initiatives, and regulatory policies. By establishing a clear and adaptable framework, the City not only defines its policy positions but also remains responsive to emerging legislative and budgetary challenges that arise throughout the legislative process. This proactive approach strengthens the City’s ability to secure necessary resources and influence policy decisions that align with the City’s long-term objectives.
The Legislative Platform for the City of Modesto is critical in navigating the ever-changing landscape of legislation at both the state and federal levels. This Legislative Platform helps the City advocate through 2025 and 2026, ensuring that the City remains focused on the legislative priorities and guides the City’s interactions with policymakers. With the constant evolution of laws, regulations, leadership, and funding availability, this Legislative Platform is a strategic roadmap that effectively advocates for the policy and funding goals for the City. The Legislative Platform is essential and helps maintain financial stability as well as reinforcement of the City’s Strategic Plan’s three areas of focus for enhancing the lives of residents in Modesto:
Quality of Life: Engage partners across the community to ensure the safety, resilience, and attractiveness of Modesto.
Economic Vitality: Retain and attract residential, commercial, and industrial development to meet the community’s needs today and for the next generation. Governance and Service Delivery: Build community trust in City government through responsive, transparent and efficient service delivery. Build community trust in City government rough responsive, transparent and efficient service delivery DISCUSSION:
To maximize state and federal funding opportunities and advocate for the policy goals of the City, the City must actively engage with both the State and Federal Legislative representatives at all levels through consistent strategic advocacy and informed legislative efforts, the City is prepared to identify and secure critical resources and influence future policy discussions.
Several existing federal programs, including the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Infrastructure Investment and Jobs Act, and the Inflation Reduction Act, providing significant funding opportunities. The City will leverage these funding streams outside of the traditional appropriations process, ensuring access to resources even if member-directed spending (earmarks) is reduced or eliminated. Many of the City’s legislative priorities are tailored to align with these laws, enhancing the competitiveness of grant applications and positioning the City to secure funding for high-impact projects. If earmarks remain available, the City is well-prepared with legislative priorities to make timely and credible appropriations requests.
The Legislative Platform highlights the City’s long-term goals, fostering opportunities for future legislation and funding. Proactive and consistent advocacy of the legislative priorities enable City staff to collaborate directly with state and federal government entities to develop wellstructured projects and policies that support the City’s Strategic Plan.
FISCAL IMPACT:
While there is no direct and immediate fiscal impact associated with the adoption of the 2025- 2026 State and Federal Legislative Priorities, these priorities strategically position the City to pursue external funding opportunities that could enhance future revenue streams. #14..
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City Council, April 8, 2025
2025-2026 State and Federal Legislative Priorities
COMMITTEE RECOMMENDATION:
This item was presented to the Finance Committee on March 24, 2025, and the Committee recommended forwarding to Council for approval.
RECOMMENDED COUNCIL ACTION:
Staff Recommendation:
Resolution approving the 2025-2026 State and Federal Legislative Priorities.
Approved by:
Sonya Severo,
Public Relations and Legislative Affairs Manager
Joseph P. Lopez, City Manager
Attachments:
1. Resolution - 2025-2026 Legislative Priorities
2. 2025-2026 Legislative Priorities
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1 MODESTO CITY COUNCIL
RESOLUTION NO. 2025-___
RESOLUTION APPROVING THE 2025-2026 STATE AND FEDERAL
LEGISLATIVE PRIORITIES
WHEREAS, State and federal governments allocate significant funding to municipalities through appropriations and grant programs, providing essential resources for local initiatives; and
WHEREAS, the City must actively engage with lawmakers, advocating for policies that align with the Council’s strategic priorities, and ensuring the City’s interests are represented in legislative discussions; and
WHEREAS, the City’s legislative priorities are shaped through a collaborative process that involves input from each department, ensuring that fiscal and policy needs are clearly identified to support effective program implementation; and WHEREAS, the City’s legislative platform helps the City advocate through 2025 and 2026, ensuring that the City remains focused on the legislative priorities and guides the City’s interactions with policymakers; and
WHEREAS, this legislative platform is essential in maintaining financial stability as well as reinforcing the City’s Strategic plan focus areas of “Quality of Life”, “Economic Vitality”, and “Governance and Service Delivery”; and WHEREAS, the City will leverage these funding streams outside of the traditional appropriations process, ensuring access to resources even if member-directed spending (earmarks) is reduced or eliminated; and
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2 WHEREAS, many of the City’s legislative priorities are tailored to align with these laws, enhancing the competitiveness of grant applications and positioning the City to secure funding for high-impact projects; and
WHEREAS, the legislative platform highlights the City’s long-term goals, fostering opportunities for future legislation and funding.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby approves the 2025-2026 State and Federal Legislative Priorities.
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 8th day of April, 2025, by Councilmember XXXX, who moved its adoption, which motion being duly seconded by Councilmember XXXX, was upon roll call carried and the resolution adopted by the following vote:
AYES: Councilmembers:
NOES: Councilmembers: None
ABSENT: Councilmembers: None
ATTEST: _____________________________
DIANE NAYARES-PEREZ, CMC,
City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: ________________________________
JOSE M. SANCHEZ, City Attorney
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Legislative
Priorities
2025-2026
www.modestogov.com
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City of Modesto, Legislative Priorities 2 2025-2026
City Manager’s Message 3
Strategic Plan 4
Economic Vitality 5
Quality of Life 7
Governance and Service Delivery 9
Table of Contents
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The City of Modesto’s Legislative Platform serves as the framework for the city’s advocacy and policy priorities on key issues on state and federal legislation. The City’s advocacy efforts are the foundation for strategy on legislation, administrative, and budget issues that impact the City of Modesto.
The Legislative Platform will help the City Council and leaders focus on specific goals that are aligned with the City Council’s strategic priorities. This platform will direct City staff on how to effectively advocate for support and opposition to proposed legislation, funding requests, and promote policies that benefit all residents.
The City of Modesto focus is one three strategic priorities, and they are the basis of our scorecard that measures success and upon which our performance metrics are built.
Economic Vitality
Quality of Life
Governance & Service Delivery
These strategic priorities are at the heart of service delivery and future economic growth for the City of Modesto.
Joseph P. Lopez
City Manager
A Message from the
City Manager
2025-2026 City of Modesto, Legislative Priorities 3
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City of Modesto, Legislative Priorities 4 2025-2026
Retain and attract residential, commercial, and industrial development to meet the community’s needs today and for the next generation.
In the City’s 2020-2025 Strategic Plan the City Councilmembers reaffirm three strategic priorities. The City leadership focus on these priorities and they are the basis of our scorecard that measures success and upon which our performance metrics are built.
Engage partners across the community to ensure the safety, resilience, and attractiveness of Modesto.
Build community trust in City government through responsive, transparent, and efficient service delivery.
City of Modesto
Strategic Plan
Economic Vitality
Quality of Life
Governance & Service Delivery
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The Economic Vitality area of focus seeks to retain and attract residential, commercial, and industrial development to meet the community’s needs today and for the next generation. The stated goals to achieve economic vitality include driving the success of a vibrant and economically sustainable business climate, building and promoting a recognizable and desirable identity for the City of Modesto, and making downtown Modesto a regional destination.
Drive the success of a vibrant and economically sustainable business climate.
The City aims to establish a fair and competitive tax structure that promotes business growth while ensuring the sustainability public services. Key strategies include investing in transportation, utilities, and digital infrastructure to bolster existing businesses and attract new ones.Additionally, there will be focus on streamlining regulations to reduce barriers for new enterprises, alongside providing grants, loans, and resources for small business development and job creation. The City also emphasis the promotion of affordable housing and the attraction of divers industrial and commercial spaces to enhance business opportunities in Modesto.
The City of Modesto plans to create a unified brand that showcases its achievements and attracts investments, businesses, tourists and residents. By leveraging digital communication platforms, the City aims to engage the community and share information about projects, programs, and service.
Brand ambassadors will be engaged to enhance awareness within their networks in the community, while residents will be encouraged to actively patriciate in local governance through public meetings and volunteer opportunities.
Economic Vitality
2025-2026 City of Modesto, Legislative Priorities 5
Build and implement comprehensive marketing strategy focused on communication of City achievements and successful investments while promoting City programs, services, and engagement opportunities for our diverse community.
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The Downtown Modesto redevelopment initiative
aims to secure funding for essential infrastructure
improvements, particularly the redevelopment of
the courthouse. Central to these efforts is a
comprehensive economic development strategy
that emphasizes enhancing downtown housing,
promoting mixed-use developments, retaining
existing businesses, and attracting new ones.
Furthermore, the plan seeks to introduce more
affordable sports and entertainment options,
engage the community and leverage the City’s
historical properties to generate additional
revenue.
Advance a pro-growth Economic Development
Strategy that focuses on downtown, sports, and
entertainment, making Modesto a regional
destination.
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Quality of Life
The Quality of Life area of focus tasks the City to engage partners across the community to ensure the safety, resilience, and attractiveness of Modesto. The following lists are priorities and initiatives the City will be seeking legislative, regulatory, and financial assistance to achieve the goals to enhance the quality of life for the residents of Modesto.
Improve Community Safety and Enhance Public Safety Services Including Police, Fire, and Emergency Services.
Encourage and emphasize collaboration among police, fire, emergency services, and various agencies to enhance public safety. Advocate for investments in infrastructure improvements for police and fire stations, as well as emergency communication systems. Focus on upgrading equipment, technology, and staffing to improve serve responsiveness and patient care. Establish cohesive and uniform fire safety regulations across our region and develop partnerships to create a skilled public safety workforce. Additionally, address community safety and health concerns by implementing regulations on smoke shops and massage parlors.
City of Modesto, Legislative Priorities 7 2025-2026
Enhance pride in Modesto’s diverse neighborhoods and Business district by actively addressing blight ensuring that community assets and amenities are well maintained and preserved.
Enhance the beautification of Modesto by focusing on combating blight and supporting attractive neighborhoods. Advocate for a comprehensive tree ordinance that aims to protect existing trees, regulate their removal, and encourage new plantings, promoting urban forestry and environmental sustainability. Work towards securing funding for the maintenance, renovation, and expansion of parks and recreational facilities essential to fostering accessible community spaces. Guide future growth and development of a longterm Paks and Recreation Master plan by engaging with residents through community workshops, surveys, and volunteer programs to ensure the future of parks and recreation align with community needs and aspirations. #14..
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2025-2026 City of Modesto, Legislative Priorities 8
Provide safe, efficient, and reliable infrastructure though proactive community investment, maintenance and sustainability efforts.
The City is working towards improving the living conditions and infrastructure to enhance the quality of life for residents. Strengthen enforcement of building safety standards and invest in rental housing safety programs to ensure safe living conditions for tenants. Support airport expansion to meet future growth, improving connectivity for our community and increasing efforts in waste diversion through recycling and composting. Improve stormwater management and secure funding for critical infrastructure, targeting a Pavement Condition Index (PCI) of 70 or higher while prioritizing the repair of curbs, gutters, and sidewalks. Additionally, allocate funding for groundwater management and essential upgrades to water and sewer systems.
In partnership with public agencies and other key stakeholders, develop and implement a comprehensive housing and homeless action plan.
Focus on establishing partnerships among city, state, and federal agencies, and nonprofits to address homelessness and increase affordable housing in Modesto. Identify funding for affordable housing development, streamline the City’s annexation process to encourage economic growth, and creating strategies for supportive services and bride housing for homeless individuals transition to stable housing.
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The City of Modesto is focused on a responsible Measure H spending plan that implements oversight to maintain long-term financial health and avoid dependence on unstable revenues. Create a deferred maintenance plan, securing funding for local projects, and reducing pension liabilities while cutting health care costs. Identify cost saving measures to reduce the general fund expenses and enhance public safety through improved infrastructure and employee training to minimize liability risks. Effectively conduct community outreach and educate residents on the City’s fiscal responsibility and available resources for city services, programs, and initiatives.
City of Modesto, Legislative Priorities 9 2025-2026
The Governance and Service Delivery area of focus tasks the City to build community trust through responsive, transparent, and efficient service delivery.
The City’s goals are to achieve greater governance and service delivery by achieving long-term financial sustainability, promoting trust and engagement between the community and the city, and building a high-performing organization.
Governance and Service
Delivery
Achieve Long-term Financial Sustainability
The City is committed to fostering trust with residents by focusing on transparency, effective communication, and providing high-quality services. To achieve this, the City plans to create centralized customer service initiatives that will make it easier for residents to access services, report issues, and receive quick follow-up. The City will advocate for a user-friendly, 24/7, support system by online and phone.Additionally, the City will develop strategy for a City of Modesto media center to share information about city services, programs and policies. Develop an integrated communications strategy that will engage residents through digital platforms, surveys, community meetings, and workshops to ensure residents understand how operational and financial decisions affect local services.
Promote trust and engagement between the community and the City by enhancing responsiveness, communicating broadly about City opportunities and challenges, and increasing public awareness participation in municipal affairs.
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City of Modesto
1010 10th Street
Modesto, CA 95354
www.modestogov.com
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
April 8, 2025
Date: March 20, 2025
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Steve Christensen, Office of Performance Management and Budget Director SUBJECT: Fiscal Year 2024-25 General Fund Mid-Year Update Report CONTACT: Steve Christensen, Office of Performance Management and Budget Director, [email protected], 209-577-5390
DESCRIPTION:
Consider accepting the informational Fiscal Year 2024-25 General Fund Mid-Year Update Report and approving the recommended budget adjustments to the major General Fund revenues and expenditures and amending Fiscal Year 2024-25 Annual Operating Budget. (Funding Source: General Fund)
STRATEGIC PLAN ELEMENT:
This item supports the City of Modesto 2020-2025 Strategic Plan focus on Governance and Service Delivery under Goal H: Achieve Financial Sustainability.
BACKGROUND:
Periodically, the Budget Division in the Office of Performance Management and Budget presents updates to the Finance Committee and Council on the status of the General Fund.
This update often includes recommended adjustments to the Annual Operating, Capital Improvement and Multi-year Project budgets. The purpose of the update is to summarize financial results through the mid-year and to present any recommended adjustments to the Operating Revenue and Expenditure budgets as needed. In addition, the update will highlight any potential issues, concerns, or items of interest, as needed.
DISCUSSION:
The attached Fiscal Year 2024-25 General Fund Mid-Year Update report focuses on the performances of the City’s General Fund major revenue sources, as well as the various expenditures across the operating departments. The revenue data gathered through February 28, 2025, begins to show important trends in the revenue and expenditure data which has provided important insight into the projections that are described within the report pertaining to the General Fund’s fiscal year-end.
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City Council, April 8, 2025
Fiscal Year 2024-25 General Fund Mid-Year Update Report
To date, the General Fund has receipted 54% of the budgeted revenues through February 28, 2025. This is slightly behind the normal rate of receipts at this time of the year for the General Fund when compared to the prior fiscal year. In the prior year, 56% of the revenues had been receipted through February of 2024.
Another contributing factor to the lower total receipt of revenues is the lag time that is experienced in the Sales Tax category. Sales Tax is receipted two months in arrears. This means that the revenue received for the month of February will reflect actual sales tax receipts for the month of December 2024. In terms of the overall percentages shown in the attached report, this lag time contributes to some of the delay in revenues being receipted.
Details about each major revenue category can be found within the report. Major revenues are showing an overall decrease of $2.6 million. This is mainly due to a large projected decrease in the Sales Tax category as this area is being heavily impacted by changes in spending behaviors and the prolonged inflation which is making its impact shown on the local economy. The large drop in Sales Tax was offset by modest increases to many of the other major revenue categories that are being projected for the remainder of the fiscal year. These include Property Taxes, Utility Users Tax, and Business License/Mill Tax.
When compared to the total amount expended as a percentage, overall expenditures show that the City departments are slightly behind in their expenditure budgets. Additionally, the General Fund has expended 66% of the total expense budget. This is slightly lower than the expected amount of 67% for this point in the fiscal year. However, there are contributing factors associated with the 1% difference as indicated. The primary reason for the variance is caused by vacant positions resulting in salary savings across several General Fund departments:
Parks, Recreation and Neighborhoods Department, the Police Department, and the Community and Economic Development Department.
FISCAL IMPACT:
This item contains multiple recommendations from staff to increase and decrease major General Fund revenue categories to correspond with the estimated projections for the fiscal year-end. The recommended revenue increases/decreases are as follows:
Account - Description Current Budget
Increase/
(Decrease) Revised Amount Category
41101 - Property Taxes - CY Secured Taxes $ 20,507,107 $ 656,203 $ 21,163,310 Property Tax - Property 41111 - Property Taxes - CY Unsecured $ 981,157 $ 73,533 $ 1,054,690 Property Tax - Property 42157 - Intergov - State - VLF Swap Adjustment $ 23,059,188 $ 262,016 $ 23,321,204 Property Tax - VLF Swap 41201 - Sales and Use Taxes $ 41,004,883 $ (4,455,883) $ 36,549,000 Sales Tax 41203 - Utility Users Tax $ 22,105,000 $ 602,614 $ 22,707,614 Utility Users Tax 41204 - Transient Occupancy Tax $ 3,045,930 $ (71,114) $ 2,974,816 Transient Occupancy Tax 41402 - Business License Tax - Mill Tax $ 15,045,281 $ 798,768 $ 15,844,049 Business License/Mill Tax 41406 - Cannabix Tax $ 3,859,148 $ (552,642) $ 3,306,506 Cannabis Tax 42121 - Intergov - State - Motor Vehicle License Fee $ 415,000 $ 63,591 $ 478,591 Motor Vehicle Fees Grand Totals $ 130,022,694 $ (2,622,914) $ 127,399,780 The total recommended increases/decreases across the major General Fund revenues have a net decrease impact in the amount of $2,622,914 for Fiscal Year 2024-25 and are explained in more detail in the Fiscal Year 2024-25 Mid-Year General Fund Update report. #15..
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City Council, April 8, 2025
Fiscal Year 2024-25 General Fund Mid-Year Update Report
No increases/decreases are being recommended for General Fund expenditure budgets at this time. However, staff will continue to monitor the General Fund expenditure budget and will bring any changes of note to Council via the monthly budget adjustment process.
COMMITTEE RECOMMENDATION:
This item was presented to the Finance Committee on March 24, 2025, and the Committee recommended forwarding the item to Council for approval.
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Resolution accepting the informational Fiscal Year 2024-25 General Fund Mid-Year Update Report and approving the recommended budget adjustments to the major General Fund revenues and expenditures amending the Fiscal Year 2024-25 Annual Operating Budget.
Approved by:
Joseph P. Lopez, City Manager
Attachments:
1. Resolution
2. Fiscal Year 2024-25 General Fund Mid-Year Update Report #15..
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04/08/2025/OPMB/SChristensen/Item X 1 2025-XX
MODESTO CITY COUNCIL
RESOLUTION NO. 2025-
RESOLUTION ACCEPTING THE INFORMATIONAL FISCAL YEAR
2024-25 GENERAL FUND MID-YEAR UPDATE REPORT AND
APPROVING THE RECOMMENDED BUDGET ADJUSTMENTS TO
THE MAJOR GENERAL FUND REVENUES AND EXPENDITURES
AMENDING THE FISCAL YEAR 2024-25 ANNUAL OPERATING
BUDGET
WHEREAS, periodically the Budget Division in the Office of Performance Management & Budget presents updates to the Finance Committee and Council on the status of the General Fund, including adjustments to the Annual Operating, Capital Improvement, and Multi-year Project budgets, and
WHEREAS, the Fiscal Year 2024-25 General Fund Mid-Year Update Report focuses on the performances of the City’s General Fund major revenue sources, as well as the various expenditures across the operating departments, and WHEREAS, revenue data gathered through February 28, 2025, shows that the City has receipted 54% of the budgeted revenues and overall expenditures have only expended 66% of their total budgets in the General Fund, and WHEREAS, staff has made multiple recommendations for revenue adjustments due to the current estimated forecasted receipts for revenues such as Property Tax - Property, Property Tax – VLF Swap, Sales Tax, Utility User Tax, Transient Occupancy Tax, Business License/Mill Tax, Cannabis Tax and Motor Vehicle Fees as shown in the chart below:
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04/08/2025/OPMB/SChristensen/Item X 2 2025-XX
Account - Description Current Budget
Increase/
(Decrease) Revised Amount Category
41101 - Property Taxes - CY Secured Taxes $ 20,507,107 $ 656,203 $ 21,163,310 Property Tax - Property 41111 - Property Taxes - CY Unsecured $ 981,157 $ 73,533 $ 1,054,690 Property Tax - Property 42157 - Intergov - State - VLF Swap Adjustment $ 23,059,188 $ 262,016 $ 23,321,204 Property Tax - VLF Swap 41201 - Sales and Use Taxes $ 41,004,883 $ (4,455,883) $ 36,549,000 Sales Tax 41203 - Utility Users Tax $ 22,105,000 $ 602,614 $ 22,707,614 Utility Users Tax 41204 - Transient Occupancy Tax $ 3,045,930 $ (71,114) $ 2,974,816 Transient Occupancy Tax 41402 - Business License Tax - Mill Tax $ 15,045,281 $ 798,768 $ 15,844,049 Business License/Mill Tax 41406 - Cannabix Tax $ 3,859,148 $ (552,642) $ 3,306,506 Cannabis Tax 42121 - Intergov - State - Motor Vehicle License Fee $ 415,000 $ 63,591 $ 478,591 Motor Vehicle Fees Grand Totals $ 130,022,694 $ (2,622,914) $ 127,399,780 NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby accepts the informational Fiscal Year 2024-25 General Fund Mid-Year Update Report and approves the recommended budget adjustments to the major General Fund revenues and expenditures, as noted above and in the report, amending the Fiscal Year 2024-25 Annual Operating Budget.
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 8th day of April 2025, by Councilmember _________, who moved its adoption, which motion being duly seconded by Councilmember ______, was upon roll call carried and the resolution adopted by the following votes:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
ATTEST:
________________________________
DIANE NAYARES-PEREZ, CMC,
City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: _____________________________________
JOSE M. SANCHEZ, City Attorney
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FISCAL YEAR 2024-25
MID-YEAR GENERAL FUND
UPDATE REPORT:
The Mid-Year General Fund Update Report is created by the Office of Performance Management & Budget (OPMB) - Budget Division through the direction of the City Manager to provide a general update concerning the health of the City’s General Fund as well as any adjustments to its revenues and/or expenditures. Information contained within this report seeks to provide data on the performance of the General Fund as the revenues are collected, and the expenditures continue through February of the current fiscal year.
Please note that the expenditures and revenues reported herein are through February 28, 2025, and may not reflect final figures for the month.
Created by the
OPMB - Budget
Division
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Fiscal Year 2024-25 General Fund Mid-Year Update
1 | P a g e
General Fund Revenues
(Overview)
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Fiscal Year 2024-25 General Fund Mid-Year Update
2 | P a g e
eneral Fund revenues are classified into three categories: tax revenues, fee revenues, and other departmental revenues. Through February 28, 2025, the total General Fund revenues receipted are $104.2 million or approximately 54% of the total budgeted revenues for Fiscal Year 2024-25. This is slightly behind the normal rate of receipts at this time of the year for the General Fund. For comparison, at the same time last fiscal year, the City had received 56% of the total budgeted revenues (approximately $103.5 million). The main reason for the lag in terms of the percent received at this point in the fiscal year is due to the prolonged inflation and the effects that are starting to be seen at the local levels, particularly in the Sales Tax category. Some of the decline in the percentage of receipts is due to the typical lag in terms of the timing of receipts in revenues for sales tax and timing of larger payments for Franchise Fees and Utility Users Tax, but the impacts on spending habits are starting to be seen and will be shown in the monthly Sales Tax receipt comparison in that respective section.
The revenues received to date are spread across all three major revenue types and are broken down further in the chart below: Category Current Budget Actuals (as of Feb 28, 2025) Amount Outstanding % Received to Date Tax Revenues: Property Tax - Property $ 22,870,264 $ 13,849,556 $ 9,020,708 61% Property Tax - VLF Swap $ 23,059,188 $ 11,660,602 $ 11,398,586 51% Sales Tax $ 41,004,883 $ 18,386,122 $ 22,618,761 45%
Utility Users Tax $ 22,105,000 $ 13,128,986 $ 8,976,014 59% Transient Occupancy Tax $ 3,514,400 $ 1,979,320 $ 1,535,080 56% Business License/Mill Tax $ 17,055,056 $ 8,905,372 $ 8,149,684 52% Cannabis Tax $ 3,859,148 $ 1,919,775 $ 1,939,373 50%
Total Tax Revenues $ 133,467,939 $ 69,829,733 $ 63,638,206 52% Fee Revenues: Franchise Fees $ 6,161,300 $ 1,582,855 $ 4,578,445 26% Motor Vehicle Fees $ 415,000 $ 443,591 $ (28,591) 107% Construction Revenues $ 2,584,959 $ 1,699,852 $ 885,107 66% Total Fee Revenues $ 9,161,259 $ 3,726,298 $ 5,434,961 41% Other Revenues: Departmental Revenues $ 39,958,369 $ 30,627,029 $ 9,331,340 77% Measure H (General Fund Budget Structural Deficit) $ 8,164,984 $ - $ 8,164,984 0% Transfers In $ 1,665,597 $ - $ 1,665,597 0%
Total Other Revenues $ 49,788,950 $ 30,627,029 $ 19,161,921 62% Total Revenues $ 192,418,148 $ 104,183,060 $ 88,235,088 54% *Please note that Departmental Revenues category includes an amount of $5.8M in revenue for the Oakdale Fire Contract, $7.9M in revenue for the Ceres Fire Contract, $404K in revenue for Stanislaus Consolidated Fire contract, $383K in revenue for Turlock Fire contract, and $1.9M in revenue for Salida Fire contract which are all used to pay for offsetting expenditures.
Tax Revenues
Tax revenues represent 69.4% of the total General Fund operating revenue budget at $133.5 million of the total $192.4 million revenue operating budget for Fiscal Year 2024-25. As of February 28, 2025, $69.8 million of the budgeted $133.5 million has been received to date. This represents approximately 52% of the tax revenue budget being received. This is on target for this point-in-time during the year. Sales Tax is lower coming in lower overall than what was anticipated when the budget was adopted and is being impacted by the local economy and what is occurring with sustained inflation and increased prices on goods and services. This is being somewhat offset at this time with the increase Property Tax revenue that continues to be realized due to continued increased assessed valuations on home sales.
G
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Fiscal Year 2024-25 General Fund Mid-Year Update
3 | P a g e
Fee Revenues
Fee Revenues represent 4.8% of the total General Fund operating revenue budget at $9.2 million of the total $192.4 million revenue operating budget for Fiscal Year 2024-25. Many of the fee revenues are generated from Franchise Fees which are collected as “rent” paid for the use of public right of way. These are negotiated costs to allow utility companies (telecommunications, natural gas, garbage, etc.) to access structures like transmission towers, sewage systems, and roads. The City collects approximately $6.16 million in franchise fees annually. Through February 28, 2025, $1.6 million has been collected in this revenue category (26% of the budgeted amount). This amount is behind what is expected for this time of the year due to a timing of a payment in the Garbage Franchise Fee category. The payment is expected to come in the month of March/April and is anticipated to get this revenue category back on track with estimated budget amounts.
Construction Revenues
Construction revenues are a sub-category of Fee Revenues and include all revenues collected in the Building Safety Division and the Planning Division in the Community and Economic Development Department (CEDD). These revenues represent approximately 1.3% of the total budgeted General Fund operating revenues for Fiscal Year 2024-25. They are budgeted at $2.6 million as of February 28, 2025.
Construction revenues received through February 28, 2025, are at approximately 66% of the budgeted amount. This is trending slightly behind the amounts collected in the previous fiscal year in terms of percentage collected (66% vs 68%) and total revenues ($1.69M vs $1.73M).
Construction revenues continue to be strong, and it is anticipated that these revenues will continue to build through the spring and summer as there is continued activity in the building industry in the area. This is especially important as the City continues to look toward strengthening its economic development endeavors.
Other Revenues
Other Revenues represent 25.9% of the total General Fund operating revenue budget at $49.8 million of the total $192.4 million revenue operating budget for Fiscal Year 2024-25.
Other revenues include any revenue source that is received by departments and is not included in the tax or fee revenues categories as well as transfers into the General Fund from other funds.
These revenues are accounted for under the generating department and include a wide range of revenue sources such as direct charge revenue (all departments), fire inspection fees (Fire Department), league and facility rental fees (Parks, Recreation & Neighborhoods), and the McHenry Tax Sharing Agreement revenues (Non-Departmental).
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Fiscal Year 2024-25 General Fund Mid-Year Update
4 | P a g e
General Fund Revenues
(Analysis)
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Fiscal Year 2024-25 General Fund Mid-Year Update
5 | P a g e
Property Tax Revenues Analysis
As of February 28, 2025, the first payment has been received in one of the sub-categories that makes up the property tax revenues, Property Tax – Property. The first payment for the second sub-category, Property Tax – Vehicle License Fee (VLF) Swap has also been received. These two payments are significant indicators of how the property tax revenues for the entire fiscal year will be received for the year. With both payments receipted a clearer picture can be made for this major tax revenue category for Fiscal Year 2024-25.
