Agenda packet, first session — Los Altos City Council, February 13, 2024 (part 1 of 2)

CITY COUNCIL MEETING
AGENDA
7:00 PM - Tuesday, February 13, 2024
via Videoconference and In Person
PARTICIPATION: Members of the public may participate by being present at the Los Altos Council Chamber at Los Altos City Hall located at 1 N. San Antonio Rd, Los Altos, CA during the meeting.

Public comment is accepted in person at the physical meeting location, or via email to [email protected].

RULES FOR CONDUCT: Pursuant to Los Altos Municipal Code, Section 2.05.010 "Interruptions and rules for conduct": Understanding that the purpose of the city council meetings is to conduct the people's business for the benefit of all the people, in the event that any meeting of the city council is willfully interrupted by a person or group of persons so as to render the orderly conduct of the meeting impossible, the mayor, mayor pro tem, or any other member of the city council acting as the chair may order the removal of the person or persons responsible for the disruption and bar them from further attendance at the council meeting, or otherwise proceed pursuant to Government Code Section 54957.0 or any applicable penal statute or city ordinance.

REMOTE MEETING OBSERVATION: Members of the public may view the meeting via the link below, but will not be permitted to provide public comment via Zoom or telephone. Public comment will be taken in-person, and members of the public may provide written public comment by following the instructions below.
https://losaltosca-gov.zoom.us/j/87395236245?pwd=U9ZkhGSmrDaG08VWEpk9ZFJ96KuETP.1 Telephone: 1-669-444-9171 / Webinar ID: 873 9523 6245 / Passcode: 246798 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. Emails sent directly to the City Council as a whole or individually, and not sent to [email protected] will not be included as a public comment in the Council packet.

Please note: Personal information, such as e-mail addresses, telephone numbers, home addresses, and other contact information are not required to be included with your comments. If this information is included in your written comments, they will become part of the public record. Redactions and/or edits will not be made to public comments, and the comments will be posted as they are submitted. Please do not include any information in your communication that you do not want to be made public.

Correspondence submitted in hard copy/paper format must be received by 2:00 p.m. on the day of the meeting to ensure distribution prior to the meeting. Comments provided in hard copy/paper format after 2:00 p.m. will be distributed the following day and included with public comment in the Council packet. 1 2/13/2024 CITY COUNCIL MEETING AGENDA Page 2 of 4
The Mayor will open public comment and will announce the length of time provided for comments during each item.

AGENDA

CALL MEETING TO ORDER

ESTABLISH QUORUM

PLEDGE OF ALLEGIANCE

REPORT ON CLOSED SESSION

CHANGES TO THE ORDER OF THE AGENDA

SPECIAL ITEM
Issue a proclamation recognizing February as Black History Month in Los Altos

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. The Mayor will announce the time speakers will be granted before comments begin. 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.
02-13-24 Written Public Comments
02-13-24 Written Public Comments Received After 2 p.m.

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. Approve the draft meeting minutes for the Special and Regular Meetings of January 9 and January 23, 2024

2. Quarterly Investment Portfolio Report – Quarter Ended December 31, 2023

3. Authorize the City Manager to execute a Professional Services Agreement for the General Plan Safety Element Update with Michael Baker International as the most qualified responsive consultant for the project with a project budget not to exceed $102,600 and up to a 20% contingency, if needed, in the amount not to exceed $20,520 for a total of $123,120

4. Adopt an ordinance of the City Council of the City of Los Altos amending Chapter 11.08 Tree Protection Regulations and find that this ordinance is exempt from environmental review 2 2/13/2024 CITY COUNCIL MEETING AGENDA Page 3 of 4
pursuant to Section 15061(b)(3) of the State Guidelines implementing the California Environmental Quality Act of 1970

5. Adopt a resolution of the City Council of the City of Los Altos amending Tree Removal Permit Fee Structure and find that the resolution is exempt from environmental review pursuant to Section 15073 (Fee Exemption) of the State Guidelines implementing the California Environmental Quality Act of 1970

6. Receive the annual report on Development Impact Fees for the Fiscal Year 2023 and find that the project is categorically exempt from CEQA under CEQA Guidelines, §15273, which exempts from CEQA fees, rates, tolls, fares and other charges by the local agency for the purpose of meeting financial reserve needs and requirements, and none of the circumstances set forth in CEQA Guidelines Section 15300.2 applies

PUBLIC HEARINGS

7. Comprehensive parking regulations: Introduce and waive further reading of an ordinance of the City Council of the City of Los Altos amending Chapter 14.74 of the Los Altos Municipal Code to implement Program 1.I, Program 3.A, and Program 3.M of the 6th Cycle Housing Element

DISCUSSION ITEMS

8. Municipal Code Amendment to Section 6.16.070 of the Los Altos Municipal Code updating to reflect prohibited days of construction on City Observed Holidays

9. Review the City's Mission Statement and provide direction to staff on any potential changes

10. Introduce and waive further reading of an Ordinance amending Chapter 2.04 to establish City Council salaries and adopt a Resolution adjusting the level of benefits offered City Council members

11. Discuss the formation of an ad hoc subcommittee to discuss strategies for street maintenance, appoint members to such a committee, and determine a timeline for the subcommittee or provide other direction regarding street maintenance as appropriate

INFORMATIONAL ITEMS ONLY
There will be no discussion or action on Informational Items

12. Tentative Council Calendar and Housing Element Implementation Calendar

13. Receive staff update on Community Center Café

14. Response to 2024 Santa Clara County Local Agency Formation Commission Countywide Fire Service Review Report

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 3 2/13/2024 CITY COUNCIL MEETING AGENDA Page 4 of 4
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.

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. 4 From: Claire Divas
To: Claire Divas
Subject: Re: PACK EXPO Registrants Attendees Mailing List- 2024 Date: Thursday, February 1, 2024 7:32:59 AM
Hi,
Would you be interested in acquiring the PACK EXPO Registrants Attendees Mailing List-2024? Our package includes a list of 40,956 attendees from the 2024 I PACK EXPO, including their contact information such as Company Name, Contact Name, First Name, Middle Name, Last Name, Title, Address, Street, City, Zip code, State, Country, Telephone, Email address, and more.

PACK EXPO Data package is available for $ 1,899.

Interested? Email me back; I would love to provide more information on the list.

Best regards,
Claire Divas
5 From: Cheryl Reicker
To: Public Comment
Cc: Jonathan Weinberg; Pete Dailey; Neysa Fligor; Lynette Lee Eng; Sally Meadows; Nick Zornes Subject: PUBLIC COMMENT - AGENDA ITEM #4 - MEETING DATE 2/13/24 (regarding Amending Chapter 11.08 Tree Protection Regulations)
Date: Monday, February 12, 2024 11:14:37 AM
NOTE: This email was originally sent for the 1/23/24 City Council Meeting. I'm resending it (with minor edits) because it does not appear to have been uploaded to the online packet for that meeting even though it was sent on time for inclusion and I received an email confirming receipt.
******************************
Los Altos Mayor and City Council Members:

I'd like to start by thanking the appropriate City officials and employees for their efforts to protect trees in Los Altos. Beyond being beautiful, trees provide shade to cool our environment along with wildlife habitats, and they improve air quality, and even increase property values.

As the City discusses amending Chapter 11.08 regarding Tree Protection Regulations, I would like to comment on a few of the proposed changes:

11.08.0450 Protected trees: In proposed section "B", can you add the circumference that would apply to native species? (See section "A" as an example...it reflects both the diameter and circumference; with trees being solid and round, it may be easier/more accurate to measure circumference.)
Section: 11.08.0890 Notification: The notice for requested tree removal permits should be posted on the applicant's property BEFORE decisions are made (10 days would be sufficient).

This would give residents time to discuss the proposed removal with their neighbor, and, if desired, provide an opportunity to give input to the appropriate approval authority. While the appeals process is good in theory, the cost is very onerous ($691 within notification boundary, $1,325 outside notification boundary). Putting the notification process up front should reduce "nuisance" appeals if those fees were lowered to more reasonable levels, and would eliminate additional staff/City Council time needed to address appeals.

Section 11.08.09100 Determination on permit: Please retain original "criteria" #3: "The topography of the land and the effect of the tree removal upon erosion, soil retention and the diversion or increased flow of surface waters". Given trees' unique ability to help handle storm runoff and reduce flooding, as well as filter/clean water, maintaining this element is especially important for trees lining the 4 creeks traversing Los Altos and trees on sloping properties.

Proposed Section 11.08.120 Tree Replacement, Section D: While the location of a tree that causes property damage is unfortunate, it doesn't reduce the importance of trees on one's property. Not requiring tree replacement in these instances would even allow fence damage, which is usually not significant and often covered by homeowners insurance, to qualify the homeowner for not needing to replace a tree. If a tree is removed because it caused some damage, then a replacement tree in a more appropriate location should be the first 6 consideration. Please strike Item D from the proposed section 11.08.120, or, at a minimum, make it only applicable to direct damage to homes, ADUs, and stand-alone garages (not sheds, fences, pergolas, etc.)
Thank you for your consideration.

C. Reicker
Los Altos resident
7 From: K Z
To: City Council; Gabriel Engeland; Melissa Thurman; Nick Zornes; Jon Maginot; Public Comment Cc: [email protected]
Subject: February 13, 2024 City Council Meeting, Agenda Item #7 Date: Monday, February 12, 2024 7:52:47 AM
Attachments: 2_12_24 Ltr to LACC.pdf
Dear Mayor Weinberg and Members of the City Council:

Attached is a letter from the League of Women Voters regarding item number 7 on the agenda for the Council meeting on February 13, 2024.

Thank you for your attention to this matter.

Sincerely,
Katie Zoglin
President
Los Altos-Mountain View Area
League of Women Voters
8 9
From: Claire Divas
To: Claire Divas
Subject: Re: PACK EXPO Registrants Attendees Mailing List- 2024 Date: Thursday, February 1, 2024 7:32:59 AM
Hi,
Would you be interested in acquiring the PACK EXPO Registrants Attendees Mailing List-2024? Our package includes a list of 40,956 attendees from the 2024 I PACK EXPO, including their contact information such as Company Name, Contact Name, First Name, Middle Name, Last Name, Title, Address, Street, City, Zip code, State, Country, Telephone, Email address, and more.

PACK EXPO Data package is available for $ 1,899.

Interested? Email me back; I would love to provide more information on the list.

Best regards,
Claire Divas
10 From: Stephanie Lin
To: Public Comment
Subject: PUBLIC COMMENT - NOT ON THE AGENDA
Date: Tuesday, February 13, 2024 6:07:27 PM
To The Los Altos City Council:

I have included below comments from dozens of community members collected over the past two weeks.

Tiny Tots has been a cornerstone of the Los Altos community for over 50 years. I am also including a picture of the class of 1994-95 as a testament to the history of this program.

This program is being closed without sufficient notice to staff, parents, and community members. Staff have over 45 years combined experience in the program and deserve better.

Further, this decision was made with limited transparency - sharing only top-line financial numbers rather than a breakdown of expenses by program and category that we could all learn from.

Parents are scrambling as preschool enrollment season has already started. This is a parttime program, and as such TK is not an alternative for the program. This program uniquely offers both a high degree of child-led free play and a gradual introduction to academics whereas most other programs out there fall on one side of the spectrum or the other. It’s a special program with amazing teachers - please do not make the assumption that they will choose to work for a different operator.

We would request that you place this issue on the council agenda for the next city council meeting.

Sincerely,
Stephanie Lin on behalf of the Tiny Tots community
11 From Maggie Kwan: Please raise tuition and let’s find ways to keep the program! From Marina Eisenbud: Expanded TK doesn't replace this program! I relied on it for summer preschool care when my kids were too young to go to TK or other summer camps.

Please save this childcare option for parents who need it From Rachel Massaro: As a community health researcher studying Silicon Valley, I can say that affordable, quality preschools are much needed resources for our regional wellbeing. I hope you will consider the request to keep this preschool program running.

From Susanne Wisén: My daughter is now in 7th grade and went to Kinderprep the year before she started kindergarten. She absolutely loved every minute of it! Miss Sarah and Miss Meryl are very engaged, creative and are fantastic with the kids! The concerts and the graduation they were performing to us parents were amazing. It would really be a shame to close this well functioning preschool. As I understand it, there was a waitlist for this year's kinderprep - what is the reason for closing it?
From Jane Holt: I was in a wheelchair when my kids were born and Tiny Tots was the only childcare place willing to talk to me and accommodated with a ramp. 12 From Jena Wise: I would be sad and disappointed to see the city close such a wonderful part of our community!
From Elizabeth Stewart: We love this school, it was a saving grace for River when he started in the 3's class. He's loved it so much and we don't want to see it go. All the teachers are so amazing and we have so many fond memories.

From Citlali Tolia: We loved this program! Teachers were so amazing and loving and it would be a huge blow to Los Altos families to take this away when it’s already so hard to find high quality, affordable early childhood education!
From Beth Kelly: Our younger son attended Tiny Tots back in the late 80’s. Friendships formed then still continue. Back then, we probably could have afforded a more expensive option, but the values and social skills taught there outshone any other local options. As a former Title 1 Reading Specialist in the Los Altos schools, I have known local families who benefited from the affordability of this program.

From Kjell and Helene Karlsson: The Tiny Tots and Kinder-Prep programs are wonderful and such a great resource. The children that do not qualify for TK in Los Altos School District benefit greatly. It was instrumental for our child in 2016 since he was not ready to start K and he did not qualify for TK. We sent him to Kinder-Prep and it was a game changer.

From Leigh Burns Quan: This preschool is still near and dear to my heart even though I haven’t worked here in nearly 10 years. This was an idyllic place for children to explore, play, create, and learn. I always speak fondly of Tiny Tots and am deeply saddened at the thought of a childcare corporation taking over.

From Muhammad Wang: I am writing to express my strong opposition to the proposed privatization of the Tiny Tots preschool program. This program is not just a service; it's a community institution that has served Los Altos families for over fifty years. Its impact on early childhood development and community building is immeasurable.

Firstly, the Tiny Tots program is a testament to the city's commitment to inclusivity and equality. It offers a unique opportunity for children from diverse backgrounds to learn, grow, and interact, setting a foundation for a more cohesive community. Privatization risks increasing tuition fees, which could make the program inaccessible to lower-income families, thus eroding this important social fabric.

Moreover, the program's success is partly due to its experienced and passionate educators, who are more than just teachers; they are mentors and community builders. Their dedication is evident in the quality of care and education they provide. Handing over this program to a private entity could lead to staff changes that may not uphold these high standards, further 13 impacting the quality of early childhood education available to our children.

While I understand the financial considerations, I believe the city has not fully explored all alternatives. The suggestion of raising tuition, for instance, should be revisited and assessed in conjunction with other fundraising or cost-saving strategies. The community is ready to rally and support such initiatives to keep this program under city management.

Privatizing Tiny Tots is a short-term solution with long-term consequences. It's not just about balancing the city's budget; it's about investing in our children's future and the overall wellbeing of our community. I strongly urge the city to reconsider this decision and work with parents, educators, and community members to find a viable solution to keep Tiny Tots as a city-run program.

I implore the city council and management to see the inherent value in Tiny Tots and to prioritize the educational and social needs of our youngest residents over short-term financial gains. Let's work together to maintain the integrity and accessibility of this beloved program.

Sincerely,
Muhammad Wang
From Patrick Ring: I wish I was able to attend Tiny Tots like my younger sister. She always came home with a smile on her face and fun stories to share. Please save this program.

From Leea Guy: Let me know when we go to city council, I will be there! He is talking about a loss of $300,000 that is pennies compared to a multi million dollar project like the police building. $300,000 will barely get them anywhere. He would rather have a private preschool in there, instead of a city operated program, that has been running for years? Clearly he is not for the small town city feel, and to do it without asking the parents. This is absurd!!! From Alice Ring: My memories at Tiny Tots are priceless. I'll never forget Tad the turtle and riding bikes in the back. I hope you will save this fun program so that other kids can make the kind of memories I did.

From Thea and Steve Merrill: These early years are so important to children's development and their readiness for school -- all of which are, in turn, important in their ability to grow and flourish as adults and members of our communities. These programs need to remain publicly funded and run!
From Erin Tressler: Tiny Tots is an amazing place and a wonderful resource for Los Altos as one of the few affordable and amazing preschools (including the teachers) in the area.

From Jane Vaden:
14 From Jessica Behrmann: What terrible news to hear about such a wonderful and affordable preschool program. Our son loved his Kinder Prep experience and our daughter is enjoying Tiny Tots this year. It’s a huge blow to us to possibly not be able to send her to Kinder Prep next year.

From Patty Hurley: Parent Involvement is what made Tiny Tots special.

From Jayanti Sharma: We love Tiny Tots and their teachers! Please save the schools for our local community for it is a gem and loved by all!
From Ted Wertheimer: Please don't break things that are working! From Danika Dellor: The kinder-prep program was outstanding. Our daughter thrived and the quality of teaching and activities were excellent. Please do not eliminate this program! From Chandani Tamang: This school would help us as parents to go back to work.

From Jeannette Ring: Tiny Tots was a program we fell in love with for our younger child.

We all wish we had known about it for our oldest as well. It's a great service to the community that you cannot find nearby and I hope the council can visit and see the magic happen! Play is important!
From James Ring: My daughter loved attending Tiny Tots. I have so many fond memories of those years, and she does too. It would be a terrible shame to outsource this wonderful program.

From Claudia Meyer: Tiny Tots Pre School is unique in its capacity to foster community.

The learn through play philosophy , parents aiding in the classroom several times per session, students building local friendships lasting through their school years in Los Altos , families building friendships and a learning environment that instills the love of learning at an early age, Tiny Tots is a true Los Altos treasure. I still run into former students & families that tell me their now adult “kids” are still friends with those they went to Tiny Tots with.

Another frequent comment I hear from former parents: “Tiny Tots gave our children the best start in school!” I am very proud of that as I am sure the teachers that have followed me after I retired are proud too, and also the teachers who proceeded me.

It would be a shame to see this popular program offered to children in our community for so many years be lost forever. "
From Catherine Dellor : Tiny Tots was a fantastic preschool experience for my granddaughter.

From Linda Roy: Preschool programs are so important!!
15 From Victoria Hambly: We need this community service! Private preschool is incredibly expensive and unaffordable for a good percentage of local families.

From GayLynn Ribeira: My third child attended kinder prep and it was a phenomenal experience. It had a beautiful balance of creative play and exploration while simultaneously providing a strong intro to reading and writing. I have four kids and of all the various preschools we attended, this one was my favorite. If we still lived in Los Altos, it is where I would prefer to send my youngest. Each staff member was caring and competent. My son was always happy to be there. He was well prepared for kindergarten too. I really feel it would be a mistake to let this team go. They have served the community so well and have helped countless kids and families for 50 years. Give them more time. They are the best! From Jacy Tse: We love Tiny Tots preschool. Miss Estela, Miss Juliet and Miss Soniya are wonderful teachers and phenomenal human beings who bring so much love, creativity and excitement to the kids’ life.

From Heather Katta: This school is very special and it will be a tremendous loss if it is closed.

From Chrishnika Paul: The city's KinderPrep program was so valuable to all three of our children who are now in 7th and 4th grades. The experience far exceeded what they received at a top-rated private preschool (Children's Center). They had a truly memorable time in KinderPrep.

From Melanie Hinse: These programs are fabulous and benefit the community. Keep Tiny Tots alive!!
From Katherine Carpenter: We did not live in Los Altos when my children were attending preschool, but they attended a similar program subsidized by our old city, and it was so valuable! There are not many affordable options for preschools, and not many options for part-time preschools, so all independent options should stay available to families.

From Meeta Mashru: Please keep the program. It is super helpful for kids.

From Anusha Natarajan: Please save the preschool!
From Sarah Wu: This was such a high quality program, especially Kinder Prep with Ms.

Sara and Ms. Meryl, at an affordable price. I truly hope the city will reconsider.

From Andrea Barnett: Please allow this excellent and cost effective program to continue and not be privatized
From Jonathan Wu: Sent 2 of our children to Tiny Tots and found it was invaluable to their education and upbringing. The fact that the program costs money should not be an issue as tax paying families are enjoying the program and the students from this program move on to 16 LAHS which benefits from early enrichment. This program, led by Ms Sarah and Ms Meryl, is an investment into the community which would be much less effective without them.

From Marie Rosland: Happy, secure and educated children grow up to be secure adults and less likely to need police intervention. Ignored and undereducated children may well be the policing problem of the future.

From Kay Chin: Ms. Sara, Ms. Meryl, and Ms. Estela are so great + deserve to keep teaching as long as they want to !
From Yvonne Hildebrand: we should provide good preschool services in our neighborhood From Ben & Jessica Mullen: Please don’t make Los Altos even more unaffordable than it already is! Community programs such as these are the fabric of what makes Los Altos the community it is. Silicon Valley is full of companies that want to “optimize” and turn a profit, please keep this slice of the community from being polluted by capitalism. We will 100% be voting and campaigning against anyone who slowly degrades the Los Altos community privatizing its city programs.

From William Hsu: Both our granddaughters benefited from the Tiny Tot preschool program. The younger one is currently a student; she is enrolled since September, 2022.

The older one graduated a few years ago and is currently a student at BCS.

Both of them flourished in Tiny Tot. The teachers are tremendous. They are experienced, caring, organized and well prepared. The lessons and games are intertwined so the children are learning and having fun at the same time.

The younger one, who is currently enrolled, likes Tiny Tot so much that she looks forward to going to school and hugging her teachers every morning. She responds so well and is so used to the current environment and teachers that the proposed outsourcing of Tiny Tot to a private vendor will bring irreparable disruption and harm to her learning and growth.

I hereby respectfully ask the City to reconsider the outsourcing plan for Tiny Tot.

From Joann Barboudesplaces: Both boys (now in high school) attended Tiny Tots and loved the program.

From Anne Schmidt: Tiny Tots is a wonderful asset to Los Altos. Please reconsider privatizing this amazing preschool.

From Ray Abrishami: Tiny Tots has been a valuable part of Los Altos Community From Leeanne Kromer: I'd hate to see the tradition of Tiny Tots disappear From Andrei Selikhanovich: Please save the Tiny Tots and Pre Kinder programs for parents and community. They are the best and affordable pre kinder programs with highly 17 experienced and dedicated teachers.

From Nancy Tucker: I have already written the Los Altos City Council requesting that this issue be placed on City Council agenda.

From Mary Chin: Los Altos needs this program for Pre-Kindergarten learning in preparation for entering Elementary School. Ms. Sara and Ms. Meryl are wonderful with the children. 18 CITY OF LOS ALTOS

CITY COUNCIL MEETING MINUTES
TUESDAY, JANUARY 23, 2024
7:00 p.m.
1 N. San Antonio Rd. ~ Los Altos, CA
Jonathan D. Weinberg, Mayor
Pete Dailey, Vice Mayor
Neysa Fligor, Councilmember
Lynette Lee Eng, Councilmember
Sally Meadows, Councilmember
CALL MEETING TO ORDER – Jonathan D. Weinberg, Mayor, called the meeting to order at 7:00 p.m.

ESTABLISH QUORUM – All Councilmembers were present.

PLEDGE ALLEGIANCE TO THE FLAG – Neysa Fligor, Councilmember, led the Pledge of Allegiance.

CHANGES TO THE ORDER OF THE AGENDA
None

SPECIAL ITEMS
Issue proclamation recognizing January as Mentoring Month in the City of Los Altos Jonathan D. Weinberg, Mayor, presented a proclamation to Christy Flahavan, Director of Programs at Mentor Tutor Connections.

Information on Emergency Preparedness
Jonathan D. Weinberg, Mayor, provided information regarding emergency preparedness.

PUBLIC COMMENTS ON ITEMS NOT ON THE AGENDA
The following member of the public spoke during Public Comment:
 Gary Heddon

CONSENT CALENDAR
Motion by Fligor and Seconded by Meadows to approve the Consent Calendar. Motion carried unanimously by roll call vote.

1. Approve the regular meeting minutes for the meeting of December 12, 2023

2. Approve the Contract Amendment to the Maintenance Services Agreement between the City of Los Altos and Bear Electrical Solutions, Inc. The project is exempt from CEQA pursuant to CEQA Guidelines Sections 15061(b)(3) (Common Sense Exemption) and 15301(c) (Existing Facilities)

DISCUSSION ITEMS

3. Review and provide direction for the City Council Strategic Goals Jonathan D. Weinberg, Mayor, opened the item for discussion. 19 Agenda Item # 1.

City of Los Altos
City Council Regular Meeting Minutes
January 23, 2024

Page 2 of 2 ends

The following members of the public spoke regarding the item:
 Eric Steinle
 Lili Najimi
The City Council provided direction and feedback on the strategic goals to be adopted by resolution at the regular meeting of January 23, 2024. Discussion item only, no motion taken.

INFORMATIONAL ITEMS ONLY
Tentative Council Calendar and Housing Element Implementation Calendar

COUNCIL/STAFF REPORTS AND DIRECTIONS ON FUTURE AGENDA ITEMS  Neysa Fligor – Requested a future agenda item:
 Discussion on Crossing Guard funding in Los Altos (Council directed this item to be scheduled as a discussion item with the local school districts before returning to Council for discussion.)
ADJOURNMENT – The regular meeting adjourned at 11:35 p.m.

The meeting minutes were prepared by Melissa Thurman, City Clerk, for approval at the special meeting of January 9, 2024.
_________________________________ __________________________________ Jonathan D. Weinberg Melissa Thurman, MMC
Mayor City Clerk
The January 23, 2024 City Council meeting recording may be viewed via the following external website: https://www.youtube.com/@CityofLosAltosCA
The City of Los Altos does not own or operate YouTube. The video referenced on these minutes were live at the time the minutes were published.
20 Agenda Item # 1.

CITY OF LOS ALTOS

CITY COUNCIL MEETING MINUTES
TUESDAY, JANUARY 23, 2024
6:00 p.m.
1 N. San Antonio Rd. ~ Los Altos, CA
Jonathan D. Weinberg, Mayor
Pete Dailey, Vice Mayor
Neysa Fligor, Councilmember
Lynette Lee Eng, Councilmember
Sally Meadows, Councilmember

SPECIAL MEETING
CALL MEETING TO ORDER: Mayor Weinberg called the meeting to order at 6:00 p.m.

ESTABLISH QUORUM:

All Councilmembers were present and in person during the meeting.

DISCUSSION ITEM(S)

1. Consider the Library Commission's proposal for the use of NCLA funds towards the remodeling of the Main Library
Pierre Bedard and Julie Crane, Library Commissioners, presented the item.

The following members of the public spoke regarding the item:
 Eric Steinle
 Teresa Morris
Discussion item only. No motion taken.

ADJOURNMENT – The meeting adjourned at 7:00 p.m.

The meeting minutes were prepared by Melissa Thurman, City Clerk, for approval at the regular meeting of February 13, 2024.
_____________________________________ __________________________________ Jonathan D. Weinberg, Melissa Thurman, MMC
Mayor City Clerk
The January 23, 2024 City Council Special Meeting recording may be viewed via the following external website: https://www.youtube.com/@CityofLosAltosCA The City of Los Altos does not own or operate YouTube. The video referenced on these minutes were live at the time the minutes were published.
21 Agenda Item # 1.

CITY OF LOS ALTOS

ESTABLISH QUORUM – All Councilmembers were present.

PLEDGE ALLEGIANCE TO THE FLAG – Sally Meadows, Councilmember, led the Pledge of Allegiance.

REPORT ON CLOSED SESSION
There was no reportable action taken during the Closed Session meeting of

CHANGES TO THE ORDER OF THE AGENDA
None

PUBLIC COMMENTS ON ITEMS NOT ON THE AGENDA
There were no speakers during public comment.

CONSENT CALENDAR
The following members of the public spoke on Items on the Consent Calendar:
 Connie Miller (Item 6)
 Eric Steinle (Item 3 and Item 6)
Gabriel Engeland, City Manager, recommended the City Council continue Item 5 of the Consent Calendar to a future meeting date.

Motion by Meadows and Seconded by Fligor to approve Items 1, 2, 3, 4 and 6 of the Consent Calendar and to continue Item 5 to a future meeting date. Motion carried unanimously by roll call vote.

1. Approve the draft regular meeting minutes of January 9, 2024

2. Adopt a resolution for the Sewer System Repair Program, Project WW-01001 Acceptance; consider finding the Council’s action exempt from review under CEQA pursuant to CEQA Guidelines Section 15301, and finding that none of the circumstances in CEQA Guidelines Section 15300.2 applies

3. Adopt a Resolution Accepting Completion of the City Hall Permit Counter Project and Authorize the Development Services Director to Record a Notice of Completion as Required by Law

4. Disband the ad hoc police facility subcommittee
22 Agenda Item # 1.

City of Los Altos
City Council Regular Meeting Minutes
January 23, 2024

Page 2 of 4 ends

5. Receive an update to the City Council on the state of the citywide street network pavement condition as of January 2023
This item was moved to a future meeting date and a subsequent future agenda item was requested by Mayor Weinberg in relation to the topic.

6. Adopt a Resolution affirming the City Council Strategic Goals

PUBLIC HEARINGS

7. Hold a Public Hearing and adopt a Resolution of the City Council of the City of Los Altos establishing an Inclusionary Housing In-Lieu Fee and Integrating the fees into the Municipal Fee Schedule and fin this action is exempt from CEQA pursuant to Section 15273 of State Guidelines
Nick Zornes, Development Services Director, presented the report.

Jonathan D. Weinberg, Mayor, opened the Public Hearing.

The following members of the public spoke during the Public Hearing:
 Eric Steinle
 Teresa Morris
Jonathan D. Weinberg, Mayor, closed the Public Hearing.

Motion by Meadows and Seconded by Dailey to adopt a resolution of the City Council of the City of Los Altos establishing an Inclusionary Housing In-Lieu Fee and Integrating the fees into the Municipal Fee Schedule and find the action is exempt from CEQA pursuant to Section 15273 of State Guidelines. Motion carried 4-0-1 by roll call vote with Councilmember Lee Eng abstained.

DISCUSSION ITEMS

8. Introduce and waive further reading of an ordinance of the City Council of the City of Los Altos amending Chapter 11.08 Tree Protection Regulations Nick Zornes, Development Services Director, presented the report.

The following members of the public spoke during the Public Hearing:
 Lili Najimi
 Bruno Delagneau
 Teresa Morris
The City Council amended the ordinance as follows:
 Define “trees” and include a definition for “protected trees”  Remove the word “remove” from definitions
Motion by Fligor and Seconded by Lee Eng to introduce and waive further reading of an ordinance of the City Council of the City of Los Altos amending Chapter 11.08 Tree Protection Regulations, as amended. Motion carried unanimously by roll call vote. 23 Agenda Item # 1.

City of Los Altos
City Council Regular Meeting Minutes
January 23, 2024

Page 3 of 4 ends

After the item was closed, the Mayor noted a resolution contained in the report was not adopted. City Attorney Houston recommended the resolution be adopted with the ordinance adoption during the meeting of February 9, 2024.

9. Provide direction to staff regarding Council salary and benefits Jon Maginot, Assistant City Manager, presented the report.

