Agenda packet — Los Altos City Council, May 24, 2022

CITY COUNCIL MEETING
AGENDA
7:00 PM - Tuesday, May 24, 2022
via Teleconference
Please Note: Per California Executive Order N-29-20, the City Council will meet via Telephone/Video Conference Only.

Telephone: 1-650-242-4929Meeting ID: 148 852 6716
https://webinar.ringcentral.com/j/1488526716
TO PARTICIPATE VIA VIDEO: Follow the link above. Members of the public will need to have a working microphone on their device and must have the latest version of Ringcentral installed (available at http://www.ringcentral.com/download.html). To request to speak, please use the “Raise hand” feature located at the bottom of the screen.

TO PARTICPATE VIA TELEPHONE: Members of the public may also participate via telephone by calling the number listed above. To request to speak, press *9 on your telephone.

TO SUBMIT WRITTEN COMMENTS: Prior to the meeting, comments on matters listed on the agenda may be emailed to [email protected]. Emails sent to this email address are sent to/received immediately by the City Council. Please include a subject line in the following format:

PUBLIC COMMENT AGENDA ITEM ## - MEETING DATE
Correspondence submitted in hard copy/paper must be received by 2:00 PM on the day of the meeting to ensure distribution prior to the meeting. Correspondence received prior to the meeting will be included in the public record. Please follow this link for more information on submitting written comments.

Public testimony will be taken at the direction of the Mayor, and members of the public may only comment during times allotted for public comments.

AGENDA

CALL MEETING TO ORDER

ESTABLISH QUORUM

PLEDGE ALLEGIANCE TO THE FLAG

REPORT ON CLOSED SESSION

CHANGES TO THE ORDER OF THE AGENDA
1 5/24/2022 CITY COUNCIL MEETING AGENDA Page 2 of 3

PUBLIC COMMENTS ON ITEMS NOT ON THE AGENDA
Members of the audience may bring to the Council's attention any item that is not on the agenda. Speakers are generally given two or three minutes, at the discretion of the Mayor. Please be advised that, by law, the City Council is unable to discuss or take action on issues presented during the Public Comment Period. According to State Law (also known as “The Brown Act”) items must first be noted on the agenda before any discussion or action.

SPECIAL ITEMS
A. Anne Roberts and Dick Liewer Recipient of the 2022 Los Altos Historic Preservation Award

CONSENT CALENDAR
These items will be considered by one motion unless any member of the Council or audience wishes to remove an item for discussion. Any item removed from the Consent Calendar for discussion will be handled at the discretion of the Mayor.

1. Minutes: Approve Minutes of the City Council Regular Meeting of May 10, 2022. (A Rodriguez)

2. Approve Resolution: Authorize staff to submit the Los Altos Climate Action and Adaptation Plan for a Beacon Award for environmental excellence (R Aggarwal)

3. Delegation of Authority: Authorize the City Manager to submit applications to CalPERS for Industrial Disability Retirements of behalf of the City (I Silipin)

4. Quarterly Investment Portfolio Report: Receive the Investment Portfolio Report through Quarter Ended March 31, 2022 (J Furtado)

5. Tree Protection Ordinance: Direct the Environmental Commission to work with City staff to evaluate the City’s Tree Protection Ordinance and recommend changes as needed (J Maginot)

6. Approve: Rental Fee Waiver Request by the Friends of the Library of Los Altos (M Price) PUBLIC HEARINGS - None

DISCUSSION ITEMS

7. Review and Approve: Recommended Process proposed by Alta Housing for establishing a Below Market Rate (BMR) Waiting List and Provide Direction to Staff (L Simpson)

8. In-person City Council and Commission meetings: Provide direction on the return to inperson City Council and Commission meetings (J Maginot)

9. Council Legislative Subcommittee Update And Potential Council Action: Receive update from the City Council Legislative Subcommittee; discuss pending legislation including, but not limited to AB 2053, AB 2063, AB 2097, AB 2221, AB 2625, AB 2762, AB 2164, AB 1944, SB 897, SB 922, SB 930, SB 932, & SB 1067

10. Open Government Policy: Council Subcommittee Report 2 5/24/2022 CITY COUNCIL MEETING AGENDA Page 3 of 3

INFORMATIONAL ITEMS ONLY

11. Tentative Council Calendar

COUNCIL/STAFF REPORTS AND DIRECTIONS ON FUTURE AGENDA ITEMS

ADJOURNMENT
(Council Norms: It will be the custom to have a recess at approximately 9:00 p.m. Prior to the recess, the Mayor shall announce whether any items will be carried over to the next meeting. The established hour after which no new items will be started is 11:00 p.m. Remaining items, however, may be considered by consensus of the Council.)

SPECIAL NOTICES TO THE PUBLIC
In compliance with the Americans with Disabilities Act, the City of Los Altos will make reasonable arrangements to ensure accessibility to this meeting. If you need special assistance to participate in this meeting, please contact the City Clerk 72 hours prior to the meeting at (650) 947-2610.

Agendas Staff Reports and some associated documents for City Council items may be viewed on the Internet at http://www.losaltosca.gov/citycouncil/online/index.html.

All public records relating to an open session item on this agenda, which are not exempt from disclosure pursuant to the California Public Records Act, and that are distributed to a majority of the legislative body, will be available for public inspection at the Office of the City Clerk’s Office, City of Los Altos, located at One North San Antonio Road, Los Altos, California at the same time that the public records are distributed or made available to the legislative body.

If you wish to provide written materials, please provide the City Clerk with 10 copies of any document that you would like to submit to the City Council for the public record. 3 Proclamation
Of the Mayor
Of the City of Los Altos, California
WHEREAS, the intent of the Los Altos Historic Preservation Award is to recognize exemplary rehabilitation and preservation of historic properties and honor individuals, groups, and organizations that exemplify the spirit of historic preservation in Los Altos; and, WHEREAS, the purpose of the Historic Preservation Award is to encourage public knowledge, understanding, and appreciation of the City’s past while fostering civic and neighborhood pride and identity by recognizing the historic resources of Los Altos; and, WHEREAS, Anne Roberts and Dick Liewer are two of the longest-serving and most dedicated members of the Los Altos History Museum’s Education Committee, reaching countless elementary age students with their very personal and engaging history lessons; and, WHEREAS, Anne Roberts has served as Chair of the Education Committee since 2009, manages the Margaret Thompson Essay Contest in a joint effort with the Historical Commission, and oversees the third grade tour program; and, WHEREAS, Dick Liewer has been a member of the Education Committee for well over twelve years, and after leading school tours for many years, trains docents and expanded the tour program to include fourth grade tours which he oversees.

NOW THEREFORE, I, Anita Enander, Mayor of the City of Los Altos, and on behalf of the entire Los Altos City Council, do hereby recognize, honor, and express the City’s appreciation of:

ANNE ROBERTS AND DICK LIEWER
RECIPIENT OF THE 2022 LOS ALTOS HISTORIC PRESERVATION AWARD In witness whereof, I have hereunto set my hand and affixed the seal of the City of Los Altos this 24th day of May 2022. ________________________________
Anita Enander, MAYOR
4 Agenda Item # A.

CITY COUNCIL MEETING

MINUTES
7:00 PM - Tuesday, May 10, 2022
via Videoconference

CALL MEETING TO ORDER
At 7:02 p.m. Mayor Enander called the meeting to order.

ESTABLISH QUORUM
PRESENT: Council Members Fligor, Lee Eng, Weinberg, Vice Mayor Meadows and Mayor Enander
ABSENT: None

PLEDGE ALLEGIANCE TO THE FLAG
Raena Kohlmeier, with Girl Scout Troop 61428, led the Council in the Pledge.

SPECIAL ITEM
A. Introduction of New Development Services Director
Assistant City Manager Jon Maginot introduced Nick Zornes, the City’s new Development Services Director, to the City Council.

REPORT ON CLOSED SESSION
Mayor Enander indicated there was no reportable action resulting from Closed Session.

CHANGES TO THE ORDER OF THE AGENDA
No changes were requested.

Council Member Lee Eng corrected a statement that she had made at the previous Council Meeting regarding the 376 First street Public Hearing.

PUBLIC COMMENTS ON ITEMS NOT ON THE AGENDA
Roberta Phillips, and Joe Beninato provided public comment on items not on the agenda.

CONSENT CALENDAR

1. Minutes: Approve Minutes of the City Council Regular Meeting of April 12, 2022. (A.

Rodriguez)
5 Agenda Item # 1.
5/10/2022 CITY COUNCIL MEETING MINUTES Page 2 of 5

2. Minutes: Approve Minutes of the City Council Regular Meeting of April 26, 2022. (A.

Rodriguez)

3. Proclamation for retired City Clerk: Affirm the City Council Proclamation for retired City Clerk Andrea Chelemengos

4. The Homestead Rd - Safe Routes to School Project: Approve and forward the Letter of Support for the Homestead Rd SRTS project (M. Lee)

5. Solid Waste Collection Rates: Consider adopting Resolution No. 2022-___, authorizing the increase of Solid Waste Collection Rates by 8.48% effective July 1, 2022; consider California Environmental Quality Act (“CEQA”) exemption finding pursuant to CEQA Guidelines Section 15273(a) (A. Fairman)

6. Emergency Declaration Resolution: Adopt a Resolution extending the declaration of a local emergency due to the COVID-19 pandemic, and authorizing continued remote meetings pursuant to AB 361 (J. Maginot)

7. Approval of Contract Amendment: Authorize the City Manager to execute a contract amendment M-Group in an amount not to exceed $85,000 (total contract amount not to exceed $180,000) for contract planning services (L. Simpson)

8. Resolution No. 2022-__: 2022 City Council Election: Adopt Resolution No. 2022-__ calling for a General Municipal Election to be held on November 8, 2022 for two City Council seats and requesting the services of the County of Registrar of Voters to conduct the election and consolidate it with the General Election (A. Rodriguez)
After Council Member Weinberg noted that the City Attorney advised that he was not obligated to recuse himself due to a conflict of interest on Agenda Item 4 and following a motion by Council Member Lee Eng, seconded by Vice Mayor Meadows, Items 1-8 were approved 5-0 with the following roll call vote:

AYES: Council Member Fligor, Lee Eng, Weinberg, Vice Mayor Meadows, Mayor Enander
NOES: None
ABSENT: None
ABSTAIN: None

PUBLIC HEARINGS

9. Wireless Telecommunications Facilities: Adopt Resolution of the City Council of the City of Los Altos adopting the Negative Declaration Of Environmental Impact prepared in accordance with the requirements of the California Environmental Quality Act (CEQA) (Public Resources Code § 21000 et seq.) and the CEQA Guidelines (14 California Code of Regulations, Title 14 Chapter 3, Section 15000 et seq.) on the possible environmental consequences of the adoption of the ordinance and design guidelines; and
Adopt an Ordinance of the City Council of the City of Los Altos for Wireless Telecommunications Facilities Locational Standards with the modifications reflected in the annotated version of the Ordinance proposed to the Planning Commission; and 6 Agenda Item # 1.
5/10/2022 CITY COUNCIL MEETING MINUTES Page 3 of 5
Adopt Resolution of the City Council of the City of Los Altos adopting Telecommunications Facilities Design Guidelines with the modifications reflected in the annotated version of the Design Guidelines proposed to the Planning Commission
Mayor Enander opened the Public Hearing at 7:17 p.m. Consultant Lloyd Zola and Attorney David Mehretu gave a presentation to Council. Vice Mayor Meadows and Council Member Fligor asked clarifying questions to the presenters.

The following members of the public commented on this matter:

Melissa Smith, Joshua, Si Wai Lai yielded their time to W. Scott McCollough. Council Member Lee Eng asked clarifying questions to W. Scott McCollough. Jonathan W Shores, Jane Osborne, Terri Couture, Tereasa Morris, Jeanine Valadez, Joe Beninato provided further public comment.

Council Discussion commenced with additional clarifications from Consultant and Legal team before proceeding with suggested edits.

Mayor Enander called for a recess at 9:19 p.m. and returned the meeting back to order at 9:30 p.m.

Council discussion and suggested edits continued. City Manager Gabe Engeland and City Attorney Jolie Houston informed the Council that all live edits need to be reviewed by Legal before final adoption.

Council asked staff to research Fire Protection Requirements and therefore made no suggested edits to that section.

Right before the traditional 11 p.m. Council check-in, Council decided not to take any more items after Item 10.

City Attorney Jolie Houston asked Consultant Lloyd Zola and Attorney David Mehretu from Meyers Nave to present the Negative Declaration Of Environmental Impact prepared in accordance with the requirements of the California Environmental Quality Act (CEQA) to the Council.

Council Member Weinberg moved that the matter be continued with amendments as directed to the meeting of June 14, 2022. The motion was seconded by Council Member Lee Eng and the motion passed 4-1 with the following rollcall vote:

AYES: Council Member Fligor, Lee Eng, Weinberg, Mayor Enander NOES: Vice Mayor Meadows
ABSENT: None
ABSTAIN: None

DISCUSSION ITEMS

10. Council Legislative Subcommittee Update And Potential Council Action: Receive update from the City Council Legislative Subcommittee; discuss pending legislation including, but not limited to AB 2053, AB 2063, AB 2097, AB 2221, AB 2625, AB 2762, AB 2164, AB 1944, SB 897, SB 922, SB 930, SB 932, & SB 1067
7 Agenda Item # 1.
5/10/2022 CITY COUNCIL MEETING MINUTES Page 4 of 5
Mayor Enander and Council Member Lee Eng presented a report and draft position letters to Council and asked for support for AB2164 and AB1944.

There was no public comment.

Council Member Lee Eng moved to authorize the Mayor to submit a letter of support for AB2164. With a second by Vice Mayor Meadows, the motion passed 4-0-1 with the following roll call vote:

AYES: Council Member Fligor, Lee Eng, Vice Mayor Meadows, Mayor Enander NOES: None
ABSENT: None
ABSTAIN: Council Member Weinberg
Council Member Lee Eng moved to authorize the Mayor to submit a letter of support for AB1944. With a second by Vice Mayor Meadows, the motion passed 4-0-1 with the following roll call vote:

AYES: Council Member Fligor, Lee Eng, Vice Mayor Meadows, Mayor Enander NOES: None
ABSENT: None
ABSTAIN: Council Member Weinberg

11. Open Government Policy: Council Subcommittee Report Item was not considered.

INFORMATIONAL ITEMS ONLY

12. Tentative Council Calendar

13. Community Survey Results

COUNCIL/STAFF REPORTS AND DIRECTIONS ON FUTURE AGENDA ITEMS Council Member Fligor requested a report regarding the Psychiatric Emergency Response Team (PERT) Program that would involve the City of Los Altos.

Council Member Lee Eng thanked the Chief of Police for the information regarding catalytic converters.

She requested that Item 13 be brough back as a Discussion Item on a future meeting agenda.

Council Member Lee Eng requested the use of community surveys be part of the conversation for their upcoming discussion on City Commissions.

ADJOURNMENT
At 12:12 a.m., Wednesday, May 11, Mayor Enander adjourned the meeting. 8 Agenda Item # 1.
5/10/2022 CITY COUNCIL MEETING MINUTES Page 5 of 5
____________________________
Anita Enander MAYOR
ATTEST:
_____________________________________
Angel Rodriguez, INTERIM CITY CLERK
9 Agenda Item # 1.

AGENDA REPORT SUMMARY

Reviewed By:

City Manager City Attorney
GE
Finance Director
JH JF
Meeting Date: May 24, 2022
Subject: Participation in the Institute of Local Government’s Beacon Program Resolution Prepared by: Ranu Aggarwal, Liaison, Environmental Commission Reviewed by: Laura Simpson, Interim Planning Director
Approved by: Gabriel Engeland, City Manager
Attachment(s): None
Initiated by:

Staff
Previous Council Consideration:

None
Fiscal Impact:

None
Environmental Review:

Not applicable
Policy Question(s) for Council Consideration:

Doesthe Council wish to participate in the Institute of Local Government’s Recognition Program, the Beacon Program?
Summary:

The City of Los Altos has developed a Climate Action and Adaptation Plan (CAAP) to reduce greenhouse gas (GHG) emissions and adapt to climate change; and wishes to expand these activities, share its experiences with other communities and be recognized for its accomplishments.

Staff Recommendation:

Adopt a Resolution approving participation by the City of Los Altos in the Institute of Local Government’s Beacon Program, and work towards achieving Beacon Vanguard award. 10 Agenda Item # 2.

Subject: Beacon Award Authorization
May 24, 2022 Page 2
Purpose
To adopt a resolution approving participation by the City of Los Altos in the Institute of Local Government’s (ILG’s) Beacon Program.

Background
On March 8, 2022, the City Council adopted the City of Los Altos Climate Actions and Adaptation Plan (CAAP), 2022. The Plan has been developed to reduce greenhouse gas (GHG) emissions and adapt to climate change.

Discussion/Analysis
The ILG is the non-profit training and education affiliate of the California State Association of Counties, the League of California Cities and the California Special Districts Association.

ILG’s voluntary Beacon Program highlights and celebrates achievements of local agencies i.e. cities and counties that are making meaningful to reduce greenhouse gas emissions, save energy, and undertake sustainability and resiliency best practices in their communities.

With the adoption of the City’s CAAP to reduce greenhouse gas emissions and adapt to climate change, the City wishes to expand these activities, share its experiences with other communities and be recognized for its accomplishments. Participating in the Beacon Program is an opportunity for the City of Los Altos to be recognized for its efforts to promote sustainability and resiliency, reduce greenhouse gas emissions and save energy.

Recommendation
The staff recommends Council adopt the attached resolution to participate in the Institute of Local Government’s Recognition Program, the Beacon Program. 11 Agenda Item # 2.

Resolution No. 2022-XX Page 1
RESOLUTION NO. 2022-___

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LOS ALTOS

APPROVING PARTICIPATION IN THE INSTITUTE FOR LOCAL
GOVERNMENT’S RECOGNITION PROGRAM, THE BEACON PROGRAM.

WHEREAS, the City of Los Altos is undertaking policies, programs and activities to reduce greenhouse gas emissions and save energy; and
WHEREAS, these policies, programs and activities conserve natural resources, save energy and money, and promote sustainability and resilience; and WHEREAS, cities and counties statewide are leading by example by adopting innovative sustainability programs and policies, including working with community residents, business groups and others; and
WHEREAS, the City of Los Altos has developed a Climate Action and Adaptation Plan (CAAP) to reduce greenhouse gas (GHG) emissions and adapt to climate change; and WHEREAS, the City of Los Altos wishes to expand these activities, share its experiences with other communities and be recognized for its accomplishments; and WHEREAS, the Beacon Program is a voluntary program of the Institute for Local Government, the non-profit training and education affiliate of the California State Association of Counties, the League of California Cities and the California Special Districts Association; and
WHEREAS, the Beacon Program recognizes and celebrates achievements of cities and counties that reduce greenhouse gas emissions, save energy, and undertake sustainability and resiliency best practices; and
WHEREAS, participating in the Beacon Program is an opportunity for the City of Los Altos to be recognized for its efforts to promote sustainability and resiliency, reduce greenhouse gas emissions and save energy; and
NOW THEREFORE, BE IT RESOLVED, that the City of Los Altos agrees to participate in the Beacon Program; and work towards achieving Beacon Vanguard award.

I HEREBY CERTIFY that the foregoing is a true and correct copy of a Resolution passed and adopted by the City Council of the City of Los Altos at a meeting thereof on the 24th day of May, 2022 by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:
12 Agenda Item # 2.

Resolution No. 2022-XX Page 2
___________________________
Anita Enander, MAYOR
Attest:
_____________________________

CITY CLERK
13 Agenda Item # 2.

AGENDA REPORT SUMMARY
__________ CALENDAR
Agenda Item # ___
Meeting Date: May 22, 2022
Subject: City of Los Altos Total Compensation Philosophy Prepared by: Irene Barragan Silipin, Human Resources Manager Reviewed by: Gabriel Engeland, City Manager
Approved by: Gabriel Engeland, City Manager
Attachment(s):
 Resolution
Initiated by:

Human Resources
Previous Council Consideration:

Not Applicable
Fiscal Impact:

There is no fiscal impact to adopting the resolution.

Environmental Review:

Not Applicable
Policy Question(s) for Council Consideration:
 Does the Council wish to adopt a resolution to delegate authority to the City Manager to submit California Public Employees’ Retirement System (CALPERS) application for employer initiated industrial disability retirement (IDR).

Summary:
 On June 22, 1999 Los Altos City Council adopted Resolution No. 99-20 to adopt the CALPERS industrial disability retirement process.
 CalPERS notified the City of Los Altos that they do not have a current City of Los Altos “Resolution of Delegation of Authority” signed by the Mayor who is the “highest authority” of the City Council on file.
 In order to process disability and industrial disability applications for employees, the City must provide CalPERS with an updated resolution.
14 Agenda Item # 3.

Subject: City of Los Altos Summer Internship Program
May 22, 2022 Page 2
Staff Recommendation:

Staff is seeking City Council approval to adopt a resolution to delegate authority to the City Manager under Government Code Section 21152(C), 21156, and 21173 to make and certify determinations of disability to the California Public Employees’ Retirement System (CalPERS).

Purpose
CalPERS notified the City of Los Altos that they do not have a current City of Los Altos “Resolution of Delegation of Authority” signed by the Mayor who is the “highest authority” of the City Council on file. In order to process disability and industrial disability applications for employees, the City must provide CalPERS with an updated resolution.

Background
The Los Altos City Council adopted Resolution No. 99-20 on June 22, 1999 authorizing processing of disability and industrial disability applications for local safety members. This resolution outlines the administrative procedures for the disability retirement process of local safety employees of CaLPERS. As authorized by Government Code Section 21034 and the resolution, the City Council has delegated to the City Manager the authority to make a determination for public safety employees whether the employee is disabled and if it was caused by a work-related injury for the purposes of CalPERS.

Although CalPERS has Resolution No. 99-20 on file, the resolution must delegate authority to the City Manager for the employer initiation of the CalPERS Industrial Disability Retirement application from the Mayor as who is the “highest authority” of the City Council. CalPERS is requiring an updated resolution signed by the Mayor.

Discussion/Analysis
City Council’s adoption of this resolution will delegate the authority to the City Manager to employer initiated industrial disability applications for employees Recommendation
Move to adopt the adopt a resolution to delegate authority to the City Manager under Government Code Section 21152(C), 21156, and 21173 to make and certify determinations of disability to the California Public Employees’ Retirement System (CalPERS). 15 Agenda Item # 3.