Property Tax – Property
In Fiscal Year 2024-25, the first installment of property tax was received in January in the amount of $11.64 million. This first payment is receipted under current year secured property taxes and is the bulk of the property tax revenue that is received. Other revenues that fall under Property Tax – Property include, current year unsecured, delinquent, delinquent unsecured, supplemental roll, and Redevelopment Property Tax Trust Fund (RPTTF) allocation. These revenue accounts make up the total amounts that sum up to the total Property Tax – Property amount received by the City.
With the first payment received, estimates for fiscal year-end 2024-25 show that the amounts for this revenue category are on track to be somewhat higher than the adopted budget amounts. Yearend estimates show that a total of $23.6 million is expected to be received based off the $11.64 million first payment which is higher than the current budgeted amount for Property Tax – Property. Staff recommends an overall increase to this revenue by approximately $729 thousand for Fiscal Year 2024-25 based upon estimates for remaining revenues to be receipted.
Staff is recommending an increase to this category of revenue in the amount of $729,736 for Fiscal Year 2024-25.
Property Tax – VLF Swap
Property Tax – VLF Swap is the second portion of the revenues that makes up the total Property Tax category for the City. This revenue source came into effect with the passing of the State of California Budget in 2004 by then Governor Schwarzenegger. The budget included a swap of city and county vehicle license fee revenues for an additional property tax share. These additional VLF backfill funds, which equate to a dollar-for-dollar like amount of property taxes, also increase annually in proportion to the growth in assessed valuation in the local jurisdictions.
The first Property Tax – VLF Swap payment for the City has been received in the amount of $11.66 million in the month of February. The amount received in the first payment, is typically around 50% of the total payment that will be received for the year. With the Property Tax – VLF Swap revenue coming in higher than anticipated with this first payment, staff recommends increasing this revenue by an amount of $262 thousand for the fiscal year.
Staff is recommending an increase to this category of revenue in the amount of $262,016 for Fiscal Year 2024-25.
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Property Tax Charts:
Annual Property Tax
Annual Property Tax – Property
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Annual Property Tax – VLF – Swap
The preceding property tax charts show the trends that have been occurring since fiscal year 2015/2016. There has been steady growth in both the Property Tax and VLF swap categories of this revenue source. At this point, the growth is expected to continue as the housing market remains strong and valuation of homes continues to grow because of the increased prices of homes. This revenue source will continue to be monitored as there will be a point in time when the prices will begin to decline as the supply of houses begins to exceed the demand for homes in terms of buyers, and the City will want to stay ahead of any revenue decreases as much as possible. #15..
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Sales Tax Revenues Analysis
As of February 28, 2025, Sales Tax revenues received to date are approximately $18.38 million. This represents 45% of the total Sales Tax budgeted for the fiscal year ($41 million). Sales Tax is received by the City monthly but is receipted with a two-month lag time, meaning that the receipts received in any particular month are for the actual sales tax receipts two months prior. For example, sales tax revenues accounted for in the month of February are for actual sales tax receipts made in the month of December (two months prior). This continuous two-month lag time is something that is closely monitored by the OPMB - Budget Division staff as estimates are created for fiscal year-end.
In Fiscal Year 2024-25, there have been several categories of Sales Tax that have been on the decline in the last few quarters for the City. These have been in the industries of general retail, transportation, and to a lesser extent food products and business to business. Certain subcategories within the larger areas of industries have also seen decline in the third quarter of 2024 (covering the months of July through September). These areas included department stores, service stations, miscellaneous retail, and apparel stores.
Countywide Pool Sales Tax
The City continues to receive its share of the County Pool related to the “origin sourcing” portion of sales tax. “Origin sourcing” is a sales tax practice under which sales tax for purchases of goods that are shipped to purchasers are generally sourced to the business location of the retailer where the sale originates.
Under current California Department of Tax and Fee Administration (CDTFA) regulations, a substantial portion of local use tax collections are allocated through a countywide pool to local jurisdictions, like Modesto, where the purchased property is put to its first functional use. Under the pool system, the tax is reported by the taxpayer to the countywide pool of use and then distributed to each jurisdiction in that county on a pro-rata share of taxable sales. If there is a situation where a county of use cannot be determined, then the allocation goes to the state pool for pro-rata distribution on a statewide basis.
The City of Modesto had consistently received anywhere between 32% to 38% of the allocation of the countywide pool described above, however this proportionate share has been dropping in recent quarters. With the opening of new stores and distribution centers in areas such as Riverbank, Turlock, and Patterson, the City of Modesto has seen its proportionate share of the Countywide pool drop steadily since the second quarter of 2023. Where once the proportionate share was in the 38% range, the City most recently in the third quarter of 2024 saw this share dip down to 28.5%. While this share of sales tax can still represent anywhere between $950 thousand to $1.8 million on a quarterly basis, the City’s share has dwindled down to $1.15 million as of Q3 2024.
At this time current year-end projections are showing sales tax figures that are coming in lower than the prior fiscal year and lower than what was initially budgeted for the fiscal year when the #15..
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budget was adopted. When the initial estimates for the current year were made, they were done with some optimism about growth trends that were being seen in Fiscal Year 2023-24 with the analysis that they would continue into the current fiscal year. Prolonged inflation and a somewhat volatile political landscape at the federal level has affected the local economy much faster than anticipated. Inflation has impacted residents spending in ways that were unexpected due to the duration that inflation has continued. As inflation has continued through Fiscal Year 2024-25, the impacts are being felt through somewhat diminished consumer and business spending in various categories as well as changed behavior. Categories that were growing in the prior fiscal year as the protracted inflation had yet to truly take hold, are now on a steep decline as belts begin to tighten on household incomes with the added pressure of economic instability brought upon by the uncertainty at the federal level of the government. Sales Tax will continue to be monitored through the year and as changes occur, staff will bring any updates back to City Council as needed, but at this time staff is recommending a large decrease to Sales Tax revenues based upon current trends and the future economic uncertainty.
Staff is recommending a decrease of $4,455,883 for this category for Fiscal Year 2024-25. #15..
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Sales Tax Charts
Annual Sales Tax Chart
Quarterly Sales Tax Chart
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Cannabis Tax Revenue Analysis
Cannabis Tax is beginning to be a normalized source of revenue and we are now beginning to see some annualized trends in the revenues each fiscal year. When the revenue began to be receipted back in the latter half of fiscal year 2018-19, it started slowly as there were not the full amount of Council approved dispensaries up and running at the time. Over the next six to eight months the dispensaries began to gain traction and permitted dispensaries became fully operational. Revenues began to increase steadily over the next fiscal year and a half and steadily rose to a consistent $400k+ per month in receipted revenues per month to the City. Since that time, cannabis revenues have dropped to an average of $280K per month in Fiscal Year 2024-25.
As of February 28, 2025, $1.9 million in Cannabis Tax revenue have been received for Fiscal Year 2024-25. This is approximately 50% of the budgeted amount of $3.86 million. Currently, staff is recommending a decrease of $552 thousand in this revenue category. The average monthly revenues have decreased by approximately 4.2% from the prior fiscal year and should this trend continue, it would put the fiscal year-end estimate for Cannabis Tax receipts at a total of $3.31 million. The Cannabis Tax revenues that have been receipted this year have not experienced the ups and downs that have been seen in the last two fiscal years and seem to be steadying but at the same time they are leveling off at a lower average monthly amount than what was seen received last fiscal year. Staff will continue to monitor this revenue category but at this time is recommending the revenue budget for this category be decreased by $552 thousand.
Staff is recommending a decrease of $552,642 for this category for Fiscal Year 2024-25.
Annual Cannabis Tax Revenues
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Monthly Cannabis Tax Revenues
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The preceding charts show the trends for Cannabis Tax revenues and the growth initially seen and then the declines that have been seen since annually. The chart also shows that through the end of Fiscal Year 2023-24 through the current month of Fiscal Year 2024-25, the revenue trends have steadied for Cannabis Tax at a lower amount. It is expected that Fiscal year 2024-25 will continue to see steady revenues but not much show any increase in terms of overall growth in this category as the market continues to reach saturation in terms of number of dispensaries and market demand.
Other Tax Revenues
Transient Occupancy Tax (TOT) is a tax collected from guests that occupy or have a right to occupy a living space or establishment for 27 days or less. This tax is most often associated with room rentals at hotels or other like establishments. The current TOT rate in Modesto is 9%. Current trends in this revenue category are showing a somewhat lower rate of receipt than what was shown in the prior fiscal year. Currently the City has received 56% of the budgeted $3.86 million TOT revenue. Year-end projections for this category estimate a slight decrease below the budgeted amount of approximately $71 thousand.
Utility Users Tax (UUT) is a usage tax collected on every person that uses electricity, water, gas, or telephone services in the City. This usage tax is collected by the service provider and remitted to the city. The taxes imposed by the UUT are at a rate of 6 percent on all charges made for such services and are capped at a maximum annual amount of $1,500 for any service user for an individual service in any 12-month period. UUT revenues received to date are at 59% of the budgeted amount of $22.1 million. At the same time in the prior fiscal year, only 54% of the total budget had been receipted to date. Current monthly revenues are tracking about an average of 11% higher than the previous fiscal year which is why staff is recommending a conservative increase of approximately $602 thousand at this time. We will continue to monitor this revenue account to see if there are additional gains that will be seen in the next few months that can be realized before fiscal year-end.
Business License/Mill Tax is tracking at a higher pace to the previous fiscal year. To date 52% of the total budgeted revenue of $17.1 million. With Business License/Mill Tax larger total payments are typically received in the months of February and January. January in Fiscal Year 2024-25 had larger amounts received than in the prior fiscal year ($2.97M compared to $2.38M) and overall, the revenue received is approximately $1.48 million higher than the prior fiscal year at the same point in time. Staff will continue to monitor this revenue source closely as the final amounts are receipted during the remainder of the fiscal year, but at this time is recommending an increase to this category.
Staff is recommending a decrease to the Transient Occupancy Tax revenue category in the amount of $71,114, an increase to the Utility Users Tax revenue category in the amount of $601,614 and an increase to the Business License/Mill Tax revenue category of $798,768 for Fiscal Year 2024-25.
Other Fee Revenues
Motor Vehicle Fees are currently being receipted at a slightly higher amount than the current budget ($443K receipted as of February 28, 2025, vs $415K budget). It is estimated that an #15..
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additional $35,000 will be receipted for the remainder of the year based on prior year historical receipts and what is typically collected in the months of March through June. Accordingly, staff is recommending an increase in this category of revenue.
Staff is recommending an increase in the Motor Vehicle Fees category for Fiscal Year 2024-25 in the amount of $63,591.
Departmental Revenue Analysis
Departmental revenues are coming in higher than anticipated at this time, but it will be an area that will continue to be monitored. The revenues received are inflated by one revenue source that is tracked in the non-Departmental area as the Fair Market Value. This amount changes monthly as the amount is distributed amongst the various funds in the City. As of February, this amount is inflating the revenues shown in the Departmental Revenue category by approximately $5.6 million.
There are no other major areas of concern currently. If anything changes in this category, OPMB - Budget Division will bring an item through the monthly budget adjustment process and update Council on any changes in these categories.
Staff is recommending is not recommending any changes to this category currently.
Summary of Recommended Revenue Changes
Account - Description Current Budget
Increase/
(Decrease) Revised Amount Category
41101 - Property Taxes - CY Secured Taxes $ 20,507,107 $ 656,203 $ 21,163,310 Property Tax - Property 41111 - Property Taxes - CY Unsecured $ 981,157 $ 73,533 $ 1,054,690 Property Tax - Property 42157 - Intergov - State - VLF Swap Adjustment $ 23,059,188 $ 262,016 $ 23,321,204 Property Tax - VLF Swap 41201 - Sales and Use Taxes $ 41,004,883 $ (4,455,883) $ 36,549,000 Sales Tax 41203 - Utility Users Tax $ 22,105,000 $ 602,614 $ 22,707,614 Utility Users Tax 41204 - Transient Occupancy Tax $ 3,045,930 $ (71,114) $ 2,974,816 Transient Occupancy Tax 41402 - Business License Tax - Mill Tax $ 15,045,281 $ 798,768 $ 15,844,049 Business License/Mill Tax 41406 - Cannabix Tax $ 3,859,148 $ (552,642) $ 3,306,506 Cannabis Tax 42121 - Intergov - State - Motor Vehicle License Fee $ 415,000 $ 63,591 $ 478,591 Motor Vehicle Fees Grand Totals $ 130,022,694 $ (2,622,914) $ 127,399,780 #15..
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General Fund Expenditures
(Analysis)
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eneral Fund expenditures make up the total budgets from which departments pay for costs related to one of four expenditure categories. These categories include salary and benefit costs, internal service fund costs, discretionary costs, and transfers out to other funds. In the General Fund, there are 13 Operating Departments and one category for Transfers Out of the General Fund to other funds. The 13 Operating Departments make up a total General Fund operating expenditure budget of $206.4 million with the Transfers Out having a budget of $7.09 million. Including the variance rate of a credit of $12.5 million, the total current General Fund operating expenditure budget in Fiscal Year 2024-25 is $201.02 million.
The table below shows the current budget and expenditures through February 28, 2025.
General Fund Department Expenditures
Department Current Budget Actuals (as of Feb 28, 2025) % of Budget Expended Police Department $ (90,991,084) $ (57,895,084) 64%
Fire Department $ (53,017,960) $ (35,488,406) 67%
Oakdale Fire Contract Expense $ (6,318,965) $ (4,509,575) 71% Ceres Fire Contract Expense $ (8,223,055) $ (5,355,256) 65% Stanislaus Consolidated Fire Contract Expense $ (389,263) $ (348,807) 90% Turlock Fire Contract Expense $ (322,840) $ (210,988) 65% Salida Fire Contract Expense $ (1,995,946) $ (1,405,466) 70% Parks, Recreation, and Neighborhoods $ (17,478,703) $ (10,910,245) 62% Community and Economic Development $ (6,552,935) $ (4,015,271) 61% Engineering Services Department $ (2,457,725) $ (1,281,658) 52% City Council $ (764,802) $ (400,314) 52%
City Manager's Office $ (3,163,353) $ (1,994,509) 63%
Human Resources $ (2,145,466) $ (1,469,919) 69%
City Attorney's Office $ (1,997,018) $ (1,179,827) 59%
City Clerk's Office $ (1,319,215) $ (573,888) 44%
Office of Performance Management & Budget $ (1,276,658) $ (612,236) 48% Office of the City Auditor $ (548,828) $ (252,634) 46%
Finance Department $ (7,026,570) $ (4,496,189) 64%
Non-Departmental $ (436,873) $ (46,778) 11%
Total Departmental Expenses $ (206,427,257) $ (132,447,050) 64% Transfers Out $ (7,087,743) $ (274,746) 4%
Variance Rate $ 12,491,555 $ - 0%
Total Department Expenses $ (201,023,445) $ (132,721,796) 66% At the point in time that the expenditure data was collected, one could expect an estimated expenditure rate of approximately 67% (8 months elapsed out of the fiscal year). The chart shows that the overall General Fund expenditures are slightly below this target with 66% of the total budget expended. Like the overall rate of expenditure last fiscal year, we are seeing salary savings in some of the departments due to vacant positions which are resulting in some of the decreased level of expenditures now. The rate of expenditure of 66% would be much lower if it were just the salary savings that were factoring in, but there are also increases in other areas that are bringing up overall expenses such as the increased cost of goods, and the increased costs of contract services.
These competing factors are growing the level of expenditures at the discretionary level just at a lower rate than that of the vacancy savings.
G
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Below is a table that shows the breakdown of the expenditures from each department by appropriation unit category. As reminder the breakdown of expenditure categories is as follows:
Appr Unit A – Salaries and Benefits
Appr Unit AA – Intrafund Labor
Appr Unit B – Internal Service Fund Charges
Appr Unit C – Discretionary Charges
Appr Unit D – Transfers Out
Department Current Budget
Actuals (as of
February 28, 2025)
Amount
Available % Expended
City Attorney's Office
Salary and Benefits (Appr Unit A) $ 684,629 $ 477,618 $ 207,011 70% ISF Charges (Appr Unit B) $ 164,971 $ 100,755 $ 64,216 61% Discretionary Charges (Appr Unit C) $ 1,147,418 $ 601,454 $ 545,963 52% City Attorney's Office Total $ 1,997,018 $ 1,179,827 $ 817,190 59% City Clerk's Office
Salary and Benefits (Appr Unit A) $ 509,903 $ 366,106 $ 143,797 72% ISF Charges (Appr Unit B) $ 79,252 $ 51,216 $ 28,036 65% Discretionary Charges (Appr Unit C) $ 730,060 $ 156,567 $ 573,493 21% City Clerk's Office Total $ 1,319,215 $ 573,888 $ 745,327 44% City Council
Salary and Benefits (Appr Unit A) $ 526,018 $ 278,960 $ 247,058 53% ISF Charges (Appr Unit B) $ 118,526 $ 80,034 $ 38,492 68% Discretionary Charges (Appr Unit C) $ 120,258 $ 41,321 $ 78,938 34% City Council Total $ 764,802 $ 400,314 $ 364,488 52%
City Manager's Office
Salary and Benefits (Appr Unit A) $ 2,150,000 $ 1,415,302 $ 734,698 66% Intrafund Labor (Appr Unit AA) $ - $ (428) $ 428 N/A
ISF Charges (Appr Unit B) $ 220,358 $ 148,149 $ 72,209 67% Discretionary Charges (Appr Unit C) $ 792,995 $ 431,486 $ 361,509 54% City Manager's Office Total $ 3,163,353 $ 1,994,509 $ 1,168,844 63% Community & Economic Development
Salary and Benefits (Appr Unit A) $ 4,931,915 $ 2,990,569 $ 1,941,346 61% Intrafund Labor (Appr Unit AA) $ (47,813) $ (31,096) $ (16,717) 65% ISF Charges (Appr Unit B) $ 1,131,420 $ 749,052 $ 382,368 66% Discretionary Charges (Appr Unit C) $ 537,413 $ 306,745 $ 230,668 57% Community & Economic Development Total $ 6,552,935 $ 4,015,271 $ 2,537,664 61% Engineering Department
Salary and Benefits (Appr Unit A) $ 2,014,535 $ 1,157,245 $ 857,290 57% Intrafund Labor (Appr Unit AA) $ (91,209) $ (29,640) $ (61,569) 32% ISF Charges (Appr Unit B) $ 111,509 $ 62,425 $ 49,084 56% Discretionary Charges (Appr Unit C) $ 422,890 $ 91,627 $ 331,263 22% Engineering Department Total $ 2,457,725 $ 1,281,658 $ 1,176,067 52% Finance Department
Salary and Benefits (Appr Unit A) $ 4,837,417 $ 3,153,392 $ 1,684,025 65% Intrafund Labor (Appr Unit AA) $ (56,189) $ (37,599) $ (18,590) 67% ISF Charges (Appr Unit B) $ 778,405 $ 506,331 $ 272,074 65% Discretionary Charges (Appr Unit C) $ 1,466,937 $ 874,065 $ 592,871 60% Finance Department Total $ 7,026,570 $ 4,496,189 $ 2,530,381 64% Fire Department
Salary and Benefits (Appr Unit A) $ 44,643,483 $ 30,706,809 $ 13,936,674 69% ISF Charges (Appr Unit B) $ 1,367,998 $ 911,999 $ 455,999 67% Discretionary Charges (Appr Unit C) $ 7,006,479 $ 3,869,598 $ 3,136,881 55% Fire Department Total $ 53,017,960 $ 35,488,406 $ 17,529,554 67% #15..
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Fire Department - Ceres Salary and Benefits (Appr Unit A) $ 7,654,928 $ 5,059,718 $ 2,595,210 66% ISF Charges (Appr Unit B) $ 228,716 $ 152,477 $ 76,239 67% Discretionary Charges (Appr Unit C) $ 339,411 $ 143,060 $ 196,351 42% Fire Department - Ceres Total $ 8,223,055 $ 5,355,256 $ 2,867,799 65% Fire Department - Oakdale
Salary and Benefits (Appr Unit A) $ 5,755,826 $ 4,199,384 $ 1,556,442 73% ISF Charges (Appr Unit B) $ 183,364 $ 122,243 $ 61,121 67% Discretionary Charges (Appr Unit C) $ 379,775 $ 187,948 $ 191,826 49% Fire Department - Oakdale Total $ 6,318,965 $ 4,509,575 $ 1,809,390 71% Fire Department - Salida
Salary and Benefits (Appr Unit A) $ 1,898,474 $ 1,365,637 $ 532,837 72% ISF Charges (Appr Unit B) $ 36,432 $ 24,288 $ 12,144 67% Discretionary Charges (Appr Unit C) $ 61,040 $ 15,541 $ 45,499 25% Fire Department - Salida Total $ 1,995,946 $ 1,405,466 $ 590,480 70% Fire Department - Stanislaus Consolidated
Salary and Benefits (Appr Unit A) $ 380,742 $ 298,520 $ 82,222 78% ISF Charges (Appr Unit B) $ 8,521 $ 5,681 $ 2,840 67%
Discretionary Charges (Appr Unit C) $ - $ 44,606 $ (44,606) N/A Fire Department - Stanislaus Consolidated Total $ 389,263 $ 348,807 $ 40,456 90% Fire Department - Turlock
Salary and Benefits (Appr Unit A) $ 313,680 $ 160,262 $ 153,418 51% ISF Charges (Appr Unit B) $ 9,160 $ 6,107 $ 3,053 67%
Discretionary Charges (Appr Unit C) $ - $ 44,619 $ (44,619) N/A Fire Department - Turlock Total $ 322,840 $ 210,988 $ 111,852 65% Human Resources Salary and Benefits (Appr Unit A) $ 1,919,712 $ 1,333,813 $ 585,899 69% Intrafund Labor (Appr Unit AA) $ (128,446) $ (85,631) $ (42,815) 67% ISF Charges (Appr Unit B) $ 287,580 $ 189,700 $ 97,880 66% Discretionary Charges (Appr Unit C) $ 66,620 $ 32,036 $ 34,583 48% Human Resources Total $ 2,145,466 $ 1,469,919 $ 675,547 69% Non-Departmental
Discretionary Charges (Appr Unit C) $ 436,873 $ 46,778 $ 390,094 11% Non-Departmental Total $ 436,873 $ 46,778 $ 390,094 11% Office of Performance Management & Budget
Salary and Benefits (Appr Unit A) $ 939,715 $ 546,203 $ 393,512 58% ISF Charges (Appr Unit B) $ 78,933 $ 59,889 $ 19,044 76% Discretionary Charges (Appr Unit C) $ 258,010 $ 6,145 $ 251,865 2% Office of Performance Management & Budget Total $ 1,276,658 $ 612,236 $ 664,422 48% Office of the City Auditor Salary and Benefits (Appr Unit A) $ 280,756 $ 66,499 $ 214,257 24% ISF Charges (Appr Unit B) $ 18,072 $ 12,341 $ 5,731 68% Discretionary Charges (Appr Unit C) $ 250,000 $ 173,794 $ 76,206 70% Office of the City Auditor Total $ 548,828 $ 252,634 $ 296,194 46% Parks, Recreation & Neighborhoods Salary and Benefits (Appr Unit A) $ 8,448,102 $ 5,367,756 $ 3,080,346 64% Intrafund Labor (Appr Unit AA) $ (630,322) $ (504,158) $ (126,164) 80% ISF Charges (Appr Unit B) $ 1,844,843 $ 1,243,372 $ 601,471 67% Discretionary Charges (Appr Unit C) $ 7,816,080 $ 4,803,275 $ 3,012,805 61% Parks, Recreation & Neighborhoods Total $ 17,478,703 $ 10,910,245 $ 6,568,458 62% Police Department
Salary and Benefits (Appr Unit A) $ 69,456,376 $ 45,640,746 $ 23,815,630 66% Intrafund Labor (Appr Unit AA) $ - $ (322,337) $ 322,337 N/A ISF Charges (Appr Unit B) $ 6,510,872 $ 4,340,581 $ 2,170,291 67% Discretionary Charges (Appr Unit C) $ 15,023,836 $ 8,236,095 $ 6,787,742 55% Police Department Total $ 90,991,084 $ 57,895,084 $ 33,096,000 64% Transfers Out
Transfers Out $ 7,087,743 $ 274,746 $ 6,812,997 4%
Transfers Out Total $ 7,087,743 $ 274,746 $ 6,812,997 4% Variance Rate Variance Rate $ (12,491,555) $ - $ (12,491,555) 0% Variance Rate Total $ (12,491,555) $ - $ (12,491,555) 0% Grand Total $ 201,023,445 $ 132,721,796 $ 68,301,649 66% #15..
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The main takeaway from the information above is that unlike in past years there are not the large amount of savings in the Salaries and Benefits expenditures for departments like Parks, Recreation and Neighborhoods, Police, and Community and Economic Development. These departments are still seeing some savings in this category, but they are experiencing much lower rates of vacancy in totality throughout the fiscal year.
The other issue that is starting to be seen across the organization is the impact of the prolonged inflation on costs of goods and services. Parts are much more expensive to procure, and services are seeing price increases across the life of contracts and all these things are contributing to increased expenses in the Discretionary category. One more item on the horizon that has not truly impacted the local economy yet will be any impact from pending tariffs. This will be closely monitored in the coming months by staff as the fiscal year continues to ensure that budgets remain within current appropriation levels.
One area that has the potential to impact the fiscal year-end are the subsidies that are provided through transfers out to the Centre Plaza and the Parking Fund. The Centre Plaza and Parking Fund continue to experience heavy losses in revenues. Due to this, the General Fund has provided subsidies to these funds in past fiscal years. Should the either fund fall into a negative fund balance any subsidy would need to be funded by the General Fund. This will be closely watched by staff as we continue through the current fiscal year.
These revenues and expenditures will continue to be monitored for each of these funds in the next few months for potential impacts on the General Fund and will be reported back to Council if necessary.
Expenditure Conclusions
Overall expenditures are trending slightly lower than would be expected at this time in the fiscal year. This is being driven mainly by salary and benefit savings due to vacant positions that have occurred in the current fiscal year. Discretionary spending will continue to be monitored as well as the possibility of increased subsidy needs from the Centre Plaza and Parking Funds.
Staff is recommending no change to department expenditure budgets for Fiscal Year 2024-25 currently.
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
April 8, 2025
Date: March 19, 2025
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Stephan Christensen, Office of Performance Management and Budget Director SUBJECT: Monthly Budget Adjustment Report – March 2025
CONTACT: Stephan Christensen, Office of Performance Management and Budget Director, [email protected] 209-577-5390
DESCRIPTION:
Consider approving the recommended budget adjustments to Fiscal Year 2024-25 Annual Operating and Capital Improvement Program Budgets. (Funding Source: Various Funds)
STRATEGIC PLAN ELEMENT:
This item supports the City of Modesto 2020-2025 Strategic Plan focus on Governance and Service Delivery under Goal H: Achieve Financial Sustainability.
BACKGROUND:
Each month, City staff presents a variety of budget adjustments requiring the approval of the City Council. These changes are submitted to the Finance Committee for review prior to submission to Council and include an explanation and justification for each transaction.
This report includes a number of adjustments that have been identified by monitoring department budgets. Due to the number of adjustments, they have been included as an attachment to this report (Exhibit A). As in past reports, adjustments are separated by fund and department as appropriate. The adjustments are reflected in a more summarized version and supporting documentation is available for review upon request.
Included in this report as an attachment (Exhibit B) is a summary of the budget adjustments approved by the City Manager and/or Budget Manager and Office of Performance Management and Budget (OPMB) Director consistent with the authority levels approved by Council with the passing of the Fiscal Year 2024-25 Operating Budget via Resolution No. 2024-191. #16..
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City Council, April 8, 2025
Monthly Budget Adjustment Report – March 2025
DISCUSSION:
The monthly budget adjustments attached as Exhibit A in this item include adjustments across various departments. These adjustments are explained in further detail within Exhibit A.
FISCAL IMPACT:
The fiscal impact of each item is noted in the attachments to this report. The adjustments are for Fiscal Year 2024-25.
COMMITTEE RECOMMENDATION:
This item was presented to the Finance Committee on February 24, 2025, and the Committee recommended forwarding the item to Council for approval. It must be noted that since the recommendation of the Finance Committee the following addition has been made for the reason noted below.
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Resolution amending Fiscal Year 2024-25 Annual Operating and Capital Improvement Project Fund Budgets and authorizing the City Manager, to take the necessary steps to implement the provisions of this Resolution.
Approved by:
Joseph P. Lopez, City Manager
Attachments:
1. Resolution
2. Exhibit A – Budget Adjustments Requiring Council Approval
3. Exhibit B - Staff Approved Budget Adjustments
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04/08/2025/OPMB/SChristensen/Item X 1 2025-XX
MODESTO CITY COUNCIL
RESOLUTION NO. 2025-
RESOLUTION AMENDING THE FISCAL YEAR 2024-25 ANNUAL
OPERATING AND CAPITAL IMPROVEMENT PROJECT FUND
BUDGETS AND AUTHORIZING THE CITY MANAGER, TO TAKE
THE NECESSARY STEPS TO IMPLEMENT THE PROVISIONS OF
THIS RESOLUTION
WHEREAS, a financial analysis has been completed and it has been determined that a budget adjustment is required to the Annual and Capital Improvement Budgets of the City of Modesto for Fiscal Year 2024-25.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby approves amending the Fiscal Year 2024-25 Annual Operating and Capital Improvement budget as shown in Exhibit A, which is attached hereto and incorporated by reference herein.