There were no speakers during this item.

The City Council directed staff to draft an ordinance that will bring the City Council’s total compensation into the middle range of what Los Altos’ six identified peer cities are offering, based on data staff provided. The ordinance will detail a proposed salary with a list of benefits currently offered to staff that Council may consider for inclusion in their compensation plan.

Discussion item only. No motion taken.

10. Review a travel request from Councilmember Lee Eng to attend the 2024 Congressional City Conference in Washington, DC from March 11-13, 2024 sponsored by the National League of Cities
Jonathan D. Weinberg, Mayor, opened the item for discussion.

Lynette Lee Eng, Councilmember, explained her request for travel to attend a conference.

There were no speakers during the item.

The City Council denied the travel request.

INFORMATIONAL ITEMS ONLY
There will be no discussion or action on Informational Items

11. Tentative Council Calendar and Housing Element Update Calendar

COUNCIL/STAFF REPORTS AND DIRECTIONS ON FUTURE AGENDA ITEMS  Jonathan D. Weinberg, Mayor – Requested a future agenda item:
 Discussion for Council to identify what challenges the City is facing regarding street maintenance and to recommend a course of action for the City to take on the topic. (Supported by all Council)
 Neysa Fligor, Councilmember – Requested a future agenda item:
 Direct staff to explore legal options, in light of the Berkeley reach code legal case, for Los Altos to focus on decarbonization (Supported by Meadows and Weinberg) ADJOURNMENT – The regular meeting adjourned at 10:42 p.m.

The meeting minutes were prepared by Melissa Thurman, City Clerk, for approval at the special meeting of January 9, 2024.
24 Agenda Item # 1.

City of Los Altos
City Council Regular Meeting Minutes
January 23, 2024

Page 4 of 4 ends

_________________________________ __________________________________ Jonathan D. Weinberg Melissa Thurman, MMC
Mayor City Clerk
The January 23, 2024 City Council meeting recording may be viewed via the following external website: https://www.youtube.com/@CityofLosAltosCA
The City of Los Altos does not own or operate YouTube. The video referenced on these minutes were live at the time the minutes were published.
25 Agenda Item # 1.

Reviewed By:

City Manager City Attorney
GE
Finance Director
JH JD

AGENDA REPORT SUMMARY
Meeting Date: February 13, 2024
Subject Quarterly Investment Portfolio Report – Quarter Ended December 31, 2023 Prepared by: Minh Nguyen, Senior Accountant
Reviewed by: June Du, Finance Director
Approved by: Gabriel Engeland, City Manager
Attachment(s):

1. Portfolio Mix Charts

2. Investment Policy Compliance Chart

3. LAIF Balance 12-31-23

4. LAIF Performance Over Time

5. CAMP Balance 12-31-23

6. PFM Investment Report Quarter Ended December 31, 2023 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 December 31, 2023. 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 December 31, 2023. 26 Agenda Item # 2.

Subject: Quarterly Investment Portfolio Report – Quarter Ended December 31, 2023 January 21, 2024 Page 2
Purpose
These quarterly reports are presented to both the City Council and the Financial Commission to keep both bodies apprised as to the status of the City’s investment holding and demonstrate compliance with the City’s Investment Policy.

Background
A review of the Investment Portfolio Report Quarter Ended December 31, 2023 was presented and discussed by the Financial Commission on February 5, 2024. The Financial Commission reviewed the Quarterly Investment Portfolio Report ending December 31, 2023, and had a brief discussion.

Discussion/Analysis
The summary provided below presents the sum of all City investment holdings. The City’s portfolio par value and market value, including LAIF and CAMP but excluding operating cash, as of December 31, 2023, was $64,948,003 and $64,292,594 respectively. The City’s operating cash, as of December 31, 2023, was $8,994,870.

As of December 31, 2023, 19.5% of the City’s portfolio was placed in medium-term Corporate Notes, 15.1% in Asset-Backed Securities, 6.1% in Supra-National Agency Bond, 0.7% in Federal Agency Securities (Fannie Mae, Federal Home Loan Bank, Federal Home Loan Mortgage, and Federal Farm Credit), 3.4% in Certificate of Deposits, and 33.0% in US Treasuries, with the balance of 0.0% in LAIF and 22.1% in CAMP respectively. This portfolio mix is illustrated as part of Attachment 1 with LAIF balance and performance as Attachments 3 and 4 and CAMP balance as Attachment 5.

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 6: Investment Performance Review for the Quarter Ended December 31, 2023. It is important to note that this report highlights the performance of City investments that fall outside its liquid holdings with LAIF and CAMP. 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 1.32%, which is highlighted on page 15 of the PFM Investment Performance Review Report (Attachment 6).

Recommendation
Receive the Investment Portfolio Report Quarter Ended December 31, 2023 27 Agenda Item # 2.

Attachment 1
Portfolio Mix Charts
December 2023
Portfolio Mix
Security Type % of Total By Security
LAIF 0.0% 3,273
CAMP 22.1% 14,322,898
Corp Notes 19.5% 12,671,000
Asset-Backed Securities 15.1% 9,814,933
Supra-National Agency Bond 6.1% 3,955,899
Federal Home Loan Banks 0.8% 500,000
Negotiable CDs 3.4% 2,225,000
US Treasury 33.0% 21,455,000
* Totals 100% 64,948,003
100.00%
Portfolio Mix Market
Security Type % of Total Par Value Value
LAIF 0.0% 3,273 3,273
CAMP 22.1% 14,322,898 14,322,898
Corp Notes 19.5% 12,671,000 12,492,900
Asset-Backed Securities 15.1% 9,814,933 9,727,341
Supra-National Agency Bond 6.1% 3,955,899 3,807,207
Federal Agencies 0.7% 500,000 483,759
Negotiable CDs 3.4% 2,225,000 2,227,304
US Treasury 33.0% 21,455,000 21,227,912
100% 64,948,003 64,292,594
100.00%
Corp Notes 12,671,000 12,492,900
Asset-Backed Securities 9,814,933 9,727,341
Supra-National Agency Bond 3,955,899 3,807,207
US Treasury/Agencies 21,955,000 21,711,670
Negotiable CDs 2,225,000 2,227,304
Accrued Interest - 376,439
50,621,832.19 50,342,862
Margin Over (Under) Par (278,970)
LAIF

0.0%
CAMP

22.1%
Corp Notes

19.5%
Asset-Backed
Securities
Supra-National 15.1%
Agency Bond

6.1%
Federal Agencies

0.7%
Negotiable CDs

3.4%
US Treasury

33.0%

PORTFOLIO MIX - BY CLASS
LAIF

0.0% CAMP

22.1%
Corp Notes

19.5%
Asset-Backed
Securities

15.1%
Supra-National
Agency Bond

6.1%
Federal Home
Loan Banks

0.8%
Negotiable CDs

3.4%
US Treasury 33.0%

PORTFOLIO MIX - BY SECURITY
28 Agenda Item # 2.

Attachment 2
Investment Policy Compliance Chart
December 2023
Earliest City Policy City Policy City Policy % Compliance Term Compliance City Investment % Mix Par Value Term Term Limitation $ Limitation % Limitation CAPACITY Yes/No Yes/No LAIF 0.0% 3,273 07/01/22 No Term 75,000,000 100% 74,996,727 Yes N/A CAMP 22.1% 14,322,898 n/a Overnight 100% 50,625,106 Yes N/A Corp Notes 19.5% 12,671,000 05/24/24 5 Years 30% 6,813,401 Yes Yes Asset-Backed Securities 15.1% 9,814,933 10/15/24 5 Years 20% 3,174,668 Yes Yes Supra-National Agency Bond 6.1% 3,955,899 12/01/25 5 Years 20% 9,033,702 Yes Yes Federal Agencies 0.8% 500,000 11/08/24 5 Years 100% 64,448,003 Yes Yes Negotiable CDs 3.4% 2,225,000 08/16/24 5 Years 30% 17,259,401 Yes Yes US Treasury 33.0% 21,455,000 10/31/24 5 Years 100% 43,493,003 Yes Yes 100% 64,948,003
29 Agenda Item # 2.
30 Agenda Item # 2.

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 0.684 0.861 1.090 1.276 1.513 1.772 2.007 2.173 2023 2.425 2.624 2.831 2.870 2.993 3.167 3.305 3.434 3.534 3.670 3.843 3.929 Attachment 4 - LAIF Performance Over Time
31 Agenda Item # 2.
32 Agenda Item # 2.
33 Agenda Item # 2.
34 Agenda Item # 2.
35 Agenda Item # 2.
36 Agenda Item # 2.

Investment Performance Review
For the Quarter Ended December 31, 2023
Client Management Team PFM Asset Management LLC
Monique Spyke, Managing DirectorJustin Resuello, Client Relationship Manager 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
37 Agenda Item # 2.
© PFM Asset Management LLC pfmam.com |
Market Update
38 Agenda Item # 2.

PFM Asset Management LLC
For the Quarter Ended March 31, 2022
Market Update
▸ The U.S. economy is characterized by:
▹ Economic resilience but expectations for a slowdown▹ Cooling inflation that still remains above the Federal Reserve’s (“Fed”) target▹ The labor market coming into better balance▹ Consumers that continue to support growth through spending ▸ Federal Reserve signals end to rate hiking cycle
▹ Fed projected to cut the short-term Fed funds rate by 75 basis points by December 2024, with the overnight rate falling to 4.50% to 4.75%
▹ Markets are pricing a more aggressive 6 rate cuts by year end ▹ Fed officials reaffirm that restoring price stability is the priority ▸ Treasury yields ended the quarter materially lower
▹ After peaking in October, yields reversed course on dovish Fed pivot▹ Yield curve inversion persisted throughout the rally▹ Credit spreads narrowed sharply on increased expectations for a soft landing For the Quarter Ended December 31, 2023
Market Update
© PFM Asset Management LLC | pfmam.com
Current Market Themes
For the Quarter Ended December 31, 2023
Market Update
© PFM Asset Management LLC pfmam.com |

CITY OF LOS ALTOS
1 39
Agenda Item # 2.

Source: Bloomberg, as of November 2023.

For the Quarter Ended March 31, 2022
Market Update
For the Quarter Ended December 31, 2023
Market Update
© PFM Asset Management LLC | pfmam.com
Inflation Continues to Trend Lower
Nov-23

3.1%
-2%
0%2%4%6%8%
10%
Nov-20 May-21 Nov-21 May-22 Nov-22 May-23 Nov-23
Consumer Prices (CPI)
Year-over-Year Change in Top-Line Contributions
Services (Ex Food & Energy) Goods (Ex Food & Energy) Food Energy Headline YoY% Lower energy
and goods prices
help to offset
increases in
wage-driven
services costs
For the Quarter Ended December 31, 2023
Market Update
© PFM Asset Management LLC pfmam.com |

CITY OF LOS ALTOS
2 40
Agenda Item # 2.

Fed’s Updated “Dot Plot” Also Shows Lower Rate Trajectory Source: Federal Reserve. Individual dots represent each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end. © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
Market Update
For the Quarter Ended December 31, 2023
Market Update
0%1%2%3%4%5%6%
Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy Dec-23 FOMC ProjectionsDec-23 MedianSep-23 Median
2023 2024 2025 2026 Longer Term
For the Quarter Ended December 31, 2023
Market Update
© PFM Asset Management LLC pfmam.com |

CITY OF LOS ALTOS
3 41
Agenda Item # 2.

5.4%

4.6%

3.6%

2.9% 2.5%
0%2%
4%6%8%
2023 2024 2025 2026 Longer
Run
Federal Funds Rate
September Projections December Projections

2.8%

2.4%

2.1% 2.0% 2.0%
0%1%
2%3%4%5%
2023 2024 2025 2026 Longer
Run
PCE Inflation
September Projections December Projections

3.8% 4.1% 4.1% 4.1% 4.1%
0%1%
2%3%4%5%6%
2023 2024 2025 2026 Longer
Run
Unemployment Rate
September Projections December Projections
Federal Reserve Projects a Soft Landing
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
Market Update
For the Quarter Ended December 31, 2023
Market Update
Source: Federal Reserve, latest economic projections as of December 2023.

2.6%

1.4%

1.8% 1.9% 1.8%
0%1%
2%3%4%
2023 2024 2025 2026 Longer
Run
Change in Real GDP
September Projections December Projections
For the Quarter Ended December 31, 2023
Market Update
© PFM Asset Management LLC pfmam.com |

CITY OF LOS ALTOS
4 42
Agenda Item # 2.

Interest Rates Moderate but Remain High
PFM Asset Management LLC
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
Market Update
For the Quarter Ended December 31, 2023
Market Update
Source: Bloomberg, as of December 31, 2023.

5.33%

4.25%

3.85% 3.88% 4.03%

0.0%1.0%2.0%3.0%4.0%5.0%

6.0%
Yield
Maturity
U.S. Treasury Yield Curve
15 Year RangeDecember 31, 2023September 30, 2023
3-Month 2-Year 5-Year 10-Year 30-Year
For the Quarter Ended December 31, 2023
Market Update
© PFM Asset Management LLC pfmam.com |

CITY OF LOS ALTOS
5 43
Agenda Item # 2.

Sector Yield Spreads
PFM Asset Management LLC
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
Market Update
For the Quarter Ended December 31, 2023
Market Update
Source: ICE BofA 1-3 year Indices via Bloomberg, MarketAxess and PFMAM as of December 31, 2023. 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 and represented by the ICE BofA Agency CMBS Index. -0.2%

0.0%0.2%0.4%0.6%
Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23
Federal Agency Yield Spreads
Bullet Callable

0.0%0.2%0.4%0.6%0.8%1.0%1.2%
Dec-22 Mar-23 Jun-23 Sep-23 Dec-23
Corporate Notes A-AAA Yield Spreads

0.0%0.3%0.5%0.8%1.0%1.3%1.5%
Dec-22 Mar-23 Jun-23 Sep-23 Dec-23
Mortgage-Backed Securities Yield Spreads
Agency MBS AAA CMBS

0.0%0.5%1.0%1.5%2.0%
Dec-22 Mar-23 Jun-23 Sep-23 Dec-23
Asset-Backed Securities AAA Yield Spreads
For the Quarter Ended December 31, 2023
Market Update
© PFM Asset Management LLC pfmam.com |

CITY OF LOS ALTOS
6 44
Agenda Item # 2.

Fixed-Income Markets in 4Q 2023
1-3 Year Indices
PFM Asset Management LLC
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
Market Update
For the Quarter Ended December 31, 2023
Market Update
Source: ICE BofA Indices. ABS indices are 0-3 year, based on weighted average life. As of December 31, 2023.

2.49% 2.53%

2.23%

2.98%

3.09%

0.0%1.0%2.0%3.0%4.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
1-3 Year Indices Quarterly Returns

4.19%

4.70%

5.28% 5.33%

5.97%

0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
1-Year Return
For the Quarter Ended December 31, 2023
Market Update
© PFM Asset Management LLC pfmam.com |

CITY OF LOS ALTOS
7 45
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com |
Portfolio Review:

CITY OF LOS ALTOS INVESTMENT PORTFOLIO
46 Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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 December 31, 2023, 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
9 47
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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 December 31, 2023PFMAM Managed Account $49,966,422 Amortized Cost $50,289,589
Market Value $49,966,422
Accrued Interest $376,439
Cash $192,706
Analytics¹ December 31, 2023Yield at Market 4.43%
Yield on Cost 3.84%Portfolio Duration 1.71
10 48
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
Portfolio Snapshot
|
Yield and duration calculations exclude cash and cash equivalents. Sector allocation includes market values and accrued interest.The portfolio’s benchmark is the ICE BofA 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
18%
47%
35%
0%
7%
57%
36%
0%
20%40%60%
0-1 Yr 1-2 Yrs 2-3 Yrs 4-5 Yrs
Portfolio Benchmark
Duration Distribution
U.S. Treasury | 42%Corporate | 25%
ABS | 20%Agency CMBS | 8%
Negotiable CD | 5%Federal Agency | 1%
Sector Allocation
AAA | 15%AA+ | 51%AA | <1%AA- | 4%A+ | 6%A | 8%A- | 9%A-1 | 1% BBB+ | 3%Not Rated | 4%
Portfolio Statistics
Portfolio Effective Duration 1.71 years
Benchmark Effective Duration 1.76 yearsPortfolio Credit Quality AA Yield At Market 4.43%
Yield At Cost 3.84%
Total Market Value $50,535,567.46
Securities Sub-Total $49,966,422.40Cash $192,705.68
Accrued Interest $376,439.38
11 49
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
Account Summary
|

19.4%

25.1%

4.5%

7.6%

1.0%

42.6%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
ABS - $9,743,677
Corporate - $12,611,153
Negotiable CD - $2,259,752
Agency CMBS - $3,816,753
Federal Agency - $484,495
U.S. Treasury - $21,427,031
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 50
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
Portfolio Characteristics
|
$0.0
$10.0$20.0$30.0$40.0$50.0
Millions
December 2023
$0.0
$10.0$20.0$30.0$40.0$50.0
Millions
September 2023
$0.0
$10.0$20.0$30.0$40.0$50.0
Millions
June 2023
$0.0
$10.0$20.0$30.0$40.0$50.0
Millions
March 2023
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 Mar-23 % of Total Jun-23 % of Total Sep-23 % of Total Dec-23 % of Total U.S. Treasury $22.9 47.1% $22.9 47.3% $21.8 44.6% $21.2 42.4%Federal Agency $1.3 2.8% $0.5 1.0% $0.5 1.0% $0.5 1.0% Agency CMBS $0.7 1.4% $1.7 3.5% $1.7 3.5% $3.8 7.6%
Supranational $0.9 1.9% $0.5 1.0% $0.5 1.0% $0.0 0.0%Negotiable CD $1.4 2.8% $1.4 2.8% $2.2 4.5% $2.2 4.5%Corporate $13.4 27.5% $12.5 25.8% $12.6 25.8% $12.5 25.0% ABS $8.0 16.5% $9.0 18.6% $9.6 19.6% $9.7 19.5%
Total $48.6 100.0% $48.5 100.0% $48.9 100.0% $50.0 100.0% 13 51
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
Portfolio Activity
|
Portfolio Activity - CITY OF LOS ALTOS INVESTMENT PORTFOLIO Net Activity by Sector
($ millions)
U.S. TreasurySupranational
Corporate
ABS
Agency CMBS
U.S. Treasury
Supranational
Corporate
ABS
Agency CMBS
($4.0) ($2.0) $0.0 $2.0 $4.0
Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.

Sector Net Activity
Agency CMBS $2,015,352ABS $29,804
Corporate ($331,357)Supranational ($513,281)U.S. Treasury ($937,935)Total Net Activity $262,582 Sales/Maturities Purchases
14 52
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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 BofA 1-3 Year U.S. Treasury Index. Source: Bloomberg. -1.0%

0.0%1.0%2.0%3.0%4.0%5.0%
Return
Portfolio Benchmark Net of Fees
Portfolio Performance
Market Value Basis Earnings 3 Months 1 Year 3 Years 5 Years 10 Years1Interest Earned² $429,621 $1,367,908 $2,555,356 $5,120,002 $7,665,815 Change in Market Value $850,954 $977,890 ($2,069,482) ($335,676) ($918,605) Total Dollar Return $1,280,575 $2,345,798 $485,874 $4,784,326 $6,747,210 Total Return³
Portfolio 2.60% 4.87% 0.36% 1.69% 1.32%Benchmark⁴ 2.49% 4.26% -0.04% 1.30% 1.05%Basis Point Fee 0.02% 0.09% 0.09% 0.09% 0.09%Net of Fee Return 2.58% 4.78% 0.27% 1.60% 1.23% 3 Months 1 Year 3 Years 5 Years 10 Years
15 53
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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
$429,621
($190,668)
$28,963
$267,916
1 Year
$1,367,908
($773,192)
$54,218
$648,934
3 Years
$2,555,356
($779,964)
($110,306)
$1,665,087
5 Year
$5,120,002
($224,387)
($81,841)
$4,813,774
10 Year¹
$7,665,815
($444,634)
($120,619)
$7,100,562
16 54
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com |
Portfolio Holdings and Transactions
55 Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
Account 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 42.6% UNITED STATES TREASURY 42.6% AA / Aaa / AA
Federal Agency 1.0%
FEDERAL HOME LOAN BANKS 1.0% AA / Aaa / NR
Agency CMBS 7.6%
FANNIE MAE 0.8% AA / Aaa / AA
FREDDIE MAC 6.8% AA / Aaa / AA
Negotiable CD 4.5%
CREDIT AGRICOLE SA 0.8% A / Aa / AA
NATIXIS NY BRANCH 0.8% A / A / A
NORDEA BANK ABP 1.0% AA / Aa / AARABOBANK NEDERLAND 0.9% A / Aa / AA TORONTO-DOMINION BANK 1.0% A / A / NR
Corporate 25.1%
AMERICAN EXPRESS CO 0.7% BBB / A / A
AMERICAN HONDA FINANCE 0.8% A / A / AANZ BANKING GROUP LTD 0.5% AA / Aa / A BANK OF AMERICA CO 1.4% A / Aa / AABRISTOL-MYERS SQUIBB CO 0.2% A / A / NRBROWN-FORMAN CORP 0.2% A / A / NRCATERPILLAR INC 0.7% A / A / ACINTAS CORPORATION NO. 2 0.3% A / A / NRCITIGROUP INC 0.7% BBB / A / ACOLGATE-PALMOLIVE COMPANY 0.1% AA / Aa / NRCOMCAST CORP 0.7% A / A / ACOMMONWEALTH BANK OF AUSTRALIA 0.5% AA / Aa / ADEERE & COMPANY 0.6% A / A / A Security Type / Issuer Market Value (%) S&P / Moody's / FitchCorporate 25.1% EXXON MOBIL CORP 0.3% AA / Aa / NRGOLDMAN SACHS GROUP INC 0.7% BBB / A / AHERSHEY COMPANY 0.2% A / A / NRHOME DEPOT INC 0.3% A / A / AHONEYWELL INTERNATIONAL 0.3% A / A / AHSBC HOLDINGS PLC 0.7% A / A / AIBM CORP 0.7% A / A / AINTEL CORPORATION 0.4% A / A / AJP MORGAN CHASE & CO 1.5% A / A / AALINDE PLC 0.8% A / A / NRLOCKHEED MARTIN CORP 0.4% A / A / AMORGAN STANLEY 0.7% A / A / ANATIONAL AUSTRALIA BANK LTD 1.3% AA / Aa / NRNATIONAL RURAL UTILITIES CO FINANCECORP

0.8% A / A / A
PACCAR FINANCIAL CORP 0.7% A / A / NRPEPSICO INC 0.1% A / A / NRPNC FINANCIAL SERVICES GROUP 0.7% A / A / ARABOBANK NEDERLAND 1.0% A / Aa / AA STATE STREET CORPORATION 1.1% A / A / AA

THE BANK OF NEW YORK MELLONCORPORATION

1.0% A / A / AA
TOYOTA MOTOR CORP 0.8% A / A / A
TRUIST FIN CORP 0.7% A / A / AUNILEVER PLC 0.4% A / A / AUNITEDHEALTH GROUP INC 0.2% A / A / AWAL-MART STORES INC 0.3% AA / Aa / AA 18 56
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

Issuer Diversification
Security Type / Issuer Market Value (%) S&P / Moody's / FitchCorporate 25.1% WELLS FARGO & COMPANY 1.1% A / Aa / AA
ABS 19.4%
ALLY AUTO RECEIVABLES TRUST 1.4% AAA / Aaa / NR
AMERICAN EXPRESS CO 1.2% AAA / NR / AAA
BANK OF AMERICA CO 0.6% AAA / Aaa / AAABMW VEHICLE OWNER TRUST 0.4% AAA / Aaa / AAACAPITAL ONE FINANCIAL CORP 1.9% AAA / Aaa / AAACARMAX AUTO OWNER TRUST 1.9% AAA / Aaa / AAACHASE ISSURANCE 0.8% AAA / NR / AAADISCOVER FINANCIAL SERVICES 2.0% AAA / Aaa / AAAFIFTH THIRD AUTO TRUST 0.5% AAA / Aaa / NRFORD CREDIT AUTO OWNER TRUST 0.7% AAA / NR / AAAGM FINANCIAL CONSUMER AUTOMOBILETRUST

1.3% AAA / Aaa / AAA
HARLEY-DAVIDSON MOTORCYCLE TRUST 0.8% AAA / Aaa / AAAHONDA AUTO RECEIVABLES 0.7% AAA / Aaa / AAAHYUNDAI AUTO RECEIVABLES 1.3% AAA / NR / AAAMERCEDES-BENZ AUTO RECEIVABLES 0.8% AAA / Aaa / NRNISSAN AUTO RECEIVABLES 1.1% AAA / Aaa / AAATOYOTA MOTOR CORP 1.4% AAA / Aaa / AAAVOLKSWAGEN AUTO LEASE TURST 0.2% NR / Aaa / AAA WORLD OMNI AUTO REC TRUST 0.3% AAA / NR / AAA
Total 100.0%
19 57
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
Portfolio Composition
|
Issuer Distribution
As of December 31, 2023
Issuer Market Value ($) % of Portfolio
UNITED STATES TREASURY 21,227,912 42.49%FREDDIE MAC 3,401,528 6.82%TOYOTA MOTOR CORP 1,122,623 2.26%DISCOVER FINANCIAL SERVICES 1,006,252 2.01% AMERICAN EXPRESS CO 990,381 1.98%
CAPITAL ONE FINANCIAL CORP 979,227 1.96%BANK OF AMERICA CO 965,017 1.93%RABOBANK NEDERLAND 953,514 1.91%CARMAX AUTO OWNER TRUST 936,286 1.87%JP MORGAN CHASE & CO 729,768 1.46% ALLY AUTO RECEIVABLES TRUST 678,387 1.36%
NATIONAL AUSTRALIA BANK LTD 668,214 1.34%GM FINANCIAL CONSUMER AUTOMOBILE TRUST 658,170 1.32%HYUNDAI AUTO RECEIVABLES 648,462 1.30%NISSAN AUTO RECEIVABLES 576,212 1.15%WELLS FARGO & COMPANY 571,334 1.14%STATE STREET CORPORATION 556,436 1.11%TORONTO-DOMINION BANK 509,593 1.02%THE BANK OF NEW YORK MELLON CORPORATION 497,029 0.99%NORDEA BANK ABP 496,607 0.99%FEDERAL HOME LOAN BANKS 483,759 0.97%LINDE PLC 420,234 0.84%FANNIE MAE 405,679 0.81%NATIONAL RURAL UTILITIES CO FINANCE CORP 391,242 0.78% 20 58
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
Portfolio Composition
|
Issuer Market Value ($) % of PortfolioMERCEDES-BENZ AUTO RECEIVABLES 390,458 0.78%CHASE ISSURANCE 385,856 0.77%HARLEY-DAVIDSON MOTORCYCLE TRUST 385,140 0.77%NATIXIS NY BRANCH 383,183 0.77% AMERICAN HONDA FINANCE 381,486 0.76%
FORD CREDIT AUTO OWNER TRUST 375,404 0.75%CATERPILLAR INC 372,373 0.75%HSBC HOLDINGS PLC 372,300 0.75%CREDIT AGRICOLE SA 372,046 0.74%PACCAR FINANCIAL CORP 371,000 0.74%IBM CORP 370,822 0.74%COMCAST CORP 369,922 0.74%CITIGROUP INC 367,038 0.73%MORGAN STANLEY 364,385 0.73%HONDA AUTO RECEIVABLES 355,907 0.71%TRUIST FIN CORP 353,414 0.71%PNC FINANCIAL SERVICES GROUP 353,326 0.71%GOLDMAN SACHS GROUP INC 342,687 0.69%DEERE & COMPANY 284,937 0.57%FIFTH THIRD AUTO TRUST 267,901 0.54%COMMONWEALTH BANK OF AUSTRALIA 253,109 0.51% ANZ BANKING GROUP LTD 251,392 0.50%
UNILEVER PLC 219,541 0.44%BMW VEHICLE OWNER TRUST 215,651 0.43%INTEL CORPORATION 196,692 0.39%LOCKHEED MARTIN CORP 176,170 0.35%CINTAS CORPORATION NO. 2 171,851 0.34% 21 59
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
Portfolio Composition
|
Issuer Market Value ($) % of PortfolioHONEYWELL INTERNATIONAL 166,999 0.33%HOME DEPOT INC 160,996 0.32%WAL-MART STORES INC 148,587 0.30%WORLD OMNI AUTO REC TRUST 132,567 0.27%EXXON MOBIL CORP 126,965 0.25%HERSHEY COMPANY 122,930 0.25%BRISTOL-MYERS SQUIBB CO 116,478 0.23%BROWN-FORMAN CORP 112,742 0.23%VOLKSWAGEN AUTO LEASE TURST 99,239 0.20%UNITEDHEALTH GROUP INC 80,972 0.16%PEPSICO INC 66,324 0.13%COLGATE-PALMOLIVE COMPANY 53,769 0.11% Grand Total 49,966,422 100.00%
22 60
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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 10/31/2019 1.500% 10/31/2024
912828YM6 850,000.00 AA+ Aaa 5/4/2021 5/6/2021 881,044.92 0.44 2,171.70 857,407.89 826,757.77 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 0.44 754.10 580,534.32 557,750.00 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 1,278.69 984,500.52 945,750.00 US TREASURY NOTESDTD 12/15/2021 1.000% 12/15/2024
91282CDN8 325,000.00 AA+ Aaa 1/3/2022 1/5/2022 324,771.48 1.02 150.96 324,925.81 313,421.88 US TREASURY NOTESDTD 05/15/2015 2.125% 05/15/2025
912828XB1 1,725,000.00 AA+ Aaa 5/19/2023 5/23/2023 1,654,248.05 4.31 4,733.09 1,676,070.57 1,669,746.18 US TREASURY NOTESDTD 06/30/2020 0.250% 06/30/2025
912828ZW3 1,000,000.00 AA+ Aaa 6/1/2022 6/3/2022 923,281.25 2.88 6.87 962,699.52 939,062.50 US TREASURY NOTESDTD 07/15/2022 3.000% 07/15/2025
91282CEY3 1,200,000.00 AA+ Aaa 8/5/2022 8/8/2022 1,195,453.13 3.14 16,630.43 1,197,620.53 1,173,750.00 US TREASURY NOTESDTD 07/15/2022 3.000% 07/15/2025
91282CEY3 425,000.00 AA+ Aaa 9/1/2022 9/6/2022 418,708.01 3.55 5,889.95 421,615.72 415,703.13 US TREASURY NOTESDTD 09/15/2022 3.500% 09/15/2025
91282CFK2 600,000.00 AA+ Aaa 10/6/2022 10/11/2022 587,976.56 4.23 6,230.77 592,999.44 591,187.50 US TREASURY NOTESDTD 11/15/2022 4.500% 11/15/2025
91282CFW6 1,125,000.00 AA+ Aaa 12/16/2022 12/16/2022 1,140,468.75 3.99 6,536.74 1,134,934.86 1,128,867.19 US TREASURY NOTESDTD 01/15/2023 3.875% 01/15/2026
91282CGE5 2,550,000.00 AA+ Aaa 1/30/2023 2/1/2023 2,544,123.05 3.96 45,647.08 2,545,942.24 2,530,875.00 US TREASURY NOTESDTD 02/15/2023 4.000% 02/15/2026
91282CGL9 930,000.00 AA+ Aaa 3/2/2023 3/3/2023 913,725.00 4.64 14,051.09 918,306.11 925,931.25 US TREASURY NOTESDTD 04/15/2023 3.750% 04/15/2026
91282CGV7 1,150,000.00 AA+ Aaa 5/1/2023 5/3/2023 1,147,349.61 3.83 9,190.57 1,147,947.05 1,139,578.13 US TREASURY NOTESDTD 05/15/2023 3.625% 05/15/2026
91282CHB0 1,700,000.00 AA+ Aaa 6/1/2023 6/5/2023 1,683,332.03 3.98 7,957.07 1,686,588.10 1,680,609.46 US TREASURY NOTESDTD 06/15/2023 4.125% 06/15/2026
91282CHH7 975,000.00 AA+ Aaa 6/29/2023 6/29/2023 965,478.52 4.48 1,868.08 967,115.30 975,000.00 23 61
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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 07/15/2023 4.500% 07/15/2026
91282CHM6 1,550,000.00 AA+ Aaa 8/1/2023 8/3/2023 1,547,517.58 4.56 32,221.47 1,547,865.63 1,565,015.63 US TREASURY NOTESDTD 08/15/2023 4.375% 08/15/2026
91282CHU8 1,100,000.00 AA+ Aaa 9/6/2023 9/11/2023 1,089,515.63 4.73 18,177.65 1,090,614.09 1,107,906.25 US TREASURY NOTESDTD 09/15/2023 4.625% 09/15/2026
91282CHY0 1,000,000.00 AA+ Aaa 10/3/2023 10/5/2023 992,851.56 4.89 13,722.53 993,400.83 1,014,062.50 US TREASURY NOTESDTD 10/15/2023 4.625% 10/15/2026
91282CJC6 450,000.00 AA+ Aaa 11/9/2023 11/13/2023 448,734.38 4.73 4,435.45 448,788.69 456,820.29 US TREASURY N/B NOTESDTD 11/15/2023 4.625% 11/15/2026
91282CJK8 1,250,000.00 AA+ Aaa 12/7/2023 12/11/2023 1,259,814.45 4.34 7,464.80 1,259,632.77 1,270,117.25 Security Type Sub-Total 21,455,000.00 21,325,486.73 3.68 199,119.09 21,339,509.99 21,227,911.91 Negotiable CD
CREDIT AGRICOLE CIB NY CERTDEPOSDTD 08/19/2022 4.100% 08/16/2024 22536AZR8 375,000.00 A-1 P-1 8/17/2022 8/19/2022 375,000.00 4.07 5,893.75 375,000.00 372,046.14 TORONTO DOMINION BANK NY CERTDEPOSDTD 10/31/2022 5.600% 10/27/2025 89115B6K1 500,000.00 A A1 10/27/2022 10/31/2022 500,000.00 5.58 5,288.89 500,000.00 509,592.56 NORDEA BANK ABP NEW YORK CERTDEPOSDTD 11/03/2022 5.530% 11/03/2025 65558UYF3 500,000.00 AA- Aa3 11/2/2022 11/3/2022 500,000.00 5.53 4,454.72 500,000.00 496,606.50 COOPERAT RABOBANK UA/NY CERTDEPOSDTD 07/20/2023 5.080% 07/17/2026 21684LGS5 475,000.00 A+ Aa2 7/17/2023 7/20/2023 475,000.00 5.08 10,791.47 475,000.00 465,876.68 NATIXIS NY BRANCH CERT DEPOSDTD 09/20/2023 5.610% 09/18/2026 63873QP65 375,000.00 A A1 9/18/2023 9/20/2023 375,000.00 5.61 6,019.06 375,000.00 383,182.50 Security Type Sub-Total 2,225,000.00 2,225,000.00 5.22 32,447.89 2,225,000.00 2,227,304.38 24 62
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

