2024 9/25/2024 523.93 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 523.93 10.299/15/2024 9/15/2024 1,392.99 58770AAC7 MBART 2023-1 A3 4.51% 11/15/2027 1,392.99 0.119/15/2024 9/15/2024 4,361.64 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 4,361.64 0.289/15/2024 9/15/2024 1,039.26 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 1,039.26 0.059/15/2024 9/15/2024 14,772.86 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 14,772.86 0.199/15/2024 9/15/2024 8,851.39 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 8,851.39 0.529/15/2024 9/15/2024 6,934.20 14043GAD6 COPAR 2022-2 A3 3.66% 5/17/2027 6,934.20 0.289/18/2024 9/18/2024 3,863.85 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 3,863.85 0.11 Total PAYDOWNS 190,490.94 190,490.94 576.85
SELL7/1/2024 7/2/2024 200,000.00 912828ZC7 US TREASURY N/B 1.12% 2/28/2025 195,445.65 -5,691.757/8/2024 7/9/2024 95,000.00 02665WFD8 AMERICAN HONDA FINANCE 4.90% 3/12/2027 96,534.14 81.227/9/2024 7/10/2024 115,000.00 63743HFN7 NATIONAL RURAL UTIL COOP (CALLABLE) 4.85% 2/7/2029 117,355.42 220.977/16/2024 7/17/2024 170,000.00 06406RAX5 BANK OF NY MELLON CORP (CALLABLE) 0.85% 10/25/2024 168,156.54 -2,162.527/16/2024 7/17/2024 65,000.00 06406RAL1 BANK OF NY MELLON CORP 2.10% 10/24/2024 64,687.46 -643.617/17/2024 7/18/2024 210,000.00 91282CCJ8 US TREASURY N/B 0.87% 6/30/2026 196,325.04 -14,690.99 42 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
SELL7/17/2024 7/18/2024 400,000.00 91282CEM9 US TREASURY N/B 2.87% 4/30/2029 381,421.88 6,539.597/18/2024 7/19/2024 250,000.00 69353RFG8 PNC BANK NA (CALLABLE) 3.10% 10/25/2027 238,148.33 2,161.578/1/2024 8/6/2024 100,000.00 91282CAZ4 US TREASURY N/B 0.37% 11/30/2025 94,888.96 -4,933.378/1/2024 8/2/2024 225,000.00 91282CAZ4 US TREASURY N/B 0.37% 11/30/2025 213,315.17 -11,271.258/1/2024 8/2/2024 145,000.00 3135G04Z3 FANNIE MAE 0.50% 6/17/2025 139,824.23 -5,213.918/1/2024 8/2/2024 10,000.00 91282CAZ4 US TREASURY N/B 0.37% 11/30/2025 9,474.42 -528.298/1/2024 8/2/2024 365,000.00 3137EAEX3 FREDDIE MAC 0.37% 9/23/2025 348,058.07 -17,181.238/1/2024 8/2/2024 50,000.00 912828ZC7 US TREASURY N/B 1.12% 2/28/2025 49,147.08 -1,172.468/1/2024 8/2/2024 50,000.00 91282CAZ4 US TREASURY N/B 0.37% 11/30/2025 47,403.36 -2,610.198/5/2024 8/6/2024 120,000.00 91282CFB2 US TREASURY N/B 2.75% 7/31/2027 116,903.80 -2,455.708/5/2024 8/6/2024 270,000.00 91282CEC1 US TREASURY N/B 1.87% 2/28/2027 259,573.27 3,561.338/5/2024 8/6/2024 225,000.00 91282CBZ3 US TREASURY N/B 1.25% 4/30/2028 206,782.18 7,857.748/5/2024 8/6/2024 350,000.00 91282CFM8 US TREASURY N/B 4.12% 9/30/2027 359,533.56 1,884.578/7/2024 8/8/2024 325,000.00 91282CFB2 US TREASURY N/B 2.75% 7/31/2027 315,114.21 -8,203.138/7/2024 8/8/2024 400,000.00 91282CDL2 US TREASURY N/B 1.50% 11/30/2028 364,568.65 1,848.458/7/2024 8/8/2024 50,000.00 91282CAZ4 US TREASURY N/B 0.37% 11/30/2025 47,554.88 -2,357.828/12/2024 8/13/2024 75,000.00 91282CBZ3 US TREASURY N/B 1.25% 4/30/2028 68,704.99 2,333.09 43 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
SELL8/12/2024 8/13/2024 65,000.00 91282CAZ4 US TREASURY N/B 0.37% 11/30/2025 61,865.30 -3,026.218/13/2024 8/14/2024 145,000.00 91282CFB2 US TREASURY N/B 2.75% 7/31/2027 140,937.64 -3,381.278/13/2024 8/14/2024 95,000.00 14913R2Q9 CATERPILLAR FINL SERVICE 1.15% 9/14/2026 89,407.51 -5,441.738/22/2024 8/23/2024 175,000.00 02665WFE6 AMERICAN HONDA FINANCE 4.90% 3/13/2029 182,599.86 3,859.668/29/2024 9/3/2024 60,000.00 91282CAZ4 US TREASURY N/B 0.37% 11/30/2025 57,299.81 -2,619.408/29/2024 9/3/2024 750,000.00 91282CBH3 US TREASURY N/B 0.37% 1/31/2026 712,291.10 -34,690.608/29/2024 9/3/2024 250,000.00 94988J6H5 WELLS FARGO BANK NA (CALLABLE) 4.81% 1/15/2026 252,506.17 902.508/29/2024 9/3/2024 115,000.00 04636NAA1 ASTRAZENECA FINANCE LLC (CALLABLE) 1.20% 5/28/2026 109,523.32 -5,897.978/29/2024 9/3/2024 420,000.00 91282CBC4 US TREASURY N/B 0.37% 12/31/2025 399,983.66 -20,325.099/23/2024 9/24/2024 170,000.00 69371RS80 PACCAR FINANCIAL CORP 4.60% 1/31/2029 175,514.80 4,585.649/23/2024 9/24/2024 200,000.00 09247XAP6 BLACKROCK INC (CALLABLE) 3.25% 4/30/2029 197,622.00 6,194.439/24/2024 9/25/2024 200,000.00 09247XAP6 BLACKROCK INC (CALLABLE) 3.25% 4/30/2029 197,470.06 6,018.419/25/2024 9/26/2024 390,000.00 478160CP7 JOHNSON & JOHNSON (CALLABLE) 0.95% 9/1/2027 362,391.79 5,008.469/26/2024 9/27/2024 115,000.00 17275RBQ4 CISCO SYSTEMS INC (CALLABLE) 4.80% 2/26/2027 117,885.74 2,532.109/26/2024 9/27/2024 130,000.00 89236TKX2 TOYOTA MOTOR CREDIT CORP 5.00% 8/14/2026 133,320.49 1,814.219/26/2024 9/27/2024 35,000.00 89236TLY9 TOYOTA MOTOR CREDIT CORP 5.00% 3/19/2027 35,950.29 946.85 44 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
SELL9/26/2024 9/27/2024 85,000.00 17275RBQ4 CISCO SYSTEMS INC (CALLABLE) 4.80% 2/26/2027 87,132.93 801.09 Total SELL 7,665,000.00 7,412,623.76 -95,346.61
45 © PFM Asset Management LLC pfm.com |
Portfolio Holdings
© PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Holdings
|
Managed Account Detail of Securities Held
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury
TREASURY BILLDTD 10/05/2023 0.000% 10/03/2024
912797GW1 220,000.00 A-1+ P-1 9/26/2024 9/27/2024 219,832.43 4.57 0.00 219,944.14 219,943.24 US TREASURY N/BDTD 01/17/2023 3.875% 01/15/2026
91282CGE5 300,000.00 AA+ Aaa 2/1/2023 2/3/2023 300,105.47 3.86 2,463.99 300,046.12 300,140.70 US TREASURY N/BDTD 02/16/2016 1.625% 02/15/2026
912828P46 1,000,000.00 AA+ Aaa 9/3/2021 9/8/2021 1,040,156.25 0.70 2,075.41 1,012,435.80 971,055.00 US TREASURY N/BDTD 02/16/2016 1.625% 02/15/2026
912828P46 750,000.00 AA+ Aaa 3/1/2021 3/3/2021 784,189.45 0.69 1,556.56 759,482.38 728,291.25 US TREASURY N/BDTD 03/01/2021 0.500% 02/28/2026
91282CBQ3 600,000.00 AA+ Aaa 5/6/2021 5/10/2021 592,687.50 0.76 256.91 597,854.17 573,070.20 US TREASURY N/BDTD 04/30/2021 0.750% 04/30/2026
91282CBW0 315,000.00 AA+ Aaa 6/2/2021 6/4/2021 314,630.86 0.77 988.65 314,881.28 300,664.98 US TREASURY N/BDTD 06/01/2021 0.750% 05/31/2026
91282CCF6 500,000.00 AA+ Aaa 6/2/2021 6/4/2021 498,945.31 0.79 1,260.25 499,648.63 476,211.00 US TREASURY N/BDTD 08/02/2021 0.625% 07/31/2026
91282CCP4 475,000.00 AA+ Aaa 1/2/2024 1/4/2024 434,346.68 4.17 500.17 446,079.43 449,468.75 US TREASURY N/BDTD 08/31/2021 0.750% 08/31/2026
91282CCW9 220,000.00 AA+ Aaa 1/4/2022 1/5/2022 214,104.69 1.35 141.30 217,574.56 208,209.32 US TREASURY N/BDTD 09/30/2021 0.875% 09/30/2026
91282CCZ2 550,000.00 AA+ Aaa 12/2/2021 12/6/2021 541,599.61 1.20 13.22 546,518.54 520,888.50 US TREASURY N/BDTD 11/30/2021 1.250% 11/30/2026
91282CDK4 150,000.00 AA+ Aaa 2/11/2022 2/14/2022 145,417.97 1.92 630.12 147,931.54 142,617.15 US TREASURY N/BDTD 11/30/2021 1.250% 11/30/2026
91282CDK4 120,000.00 AA+ Aaa 2/14/2022 2/15/2022 116,273.44 1.93 504.10 118,316.76 114,093.72 US TREASURY N/BDTD 01/31/2020 1.500% 01/31/2027
912828Z78 250,000.00 AA+ Aaa 4/1/2022 4/5/2022 237,958.98 2.57 631.79 244,177.67 238,222.75 US TREASURY N/BDTD 02/28/2022 1.875% 02/28/2027
91282CEC1 330,000.00 AA+ Aaa 3/4/2024 3/5/2024 306,977.35 4.39 529.87 311,412.90 316,838.61 US TREASURY N/BDTD 03/15/2024 4.250% 03/15/2027
91282CKE0 165,000.00 AA+ Aaa 9/26/2024 9/27/2024 167,771.48 3.53 309.94 167,759.61 167,507.17 47 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury
US TREASURY N/BDTD 05/02/2022 2.750% 04/30/2027
91282CEN7 375,000.00 AA+ Aaa 5/3/2022 5/4/2022 371,367.19 2.96 4,315.56 373,123.78 367,192.50 US TREASURY N/BDTD 04/30/2020 0.500% 04/30/2027
912828ZN3 100,000.00 AA+ Aaa 5/5/2022 5/11/2022 88,796.88 2.94 209.24 94,191.66 92,429.70 US TREASURY N/BDTD 05/15/2017 2.375% 05/15/2027
912828X88 425,000.00 AA+ Aaa 7/5/2022 7/6/2022 414,756.84 2.91 3,812.58 419,480.01 411,984.38 US TREASURY N/BDTD 05/31/2022 2.625% 05/31/2027
91282CET4 650,000.00 AA+ Aaa 6/2/2022 6/3/2022 641,087.89 2.92 5,734.12 645,248.18 634,004.15 US TREASURY N/BDTD 08/01/2022 2.750% 07/31/2027
91282CFB2 60,000.00 AA+ Aaa 8/9/2022 8/10/2022 59,421.09 2.96 277.99 59,670.70 58,645.32 US TREASURY N/BDTD 08/31/2020 0.500% 08/31/2027
91282CAH4 390,000.00 AA+ Aaa 9/25/2024 9/26/2024 357,840.23 3.49 166.99 357,985.58 356,987.28 US TREASURY N/BDTD 09/30/2022 4.125% 09/30/2027
91282CFM8 100,000.00 AA+ Aaa 11/16/2022 11/17/2022 101,148.44 3.86 11.33 100,706.63 101,570.30 US TREASURY N/BDTD 11/30/2022 3.875% 11/30/2027
91282CFZ9 240,000.00 AA+ Aaa 12/12/2022 12/13/2022 240,815.63 3.80 3,125.41 240,519.61 242,015.52 US TREASURY N/BDTD 01/03/2023 3.875% 12/31/2027
91282CGC9 550,000.00 AA+ Aaa 1/3/2023 1/6/2023 548,281.25 3.94 5,386.04 548,879.98 555,049.00 US TREASURY N/BDTD 01/31/2023 3.500% 01/31/2028
91282CGH8 150,000.00 AA+ Aaa 1/31/2023 2/2/2023 149,068.36 3.64 884.51 149,378.40 149,607.45 US TREASURY N/BDTD 02/15/2018 2.750% 02/15/2028
9128283W8 1,750,000.00 AA+ Aaa 8/29/2024 9/3/2024 1,693,808.59 3.75 6,146.40 1,694,984.03 1,703,378.25 US TREASURY N/BDTD 03/01/2021 1.125% 02/29/2028
91282CBP5 500,000.00 AA+ Aaa 12/1/2023 12/5/2023 440,605.47 4.22 481.70 452,161.87 460,703.00 US TREASURY N/BDTD 03/01/2021 1.125% 02/29/2028
91282CBP5 800,000.00 AA+ Aaa 8/1/2024 8/2/2024 724,312.50 3.99 770.72 727,564.30 737,124.80 US TREASURY N/BDTD 05/01/2023 3.500% 04/30/2028
91282CHA2 935,000.00 AA+ Aaa 5/1/2023 5/3/2023 930,398.05 3.61 13,694.70 931,702.44 932,260.45 US TREASURY N/BDTD 04/30/2021 1.250% 04/30/2028
91282CBZ3 200,000.00 AA+ Aaa 4/30/2024 5/2/2024 174,476.56 4.80 1,046.20 176,902.12 184,343.80 US TREASURY N/BDTD 05/15/2018 2.875% 05/15/2028
9128284N7 775,000.00 AA+ Aaa 5/18/2023 5/24/2023 746,724.61 3.68 8,416.02 754,438.91 756,079.15 US TREASURY N/BDTD 05/31/2023 3.625% 05/31/2028
91282CHE4 800,000.00 AA+ Aaa 6/1/2023 6/2/2023 797,312.50 3.70 9,745.90 798,029.66 800,906.40 48 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury
US TREASURY N/BDTD 11/01/2021 1.375% 10/31/2028
91282CDF5 450,000.00 AA+ Aaa 12/1/2023 12/5/2023 393,855.47 4.22 2,589.33 403,286.00 412,330.05 US TREASURY N/BDTD 11/30/2021 1.500% 11/30/2028
91282CDL2 250,000.00 AA+ Aaa 1/2/2024 1/4/2024 222,685.55 3.97 1,260.25 226,816.25 229,863.25 US TREASURY N/BDTD 05/02/2022 2.875% 04/30/2029
91282CEM9 250,000.00 AA+ Aaa 6/3/2024 6/4/2024 232,324.22 4.50 3,007.81 233,375.05 242,431.75 US TREASURY N/BDTD 05/02/2022 2.875% 04/30/2029
91282CEM9 200,000.00 AA+ Aaa 9/24/2024 9/25/2024 194,250.00 3.56 2,406.25 194,269.27 193,945.40 US TREASURY N/BDTD 05/02/2022 2.875% 04/30/2029
91282CEM9 200,000.00 AA+ Aaa 9/23/2024 9/24/2024 194,179.69 3.57 2,406.25 194,202.50 193,945.40 Security Type Sub-Total 16,095,000.00 15,632,514.48 2.99 87,757.58 15,680,980.46 15,544,019.64 Negotiable CD
TORONTO DOMINION BANK NYDTD 10/31/2022 5.600% 10/27/2025 89115B6K1 365,000.00 A A1 10/27/2022 10/31/2022 365,000.00 5.60 19,418.00 365,000.00 371,164.12 COOPERAT RABOBANK UA/NYDTD 07/20/2023 5.080% 07/17/2026 21684LGS5 565,000.00 A+ Aa2 7/17/2023 7/20/2023 565,000.00 5.08 5,899.86 565,000.00 580,035.78 NATIXIS NY BRANCHDTD 09/20/2023 5.610% 09/18/2026
63873QP65 285,000.00 A+ A1 9/18/2023 9/20/2023 285,000.00 5.61 577.36 285,000.00 294,411.27 CREDIT AGRICOLE CIB NYDTD 02/05/2024 4.760% 02/01/2027
22536DWD6 300,000.00 A+ Aa3 2/1/2024 2/5/2024 300,000.00 4.76 9,480.33 300,000.00 302,977.20 Security Type Sub-Total 1,515,000.00 1,515,000.00 5.24 35,375.55 1,515,000.00 1,548,588.37 Municipal
MISSISSIPPI ST-A-TXBLDTD 08/06/2020 0.565% 11/01/2024
605581MZ7 130,000.00 AA Aa2 7/24/2020 8/6/2020 130,000.00 0.57 306.04 130,000.00 129,550.33 CALIFORNIA ST DEPT OFDTD 08/06/2020 0.560% 12/01/2024
13067WRB0 140,000.00 AAA Aa1 7/30/2020 8/6/2020 140,000.00 0.56 261.33 140,000.00 139,019.16 FLORIDA ST BRD OF ADMDTD 09/16/2020 1.258% 07/01/2025
341271AD6 220,000.00 AA Aa3 9/3/2020 9/16/2020 220,000.00 1.26 691.90 220,000.00 214,746.62 FLORIDA ST BRD OF ADMDTD 09/16/2020 1.258% 07/01/2025
341271AD6 45,000.00 AA Aa3 9/3/2020 9/16/2020 45,318.15 1.11 141.53 45,049.80 43,925.45 49 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Municipal
LOS ANGELES UN SD-BDTD 11/10/2021 1.455% 07/01/2026
544647FC9 115,000.00 NR Aa2 10/28/2021 11/10/2021 115,000.00 1.46 418.31 115,000.00 110,093.18 CA ST UNIV TRUSTEES -DTD 08/09/2023 4.755% 11/01/2026
13077DTC6 85,000.00 AA- Aa2 7/20/2023 8/9/2023 85,000.00 4.75 1,684.06 85,000.00 86,331.70 CONNECTICUT ST-A-TXBLDTD 06/22/2023 4.506% 05/15/2028
20772KTK5 90,000.00 AA- Aa3 6/1/2023 6/22/2023 90,000.00 4.51 1,532.04 90,000.00 91,939.86 Security Type Sub-Total 825,000.00 825,318.15 1.78 5,035.21 825,049.80 815,606.30 Federal Agency
FEDERAL HOME LOAN BANK(CALLABLE)DTD 02/10/2021 0.830% 02/10/2027 3130AKYH3 315,000.00 AA+ WR 8/18/2022 8/19/2022 282,117.15 3.36 370.39 297,670.68 294,175.04 Security Type Sub-Total 315,000.00 282,117.15 3.36 370.39 297,670.68 294,175.04 Corporate
NATIONAL RURAL UTIL COOPDTD 02/07/2022 1.875% 02/07/2025 63743HFC1 55,000.00 A- A2 1/31/2022 2/7/2022 54,998.35 1.88 154.69 54,999.81 54,416.56 STATE STREET CORP (CALLABLE)DTD 10/29/2020 2.901% 03/30/2026 857477BM4 185,000.00 A A1 3/10/2022 3/14/2022 186,115.55 2.74 14.91 185,182.19 183,066.38 BANK OF AMERICA CORP(CALLABLE)DTD 03/22/2022 3.384% 04/02/2026 06051GKM0 100,000.00 A- A1 3/17/2022 3/22/2022 100,000.00 3.38 1,682.60 100,000.00 99,198.30 BANK OF NY MELLON CORP(CALLABLE)DTD 07/26/2022 4.414% 07/24/2026 06406RBJ5 30,000.00 A A1 7/19/2022 7/26/2022 30,000.00 4.41 246.45 30,000.00 29,946.15 TRUIST FINANCIAL CORP(CALLABLE)DTD 07/28/2022 4.260% 07/28/2026 89788MAH5 125,000.00 A- Baa1 7/25/2022 7/28/2022 125,000.00 4.26 931.88 125,000.00 124,491.25 STATE STREET CORP (CALLABLE)DTD 08/03/2023 5.272% 08/03/2026 857477CD3 215,000.00 A A1 7/31/2023 8/3/2023 215,000.00 5.27 1,826.16 215,000.00 219,519.95 CITIBANK NA (CALLABLE)DTD 08/06/2024 4.929% 08/06/2026
17325FBJ6 250,000.00 A+ Aa3 8/1/2024 8/6/2024 250,782.50 4.76 1,882.60 250,722.53 253,676.00 50 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate
WELLS FARGO BANK NA(CALLABLE)DTD 08/09/2023 5.450% 08/07/2026 94988J6D4 375,000.00 A+ Aa2 8/2/2023 8/9/2023 374,970.00 5.45 3,065.63 374,981.47 383,889.00 BANK OF AMERICA NA (CALLABLE)DTD 08/18/2023 5.526% 08/18/2026 06428CAA2 250,000.00 A+ Aa1 8/14/2023 8/18/2023 250,000.00 5.53 1,650.13 250,000.00 256,670.50 JPMORGAN CHASE & CO(CALLABLE)DTD 07/21/2016 2.950% 10/01/2026 46625HRV4 185,000.00 A- A1 11/19/2021 11/23/2021 195,539.45 1.72 2,728.75 189,341.19 181,295.19