BE IT FURTHER RESOLVED that the City Manager, or his designee, is hereby authorized to take the necessary steps to implement the provisions of this resolution. #16..
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04/08/2025/OPMB/SChristensen/Item X 2 2025-XX
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 8th day of April 2025, by Councilmember _________, who moved its adoption, which motion being duly seconded by Councilmember ______, was upon roll call carried and the resolution adopted by the following votes:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
ATTEST:
________________________________
DIANE NAYARES-PEREZ, CMC,
City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: _____________________________________
JOSE M. SANCHEZ, City Attorney
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City Council, April 8, 2025
Monthly Budget Adjustment Report
EXHIBIT A
FINANCE
A budget adjustment in the amount of $336,875 is necessary in the Inventory Purchase Fund (5110). This request is being derived from the trend we are seeing along with what we have calculated averaging for the remainder of the Fiscal Year. In addition, the Stores Division accommodating City departments requests of bringing in new parts we were not originally anticipating.
A budget adjustment in the amount of $1,397,553 is necessary in the Inventory Purchase Fund (5110) for additional parts needed by the Water Department that were unforeseen on the previous budget adjustment. This request is being derived from the trend we are seeing along with what we have calculated averaging for the remainder of the Fiscal Year. In additional we are awaiting an order of 12,000 registers that are needed for the Water Department.
FIRE DEPARTMENT
As part of resolution 2024-116, the City accepted the 2023 Staffing for Adequate Fire and Emergency Response (SAFER) Grant award from the Federal Emergency Management Agency (FEMA). With the acceptance of this award, the budget was not amended at the time of acceptance. A budget adjustment is necessary to appropriate expenditure and revenue budgets in the amount of $664,626 in Fund 1341 (Grants – Operation Grants Reimbursed) Cost Center 18218 (MFD - 2023 FEMA SAFER Grant).
In addition, a budget adjustment is necessary to appropriate grant revenue in the amount of $1,587,140 in Fund 1341 (Grants – Operation Grants Reimbursed) Cost Center 18216 (MFD - 2020 FEMA SAFER Grant) to recognize the anticipated grant funds to receive related to expenses that occurred from 7/18/2023 through 3/31/2025.
The grant revenue will be used for salary and benefits for one year of the grant. This adjustment will also budget a transfer in the amount of $129,709 from the General Fund to the 2023 FEMA SAFER Grant for hiring costs, personal protective equipment costs, and other costs that are not eligible to be funded by the grant.
MEASURE H
A budget adjustment is necessary in the amount of $300,000 in the Fiscal Year 2024/2025 Measure H spending plan to re-appropriate expenditures in the Pelandale Street Landscape Project 101624 to the Cesar Chavez Park Renovation Project 101276 to cover expenditures in Fiscal 2024-2025 which need payment. There are sufficient funds available due to Project 101624 being in the early stages of planning and design.
Funding will be reappropriated during the Fiscal Year 2025/2026 Measure H Spending Plan budget adoption. The need for additional funding from Measure H was noted for the Chavez Park Renovation Project on the Agenda Item that was brought to Council on September 10, 2024. This adjustment will be the first step towards closing the final gap in the project funding.
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City Council, April 8, 2025
Monthly Budget Adjustment Report
MODESTO POLICE DEPARTMENT
A budget adjustment in the amount of $119,542 is needed in the 2024-2025 Supplemental Law Enforcement Services Fund (SLESF) Project (101626) in the Police Grants Fund (1342) to increase the expense and revenue budget to account for State revenues and offsetting expenditures.
UTILITIES
A budget adjustment in the amount of $200,000 is needed in the Sewer Operations Fund (4210) Roosevelt Park Cross Connection Project (100793) to increase the expenditure appropriations to pay for Legal invoices. There are sufficient funds in the Sewer Operation reserves to cover the increased expenditure appropriations. #16..
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Department Director/Director of Office Performance and Budget (OPMB)/City Manager Approved Budget Adj EXHIBIT B For FY2024/25
AT #
Approved
by CM,
Director
OPMB or DD
Fund Fund Name Cost Ctr/Project Name Account Name Rev/Exp/TI/ TO Account
Current
Budget
Increase
(Decrease)
Revised
Budget Description
AT-100 OPMB Dir 0100 General Fund 12510 FIN-Purchasing Budget Only - Salary Adjustment - Decrease Exp $ - $ (9,800) $ (9,800) AT-100 OPMB Dir 0100 General Fund 12510 FIN-Purchasing Budget Only - Benefit Adjustment - Decrease Exp $ - $ (4,200) $ (4,200) AT-100 OPMB Dir 0100 General Fund 12510 FIN-Purchasing Professional Services Exp $ 45,000 $ 14,000 $ 59,000 Total Changes for Fund 0100 $ 45,000 $ - $ 45,000
AT-106 OPMB Dir 1130 CDBG 14015 - CED - CDBG Direct Program 42030 - HUD Revenue Rev $ 45,000 $ 2,000 $ 47,000 AT-106 OPMB Dir 1130 CDBG 14015 - CED - CDBG Direct Program 42030 - HUD Revenue Rev $ 45,000 $ 2,000 $ 47,000 AT-106 OPMB Dir 1130 CDBG 14015 - CED - CDBG Direct Program 42030 - HUD Revenue Rev $ 45,000 $ 1,011 $ 46,011 AT-106 OPMB Dir 1130 CDBG 14015 - CED - CDBG Direct Program 42030 - HUD Revenue Rev $ 44,000 $ 2,000 $ 46,000 AT-106 OPMB Dir 1130 CDBG 14015 - CED - CDBG Direct Program 42030 - HUD Revenue Rev $ 32,000 $ 2,000 $ 34,000 AT-106 OPMB Dir 1130 CDBG 14015 - CED - CDBG Direct Program 42030 - HUD Revenue Rev $ 45,000 $ 2,000 $ 47,000 AT-106 OPMB Dir 1130 CDBG 14015 - CED - CDBG Direct Program 54500 - Services City Forces - Interfund Exp $ 5,000 $ 2,000 $ 7,000 AT-106 OPMB Dir 1130 CDBG 14015 - CED - CDBG Direct Program 54500 - Services City Forces - Interfund Exp $ 5,000 $ 2,000 $ 7,000 AT-106 OPMB Dir 1130 CDBG 14015 - CED - CDBG Direct Program 54500 - Services City Forces - Interfund Exp $ 5,000 $ 1,011 $ 6,011 AT-106 OPMB Dir 1130 CDBG 14015 - CED - CDBG Direct Program 54500 - Services City Forces - Interfund Exp $ 5,000 $ 2,000 $ 7,000 AT-106 OPMB Dir 1130 CDBG 14015 - CED - CDBG Direct Program 54500 - Services City Forces - Interfund Exp $ 5,000 $ 2,000 $ 7,000 AT-106 OPMB Dir 1130 CDBG 14015 - CED - CDBG Direct Program 54500 - Services City Forces - Interfund Exp $ 5,000 $ 2,000 $ 7,000 Total Changes for Fund 1130 $ 286,000 $ 22,022 $ 308,022 AT-105 OPMB Dir 1341 Grants - Op Grants reimbursed PW- Non Capital Projects Interest Revenue on Bank Account Rev $ - $ 1,334 $ 1,334 AT-105 OPMB Dir 1341 Grants - Op Grants reimbursed 101495 - PW - Used Oil Payment Program 11 AUC - Advertising Exp $ 5,000 $ 1,334 $ 6,334
Total Changes for Fund 1341 $ 5,000 $ 2,668 $ 6,334
AT-103 DD 1380 Non-Capital Parks Fund 101590 - Historical Properties Donations AUC - Volunteer Programming Exp $ - $ 518 $ 518 This budget adjustment will recognize recent donations to the Historical Properties donations project of $518 and establish a new Task named Volunteer Programming.
Total Changes for Fund 1380 $ - $ 518 $ 518
AT-104 OPMB Dir 1700 Surface Transportation Fund 101636 - FY 24-25 SB1 Video Detection Video Equipment <$5,000 Exp $ 200,000 $ (125,039) $ 74,961 AT-104 OPMB Dir 1700 Surface Transportation Fund 101636 - FY 24-25 SB1 Video Detection Video Equipment >$5,000 Exp $ - $ 138,359 $ 138,359 Total Changes for Fund 1700 $ 200,000 $ 13,320 $ 213,320 AT-104 OPMB Dir 1730 Gas Tax Fund Transfer Out Gas Tax Fund Transfer Out to Fund 1700 TO $ 200,000 $ 13,320 $ 213,320 AT-104 OPMB Dir 1700 Surface Transportation Fund 101636 - FY 24-25 SB1 Video Detection Transfer In from Fund 1730 TI $ 200,000 $ 13,320 $ 213,320 Total Changes for Fund 1730 $ 400,000 $ 26,640 $ 426,640 AT-102 CM 4212 Wastewater PCE Mitigation 100668- WW PCE Mitigation Site I Professional Services Exp $ 2,176,599 $ 102,423 $ 2,279,022 A budget adjustment is necessary to increase the project budget for Wastewater PCE Mitigation per City Attorney's approval.
Total Changes for Fund 4212 $ 2,176,599 $ 102,423 $ 2,279,022 A budget adjustment in the amount of $14,000 is necessary to move salary savings from the vacant Senior Buyer position for the purpose of covering the OpenGov Phase II invoice.
A budget adjustment is necessary to increase the overall project budget in the amount of $13,320. The total cost include the tax for all necessary video detection equipment.
Additionally, fund are being reallocated from the <$5,000 account to the >$5,000 account. The transfer from the Gas Tax fund is being increase by the same amount to the project.
A budget adjustment is necessary to increase the overall project budget in the amount of $13,320. The total cost include the tax for all necessary video detection equipment.
Additionally, fund are being reallocated from the <$5,000 account to the >$5,000 account. The transfer from the Gas Tax fund is being increase by the same amount to the project.
A budget adjustment in the amount of $1,334 is necessary to recognize revenue received from interest earned and to program offsetting expenses in a like amount.
A budget adjustment is needed in the various accounts for each of these public services to increase the activity delivery budget which will allow staff to process the remaining invoices. These expenses will be covered by annual entitlement CDBG grant funds.
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
April 8, 2025
Date: March 19, 2025
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Toby Wells, Director of Engineering Services/City Engineer SUBJECT: Accept La Loma Phase 3A Strengthen & Replace Water Mains Project CONTACT: Peter Kambel, Senior Civil Engineer, [email protected], 209-577-5444 DESCRIPTION:
Consider accepting the La Loma Phase 3A Strengthen & Replace Water Mains Project as complete, releasing securities, releasing payments totaling $6,250,690 to United Pavement Maintenance Inc., of Hughson, CA, and authorizing the City Clerk to file a Notice of Completion. (Funding Source: Water Fund)
STRATEGIC PLAN ELEMENT:
The recommended action supports the City’s 2020-2025 Strategic Plan Initiatives, Goal D:
Provide safe, efficient, and reliable infrastructure through proactive community investment, maintenance, and sustainability efforts.
BACKGROUND:
The existing water mains serving the La Loma Neighborhood have been found to be deficient to serve the residents efficiently and reliably.
This project replaces and upgrades approximately 20,000 linear feet of water main in the La Loma Neighborhood. The results of this project are improved system reliability and flows by increasing water pressure for the residents, and safety for the area by increasing the system reliability to fire hydrants.
DISCUSSION:
The La Loma Phase 3A Strengthen & Replace Water Mains Project was advertised for bids on November 16, 2022. Bids were publicly opened on January 10, 2023, and United Pavement Maintenance Inc., of Hughson, CA, was the lowest responsive and responsible bidder at 5.46% below the engineer’s estimate.
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City Council, April 8, 2025
Accept La Loma Phase 3A Strengthen & Replace Water Main Project
On February 28, 2023, by Resolution 2023-83, Council awarded a contract to United Pavement Maintenance Inc, in the amount of $6,229,282. The Contractor received the Notice to Proceed with a start date of June 12, 2023. All contract work was completed on June 5, 2024.
By accepting this project as complete, the City officially accepts the improvements made and authorizes the Notice of Completion to be filed. The City Clerk is authorized to complete all the necessary steps to file Notice of Completion with the County Recorder, release securities, and authorize payments totaling $6,250,690. The work is covered by a one-year warranty for any issues that may arise.
Staff recommends the project for acceptance as the contractor has complied with all contract requirements for the project.
FISCAL IMPACT:
The total project costs were $6,937,806 which included design, construction, and construction administration costs. The total project amount originally budgeted was $7,839,648, which included $6,852,210 for the construction contract and contingency with United Pavement Maintenance, Inc.
The City’s “Change Order Approval Policy” enacted by Council Resolution No. 1994-443 on July 19, 1994, and revised on July 9, 2019, by Council Resolution No. 2019-326, established a contract change order authority of 8% for construction contracts of this dollar value. Given the nature of rehabilitation projects Council Resolution 2023-84 authorized increase in the Director’s Authority for the Construction Contingency to 10% ($622,928) of the construction contract price of $6,229,282.
There were fifteen (15) change orders resulting in an overall increase of $21,408 for change order work as listed on the attached change order log. A summary of the expenditures for the overall project is listed below.
Funding for the construction, contingency, administration, and design support, was budgeted in the FY 2022-23 Capital Improvement Program (CIP) budget in project account:
100953 – UPP Engineering Design – La Loma-El Vista to Riverside Totals
PROJECT EXPENDITURES:
Construction Contract (United Pavement Maintenance, Inc.) $6,229,282 Construction Contingency (Change Orders) 0.3% $21,408
Engineer Support - Provost & Pritchard 2.2% $139,419
City Construction Forces 1.2% $76,613
Construction Administration – City Staff Support 4.9% $301,863 Engineering Design/Admin. – City Staff Support/Misc. 2.7% $169,221 TOTAL CONSTRUCTION EXPENDITURES: $6,937,806
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City Council, April 8, 2025
Accept La Loma Phase 3A Strengthen & Replace Water Main Project
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Resolution accepting the La Loma Phase 3A Strengthen & Replace Water Mains Project as complete, releasing securities, releasing payments totaling $6,250,690 to United Pavement Maintenance Inc., of Hughson, California, and authorizing the City Clerk to file a Notice of Completion.
Approved by:
_________________________________________
Toby Wells, Director of Engineering Services/
City Engineer
_________________________________________
Joseph P. Lopez, City Manager
Attachments:
1. Resolution
2. Contract Change Order Log
3. Project Suspension Form
4. Notice of Completion
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04/8/2025/ESD/PKambel 1 2025-??
MODESTO CITY COUNCIL
RESOLUTION NO. 2025-XX
RESOLUTION ACCEPTING THE LA LOMA PHASE 3A STRENGTHEN &
REPLACE WATER MAINS PROJECT AS COMPLETE, RELEASING
SECURITIES, RELEASING PAYMENTS TOTALING $6,250,690 TO UNITED PAVEMENT MAINTENANCE INC., OF HUGHSON, CALIFORNIA, AND
AUTHORIZING THE CITY CLERK TO FILE A NOTICE OF COMPLETION WHEREAS, the existing water mains serving the La Loma Neighborhood have been found to be deficient to serve the residents efficiently and reliably; and WHEREAS, this project replaces and upgrades approximately 20,000 linear feet of water main in the La Loma Neighborhood; and
WHEREAS, the results of this project are improved system reliability and flows by increasing water pressure for the residents, and safety for the area by increasing the system reliability to fire hydrants; and
WHEREAS, the La Loma Phase 3A Strengthen & Replace Water Mains Project was advertised for bids on November 16, 2022; and
WHEREAS, bids were publicly opened on January 10, 2023; and WHEREAS, United Pavement Maintenance Inc., of Hughson, CA, was the lowest responsive and responsible bidder at 5.46% below the engineer’s estimate; and WHEREAS, on February 28, 2023, by Resolution 2023-83, Council awarded a contract to United Pavement Maintenance Inc, in the amount of $6,229,282; and WHEREAS, the contractor received the Notice to Proceed with a start date of June 12, 2023. All contract work was completed on June 5, 2024; and WHEREAS, the total project costs were $6,937,806 which included design, construction, and construction administration costs. The total project amount originally #17..
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04/8/2025/ESD/PKambel 2 2025-??
budgeted was $7,839,648, which included $6,852,210 for the construction contract and contingency with United Pavement Maintenance, Inc.; and WHEREAS, there were fifteen (15) change orders resulting in an overall increase of $21,407 for change order work as listed on the attached change order log; and WHEREAS, the City’s “Change Order Approval Policy” enacted by Council Resolution No. 1994-443 on July 19, 1994, and revised on July 9, 2019 by Council Resolution No. 2019-326, established a contract change order authority of 8% for construction contracts of this dollar value given the nature of rehabilitation projects Council Resolution 2023-84 authorized increase in the Director’s Authority for the Construction Contingency to 10% ($622,928) of the construction contract price of $6,229,282; and
WHEREAS, by accepting this project as complete, the City officially accepts the improvements made and authorizes the City Clerk to file a Notice of Completion.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that the La Loma Phase 3A Strengthen & Replace Water Mains Project is hereby accepted as complete, and that the City Clerk is authorized to complete all necessary steps to file the appropriate notices and documents with the County Recorder, release securities, and authorize payments totaling $6,250,690 to United Pavement Maintenance Inc., of Hughson, California.
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04/8/2025/ESD/PKambel 3 2025-??
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 8th day of April, 2025, by Councilmember ?, who moved its adoption, which motion being duly seconded by Councilmember ?, was upon roll call carried and the resolution adopted by the following vote:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
ATTEST: ____________________________
DIANE NAYARES-PEREZ, CMC,
City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: ______________________________________
JOSE M. SANCHEZ, City Attorney
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CHANGE
ORDER
NO. DESCRIPTION EXECUTED AMOUNT
CAUSE
UNFORSEEN
CONDITIONS
DESIGN
ISSUE
ADDED
SCOPE
CONTRACT CHANGE ORDER LOG
Date: February 18, 2025
TIME
EXT. Approved
2023/06 - La Loma Phase 3A Strengthen & Replace Project (100953) KRAZAN PROJECT NUMBER AND NAME:
01 REPLACE 8X8X4 TEE WITH 8x8x8 TEE AND INSTALL
45 DEGREE OFFSETS AT STA 11+35.41 ON ROBLE
AVE
08/11/23 $3,154.19 0 W.D. No Yes No Yes
02 Relcate Water line on Colfax. 09/25/23 $4,516.80 1 W.D. Yes No No Yes 03 Connect water services not shown on plan. 09/25/23 $15,837.07 1 W.D. No Yes No Yes 04 Abandonment of MID/Privately owned irrigation lines. 09/25/23 $3,300.33 1 W.D. No Yes No Yes 05 Provide 2" Water Sevice for Park at Encina Avenue and Trask Lane.
12/14/23 $5,551.00 0 W.D. No No Yes Yes
06 Repair Existing Water Mains in Alley at 2317 Viola and Haddon Ave and One Additional Working Day.
12/14/23 $5,031.82 1 W.D. No Yes No Yes
07 Additional Curb and Gutter Replacement 05/23/24 $51,858.90 0 W.D. No Yes No Yes 08 Abandonment of MID-Privately Owned Irrigation Pipes in Glendale Avenue
08/09/24 $1,650.16 1 W.D. No Yes No Yes
09 Provide Crushed Rock in the Bellamy-Haddon Alley 08/09/24 $12,308.65 2 W.D. No No Yes Yes 10 Provide Water Service to 340 Colfax Ave. 10/08/24 $2,137.30 0 W.D. No Yes No Yes 11 Fire Service for Yosemite Lanes Bowling Alley. 10/08/24 $5,201.52 0 W.D. No Yes No Yes 12 Yosemite Blvd. Traffic Loops 10/08/24 $10,657.50 0 W.D. No Yes No Yes 13 Omit Red Curbs & Omit Traffic Loops 01/27/25 -$18,040.00 0 W.D. No Yes No Yes 14 Additional Hot Mix Asphalt 01/27/25 $149,418.24 0 W.D. No Yes No Yes 15 Balancing Change Order Adjust Quantities Consistent
with Field Conditions.
02/18/25 -$231,176.10 0 W.D. No No Yes No
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CHANGE
ORDER
NO. DESCRIPTION EXECUTED AMOUNT
CAUSE
UNFORSEEN
CONDITIONS
DESIGN
ISSUE
ADDED
SCOPE
CONTRACT CHANGE ORDER LOG
Date: February 18, 2025
TIME
EXT. Approved
Total Change Orders Processed To Date: $21,407.38
Original Contract Amount: $6,229,282.00
IDA To: $622,928.00
Total Working Days Time Extension: 7
Original Director's CCO Authority: $498,343.00
IDA Date: 2/28/2023
Total Executed Change Orders To Date: $21,407.38
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CHANGE
ORDER
NO. DESCRIPTION EXECUTED AMOUNT
CAUSE
UNFORSEEN
CONDITIONS
DESIGN
ISSUE
ADDED
SCOPE
CONTRACT CHANGE ORDER LOG
Date: February 18, 2025
TIME
EXT. Approved
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MODESTO
Capital Project In Beneficial Use/Substantial Completion Notice ThisnoticemustbesubmittedtotheFinanceDepartmentwhen a capitalprojecthasreachedsubstantialcompletion,is in beneficial use or has entered the warranty period to meet financial reporting guidelines of depreciation.
Project #: 100953 Fund: 4180 Cost Center: UTL. Engineering Design Contact: Pete Kambel Ext: 7544
When the Project was Created was it Non-Capital or Capital: Non-Capital X Capital Project Name in Oracle: La Loma-El Vista to Riverside
Project Description:
(What new infrastructure
was built/created)
Project In Use/Completion Date or Council Acceptance Date: Acceptance Date 4/8/2025 Warranty Period X Yes No
Project expenses include (Check one):
If yes, Project Warranty End Date: 4/8/2026
Non-Capital X Capital Capital and Non-Capital*
If expenses are mixed - Amount of total expenses to be recorded as Capital; either dollar amount or percentage:
* IQproject expenses include Capital and Non-Capital, an Itemized tist o/New Assets and Costs which make up the amount/percentage listed o8ove must be provided witti this form Authorization Signatures to Begin Depreciation of Project Expense Project Manager:
Financial Analyst(Budget): Directorof Finance: Financial Analyst (Assets):
Latest Revision
Date:
Date:
Date:
01-FEB-2025
20,000 Linear Feet of Water Main in the La Loma
Neighborhood.
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Requested by
City of Modesto/City Clerk’s Office
Return to City of Modesto/City Clerk’s Office:
PO Box 642
Modesto CA 95353
NOTICE OF COMPLETION
NOTICE IS HEREBY GIVEN that on February 28, 2023 the City of Modesto, PO Box 642, Modesto, California 95353, a Municipal Corporation in the County of Stanislaus, State of California, awarded the contract to United Pavement Maintenance, Inc., of Hughson, CA, for the project titled “La Loma Phase 3A Strengthen & Replace Water Mains” located at Trask Lane to the east, Encina Avenue to the north El Vista Avenue to the west, and Yosemite Boulevard to the south. On May 5, 2024, the said contract as a whole was actually completed by United Pavement Maintenance, Inc, and accepted by the Council of the City of Modesto at a regular meeting of the Council held on April 8, 2025.
CITY OF MODESTO
By
Diane Nayares-Perez, City Clerk
I certify under penalty of perjury that the foregoing is true and correct.
Date: By
Modesto, CA Diane Nayares-Perez, City Clerk
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
April 8, 2025
Date: March 19, 2025
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Toby Wells, Director of Engineering Services/City Engineer SUBJECT: Accept Tuolumne River Regional Park Non-Motorized Boat Launch Project CONTACT: Peter Kambel, Senior Civil Engineer, [email protected], 209-577-5444 DESCRIPTION:
Consider accepting the Tuolumne River Regional Park Non-Motorized Boat Launch Project as complete, releasing securities, releasing payments totaling $1,881,396 to Harris Builder, Inc. of Hilmar CA, and authorizing the City Clerk to file a Notice of Completion. (Funding Source: TRRP CIP Fund, Park CFF Fund, and Non-Motorized Boating Facilities Grant Program Funds) STRATEGIC PLAN ELEMENT:
The recommended action supports the City’s 2020-2025 Strategic Plan Area of Focus: Quality of Life and Governance and Service Delivery.
BACKGROUND:
On March 13, 2018, by Resolution No. 2018-125, Council accepted $780,000 in grant funds from the California Division of Boating and Waterways (DBW) Recreational Boating and Facilities with Public Access Grant Program to design and construct a public access non-motorized boat launch and river access facility on the Tuolumne River.
The Neece Drive site was identified in the Tuolumne River Regional Park (TRRP) Master Plan for a Boat Launch and the site’s topography, ease of highway access, river programming opportunities, and availability of City-owned land presented favorable conditions for this site.
DISCUSSION:
The project was advertised for bids on May 18, 2023. Bids were publicly opened on June 13, 2023, and Harris Builder, Inc. of Hilmar, CA, was the lowest responsive and responsible bidder at 122.89% above the engineers estimate.
On July 11, 2023, by Resolution 2023-346, Council awarded a contract to Harris Builder, Inc., in the amount of $1,658,955. The Contractor received the Notice to Proceed with a start date of August 14, 2023. All contract work was completed on May 10, 2024. #18..
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City Council, April 8, 2025
Accept Tuolumne River Regional Park Non-Motorized Boat Launch Project
By accepting this project as complete, the City officially accepts the improvements made and authorizes the Notice of Completion to be filed. The City Clerk is authorized to complete all the necessary steps to file a Notice of Completion with the County Recorder, release securities, and authorize payments totaling $1,881,396. The work is covered by a one-year warranty for any issues that may arise.
Staff recommends the project for acceptance as the contractor has complied with all contract requirements for the project.
FISCAL IMPACT:
The total project costs were $2,326,014 which included design, construction, and construction administration costs. The total project amount originally budgeted was $2,245,000 which included $1,791,671 for the construction contract and contingency with to Harris Builder, Inc.
The City’s “Change Order Approval Policy” enacted by Council Resolution No. 94-443 on July 19, 1994, updated by Resolution No. 2019-326 on July 9, 2019, and updated by Resolution No. 2023- 405 on September 12, 2023, established a contract change order authority of ten percent (10%) for construction contracts of this dollar value. On April 9, 2024, the City Council authorized Resolution 2024-118, increasing the change order authority to fifteen and one-half percent (15.5%), totaling $257,138 to address a number of contract change orders related to the difficult construction conditions for the project.
There are five change orders resulting in an overall increase of $222,441 for change order work as listed on the attached change order log. A summary of the expenditures for the overall project is listed below.
101071– Tuolumne River Regional Park Non-Motorized Boat Launch Project Totals
PROJECT EXPENDITURES:
Construction Contract (Harris Builder, Inc.) $1,658,955 Construction Contingency (Change Orders) 13.4% $222,441 Construction Administration – City Staff Support 7.9% $130,313 Engineering Design/Admin. – City Staff Support/Misc. 9.5% $157,335 O’Dell Engineering – Engineering Support 9.5% $156,970
TOTAL CONSTRUCTION EXPENDITURES: $2,326,014
COMMITTEE RECOMMENDATION:
On April 4, 2022, this project was one of several capital improvement projects presented to the Economic Development Committee for consideration to minimize the time between bidding and Council award. This project was recommended to be forwarded to Council upon successful bidding.
CEQA/NEPA REQUIREMENTS:
The Neece Drive Boat Launch is identified and included in the TRRP Master Plan, Environmental Impact Report (EIR) adopted in 2007. Staff has prepared an Initial Study, Construction Contract for the TRRP Non-Motorized Boat Launch Project located at Neece Drive Environmental Checklist No. EA 2018-005, which concludes that the project is with in the scope of the General Plan Master EIR (SCH No. 20007072023) and the TRRP Masterplan EIR (SCH No. 2000022028), and that #18..
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City Council, April 8, 2025
Accept Tuolumne River Regional Park Non-Motorized Boat Launch Project
pursuant to Section 21157.1 (b) of the CEQA Guidelines, no new environmental review is required.
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Resolution accepting the Tuolumne River Regional Park Non-Motorized Boat Launch Project as complete, releasing securities, releasing payments totaling $1,881,396 to Harris Builder, Inc. of Hilmar CA, and authorizing the City Clerk to file a Notice of Completion.
Approved by:
_________________________________________
Toby Wells, Director of Engineering Services/
City Engineer
_________________________________________
Joseph P. Lopez, City Manager
Attachments:
1. Resolution
2. Contract Change Order Log
3. Project Suspension Form
4. Notice of Completion
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04/08/2025/ESD/PKambel 1 2025-??