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 2,359.38 226,534.69 221,010.75 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 0.63 241.71 100,000.00 96,960.20 COOPERAT RABOBANK UA/NYCORPORATE NOTESDTD 08/22/2022 3.875% 08/22/2024 21688AAU6 250,000.00 A+ Aa2 8/15/2022 8/22/2022 249,885.00 3.90 3,471.35 249,963.19 247,526.50 GOLDMAN SACHS GROUP INC(CALLABLE) CORPDTD 06/10/2021 5.815% 09/10/2024 38141GYE8 150,000.00 BBB+ A2 6/7/2021 6/10/2021 150,000.00 5.86 510.23 150,000.00 150,000.30 COOPERATIEVE RABOBANK UACORPORATE NOTESDTD 01/12/2022 1.375% 01/10/2025 21688AAS1 250,000.00 A+ Aa2 1/19/2022 1/24/2022 248,020.00 1.65 1,632.81 249,313.77 240,111.25 JOHN DEERE CAPITAL CORPCORPORATE NOTESDTD 01/10/2022 1.250% 01/10/2025 24422EVY2 220,000.00 A A2 1/4/2022 1/10/2022 219,896.60 1.27 1,306.25 219,964.62 212,236.42 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 1,880.76 175,809.74 170,279.20 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 1.88 825.00 109,998.79 106,198.62 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 2.20 487.50 64,776.17 62,753.73 25 63
Agenda Item # 2.
© 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 2.31 731.25 99,930.10 96,784.50

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 2.29 365.63 49,980.28 48,392.25 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 1,124.99 132,031.82 126,964.50 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 2.06 336.46 50,039.32 48,467.20 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 2.14 168.23 24,995.77 24,233.60 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 1,160.16 125,403.42 122,581.13 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 1,662.50 249,972.60 244,338.25 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 2.21 849.72 116,694.64 112,741.86 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 1.01 402.00 135,973.26 129,676.28 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 2.41 372.22 123,731.41 120,070.62 26 64
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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
CINTAS CORPORATION NO. 2 CORPNOTE (CALLDTD 05/03/2022 3.450% 05/01/2025 17252MAP5 105,000.00 A- A3 4/26/2022 5/3/2022 104,976.90 3.46 603.75 104,989.74 103,110.63 CINTAS CORPORATION NO. 2 CORPNOTE (CALLDTD 05/03/2022 3.450% 05/01/2025 17252MAP5 70,000.00 A- A3 5/2/2022 5/4/2022 69,794.90 3.55 402.50 69,908.80 68,740.42 CITIGROUP INC (CALLABLE)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 0.91 286.13 175,050.76 172,145.93 CATERPILLAR FINL SERVICECORPORATE NOTESDTD 05/13/2022 3.400% 05/13/2025 14913R2V8 30,000.00 A A2 5/10/2022 5/13/2022 29,997.00 3.40 136.00 29,998.64 29,469.27 CATERPILLAR FINL SERVICECORPORATE NOTESDTD 05/13/2022 3.400% 05/13/2025 14913R2V8 95,000.00 A A2 5/10/2022 5/13/2022 94,879.35 3.44 430.67 94,945.18 93,319.36 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 2.04 196.88 173,356.94 166,999.35 JPMORGAN CHASE & CO (CALLABLE)CORP NOTEDTD 06/01/2021 0.824% 06/01/2025 46647PCH7 345,000.00 A- A1 5/24/2021 6/1/2021 345,000.00 0.82 236.90 345,000.00 339,023.91 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 97.50 127,737.86 122,929.82 PNC BANK NA CORP NOTE(CALLABLE)DTD 06/01/2015 3.250% 06/01/2025 69353REQ7 250,000.00 A A2 8/23/2022 8/25/2022 245,665.00 3.92 677.08 247,783.19 243,145.75 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 2.10 617.28 235,905.22 225,890.51 NATIONAL AUSTRALIA BK/NYCORPORATE NOTESDTD 06/09/2022 3.500% 06/09/2025 63254ABD9 255,000.00 AA- Aa3 5/31/2022 6/9/2022 255,000.00 3.50 545.42 255,000.00 250,687.95 NATIONAL RURAL UTIL COOPCORPORATE NOTESDTD 05/04/2022 3.450% 06/15/2025 63743HFE7 60,000.00 A- A2 5/2/2022 5/4/2022 59,680.20 3.63 92.00 59,850.78 58,761.66 27 65
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

AMERICAN HONDA FINANCE
CORPORATE NOTESDTD 10/04/2023 5.800% 10/03/2025
02665WEQ0 175,000.00 A- A3 10/2/2023 10/4/2023 174,837.25 5.85 2,452.92 174,856.08 177,892.23 UNITEDHEALTH GROUP INCCORPORATE NOTESDTD 10/28/2022 5.150% 10/15/2025 91324PEN8 80,000.00 A+ A2 10/25/2022 10/28/2022 79,992.80 5.15 869.78 79,995.66 80,971.92 LOCKHEED MARTIN CORP NOTES(CALLABLE)DTD 10/24/2022 4.950% 10/15/2025 539830BU2 80,000.00 A- A2 10/19/2022 10/24/2022 79,772.00 5.05 836.00 79,863.03 80,534.80 LOCKHEED MARTIN CORP NOTES(CALLABLE)DTD 10/24/2022 4.950% 10/15/2025 539830BU2 95,000.00 A- A2 11/1/2022 11/3/2022 95,046.55 4.93 992.75 95,027.70 95,635.08 28 66
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

AUST & NZ BANKING GRP NY
CORPORATE NOTESDTD 12/08/2022 5.088% 12/08/2025
05254JAA8 250,000.00 AA- Aa3 11/29/2022 12/8/2022 250,000.00 5.09 812.67 250,000.00 251,392.00 NATIONAL AUSTRALIA BK/NYCORPORATE NOTESDTD 01/12/2023 4.966% 01/12/2026 63253QAA2 415,000.00 AA- Aa3 1/4/2023 1/12/2023 415,000.00 4.97 9,674.73 415,000.00 417,525.69 CITIGROUP INC CORPORATE NOTESDTD 01/12/2016 3.700% 01/12/2026 172967KG5 200,000.00 BBB+ A3 4/27/2023 5/1/2023 194,698.00 4.76 3,473.89 196,014.10 194,892.20 STATE STREET CORP (CALLABLE)CORPORATE NDTD 02/07/2022 1.746% 02/06/2026 857477BR3 110,000.00 A A1 2/2/2022 2/7/2022 110,000.00 1.75 773.58 110,000.00 105,766.65 MORGAN STANLEY CORP NOTES(CALLABLE)DTD 02/18/2022 2.630% 02/18/2026 61747YEM3 290,000.00 A- A1 2/16/2022 2/18/2022 290,000.00 2.63 2,817.75 290,000.00 280,537.59 NATIONAL RURAL UTIL COOP CORPNOTES (CALDTD 02/09/2023 4.450% 03/13/2026 63743HFH0 125,000.00 A- A2 2/3/2023 2/9/2023 124,536.25 4.58 1,668.75 124,670.28 124,353.88 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 1,869.94 257,058.70 247,844.19 BANK OF AMERICA CORP NOTESDTD 04/19/2016 3.500% 04/19/2026 06051GFX2 175,000.00 A- A1 5/11/2023 5/16/2023 170,066.75 4.54 1,225.00 171,128.16 170,389.10 29 67
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

AMERICAN HONDA FINANCE
CORPORATE NOTESDTD 07/07/2023 5.250% 07/07/2026
02665WEK3 65,000.00 A- A3 7/6/2023 7/10/2023 64,583.35 5.49 1,649.38 64,650.06 66,168.05

AMERICAN HONDA FINANCE
CORPORATE NOTESDTD 07/07/2023 5.250% 07/07/2026
02665WEK3 85,000.00 A- A3 7/5/2023 7/7/2023 84,895.45 5.29 2,156.88 84,912.43 86,527.45

AMERICAN HONDA FINANCE
CORPORATE NOTESDTD 07/07/2023 5.250% 07/07/2026
02665WEK3 50,000.00 A- A3 7/21/2023 7/25/2023 50,252.00 5.06 1,268.75 50,214.60 50,898.50 BANK OF NEW YORK MELLON CORPNOTES (CALLDTD 07/26/2022 4.414% 07/24/2026 06406RBJ5 170,000.00 A A1 7/20/2022 7/26/2022 170,554.20 4.32 3,272.49 170,288.75 168,152.10 BANK OF NEW YORK MELLON CORPNOTES (CALLDTD 07/26/2022 4.414% 07/24/2026 06406RBJ5 80,000.00 A A1 7/19/2022 7/26/2022 80,000.00 4.41 1,540.00 80,000.00 79,130.40 TRUIST FIN CORP NOTES (CALLABLE)DTD 07/28/2022 4.260% 07/28/2026 89788MAH5 65,000.00 A- A3 7/26/2022 7/28/2022 65,065.00 4.23 1,176.83 65,034.04 63,761.62 TRUIST FIN CORP NOTES (CALLABLE)DTD 07/28/2022 4.260% 07/28/2026 89788MAH5 65,000.00 A- A3 7/25/2022 7/28/2022 65,000.00 4.26 1,176.83 65,000.00 63,761.62 STATE STREET CORP NOTES(CALLABLE)DTD 08/03/2023 5.272% 08/03/2026 857477CD3 200,000.00 A A1 7/31/2023 8/3/2023 200,000.00 5.27 4,334.76 200,000.00 202,825.60 PACCAR FINANCIAL CORPCORPORATE NOTESDTD 08/10/2023 5.050% 08/10/2026 69371RS56 125,000.00 A+ A1 8/3/2023 8/10/2023 124,937.50 5.07 2,472.40 124,945.71 126,661.75 BANK OF AMERICA NA CORPORATENOTESDTD 08/18/2023 5.526% 08/18/2026 06428CAA2 275,000.00 A+ Aa1 8/14/2023 8/18/2023 275,000.00 5.53 5,614.26 275,000.00 280,291.55 30 68
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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
HOME DEPOT INC CORPORATENOTESDTD 12/04/2023 4.950% 09/30/2026 437076CV2 105,000.00 A A2 11/27/2023 12/4/2023 104,770.05 5.03 389.81 104,775.90 106,444.07 PEPSICO INC CORPORATE NOTES(CALLABLE)DTD 11/10/2023 5.125% 11/10/2026 713448FW3 65,000.00 A+ A1 11/8/2023 11/10/2023 64,982.45 5.13 471.93 64,983.23 66,323.86 GOLDMAN SACHS GROUP INC CORPNOTES (CALLDTD 11/16/2016 3.500% 11/16/2026 38145GAH3 200,000.00 BBB+ A2 8/7/2023 8/9/2023 188,710.00 5.40 875.00 190,079.92 192,686.80 WELLS FARGO CORP NOTES(CALLABLE)DTD 12/11/2023 5.254% 12/11/2026 94988J6F9 375,000.00 A+ Aa2 12/4/2023 12/11/2023 375,000.00 5.25 1,094.58 375,000.00 379,772.63 COMCAST CORP (CALLABLE) NOTESDTD 01/10/2017 3.300% 02/01/2027 20030NBY6 200,000.00 A- A3 10/31/2023 11/2/2023 186,160.00 5.66 2,750.00 186,859.58 192,943.60 Security Type Sub-Total 12,671,000.00 12,658,892.48 3.60 118,253.39 12,637,679.81 12,492,899.88 Agency CMBS
FHMS K053 A2DTD 03/29/2016 2.995% 12/01/2025
3137BN6G4 250,000.00 AA+ Aaa 8/4/2022 8/9/2022 247,119.14 3.36 623.96 248,333.39 242,382.71 FHMS K054 A2DTD 04/20/2016 2.745% 01/01/2026
3137BNGT5 275,000.00 AA+ Aaa 4/11/2023 4/14/2023 263,613.28 4.37 629.06 266,617.63 265,159.80 FHMS K054 A2DTD 04/20/2016 2.745% 01/01/2026
3137BNGT5 225,000.00 AA+ Aaa 5/11/2023 5/16/2023 217,494.14 4.09 514.69 219,290.55 216,948.92 FNA 2016-M3 A2DTD 03/31/2016 2.702% 02/01/2026
3136ARTE8 148,756.08 AA+ Aaa 8/31/2022 9/6/2022 143,718.12 3.76 334.95 145,670.13 143,134.75 FHMS K057 A2DTD 09/28/2016 2.570% 07/01/2026
3137BRQJ7 260,000.00 AA+ Aaa 3/2/2023 3/7/2023 241,779.69 4.86 556.84 246,289.67 248,419.79 FHMS K057 A2DTD 09/28/2016 2.570% 07/01/2026
3137BRQJ7 260,000.00 AA+ Aaa 5/18/2023 5/23/2023 247,223.44 4.26 556.84 249,733.72 248,419.78 FHMS K736 A2DTD 09/01/2019 2.282% 07/01/2026
3137FNWX4 270,000.00 AA+ Aaa 10/5/2023 10/11/2023 250,519.92 5.13 513.45 252,126.93 256,392.16 FHMS K058 A2DTD 11/09/2016 2.653% 08/01/2026
3137BSP72 400,000.00 AA+ Aaa 4/6/2023 4/12/2023 383,156.25 4.02 884.33 386,840.38 381,891.97 31 69
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Agency CMBS
FNA 2016-M12 A2DTD 11/30/2016 2.445% 09/01/2026
3136AUKX8 276,069.82 AA+ Aaa 11/20/2023 11/27/2023 257,586.08 5.05 562.41 258,197.39 262,543.93 FHMS K059 A2DTD 11/29/2016 3.120% 09/01/2026
3137BSRE5 275,000.00 AA+ Aaa 11/15/2023 11/20/2023 260,465.82 5.16 715.00 261,021.12 265,568.36 FHMS K062 A2DTD 02/01/2017 3.413% 12/01/2026
3137BUX60 275,000.00 AA+ Aaa 11/8/2023 11/13/2023 261,840.82 5.11 782.15 262,419.63 267,322.00 FHMS K062 A2DTD 02/01/2017 3.413% 12/01/2026
3137BUX60 275,000.00 AA+ Aaa 11/16/2023 11/21/2023 262,485.35 5.04 782.15 262,949.27 267,322.01 FHMS K063 A2DTD 03/01/2017 3.430% 01/01/2027
3137BVZ82 275,000.00 AA+ Aaa 10/17/2023 10/20/2023 259,273.44 5.38 786.04 260,255.51 267,374.90 FHLMC MULTIFAMILY STRUCTURED PDTD 07/01/2017 3.243% 04/01/2027 3137F1G44 260,000.00 AA+ Aaa 11/9/2023 11/14/2023 244,938.28 5.11 702.65 245,524.15 250,948.46 FHMS K092 A1DTD 05/31/2019 3.125% 10/01/2028
3137FLYU2 231,073.21 AA+ Aaa 10/25/2023 10/30/2023 217,434.48 4.46 601.75 217,862.49 223,377.60 Security Type Sub-Total 3,955,899.11 3,758,648.25 4.63 9,546.27 3,783,131.96 3,807,207.14 ABS
HAROT 2020-3 A3DTD 09/29/2020 0.370% 10/18/2024
43813KAC6 3,642.47 AAA NR 9/22/2020 9/29/2020 3,641.93 0.37 0.49 3,642.36 3,635.22 GMCAR 2020-3 A3DTD 08/19/2020 0.450% 04/16/2025
362590AC5 9,003.55 NR Aaa 8/11/2020 8/19/2020 9,001.48 0.46 1.69 9,002.98 8,975.27 WOART 2020-B A3DTD 06/24/2020 0.630% 05/15/2025
98163WAC0 4,126.97 AAA NR 6/16/2020 6/24/2020 4,126.65 0.63 1.16 4,126.88 4,119.57 VWALT 2022-A A3DTD 06/14/2022 3.440% 07/21/2025
92868AAC9 100,000.00 NR Aaa 6/7/2022 6/14/2022 99,992.04 3.44 105.11 99,996.02 99,238.62 HART 2021-A A3DTD 04/28/2021 0.380% 09/15/2025
44933LAC7 33,258.27 AAA NR 4/20/2021 4/28/2021 33,254.77 0.38 5.62 33,256.91 32,804.25 HAROT 2021-4 A3DTD 11/24/2021 0.880% 01/21/2026
43815GAC3 107,965.60 NR Aaa 11/16/2021 11/24/2021 107,942.85 0.89 26.39 107,954.35 104,747.61 CARMX 2021-2 A3DTD 04/21/2021 0.520% 02/17/2026
14314QAC8 50,031.13 AAA NR 4/13/2021 4/21/2021 50,020.35 0.52 11.56 50,026.37 48,921.84 HART 2021-C A3DTD 11/17/2021 0.740% 05/15/2026
44935FAD6 82,861.69 AAA NR 11/9/2021 11/17/2021 82,843.20 0.75 27.25 82,851.94 80,649.81 32 70
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
ABS
FORDO 2022-A A3DTD 01/24/2022 1.290% 06/15/2026
345286AC2 96,966.39 AAA NR 1/19/2022 1/24/2022 96,954.87 1.29 55.59 96,959.95 94,403.12 CARMX 2021-3 A3DTD 07/28/2021 0.550% 06/15/2026
14317DAC4 151,371.79 AAA Aaa 7/21/2021 7/28/2021 151,346.90 0.55 37.00 151,359.28 146,539.88 BMWOT 2022-A A3DTD 05/18/2022 3.210% 08/25/2026
05602RAD3 131,798.71 AAA Aaa 5/10/2022 5/18/2022 131,791.86 3.21 70.51 131,794.46 129,575.05 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 39.96 154,981.92 149,867.87 TAOT 2022-B A3DTD 04/13/2022 2.930% 09/15/2026
89238FAD5 145,000.00 AAA Aaa 4/7/2022 4/13/2022 144,996.61 2.93 188.82 144,997.93 142,128.91 COPAR 2021-1 A3DTD 10/27/2021 0.770% 09/15/2026
14044CAC6 116,438.94 AAA Aaa 10/19/2021 10/27/2021 116,436.75 0.77 39.85 116,437.73 112,674.39 GMCAR 2021-4 A3DTD 10/21/2021 0.680% 09/16/2026
362554AC1 72,043.50 AAA Aaa 10/13/2021 10/21/2021 72,041.67 0.68 20.41 72,042.49 69,666.86 HART 2022-A A3DTD 03/16/2022 2.220% 10/15/2026
448977AD0 135,952.98 AAA NR 3/9/2022 3/16/2022 135,947.75 2.22 134.14 135,949.80 132,715.63 WOART 2021-D A3DTD 11/03/2021 0.810% 10/15/2026
98163KAC6 132,283.90 AAA NR 10/26/2021 11/3/2021 132,265.89 0.81 47.62 132,273.75 128,447.10 ALLYA 2022-1 A3
DTD 05/18/2022 3.310% 11/15/2026
02008JAC0 234,443.50 AAA Aaa 5/10/2022 5/18/2022 234,398.11 3.31 344.89 234,414.50 230,740.25 COMET 2021-A3 A3DTD 11/30/2021 1.040% 11/15/2026
14041NFY2 305,000.00 AAA NR 11/18/2021 11/30/2021 304,957.97 1.04 140.98 304,975.65 294,245.97 GMCAR 2022-1 A3DTD 01/19/2022 1.260% 11/16/2026
380146AC4 91,734.80 AAA NR 1/11/2022 1/19/2022 91,726.83 1.26 48.16 91,730.05 89,002.32 HDMOT 2022-A A3DTD 04/20/2022 3.060% 02/15/2027
41284YAD8 219,464.41 AAA Aaa 4/12/2022 4/20/2022 219,427.87 3.06 298.47 219,440.75 215,554.15 CARMX 2022-2 A3DTD 04/28/2022 3.490% 02/16/2027
14317HAC5 186,544.48 AAA Aaa 4/21/2022 4/28/2022 186,516.11 3.49 289.35 186,526.02 183,528.32 GMCAR 2022-2 A3DTD 04/13/2022 3.100% 02/16/2027
362585AC5 125,000.00 AAA Aaa 4/5/2022 4/13/2022 124,973.88 3.10 161.46 124,983.15 122,532.68 COMET 2022-A1 A1DTD 03/30/2022 2.800% 03/15/2027
14041NFZ9 250,000.00 AAA NR 3/23/2022 3/30/2022 249,981.15 2.80 311.11 249,987.83 243,665.03 TAOT 2022-C A3DTD 08/16/2022 3.760% 04/15/2027
89231CAD9 105,000.00 AAA NR 8/8/2022 8/16/2022 104,982.45 3.76 175.47 104,987.63 103,420.86 33 71
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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
CARMX 2022-3 A3DTD 07/20/2022 3.970% 04/15/2027
14318MAD1 265,000.00 AAA NR 7/12/2022 7/20/2022 264,993.75 3.97 467.58 264,995.66 261,389.77 GMCAR 2022-3 A3DTD 07/13/2022 3.640% 04/16/2027
36265WAD5 155,000.00 NR Aaa 7/6/2022 7/13/2022 154,998.93 3.64 235.08 154,999.26 152,597.75 COMET 2022-A2 ADTD 06/14/2022 3.490% 05/15/2027
14041NGA3 335,000.00 AAA NR 6/6/2022 6/14/2022 334,946.47 3.49 519.62 334,963.34 328,642.10 ALLYA 2022-2 A3
DTD 10/12/2022 4.760% 05/17/2027
02008MAC3 450,000.00 AAA Aaa 10/4/2022 10/12/2022 449,994.42 4.76 952.00 449,995.90 447,647.00 DCENT 2022-A2 ADTD 05/26/2022 3.320% 05/17/2027
254683CS2 270,000.00 NR Aaa 5/19/2022 5/26/2022 269,978.05 3.32 398.40 269,985.12 264,270.30 AMXCA 2022-2 A
DTD 05/24/2022 3.390% 05/17/2027
02582JJT8 370,000.00 AAA NR 5/17/2022 5/24/2022 369,918.16 3.39 557.47 369,944.57 362,489.81 NAROT 2022-B A3DTD 09/28/2022 4.460% 05/17/2027
65480JAC4 235,000.00 AAA Aaa 9/20/2022 9/28/2022 234,951.38 4.46 465.82 234,964.60 233,355.99 HART 2022-C A3DTD 11/09/2022 5.390% 06/15/2027
44933DAD3 325,000.00 AAA NR 11/1/2022 11/9/2022 324,998.44 5.39 778.56 324,998.83 326,244.17 DCENT 2022-A3 A3DTD 08/09/2022 3.560% 07/15/2027
254683CW3 300,000.00 AAA Aaa 8/2/2022 8/9/2022 299,962.77 3.56 474.67 299,973.31 294,213.18 CARMX 2022-4 A3DTD 10/31/2022 5.340% 08/16/2027
14318UAD3 295,000.00 AAA NR 10/26/2022 10/31/2022 294,930.82 5.35 700.13 294,947.70 295,905.80 MBART 2022-1 A3DTD 11/22/2022 5.210% 08/16/2027
58768PAC8 390,000.00 AAA Aaa 11/15/2022 11/22/2022 389,922.86 5.21 903.07 389,940.94 390,457.51 TAOT 2023-A A3DTD 01/30/2023 4.630% 09/15/2027
891940AC2 165,000.00 AAA NR 1/24/2023 1/30/2023 164,999.92 4.63 339.53 164,999.94 164,097.20 TAOT 2022-D A3DTD 11/08/2022 5.300% 09/15/2027
89239HAD0 110,000.00 NR Aaa 11/1/2022 11/8/2022 109,989.14 5.30 259.11 109,991.71 110,436.26 AMXCA 2022-4 A
DTD 11/03/2022 4.950% 10/15/2027
02582JJX9 120,000.00 AAA NR 10/27/2022 11/3/2022 119,994.05 4.95 264.00 119,995.45 120,624.58 HAROT 2023-2 A3DTD 05/30/2023 4.930% 11/15/2027
437927AC0 160,000.00 AAA Aaa 5/23/2023 5/30/2023 159,974.08 4.93 350.58 159,977.51 160,730.18 NAROT 2023-A A3DTD 04/26/2023 4.910% 11/15/2027
65480WAD3 235,000.00 NR Aaa 4/18/2023 4/26/2023 234,958.48 4.91 512.82 234,964.72 235,218.71 HDMOT 2023-A A3DTD 02/23/2023 5.050% 12/15/2027
41285JAD0 170,000.00 NR Aaa 2/13/2023 2/23/2023 169,982.88 5.05 381.56 169,985.92 169,586.32 34 72
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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
TAOT 2023-B A3DTD 05/23/2023 4.710% 02/15/2028
891941AD8 200,000.00 NR Aaa 5/16/2023 5/23/2023 199,988.82 4.71 418.67 199,990.26 199,793.88 FORDO 2023-A A3DTD 03/31/2023 4.650% 02/15/2028
344928AD8 130,000.00 AAA NR 3/28/2023 3/31/2023 129,986.44 4.65 268.67 129,988.54 129,403.27 GMCAR 2023-2 A3DTD 04/12/2023 4.470% 02/16/2028
362583AD8 140,000.00 AAA Aaa 4/4/2023 4/12/2023 139,996.15 4.47 260.75 139,996.72 139,238.43 BMWOT 2023-A A3DTD 07/18/2023 5.470% 02/25/2028
05592XAD2 85,000.00 AAA NR 7/11/2023 7/18/2023 84,984.94 5.47 77.49 84,986.43 86,076.03 NAROT 2023-B A3DTD 10/25/2023 5.930% 03/15/2028
65480MAD5 105,000.00 NR Aaa 10/18/2023 10/25/2023 104,978.69 5.94 276.73 104,979.48 107,636.91 DCENT 2023-A1 ADTD 04/11/2023 4.310% 03/15/2028
254683CY9 300,000.00 NR Aaa 4/4/2023 4/11/2023 299,982.60 4.31 574.67 299,985.16 297,900.93 HART 2023-B A3DTD 07/19/2023 5.480% 04/17/2028
44933XAD9 75,000.00 AAA NR 7/11/2023 7/19/2023 74,996.75 5.48 182.67 74,997.06 76,047.83 BACCT 2023-A1 A1DTD 06/16/2023 4.790% 05/15/2028
05522RDG0 120,000.00 AAA NR 6/8/2023 6/16/2023 119,972.83 4.79 255.47 119,975.84 120,392.71 FORDO 2023-B A3DTD 06/26/2023 5.230% 05/15/2028
344930AD4 150,000.00 AAA NR 6/21/2023 6/26/2023 149,997.98 5.23 348.67 149,998.19 151,597.47 AMXCA 2023-1 A
DTD 06/14/2023 4.870% 05/15/2028
02582JJZ4 140,000.00 AAA NR 6/7/2023 6/14/2023 139,987.58 4.87 303.02 139,988.97 141,078.99 GMCAR 2023-3 A3DTD 07/19/2023 5.450% 06/16/2028
36267KAD9 75,000.00 AAA Aaa 7/11/2023 7/19/2023 74,997.11 5.45 170.31 74,997.38 76,156.98 HAROT 2023-4 A3DTD 11/08/2023 5.670% 06/21/2028
438123AC5 85,000.00 NR Aaa 11/1/2023 11/8/2023 84,985.03 5.67 133.88 84,985.45 86,794.19 FITAT 2023-1 A3DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 265,000.00 AAA Aaa 8/15/2023 8/23/2023 264,983.57 5.53 651.31 264,984.75 267,901.41 CHAIT 2023-A1 ADTD 09/15/2023 5.160% 09/15/2028
161571HT4 380,000.00 AAA NR 9/7/2023 9/15/2023 379,894.66 5.17 871.47 379,900.16 385,855.80 35 73
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