AMERICAN EXPRESS CO (CALLABLE)
DTD 11/04/2021 1.650% 11/04/2026
025816CM9 195,000.00 BBB+ A2 11/19/2021 11/23/2021 194,676.30 1.69 1,313.81 194,863.14 185,370.90 NATIONAL RURAL UTIL COOP(CALLABLE)DTD 11/02/2023 5.600% 11/13/2026 63743HFK3 110,000.00 A- A2 10/30/2023 11/2/2023 109,961.50 5.61 2,361.33 109,972.50 113,262.93 GOLDMAN SACHS GROUP INC(CALLABLE)DTD 11/16/2016 3.500% 11/16/2026 38145GAH3 200,000.00 BBB+ A2 5/10/2024 5/14/2024 191,102.00 5.42 2,625.00 192,381.87 196,980.20 CISCO SYSTEMS INC (CALLABLE)DTD 02/26/2024 4.800% 02/26/2027 17275RBQ4 175,000.00 AA- A1 8/5/2024 8/6/2024 177,135.00 4.29 816.67 177,009.47 178,801.35 BERKSHIRE HATHAWAY FIN(CALLABLE)DTD 03/15/2022 2.300% 03/15/2027 084664CZ2 315,000.00 AA Aa2 6/25/2024 6/26/2024 295,822.80 4.71 322.00 297,573.94 304,804.71 STATE STREET CORP (CALLABLE)DTD 03/18/2024 4.993% 03/18/2027 857477CL5 115,000.00 A A1 3/13/2024 3/18/2024 115,000.00 4.99 207.35 115,000.00 117,689.39 STATE STREET CORP (CALLABLE)DTD 03/18/2024 4.993% 03/18/2027 857477CL5 75,000.00 A A1 3/15/2024 3/19/2024 74,853.75 5.06 135.23 74,878.29 76,753.95 MASTERCARD INC (CALLABLE)DTD 03/26/2020 3.300% 03/26/2027 57636QAR5 95,000.00 A+ Aa3 10/4/2022 10/6/2022 90,519.80 4.48 43.54 92,509.45 93,642.93 NIKE INC (CALLABLE)DTD 03/27/2020 2.750% 03/27/2027
654106AJ2 95,000.00 AA- A1 6/24/2022 6/28/2022 91,257.00 3.66 29.03 93,037.61 92,550.80 HORMEL FOODS CORP (CALLABLE)DTD 03/08/2024 4.800% 03/30/2027 440452AK6 80,000.00 A- A1 3/5/2024 3/8/2024 79,922.40 4.84 10.67 79,938.72 81,488.56 UNITEDHEALTH GROUP INC(CALLABLE)DTD 05/20/2022 3.700% 05/15/2027 91324PEG3 40,000.00 A+ A2 5/17/2022 5/20/2022 39,978.40 3.71 559.11 39,988.64 39,800.88 51 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate
GOLDMAN SACHS BANK USA(CALLABLE)DTD 05/21/2024 5.414% 05/21/2027 38151LAG5 80,000.00 A+ A1 5/15/2024 5/21/2024 80,000.00 5.41 1,564.04 80,000.00 81,284.32 NATIONAL AUSTRALIA BK/NYDTD 06/11/2024 5.087% 06/11/2027 63253QAJ3 295,000.00 AA- Aa2 6/4/2024 6/11/2024 295,413.00 5.04 4,585.37 295,373.77 303,080.94 NATIONAL AUSTRALIA BK/NYDTD 06/11/2024 5.087% 06/11/2027 63253QAJ3 305,000.00 AA- Aa2 6/17/2024 6/18/2024 305,765.55 4.99 4,740.80 305,696.63 313,354.87

ANALOG DEVICES INC (CALLABLE)
DTD 09/18/2023 3.450% 06/15/2027
032654BA2 205,000.00 A- NR 9/26/2024 9/27/2024 202,308.35 3.96 2,082.46 202,319.27 202,117.70

AMERICAN HONDA FINANCE
DTD 07/10/2024 4.900% 07/09/2027
02665WFK2 110,000.00 A- A3 7/8/2024 7/10/2024 109,858.10 4.95 1,212.75 109,868.22 112,381.39