MODESTO CITY COUNCIL
RESOLUTION NO. 2025-XX
RESOLUTION ACCEPTING THE TUOLUMNE RIVER REGIONAL PARK
NON-MOTORIZED BOAT LAUNCH PROJECT AS COMPLETE, RELEASING SECURITIES, RELEASING PAYMENTS TOTALING $1,881,396 TO HARRIS BUILDER, INC. OF HILMAR CA, AND AUTHORIZING THE CITY CLERK TO
FILE A NOTICE OF COMPLETION
WHEREAS, on March 13, 2018, by Resolution No. 2018-125, Council accepted $780,000 in grant funds from the California Division of Boating and Waterways (DBW) Recreational Boating and Facilities with Public Access Grant Program to design and construct a public access non-motorized boat launch and river access facility on the Tuolumne River; and
WHEREAS, the Neece Drive site was identified in the Tuolumne River Regional Park (TRRP) Master Plan for a Boat Launch and the site’s topography, ease of highway access, river programming opportunities, and availability of City-owned land presented favorable conditions for this site; and
WHEREAS, the Tuolumne River Regional Park Non-Motorized Boat Launch Project was advertised for bids on May 18, 2023; and
WHEREAS, bids were publicly opened on June 13, 2023; and WHEREAS, Harris Builder, Inc. of Hilmar, CA, was the lowest responsive and responsible bidder at 122.89% above the engineers estimate; and WHEREAS, on July 11, 2023, by Resolution 2023-346, Council awarded a contract to Harris Builder, Inc., in the amount of $1,658,955; and WHEREAS, the Contractor received the Notice to Proceed with a start date of August 14, 2023. All contract work was completed on May 10, 2024; and #18..
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04/08/2025/ESD/PKambel 2 2025-??
WHEREAS, the total project costs were $2,326,014 which included design, construction, and construction administration costs. The total project amount originally budgeted was $2,245,000 which included $1,791,671 for the construction contract and contingency with to Harris Builder, Inc.; and
WHEREAS, there are five change orders resulting in an overall increase of $222,441 for change order work; and
WHEREAS, the City’s “Change Order Approval Policy” enacted by Council Resolution No. 94-443 on July 19, 1994, updated by Resolution No. 2019-326 on July 9, 2019, and updated by Resolution No. 2023-405 on September 12, 2023, established a contract change order authority of ten percent (10%) for construction contracts of this dollar value. On April 9, 2024, the City Council authorized resolution 2024-118, increasing the change order authority to fifteen and one-half percent (15.5%), totaling $257,138 to address a number of contract change orders related to the difficult construction conditions for the project; and
WHEREAS, by accepting this project as complete, the City officially accepts the improvements made and authorizes the Notice of Completion to be filed.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that the Tuolumne River Regional Park Non-Motorized Boat Launch Project is hereby accepted as complete, releasing securities, releasing payments totaling $1,881,396 to Harris Builder, Inc. of Hilmar CA, and authorizing the City Clerk to file a Notice of Completion.
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04/08/2025/ESD/PKambel 3 2025-??
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 8th day of April, 2025, by Councilmember ?, who moved its adoption, which motion being duly seconded by Councilmember ?, was upon roll call carried and the resolution adopted by the following vote:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
ATTEST: ____________________________
DIANE NAYARES-PEREZ, CMC,
City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: ______________________________________
JOSE M. SANCHEZ, City Attorney
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CHANGE
ORDER
NO. DESCRIPTION EXECUTED AMOUNT
CAUSE
UNFORSEEN
CONDITIONS
DESIGN
ISSUE
ADDED
SCOPE
CONTRACT CHANGE ORDER LOG
Date: February 06, 2025
TIME
EXT. Approved
2023/14 - Tuolumne River Regional Park Non-Motorized Boat Launch (101071) KRAZAN PROJECT NUMBER AND NAME:
01 Various Additional Site Work Tasks (5) 02/26/24 $131,354.54 0 W.D. No No Yes Yes 02 Changes to Height, Width, and Length of Cofferdam 10/08/24 $94,799.83 0 W.D. No No No Yes 03 Extra Work Directed by the Project Manager 10/08/24 $30,759.41 0 W.D. No No No Yes 04 71 Additional Working Days 10/08/24 $0.00 71 W.D. No Yes No Yes 05 Balancing Change Order -$34,473.21 0 W.D. No No Yes No Total Change Orders Processed To Date: $222,440.57
Original Contract Amount: $1,658,955.00
IDA To: $257,138.00
Total Working Days Time Extension: 71
Original Director's CCO Authority: $132,716.00
IDA Date: 4/9/2024
Total Executed Change Orders To Date: $256,913.78
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CHANGE
ORDER
NO. DESCRIPTION EXECUTED AMOUNT
CAUSE
UNFORSEEN
CONDITIONS
DESIGN
ISSUE
ADDED
SCOPE
CONTRACT CHANGE ORDER LOG
Date: February 06, 2025
TIME
EXT. Approved
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MODESTO
Capital Project In Beneficial Use/Substantial Completion Notice ThisnoticemustbesubmittedtotheFinanceDepartmentwhen a capitalprojecthasreachedsubstantialcompletion,is in beneficial use or has entered the warranty period to meet financial reporting guidelines of depreciation.
Project #: 101071 Fund: 6710 Cost Center: 13320
Contact: Pete Kambel Ext: 7544
When the Project was Created was it Non-Capital or Capital: Non-Capital X Capital Project Name in Oracle: TRRP Neece Drive Boat Launch
Project Description:
(What new infrastructure
was built/created)
Project In Use/Completion Date or Council Acceptance Date: Acceptance Date 4/8/2025 Warranty Period X Yes No
Project expenses include (Check one):
If yes, Project Warranty End Date: 4/8/2026
Non-Capital X Capital Capital and Non-Capital*
If expenses are mixed - Amount of total expenses to be recorded as Capital; either dollar amount or percentage:
* IQproject expenses include Capital and Non-Capital, an Itemized tist o/New Assets and Costs which make up the amount/percentage listed o8ove must be provided witti this form Authorization Signatures to Begin Depreciation of Project Expense Project Manager:
Financial Analyst(Budget): Directorof Finance: Financial Analyst (Assets):
Latest Revision
Date:
Date:
Date:
01-FEB-2025
Non-Motorized Boat Launch
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Requested by
City of Modesto/City Clerk’s Office
Return to City of Modesto/City Clerk’s Office:
PO Box 642
Modesto CA 95353
NOTICE OF COMPLETION
NOTICE IS HEREBY GIVEN that on July 11, 2023 the City of Modesto, PO Box 642, Modesto, California 95353, a Municipal Corporation in the County of Stanislaus, State of California, awarded the contract to Harris Builders, Inc, of Hilmar, CA, for the project titled “Tuolumne River Regional Park Non-Motorized Boat Launch” located on Neece Drive between Rouse Avenue to the North and Jean Street to the South.
On May 7, 2024, said contract as a whole was completed by Harris Builders, Inc, and accepted by the Council of the City of Modesto at a regular meeting of the Council held on April 8, 2025.
CITY OF MODESTO
By
Diane Nayares-Perez, City Clerk
I certify under penalty of perjury that the foregoing is true and correct.
Date: By
Modesto, CA Diane Nayares-Perez, City Clerk
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
April 8, 2025
Date: March 19, 2025
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Toby Wells, Director of Engineering Services Department / City Engineer SUBJECT: Accept Pelandale Avenue Pavement Rehabilitation Project CONTACT: Peter Kambel, Senior Civil Engineer, [email protected], 209-577-5444 DESCRIPTION:
Consider accepting the Pelandale Avenue Pavement Rehabilitation – Dale Road to Detroit Lane STPL5059(242) Project as complete, releasing securities, releasing payments totaling $2,269,156 to Pavement Coatings Co. of Sacramento, CA, and authorizing the City Clerk to file a Notice of Completion. (Funding Source: Regional Surface Transportation Program (RSTP) and Local Measure L Funds)
STRATEGIC PLAN ELEMENT:
The recommended action supports the City’s 2020-2025 Strategic Plan Initiatives, Goal D: Ensure safe, efficient, and reliable infrastructure.
BACKGROUND:
In 2019, Pelandale Avenue was identified as a roadway that was in need of future rehabilitation.
The Pelandale Avenue Pavement Rehabilitation – Dale Road to Detroit Lane Project applied a surface treatment to a deteriorated section on Pelandale Avenue from Dale Road to Detroit Lane.
DISCUSSION:
The project was advertised for bids on May 30, 2023. Bids were publicly opened on July 11, 2023, and Pavement Coatings Co. of Sacramento, CA, was the lowest responsible bidder at
32.86% above the engineers estimate.
On September 12, 2023, by Resolution 2023-401, Council awarded a contract to Pavement Coatings Co., in the amount of $2,192,229. The Contractor received the Notice to Proceed with a start date of October 30, 2023. All contract work was completed on January 7, 2025. #19..
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City Council, April 8, 2025
Accept Pelandale Avenue Pavement Rehabilitation Project
By accepting this project as complete, the City officially accepts the improvements made and authorizes the Notice of Completion to be filed. The City Clerk is authorized to complete all the necessary steps to file Notice of Completion with the County Recorder, release securities, and authorize payments totaling $2,269,156. The work is covered by a one-year warranty for any issues that may arise.
Staff recommends the project for acceptance as the contractor has complied with all contract requirements for the project.
FISCAL IMPACT:
The total project costs were $2,792,520, which included design, construction, and construction administration costs. The total project amount originally budgeted was $3,106,206, which included $2,411,452 for the construction contract and contingency with Pavement Coatings Co.
The City’s “Change Order Approval Policy” enacted by Council Resolution No. 94-443 on July 19, 1994, updated by Resolution No. 2019-326 on July 9, 2019, established a contract change order authority of eight percent (8%) for construction contracts of this dollar value. Council Resolution 2023-402, on September 12, 2023, authorized an increase to $219,223 (10% of contract price) for additional anticipated expenses due to the complexity of the project.
There are eight change orders resulting in an overall increase of $76,927 for change order work as listed on the attached change order log. A summary of the expenditures for the overall project is listed below.
101269- Pelandale Avenue Pavement Rehabilitation – Dale Road to Detroit Lane STPL 5059(242)
PROJECT EXPENDITURES:
Construction Contract (Teichert Construction) $2,192,229 Construction Contingency (Change Orders) 3.5% $76,927
Construction Administration – City Staff Support 5.4% $118,746 Engineering Design/Admin. – City Staff Support/Misc. 18.5% $404,618 TOTAL CONSTRUCTION EXPENDITURES: $2,792,520
COMMITTEE RECOMMENDATION:
On November 9, 2022, the Finance Committee approved a list of upcoming Capital Improvement projects for Council approval to award, which included the Pelandale Avenue Pavement Rehabilitation - Dale Road to Detroit Lane, STPL 5059(242) project.
CEQA/NEPA REQUIREMENTS:
Environmental review has been provided through a Categorical Exemption under CEQA Section 15301, EA/CEDD 2023-03 (101269), Filed March 5, 2023.
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City Council, April 8, 2025
Accept Pelandale Avenue Pavement Rehabilitation Project
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Resolution accepting the Pelandale Avenue Pavement Rehabilitation – Dale Road to Detroit Lane STPL 5059(242) Project as complete, releasing securities, releasing payments totaling $2,269,156 to Pavement Coatings Co. of Sacramento, CA, and authorizing the City Clerk to file a Notice of Completion.
Approved by:
_________________________________________
Toby Wells, Director of Engineering Services/
City Engineer
_________________________________________
Joseph P. Lopez, City Manager
Attachments:
1. Resolution
2. Contract Change Order Log
3. Project Suspension Form
4. Notice of Completion
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04/22/2025/ESD/PKambel 1 2025-
MODESTO CITY COUNCIL
RESOLUTION NO. 2025-XX
RESOLUTION ACCEPTING THE PELANDALE AVENUE PAVEMENT
REHABILITATION – DALE ROAD TO DETROIT LANE STPL 5059(242)
PROJECT AS COMPLETE, RELEASING SECURITIES, RELEASING
PAYMENTS TOTALING $2,269,156 TO PAVEMENT COATINGS CO. OF
SACRAMENTO, CA, AND AUTHORIZING THE CITY CLERK TO FILE A
NOTICE OF COMPLETION
WHEREAS, in 2019, Pelandale Avenue was identified as a roadway that was in need of future rehabilitation; and
WHEREAS, completion of Pelandale Avenue Pavement Rehabilitation – Dale Road to Detroit Lane Project applied a surface treatment to a deteriorated section on Pelandale Avenue from Dale Road to Detroit Lane; and
WHEREAS, the project was advertised for bids on May 30, 2023; and WHEREAS, bids were publicly opened on July 11, 2023, and Pavement Coatings Co. of Sacramento, CA, was the lowest responsible bidder at 32.86% above the engineers estimate; and
WHEREAS, on September 12, 2023, by Resolution 2023-401, Council awarded a contract to Pavement Coatings Co., in the amount of $2,192,229; and WHEREAS, the Contractor received the Notice to Proceed with a start date of October 30, 2023. All contract work was completed on January 7, 2025; and WHEREAS, the total project costs were $2,792,520, which included design, construction, and construction administration costs. The total project amount originally budgeted was $3,106,206, which included $2,411,452 for the construction contract and contingency with Pavement Coatings Co.; and
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04/22/2025/ESD/PKambel 2 2025-
WHEREAS, the City’s “Change Order Approval Policy” enacted by Council Resolution No. 94-443 on July 19, 1994, updated by Resolution No. 2019-326 on July 9, 2019, established a contract change order authority of eight percent (8%) for construction contracts of this dollar value. Council Resolution 2023-402, on September 12, 2023, authorized an increase to $219,223 (10% of contract price) for additional anticipated expenses due to the complexity of the project; and
WHEREAS, there are eight change orders resulting in an overall increase of $76,927 for change order work as listed on the attached change order log; and WHEREAS, by accepting this project as complete, the City officially accepts the improvements made and authorizes the Notice of Completion to be filed.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto accepting the Pelandale Avenue Pavement Rehabilitation – Dale Road to Detroit Lane STPL 5059(242) Project as complete, releasing securities, releasing payments totaling $2,269,156 to Pavement Coatings Co. of Sacramento, CA, and authorizing the City Clerk to file a Notice of Completion.
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04/22/2025/ESD/PKambel 3 2025-
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 8th day of April, 2025, by Councilmember ?, who moved its adoption, which motion being duly seconded by Councilmember ?, was upon roll call carried and the resolution adopted by the following vote:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
ATTEST: ____________________________
DIANE NAYARES-PEREZ, CMC,
City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: ______________________________________
JOSE M. SANCHEZ, City Attorney
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CHANGE
ORDER
NO. DESCRIPTION EXECUTED AMOUNT
CAUSE
UNFORSEEN
CONDITIONS
DESIGN
ISSUE
ADDED
SCOPE
CONTRACT CHANGE ORDER LOG
Date: February 07, 2025
TIME
EXT. Approved
2023/15 - Pelandale Avenue Pavement Rehabilitation - Dale Road to Detroit Lane, STPL 5059(242) (101269)
TERRACON
PROJECT NUMBER AND NAME:
01 Extra Work Agreed (9) Size 30 Pull Boxes and (1) Size 36 Pull Box
06/21/24 $1,138.36 0 W.D. No No Yes Yes
02 Raise Manhole at SE Corner of Pelandale Ave / Prescott Ave
06/21/24 $1,369.18 0 W.D. No Yes No Yes
03 Material Swap - Monolithic Porkchop Islands 06/21/24 $0.00 0 W.D. No No Yes Yes 04 Type ll K - 1 Object Markers 09/04/24 $6,773.50 0 W.D. No No Yes Yes 05 Bid Line #5. Deductive Change Order Monument
Preservation
10/21/24 -$30,000.00 0 W.D. No No Yes Yes
06 ADA Ramps and Safe Hit Delineators, Dale and
Pelandale and 7 Additional Working Days.
10/21/24 $92,533.26 7 W.D. No No Yes Yes
07 Final Quantity Adjustments 12/17/24 $9,699.30 0 W.D. No Yes No Yes 08 Balancing Change Order - Adjust Quantities Consistent with Field Conditions
-$4,587.30 0 W.D. No No Yes No
Total Change Orders Processed To Date: $76,926.30
Original Contract Amount: $2,192,228.60
IDA To: $219,223.00
Total Working Days Time Extension: 7
Original Director's CCO Authority: $175,378.28
IDA Date: 9/12/2023
Total Executed Change Orders To Date: $81,513.60
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CHANGE
ORDER
NO. DESCRIPTION EXECUTED AMOUNT
CAUSE
UNFORSEEN
CONDITIONS
DESIGN
ISSUE
ADDED
SCOPE
CONTRACT CHANGE ORDER LOG
Date: February 07, 2025
TIME
EXT. Approved
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MODESTO
Capital Project In Beneficial Use/Substantial Completion Notice ThisnoticemustbesubmittedtotheFinanceDepartmentwhen a capitalprojecthasreachedsubstantialcompletion,is in beneficial use or has entered the warranty period to meet financial reporting guidelines of depreciation.
Project #: 101269 Fund: 3160 Cost Center: 13220
Contact: Pete Kambel Ext: 7544
When the Project was Created was it Non-Capital or Capital: Non-Capital X Capital Project Name in Oracle: Pelandale Ave. Rehabilitation
Project Description:
(What new infrastructure
was built/created)
Project In Use/Completion Date or Council Acceptance Date: Accepted April 8, 2025 Warranty Period X Yes No
Project expenses include (Check one):
If yes, Project Warranty End Date: April 8, 2026
Non-Capital X Capital Capital and Non-Capital*
If expenses are mixed - Amount of total expenses to be recorded as Capital; either dollar amount or percentage:
* IQproject expenses include Capital and Non-Capital, an Itemized list o/New Assets and Costs which make up the amount/percentage listed o8ove must be provided with this form Authorization Signatures to Begin Depreciation of Project Expense Project Manager:
Financial Analyst(Budget): Directorof Finance: Financial Analyst (Assets):
Latest Revision
Date:
Date:
Date:
01-FEB-2025
2.87 miles of Rehabilitated Roadway, Curbs &
Gutters, and Medians.
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Requested by
City of Modesto/City Clerk’s Office
Return to City of Modesto/City Clerk’s Office:
PO Box 642
Modesto CA 95353
NOTICE OF COMPLETION
NOTICE IS HEREBY GIVEN that on September 12, 2023, the City of Modesto, PO Box 642, Modesto, California 95353, a Municipal Corporation in the County of Stanislaus, State of California, awarded the contract to Pavement Coatings Co. of Sacramento, CA, for the project titled “Pelandale Avenue Pavement Rehabilitation – Dale Road to Detroit Lane STPL 5059(242)” located on Pelandale from Dale Road to Detroit Lane. On January 7, 2025, said contract as a whole, was completed by Pavement Coatings Co., and accepted by the Council of the City of Modesto at a regular meeting of the Council held on April 8, 2025.
CITY OF MODESTO
By
Diane Nayares-Perez, City Clerk
I certify under penalty of perjury that the foregoing is true and correct.
Date: By
Modesto, CA Diane Nayares-Perez, City Clerk
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
April 8, 2025
Date: March 18, 2025
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Toby Wells, Director of Engineering Services/City Engineer SUBJECT: Award Construction Contract for the Mary E. Grogan Community Park Parking Lot Resurfacing Project
CONTACT: Nathan Houx, Parks Planning and Development Manager, [email protected], 209-571-5526
DESCRIPTION:
Consider approving the Plans and Specifications for the Mary E. Grogan Community Park Parking Lot Resurfacing Project, accepting the Bid and Awarding a Construction Contract to DRT Grading & Paving, Inc. of Sunol, CA, in the amount not to exceed $84,607. (Funding Source: Measure H)
STRATEGIC PLAN ELEMENT:
This item is consistent with the following 2020-2025 Strategic Plan Area of Focus: Quality of Life and Governance and Service Delivery.
BACKGROUND:
With an estimated $70+ million in deferred maintenance in our park system, a multiyear plan has been established to help systematically address the deferred maintenance by regular preventative maintenance that will limit future additions to the deferred maintenance list. In June 2024, by Resolution 2024-190, Council approved the FY 2024-2025 budget, which included $2,852,000 of Measure H funding for year 2 of the preventative park maintenance plan.
As part of the year 2 preventative park maintenance allocation, $500,000 was budgeted for the slurry seal and stripe of an estimated 250,000 square feet (SF) of existing parking areas in the park system.
The Mary E. Grogan Community Park Parking Lot Resurfacing Project will resurface and restripe 188,000 SF of asphalt in the parking lot, in addition to resurface the 42,250 SF of asphalt pathway around the park.
DISCUSSION:
The project was advertised for bids in OpenGov on February 14, 2025. Bids were publicly opened on March 4, 2025, pursuant to City Charter Section 1307, and eight (8) bids were received; however, three (3) bids were deemed non-responsive. DRT Grading & Paving, Inc. of #20..
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City Council, April 8, 2025
Award Construction Contract for the Mary E. Grogan Community Park Parking Lot Resurfacing Project
Sunol, CA, was determined to be the responsible bidder with the lowest responsive bid of $76,915. The bid tabulation is attached, and a summary of the responsive bids is below:
The bid analysis is:
Number of bids received 8
Number of bids deemed responsive 5
Number of bids deemed non-responsive 3
Number of bids within 10% of engineer’s estimate 1
Number of bids above the engineer’s estimate 0
Number of bids below the engineer’s estimate 5
Percent low bid is below the engineer’s estimate -57.49% DRT Grading & Paving, Inc. of Sunol, CA, was 57.49% below the engineer’s estimate. The next lowest bid was 54.27% below the engineer’s estimate. Bidder competition and participation was evident as the City received five (5) responsive bids.
Modesto Municipal Code Section 8-3.203 generally requires all purchases which meet or exceed $100,000 for material, equipment, or contractual services to be formally bid. The award of contract for the construction of the Mary E. Grogan Community Park Parking Lot Resurfacing Project, to DRT Grading & Paving, Inc. of Sunol, CA, conforms to the Modesto Municipal Code because the City complied with the formal bid procedures and DRT Grading & Paving, Inc. of Sunol, CA, was the lowest responsive and responsible bidder.
The City’s “Change Order Approval Policy” enacted by Council Resolution No. 1994-443 on July 19, 1994, revised on July 9, 2019, by Council Resolution No. 2019-326, and revised a second time on September 12, 2023, by Council Resolution No. 2023-405, established a contract change order authority of 10% for construction contracts up to $10,000,000. Staff is requesting the Engineering Services Director’s Authority to issue change orders of 10% ($7,692) of the construction contract amount.
While the contingency policy is utilized for each construction contract awarded by the City, it is not written into each contract, nor is it a guaranteed amount included in the final compensation to the contractor. Prior to bidding a project, staff works diligently to ensure that all projects and bid packages contain well-defined scopes of work and that all projects stay within budget.
FISCAL IMPACT:
Funding for this project is budgeted in Non-Capital Improvement Project (Non-CIP) account #101602 (24-25 Preventative Maintenance – Measure H). The expense budget for the project, shall be as outlined below:
ESTIMATED CONSTRUCTION EXPNESES
Construction $ 76,915
Construction Contingency (10%) $ 7,692
Construction Administration – City Staff (15%) $ 11,538 Design Support During Construction and Permitting (6%) $ 4,615 Total Estimated Project Cost $ 100,760
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City Council, April 8, 2025
Award Construction Contract for the Mary E. Grogan Community Park Parking Lot Resurfacing Project
COMMITTEE RECOMMENDATION:
On January 13, 2025, this project was one of several park construction projects presented to the Safety & Communities Committee for consideration to minimize the time between bidding and Council award. The Committee approved the item to be forwarded to Council for approval.
CEQA/NEPA REQUIREMENTS:
City staff prepared a Notice of Exemption No. EA/PR&N 2025-02, and the project is categorically exempt from CEQA because it is a maintenance to an existing facility involving a negligible or no expansion of use.
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Resolution approving the Plans and Specifications for the Mary E. Grogan Community Park Parking Lot Resurfacing Project, accepting the Bid and Awarding a Construction Contract to DRT Grading & Paving, Inc. of Sunol, CA, in the amount of $76,915, authorizing $7,692 for contingency (if needed), for a total payment amount not to exceed $84,607, and authorizing the City Manager, or his designee, to execute the Agreement.
Approved by:
Toby Wells, Director of Engineering Services/City
Engineer
Joseph P. Lopez, City Manager
Attachments:
1. Resolution
2. Construction Contract & Financial Interest Disclosure Form – DRT Grading & Paving, Inc.
3. Bid Results
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04/08/2025/ENG/NHoux/Item XX 1 2025-XX
MODESTO CITY COUNCIL
RESOLUTION NO. 2025-
RESOLUTION APPROVING THE PLANS AND SPECIFICATIONS FOR THE MARY E. GROGAN COMMUNITY PARK PARKING LOT RESURFACING
PROJECT, ACCEPTING THE BID AND AWARDING A CONSTRUCTION
CONTRACT TO DRT GRADING & PAVING, INC. OF SUNOL, CA, IN THE AMOUNT OF $76,915, AUTHORIZING $7,692 FOR CONTINGENCY (IF NEEDED), FOR A TOTAL PAYMENT AMOUNT NOT TO EXCEED $84,607,
AND AUTHORIZING THE CITY MANAGER, OR HIS DESIGNEE, TO
EXECUTE THE AGREEMENT
WHEREAS, with an estimated $70+ million in deferred maintenance in our park system, a multiyear plan has been established to help systematically address the deferred maintenance by regular preventative maintenance that will limit future additions to the deferred maintenance list; and
WHEREAS, in June 2024, by Resolution 2024-190, Council approved the FY 2024-2025 budget, which included $2,852,000 of Measure H funding for year 2 of the preventative park maintenance plan; and
WHEREAS, as part of the year 2 preventative park maintenance allocation, $500,000 was budgeted for the slurry seal and stripe of an estimated 250,000 square feet (SF) of existing parking areas in the park system; and
WHEREAS, the Mary E. Grogan Community Park Parking Lot Resurfacing Project will resurface and restripe 188,000 SF of asphalt in the parking lot, in addition to resurface the 42,250 SF of asphalt pathway around the park; and WHEREAS, the project was advertised for bids on February 14, 2025; and WHEREAS, bids were publicly opened on March 4, 2025, pursuant to City Charter Section 1307, and eight bids were received; however three bids were deemed non-responsive; and
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04/08/2025/ENG/NHoux/Item XX 2 2025-XX
WHEREAS, DRT Grading & Paving, Inc. of Sunol, CA, was determined to be the responsible bidder with the lowest responsive bid; and
WHEREAS, Modesto Municipal Code Section 8-3.203 generally requires all purchases, which meet or exceed $100,000 for material, equipment, or contractual services to be formally bid; and
WHEREAS, the award of contract for the construction of the Mary E. Grogan Community Park Parking Lot Resurfacing Project, to DRT Grading & Paving, Inc. of Sunol, CA, conforms to Modesto Municipal Code, 8-3.203; and WHEREAS, staff recommends awarding a construction contract to DRT Grading & Paving, Inc. of Sunol, CA.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby approves the plans and specifications for the Mary E. Grogan Community Park Parking Lot Resurfacing Project, accepts the Bid and awards a construction contract to DRT Grading & Paving, Inc. of Sunol, CA, in the amount of $76,915, plus $7,692 in contingency (if needed), for a total amount not to exceed $84,607.
BE IT FURTHER RESOLVED that the City Manager, or his designee, is hereby authorized to execute the contract, in a form approved by the City Attorney. #20..
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04/08/2025/ENG/NHoux/Item XX 3 2025-XX
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 8th day of April 2025, by Councilmember , who moved its adoption, which motion being duly seconded by Councilmember , was upon roll call carried and the resolution adopted by the following votes:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
ATTEST: ________________________________
DIANE NAYARES-PEREZ, CMC,
City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: _____________________________________
JOSE M. SANCHEZ, City Attorney
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Mary E. Grogan Community Park Parking Lot Resurfacing
CONTRACT
This Agreement, made and entered into in the City of Modesto, County of Stanislaus, State of California, this 8th day of April, 2025, by and between the City of Modesto, a municipal corporation of the State of California, hereinafter called City, and DRT GRADING & PAVING, INC., a California corporation, hereinafter called Contractor, R E C I T A L S :
WHEREAS, the City Manager of the City of Modesto, authorized the call for bids, approved the Plans and Specifications prepared under the direction of the Director of Engineering Services Department for the MARY E. GROGAN COMMUNITY PARK PARKING LOT RESURFACING project and directed the City Clerk to advertise for sealed bids for doing said work and providing that bids be submitted on the 4th day of March, 2025; and WHEREAS, the City Clerk, thereafter duly and regularly caused a notice to be published in the manner and for the time prescribed by law; and WHEREAS, Contractor, pursuant to the provisions of said notice duly filed a bid with the City Clerk, a true copy of which is now on file in the office of the City Clerk of the City of Modesto, and is hereby referred to and by this reference made a part hereof as fully as if set forth at length herein; and
WHEREAS, all bids received pursuant to said notice were opened and examined and publicly declared at the time specified in said advertisement for bids and at a regular meeting of the City Council held on the 8th day of April, 2025 by Resolution 2025-______ the Council found and declared the bid of Contractor to be the lowest responsive bid and thereupon awarded a Contract to Contractor to do the Work referred to in the aforementioned Plans and Specifications.
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NOW, THEREFORE, the parties hereto mutually agree as follows:
1. SCOPE OF WORK, hereinafter called the Work.
a. Contractor shall furnish all labor, materials and equipment necessary to complete the Work as specified in the Plans and Specifications entitled MARY E.