3.84 3.84%
Total Investments $50,342,861.78
36 74
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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)
BUY10/2/2023 10/4/2023 175,000.00 02665WEQ0 AMERICAN HONDA FINANCE CORPORATE NOTES 5.80% 10/3/2025 174,837.25 5.85%10/3/2023 10/5/2023 1,000,000.00 91282CHY0 US TREASURY NOTES 4.62% 9/15/2026 995,392.77 4.89%10/5/2023 10/11/2023 270,000.00 3137FNWX4 FHMS K736 A2 2.28% 7/1/2026 250,691.07 5.13%10/17/2023 10/20/2023 275,000.00 3137BVZ82 FHMS K063 A2 3.43% 1/1/2027 259,771.27 5.38%10/18/2023 10/25/2023 105,000.00 65480MAD5 NAROT 2023-B A3 5.93% 3/15/2028 104,978.69 5.94%10/25/2023 10/30/2023 233,013.96 3137FLYU2 FHMS K092 A1 3.12% 10/1/2028 219,847.26 4.46%10/31/2023 11/2/2023 200,000.00 20030NBY6 COMCAST CORP (CALLABLE) NOTES 3.30% 2/1/2027 187,828.33 5.66%11/1/2023 11/8/2023 85,000.00 438123AC5 HAROT 2023-4 A3 5.67% 6/21/2028 84,985.03 5.67%11/8/2023 11/10/2023 65,000.00 713448FW3 PEPSICO INC CORPORATE NOTES (CALLABLE) 5.12% 11/10/2026 64,982.45 5.13%11/8/2023 11/13/2023 275,000.00 3137BUX60 FHMS K062 A2 3.41% 12/1/2026 262,153.68 5.11%11/9/2023 11/13/2023 750,000.00 91282CJC6 US TREASURY NOTES 4.62% 10/15/2026 750,639.09 4.73%11/9/2023 11/14/2023 260,000.00 3137F1G44 FHLMC MULTIFAMILY STRUCTURED P 3.24% 4/1/2027 245,242.76 5.11%11/15/2023 11/20/2023 275,000.00 3137BSRE5 FHMS K059 A2 3.12% 9/1/2026 260,918.65 5.16%11/16/2023 11/21/2023 275,000.00 3137BUX60 FHMS K062 A2 3.41% 12/1/2026 263,006.78 5.04%11/20/2023 11/27/2023 276,588.32 3136AUKX8 FNA 2016-M12 A2 2.44% 9/1/2026 258,574.60 2.62%11/27/2023 12/4/2023 105,000.00 437076CV2 HOME DEPOT INC CORPORATE NOTES 4.95% 9/30/2026 104,770.05 5.03%12/4/2023 12/11/2023 375,000.00 94988J6F9 WELLS FARGO CORP NOTES (CALLABLE) 5.25% 12/11/2026 375,000.00 5.25% 37 75
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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)
BUY12/7/2023 12/11/2023 1,250,000.00 91282CJK8 US TREASURY N/B NOTES 4.62% 11/15/2026 1,263,943.91 4.34%12/7/2023 12/14/2023 170,000.00 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 169,977.17 4.98% Total BUY 6,419,602.28 6,297,540.81 0.00
INTEREST10/1/2023 10/1/2023 125,000.00 12189LAV3 BURLINGTN NORTH SANTA FE CORP NOTES (CAL 3.00% 4/1/2025 1,875.0010/1/2023 10/25/2023 500,000.00 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 1,143.7510/1/2023 10/25/2023 250,000.00 3137BN6G4 FHMS K053 A2 2.99% 12/1/2025 623.9610/1/2023 10/25/2023 520,000.00 3137BRQJ7 FHMS K057 A2 2.57% 7/1/2026 1,113.6710/1/2023 10/25/2023 151,150.72 3136ARTE8 FNA 2016-M3 A2 2.70% 2/1/2026 340.3410/1/2023 10/25/2023 400,000.00 3137BSP72 FHMS K058 A2 2.65% 8/1/2026 884.3310/2/2023 10/2/2023 MONEY0002 MONEY MARKET FUND 337.9110/7/2023 10/7/2023 250,000.00 69371RR73 PACCAR FINANCIAL CORP CORPORATE NOTES 2.85% 4/7/2025 3,562.5010/13/2023 10/13/2023 155,000.00 023135CE4 AMAZON.COM INC CORPORATE NOTES 3.00% 4/13/2025 2,325.0010/15/2023 10/15/2023 1,150,000.00 91282CGV7 US TREASURY NOTES 3.75% 4/15/2026 21,562.5010/15/2023 10/15/2023 2,006.03 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 3.1610/15/2023 10/15/2023 110,000.00 89239HAD0 TAOT 2022-D A3 5.30% 9/15/2027 485.8310/15/2023 10/15/2023 140,000.00 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 568.17 38 76
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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)
INTEREST10/15/2023 10/15/2023 130,000.00 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 503.7510/15/2023 10/15/2023 335,000.00 14041NGA3 COMET 2022-A2 A 3.49% 5/15/2027 974.2910/15/2023 10/15/2023 265,000.00 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 876.7110/15/2023 10/15/2023 120,000.00 05522RDG0 BACCT 2023-A1 A1 4.79% 5/15/2028 479.0010/15/2023 10/15/2023 120,000.00 02582JJX9 AMXCA 2022-4 A 4.95% 10/15/2027 495.0010/15/2023 10/15/2023 270,000.00 254683CS2 DCENT 2022-A2 A 3.32% 5/17/2027 747.0010/15/2023 10/15/2023 170,000.00 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 715.4210/15/2023 10/15/2023 300,000.00 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 1,077.5010/15/2023 10/15/2023 140,454.99 14044CAC6 COPAR 2021-1 A3 0.77% 9/15/2026 90.1310/15/2023 10/15/2023 160,000.00 437927AC0 HAROT 2023-2 A3 4.93% 11/15/2027 657.3310/15/2023 10/15/2023 265,000.00 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 1,221.2110/15/2023 10/15/2023 190,000.00 14317HAC5 CARMX 2022-2 A3 3.49% 2/16/2027 552.5810/15/2023 10/15/2023 175,000.00 539830BU2 LOCKHEED MARTIN CORP NOTES (CALLABLE) 4.95% 10/15/2025 4,331.2510/15/2023 10/15/2023 160,595.03 98163KAC6 WOART 2021-D A3 0.81% 10/15/2026 108.4010/15/2023 10/15/2023 235,000.00 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 873.4210/15/2023 10/15/2023 49,961.30 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 15.8210/15/2023 10/15/2023 300,000.00 254683CW3 DCENT 2022-A3 A3 3.56% 7/15/2027 890.00 39 77
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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)
INTEREST10/15/2023 10/15/2023 102,824.08 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 63.4110/15/2023 10/15/2023 20,152.30 98163WAC0 WOART 2020-B A3 0.63% 5/15/2025 10.5810/15/2023 10/15/2023 140,000.00 448977AD0 HART 2022-A A3 2.22% 10/15/2026 259.0010/15/2023 10/15/2023 40,000.00 437076CM2 HOME DEPOT INC (CALLABLE) CORPORATE NOTE 2.70% 4/15/2025 540.0010/15/2023 10/15/2023 150,000.00 344930AD4 FORDO 2023-B A3 5.23% 5/15/2028 653.7510/15/2023 10/15/2023 65,493.60 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 28.3810/15/2023 10/15/2023 325,000.00 44933DAD3 HART 2022-C A3 5.39% 6/15/2027 1,459.7910/15/2023 10/15/2023 115,000.00 115637AS9 BROWN-FORMAN CORP NOTES (CALLABLE) 3.50% 4/15/2025 2,012.5010/15/2023 10/15/2023 80,000.00 91324PEN8 UNITEDHEALTH GROUP INC CORPORATE NOTES 5.15% 10/15/2025 2,060.0010/15/2023 10/15/2023 380,000.00 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 1,634.0010/15/2023 10/15/2023 250,000.00 14041NFZ9 COMET 2022-A1 A1 2.80% 3/15/2027 583.3310/15/2023 10/15/2023 117,975.33 345286AC2 FORDO 2022-A A3 1.29% 6/15/2026 126.8210/15/2023 10/15/2023 370,000.00 02582JJT8 AMXCA 2022-2 A 3.39% 5/17/2027 1,045.2510/15/2023 10/15/2023 145,000.00 89238FAD5 TAOT 2022-B A3 2.93% 9/15/2026 354.0410/15/2023 10/15/2023 255,000.00 41284YAD8 HDMOT 2022-A A3 3.06% 2/15/2027 650.2510/15/2023 10/15/2023 3,424.08 89237VAB5 TAOT 2020-C A3 0.44% 10/15/2024 1.2610/15/2023 10/15/2023 390,000.00 58768PAC8 MBART 2022-1 A3 5.21% 8/16/2027 1,693.25 40 78
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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)
INTEREST10/15/2023 10/15/2023 245,000.00 02008JAC0 ALLYA 2022-1 A3 3.31% 11/15/2026 675.7910/15/2023 10/15/2023 235,000.00 65480WAD3 NAROT 2023-A A3 4.91% 11/15/2027 961.5410/15/2023 10/15/2023 305,000.00 14041NFY2 COMET 2021-A3 A3 1.04% 11/15/2026 264.3310/15/2023 10/15/2023 155,000.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 74.9210/15/2023 10/15/2023 105,000.00 89231CAD9 TAOT 2022-C A3 3.76% 4/15/2027 329.0010/15/2023 10/15/2023 75,000.00 44933XAD9 HART 2023-B A3 5.48% 4/17/2028 342.5010/15/2023 10/15/2023 165,000.00 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 636.6310/15/2023 10/15/2023 182,961.26 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 83.8610/15/2023 10/15/2023 295,000.00 14318UAD3 CARMX 2022-4 A3 5.34% 8/16/2027 1,312.7510/15/2023 10/15/2023 450,000.00 02008MAC3 ALLYA 2022-2 A3 4.76% 5/17/2027 1,785.0010/15/2023 10/15/2023 200,000.00 891941AD8 TAOT 2023-B A3 4.71% 2/15/2028 785.0010/16/2023 10/16/2023 86,225.49 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 48.8610/16/2023 10/16/2023 125,000.00 362585AC5 GMCAR 2022-2 A3 3.10% 2/16/2027 322.9210/16/2023 10/16/2023 75,000.00 36267KAD9 GMCAR 2023-3 A3 5.45% 6/16/2028 340.6310/16/2023 10/16/2023 140,000.00 362583AD8 GMCAR 2023-2 A3 4.47% 2/16/2028 521.5010/16/2023 10/16/2023 108,994.79 380146AC4 GMCAR 2022-1 A3 1.26% 11/16/2026 114.4410/16/2023 10/16/2023 155,000.00 36265WAD5 GMCAR 2022-3 A3 3.64% 4/16/2027 470.17 41 79
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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)
INTEREST10/16/2023 10/16/2023 27,657.17 362590AC5 GMCAR 2020-3 A3 0.45% 4/16/2025 10.3710/18/2023 10/18/2023 21,389.95 43813KAC6 HAROT 2020-3 A3 0.37% 10/18/2024 6.6010/19/2023 10/19/2023 175,000.00 06051GFX2 BANK OF AMERICA CORP NOTES 3.50% 4/19/2026 3,062.5010/20/2023 10/20/2023 2,097.62 92290BAA9 VZOT 2020-B A 0.47% 2/20/2025 0.8210/20/2023 10/20/2023 100,000.00 92868AAC9 VWALT 2022-A A3 3.44% 7/21/2025 286.6710/21/2023 10/21/2023 132,856.58 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 97.4310/22/2023 10/22/2023 200,000.00 949746RW3 WELLS FARGO & CO CORP NOTES 3.00% 4/22/2026 3,000.0010/24/2023 10/24/2023 260,000.00 06406RAN7 BANK OF NY MELLON (CALLABLE) CORP NOTES 1.60% 4/24/2025 2,080.0010/25/2023 10/25/2023 500,000.00 89115B6K1 TORONTO DOMINION BANK NY CERT DEPOS 5.60% 10/27/2025 27,922.2210/25/2023 10/25/2023 135,000.00 05602RAD3 BMWOT 2022-A A3 3.21% 8/25/2026 361.1310/25/2023 10/25/2023 85,000.00 05592XAD2 BMWOT 2023-A A3 5.47% 2/25/2028 387.4610/28/2023 10/28/2023 110,000.00 693475BH7 PNC FINANCIAL SERVICES CORP NOTE (CALLAB 5.67% 10/28/2025 3,119.0510/31/2023 10/31/2023 1,650,000.00 912828YM6 US TREASURY NOTES 1.50% 10/31/2024 12,375.0011/1/2023 11/25/2023 400,000.00 3137BSP72 FHMS K058 A2 2.65% 8/1/2026 884.3311/1/2023 11/25/2023 233,013.96 3137FLYU2 FHMS K092 A1 3.12% 10/1/2028 606.8111/1/2023 11/25/2023 250,000.00 3137BN6G4 FHMS K053 A2 2.99% 12/1/2025 623.9611/1/2023 11/25/2023 270,000.00 3137FNWX4 FHMS K736 A2 2.28% 7/1/2026 513.45 42 80
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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)
INTEREST11/1/2023 11/25/2023 149,177.70 3136ARTE8 FNA 2016-M3 A2 2.70% 2/1/2026 335.9011/1/2023 11/25/2023 500,000.00 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 1,143.7511/1/2023 11/25/2023 275,000.00 3137BVZ82 FHMS K063 A2 3.43% 1/1/2027 786.0411/1/2023 11/25/2023 520,000.00 3137BRQJ7 FHMS K057 A2 2.57% 7/1/2026 1,113.6711/1/2023 11/1/2023 175,000.00 172967MX6 CITIGROUP INC (CALLABLE) CORPORATE NOTES 0.98% 5/1/2025 858.3811/1/2023 11/1/2023 MONEY0002 MONEY MARKET FUND 673.2011/1/2023 11/1/2023 175,000.00 17252MAP5 CINTAS CORPORATION NO. 2 CORP NOTE (CALL 3.45% 5/1/2025 3,018.7511/3/2023 11/3/2023 500,000.00 65558UYF3 NORDEA BANK ABP NEW YORK CERT DEPOS 5.53% 11/3/2025 13,825.0011/7/2023 11/7/2023 175,000.00 20030NDZ1 COMCAST CORP CORPORATE NOTES 5.25% 11/7/2025 4,593.7511/8/2023 11/8/2023 500,000.00 3130APQ81 FEDERAL HOME LOAN BANK NOTES (CALLABLE) 1.00% 11/8/2024 2,500.0011/13/2023 11/13/2023 125,000.00 110122DN5 BRISTOL-MYERS SQUIBB CO CORPORATE NOTES 0.75% 11/13/2025 468.7511/13/2023 11/13/2023 125,000.00 14913R2V8 CATERPILLAR FINL SERVICE CORPORATE NOTES 3.40% 5/13/2025 2,125.0011/15/2023 11/15/2023 300,000.00 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 1,077.5011/15/2023 11/15/2023 150,000.00 344930AD4 FORDO 2023-B A3 5.23% 5/15/2028 653.7511/15/2023 11/15/2023 150,995.23 98163KAC6 WOART 2021-D A3 0.81% 10/15/2026 101.9211/15/2023 11/15/2023 190,000.00 14317HAC5 CARMX 2022-2 A3 3.49% 2/16/2027 552.5811/15/2023 11/15/2023 14,705.60 98163WAC0 WOART 2020-B A3 0.63% 5/15/2025 7.72 43 81
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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)
INTEREST11/15/2023 11/15/2023 305,000.00 14041NFY2 COMET 2021-A3 A3 1.04% 11/15/2026 264.3311/15/2023 11/15/2023 235,000.00 65480WAD3 NAROT 2023-A A3 4.91% 11/15/2027 961.5411/15/2023 11/15/2023 155,000.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 74.9211/15/2023 11/15/2023 172,151.23 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 78.9011/15/2023 11/15/2023 335,000.00 14041NGA3 COMET 2022-A2 A 3.49% 5/15/2027 974.2911/15/2023 11/15/2023 165,000.00 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 636.6311/15/2023 11/15/2023 390,000.00 58768PAC8 MBART 2022-1 A3 5.21% 8/16/2027 1,693.2511/15/2023 11/15/2023 110,000.00 89239HAD0 TAOT 2022-D A3 5.30% 9/15/2027 485.8311/15/2023 11/15/2023 95,884.01 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 59.1311/15/2023 11/15/2023 325,000.00 44933DAD3 HART 2022-C A3 5.39% 6/15/2027 1,459.7911/15/2023 11/15/2023 270,000.00 254683CS2 DCENT 2022-A2 A 3.32% 5/17/2027 747.0011/15/2023 11/15/2023 44,117.02 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 13.9711/15/2023 11/15/2023 140,000.00 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 568.1711/15/2023 11/15/2023 265,000.00 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 876.7111/15/2023 11/15/2023 145,000.00 89238FAD5 TAOT 2022-B A3 2.93% 9/15/2026 354.0411/15/2023 11/15/2023 140,000.00 448977AD0 HART 2022-A A3 2.22% 10/15/2026 259.0011/15/2023 11/15/2023 105,000.00 89231CAD9 TAOT 2022-C A3 3.76% 4/15/2027 329.00 44 82
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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)
INTEREST11/15/2023 11/15/2023 1,125,000.00 91282CFW6 US TREASURY NOTES 4.50% 11/15/2025 25,312.5011/15/2023 11/15/2023 111,039.19 345286AC2 FORDO 2022-A A3 1.29% 6/15/2026 119.3711/15/2023 11/15/2023 200,000.00 891941AD8 TAOT 2023-B A3 4.71% 2/15/2028 785.0011/15/2023 11/15/2023 380,000.00 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 1,634.0011/15/2023 11/15/2023 170,000.00 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 715.4211/15/2023 11/15/2023 1,725,000.00 912828XB1 US TREASURY NOTES 2.12% 5/15/2025 18,328.1311/15/2023 11/15/2023 165,000.00 369550BG2 GENERAL DYNAMICS CORP (CALLABLE) CORP NO 3.50% 5/15/2025 2,887.5011/15/2023 11/15/2023 246,617.14 41284YAD8 HDMOT 2022-A A3 3.06% 2/15/2027 628.8711/15/2023 11/15/2023 130,000.00 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 503.7511/15/2023 11/15/2023 370,000.00 02582JJT8 AMXCA 2022-2 A 3.39% 5/17/2027 1,045.2511/15/2023 11/15/2023 120,000.00 05522RDG0 BACCT 2023-A1 A1 4.79% 5/15/2028 479.0011/15/2023 11/15/2023 250,000.00 14913UAA8 CATERPILLAR FINL SERVICE CORPORATE NOTES 4.35% 5/15/2026 5,437.5011/15/2023 11/15/2023 75,000.00 44933XAD9 HART 2023-B A3 5.48% 4/17/2028 342.5011/15/2023 11/15/2023 235,000.00 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 873.4211/15/2023 11/15/2023 265,000.00 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 1,221.2111/15/2023 11/15/2023 160,000.00 437927AC0 HAROT 2023-2 A3 4.93% 11/15/2027 657.3311/15/2023 11/15/2023 120,000.00 02582JJX9 AMXCA 2022-4 A 4.95% 10/15/2027 495.00 45 83
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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)
INTEREST11/15/2023 11/15/2023 132,214.68 14044CAC6 COPAR 2021-1 A3 0.77% 9/15/2026 84.8411/15/2023 11/15/2023 300,000.00 254683CW3 DCENT 2022-A3 A3 3.56% 7/15/2027 890.0011/15/2023 11/15/2023 245,000.00 02008JAC0 ALLYA 2022-1 A3 3.31% 11/15/2026 675.7911/15/2023 11/15/2023 295,000.00 14318UAD3 CARMX 2022-4 A3 5.34% 8/16/2027 1,312.7511/15/2023 11/15/2023 450,000.00 02008MAC3 ALLYA 2022-2 A3 4.76% 5/17/2027 1,785.0011/15/2023 11/15/2023 1,700,000.00 91282CHB0 US TREASURY NOTES 3.62% 5/15/2026 30,812.5011/15/2023 11/15/2023 105,000.00 65480MAD5 NAROT 2023-B A3 5.93% 3/15/2028 345.9211/15/2023 11/15/2023 250,000.00 14041NFZ9 COMET 2022-A1 A1 2.80% 3/15/2027 583.3311/15/2023 11/15/2023 60,166.59 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 26.0711/16/2023 11/16/2023 21,228.37 362590AC5 GMCAR 2020-3 A3 0.45% 4/16/2025 7.9611/16/2023 11/16/2023 81,279.48 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 46.0611/16/2023 11/16/2023 125,000.00 362585AC5 GMCAR 2022-2 A3 3.10% 2/16/2027 322.9211/16/2023 11/16/2023 155,000.00 36265WAD5 GMCAR 2022-3 A3 3.64% 4/16/2027 470.1711/16/2023 11/16/2023 75,000.00 36267KAD9 GMCAR 2023-3 A3 5.45% 6/16/2028 340.6311/16/2023 11/16/2023 103,029.11 380146AC4 GMCAR 2022-1 A3 1.26% 11/16/2026 108.1811/16/2023 11/16/2023 200,000.00 38145GAH3 GOLDMAN SACHS GROUP INC CORP NOTES (CALL 3.50% 11/16/2026 3,500.0011/16/2023 11/16/2023 140,000.00 362583AD8 GMCAR 2023-2 A3 4.47% 2/16/2028 521.50 46 84
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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)
INTEREST11/18/2023 11/18/2023 210,000.00 89236TKT1 TOYOTA MOTOR CREDIT CORP CORP NOTES 4.45% 5/18/2026 4,672.5011/18/2023 11/18/2023 15,234.49 43813KAC6 HAROT 2020-3 A3 0.37% 10/18/2024 4.7011/20/2023 11/20/2023 100,000.00 92868AAC9 VWALT 2022-A A3 3.44% 7/21/2025 286.6711/21/2023 11/21/2023 124,348.25 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 91.1911/24/2023 11/24/2023 375,000.00 40428HTA0 HSBC USA INC CORPORATE NOTES 3.75% 5/24/2024 7,031.2511/25/2023 11/25/2023 135,000.00 05602RAD3 BMWOT 2022-A A3 3.21% 8/25/2026 361.1311/25/2023 11/25/2023 85,000.00 05592XAD2 BMWOT 2023-A A3 5.47% 2/25/2028 387.4611/30/2023 11/30/2023 1,550,000.00 912828YV6 US TREASURY NOTES 1.50% 11/30/2024 11,625.0012/1/2023 12/1/2023 345,000.00 46647PCH7 JPMORGAN CHASE & CO (CALLABLE) CORP NOTE 0.82% 6/1/2025 1,421.4012/1/2023 12/1/2023 130,000.00 427866BF4 HERSHEY CO CORP NOTES (CALLABLE) 0.90% 6/1/2025 585.0012/1/2023 12/1/2023 175,000.00 438516CB0 HONEYWELL INTL CORP NOTES (CALLABLE) 1.35% 6/1/2025 1,181.2512/1/2023 12/1/2023 MONEY0002 MONEY MARKET FUND 546.7812/1/2023 12/1/2023 250,000.00 69353REQ7 PNC BANK NA CORP NOTE (CALLABLE) 3.25% 6/1/2025 4,062.5012/1/2023 12/25/2023 400,000.00 3137BSP72 FHMS K058 A2 2.65% 8/1/2026 884.3312/1/2023 12/25/2023 520,000.00 3137BRQJ7 FHMS K057 A2 2.57% 7/1/2026 1,113.6712/1/2023 12/25/2023 275,000.00 3137BVZ82 FHMS K063 A2 3.43% 1/1/2027 786.0412/1/2023 12/25/2023 260,000.00 3137F1G44 FHLMC MULTIFAMILY STRUCTURED P 3.24% 4/1/2027 702.65 47 85
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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)
INTEREST12/1/2023 12/25/2023 270,000.00 3137FNWX4 FHMS K736 A2 2.28% 7/1/2026 513.4512/1/2023 12/25/2023 276,588.32 3136AUKX8 FNA 2016-M12 A2 2.44% 9/1/2026 563.5512/1/2023 12/25/2023 275,000.00 3137BSRE5 FHMS K059 A2 3.12% 9/1/2026 715.0012/1/2023 12/25/2023 500,000.00 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 1,143.7512/1/2023 12/25/2023 250,000.00 3137BN6G4 FHMS K053 A2 2.99% 12/1/2025 623.9612/1/2023 12/25/2023 232,088.39 3137FLYU2 FHMS K092 A1 3.12% 10/1/2028 604.4012/1/2023 12/25/2023 148,975.01 3136ARTE8 FNA 2016-M3 A2 2.70% 2/1/2026 335.4412/1/2023 12/25/2023 550,000.00 3137BUX60 FHMS K062 A2 3.41% 12/1/2026 1,564.2912/5/2023 12/5/2023 250,000.00 53522KAB9 LINDE INC/CT CORPORATE NOTES (CALLABLE) 4.70% 12/5/2025 5,875.0012/5/2023 12/5/2023 231,000.00 05531FBE2 TRUIST FINANCIAL CORP NOTES (CALLABLE) 3.70% 6/5/2025 4,273.5012/8/2023 12/8/2023 250,000.00 05254JAA8 AUST & NZ BANKING GRP NY CORPORATE NOTES 5.08% 12/8/2025 6,360.0012/9/2023 12/9/2023 255,000.00 63254ABD9 NATIONAL AUSTRALIA BK/NY CORPORATE NOTES 3.50% 6/9/2025 4,462.5012/11/2023 12/11/2023 150,000.00 38141GYE8 GOLDMAN SACHS GROUP INC (CALLABLE) CORP 5.81% 9/10/2024 2,220.2412/15/2023 12/15/2023 200,000.00 891941AD8 TAOT 2023-B A3 4.71% 2/15/2028 785.0012/15/2023 12/15/2023 250,000.00 14041NFZ9 COMET 2022-A1 A1 2.80% 3/15/2027 583.3312/15/2023 12/15/2023 245,000.00 02008JAC0 ALLYA 2022-1 A3 3.31% 11/15/2026 675.7912/15/2023 12/15/2023 105,000.00 65480MAD5 NAROT 2023-B A3 5.93% 3/15/2028 518.88 48 86
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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)
INTEREST12/15/2023 12/15/2023 38,561.06 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 12.2112/15/2023 12/15/2023 140,000.00 448977AD0 HART 2022-A A3 2.22% 10/15/2026 259.0012/15/2023 12/15/2023 300,000.00 254683CW3 DCENT 2022-A3 A3 3.56% 7/15/2027 890.0012/15/2023 12/15/2023 161,511.03 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 74.0312/15/2023 12/15/2023 145,000.00 89238FAD5 TAOT 2022-B A3 2.93% 9/15/2026 354.0412/15/2023 12/15/2023 305,000.00 14041NFY2 COMET 2021-A3 A3 1.04% 11/15/2026 264.3312/15/2023 12/15/2023 155,000.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 74.9212/15/2023 12/15/2023 105,000.00 89231CAD9 TAOT 2022-C A3 3.76% 4/15/2027 329.0012/15/2023 12/15/2023 450,000.00 02008MAC3 ALLYA 2022-2 A3 4.76% 5/17/2027 1,785.0012/15/2023 12/15/2023 295,000.00 14318UAD3 CARMX 2022-4 A3 5.34% 8/16/2027 1,312.7512/15/2023 12/15/2023 130,000.00 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 503.7512/15/2023 12/15/2023 9,186.41 98163WAC0 WOART 2020-B A3 0.63% 5/15/2025 4.8212/15/2023 12/15/2023 975,000.00 91282CHH7 US TREASURY NOTES 4.12% 6/15/2026 20,109.3812/15/2023 12/15/2023 165,000.00 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 636.6312/15/2023 12/15/2023 325,000.00 44933DAD3 HART 2022-C A3 5.39% 6/15/2027 1,459.7912/15/2023 12/15/2023 141,619.40 98163KAC6 WOART 2021-D A3 0.81% 10/15/2026 95.5912/15/2023 12/15/2023 124,205.95 14044CAC6 COPAR 2021-1 A3 0.77% 9/15/2026 79.70 49 87
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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)
INTEREST12/15/2023 12/15/2023 390,000.00 58768PAC8 MBART 2022-1 A3 5.21% 8/16/2027 1,693.2512/15/2023 12/15/2023 75,000.00 44933XAD9 HART 2023-B A3 5.48% 4/17/2028 342.5012/15/2023 12/15/2023 235,000.00 65480WAD3 NAROT 2023-A A3 4.91% 11/15/2027 961.5412/15/2023 12/15/2023 89,207.58 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 55.0112/15/2023 12/15/2023 265,000.00 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 1,221.2112/15/2023 12/15/2023 120,000.00 02582JJX9 AMXCA 2022-4 A 4.95% 10/15/2027 495.0012/15/2023 12/15/2023 335,000.00 14041NGA3 COMET 2022-A2 A 3.49% 5/15/2027 974.2912/15/2023 12/15/2023 270,000.00 254683CS2 DCENT 2022-A2 A 3.32% 5/17/2027 747.0012/15/2023 12/15/2023 120,000.00 05522RDG0 BACCT 2023-A1 A1 4.79% 5/15/2028 479.0012/15/2023 12/15/2023 54,977.51 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 23.8212/15/2023 12/15/2023 380,000.00 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 1,634.0012/15/2023 12/15/2023 325,000.00 91282CDN8 US TREASURY NOTES 1.00% 12/15/2024 1,625.0012/15/2023 12/15/2023 150,000.00 344930AD4 FORDO 2023-B A3 5.23% 5/15/2028 653.7512/15/2023 12/15/2023 235,000.00 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 873.4212/15/2023 12/15/2023 160,000.00 437927AC0 HAROT 2023-2 A3 4.93% 11/15/2027 657.3312/15/2023 12/15/2023 100,000.00 63743HFE7 NATIONAL RURAL UTIL COOP CORPORATE NOTES 3.45% 6/15/2025 1,725.0012/15/2023 12/15/2023 190,000.00 14317HAC5 CARMX 2022-2 A3 3.49% 2/16/2027 552.58 50 88
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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)
INTEREST12/15/2023 12/15/2023 300,000.00 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 1,077.5012/15/2023 12/15/2023 103,630.17 345286AC2 FORDO 2022-A A3 1.29% 6/15/2026 111.4012/15/2023 12/15/2023 110,000.00 89239HAD0 TAOT 2022-D A3 5.30% 9/15/2027 485.8312/15/2023 12/15/2023 370,000.00 02582JJT8 AMXCA 2022-2 A 3.39% 5/17/2027 1,045.2512/15/2023 12/15/2023 232,493.19 41284YAD8 HDMOT 2022-A A3 3.06% 2/15/2027 592.8612/15/2023 12/15/2023 170,000.00 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 715.4212/15/2023 12/15/2023 265,000.00 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 876.7112/15/2023 12/15/2023 140,000.00 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 568.1712/16/2023 12/16/2023 14,986.52 362590AC5 GMCAR 2020-3 A3 0.45% 4/16/2025 5.6212/16/2023 12/16/2023 140,000.00 362583AD8 GMCAR 2023-2 A3 4.47% 2/16/2028 521.5012/16/2023 12/16/2023 76,568.53 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 43.3912/16/2023 12/16/2023 97,351.65 380146AC4 GMCAR 2022-1 A3 1.26% 11/16/2026 102.2212/16/2023 12/16/2023 155,000.00 36265WAD5 GMCAR 2022-3 A3 3.64% 4/16/2027 470.1712/16/2023 12/16/2023 75,000.00 36267KAD9 GMCAR 2023-3 A3 5.45% 6/16/2028 340.6312/16/2023 12/16/2023 125,000.00 362585AC5 GMCAR 2022-2 A3 3.10% 2/16/2027 322.9212/18/2023 12/18/2023 9,310.22 43813KAC6 HAROT 2020-3 A3 0.37% 10/18/2024 2.8712/20/2023 12/20/2023 100,000.00 92868AAC9 VWALT 2022-A A3 3.44% 7/21/2025 286.67 51 89
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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)
INTEREST12/21/2023 12/21/2023 85,000.00 438123AC5 HAROT 2023-4 A3 5.67% 6/21/2028 575.6712/21/2023 12/21/2023 115,923.88 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 85.0112/25/2023 12/25/2023 135,000.00 05602RAD3 BMWOT 2022-A A3 3.21% 8/25/2026 361.1312/25/2023 12/25/2023 85,000.00 05592XAD2 BMWOT 2023-A A3 5.47% 2/25/2028 387.4612/31/2023 12/31/2023 1,000,000.00 912828ZW3 US TREASURY NOTES 0.25% 6/30/2025 1,250.00 Total INTEREST 56,204,607.19 394,738.35 0.00
MATURITY10/24/2023 10/24/2023 275,000.00 06051GJH3 BANK OF AMERICA CORP NOTES (CALLED, OMD 0.81% 10/24/2023 276,113.75 Total MATURITY 275,000.00 276,113.75 0.00
PAYDOWNS10/1/2023 10/25/2023 1,973.02 3136ARTE8 FNA 2016-M3 A2 2.70% 2/1/2026 1,973.0210/15/2023 10/15/2023 5,327.01 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 5,327.0110/15/2023 10/15/2023 3,424.08 89237VAB5 TAOT 2020-C A3 0.44% 10/15/2024 3,424.0810/15/2023 10/15/2023 8,382.86 41284YAD8 HDMOT 2022-A A3 3.06% 2/15/2027 8,382.8610/15/2023 10/15/2023 6,940.07 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 6,940.0710/15/2023 10/15/2023 9,599.80 98163KAC6 WOART 2021-D A3 0.81% 10/15/2026 9,599.8010/15/2023 10/15/2023 6,936.14 345286AC2 FORDO 2022-A A3 1.29% 6/15/2026 6,936.14 52 90
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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)
PAYDOWNS10/15/2023 10/15/2023 10,810.03 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 10,810.0310/15/2023 10/15/2023 8,240.31 14044CAC6 COPAR 2021-1 A3 0.77% 9/15/2026 8,240.3110/15/2023 10/15/2023 5,844.28 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 5,844.2810/15/2023 10/15/2023 5,446.70 98163WAC0 WOART 2020-B A3 0.63% 5/15/2025 5,446.7010/15/2023 10/15/2023 2,006.03 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 2,006.0310/16/2023 10/16/2023 6,428.80 362590AC5 GMCAR 2020-3 A3 0.45% 4/16/2025 6,428.8010/16/2023 10/16/2023 5,965.68 380146AC4 GMCAR 2022-1 A3 1.26% 11/16/2026 5,965.6810/16/2023 10/16/2023 4,946.01 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 4,946.0110/18/2023 10/18/2023 6,155.46 43813KAC6 HAROT 2020-3 A3 0.37% 10/18/2024 6,155.4610/20/2023 10/20/2023 2,097.62 92290BAA9 VZOT 2020-B A 0.47% 2/20/2025 2,097.6210/21/2023 10/21/2023 8,508.33 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 8,508.3311/1/2023 11/25/2023 202.69 3136ARTE8 FNA 2016-M3 A2 2.70% 2/1/2026 202.6911/1/2023 11/25/2023 925.57 3137FLYU2 FHMS K092 A1 3.12% 10/1/2028 925.5711/15/2023 11/15/2023 5,555.96 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 5,555.9611/15/2023 11/15/2023 7,409.02 345286AC2 FORDO 2022-A A3 1.29% 6/15/2026 7,409.0211/15/2023 11/15/2023 8,008.73 14044CAC6 COPAR 2021-1 A3 0.77% 9/15/2026 8,008.7311/15/2023 11/15/2023 9,375.83 98163KAC6 WOART 2021-D A3 0.81% 10/15/2026 9,375.83 53 91
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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)
PAYDOWNS11/15/2023 11/15/2023 6,676.43 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 6,676.4311/15/2023 11/15/2023 5,519.19 98163WAC0 WOART 2020-B A3 0.63% 5/15/2025 5,519.1911/15/2023 11/15/2023 10,640.20 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 10,640.2011/15/2023 11/15/2023 5,189.08 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 5,189.0811/15/2023 11/15/2023 14,123.95 41284YAD8 HDMOT 2022-A A3 3.06% 2/15/2027 14,123.9511/16/2023 11/16/2023 6,241.85 362590AC5 GMCAR 2020-3 A3 0.45% 4/16/2025 6,241.8511/16/2023 11/16/2023 4,710.95 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 4,710.9511/16/2023 11/16/2023 5,677.46 380146AC4 GMCAR 2022-1 A3 1.26% 11/16/2026 5,677.4611/18/2023 11/18/2023 5,924.27 43813KAC6 HAROT 2020-3 A3 0.37% 10/18/2024 5,924.2711/21/2023 11/21/2023 8,424.37 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 8,424.3712/1/2023 12/25/2023 518.50 3136AUKX8 FNA 2016-M12 A2 2.44% 9/1/2026 518.5012/1/2023 12/25/2023 1,015.18 3137FLYU2 FHMS K092 A1 3.12% 10/1/2028 1,015.1812/1/2023 12/25/2023 218.93 3136ARTE8 FNA 2016-M3 A2 2.70% 2/1/2026 218.9312/15/2023 12/15/2023 5,059.44 98163WAC0 WOART 2020-B A3 0.63% 5/15/2025 5,059.4412/15/2023 12/15/2023 5,302.79 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 5,302.7912/15/2023 12/15/2023 13,028.78 41284YAD8 HDMOT 2022-A A3 3.06% 2/15/2027 13,028.7812/15/2023 12/15/2023 4,047.02 448977AD0 HART 2022-A A3 2.22% 10/15/2026 4,047.02 54 92
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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)
PAYDOWNS12/15/2023 12/15/2023 6,345.89 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 6,345.8912/15/2023 12/15/2023 9,335.50 98163KAC6 WOART 2021-D A3 0.81% 10/15/2026 9,335.5012/15/2023 12/15/2023 6,663.78 345286AC2 FORDO 2022-A A3 1.29% 6/15/2026 6,663.7812/15/2023 12/15/2023 10,139.24 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 10,139.2412/15/2023 12/15/2023 7,767.01 14044CAC6 COPAR 2021-1 A3 0.77% 9/15/2026 7,767.0112/15/2023 12/15/2023 3,455.52 14317HAC5 CARMX 2022-2 A3 3.49% 2/16/2027 3,455.5212/15/2023 12/15/2023 10,556.50 02008JAC0 ALLYA 2022-1 A3 3.31% 11/15/2026 10,556.5012/15/2023 12/15/2023 4,946.38 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 4,946.3812/16/2023 12/16/2023 5,982.97 362590AC5 GMCAR 2020-3 A3 0.45% 4/16/2025 5,982.9712/16/2023 12/16/2023 4,525.03 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 4,525.0312/16/2023 12/16/2023 5,616.85 380146AC4 GMCAR 2022-1 A3 1.26% 11/16/2026 5,616.8512/18/2023 12/18/2023 5,667.75 43813KAC6 HAROT 2020-3 A3 0.37% 10/18/2024 5,667.7512/21/2023 12/21/2023 7,958.28 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 7,958.2812/25/2023 12/25/2023 3,201.29 05602RAD3 BMWOT 2022-A A3 3.21% 8/25/2026 3,201.29 Total PAYDOWNS 334,990.41 334,990.41 0.00
55 93
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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)
SELL10/2/2023 10/4/2023 175,000.00 91282CCT6 US TREASURY NOTES 0.37% 8/15/2024 167,583.30 -7,449.7010/3/2023 10/5/2023 150,000.00 91282CCL3 US TREASURY NOTES 0.37% 7/15/2024 144,330.42 -5,752.9310/3/2023 10/5/2023 850,000.00 91282CCT6 US TREASURY NOTES 0.37% 8/15/2024 814,117.53 -36,052.3110/5/2023 10/11/2023 250,000.00 91282CFW6 US TREASURY NOTES 4.50% 11/15/2025 252,094.09 -4,933.3610/17/2023 10/20/2023 275,000.00 91282CCT6 US TREASURY NOTES 0.37% 8/15/2024 263,948.62 -11,152.5510/31/2023 11/2/2023 125,000.00 12189LAV3 BURLINGTN NORTH SANTA FE CORP NOTES (CAL 3.00% 4/1/2025 121,326.67 -6,923.4711/8/2023 11/13/2023 275,000.00 91282CCT6 US TREASURY NOTES 0.37% 8/15/2024 265,111.59 -10,063.5411/8/2023 11/10/2023 65,000.00 002824BB5 ABBOTT LABORATORIES CORP NOTE (CALLABLE) 2.95% 3/15/2025 63,308.50 -2,384.1011/9/2023 11/13/2023 425,000.00 91282CCX7 US TREASURY NOTES 0.37% 9/15/2024 407,893.10 -16,872.1611/9/2023 11/13/2023 535,000.00 4581X0DZ8 INTER-AMERICAN DEVEL BK NOTES 0.50% 9/23/2024 513,281.38 -21,976.3611/15/2023 11/20/2023 100,000.00 002824BB5 ABBOTT LABORATORIES CORP NOTE (CALLABLE) 2.95% 3/15/2025 97,568.64 -3,563.5111/16/2023 11/20/2023 260,000.00 91282CJC6 US TREASURY NOTES 4.62% 10/15/2026 261,264.04 808.0311/20/2023 11/27/2023 210,000.00 194162AQ6 COLGATE-PALMOLIVE CO CORPORATE NOTES 4.80% 3/2/2026 211,907.50 -289.0811/20/2023 11/27/2023 40,000.00 91282CJC6 US TREASURY NOTES 4.62% 10/15/2026 40,198.60 92.3711/27/2023 11/30/2023 115,000.00 713448FQ6 PEPSICO INC CORP NOTES (CALLABLE) 4.55% 2/13/2026 115,931.92 -574.1612/4/2023 12/7/2023 155,000.00 023135CE4 AMAZON.COM INC CORPORATE NOTES 3.00% 4/13/2025 151,769.80 -3,816.8412/4/2023 12/7/2023 40,000.00 437076CM2 HOME DEPOT INC (CALLABLE) CORPORATE NOTE 2.70% 4/15/2025 38,944.80 -1,180.10 56 94
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
Appendix
|
Important Disclosures
This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation, as it was prepared without regard to any specific objectives or financial circumstances.Investment advisory services are provided by PFM Asset Management LLC ("PFMAM"), an investment adviser registered with the U.S. Securities and Exchange Commission and a subsidiary of U.S. Bancorp Asset Management, Inc. ("USBAM"). USBAM is a subsidiary of U.S. Bank National Association ("U.S. Bank"). U.S. Bankis a separate entity and subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, services or performance of PFMAM. The information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request.PFMAM professionals have exercised reasonable professional care in the preparation of this performance report. Information in this report is obtained from sourcesexternal to PFMAM and is generally believed to be reliable and available to the public; however, we cannot guarantee its accuracy, completeness or suitability. We rely on the client's custodian for security holdings and market values. Transaction dates reported by the custodian may differ from money manager statements. While efforts are made to ensure the data contained herein is accurate and complete, we disclaim all responsibility for any errors that may occur. References to particular issuers arefor illustrative purposes only and are not intended to be recommendations or advice regarding such issuers. Fixed income manager and index characteristics are gathered from external sources. When average credit quality is not available, it is estimated by taking the market value weights of individual credit tiers on the portion ofthe strategy rated by a NRSRO.It is not possible to invest directly in an index. The index returns shown throughout this material do not represent the results of actual trading of investor assets.