RESOLUTION NO. 2022-__

DELEGATION OF AUTHORITY

RESOLUTION OF
(Name of governing body)
(Name of agency)
WHEREAS, the (herein referred to as Agency)
(Name of agency)
is a contracting agency of the California Public Employees’ Retirement System.

WHEREAS, the Public Employees’ Retirement Law requires that a contracting agency determine whether an employee of such agency in employment in which he/she is classified as a local safety member is disabled for purposes of the Public Employees’ Retirement Law and such disability is "industrial" within the meaning of such Law:

WHEREAS, has determined upon legal
(name of governing body)
advice that it may delegate authority under Government Code section 21173 to make such determinations to the incumbent of the office/position of . (title)
NOW, THEREFORE, BE IT RESOLVED:
that the _ delegate and it does hereby delegate
(name of governing body)
to the incumbent of the office/position of _, authority to make (title)
application on behalf of the Agency pursuant to Government Code section 21152 (c) for disability retirement of all employees and to initiate requests for reinstatement of such employees who are retired for disability;
BE IT FURTHER RESOLVED that delegate and it
(name of governing body)
does hereby delegate to the incumbent of the office/position of (title)
authority to make determinations of disability on behalf of the Agency under Government Code section 21156 and whether such disability is industrial and to certify such determinations and all other necessary information to the California Public Employees’ Retirement System.
(Signatures and other notations by governing body named including vote count) I HEREBY CERTIFY that the foregoing is true and correct copy of a resolution passed and adopted by the City Council of the City of Los Altos at a meeting thereof on the _____ day of ______________ 2022 by the following vote:

City of Los Altos
City of Los Altos
City of Los Altos Council
City of Los Altos Council
City of Los Altos Council
City of Los Altos Council
City Manager
City Manager
City Manager
16 Agenda Item # 3.

AYES:

NOES:

ABSENT:

ABSTAIN:
________________________________
Anita Enander, MAYOR
Attest:
___________________________________
Andrea Chelemengos, MMC, City Clerk
17 Agenda Item # 3.
18 Agenda Item # 3.
19 Agenda Item # 3.
20 Agenda Item # 3.

Reviewed By:

City Manager City Attorney
GE
Finance Director
JH Manager JF

AGENDA REPORT SUMMARY
Meeting Date: Month day, year
Subject Quarterly Investment Portfolio Report – Quarter Ended March 31, 2022 Prepared by: John Furtado, Finance Director
Approved by: Gabriel Engeland, City Manager
Attachment(s):

1. Portfolio Mix Charts

2. Investment Policy Compliance Chart

3. Attachment 3. LAIF Balance

4. Attachment 4. LAIF Performance Over time

5. Attachment 5. PFM Investment Report
Initiated by:

Staff
Fiscal Impact:

None
Environmental Review:

Not applicable
Policy Question(s) for Council Consideration:
 None
Summary:
 This report presents the status of the City’s investment portfolio through March 31, 2022.

The reporting model has been developed in coordination with PFM Asset Management LLC (PFM), the City’s investment portfolio managers.

Staff Recommendation:

Receive the Investment Portfolio Report through March 31, 2022.

Purpose
These quarterly reports are presented to both the City Council and the Financial Commissionto keep both bodies apprised as to the status of the City’s investment holding and demonstrate compliance with the City’s Investment Policy.
21 Agenda Item # 4.

Subject: Quarterly Investment Portfolio Report – Quarter Ended March 31, 2022

Reviewed By:

City Manager City Attorney
GE
Finance Director
JH JF
Background
A review of the Investment Portfolio Report Quarter Ended March 31, 2022 was presented and discussed by the Financial Commission on May 16, 2022. The Financial Commission reviewed the Quarterly Investment Portfolio Report ending March 31, 2022, and had a brief discussion.

Discussion/Analysis
The summary provided below presents the sum of all City investment holdings. The City’s portfolio book value, excluding operating cash, as of March 31, 2022, was $54,619,699. The City’s operating cash, as of March 31, 2022, was $5,519,787.

As of March 31, 2022, 16.5% of the City’s portfolio was placed in Federal Agency Securities (Fannie Mae, Federal Home Loan Bank, Federal Home Loan Mortgage, and Federal Farm Credit), 9.0% in Asset-Backed Securities, 3.2 % in Supra-National Agency Bond, 38.0% in US Treasuries, and 20.7% in medium-term Corporate Notes and Commercial Paper, 1.8% in Certificate of Deposits, with the balance of 10.9% in LAIF. This portfolio mix is illustrated as part of Attachment 1.

Full compliance with the City’s Investment Policy is monitored closely and on a per-trade basis as illustrated in Attachment 2. In accordance with California Government Code 53646(b)(3), the City of Los Altos has the ability to meet its pool expenditure requirements for the next six months.

As part of these quarterly updates, a status report is prepared by PFM which is included as Attachment 5: Investment Performance Review for the Quarter Ended March 31, 2022. It is important to note that this report highlights the performance of City investments that fall outside its liquid holdings with LAIF. This has been intentionally crafted to isolate the performance of the City’s independently managed investments. The return of the portfolio over ten years is 1.03%, which is highlighted on page 19 of the PFM Investment Performance Review Report (Attachment 3).

Options

1. Receive the Investment Portfolio Report Quarter Ended March 31, 2022 22 Agenda Item # 4.

Attachment 1
Portfolio Mix Charts
March 2022
Portfolio Mix
Security Type % of Total By Security
LAIF 10.9% 6,095,514Money Market 0.0% -Corp Notes 20.7% 11,569,000Asset-Backed Securities 9.0% 5,026,501Supra-National Agency Bond 3.2% 1,785,000Federal Home Loan Banks 10.3% 5,735,291Federal Nat'l Mortgage 6.2% 3,460,000Negotiable CDs 1.8% 1,000,000US Treasury 38.0% 21,242,000Commercial Paper 0.0% - * Totals 100% 55,913,306.38
Portfolio Mix Market
Security Type % of Total Par Value Value
LAIF 10.9% 6,095,514 6,095,514
Money Market 0.0% -Corp Notes 20.7% 11,569,000 11,375,054 Asset-Backed Securities 9.0% 5,026,501 4,935,027
Supra-National Agency Bond 3.2% 1,785,000 1,730,808
Federal Agencies 16.4% 9,195,291 8,997,562
Negotiable CDs 1.8% 1,000,000 995,383
US Treasury 38.0% 21,242,000 20,490,351
100% 55,913,306 54,619,699
Corp Notes 11,569,000 11,375,054
Asset-Backed Securities 5,026,501 4,935,027
Supra-National Agency Bond 1,785,000 1,730,808
US Treasury/Agencies 30,437,291 29,487,912
Negotiable CDs 1,000,000 995,383
Accrued Interest - 98,014
48,622,199 49,817,792.17
Margin Over (Under) Par (1,195,593)
LAIF

10.9%
Money Market

0.0%
Corp Notes

20.7%
Asset-Backed
Securities

9.0%
Supra-National
Federal Agencies Agency Bond 3.2%

16.4%
Negotiable CDs

1.8%
US Treasury

38.0%
PORTFOLIO MIX ‐ BY CLASS
LAIF

10.9%
Money Market

0.0%
Corp Notes

20.7%
Asset-Backed
Securities

9.0%
Supra-National
Agency Bond

3.2%
Federal Home
Loan Banks

10.3%
Federal Nat'l
Mortgage

6.2%
Negotiable CDs 1.8%
US Treasury

38.0%
PORTFOLIO MIX ‐ BY SECURITY
23 Agenda Item # 4.

Attachment 2
Investment Policy Compliance Chart
March 2022
Earliest City Policy City Policy City Policy % Compliance Term Compliance City Investment % Mix Par Value Term Term Limitation $ Limitation % Limitation CAPACITY Yes/No Yes/NoLAIF 10.9% 6,095,514 09/30/21 No Term 75,000,000 100% 68,904,486 Yes N/A Money Market 0.0% - 09/30/21 Overnight 20% 11,182,661 Yes N/A Corp Notes 20.7% 11,569,000 09/15/22 5 Years 30% 5,204,992 Yes Yes Asset-Backed Securities 9.0% 5,026,501 11/21/22 5 Years 20% 6,156,160 Yes Yes Supra-National Agency Bond 3.2% 1,785,000 04/20/23 5 Years 20% 9,397,661 Yes Yes Federal Agencies 16.4% 9,195,291 06/01/22 5 Years 100% 46,718,016 Yes Yes Commercial Paper 0.0% - - 270 Days 25% 13,978,327 Yes - Negotiable CDs 1.8% 1,000,000 07/08/22 5 Years 30% 15,773,992 Yes Yes US Treasury 38.0% 21,242,000 08/31/22 5 Years 100% 34,671,306 Yes Yes 100% 55,913,306
24 Agenda Item # 4.
4/18/22, 2:30 PM LAIF Regular Monthly Statement
https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1 Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
April 18, 2022
LAIF Home
PMIA Average Monthly
Yields

CITY OF LOS ALTOS

CITY TREASURER

ONE NORTH SAN ANTONIO ROAD
LOS ALTOS, CA 94022
Account Number: 98-43-481
March 2022 Statement
Tran Type Definitions
Effective
Date
Transaction
Date
Tran
Type
Confirm
Number
Web
Confirm
Number Authorized Caller Amount
3/2/2022 3/1/2022 RD 1698422 1658687 JOHN FURTADO 6,000,000.00 Account Summary
Total Deposit: 6,000,000.00 Beginning Balance: 95,514.21 Total Withdrawal: 0.00 Ending Balance: 6,095,514.21
25 Agenda Item # 4.

PMIA Average Monthly Effective Yields
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1977 5.770 5.660 5.660 5.650 5.760 5.850 5.930 6.050 6.090 6.090 6.610 6.730 1978 6.920 7.050 7.140 7.270 7.386 7.569 7.652 7.821 7.871 8.110 8.286 8.769 1979 8.777 8.904 8.820 9.082 9.046 9.224 9.202 9.528 9.259 9.814 10.223 10.218 1980 10.980 11.251 11.490 11.480 12.017 11.798 10.206 9.870 9.945 10.056 10.426 10.961 1981 10.987 11.686 11.130 11.475 12.179 11.442 12.346 12.844 12.059 12.397 11.887 11.484 1982 11.683 12.044 11.835 11.773 12.270 11.994 12.235 11.909 11.151 11.111 10.704 10.401 1983 10.251 9.887 9.688 9.868 9.527 9.600 9.879 10.076 10.202 10.182 10.164 10.227 1984 10.312 10.280 10.382 10.594 10.843 11.119 11.355 11.557 11.597 11.681 11.474 11.024 1985 10.579 10.289 10.118 10.025 10.180 9.743 9.656 9.417 9.572 9.482 9.488 9.371 1986 9.252 9.090 8.958 8.621 8.369 8.225 8.141 7.844 7.512 7.586 7.432 7.439 1987 7.365 7.157 7.205 7.044 7.294 7.289 7.464 7.562 7.712 7.825 8.121 8.071 1988 8.078 8.050 7.945 7.940 7.815 7.929 8.089 8.245 8.341 8.397 8.467 8.563 1989 8.698 8.770 8.870 8.992 9.227 9.204 9.056 8.833 8.801 8.771 8.685 8.645 1990 8.571 8.538 8.506 8.497 8.531 8.538 8.517 8.382 8.333 8.321 8.269 8.279 1991 8.164 8.002 7.775 7.666 7.374 7.169 7.098 7.072 6.859 6.719 6.591 6.318 1992 6.122 5.863 5.680 5.692 5.379 5.323 5.235 4.958 4.760 4.730 4.659 4.647 1993 4.678 4.649 4.624 4.605 4.427 4.554 4.438 4.472 4.430 4.380 4.365 4.384 1994 4.359 4.176 4.248 4.333 4.434 4.623 4.823 4.989 5.106 5.243 5.380 5.528 1995 5.612 5.779 5.934 5.960 6.008 5.997 5.972 5.910 5.832 5.784 5.805 5.748 1996 5.698 5.643 5.557 5.538 5.502 5.548 5.587 5.566 5.601 5.601 5.599 5.574 1997 5.583 5.575 5.580 5.612 5.634 5.667 5.679 5.690 5.707 5.705 5.715 5.744 1998 5.742 5.720 5.680 5.672 5.673 5.671 5.652 5.652 5.639 5.557 5.492 5.374 1999 5.265 5.210 5.136 5.119 5.086 5.095 5.178 5.225 5.274 5.391 5.484 5.639 2000 5.760 5.824 5.851 6.014 6.190 6.349 6.443 6.505 6.502 6.517 6.538 6.535 2001 6.372 6.169 5.976 5.760 5.328 4.958 4.635 4.502 4.288 3.785 3.526 3.261 2002 3.068 2.967 2.861 2.845 2.740 2.687 2.714 2.594 2.604 2.487 2.301 2.201 2003 2.103 1.945 1.904 1.858 1.769 1.697 1.653 1.632 1.635 1.596 1.572 1.545 2004 1.528 1.440 1.474 1.445 1.426 1.469 1.604 1.672 1.771 1.890 2.003 2.134 2005 2.264 2.368 2.542 2.724 2.856 2.967 3.083 3.179 3.324 3.458 3.636 3.808 2006 3.955 4.043 4.142 4.305 4.563 4.700 4.849 4.946 5.023 5.098 5.125 5.129 2007 5.156 5.181 5.214 5.222 5.248 5.250 5.255 5.253 5.231 5.137 4.962 4.801 2008 4.620 4.161 3.777 3.400 3.072 2.894 2.787 2.779 2.774 2.709 2.568 2.353 2009 2.046 1.869 1.822 1.607 1.530 1.377 1.035 0.925 0.750 0.646 0.611 0.569 2010 0.558 0.577 0.547 0.588 0.560 0.528 0.531 0.513 0.500 0.480 0.454 0.462 2011 0.538 0.512 0.500 0.588 0.413 0.448 0.381 0.408 0.378 0.385 0.401 0.382 2012 0.385 0.389 0.383 0.367 0.363 0.358 0.363 0.377 0.348 0.340 0.324 0.326 2013 0.300 0.286 0.285 0.264 0.245 0.244 0.267 0.271 0.257 0.266 0.263 0.264 2014 0.244 0.236 0.236 0.233 0.228 0.228 0.244 0.260 0.246 0.261 0.261 0.267 2015 0.262 0.266 0.278 0.283 0.290 0.299 0.320 0.330 0.337 0.357 0.374 0.400 2016 0.446 0.467 0.506 0.525 0.552 0.576 0.588 0.614 0.634 0.654 0.678 0.719 2017 0.751 0.777 0.821 0.884 0.925 0.978 1.051 1.084 1.111 1.143 1.172 1.239 2018 1.350 1.412 1.524 1.661 1.755 1.854 1.944 1.998 2.063 2.144 2.208 2.291 2019 2.355 2.392 2.436 2.445 2.449 2.428 2.379 2.341 2.280 2.190 2.103 2.043 2020 1.967 1.912 1.787 1.648 1.363 1.217 0.920 0.784 0.685 0.620 0.576 0.540 2021 0.458 0.407 0.357 0.339 0.315 0.262 0.221 0.221 0.206 0.203 0.203 0.212 2022 0.234 0.278 0.365 0.523
26 Agenda Item # 4.

Investment Performance Review
For the Quarter Ended March 31, 2022
Client Management Team PFM Asset Management LLC
Monique Spyke, Managing DirectorOlawale Kajopaiye, Senior Managing Consultant 213 Market Street
Harrisburg, PA 17101-2141
717-232-2723
1 California Street Ste. 1000
San Francisco, CA 94111-5411
415-393-7270
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 LOS ALTOS
27 Agenda Item # 4.
© PFM Asset Management LLC pfmam.com |
• Market Update• Portfolio Review
28 Agenda Item # 4.
© PFM Asset Management LLC pfmam.com |
Market Update
29 Agenda Item # 4.

PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities CLIENT NAME Market Update For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
▸ Invasion of Ukraine impacted the economic landscape
▹ Commodity prices soared, especially energy▹ Created significant geopolitical uncertainty▹ Triggered market volatility ▸ The U.S. economy is characterized by:
▹ A strong labor market▹ Inflation at a 40-year high▹ Depressed consumer confidence ▸ The Federal Reserve is tightening monetary policy
▹ Initiated the first of what will be many rate hikes in 2022▹ Balance sheet reduction likely to start soon ▸ U.S. Treasury yield curve has partially inverted
▹ Yield on 2-year Treasury notes rose above the 10-year Treasury▹ One early, but imperfect warning sign for a future recession Current Market Themes

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC pfmam.com |
1 30
Agenda Item # 4.

PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities CLIENT NAME Market Update For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Source: Bloomberg, as of 3/31/2022.Shading is based of economic data from 2/28/2012 – 2/28/2022.

Economic Conditions Are Mixed
Best Worst
Prices
1/20
2/20
3/20
4/20
5/20
6/20
7/20
8/20
9/20
10/20
11/20
12/20
1/21
2/21
3/21
4/21
5/21
6/21
7/21
8/21
9/21
10/21
11/21
12/21
1/22
2/22
CPI YoYConfidence
U. Of Mich. SentimentManufacturingISM ManufacturingLaborUnemployment RateRetailRetail Sales MoMHousingExisting Home SalesNew Home Sales

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC pfmam.com |
2 31
Agenda Item # 4.

For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities CLIENT NAME Market Update For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Source: BLS.gov, data as of February 2022.

CPI Categories
 Commodities Services Energy Food
Majority of
components are above the Fed’s 2% average CPI target
2% Fed Inflation
Target
Index Weighting
Size of bubbles
represent contribution to headline CPI
Food
Gasoline and
Fuel Oil
Energy Services
New Vehicles
Used Cars
and Trucks
Apparel,
Medical Care,
Alcohol, and
Others
Medical Care, Shelter
Transportation,
and Others
0%
10%20%30%40%50%
0% 5% 10% 15% 20% 25% 30% 35% 40%
Year-over-Year Inflation
CPI Components
Inflation Is Prevalent Throughout the Economy

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC pfmam.com |
3 32
Agenda Item # 4.

Treasury Yield Curve Partially Inverted; Sharp Rise in Yields Has Negatively Impacted Returns

0.48%

2.33%

2.46%

2.34% 2.45%

0.00%0.50%

1.00%1.50%2.00%2.50%3.00%
3 M
1 Y
2 Y
3 Y
4 Y
5 Y
10 Y
30 Y
Maturity
U.S. Treasury Yield Curve
March 31, 2022December 31, 2021
-0.80%
-2.34%
-3.16%
-4.02%
-5.00%-4.00%-3.00%-2.00%-1.00%

0.00%1.00%
1 Year
1 - 3 Year
1 - 5 Year
1 - 10 Year
U.S. Treasury Returns – Q1 2022
Rising yields in Q1
negatively affected bond returns

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC pfmam.com |
4 33
Agenda Item # 4.

PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities CLIENT NAME Market Update For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Worst Performance in Over 40 Years
0 1020304050607080
-3%
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
Frequency
Distribution of Quarterly Returns
(3/31/78 - 3/31/22)
2022 Q1
Return
-2.34%
-4%-2%
0%2%4%6%8%
10%12%14%
Mar-78
Mar-89
Mar-00
Mar-11
Mar-22
Quarterly Performance
(3/31/78 - 3/31/22)
Median 0.97%
ICE BofA 1-3 Year Treasury Index
Source: Bloomberg, as of 3/31/2022.

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC pfmam.com |
5 34
Agenda Item # 4.

PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities CLIENT NAME Market Update For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Source: ICE BofAML 1-3 year Indices via Bloomberg, MarketAxess and PFM as of 3/31/2022. Spreads on ABS and MBS are option-adjusted spreads of 0-3 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries. CMBS is Commercial Mortgage-Backed Securities.

Sector Yield Spreads Have Widened in Q1 2022

0.00%0.20%0.40%0.60%0.80%1.00%1.20%
Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
Corporate Notes A-AAA Yield Spreads
-0.05%-0.03%-0.01%

0.01%0.03%0.05%0.07%0.09%
Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
Federal Agency Yield Spreads
-0.50%

0.00%0.50%1.00%1.50%2.00%
Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
Mortgage-Backed Securities Yield Spreads
Agency MBS AAA CMBS Index

0.00%0.20%0.40%0.60%0.80%1.00%1.20%
Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
Asset-Backed Securities AAA Yield Spreads

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC pfmam.com |
6 35
Agenda Item # 4.

PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities CLIENT NAME Market Update For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Source: ICE BofAML Indices. ABS indices are 0-3 year, based on weighted average life. As of 3/31/2022.

Rising Rates and Wider Spreads Hurt Fixed-Income Returns in Q1 1-3 Year Indices
-2.34% -2.28%
-1.44%
-2.44%
-4.14%
-7.0%-6.0%-5.0%-4.0%-3.0%-2.0%-1.0%

0.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
Q1 2022

0.86% 0.91%

1.26%

1.72%

2.15%

0.0%0.5%1.0%1.5%2.0%2.5%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
10 Year Average

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC pfmam.com |
7 36
Agenda Item # 4.

PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities CLIENT NAME Market Update For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Fixed-Income Sector Commentary — 1Q 2022
▸ U.S. Treasury securities generated negative
performance as the market repriced for an aggressiveFed rate hike cycle, pushing yields higher across allmaturities. By quarter-end, 2-year Treasury yieldsrose to 2.34%, the highest level since April 2019. ▸ Federal agency sector remained unattractive given
the historically tight yield spreads and minimal pickupvs. Treasuries. While volatility pushed spreads wideron callable structures, the rising rate environment wasnot favorable for taking on increased optionality risk. ▸ Supranational spreads remained tight, and supply
was limited as issuance lagged projections. Newissue opportunities, while sporadic, remained the bestentry point. ▸ Corporate credit spreads widened through the
quarter, driven by rising global tensions and a lesscertain macro-economic environment. Yield spreadsreached the widest levels since 2019 despite stableto-strong fundamentals. ▸ Asset-Backed AAA-rated auto and credit card yield
spreads increased toward 18-month wides. ABSoffered relative value compared to corporates asspreads between the two widened during the quarter. ▸ Mortgage-Backed Securities continued to
underperform. Prepayments experienced a materialslowdown as rates rose, which lengthened durationsand compounded the negative impact. The FederalReserve is poised to begin reducing their MBSholdings, so weakness in the sector could persist.CMBS valuations remained below historical averagesrelative to Treasuries as spreads remained tight. ▸ Taxable Municipal securities deals remain heavily
oversubscribed. Valuations remained stretched whichwarrants some selectively in the sector. ▸ Commercial Paper and CDs saw significant
repricing to higher yields, especially on maturitiesgreater than six months as issuers sought longer-termfunding in response to Fed rate hike expectations.