GROGAN COMMUNITY PARK PARKING LOT RESURFACING, City of Modesto, Engineering Services Department, Project Number 2025-18, and in strict accordance with the conditions of the complete Contract Documents. All incidental Work not included in the Contract Documents or specified herein which is necessary to complete the Work so as to provide the system described, or shown, shall be furnished and installed as part of this Agreement at no additional cost to the City. The Work shall be complete and ready for service as described in the Contract Documents to the satisfaction of the Director of Engineering Services. b. Contractor shall do and perform the Work contemplated hereby in a good and workmanlike manner under the direction of and to the satisfaction of the Director of Engineering Services of the City of Modesto.
c. Contractor shall do and perform the Work contemplated hereby and shall furnish all labor, materials, tools and equipment therefore at the prices herein specified to, wit:
CONTRACTOR’S BID
Item
No. Item Description Unit of Measure
Estimated
Quantity
Unit Price
(Figures)
Total Price
(Figures)
BASE BID
1. Mobilization and Demobilization
(Max 5% of Total Base Bid)
LS 1 $1,980.00 $1,980.00
2. Seal Coat Existing Asphalt Parking Lot SF 188,000 $0.200106 $37,620.00 #20..
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Item
No. Item Description Unit of Measure
Unit of
Measure
Unit Price
(Figures)
Total Price
(Figures)
3. Parking Lot Striping LS 1 $22,190.00 $22,190.00
TOTAL BASE BID 61,790.00
BID ALTERNATE 1
101. Seal Coat Existing Asphalt Path SF 42,250 $0.357988 $15,125.00 SUBTOTAL BID ALTERNATE 1 $15,125.00
TOTAL BASE BID AND BID ALTERNATE 1 76,915.00
2. CONTRACT DOCUMENTS. The complete Agreement between the parties consists of the documents listed below, including any addenda to these documents. The documents are complementary and provide for a complete work; if a discrepancy exists, the governing rank of the documents is set forth, in descending order:
a. Executed and signed, written Agreement;
b. Section 008000 Amendments and Supplements to the General Provisions c. All other sections of the Project Specifications;
d. Project Plans;
e. City Standard Details; current edition
f. City Standard Specifications; current edition
g. Revised State Standard Specifications;
h. State Standard Specifications;
i. Revised State Standard Plans;
j. State Standard Plans; and
k. All required Bonds.
All documents specified above are intended to operate so that any component of the Work called for in one and not mentioned in any other, or vice versa, is to be #20..
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executed the same as if mentioned in all of the documents. The listed documents comprise the Contract Documents.
3. COMMENCEMENT AND COMPLETION OF THE WORK. The Work
contemplated herein shall be commenced on the date specified in the Notice to Proceed for this Agreement. Completion of the work shall comply with the Specification. The Notice to Proceed shall not be issued until the Director of Engineering Services receives and has on file:
a. Proofs of insurance (approved by City Risk Manager), b. Bonds (approved by the City Attorney),
c. City of Modesto Business License, and
d. Executed Agreement.
Contractor will not be held responsible for failure to complete the Work within the specified time if delay is due to matters beyond its reasonable control. Contractor shall make all good faith attempts to overcome or to minimize such matters, and to finish the Work in the shortest reasonable amount of time.
4. PAYMENT. Payment for the Work to be done under this Agreement shall be at the price set forth in Section 1 hereof, and in accordance with the Contract Documents, which are incorporated herein by this reference.
5. INDEMNITY. The Contractor shall hold the City, its agents, officers, employees, and volunteers, harmless from and save, defend and indemnify them against any and all claims, losses, liabilities, judgments or damages from every cause, including but not limited to injury to person or property or wrongful death, including reasonable costs and expenses of defense of any judicial or administrative action, arising directly or indirectly out of any negligent or intentional act or omission of Contractor, or its agents, officers, employees, or volunteers #20..
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relating to or during the performance of its obligations under this Agreement. This provision does not apply to claims, loss, liability, damage or expense arising from (a) the sole negligence or willful misconduct of the City, or (b) the active negligence of the City.
Contractor's obligation to defend, indemnify, and hold the City, its agents, officers, and employees harmless under the provisions of this paragraph is not limited to or restricted by any requirement in this Agreement for Contractor to procure and maintain a policy of insurance.
6. INSURANCE. During the term of this Agreement, Contractor shall maintain in full force and effect at its own cost and expense the insurance coverage as set forth in Exhibit A, attached hereto and incorporated herein, and shall otherwise comply with the other provisions of Exhibit A. Contractor is responsible for uploading updated insurance documentation to the City’s “PINS Advantage” program.
a. Subcontractors
Contractor shall require and verify that all subcontractors maintain insurance as required by Exhibit A for the duration of the project and through acceptance by City Council.
7. BONDS. The Contractor shall furnish City the following separate surety bonds:
a. Performance Bond. Within 5 business days after receipt of the Notice of Award and prior to commencement of Work, the Contractor shall furnish a separate surety bond in an amount equal to one hundred percent (100%) of the Agreement price, shall be for the faithful performance of the Agreement, shall be approved by City, and shall be secured from a surety or sureties satisfactory to City.
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b. Payment Bond. Within 5 business days after receipt of the Notice of Award and prior to commencement of Work, the Contractor shall furnish a separate surety bond in an amount at least equal to one hundred percent (100%) of the Agreement price as security for the payment of all persons for furnishing materials, provisions, or other supplies, or items, used in, upon, for, or about the performance of the Work contracted to be done; or for performing any work or labor thereon of any kind, and for the payment of amounts due under the Unemployment Insurance Code with respect to such work or labor in connection with this Agreement, and for the payment of a reasonable attorney's fee to be fixed by the court in case suit is brought upon the bond.
c. Warranty Bond. Prior to issuance of a Notice of Completion for the contracted work, Contractor shall file with the City a Warranty Bond or equivalent security in the amount of ten percent (10%) of the estimated cost of the contracted work to guaranty and warranty the contracted work for a period of one (1) year following City Council acceptance thereof against any defective work or labor done, or defective materials furnished.
8. COMPLIANCE WITH ALL LAWS. Contractor hereby agrees that it and all subcontractors, if any, in the performance of the work described, designated and shown upon the Contract Documents herein referred to, will comply with all federal, state, county and municipal laws, rules and regulations which may be applicable to the work herein contracted for, whether now in existence or hereafter adopted.
9. TERMINATION OF AGREEMENT.
Termination by City for Default of Contractor
Should Contractor default in the performance of this Agreement or materially breach any of its provisions, at its option, City may terminate this Agreement by giving written notification to Contractor. The termination date shall be the effective date of the #20..
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notice. For the purposes of this section, material breach of this Agreement shall include, but not be limited to, any of the following: failure to perform required services or duties, willful destruction of City's property by Contractor, dishonesty or theft. Such termination shall be in accordance with the Contract Documents.
If this Agreement is terminated, Contractor shall cease all its work on the project as of the termination date and shall see to it that its employees, subcontractors and agents are notified of such termination and cease their work.
The Contractor understands and agrees that City may, in City's sole discretion, refuse to pay Contractor for that portion of Contractor's services which were performed by Contractor on the project prior to the termination date and which remain unacceptable and/or not useful to City as of the termination date.
Termination by City for Convenience
The City may terminate the Contractor's performance under the Agreement, either in whole or in part, at its own discretion or when conditions encountered during the Work make it impossible or impracticable to proceed, or when the City is prevented from proceeding with the Agreement by act of God, by law, or by official action of a public authority, or upon a determination that such termination is in the best interest and convenience of the City, or whenever the City is prohibited from completing the Work for any reason. The City shall provide no less than ten (10) days written notice of its intent to terminate the Agreement for convenience, and shall endeavor to provide the Contractor with consultation with the City prior to termination.
A. Upon receipt of a written Notice of Termination pursuant to this section, the Contractor shall:
1. Cease its work as directed in the Notice of Termination as #20..
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of the termination date and see to it that its employees, subcontractors and agents are notified of such termination and act as specified in the Notice of Termination;
2. Terminate all orders and Subcontractors except as
necessary to complete any portion of the Work that is not terminated;
3. If directed in writing by the City to do so, assign all right, title and interest in subcontracts and materials in progress to City, in which case the City will have the right at its discretion to settle, or pay any or all claims arising out of the termination of such subcontractors, but in no event shall recovery by any Contractor or subcontractor include lost profits for portions of the Work not completed or
undertaken, including materials not delivered;
4. Deliver or otherwise make available to the City all data, drawings, specifications, reports, estimates, summaries and such other information and material as may have been
accumulated by the Contractor in performing the Work
whether completed or in process;
5. Settle outstanding liabilities and claims, subject to the approval of City;
6. Complete performance of such part of the Work as has not been terminated;
7. Take such other actions as may be necessary, or as may be #20..
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directed by the City for the protection and preservation of the Work and/or property related to the Work;
8. If City so requests, and at City's cost, Contractor shall provide sufficient oral or written status reports to make City reasonably aware of the status of Contractor's work on the project.
B. City will pay Contractor an amount based on the percentage of work completed in accordance with the Notice of Termination. The final payment to the Contractor after termination for convenience shall be limited to amounts due and owing under the Agreement at time of termination, including the following:
1. Any actual costs incurred by the Contractor for restocking charges;
2. The agreed upon price of protecting the Work in any
manner, if any, as directed by the City;
3. The cost of settling and paying valid claims arising out of the termination of the Work such as subcontract
agreements or contracts for materials;
4. The Agreement price allocable to the portion of the Work properly performed or goods supplied by the Contractor as of the date of termination, as determined in accordance with the Notice of Termination, reduced by any sums
previously paid to the Contractor.
C. The City shall have the right to withhold any portion or the whole of the final payment under this provision in the event there are any outstanding Claims for #20..
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compensation asserted either by the City against the Contractor or by any third party against the City or the Contractor which arise out of the Contractor's work.
Authorization to Terminate Agreement
Termination of the Agreement may be invoked by the City Manager, or his/her designee, subject to the right of the Contractor to appeal the City Manager, or his/her designee’s, decision to the City Council. The Contractor shall appeal by notifying the City Clerk in writing within ten (10) business days of receipt of notification from City to terminate the Agreement. In the event that termination of this Agreement is upheld by the City Council, any valid claims for delay shall be retroactive to the date of termination selected by the City Manager, or his/her designee.
10. NOTICES. Any notice, payment or instrument required or permitted by this Agreement to be given to either party shall be deemed to have been received when personally delivered, or one calendar week following deposit of the same in any United States Post Office, registered or certified mail, postage prepaid, addressed as follows:
Contractor: DRT Grading & Paving, Inc.
Attn: Russ J. Scheibley, President
P.O. Box 429
Sunol, CA 94586-0429
Phone (925) 862-9900, Fax (925) 862-9930
City: City of Modesto
Director of Engineering Services
P.O. Box 642
Modesto, CA 95353
Phone (209) 577-5444, Fax (209) 577-4302
Each party may change its address for delivery of notice by delivering written notice of such change of address to the other party. #20..
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11. WORKFORCE REQUIREMENTS. Contractor included both a signed Local Hire Certification as well as a Skilled and Trained Workforce Certification with its bid, and such certifications are incorporated herein by reference. Contractor shall comply with all applicable requirements, including record keeping requirements, of Articles 7 and 8 of Chapter 3 of the Modesto Municipal Code.
12. EXECUTION OF AGREEMENT. The undersigned signatory(ies) for Contractor warrant(s) and represent(s) that he/she/they is/are legally competent to execute the Agreement and has/have full authority to execute this Agreement.
13. DISPUTE RESOLUTION. All claims, controversies, or disputes arising out of or relating to this Agreement, including its performance by either party, shall be finally resolved by arbitration in accordance with the Contract Documents.
14. MISCELLANEOUS. Time is of the essence of this Agreement. #20..
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IN WITNESS WHEREOF, the City of Modesto, a municipal corporation, has authorized the execution of this Agreement in duplicate by its City Manager and attestation by its City Clerk under authority of Resolution No. 2025-________ adopted by the Council of the City of Modesto on the 8th day of April, 2025, and Contractor has caused this Agreement to be duly executed.
CITY OF MODESTO, DRT GRADING & PAVING, INC.,
a California municipal corporation a California corporation By _____________________________ By ________________________________ JOSEPH P. LOPEZ, City Manager Name Title
By ________________________________
Name Title
Federal ID #77-0108839
ATTEST:
(Seal)
By
DIANE NAYARES-PEREZ, CMC, City Clerk
APPROVED AS TO FORM:
By ________________________________
JOSE M. SANCHEZ, City Attorney
APPROVED AS TO FORM:
By ____________________________________
MATTHEW J. BRALEY, Risk Manager
Revised 11/25/2024
* Corporations - signature of two (2) officers
required or one (1) officer plus corporate seal.
Partnership - signature of a partner required
Sole Proprietorship - signature of proprietor
required
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Exhibit A - 1 City of Modesto
Mary E. Grogan Community Park Parking Lot Resurfacing
Exhibit A:
Insurance Requirements for Construction Contracts
Contractor shall procure and maintain for the duration of the contract, and for 5 years thereafter, insurance against claims for injuries to persons or damages to property which may arise from or in connection with the performance of the work hereunder and the results of that work by the Contractor, their agents, representatives, employees or subcontractors.
MINIMUM SCOPE AND LIMIT OF INSURANCE
Coverage shall be at least as broad as:
1. Commercial General Liability (CGL): Insurance Services Office Form CG 00 01 covering CGL on an “occurrence” basis, including products and completed operations, property damage, bodily injury and personal & advertising injury with limits no less than $5,000,000 per occurrence. If a general aggregate limit applies, either the general aggregate limit shall apply separately to this project/location (ISO CG 25 03 or 25 04) or the general aggregate limit shall be twice the required occurrence limit.
2. Automobile Liability: Insurance Services Office Form CA 0001 covering Code 1 (any auto), with limits no less than $5,000,000 per accident for bodily injury and property damage.
3. Workers’ Compensation: as required by the State of California, with Statutory Limits, and Employer’s Liability Insurance with limit of no less than $1,000,000 per accident for bodily injury or disease.
4. Builder’s Risk (Course of Construction) insurance utilizing an “All Risk” (Special Perils) coverage form, with limits equal to the completed value of the project and no coinsurance penalty provisions is not required.
6. Contractors’ Pollution Legal Liability and/or Asbestos Legal Liability and/or Errors and Omissions (if project involves environmental hazards) with limits no less than $1,000,000 per occurrence or claim, and $2,000,000 policy aggregate is required.
If the contractor maintains broader coverage and/or higher limits than the minimums shown above, the City requires and shall be entitled to the broader coverage and/or the higher limits maintained by the Contractor. Any available insurance proceeds in excess of the specified minimum limits of insurance and coverage shall be available to the City. #20..
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Exhibit A - 2 City of Modesto
Mary E. Grogan Community Park Parking Lot Resurfacing
Umbrella or Excess Coverage
The Contractor may use Umbrella or Excess Policies to provide the liability limits as required in this agreement. This form of insurance will be acceptable provided that all of the Primary and Umbrella or Excess Policies shall provide all of the insurance coverages herein required, including, but not limited to, primary and non-contributory, additional insured, Self-Insured Retentions (SIRs), indemnity, and defense requirements. The Umbrella or Excess policies shall be provided on a true “following form” or broader coverage basis, with coverage at least as broad as provided on the underlying Commercial General Liability insurance. No insurance policies maintained by the Additional Insureds, whether primary or excess, and which also apply to a loss covered hereunder, shall be called upon to contribute to a loss until the Contractor’s primary and excess liability policies are exhausted.
The insurance policies are to contain, or be endorsed to contain, the following provisions:
Additional Insured Status
The City, its officers, officials, employees, agents, and volunteers are to be covered as additional insureds on the CGL policy with respect to liability arising out of work or operations performed by or on behalf of the Contractor including materials, parts, or equipment furnished in connection with such work or operations. General liability coverage can be provided in the form of an endorsement to the Contractor’s insurance with coverage equal to ISO form CG 2010. For completed operations, a separate endorsement equal to ISO form CG 2037 is required.
Primary Coverage
The Additional Insured coverage under the Contractor’s policy shall be “primary and noncontributory” and will not seek contribution from the City’s insurance or self-insurance and shall be at least as broad as CG 20 01 04 13. The City of Modesto does not accept endorsements limiting the Contractor’s insurance coverage to the sole negligence of the Named Insured.
Builder’s Risk (Course of Construction) Insurance
Contractor may submit evidence of Builder’s Risk insurance in the form of Course of Construction coverage. Such coverage shall name the Entity as a loss payee as their interest may appear. If the project does not involve new or major reconstruction, at the option of the Entity, an Installation Floater may be acceptable. For such projects, a Property Installation Floater shall be obtained that provides for the improvement, remodel, modification, alteration, conversion or adjustment to existing buildings, structures, processes, machinery and equipment. The Property Installation Floater shall provide property damage coverage for any building, structure, machinery or equipment damaged, impaired, broken, or destroyed during the performance of the Work, including during transit, installation, and testing at the Entity’s site. #20..
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Exhibit A - 3 City of Modesto
Mary E. Grogan Community Park Parking Lot Resurfacing
Claims Made Policies
If any coverage required is written on a claims-made coverage form:
1. The retroactive date must be shown, and this date must be before the execution date of the contract or the beginning of contract work.
2. Insurance must be maintained and evidence of insurance must be provided for at least five (5) years after completion of contract work.
3. If coverage is cancelled or non-renewed, and not replaced with another claims-made policy form with a retroactive date prior to the contract effective, or start of work date, the Contractor must purchase extended reporting period coverage for a minimum of five (5) years after completion of contract work.
4. A copy of the claims reporting requirements must be submitted to the Entity for review.
5. If the services involve lead-based paint or asbestos identification/remediation, the Contractors Pollution Liability policy shall not contain lead-based paint or asbestos exclusions. If the services involve mold identification/remediation, the Contractors Pollution Liability policy shall not contain a mold exclusion, and the definition of Pollution shall include microbial matter, including mold.
Notice of Cancellation
Each insurance policy required above shall provide that coverage shall not be canceled, except with notice to the City.
Waiver of Subrogation
Contractor hereby grants to City a waiver of any right to subrogation which any insurer of said Contractor may acquire against the City by virtue of the payment of any loss under such insurance. Contractor agrees to obtain any endorsement that may be necessary to affect this waiver of subrogation, but this provision applies regardless of whether or not the City has received a waiver of subrogation endorsement from the insurer.
Self-Insured Retentions
All Self-insured retentions must be disclosed to Risk Management for approval and shall not reduce the limits of liability. The City may require the Contractor to purchase coverage with a lower retention or provide proof of ability to pay losses and related investigations, claim administration, and defense expenses within the retention. Any and all deductibles and SIRs shall be the sole responsibility of Contractor or subcontractor who procured such insurance and shall not apply to the Indemnified Additional Insured Parties. #20..
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Exhibit A - 4 City of Modesto
Mary E. Grogan Community Park Parking Lot Resurfacing
Acceptability of Insurers
Insurance is to be placed with insurers with a current A.M. Best’s rating of no less than A:VII, unless otherwise acceptable to the City.
Verification of Coverage
Contractor shall furnish the City with original certificates and amendatory endorsements or copies of the applicable policy language effecting coverage required by this clause and a copy of the Declarations and Endorsements Pages of the CGL and any Excess policies listing all policy endorsements. All certificates and endorsements are to be received and approved by the City’s Risk Manager before work commences. However, failure to obtain the required documents prior to the work beginning shall not waive the Contractor’s obligation to provide them. The City reserves the right to require complete, certified copies of all required insurance policies, including endorsements required by these specifications, at any time. City reserves the right to obtain a full certified copy of any insurance policy and endorsements. Failure to exercise this right shall not constitute a waiver of right to exercise later.
Duration of Coverage
CGL & Excess liability policies for any construction related work, including, but not limited to, maintenance, service, or repair work, shall continue coverage for a minimum of 5 years for Completed Operations liability coverage. Such Insurance must be maintained and evidence of insurance must be provided for at least five (5) years after completion of the contract of work.
Special Risks or Circumstances
City reserves the right to modify these requirements, including limits, based on the nature of the risk, prior experience, insurer, coverage, or other special circumstances.
Certificate Holder Address
Proper address for mailing certificates, endorsements and notices shall be:
City of Modesto
Attn: Risk Management
1010 10th Street
Modesto, CA 95354
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FINANCIAL INTEREST DISCLOSURE FORM
PROJECT: MARY E. GROGAN COMMUNITY PARK PARKING LOT RESURFACING Chapter 10, Title 2 of the Modesto Municipal Code requires all entities entering into contracts with the City of Modesto to disclose every individual who has a material financial interest in that entity as defined below. The apparent low bidder will be required to list below (and on additional sheets as necessary) all persons having a financial interest in the entity submitting the bid. The apparent low bidder shall submit this form no later than close of business on the 5th business day following receipt of the Notice of Intent to Award. Failure or refusal to submit the required information within the time required shall be grounds for declaring the bid non-responsive.
Name of Bidder:_____________________________________________________________________ Type of Organization: ________________________________________________________________ (If a corporation, list the name of the state under the laws of which the corporation is chartered)
FINANCIAL INTEREST DISCLOSURE FORM
All persons included within the meaning of either of the following tests have a material financial interest in an agreement, or application for development rights, submitted for approval or disapproval by the City Council, and shall be identified by the applicant, by name.
Tests of Materiality:
1. Whether it is foreseeable to a reasonable person that the value of their interest in property available for use by an applicant, or their interest in the applicant itself, may increase or decrease by an amount greater than $2,000.00 as a direct or indirect result of Council action on the applicant’s agreement or application for development rights.
2. Whether it is foreseeable to a reasonable person that the person’s gross income from the applicant may increase or decrease by a sum greater than $2,000.00 as a direct or indirect result of Council action on the agreement or application for development rights.
It is the legal obligation of all applicants for approval of an agreement or of an application for development rights to verify in writing, under penalty of perjury, that the identity of each person having a material financial interest in the agreement or application or development rights is true, correct and complete. The applicant understands that this information is provided under penalty of perjury, and that intentionally supplying misinformation or deception may result in either invalidation of the agreement or application, or criminal prosecution for misdemeanor violation of the Modesto Municipal Code, or both.
Negligent provision of misinformation shall be grounds for invalidation. In accordance with the Modesto Municipal Code, each applicant has a continuing obligation to maintain the truth, accuracy and completeness of the financial interest disclosure information provided below until after final consideration by the City Council of any matter arising out of or relating to the agreement or application.
BUSINESS NAME APPLICANT SIGNATURE
Names: (See attached list)
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Questions concerning the application of either test to particular facts should be resolved in advance of Council action by agreement with the department head recommending approval of its agreement/application.
DIRECTOR OF ENGINEERING SERVICES
PROJECT: MARY E. GROGAN COMMUNITY PARK PARKING LOT RESURFACING BUSINESS NAME:
NAMES
Attach additional sheets as necessary.
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Mary E. Grogan Community Park Parking Lot Resurfacing
Bid Tabulation March 5, 2025
Project Title: Modesto 2024 Restroom Replacements
Project ID #: 2025-18
Vault ID #: 19-D-0402
Account #: 101602
Bid Opening: 3/4/2025 at 11:00 AM Designer: Mitchell Everett Basis of Award: Base Bid & Bid Alternate 1 Design Manager: Mitchell Everett Project Description: This project includes resurfacing and restriping the asphalt parking lot, in addition to resurfacing the asphalt pathway around Mary E. Grogan Community Park.
Item # Item Description Units Quantity Unit Price Extension Apparent Low Bidder
DRT Grading & Paving, Inc.
(925) 862-9900 P.O. Box 429 Sunol CA 94586-0429
Base Bid
1. Mobilization and Demobilization (Max 5% of LS 1 $1,980.00 $1,980.00 Total Base Bid)
2. Seal Coat Existing Asphalt Parking Lot SF 188000 $0.200106 $37,620.00
3. Parking Lot Striping LS 1 $22,190.00 $22,190.00
Subtotal: $61,790.00
Bid Alternate 1
101. Seal Coat Existing Asphalt Path SF 42250 $0.357988 $15,125.00 Subtotal: $15,125.00
Total: $76,915
Percent From Engineer's Estimate: -57.49%
DRYCO Construction, Inc.
(510) 719-6690 42745 Boscell Road Fremont CA 94538
Base Bid
1. Mobilization and Demobilization (Max 5% of LS 1 $3,690.00 $3,690.00 Total Base Bid)
2. Seal Coat Existing Asphalt Parking Lot SF 188000 $0.22 $41,360.00
3. Parking Lot Striping LS 1 $18,270.00 $18,270.00
Subtotal: $63,320.00
Bid Alternate 1
101. Seal Coat Existing Asphalt Path SF 42250 $0.46 $19,435.00 Subtotal: $19,435.00
Total: $82,755.00
Percent From Engineer's Estimate: -54.27%
American Asphalt Repair and Resurfacing Co. Inc.
(510) 723-0280 24200 Clawiter Road Hayward CA 94545
Base Bid
1. Mobilization and Demobilization (Max 5% of LS 1 $3,000.00 $3,000.00 Total Base Bid)
2. Seal Coat Existing Asphalt Parking Lot SF 188000 $0.30 $56,400.00
3. Parking Lot Striping LS 1 $12,500.00 $12,500.00
Subtotal: $71,900.00
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Item # Item Description Units Quantity Unit Price Extension Bid Alternate 1
101. Seal Coat Existing Asphalt Path SF 42250 $0.46 $19,435.00 Subtotal: $19,435.00
Total: $91,335.00
Percent From Engineer's Estimate: -49.53%
Tosted Asphalt, Inc.
(559) 441-0137 P.O. Box 27014 Fresno CA 93729
Base Bid
1. Mobilization and Demobilization (Max 5% of LS 1 $1,500.00 $1,500.00 Total Base Bid)
2. Seal Coat Existing Asphalt Parking Lot SF 188000 $0.33 $62,040.00
3. Parking Lot Striping LS 1 $10,300.00 $10,300.00
Subtotal: $73,840.00
Bid Alternate 1
101. Seal Coat Existing Asphalt Path SF 42250 $0.72 $30,420.00 Subtotal: $30,420.00
Total: $104,260.00
Percent From Engineer's Estimate: -42.38%
United Pavement Maintenance, Inc.
(209) 883-4345 P.O. Box 1017 Hughson CA 95326
Base Bid
1. Mobilization and Demobilization (Max 5% of LS 1 $3,981.00 $3,981.00 Total Base Bid)
2. Seal Coat Existing Asphalt Parking Lot SF 188000 $0.55 $103,400.00
3. Parking Lot Striping LS 1 $35,000.00 $35,000.00
Subtotal: $142,381.00
Bid Alternate 1
101. Seal Coat Existing Asphalt Path SF 42250 $0.76 $32,110.00 Subtotal: $32,110.00
Total: $174,491.00
Percent From Engineer's Estimate: -3.57%
Engineer's Estimate
Base Bid
1. Mobilization and Demobilization (Max 5% of LS 1 $15,826.00 $15,826.00 Total Base Bid)
2. Seal Coat Existing Asphalt Parking Lot SF 188000 $0.50 $94,000.00
3. Parking Lot Striping LS 1 $50,000.00 $50,000.00
Subtotal: $159,826.00
Bid Alternate 1
101. Seal Coat Existing Asphalt Path SF 42250 $0.50 $21,125.00 Subtotal: $21,125.00
Total: $180,951.00
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
April 8, 2025
Date: March 12, 2025
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Toby Wells, Director of Engineering Services/City Engineer SUBJECT: First Amendment to the Agreement with FlowWest, LLC. for the Design of the Tuolumne River Regional Park (TRRP) Gateway Parcel River Overlook Project CONTACT: Nathan Houx, Parks Planning and Development Manager, [email protected], 209-571-5526
DESCRIPTION:
Consider approving the First Amendment with FlowWest, LLC., of Oakland, CA. for additional tasks related to Environmental Documentation, Permitting, Construction Documentation and Bidding & Construction Support for the Tuolumne River Regional Park (TRRP) Gateway Parcel River Overlook Project, increasing the Agreement amount by $132,701, and increasing the contingency from 10% to 20%. (Funding Source: Federal High Priority Demonstration Funds, California River Parkways Grant Program, TRRP CIP Fund) STRATEGIC PLAN ELEMENT:
This item is consistent with the following 2020-2025 Strategic Plan Area of Focus: Quality of Life and Governance and Service Delivery.
BACKGROUND:
In 1972 the City of Modesto, the City of Ceres and Stanislaus County formed a Joint Powers Agreement (JPA) Commission to build and operate the Tuolumne River Regional Park (TRRP).
The JPA purchased land parcels along the Tuolumne River to eventually develop the Tuolumne River Regional Park. The park is approximately 500 acres, mostly on the north side of the river, and extends from Mitchell Road on the east, to just beyond Carpenter Road on the west. While much of the land has been developed, or is under development at this time, there are still several of these parcels that are not fully developed or have not met their full potential as a recreational space.
To date, significant progress has been made to restore the riparian habitat and develop a trail system in the Gateway Parcel of TRRP. This project continues the progress on the trail system.
The focus of the development in the Gateway Parcel of TRRP has been riparian restoration and the newly constructed features have been a portion of the primary TRRP Riverwalk Trail as well as secondary trails.
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City Council, April 8, 2025
First Amendment to the Agreement with FlowWest, LLC. for the Design of the Tuolumne River Regional Park (TRRP) Gateway Parcel River Overlook Project
On June 5, 2018, by Resolution 2018-192 and 2018-193 Council accepted $500,000 in grant funds from the California River Parkways Grant Program (Proposition 13) and allocated the funding for the project in the amount of $849,960 which included $349,940 in Federal High Priority Demonstration Funds.