AMERICAN HONDA FINANCE
DTD 07/10/2024 4.900% 07/09/2027
02665WFK2 175,000.00 A- A3 8/22/2024 8/23/2024 177,413.25 4.38 1,929.38 177,329.90 178,788.58 BLACKROCK FUNDING INC(CALLABLE)DTD 07/26/2024 4.600% 07/26/2027 09290DAH4 200,000.00 AA- Aa3 7/17/2024 7/26/2024 199,994.00 4.60 1,661.11 199,994.77 203,836.00 HONEYWELL INTERNATIONAL(CALLABLE)DTD 08/01/2024 4.650% 07/30/2027 438516CX2 195,000.00 A A2 7/29/2024 8/1/2024 194,994.15 4.65 1,511.25 194,994.89 198,883.81 HONEYWELL INTERNATIONAL(CALLABLE)DTD 08/01/2024 4.650% 07/30/2027 438516CX2 120,000.00 A A2 8/5/2024 8/6/2024 121,394.40 4.23 930.00 121,324.84 122,390.04 TRUIST FINANCIAL CORP(CALLABLE)DTD 08/03/2020 1.125% 08/03/2027 89788MAC6 105,000.00 A- Baa1 8/3/2022 8/5/2022 91,905.45 3.90 190.31 97,556.94 96,458.25 PACCAR FINANCIAL CORPDTD 08/06/2024 4.450% 08/06/2027
69371RT30 95,000.00 A+ A1 8/1/2024 8/6/2024 94,873.65 4.50 645.87 94,879.95 96,426.90 CATERPILLAR FINL SERVICEDTD 08/16/2024 4.400% 10/15/2027 14913UAR1 235,000.00 A A2 8/13/2024 8/16/2024 235,596.90 4.32 1,292.50 235,575.21 238,026.56 UNITED PARCEL SERVICE(CALLABLE)DTD 11/14/2017 3.050% 11/15/2027 911312BM7 330,000.00 A A2 8/7/2024 8/8/2024 317,011.20 4.35 3,802.33 317,557.03 320,870.55 BP CAP MARKETS AMERICA(CALLABLE)DTD 05/17/2024 5.017% 11/17/2027 10373QBY5 200,000.00 A- A1 5/16/2024 5/20/2024 200,006.00 5.02 3,734.88 200,005.58 205,616.40 52 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate
MORGAN STANLEY BANK NA(CALLABLE)DTD 01/18/2024 4.952% 01/14/2028 61690U8A1 300,000.00 A+ Aa3 4/30/2024 5/3/2024 295,740.00 5.38 3,177.53 296,173.99 304,455.60 PNC BANK NA (CALLABLE)DTD 01/22/2018 3.250% 01/22/2028
69353RFJ2 250,000.00 A A2 7/18/2024 7/19/2024 236,117.50 5.00 1,557.29 236,851.16 241,805.00 JPMORGAN CHASE & CO(CALLABLE)DTD 01/23/2024 5.040% 01/23/2028 46647PEA0 160,000.00 A- A1 1/16/2024 1/23/2024 160,000.00 5.04 1,523.20 160,000.00 162,638.40 MORGAN STANLEY (CALLABLE)DTD 04/19/2024 5.652% 04/13/2028 61747YFP5 40,000.00 A- A1 4/17/2024 4/19/2024 40,000.00 5.65 1,017.36 40,000.00 41,280.88 JPMORGAN CHASE & CO(CALLABLE)DTD 04/22/2024 5.571% 04/22/2028 46647PEE2 175,000.00 A- A1 4/15/2024 4/22/2024 175,000.00 5.57 4,305.92 175,000.00 180,384.23 MORGAN STANLEY BANK NA(CALLABLE)DTD 05/30/2024 5.504% 05/26/2028 61690U8B9 250,000.00 A+ Aa3 5/29/2024 5/30/2024 250,302.50 5.47 4,624.89 250,271.19 257,810.25 SALESFORCE INC (CALLABLE)DTD 07/12/2021 1.500% 07/15/2028 79466LAH7 225,000.00 A+ A1 8/5/2024 8/6/2024 202,531.50 4.28 712.50 203,338.97 206,134.20 CITIBANK NA (CALLABLE)DTD 09/29/2023 5.803% 09/29/2028
17325FBB3 370,000.00 A+ Aa3 9/26/2023 9/29/2023 370,000.00 5.80 119.28 370,000.00 391,434.84 COOPERAT RABOBANK UA/NYDTD 01/09/2024 4.800% 01/09/2029 21688ABC5 385,000.00 A+ Aa2 1/2/2024 1/9/2024 384,711.25 4.82 4,209.33 384,750.06 394,757.06

AIR PRODUCTS & CHEMICALS
(CALLABLE)DTD 02/08/2024 4.600% 02/08/2029
009158BH8 130,000.00 A A2 2/6/2024 2/8/2024 129,827.10 4.63 880.39 129,847.37 133,076.19 TEXAS INSTRUMENTS INC(CALLABLE)DTD 02/08/2024 4.600% 02/08/2029 882508CG7 75,000.00 A+ Aa3 2/5/2024 2/8/2024 74,920.50 4.62 507.92 74,930.07 76,901.03 LOCKHEED MARTIN CORP(CALLABLE)DTD 01/29/2024 4.500% 02/15/2029 539830CC1 205,000.00 A- A2 3/5/2024 3/7/2024 202,449.80 4.78 1,178.75 202,713.64 208,652.07 CUMMINS INC (CALLABLE)DTD 02/20/2024 4.900% 02/20/2029
231021AV8 200,000.00 A A2 2/26/2024 2/28/2024 199,196.12 4.99 1,116.11 199,282.55 206,665.00 BRISTOL-MYERS SQUIBB CO(CALLABLE)DTD 02/22/2024 4.900% 02/22/2029 110122EF1 100,000.00 A A2 2/15/2024 2/22/2024 100,241.00 4.85 530.83 100,214.25 103,317.80 53 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate
BRISTOL-MYERS SQUIBB CO(CALLABLE)DTD 02/22/2024 4.900% 02/22/2029 110122EF1 85,000.00 A A2 2/14/2024 2/22/2024 84,821.50 4.95 451.21 84,841.07 87,820.13 CISCO SYSTEMS INC (CALLABLE)DTD 02/26/2024 4.850% 02/26/2029 17275RBR2 210,000.00 AA- A1 2/21/2024 2/26/2024 209,926.50 4.86 990.21 209,934.96 217,097.79

ASTRAZENECA FINANCE LLC
(CALLABLE)DTD 02/26/2024 4.850% 02/26/2029
04636NAL7 115,000.00 A+ A2 2/21/2024 2/26/2024 114,879.25 4.87 542.26 114,892.29 118,538.09 BLACKROCK FUNDING INC(CALLABLE)DTD 03/14/2024 4.700% 03/14/2029 09290DAA9 35,000.00 AA- Aa3 3/5/2024 3/14/2024 34,936.65 4.74 77.68 34,943.01 35,979.48

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 100,000.00 A+ A1 4/2/2024 4/4/2024 99,704.04 4.87 2,360.00 99,730.50 103,235.50 TOYOTA MOTOR CREDIT CORPDTD 05/16/2024 5.050% 05/16/2029 89236TMF9 125,000.00 A+ A1 5/13/2024 5/16/2024 124,732.50 5.10 2,367.19 124,750.51 129,579.50 JOHN DEERE CAPITAL CORPDTD 06/11/2024 4.850% 06/11/2029 24422EXT1 300,000.00 A A1 6/6/2024 6/11/2024 299,514.00 4.89 4,445.83 299,540.72 309,591.90 NATIONAL RURAL UTIL COOP(CALLABLE)DTD 05/10/2024 5.150% 06/15/2029 63743HFS6 115,000.00 A- A2 7/9/2024 7/10/2024 116,026.95 4.94 2,319.65 115,984.52 119,310.20 HOME DEPOT INC (CALLABLE)DTD 06/25/2024 4.750% 06/25/2029 437076DC3 200,000.00 A A2 6/18/2024 6/25/2024 199,362.00 4.82 2,533.33 199,393.02 206,011.80 HOME DEPOT INC (CALLABLE)DTD 06/25/2024 4.750% 06/25/2029 437076DC3 100,000.00 A A2 6/17/2024 6/25/2024 99,355.00 4.90 1,266.67 99,385.79 103,005.90 TOYOTA MOTOR CREDIT CORPDTD 08/09/2024 4.550% 08/09/2029 89236TMK8 55,000.00 A+ A1 8/6/2024 8/9/2024 54,888.35 4.60 361.47 54,891.27 55,885.12 ELI LILLY & CO (CALLABLE)DTD 08/14/2024 4.200% 08/14/2029 532457CQ9 65,000.00 A+ A1 8/12/2024 8/14/2024 64,857.65 4.25 356.42 64,861.25 65,585.91 CATERPILLAR FINL SERVICEDTD 08/16/2024 4.375% 08/16/2029 14913UAQ3 65,000.00 A A2 8/12/2024 8/16/2024 64,823.85 4.44 355.47 64,827.91 65,926.97 PACCAR FINANCIAL CORPDTD 09/26/2024 4.000% 09/26/2029
69371RT48 150,000.00 A+ A1 9/23/2024 9/26/2024 149,691.00 4.05 83.33 149,691.93 149,521.05 Security Type Sub-Total 10,500,000.00 10,407,725.31 4.70 96,462.61 10,415,899.82 10,617,234.08 54 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Agency CMBS
FHMS K054 A2DTD 04/01/2016 2.745% 01/01/2026
3137BNGT5 225,000.00 AA+ Aaa 4/11/2023 4/14/2023 215,683.59 4.32 514.69 220,588.43 220,800.60 FHMS K058 A2DTD 11/01/2016 2.653% 08/01/2026
3137BSP72 390,000.00 AA+ Aaa 4/6/2023 4/12/2023 373,577.34 3.98 862.23 380,739.41 380,188.38 FHMS K061 A2DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 269,779.88 AA+ Aaa 5/19/2023 5/24/2023 261,475.71 4.29 752.46 264,682.79 265,688.67 FHMS K063 A2DTD 03/01/2017 3.430% 01/01/2027
3137BVZ82 410,000.00 AA+ Aaa 5/18/2023 5/23/2023 398,148.44 4.28 1,171.92 402,523.30 405,091.89 FHMS K064 A2DTD 05/01/2017 3.224% 03/01/2027
3137BXQY1 400,000.00 AA+ Aaa 8/16/2023 8/18/2023 377,312.50 4.94 1,074.67 384,361.89 393,299.60 FHMS K065 A2DTD 07/01/2017 3.243% 04/01/2027
3137F1G44 405,000.00 AA+ Aaa 6/8/2023 6/13/2023 388,088.09 4.42 1,094.51 393,773.99 397,566.23 FHMS K070 A2DTD 12/01/2017 3.303% 11/01/2027
3137FCJK1 205,000.00 AA+ Aaa 7/1/2024 7/5/2024 194,774.02 4.90 564.26 195,437.40 201,358.58 FHMS KJ46 A1DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 302,538.25 AA+ Aaa 7/19/2023 7/27/2023 302,530.66 4.78 1,204.35 302,532.48 307,284.47 FHMS K505 A2DTD 07/01/2023 4.819% 06/01/2028
3137HACX2 375,000.00 AA+ Aaa 7/13/2023 7/20/2023 378,745.50 4.59 1,505.94 377,836.03 384,661.88 FNA 2023-M6 A2DTD 07/01/2023 4.190% 07/01/2028
3136BQDE6 358,334.05 AA+ Aaa 7/18/2023 7/31/2023 352,259.17 4.58 1,251.18 353,681.38 359,638.39 FHMS K508 A2DTD 10/01/2023 4.740% 08/01/2028
3137HAQ74 380,000.00 AA+ Aaa 10/11/2023 10/19/2023 371,664.32 5.25 1,501.00 373,129.93 389,551.30 FHMS K506 A2DTD 09/01/2023 4.650% 08/01/2028
3137HAMH6 380,000.00 AA+ Aaa 9/7/2023 9/14/2023 374,378.66 4.99 1,472.50 375,452.32 387,889.94 FHMS K509 A2DTD 10/01/2023 4.850% 09/01/2028
3137HAST4 280,000.00 AA+ Aaa 10/25/2023 10/31/2023 271,072.76 5.60 1,131.67 272,445.54 287,903.56 FHMS K507 A2DTD 09/01/2023 4.800% 09/01/2028
3137HAMS2 380,000.00 AA+ Aaa 9/20/2023 9/28/2023 375,457.86 5.07 1,520.00 376,226.89 389,775.88 FHMS K511 A2DTD 12/01/2023 4.860% 10/01/2028
3137HB3G7 210,000.00 AA+ Aaa 11/28/2023 12/7/2023 209,396.67 4.93 850.50 209,487.51 216,042.75 FHMS K510 A2DTD 11/01/2023 5.069% 10/01/2028
3137HB3D4 140,000.00 AA+ Aaa 11/14/2023 11/21/2023 139,595.26 5.14 591.38 139,658.74 145,041.12 FHMS K512 A2DTD 12/01/2023 5.000% 11/01/2028
3137HBCF9 190,000.00 AA+ Aaa 12/11/2023 12/21/2023 191,774.22 4.79 791.67 191,522.38 196,471.59 55 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Agency CMBS
FHMS K514 A2DTD 02/01/2024 4.572% 12/01/2028
3137HBLV4 400,000.00 AA+ Aaa 6/3/2024 6/6/2024 393,750.00 4.95 1,524.00 394,142.77 407,520.80 FHMS KJ43 A1DTD 12/01/2022 4.377% 12/01/2028
3137H9MM8 329,771.59 AA+ Aaa 1/2/2024 1/5/2024 327,221.01 4.55 1,202.84 327,600.04 332,219.49 FHMS K524 A2DTD 07/01/2024 4.720% 05/01/2029
3137HDV56 320,000.00 AA+ Aaa 7/16/2024 7/25/2024 321,965.12 4.58 1,258.67 321,928.96 328,607.04 FHMS K522 A2DTD 06/01/2024 4.803% 05/01/2029
3137HDJJ0 390,000.00 AA+ Aaa 6/5/2024 6/13/2024 389,998.83 4.80 1,560.98 390,000.00 401,524.11 FHMS K526 A2DTD 08/01/2024 4.543% 07/01/2029
3137HDXL9 360,000.00 AA+ Aaa 8/7/2024 8/15/2024 363,367.44 4.33 1,362.90 363,289.83 367,159.32 Security Type Sub-Total 7,100,423.77 6,972,237.17 4.71 24,764.32 7,011,042.01 7,165,285.59 ABS
CARMX 2021-2 A3DTD 04/21/2021 0.520% 02/17/2026
14314QAC8 7,965.50 AAA NR 4/13/2021 4/21/2021 7,963.78 0.52 1.84 7,965.01 7,935.63 CARMX 2021-3 A3DTD 07/28/2021 0.550% 06/15/2026
14317DAC4 59,125.04 AAA Aaa 7/21/2021 7/28/2021 59,115.31 0.56 14.45 59,121.64 58,278.90 HAROT 2022-2 A3DTD 08/24/2022 3.730% 07/20/2026
43815PAC3 41,894.68 AAA NR 8/15/2022 8/24/2022 41,892.18 3.73 56.43 41,893.53 41,669.50 DTRT 2023-1 A3DTD 09/27/2023 5.900% 03/15/2027
233868AC2 230,000.00 NR Aaa 9/20/2023 9/27/2023 229,996.48 5.90 603.11 229,997.90 233,346.04 CARMX 2022-3 A3DTD 07/20/2022 3.970% 04/15/2027
14318MAD1 200,867.01 AAA NR 7/12/2022 7/20/2022 200,862.28 3.97 354.42 200,864.47 199,947.24 COPAR 2022-2 A3DTD 08/10/2022 3.660% 05/17/2027
14043GAD6 101,658.84 AAA Aaa 8/2/2022 8/10/2022 101,651.56 3.66 165.37 101,654.83 100,973.25 MBART 2023-1 A3DTD 01/25/2023 4.510% 11/15/2027
58770AAC7 98,607.01 AAA NR 1/18/2023 1/25/2023 98,595.18 4.51 197.65 98,599.33 98,619.04 FORDO 2023-A A3DTD 03/31/2023 4.650% 02/15/2028
344928AD8 100,000.00 AAA NR 3/28/2023 3/31/2023 99,989.57 4.65 206.67 99,992.78 100,250.30 HAROT 2023-3 A3DTD 08/22/2023 5.410% 02/18/2028
43815QAC1 245,000.00 AAA NR 8/15/2023 8/22/2023 244,949.48 5.42 478.63 244,961.95 248,523.35 BMWOT 2023-A A3DTD 07/18/2023 5.470% 02/25/2028
05592XAD2 65,000.00 AAA NR 7/11/2023 7/18/2023 64,988.48 5.47 59.26 64,991.49 65,807.69 56 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
ABS
DCENT 2023-A1 ADTD 04/11/2023 4.310% 03/15/2028
254683CY9 240,000.00 NR Aaa 4/4/2023 4/11/2023 239,986.08 4.31 459.73 239,990.24 240,420.48 BACCT 2022-A2 A2DTD 11/23/2022 5.000% 04/15/2028
05522RDF2 380,000.00 AAA Aaa 5/31/2023 6/2/2023 381,796.09 4.89 844.44 381,305.32 382,903.58 HART 2023-B A3DTD 07/19/2023 5.480% 04/17/2028
44933XAD9 80,000.00 AAA NR 7/11/2023 7/19/2023 79,996.53 5.48 194.84 79,997.41 81,216.40 COMET 2023-A1 ADTD 05/24/2023 4.420% 05/15/2028
14041NGD7 245,000.00 AAA NR 5/17/2023 5/24/2023 244,943.82 4.45 481.29 244,959.10 245,964.32 BACCT 2023-A1 A1DTD 06/16/2023 4.790% 05/15/2028
05522RDG0 130,000.00 AAA NR 6/8/2023 6/16/2023 129,970.57 4.79 276.76 129,978.31 131,327.43 FORDO 2023-B A3DTD 06/26/2023 5.230% 05/15/2028
344930AD4 115,000.00 AAA NR 6/21/2023 6/26/2023 114,998.45 5.23 267.31 114,998.85 116,388.40 AMXCA 2023-1 A
DTD 06/14/2023 4.870% 05/15/2028
02582JJZ4 110,000.00 AAA NR 6/7/2023 6/14/2023 109,990.24 4.87 238.09 109,992.81 111,310.21 ALLYA 2023-1 A3
DTD 07/19/2023 5.460% 05/15/2028
02007WAC2 140,000.00 NR Aaa 7/11/2023 7/19/2023 139,976.13 5.48 339.73 139,982.07 141,857.10 GMCAR 2023-3 A3DTD 07/19/2023 5.450% 06/16/2028
36267KAD9 80,000.00 AAA Aaa 7/11/2023 7/19/2023 79,996.91 5.45 181.67 79,997.67 81,195.12 HDMOT 2023-B A3DTD 09/27/2023 5.690% 08/15/2028
41285YAC9 355,000.00 AAA Aaa 9/20/2023 9/27/2023 354,919.73 5.74 897.76 354,386.25 361,667.61 FITAT 2023-1 A3DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 265,000.00 AAA Aaa 8/15/2023 8/23/2023 264,983.57 5.53 651.31 264,987.22 268,756.64 CHAIT 2023-A1 ADTD 09/15/2023 5.160% 09/15/2028
161571HT4 305,000.00 AAA NR 9/7/2023 9/15/2023 304,915.45 5.17 699.47 304,931.39 311,587.09 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
02582JKD1 315,000.00 AAA NR 9/12/2023 9/19/2023 314,985.92 5.24 732.20 314,840.53 322,211.30 CHAIT 2024-A1 ADTD 01/31/2024 4.600% 01/16/2029
161571HV9 335,000.00 AAA NR 1/24/2024 1/31/2024 334,948.98 4.60 684.89 334,955.72 339,222.34 WFCIT 2024-A1 ADTD 03/01/2024 4.940% 02/15/2029
92970QAA3 390,000.00 AAA Aaa 2/21/2024 3/1/2024 389,894.15 4.95 802.75 389,934.29 398,115.90 57 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
ABS
FORDO 2024-B A3DTD 06/24/2024 5.100% 04/15/2029
34531QAD1 185,000.00 AAA Aaa 6/18/2024 6/24/2024 184,998.30 5.10 419.33 184,998.50 188,980.46 Security Type Sub-Total 4,820,118.09 4,821,305.22 4.95 10,309.40 4,820,278.61 4,878,475.32 Managed Account Sub Total 41,170,541.86 40,456,217.48 260,075.06 40,863,384.34Securities Sub TotalAccrued Interest $41,170,541.86 $40,456,217.48 $260,075.06 $40,863,384.34 $260,075.06
40,565,921.38
$40,565,921.38