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC pfmam.com |
8 37
Agenda Item # 4.

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
Negative Slightly Negative Neutral Slightly Positive Current outlook Outlook one quarter ago Positive

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC pfmam.com |
9 38
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com |
Portfolio Review:

CITY OF LOS ALTOS INVESTMENT PORTFOLIO
39 Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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 March 31, 2022, the account(s) managed by PFM Asset Management ("PFMAM") were in compliance with the applicable investment policy and guidelines as furnished to PFMAM.

Acknowledged : PFM Asset Management LLC
11 40
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
Account Summary
|

10.2%

23.5%

2.1%

3.6%

1.8%

16.8%

42.2%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
ABS - $4,936,948
Corporate - $11,425,239
Negotiable CD - $999,398
Supranational - $1,732,235
Agency CMBS - $857,794
Federal Agency - $8,146,024
U.S. Treasury - $20,524,561
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. 12 41
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
Account Summary
|
Account Summary

1. Yield at market, yield on cost, and portfolio duration only include investments held within the separately managed account(s), excludes balances invested in overnight funds.

CITY OF LOS ALTOS INVESTMENT PORTFOLIO
Portfolio Values March 31, 2022PFMAM Managed Account $48,524,185 Amortized Cost $50,031,999
Market Value $48,524,185
Accrued Interest $98,014
Cash $73,642
Analytics¹ March 31, 2022Yield at Market 2.23%
Yield on Cost 0.72%Portfolio Duration 1.79
13 42
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
Portfolio Snapshot
|
Yield and duration calculations exclude cash and cash equivalents. Sector allocation includes market values and accrued interests.The portfolio’s benchmark is the ICE BofAML 1-3 Year U.S. Treasury Index. Source: Bloomberg.

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

1. Portfolio Snapshot - CITY OF LOS ALTOS INVESTMENT PORTFOLIO¹ Credit Quality - S&P
11%
50%
37%
3%
7%
55%
38%
0%
0%
20%40%60%
0-1 Yr 1-2 Yrs 2-3 Yrs 3-4 Yrs
Portfolio Benchmark
Duration Distribution
U.S. Treasury | 42%Corporate | 23%Federal Agency | 17%
ABS | 10%
Supranational | 4%Negotiable CD | 2%
Agency CMBS | 2%
Sector Allocation
AAA | 12%AA+ | 62%AA | 1%AA- | 2%A-1+ | 1%A+ | 4%A | 5%A- | 8%A-1 | 1% BBB+ | 3%Not Rated | 2%
Portfolio Statistics
Portfolio Effective Duration 1.79 years
Benchmark Effective Duration 1.80 yearsPortfolio Credit Quality AA Yield At Market 2.23%
Yield At Cost 0.72%
Total Market Value $48,695,840.74
Securities Sub-Total $48,524,184.90Cash $73,642.04
Accrued Interest $98,013.80
14 43
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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 42.2% UNITED STATES TREASURY 42.2% AA / Aaa / AAA
Federal Agency 16.8%
FANNIE MAE 7.0% AA / Aaa / AAAFREDDIE MAC 9.8% AA / Aaa / AAA Agency CMBS 1.8%
FANNIE MAE 0.4% AA / Aaa / AAAFREDDIE MAC 1.4% AA / Aaa / AAA Supranational 3.6%
INTER-AMERICAN DEVELOPMENT BANK 1.9% AAA / Aaa / AAAINTL BANK OF RECONSTRUCTION AND DEV 1.6% AAA / Aaa / AAA Negotiable CD 2.1%
CREDIT SUISSE GROUP RK 0.9% A / Aa / ADNB ASA 1.2% AA / Aa / NR Corporate 23.5%
ABBOTT LABORATORIES 0.3% AA / A / NRAMAZON.COM INC 1.4% AA / A / AAAMERICAN EXPRESS CO 0.8% BBB / A / AAMERICAN HONDA FINANCE 0.9% A / A / AAPPLE INC 0.4% AA / Aaa / NRASTRAZENECA PLC 0.6% A / A / NR BANK OF AMERICA CO 1.4% A / A / AA
BRISTOL-MYERS SQUIBB CO 0.4% A / A / NRBROWN-FORMAN CORP 0.2% A / A / NRBURLINGTON NORTHERN SANTA FE 0.3% AA / A / NRCATERPILLAR INC 0.7% A / A / A Security Type / Issuer Market Value (%) S&P / Moody's / FitchCorporate 23.5% CHARLES SCHWAB 0.3% A / A / ACHEVRON CORPORATION 0.7% AA / Aa / NRCITIGROUP INC 0.8% BBB / A / ACOMCAST CORP 0.4% A / A / ADEERE & COMPANY 0.7% A / A / AEXXON MOBIL CORP 0.3% AA / Aa / NRGENERAL DYNAMICS CORP 0.8% A / A / NRGOLDMAN SACHS GROUP INC 0.6% BBB / A / AGOOGLE INC 0.5% AA / Aa / NRHERSHEY COMPANY 0.3% A / A / NRHOME DEPOT INC 0.1% A / A / AHONEYWELL INTERNATIONAL 0.3% A / A / AHORMEL FOODS CORP 0.3% A / A / NRIBM CORP 0.5% A / A / NRJP MORGAN CHASE & CO 1.5% A / A / AALOCKHEED MARTIN CORP 0.4% A / A / AMERCK & CO INC 0.3% A / A / AMORGAN STANLEY 0.6% BBB / A / ANATIONAL RURAL UTILITIES CO FINANCECORP

0.3% A / A / A
PACCAR FINANCIAL CORP 0.9% A / A / NRPNC FINANCIAL SERVICES GROUP 0.6% A / A / APRAXAIR INC 0.4% A / A / NRRABOBANK NEDERLAND 0.5% A / Aa / AA STATE STREET CORPORATION 0.7% A / A / AA
TARGET CORP 0.4% A / A / ATHE BANK OF NEW YORK MELLONCORPORATION

0.5% A / A / AA
15 44
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

Issuer Diversification
Security Type / Issuer Market Value (%) S&P / Moody's / FitchCorporate 23.5% TOYOTA MOTOR CORP 0.8% A / A / ATRUIST FIN CORP 0.5% A / A / AUNILEVER PLC 0.5% A / A / AUNITEDHEALTH GROUP INC 0.4% A / A / A ABS 10.2%
ALLY AUTO RECEIVABLES TRUST 0.0% NR / Aaa / AAA
BMW FINANCIAL SERVICES NA LLC 0.2% AAA / Aaa / NRBMW VEHICLE OWNER TRUST 0.2% AAA / NR / AAACAPITAL ONE FINANCIAL CORP 1.5% AAA / Aaa / AAACARMAX AUTO OWNER TRUST 1.2% AAA / Aaa / AAADISCOVER FINANCIAL SERVICES 0.3% AAA / Aaa / NRFIFTH THIRD AUTO TRUST 0.1% AAA / Aaa / NRFORD CREDIT AUTO OWNER TRUST 0.3% AAA / NR / AAAGM FINANCIAL CONSUMER AUTOMOBILETRUST

0.8% AAA / Aaa / AAA
GM FINANCIAL LEASINGTRUST 0.7% AAA / Aaa / AAAHARLEY-DAVIDSON MOTORCYCLE TRUST 0.2% AAA / Aaa / AAAHONDA AUTO RECEIVABLES 0.7% AAA / Aaa / AAAHYUNDAI AUTO RECEIVABLES 1.1% AAA / NR / AAAMERCEDES-BENZ AUTO LEASE TRUST 0.2% AAA / NR / AAANISSAN AUTO RECEIVABLES 0.4% AAA / Aaa / AAATOYOTA MOTOR CORP 0.4% AAA / Aaa / NRVERIZON OWNER TRUST 1.3% AAA / Aaa / AAAWORLD OMNI AUTO REC TRUST 0.7% AAA / NR / AAA Total 100.0%
16 45
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
Portfolio Characteristics
|
$0
$11
$22$33$44$55
March 2022
$0
$11
$22$33$44$55
December 2021
$0
$11
$22$33$44$55
September 2021
$0.0
$11.0
$22.0$33.0$44.0$55.0
Millions
June 2021
Sector Allocation Review - CITY OF LOS ALTOS INVESTMENT PORTFOLIO U.S. Treasury Federal Agency Agency CMBS Supranational Negotiable CD Corporate ABS Market values, excluding accrued interest. Only includes fixed-income securities held within the separately managed account(s) and LGIPs managed by PFMAM. Detail may not add to total due to rounding.

Security Type Jun-21 % of Total Sep-21 % of Total Dec-21 % of Total Mar-22 % of Total U.S. Treasury $24.6 45.1% $25.8 47.0% $25.6 47.0% $20.5 42.1%Federal Agency $10.0 18.2% $10.0 18.1% $9.9 18.2% $8.1 16.8% Agency CMBS $1.3 2.4% $1.2 2.3% $1.0 1.9% $0.9 1.8%
Supranational $1.2 2.3% $1.8 3.3% $1.8 3.3% $1.7 3.6%Negotiable CD $3.7 6.7% $2.6 4.8% $2.2 4.0% $1.0 2.1%Corporate $8.6 15.7% $8.4 15.4% $8.7 16.1% $11.4 23.4% ABS $5.2 9.6% $5.0 9.1% $5.1 9.5% $4.9 10.2%
Total $54.6 100.0% $54.9 100.0% $54.3 100.0% $48.5 100.0% 17 46
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
Portfolio Activity
|
Portfolio Activity - CITY OF LOS ALTOS INVESTMENT PORTFOLIO Net Activity by Sector
($ millions)
U.S. TreasuryFederal AgencyNegotiable CD
Agency CMBS
ABS
Corporate
U.S. Treasury
Federal Agency
Negotiable CD
Agency CMBS
ABS
Corporate
($6.0) ($4.0) ($2.0) $0.0 $2.0 $4.0 $6.0
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 $2,995,145
ABS ($117,239)Agency CMBS ($162,422)
Negotiable CD ($1,167,301)Federal Agency ($1,605,151)U.S. Treasury ($4,430,660)Total Net Activity ($4,487,628) Sales/Maturities Purchases
18 47
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
Portfolio Performance
|

1. The lesser of 10 years or since inception is shown. Since inception returns for periods one year or less are not shown. Performance inception date is June 30, 2010.2. Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.3. Returns for periods one year or less are presented on a periodic basis. Returns for periods greater than one year are presented on an annualized basis.4. The portfolio’s benchmark is the ICE BofAML 1-3 Year U.S. Treasury Index. Source: Bloomberg. -3.0%-2.0%-1.0%

0.0%1.0%2.0%
Return
Portfolio Benchmark Net of Fees
Portfolio Performance
Market Value Basis Earnings 3 Months 1 Year 3 Years 5 Years 10 YearsInterest Earned² $106,863 $530,781 $2,941,749 $4,892,288 $6,165,068 Change in Market Value ($1,271,530) ($1,917,430) ($770,395) ($824,781) ($1,130,337) Total Dollar Return ($1,164,667) ($1,386,649) $2,171,354 $4,067,507 $5,034,731Total Return³ Portfolio -2.27% -2.66% 1.12% 1.36% 1.03%Benchmark⁴ -2.34% -2.84% 0.88% 1.08% 0.86%Basis Point Fee 0.02% 0.09% 0.09% 0.09% 0.09%Net of Fee Return -2.29% -2.75% 1.03% 1.27% 0.94% 3 Months 1 Year 3 Years 5 Years 10 Years
19 48
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
Portfolio Performance
|

1. Performance on trade-date basis, gross (i.e., before fees), in accordance with the CFA Institute’s Global Investment Performance Standards (GIPS).2. Income returns calculated as interest earned on investments during the period.3. Price returns calculated as the change in market value of each security for the period.4. Returns are presented on a periodic basis.

Quarterly Sector Performance
Total Return by Sector Contribution to Total Return
Cash
ABS
Corporate
Negotiable CD
Supranational
Agency CMBS
Federal Agency
U.S. Treasury
-2.50%-2.00%-1.50%-1.00%-0.50%

0.01%

0.25%

0.45%

0.39%

0.09%

0.62%

0.06%

0.15%

0.00% -1.71%
-3.23%
-1.22% -2.29%
-0.76%
-1.79%
-2.88%
-5.0% -3.4% -1.8% -0.2% 1.4% 3.0%
Return
20 49
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
Portfolio Performance
|

1. The lesser of 10 years or since inception is shown. Performance inception date is June 30, 2010.2. 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 - CITY OF LOS ALTOS INVESTMENT PORTFOLIO Accrual Basis EarningsInterest Earned²Realized Gains / (Losses)³Change in Amortized CostTotal Earnings 3 Months
$106,863
($2,725)
($24,758)
$79,380
1 Year
$530,781$242,992
($99,646)
$674,128
3 Years
$2,941,749$1,020,826
($102,841)
$3,859,734
5 Year
$4,892,288
$646,559
($83,141)
$5,455,707
10 Year¹
$6,165,068
$698,789
($254,830)
$6,609,027
21 50
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
Portfolio Composition
|
Issuer Distribution
As of March 31, 2022
Issuer Market Value ($) % of PortfolioUNITED STATES TREASURY 20,490,351 42.23%FREDDIE MAC 5,421,201 11.17%FANNIE MAE 3,576,361 7.37%INTER-AMERICAN DEVELOPMENT BANK 941,893 1.94%INTL BANK OF RECONSTRUCTION AND DEV 788,915 1.63%CAPITAL ONE FINANCIAL CORP 729,388 1.50%JP MORGAN CHASE & CO 721,776 1.49%BANK OF AMERICA CO 698,333 1.44% AMAZON.COM INC 693,901 1.43%
VERIZON OWNER TRUST 615,386 1.27%CARMAX AUTO OWNER TRUST 583,071 1.20%DNB ASA 576,579 1.19%TOYOTA MOTOR CORP 554,376 1.14%HYUNDAI AUTO RECEIVABLES 548,673 1.13%PACCAR FINANCIAL CORP 436,784 0.90%CREDIT SUISSE GROUP RK 418,804 0.86% AMERICAN HONDA FINANCE 417,242 0.86%
GM FINANCIAL CONSUMER AUTOMOBILE TRUST 406,986 0.84%GENERAL DYNAMICS CORP 395,282 0.81%CITIGROUP INC 389,606 0.80% AMERICAN EXPRESS CO 371,274 0.77%
CHEVRON CORPORATION 361,792 0.75%DEERE & COMPANY 361,473 0.74%CATERPILLAR INC 360,783 0.74% 22 51
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
Portfolio Composition
|
Issuer Market Value ($) % of PortfolioSTATE STREET CORPORATION 358,665 0.74%HONDA AUTO RECEIVABLES 346,418 0.71%WORLD OMNI AUTO REC TRUST 334,596 0.69%GM FINANCIAL LEASINGTRUST 318,180 0.66%GOLDMAN SACHS GROUP INC 297,706 0.61%MORGAN STANLEY 281,396 0.58%PNC FINANCIAL SERVICES GROUP 278,382 0.57% ASTRAZENECA PLC 278,125 0.57%
GOOGLE INC 254,945 0.53%IBM CORP 254,868 0.53%THE BANK OF NEW YORK MELLON CORPORATION 250,188 0.52%RABOBANK NEDERLAND 239,027 0.49%TRUIST FIN CORP 234,924 0.48%UNILEVER PLC 221,958 0.46%COMCAST CORP 204,386 0.42%TARGET CORP 204,309 0.42%BRISTOL-MYERS SQUIBB CO 200,062 0.41% APPLE INC 187,414 0.39%
NISSAN AUTO RECEIVABLES 185,469 0.38%UNITEDHEALTH GROUP INC 182,025 0.38%LOCKHEED MARTIN CORP 175,725 0.36%PRAXAIR INC 173,560 0.36%CHARLES SCHWAB 169,197 0.35%NATIONAL RURAL UTILITIES CO FINANCE CORP 169,065 0.35%HORMEL FOODS CORP 168,200 0.35%HONEYWELL INTERNATIONAL 167,897 0.35% ABBOTT LABORATORIES 165,887 0.34%
23 52
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
Portfolio Composition
|
Issuer Market Value ($) % of PortfolioDISCOVER FINANCIAL SERVICES 146,985 0.30%MERCK & CO INC 130,241 0.27%EXXON MOBIL CORP 129,655 0.27%BURLINGTON NORTHERN SANTA FE 125,949 0.26%FORD CREDIT AUTO OWNER TRUST 125,206 0.26%HERSHEY COMPANY 122,443 0.25%BROWN-FORMAN CORP 116,573 0.24%BMW FINANCIAL SERVICES NA LLC 103,943 0.21%HARLEY-DAVIDSON MOTORCYCLE TRUST 100,231 0.21%BMW VEHICLE OWNER TRUST 93,243 0.19%MERCEDES-BENZ AUTO LEASE TRUST 74,545 0.15%HOME DEPOT INC 39,886 0.08%FIFTH THIRD AUTO TRUST 34,812 0.07% ALLY AUTO RECEIVABLES TRUST 17,667 0.04%
Grand Total 48,524,185 100.00%
24 53
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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
US TREASURY NOTESDTD 09/30/2021 0.250% 09/30/2023
91282CDA6 1,500,000.00 AA+ Aaa 10/1/2021 10/6/2021 1,499,179.69 0.28 10.25 1,499,380.24 1,458,515.70 US TREASURY N/B NOTESDTD 10/31/2021 0.375% 10/31/2023
91282CDD0 1,425,000.00 AA+ Aaa 11/1/2021 11/3/2021 1,420,880.86 0.52 2,243.78 1,421,725.09 1,385,367.19 US TREASURY NOTESDTD 11/15/2020 0.250% 11/15/2023
91282CAW1 2,150,000.00 AA+ Aaa 12/1/2020 12/3/2020 2,152,015.63 0.22 2,034.19 2,151,109.81 2,083,148.33 US TREASURY N/B NOTESDTD 11/30/2021 0.500% 11/30/2023
91282CDM0 600,000.00 AA+ Aaa 12/1/2021 12/3/2021 599,039.06 0.58 1,005.49 599,196.35 583,218.72 US TREASURY NOTESDTD 12/15/2020 0.125% 12/15/2023
91282CBA8 1,500,000.00 AA+ Aaa 1/6/2021 1/7/2021 1,496,425.78 0.21 551.17 1,497,922.82 1,446,796.80 US TREASURY NOTESDTD 01/15/2021 0.125% 01/15/2024
91282CBE0 2,300,000.00 AA+ Aaa 2/2/2021 2/3/2021 2,296,316.41 0.18 603.59 2,297,761.09 2,213,390.74 US TREASURY NOTESDTD 02/15/2021 0.125% 02/15/2024
91282CBM2 1,250,000.00 AA+ Aaa 3/1/2021 3/3/2021 1,244,580.08 0.27 194.23 1,246,559.18 1,200,390.62 US TREASURY NOTESDTD 02/15/2021 0.125% 02/15/2024
91282CBM2 350,000.00 AA+ Aaa 2/23/2021 2/25/2021 349,015.63 0.22 54.39 349,378.53 336,109.38 US TREASURY NOTESDTD 05/01/2017 2.000% 04/30/2024
912828X70 575,000.00 AA+ Aaa 4/1/2021 4/5/2021 603,547.85 0.37 4,828.73 594,354.47 570,507.81 US TREASURY N/B NOTESDTD 06/15/2021 0.250% 06/15/2024
91282CCG4 142,000.00 AA+ Aaa 6/22/2021 6/24/2021 141,173.52 0.45 104.35 141,387.17 135,432.50 US TREASURY N/B NOTESDTD 06/15/2021 0.250% 06/15/2024
91282CCG4 2,000,000.00 AA+ Aaa 7/1/2021 7/7/2021 1,987,031.25 0.47 1,469.78 1,990,267.40 1,907,500.00 US TREASURY N/B NOTESDTD 07/15/2021 0.375% 07/15/2024
91282CCL3 600,000.00 AA+ Aaa 8/9/2021 8/10/2021 599,367.19 0.41 472.38 599,505.58 572,625.00 US TREASURY N/B NOTESDTD 07/15/2021 0.375% 07/15/2024
91282CCL3 750,000.00 AA+ Aaa 8/4/2021 8/6/2021 750,878.91 0.33 590.47 750,684.14 715,781.25 US TREASURY N/B NOTESDTD 08/15/2021 0.375% 08/15/2024
91282CCT6 1,575,000.00 AA+ Aaa 9/1/2021 9/3/2021 1,573,277.34 0.41 734.20 1,573,613.23 1,499,941.49 US TREASURY N/B NOTESDTD 09/15/2021 0.375% 09/15/2024
91282CCX7 1,000,000.00 AA+ Aaa 10/1/2021 10/6/2021 995,937.50 0.51 173.23 996,606.40 950,000.00 25 54
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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 NOTESDTD 10/31/2019 1.500% 10/31/2024
912828YM6 1,650,000.00 AA+ Aaa 5/4/2021 5/6/2021 1,710,263.67 0.44 10,392.27 1,694,653.77 1,609,523.52 US TREASURY NOTESDTD 11/30/2019 1.500% 11/30/2024
912828YV6 575,000.00 AA+ Aaa 6/15/2021 6/17/2021 595,911.13 0.44 2,890.80 591,139.02 560,085.94 US TREASURY NOTESDTD 11/30/2019 1.500% 11/30/2024
912828YV6 975,000.00 AA+ Aaa 6/2/2021 6/7/2021 1,011,181.64 0.42 4,901.78 1,002,705.12 949,710.94 US TREASURY N/B NOTESDTD 12/15/2021 1.000% 12/15/2024
91282CDN8 325,000.00 AA+ Aaa 1/3/2022 1/5/2022 324,771.48 1.02 955.36 324,789.76 312,304.69 Security Type Sub-Total 21,242,000.00 21,350,794.62 0.36 34,210.44 21,322,739.17 20,490,350.62 Supranational
INTL BK OF RECON AND DEV NOTEDTD 04/20/2021 0.125% 04/20/2023 459058JV6 385,000.00 AAA Aaa 4/13/2021 4/20/2021 384,203.05 0.23 216.95 384,580.78 377,800.12 INTER-AMERICAN DEVEL BK NOTESDTD 04/24/2020 0.500% 05/24/2023 4581X0DM7 440,000.00 AAA Aaa 4/17/2020 4/24/2020 439,850.40 0.51 776.11 439,944.42 432,494.48 INTL BK RECON & DEVELOP NOTESDTD 11/24/2020 0.250% 11/24/2023 459058JM6 425,000.00 AAA Aaa 11/17/2020 11/24/2020 424,086.25 0.32 374.83 424,497.65 411,115.25 INTER-AMERICAN DEVEL BK NOTESDTD 09/23/2021 0.500% 09/23/2024 4581X0DZ8 535,000.00 AAA Aaa 9/15/2021 9/23/2021 534,604.10 0.52 59.44 534,672.73 509,398.11 Security Type Sub-Total 1,785,000.00 1,782,743.80 0.41 1,427.33 1,783,695.58 1,730,807.96 Negotiable CD
DNB BANK ASA/NY LT CDDTD 12/06/2019 2.040% 12/02/2022
23341VZT1 575,000.00 A-1+ P-1 12/4/2019 12/6/2019 575,000.00 2.03 3,910.00 575,000.00 576,578.95 CREDIT SUISSE NEW YORK CERTDEPOSDTD 03/23/2021 0.590% 03/17/2023 22552G3C2 425,000.00 A-1 P-1 3/19/2021 3/23/2021 425,000.00 0.59 104.48 425,000.00 418,804.35 Security Type Sub-Total 1,000,000.00 1,000,000.00 1.42 4,014.48 1,000,000.00 995,383.30 26 55
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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
Federal Agency
FANNIE MAE NOTESDTD 05/22/2020 0.250% 05/22/2023
3135G04Q3 500,000.00 AA+ Aaa 6/3/2020 6/4/2020 498,380.00 0.36 447.92 499,377.15 490,939.50 FANNIE MAE NOTESDTD 05/22/2020 0.250% 05/22/2023
3135G04Q3 1,175,000.00 AA+ Aaa 5/20/2020 5/22/2020 1,171,463.25 0.35 1,052.60 1,173,656.36 1,153,707.83 FREDDIE MAC NOTESDTD 06/26/2020 0.250% 06/26/2023
3137EAES4 1,080,000.00 AA+ Aaa 6/24/2020 6/26/2020 1,076,846.40 0.35 712.50 1,078,701.12 1,057,405.32 FANNIE MAE NOTESDTD 07/10/2020 0.250% 07/10/2023
3135G05G4 1,135,000.00 AA+ Aaa 7/8/2020 7/10/2020 1,132,559.75 0.32 638.44 1,133,963.73 1,109,522.66 FANNIE MAE NOTESDTD 07/10/2020 0.250% 07/10/2023
3135G05G4 650,000.00 AA+ Aaa 10/7/2020 10/8/2020 649,766.00 0.26 365.62 649,891.73 635,409.45 FREDDIE MAC NOTESDTD 08/21/2020 0.250% 08/24/2023
3137EAEV7 1,075,000.00 AA+ Aaa 8/19/2020 8/21/2020 1,073,903.50 0.28 276.22 1,074,490.70 1,047,575.68 FREDDIE MAC NOTESDTD 09/04/2020 0.250% 09/08/2023
3137EAEW5 735,000.00 AA+ Aaa 9/2/2020 9/4/2020 734,757.45 0.26 117.39 734,884.13 715,431.36 FREDDIE MAC NOTESDTD 09/04/2020 0.250% 09/08/2023
3137EAEW5 465,000.00 AA+ Aaa 9/2/2020 9/4/2020 465,084.91 0.24 74.27 465,040.56 452,619.84 FREDDIE MAC NOTESDTD 09/04/2020 0.250% 09/08/2023
3137EAEW5 625,000.00 AA+ Aaa 10/7/2020 10/8/2020 624,800.00 0.26 99.83 624,901.41 608,360.00 FREDDIE MAC NOTESDTD 12/04/2020 0.250% 12/04/2023
3137EAFA2 900,000.00 AA+ Aaa 12/2/2020 12/4/2020 899,109.00 0.28 731.25 899,502.02 870,536.70 Security Type Sub-Total 8,340,000.00 8,326,670.26 0.30 4,516.04 8,334,408.91 8,141,508.34 Corporate
CHEVRON CORP (CALLED, OMD6/24/23)DTD 06/24/2013 3.191% 05/11/2022 166764AH3 275,000.00 AA- Aa2 2/25/2020 2/27/2020 288,950.75 0.86 2,364.44 280,163.96 277,754.68