On January 28, 2020, by Resolution No. 2020-37, Council approved an Agreement with FlowWest, LLC, for $123,460 plus 10% additional services of $12,346, for a total not to exceed $135,806 for the preparation of construction documentation for the TRRP Gateway River Overlook Project.
DISCUSSION:
Since the start of design in 2020, there has been one additional service request approved by the Department Director, as allowed in the Agreement, in the amount of $12,346. Over the past few years, the majority of the construction documentation has been completed, and the permitting processes have begun with the necessary State and Federal agencies. Staff also submitted environmental documentation to Caltrans due to the Federal High Priority Demonstration Funding. Caltrans took more than a year to complete their review of the environmental documentation, delaying the completion of the permitting and construction documentation processes.
The various permitting agencies have requested additional environmental documentation in order to complete their review of the project. Therefore, in February 2025 staff requested FlowWest, LLC, to submit a budget augmentation request for additional tasks exceeding the original $135,806 authorized in the Original Agreement. The estimated additional tasks resulted in increased costs, totaling $132,701. The additional tasks will assist in the completion of the remaining additional surveys and reports required by the permitting agencies, the construction documentation and design support during bidding and construction.
There are a few optional tasks that are not included in the additional request that might be needed to complete the permitting process. Staff are recommending increasing the additional services budget to 20%, a total of $51,232, to allow the Department Director to approve any necessary tasks that may not be included in this current request for Amendment #1. This will increase the total maximum compensation under this agreement to $307,393.
Modesto Municipal Code Section 8-3.203 generally requires all purchases, which meet or exceed $100,000 for material, equipment, or contractual services to be formally bid. However, exceptions to the formal bidding process are granted in MMC 8-3.204(f), “Where the Purchasing Manager, in his or her discretion, determines that it is appropriate to amend the services or goods provided under an existing agreement to include additional similar goods or services, of limited quantity or scope, in order to increase efficiency and avoid delays or disruptions to City projects or services.”
FISCAL IMPACT:
Funding for this project is budgeted in Capital Improvement Program (CIP) account #101109 (TRRP River Overlook). No additional funding is needed to fund this Amendment #1 to the design agreement.
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City Council, April 8, 2025
First Amendment to the Agreement with FlowWest, LLC. for the Design of the Tuolumne River Regional Park (TRRP) Gateway Parcel River Overlook Project
CURRENT PROJECT REVENUE
Federal High Priority Demonstration Funding $ 349,940
California River Parkways Grant Program $ 500,000
TRRP CIP Funding $ 150,000
TOTAL $ 999,940
ANTICIPATED AGREEMENT EXPENDITURES WITH PROPOSED AMENDMENT Original Design Agreement – FlowWest, LLC $ 123,460
Proposed First Amendment to Agreement $ 132,701
Revised Contingency for Additional Services (20%) $ 51,232 TOTAL $ 307,393
COMMITTEE RECOMMENDATION:
This item was reviewed by the Safety and Communities Committee on March 10, 2025, and was recommended to forward to Council for approval.
CEQA/NEPA REQUIREMENTS:
The TRRP Gateway River Overlook is identified and included in the TRRP Master Plan, Environmental Impact Report adopted in 2003. This item is an administrative action and therefore is not subject to CEQA review, but staff will do any necessary additional environmental review during the design process and will complete any necessary CEQA documentation prior to construction documentation being completed.
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Resolution approving a First Amendment to the Agreement with FlowWest, LLC. of Oakland, CA., for additional tasks related to Environmental Documentation, Permitting, Construction Documentation and Bidding & Construction Support for the Tuolumne River Regional Park (TRRP) Gateway Parcel River Overlook Project, increasing the Agreement amount by $132,701, to a new total amount not to exceed $256,161, plus $51,232 in additional services, if needed, for a total amount not to exceed $307,393, and authorizing the City Manager, or his designee, to execute the Amendment.
Approved by:
Toby Wells, Director of Engineering Services/City
Engineer
Joseph P. Lopez, City Manager
Attachments:
1. Resolution
2. First Amendment to the Agreement with FlowWest, LLC
3. Exhibits A-1 & B-1
4. Original Agreement with FlowWest, LLC
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04/08/2025/ENG/NHoux/Item XX 1 2025-XX
MODESTO CITY COUNCIL
RESOLUTION NO. 2025-
RESOLUTION APPROVING A FIRST AMENDMENT TO THE AGREEMENT WITH FLOWWEST, LLC. OF OAKLAND, CA., FOR ADDITIONAL TASKS
RELATED TO ENVIRONMENTAL DOCUMENTATION, PERMITTING,
CONSTRUCTION DOCUMENTATION AND BIDDING & CONSTRUCTION
SUPPORT FOR THE TUOLUMNE RIVER REGIONAL PARK (TRRP)
GATEWAY PARCEL RIVER OVERLOOK PROJECT, INCREASING THE
AGREEMENT AMOUNT BY $132,701, TO A NEW TOTAL AMOUNT NOT TO EXCEED $256,161, PLUS $51,232 IN ADDITIONAL SERVICES, IF NEEDED, FOR A TOTAL AMOUNT NOT TO EXCEED $307,393, AND AUTHORIZING
THE CITY MANAGER, OR HIS DESIGNEE, TO EXECUTE THE AMENDMENT WHEREAS, on January 28, 2020, by Resolution No. 2020-37, Council approved an Agreement with FlowWest, LLC, for $123,460 plus 10% additional services of $12,346, for a total not to exceed $135,806 for the preparation of construction documentation for the TRRP Gateway River Overlook Project; and WHEREAS, in February 2025 staff requested FlowWest, LLC, to submit a budget augmentation request for additional tasks exceeding the original $135,806 authorized in the Original Agreement; and
WHEREAS, the estimated additional tasks resulted in increased costs, totaling $132,701 and include assistance in the completion of the remaining additional surveys and reports required by the permitting agencies, the construction documentation and design support during bidding and construction; and
WHEREAS, there are a few optional tasks that are not included in the additional request that might be needed to complete the permitting process; and WHEREAS, staff are recommending increasing the additional services budget to 20%, a total of $51,232, to allow the Department Director to approve any necessary tasks that may not be included in this current request for Amendment #1; and #21..
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04/08/2025/ENG/NHoux/Item XX 2 2025-XX
WHEREAS, Modesto Municipal Code Section 8-3.203 generally requires all purchases, which meet or exceed $100,000 for material, equipment, or contractual services to be formally bid; however, exceptions to the formal bidding process are granted in MMC 8-3.204(f), “Where the Purchasing Manager, in his or her discretion, determines that it is appropriate to amend the services or goods provided under an existing agreement to include additional similar goods or services, of limited quantity or scope, in order to increase efficiency and avoid delays or disruptions to City projects or services.”
NOW, THEREFORE BE IT RESOLVED, by the Council of the City of Modesto that it hereby approves a First Amendment to the Agreement with FlowWest, LLC. for additional tasks related to construction documentation for the Tuolumne River Regional Park (TRRP) Gateway Parcel River Overlook Project, increasing the agreement amount by $132,701, to a new total amount not to exceed $256,161, plus $51,232 in additional services, if needed, for a total amount not to exceed $307,393.
BE IT FURTHER RESOLVED that the City Manager, or his designee, is authorized to execute the First Amendment to the Agreement, in a form approved by the City Attorney.
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04/08/2025/ENG/NHoux/Item XX 3 2025-XX
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 8th day of April 2025, by Councilmember , who moved its adoption, which motion being duly seconded by Councilmember , was upon roll call carried and the resolution adopted by the following votes:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
ATTEST: ________________________________
DIANE NAYARES-PEREZ, CMC,
City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: _____________________________________
JOSE M. SANCHEZ, City Attorney
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FIRST AMENDMENT TO AGREEMENT FOR CONSULTANT SERVICES WITH
FLOWWEST, LLC, FOR TRRP GATEWAY PARCEL RIVER OVERLOOK PROJECT This First Amendment to Agreement for Consultant Services (“First Amendment”) is made by and between the CITY OF MODESTO (“City”) and FLOWWEST, LLC, (“Consultant”) on this _____ day of ______________, 2025 (Effective Date).
RECITALS
This First Amendment is made with regard to the following recitals:
a. City and Consultant entered into an Agreement for Consultant Services for the TRRP Gateway Parcel River Overlook Project on January 28, 2020, approved via Council Resolution No. 2020-37 (the “Original Agreement”); and b. Paragraph no. 9 “AMENDMENTS” on page 7 of the Original Agreement states “Any material extension or change in the scope of work shall be discussed with City and the change and cost shall be memorialized in a written amendment to the original contract prior to the performance of the additional work”; and
c. Paragraph no. 3 “COMPENSATION” on pages 2-4 of the Original Agreement for Consultant Services specifies the sum of ONE HUNDRED
TWENTY-THREE THOUSAND FOUR HUNDRED SIXTY AND
00/100 DOLLARS ($123,460.00) as the total compensation Consultant agrees to accept for performing all services and furnishing all staffing and materials for the project as well as performance by Consultant of all of its duties and obligations required in the Original Agreement. Additional Services may be authorized by the Department Director in an amount up to, but not to exceed, 10% of the agreed maximum compensation, or TWELVE #21..
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THOUSAND THREE HUNDRED FORTY-SIX AND 00/100 DOLLARS
($12,346). In that event, the new total compensation shall not exceed ONE
HUNDRED THIRTY-FIVE THOUSAND EIGHT HUNDRED SIX AND
00/100 DOLLARS ($135,806.00); and
d. On February 11, 2025, at the City’s request, Consultant submitted to City a budget augmentation for additional tasks in excess of the $135,806.00 authorized in the Original Agreement, attached hereto as Exhibit “A-1” to this First Amendment; and
e. The estimated additional tasks result in increased costs as follows:
1. Additional Environmental Documentation & Permitting (Task 1):
Additional Project Management, Permitting Assistance, Biological Resources Studies and Reports, and Culture Resources Update - $67,683; and
2. Additional Construction Documentation (Task 3): to prepare the final bid package - $28,110; and
3. Additional Bidding and Construction Support (Task 4): to assist with RFI, Submittal, and Change Order review during construction - $30,920; and
4. Reimbursable Expenses: An 8% Markup on Subcontractor labor - $5,988.
f. The aforementioned estimated additional tasks increase the amount of the Original Agreement by ONE HUNDRED THIRTY-TWO THOUSAND
SEVEN HUNDRED ONE AND 00/100 DOLLARS ($132,701.00). The #21..
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amounts listed above are the estimated level of effort for each task. In no case shall the total fee exceed the total contract amount under the Original Agreement and this First Amendment to Agreement without memorializing an additional written amendment to the original contract and must be signed by both parties; and
g. The parties to the Original Agreement and to this First Amendment now understand and agree that it is necessary to modify paragraph no. 1 entitled “SCOPE OF SERVICES” on page 1 of the Original Agreement; and h. The parties to the Original Agreement and to this First Amendment now understand and agree it is necessary to modify paragraph no. 3 entitled “COMPENSATION” on pages 2-4 of the Original Agreement; and i. The parties to the Original Agreement and to this First Amendment further understand and agree the Original Agreement is modified solely by the modifications contained in this First Amendment and in no other way whatsoever. All other terms and conditions contained in the Original Agreement remain the same; and
NOW, THEREFORE, in consideration of the mutual covenants, promises and agreements contained herein, the parties mutually agree and covenant as follows:
1. The parties agree that each of the recitals set out above is factually true and correct.
2. Exhibits A-1 and B-1, attached hereto, and hereby incorporated and made a part of the Original Agreement by this reference.
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3. Paragraph 1 entitled “SCOPE OF SERVICES” on page 1 of the Original Agreement shall be deleted in its entirety and shall read as follows:
SCOPE OF SERVICES.
Consultant shall undertake and complete the preparation of the scope of work as set forth and described in the documents attached to the Agreement and referred to therein as Exhibit “A” or “Project”. In addition, Consultant shall undertake and complete the preparation of the scope of work as set forth and described in Exhibit “A-1”. The Consultant shall perform the services as described in Exhibit “A” and Exhibit “A-1” in a manner compatible with the standards of its profession and shall produce a complete project as described in Exhibit “A” and Exhibit “A-1” that is acceptable to City.
4. Paragraph no. 3 entitled “COMPENSATION” on pages 2-4 of the Original Agreement between the parties shall be deleted in its entirety and read as follows:
COMPENSATION.
Consultant agrees to accept a sum not to exceed TWO
HUNDRED FIFTY-SIX THOUSAND ONE HUNDRED SIXTY-ONE
AND 00/100 DOLLARS ($256,161.00), (maximum compensation) as full remuneration for performing all services and furnishing all staffing and materials called for in Exhibit “A” and Exhibit “A-1” attached hereto as well as for performance by Consultant of all of its duties and obligations #21..
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under the Agreement and the First Amendment, except that additional services may be compensated as described below.
The compensation shall be paid pursuant to and in the manner and at the times set forth below:
City shall pay Consultant on a time and materials basis for Consultant's actual costs for all work called for in Exhibit "A" and Exhibit “A-1”. All future work to be performed under this Agreement shall be billed at the hourly rates set forth in Exhibit "B-1". State of California Prevailing Wage Rates are required for the work described within the project Scope of Services. Consultant shall submit monthly invoices to City which include detailed tasks, hours worked, and billable rates for all work completed, and detailed receipts for any out-of-pocket costs paid by Consultant in connection with work performed on this project.
No retainage will be withheld by City from progress payments due the Consultant. Retainage by the Consultant or subconsultants is prohibited, and no retainage will be held by the Consultant from progress due subconsultants. Any violation of this provision shall subject the violating Consultant or subconsultants to the penalties, sanctions, and other remedies specified in Section 7108.5 of the California Business and Professions Code. This requirement shall not be construed to limit or impair any contractual, administrative, or judicial remedies, otherwise available to the Consultant or subconsultant in the event of a dispute involving late payment or nonpayment by the Consultant or deficient #21..
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subconsultant performance, or noncompliance by a subconsultant. This provision applies to both DBE and non-DBE Consultants and subconsultants.
Additional services may be authorized by the Department Director in an amount up to, but not to exceed 20% of the agreed maximum compensation, or FIFTY-ONE THOUSAND TWO HUNDRED
THIRTY-TWO AND 00/100 DOLLARS ($51,232.00). In the event that additional services are deemed necessary, the Consultant shall provide a written request to the Department Director, or designee, indicating the reason for additional work, scope and cost of such work. The Department Director, or designee, shall provide a written response to the request, either approving or denying the additional expenditure. If future additional services are requested and approved, they will be billed at the hourly rates set forth in Exhibit “B-1” and may not exceed the amount requested and approved in writing by the Department Director. In that event, the new total compensation shall not exceed THREE HUNDRED
SEVEN THOUSAND THREE HUNDRED NINETY-THREE AND
00/100 DOLLARS ($307,393.00). If additional services in excess of this amount are deemed necessary by City Staff, an amendment to this Agreement will be required and must be approved by the City Council prior to commencing the work, as provided in Paragraph 9 of the Agreement.
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5. Paragraph 2 entitled “TERM OF AGREEMENT”, on page 2 of the Original Agreement shall be deleted in its entirety and read as follows:
TERM OF AGREEMENT.
This Agreement is effective as of the Effective Date and will continue in effect until City's acceptance of and payment for all services authorized by City and performed by Consultant, unless terminated earlier in accordance with the provisions of the termination clause in this Agreement.
Consultant shall undertake and complete the scope of work as set forth and described in the documents commonly referred to as “project” attached hereto as Exhibit "A" and Exhibit “A-1” and made a part hereof. City hereby gives Consultant notice to proceed with the project in the manner described in Exhibit "A" and Exhibit “A-1”, as of the Effective Date of this agreement. Consultant shall diligently proceed with the completion of the Project until the completion of items shown in Exhibit “A” and Exhibit “A-1”.
6. Except as herein amended or modified, the provisions of the Original Agreement are expressly reaffirmed and remain in full force and effect to the extent they are not in conflict with this First Amendment. #21..
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IN WITNESS WHEREOF, CITY OF MODESTO, a municipal corporation, has authorized the execution of this First Amendment in duplicate by its City Manager and attestation by its City Clerk under authority of Resolution No. , adopted by the Council of the City of Modesto on the ____ day of ___________, 2025, and FLOWWEST, LLC, has caused this First Amendment to be duly executed as of the Effective date. #21..
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FlowWest PO Box 29392, Oakland, California 94604 510.454.93788 EXHIBIT A-1
February 11, 2025
Dear Mr. Jason Ortega,
I am writing to request authorization for additional services required to complete the TRRP Gateway Parcel River Overlook Project. We have determined that additional work will be required to obtain permits and permissions to complete the project.
We assume that the project would not require a 404 Nationwide Permit or a Clean Water Act Section 401 Water Quality Certification. Identifying whether these permits are required is part of the necessary tasks and obtaining them if they are required is an optional task.
We estimate the cost of this work for FlowWest and our subconsultants as broken down in the following table:
Agreement
Task
Deliverable Responsible Entity Cost
1 Project Management FlowWest $9,166
1 Permits FlowWest $24,818
1 Biological Assessment;
Aquatic Resource
Delineation Report;
Wetlands Only Practicable
Alternative Finding
VNLC $15,615
1 Cultural Resources update
– (Requested: APE Map,
Native American
Consultation, Records
Search and appropriate
studies)
Far Western $18,084
3 Prepare Final Bid Package FlowWest $20,000
3 Prepare Final Bid Package O’Dell $3,640
3 Prepare Final Bid Package Cornerstone $4,470
4 Assist with RFI, Submittal
and Change Order review
during construction
FlowWest $15,000
4 Assist w/ RFI O’Dell $6,980
4 Assist w/ RFI Cornerstone $8,940
Sub Markup FlowWest $5,988
Total
Necessary
Tasks
$132,701
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FlowWest PO Box 29392, Oakland, California 94604 510.454.93788
OPTIONAL TASKS
OPTIONAL
Task/
Contingency
Optional ASR Far Western $9,140
OPTIONAL
Task/
Contingency
Optional Natural
Environment Study
VNLC $5,390
OPTIONAL
Task/
Contingency
Optional Permits FlowWest $24,523
Optional
Task/
Contingency
Assist with RFI Cornerstone $2,590
Total +
Optional
Tasks
$174,344
We would like to use our current 2025 rates to support this work for FlowWest, which we have attached.
We are fully committed to the success of this project and we are happy to talk about any questions you may have related to this request.
Sincerely,
Mark R. Tompkins, Partner
FlowWest, LLC
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Parks, Recreation and
Neighborhoods Department
Parks Planning and
Development Division
P.O. Box 642
Modesto, California 95354
209.577.5344
EXHIBIT ‘B-1’
HOURLY RATES
The following hourly rates will be used for billable hours within this Agreement and for additional work requested and approved. In addition, monthly progress payment invoices shall include the minimum attachments: Detailed description or itemization of work completed for the time period, task billing summary, hourly rates from all consultants.
FlowWest, LLC.
Classification 2025
Principal Engineering Geomorphologist $335
Principal Engineer $302
Principal Geomorphologist $302
Senior Engineer $241
Senior Fisheries Biologist $241
Senior Environmental Planner $241
Project Engineer $221
Project Environmental Planner $221
Staff Environmental Planner $188
Staff Engineer $188
Junior Engineer $168
Senior Data Scientist $241
Senior Software Engineer $241
Project Data Analyst $221
Staff Data Analyst $204
Staff Software Developer $204
Junior Data Scientist / Software Engineer 187
Business Operations Manager $127
Project Accountant $101
Hydrologic Modeler $159
CAD Technician $151
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O’Dell Engineering
Classification Hourly Rate
Admin I $120.00
Admin II $130.00
Admin III $140.00
Admin IV $160.00
Admin V $175.00
Intern I $95.00
Intern II $115.00
Intern III $130.00
Engineering Tech I $110.00
Engineering Tech II $130.00
Engineering Tech III $145.00
Engineering Tech IV $165.00
Engineering Tech V $175.00
Engineering Tech VI $190.00
Engineering Tech VII $210.00
Graduate Engineer I $160.00
Graduate Engineer II $170.00
Graduate Engineer III $180.00
Graduate Engineer IV $190.00
Engineer I $195.00
Engineer II $205.00
Engineer III $220.00
Engineer IV $240.00
Engineer V $275.00
Engineer VI $290.00
Engineer VII $305.00
Graduate Landscape Designer I $150.00
Graduate Landscape Designer II $165.00
Graduate Landscape Designer III $175.00
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Landscape Architect I $170.00
Landscape Architect II $180.00
Landscape Architect III $190.00
Landscape Architect IV $210.00
Landscape Architect V $230.00
Landscape Architect VI $250.00
Assistant Project Manager I $200.00
Assistant Project Manager II $215.00
Assistant Project Manager III $225.00
Project Manager I $210.00
Project Manager II $235.00
Project Manager III $255.00
Project Manager IV $280.00
Project Manager V $300.00
Project Manager VI $315.00
Project Manager VII $330.00
Survey Field I $200.00
Survey Field II $200.00
Survey Field III $240.00
Survey Field IV $265.00
Survey Field V $180.00
Survey Field VI $240.00
Survey Field VII $250.00
Survey Tech I $115.00
Survey Tech II $130.00
Survey Tech III $145.00
Survey Tech IV $170.00
Survey Tech V $190.00
Survey Tech VI $205.00
Graduate Surveyor I $150.00
Graduate Surveyor II $165.00
Graduate Surveyor III $175.00
Surveyor I $170.00
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Surveyor II $190.00
Surveyor III $215.00
Surveyor IV $235.00
Surveyor V $250.00
Surveyor VI $270.00
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Far Western Anthropological Research Group
Archaeologist
Principal Investigator $197.34
Geoarchaeologist $197.34
GIS Supervisor $197.34
GIS Senior Analyst $109.80
GIS Senior Analyst $109.80
Senior Archaeologist $109.80
Data Analyst $80.07
Senior Archaeologist $147.11
Senior Archaeologist $119.60
Staff Archaeologist $94.53
Production Director $121.70
Asst. Production Director $121.70
Production Specialist $97.87
Safety Coordinator $112.10
Logistics Coordinator $96.08
Asst. Project Manager $106.84
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Parikh
Geotechnical Investigation
Project Manager $ 317 - $ 375
Sr. Project Engineer/QA QC Manager $ 245 - $ 303
Senior Engineer – II $ 231 - $ 288
Senior Engineer – I $ 202 - $ 259
Sr. Project Engineer/Geologist $ 173 - $ 231
Project Engineer $ 158 - $ 216
Project Geologist/CEG $ 158 - $ 216
Project Geologist $ 144 - $ 202
Sr. Staff Engineer/PE $ 130 - $ 187
Staff Engineer $ 115 - $ 173
Field Engineer/Geologist $ 86 - $ 187
Lab Technician $ 72 - $ 130
Drafting/Cadd Tech $ 101 - $ 158
Project Control $ 231 - $ 288
Technical Editor $ 79 - $ 137
Field Engineer/Prevailing Wage TBD *
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Cornerstone Structural Engineering Group
Structural Engineer
Senior Principal 300.00/hr
Principal 285.00
Senior Associate 255.00
Construction Manager 245.00
Associate 235.00
Structural Observer 230.00
Assistant Structural Observer 220.00
Project Administrator 185.00
Senior Engineer 220.00
Project Engineer 205.00
Staff Engineer 185.00
Structural Designer 2 170.00
Structural Designer 1 155.00
Junior Engineer 135.00
Senior Computer Drafter 160.00
Computer Drafter 150.00
Junior Computer Drafter 140.00
Accounting Assistant 145.00
Marketing Assistant 130.00
Administrative Assistant 2 130.00
Administrative Assistant 1 120.00
Expert Witness Services 600.00
Subconsultants Cost Plus 10%
Expenses Cost Plus 15%
Copies $0.05 per b/w copy
$1.25 per color copy
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Vollmar Natural Lands Consulting
Biological Support
Senior Biologist $135.00
Staff Biologist $95.00
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
April 8, 2025
Date: February 25, 2025
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: DeAnna Christensen, Director of Finance
SUBJECT: Monthly Investment Report – January 2025
CONTACT: Calogero Maniscalco, Senior Financial Analyst
[email protected], 209-577-5219
DESCRIPTION:
Consider accepting the Monthly Investment Report for January 2025. (Funding Source: Various Funds)
STRATEGIC PLAN ELEMENT:
This item supports the City of Modesto 2020-2025 Strategic Plan focus of Governance and Service Delivery under Goal H: Achieve Financial Sustainability.
BACKGROUND:
The City’s Finance Department submits a monthly investment report to Council and the City Manager. Attached are the January 2025 investment reports (see attachment list below) generated by Public Financial Management, the City’s investment advisor. Investments in the portfolio (attachment 4) are for the City of Modesto, Modesto Public Financing Authority, Community Facilities Districts, Tuolumne River Regional Park, Successor Agency to the Redevelopment Agency, and the Modesto-Ceres Fire Protection Agency Joint Powers Authority.
DISCUSSION:
It is the function of the Finance Department to deposit and invest funds in accordance with sound treasury management and to safeguard the principal and maintain the liquidity needs of the City. The purpose of the Monthly Investment Report is to keep the City Council and City Manager informed of the City’s investment portfolio. As shown in Attachment 2, on January 31, 2025 the City had a closing market value of $463,953,617 in its investment portfolio. #22..
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City Council, April 8, 2025
Monthly Investment Report – January 2025
FISCAL IMPACT:
In January, the approximate yield of the City’s combined investments was 3.92% (see attachment 3) on a weighted average. For the portfolio of securities alone, the yield to maturity on cost was 3.82%. For comparative purposes, the yields (as of January 31, 2025) of other investments commonly used by public agencies are listed below:
Local Agency Investment Fund: 4.37%
1-Year U.S. Treasury Note: 4.26%
2-Year U.S. Treasury Note: 4.21%
The Portfolio maintains sufficient liquidity to meet the City's projected expenditure requirements for at least the next six months.
COMMITTEE RECOMMENDATION:
This item has not gone before a committee. This item is being presented as informational to share the monthly Investment Report and activity to Council and the public.
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Motion accepting the Monthly Investment Report for January 2025.
Approved by:
DeAnna Christensen, Director of Finance
Joseph P. Lopez, City Manager
Attachments:
1. Monthly Investment Report
2. Account Statement
3. Combined Yields
4. Portfolio Holdings and Earnings Projections
5. Cash with Fiscal Agent
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PORTFOLIO HOLDINGS
Attachment 1
Percentages may not total to 100% due to rounding.
Investment Type No. of Investments Amount Invested
CAMP 1 $28,806,032
Federal Agency 2 $4,136,039
Federal Nat’l Mortgage Assc. 2 $4,136,039
Federal Agency CMO 28 $83,871,925
U.S. Treasury 54 $244,849,447
Negotiable CD 1 $3,555,426
Corporate Note 30 $67,840,769
Asset-Backed 17 $27,905,190
Municipal 5 $2,988,789
Total Invested 138 $463,953,617
Sector Allocation
January 31, 2025 versus December 31, 2024
Sector January 31, 2025 December 31, 2024 Change in Allocation Permitted by Policy
U.S. Treasury 52.8% 52.7% 0.1% 100%
Federal Agency 0.9% 0.9% 0.0% 100%
Federal Agency CMO 18.1% 18.1% 0.0% 100%
Negotiable CD 0.8% 0.8% 0.0% 30%
Corporate Note 14.6% 14.6% 0.0% 30%
Asset-Backed 6.0% 6.1% -0.1% 20%
Municipal 0.6% 0.6% 0.0% 100%
CAMP 6.2% 6.2% 0.0% 100%
* Total invested includes only the bolded numbers
* * Amount invested are market values excluding accrued interest Additional, detailed information regarding security types and investment activity may be found in Attachment 2 accompanying this memo. Moreover, the addendum data will confirm continued compliance with the investment policy as well as with California Government Code.
RECENT ACTIVITY & CORPORATE EXPOSURE
At the January Federal Open Market Committee (FOMC), the Federal Reserve (Fed) maintained the target range for the federal funds rate at 4.25% to 4.50%. In Fed Chair Jerome Powell’s post-meeting press conference, he emphasized the Fed is “not in a hurry” to make further policy rate adjustments as the labor market remains “solid” and inflation “somewhat elevated.” Given the strength of the labor market and limited progress on inflation, the market expects the Fed to pause for at least several months as it continues to “wait and see” the impacts of the new administration’s policies. During the month, in the Long-Term Portfolio, we sold two short-maturity Treasuries and purchased a 5-year Treasury. There was no activity in the Short-Term Portfolio.
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Long-Term Portfolio Total Return
January 31, 2025
1 Month Trailing
12 Months
Trailing 36
Months
Trailing 60
Months
Since
Inception5
City of Modesto Investment Portfolio1,2,3 0.45% 3.99% 1.65% 1.34% 2.15% Modesto Performance Benchmark40.49% 3.55% 1.19% 0.97% 1.86% Average Portfolio Yields
January 31, 2025
Past
Month
Past 3
Months
Past
Year
Past 3
Years
Past 5
Years
City of Modesto Investment Portfolio 3.82% 3.73% 3.44% 2.53% 2.21% City of Modesto Short-Term Portfolio 4.65% 4.65% 5.03% 4.22% - $53.1
$34.9
$91.7
$65.8
$128.9
$89.6
$-
$30.0
$60.0
$90.0
$120.0
$150.0
Under 6
Months
6-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years
Millions
Maturity Distribution
January 31, 2025
1. Performance is calculated on trade-date basis, gross (i.e., before fees) in accordance the CFA Institute's Global Investment Performance Standards (GIPS).