4.04 4.04%
Total Investments $41,123,459.40
58 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Appendix
|
Important Disclosures
This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation, as it was prepared without regard to any specific objectives or financial circumstances.Investment advisory services are provided by PFM Asset Management LLC ("PFMAM"), an investment adviser registered with the U.S. Securities and Exchange Commission and a subsidiary of U.S. Bancorp Asset Management, Inc. ("USBAM"). USBAM is a subsidiary of U.S. Bank National Association ("U.S. Bank"). U.S. Bankis a separate entity and subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, services or performance of PFMAM. The information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request.PFMAM professionals have exercised reasonable professional care in the preparation of this performance report. Information in this report is obtained from sourcesexternal to PFMAM and is generally believed to be reliable and available to the public; however, we cannot guarantee its accuracy, completeness or suitability. We rely on the client's custodian for security holdings and market values. Transaction dates reported by the custodian may differ from money manager statements. While efforts are made to ensure the data contained herein is accurate and complete, we disclaim all responsibility for any errors that may occur. References to particular issuers arefor illustrative purposes only and are not intended to be recommendations or advice regarding such issuers. Fixed income manager and index characteristics are gathered from external sources. When average credit quality is not available, it is estimated by taking the market value weights of individual credit tiers on the portion ofthe strategy rated by a NRSRO.It is not possible to invest directly in an index. The index returns shown throughout this material do not represent the results of actual trading of investor assets.

Third-party providers maintain the indices shown and calculate the index levels and performance shown or discussed. Index returns do not reflect payment of any salescharges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investment performance to belower than the performance shown.The views expressed within this material constitute the perspective and judgment of PFMAM at the time of distribution and are subject to change. Any forecast,projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon certain assumptions and current opinion asof the date of issue and are also subject to change. Some, but not all assumptions are noted in the report. Assumptions may or may not be proven correct as actualevents occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Opinions and datapresented are not necessarily indicative of future events or expected performance.For more information regarding PFMAM's services or entities, please visit www.pfmam.com.© 2023 PFM Asset Management LLC. Further distribution is not permitted without prior written consent. 59 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Appendix
|
Important Disclosures
Market values that include accrued interest are derived from closing bid prices as of the last business day of the month as supplied by Refinitiv, Bloomberg, or Telerate. Where prices are not available from generally recognized sources, the securities are priced using a yield-based matrix system to arrive at an estimatedmarket value.

In accordance with generally accepted accounting principles, information is presented on a trade date basis; forward settling purchases are included in the monthly balances, and forward settling sales are excluded.

Performance is presented in accordance with the CFA Institute's Global Investment Performance Standards (GIPS). Unless otherwise noted, performance is shown gross of fees. Quarterly returns are presented on an unannualized basis. Returns for periods greater than one year are presented on an annualized basis. Past performance is not indicative of future returns.

Bank of America/Merrill Lynch Indices provided by Bloomberg Financial Markets.Money market fund/cash balances are included in performance and duration computations.Standard & Poor's is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund/LGIP holdings.Callable securities in the portfolio are included in the maturity distribution analysis to their stated maturity date, although, they may be called prior to maturity.MBS maturities are represented by expected average life. 60 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Appendix
|
Glossary
Accrued Interest: Interest that is due on a bond or other fixed income security since the last interest payment was made.Agencies: Federal agency securities and/or Government-sponsored enterprises.Amortized Cost: The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchase date until the date of the report. Discount or premium with respect to short-term securities (those with less than one year to maturity at time of issuance) is amortized on a straight line basis. Such discount or premium with respect to longer-term securities is amortized using the constant yield basis.

Asset-Backed Security: A financial instrument collateralized by an underlying pool of assets – usually ones that generate a cash flow from debt, such as loans, leases, credit card balances, and receivables.

Bankers’ Acceptance: A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill as well as the insurer.Commercial Paper: An unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory.Contribution to Total Return: The weight of each individual security multiplied by its return, then summed for each sector to determine how much each sector addedor subtracted from the overall portfolio performance.Effective Duration: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years.Effective Yield: The total yield an investor receives in relation to the nominal yield or coupon of a bond. Effective yield takes into account the power of compoundingon investment returns, while nominal yield does not.FDIC: Federal Deposit Insurance Corporation. A federal agency that insures bank deposits to a specified amount.Interest Rate: Interest per year divided by principal amount and expressed as a percentage.Market Value: The value that would be received or paid for an investment in an orderly transaction between market participants at the measurement date.Maturity: The date upon which the principal or stated value of an investment becomes due and payable.Negotiable Certificates of Deposit: A CD with a very large denomination, usually $1 million or more, that can be traded in secondary markets.Par Value: The nominal dollar face amount of a security.Pass-through Security: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is themortgage-backed security. 61 © PFM Asset Management LLC pfmam.com

CITY OF LAKEWOOD
For the Quarter Ended September 30, 2024
Appendix
|
Glossary
Repurchase Agreements: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date.Settle Date: The date on which the transaction is settled and monies/securities are exchanged. If the settle date of the transaction (i.e., coupon payments andmaturity proceeds) occurs on a non-business day, the funds are exchanged on the next business day.Supranational: A multinational union or association in which member countries cede authority and sovereignty on at least some internal matters to the group, whosedecisions are binding on its members.Trade Date: The date on which the transaction occurred; however, the final consummation of the security transaction and payment has not yet taken place.Unsettled Trade: A trade which has been executed; however, the final consummation of the security transaction and payment has not yet taken place.U.S. Treasury: The department of the U.S. government that issues Treasury securities.Yield: The rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a percentage on an annualized basis.

YTM at Cost: The yield to maturity at cost is the expected rate of return based on the original cost, the annual interest receipts, maturity value, and the time periodfrom purchase date to maturity, stated as a percentage on an annualized basis.YTM at Market: The yield to maturity at market is the rate of return based on the current market value, the annual interest receipts, maturity value, and the timeperiod remaining until maturity, stated as a percentage on an annualized basis. 62 RI-7

COUNCIL AGENDA
October 22, 2024
TO: The Honorable Mayor and City Council
SUBJECT: Community Safety Commission Recommendation – Removal of Disabled Person Parking

INTRODUCTION
The Community Safety Commission met on October 7 to consider various community safety matters that included the consideration of removal of the disabled person parking space at 5515 Bellflower Boulevard.

STATEMENT OF FACT
The Public Works Department recently conducted a survey of all disabled person parking spaces in the city. During the survey, staff observed that the disabled person parking space at 5515 Bellflower Boulevard had been removed, although a request for removal was never received. Staff observed the location and confirmed that the original requestor no longer lives there. Since the physical removal was already completed, Staff recommended approving removal of the space so that the resolution will be rescinded.

The Community Safety Commission, at their regular meeting on October 7, approved recommending removal.

RECOMMENDATION
The Community Safety Commission recommends that the City Council adopt the attached resolution authorizing removal of the disabled person designated parking space at 5515 Bellflower Boulevard.

Kelli Pickler Thaddeus McCormack
Director of Public Works City Manager
RESOLUTION NO. 2024-62

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF

LAKEWOOD RESCINDING A RESOLUTION ESTABLISHING

A DISABLED PERSON DESIGNATED PARKING SPACE

WITHIN THE CITY OF LAKEWOOD
THE CITY COUNCIL OF THE CITY OF LAKEWOOD DOES RESOLVE AS FOLLOWS:

SECTION 1. Resolution No. 2010-6 entitled:

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF

LAKEWOOD ESTABLISHING A PHYSICALLY

HANDICAPPED PERSONS DESIGNATED PARKING SPACE

ON THE WEST SIDE OF BELLFLOWER BOULEVARD WEST

SERVICE ROAD WITHIN THE CITY OF LAKEWOOD
is hereby rescinded.

SECTION 2. This resolution has been adopted pursuant to a Community Safety Commission recommendation.

ADOPTED AND APPROVED THIS 22ND DAY OF OCTOBER, 2024.
______________________________
Mayor
ATTEST:
___________________________________
City Clerk

RI-8

COUNCIL AGENDA
October 22, 2024
TO: The Honorable Mayor and City Council
SUBJECT: Notice of Completion – Public Works Contract 17-09 Mayfair Park Stormwater Capture Project

INTRODUCTION
Sukut Construction LLC, the general contractor on Public Works Contract 17-09, has completed work for the project. This project was funded through a $15M Caltrans grant which the City Council accepted along with its approval of a Cooperative Implementation Agreement with Caltrans on June 14, 2016. There are no matching funds or cost share required from the City.