Third-party providers maintain the indices shown and calculate the index levels and performance shown or discussed. Index returns do not reflect payment of any salescharges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investment performance to belower than the performance shown.The views expressed within this material constitute the perspective and judgment of PFMAM at the time of distribution and are subject to change. Any forecast,projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon certain assumptions and current opinion asof the date of issue and are also subject to change. Some, but not all assumptions are noted in the report. Assumptions may or may not be proven correct as actualevents occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Opinions and datapresented are not necessarily indicative of future events or expected performance.For more information regarding PFMAM's services or entities, please visit www.pfmam.com.© 2023 PFM Asset Management LLC. Further distribution is not permitted without prior written consent. 58 96
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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 97
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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 98
Agenda Item # 2.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended December 31, 2023
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 99
Agenda Item # 2.

Reviewed By:

City Manager City Attorney
GE
Finance Director
JH JD

AGENDA REPORT SUMMARY
Meeting Date: February 13, 2024
Subject Authorize the City Manager to Execute a Professional Services Agreement for the General Plan Safety Element Update
Prepared by: Steve Golden, Senior Planner
Reviewed by: Nick Zornes, Development Services Director Approved by: Gabriel Engeland, City Manager
Attachment(s):

1. RFP Response Results

2. Resolution
Initiated by:

The adoption of the Sixth Cycle Housing Element 2023-2031 and several state legislative actions including but not limited to SB 379, SB 1035, SB 747, and SB 99.

Fiscal Impact:

The contract will be in the amount not to exceed $102,600 and up to a 20% contingency, if needed, in the amount not to exceed $20,520. Total funds to be used are $123,120 which will be appropriated from the FY2023/24 Capital Improvement Plan (CIP: CD-01024) budget.

Project Item Project Budget
Proposal Amount $102,600
Contingency $20,520
Total Cost $123,120
Environmental Review:

Not applicable
Staff Recommendation:

Authorize the City Manager to execute a Professional Services Agreement for the General Plan Safety Element Update with Michael Baker International as the most qualified responsive consultant for the project with a project budget not to exceed $102,600 and up to a 20% contingency, if needed, in the amount not to exceed $20,520 for a total of $123,120. 100
Agenda Item # 3.

Subject: Authorize City Manager to Execute a Professional Services Agreement for the General Plan Safety Element Update
February 13, 2024 Page 2
Summary:

Authorize the City Manager to execute a Professional Services Agreement with Michael Baker International to complete the General Plan Safety Element Update.

Background
The City requested proposals from qualified professionals to prepare a Safety Element that will replace the existing General Plan Natural Environment and Hazards Element that was last updated in 2002 along with the City’s comprehensive General Plan update. At the time of the last amendment, certain required general plan elements were combined or merged. As a part of the Safety Element Update the City will create a standalone Safety Element, which is consistent with the guidance from the Governor’s Office of Planning and Research (OPR).

Since the City’s adoption of the Natural Environment and Hazards Element, there have been several state legislative actions mandating specific planning issues to be addressed in the Safety Element and the required timing of such updates. Below is a brief overview of some of the recent legislation:

Senate Bill (SB) 379 - Requires the safety element of a community’s general plan address the hazards created or exacerbated by climate change. The Safety Element must include a vulnerability assessment that identifies how climate change is expected to affect hazard conditions in the community. It must also include a set of goals, policies, and measures to adapt and improve resiliency to these anticipated changes.

Senate Bill (SB) 1035 - Amends the timing of updates related to the original bill language in SB 379. It requires jurisdictions to review and, if necessary, update the Safety Element upon each revision of the Housing Element or a Local Hazard Mitigation Plan. This should be done at least once every eight years to identify new information not available during the previous revision relating to flood and fire hazards and climate adaptation and resiliency strategies.

Assembly Bill (AB) 747 - Requires jurisdictions to, after January 1, 2022, review and update the Safety Element of their General Plan as necessary to identify evacuation routes and evaluate their capacity, safety, and viability under a range of emergency scenarios.

Senate Bill (SB) 99 - Requires cities, upon the next revision of the Housing Element on or after January 1, 2020, to review and update the Safety Element to include information identifying residential developments in hazard areas that do not have at least two emergency evacuation routes.

In addition to the above, the Safety Element will fulfill all mandated state of California General Plan Safety Element requirements that are applicable to the City of Los Altos and will be consistent with Government Code Section 65302(g) providing protection of the community from any 101
Agenda Item # 3.

Subject: Authorize City Manager to Execute a Professional Services Agreement for the General Plan Safety Element Update
February 13, 2024 Page 3
unreasonable risks associated with the effects of seismically induced surface rupture, ground shaking, ground failure, tsunami seiche, and dam failure; slope instability leading to mudslides and landslides; subsidence; liquefaction; and other seismic and geologic hazards per state law; flooding; wildland and urban fires; and climate change adaptation and resiliency.

Discussion/Analysis
The Development Services Department released a Request for Proposals (RFP) on November 2, 2023, and closed on December 6, 2023. Four proposals were received by the required due date.

The response results are included in Attachment 1.

Of the four proposals received, Michael Baker International (“Michael Baker”) was selected as the most qualified respondent in their response to address all the requirements of the City’s objectives, along with assembling a multi-disciplinary team with specific expertise, capability, and experience to address the requirements of the Safety Element. Their in-house project team has expertise in understanding vulnerabilities to hazards, climate adaptation, evacuation planning, and public engagement that are key components of this project. In comparing the proposals submitted, Michael Baker’s budget was less than other proposals that addressed all requirements of the project objectives contained in the request and with similar tasks and deliverables described in the proposal. In addition, Michael Baker has local knowledge and experience working with the Town of Los Altos Hills on their Safety Element Update that is currently in progress. Staff anticipates working with Michael Baker will have some efficiencies with their familiarity with the local geography, stakeholder groups in the community, and coordination with other ongoing efforts such as the Santa Clara County Multi-Jurisdictional (Local) Hazard Mitigation Plan. 102
Agenda Item # 3.

ATTACHMENT 1

GENERAL PLAN SAFETY ELEMENT

RESPONSE SUMMARY
RFP Open: November 2, 2023
RFP Close: December 6, 2023

CONSULTANT PROPOSED BUDGETS
EMC Planning Group $125,117.50
Michael Baker International $102,600
Jacob Green & Associates $67,200
M-Group $153,310
103
Agenda Item # 3.

Page 1 ends

RESOLUTION NO. 2024-

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

AUTHORIZING THE CITY MANAGER TO EXECUTE A PROFESSIONAL

SERVICES AGREEMENT WITH MICHAEL BAKER INTERNATIONAL FOR

THE PREPARATION OF A GENERAL PLAN SAFETY ELEMENT IN AN
AMOUNT NOT TO EXCEED $102,600 AND UP TO 20% CONTINGENCY FUNDS NOT TO EXCEED $20,520
WHEREAS, the Project, which includes preparation of the General Plan Safety Element; and
WHEREAS, Michael Baker International, Inc. was the most qualified responsive consultant for the Project; and
NOW THEREFORE, BE IT RESOLVED, that the City Council of the City of Los Altos hereby:

1. Authorizes the City Manager to execute a Professional Services Agreement in an amount not to exceed $102,600 and up to 20% contingency funds not to exceed $20,520.

2. Authorizes the City Manager to take such further actions as may be necessary to implement the foregoing agreement.

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 13 th
day of February 2024, by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:
___________________________
Jonathan D. Weinberg
MAYOR
Attest:
_____________________________
Melissa Thurman, MMC

CITY CLERK
104
Agenda Item # 3.

Reviewed By:

City Manager
GE

AGENDA REPORT SUMMARY
Meeting Date: February 13, 2024
Subject Tree Protection Ordinance
Prepared by: Nick Zornes, Development Services Director Approved by: Gabriel Engeland, City Manager
Attachment(s):

1. Draft Ordinance

2. Appendix A
Initiated by:

City Council
Previous Council Consideration:

May 24, 2022, November 28, 2023
Fiscal Impact:

A certified arborist was contracted in February of 2023, for a fee of $10,000. Funds were used in Fiscal Year 22/23 from the Sustainability Fund.

Environmental Review:

This Ordinance is exempt from environmental review pursuant to Section 15061(b)(3) of the State Guidelines implementing the California Environmental Quality Act of 1970.

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 and required updating to remain relevant and reflect the changing environment and current policies.
 On May 24, 2022, the City Council tasked the Environmental Commission to work with City staff to review the Ordinance and recommend changes as needed.  Following the hiring of new Sustainability staff in October 2022, staff began conducting research and peer review with the Environmental Commission’s continued support on the policy level.
 In February 2023, staff began working with a certified arborist to engage in and provide technical and policy recommendations to inform the update. 105
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 In August 2023, Staff presented the final policy updates to the Environmental Commission for review and comment.
 On November 28, 2023, the City Council considered the first iteration of the amended Tree Protection Ordinance
Staff Recommendation:

Adopt an ordinance of the City Council of the City of Los Altos amending Chapter 11.08 Tree Protection Regulations and find that this ordinance is exempt from environmental review pursuant to Section 15061(b)(3) of the State Guidelines implementing the California Environmental Quality Act of 1970.

Purpose
To update the City’s Tree Protection Ordinance to reflect current policies and procedures, protect the City’s vibrant urban forest, maintain tree canopy that contributes to carbon sequestration, and provide clear tree removal criteria for both residents and city staff.

Background
The City’s Tree Protection Ordinance provides regulations regarding the removal of certain types of trees within the City of Los Altos. The Ordinance was last updated in 2007 and required updating to remain relevant and reflect the changing environment, current policies, and best management practices.

Staff worked with a consultant for technical expertise who provided policy recommendations that were based on an analysis of current policies and procedures. To incorporate the recommendations into the ordinance, staff collaborated with the Planning Division (the Division within the City that reviews Tree Removal Permits) and the Environmental Commission.

Discussion/Analysis
Staff is proposing amendments and additions to the ordinance in the following areas to remain in alignment with the tree policies of neighboring jurisdictions, to preserve the City's vibrant tree canopy, and to help meet our climate adaptation goals:
• Definition of a protected tree
• Criteria for removal
• Replacement requirements
Definition of a protected tree: In order to protect more existing trees, staff recommends that all trees to be protected at a smaller diameter of 12 inches rather than the previous diameter of 15 inches. This also includes protecting native trees at a diameter of 10 inches as natives require less 106
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care, have a better chance of survival, provide food and shelter for local wildlife, and can withstand California’s drought conditions.

Criteria for removal: Tree protection ordinances have a number of key elements, including circumstances under which a tree may be removed. Clear decision-making criteria can often reduce misunderstandings and conflicts later in the process. In collaboration with the certified arborist, staff updated and clarified the current language. Arborists met with staff from various departments and discussed operational impressions of the ordinance in its current form. They reviewed relevant materials and benchmarked with surrounding cities on key issues and identified areas for improvement. To align with the CAAP, which calls for preserving, protecting, and growing the urban forest as a key element in sequestering carbon, the updated decision-making criteria and replacement system integrate these goals and focus on preserving and growing a healthy tree canopy.

Tree replacement: A section in the updated ordinance has been added to include tree replacement guidelines as follows: trees approved for removal shall be replaced in-kind, with some exceptions.

In cases or at sites where smaller trees at maturity are proposed, more trees will be required. For example, if a 45-inch diameter tree is removed, and the applicant is proposing to replace it with a species that would reach 20 inches at maturity, two additional trees would be required. Applicants will be required to work with an arborist to determine appropriate tree replacement and develop a tree replacement plan. In cases where no tree can be replaced on-site, the applicant will be required to pay an in-lieu fee in an amount set by council. The City will utilize these funds to purchase, plant, maintain and monitor trees on public lands, or support the City’s urban forestry management goals. In-lieu fees vary amongst jurisdictions, below is a table summarizing various in-lieu options mainly in Santa Clara County.

Jurisdiction In Lieu Fee
Los Altos No
Campbell
Yes: In-lieu fee is equal to the fair market value of a standard City street tree (delivered and installed).

Cupertino Yes
Gilroy
Yes: In lieu fee is equal to the value of the replacement trees required as specified. The in-lieu payment shall include funds sufficient for the care of the replacement tree during their establishment period.

Los Altos Hills Not specified
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Los Gatos
Yes: in-lieu fee $250 for each 15 gallon and each 24" Box Replacement Tree In-Lieu Fee* $500 for each36" Box Replacement Tree In-Lieu Fee*
Menlo Park $100-$7,000 based on trunk diameter.

Milpitas Not specified
Monte Sereno Not specified
Jurisdiction In Lieu Fee
Morgan Hill Not specified
Mountain View $750.00
Palo Alto $650.00
San Jose $775.00
Santa Clara Not specified
Saratoga Not specified
Sunnyvale
Yes: In -lieu fee shall be paid in accordance with the City’s adopted Fee Schedule.

Tree Removal Application Fees: Staff conducted research on cities in Santa Clara County to compare tree removal application fees. Research showed that the City of Los Altos’ fee is significantly lower than the surrounding cities. Staff recommend increasing the application fee, including a fee per tree. Below is a table showing tree permit removal fees in the county:

Jurisdiction Permit Fee Additional Tree Fee
Los Altos $75.00 No
Campbell $249.00 $78.00
Cupertino $328.00 $165.00
Gilroy $313.00 No
Los Altos Hills $250.00 No
Los Gatos $250.00 $125.00
Milpitas $247.00 no
Monte Sereno $100.00 no
Morgan Hill $120.00 no
Mountain View $116.00 $58.00
Palo Alto $472.00 no
San Jose $268.00 $33.00
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Santa Clara $295.00 no
Saratoga $130.00 no
Sunnyvale $373.00 no
November 28, 2023 – City Council Consideration
At its regularly scheduled meeting on November 28, 2023, the City Council considered the first iteration of the Tree Protection Ordinance. After receiving a Staff Report, Presentation and Public Testimony the City Council discussed the item in depth and provided City Staff with direction on additional modifications to the draft ordinance. Due to the nature of the modifications directed by the City Council the draft ordinance necessitates a reintroduction. The following modifications to the ordinance and resolution have been made:
 Reiteration of the ordinance Purpose and Intent language as a Whereas within the Draft Ordinance
 Modification of Section 11.08.110 for the removal of dead or diseased trees to not require a permit
 Modification of Section 11.08.110 for hazardous trees to not require a permit  Modification of Section 11.08.120(C)(2) to clarify the thirty (30) days from the date of planting to when the area is ready
 Addition of Section 11.08.120.(D) to not require replacement trees when existing trees have caused direct damage of property
 $0.00 Fee for Tree Removal Permit for Invasive Species January 23, 2024 – City Council Introduction
At its regularly scheduled meeting on January 23, 2024, the City Council reintroduced the Tree Protection Ordinance. After receiving a Staff Report and Public Testimony the City Council discussed the item and made a motion to introduce the item with minor modifications for clarification that was found to be non-substantive.

Recommendation
Adopt an ordinance of the City Council of the City of Los Altos amending Chapter 11.08 Tree Protection Regulations to update current policies.
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1 ORDINANCE NO. 2024-__

AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF LOS ALTOS AMENDING CHAPTER 11.08 OF TITLE 11 MISCELLANEOUS PROPERTY

REGULATIONS OF THE LOS ALTOS MUNICIPAL CODE FOR TREE PROTECTION

REGULATIONS
WHEREAS, the City Council requested that the Environmental Commission work with City Staff to amend the City’s Tree Protection Ordinance to further implement the adopted Climate Action and Adaptation Plan (CAAP); and
WHEREAS, the City of Los Altos looks to protect and promote the growth of a healthy and sustainable tree canopy in Los Altos. Trees in Los Altos are highly valued by the community and provide several benefits, including shade and climate resilience, habitat for wildlife, carbon sequestration and improved air quality, protection against wind and flood hazards, and aesthetic quality; and
WHEREAS, the amendments was processed in accordance with the applicable provisions of the California Government Code and the Los Altos Municipal Code; and WHEREAS, the City Council held a duly noticed public meeting on November 28, 2023, and directed staff to incorporate changes to the draft ordinance and return to the City Council to reintroduce the ordinance for consideration; and
WHEREAS, the City Council held a duly noticed public meeting on January 23, 2024, and February 13, 2024; and
WHEREAS, this Ordinance is exempt from environmental review pursuant to Section 15061(b)(3) of the State Guidelines implementing the California Environmental Quality Act of 1970, as amended; and
NOW, THEREFORE, the City Council of the City of Los Altos does hereby ordain as follows:

SECTION 1. AMENDMENT OF TITLE 11 OF THE MUNICIPAL CODE. Chapter 11.08 is hereby amended of the Los Altos Municipal Code as set forth in Appendix A to this Ordinance.

SECTION 2. CONSTITUTIONALITY; AMBIGUITIES. If any section, subsection, sentence, clause, or phrase of this Ordinance is for any reason held to be invalid or unconstitutional, such decision shall not affect the validity of the remaining portions hereof. Any ambiguities in the Los Altos Municipal Code created by this Ordinance shall be resolved by the Development Services Director, in their reasonable discretion, after consulting the City Attorney.

SECTION 3. PUBLICATION. This Ordinance shall be published as provided in Government Code Section 36933.

SECTION 4. EFFECTIVE DATE. This Ordinance shall be effective upon the commencement of the thirty-first day following the adoption hereof.
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2 The foregoing Ordinance was duly and properly introduced at a regular meeting of the City Council of the City of Los Altos held on January 23, 2024, and was thereafter, at a regular meeting held on February 13, 2024, passed and adopted by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:
___________________________________
Jonathan D. Weinberg
MAYOR
Attest:
____________________________
Melissa Thurman MMC
City Clerk
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APPENDIX A
AMENDMENTS TO CHAPTER 11.14
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APPENDIX A
Los Altos, California, Code of Ordinances Created: 2022-04-12 13:01:44 [EST] (Supp. No. 37)

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Chapter 11.08 TREE PROTECTION REGULATIONS

11.08.010 Purpose and Intent.

The purpose of this chapter is to protect and promote the growth of a healthy and sustainable tree canopy in Los Altos. Trees in Los Altos are highly valued by the community and provide several benefits, including shade and climate resilience, habitat for wildlife, carbon sequestration and improved air quality, protection against wind and flood hazards, and aesthetic quality.

This chapter establishes standards for proper tree removal and replacement, preservation, and protection during construction.

11.08.0120 Definitions.

The following words and phrases when used in this article shall have the meaning set forth herein, except where the context clearly indicates a different meaning:
"Damage" means any intentional action or negligence which causes injury, death or disfigurement of a tree.