2. Performance numbers for periods greater than 1 year are presented on an annualized basis unless otherwise noted.
3. The performance calculation excludes any funds not invested in the 1-5 year strategy.
4. Performance benchmark through December 31, 2018 was the ICE BofA 1-3 Year U.S. Treasury Index, and is now the ICE BofA 1-5 Year U.S.
Treasury Index, sourced from Bloomberg Finance L.P.
5. Inception date is 3/31/04.
PERFORMANCE
After touching multi-month highs in mid-January, U.S. Treasury yields beyond two years declined notably over the latter half of the month on ebbing inflation fears. Despite the end-of-month rally, the yield on the 10-year U.S.
Treasury remains near the higher end of its three-year range, while 2-year yields are closer to the multi-year average.
The short end of the U.S. Treasury yield curve was generally unchanged over the month as the expectations for a Fed pause over the next several months affected the shortest U.S. Treasury yields. Asset-backed securities (ABS) new issuance levels started the year trailing behind last year’s pace. Strong demand for new issues and continued strength in underlying technicals has kept a lid on spreads, leading to spread tightening that produced positive excess returns in January. The consumer’s response to prior monetary policy easing remains a key factor for the sector’s outlook in the near term. Both the portfolio and its benchmark returned positive performance for the month. Since inception, the portfolio has outperformed the benchmark by 29 basis points each year on average.
Percentages may not add to total due to rounding
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INVESTMENT POLICY
The City’s investment policy embraces the following standards: the prudent investor rule, requiring the safety of principal, through prudent and safe investments; sufficient liquidity to meet expected and unforeseen cash flows; generation of an above-market, risk-adjusted rate of return (meaning, returnsexpectations taking safety and liquidity into account). No investments longer than five years are permitted.
Some investments have maturity limits of 270 days or less. The table below details the City’s permitted investments.
Investment Type
Maximum
Maturity
Maximum Specified
% of Portfolio
Maximum
% per
Issuer
Minimum Quality
Requirements
Local Agency Bonds 5 Years None None None
Treasury Obligations 5 Years None None None
State Obligations 5 Years None None A rating
CA Local Agency Obligations 5 Years None None A rating
Federal Agencies 5 Years None None None
Supranationals 5 Years 30 percent 5 percent AA
Banker’s Acceptances 180 days 40 percent 5 percent Federal Reserve eligible Commercial Paper 270 days 25 percent 5 percent A1/P1 rating Negotiable Certificates of Deposit 5 Years 30 percent 5 percent A rating Certificates of Deposit 1 Year 20 percent 5 percent FDIC insured or collateralized Repurchase Agreements 90 days None 5 percent None
Reverse Repurchase Agreements 92 days 20 percent of
combined base value 5 percent None
Medium Term Notes 5 Years 30 percent 5 percent A rating Money Market Mutual Funds N/A 20 percent 10 percent Multiple Mortgage and Asset-backed Securities 5 Years 20 percent 5 percent AA Rating CAMP N/A None None N/A
LAIF N/A N/A None N/A
The City is not required to include a list of investments held by our bond trustees; however, staff believes the City Council should be kept informed of these investments. These investments are identified on Attachment A.
LONG TERM PORTFLIO INCOME RETURN
Monthly Income Return
0.28%
Fiscal Year-to-Date Income Return
1.06%
Prior 12 Months Income Return
2.92%
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Economic Summary
Source: Bureau of Labor Statistics, Federal Reserve, and Bloomberg Finance L.P., as of January 2025.
Consumer Price Index (CPI)
% Change YoY
Core Inflation Remains Flat
Jan-25
3.0%
Jan-25
3.3%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24
CPI (YoY) Core CPI (YoY) Fed Target
444
306
85 216
227
257
148
157
158
186
141
269
119
222
246
118
193
87 88
71 240
44 261
307
143
0 100
200
300
400
500
600
Jan-23
Apr-23
Jul-23
Oct-23
Jan-24
Apr-24
Jul-24
Oct-24
Jan-25
Thousands
Monthly Change In
Nonfarm Payrolls
Jan-25
4.0%
2%
3%
4%
5%
6%
7%
8%
2021 2022 2023 2024 2025
Unemployment Rate
Labor Market
#22..
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Source:Federal Reserve; Bloomberg Finance L.P. Individual dots represent each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end. As of December 2024 (top). The Federal Reserve and FRED, data as of February 18, 2025 (bottom).
Economic Summary
The Latest Fed “Dot Plot”
0%
1%
2%
3%
4%
5%
Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy Dec-24 FOMC Projections
Dec-24 Median
Sep-24 Median
2024 2025 2026 2027 Longer Term
2 cuts 2 cuts 1 cut 3.0%
Fed Funds Rate
0%
1%
2%
3%
4%
5%
6%
2021 2022 2023 2024 2025 2026
Projections
#22..
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Source: ICE BofA 1-5 year Indices via Bloomberg Finance L.P., MarketAxess and PFMAM as of 2/18/2025. Spreads on ABS are optionadjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries.
Economic Summary
Agency, Corporate, and ABS Spreads
-0.1%
0.0%
0.1%
0.2%
0.3%
0.4%
Feb-23 Aug-23 Feb-24 Aug-24 Feb-25
Federal Agency Yield Spread
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
Feb-23 Aug-23 Feb-24 Aug-24 Feb-25
Corporate Notes A-AAA Yield Spreads
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
Feb-23 Aug-23 Feb-24 Aug-24 Feb-25
Asset-Backed Securities AAA Yield Spreads
#22..
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U.S. Treasury Yields
Source: Bloomberg Finance L.P., as of 1/31/2025.
Economic Summary
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Yield
Maturity
U.S. Treasury Yield Curve
January 31, 2025
December 31, 2024
November 30, 2024
3mo 2yr 5yr 7yr 10yr 20yr 30yr
#22..
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The views expressed within this material constitute the perspective and judgment of U.S. Bancorp Asset Management, Inc. 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 current opinion as of the date of issue and are also subject to change. Opinions and data presented are not necessarily indicative of future events or expected performance. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. No representation is made as to its accuracy or completeness.
PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset Management, Inc., which is the legal entity providing investment advisory services. U.S. Bancorp Asset Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S. Bancorp. U.S. Bank N.A. is not responsible for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc.
For more information regarding PFMAM’s services or entities, please visit www.pfmam.com.
Disclosures
#22..
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For the Month Ending January 31, 2025
Account Statement
Consolidated Summary Statement
CITY OF MODESTO - Combined Portfolio
Investment Allocation
Investment Type Closing Market Value Percent
Asset-Backed Security 27,905,189.81 6.01
Federal Agency Bond / Note 4,136,038.71 0.89
Corporate Note 58,082,838.87 12.52
Bank Note 9,757,929.84 2.10
Certificate of Deposit 3,555,426.00 0.77
Federal Agency Commercial Mortgage-Backed Security 83,871,925.43 18.08 Municipal Bond / Note 2,988,789.23 0.64
U.S. Treasury Bond / Note 244,849,447.07 52.78
CAMP Pool 28,806,032.00 6.21
Total $463,953,616.96 100.00%
Portfolio Summary
and Income
Closing
Portfolio Holdings Market Value
Cash Dividends
PFMAM Managed Account 940,672.69 435,147,584.96
CAMP Pool 0.00 28,806,032.00
Total $940,672.69 $463,953,616.96
Maturity Distribution (Fixed Income Holdings)
Portfolio Holdings Closing Market Value Percent
28,806,032.00
0.00 0.00
13,446,474.63
66,121,118.48
71,297,254.53
71,067,844.91
123,624,962.84
89,589,929.57
0.00 6.20
0.00 0.00
2.90 14.25
15.37 15.32
26.65 19.31
0.00 Under 30 days
31 to 60 days
61 to 90 days
91 to 180 days
181 days to 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
Over 5 years
Total $463,953,616.96
922
100.00%
Weighted Average Days to Maturity
Sector Allocation
6.01%
ABS
0.89%
Fed Agy Bond /
Note
12.52%
Corporate Note
2.10%
Bank Note
0.77%
Cert of Deposit
18.08%
Federal Agency
Commercial
Mortgage-Backed
Security
0.64%
Muni Bond / Note
52.78%
US TSY Bond / Note
6.21%
CAMP Pool
PFM Asset Management Summary Page 1
#22..
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Managed Account Summary Statement For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Total Cash Basis Earnings
Plus Net Realized Gains/Losses
Less Purchased Interest Related to Interest/Coupons
Interest/Dividends/Coupons Received
Earnings Reconciliation (Cash Basis) - Managed Account
Less Beginning Accrued Interest
Less Beginning Amortized Value of Securities
Less Cost of New Purchases
Plus Coupons/Dividends Received
Plus Proceeds of Maturities/Calls/Principal Payments
Plus Proceeds from Sales
Ending Accrued Interest
Ending Amortized Value of Securities
Earnings Reconciliation (Accrual Basis)
$433,729,377.50
(81,175.74)
(11,562,210.94)
12,337,468.55
0.00 724,125.59
$435,147,584.96
1,066,146.05
(10,460.72)
(115,012.64)
$940,672.69
Total
438,736,348.77
2,762,649.90
11,567,818.12
81,175.74
1,060,538.87
(12,347,929.27)
(438,166,611.91)
(2,602,979.29)
Total Accrual Basis Earnings $1,091,010.93
Closing Market Value
Change in Current Value
Unsettled Trades
Principal Acquisitions
Principal Dispositions
Maturities/Calls
Opening Market Value
Transaction Summary - Managed Account
_________________
_________________
_______________________________________________ _______________________________________________ Reconciling Transactions Net Cash Contribution
Security Purchases
Principal Payments
Coupon/Interest/Dividend Income
Sale Proceeds
Maturities/Calls
Cash Transactions Summary - Managed Account
0.00 11,567,818.12
1,060,538.87
81,175.74
(12,347,929.27)
0.00 0.00
Cash Balance
Closing Cash Balance $1,242,648.63
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 1 U.S. Bancorp Asset Management, Inc.
#22..
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Portfolio Summary and Statistics For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Account Summary
Description Par Value Market Value Percent
U.S. Treasury Bond / Note 252,120,000.00 244,849,447.07 56.27 Municipal Bond / Note 3,035,000.00 2,988,789.23 0.69
Federal Agency Commercial
Mortgage-Backed Security
83,794,090.57 83,871,925.43 19.27
Federal Agency Bond / Note 4,255,000.00 4,136,038.71 0.95 Corporate Note 58,470,000.00 58,082,838.87 13.35
Certificate of Deposit 3,500,000.00 3,555,426.00 0.82
Bank Note 9,635,000.00 9,757,929.84 2.24
Asset-Backed Security 27,652,108.35 27,905,189.81 6.41
Managed Account Sub-Total 442,461,198.93 435,147,584.96 100.00% Accrued Interest 2,762,649.90
Total Portfolio 442,461,198.93 437,910,234.86
Unsettled Trades 0.00 0.00
Sector Allocation
6.41%
ABS
2.24%
Bank Note
0.82%
Cert of Deposit
13.35%
Corporate Note
0.95%
Fed Agy Bond /
Note
19.27%
Federal Agency
Commercial
Mortgage-Backed
Security
0.69%
Muni Bond / Note
56.27%
US TSY Bond / Note
0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years
3.09%
15.20%
16.38% 16.33%
28.41%
20.59%
0.00%
Maturity Distribution Characteristics
Yield to Maturity at Cost
Yield to Maturity at Market
Weighted Average Days to Maturity 983
3.88%
4.42%
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 2 U.S. Bancorp Asset Management, Inc.
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Managed Account Issuer Summary For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Credit Quality (S&P Ratings)
3.51%
A
8.54%
A+
0.46%
A0.85%
AA
77.67%
AA+
1.21%
AA6.13%
AAA
1.63%
NR
Issuer Summary
Issuer of Holdings Percent
Market Value
Adobe Inc 2,889,665.37 0.66
American Express Co 3,127,562.04 0.72
Apple Inc 5,139,451.20 1.18
BA Credit Card Trust 1,376,951.94 0.32
Bank of America Corp 10,266,740.60 2.36
Bank of New York Mellon Corp 3,342,914.19 0.77
BlackRock Inc 366,169.46 0.08
Bristol-Myers Squibb Co 2,167,497.56 0.50
Citigroup Inc 6,675,475.14 1.53
Cooperatieve Rabobank UA 3,555,426.00 0.82
Deere & Co 2,584,410.62 0.59
Eli Lilly & Co 2,898,274.70 0.67
Federal Home Loan Mortgage Corp 80,590,776.62 18.53
Federal National Mortgage Association 7,417,187.52 1.70 Fifth Third Auto Trust 2,448,529.77 0.56
GM Financial Consumer Automobile Receiv 366,528.26 0.08 Home Depot Inc 3,458,856.52 0.79
Honda Auto Receivables Owner Trust 2,239,786.86 0.51
Hyundai Auto Receivables Trust 1,174,497.07 0.27
JPMorgan Chase & Co 12,320,729.60 2.83
Kubota Credit Owner Trust 898,507.51 0.21
Mastercard Inc 2,495,928.32 0.57
Microsoft Corp 5,855,151.00 1.35
Morgan Stanley 4,054,628.00 0.93
New Jersey Turnpike Authority 489,935.85 0.11
PACCAR Inc 1,141,502.27 0.26
PepsiCo Inc 1,928,167.52 0.44
State Board of Administration Finance C 1,775,959.20 0.41 State Street Corp 1,884,915.90 0.43
Target Corp 348,140.65 0.08
Toyota Auto Receivables Owner Trust 1,503,399.56 0.35
Toyota Motor Corp 2,847,952.80 0.65
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 3 U.S. Bancorp Asset Management, Inc.
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Managed Account Issuer Summary For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Issuer of Holdings Percent
Market Value
United States Treasury 244,849,447.07 56.28
University of California Board of Regen 722,894.18 0.17 USAA Auto Owner Trust 3,039,644.61 0.70
Walmart Inc 1,200,677.64 0.28
Wells Fargo & Co 5,703,301.84 1.31
Total $435,147,584.96 100.00%
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 4 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
U.S. Treasury Bond / Note
US TREASURY N/B
DTD 05/15/2015 2.125% 05/15/2025
912828XB1 11,015,000.00 AA+ Aaa 05/14/24 05/15/24 10,694,446.29 5.15 50,434.70 10,922,636.61 10,947,621.25
US TREASURY N/B
DTD 07/31/2023 4.750% 07/31/2025
91282CHN4 10,805,000.00 AA+ Aaa 07/30/24 07/31/24 10,799,091.02 4.81 1,417.78 10,802,030.45 10,828,803.41
US TREASURY N/B
DTD 09/15/2022 3.500% 09/15/2025
91282CFK2 11,115,000.00 AA+ Aaa 09/16/24 09/16/24 11,061,595.90 4.00 149,377.00 11,081,813.22 11,060,380.89
US TREASURY N/B
DTD 11/30/2020 0.375% 11/30/2025
91282CAZ4 4,250,000.00 AA+ Aaa 11/01/21 11/02/21 4,133,291.02 1.07 2,758.41 4,226,329.00 4,116,856.00
US TREASURY N/B
DTD 11/30/2020 0.375% 11/30/2025
91282CAZ4 4,635,000.00 AA+ Aaa 04/06/22 04/07/22 4,254,785.16 2.75 3,008.29 4,548,859.80 4,489,794.72
US TREASURY N/B
DTD 12/31/2020 0.375% 12/31/2025
91282CBC4 500,000.00 AA+ Aaa 02/02/21 02/04/21 498,613.28 0.43 165.75 499,742.17 482,941.50
US TREASURY N/B
DTD 12/31/2020 0.375% 12/31/2025
91282CBC4 1,040,000.00 AA+ Aaa 01/07/21 01/08/21 1,035,978.13 0.45 344.75 1,039,263.32 1,004,518.32
US TREASURY N/B
DTD 12/31/2020 0.375% 12/31/2025
91282CBC4 3,735,000.00 AA+ Aaa 04/05/21 04/07/21 3,646,439.65 0.89 1,238.12 3,717,943.55 3,607,573.01
US TREASURY N/B
DTD 02/01/2021 0.375% 01/31/2026
91282CBH3 2,400,000.00 AA+ Aaa 07/02/21 07/07/21 2,353,875.00 0.80 24.86 2,389,940.38 2,309,925.60
US TREASURY N/B
DTD 02/01/2021 0.375% 01/31/2026
91282CBH3 5,000,000.00 AA+ Aaa 02/17/22 02/18/22 4,719,531.25 1.85 51.80 4,929,251.13 4,812,345.00
US TREASURY N/B
DTD 02/01/2021 0.375% 01/31/2026
91282CBH3 5,775,000.00 AA+ Aaa 01/04/22 01/06/22 5,570,167.97 1.27 59.82 5,724,825.80 5,558,258.48
US TREASURY N/B
DTD 02/01/2021 0.375% 01/31/2026
91282CBH3 7,980,000.00 AA+ Aaa 05/03/22 05/04/22 7,256,812.50 2.95 82.67 7,787,572.92 7,680,502.62
US TREASURY N/B
DTD 02/28/2019 2.500% 02/28/2026
9128286F2 3,210,000.00 AA+ Aaa 03/01/21 03/01/21 3,492,881.25 0.70 34,139.50 3,270,761.34 3,151,167.12
US TREASURY N/B
DTD 03/01/2021 0.500% 02/28/2026
91282CBQ3 4,645,000.00 AA+ Aaa 04/06/22 04/07/22 4,259,973.05 2.76 9,880.25 4,538,934.95 4,463,626.69 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 5 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
U.S. Treasury Bond / Note
US TREASURY N/B
DTD 03/01/2021 0.500% 02/28/2026
91282CBQ3 6,000,000.00 AA+ Aaa 12/03/21 12/07/21 5,838,281.25 1.15 12,762.43 5,958,941.87 5,765,718.00
US TREASURY N/B
DTD 03/31/2021 0.750% 03/31/2026
91282CBT7 2,480,000.00 AA+ Aaa 09/07/21 09/09/21 2,479,031.25 0.76 6,336.26 2,479,753.74 2,382,833.60
US TREASURY N/B
DTD 03/31/2021 0.750% 03/31/2026
91282CBT7 4,925,000.00 AA+ Aaa 04/29/21 04/30/21 4,896,719.73 0.87 12,583.10 4,918,339.33 4,732,038.50
US TREASURY N/B
DTD 06/01/2021 0.750% 05/31/2026
91282CCF6 1,405,000.00 AA+ Aaa 06/23/21 06/25/21 1,396,987.11 0.87 1,823.80 1,402,846.62 1,342,269.56
US TREASURY N/B
DTD 06/01/2021 0.750% 05/31/2026
91282CCF6 4,615,000.00 AA+ Aaa 04/06/22 04/07/22 4,253,551.76 2.76 5,990.63 4,499,527.43 4,408,949.48
US TREASURY N/B
DTD 06/01/2021 0.750% 05/31/2026
91282CCF6 4,800,000.00 AA+ Aaa 06/06/22 06/08/22 4,399,125.00 2.99 6,230.77 4,666,466.96 4,585,689.60
US TREASURY N/B
DTD 08/31/2021 0.750% 08/31/2026
91282CCW9 4,640,000.00 AA+ Aaa 04/06/22 04/07/22 4,258,106.25 2.75 14,804.42 4,503,117.11 4,395,495.20
US TREASURY N/B
DTD 09/30/2021 0.875% 09/30/2026
91282CCZ2 4,310,000.00 AA+ Aaa 04/05/22 04/07/22 3,968,398.83 2.77 12,847.12 4,183,542.88 4,079,854.62
US TREASURY N/B
DTD 11/15/2016 2.000% 11/15/2026
912828U24 4,545,000.00 AA+ Aaa 06/06/22 06/08/22 4,355,920.90 3.01 19,586.19 4,468,948.44 4,371,190.11
US TREASURY N/B
DTD 02/15/2017 2.250% 02/15/2027
912828V98 9,220,000.00 AA+ Aaa 07/05/22 07/07/22 8,981,576.56 2.85 95,832.88 9,114,663.28 8,864,522.90
US TREASURY N/B
DTD 03/31/2022 2.500% 03/31/2027
91282CEF4 910,000.00 AA+ Aaa 11/29/22 11/30/22 854,973.44 4.03 7,750.00 882,591.07 877,758.70
US TREASURY N/B
DTD 04/30/2020 0.500% 04/30/2027
912828ZN3 6,480,000.00 AA+ Aaa 08/03/22 08/05/22 5,791,500.00 2.92 8,323.76 6,154,266.63 5,966,155.44
US TREASURY N/B
DTD 06/30/2020 0.500% 06/30/2027
912828ZV5 5,545,000.00 AA+ Aaa 08/09/22 08/10/22 4,920,754.30 2.99 2,450.83 5,237,598.34 5,073,675.00
US TREASURY N/B
DTD 08/15/2017 2.250% 08/15/2027
9128282R0 1,200,000.00 AA+ Aaa 08/29/22 08/31/22 1,142,625.00 3.30 12,472.83 1,170,678.52 1,142,719.20 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 6 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
U.S. Treasury Bond / Note
US TREASURY N/B
DTD 08/15/2017 2.250% 08/15/2027
9128282R0 2,985,000.00 AA+ Aaa 09/01/22 09/06/22 2,830,036.52 3.40 31,026.15 2,905,542.56 2,842,514.01
US TREASURY N/B
DTD 09/30/2022 4.125% 09/30/2027
91282CFM8 5,380,000.00 AA+ Aaa 11/01/22 11/03/22 5,344,903.91 4.27 75,600.82 5,360,983.09 5,362,348.22
US TREASURY N/B
DTD 10/31/2022 4.125% 10/31/2027
91282CFU0 2,715,000.00 AA+ Aaa 12/06/22 12/08/22 2,752,755.47 3.81 28,771.88 2,736,158.27 2,705,454.06
US TREASURY N/B
DTD 10/31/2022 4.125% 10/31/2027
91282CFU0 3,160,000.00 AA+ Aaa 12/13/22 12/14/22 3,229,495.31 3.63 33,487.71 3,199,076.49 3,148,889.44
US TREASURY N/B
DTD 11/02/2020 0.500% 10/31/2027
91282CAU5 8,775,000.00 AA+ Aaa 01/04/23 01/06/23 7,472,803.71 3.91 11,271.75 8,033,214.51 7,926,633.00
US TREASURY N/B
DTD 01/03/2023 3.875% 12/31/2027
91282CGC9 4,250,000.00 AA+ Aaa 06/01/23 06/05/23 4,266,933.59 3.78 14,558.01 4,260,778.69 4,204,678.00
US TREASURY N/B
DTD 01/31/2023 3.500% 01/31/2028
91282CGH8 2,220,000.00 AA+ Aaa 05/16/23 05/18/23 2,218,265.63 3.52 214.64 2,218,896.22 2,172,132.36
US TREASURY N/B
DTD 02/01/2021 0.750% 01/31/2028
91282CBJ9 3,450,000.00 AA+ Aaa 01/31/23 01/31/23 2,994,761.72 3.66 71.48 3,177,255.93 3,111,065.10
US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
91282CGP0 1,120,000.00 AA+ Aaa 03/03/23 03/06/23 1,105,343.75 4.29 19,058.56 1,110,961.58 1,110,856.32
US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
91282CGP0 2,825,000.00 AA+ Aaa 03/03/23 03/07/23 2,793,660.16 4.25 48,071.82 2,805,662.29 2,801,936.70
US TREASURY N/B
DTD 03/31/2021 1.250% 03/31/2028
91282CBS9 2,555,000.00 AA+ Aaa 05/08/23 05/09/23 2,299,400.20 3.49 10,879.81 2,390,032.34 2,327,944.82
US TREASURY N/B
DTD 03/31/2023 3.625% 03/31/2028
91282CGT2 2,675,000.00 AA+ Aaa 05/01/23 05/02/23 2,672,178.71 3.65 33,033.31 2,673,186.20 2,623,067.55
US TREASURY N/B
DTD 05/01/2023 3.500% 04/30/2028
91282CHA2 2,810,000.00 AA+ Aaa 05/01/23 05/01/23 2,796,937.89 3.60 25,266.71 2,801,530.37 2,742,933.73
US TREASURY N/B
DTD 05/01/2023 3.500% 04/30/2028
91282CHA2 6,530,000.00 AA+ Aaa 05/03/23 05/04/23 6,559,844.14 3.40 58,715.88 6,549,383.14 6,374,148.49 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 7 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
U.S. Treasury Bond / Note
US TREASURY N/B
DTD 04/01/2024 4.125% 03/31/2029
91282CKG5 3,450,000.00 AA+ Aaa 04/09/24 04/11/24 3,411,861.33 4.37 48,480.08 3,417,544.41 3,419,812.50
US TREASURY N/B
DTD 04/30/2024 4.625% 04/30/2029
91282CKP5 4,430,000.00 AA+ Aaa 10/16/24 10/17/24 4,571,725.39 3.85 52,636.84 4,563,223.45 4,475,336.62
US TREASURY N/B
DTD 04/30/2024 4.625% 04/30/2029
91282CKP5 5,190,000.00 AA+ Aaa 05/02/24 05/03/24 5,201,961.33 4.57 61,667.09 5,200,339.01 5,243,114.46
US TREASURY N/B
DTD 05/31/2024 4.500% 05/31/2029
91282CKT7 1,430,000.00 AA+ Aaa 06/06/24 06/07/24 1,442,959.38 4.30 11,137.50 1,441,410.40 1,437,932.21
US TREASURY N/B
DTD 05/31/2024 4.500% 05/31/2029
91282CKT7 4,190,000.00 AA+ Aaa 06/05/24 06/06/24 4,224,698.44 4.31 32,633.65 4,220,537.86 4,213,241.93
US TREASURY N/B
DTD 07/01/2024 4.250% 06/30/2029
91282CKX8 2,920,000.00 AA+ Aaa 07/01/24 07/02/24 2,896,959.38 4.43 10,970.17 2,899,403.33 2,906,997.24
US TREASURY N/B
DTD 07/31/2024 4.000% 07/31/2029
91282CLC3 2,105,000.00 AA+ Aaa 08/01/24 08/02/24 2,119,636.33 3.85 232.60 2,118,305.57 2,074,412.24
US TREASURY N/B
DTD 09/03/2024 3.625% 08/31/2029
91282CLK5 7,550,000.00 AA+ Aaa 09/04/24 09/05/24 7,565,630.86 3.58 116,430.59 7,564,470.86 7,321,438.85
US TREASURY N/B
DTD 09/30/2024 3.500% 09/30/2029
91282CLN9 8,695,000.00 AA+ Aaa 10/02/24 10/03/24 8,670,205.66 3.56 103,671.15 8,671,751.66 8,380,145.36
US TREASURY N/B
DTD 10/31/2024 4.125% 10/31/2029
91282CLR0 4,850,000.00 AA+ Aaa 11/01/24 11/04/24 4,838,064.45 4.18 51,397.27 4,838,612.30 4,799,986.80
US TREASURY N/B
DTD 12/02/2024 4.125% 11/30/2029