STATEMENT OF FACT
Construction Contract: On February 13, 2018, Council awarded a contract to Sukut Construction LLC (Sukut), in the amount of $10,045,200 plus $130,000 to execute bid additive items to install sod in lieu of seeding in both the baseball and T-ball fields bringing the total contract amount at time of award to $10,175,200. At the time of the bid award, Council also authorized staff to approve a cumulative total of contract change orders, as needed, not to exceed $1,500,000. On April 27, 2021 the City Council approved an additional $650,000 in change order authority, bringing the Change Order authorization total to $2,150,000 and the total construction project authorization to $12,325,200. Forty-five (45) change orders (COs) were negotiated throughout the construction resulting in a final contract amount of $11,794,311.14. One of these change orders, in the amount of $38,000, was funded through general fund for Mayfair Picnic Shelter re-roof.

On May 25, 2021, Caltrans issued final grant payment in an amount totaling $15,000,000. The contract was substantially completed in September 2023 and the contractor was paid for all work and change orders on the project minus the retention amount of 5%. Since that time, Sukut Construction’s staff and subcontractors have addressed all items on the project punch list, and continue to address items under the warranty phase of the work. Staff now recommends accepting the work performed by Sukut Construction, issuing the Notice of Completion (NOC) for this project and authorization of the release of retention.

Construction Management:

Willdan Engineering has an on-call agreement with the City for engineering services, and when the Mayfair Project was initiated in October 2016, they were authorized to assist city staff during the design phase to ensure that the lessons learned during the first stormwater capture project at Bolivar Park were taken into account in the Mayfair project design. Later, in February 2018 Willdan received authorization to provide construction management services for the project and subsequent authorizations for construction management in January 2020, October 2020, Council Agenda
October 22, 2024

January 2021, and February 2023. The last budget amendment was based on anticipated project start-up, commissioning and completion by October 2023. However, due to the longer than anticipated period required for the contractor to complete project punchlist items, the project extended to October 2024, resulting in nearly one-year in additional construction management services coordinating with the contractor and assisting the City in analyzing and developing solutions to complete the outstanding punchlist itemsincluding final testing of the system. Willdan should be authorized additional compensation up to an amount of $69,908 for services from October 2023 to project completion.

RECOMMENDATION
It is the recommendation of Staff that the City Council:
(1) Accept the work performed by Sukut Construction as complete, inclusive of change orders, in a final contract amount of $11,794,311.14; authorize the release of retention; and authorize the City Clerk to file the Notice of Completion for Public Works Contract 2017-09. (2) Ratify the expense of Willdan Engineering, Inc providing additional Construction Management services in an amount of $69,908 under their existing on-call Engineering Services Agreement and authorize the Mayor to sign the authorization.

Kelli Pickler Thaddeus McCormack
Director of Public Works City Manager

RI-9

COUNCIL AGENDA
October 22, 2024
TO: Honorable Mayor and City Council
SUBJECT: Approval of Professional Services Agreement with Tetra Tech, Inc. to Provide Professional Engineering Services for FY 24-25 Water Main Replacement Project

INTRODUCTION
Continuing the replacement of aging water mains is an important part of maintaining our water infrastructure. The next phase of water main replacement will be to continue upgrading undersized, cast iron pipes that have recorded excessive leak history with new PVC piping. The improvements will enhance water quality, fire protection and water supply reliability to the water distribution system.

STATEMENT OF FACT
On October 22, 2013, the City Council approved a contract with Tetra Tech, Inc. (TTI) for $285,000 to provide Engineering Services for Multiple Year Water Main Replacement Projects.

The contract allowed staff to plan multi-year water main design and construction projects. This contract expired on June 30, 2019.

On June 11, 2019, the City Council extended TTI’s contract to June 30, 2020 and carried forward the remaining balance of $48,595 to provide design for approximately 10 miles of undersized water mains as recommended in the City’s 2017 Water Master Plan.

In May 2020, TTI submitted design plans for five (5) water main replacement projects totaling approximately 10 miles in length in various areas as identified by the 2017 Water Master Plan.

During the City’s review, it was decided that all five projects were to be placed on hold until further notice, pending needs assessment, budget allocation and replacement priorities.

On February 28, 2023, the City Council approved a contract with TTI for $19,600 to complete final design for one of the five projects totaling approximately 12,400-feet of pipelines within the areas generally bounded by: Candlewood St. to the North, Obispo Ave. to the West, Downey Ave. to the East, and Del Amo Blvd. to the South as well as a section of Sandwood St. Construction work associated with this project was completed on December 18, 2023 by All Cities Engineering, Inc. and a Notice of Completion was approved by City Council and filed on February 13, 2024.

Staff has requested TTI to finalize design plans for a second project totaling approximately two (2) miles of pipelines that are undersized with the highest leak history in the areas of:

Hayter Ave., between Candlewood St. and Del Amo Blvd., portions of Downey Ave. Allred St., Deerford St., Castana Ave., Oliva Ave., Pimenta Ave., Canehill Ave. and Clubhouse Dr.

Approval of Professional Services Agreement with Tetra Tech, Inc. to Provide Professional Engineering Services for FY 24-25 Water Main Replacement Project October 22, 2024

The scope of work for this project also include conducting site visits to incorporate any changes in the existing conditions, provide construction cost estimate, bidding assistance, engineering support during construction and as-built/record drawings upon project completion.

Final design plans and project specifications suitable for construction are anticipated to be completed by January 31, 2025. Staff recommends approval of a professional services agreement with TTI to complete the next two (2) miles of pipeline replacement project.

At its October 1, 2024 meeting, the Water Resources Committee discussed this item and supported staff’s recommendation.

FISCAL IMPACT
The City’s Water Fund has adequate reserve to cover this appropriation for FY 2024-25 into account 75009923-58871-50060 (Architectural/Engineering-Water Main Replacement).

RECOMMENDATION
Staff recommends that the City Council:

1. Approve a Professional Services Agreement with Tetra Tech Inc. for a not-to-exceed amount of $49,955 to Provide Professional Engineering Services for the FY 24-25 Water Main Replacement Project; and

2. Appropriate $49,955 of Water Reserve Funds and authorize the Mayor to execute agreement on behalf of the City.

Derek Nguyen, PhD., P.E. Thaddeus McCormack
Director of Water Resources City Manager
1 CITY OF LAKEWOOD

PROFESSIONAL SERVICES AGREEMENT
WITH TETRA TECH, INC.

This Professional Services Agreement (“Agreement”) is made and effective as of October 22, 2024 (the “Effective Date”), by and between the City of Lakewood, a California municipal corporation, (the “City”) and Tetra Tech, Inc., a California corporation (“Consultant”). In consideration of the mutual covenants and conditions set forth herein, the parties agree as follows:

1. TERM
This Agreement shall commence on the Effective Date, and shall remain and continue in effect until June 30, 2026, and may be renewed by City with the concurrence of Consultant for any successive one or two-year term, unless sooner terminated pursuant to the provisions of this Agreement.

2. SERVICES
Consultant shall perform the services described and set forth in Consultant’s Proposal attached hereto as Exhibit A (“Services”), incorporated herein as though set forth in full.

3. PERFORMANCE
Consultant shall at all times faithfully, competently and to the best of Consultant’s ability, experience, and talent, perform all tasks described herein. Consultant shall employ, at a minimum, generally accepted standards and practices utilized by persons engaged in providing similar services as are required of Consultant under this Agreement.

4. CITY MANAGEMENT
The City Manager or designee shall represent the City in all matters pertaining to the administration of this Agreement.

5. PAYMENT
A. The City agrees to pay Consultant for Services satisfactorily performed in accordance with the fees set forth in Exhibit A, in an amount not to exceed $49,955.

B. Consultant shall not be compensated for any services rendered in connection with its performance of this Agreement which are in addition to those set forth herein, unless such additional services are authorized in advance and in writing by the City Manager or designee. Consultant shall be compensated for any additional services in the amounts and in the manner as agreed to in 2 writing by the City and Consultant at the time the City’s written authorization is given to Consultant for the performance of said services.

C. Consultant will submit invoices monthly for actual Services performed. Payment shall be made within thirty (30) days of receipt of each invoice as to all nondisputed fees. If the City disputes any of Consultant's Services or fees, it shall give written notice to Consultant within thirty (30) days of receipt of an invoice of any disputed fees set forth on the invoice. Any final payment under this Agreement shall be made within forty-five (45) days of receipt of an invoice therefor.

6. SUSPENSION OR TERMINATION OF AGREEMENT WITHOUT CAUSE A. The City may at any time, for any reason, without cause, suspend or terminate this Agreement, or any portion hereof, by giving at least thirty (30) days prior written notice to Consultant. Upon receipt of said notice, Consultant shall immediately cease all Services under this Agreement, unless the notice provides otherwise. If the City suspends or terminates a portion of this Agreement, such suspension or termination shall not make void or invalidate the remainder of this Agreement.

B. In the event this Agreement is terminated pursuant to this section, the City shall pay to Consultant the actual value of the Services performed up to the time of termination, unless the City disputes any of the Services performed or fees. Upon termination of the Agreement pursuant to this section, Consultant will submit an invoice to the City pursuant to Section 5.

7. DEFAULT OF CONSULTANT
If the City determines that Consultant is in default in the performance of any of the terms or conditions of this Agreement, the City shall serve Consultant a written notice of the default.

Consultant shall have seven (7) days after service of said notice to cure the default. In the event that Consultant fails to cure the default within such period of time or fails to present the City with a written plan for the diligent cure of default if such default cannot be cured within seven days, the City shall have the right, notwithstanding any other provision of this Agreement, to terminate this Agreement without further notice and without prejudice to any other remedy to which it may be entitled at law, in equity or under this Agreement.

The City shall also have the right to offset against the amount of any fees due to Consultant any costs incurred by the City as a result of Consultant’s default.

8. OWNERSHIP OF DOCUMENTS
A. Consultant shall maintain complete and accurate records with respect to tasks, costs, expenses, receipts, and other such information required by the City that relate to the performance of Services under this Agreement. Consultant shall maintain adequate records of Services provided in sufficient detail to permit an evaluation of Services. All such records shall be maintained in accordance with 3 generally accepted accounting principles and shall be clearly identified and readily accessible. Consultant shall provide free access to the representatives of the City or its designees at reasonable times to such books and records; shall give the City the right to examine and audit said books and records; shall permit the City to make transcripts or copies therefrom as necessary; and shall allow inspection of all Services, data, documents, proceedings, and activities related to this Agreement. Such records, together with supporting documents, shall be maintained for a period of three (3) years after receipt of final payment.

B. Upon completion of, or in the event of termination or suspension of this Agreement, all original documents, designs, drawings, maps, models, computer files, surveys, notes, and other documents prepared in the course of providing the Services shall become the sole property of the City and may be used, reused, or otherwise disposed of by the City without the permission of Consultant. With respect to computer files, Consultant shall make available to the City, at the Consultant's office and upon reasonable written request by the City, the necessary computer software and hardware for purposes of accessing, compiling, transferring, copying and/or printing computer files. Consultant hereby grants to the City all right, title, and interest, including any copyright, in and to the documents, designs, drawings, maps, models, computer files, surveys, notes, and other documents prepared by Consultant in the course of providing the Services under this Agreement.

9. INDEMNIFICATION AND DEFENSE
A. Indemnity.

To the fullest extent permitted by law, Consultant shall indemnify and hold harmless the City and any and all of its officials, officers, employees, agents, and/or volunteers (“Indemnified Parties”) from and against any and all losses, liabilities, damages, costs and expenses, including attorney’s fees and costs, caused in whole or in part by the acts, errors, or omissions of Consultant, its officers, agents, employees, subcontractors, or sub-Consultants (or any agency or individual that Consultant shall bear the legal liability thereof) in the performance of Services under this Agreement.

B. Duty to Defend.

In the event the City, its officials, officers, employees, agents, and/or volunteers are made a party to any claim, action, lawsuit, or other adversarial proceeding (“Action”) arising from the performance of the Services under this Agreement, whether or not Consultant is named in such Action, and upon demand by the City, Consultant shall defend the City at Consultant’s sole cost, or at the City’s option, to reimburse the City for its costs of defense, including reasonable attorney’s fees and costs incurred in the defense.
4 C. Payment by the City for Services is not a condition precedent to enforcement of this section. Consultant’s duty to defend, indemnify, and hold harmless the City shall not extend to the City’s sole or active negligence. In the event of any dispute between Consultant and the City as to whether liability arises from the sole or active negligence of the City or its officials, officers, employees, agents, and/or volunteers, Consultant will be obligated to pay for the City’s defense until such time as a final judgment has been entered adjudicating the City as solely or actively negligent. Consultant will not be entitled in the absence of such a determination to any reimbursement of defense costs including, but not limited to, attorney’s fees, expert fees and costs of litigation.

10. INSURANCE
Consultant shall maintain prior to the beginning of and for the duration of this Agreement insurance coverage as specified in Exhibit B attached hereto and made a part of this Agreement.

11. INDEPENDENT CONSULTANT
A. Consultant is and shall at all times remain as to the City a wholly independent Consultant and/or independent contractor. The personnel performing the services under this Agreement on behalf of Consultant shall at all times be under Consultant's exclusive direction and control. Neither the City nor any of its officers, employees, or agents shall have control over the conduct of Consultant or any of Consultant's officers, employees, agents, subcontractors, or sub-Consultants, except as set forth in this Agreement. Consultant shall not at any time or in any manner represent that Consultant or any of Consultant’s officers, employees, agents, subcontractors, or sub-Consultants are in any manner officers, employees, or agents of the City. Consultant shall not incur or have the power to incur any debt, obligation, or liability whatever against the City, or bind the City in any manner.