Actions include, but are not limited to, cutting, girdling, poisoning, overwatering, unauthorized relocation or transportation of a tree or trenching, excavating, altering the grade or paving within the dripline of a tree. “Certified Arborist” – means a person having expertise in the care and maintenance of trees, who is certified by the International Society of Arboriculture (ISA) or the American Society of Consulting Arborists (ASCA). "Development review application" means application for land alteration or development, including but not limited to tentative subdivision map, design review, variance, use permit, rezoning, planned unit development and tree removal.
"Dripline" means the outermost line of the tree's canopy projected straight down to the ground surface. As depicted in a plan view, the dripline generally appears as an irregularly shaped circle. "Heritage tree" means any tree so designated by the historical commission, based on the finding that the tree has character, interest, or value as part of the development of, and/or exemplification of, the cultural, educational, economic, agricultural, social, indigenous, or historical heritage of the city. “Native Species” – as defined by list on file with the Development Services Department.

Protected Tree (See Section 11.08.040).
"Significant Pruning" means the cutting or taking away of more than thirty-three percent of the living foliage material (including branches) of a tree in any twelve (12) month period such that it damages a tree as determined by a certified arborist or as otherwise determined by the Development Services Director planning director. (See the definition for tree removal in this section.)
"RI" means any single-family residential zoning district, for example, Ri-b, Rl-20. Ri-H, R1-40. "Remove" (See the definition for tree removal in this section). "Tree" including protected tree means a woody perennial plant characterized by having a main stem or trunk or a multi-stemmed trunk system with a more or less definitely formed crown and is usually over ten (10) feet high at maturity.
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"Tree removal" means the removal of a tree, including significant pruning. (See the definition for significant pruning in this section).
“Undesirable/Invasive Species” - as defined by list on file with the Development Services Department. (Prior code § 10-2.26501)

11.08.0230 Application of chapter.

This chapter shall apply to every owner of real property within the city and to every person responsible for removing a tree regardless of whether such person is engaged in a tree removal business. (Prior code § 10-2.26502)

11.08.0340 Actions prohibited.

A. It is unlawful to damage or kill any protected tree; and B. It is unlawful to remove any protected tree from private or public property in any zoning district without first obtaining a tree removal permit.
(See Section 11.08.160 for violation/penalties).
(Prior code § 10-2.26503)

11.08.0450 Protected trees.

A protected tree is any of the following:

A. Any tree that is forty-eight) (48) thirty-eight (38) inches in circumference (12 inches in diameter) measured at forty-eight (48) inches (4-feet) above grade; B. Any tree of a native species that is ten (10) inches in diameter or greater measured at forty-eight (48) inches above grade;
CB. Any tree designated by the historical commission as a heritage tree or any tree under official consideration by the historical commission for heritage tree designation; C. Any tree which was required by the city to be either saved or planted in conjunction with a development review application.
(Ord. 07-314 § 2 (part); prior code § 10-2.26504)

11.08.0560 Heritage tree designations.

A. Applications. Applications for designation of a heritage tree may be filed by the owner of the property on which the tree is located. The city council or planning commission or zoning administrator may also, by resolution or motion, refer a proposed designation to the historical commission, or the historical commission may also consider a proposed designation upon its own initiative. Applications by property owners shall be prepared in accordance with instructions provided by the planning director Development Services Director.

B. Study. The historical commission shall conduct a study of the proposed heritage tree, based upon such information or documentation as it may require from the applicant, the commission staff, or from other available sources.
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C. Property owner notification. The historical commission shall notify the owner of the property on which the tree is located of the meeting at which the commission will consider the tree for designation. The notice shall be mailed to the recorded owner(s) as shown on the last equalized assessment roll and shall be mailed at least thirty (30) days prior to the meeting unless the property owner(s) agree in writing to a lesser notification period. Failure to receive notice shall not invalidate any proceedings under this chapter.

D. Action on designation. The historical commission may either recommend denialy or approvale ofr designation based on the criteria outlined in Section 12.44.030 of this code. (Prior code § 10-2.26505)

11.08.0670 Tree removal permits required.

In order to remove any protected tree, a tree removal permit must be obtained. All applications for a tree removal permit shall be prepared in accordance with instructions provided by the Development Services Director planning director, and when the application is filed independent of any other development review application, it shall be accompanied by a fee which shall be established by city council resolution. (Prior code § 10-2.26506)

11.08.0780 Approval authority.

Notwithstanding the provisions of Section 11.08.100 of this chapter, the approval authority for tree removal requests shall be as follows:

A. For heritage trees: the approval authority shall be the historical commission.

B. For all other protected trees:

1. The approval authority for tree removal requests filed independent of any other development review application shall be the planning director Development Services Director.

2. The approval authority for tree removal requests filed in conjunction with another development review application shall be the same approval authority as established by this code for the accompanying development review application.
(Prior code § 10-2.26507)

11.08.0890 Notification.

When a tree removal application involves a tree(s) which was designated for preservation at the request of a neighboring property owner(s) in conjunction with a development review application, the current owner(s) of said neighboring property(s) shall be notified of the meeting at which the approval authority will consider the tree removal. The notice shall be mailed to the recorded owner(s) as shown on the last equalized assessment roll and shall be mailed at least ten (10) days prior to the meeting. Failure to receive notice shall not invalidate any proceedings under this chapter. Once the City issues a Tree Removal Permit, city staff or, at their discretion, the applicant, shall post notice of the decision on the application for such permit on the subject property and shall be legible and visible from the public right-of-way. Such notice shall state the decision on the application and shall provide information on the appeal process pursuant to this Chapter. (Prior code § 10-2.26508)
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11.08.09100 Determination on permit.

A. Criteria. Each application for a tree removal permit shall be reviewed and determined on the basis of based on the following tree removal criteria:

1. The tree is dead, in poor health (as defined in the most recent edition of the Guide for Plant Appraisal), or has a risk rating of moderate, high, or extreme which cannot be mitigated through sound arboricultural practices to a low-risk rating.

2. The tree species is identified as an invasive or undesirable species (as defined by list on file with the Development Services Department).

3. The tree is interfering or will interfere with a utility, public transportation, waterway, or other public infrastructure system.

4. The tree is causing damage to an enclosed structure which cannot be mitigated in another way.

5. Preservation of the tree will impede the use of real property and no reasonable or feasible alternative (as determined by the Development Services Director) exists to preserve the tree in the current location.

1. The condition of the tree with respect to disease, imminent danger of falling, proximity to existing or proposed structures and interference with utility services;

2. The necessity to remove the tree for economic or other enjoyment of the property;

3. The topography of the land and the effect of the tree removal upon erosion, soil retention and the diversion or increased flow of surface waters;

4. The number, species, size and location of existing trees in the area and the effect the removal would have upon shade, privacy impact, scenic beauty, property values and any established standards of the area;

5. The number of healthy trees the property is able to support according to good forestry practices;

6. The approximate age of the tree compared with average life span for that species;

7. Whether there are any reasonable and feasible alternatives that would allow for the preservation of the tree.

B. Additional recommendations. The approval authority may refer the application to another department, commission or person for a report and recommendation. The approval authority may also require the applicant to furnish a written report from an independent tree expert certified arborist acceptable to the approval authority,; such report shall to be obtained at the expense of the applicant.

C. Action. Based on the criteria outlined in subsection A of this section, the approval authority shall either approve, conditionally approve, or deny the application. Conditions of approval may require any of the following:

1. One or more replacement trees be planted as outlined in section 11.08.120 Tree Replacement Criteria;

2. Payment of an in-lieu fee in compliance with section 11.08.120;

3. A combination of replacement trees and in-lieu fees that in total provide for the number of replacement trees as outline in section 11.08.110.of a species and size and at locations as designated by the approval authority. When deciding upon replacement tree(s), the approval authority will take into consideration: (1) the cost of replacement trees; and (2) the wishes of the property owner 117
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relative to the species of tree to be planted. Any such replacement trees shall be obtained and planted at the expense of the applicant.
(Prior code § 10-2.26509)

11.08.10110 Emergency wWaivers and exemptions.

A. In case of emergency caused by hHazardous or dangerous condition of a tree requiring immediate action for the safety of life or property, a tree may be removed upon the order of the planning director Development Services Director, the director of public works Public Works Director or any member of the police or fire department without the necessity of applying for a tree removal permit.;

1. In the event that a protected tree is thought to be dead or diseased and warrants the removal, a property owner can submit photographs of the subject tree to the Development Service Department for review and consideration of an exemption from the requirement of a Tree Removal Permit. a. Trees removed pursuant to the provisions of section 11.08.110(A)(1) are subject to field verification and onsite inspection by the Development Services Department.

B. Employees of the city may take such action with regard to trees on city-owned property as may be necessary to maintain the safety of city operations and/or the safe conditions on city property, without the necessity of applying for a tree removal permit.; and C. Public utilities subject to the jurisdiction of the public utilities commission of the state of California may also take such action as may be necessary to comply with the safety regulations of said commission and as may be necessary to maintain a safe operation of their facilities without the necessity of applying for a tree removal permit.

Prior code § 10-2.26510)

11.08.120 Tree Replacement.

A. Trees approved for removal (including dead trees) shall be replaced based on the number and size of trees approved for removal as follows:

1. Replace the tree 1:1 with a tree of a similar size canopy at maturity.

2. Where 1:1 replacement in kind is not feasible, replace the tree with two (2) or more trees, such that the replacement trees (combined) provide a similar size canopy at maturity.

3. Replacement tree shall be a minimum of 24-inch box size container unless a smaller container is recommended by the Certified Arborist based on tree species or planting location.

B. The Development Services Director shall have the authority to approve an increase in the number of the onsite replacement trees and reduce the required size of the trees, when appropriate.

C. Replacement Plan. A tree replacement plan prepared by a Certified Arborist shall be made a requirement of the Tree Removal Permit and be provided with the Tree Removal Application. It shall include and adhere to the following:

1. The number, species and site plan of the proposed location of replacement trees;

2. Replacement trees shall be planted within thirty (30) days from removal of the tree when the site is ready for planting and area is suitable for new planting, unless accepted arboricultural practices dictate a preferential planting period based on the species chosen as the replacement tree and seasonal factors;
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3. Any person who is required to plant replacement trees as a condition of a tree removal permit shall maintain such trees in a healthy condition to ensure their long-term survival;

4. Replacement trees shall be obtained and planted at the expense of the applicant.

D. No replacement tree shall be required when it is determined that the existing tree is or has caused direct damage to an existing structure or property.

1. When a replacement tree is not required pursuant to section 11.08.120(D) a field inspection shall be completed by the Development Services Department to verify any damage onsite.

E. Where replacement is not possible on site as determined by the Certified Arborist, the applicant shall pay an in-lieu fee in an amount set forth by the City Council and shall be paid to the Street Tree Fund.

11.08.1130 Appeals.

Any action of the approval authority may be appealed by the applicant or any interested party to the city council. Said appeal shall be in writing, shall state the reasons for the appeal, shall be accompanied by a fee which shall be set by city council resolution and shall be filed with the city clerk within ten (10) calendar days of the decision.
(Prior code § 10-2.26511)

11.08.1240 Tree protection during construction.

Protected trees designated for preservation shall be protected during development of a property by compliance with the following, which may be modified by the planning director Development Services Director:

A. Protective fencing shall be installed no closer to the trunk than the dripline, and far enough from the trunk to protect the integrity of the tree. The fence shall be a minimum of five four feet in height and shall be set securely in place. The fence shall be of a sturdy but open material (i.e., chainlink), to allow visibility to the trunk for inspections and safety. There shall be no storage of any kind within the protective fencing. The fence shall be in place until construction has been completed.

B. The existing grade level around a tree shall normally be maintained out to the dripline of the tree.

Alternate grade levels may be approved by the Development Services Director planning director.

C. Drain wells shall be installed whenever impervious surfaces will be placed over the root system of a tree (the root system generally extends to the outermost edges of the branches).

D. Trees that have been damaged by construction shall be repaired in accordance with accepted arboriculture methods. If a tree is damaged beyond repair, damage shall be categorized as a violation in accordance with Section 11.08.160 and shall require replacement tree(s) in accordance with Section

11.08.120.

E. No signs, wires, or any other object shall be attached to the tree. (Ord. 07-314 § 2 (part); prior code § 10.2.26513)

11.08.1350 Delegation of functions.

The planning director and director of public works Development Services Director may delegate any or all of the administrative duties authorized by this chapter to one or more staff members. All requests for tree removal(s) shall provide all appropriate documentation as identified by this chapter, including any waivers or exceptions granted.
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(Ord. 07-314 § 2 (part); prior code § 10-2.26514)

11.08.1460 Violations—Penalties.

The violation of any provision contained in this chapter is hereby declared to be a misdemeanor and shall be punishable as prescribed in Chapter 1.20 of this code. Violations pursuant to this section of the code shall incur a penalty fine for each tree removed without proper authorization. In addition thereto, any person unlawfully removing or destroying any protected tree without a permit shall be penalized as follows:

A. Replacing the unlawfully removed tree with one or more new trees which, in accordance with section

11.08.120 or in the opinion of the planning director Development Services Director, will provide equivalent aesthetic quality in terms of size, height, location, appearance and other characteristics of the unlawfully removed tree.

B. Where replacement trees will not provide equivalent aesthetic quality because of the size, age or other characteristics of the unlawfully removed tree, the planning director Development Services Director shall calculate the value of the removed tree in accordance with the latest edition of the Guide for Establishing Values of Trees and Other Plants, as prepared by the council of tree and landscape appraisers. Upon the determination of such value, the Development Services Director planning director may require either a cash payment to the city to be added to the Street Tree Fund street tree fund, or the planting of replacement trees as designated by the planning director Development Services Director, or any combination thereof, in accordance with the following:

1. To the extent that a cash payment is required for any portion or all of the value of the removed tree, such payment shall be doubled to reflect the estimated installation costs that would be incurred if replacement trees are planted; and

2. To the extent that the planting of replacement trees is required, the retail cost of such trees, as shown by documentary evidence satisfactory to the planning director Development Services Director, shall be given for transportation, installation, maintenance and other costs incidental to the planting and care of the replacement trees.

C. Any person who is required to plant replacement trees pursuant to subsection A or B of this section shall maintain such trees in a good and healthy condition, as determined by the Development Services Director planning director. The planning director Development Services Director may require a maintenance bond or other security deposit approved by the city finance department which shall be provided to the city by the person required to plant replacement trees. The bond shall be in an amount of money and for a period of time determined by the planning director Development Services Director. (Ord. 07-314 § 2 (part); prior code § 10-2.26515)
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Reviewed By:

City Manager
GE

AGENDA REPORT SUMMARY
Meeting Date: February 13, 2024
Subject Tree Removal Permit Fee Resolution
Prepared by: Nick Zornes, Development Services Director Approved by: Gabriel Engeland, City Manager
Attachment(s):

1. Draft Resolution
Initiated by:

City Council
Previous Council Consideration:

May 24, 2022, November 28, 2023
Fiscal Impact:

No cost to the City of Los Altos was incurred by amending the Tree Removal Permit Fee Structure.

Environmental Review:

This Resolution is exempt from environmental review pursuant to Section 15073 (Fee Exemption) of the State Guidelines implementing the California Environmental Quality Act of 1970.

Staff Recommendation:

Adopt a resolution of the City Council of the City of Los Altos amending Tree Removal Permit Fee Structure.

Purpose
To update the City’s Tree Removal Fee Structure consistent with City Council direction received during consideration of amendments to the Tree Protection ordinance.

Discussion/Analysis
Tree replacement: A section in the updated ordinance has been added to include tree replacement guidelines as follows: trees approved for removal shall be replaced in-kind, with some exceptions.

Subject: Tree Removal Permit Fee Resolution
February 13, 2024 Page 2
will be required to work with an arborist to determine appropriate tree replacement and develop a tree replacement plan. In cases where no tree can be replaced on-site, the applicant will be required to pay an in-lieu fee in an amount set by council. The City will utilize these funds to purchase, plant, maintain and monitor trees on public lands, or support the City’s urban forestry management goals. In-lieu fees vary amongst jurisdictions, below is a table summarizing various in-lieu options mainly in Santa Clara County.

Jurisdiction In Lieu Fee
Los Altos No
Campbell
Yes: In-lieu fee is equal to the fair market value of a standard City street tree (delivered and installed).

Los Altos Hills Not specified
Los Gatos
Yes: in-lieu fee $250 for each 15 gallon and each 24" Box Replacement Tree In-Lieu Fee* $500 for each36" Box Replacement Tree In-Lieu Fee*
Menlo Park $100-$7,000 based on trunk diameter.

Subject: Tree Removal Permit Fee Resolution
February 13, 2024 Page 3
significantly lower than the surrounding cities. Staff recommend increasing the application fee, including a fee per tree. Below is a table showing tree permit removal fees in the county:

FEE
Tree Removal Permit (1 tree) $300.00
Tree Removal Permit (each additional tree) $150.00
Tree Removal Permit (Invasive Species) $0.00
In-Lieu Tree Replacement $1,200.00
123
Agenda Item # 5.
1 RESOLUTION NO. 2024-XX

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

AMENDING TREE REMOVAL PERMIT FEE STRUCTURE
WHEREAS, the Los Altos Municipal Code specifies that certain fees and charges shall be set by Resolution of the City Council; and
WHEREAS, these fees and charges should be in amounts sufficient to recover the costs incurred by the City with respect to the functions to be performed by the City; and WHEREAS, in the event that the replacement tree as required by ordinance is not feasible an applicant may make payment of an in-lieu fee as established by this resolution.

NOW THEREFORE, BE IT RESOLVED, that the City Council of the City of Los Altos hereby adopts the following fees:

FEE
Tree Removal Permit (1 tree) $300.00
Tree Removal Permit (each additional tree) $150.00
Tree Removal Permit (Invasive Species) $0.00
In-Lieu Tree Replacement $1,200.00
BE IT FURTHER RESOLVED that all other fees previously established by other City Council Resolution or Ordinance remain in effect.

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 13 day of February 2024 by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:
___________________________________
Jonathan D. Weinberg
MAYOR
Attest:
____________________________
Melissa Thurman, MMC
City Clerk
124
Agenda Item # 5.

AGENDA REPORT SUMMARY
Meeting Date: February 13, 2024
Subject: Annual Development Impact Fees Report for Fiscal Year 2023 Prepared by: June Du, Finance Director
Approved by: Gabriel Engeland, City Manager
Attachment(s):

1. Annual Report on Development Impact Fees for the Fiscal Year 2023 Pursuant to AB1600 Initiated by:

Staff
Fiscal Impact:

None
Environmental Review:

The adoption of the Development Impact Fee Report for the Fiscal Year 2023 Pursuant to AB1600 has been assessed in accordance with the California Environmental Quality Act (Cal. Pub. Res. Code, § 21000 et seq.) (“CEQA”) and the State CEQA Guidelines (14 Cal. Code Regs. § 15000 et seq.) and is categorically exempt from CEQA under CEQA Guidelines, § 15273, which exempts from CEQA fees, rates, tolls, fares and other charges by the local agency for the purpose of meeting financial reserve needs and requirements, and none of the circumstances set forth in CEQA Guidelines Section 15300.2 applies.

Policy Question(s) for Council Consideration:
 None.

Summary:
 Accept Annual Development Impact Fees Report
Staff Recommendation:

Move to receive the Annual Report on Development Impact Fees for the Fiscal Year 2023 125
Agenda Item # 6.

Subject: Annual Development Impact Fees Report for Fiscal Year 2023 February 13, 2024 Page 2
Purpose
State law requires the City to make this report available for public inspection at least 10 days before the City Council accepts the report and 180 days after the last day of the fiscal year. Due to the Finance department key personnel turnover, the report is available to for the public to review on the City’s website on January 24, 2023.

Background
The attached report provides information on the amount of park-in-lieu fees and traffic impact fees collected, the interest earned on unexpended funds, and the amount of funds expended for the period July 1, 2022, through June 30, 2023. If the City held developer fees for a period greater than five years, the City Council can make findings on an annual basis that uncommitted funds have a specified purpose and that there is a reasonable relationship between the fee and the purpose for which it was charged. As of June 30, 2023, there were no uncommitted funds held by the City for a period greater than five years, and as a result, no findings are needed for this year’s report.

Discussion/Analysis
The City has two developer impact fees in place, a Park in-Lieu Fee and a Traffic Impact Fee. The City’s Park in-Lieu Fee requires developers to contribute land or an in-lieu fee per parcel when developing or subdividing a property. The City has identified park and recreation facility improvements in its Capital Improvement Program and the bond payments are to be funded with these dollars.

For the traffic impact fee, the City requires developers to pay a fee when a new development generates traffic and meets other requirements described in Section 3.48.040 of the City’s Municipal Code. The fees collected are to be used for transportation improvements that are identified in the City’s Capital Improvement Program and/or in the Traffic Impact Fee report in effect at the time the traffic impact fee is enacted or as subsequently amended. As of June 30, 2023, the traffic impact fee has a negative balance of $199,341. This is due to the city did not meet the revenue projection for the year.

Section 66001 of the Government Code requires the City to review and report on the status of the fees collected annually.

Recommendation
Receive the Annual Report on Development Impact Fees for the Fiscal Year 2023 126
Agenda Item # 6.

Draft
the Traffic Impact Fee and the Park in-Lieu Fee
for
Fiscal Year Ended
City of Los Altos
Annual Report
on
June 30, 2023
ATTACHMENT 1
127
Agenda Item # 6.

Draft
Exhibit B
Pursuant to City of Los Altos Municipal Code Chapter 13.24 Per City Council Adopted Resolution No. 2022-30
New Single-family Residential Home $ 77,500 per Home
New Multiple-family Unit $ 48,800 per Unit
Pursuant to City of Los Altos Municipal Code Chapter 3.48 Per City Council Adopted Resolution No. 2022-30
Single-family Housing $ 6,774 per Residential Unit
Multiple-family Housing $ 4,159 per Residential Unit
Senior Housing $ 1,744 per Residential Unit
Commercial $ 12,409 per One Thousand Gross Square Feet
Office $ 9,994 per One Thousand Gross Square Feet
Schedule of Park-In-Lieu Fees
Schedule of Traffic Impact Fees
City of Los Altos
Park In-Lieu Fees and Traffic Impact Fees
For Year Ended June 30, 2023
128
Agenda Item # 6.

Draft
EXHIBIT C-1
Fiscal Beg Fees Interest Transfers FY 20/21 Transfers End Year Bal Collected
Income/Un
realized
Gain and
Loss In Expenditures Out Bal
2005 $ - $ 30,000 $ 670 $ 6,500 $ 24,170
2006 24,170 60,000 2,757 86,927
2007 86,927 243,000 7,705 337,632
2008 337,632 867,000 23,890 211,780 1,016,742
2009 1,016,742 19,684 73,046 963,380
2010 963,380 468,000 7,868 154,257 1,284,991
2011 1,284,991 132,000 7,784 1,136,867 287,908
2012 287,908 756,000 6,027 100,185 949,750
2013 949,750 3,636,000.00 4,640.00 4,590,390
2014 4,590,390 1,260,000 21,574 5,871,964
2015 5,871,964 62,708 24,420 56,773 5,902,319
2016 5,902,319 198,500 56,633 145,102 467,476 5,544,874 2017 5,544,874 12,414 1,152,527 899 4,403,862
2018 4,403,862 1,092,500 24,575 267,602 5,253,335
2019 5,253,335 127,500 35,466 243,104 5,173,197
2020 5,173,197 136,292 19,238 5,290,251
*2020R 5,447,255
2021 5,447,255 1,541,500 76,353 17,564 1,300,000 5,747,544 2022 5,747,544 3,757,600 70,668 38,000 917,515 8,620,297 **2023 8,620,297 321,500 (184,346) 42,678 793,965 7,920,808 Committed Use of Fund (4,558,000)
Avail. Fund 3,362,808
NOTE: The transfer out of funds went to the Capital Improvements Fund and Debt Service Fund Please refer to Exhibit C-2
* The Adjustment to the available fund balance
The difference is due to previous calculation included unrealized gain and loss to the investment 2020 Orignial 5,290,251
2020 Revised 5,447,255
Diff $ 157,004
**Add Unrealized Gain and Loss to match the fund cash balance.

For Year Ended June 30, 2023
City of Los Altos
Park In-Lieu Fees
129
Agenda Item # 6.

Draft
EXHIBIT C-1
Fiscal Beg Fees Interest Transfers FY 22/23 Transfers End Year Bal Collected
Income/Unrea
lized Gain and
Loss In Expenditures Out Bal
2006 $ - $ 84,796 $ 960 $ - $ - $ 85,756
2007 85,756 4,467 90,223
2008 90,223 285,018 7,785 383,026
2009 383,026 24,842 8,974 416,842
2010 416,842 154,644 3,372 574,858
2011 574,858 185,795 5,935 47,793 718,795
2012 718,795 59,964 5,108 23,402 760,465
2013 760,465 651,705 1,758 18,336 1,395,592
2014 1,395,592 692,408 8,083 1,684 95,357 1,999,042
2015 1,999,042 249,589 8,819 320,225 1,937,224
2016 1,937,224 41,531 18,924 7,014 518,398 1,472,267
2017 1,472,267 3,867 105,434 114,529 1,256,171
2018 1,256,171 105,359 5,165 346,463 440,000 580,232
2019 580,232 21,053 4,447 70,895 534,837
2020 534,837 20,293 14,355 62,102 4,540 502,843
**2020R 534,292
2021 534,292 139,336 6,871 (833) 651,391 29,940
2022 29,940 227,114 884 - 472,122 (214,184)
***2023 (214,184) 27,569 (12,726) 0 0 (199,341)
NOTE: The transfer out of funds went to the Capital Improvements Fund Please refer to Exhibit C-2
** The Adjustment to the available fund balance
The difference is due to previous calculation included unrealized gain and loss to the investment 2020 Orignial 502,843
2020 Revised 534,292
Diff $ 31,449
*** Add Unrealized Gain and Loss from pervious years to match the fund cash balance.

City of Los Altos
Traffic Impact Fees
For Year Ended June 30, 2023
130
Agenda Item # 6.

Draft
EXHIBIT C-2
Amount of Amount of
Impact Fees All Funds Percent
Expended Expended Share of
on Project on Project Impact Fees
Park-in-Lieu $ 38,092 $ 38,092 100%
$ 986 $ 986
100%
CF01025 Dog Park Fencing Project $ 3,600 $ 3,600 100%
Total $ 42,678 $ 42,678 100%
GO Bond Payment $ 171,875
Community Center Bond Payment $ 622,090
Total $ 793,965
As June 30, 2023, there were no loans made by the Fund
For fiscal year ending June 30, 2023, there were no fee refunds issued by the Fund As of June 30, 2023, there were no incomplete public improvements for which sufficient funds have been collected.

No approximate construction date can be identified at this time for incomplete public improvements.

Project
City of Los Altos
For Year Ended June 30, 2023
Park-in-Lieu Funds Expended
CF01017 Annual Park Improvement Project
CF01031 Park Shade
Debt Service
131
Agenda Item # 6.

Draft
EXHIBIT C-2
Amount of Amount of
Impact Fees All Funds Percent
Expended Expended Share of
on Project on Project Impact Fees
0%
0%
0%
Total $ - $ - 0%
As June 30, 2023, there were no loans made by the Fund
For fiscal year ending June 30, 2023, there were no fee refunds issued by the Fund As of June 30, 2023, there were no incomplete public improvements for which sufficient funds have been collected.

The fund has negative fund balance
City of Los Altos
Traffic Impact Fee Funds Expended
For Year Ended June 30, 2023
Project
N/A
132
Agenda Item # 6.

AGENDA REPORT SUMMARY
Meeting Date: February 13, 2024
Subject: Comprehensive Parking Code Amendment 1.0 - Housing Element Implementing Ordinance
Prepared by: Nick Zornes, Development Services Director Reviewed by: Jolie Houston, City Attorney
Approved by: Gabe Engeland, City Manager
Attachment(s):

1. Draft Ordinance

2. Appendix A – Chapter 14.74
Initiated by:

City of Los Altos adopted 6th Cycle Housing Element, Program 1.I, 3.A, and 3.M.

Fiscal Impact:

No fiscal impacts are associated with the adoption of these implementing regulations.

Environmental Review:

This Ordinance is exempt from environmental review pursuant to Section 15061(b)(3) of the State Guidelines implementing the California Environmental Quality Act of 1970.

Staff Recommendation:

Introduce and waive further reading of an ordinance of the City Council of the City of Los Altos amending Chapter 14.74 of the Los Altos Municipal Code to implement Program 1.I, Program

3.A, and Program 3.M of the 6th Cycle Housing Element and find that this ordinance is exempt from environmental review pursuant to Section 15061(b)(3) of the State Guidelines implementing the California Environmental Quality Act of 1970.

Background:

On January 24, 2023, the Los Altos City Council adopted the City’s 6th Cycle Housing Element 2023-2031. As required by law, the adopted housing element has several housing programs contained within. The City of Los Altos identified specific programs in its housing element that will allow it to implement the stated policies and achieve the stated goals and objectives. Programs must include specific action steps the City will take to implement its policies and achieve its goals and objectives. Programs must also include a specific timeframe for implementation, identify the 133
Agenda Item # 7.

Subject: Comprehensive Parking Code Amendment 1.0 - Housing Element Implementing Ordinance
February 13, 2024 Page 2
agencies or officials responsible for implementation, describe the city’s specific role in implementation, and (whenever possible) identify specific, measurable outcomes.

Program 1.I is prescribed under Goal 1 in the adopted Housing Element which is intended to promote new housing construction to meet Los Altos’ Regional Housing Needs Allocation (RHNA). The proposed amendments contained in the draft ordinance help to encourage mixeduse development in designated zoning districts as required in Policy 1.2 of the adopted Housing Element.

Programs 3.A, and 3.M are prescribed under Goal 3 in the adopted Housing Element which is intended to remove constraints to the development of housing. The proposed amendments contained in the draft ordinance help to further Policy 3.1 promote housing through city regulation, and Policy 3.2 modify zoning code to assist in meeting housing needs.

The draft ordinance under consideration implementing Programs 1.I, Program 3.A, and Program

3.M is required to be adopted at various times within the planning cycle. Due to the various requirements and deliverables of the 6th Cycle Housing Element the draft ordinance was prepared early to help ensure that ample time is available to execute several other adopted programs. By providing additional time in amending each chapter of the draft ordinance the city hopes to provide additional buffer in creating the regulatory environment to allow for the approval and creation of housing units.

It is important to note that Program 1.I, and Program 3.A will require additional future action of the City of Los Altos, and future Zone Text Amendments will be prepared for consideration.

Additional amendments to implement Program 1.I will be incentives beyond the confines of the City’s Parking Ordinance, while Program 3.A will require additional amendments to the Parking Ordinance once completion of the Comprehensive Downtown Parking Plan has been completed with assistance from outside consultants; the Comprehensive Downtown Parking Plan is currently underway and began work in late 2023, the completion date of the Plan is anticipated for late 2024.