APPLE INC CORPORATE NOTES
DTD 05/11/2020 0.750% 05/11/2023
037833DV9 190,000.00 AA+ Aaa 5/4/2020 5/11/2020 189,483.20 0.84 554.17 189,808.85 187,414.29 CHEVRON CORP CORPORATE NOTESDTD 05/11/2020 1.141% 05/11/2023 166764BV1 85,000.00 AA- Aa2 5/7/2020 5/11/2020 85,000.00 1.14 377.16 85,000.00 84,037.12 GENERAL DYNAMICS CORP NOTESDTD 05/11/2018 3.375% 05/15/2023 369550BD9 225,000.00 A- A3 5/8/2020 5/12/2020 240,777.00 1.00 2,868.75 230,598.77 227,531.25 27 56
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

ALPHABET INC CORP NOTES
DTD 04/27/2016 3.375% 02/25/2024
02079KAB3 250,000.00 AA+ Aa2 11/30/2021 12/2/2021 264,105.00 0.82 843.75 262,028.19 254,944.75 GOLDMAN SACHS CORP NOTESDTD 03/03/2014 4.000% 03/03/2024 38141GVM3 150,000.00 BBB+ A2 1/21/2021 1/25/2021 165,336.00 0.67 466.67 159,502.09 152,691.00 CHARLES SCHWAB CORP NOTES(CALLABLE)DTD 03/18/2021 0.750% 03/18/2024 808513BN4 175,000.00 A A2 3/16/2021 3/18/2021 174,912.50 0.77 47.40 174,942.76 169,197.35 COMCAST CORP (CALLABLE)CORPORATE NOTESDTD 10/05/2018 3.700% 04/15/2024 20030NCR0 200,000.00 A- A3 5/7/2020 5/11/2020 219,118.00 1.20 3,412.22 209,722.40 204,386.00 AMAZON.COM INC CORPORATE
NOTESDTD 05/12/2021 0.450% 05/12/2024
023135BW5 400,000.00 AA A1 5/10/2021 5/12/2021 399,416.00 0.50 695.00 399,588.64 384,136.00 CITIGROUP INC (CALLABLE)CORPORATE NOTESDTD 05/14/2020 1.678% 05/15/2024 172967MR9 150,000.00 BBB+ A3 5/7/2020 5/14/2020 150,000.00 1.68 950.87 150,000.00 148,590.90 CITIGROUP INC (CALLABLE)CORPORATE NOTESDTD 05/14/2020 1.678% 05/15/2024 172967MR9 75,000.00 BBB+ A3 10/2/2020 10/6/2020 76,853.25 0.98 475.43 75,797.03 74,295.45 28 57
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

ASTRAZENECA FINANCE LLC
(CALLABLE) CORPDTD 05/28/2021 0.700% 05/28/2024
04636NAC7 290,000.00 A- A3 5/25/2021 5/28/2021 289,973.90 0.70 693.58 289,981.23 278,124.79 HORMEL FOODS CORP NOTES(CALLABLE)DTD 06/03/2021 0.650% 06/03/2024 440452AG5 175,000.00 A A1 3/10/2022 3/14/2022 169,457.75 2.12 372.85 169,580.61 168,199.85 JOHN DEERE CAPITAL CORPCORPORATE NOTESDTD 06/10/2021 0.450% 06/07/2024 24422EVQ9 80,000.00 A A2 6/7/2021 6/10/2021 79,900.00 0.49 114.00 79,926.99 76,531.52 TARGET CORP CORPORATE NOTESDTD 06/26/2014 3.500% 07/01/2024 87612EBD7 200,000.00 A A2 11/23/2021 11/29/2021 212,528.00 1.04 1,750.00 210,897.37 204,309.20 BANK OF AMERICA CORP NOTESDTD 07/23/2018 3.864% 07/23/2024 06051GHL6 200,000.00 A- A2 9/28/2020 10/1/2020 216,830.00 1.58 1,459.73 210,324.74 202,318.20 BRISTOL MYERS SQUIBB CO CORPNOTES (CALLDTD 01/26/2020 2.900% 07/26/2024 110122CM8 83,000.00 A+ A2 10/5/2020 10/7/2020 89,863.27 0.69 434.60 87,129.08 83,785.76

AMERICAN EXPRESS CO CORP
NOTES (CALLABLEDTD 07/30/2019 2.500% 07/30/2024
025816CG2 225,000.00 BBB+ A2 11/19/2021 11/23/2021 233,055.00 1.14 953.13 231,961.22 224,028.00

AMERICAN HONDA FINANCE
CORPORATE NOTESDTD 09/09/2021 0.750% 08/09/2024
02665WDY4 185,000.00 A- A3 9/7/2021 9/9/2021 184,877.90 0.77 200.42 184,901.29 176,263.01 PACCAR FINANCIAL CORPCORPORATE NOTESDTD 08/09/2021 0.500% 08/09/2024 69371RR40 145,000.00 A+ A1 8/3/2021 8/9/2021 144,921.70 0.52 104.72 144,938.49 137,654.88 UNILEVER CAPITAL CORP(CALLABLE) CORPORADTD 08/12/2021 0.626% 08/12/2024 904764BN6 100,000.00 A+ A1 8/9/2021 8/12/2021 100,000.00 0.63 85.21 100,000.00 95,280.40 29 58
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

AMERICAN HONDA FINANCE
CORPORATE NOTESDTD 01/13/2022 1.500% 01/13/2025
02665WEA5 250,000.00 A- A3 1/11/2022 1/13/2022 249,802.50 1.53 812.50 249,816.56 240,979.00 LINDE INC/CT (CALLABLE)CORPORATE NOTESDTD 02/05/2015 2.650% 02/05/2025 74005PBN3 175,000.00 A A2 3/4/2022 3/8/2022 177,549.75 2.13 721.39 177,486.86 173,560.28 NATIONAL RURAL UTIL COOPCORPORATE NOTESDTD 02/07/2022 1.875% 02/07/2025 63743HFC1 110,000.00 A- A2 1/31/2022 2/7/2022 109,996.70 1.88 309.38 109,996.86 106,269.35 NATIONAL RURAL UTIL COOPCORPORATE NOTESDTD 02/07/2022 1.875% 02/07/2025 63743HFC1 65,000.00 A- A2 2/22/2022 2/24/2022 64,400.70 2.20 182.81 64,420.70 62,795.53 MERCK & CO INC CORP NOTESDTD 02/10/2015 2.750% 02/10/2025 58933YAR6 130,000.00 A+ A1 3/9/2021 3/11/2021 138,819.20 0.98 506.46 136,278.74 130,240.89 TOYOTA MOTOR CREDIT CORP CORPNOTESDTD 02/13/2020 1.800% 02/13/2025 89236TGT6 200,000.00 A+ A1 9/23/2021 9/27/2021 205,542.00 0.96 480.00 204,707.33 193,999.40 JPMORGAN CHASE & CO CORPNOTES (CALLABLEDTD 02/16/2021 0.563% 02/16/2025 46647PBY1 170,000.00 A- A2 2/9/2021 2/16/2021 170,000.00 0.56 119.64 170,000.00 162,442.48 30 59
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

AMERICAN EXPRESS CO CORP
NOTES (CALLABLEDTD 03/04/2022 2.250% 03/04/2025
025816CQ0 100,000.00 BBB+ A2 3/2/2022 3/4/2022 99,821.00 2.31 168.75 99,825.57 98,164.10

AMERICAN EXPRESS CO CORP
NOTES (CALLABLEDTD 03/04/2022 2.250% 03/04/2025
025816CQ0 50,000.00 BBB+ A2 3/1/2022 3/4/2022 49,949.50 2.29 84.38 49,950.79 49,082.05 EXXON MOBIL CORP CORPORATE NT(CALLABLE)DTD 03/06/2015 2.709% 03/06/2025 30231GAF9 130,000.00 AA- Aa2 3/26/2021 3/30/2021 138,049.60 1.10 244.56 135,856.43 129,655.11 JOHN DEERE CAPITAL CORPCORPORATE NOTESDTD 03/07/2022 2.125% 03/07/2025 24422EWB1 50,000.00 A A2 3/3/2022 3/7/2022 50,100.00 2.06 70.83 50,097.72 49,216.55 JOHN DEERE CAPITAL CORPCORPORATE NOTESDTD 03/07/2022 2.125% 03/07/2025 24422EWB1 25,000.00 A A2 3/2/2022 3/7/2022 24,989.25 2.14 35.42 24,989.50 24,608.28

ABBOTT LABORATORIES CORP NOTE
(CALLABLE)DTD 03/10/2015 2.950% 03/15/2025
002824BB5 165,000.00 AA- A1 3/10/2022 3/14/2022 167,547.60 2.41 216.33 167,502.06 165,887.21 UNILEVER CAPITAL CORP NOTES(CALLABLE)DTD 03/22/2018 3.375% 03/22/2025 904764BB2 125,000.00 A+ A1 2/22/2022 2/24/2022 129,088.75 2.27 105.47 128,892.49 126,677.63 BURLINGTN NORTH SANTA FE CORPNOTES (CALDTD 03/09/2015 3.000% 04/01/2025 12189LAV3 125,000.00 AA- A3 3/5/2021 3/9/2021 134,578.75 1.07 1,875.00 131,912.64 125,949.13 PACCAR FINANCIAL CORPCORPORATE NOTESDTD 04/07/2022 2.850% 04/07/2025 69371RR73 250,000.00 A+ A1 3/31/2022 4/7/2022 249,935.00 2.86 0.00 249,935.00 249,935.00 HOME DEPOT INC (CALLABLE)CORPORATE NOTEDTD 03/28/2022 2.700% 04/15/2025 437076CM2 40,000.00 A A2 3/24/2022 3/28/2022 39,930.00 2.76 9.00 39,930.25 39,886.40 BROWN-FORMAN CORP NOTES(CALLABLE)DTD 03/26/2018 3.500% 04/15/2025 115637AS9 115,000.00 A- A1 2/24/2022 2/28/2022 119,465.45 2.21 1,855.97 119,333.51 116,573.09 31 60
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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
BANK OF NY MELLON (CALLABLE)CORP NOTESDTD 04/24/2020 1.600% 04/24/2025 06406RAN7 125,000.00 A A1 3/10/2022 3/14/2022 121,988.75 2.41 872.22 122,036.42 120,282.50 BANK OF NY MELLON (CALLABLE)CORP NOTESDTD 04/24/2020 1.600% 04/24/2025 06406RAN7 135,000.00 A A1 3/9/2021 3/11/2021 138,202.20 1.01 942.00 137,363.63 129,905.10 CITIGROUP INC CORPORATE NOTESDTD 05/04/2021 0.981% 05/01/2025 172967MX6 175,000.00 BBB+ A3 4/28/2021 5/4/2021 175,458.50 0.91 715.31 175,354.10 166,719.88 GENERAL DYNAMICS CORP(CALLABLE) CORP NODTD 05/11/2018 3.500% 05/15/2025 369550BG2 165,000.00 A- A3 3/4/2022 3/8/2022 171,512.55 2.21 2,181.67 171,370.84 167,751.05 HONEYWELL INTL CORP NOTES(CALLABLE)DTD 05/18/2020 1.350% 06/01/2025 438516CB0 175,000.00 A A2 3/2/2022 3/4/2022 171,234.00 2.04 787.50 171,322.99 167,897.28 JPMORGAN CHASE & COCORPORATE NOTESDTD 06/01/2021 0.824% 06/01/2025 46647PCH7 345,000.00 A- A2 5/24/2021 6/1/2021 345,000.00 0.82 947.60 345,000.00 328,811.22 HERSHEY CO CORP NOTES(CALLABLE)DTD 06/01/2020 0.900% 06/01/2025 427866BF4 130,000.00 A A1 2/23/2022 2/25/2022 124,784.40 2.18 390.00 124,937.54 122,443.36 TRUIST FINANCIAL CORP NOTES(CALLABLE)DTD 06/05/2018 3.700% 06/05/2025 05531FBE2 231,000.00 A- A3 2/7/2022 2/9/2022 242,822.58 2.10 2,754.03 242,312.04 234,924.00 JP MORGAN CHASE CORP NOTES(CALLABLE)DTD 07/21/2015 3.900% 07/15/2025 46625HMN7 225,000.00 A- A2 3/10/2022 3/14/2022 232,026.75 2.91 1,852.50 231,914.62 230,521.95 BANK OF AMERICA CORP NOTESDTD 07/30/2015 3.875% 08/01/2025 06051GFS3 225,000.00 A- A2 3/10/2022 3/14/2022 232,420.50 2.84 1,453.13 232,312.43 230,324.63 BRISTOL-MYERS SQUIBB COCORPORATE NOTESDTD 11/13/2020 0.750% 11/13/2025 110122DN5 125,000.00 A+ A2 2/22/2022 2/24/2022 118,435.00 2.23 359.38 118,609.04 116,276.00 STATE STREET CORP CORPORATENOTESDTD 02/07/2022 1.746% 02/06/2026 857477BR3 110,000.00 A A1 2/2/2022 2/7/2022 110,000.00 1.75 288.09 110,000.00 106,467.79 32 61
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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 CORP NOTES(CALLABLE)DTD 02/18/2022 2.630% 02/18/2026 61747YEM3 290,000.00 BBB+ A1 2/16/2022 2/18/2022 290,000.00 2.63 911.00 290,000.00 281,395.70 STATE STREET CORP NOTES(CALLABLE)DTD 10/29/2020 2.901% 03/30/2026 857477BM4 255,000.00 A A1 2/17/2022 2/22/2022 260,133.15 2.38 20.55 259,960.84 252,197.04 Security Type Sub-Total 11,569,000.00 11,788,282.60 1.39 50,184.75 11,708,568.46 11,375,054.02 Agency CMBS
FHLMC MULTIFAMILY STRUCTURED PDTD 11/01/2015 2.716% 06/01/2022 3137BLUR7 129,534.04 AA+ Aaa 3/13/2019 3/18/2019 129,372.88 2.76 293.18 129,525.64 129,529.91 FHLMC MULTIFAMILY STRUCTURED PDTD 12/01/2012 2.355% 07/01/2022 3137AVXN2 228,724.56 AA+ Aaa 6/12/2019 6/17/2019 229,439.33 2.25 448.87 228,783.16 228,815.35 FHLMC MULTIFAMILY STRUCTURED PDTD 05/01/2013 2.510% 11/01/2022 3137B1BS0 274,674.57 AA+ Aaa 8/13/2019 8/16/2019 279,223.87 1.98 574.53 275,504.54 275,223.87 FNA 2013-M7 A2DTD 05/01/2013 2.280% 12/01/2022
3136AEGQ4 80,647.18 AA+ Aaa 9/11/2019 9/16/2019 81,149.68 2.08 153.23 80,751.80 80,689.44 FNA 2013-M7 A2DTD 05/01/2013 2.280% 12/01/2022
3136AEGQ4 106,036.10 AA+ Aaa 9/4/2019 9/9/2019 107,425.27 1.86 201.47 106,323.60 106,091.68 FHMS KP05 ADTD 12/01/2018 3.203% 07/01/2023
3137FKK39 7,521.72 AA+ Aaa 12/7/2018 12/17/201 7,521.69 3.20 20.08 7,521.71 7,556.39 FHMS KJ27 A1DTD 11/01/2019 2.092% 07/01/2024
3137FQ3V3 28,152.65 AA+ Aaa 11/20/2019 11/26/2019 28,151.97 2.09 49.08 28,152.32 28,146.65 Security Type Sub-Total 855,290.82 862,284.69 2.18 1,740.44 856,562.77 856,053.29 ABS
HAROT 2019-1 A3DTD 02/27/2019 2.830% 03/20/2023
43814WAC9 18,527.97 AAA NR 2/19/2019 2/27/2019 18,527.48 2.83 18.93 18,527.85 18,558.00 HYUNDAI AUTO RECEIVABLES TRUSTDTD 04/10/2019 2.660% 06/15/2023 44932NAD2 22,879.45 AAA NR 4/3/2019 4/10/2019 22,876.44 2.66 27.05 22,878.58 22,894.84 GMALT 2020-3 A3DTD 09/29/2020 0.450% 08/21/2023
362569AC9 111,868.40 AAA Aaa 9/22/2020 9/29/2020 111,857.69 0.45 15.38 111,863.26 111,536.26 33 62
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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
ALLYA 2019-1 A3
DTD 02/13/2019 2.910% 09/15/2023
02004WAC5 17,633.42 NR Aaa 2/5/2019 2/13/2019 17,631.28 2.91 22.81 17,632.74 17,667.34 CARMAX AUTO OWNER TRUSTDTD 10/24/2018 3.360% 09/15/2023 14315EAC4 25,079.53 AAA NR 10/17/201 10/24/201 25,079.30 3.36 37.45 25,079.46 25,131.73 NAROT 2019-A A3DTD 02/13/2019 2.900% 10/15/2023
65479KAD2 50,445.80 NR Aaa 2/5/2019 2/13/2019 50,438.16 2.90 65.02 50,443.28 50,542.21 MBALT 2020-B A3DTD 09/23/2020 0.400% 11/15/2023
58769EAC2 75,000.00 AAA NR 9/15/2020 9/23/2020 74,996.20 0.40 13.33 74,998.04 74,545.01 COPAR 2019-1 A3DTD 05/30/2019 2.510% 11/15/2023
14042WAC4 34,826.33 AAA Aaa 5/21/2019 5/30/2019 34,819.28 2.51 38.85 34,823.77 34,909.01 GMCAR 2019-1 A3DTD 01/16/2019 2.970% 11/16/2023
36256XAD4 19,994.87 NR Aaa 1/8/2019 1/16/2019 19,992.65 2.97 24.74 19,994.12 20,019.30 FIFTH THIRD AUTO TRUSTDTD 05/08/2019 2.640% 12/15/2023
31680YAD9 34,759.61 AAA Aaa 4/30/2019 5/8/2019 34,751.97 2.65 40.78 34,756.78 34,812.26 BMWLT 2021-1 A3DTD 03/10/2021 0.290% 01/25/2024
05591RAC8 105,000.00 AAA Aaa 3/2/2021 3/10/2021 104,996.67 0.29 5.08 104,997.90 103,943.32 HDMOT 2019-A A3DTD 06/26/2019 2.340% 02/15/2024
41284WAC4 39,905.06 NR Aaa 6/19/2019 6/26/2019 39,901.98 2.34 41.50 39,903.82 39,955.08 CARMX 2019-2 A3DTD 04/17/2019 2.680% 03/15/2024
14316LAC7 63,839.84 AAA NR 4/9/2019 4/17/2019 63,833.31 2.68 76.04 63,837.24 64,063.61 VZOT 2019-C A1ADTD 10/08/2019 1.940% 04/22/2024
92348AAA3 197,191.99 AAA NR 10/1/2019 10/8/2019 197,176.78 1.94 116.89 197,185.09 197,418.72 GMALT 2021-2 A3DTD 05/26/2021 0.340% 05/20/2024
380144AC9 210,000.00 AAA NR 5/18/2021 5/26/2021 209,967.03 0.35 21.82 209,976.41 206,644.12 NAROT 2019-C A3DTD 10/23/2019 1.930% 07/15/2024
65479JAD5 134,771.17 AAA Aaa 10/16/201 10/23/201 134,764.05 1.93 115.60 134,767.72 134,926.48 VZOT 2020-A A1ADTD 01/29/2020 1.850% 07/22/2024
92348TAA2 112,216.80 AAA Aaa 1/21/2020 1/29/2020 112,203.67 1.85 63.43 112,210.03 112,230.95 TAOT 2020-C A3DTD 07/27/2020 0.440% 10/15/2024
89237VAB5 171,926.91 AAA Aaa 7/21/2020 7/27/2020 171,913.68 0.44 33.62 171,918.94 170,226.35 HDMOT 2020-A A3DTD 01/29/2020 1.870% 10/15/2024
41284UAD6 60,282.04 AAA Aaa 1/21/2020 1/29/2020 60,268.89 1.87 50.10 60,274.95 60,275.51 HAROT 2020-3 A3DTD 09/29/2020 0.370% 10/18/2024
43813KAC6 180,000.00 AAA NR 9/22/2020 9/29/2020 179,973.56 0.37 24.05 179,983.37 177,766.52 34 63
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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
BMWOT 2020-A A3DTD 07/15/2020 0.480% 10/25/2024
09661RAD3 94,010.79 AAA NR 7/8/2020 7/15/2020 94,003.69 0.48 7.52 94,006.53 93,242.66 CARMX 2020-1 A3DTD 01/22/2020 1.890% 12/16/2024
14315XAC2 119,645.91 AAA NR 1/14/2020 1/22/2020 119,622.44 1.89 100.50 119,632.93 119,524.60 HART 2020-B A3DTD 07/22/2020 0.480% 12/16/2024
44933FAC0 161,579.08 AAA NR 7/14/2020 7/22/2020 161,548.84 0.48 34.47 161,560.46 160,211.57 VZOT 2020-B ADTD 08/12/2020 0.470% 02/20/2025
92290BAA9 310,000.00 NR Aaa 8/4/2020 8/12/2020 309,934.90 0.47 44.52 309,958.41 305,736.07 GMCAR 2020-3 A3DTD 08/19/2020 0.450% 04/16/2025
362590AC5 186,673.56 NR Aaa 8/11/2020 8/19/2020 186,630.85 0.46 35.00 186,645.66 184,376.04 WOART 2020-B A3DTD 06/24/2020 0.630% 05/15/2025
98163WAC0 153,442.82 AAA NR 6/16/2020 6/24/2020 153,430.79 0.63 42.96 153,435.14 152,062.95 HART 2021-A A3DTD 04/28/2021 0.380% 09/15/2025
44933LAC7 115,000.00 AAA NR 4/20/2021 4/28/2021 114,987.90 0.38 19.42 114,990.45 112,044.79 HAROT 2021-4 A3DTD 11/24/2021 0.880% 01/21/2026
43815GAC3 155,000.00 NR Aaa 11/16/2021 11/24/2021 154,967.33 0.89 37.89 154,970.08 150,093.92 CARMX 2021-2 A3DTD 04/21/2021 0.520% 02/17/2026
14314QAC8 125,000.00 AAA NR 4/13/2021 4/21/2021 124,973.06 0.52 28.89 124,978.33 122,110.05 HART 2021-C A3DTD 11/17/2021 0.740% 05/15/2026
44935FAD6 120,000.00 AAA NR 11/9/2021 11/17/2021 119,973.22 0.75 39.47 119,975.42 115,241.09 CARMX 2021-3 A3DTD 07/28/2021 0.550% 06/15/2026
14317DAC4 260,000.00 AAA Aaa 7/21/2021 7/28/2021 259,957.23 0.55 63.56 259,963.15 252,241.21 FORDO 2022-A A3DTD 01/24/2022 1.290% 06/15/2026
345286AC2 130,000.00 AAA NR 1/19/2022 1/24/2022 129,984.56 1.29 74.53 129,985.21 125,206.20 COPAR 2021-1 A3DTD 10/27/2021 0.770% 09/15/2026
14044CAC6 160,000.00 AAA Aaa 10/19/202 10/27/202 159,996.98 0.77 54.76 159,997.24 153,033.17 DCENT 2021-A1 A1DTD 09/27/2021 0.580% 09/15/2026
254683CP8 155,000.00 AAA Aaa 9/20/2021 9/27/2021 154,966.81 0.58 39.96 154,970.21 146,985.46 GMCAR 2021-4 A3DTD 10/21/2021 0.680% 09/16/2026
362554AC1 100,000.00 AAA Aaa 10/13/202 10/21/202 99,997.45 0.68 28.33 99,997.68 95,528.16 HART 2022-A A3DTD 03/16/2022 2.220% 10/15/2026
448977AD0 140,000.00 AAA NR 3/9/2022 3/16/2022 139,994.61 2.22 129.50 139,994.66 138,281.18 WOART 2021-D A3DTD 11/03/2021 0.810% 10/15/2026
98163KAC6 190,000.00 AAA NR 10/26/202 11/3/2021 189,974.12 0.81 68.40 189,976.25 182,533.11 35 64
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