B. No employee benefits shall be available to Consultant in connection with the performance of this Agreement. Except for the fees paid to Consultant as provided in the Agreement, the City shall not pay salaries, wages, or other compensation to Consultant for performing services hereunder for the City. The City shall not be liable for compensation or indemnification to Consultant for injury or sickness arising out of performing services hereunder. Consultant shall secure, at its sole expense, and be responsible for any and all payment of Income Tax, Social Security, State Disability Insurance Compensation, Unemployment Compensation, and other payroll deductions for Consultant and its officers, agents, and employees, and all business licenses, if any are required, in connection with the services to be performed hereunder. Consultant shall indemnify and hold the City harmless from any and all taxes, assessments, penalties, and interest asserted against the City by reason of the independent Consultant relationship created by this Agreement. Consultant further agrees to indemnify and hold the City harmless from any failure of Consultant to comply 5 with the applicable worker’s compensation laws. The City shall have the right to offset against the amount of any fees due to Consultant under this Agreement as a result of Consultant’s failure to promptly pay to the City any reimbursement or indemnification arising under this paragraph.

C. In the event that Consultant or any employee, agent, subcontractor, or subConsultant of Consultant providing Services under this Agreement claims or is determined by a court of competent jurisdiction or the California Public Employees Retirement System (PERS) to be eligible for enrollment in PERS as an employee of the City, Consultant shall indemnify, defend, and hold harmless the City for the payment of any employee and/or employer contributions for PERS benefits on behalf of Consultant or its employees, agents, subcontractors, or subConsultants, as well as for the payment of any penalties and interest on such contributions, which would otherwise be the responsibility of the City.

D. Notwithstanding any other agency, state or federal policy, rule, regulation, law or ordinance to the contrary, Consultant and any of its employees, agents, subcontractors, and sub-Consultants providing service under this Agreement shall not qualify for or become entitled to, and hereby agree to waive any claims to, any compensation, benefit, or any incident of employment by the City, including but not limited to eligibility to enroll in PERS as an employee of the City and entitlement to any contribution to be paid by City for employer contribution and/or employee contributions for PERS benefits.

12. LEGAL RESPONSIBILITIES
Consultant shall keep itself informed of State and Federal laws and regulations which in any manner affect those employed by it or in any way affect the performance of Services pursuant to this Agreement. Consultant shall at all times observe and comply with all such laws and regulations. The City and its officials, officers, employees, and agents, shall not be liable at law or in equity occasioned by failure of Consultant to comply with this Section.

13. UNDUE INFLUENCE
Consultant declares and warrants that no undue influence or pressure was used against or in concert with any officer or employee of the City in connection with the award, terms or implementation of this Agreement, including any method of coercion, confidential financial arrangement, or financial inducement. No officer or employee of the City has or will receive compensation, directly or indirectly, from Consultant, or from any officer, employee or agent of Consultant, in connection with this Agreement or any Services to be conducted as a result of this Agreement. Violation of this section shall be a material breach of this Agreement entitling the City to any and all remedies at law or in equity. 6 14. NO BENEFIT TO ARISE TO LOCAL EMPLOYEES
No member, officer, or employee of the City, or their designees or agents, and no public official who exercises authority over or responsibilities with respect to the Services during his/her tenure or for one year thereafter, shall have any interest, direct or indirect, in any Agreement or sub-agreement, or the proceeds thereof, for Services to be performed under this Agreement.

15. RELEASE OF INFORMATION/CONFLICTS OF INTEREST
A. All information gained by Consultant in performance of this Agreement shall be considered confidential and shall not be released by Consultant without the City's prior written authorization, unless the information is clearly public. Consultant, its officers, employees, agents, subcontractors, or sub-Consultants, shall not without written authorization from the City Manager or designee, or unless requested by the City’s attorney, voluntarily provide declarations, letters of support, testimony at depositions, response to interrogatories, or other information concerning the Services performed under this Agreement or relating to the City. Response to a subpoena or court order shall not be considered “voluntary” provided Consultant gives the City notice of such court order or subpoena.

B. Consultant shall promptly notify the City should Consultant, its officers, employees, agents, subcontractors, and/or sub-Consultants be served with any summons, complaint, notice of deposition, request for documents, interrogatories, request for admissions, or other discovery request (“Discovery”), court order, or subpoena from any person or party regarding this Agreement and the Services performed hereunder or the City, unless the City is a party to any lawsuit, arbitration, or administrative proceeding connected to such Discovery, or unless Consultant is prohibited by law from informing the City of such Discovery. The City retains the right, but has no obligation, to represent Consultant and/or be present at any deposition, hearing, or similar proceeding as allowed by law. Unless the City is a party to the lawsuit, arbitration, or administrative proceeding and is adverse to Consultant in such proceeding, Consultant agrees to cooperate fully with the City and to provide the opportunity to review any response to discovery requests provided by Consultant. However, the City's right to review any such response does not imply or mean the right by the City to control, direct, or rewrite said response, or that the City has an obligation to review any such response or verifies any response it has reviewed.

16. NOTICES
Any notices which either party may desire to give to the other party under this Agreement must be in writing and may be given either by (i) personal service, (ii) delivery by a reputable document delivery service, such as but not limited to, Federal Express, which provides a receipt showing date and time of delivery, or (iii) mail by the United States Postal Service, certified mail, postage prepaid, return 7 receipt requested, addressed to the address of the party as set forth below or at any other address as that party may later designate by notice:

To the City: City of Lakewood
5050 Clark Avenue
Lakewood, CA 90712
Attention: Director of Water Resources
To Consultant: Tetra Tech, Inc.
17885 Von Karman Avenue, Suite 500
Irvine, CA 92614-5227
Attention: Tom Epperson, PE

17. ASSIGNMENT
Consultant shall not assign the performance of this Agreement, nor any part thereof, nor any monies due hereunder, without prior written consent of the City. Before retaining or contracting with any subcontractor or sub-Consultant for any services under this Agreement, Consultant shall provide the City with the identity of the proposed subcontractor or sub-Consultant, a copy of the proposed written contract between Consultant and such subcontractor or sub-Consultant which shall include and indemnity provision similar to the one provided herein and identifying the City as an indemnified party, or an incorporation of the indemnity provision provided herein, and proof that such proposed subcontractor or sub-Consultant carries insurance at least equal to that required by this Agreement or obtain a written waiver from the City for such insurance.

18. LICENSES
At all times during the term of this Agreement, Consultant shall have in full force and effect all licenses required of it by law for the performance of the Services described in this Agreement.

19. GOVERNING LAW
The City and Consultant understand and agree that the laws of the State of California shall govern the rights, obligations, duties, and liabilities of the parties to this Agreement and also govern the interpretation of this Agreement. Any litigation concerning this Agreement shall take place in the municipal, superior, or federal district court with jurisdiction over the City.

20. ENTIRE AGREEMENT
This Agreement contains the entire understanding between the parties relating to the obligations of the parties described in this Agreement. All prior or contemporaneous agreements, understandings, representations, and statements, oral or written and pertaining to the subject of this Agreement or with respect to the terms and conditions of 8 this Agreement shall be of no further force or effect. Each party is entering into this Agreement based solely upon the representations set forth herein and upon each party’s own independent investigation of any and all facts such party deems material.

21. AMENDMENTS
Any amendments to this Agreement must be in writing and executed by the parties hereto, or their respective successors and assigns, in order to be valid.

22. ATTORNEYS’ FEES
In the event that litigation is brought by any party in connection with this Agreement, the prevailing party shall be entitled to recover from the opposing party all costs and expenses, including reasonable attorneys’ fees, incurred by the prevailing party in the exercise of any of its rights or remedies hereunder or the enforcement of any of the terms, conditions, or provisions hereof.

23. CONSTRUCTION
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises with respect to this Agreement, this Agreement shall be construed as if drafted jointly by the parties and in accordance with its fair meaning. There shall be no presumption or burden of proof favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

24. WAIVER
The delay or failure of any party at any time to require performance or compliance by the other of any of its obligations or agreements shall in no way be deemed a waiver of those rights to require such performance or compliance. No waiver of any provision of this Agreement shall be effective unless in writing and signed by a duly authorized representative of the party against whom enforcement of a waiver is sought. The waiver of any right or remedy in respect to any occurrence or event shall not be deemed a waiver of any right or remedy in respect to any other occurrence or event, nor shall any waiver constitute a continuing waiver.

25. SEVERABILITY
If any provision of this Agreement is determined by a court of competent jurisdiction to be unenforceable in any circumstance, such determination shall not affect the validity or enforceability of the remaining terms and provisions hereof or of the offending provision in any other circumstance. Notwithstanding the foregoing, if the value of this Agreement, based upon the substantial benefit of the bargain for any party, is materially impaired, which determination made by the presiding court or arbitrator of competent jurisdiction shall be binding, then both parties agree to substitute such provision(s) through good faith negotiations.

26. COUNTERPARTS
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original. All counterparts shall be construed together and constitute one agreement.

27. AUTHORITY TO EXECUTE THIS AGREEMENT
The persons executing this Agreement on behalf of the parties warrant and represent that they have the authority to execute this Agreement on behalf of said parties and have the authority to bind the parties to the provisions of this Agreement.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the Effective Date.

CITY OF LAKEWOOD
____________________________
Mayor
ATTEST:
______________________
City Clerk
APPROVED AS TO FORM:
______________________
City Attorney

[If Consultant is a corporation, two signatures are required: Signature 1 – the Chairperson of the Board, the President, or any Vice President; Signature 2 – the secretary, any Assistant secretary, the Chief Financial Officer, or any Assistant Treasurer (Corp. Code § 313).]

CONSULTANT
___________________________

CONSULTANT
_________________________
Attachments: Exhibit A Consultant’s Proposal
Exhibit B Insurance Requirement
10 EXHIBIT A
CONSULTANT’S PROPOSAL
October 1, 2024
Anthony Manzano
Assistant Director of Water Resources
City of Lakewood
5050 Clark Avenue
Lakewood, CA 90712
Reference: Proposal to Provide Professional Engineering Services for Multiple Year Water Main Replacement Projects - Water Main Replacement FY 26 (REVISED) Dear Mr. Manzano,
In May 2019, Tetra Tech submitted the 100% Plans for five (5) water main replacement projects as part of the above referenced overall contract. During the City’s review period, it was decided that all five projects were to be placed on hold until further notice. Per your email dated September 18, 2024, the City requested Tetra Tech complete one of the projects, called “Residential Water Main Replacements 2017.” The name has not been revised to “Water Main Replacement FY 26.”
The original contract dated October 22, 2013, has been closed. The newly requested work will be issued as Amendment No. 1 under the current Professional Services Agreement with Tetra Tech, Inc. for which the scope of work is as follows.

SCOPE OF WORK
Task No. 1: Project Management
At the start of the project, Tetra Tech will hold a “kickoff” meeting with City staff to discuss the scope and parameters to complete the work. During the design phase, Tetra Tech will attend one other meeting with the City to review comments. We have assumed the meeting will be one (1) hour and will be conducted via telephone conference.

This task also includes project coordination, schedule and budget monitoring, quality assurance review, and contract administration. We will prepare and submit monthly invoices along with project summary letters.

Task No. 2: Utility Research/Update Base Map
The project utility base map was created in 2019, so we will perform utility research for the project area to update any new facilities constructed since then. We will contact Dig Alert to obtain the latest utility record plans. Tetra Tech will then perform a one-day site visit to update the base map and incorporate any changes in the existing conditions. This will be ascertained from visible surface features, trench scars, or USA markings.

Task No. 3: Plan Modifications
Based on the City’s plan mark-ups attached to the emailed request, the scope of work includes about 11,500 linear feet of pipeline design. Currently, the plans are at about a 75% design level. We will proceed with bringing the plans to a 100% design level and then finalize after the City’s review. We will make the following modifications:
• Modify alignment (if required per field visit)
• Bring plans to 100% design level
• Modify connection details
• Modify construction notes
We will update the following 16 project sheets:
• General Sheets (2 sheets)
• Plan Sheets (8 sheets)
• Miscellaneous Detail Sheets (2 sheets)
• Connection Detail Sheets (4 sheets)
Item No. 4: Specification Modifications
We will prepare the 100% specifications. This work will include editing the city-provided front-end documents for this project and creating/including a bid schedule to the specification package. We will address the City’s comments and then submit the Final specifications.

Item No. 5: Construction Cost Estimate Modifications
We will prepare the 100% construction cost estimate. We will address the City’s comments and then submit the Final construction cost estimate.

Item No. 6: Bidding Assistance Through Contract Award
Tetra Tech will prepare one (1) addendum, if required.

Item No. 7: Engineering Support Services
• Tetra Tech will answer RFCs/RFIs during the construction phase (7 RFCs/RFIs). • Tetra Tech will review the Contractor’s shop drawing submittals (18 submittals). It is assumed one half of the shop drawings will require a second review.

Item No. 8: As Built/Record Drawings
Tetra Tech will prepare record drawings with cloud revisions. We have budgeted for one review of the record drawings. Tetra Tech will address any minor comments and then submit the final drawings to the City on bond and in digital format. Tetra Tech will provide AutoCAD format of the project plans with the as-built conditions inserted into the drawings.

Exclusions
This scope of work excludes topographical survey, profiles, pothole investigations, procurement of permits, traffic control plans, or preparation of Division of Drinking Water (DDW) documents.

SCHEDULE
The anticipated milestone submittal dates are below and are based on a Notice to Proceed date of October 16, 2024:

3 TETRA TECH
Milestone Tasks Anticipated Dates
Kick-Off Meeting November 6, 2024
Utility Research/Base Map Preparation November 4, 2024 – January 9, 2024 100% Submittal January 30, 2025
City Review Complete February 13, 2025
Final Submittal February 27, 2025
Shop Drawing & RFI Review July 2025 – August 2025
Record Drawing Preparation December 2025
FEE
We propose to complete this work for a Time and Materials Not-to-Exceed fee of $49,955. Attached herewith is the cost and labor hour breakdown for our fee. Should you require additional information or have any questions, please feel free to contact me at (949) 809-5026 or via email at [email protected].