Analysis:

The City’s adopted 6th Cycle Housing Element 2023-2031, included Program 31.I. The housing program requires the proposed ordinance amendments to Incentivize downtown lot consolidation. The draft ordinance included in this agenda packet begins to implement the multipronged deliverables called out within the housing program.

Program 1.I: Incentivize downtown lot consolidation.

In certain portions of Downtown, particularly along Main Street and State Street, the presence of small lots, fragmented ownership pattern, and lack of ability to provide on-site parking may constrain future development. Considering other programs 134
Agenda Item # 7.

Subject: Comprehensive Parking Code Amendment 1.0 - Housing Element Implementing Ordinance
February 13, 2024 Page 3
addressing governmental constraints (see programs under Goal 3), the City will evaluate and adopt (through the Zoning Code or by resolution, as appropriate) complementary incentives to further encourage lot consolidation in Downtown. This will include expedited application processing, reduction in application fees, reduction in permit fees, or other incentives. The City will promote the lot consolidation incentives on the City’s website, through regular updates at the Planning Commission and City Council public meetings, and at the developers roundtable (see Program

2.C). Additionally, Policy 3.7 in the Community Design & Historic Resources Element of the General Plan will be modified for consistency with this Program.

Responsible Body: Development Services Department, Planning Commission, City Council
Funding Source: General Fund
Time Frame: Adoption of incentives and amendment of Community Design & Historic Resources Element by July 2026; promotion to occur annually thereafter.

Objective: Facilitate at least two Downtown lot consolidations by January 2031. If by January 2027, this objective is not on track to be met (i.e., 50 percent of objective), the City will offer additional and increased incentives no later than July 2027.

The City’s adopted 6th Cycle Housing Element 2023-2031, included Program 3.A. The housing program requires the proposed ordinance amendments to Prepare a Downtown parking plan and update citywide parking requirements. The draft ordinance included in this agenda packet effectively completes portions of these deliverables as explicitly called out within the housing program.

Program 3.A: Prepare a Downtown parking plan and update citywide parking requirements.

To address all parking constraints, the City will analyze and update parking requirements citywide and implement a Downtown parking plan. This effort will include the following:
 Assess parking demand, requirements, and strategies in the Downtown and citywide.
 Identify approaches to address short and long-term parking needs considering innovative parking design and strategies that support efficient use of land.  Reflect that the City will support consolidation of City-owned parking plazas.  Prepare a Downtown parking plan and modify parking requirements to reflect this plan and reflect ensuring that overflow parking does not spill over into adjacent residential only districts.
135
Agenda Item # 7.

Subject: Comprehensive Parking Code Amendment 1.0 - Housing Element Implementing Ordinance
February 13, 2024 Page 4
 Revise parking standards citywide for commercial (mixed-use) and multifamily residential zones to implement a sliding scale based on unit size (number of bedrooms). Multi-family parking ratios shall be reduced to be consistent with State Density Bonus Law (Government Code §65915(p)), with no more than the following required:
o 0-1 bedroom – one parking space
o 2-3 bedrooms – 1.5 parking spaces
o 4 or more bedrooms -2.5 parking spaces
o Guest Parking – 0 spaces
Lower ratios or no parking shall be required for qualifying projects pursuant to §65915(p).
 Consistent with AB 2097, the City will update its parking regulations to remove minimum parking requirements on any residential, commercial, or other development projects within one half-mile of public transit (as defined in AB 2097) unless required findings are made as specified in State law. The City will map eligible properties consistent with AB 2097 and will apply current State law even before local amendments are adopted (AB 2097 is effective January 1, 2023).
 Amend the City’s parking requirements citywide based on the assessment’s findings. This will include reducing parking ratios (as noted above), eliminate guest parking requirements for multi-family housing; offering further reduced ratios for properties participating in a public parking district; establishing further reduced parking ratios for single-room occupancy units, senior housing, housing for persons with disabilities, deed-restricted affordable housing, etc. (e.g., 0.5 spaces per unit); providing more flexibility related to the underground parking requirement by allowing covered parking instead of requiring undergrounding; offering other alternatives to comply with parking requirements; and modifying the required parking design dimensions (e.g., parking stall and lane dimensions) so that less land area is required to be dedicated to parking while providing safe vehicle movement as approved by the City’s Engineering Division.

Responsible Body: Development Services Department, Planning Commission, City Council
Funding Source: General Fund, Parking In-Lieu Fees, Public-Private Partnership Time Frame: December 2024
The City’s adopted 6th Cycle Housing Element 2023-2031, included Program 3.M. The housing program requires the proposed ordinance amendments to Modify parking 136
Agenda Item # 7.

Subject: Comprehensive Parking Code Amendment 1.0 - Housing Element Implementing Ordinance
February 13, 2024 Page 5
requirements for emergency shelters consistent with State law. The draft ordinance included in this agenda packet effectively completes these deliverables as explicitly called out within the housing program.

Program 3.M: Modify parking requirements for emergency shelters consistent with State law.

The City will amend its Zoning Ordinance to only require parking necessary for emergency shelter staff consistent with Government Code §65583(a)(4)(A).

Responsible Body: Development Services Department, Planning Commission, City Council
Funding Source: General Fund
Time Frame: December 2024
Discussion:

The actions included within the attached draft ordinance are requirements pursuant to the City’s adopted 6th Cycle Housing Element. Once a jurisdiction takes final action by adopting its housing element this requires immediate action in order to remain compliant with State housing law. The draft ordinance will effectively accomplish multiple components of the required housing programs within the adopted housing element by fully implementing one of the three programs included as apart of the amendments presented, and partially two of the remaining programs presented.

Housing Element Noncompliance:

Should the Los Altos City Council vote not to proceed with the implementing actions discussed in this report the City will be vulnerable to penalties and consequences of housing element noncompliance. HCD is authorized to review any action or failure to act by a local government that determines is inconsistent with an adopted housing element or housing element law. This includes failure to implement program actions included in the housing element. HCD may revoke housing element compliance if the local government’s actions do not comply with state law.

Examples of penalties and consequence of housing element noncompliance:
 General Plan Inadequacy: the housing element is a mandatory element of the General Plan.

When a jurisdiction’s housing element is found to be out of compliance, its General Plan could be found inadequate, and therefore invalid. Local governments with an invalid General Plan can no longer make permitting decisions.
 Legal Suits and Attorney Fees: local governments with noncompliant housing elements are vulnerable to litigation from housing rights’ organization, developers, and HCD. If a 137
Agenda Item # 7.

Subject: Comprehensive Parking Code Amendment 1.0 - Housing Element Implementing Ordinance
February 13, 2024 Page 6
jurisdiction faces a court action stemming from its lack of compliance and either loses or settles the case, it often must pay substantial attorney fees to the plaintiff’s attorneys in addition to the fees paid by its own attorneys. Potential consequences of lawsuits include mandatory compliance within 120 days, suspension of local control on building matters, and court approval of housing developments.
 Loss of Permitting Authority: courts have authority to take local government residential and nonresidential permit authority to bring the jurisdiction’s General Plan and housing element into substantial compliance with State law. The court may suspend the locality’s authority to issue building permits or grant zoning changes, variances, or subdivision map approvals – giving local governments a strong incentive to bring its housing element into compliance.
 Financial Penalties: court-issued judgement directing the jurisdiction to bring its housing element into substantial compliance with state housing element law. If a jurisdiction’s housing element continues to be found out of compliance, courts can multiply financial penalties by a factor of six.
 Court Receivership: courts may appoint an agent with all powers necessary to remedy identified housing element deficiencies and bring the jurisdiction’s housing element into substantial compliance with housing element law.

Petition for Writ of Mandate – California Housing Defense Fund, Yes In My Back Yard v.

City of Cupertino.

So that the City Council and public are well-informed the City of Los Altos has included this information with this agenda item so that all circumstances are understood as housing law is rapidly evolving.

Early this year Californians for Homeownership, California Housing Defense Fund, and YIMBY Law had filed 12 lawsuits in Contra Costa, Santa Clara, Marin, and San Mateo County Superior Courts with the intention to file more in the coming weeks. The cities and counties sued include Belvedere, Burlingame, Cupertino, Daly City, Fairfax, Martinez, Novato, Palo Alto, Pinole, Pleasant Hill, Richmond, and Santa Clara County. Each municipality has been sued by one or two of the non-profits.

With the Bay Area’s 109 cities and counties at widely varied stages in the process of Housing Element adoption and compliance, these twelve lawsuits mark the first round of what will likely be many rounds of judicial review for noncompliance with state housing law in the Bay Area. The initial lawsuits focus on cities with a long history of exclusionary housing practices, cities that adopted housing elements unlawfully, and localities that have made little progress in developing 138
Agenda Item # 7.

Subject: Comprehensive Parking Code Amendment 1.0 - Housing Element Implementing Ordinance
February 13, 2024 Page 7
their draft housing elements. The organizations will continue to file suits in the coming weeks, prioritizing cities with the most egregious violations in each organization’s judgment.

A Petition for Writ of Mandate in the State of California is used by superior courts, courts of appeal and the Supreme Court to command lower bodies (such as lower level of government agencies, in this case a city) to do or not do specific actions. In this case, a Writ of Mandate can result in the city being directed to adopt a compliant housing element or other associated actions to comply with State law. A Writ of Mandate could also be petitioned for and direct a city to specifically implement programs that were included in their adopted housing element.

Given the current and ongoing legal climate around housing element law it is vital for the City of Los Altos to expeditiously implement the adopted 6th Cycle Housing Element 2023-2031. As noted above the potential legal risks associated with housing element noncompliance could be further enforced by similar legal actions.

December 21, 2023 – HCD Letter of Inquiry
On December 21, 2023, the Development Services Director received written correspondence from the Department of Housing and Community Development (HCD) Proactive Enforcement Unit of HCD. The Letter of Inquiry was regarding the Rezone Requirements of the City of Los Altos, and the status of the City’s progress to complete such actions by January 31, 2024. As of November 28, 2023, the City of Los Altos has completed all necessary rezoning actions.

The Letter of Inquiry should serve as a cautionary warning to the City of Los Altos that all adopted programs must be implemented timely, and completed with strict adherence to the strong commitments contained within the adopted Housing Element.

Countywide Compliance Report:

Of the sixteen (16) jurisdictions in Santa Clara County at the time of this report only seven (7) jurisdictions are in compliance with Housing Element Law. As of September 5, 2023, the City of Los Altos was the sixth (6th) jurisdiction in the county to receive final concurrence from the Department of Housing and Community Development (HCD). The following table shows the status of all jurisdictions within Santa Clara County:

Jurisdiction: Compliance Status: Date:

Campbell IN 5/30/2023
Cupertino OUT 12/15/2023
Gilroy IN 8/21/2023
139
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Los Altos IN 9/5/2023
Los Altos Hills IN 5/30/2023
Los Gatos OUT 12/1/2023
Milpitas IN 5/17/2023
Monte Sereno OUT 9/22/2023
Morgan Hill IN 11/29/2023
Mountain View IN 5/26/2023
Palo Alto OUT 8/3/2023
San Jose IN REVIEW 11/30/2023
Santa Clara (City) OUT 10/20/2023
Santa Clara (County) OUT 12/18/2023
Saratoga OUT 7/27/2023
Sunnyvale IN REVIEW 11/15/2023
Planning Commission Recommendation – January 4, 2024
On January 4, 2024, the Los Altos Planning Commission considered the proposed draft ordinance at their regularly scheduled meeting. A public hearing was held, a presentation was given by staff, and public testimony was received. The Planning Commission had a robust discussion regarding the amended parking standards which resulted in minor modifications to the draft ordinance; the modifications were clarifications to be incorporated. The amendments were incorporated into the draft ordinance before the City Council tonight.
140
Agenda Item # 7.

ORDINANCE NO. 2024-__

AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF LOS ALTOS AMENDING CHAPTER 14.74 OF THE LOS ALTOS MUNICIPAL CODE TO IMPLEMENT PROGRAM 1.I, PROGRAM 3.A, AND PROGRAM 3.M OF THE SIXTH

CYCLE HOUSING ELEMENT
WHEREAS, the City Council is empowered pursuant to Article XI, Section 7 of the California Constitution to make and enforce within the City all local, police, sanitary, and other ordinances, and regulations not in conflict with general laws; and
WHEREAS, on January 24, 2023, the City Council approved the City’s Sixth Cycle Housing Element Update; and
WHEREAS, the City Council held a duly noticed public hearing on February 13, 2024, and February 27, 2024; and
WHEREAS, Program 1.I of the Housing Element Update calls for Incentivization of Downtown Los Altos Lot Consolidation; and
WHEREAS, Program 1.I of the Housing Element Update to facilitate housing development in mixed-use zoning districts, the City will amend the Zoning Code to address governmental constraints by reducing the parking requirements for the consolidation of small lots in Downtown Los Altos; and
WHEREAS, Program 3.A of the Housing Element Update calls for and update to citywide parking requirements; and
WHEREAS, Program 3.A of the Housing Element Update expressly requires the modification to parking ratios for all multi-family housing development to be consistent with the provisions of State Density Bonus pursuant to Government Code Section 65915(p); and WHEREAS, Program 3.A of the Housing Element Update expressly requires the establishment of reduced parking ratios for single-room occupancy units, senior citizen housing developments, affordable housing units, and other specialized housing unit types within the City; and WHEREAS, Program 3.A of the Housing Element Update expressly requires the modification of required parking design dimensions such as stall dimensions, so that less land area is required to be dedicated to parking; and
WHEREAS, Program 3.M of the Housing Element Update calls for the modification of parking requirements for emergency shelters consistent with State law pursuant to Government Code Section 65583(a)(4)(A); and
WHEREAS, having committed itself to implement Housing Element Update in its entirety, the City Council now desires to adopt this Ordinance; and
141
Agenda Item # 7.

WHEREAS, this Ordinance is exempt from environmental review pursuant to Section 15061(b)(3) of the State Guidelines implementing the California Environmental Quality Act of 1970, as amended; and
NOW, THEREFORE, the City Council of the City of Los Altos does hereby ordain as follows:

SECTION 1. AMENDMENT OF CHAPTER 14.74 OF THE MUNICIPAL CODE. Chapter

14.74 of the Los Altos Municipal Code is hereby amended as set forth in Appendix A to this Ordinance, underline indicating addition, strikethrough indicating deletion.

SECTION 3. PUBLICATION. This Ordinance shall be published as provided in Government Code Section 36933.

SECTION 4. EFFECTIVE DATE. This Ordinance shall be effective upon the commencement of the thirty-first day following the adoption hereof.

The foregoing Ordinance was duly and properly introduced at a regular meeting of the City Council of the City of Los Altos held on __, 2024, and was thereafter, at a regular meeting held on ___, 2024, passed and adopted by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:
___________________________________
Jonathan D. Weinberg
MAYOR
Attest:
____________________________
Melissa Thurman MMC
City Clerk
142
Agenda Item # 7.

APPENDIX A
AMENDMENTS TO CHAPTER 14.74
143
Agenda Item # 7.

APPENDIX A
Los Altos, California, Code of Ordinances Created: 2023-11-02 15:05:58 [EST] (Supp. No. 40)

Page 1 of 20 ends

Chapter 14.74 ACCESS, OFF-STREET PARKING AND LOADING
Sections:

14.74.010 Purpose and IntentR-1 District requirements.

A. Not less than two parking spaces, one of which shall be covered, shall be required for each living unit, except accessory dwelling units which shall provide parking as required under Chapter 14.14 of this title.

B. All required parking spaces shall be provided on-site.

C. No commercial vehicle or trailer shall be parked, stored, or otherwise left unattended at any place within the R-1 District, except while actually engaged in pickup or delivery activities, or during the course of the actual construction, alteration, or repair of structures in the immediate proximity, or unless kept entirely in an enclosed parking structure or behind a solid fence or wall not less than six feet in height.

The access, off-street parking and loading regulations ensure that all land uses provide safe access and on-site circulation along with adequate off-street parking and loading facilities. These regulations shall be maintained and consistent with State law. In the event that there is conflict between State law and this chapter State law shall prevail.
(Prior code § 10-2.2301)
(Ord. No. 2018-448 , § 5, 7-10-2018)

14.74.020 Applicability. Reserved.

A. The minimum standards of this chapter shall apply to all proposed land uses, buildings, and structures.

B. The minimum standards of this chapter shall also apply to all proposed additions, enhancements and modifications to existing land use(s) and associated structure(s). At the time a building or structure is added onto, enlarged, or modified, parking and loading spaces shall be provided for both the existing and the modified or enlarged portions so as to conform to the provisions of the chapter.

C. Unless otherwise provided through an approved discretionary permit such as a joint use parking agreement, all required access, off-street parking and loading facilities shall be provided onsite.

D. No commercial vehicle or trailer shall be parked, stored, or otherwise left unattended at any place within the R-1 District, except while actually engaged in pickup or delivery activities, or during the course of the actual construction, alteration, or repair of structures in the immediate proximity, or unless kept entirely in an enclosed parking structure or behind a solid fence or wall not less than six feet in height and does not project above the maximum height of the solid fence or wall provided.

Editor's note(s)—Ord. No. 2012-375, § 8, adopted Jan. 24, 2012, repealed § 14.74.020 which pertained to R1-10 district requirements and derived from § 10-2.2302 of the prior code.

14.74.030 Site Plan and Permit Required. R3-5 District requirements.

A. A site plan shall be submitted for all required parking facilities. The plan shall consist of a detailed layout of the existing and proposed parking facilities, including the site, grades, drainage, utilizes, easements, all 144
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structures, landscaping, walls and fences, parking stalls, drive aisles, and ingress and egress drives. The plan shall be accurately and thoroughly dimensioned to scale.

B. The site plan shall be submitted and reviewed in conjunction with any discretionary review or ministerial permits.

C. In the event that no other permit is required the modification of any existing required parking facilities shall be reviewed by the Development Services Department as an Administrative Design Review Permit to ensure consistency with all requirements of this chapter.

Not less than two parking spaces for each dwelling unit in a multiple-family unit or apartment, one of which shall be covered, shall be required.
(Ord. 07-312 § 9 (part); prior code § 10-2.2303)

14.74.040 General Provisions. R3-4.5 District requirements.

A. Accessibility.
i. Required access, off-street parking, and loading facilities shall be made available and permanently maintained for access, off-street parking, and loading for all uses and structures. ii. Required access, off-street parking, and loading facilities shall be designed, located, constructed, and maintained so as to be fully and independently usable and accessible at all times. iii. Required access, off-street parking, and loading facilities, and associated driveways providing access to such facilities, shall not be used for any purpose which at any time would preclude the use of the area for its intended and approved use.
iv. Inoperable motor vehicles shall not be parked in or on any driveway, carport and/or easement(s). a. Any inoperable motor vehicle shall be required to be fully enclosed and always contained within a permanent structure.

B. Exclusivity of Access, Off-Street Parking, and Loading Facilities. i. Unless otherwise provided through an approved discretionary permit such as a joint use parking agreement, no owner or tenant shall lease, rent, or otherwise make the required access, offstreet parking, and loading facilities unavailable to the intended onsite users. a. The joint use of access, off-street parking, and loading facilities shall be permitted subject to the approval of a Conditional Use Permit reviewed by the Zoning Administrator at a Public Hearing.

C. Encroachment into Right-of-Way Prohibited.
i. Land within the right-of-way of a proposed street or highway, or within the planned ultimate right-of-way on a street or highway proposed to be widened, shall not be used to provide required off-street parking.
a. Exception. Loading facilities shall be permitted within the public right-of-way immediately adjacent to any proposed or existing development if adequate fire access is provided and bicycle and pedestrian safety is maintained at all times and is subject to the approval of a Conditional Use Permit reviewed by the Zoning Administrator at a Public Hearing.

Not less than two parking spaces for each dwelling unit in a multiple-family unit or apartment, one of which shall be covered, shall be required.
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(Ord. 07-312 § 9 (part); prior code § 10-2.2304)

14.74.050 Access. R3-3 District requirements.

A. Driveways. Driveways are intended to provide access from public or private streets to off-street parking facilities. Entry driveways provide direct ingress or egress from a street, alley or public right-of-way to a parking aisle, internal driveway, or parking maneuvering area. Internal driveways provide interior circulation between parking aisles. Except as is customary on a parcel developed with a single-family dwelling, no parking shall be permitted in an entry driveway. i. Location of Driveway on a Corner Lot. When a building site abuts two (2) intersecting streets and a driveway is proposed, the driveway shall be located on the primary building frontage. a. Exception. When the primary building frontage is along a public street which causes safety concerns for ingress and egress to and from the site the driveway may locate along the secondary building frontage.

B. Driveway Spacing. Spacing between adjacent property driveways shall be provided to create a clear delineation of ingress and egress to each parcel or property within the city. i. A minimum of five (5) feet shall be provided between driveways of adjacent parcels or properties.

C. Limit on Single Family Residential Driveways.
i. For all residential uses, the driveway must lead to a garage, carport, or other approved parking facility.
ii. The number of permitted driveways, driveway approaches, or curb cuts shall be one (1) per fifty (50) feet of lot frontage, not to exceed a total of two (2).

D. Driveway/Drive Aisle Widths.
i. The minimum width of a one-way driveway/drive aisle shall be twelve (12) feet. ii. The minimum width of a two-way driveway/drive aisle shall be eighteen (18) feet.

E. Primary Access.
i. When a proposed development is immediately adjacent to an alleyway the primary driveway access shall be taken from the alleyway.
ii. When a proposed development with building frontage along Main Street and/or State Street the primary driveway access shall be taken from the rear of the property immediately adjacent to the public parking plazas.

Not less than two parking spaces for each dwelling unit in a multiple-family unit or apartment, one of which shall be covered, shall be required.
(Ord. 07-312 § 9 (part))

14.74.060 Development Standards of Access, Off-Street Parking and Loading Facilities. R3-1.8 District requirements.

A. Access, Off-Street Parking and Loading Facilities shall conform to the following standards:
i. Parking Stall Standard Dimensions, shall be as follows:
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a. Perpendicular and Angled parking space size. Each standard parking space shall consist of an area not less than nine (9) feet wide by eighteen (18) feet long, except as noted on the drawing labeled "Parking Standards Exhibit A" on file with the Development Services Department.
b. Parallel parking space size. Each standard parking space shall consist of an area not less than nine (9) feet wide by twenty-two (22) feet long except as noted on the drawing labeled "Parking Standards Exhibit A" on file with the Development Services Department.
c. Disabled persons parking standards shall comply with all requirements set forth in the California Building Code, and Americans with Disabilities Act (ADA). ii. Vehicle Backup Distance/Drive Aisle Requirements, as depicted on “Parking Standards Exhibit A” and are as follows:
a. Angled parking stalls positioned at a degree no less than thirty (30) and no greater than forty-five (45), the vehicle backup distance/drive aisle shall be a minimum of twelve (12) feet free and clear of any obstructions.
b. Angled parking stalls positioned at a degree no less than forty-five (45) and no greater than sixty (60), the vehicle backup distance/drive aisle shall be a minimum of eighteen (18) feet free and clear of any obstructions.
c. Perpendicular parking stalls positioned at a ninety (90) degree angle, the vehicle backup distance/drive aisle shall be a minimum of twenty-six (26) feet free and clear of any obstructions.
d. Vehicle backup distance/drive aisle immediately adjacent to any parallel parking stalls shall be a minimum of twelve (12) feet free and clear of any obstructions. iii. Additional minimum standards for the design of off-street parking areas shall be in accordance with those shown on the drawing labeled "Parking Standards Exhibit A" on file in the office of the Development Services Department.
iv. If found to be necessary or desirable by the city, the design standards set forth in this chapter may be waived for public and community facility uses or commercially operated public parking facilities.

B. Loading Facilities.
i. Loading facilities shall not be less than ten (10) feet wide by twenty-five (25) feet long. ii. Loading facilities shall be located immediately adjacent to the main entrance of any proposed development or immediately adjacent to any designated service areas of any proposed development.

C. Decorative paving Materials. All required access, off-street parking, and loading facilities shall be paved with:
i. Decorative paving, decorative concrete, or decorative asphalt-type surfacing. ii. Decorative paving or decorative concrete shall be provided for all entry driveways, parking facility approaches, parking areas, parking maneuvering areas, and parking stall(s) providing access and parking for all newly constructed buildings or any required parking facilities that are modified or improved greater than 50% of gross floor area of the parking facility. 147
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iii. Decorative paving or decorative concrete entry areas of any parking facility shall be provided in any required setback area or a minimum of the first twenty (20) feet of depth of any parking facility whichever is greater, as measured from the primary entrance into the required facility.

D. Lighting. The lighting of all onsite parking facilities shall be designed and maintained in a manner to prevent glare or indirect illumination from intruding into any off-site areas or adjacent properties or parcels. Lighting fixtures shall be provided in accordance with the following specifications:
i. Lighting fixtures shall be oriented and shielded downward to prevent any excess light intrusion. ii. Lighting fixtures shall only illuminate what is necessary to provide sufficient lighting for the safety and security of all parking facilities.
iii. Lighting fixtures installed on the exterior of any building onsite or visible from public view shall be architecturally compatible and integrated into the building design. iv. Lighting fixtures shall be installed to illuminate any walkways or paths of travel for pedestrians to and from any onsite parking facilities.
v. Lighting fixtures shall be provided as external illumination for any onsite signage for wayfinding or directional signage of any parking facility built in conjunction with a development.

E. Landscaping of all Access, Off-Street Parking, and Loading Areas. i. All landscaping shall conform to the Water Efficient Landscape requirements and best arboricultural practices.
ii. Perimeter Landscaping. All unenclosed or surface parking facilities shall provide a perimeter landscaped strip/buffer at least five (5) feet in depth between any parking facility and adjacent properties.
a. Perimeter landscaping shall include a mixture of trees, shrubs, and ground cover.

Sufficient number of trees shall be utilized in order to achieve complete screening of required parking facilities from adjacent properties at full maturity. iii. Interior Landscaping Island(s) and Diamond(s). All unenclosed or surface parking facilities shall provide interior landscaping island(s) or diamond(s).
a. Interior landscaping island(s) or diamond(s) shall be provided one (1) per every five (5) parking stalls; any fraction resulting based on this calculation shall be rounded down to the next whole number.
b. Any required landscaping island(s) shall be provided no less than two (2) feet by eight (8) feet in dimensions.
c. Any required landscaping diamond(s) shall be provided no less than four (4) feet by four (4) feet in dimensions.
d. As an alternative to any required landscaping island(s) or diamond(s) a project may propose above ground decorative planter(s) or pot(s) to satisfy this standard. The final location, and planter or pot design shall be determined by the Development Services Director.

F. Wheel Stops. A permanent curb, bumper wheel stop, or similar device shall be installed for all required parking stalls onsite. When a permanent curb is installed as a method for satisfying this requirement no vehicle overhang shall be permitted to encroach into any required landscaping area onsite.

G. Vertical Clearance. All required parking facilities shall have a vertical clearance of not less than seven (7) feet.
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H. Horizontal Clearance. All required parking stalls and loading facilities shall be free and clear of any encroachments into the required size dimensions (i.e., no pillars or structural members shall be located within the required dimension area of any parking stall or loading facilities).

I. Gates at Entrance(s), Exit(s) and Perimeter of all Access, Off-Street Parking, and Loading Areas. i. When gates are proposed onsite for any access, off-street parking, and loading areas they shall be designed and constructed to be architecturally compatible with the existing or proposed building(s) in that building materials shall be the same materials and finishes of the primary building(s).
ii. Adequate vehicle staging shall be provided at the approach of any gated access, off-street parking, and loading areas to prevent vehicles from staging off-site or in the public right-of-way. iii. Parking Management Plan. A parking management plan shall be required for any development that proposes gates into any required access, off-street parking, and loading areas to the satisfaction of the Development Services Director.
a. The parking management plan shall be reviewed independently of any other permit and processed as a Conditional Use Permit reviewed by the Zoning Administrator. b. The purposes of a parking management plan shall be to ensure adequate access is maintained at all times, and in the event of emergency all necessary provisions have been made to accommodate the safe ingress and egress of emergency response personnel and evacuation of any occupants.

J. Maintenance. All access, off-street parking and loading areas shall be maintained to assure the facilities are ready for use at all times. Such facilities shall be maintained free of refuse or debris at all times. When storage is included within any required parking facilities the designated parking and loading areas shall maintained free and clear and ready for vehicular use at all times.

K. Signage. Adequate onsite directional and wayfinding signage shall be provided for all access, off-street parking and loading areas. Signage shall include but is not limited to:
i. Entrance height clearance signage and bar.
ii. Directional and wayfinding signage for access into and around development. iii. When non-residential uses are provided onsite a directory shall be provided near all main entrances and exits of the site.
iv. When reserved or dedicated parking stalls are provided individual signage or floor markings shall be provided and maintained at all times.

L. Electric Vehicle (EV) dedicated parking stalls shall include signage indicating the type and capacity of each charging station.

A. Two spaces, one of which shall be covered, for each dwelling unit in a multiple-family dwelling or apartment house having two rooms or more in addition to the kitchen and bathrooms shall be required.

B. One and one-half spaces, one of which shall be covered, for each dwelling unit in a multiple-family dwelling or apartment house having less than two rooms in addition to the kitchen and bathrooms shall be required.

C. One on-site visitor space shall be required for every four multifamily residential dwelling units or fraction thereof.
(Ord. 07-312 § 9 (part); Ord. 02-410 § 4; prior code § 10-2.2305) 149
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14.74.070 Alternative to Off-Street Parking and Loading Facilities. R3-1 District requirements.

A. Compact Parking Stall Provisions.
i. Compact parking stalls shall be provided only for vehicles mid-size or smaller and are parking stalls designed with a standard reduction in size as compared to the City standard stall requirements.
ii. Compact parking space size. Each standard compact parking space shall consist of an area not less than eight (8) feet wide by sixteen (16) feet long. iii. Multiple-Family Residential shall be permitted to accommodate a maximum of twenty (20) percent of required residential parking as compact parking stalls. iv. Non-Residential Uses shall be permitted to accommodate a maximum of forty (40) percent of required non-residential parking as compact parking stalls.

B. Tandem Parking Stall Provisions.
i. Tandem parking stalls are an alternative parking configuration where one (1) parking stall is in front of another creating one (1) long parking stall that provides sufficient parking for two (2) required parking stalls.
ii. Tandem parking space size. Each standard tandem parking space shall consist of an area not less than nine (9) feet wide by thirty-six (36) feet long.
iii. Tandem parking stalls shall only be allowed for meeting the requirements of Residential Parking Standards.
iv. Tandem parking stalls shall only be allowed for required parking assigned to the same residential dwelling unit.