0.72 0.72%
Total Investments $48,622,198.70
36 65
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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)
BUY1/3/2022 1/5/2022 325,000.00 91282CDN8 US TREASURY N/B NOTES 1.00% 12/15/2024 324,958.98 1.02%1/4/2022 1/10/2022 220,000.00 24422EVY2 JOHN DEERE CAPITAL CORP CORPORATE NOTES 1.25% 1/10/2025 219,896.60 1.27%1/11/2022 1/13/2022 250,000.00 02665WEA5 AMERICAN HONDA FINANCE CORPORATE NOTES 1.50% 1/13/2025 249,802.50 1.53%1/11/2022 1/19/2022 110,000.00 380146AC4 GMCAR 2022-1 A3 1.26% 11/16/2026 109,990.44 1.26%1/19/2022 1/24/2022 130,000.00 345286AC2 FORDO 2022-A A3 1.29% 6/15/2026 129,984.56 1.29%1/19/2022 1/24/2022 250,000.00 21688AAS1 COOPERATIEVE RABOBANK UA CORPORATE 1.37% 1/10/2025 248,134.58 1.65%1/31/2022 2/7/2022 110,000.00 63743HFC1 NATIONAL RURAL UTIL COOP CORPORATE NOTES 1.87% 2/7/2025 109,996.70 1.88%2/2/2022 2/7/2022 110,000.00 857477BR3 STATE STREET CORP CORPORATE NOTES 1.74% 2/6/2026 110,000.00 1.75%2/7/2022 2/9/2022 231,000.00 05531FBE2 TRUIST FINANCIAL CORP NOTES (CALLABLE) 3.70% 6/5/2025 244,342.05 2.10%2/11/2022 2/15/2022 575,000.00 91282CDZ1 US TREASURY N/B NOTES 1.50% 2/15/2025 570,665.04 1.76%2/16/2022 2/18/2022 290,000.00 61747YEM3 MORGAN STANLEY CORP NOTES (CALLABLE) 2.63% 2/18/2026 290,000.00 2.63%2/17/2022 2/22/2022 255,000.00 857477BM4 STATE STREET CORP NOTES (CALLABLE) 2.90% 3/30/2026 263,051.07 2.38%2/22/2022 2/24/2022 125,000.00 110122DN5 BRISTOL-MYERS SQUIBB CO CORPORATE NOTES 0.75% 11/13/2025 118,698.02 2.23%2/22/2022 2/24/2022 125,000.00 904764BB2 UNILEVER CAPITAL CORP NOTES (CALLABLE) 3.37% 3/22/2025 130,870.00 2.27%2/22/2022 2/24/2022 65,000.00 63743HFC1 NATIONAL RURAL UTIL COOP CORPORATE NOTES 1.87% 2/7/2025 64,458.25 2.20%2/23/2022 2/25/2022 130,000.00 427866BF4 HERSHEY CO CORP NOTES (CALLABLE) 0.90% 6/1/2025 125,057.40 2.18%2/24/2022 2/28/2022 115,000.00 115637AS9 BROWN-FORMAN CORP NOTES (CALLABLE) 3.50% 4/15/2025 120,952.46 2.21% 37 66
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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)
BUY3/1/2022 3/4/2022 50,000.00 025816CQ0 AMERICAN EXPRESS CO CORP NOTES (CALLABLE 2.25% 3/4/2025 49,949.50 2.29%3/2/2022 3/4/2022 175,000.00 438516CB0 HONEYWELL INTL CORP NOTES (CALLABLE) 1.35% 6/1/2025 171,844.31 2.04%3/2/2022 3/7/2022 25,000.00 24422EWB1 JOHN DEERE CAPITAL CORP CORPORATE NOTES 2.12% 3/7/2025 24,989.25 2.14%3/2/2022 3/4/2022 100,000.00 025816CQ0 AMERICAN EXPRESS CO CORP NOTES (CALLABLE 2.25% 3/4/2025 99,821.00 2.31%3/3/2022 3/7/2022 50,000.00 24422EWB1 JOHN DEERE CAPITAL CORP CORPORATE NOTES 2.12% 3/7/2025 50,100.00 2.06%3/4/2022 3/8/2022 165,000.00 369550BG2 GENERAL DYNAMICS CORP (CALLABLE) CORP NO 3.50% 5/15/2025 173,325.26 2.21%3/4/2022 3/8/2022 175,000.00 74005PBN3 LINDE INC/CT (CALLABLE) CORPORATE NOTES 2.65% 2/5/2025 177,974.85 2.13%3/8/2022 3/10/2022 175,000.00 539830BE8 LOCKHEED MARTIN CORP NOTES (CALLABLE) 2.90% 3/1/2025 178,226.13 2.28%3/9/2022 3/16/2022 140,000.00 448977AD0 HART 2022-A A3 2.22% 10/15/2026 139,994.61 2.22%3/10/2022 3/14/2022 225,000.00 46625HMN7 JP MORGAN CHASE CORP NOTES (CALLABLE) 3.90% 7/15/2025 233,464.88 2.91%3/10/2022 3/14/2022 225,000.00 06051GFS3 BANK OF AMERICA CORP NOTES 3.87% 8/1/2025 233,461.91 2.84%3/10/2022 3/14/2022 125,000.00 06406RAN7 BANK OF NY MELLON (CALLABLE) CORP NOTES 1.60% 4/24/2025 122,766.53 2.41%3/10/2022 3/14/2022 165,000.00 002824BB5 ABBOTT LABORATORIES CORP NOTE (CALLABLE) 2.95% 3/15/2025 169,967.83 2.41%3/10/2022 3/14/2022 175,000.00 440452AG5 HORMEL FOODS CORP NOTES (CALLABLE) 0.65% 6/3/2024 169,776.88 2.12%3/23/2022 3/30/2022 250,000.00 14041NFZ9 COMET 2022-A1 A1 2.80% 3/15/2027 249,981.15 2.80%3/24/2022 3/28/2022 40,000.00 437076CM2 HOME DEPOT INC (CALLABLE) CORPORATE NOTE 2.70% 4/15/2025 39,930.00 2.76% 38 67
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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)
BUY3/31/2022 4/7/2022 250,000.00 69371RR73 PACCAR FINANCIAL CORP CORPORATE NOTES 2.85% 4/7/2025 249,935.00 2.86% Total BUY 5,926,000.00 5,966,367.74 0.00
INTEREST1/1/2022 1/25/2022 275,000.00 3137B1BS0 FHLMC MULTIFAMILY STRUCTURED P 2.51% 11/1/2022 575.211/1/2022 1/25/2022 265,032.96 3137AVXN2 FHLMC MULTIFAMILY STRUCTURED P 2.35% 7/1/2022 520.131/1/2022 1/1/2022 200,000.00 87612EBD7 TARGET CORP CORPORATE NOTES 3.50% 7/1/2024 3,500.001/1/2022 1/25/2022 37,786.21 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 159.611/1/2022 1/25/2022 195,774.49 3136AEGQ4 FNA 2013-M7 A2 2.28% 12/1/2022 371.971/1/2022 1/25/2022 7,583.69 3137FKK39 FHMS KP05 A 3.20% 7/1/2023 20.241/1/2022 1/25/2022 236,535.83 3137BLUR7 FHLMC MULTIFAMILY STRUCTURED P 2.71% 6/1/2022 535.361/3/2022 1/3/2022 MONEY0002 MONEY MARKET FUND 1.121/5/2022 1/5/2022 145,000.00 24422EVH9 JOHN DEERE CAPITAL CORP CORPORATE NOTES 0.70% 7/5/2023 507.501/7/2022 1/7/2022 150,000.00 14913R2D8 CATERPILLAR FINL SERVICE CORPORATE NOTES 0.65% 7/7/2023 487.501/10/2022 1/10/2022 1,785,000.00 3135G05G4 FANNIE MAE NOTES 0.25% 7/10/2023 2,231.251/15/2022 1/15/2022 1,350,000.00 91282CCL3 US TREASURY N/B NOTES 0.37% 7/15/2024 2,531.251/15/2022 1/15/2022 79,933.31 41284UAD6 HDMOT 2020-A A3 1.87% 10/15/2024 124.561/15/2022 1/15/2022 147,219.54 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 231.87 39 68
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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)
INTEREST1/15/2022 1/15/2022 305,000.00 14041NFY2 COMET 2021-A3 A3 1.04% 11/16/2026 396.501/15/2022 1/15/2022 24,671.37 14313FAD1 CARMAX AUTO OWNER TRUST 3.13% 6/15/2023 64.351/15/2022 1/15/2022 195,000.00 44933FAC0 HART 2020-B A3 0.48% 12/16/2024 78.001/15/2022 1/15/2022 75,000.00 58769EAC2 MBALT 2020-B A3 0.40% 11/15/2023 25.001/15/2022 1/15/2022 260,000.00 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 119.171/15/2022 1/15/2022 175,000.00 98163WAC0 WOART 2020-B A3 0.63% 5/15/2025 91.881/15/2022 1/15/2022 34,796.34 02004WAC5 ALLYA 2019-1 A3 2.91% 9/15/2023 84.381/15/2022 1/15/2022 62,162.37 31680YAD9 FIFTH THIRD AUTO TRUST 2.64% 12/15/2023 136.761/15/2022 1/15/2022 155,000.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 74.921/15/2022 1/15/2022 179,057.01 65479JAD5 NAROT 2019-C A3 1.93% 7/15/2024 287.981/15/2022 1/15/2022 57,250.40 14042WAC4 COPAR 2019-1 A3 2.51% 11/15/2023 119.751/15/2022 1/15/2022 55,914.17 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUST 2.66% 6/15/2023 123.941/15/2022 1/15/2022 115,000.00 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 36.421/15/2022 1/15/2022 120,000.00 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 74.001/15/2022 1/15/2022 50,445.86 14315EAC4 CARMAX AUTO OWNER TRUST 3.36% 9/15/2023 141.251/15/2022 1/15/2022 125,000.00 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 54.171/15/2022 1/15/2022 84,121.95 65479KAD2 NAROT 2019-A A3 2.90% 10/15/2023 203.29 40 69
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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)
INTEREST1/15/2022 1/15/2022 91,451.12 14316LAC7 CARMX 2019-2 A3 2.68% 3/15/2024 204.241/15/2022 1/15/2022 2,300,000.00 91282CBE0 US TREASURY NOTES 0.12% 1/15/2024 1,437.501/15/2022 1/15/2022 190,000.00 98163KAC6 WOART 2021-D A3 0.81% 10/15/2026 128.251/15/2022 1/15/2022 76,858.44 41284WAC4 HDMOT 2019-A A3 2.34% 2/15/2024 149.871/15/2022 1/15/2022 200,000.00 89237VAB5 TAOT 2020-C A3 0.44% 10/15/2024 73.331/15/2022 1/15/2022 160,000.00 14044CAC6 COPAR 2021-1 A3 0.77% 9/15/2026 102.671/16/2022 1/16/2022 205,000.00 362590AC5 GMCAR 2020-3 A3 0.45% 4/16/2025 76.881/16/2022 1/16/2022 49,644.47 36256XAD4 GMCAR 2019-1 A3 2.97% 11/16/2023 122.871/16/2022 1/16/2022 100,000.00 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 56.671/16/2022 1/16/2022 16,614.67 36255JAD6 GMCAR 2018-3 A3 3.02% 5/16/2023 41.811/18/2022 1/18/2022 39,470.16 43814WAC9 HAROT 2019-1 A3 2.83% 3/20/2023 93.081/18/2022 1/18/2022 180,000.00 43813KAC6 HAROT 2020-3 A3 0.37% 10/18/2024 55.501/20/2022 1/20/2022 140,000.00 92348TAA2 VZOT 2020-A A1A 1.85% 7/22/2024 215.831/20/2022 1/20/2022 135,000.00 362569AC9 GMALT 2020-3 A3 0.45% 8/21/2023 50.631/20/2022 1/20/2022 210,000.00 380144AC9 GMALT 2021-2 A3 0.34% 5/20/2024 59.501/20/2022 1/20/2022 310,000.00 92290BAA9 VZOT 2020-B A 0.47% 2/20/2025 121.421/20/2022 1/20/2022 30,739.92 92869BAD4 VALET 2018-2 A3 3.25% 4/20/2023 83.25 41 70
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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)
INTEREST1/20/2022 1/20/2022 43,107.05 92867XAD8 VWALT 2019-A A3 1.99% 11/21/2022 71.491/20/2022 1/20/2022 285,937.10 92348AAA3 VZOT 2019-C A1A 1.94% 4/22/2024 462.261/21/2022 1/21/2022 155,000.00 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 113.671/23/2022 1/23/2022 200,000.00 06051GHL6 BANK OF AMERICA CORP NOTES 3.86% 7/23/2024 3,864.001/25/2022 1/25/2022 119,295.58 09661RAD3 BMWOT 2020-A A3 0.48% 10/25/2024 47.721/25/2022 1/25/2022 105,000.00 05591RAC8 BMWLT 2021-1 A3 0.29% 1/25/2024 25.381/26/2022 1/26/2022 83,000.00 110122CM8 BRISTOL MYERS SQUIBB CO CORP NOTES (CALL 2.90% 7/26/2024 1,203.501/30/2022 1/30/2022 225,000.00 025816CG2 AMERICAN EXPRESS CO CORP NOTES (CALLABLE 2.50% 7/30/2024 2,812.502/1/2022 2/25/2022 7,564.43 3137FKK39 FHMS KP05 A 3.20% 7/1/2023 20.192/1/2022 2/25/2022 275,000.00 3137B1BS0 FHLMC MULTIFAMILY STRUCTURED P 2.51% 11/1/2022 575.212/1/2022 2/25/2022 195,339.64 3136AEGQ4 FNA 2013-M7 A2 2.28% 12/1/2022 389.322/1/2022 2/25/2022 34,661.87 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 60.432/1/2022 2/25/2022 264,300.01 3137AVXN2 FHLMC MULTIFAMILY STRUCTURED P 2.35% 7/1/2022 518.692/1/2022 2/1/2022 MONEY0002 MONEY MARKET FUND 15.202/1/2022 2/25/2022 222,460.47 3137BLUR7 FHLMC MULTIFAMILY STRUCTURED P 2.71% 6/1/2022 503.502/9/2022 2/9/2022 145,000.00 69371RR40 PACCAR FINANCIAL CORP CORPORATE NOTES 0.50% 8/9/2024 362.502/9/2022 2/9/2022 185,000.00 02665WDY4 AMERICAN HONDA FINANCE CORPORATE NOTES 0.75% 8/9/2024 578.13 42 71
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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)
INTEREST2/10/2022 2/10/2022 130,000.00 58933YAR6 MERCK & CO INC CORP NOTES 2.75% 2/10/2025 1,787.502/12/2022 2/12/2022 250,000.00 459200HU8 IBM CORP NOTES 3.62% 2/12/2024 4,531.252/12/2022 2/12/2022 100,000.00 904764BN6 UNILEVER CAPITAL CORP (CALLABLE) CORPORA 0.62% 8/12/2024 313.002/13/2022 2/13/2022 200,000.00 89236TGT6 TOYOTA MOTOR CREDIT CORP CORP NOTES 1.80% 2/13/2025 1,800.002/15/2022 2/15/2022 64,036.70 41284WAC4 HDMOT 2019-A A3 2.34% 2/15/2024 124.872/15/2022 2/15/2022 1,650,000.00 912828Z86 US TREASURY NOTES 1.37% 2/15/2023 11,343.752/15/2022 2/15/2022 14,877.61 14313FAD1 CARMAX AUTO OWNER TRUST 3.13% 6/15/2023 38.812/15/2022 2/15/2022 1,575,000.00 91282CCT6 US TREASURY N/B NOTES 0.37% 8/15/2024 2,953.132/15/2022 2/15/2022 155,000.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 74.922/15/2022 2/15/2022 163,059.11 65479JAD5 NAROT 2019-C A3 1.93% 7/15/2024 262.252/15/2022 2/15/2022 197,671.25 89237VAB5 TAOT 2020-C A3 0.44% 10/15/2024 72.482/15/2022 2/15/2022 160,000.00 14044CAC6 COPAR 2021-1 A3 0.77% 9/15/2026 102.672/15/2022 2/15/2022 173,510.63 98163WAC0 WOART 2020-B A3 0.63% 5/15/2025 91.092/15/2022 2/15/2022 188,403.39 44933FAC0 HART 2020-B A3 0.48% 12/16/2024 75.362/15/2022 2/15/2022 73,123.98 41284UAD6 HDMOT 2020-A A3 1.87% 10/15/2024 113.952/15/2022 2/15/2022 41,405.13 14315EAC4 CARMAX AUTO OWNER TRUST 3.36% 9/15/2023 115.932/15/2022 2/15/2022 137,264.76 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 216.19 43 72
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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)
INTEREST2/15/2022 2/15/2022 75,000.00 58769EAC2 MBALT 2020-B A3 0.40% 11/15/2023 25.002/15/2022 2/15/2022 125,000.00 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 54.172/15/2022 2/15/2022 190,000.00 98163KAC6 WOART 2021-D A3 0.81% 10/15/2026 128.252/15/2022 2/15/2022 44,066.48 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUST 2.66% 6/15/2023 97.682/15/2022 2/15/2022 72,040.59 65479KAD2 NAROT 2019-A A3 2.90% 10/15/2023 174.102/15/2022 2/15/2022 81,707.89 14316LAC7 CARMX 2019-2 A3 2.68% 3/15/2024 182.482/15/2022 2/15/2022 305,000.00 14041NFY2 COMET 2021-A3 A3 1.04% 11/16/2026 264.332/15/2022 2/15/2022 52,274.43 31680YAD9 FIFTH THIRD AUTO TRUST 2.64% 12/15/2023 115.002/15/2022 2/15/2022 28,706.98 02004WAC5 ALLYA 2019-1 A3 2.91% 9/15/2023 69.612/15/2022 2/15/2022 120,000.00 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 74.002/15/2022 2/15/2022 260,000.00 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 119.172/15/2022 2/15/2022 1,600,000.00 91282CBM2 US TREASURY NOTES 0.12% 2/15/2024 1,000.002/15/2022 2/15/2022 115,000.00 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 36.422/15/2022 2/15/2022 130,000.00 345286AC2 FORDO 2022-A A3 1.29% 6/15/2026 97.832/15/2022 2/15/2022 49,360.10 14042WAC4 COPAR 2019-1 A3 2.51% 11/15/2023 103.242/16/2022 2/16/2022 205,000.00 362590AC5 GMCAR 2020-3 A3 0.45% 4/16/2025 76.882/16/2022 2/16/2022 9,113.54 36255JAD6 GMCAR 2018-3 A3 3.02% 5/16/2023 22.94 44 73
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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)
INTEREST2/16/2022 2/16/2022 170,000.00 46647PBY1 JPMORGAN CHASE & CO CORP NOTES (CALLABLE 0.56% 2/16/2025 478.552/16/2022 2/16/2022 110,000.00 380146AC4 GMCAR 2022-1 A3 1.26% 11/16/2026 103.952/16/2022 2/16/2022 100,000.00 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 56.672/16/2022 2/16/2022 39,045.33 36256XAD4 GMCAR 2019-1 A3 2.97% 11/16/2023 96.642/18/2022 2/18/2022 180,000.00 43813KAC6 HAROT 2020-3 A3 0.37% 10/18/2024 55.502/18/2022 2/18/2022 32,130.85 43814WAC9 HAROT 2019-1 A3 2.83% 3/20/2023 75.782/20/2022 2/20/2022 310,000.00 92290BAA9 VZOT 2020-B A 0.47% 2/20/2025 121.422/20/2022 2/20/2022 210,000.00 380144AC9 GMALT 2021-2 A3 0.34% 5/20/2024 59.502/20/2022 2/20/2022 250,327.80 92348AAA3 VZOT 2019-C A1A 1.94% 4/22/2024 404.702/20/2022 2/20/2022 16,652.41 92869BAD4 VALET 2018-2 A3 3.25% 4/20/2023 45.102/20/2022 2/20/2022 140,000.00 92348TAA2 VZOT 2020-A A1A 1.85% 7/22/2024 215.832/20/2022 2/20/2022 135,000.00 362569AC9 GMALT 2020-3 A3 0.45% 8/21/2023 50.632/20/2022 2/20/2022 26,662.42 92867XAD8 VWALT 2019-A A3 1.99% 11/21/2022 44.222/21/2022 2/21/2022 155,000.00 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 113.672/24/2022 2/24/2022 1,075,000.00 3137EAEV7 FREDDIE MAC NOTES 0.25% 8/24/2023 1,343.752/25/2022 2/25/2022 250,000.00 02079KAB3 ALPHABET INC CORP NOTES 3.37% 2/25/2024 4,218.752/25/2022 2/25/2022 105,000.00 05591RAC8 BMWLT 2021-1 A3 0.29% 1/25/2024 25.38 45 74
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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)
INTEREST2/25/2022 2/25/2022 110,462.37 09661RAD3 BMWOT 2020-A A3 0.48% 10/25/2024 44.183/1/2022 3/25/2022 7,545.07 3137FKK39 FHMS KP05 A 3.20% 7/1/2023 20.143/1/2022 3/25/2022 173,124.61 3137BLUR7 FHLMC MULTIFAMILY STRUCTURED P 2.71% 6/1/2022 391.843/1/2022 3/25/2022 34,544.10 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 88.313/1/2022 3/25/2022 187,158.62 3136AEGQ4 FNA 2013-M7 A2 2.28% 12/1/2022 355.603/1/2022 3/1/2022 MONEY0002 MONEY MARKET FUND 6.713/1/2022 3/25/2022 259,238.16 3137AVXN2 FHLMC MULTIFAMILY STRUCTURED P 2.35% 7/1/2022 508.753/1/2022 4/14/2022 275,000.00 3137B1BS0 FHLMC MULTIFAMILY STRUCTURED P 2.51% 11/1/2022 575.213/3/2022 3/3/2022 150,000.00 38141GVM3 GOLDMAN SACHS CORP NOTES 4.00% 3/3/2024 3,000.003/6/2022 3/6/2022 130,000.00 30231GAF9 EXXON MOBIL CORP CORPORATE NT (CALLABLE) 2.70% 3/6/2025 1,760.853/8/2022 3/8/2022 1,825,000.00 3137EAEW5 FREDDIE MAC NOTES 0.25% 9/8/2023 2,281.253/10/2022 3/10/2022 150,000.00 38141GYE8 GOLDMAN SACHS GROUP INC CORPORATE NOTES 0.65% 9/10/2024 492.753/13/2022 3/13/2022 200,000.00 89236TJN6 TOYOTA MOTOR CREDIT CORP CORPORATE NOTES 0.62% 9/13/2024 625.003/15/2022 3/15/2022 33,020.07 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUST 2.66% 6/15/2023 73.193/15/2022 3/15/2022 5,670.37 14313FAD1 CARMAX AUTO OWNER TRUST 3.13% 6/15/2023 14.793/15/2022 3/15/2022 184,342.04 89237VAB5 TAOT 2020-C A3 0.44% 10/15/2024 67.593/15/2022 3/15/2022 147,868.22 65479JAD5 NAROT 2019-C A3 1.93% 7/15/2024 237.82 46 75
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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)