Sincerely,
Neha Gajjar, PE
Senior Project Manager
11 Exhibit A 2024

HOURLY CHARGE RATE AND EXPENSE REIMBURSEMENT SCHEDULE
Project Management
Project Manager 1 $220.00
Construction
Construction Project Rep 1 $80.00
Project Manager 2 $260.00 Construction Project Rep 2 $90.00 Sr Project Manager $305.00 Sr Const Project Rep 1 $110.00 Program Manager $340.00 Sr Const Project Rep 2 $120.00
Principal in Charge $340.00 Construction Manager 1 $170.00 Construction Manager 2 $190.00
Construction Director $235.00
Engineers General & Administrative
Engineering Technician $90.00 Project Assistant 1 $67.00 Engineer 1 $115.00 Project Assistant 2 $75.00
Engineer 2 $115.00 Project Administrator $95.00
Engineer 3 $130.00 Sr Project Administrator $120.00
Project Engineer 1 $150.00 Sr Graphic Artist $130.00
Project Engineer 2 $175.00 Technical Writer 1 $97.00
Sr Engineer 1 $165.00 Technical Writer 2 $124.00
Sr Engineer 2 $185.00 Sr Technical Writer $155.00
Sr Engineer 3 $210.00
Principal Engineer $300.00
Planners Information Technology
Planner 1 $104.00 Systems Analyst / Programmer 1 $77.00 Planner 2 $115.00 Systems Analyst / Programmer 2 $115.00 Sr Planner 1 $125.00 Sr Sys Analyst / Programmer 1 $130.00 Sr Planner 2 $151.00 Sr Systems Analyst / Programmer 2 $196.00 Sr Planner 3 $175.00
Designers & Technicians
Project Accounting
Project Analyst 1 $90.00
CAD Technician 1 $65.00 Project Analyst 2 $114.00
CAD Technician 2 $75.00 Sr Project Analyst $155.00
CAD Technician 3 $90.00
CAD Designer $105.00 Reimbursable In-House Costs:

Sr CAD Designer 1 $125.00 Photo Copies (B&W 8.5”x11”) $0.15/Each Sr CAD Designer 2 $150.00 Photo Copies (B&W 11”x17”) $0.40/Each CAD Director $155.00 Color Copies (up to 8.5"x11") $2.00/Each Survey Tech 1
Health & Safety
$50.00 Color Copies (to 11"x17")
Compact Discs
Large format copies
Mileage-Company Vehicle
$3.00/Each
$10/each
$0.40 S.F.
$0.80/mile
H&S Administrator $95.00 Mileage-POV $0.55/mile*
Sr H&S Administrator $115.00 *current GSA POV mileage rate subject to change H&S Manager $145.00
All other direct costs, such as production, special photography, postage, delivery services, overnight mail, printing and any other services performed by subconsultant will be billed at cost plus 15%.

NOTE: Rates subject to change annually.

Price Proposal Labor Plan Price Summary / Totals 4 Resource Task Pricing Totals 49,955 Water Main Replacements FY 26
Proj Area >
Specify Add'l Fees on Setup 0
Technology Use Fee
Civil/Mech Civil/Mech Civil/Mech Civil/Mech Total Price 4G,G55 Submitted to: City of Lakewood(Attn: Anthony Manzano)
Contract Type: T&M
Pricing by Resource

CIVIL/MECH
Project Manager (Neha
Gajjar)
Sr Engineer2
(Erica
Jenkins)
Designer
(Justin
Clark)
Project
Administrator
(Deana Escamilla) Labor ODCs Task Pricing Totals
Project Phases / Tasks
Total
Labor Hrs
294 32 100 158 4 49,280 675 49,955
2 3 4 5

1. Project Management 13 4 9 - - 2,885 - 2,885
1) KO Meeting 1 - 1 185 1852) Project Coordination and Status 12 - 4 8 2,700 2,700

2. Utility Research/Update Base Map 32 - 8 24 - 4,600 275 4,875 1) Utility Research/Update Base Map 32 - 8 24 4,600 275 4,875

2. Plan Modifications 104 12 32 60 - 17,380 230 17,610
Plan Modifications 88 - 12 24 52 14,860 14,860Site Visit (8 hours) 16 - 8 8 2,520 230 2,750

3. Specifications 18 2 8 4 4 3,090 - 3,090
Prepare Specifications 18 - 2 8 4 4 3,090 3,090

4. Cost Estimate 11 1 2 8 - 1,715 - 1,715
Prepare Cost Estimate 11 - 1 2 8 1,715 1,715

5. Bidding Assistance Through Contract 18 2 12 4 - 3,350 - 3,350 One (1) Addendum 18 - 2 12 4 3,350 3,350

6. Engineering Support Services 70 11 21 38 - 12,180 - 12,180 1) RFIs (7) 21 - 3 7 11 3,640 3,6402) Shop drawings (18) 49 - 8 14 27 8,540 8,540

7. As built/Record Drawings 28 - 8 20 - 4,080 171 4,251 Preparation of Record Drawings 28 - 8 20 4,080 171 4,251 Totals 294 32 100 158 4 49,280 675 49,955
15 EXHIBIT B

INSURANCE REQUIREMENTS
Without limiting Consultant’s indemnification of the City, and prior to commencement of Services, Consultant shall obtain, provide, and maintain at its own expense during the term of this Agreement, policies of insurance of the type and amounts described below and in a form satisfactory to the City. If the Consultant maintains higher limits than the minimum limits shown below, the City requires and shall be entitled to coverage for the higher limits maintained by Consultant. Any available insurance proceeds in excess of the specified minimum limits of insurance and coverage shall be available to the City.

General liability insurance. Consultant shall maintain commercial general liability insurance with coverage at least as broad as Insurance Services Office form CG 00 01, in an amount not less than $1,000,000 per occurrence, $2,000,000 general aggregate, for bodily injury, personal injury, and property damage. The policy must include contractual liability that has not been amended. Any endorsement restricting standard ISO “insured contract” language will not be accepted.

Automobile liability insurance. Consultant shall maintain automobile insurance at least as broad as Insurance Services Office form CA 00 01 covering bodily injury and property damage for all activities of the Consultant arising out of or in connection with Work to be performed under this Agreement, including coverage for any owned, hired, non-owned or rented vehicles, in an amount not less than $1,000,000 combined single limit for each accident.

Consultant shall submit to the City, along with the certificate of insurance, a Waiver of Subrogation endorsement in favor of the City, its officers, agents, employees, and volunteers.

Umbrella or excess liability insurance. Consultant shall obtain and maintain an umbrella or excess liability insurance policy with limits that will provide bodily injury, personal injury and property damage liability coverage at least as broad as the primary coverages set forth above, including commercial general liability, automobile liability, and employer’s liability. Such policy or policies shall include the following terms and conditions:
• A drop-down feature requiring the policy to respond if any primary insurance that would otherwise have applied proves to be uncollectible in whole or in part for any reason;
• Pay on behalf of wording as opposed to reimbursement; • Concurrency of effective dates with primary policies; • Policies shall “follow form” to the underlying primary policies; and • Insureds under primary policies shall also be insureds under the umbrella or excess policies.
16 Other provisions or requirements
Proof of insurance. Consultant shall provide certificates of insurance to the City as evidence of the insurance coverage required herein, along with a waiver of subrogation endorsement for workers’ compensation. Insurance certificates and endorsements must be approved by the City’s Risk Manager prior to commencement of performance. Current certification of insurance shall be kept on file with the City at all times during the term of this Agreement. The City reserves the right to require complete, certified copies of all required insurance policies at any time.

Duration of coverage. Consultant shall procure and maintain for the duration of the Agreement insurance against claims for injuries to persons or damages to property, which may arise from or in connection with the performance of the Services hereunder by Consultant, or Consultant’s agents, representatives, employees, subcontractors, or subConsultants.

Primary/noncontributing. Coverage provided by Consultant shall be primary and any insurance or self-insurance procured or maintained by the City shall not be required to contribute with it. The limits of insurance required herein may be satisfied by a combination of primary and umbrella or excess insurance. Any umbrella or excess insurance shall contain or be endorsed to contain a provision that such coverage shall also apply on a primary and non-contributory basis for the benefit of the City before the City’s own insurance or self-insurance shall be called upon to protect it as a named insured.

The City’s rights of enforcement. In the event any policy of insurance required under this Agreement does not comply with these specifications or is canceled and not replaced, the City has the right but not the duty to obtain the insurance it deems necessary and any premium paid by the City will be promptly reimbursed by Consultant or the City will withhold amounts sufficient to pay premium from Consultant payments. In the alternative, the City may immediately terminate this Agreement.

Acceptable insurers. All insurance policies shall be issued by an insurance company currently authorized by the Insurance Commissioner to transact business of insurance or is on the List of Approved Surplus Line Insurers in the State of California, with an assigned policyholders’ Rating of A- (or higher) and Financial Size Category Class VII (or larger) in accordance with the latest edition of Best’s Key Rating Guide, unless otherwise approved by the City’s Risk Manager.

Waiver of subrogation. All insurance coverage maintained or procured pursuant to this Agreement shall be endorsed to waive subrogation against the City, its elected or appointed officers, agents, officials, employees and volunteers or shall specifically allow Consultant or others providing insurance evidence in compliance with these specifications to waive their right of recovery prior to a loss. Consultant hereby waives its own right of recovery against the City, and shall require similar written express waivers and insurance clauses from each of its subcontractors or sub-Consultants. 17 Enforcement of Agreement provisions (non estoppel). Consultant acknowledges and agrees that any actual or alleged failure on the part of the City to inform Consultant of non-compliance with any requirement imposes no additional obligations on the City nor does it waive any rights hereunder.

Requirements not limiting. Requirements of specific coverage features or limits contained in this Agreement are not intended as a limitation on coverage, limits or other requirements, or a waiver of any coverage normally provided by any insurance. Specific reference to a given coverage feature is for purposes of clarification only as it pertains to a given issue and is not intended by any party or insured to be all inclusive, or to the exclusion of other coverage, or a waiver of any type.

Notice of cancellation. Consultant agrees to oblige its insurance agent or broker and insurers to provide to the City with a thirty (30) day notice of cancellation (except for nonpayment for which a ten (10) day notice is required) or nonrenewal of coverage for each required coverage.

Additional insured status. General liability policies shall provide or be endorsed to provide that the City and its officers, officials, employees, agents, and volunteers shall be additional insureds under such policies. This provision shall also apply to any excess/umbrella liability policies.

Prohibition of undisclosed coverage limitations. None of the coverages required herein will be in compliance with these requirements if they include any limiting endorsement of any kind that has not been first submitted to the City and approved of in writing.

Separation of insureds. A severability of interests provision must apply for all additional insureds ensuring that Consultant’s insurance shall apply separately to each insured against whom claim is made or suit is brought, except with respect to the insurer’s limits of liability. The policy(ies) shall not contain any cross-liability exclusions.

Pass through clause. Consultant agrees to ensure that its subcontractors or subConsultants, and any other party involved with the Services who is brought onto or involved in the Services by Consultant, provide the same minimum insurance coverage and endorsements required of Consultant. Consultant agrees to monitor and review all such coverage and assumes all responsibility for ensuring that such coverage is provided in conformity with the requirements of this section. Consultant agrees that upon request, all agreements with Consultants, subcontractors, sub-Consultants, and others engaged in the Services will be submitted to the City review.

The City’s right to revise specifications. The City reserves the right at any time during the term of the Agreement to change the amounts and types of insurance required by giving Consultant ninety (90) days advance written notice of such change. If such change results in substantial additional cost to Consultant, the City and Consultant may renegotiate Consultant’s compensation or come to some other agreement to address the additional cost.

Self-insured retentions. Any self-insured retentions must be declared to and approved by the City. The City reserves the right to require that self-insured retentions be eliminated, lowered, or replaced by a deductible. Self-insurance will not be considered to comply with these specifications unless approved by the City.

Timely notice of claims. Consultant shall give the City prompt and timely notice of claims made or suits instituted that arise out of or result from Consultant’s performance under this Agreement, and that involve or may involve coverage under any of the required liability policies.

Additional insurance. Consultant shall also procure and maintain, at its own cost and expense, any additional kinds of insurance, which in its own judgment may be necessary for its proper protection and prosecution of the Services.

3.1 COUNCIL AGENDA
October 22, 2024
TO: The Honorable Mayor and City Council
SUBJECT: Quarterly Budget Report of Major Funds – as of September 30, 2024

INTRODUCTION
The City is in the first year of a Two-Year Budget, adopted in June 2024. Following is a quarterly budget review as of September 30, 2024 for the City's two major funds, the General Fund and the Water Utility Enterprise Fund.

In addition to scheduled formal budget reviews, Staff continually monitors the year-round inflow and outflow of funds to make sure that the City remains on a sound fiscal path. Within the budget, particular attention is given to the City's two major funds as mentioned above. Together the funds support the majority of the City's day-to-day operations, with the General Fund being the City's most discretionary funding source.

Following is the quarterly budget review as of September 30, 2024:

STATEMENT OF FACT
General Fund
The General Fund is the largest City fund, with operational expenditures trending as expected and aligned with the adopted budget. Overall, 18.2% of the year’s total expenditure budget has been utilized through the end of the first quarter (or 25% of the fiscal year). See expenditure summary table on the following page. Given the normal time lag in receiving invoices and processing payments for costs incurred, the figure seems appropriate. Employee Services and Contract Services represent the two largest expenditure categories and have expended 21.2% and 13.0% of their budgets, respectively.

Another area worth highlighting is the Other Operating Expenditure line item with 62.8% of the annual budget expended. Of the $1,868,272 expended in the year, approximately $1.7 million represents payments for the City’s various insurance coverages. These amounts are paid once in a lump sum manner early in the fiscal year for annual coverage. Lastly, it is important to note that Capital Outlay / Capital Improvement Project (CIP) expenditures of 6.1% year-to-date (YTD) are customarily irregular in their spending pattern with projects often spanning multiple fiscal years.

When excluding them (and only including Operational Expenditures), the YTD percentage increases slightly to 18.8%.