C. Mechanical Lift and Automated Parking Stall Provisions. i. Mechanical Lift Parking is an alternative parking configuration where one (1) vehicle is mechanically lifted on a parking system vertically above the ground to provide sufficient clearance for another vehicle to be parked directly beneath the vehicle above. a. Mechanical lift parking stalls shall only be allowed for required parking assigned to the same residential dwelling unit. Mechanical lift parking stalls shall not be allowed in meeting the parking requirements for any non-residential uses. b. Mechanical lift parking stalls shall provide a minimum of seven (7) feet in height clearance for each parking stall for a minimum of fourteen (14) feet in height for the two (2) stacked vehicles.
c. Back-up Power shall be provided for any proposed mechanical lift parking facilities to allow emergency operation of the system in retrieving all parked vehicles. ii. Automated Parking is a mechanical system designed to minimize the area and volume required for parking vehicles. Automated parking configurations can include single level or multiple levels of parking lifts in meeting the parking requirements. Automated parking systems utilize Artificial Intelligence (AI) to park and retrieve all vehicles parked within the automated parking facility. a. Automated parking shall be allowed for required parking of residential and nonresidential uses shall be permitted subject to the approval of a Conditional Use Permit reviewed by the Zoning Administrator at a Public Hearing. The following requirements shall be provided as apart of any request for use of an automated parking system:
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1. A parking management plan shall be provided to ensure adequate access is maintained at all times, and in the event of emergency all necessary provisions have been made to accommodate the safe ingress and egress of emergency response personnel and evacuation of any occupants.

2. All automated parking stalls, and associated equipment shall be located wholly within a permanent structure.

3. Technical study shall be provided with initial request for consideration demonstrating that the proposed design and operation of automated parking system will not be detrimental to surrounding uses and properties in the vicinity relative to noise, visual impacts, and general use of the proposed facilities.

4. Back-up Power shall be provided for any proposed automated parking facilities to allow emergency operation of the system in retrieving all parked vehicles.

5. The Zoning Administrator shall have the discretion to require any necessary technical study or manufacturer specifications in order to determine the appropriateness and operational standards of the proposed automated parking system.

D. Motorcycle Stall Provisions.
i. Motorcycle parking stalls shall be provided only for the cycle of motorcycles and are parking stalls designed with a standard reduction in size as compared to the City standard stall requirements.
ii. Motorcycle parking space size. Each standard motorcycle parking space shall consist of an area not less than five (5) feet wide by ten (10) feet long. iii. Motorcycle parking shall be permitted to accommodate a maximum of five (5) percent of the required non-residential parking.
iv. Motorcycle parking shall not be allowed for meeting the requirements of Residential Parking Standards.

A. There shall be two underground off-street parking spaces for each dwelling unit in a multiple-family dwelling or apartment house having two rooms or more in addition to the kitchens and bathrooms.

B. There shall be one and one-half underground off-street parking spaces for each dwelling unit in a multiplefamily dwelling or apartment house having less than two rooms in addition to the kitchens and bathrooms.

C. Projects with a site area less than thirty thousand (30,000) square feet may provide up to a maximum of onehalf of the required parking above-ground. The proposed parking plan shall be subject to the approval of the commission and council.

D. One on-site visitor space shall be required for every four multiple-family residential dwelling units or fraction thereof.
(Ord. 07-312 § 9 (part); prior code § 10-2.2305.1)
(Ord. No. 2012-375, § 9, 1-24-2012)
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14.74.080 Mixed Use Development Parking Requirements. Residential uses in CN, CD, CD/R3, CRS/OAD, CRS and CT Districts.

Where more than one use is included in one building or on a single parcel, the parking requirements shall be the sum total of the requirements of all the uses (each onsite use parking requirement is calculated independently); provided, however, when determined by the Development Services Director that a conflict in demand for parking will not occur, parking requirements may be combined. Appropriate legal documents, as approved by the City Attorney, shall be executed when such a combination is required and approved.

A. There shall be two off-street parking spaces for each dwelling unit in a multiple-family dwelling or apartment house having two rooms or more in addition to the kitchens and bathrooms.

B. There shall be one and one-half off-street parking spaces for each dwelling unit in a multiple-family dwelling or apartment house having less than two rooms in addition to the kitchens and bathrooms.

C. One on-site visitor space shall be required for every four multiple-family residential dwelling units or fraction thereof. Mixed use projects may substitute nonresidential parking spaces for visitor use in-lieu of providing dedicated visitor parking spaces, subject to approval of the commission and council.

D. For emergency shelters the following off-street parking shall be provided: 0.25 parking spaces per bed,

0.2 bike spaces per bed, one parking space per family room, and one parking space per employee on duty.
(Ord. 07-312 § 9 (part); Ord. 05-294 § 3 (part))
(Ord. No. 2012-375, § 10, 1-24-2012; Ord. No. 2015-408 , § 3, 6-9-2015)

14.74.090 Loading Facilities. Reserved.

In order to accommodate the delivery or shipping of goods of all developments, on-site loading facilities shall be provided for all non-residential development and housing developments of ten (10) units or greater:

A. There shall be at least one loading facility provided, which shall have minimum dimensions of at least ten (10) feet by twenty-five (25) feet, with fourteen (14) feet of vertical clearance (when provided within the building envelope).

B. Loading facilities shall be located and designed so that the vehicles intended to use them can maneuver safely and conveniently to and from a public right-of-way without interfering with the orderly movement of vehicular traffic, bicyclists and pedestrians on any public way and complete the loading and unloading operations without obstructing or interfering with any parking stall or parking lot aisle.

C. No area allocated to loading facilities may be used to satisfy the area requirements for off-street parking, nor shall any portion of any of off-street parking area be used to satisfy the area requirements for loading facilities.

D. A loading facility may be located in the front yard setback but shall comply with other required setbacks.

E. All loading facilities shall be designed and maintained so that vehicles do not back in from, or onto, a public street.
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F. Loading facilities shall be striped indicating the loading spaces and identifying the spaces for "loading only." The striping shall be permanently maintained by the property owner/tenant in a clear and visible manner at all times.

G. Adequate signage shall be provided that directs delivery vehicles to the loading space.

Editor's note(s)—Ord. No. 2012-375, § 11, adopted Jan. 24, 2012, repealed § 14.74.090 which pertained to office uses in the OA-1, OA-4.5 and CN district and derived from § 10-2.2306 of the prior code; Ord. No. 05-294, § 3(part); Ord. No. 07-312, § 9(part); and Ord. No. 10-348, § 7, adopted April 13, 2010.

14.74.100 Downtown Los Altos Parking Provisions. Office uses in CRS/OAD, OA, CN, CD, CD/R3, CRS and CT Districts.

A. Downtown Los Altos Parking District.
i. Properties located in Downtown Los Altos which participated in a public parking district, no parking shall be required for the net square footage of existing nonresidential buildings which does not exceed one hundred (100) percent of the net lot area.
ii. Parking shall be required for any new net square footage in excess of one hundred (100) percent of the lot area and for all properties which did not participate in the original public parking district. iii. All parking requirements shall be calculated based on the adopted parking ratios and provisions contained within this code.

B. Downtown Lot Consolidation.
i. In certain portions of Downtown Los Altos, specifically along Main Street and State Street, the presence of small lots, fragmented ownership pattern, and lack of ability to provide on-site parking have historically constrained redevelopment potential. In order to incentivize Downtown Lot Consolidation for the redevelopment of existing buildings with frontages along Main Street and State Street the following standards shall apply:
a. The maximum parking requirement of any residential dwelling unit shall be one (1) parking stall per unit.

For those properties which participated in a public parking district, no parking shall be required for the net square footage which does not exceed one hundred (100) percent of the lot area. Parking shall be required for any net square footage in excess of one hundred (100) percent of the lot area and for those properties which did not participate in a public parking district and shall be not less than one parking space for each three hundred (300) square feet of net floor area.
(Ord. 07-312 § 9 (part); Ord. 05-294 § 3 (part): prior code § 10-2.2307) (Ord. No. 10-348, § 8, 4-13-2010; Ord. No. 2012-375, § 12, 1-24-2012)

14.74.110 Common Parking Facilities. Commercial uses in CRS/OAD, OA, CN, CD, CD/R3, CRS and CT Districts.

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less than the sum of the individual requirements, and provided also that the parking facility shall be within five hundred (500) feet of the site of the permitted use.

B. When a common parking facility is approved as prescribed per subsection A, appropriate legal documents, as approved by the City Attorney and Development Services Director, shall be executed to insure permanent use of such spaces.

A. For intensive retail uses and personal services, not less than one parking space for each two hundred (200) square feet of net floor area;
B. For extensive retail uses, not less than one parking space for each five hundred (500) square feet of net floor area;
C. For business, professional and trade schools, one parking space for every three employees, including teachers and administrators, plus one additional space for every two students; D. For bars, cafes, nightclubs, restaurants, and soda fountains, one parking space for every three employees, plus one space for every three seats provided for patrons, and such additional parking spaces as may be prescribed by the commission;
E. For bowling alleys, one parking space for every three employees, plus six additional parking spaces for each alley;
F. For pool halls, one parking space for every three employees, plus one additional parking space for each pool table;
G. For other types of commercial recreation establishments, one parking space for every three employees, plus such additional parking spaces as may be prescribed by the planning commission; H. For hotels and motels, one parking space for every three employees, plus one additional space for each sleeping room or suite, and additional parking spaces as prescribed in subsection A of this section for any store, service establishment, shop, or studio located on the site, and additional parking spaces as prescribed in subsection C of this section for any bar, cafe, nightclub, restaurant, or soda fountain located on the site;
I. For mortuaries, one parking space for every three employees, and one additional space for each hearse and funeral car owned or hired by the mortuary, plus the number of spaces prescribed by the planning commission for visitors and persons attending funerals; J. For theaters and auditoriums, one parking space for every four seats, plus one additional space for every three employees; and
K. For automobile display or salesrooms, bus depots, drive-in banks, drive-in restaurants, repair garages, and storage garages, one parking space for every three employees, plus such additional parking spaces as prescribed by the planning commission or city council. (Ord. 07-312 § 9 (part); Ord. 07-306 § 7: Ord. 05-294 § 3 (part): prior code § 10-2.2308) (Ord. No. 2012-375, § 13, 1-24-2012)
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14.74.120 Authorization to Execute Parking License Agreements. Community facilities.

A. Applicability.
i. The provisions of Section 14.74.120 of the Los Altos Municipal Code shall only apply to properties within Downtown Los Altos and for meeting the parking requirements of nonresidential development and uses.

B. Authorization Granted.
i. The City Council authorizes the Development Services Director to determine the parking requirements of any proposed project within the City of Los Altos consistent with the provisions of this code.
a. When it is determined that providing the required parking onsite is infeasible the Development Services Director shall negotiate with consultation of the City Attorney a Parking License Agreement to satisfy the parking requirements of Chapter 14.74 of the Los Altos Municipal Code.
ii. The City Council authorizes the City Manager to execute any proposed Parking License Agreement and subsequent amendments to existing and proposed Parking License Agreements based on the provisions of Section 14.74.120 of the Los Altos Municipal Code.

C. Establishment of Fee.
i. The fee for use of public parking plazas, and structures for meeting the parking requirements of nonresidential uses shall be based upon the Master Fee Schedule of the City of Los Altos as amended annually.
a. Annual amendments to the Master Fee Schedule shall be applied to each executed Parking License Agreement as necessary.

D. Executed Parking License Agreement.
i. The executed agreement shall be reported out to the City Council as an Informational Item on its published agenda at its next regularly scheduled meeting following the final execution of said agreement.

Parking space requirements shall be as follows:

A. For public, parochial, and private schools and for nursery schools, church schools, and colleges, one parking space for every two employees, including teachers and administrators, plus sufficient space for the safe, convenient loading and unloading of students, and such additional area for student and visitor parking as may be prescribed by the commission;
B. For public playgrounds, parks, community centers, and other public buildings, structures, and facilities, one parking space for every two employees, plus such additional parking area as may be prescribed by the commission;
C. For day-care centers and private nonprofit recreation facilities, one parking space for every two employees, plus such additional parking area as may be prescribed by the commission; D. For churches, not less than one parking space for every three and one-half seats in the main sanctuary, plus one additional space for each church official resident on the premises, and one additional space for every two employees, plus such additional parking area as may be prescribed by the commission; E. For monasteries, convents, and other religious institutions, one parking space for every two employees, plus such additional parking area as may be prescribed by the commission; 155
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F. For golf courses, country clubs, and private commercial clubs, one parking space for every two employees, plus such additional parking area as may be prescribed by the commission; G. For private noncommercial clubs, other than country clubs, one parking space for every two employees, plus one parking space for every three members, or, in the alternative, such additional parking area for members as may be prescribed by the commission; H. For libraries, museums, and noncommercial art galleries, one parking space for every two employees, plus such additional parking area as may be prescribed by the commission; I. For institutions of an educational or philanthropic nature, one parking space for every two employees, plus such additional parking area as may be prescribed by the commission; J. For public utility service structures or installations, one parking space for every two employees; K. For hospitals, one parking space for every two patient beds, plus one additional space for each staff doctor and one space for every three employees, including nurses. Loading space for ambulances and similar vehicles shall not be included therein;
L. For nursing home and convalescent hospitals, one-half of one parking space for each bed, plus additional parking space as may be determined by the planning commission and city council; M. For retirement homes, three-fourths of one parking space for each dwelling unit, plus additional parking spaces as may be determined by the planning commission and city council; and N. For residential care homes for aged persons on sites containing ten thousand (10,000) to forty-three thousand five hundred sixty (43,560) square feet, not less than one garage or carport, plus one parking space; provided, however, in the event there are more than two vehicles, additional space shall be provided for each additional vehicle beyond the required front yard setback in accordance with plans approved by the commission. The occupants of the care home shall be prohibited from parking their vehicles off site.
(Ord. 07-312 § 9 (part); Ord. 05-294 § 3 (part); prior code § 10-2.2311)

14.74.130 Minimum Number of Required Parking Stalls. Plant nurseries.

A. Calculation of Minimum Parking Requirements.
i. For the purposes of this chapter, "net square footage" shall mean the total horizontal area in square feet on each floor, including basements, but not including the area of inner courts or shaft enclosures.
ii. The requirement for a use not specifically mentioned in Chapter 14.74 of the Los Altos Municipal Code shall be the same as for a specified use which has the most similar traffic or parking generation characteristics. The Development Services Director shall determine what constitutes similar traffic or parking generation characteristics. The Development Services Director shall have the authority to require a parking analysis or report of any proposed development in order to determine the appropriate parking requirement of a use not listed below. The number of required stalls shall be adequate to service the proposed use. iii. When the calculation of required parking stalls results in a fractional number, the number of required stalls shall be rounded up to the next whole number when the fraction is equal to or greater than .5 and may be rounded down to the next whole number when the fraction is less than .5.

B. Minimum Number of Required Parking Stalls by Use are as follows:
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USE REQUIRED NUMBER OF PARKING STALLS
Residential Uses
Accessory Dwelling Unit(s) Shall comply with the provisions of Chapter 14.14 of this title per unit.

Affordable Housing Unit(s), Below
Market Rate (BMR), Deed Restricted
Unit
One Half (0.5) stalls per unit.

Senior Citizen Housing Development, as
defined in Section 51.3 and 51.12 of the
California Civil Code and based on age
requirements for housing for older
persons pursuant to Section 798.76 or
799.5 of the California Civil Code.

One (1) stall per unit.

Single Family Dwelling Unit Two (2) stalls, one of which shall be covered per unit.

Multiple Family Dwelling Units
Studio Unit(s) One (1) stall per unit.
0 to 1 Bedroom Unit(s) One (1) stall per unit.
2 to 3 Bedroom Unit(s) One and one half (1.5) stalls per unit. 4 or more Bedroom Unit(s) Two and one half (2.5) stalls per unit.

Guest Parking (For Multiple Family
Housing Development(s) Only)
Zero (0) stalls required.

Specialized Housing Uses
Emergency Shelters One (1) stall for every three (3) employees, plus (1) stall for every ten (10) beds within the emergency
shelter.

Nursing Homes, Including: Convalescent
Hospitals, Assisted Living Homes or
Similar Uses.

One (1) stall for every two (2) patient beds or for
every two (2) resident units, plus one (1) for every
three (3) employees.

Single Room Occupancy (SRO) One half (0.5) stall per single room occupancy unit.

Supportive and Transitional Housing One half (0.5) stall per supportive and transitional housing unit, plus one (1) stall for every three (3)
employees.

Nonresidential Uses
Arcades One (1) stall for every three (3) employees plus one (1) for every one hundred and fifty (150) square
feet of net floor area.

Art Galleries, and Museums One (1) stall for every two hundred and fifty (250) square feet of net floor area.
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Bowling Alleys One (1) stall for every three (3) employees, plus six (6) stalls for each alley.

Business and Professional Offices,
Including: Accountants, Lawyers, Real
Estate Companies, Estate Planning, and
similar uses.

One (1) stall for every three hundred (300) square
feet of net floor area.

Business, Professional, and Trade
Schools
One (1) stall for every three (3) employees, plus
one (1) stall for every two (2) students.

Commercial Recreation Establishments
(Not Specifically Listed in this Chapter.)
One (1) stall for every three (3) employees, plus
additional parking stalls as determined by the
Development Services Director.

Country Clubs Individual uses shall be calculated independently of each other and included in the comprehensive
parking total for all uses onsite.

Churches, Monasteries, Convents, and
Other Religious Institutions
One (1) stall for every three (3) employees, plus
one (1) stall for every three (3) fixed seats (or 72" of bench seating), or one (1) stall for every twenty-five
(25) square feet of net floor area.

Daycare Facilities One (1) stall for every two (2) employees, plus (1) stall for every four (4) persons left in the care of the daycare facility. Additional parking and loading
requirements shall be considered when bicycle and
pedestrian safety is determined to be necessary as
determined by the Development Services Director.

Financial Services, Including: Banks,
Savings and Loans, Credit Unions, and
similar uses.

One (1) stall for every two hundred and fifty (250)
square feet of net floor area.

Golf Courses Four (4) stalls for each hole of golf course, plus additional stalls for each use calculated seperately.

Government Uses, and other Public and
Community Facility Uses
To be determined by the Development Services
Director and supported by a Parking Study or
Analysis.

Gyms, Spas, and Health Clubs One (1) stall for every two hundred (200) square feet of net floor area.

Hospitals One (1) stall for every two (2) patient beds, plus one (1) stall for every three (3) employees.

Additional parking and loading shall be required for
emergency response vehicles.

Hotels and Motels One (1) stall for every three (3) employees, plus one (1) for each sleeping room.

Laundromat One (1) stall for every three (3) washing machines.

Libraries One (1) stall for every two hundred and fifty (250) square feet of net floor area.
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Medical and Dental Offices One (1) stall for every two hundred (200) square feet of net floor area.

Mortuaries and Funeral Homes One (1) stall for every three (3) employees, plus one (1) for each hearse, plus one (1) stall for every
three (3) fixed seats (or 72" of bench seating), or
one (1) stall for every twenty-five (25) square feet
of net floor area.

Nonprofit Organizations One (1) stall for every three hundred (300) square feet of net floor area.

Parks, Playgrounds, Sport Fields To be determined by the Development Services Director and supported by a Parking Study or
Analysis.

Personal Services One (1) stall for every two hundred (200) square feet of net floor area.

Plant Nurseries One (1) stall for every one thousand (1,000) square feet of gross floor area of indoor/enclosed areas,
plus one (1) stall for every two thousand (2,000)
square feet of gross floor area of all outdoor sale,
storage or display areas.

Pool Halls One (1) stall for every three (3) employees, plus one (1) for each pool table.

Private Membership Clubs One (1) stall for every one hundred and fifty (150) square feet of net floor area.

Public Utility Service Structures (open
to the public and agency use only).

One (1) stall for every two (2) employees, plus (1)
stall for every two hundred (200) square feet of net
floor area of customer service and office areas.

Restaurants, Including: Bars, Cafes,
Nightclubs, Ice Cream Shops, Food Halls,
Coffee Shops
One (1) stall for every three (3) employees, plus
one (1) stall for every three (3) seats for patrons.

Retail
Extensive Retail Sales One (1) stall for every five hundred (500) square feet of net floor area.

Intensive Retail Sales One (1) stall for every two hundred (200) square feet of net floor area.

Schools (Public and Private) One (1) stall for every two (2) employees, plus additional stalls as determined by a Parking Study
or Analysis. Additional parking and loading
requirements shall be considered when bicycle and
pedestrian safety is determined to be necessary as
determined by the Development Services Director.

Swimming Pools Ten (10) stalls, plus one (1) for every three (3) employees.

Tennis Courts, Including Pickleball and
Racquetball
Three (3) stalls for each court.
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Theaters and Auditoriums One (1) stall for every four (4) fixed seats, plus one (1) stall for every three (3) employees.

Union Halls, Lodges, and Clubs One (1) stall for every two (2) employees, plus (1) stall for every three (3) members.

Veterinary Offices One (1) stall for every three hundred (300) square feet of net floor area.

Other Uses
Other Uses, all uses not specifically
listed
To be determined by the Development Services
Director and supported by a Parking Study or
Analysis.

Parking space requirements shall be as follows:

A. Ten (10) parking spaces for each acre, or fraction thereof, contained in the site, plus such additional parking spaces as may be prescribed by the commission; or B. One parking space for every three employees, plus such additional parking spaces as may be prescribed by the commission.
(Ord. 07-312 § 9 (part); Ord. 05-294 § 3 (part); prior code § 10-2.2312)

14.74.140 Other uses.

Other uses not specifically set forth in the foregoing sections of this chapter shall furnish parking as prescribed by the commission. In determining the off-street parking requirements for such uses, the commission shall use the foregoing requirements as a general guide and shall determine the minimum number of parking spaces necessary to avoid undue interference with the public use of streets and alleys. (Ord. 07-312 § 9 (part); Ord. 05-294 § 3 (part); prior code § 10-2.2313)

14.74.150 Mixed use development.

Where more than one use is included in one building or on a single parcel, the parking requirements shall be the sum total of the requirements of all the uses; provided, however, when determined by the city that a conflict in demand for parking will not occur, parking requirements may be combined. Appropriate legal documents, as approved by the city attorney, shall be executed when such combination is approved. Any use or building requiring five-tenths or more parking space shall be deemed to require a full space. (Ord. 07-312 § 9 (part); Ord. 05-294 § 3 (part); prior code § 10-2.2314) (Ord. No. 10-348, § 10, 4-13-2010)

14.74.160 Off-street loading spaces.

Loading spaces shall be provided on the site of each of the permitted uses in the CN, CN-T, CD, CT, Community Facilities, and Plant Nursery districts when found by the commission to require the receipt or 160
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distribution of materials by vehicles or when found to be necessary for the public safety or welfare. The number of spaces shall be determined on the basis of the number of anticipated truck movements. (Ord. 07-312 § 9 (part); Ord. 05-294 § 3 (part); prior code § 10-2.2315)

14.74.170 Common parking facilities.

A. Parking space requirements prescribed in this chapter may be satisfied by the permanent allocation of the required area or number of spaces for each permitted use in a common parking facility, cooperatively established and operated, either under private auspices or a public assessment district, which includes the site of any use permitted under this chapter, provided the total number of spaces allocated shall be not less than the sum of the individual requirements, and provided also that the parking facility shall be within three hundred (300) feet of the site of the permitted use, and further provided that the parking facility meets the design standards set forth in this chapter.

B. The Planning and Transportation Commission shall review and approve a common parking facility proposal to ensure that it meets the intent of this chapter.

C. When a common parking facility is approved as prescribed per subsections A and B, appropriate legal documents, as approved by the City Attorney and the City Planner, shall be executed to insure permanent use of such spaces.
(Ord. 07-312 § 9 (part); Ord. 05-294 § 3 (part); prior code § 10-2.2316; Ord. No. 2015-414 , § 11, 9-8-2015)

14.74.180 Off-street parking and loading spaces.

No parking space or loading space provided on one site for a structure or a use in compliance with the regulations for the district in which it is located shall be deemed to provide a parking space or loading space for a structure or use on any other site.
(Ord. 07-312 § 9 (part); Ord. 05-294 § 3 (part); prior code § 10-2.2317)

14.74.190 Reduction of off-street parking and loading spaces.

No parking space or truck loading space provided for a structure or use in compliance with the regulations for the district in which it is located shall be reduced in area or capacity without sufficient additional area or capacity being provided to comply with the district regulations. (Ord. 07-312 § 9 (part); Ord. 05-294 § 3 (part); prior code § 10-2.2318)

14.74.200 Development standards for off-street parking and truck loading spaces.

A. Off-street parking facilities shall conform to the following standards:

1. Perpendicular parking space size. Each standard parking space shall consist of an area not less than nine feet wide by eighteen (18) feet long, except as noted on the drawing labeled "Parking Standards Exhibit A" on file in the office of the planning department.

2. Handicapped persons perpendicular parking space size. Parking stalls for the use of the physically handicapped shall comply with the requirements set forth in Part 2 of Title 24 of the California Administrative Code and Chapter 9 of Division 11 of the Vehicle Code of the state. 161
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3. Truck loading space size. Truck loading spaces shall not be less than ten (10) feet wide by twenty-five (25) feet long.

4. Clearance. Standard and compact parking spaces shall have a vertical clearance of at least seven feet over the entire area. In addition, the spaces shall be clear horizontally (for example, pillars in a basement or parking structure shall not be located in required parking spaces). Truck loading spaces shall have a vertical clearance of at least fourteen (14) feet.

B. Each parking and loading space shall be accessible from a public street or alley.

C. The parking and loading area shall be paved with an all-weather asphaltic concrete or portland cement concrete pavement and marked in accordance with the city engineering standards (not applicable for singlefamily dwellings).

D. Concrete bumper guards or wheel stops shall be provided for all parking spaces, except as provided in this section. The concrete curb around a perimeter landscaped area shall not be used as a bumper stop unless approved by the commission and the council. In such cases, the commission and the council may allow a parking space length to be reduced by two feet.

E. Lighting shall be deflected downward and away from any residential property.

F. No advertising or sign, other than identification or direction signs, shall be permitted in the parking or loading area.

G. No repair or servicing of vehicles shall be permitted in the parking or loading area.

H. No area which lies within the precise plan line for a public street or alley adopted by the council shall be computed as satisfying the parking and loading space requirements of this chapter.

I. A parking area abutting on property in an R District or across a street or an alley from property in an R District shall be screened, subject to the approval of the planning department, by a solid fence or wall or a compact evergreen hedge or other screening not less than six feet high, subject to the provisions of Chapter

14.72 of this title regulating fences (not applicable for single-family dwellings).

J. The minimum width of a one-way drive shall be twelve (12) feet.

K. The minimum width of a two-way drive shall be eighteen (18) feet.

L. Space for turning around on the site shall be provided for parking areas of three or more spaces so that no cars need back into the street (not applicable for single-family dwellings).

M. Parallel and acute angle parking shall be designed for one-way traffic only, unless otherwise specified by the commission.

N. The minimum standards for the design of off-street parking areas shall be in accordance with those shown on the drawing labeled "Parking Standards Exhibit A" on file in the office of the planning department.

O. If found to be necessary or desirable by the city, the design standards set forth in this section may be waived for public and community facility uses or commercially operated public parking facilities in order to permit attended or supervised parking.

P. District requirements resulting in one-half or greater parking space shall be deemed to require a full space.

Any fractional parking spaces .5 and greater shall be rounded up to the next whole number.

Q. For the purposes of this section, "net square footage" shall mean the total horizontal area in square feet on each floor, including basements, but not including the area of inner courts or shaft enclosures. (Ord. 07-312 §§ 9 (part), 10; Ord. 05-294 § 3 (part); prior code § 10-2.2319) (Ord. No. 10-348, § 11, 4-13-2010; Ord. No. 2012-375, § 14, 1-24-2012) 162
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163
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Reviewed By:

City Manager City Attorney
GE JH

AGENDA REPORT SUMMARY
Meeting Date: February 13, 2024
Subject: Municipal Code Amendment to Section 6.16.070 of the Los Altos Municipal Code updating to reflect prohibited days of construction on City Observed Holidays.

Prepared by: Nick Zornes, Development Services Director Reviewed by: Jolie Houston, City Attorney
Approved by: Gabriel Engeland, City Manager
Attachment(s):

1. Draft Ordinance

2. Appendix A
Initiated by:

Staff.

Fiscal Impact:

None.

Environmental Review:

This Ordinance is exempt from environmental review pursuant to Section 15061(b)(3) of the State Guidelines implementing the California Environmental Quality Act of 1970.

Summary:
 The draft ordinance brings the Municipal Code in alignment with the actual practice of the City of Los Altos for observed holidays.

Staff Recommendation:

Introduce and waive further reading of Municipal Code Amendment to Section 6.16.070 of the Los Altos Municipal Code updating to reflect prohibited days of construction on City Observed Holidays and find that this ordinance is exempt from environmental review pursuant to Section 15061(b)(3) of the State Guidelines implementing the California Environmental Quality Act of 1970.
164
Agenda Item # 8.

Subject: Municipal Code Amendment to Section 6.16.070 of the Los Altos Municipal Code updating to reflect prohibited days of construction on City Observed Holidays. 2/13/2024 Page 2
Purpose
The purpose of the draft ordinance is to bring the Los Altos Municipal Code into alignment with the actual practice of the City of Los Altos for observed holidays. The amendments will help to accurately inform City staff, the community, and contractors on City Observed Holidays.

Discussion and Analysis
The existing municipal code Section 6.16.070 only reflects the following holidays:
 New Year’s Day
 Memorial Day
 Independence Day
 Labor Day
 Veterans’ Day
 Thanksgiving Day
 Christmas Day
The draft municipal code amendment incorporates the following missing holidays:
 Martin Luther King Jr. Birthday
 Cesar Chavez Day
 Presidents Day
 Juneteenth Day
 Indigenous Peoples’ Day
 Day After Thanksgiving
 Christmas Eve
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Agenda Item # 8.

ORDINANCE NO. 2024-

AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF LOS ALTOS AMENDING SECTION 6.16.070 OF TITLE 6 HEALTH AND SAFETY OF THE LOS

ALTOS MUNICIPAL CODE FOR PROHIBITED ACTS
WHEREAS, the amendments was processed in accordance with the applicable provisions of the California Government Code and the Los Altos Municipal Code; and WHEREAS, the City Council held a duly noticed public meeting on February 13, 2024; and
WHEREAS, this Ordinance is exempt from environmental review pursuant to Section 15061(b)(3) of the State Guidelines implementing the California Environmental Quality Act of 1970, as amended; and
NOW, THEREFORE, the City Council of the City of Los Altos does hereby ordain as follows:

SECTION 1. AMENDMENT OF TITLE 6 OF THE MUNICIPAL CODE. Section 6.16.070 is hereby amended of the Los Altos Municipal Code as set forth in Appendix A to this Ordinance, strikethrough indicates deletion, and underlined indicates addition.

SECTION 3. PUBLICATION. This Ordinance shall be published as provided in Government Code Section 36933.

SECTION 4. EFFECTIVE DATE. This Ordinance shall be effective upon the commencement of the thirty-first day following the adoption hereof.
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Agenda Item # 8.

I HEREBY CERTIFY that the foregoing Ordinance was duly and properly introduced at a regular meeting of the City Council of the City of Los Altos held on February 13, 2024, and was thereafter, at a regular meeting held on February 27, 2024, passed and adopted by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:
___________________________________
Jonathan D. Weinberg
MAYOR
Attest:
____________________________
Melissa Thurman, MMC
City Clerk
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APPENDIX A
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Los Altos City CouncilFebruary 13, 2024

Los Altos City Council
February 13, 2024