INTEREST3/15/2022 3/15/2022 190,000.00 98163KAC6 WOART 2021-D A3 0.81% 10/15/2026 128.253/15/2022 3/15/2022 1,000,000.00 91282CCX7 US TREASURY N/B NOTES 0.37% 9/15/2024 1,875.003/15/2022 3/15/2022 160,000.00 14044CAC6 COPAR 2021-1 A3 0.77% 9/15/2026 102.673/15/2022 3/15/2022 41,924.26 14042WAC4 COPAR 2019-1 A3 2.51% 11/15/2023 87.693/15/2022 3/15/2022 72,760.15 14316LAC7 CARMX 2019-2 A3 2.68% 3/15/2024 162.503/15/2022 3/15/2022 120,000.00 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 74.003/15/2022 3/15/2022 260,000.00 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 119.173/15/2022 3/15/2022 128,397.52 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 202.233/15/2022 3/15/2022 23,124.20 02004WAC5 ALLYA 2019-1 A3 2.91% 9/15/2023 56.083/15/2022 3/15/2022 61,042.46 65479KAD2 NAROT 2019-A A3 2.90% 10/15/2023 147.523/15/2022 3/15/2022 165,000.00 002824BB5 ABBOTT LABORATORIES CORP NOTE (CALLABLE) 2.95% 3/15/2025 2,433.753/15/2022 3/15/2022 33,194.23 14315EAC4 CARMAX AUTO OWNER TRUST 3.36% 9/15/2023 92.943/15/2022 3/15/2022 155,000.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 74.923/15/2022 3/15/2022 163,284.21 98163WAC0 WOART 2020-B A3 0.63% 5/15/2025 85.723/15/2022 3/15/2022 305,000.00 14041NFY2 COMET 2021-A3 A3 1.04% 11/16/2026 264.333/15/2022 3/15/2022 130,000.00 345286AC2 FORDO 2022-A A3 1.29% 6/15/2026 139.753/15/2022 3/15/2022 43,339.41 31680YAD9 FIFTH THIRD AUTO TRUST 2.64% 12/15/2023 95.35 47 76
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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)
INTEREST3/15/2022 3/15/2022 75,000.00 58769EAC2 MBALT 2020-B A3 0.40% 11/15/2023 25.003/15/2022 3/15/2022 174,913.24 44933FAC0 HART 2020-B A3 0.48% 12/16/2024 69.973/15/2022 3/15/2022 66,654.57 41284UAD6 HDMOT 2020-A A3 1.87% 10/15/2024 103.873/15/2022 3/15/2022 51,902.03 41284WAC4 HDMOT 2019-A A3 2.34% 2/15/2024 101.213/15/2022 3/15/2022 115,000.00 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 36.423/15/2022 3/15/2022 125,000.00 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 54.173/16/2022 3/16/2022 110,000.00 380146AC4 GMCAR 2022-1 A3 1.26% 11/16/2026 115.503/16/2022 3/16/2022 29,000.52 36256XAD4 GMCAR 2019-1 A3 2.97% 11/16/2023 71.783/16/2022 3/16/2022 100,000.00 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 56.673/16/2022 3/16/2022 2,053.01 36255JAD6 GMCAR 2018-3 A3 3.02% 5/16/2023 5.173/16/2022 3/16/2022 198,427.39 362590AC5 GMCAR 2020-3 A3 0.45% 4/16/2025 74.413/17/2022 3/17/2022 425,000.00 22552G3C2 CREDIT SUISSE NEW YORK CERT DEPOS 0.59% 3/17/2023 2,500.533/18/2022 3/18/2022 175,000.00 808513BN4 CHARLES SCHWAB CORP NOTES (CALLABLE) 0.75% 3/18/2024 656.253/18/2022 3/18/2022 25,195.14 43814WAC9 HAROT 2019-1 A3 2.83% 3/20/2023 59.423/18/2022 3/18/2022 180,000.00 43813KAC6 HAROT 2020-3 A3 0.37% 10/18/2024 55.503/20/2022 3/20/2022 125,424.56 92348TAA2 VZOT 2020-A A1A 1.85% 7/22/2024 193.363/20/2022 3/20/2022 11,612.89 92867XAD8 VWALT 2019-A A3 1.99% 11/21/2022 19.26 48 77
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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)
INTEREST3/20/2022 3/20/2022 210,000.00 380144AC9 GMALT 2021-2 A3 0.34% 5/20/2024 59.503/20/2022 3/20/2022 122,375.27 362569AC9 GMALT 2020-3 A3 0.45% 8/21/2023 45.893/20/2022 3/20/2022 310,000.00 92290BAA9 VZOT 2020-B A 0.47% 2/20/2025 121.423/20/2022 3/20/2022 3,524.38 92869BAD4 VALET 2018-2 A3 3.25% 4/20/2023 9.553/20/2022 3/20/2022 222,247.95 92348AAA3 VZOT 2019-C A1A 1.94% 4/22/2024 359.303/21/2022 3/21/2022 155,000.00 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 113.673/22/2022 3/22/2022 125,000.00 904764BB2 UNILEVER CAPITAL CORP NOTES (CALLABLE) 3.37% 3/22/2025 2,109.383/23/2022 3/23/2022 535,000.00 4581X0DZ8 INTER-AMERICAN DEVEL BK NOTES 0.50% 9/23/2024 1,337.503/25/2022 3/25/2022 105,000.00 05591RAC8 BMWLT 2021-1 A3 0.29% 1/25/2024 25.383/25/2022 3/25/2022 101,626.42 09661RAD3 BMWOT 2020-A A3 0.48% 10/25/2024 40.653/30/2022 3/30/2022 255,000.00 857477BM4 STATE STREET CORP NOTES (CALLABLE) 2.90% 3/30/2026 3,698.783/31/2022 3/31/2022 1,500,000.00 91282CDA6 US TREASURY NOTES 0.25% 9/30/2023 1,875.00 Total INTEREST 38,529,169.25 93,454.97 0.00
PAYDOWNS1/1/2022 1/25/2022 19.26 3137FKK39 FHMS KP05 A 3.20% 7/1/2023 19.261/1/2022 1/25/2022 3,124.34 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 3,124.341/1/2022 1/25/2022 732.95 3137AVXN2 FHLMC MULTIFAMILY STRUCTURED P 2.35% 7/1/2022 732.95 49 78
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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)
PAYDOWNS1/1/2022 1/25/2022 14,075.36 3137BLUR7 FHLMC MULTIFAMILY STRUCTURED P 2.71% 6/1/2022 14,075.361/1/2022 1/25/2022 187.86 3136AEGQ4 FNA 2013-M7 A2 2.28% 12/1/2022 187.861/1/2022 1/25/2022 246.99 3136AEGQ4 FNA 2013-M7 A2 2.28% 12/1/2022 246.991/15/2022 1/15/2022 6,809.33 41284UAD6 HDMOT 2020-A A3 1.87% 10/15/2024 6,809.331/15/2022 1/15/2022 6,089.36 02004WAC5 ALLYA 2019-1 A3 2.91% 9/15/2023 6,089.361/15/2022 1/15/2022 11,847.69 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUST 2.66% 6/15/2023 11,847.691/15/2022 1/15/2022 9,954.78 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 9,954.781/15/2022 1/15/2022 1,489.37 98163WAC0 WOART 2020-B A3 0.63% 5/15/2025 1,489.371/15/2022 1/15/2022 12,821.74 41284WAC4 HDMOT 2019-A A3 2.34% 2/15/2024 12,821.741/15/2022 1/15/2022 15,997.90 65479JAD5 NAROT 2019-C A3 1.93% 7/15/2024 15,997.901/15/2022 1/15/2022 9,743.23 14316LAC7 CARMX 2019-2 A3 2.68% 3/15/2024 9,743.231/15/2022 1/15/2022 2,328.75 89237VAB5 TAOT 2020-C A3 0.44% 10/15/2024 2,328.751/15/2022 1/15/2022 9,887.94 31680YAD9 FIFTH THIRD AUTO TRUST 2.64% 12/15/2023 9,887.941/15/2022 1/15/2022 9,793.76 14313FAD1 CARMAX AUTO OWNER TRUST 3.13% 6/15/2023 9,793.761/15/2022 1/15/2022 7,890.30 14042WAC4 COPAR 2019-1 A3 2.51% 11/15/2023 7,890.301/15/2022 1/15/2022 12,081.36 65479KAD2 NAROT 2019-A A3 2.90% 10/15/2023 12,081.361/15/2022 1/15/2022 9,040.73 14315EAC4 CARMAX AUTO OWNER TRUST 3.36% 9/15/2023 9,040.73 50 79
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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)
PAYDOWNS1/15/2022 1/15/2022 6,596.61 44933FAC0 HART 2020-B A3 0.48% 12/16/2024 6,596.611/16/2022 1/16/2022 7,501.13 36255JAD6 GMCAR 2018-3 A3 3.02% 5/16/2023 7,501.131/16/2022 1/16/2022 10,599.14 36256XAD4 GMCAR 2019-1 A3 2.97% 11/16/2023 10,599.141/18/2022 1/18/2022 7,339.31 43814WAC9 HAROT 2019-1 A3 2.83% 3/20/2023 7,339.311/20/2022 1/20/2022 16,444.63 92867XAD8 VWALT 2019-A A3 1.99% 11/21/2022 16,444.631/20/2022 1/20/2022 35,609.30 92348AAA3 VZOT 2019-C A1A 1.94% 4/22/2024 35,609.301/20/2022 1/20/2022 14,087.51 92869BAD4 VALET 2018-2 A3 3.25% 4/20/2023 14,087.511/25/2022 1/25/2022 8,833.21 09661RAD3 BMWOT 2020-A A3 0.48% 10/25/2024 8,833.212/1/2022 2/25/2022 49,335.86 3137BLUR7 FHLMC MULTIFAMILY STRUCTURED P 2.71% 6/1/2022 49,335.862/1/2022 2/25/2022 4,646.82 3136AEGQ4 FNA 2013-M7 A2 2.28% 12/1/2022 4,646.822/1/2022 2/25/2022 3,534.20 3136AEGQ4 FNA 2013-M7 A2 2.28% 12/1/2022 3,534.202/1/2022 2/25/2022 5,061.85 3137AVXN2 FHLMC MULTIFAMILY STRUCTURED P 2.35% 7/1/2022 5,061.852/1/2022 2/25/2022 19.36 3137FKK39 FHMS KP05 A 3.20% 7/1/2023 19.362/1/2022 2/25/2022 117.77 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 117.772/15/2022 2/15/2022 5,582.78 02004WAC5 ALLYA 2019-1 A3 2.91% 9/15/2023 5,582.782/15/2022 2/15/2022 6,469.41 41284UAD6 HDMOT 2020-A A3 1.87% 10/15/2024 6,469.412/15/2022 2/15/2022 10,998.13 65479KAD2 NAROT 2019-A A3 2.90% 10/15/2023 10,998.13 51 80
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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)
PAYDOWNS2/15/2022 2/15/2022 8,210.90 14315EAC4 CARMAX AUTO OWNER TRUST 3.36% 9/15/2023 8,210.902/15/2022 2/15/2022 13,329.21 89237VAB5 TAOT 2020-C A3 0.44% 10/15/2024 13,329.212/15/2022 2/15/2022 12,134.67 41284WAC4 HDMOT 2019-A A3 2.34% 2/15/2024 12,134.672/15/2022 2/15/2022 13,490.15 44933FAC0 HART 2020-B A3 0.48% 12/16/2024 13,490.152/15/2022 2/15/2022 8,947.74 14316LAC7 CARMX 2019-2 A3 2.68% 3/15/2024 8,947.742/15/2022 2/15/2022 15,190.89 65479JAD5 NAROT 2019-C A3 1.93% 7/15/2024 15,190.892/15/2022 2/15/2022 7,435.84 14042WAC4 COPAR 2019-1 A3 2.51% 11/15/2023 7,435.842/15/2022 2/15/2022 10,226.42 98163WAC0 WOART 2020-B A3 0.63% 5/15/2025 10,226.422/15/2022 2/15/2022 8,867.24 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 8,867.242/15/2022 2/15/2022 9,207.24 14313FAD1 CARMAX AUTO OWNER TRUST 3.13% 6/15/2023 9,207.242/15/2022 2/15/2022 8,935.02 31680YAD9 FIFTH THIRD AUTO TRUST 2.64% 12/15/2023 8,935.022/15/2022 2/15/2022 11,046.41 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUST 2.66% 6/15/2023 11,046.412/16/2022 2/16/2022 10,044.81 36256XAD4 GMCAR 2019-1 A3 2.97% 11/16/2023 10,044.812/16/2022 2/16/2022 6,572.61 362590AC5 GMCAR 2020-3 A3 0.45% 4/16/2025 6,572.612/16/2022 2/16/2022 7,060.53 36255JAD6 GMCAR 2018-3 A3 3.02% 5/16/2023 7,060.532/18/2022 2/18/2022 6,935.71 43814WAC9 HAROT 2019-1 A3 2.83% 3/20/2023 6,935.712/20/2022 2/20/2022 12,624.73 362569AC9 GMALT 2020-3 A3 0.45% 8/21/2023 12,624.73 52 81
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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)
PAYDOWNS2/20/2022 2/20/2022 15,049.53 92867XAD8 VWALT 2019-A A3 1.99% 11/21/2022 15,049.532/20/2022 2/20/2022 13,128.03 92869BAD4 VALET 2018-2 A3 3.25% 4/20/2023 13,128.032/20/2022 2/20/2022 28,079.85 92348AAA3 VZOT 2019-C A1A 1.94% 4/22/2024 28,079.852/20/2022 2/20/2022 14,575.44 92348TAA2 VZOT 2020-A A1A 1.85% 7/22/2024 14,575.442/25/2022 2/25/2022 8,835.95 09661RAD3 BMWOT 2020-A A3 0.48% 10/25/2024 8,835.953/1/2022 3/25/2022 43,590.57 3137BLUR7 FHLMC MULTIFAMILY STRUCTURED P 2.71% 6/1/2022 43,590.573/1/2022 3/25/2022 269.99 3136AEGQ4 FNA 2013-M7 A2 2.28% 12/1/2022 269.993/1/2022 3/25/2022 30,513.60 3137AVXN2 FHLMC MULTIFAMILY STRUCTURED P 2.35% 7/1/2022 30,513.603/1/2022 3/25/2022 6,391.45 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 6,391.453/1/2022 3/25/2022 23.35 3137FKK39 FHMS KP05 A 3.20% 7/1/2023 23.353/1/2022 3/25/2022 325.43 3137B1BS0 FHLMC MULTIFAMILY STRUCTURED P 2.51% 11/1/2022 325.433/1/2022 3/25/2022 205.35 3136AEGQ4 FNA 2013-M7 A2 2.28% 12/1/2022 205.353/15/2022 3/15/2022 11,996.97 41284WAC4 HDMOT 2019-A A3 2.34% 2/15/2024 11,996.973/15/2022 3/15/2022 8,579.80 31680YAD9 FIFTH THIRD AUTO TRUST 2.64% 12/15/2023 8,579.803/15/2022 3/15/2022 8,920.31 14316LAC7 CARMX 2019-2 A3 2.68% 3/15/2024 8,920.313/15/2022 3/15/2022 10,596.66 65479KAD2 NAROT 2019-A A3 2.90% 10/15/2023 10,596.663/15/2022 3/15/2022 13,334.16 44933FAC0 HART 2020-B A3 0.48% 12/16/2024 13,334.16 53 82
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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)
PAYDOWNS3/15/2022 3/15/2022 12,415.13 89237VAB5 TAOT 2020-C A3 0.44% 10/15/2024 12,415.133/15/2022 3/15/2022 9,841.39 98163WAC0 WOART 2020-B A3 0.63% 5/15/2025 9,841.393/15/2022 3/15/2022 5,490.78 02004WAC5 ALLYA 2019-1 A3 2.91% 9/15/2023 5,490.783/15/2022 3/15/2022 7,097.93 14042WAC4 COPAR 2019-1 A3 2.51% 11/15/2023 7,097.933/15/2022 3/15/2022 8,751.61 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 8,751.613/15/2022 3/15/2022 13,097.05 65479JAD5 NAROT 2019-C A3 1.93% 7/15/2024 13,097.053/15/2022 3/15/2022 6,372.53 41284UAD6 HDMOT 2020-A A3 1.87% 10/15/2024 6,372.533/15/2022 3/15/2022 10,140.62 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUST 2.66% 6/15/2023 10,140.623/15/2022 3/15/2022 5,670.37 14313FAD1 CARMAX AUTO OWNER TRUST 3.13% 6/15/2023 5,670.373/15/2022 3/15/2022 8,114.70 14315EAC4 CARMAX AUTO OWNER TRUST 3.36% 9/15/2023 8,114.703/16/2022 3/16/2022 11,753.83 362590AC5 GMCAR 2020-3 A3 0.45% 4/16/2025 11,753.833/16/2022 3/16/2022 9,005.65 36256XAD4 GMCAR 2019-1 A3 2.97% 11/16/2023 9,005.653/16/2022 3/16/2022 2,053.01 36255JAD6 GMCAR 2018-3 A3 3.02% 5/16/2023 2,053.013/18/2022 3/18/2022 6,667.17 43814WAC9 HAROT 2019-1 A3 2.83% 3/20/2023 6,667.173/20/2022 3/20/2022 3,524.38 92869BAD4 VALET 2018-2 A3 3.25% 4/20/2023 3,524.383/20/2022 3/20/2022 25,055.96 92348AAA3 VZOT 2019-C A1A 1.94% 4/22/2024 25,055.963/20/2022 3/20/2022 11,612.89 92867XAD8 VWALT 2019-A A3 1.99% 11/21/2022 11,612.89 54 83
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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)
PAYDOWNS3/20/2022 3/20/2022 10,506.87 362569AC9 GMALT 2020-3 A3 0.45% 8/21/2023 10,506.873/20/2022 3/20/2022 13,207.76 92348TAA2 VZOT 2020-A A1A 1.85% 7/22/2024 13,207.763/25/2022 3/25/2022 7,615.63 09661RAD3 BMWOT 2020-A A3 0.48% 10/25/2024 7,615.63 Total PAYDOWNS 909,611.84 909,611.84 0.00
SELL1/5/2022 1/10/2022 225,000.00 912828P38 US TREASURY NOTES 1.75% 1/31/2023 229,837.81 2,779.011/6/2022 1/13/2022 500,000.00 91282CCX7 US TREASURY N/B NOTES 0.37% 9/15/2024 491,578.58 -7,198.781/6/2022 1/10/2022 165,000.00 38141GXL3 GOLDMAN SACHS GROUP INC CORPORATE NOTES 0.62% 11/17/2023 164,517.06 -635.251/6/2022 1/10/2022 50,000.00 14913R2D8 CATERPILLAR FINL SERVICE CORPORATE NOTES 0.65% 7/7/2023 49,925.71 -63.101/6/2022 1/10/2022 70,000.00 24422EVH9 JOHN DEERE CAPITAL CORP CORPORATE NOTES 0.70% 7/5/2023 69,862.61 -116.621/6/2022 1/10/2022 125,000.00 46647PBB1 JPMORGAN CHASE & CO BONDS (CALLED, OMD 4 3.20% 4/1/2022 126,758.66 656.251/6/2022 1/13/2022 1,275,000.00 912828P38 US TREASURY NOTES 1.75% 1/31/2023 1,302,048.28 15,213.711/6/2022 1/13/2022 575,000.00 91282CDH1 US TREASURY N/B NOTES 0.75% 11/15/2024 569,863.03 -3,830.421/6/2022 1/13/2022 500,000.00 3137EAER6 FREDDIE MAC NOTES 0.37% 5/5/2023 498,494.17 -2,039.151/6/2022 1/10/2022 70,000.00 023135BW5 AMAZON.COM INC CORPORATE NOTES 0.45% 5/12/2024 69,161.05 -810.161/6/2022 1/13/2022 1,110,000.00 3137EAER6 FREDDIE MAC NOTES 0.37% 5/5/2023 1,106,657.05 -3,925.741/11/2022 1/13/2022 250,000.00 912828Z86 US TREASURY NOTES 1.37% 2/15/2023 253,744.48 729.54 55 84
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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)
SELL1/12/2022 1/13/2022 575,000.00 65558TLL7 NORDEA BANK ABP NEW YORK CERT DEPOS 1.85% 8/26/2022 584,262.41 5,125.601/19/2022 1/24/2022 75,000.00 06406RAM9 BANK OF NY MELLON CORP NOTES (CALLABLE) 1.85% 1/27/2023 76,562.69 898.141/19/2022 1/24/2022 65,000.00 00724PAA7 ADOBE INC CORP NOTE 1.70% 2/1/2023 66,196.61 695.961/19/2022 1/24/2022 135,000.00 00724PAA7 ADOBE INC CORP NOTE 1.70% 2/1/2023 137,485.28 1,388.842/8/2022 2/9/2022 250,000.00 912828Z86 US TREASURY NOTES 1.37% 2/15/2023 252,795.51 -362.792/11/2022 2/15/2022 575,000.00 83050PDR7 SKANDINAV ENSKILDA BANK LT CD 1.86% 8/26/2022 583,038.13 2,898.592/16/2022 2/18/2022 105,000.00 61772BAA1 MORGAN STANLEY CORP NOTES (CALLABLE) 0.73% 4/5/2024 103,929.07 -1,354.502/17/2022 2/22/2022 150,000.00 713448EY0 PEPSICO INC CORPORATE NOTES 0.75% 5/1/2023 149,298.38 -931.062/17/2022 2/22/2022 150,000.00 30231GBL5 EXXON MOBIL CORPORATION CORPORATE NOTES 1.57% 4/15/2023 151,207.82 -379.732/17/2022 2/18/2022 200,000.00 61744YAQ1 MORGAN STANLEY CORP NOTES 3.73% 4/24/2024 206,532.77 -5,190.692/22/2022 2/24/2022 100,000.00 91282CDZ1 US TREASURY N/B NOTES 1.50% 2/15/2025 99,341.98 52.412/23/2022 2/25/2022 125,000.00 91282CDZ1 US TREASURY N/B NOTES 1.50% 2/15/2025 124,128.95 10.932/24/2022 2/28/2022 120,000.00 91282CDZ1 US TREASURY N/B NOTES 1.50% 2/15/2025 119,300.58 129.903/2/2022 3/4/2022 170,000.00 91282CDZ1 US TREASURY N/B NOTES 1.50% 2/15/2025 169,615.06 757.073/3/2022 3/7/2022 75,000.00 24422EVH9 JOHN DEERE CAPITAL CORP CORPORATE NOTES 0.70% 7/5/2023 74,210.67 -853.263/4/2022 3/8/2022 60,000.00 91282CDZ1 US TREASURY N/B NOTES 1.50% 2/15/2025 59,920.96 312.423/4/2022 3/8/2022 175,000.00 912828Z86 US TREASURY NOTES 1.37% 2/15/2023 175,672.79 -437.53 56 85
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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.© 2022 PFM Asset Management LLC. Further distribution is not permitted without prior written consent. 58 87
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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 showngross 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. 59 88
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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. 60 89
Agenda Item # 4.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended March 31, 2022
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. 61 90
Agenda Item # 4.