Quarterly Budget Report
October 22, 2024

Following is a summary of the General Fund expenditure activities:

General Fund revenues through the first quarter are also tracking as expected and according to annual seasonal trends. Not surprisingly, at 14.2% YTD, revenues lag behind the 25% marker for the first quarter. The delay stems from larger revenue sources necessarily having to flow through State and County collection processes prior to receipt by the City. Additionally, some large revenues are remitted as single payments later in the fiscal year (i.e. SCE franchise fees and Proposition A sale of funds). In contrast, the City's Business License Tax is mostly collected at the beginning of the fiscal year. With licenses renewing at the onset City’s fiscal year, YTD revenues ($590,544) represent 83.2% of the budgeted amount ($710,000). The balance of Business License Tax revenues are received throughout the year from new businesses and contractors in the city.

Sales tax revenue generated by Measure L is anticipated to be $14,121,000 for the year, having received $1,168,353 during the quarter. Actual amounts earned during the first quarter will not be known until December. The YTD amount represents a relatively small advance that the State provides based on prior year actual amounts.

Following is a summary of the General Fund revenues:

ACCOUNT DESCRIPTION
BUDGET
ESTIMATE*
YTD
EXPENDITURES % SPENT
EMPLOYEE SERVICES 31,109,669 6,591,308 21.2%
CONTRACT SERVICES 35,545,198 4,620,828 13.0%
FACILITIES EXPENSE 2,519,672 554,574 22.0%
OFFICE EXPENSE 231,100 69,619 30.1%
MEETING EXPENSE 223,300 17,277 7.7%
SPECIAL DEPT SUPPLIES 3,313,287 526,693 15.9%
OTHER OPERATING EXP 2,975,514 1,868,272 62.8%
OPERATIONAL EXPENDITURES $ 75,917,740 $ 14,248,571 18.8% CIPS / CAPITAL OUTLAY 3,407,387 206,479.59 6.1%
TOTAL EXPENDITURES $ 79,325,127 $ 14,455,051 18.2%
*Includes YTD budget adjustments and prior-year approved CIPs & capital outlay.

Quarterly Budget Report
October 22, 2024

Water Utility Enterprise Fund
At 15.2% YTD, Water expenses are tracking under budget overall. Similar to trending with General Fund expenditures, there is a time lag in receiving and processing payments for costs incurred. In contrast with the General Fund, when excluding Capital Outlay / Capital Improvement Project (CIP) expenses (and only including Operational Expenses), the YTD percentage decreases slightly to 14.3%. This is due to the purchase of a dump truck made early in the fiscal year.

Following is a summary of the various Water Utility Enterprise Fund expense activities:

ACCOUNT DESCRIPTION
BUDGET
ESTIMATE*
YTD
REVENUES % REC'D
PROPERTY TAXES 7,097,000 - 0.0%
SALES TAX - BRADLEY BURNS 18,180,000 1,438,298 7.9%
SALES TAX- MEASURE L 14,121,000 1,168,353 8.3%
OTHER TAXES 1,268,000 10,578 0.8%
FRANCHISE FEES 685,000 - 0.0%
BUSINESS LICENSE TAX 710,000 590,544 83.2%
DOCUMENTARY TRANSFER TAX 280,000 55,326 19.8%
TRANSIENT OCCUPANCY TAX 110,000 - 0.0%
UTILITY USERS TAX 3,830,780 718,187 18.7%
LICENSES & PERMITS 2,156,800 576,258 26.7%
FINES / FORFEITURES / PENALTIES 649,100 172,811 26.6%
USE OF MONEY & PROPERTY 4,558,050 3,166,756 69.5%
FROM OTHER AGENCIES 12,290,800 86,147 0.7%
CURRENT SERVICE CHARGE 11,840,550 2,608,212 22.0%
BUDGETED TRANSFERS 4,274,200 1,068,550 25.0%
TOTAL REVENUE $ 82,051,280 $11,660,020 14.2%
*Includes YTD budget adjustments.

ACCOUNT DESCRIPTION
BUDGET
ESTIMATE*
YTD

EXPENSES
%
SPENT
EMPLOYEE SERVICES 3,616,235 759,318 21.0%
CONTRACT SERVICES 1,235,600 177,822 14.4%
FACILITIES EXPENSE 2,051,850 8,044 0.4%
OFFICE EXPENSE 5,500 875 15.9%
MEETING EXPENSE 20,000 1,556 7.8%
SPECIAL DEPT SUPPLIES 786,918 99,102 12.6%
OTHER OPERATING EXP 5,802,384 694,605 12.0%
BUDGETED TRANSFERS 1,795,700 448,925 25.0%
OPERATIONAL EXPENDITURES$ 15,314,187 $ 2,190,247 14.3%
CIPS / CAPITAL OUTLAY 303,832 179,103 58.9%
TOTAL EXPENDITURES $ 15,618,019 $ 2,369,350 15.2%
*Includes YTD budget adjustments and prior-year approved CIPs & capital outlay.

Quarterly Budget Report
October 22, 2024

At 18.7% YTD, water revenues are trending close to their anticipated mark. It is early in the year and a portion of revenues received during the first quarter were attributable to activities from the prior fiscal year and posted as such. Water meter sales, the largest revenue source, are highly sensitive to weather patterns and may vary significantly depending on rainfall and conservation efforts during the year. The following table provides a snapshot:

SUMMARY
Overall, first quarter revenue and expenditure activity is line with historical seasonal trends, and more importantly, with the adopted budget. Staff will continue to monitor all activities and recommend adjustments, if necessary.

RECOMMENDATION
It is recommended that the City Council receive and file this report.

Jose Gomez Thaddeus McCormack
Director of Finance & Administrative Services City Manager

ACCOUNT DESCRIPTION
BUDGET
ESTIMATE*
YTD
REVENUES % REC'D
INVESTMENT EARNINGS 130,000 32,500 25.0%
RENTS AND CONCESSIONS 66,000 12,717 19.3%
ENERGY UTILITY REBATES 80,000 - 0.0%
OTHER REVENUE 75,000 35,166 46.9%
METERED WATER SALES 12,700,000 2,346,006 18.5%
METERED WTR SALES-INTERCONNECT 1,100,000 161,007 14.6%
FIRE PROTECTION SERVICES 205,000 37,047 18.1%
RECLAIMED WATER 520,000 166,719 32.1%
SERVICE INITIATION FEES 43,500 10,300 23.7%
SERVICE RESTORATION CHARGES 50,000 7,910 15.8%
LEASE WATER RIGHTS 693,000 123,750 17.9%
TOTAL REVENUES $ 15,662,500 $ 2,933,123 18.7%
*Includes YTD budget adjustments.

3.2 COUNCIL AGENDA
October 22, 2024
TO: Honorable Mayor and City Council
SUBJECT: Well 13A Treatment Plant Update

INTRODUCTION
Well 13A is located in Candleverde Park at the southwest corner of Palo Verde Avenue and Candlewood Street. It was put into service in 2003. Over the years, water production and water quality began to degrade and laboratory analysis indicated at least one constituent exceeded the drinking water maximum contaminant level (MCL). As such, the City has installed a water treatment system to reduce contaminant levels below the MCL in compliance with standards. On October 3, 2024, the Division of Drinking Water (DDW) granted the City a permit amendment to operate Well 13A treatment plant permanently as part of its water distribution system.

STATEMENT OF FACT
On June 20, 1950 the City completed drilling of Well 13 located on Palo Verde Ave. north of Del Amo Blvd where the water storage tanks are located. This facility is known collectively was Plant

13. Water from Well 13 fed directly into these storage tanks.

In October 2000, during a scheduled rehabilitation, Well 13 casing collapsed causing a serious loss to the Water Department’s ability to maintain adequate water levels to the storage tanks onsite.

The following January 2001, Well 13 was destroyed. To make up for the loss of capacity, the City drilled Well 13A in 2003 where it is currently located in Candelverde Park, one block north of Plant 13. Well 13A was capable of producing 2,700 gallons per minute (GPM) to fill the 2.1 million gallon capacity for the five storage tanks at Plant 13.

By 2015, water production in Well 13A began to decrease considerably to about 1,500 GPM.

During routine maintenance and inspection, significant sediment was found in the storage tanks and it was further discovered that Well 13A had excessive sand intrusion.

In 2016, a study was conducted and it was recommended that a smaller pump be installed to reduce Well 13A’s flowrate to mitigate sand intrusion. The installation of a smaller pump further reduced Well 13A capacity from 1,500 GPM to 970 GPM present day. By March 2020, arsenic levels produced from Well 13A began to exceed the MCL and Well 13A was removed from service.

In July 2020, the City conducted a pilot study and determined that arsenic treatment and removal at Well 13A was feasible. Due to the long lead time to procure treatment equipment, the City issued a request for proposal to purchase the filter treatment system ahead of time. On October 13, 2020, City Council awarded a purchase order to Yardney Water Management Systems, Inc. for their arsenic filter treatment system.

Well 13A Treatment Plant Update
October 22, 2024

On November 10, 2020, City Council awarded a contract to Murraysmith, Inc. for design and engineering services for Well 13A Treatment Plant project. Murraysmith completed the design and construction bids were solicited.

On May 12, 2021, the City received four construction bids all of which exceeded the engineer’s estimate and were much higher than anticipated. Due to lack of funding from the project’s original budget, it was recommended that City Council reject all bids on June 8, 2021. Subsequently, Murraysmith was asked to separate and design the treatment plant in two phases. Phase I would consist of the installation of the treatment vessels purchased from Yardney in October 2020 and Phase II would consists of installation of onsite and offsite piping, electrical, chemical and disinfection equipment.

On September 14, 2021, City Council awarded a contract to JR Filanc Construction Company, Inc. of Escondido to install the treatment vessels for Phase I. On June 28, 2022, City Council awarded a contract to Canyon Springs Enterprises of Hemet to install Phase II of Well 13A treatment facility. Construction work for Well 13A Treatment Plant was completed on May 14, 2024.

Since its commissioning, the water treatment plant has consistently reduced arsenic levels from an average of 15.7 parts per billion (ppb) down to an average of 2.5 ppb, an 84% reduction, well below the MCL limit of 10 ppb. Additionally, manganese levels have also been reduced nearly 100% from an average of 45 ppb to non-detect. The MCL for manganese is 50 ppb.

Due to the consistent results and effectiveness of the water treatment system, Water Resources Department submitted a permit amendment application to DDW to permanently operate Well 13A Treatment Plant. On October 3, 2024 the City received its permit amendment and Well 13A Treatment Plant was placed back into service permanently as of October 7, 2024.

RECOMMENDATION
Staff recommends that the City Council receive and file the report for Well 13A Treatment Plant Update.

Derek Nguyen, PhD., P.E. Thaddeus McCormack
Director of Water Resources City Manager

3.3 COUNCIL AGENDA
October 22, 2024
TO: The Honorable Mayor and City Council
SUBJECT: 2024 Halloween Carnivals

INTRODUCTION
Halloween carnivals featured at eight parks throughout the city are among the most well attended city events of the year. It is estimated that over 10,000 children and adults will participate in this year’s annual event on Thursday, Oct. 31 from 6 p.m. to 8:30 p.m.

STATEMENT OF FACT
Halloween carnivals have been a Lakewood tradition since 1956 when Mayfair Park hosted the first citywide event. In 1957, three additional carnivals were coordinated at Bolivar, San Martin and Del Valle Parks. Halloween attractions were later added at Biscailuz, Bloomfield, Boyar and Palms Parks, thus creating a safe destination within walking distance of most neighborhoods in the city.

Carnival elements, including game booths and decorations, are centered on a popular theme that is quickly recognized by preschoolers and elementary school-age children. More common themes are related to popular movies and cartoon characters widely adored by youngsters. This year’s themes for each park are listed below.
 “Shrek” – Biscailuz Park
 “Nightmare Before Christmas” – Bolivar Park
 “Hotel Transylvania” – Mayfair Park
 “Gravity Falls” – San Martin Park
 “Five Nights at Freddy’s” – Del Valle Park
 “Despicable Me” – Boyar Park
 “Dr. Seuss” – Bloomfield Park
 “Pokemon” – Palms Park
Collectively, carnival elements feature over 200 game booths for preschool and school-age children. Game booth participants are awarded age-appropriate candy or a novelty prize for their participation. Specialty contests are also scheduled throughout the evening. The highlight of the evening is a costume contest and parade beginning at 7 p.m. at each carnival location. The showcase of costumes provides a stage for participants of all ages to be recognized for their individualism in costume selection.

Council Agenda
2024 Halloween Carnivals
October 22, 2024

A “Red Ribbon Booth” to promote a drug free society is a carnival staple since the early 90s.

Children of all ages can play a carnival game inside the booth and win a selection of prizes promoting a drug free message.

Appropriately scary haunted houses are a popular attraction at Bolivar, Del Valle, Palms and San Martin Parks. Haunted houses are specially designed for children 6 to 11 years old and will be open from 6 p.m. to 8:30 p.m.

To further augment and support the larger attendance at Mayfair Park, inflatable attractions will complement the carnival. These affordable fee-based attractions have become a main event component since the department introduced the concept in 2007.

The success of each carnival is dependent upon the assistance received from the Lakewood community. It is anticipated that over 400 volunteers will provide over 2,200 hours of service in working more than 200 game booths. Sources of volunteers throughout the community include Lakewood service organizations, church groups and student organizations from area high schools and colleges.

Communicating this safe alternative for Halloween night is an important planning element. Vinyl banners are on display at the park facilities where carnivals are scheduled. Special event flyers were distributed to students at Lakewood’s elementary schools and are available at city facilities and Lakewood’s libraries. Lastly, printed press and complementary photos were published in the RCS fall catalog, social media, the Lakewood Living Magazine, the Lakewood Community News and online in Lakewood’s e-Magazine. The combination of all these communication media ensures that residents have been thoroughly informed about the continued tradition of Halloween carnivals at city parks.

RECOMMENDATION
Staff recommends the mayor and City Council receive and file the report.

Valarie Frost, Director Thaddeus McCormack
Recreation and Community Services City Manager