Reviewed By:

City Manager City Attorney
GE
Finance Director
JH JF

AGENDA REPORT SUMMARY
Meeting Date: May 24, 2022
Subject Tree Protection Ordinance
Prepared by: Jon Maginot, Assistant City Manager
Approved by: Gabriel Engeland, City Manager
Attachment(s): None
Initiated by:

City Council
Previous Council Consideration:

List dates
Fiscal Impact:

None
Environmental Review:

Not applicable
Policy Question(s) for Council Consideration:
 Does the Council wish to have the Environmental Commission and staff review the City’s Tree Protection Ordinance?
Summary:
 The City’s Tree Protection Ordinance (Los Altos Municipal Code Chapter 11.08) provides regulations regarding the removal of certain types of trees within the City of Los Altos  The Ordinance was last updated in 2007
Staff Recommendation:

Direct the Environmental Commission to work with City staff to evaluate the City’s Tree Protection Ordinance and recommend changes as needed
91 Agenda Item # 5.

Subject: Tree Protection Ordinance
May 24, 2022 Page 2
Purpose
To direct the Environmental Commission and staff to review the City’s Tree Protection Ordinance Background
The City’s Tree Protection Ordinance (Los Altos Municipal Code Chapter 11.08) was intended to protect trees within the City and contains regulations regarding the removal of certain types of trees. The Ordinance was last updated in 2007.

Discussion/Analysis
The Tree Protection Ordinance includes restrictions on what and how trees may be removed and requires permits for removal of certain sized trees. However, a preliminary review by staff has indicated that there are certain elements of the ordinance that are either missing or lacking.

It is recommended that staff work with the Environmental Commission to review the current ordinance and to recommend changes as needed. These changes would serve the purpose of establishing clear approval criteria for tree removal permits, clear replacement standards, and updating fees.

Options
1) Direct staff to work with the Environmental Commission to evaluate the City’s Tree Protection Ordinance and recommend changes as needed
Advantages: Would allow the opportunity to review and update the City’s Tree Protection Ordinance
Disadvantages: None identified
2) Direct staff to independently review the ordinance
Advantages: Would allow the opportunity to review and update the City’s Tree Protection Ordinance
Disadvantages: Would not allow for review by the Environmental Commission 3) Take no action
Advantages: None identified
92 Agenda Item # 5.

Subject: Tree Protection Ordinance
May 24, 2022 Page 3
Disadvantages: The City would continue to operate under the current tree regulations Recommendation
The staff recommends Option 1.
93 Agenda Item # 5.

PUBLIC CORRESPONDENCE

The following is public correspondence received by the City Clerk’s Office after the posting of the original agenda. Individual contact information has been redacted for privacy. This may not be a comprehensive collection of the public correspondence, but staff makes its best effort to include all correspondence received to date.

To send correspondence to the City Council, on matters listed on the agenda please email [email protected]
94 Agenda Item # 5.

From: Jim Wing
To: Public Comment
Subject: PUBLIC COMMENT AGENDA ITEM 05 MEETING DATE 05-24-2022 Date: Wednesday, May 18, 2022 8:20:53 AM
Council Mayor Enander and Distinguished Council Members, Council 5/24/2022 Meeting Agenda Item 5, Tree Protection Ordinance I am a 54 year “customer” of Los Altos Tree Protection Ordinance and request you provide Environmental Commission and Staff with some specific guidelines for their review / recommendations. This will help ensure improvements needed by residents will be included in their discussion.

Please consider the following Los Altos Tree Protection Ordinance objective improvements guidelines:

All tree removal requests require arborists report to be done on ISA Basic Tree Risk Assessment Form [rev. 2013 or later]. This will ensure that report recommendations are based on objective data and done by arborists who use current tools / knowledge to collect data. Based on form data, tree removal should be approved only if assessment risk if High or Extreme.

When resident or developer requests tree removal because of “economic impact”, what is the minimum value to justify economic impact? [5%, 10%] Developer / resident to provide justification report as part of application.

When contractor has building site accident and damages protected tree, is another onsite replacement tree required?
Los Altos Street Tree Planting List needs to be reviewed for drought resistant trees and ones with minimum of lateral roots that cause sidewalk / street pavement damage.

All replacement trees to be planted per Los Altos Tree Planting and Staking [L1-1] to ensure rapid and healthy growth.

Los Altos Tree Removal Permit Process [updated February 2020] is easy for residents to follow for normal tree removal and many elements should be included in code.

What should a resident do when major tree limb falls and damages house? Who can give approval to remove limb from house and make tree safe without risk of killing tree?
Jim Wing, Milverton Road, Los Altos
95 Agenda Item # 5.

Reviewed By:

City Manager City Attorney
GE
Finance Director
JH JF

AGENDA REPORT SUMMARY
Meeting Date: May 24, 2022
Subject Rental Fee Waiver Request by the Friends of the Library of Los Altos Prepared by: Mary Jo Price, Recreation Supervisor
Reviewed by: Donna Legge, Recreation Director
Approved by: Gabriel Engeland, City Manager
Attachment(s):

1. Fee Waiver Policy Memorandum dated March 4, 2008

2. Letter from Friends of the Library of Los Altos dated April 28, 2022

3. Los Altos Community Center Rental Fee Schedule
Initiated by:

Friends of the Library of Los Altos (Friends of the Library) Previous Council Consideration:

None
Fiscal Impact:

Approval of the fee waiver will result in the potential loss of rental revenue valued at $11,040 and a total of 4 days of prime-time use (Thursday through Sunday) of the Los Altos Community Center.

Revenue is not budgeted therefore no budget adjustments would be required.

Environmental Review:

Not applicable
Policy Question(s) for Council Consideration:

Does Council wish to support a fee waiver equivalent to $11,040 for the use of the Los Altos Community Center by the Friends of the Library for their August book sale? Summary:
 Fee waivers over $1,000 are considered and only approved by Council  Friends of the Library has requested a rental fee waiver in the amount of $11,040 per year  Friends of the Library were previously approved for free use of the Hillview Community Center for their quarterly book sales
 Council will be reviewing the Fee Waiver Policy in September 2022 96 Agenda Item # 6.

Subject: Title
Date Page 2
Staff Recommendation
Consider and approve immediate request from Friends of the Library to waive the rental fees for use of specific rooms from August 5 to 7, 2022, at the Los Altos Community Center for its book sale in the amount of $11,040.

With the number of fee waiver requests received, City staff plans to update the existing Fee Waiver Policy to be reviewed and considered by City Council in September 2022.

Purpose
Consider rental fee waiver for the Friends of the Library of Los Altos.

Background
On March 11, 2008, Council adopted the Fee Waiver Policy which states:

For fee waiver requests from community and non-profit groups for one-time events or facility usage, the City Manager or his/her designee is authorized to consider the request and to render a decision IF the amount of the waiver is less than $1,000. For requests greater than $1,000, a written request shall be placed on the agenda of the City Council for its determination.

The Los Altos Community Center is a City facility and is one of many reservable spaces managed by the Recreation & Community Services Department. Located at 97 Hillview Avenue, the Community Center opened on Monday, October 4, 2021. The rental fee schedule was approved at the regular City Council meeting of October 26, 2021, per resolution 2021-54 (Attachment A). As of November 8, 2021, staff began to reserve rooms in the Community Center. From November 8, 2021, through April 2022 the Community Center has earned $75,878.50 in rental revenue. The revenue budget/target for FY 21/22 is $50,000.

Discussion/Analysis
The Friends of the Library is a non-profit that provides supplemental funding, approximately $150,000 annually, to the Los Altos Library. They are currently leasing 1,120 square feet of space at the Civic Center which includes three temporary units across from the Library and behind the Police Department.

The Friends of the Library utilized the Hillview Community Center from 1975 until its demolition in October 2019. Free use of the Hillview Community Center by the Friends of the Library included dedicated space through use of a classroom (Room 7), and two storage spaces through temporary sheds to support their operations. Free use also extended to their quarterly book sales 97 Agenda Item # 6.

Subject: Title
Date Page 3
which utilized a variety of multipurpose spaces at the Hillview Community Center (Hillview Multipurpose Room, Hillview Social Hall, and Room 2). During the design of the Los Altos Community Center, the dedicated operation and storage space was not included, along with other non-City uses that were previously scheduled at the Hillview Community Center.

While staff encourages the use of the new Community Center by the Friends of the Library August Book Sale, no agreement has been established for the use of the new Community Center. Due to logistics of set-up and clean-up for their August book sale, the Friends of the Library has requested dedicated rental space at the Community Center from Thursday evening to Sunday evening for a total of 48 hours of use. Their current rental request for the Community Center includes use of the Grand Oak room and the Sequoia/Manzanita/Lobby rental package. At the Non-profit rate of $105/hr for the Grand Oak Space and $125/hr for the Sequioa/Manzanita/Lobby rental package, the total requested fee waiver would be $11,040.

Friends of the Library Los Altos provides a public benefit by subsidizing programs, services, books, equipment and furnishings for the two Los Altos Libraries. They also have recently expanded their mission to include funding opportunities for other community organizations including City run programs and events. In addition, the Friends of the Library are a recycling and reuse organization which the community relies on for book disposal. They resell approximately 150,000 books a year that would otherwise end up in the landfill. The Friends of the Library also support local teachers by providing books at no cost.

With the opening of the Los Altos Community Center and approval of the new facility rental fee schedule for all City facilities, the Recreation & Community Services Department has streamlined the process for handling all fee waiver requests to continue and include formal approval by City Council per the existing policy. As part of the City Council retreat held on January 18 and 22, 2022, the agenda included a policy question to City Council asking if they wish to subsidize certain users and groups using City facilities, and if so, to what extent? Does the City Council wish to update the current Fee Waiver Policy? Staff will be updating the policy to be reviewed and considered by City Council in September 2022.

Recommendation
Consider and approve immediate request from Friends of the Library to waive the rental fees for use of specific rooms from August 5 to 7, 2022, at the Los Altos Community Center for its book sale in the amount of $11,040.
98 Agenda Item # 6.

MEMORANDUM
C:\Documents and Settings\skitchens\Local Settings\Temporary Internet Files\OLK6\feewaiverpolicy.doc
DATE: March 4, 2008
TO: Val Carpenter, Mayor
City Council members
FROM: Douglas J. Schmitz
SUBJECT: FEE WAIVER POLICY
BACKGROUND:

Several times over the past six months, the City Council has been asked to waive municipal fees for facility usage.

In many cities, small waivers are usually addressed by the staff pursuant to guidelines established by the Council. I am proposing that the Council consider the following proposed policy for the future handling of waivers.

POLICY:

For fee waiver requests from community and non-profit groups for one-time events or facility usage, the City Manager or his/her designee is authorized to consider the request and to render a decision IF the amount of the waiver is less than $1000. For requests greater than $1000, a written request shall be placed on the agenda of the City Council for its determination.

The City Manager or his/her designee shall provide notification to the members of the City Council of his/her decision on either the granting or rejecting of a request.

RECOMMENDATION:

Adopt the policy for fee waivers for community and non-profit groups up to the listed limits.

99 Agenda Item # 6.

Friends of the Library of Los Altos PO Box 212 Los Altos, CA 94023-0212 April 28, 2022
To: City of Los Altos Recreation and Community Services; For many years, the City of Los Altos has provided space for Los Altos Friends of the Library book sales and operations at no cost. First, at the Hillview Community Center, and then at the Los Altos Youth Center. On behalf of the friends of the library, I am asking that you extend this fee waiver to include the new Los Altos Community Center, Grand Oak room, Manzanita room, Sequoia room, and lobby area. We would like to use these areas for our August community book sale. We would need to begin our set up at 4 PM on Thursday, August 3, and we will be cleaned up and gone by 7 PM on Sunday, August 7. The recreation department has calculated our fee waiver request to be $11,040.

The Los Altos friends of the library is a 100% volunteer organization. 100% of our income goes to support the library and associated community projects. The friends have paid for the furniture in the Library teen room, the the Los Altos library's popular best sellers collection, and many other items over the last 40 years. Our community book sales provide free books for teachers, through our books4schools program as well as low-cost books for community members, and volunteer opportunities for over 100 people. All books are either reused or recycled.

Like all other friends groups in Santa Clara County we can only provide this community service with the support of the city. We do not know of any other city which charges friends groups for the use of their facilities
The city and the friends have always been symbiotic community partners and we look forward to continuing that at this Beautiful new facility.

Thank you for your consideration
Tom Chay
Book Sale Chairman
Los Altos Friends of the Library [email protected] 100
Agenda Item # 6.

Attachment 3 – Los Altos Community Center Rental Fee Schedule Grand Oak Space
• Resident $250/hr
• Non-resident $300/hr
• Non-profit $125/hr
• Commercial $375/hr
Sequoia Space
• Resident $100/hr
• Non-resident $125/hr
• Non-profit $50/hr
• Commercial $150/hr
Multipurpose Space (Apricot, Manzanita, Birch, Cedar, Sycamore, Maple, Juniper, Courtyard) • Resident $80/hr
• Non-resident $100/hr
• Non-profit $40/hr
• Commercial $120/hr
Kitchen
• Resident $50/hr
• Non-resident $75/hr
• Non-profit $25/hr
• Commercial $100/hr
Lobby Space
• Resident $100/hr
• Non-resident $125/hr
• Non-profit $50/hr
• Commercial $150/hr
Community Center Package (Sequoia/Manzanita/Lobby)
• Resident $210/hr
• Non-resident $255/hr
• Non-profit $105/hr
• Commercial $420/hr
Community Center Package (Sequoia/Manzanita/Apricot)
• Resident $200/hr
• Non-resident $240/hr
• Non-profit $100/hr
• Commercial $400/hr
101
Agenda Item # 6.

Community Center Package (Sequioa/Manzanita/Buckeye/Madrone) • Resident $160/hr
• Non-resident $195/hr
• Non-profit $80/hr
• Commercial $320/hr
102
Agenda Item # 6.

PUBLIC CORRESPONDENCE

To send correspondence to the City Council, on matters listed on the agenda please email [email protected]
103
Agenda Item # 6.

From: Pat Marriot
To: Public Comment
Subject: PUBLIC COMMENT Item 6 May 24, 2022 Friends of Library Date: Saturday, May 21, 2022 11:14:30 AM
Council Members:

I know the Friends do great work for our library. I know they have always used city property for their book sales at no charge. I’ve been told they can bring in about $11,000 at these sales and that money goes to our Los Altos library. That’s clearly a benefit to the city.

In January the Town Crier requested a fee reduction for renting the Garden House for an event. That request was withdrawn, but it wasn’t obvious to me why the city would grant it.

My concern about waiving or reducing fees for any person or organization is that the 2008 Fee Waiver Policy is no policy at all. It allows the city manager or the council to make a subjective decision on whether to grant requests. This could lead to all kinds of problems if you say yes to one and no to others.

The city needs objective standards for making these decisions. Our financial situation is not great. We’re paying off a $10M loan for the community center. Regardless of whether or not people pay to rent space – at any city property – we still have to pay staff and pay for utilities.

I hope you will move to create an objective fee waiver policy.

Thank you,
Pat Marriott
104
Agenda Item # 6.

From: Roberta Phillips
To: City Council; Public Comment; Gabriel Engeland
Subject: [External Sender]Consent Calendar City Council meeting May 24 Item #6 Date: Saturday, May 21, 2022 4:20:07 PM
Dear City Council
I would like to request that you pull item #6 "Rental Fee Waiver" from the Consent Calendar and have it as a discussion item.

While the Friends of the Library do a good job, you have already established a fee structure for rentals at the new Community Center which staff worked on diligently and Council approved . The city has to pay back the ten million dollar loan, pay staff, do the upkeep on the facility which all costs a lot of money. I believe that no one should have their fees waived because the expense of running the Community Center then falls on others to pay. It does not allow for the rooms to be rented to other interested parties who might want to pay to use the rooms that the Friends are requesting for four days at a time, three or four times a year . It also sets a precedent that in the future the fees will always be waived for the book sales. It does not allow for cost recovery and puts the burden on the taxpayers.The city has only 16% of its reserves while they have a policy of 20% reserves. The City has a twenty two million dollar shortfall on the CIP projects, with urgent needs ( for example) to provide hot water and an upgraded electric panel at Grant Park. The roof at the firehouse is now leaking. I do not believe the City is in a position to give away free space and ignore cost recovery, or put the cost of operating the facility on other users
There are many non profit organizations in Los Altos that do good things for the community.

LACF, the Rotary Club,The Assistance League of Los Altos and many other organizations sponsor events like the Wine and Cheese Festival, the Art Festival, give scholarships, and feed people, provide rent assistance, provide mental health opportunities and more. If you grant a fee waiver other non profits could then expect to have free rental space at the Community Center based on their good works that benefit the community. The Friends of the Library are no more or less worthy than other non profits who provide services to Los Altans.

The Friends of the Library have close to a million dollars in the bank, so they certainly can afford to pay a rental fee.It is obvious that they do not donate 100% of their revenue to the Library. The Friends of the Library in all other towns pay rental fees.

You might want to consider that instead of paying $11,040 that the Friends pay half. ( $5520) That would allow the City to have some cost recovery and be more fair to the other residents who would need to pick up the slack or forgo other needed services from the city.

I am looking for a fair and balanced policy to be put in place before any fees are waived or decreased, and that the public has a chance to participate at a public hearing.

Sincerely
Roberta Phillips
105
Agenda Item # 6.

From: Roberta Phillips
To: City Council; Public Comment
Subject: Fee Waiver Friends of the Library/ Council meeting May24,2022 Date: Sunday, May 22, 2022 2:03:46 PM
Attachments: To City Council (1).docx
Dear City Council
Jim Jolly is my neighbor and does not have his own computer.

He asked If I would email this letter to you on his behalf. Please see attached letter from him.

Thanks
Roberta Phillips
106
Agenda Item # 6.

To: Los Altos City Council
From: Jim Jolly
Subject: Waiver of Fees for Community Center Use
Date: May 22, 2022
The City Council has established a fee schedule for use of our new Community Center by private person/organizations. I understand that these fees have been discounted for use by non-profit organizations.

The Council is now considering a request from the Friends of the Library to waive the discounted fee for their upcoming Book Sale. I am opposed to this and request that you deny their request. Please adhere to your already approved schedule so that all non-profit organization users who request use of this City owned property are treated equally.

Thank you.

Jim Jolly
Panchita Way
107
Agenda Item # 6.

Reviewed By:

City Manager City Attorney
GE__
Finance Director
JH__ JF

CALENDAR

AGENDA REPORT SUMMARY
Meeting Date: May 24, 2022
Subject Approve or Modify Recommended Process to Establish a Below Market Rate (BMR) Waiting List and Provide Direction to Staff
Prepared by: Laura Simpson, Interim Community Development Director Approved by: Gabriel Engeland, City Manager
Initiated by:

Council request.

Fiscal Impact:

None. The City has a 3-year contract ending in June 2023, for a total of $195,000, with Alta Housing to administer the City’s Below Market Rate (BMR) housing program.

Summary:

The City of Los Altos contracts with Alta Housing to administer aspects of the City’s BMR housing program for both homeownership and rental housing. In rental developments, it is the private property management firm for each complex, not Alta, that maintains a waiting list for BMR apartments. Once a new tenant is selected, Alta certifies their income, and then annually recertifies if they still are income qualified. For ownership housing, Alta qualifies eligible buyers for new and existing homes that come onto the market under the City’s program. Alta has an interest list for affordable housing in Los Altos of over 800 households; however, this is not an established waiting list of qualified moderate or low-income buyers. Alta recommends the City establish a waiting list for the BMR program.

Staff Recommendation:

Review and approve the process proposed by Alta Housing for establishing a BMR waiting list for ownership housing for the City of Los Altos. Consider having Alta Housing also establish and manage one BMR waiting list for rental units in Los Altos, rather than have individual property management firms establish separate waiting list. 108
Agenda Item # 7.

Subject: Establishing a BMR Waiting List
May 24, 2022 Page 2
Discussion:

The City of Los Altos has an active BMR portfolio of 105 affordable housing units, including 54 ownership units and 51 rental units. The City initially contracted with Alta Housing in 2018 and renewed the contract in 2021 for $195,000 to administer the City’s BMR program. In the development pipeline, the city now has 56 Low or Moderate-income units, 8 of which are in construction and 48 of which have been approved but are not yet in construction.

The current process when a BMR unit becomes available is as follows:
1) Alta Housing initiates a marketing process, letting those on its interest list know about the new unit. Alta does this through direct mail to those in BMR rental units and via email with a link to the application packet to those on the interest list. Alta also notifies the LASD staff contact Erin Green, who forwards the information to all Los Altos School District schools. Alta also notifies the Los Altos Community Development Director, Planning Manager and City Manager. Alta also places an ad in the Los Altos Town Crier for a period of 30 days.
2) Households may then submit application packets for a full eligibility review by the given deadline.
3) The priority for ranking is determined by applications that are submitted by the deadline, with candidates ranked and processed based on the date and time of receipt of the completed application packet and Los Altos BMR priority ranking based on the following:

First Priority (in no order of preference)
a. Persons who are regular, full-time staff for School District or Charter School who have been employed by a school that serves Los Altos residents, including the following schools outside City limits: Springer Elementary, Mountain View High, Cupertino Jr. High, Homestead High School, Alta Vista High, and West Valley Elementary, for a period of no less than 12 months prior to the time of application;
b. Persons who are salaried City employees as defined in the City’s personnel rules, who have been employed by the City for a period of no less than 12 months prior to the time of application; and
c. Persons who are salaried Santa Clara County Fire Department employees who are assigned to the two fire stations located in the City of Los Altos.

Second Priority (in no order of preference)
a. Persons who reside in the City at the time of application and who have lived in the City for at least the prior two years;
109
Agenda Item # 7.

Subject: Establishing a BMR Waiting List
May 24, 2022 Page 3
b. Persons who work in the City at the time of application and have worked in the City for at least two years; and
c. Households which are required to relocate their residence as a result of Council action.

Third Priority
a. Persons who work in the City at the time of application; b. Persons who have lived in the City for at least two years and who have moved out of the City within the five years prior to the time of application; and c. Persons whose parents or children live in the City at the time of the application and such persons have lived in the City at some prior time.

Fourth Priority
a. Persons who live or work within Santa Clara County at the time of application.

Alta strongly recommends implementing a waiting list. City Council held a study session regarding this process in early 2020, however, the process was delayed after the pandemic began.

Alta recommends the City Council review and approve the following BMR waiting list process to establish a waiting list for Los Altos.

Alta and staff recommend discontinuing the priority rankings as listed above or allow only priorities for those who live or work in Los Altos.

The proposed process would be as follows:
1) Extensive marketing to regional and local businesses, the school district, countywide agencies, and providing website updates, as well as the Los Altos Town Crier with information regarding the implementation of a waiting list. 2) Application and flyer with information regarding the lottery process and the deadline for submission of applications will be available for download on the Alta website and the City of Los Altos website.
3) All applications received by the deadline will be entered on a spreadsheet. 4) A lottery process for ownership lists will be conducted to establish a household’s place on the waitlist, with applicants certifying that they live or work in Los Altos. 5) Once a lottery order is established, applicants will be reviewed and qualified in that order, with those meeting preference criteria moving to a priority position on the list. 110
Agenda Item # 7.

Subject: Establishing a BMR Waiting List
May 24, 2022 Page 4
Once the list is established, it can remain active for a year or more before it would be updated.

This saves time and money and gets families into affordable housing more quickly, and efficiently.

Additionally, Council could recommend the establishment of a BMR rental waiting list by Alta Housing for all BMR apartments in Los Altos. This would then be shared with property management firms when rental BMR units become vacant throughout the city. 111
Agenda Item # 7.

Below Market Rate Programs: Establishing Waiting Lists
Georgina Mascarenhas, VP of Property Management
altahousing.org
[email protected]
112
Agenda Item # 7.

Recommendations to improve BMR application process
● Alta Housing, our role
● Establishing BMR Waiting Lists
○ Current Procedure (Interest List) vs. Recommended (Waiting Lists) ○ Advantages of Waiting Lists
○ Procedure to Launch Waiting Lists
● Q&A
113
Agenda Item # 7.

Our Role
AH, day-to-day:
● Manages AH-owned 700+ affordable housing rental units ● Provides on-site residential services
● Acquires and/or develops affordable housing projects
● Provides BMR consultation and administrative services to cities (current clients - Los Altos and Palo Alto)
114
Agenda Item # 7.

Establishing BMR Waiting Lists
Current Los Altos BMR Procedure:
● BMR Ownership - with every new sale a 30-day ad is placed in Los Altos Town Crier ● Email is sent to the City of LA Housing Director & the LA school district contact ● Ownership applicants submit an application packet consisting of 75+ pages ● BMR Rentals - individual vacancies require marketing efforts similar to above administered by individual site staff/developer
● One informal “interest” list w/ names and e-mail addresses, does not replace ads ● Los Altos priority ranking applied to applications turned in before deadline Recommended:
● Establish/Implement separate waiting lists for ownership and rental program ● Replace priority ranking with one live/work preference 115 Agenda Item # 7.

Advantages of Waiting Lists
● Saves on cost of ad - $750.00 for 30 days
● Saves on staff time
● Minimizes rental vacancy loss + arbitrary resident selection ● Saves on applicant time compiling application packet
● Eliminates paper waste
● No lag time vs. 30 days to start processing applications ● Establishes centralized database and ensures units are assigned fairly ● Decreases the chance that applicants will drop-out due to lack of knowledge 116
Agenda Item # 7.

Procedure to Launch Waiting Lists

MARKETING
Advertise
online,
newspaper,
agencies, onsite
30 -60 days

APPLICATIONS
Preliminary
information

DATA INPUT
Applicant
notification
with WL
number

LOTTERY
117
Agenda Item # 7.

Questions?
Additional questions can be e-mailed to:

Rubi Valencia Georgina
Mascarenhas
BMR Program Administrator VP Property Management
[email protected]
[email protected]
(650) 321-9709
118
Agenda Item # 7.

May 23, 2022
Mayor Enander and Members of the City Council
City of Los Altos
1 N. San Antonio Road
Los Altos, CA 94022
Re: Council Meeting May 24, #7 Establishing a Below-Market-Rate (BMR) Waiting List Dear Mayor Enander and Members of the City Council:

The League of Women Voters has long monitored the BMR programs in both Mountain View and Los Altos as we believe that inclusionary units, also known as BMR units, are an important method for producing lower-income housing. We also support all-affordable housing developments, but we believe that inclusionary programs are helpful in dispersing lower-income households throughout the community. Over the years we have looked to Alta Housing, formerly Palo Alto Housing, for guidance, as the City of Palo Alto was one of the first jurisdictions in California to have a BMR program; as a result, Alta Housing has much expertise in administering such programs.

We have often criticized the priorities that Los Altos has for its BMR program. We support the #1 priorities, which include preferences for school district and City employees as well as first-responders. We understand that Alta Housing has been especially successful in finding homes for school district employees. The other priorities are unusual; we believe they should be dropped, giving the second priority to those who work in Los Altos, a much more common preference. The lower level priorities are particularly out of place as the new Housing Element requires the City to affirmatively further fair housing.

We would favor the changes advised by Alta Housing to create consolidated and centralized wait lists for both ownership and rental housing, rather than leaving that up to individual properties. We believe it is difficult for households to monitor ads for newly available units.

Once people have signed up, they should be informed that they are on a waitlist and where in the waitlist they fall. We are concerned that if apartment owners/managers keep their own waitlists for rental units, we cannot be sure that everyone is treated fairly. The ability to rent a 119
Agenda Item # 7.

BMR is a wonderful opportunity, and the City needs to feel confident that all the rules are being followed. We understand that making these changes may cost the City additional funds.

We are concerned, however, that the outreach that should have been done to reach all the potential school district employees as well as others who might qualify under the top priority has not been done, nor are we confident that adequate outreach has been done to target lower-income employees in Los Altos. Part of the problem may be the extremely vague contract the City has with Alta, part may be due to changes in City personnel, or to others who committed to helping with the outreach and failed to perform. We suggest the contract be rewritten, depending upon the Council’s decision about priorities, with specific outreach requirements that Alta must fulfill.
(Please send comments related to this letter to Sue Russell at s ) Karin Bricker, President LWV of Los Altos Mountain View cc: Gabriel Engeland Laura Simpson Jolie Houston Nick Zornes 120
Agenda Item # 7.

Reviewed By:

City Manager City Attorney
GE
Finance Director
JH JF

AGENDA REPORT SUMMARY
Meeting Date: May 24, 2022
Subject In-person City Council and Commission meetings
Prepared by: Jon Maginot, Assistant City Manager
Approved by: Gabriel Engeland, City Manager
Attachment(s): None
Initiated by:

City Council
Previous Council Consideration:

None
Fiscal Impact:

None
Environmental Review:

Not applicable
Policy Question(s) for Council Consideration:
 Does the Council wish to resume in person City Council meetings? Summary:
 The City has held City Council and Commission meetings virtually since March 2020  Of 14 surrounding jurisdictions, six continue to hold meetings virtually, one has returned to in-person and seven have implemented hybrid meetings Staff Recommendation:

Provide direction on the return to in-person City Council and Commission meetings 121
Agenda Item # 8.

Subject: In-person City Council and Commission meetings May 24, 2022 Page 2
Purpose
To provide direction on the return to in-person City Council and Commission meetings Background
On March 17, 2020, the City Council adopted Resolution No. 2020-08 ratifying an Emergency Proclamation issued in response to the COVID-19 pandemic. On March 24, 2020, the City Council began holding entirely virtual meetings. Since that date, City Council and Commission meetings have been held virtually according to State Executive Orders and AB 361.

Recently, there has been interest from Council and Commission members to discuss resuming inperson meetings.

Discussion/Analysis
While the rate of vaccination for Santa Clara County is very high (91.2% of all individuals age five or older as of May 4, 2022), and the case and death rates have dropped, there is still cause for concern. The 7-Day Rolling Average of New Cases was significantly higher at the beginning of May 2022 than at the beginning of May 2021 (597 cases vs. 69). Because of the rise in new cases, Santa Clara County has moved from the green zone to yellow zone according to the Centers for Disease Control.

Given this, and that Council has continued to extend the Emergency Declaration, in accordance with AB 361, virtual meetings remain an option for the Council.

There are surrounding agencies that have implemented in-person or hybrid meetings. A review of other agencies within the County, shows that there is a fairly even split between those Councils that are meeting entirely virtually and those that are holding hybrid (in-person and virtual) meetings:

Entirely Virtual Hybrid In-Person
Los Gatos
Morgan Hill
Mountain View
Santa Clara County
Saratoga
Sunnyvale
Campbell
Cupertino
Los Altos Hills
Milpitas
Palo Alto
San Jose
Santa Clara (city)
Gilroy
122
Agenda Item # 8.

Subject: In-person City Council and Commission meetings May 24, 2022 Page 3
Should Council wish to explore in-person or hybrid meetings, Staff recommends continuing with entirely virtual meetings through the July 12, 2022 City Council meeting. This is the last Council meeting before the summer break and would allow for further analysis of whether COVID-19 has truly entered the endemic stage.

Recommendation
The staff recommends provide direction on the return to in-person City Council and Commission meetings.
123
Agenda Item # 8.

Los Altos City Council
Legislative Committee
May 24, 2022 – Agenda item 9
(* Indicates CalCities “hot” bills)

BILLS MOVING FORWARD TO SECOND HOUSE
Support:

AB 1944 (Lee) Amend Brown Act [May 10]
AB 2164 (Lee) Fund Disability Access and Education for small businesses. [May 10]
Oppose:
*AB 2097 (Friedman) Prohibit parking requirement on developments near public transit [April 26]
*SB 897 (Wieckowski) Prohibits height limits on ADUs less than 25 feet; other parking limits; other provisions. [April 26]
Potential Council action in June:

AB 2053 (Lee) Create new California Housing Authority
AB 2221 (Quirk-Silva) Mandates review/time requirements on certain ADU applications.

AB 2625 (Ting) Certain exemptions to the Subdivision Map Act for certain land involving an electrical energy storage system.

SB 922 (Wiener) Removes the January 1, 2030, sunset to exempt certain bicycle transportation plans, signal timing, and other related projects from CEQA.

SB 930 (Wiener) Bill substantially amended (gut and amend) to apply the Housing Accountability Act to developments for extremely low income units.
*SB 932 (Portantino) Requires multi-modal transportation network in the Circulation Element of the General Plan for plans after June 30, 2024. (prior Council discussion)
*SB 1067 (Portantino) Would prohibit from imposing any minimum automobile parking requirement on a housing development 124
Agenda Item # 9.
within ½ mile of public transit under certain conditions (amended to apply to all, not just > 200,000 population).

BILLS THAT FAILED TO PASS FIRST HOUSE
AB 2063 (Berman) Would prohibit collection of certain impact fees on “density bonus” units (collection currently is limited on affordable units). (prior Council discussion)
AB 2762 (Bloom) Legislative intent to allow local agencies to build affordable housing on parking lots that serve public parks and recreational facilities.

SB 1292 (Stern) Would require jurisdictions that constrain development within certain fire hazard zones to provide for replacement development that is double the number of units eliminated in the fire hazard zones.

POTENTIAL ADDITIONS
125
Agenda Item # 9.

Open Government Committee
Council meeting May 10, 2022
Agenda item 11
The Open Government committee met and is working to address the following issues, with plans to make proposals to the entire City Council on changes to the Open Government Policy on May 24, 2022. The committee has asked for input from the City Manager and City Attorney.

1. What changes, if any, are required for the policy to conform to recent changes to state law? Based on those changes, should City Council make any further changes to the policy to continue the goal of exceeding the requirements of the Brown Act?

2. What changes, if any, are requested by staff to make the policy more practicable in the current environment and in looking forward to potential hybrid meeting structures?

3. What changes to public noticing requirements on development projects would better serve the goal of the Open Government Policy?

4. What resources are needed to meet the requirements of the policy? Are these acceptable in today’s budget environment, given the benefits? 126
Agenda Item # 10.

City of Los Altos 2022 Tentative Council Agenda Calendar May 19, 2022
All items and dates are tentative and subject to change unless a specific date has been noticed for a legally required Public Hearing. Items may be added or removed from the shown date at any time and for any reason prior to the publication of the agenda eight days prior to the next Council meeting.

Date Agenda Item
(Date identified by Council)
Agenda Section
(Consent,
Discussion Item -
note in red if
Public Hearing)
Dept/
Date of
request
to add.

June 14, 2022 Adopt Resolution No. 2022-XX approving the Report of Sewer Service Charges and directing the Filing of Charges for Collection by the Tax Collector
2 Printed Public
Hearing -
- not less than 10
days - published
once a week for
two consecutive
weeks 5/11/2022
& 5/18/2022
Military Equipment Purchase
Approve Final FY 21/22 Budget Appropriations Public Hearing Finance Wireless Ordinance; 3rd reading Discussion
FY23 Budget Session Discussion
SB1 – Resolution for 2023 resurfacing. This is a resolution that highlights the list of street to be completed for future project in order to be eligible for reimbursement. This is due by July 1st (high priority).

Consent
Contract Agreement for 2022 Resurfacing Consent
Professional Service Agreement for Inspection Services, for 2022 resurfacing project
Consent
Project Acceptance for Fremont Project – Interstate Grading & Paving Consent 127
Agenda Item # 11.

City of Los Altos Tentative Council Agenda Calendar
May 19, 2022
All items and dates are tentative and subject to change unless a specific date has been noticed for a legally required Public Hearing. Items may be added or removed from the shown date at any time and for any reason prior to the publication of the agenda eight days prior to the next Council meeting.

Date Agenda Item
(Date identified by Council)
Agenda Section
(Consent,
Discussion Item -
note in red if
Public Hearing)
Dept.

Professional Services Contract Amendment Traffic patterns Consent Professional Services Contract Amendment Alta Consent
Project Acceptance for 2021 Resurfacing Project – G. Bortolotto & Co. Consent June 28, 2022 REGULAR COUNCIL MEETING
SCC Cites Association Appointment Discussion
Special Presentation; July makes Parks Better
FY23 Budget Adoption
Financial System Purchase
CalRecycle Grant Acceptance Consent Eng
Custodial Contract Consent MSC
Wireless Ordinance; 4th reading Consent
June 28, 2022 REGULAR COUNCIL MEETING
July 12, 2022 Council Study Session – Housing Element
July 12, 2022 REGULAR COUNCIL MEETING
August 23, 2022 REGULAR COUNCIL MEETING
128
Agenda Item # 11.

Date Agenda Item
(Date identified by Council)
Agenda Section
(Consent,
Discussion Item -
note in red if
Public Hearing)
Dept.

August 30, 2022 Commission Interviews
September 20, 2022* REGULAR COUNCIL MEETING
Year End tentative report – September (if needed)

REGULAR COUNCIL MEETING
October 11, 2022 REGULAR COUNCIL MEETING
October 25, 2022 REGULAR COUNCIL MEETING
November 1, 2021 Joint w/Commissions
1st Quarter report FY 2021/2022

REGULAR COUNCIL MEETING
November 29, 2022 REGULAR COUNCIL MEETING
December 6, 2022 CAFR and Year End – 1st meeting December December 13, 2022 Special meeting REORG.

Future Agenda Topics To Be Scheduled….
129
Agenda Item # 11.

Date Agenda Item
(Date identified by Council)
Agenda Section
(Consent,
Discussion Item -
note in red if
Public Hearing)
Dept.

Proposed City policy that modifies the environmental analysis standard for circulation impacts from a Level of Service (LOS) analysis to a Vehicle Miles Traveled (VMT) analysis.

Public
Hearing
info on Cuesta speed tables
League of California Cities – Role and Representation Presentati on/Discu
ssion
Council Initiated
Subcommittee on Grants NF 03.25.2022
Comprehensive multi-modal traffic study (analysis of recent projects projected parking, trip generation, & traffic impacts to actuals; ECR impacts should include adjacent streets) ES
Reach Code 2.0
Boards and Commission Process /Survey use
PCI Report
Complete Streets Master Plan
130
Agenda Item # 11.

Los Altos City CouncilMay 24, 2022

Los Altos City Council
May 24, 2022