91282CMA6 6,315,000.00 AA+ Aaa 12/05/24 12/06/24 6,326,347.27 4.08 45,085.46 6,326,044.96 6,250,372.29
US TREASURY N/B
DTD 12/31/2024 4.375% 12/31/2029
91282CMD0 12,365,000.00 AA+ Aaa 01/06/25 01/07/25 12,337,468.55 4.43 47,820.44 12,337,815.97 12,368,870.25 Security Type Sub-Total 252,120,000.00 244,259,871.93 3.32 1,444,970.09 248,943,308.32 244,849,447.07 Municipal Bond / Note
UNIV OF CALIFORNIA-BG (CALLABLE)
DTD 07/16/2020 0.883% 05/15/2025
91412HGE7 220,000.00 AA Aa2 07/14/20 07/16/20 220,796.40 0.81 410.10 220,047.63 217,858.52 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 8 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Municipal Bond / Note
UNIV OF CALIFORNIA-BG (CALLABLE)
DTD 07/16/2020 0.883% 05/15/2025
91412HGE7 510,000.00 AA Aa2 07/10/20 07/16/20 510,000.00 0.88 950.70 510,000.00 505,035.66
FLORIDA ST BRD OF ADM
DTD 09/16/2020 1.258% 07/01/2025
341271AD6 505,000.00 AA Aa2 09/03/20 09/16/20 508,570.35 1.11 529.41 505,310.46 498,255.22
FLORIDA ST BRD OF ADM
DTD 09/16/2020 1.258% 07/01/2025
341271AD6 1,295,000.00 AA Aa2 09/03/20 09/16/20 1,295,000.00 1.26 1,357.59 1,295,000.00 1,277,703.98
NJ TPK AUTH -B-TXBL
DTD 02/04/2021 1.047% 01/01/2026
646140DP5 505,000.00 AA- A1 01/22/21 02/04/21 505,000.00 1.05 440.61 505,000.00 489,935.85 Security Type Sub-Total 3,035,000.00 3,039,366.75 1.10 3,688.41 3,035,358.09 2,988,789.23 Federal Agency Commercial Mortgage-Backed Security
FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 2,408,414.64 AA+ Aaa 05/19/23 05/24/23 2,334,280.63 4.29 6,717.47 2,369,966.07 2,353,791.80 FHMS K064 A2
DTD 05/01/2017 3.224% 03/01/2027
3137BXQY1 4,000,000.00 AA+ Aaa 08/16/23 08/18/23 3,773,125.00 4.94 10,746.67 3,864,609.68 3,897,528.00 FHMS K065 A2
DTD 07/01/2017 3.243% 04/01/2027
3137F1G44 2,275,000.00 AA+ Aaa 08/16/23 08/18/23 2,144,987.30 4.93 6,148.19 2,196,228.18 2,213,140.48 FHMS K066 A2
DTD 08/01/2017 3.117% 06/01/2027
3137F2LJ3 3,530,000.00 AA+ Aaa 08/17/23 08/22/23 3,301,101.56 4.97 9,169.18 3,387,000.54 3,421,050.08 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
3137HAMR4 3,510,955.15 AA+ Aaa 09/20/23 09/28/23 3,455,857.72 5.19 14,043.82 3,469,971.04 3,519,532.41 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
3137HAMG8 1,874,747.66 AA+ Aaa 09/07/23 09/14/23 1,846,710.80 5.01 7,264.65 1,854,251.21 1,874,944.51 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 2,784,048.90 AA+ Aaa 07/19/23 07/27/23 2,783,979.30 4.78 11,082.83 2,784,000.72 2,776,651.68 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
3137HACX2 3,500,000.00 AA+ Aaa 07/13/23 07/20/23 3,534,958.00 4.59 14,055.42 3,524,106.25 3,513,909.00 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 9 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Federal Agency Commercial Mortgage-Backed Security
FNA 2023-M6 A2
DTD 07/01/2023 4.181% 07/01/2028
3136BQDE6 3,343,259.89 AA+ Aaa 07/18/23 07/31/23 3,286,581.19 4.58 11,648.95 3,303,641.67 3,281,148.81 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
3137HAMN3 2,022,664.33 AA+ Aaa 09/19/23 09/28/23 2,022,654.21 5.27 8,886.24 2,022,657.74 2,040,773.24 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
3137HAMH6 3,800,000.00 AA+ Aaa 09/07/23 09/14/23 3,743,786.60 4.99 14,725.00 3,758,057.80 3,795,550.20 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
3137HAQ74 3,850,000.00 AA+ Aaa 10/11/23 10/19/23 3,765,546.40 5.25 15,207.50 3,785,778.90 3,855,066.60 FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
3137HAST4 2,890,000.00 AA+ Aaa 10/25/23 10/31/23 2,797,858.13 5.60 11,680.42 2,817,879.76 2,907,770.61 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
3137HAMS2 3,800,000.00 AA+ Aaa 09/20/23 09/28/23 3,754,578.60 5.07 15,200.00 3,765,129.51 3,812,228.40 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
3137HB3D4 1,465,000.00 AA+ Aaa 11/14/23 11/21/23 1,460,764.69 5.14 6,188.40 1,461,693.30 1,482,121.46 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
3137HB3G7 2,125,000.00 AA+ Aaa 11/28/23 12/07/23 2,118,894.88 4.93 8,606.25 2,120,199.51 2,135,418.88 FHMS K512 A2
DTD 12/01/2023 5.000% 11/01/2028
3137HBCF9 1,935,000.00 AA+ Aaa 12/11/23 12/21/23 1,953,069.03 4.79 8,062.50 1,949,374.30 1,956,077.95 FHMS K513 A2
DTD 01/01/2024 4.724% 12/01/2028
3137HBFY5 2,190,000.00 AA+ Aaa 01/10/24 01/18/24 2,211,875.91 4.50 8,621.30 2,207,695.90 2,196,353.19 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
3137HBLV4 2,220,000.00 AA+ Aaa 02/01/24 02/08/24 2,242,197.78 4.34 8,458.20 2,238,127.47 2,209,501.62 FHMS K518 A2
DTD 03/01/2024 5.400% 01/01/2029
3137HC2L5 2,715,000.00 AA+ Aaa 03/19/24 03/28/24 2,780,553.68 4.83 12,217.50 2,771,087.34 2,780,455.94 FHMS K517 A2
DTD 03/01/2024 5.355% 01/01/2029
3137HC2C5 3,355,000.00 AA+ Aaa 03/05/24 03/14/24 3,455,603.03 4.67 14,971.69 3,439,112.25 3,425,988.45 FHMS K515 A2
DTD 02/01/2024 5.400% 01/01/2029
3137HBPD0 3,750,000.00 AA+ Aaa 02/14/24 02/22/24 3,851,025.00 4.79 16,875.00 3,833,573.00 3,838,376.25 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 10 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Federal Agency Commercial Mortgage-Backed Security
FHMS K516 A2
DTD 03/01/2024 5.477% 01/01/2029
3137HBPM0 3,750,000.00 AA+ Aaa 02/29/24 03/07/24 3,862,488.75 4.79 17,115.63 3,843,761.76 3,853,470.00 FHMS K520 A2
DTD 04/01/2024 5.180% 03/01/2029
3137HCKV3 2,125,000.00 AA+ Aaa 04/23/24 04/30/24 2,133,625.38 5.09 9,172.92 2,132,557.74 2,160,653.25 FHMS K524 A2
DTD 07/01/2024 4.720% 05/01/2029
3137HDV56 3,245,000.00 AA+ Aaa 07/16/24 07/25/24 3,264,927.54 4.58 12,763.67 3,263,297.66 3,245,817.74 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
3137HDJJ0 3,850,000.00 AA+ Aaa 06/05/24 06/13/24 3,849,988.45 4.80 15,409.63 3,850,000.00 3,858,870.40 FHMS K526 A2
DTD 08/01/2024 4.543% 07/01/2029
3137HDXL9 3,500,000.00 AA+ Aaa 08/07/24 08/15/24 3,532,739.00 4.33 13,250.42 3,529,986.81 3,475,979.50 FHMS K530 A2
DTD 11/01/2024 4.792% 09/01/2029
3137HHJL6 3,980,000.00 AA+ Aaa 11/19/24 11/27/24 4,000,723.86 4.67 15,893.47 4,000,358.38 3,989,754.98 Security Type Sub-Total 83,794,090.57 83,264,482.42 4.84 324,182.92 83,544,104.49 83,871,925.43 Federal Agency Bond / Note
FANNIE MAE
DTD 11/12/2020 0.500% 11/07/2025
3135G06G3 2,040,000.00 AA+ Aaa 11/19/20 11/24/20 2,039,224.80 0.51 2,380.00 2,039,880.00 1,982,965.68
FANNIE MAE
DTD 11/12/2020 0.500% 11/07/2025
3135G06G3 2,215,000.00 AA+ Aaa 11/09/20 11/12/20 2,207,070.30 0.57 2,584.17 2,213,780.73 2,153,073.03 Security Type Sub-Total 4,255,000.00 4,246,295.10 0.54 4,964.17 4,253,660.73 4,136,038.71 Corporate Note
BRISTOL-MYERS SQUIBB CO (CALLABLE)
DTD 11/13/2020 0.750% 11/13/2025
110122DN5 2,230,000.00 A A2 06/23/21 06/25/21 2,210,888.90 0.95 3,623.75 2,226,584.71 2,167,497.56
BANK OF NY MELLON CORP (CALLABLE)
DTD 01/28/2021 0.750% 01/28/2026
06406RAQ0 3,465,000.00 A Aa3 02/02/21 02/04/21 3,465,831.60 0.75 216.56 3,465,165.48 3,342,914.19
BANK OF AMERICA CORP (CALLABLE)
DTD 03/22/2022 3.384% 04/02/2026
06051GKM0 2,025,000.00 A- A1 03/17/22 03/22/22 2,025,000.00 3.38 22,651.65 2,025,000.00 2,020,372.88 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 11 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Corporate Note
MICROSOFT CORP (CALLABLE)
DTD 08/08/2016 2.400% 08/08/2026
594918BR4 3,000,000.00 AAA Aaa 02/23/22 02/25/22 3,033,150.00 2.14 34,600.00 3,011,311.94 2,914,722.00
BANK OF AMERICA NA (CALLABLE)
DTD 08/18/2023 5.526% 08/18/2026
06428CAA2 3,750,000.00 A+ Aa1 08/15/23 08/18/23 3,749,700.00 5.53 93,826.88 3,749,845.28 3,803,190.00
MASTERCARD INC (CALLABLE)
DTD 11/21/2016 2.950% 11/21/2026
57636QAG9 2,560,000.00 A+ Aa3 12/20/22 12/22/22 2,434,099.20 4.33 14,684.44 2,501,919.43 2,495,928.32
JP MORGAN CHASE BANK NA (CALLABLE)
DTD 12/08/2023 5.110% 12/08/2026
48125LRU8 850,000.00 AA- Aa2 06/03/24 06/04/24 849,226.50 5.15 6,394.60 849,421.66 858,676.80
JP MORGAN CHASE BANK NA (CALLABLE)
DTD 12/08/2023 5.110% 12/08/2026
48125LRU8 3,500,000.00 AA- Aa2 12/05/23 12/08/23 3,500,000.00 5.11 26,330.69 3,500,000.00 3,535,728.00
TARGET CORP (CALLABLE)
DTD 01/24/2022 1.950% 01/15/2027
87612EBM7 365,000.00 A A2 01/19/22 01/24/22 364,379.50 1.99 316.33 364,756.10 348,140.65
MICROSOFT CORP (CALLABLE)
DTD 02/06/2017 3.300% 02/06/2027
594918BY9 3,000,000.00 AAA Aaa 12/14/22 12/16/22 2,914,170.00 4.06 48,125.00 2,958,237.08 2,940,429.00
HOME DEPOT INC (CALLABLE)
DTD 09/14/2017 2.800% 09/14/2027
437076BT8 3,610,000.00 A A2 01/26/23 01/30/23 3,405,674.00 4.16 38,466.56 3,494,207.08 3,458,856.52
JPMORGAN CHASE & CO (CALLABLE)
DTD 02/24/2022 2.947% 02/24/2028
46647PCW4 1,535,000.00 A A1 09/14/23 09/18/23 1,403,557.95 5.13 19,728.12 1,444,160.04 1,479,508.22
WALMART INC (CALLABLE)
DTD 04/18/2023 3.900% 04/15/2028
931142FB4 1,220,000.00 AA Aa2 05/16/23 05/18/23 1,217,279.40 3.95 14,009.67 1,218,223.22 1,200,677.64
APPLE INC (CALLABLE)
DTD 05/10/2023 4.000% 05/10/2028
037833ET3 5,200,000.00 AA+ Aaa 05/16/23 05/18/23 5,216,380.00 3.93 46,800.00 5,210,681.39 5,139,451.20
JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 495,000.00 A A1 07/13/23 07/14/23 501,732.00 4.64 1,157.06 499,648.82 500,697.95
JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 895,000.00 A A1 07/14/23 07/18/23 903,690.45 4.73 2,092.06 901,014.60 905,302.35
JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 1,165,000.00 A A1 07/11/23 07/14/23 1,163,264.15 4.98 2,723.19 1,163,801.30 1,178,410.32 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 12 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Corporate Note
PACCAR FINANCIAL CORP
DTD 08/10/2023 4.950% 08/10/2028
69371RS64 1,130,000.00 A+ A1 08/17/23 08/21/23 1,122,914.90 5.09 26,569.13 1,124,974.29 1,141,502.27
TOYOTA MOTOR CREDIT CORP
DTD 09/11/2023 5.250% 09/11/2028
89236TLB9 2,800,000.00 A+ A1 09/06/23 09/11/23 2,795,128.00 5.29 57,166.67 2,796,362.89 2,847,952.80
CITIBANK NA (CALLABLE)
DTD 09/29/2023 5.803% 09/29/2028
17325FBB3 5,650,000.00 A+ Aa3 09/26/23 09/29/23 5,650,000.00 5.80 111,111.33 5,650,000.00 5,835,687.25
STATE STREET CORP (CALLABLE)
DTD 08/20/2024 4.530% 02/20/2029
857477CN1 1,900,000.00 A Aa3 08/14/24 08/20/24 1,900,000.00 4.53 38,492.42 1,900,000.00 1,884,915.90
BLACKROCK FUNDING INC (CALLABLE)
DTD 03/14/2024 4.700% 03/14/2029
09290DAA9 365,000.00 AA- Aa3 03/05/24 03/14/24 364,339.35 4.74 6,528.43 364,446.04 366,169.46
ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 1,295,000.00 A+ A1 04/03/24 04/05/24 1,296,709.40 4.77 20,202.00 1,296,452.40 1,301,605.79
ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 1,580,000.00 A+ A1 04/01/24 04/04/24 1,577,645.80 4.83 24,648.00 1,577,997.34 1,588,059.58
PEPSICO INC (CALLABLE)
DTD 07/17/2024 4.500% 07/17/2029
713448FX1 1,935,000.00 A+ A1 07/15/24 07/17/24 1,932,000.75 4.53 3,386.25 1,932,300.27 1,928,167.52
ELI LILLY & CO (CALLABLE)
DTD 08/14/2024 4.200% 08/14/2029
532457CQ9 660,000.00 A+ A1 08/12/24 08/14/24 658,554.60 4.25 12,859.00 658,678.51 648,427.56
ELI LILLY & CO (CALLABLE)
DTD 08/14/2024 4.200% 08/14/2029
532457CQ9 2,290,000.00 A+ A1 08/13/24 08/14/24 2,293,343.40 4.17 44,616.83 2,293,065.90 2,249,847.14 Security Type Sub-Total 58,470,000.00 57,948,659.85 4.20 721,326.62 58,178,255.77 58,082,838.87 Certificate of Deposit
COOPERAT RABOBANK UA/NY
DTD 07/20/2023 5.080% 07/17/2026
21684LGS5 3,500,000.00 A+ Aa2 07/17/23 07/20/23 3,500,000.00 5.08 6,914.44 3,500,000.00 3,555,426.00 Security Type Sub-Total 3,500,000.00 3,500,000.00 5.08 6,914.44 3,500,000.00 3,555,426.00 Bank Note
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 13 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Bank Note
WELLS FARGO BANK NA (CALLABLE)
DTD 08/09/2023 5.450% 08/07/2026
94988J6D4 5,635,000.00 A+ Aa2 08/15/23 08/17/23 5,621,645.05 5.54 148,435.29 5,628,185.23 5,703,301.84
MORGAN STANLEY BANK NA (CALLABLE)
DTD 05/30/2024 5.504% 05/26/2028
61690U8B9 1,360,000.00 A+ Aa3 05/28/24 05/30/24 1,360,000.00 5.50 13,515.38 1,360,000.00 1,378,573.52
MORGAN STANLEY BANK NA (CALLABLE)
DTD 05/30/2024 5.504% 05/26/2028
61690U8B9 2,640,000.00 A+ Aa3 05/30/24 05/31/24 2,645,570.40 5.45 26,235.73 2,644,093.59 2,676,054.48 Security Type Sub-Total 9,635,000.00 9,627,215.45 5.51 188,186.40 9,632,278.82 9,757,929.84 Asset-Backed Security
TAOT 2021-C A3
DTD 09/27/2021 0.430% 01/15/2026
89239BAC5 32,890.70 AAA Aaa 09/21/21 09/27/21 32,888.08 0.43 6.29 32,890.12 32,832.62 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
44935FAD6 29,217.65 AAA NR 11/09/21 11/17/21 29,211.13 0.75 9.61 29,215.78 29,143.76 CCCIT 2023-A1 A1
DTD 12/11/2023 5.230% 12/08/2027
17305EGW9 835,000.00 AAA Aaa 12/04/23 12/11/23 834,895.29 5.23 6,429.27 834,923.51 839,787.89 KCOT 2023-2A A3
DTD 07/26/2023 5.280% 01/18/2028
500945AC4 890,000.00 NR Aaa 07/18/23 07/26/23 889,775.19 5.29 2,088.53 889,851.20 898,507.51 BAAT 2023-1A A3
DTD 07/31/2023 5.530% 02/15/2028
06428AAC2 1,465,000.00 NR Aaa 07/25/23 07/31/23 1,464,944.48 5.53 3,600.64 1,464,962.83 1,477,710.34 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
43815QAC1 2,220,000.00 AAA NR 08/15/23 08/22/23 2,219,542.24 5.42 4,337.02 2,219,689.25 2,239,786.86 TAOT 2023-C A3
DTD 08/15/2023 5.160% 04/17/2028
89231FAD2 690,000.00 AAA NR 08/08/23 08/15/23 689,843.92 5.17 1,582.40 689,892.73 694,870.71 USAOT 2023-A A3
DTD 09/15/2023 5.580% 05/15/2028
90291VAC4 3,015,000.00 AAA Aaa 09/07/23 09/15/23 3,014,472.38 5.58 7,477.20 3,014,620.34 3,039,644.61 BAAT 2023-2A A3
DTD 11/21/2023 5.740% 06/15/2028
06054YAC1 2,925,000.00 NR Aaa 11/15/23 11/21/23 2,924,947.06 5.74 7,462.00 2,924,964.21 2,965,467.38 TAOT 2023-D A3
DTD 11/14/2023 5.540% 08/15/2028
89239FAD4 765,000.00 AAA NR 11/07/23 11/14/23 764,917.53 5.54 1,883.60 764,938.67 775,696.23 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 14 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Asset-Backed Security
FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 2,425,000.00 AAA Aaa 08/15/23 08/23/23 2,424,849.65 5.53 5,960.11 2,424,893.11 2,448,529.77 CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
161571HT4 3,020,000.00 AAA NR 09/07/23 09/15/23 3,019,162.86 5.17 6,925.87 3,019,372.71 3,051,589.20 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
02582JKD1 3,090,000.00 AAA NR 09/12/23 09/19/23 3,089,861.88 5.23 7,182.53 3,089,898.24 3,127,562.04 HART 2023-C A3
DTD 11/13/2023 5.540% 10/16/2028
44918CAD4 1,130,000.00 AAA NR 11/03/23 11/13/23 1,129,851.41 5.54 2,782.31 1,129,886.60 1,145,353.31 BACCT 2023-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
05522RDH8 1,365,000.00 NR Aaa 12/07/23 12/14/23 1,364,816.68 4.98 3,021.20 1,364,858.88 1,376,951.94 GMCAR 2024-1 A3
DTD 01/17/2024 4.850% 12/18/2028
36268GAD7 365,000.00 NR Aaa 01/09/24 01/17/24 364,926.60 4.85 737.60 364,940.72 366,528.26 CHAIT 2024-A1 A
DTD 01/31/2024 4.600% 01/16/2029
161571HV9 3,390,000.00 AAA NR 01/24/24 01/31/24 3,389,483.70 4.60 6,930.67 3,389,583.65 3,395,227.38 Security Type Sub-Total 27,652,108.35 27,648,390.08 5.29 68,416.85 27,649,382.55 27,905,189.81 Managed Account Sub-Total 442,461,198.93 433,534,281.58 3.88 2,762,649.90 438,736,348.77 435,147,584.96 $442,461,198.93 $433,534,281.58 3.88% $2,762,649.90 $438,736,348.77 $435,147,584.96 $437,910,234.86
$2,762,649.90
Total Investments
Accrued Interest
Securities Sub-Total
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 15 U.S. Bancorp Asset Management, Inc.
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Managed Account Fair Market Value & Analytics For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
U.S. Treasury Bond / Note
US TREASURY N/B 912828XB1 11,015,000.00 MorganSt 99.39 10,947,621.25 253,174.96 24,984.64 DTD 05/15/2015 2.125% 05/15/2025
0.28 5.02
US TREASURY N/B 91282CHN4 10,805,000.00 WellsFar 100.22 10,828,803.41 29,712.39 26,772.96 DTD 07/31/2023 4.750% 07/31/2025
0.49 4.30
US TREASURY N/B 91282CFK2 11,115,000.00 Nomura 99.51 11,060,380.89 (1,215.01) (21,432.33) DTD 09/15/2022 3.500% 09/15/2025
0.61 4.43
US TREASURY N/B 91282CAZ4 4,250,000.00 WellsFar 96.87 4,116,856.00 (16,435.02) (109,473.00) DTD 11/30/2020 0.375% 11/30/2025
0.82 4.33
US TREASURY N/B 91282CAZ4 4,635,000.00 WellsFar 96.87 4,489,794.72 235,009.56 (59,065.08) DTD 11/30/2020 0.375% 11/30/2025
0.82 4.33
US TREASURY N/B 91282CBC4 500,000.00 HSBC 96.59 482,941.50 (15,671.78) (16,800.67) DTD 12/31/2020 0.375% 12/31/2025
0.90 4.24
US TREASURY N/B 91282CBC4 1,040,000.00 Citigrou 96.59 1,004,518.32 (31,459.81) (34,745.00) DTD 12/31/2020 0.375% 12/31/2025
0.90 4.24
US TREASURY N/B 91282CBC4 3,735,000.00 JPMorgan 96.59 3,607,573.01 (38,866.64) (110,370.54) DTD 12/31/2020 0.375% 12/31/2025
0.90 4.24
US TREASURY N/B 91282CBH3 2,400,000.00 BNPPSA 96.25 2,309,925.60 (43,949.40) (80,014.78) DTD 02/01/2021 0.375% 01/31/2026
0.98 4.25
US TREASURY N/B 91282CBH3 5,000,000.00 Nomura 96.25 4,812,345.00 92,813.75 (116,906.13) DTD 02/01/2021 0.375% 01/31/2026
0.98 4.25
US TREASURY N/B 91282CBH3 5,775,000.00 MorganSt 96.25 5,558,258.48 (11,909.49) (166,567.32) DTD 02/01/2021 0.375% 01/31/2026
0.98 4.25
US TREASURY N/B 91282CBH3 7,980,000.00 JPMorgan 96.25 7,680,502.62 423,690.12 (107,070.30) DTD 02/01/2021 0.375% 01/31/2026
0.98 4.25
US TREASURY N/B 9128286F2 3,210,000.00 GoldmanS 98.17 3,151,167.12 (341,714.13) (119,594.22) DTD 02/28/2019 2.500% 02/28/2026
1.04 4.25
US TREASURY N/B 91282CBQ3 4,645,000.00 Nomura 96.10 4,463,626.69 203,653.64 (75,308.26) DTD 03/01/2021 0.500% 02/28/2026
1.05 4.26
US TREASURY N/B 91282CBQ3 6,000,000.00 WellsFar 96.10 5,765,718.00 (72,563.25) (193,223.87) DTD 03/01/2021 0.500% 02/28/2026
1.05 4.26
US TREASURY N/B 91282CBT7 2,480,000.00 WellsFar 96.08 2,382,833.60 (96,197.65) (96,920.14) DTD 03/31/2021 0.750% 03/31/2026
1.13 4.23
US TREASURY N/B 91282CBT7 4,925,000.00 MorganSt 96.08 4,732,038.50 (164,681.23) (186,300.83) DTD 03/31/2021 0.750% 03/31/2026
1.13 4.23
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 16 U.S. Bancorp Asset Management, Inc.
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Managed Account Fair Market Value & Analytics For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
U.S. Treasury Bond / Note
US TREASURY N/B 91282CCF6 1,405,000.00 BOFAML 95.54 1,342,269.56 (54,717.55) (60,577.06) DTD 06/01/2021 0.750% 05/31/2026
1.30 4.23
US TREASURY N/B 91282CCF6 4,615,000.00 Nomura 95.54 4,408,949.48 155,397.72 (90,577.95) DTD 06/01/2021 0.750% 05/31/2026
1.30 4.23
US TREASURY N/B 91282CCF6 4,800,000.00 Citigrou 95.54 4,585,689.60 186,564.60 (80,777.36) DTD 06/01/2021 0.750% 05/31/2026
1.30 4.23
US TREASURY N/B 91282CCW9 4,640,000.00 RBC Capi 94.73 4,395,495.20 137,388.95 (107,621.91) DTD 08/31/2021 0.750% 08/31/2026
1.54 4.22
US TREASURY N/B 91282CCZ2 4,310,000.00 RBC Capi 94.66 4,079,854.62 111,455.79 (103,688.26) DTD 09/30/2021 0.875% 09/30/2026
1.62 4.21
US TREASURY N/B 912828U24 4,545,000.00 RBC Capi 96.18 4,371,190.11 15,269.21 (97,758.33) DTD 11/15/2016 2.000% 11/15/2026
1.73 4.21
US TREASURY N/B 912828V98 9,220,000.00 JPMorgan 96.14 8,864,522.90 (117,053.66) (250,140.38) DTD 02/15/2017 2.250% 02/15/2027
1.94 4.21
US TREASURY N/B 91282CEF4 910,000.00 Barclays 96.46 877,758.70 22,785.26 (4,832.37) DTD 03/31/2022 2.500% 03/31/2027
2.06 4.20
US TREASURY N/B 912828ZN3 6,480,000.00 Nomura 92.07 5,966,155.44 174,655.44 (188,111.19) DTD 04/30/2020 0.500% 04/30/2027
2.19 4.22
US TREASURY N/B 912828ZV5 5,545,000.00 WellsFar 91.50 5,073,675.00 152,920.70 (163,923.34) DTD 06/30/2020 0.500% 06/30/2027
2.35 4.21
US TREASURY N/B 9128282R0 1,200,000.00 BNPPSA 95.23 1,142,719.20 94.20 (27,959.32) DTD 08/15/2017 2.250% 08/15/2027
2.40 4.24
US TREASURY N/B 9128282R0 2,985,000.00 HSBC 95.23 2,842,514.01 12,477.49 (63,028.55) DTD 08/15/2017 2.250% 08/15/2027
2.40 4.24
US TREASURY N/B 91282CFM8 5,380,000.00 BOFAML 99.67 5,362,348.22 17,444.31 1,365.13 DTD 09/30/2022 4.125% 09/30/2027
2.46 4.21
US TREASURY N/B 91282CFU0 2,715,000.00 Nomura 99.65 2,705,454.06 (47,301.41) (30,704.21) DTD 10/31/2022 4.125% 10/31/2027
2.55 4.22
US TREASURY N/B 91282CFU0 3,160,000.00 JPMorgan 99.65 3,148,889.44 (80,605.87) (50,187.05) DTD 10/31/2022 4.125% 10/31/2027
2.55 4.22
US TREASURY N/B 91282CAU5 8,775,000.00 WellsFar 90.33 7,926,633.00 453,829.29 (106,581.51) DTD 11/02/2020 0.500% 10/31/2027
2.67 4.27
US TREASURY N/B 91282CGC9 4,250,000.00 Nomura 98.93 4,204,678.00 (62,255.59) (56,100.69) DTD 01/03/2023 3.875% 12/31/2027
2.72 4.23
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 17 U.S. Bancorp Asset Management, Inc.
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Managed Account Fair Market Value & Analytics For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
U.S. Treasury Bond / Note
US TREASURY N/B 91282CGH8 2,220,000.00 BNPPSA 97.84 2,172,132.36 (46,133.27) (46,763.86) DTD 01/31/2023 3.500% 01/31/2028
2.81 4.24
US TREASURY N/B 91282CBJ9 3,450,000.00 HSBC 90.18 3,111,065.10 116,303.38 (66,190.83) DTD 02/01/2021 0.750% 01/31/2028
2.91 4.24
US TREASURY N/B 91282CGP0 1,120,000.00 JPMorgan 99.18 1,110,856.32 5,512.57 (105.26) DTD 02/28/2023 4.000% 02/29/2028
2.82 4.25
US TREASURY N/B 91282CGP0 2,825,000.00 TD Secur 99.18 2,801,936.70 8,276.54 (3,725.59) DTD 02/28/2023 4.000% 02/29/2028
2.82 4.25
US TREASURY N/B 91282CBS9 2,555,000.00 BNPPSA 91.11 2,327,944.82 28,544.62 (62,087.52) DTD 03/31/2021 1.250% 03/31/2028
3.03 4.28
US TREASURY N/B 91282CGT2 2,675,000.00 RBS 98.06 2,623,067.55 (49,111.16) (50,118.65) DTD 03/31/2023 3.625% 03/31/2028
2.92 4.25
US TREASURY N/B 91282CHA2 2,810,000.00 Barclays 97.61 2,742,933.73 (54,004.16) (58,596.64) DTD 05/01/2023 3.500% 04/30/2028
3.01 4.26
US TREASURY N/B 91282CHA2 6,530,000.00 GoldmanS 97.61 6,374,148.49 (185,695.65) (175,234.65) DTD 05/01/2023 3.500% 04/30/2028
3.01 4.26
US TREASURY N/B 91282CKG5 3,450,000.00 BMO 99.13 3,419,812.50 7,951.17 2,268.09 DTD 04/01/2024 4.125% 03/31/2029
3.74 4.30
US TREASURY N/B 91282CKP5 4,430,000.00 JPMorgan 101.02 4,475,336.62 (96,388.77) (87,886.83) DTD 04/30/2024 4.625% 04/30/2029
3.78 4.30
US TREASURY N/B 91282CKP5 5,190,000.00 GoldmanS 101.02 5,243,114.46 41,153.13 42,775.45 DTD 04/30/2024 4.625% 04/30/2029
3.78 4.30
US TREASURY N/B 91282CKT7 1,430,000.00 JPMorgan 100.55 1,437,932.21 (5,027.17) (3,478.19) DTD 05/31/2024 4.500% 05/31/2029
3.88 4.34
US TREASURY N/B 91282CKT7 4,190,000.00 JPMorgan 100.55 4,213,241.93 (11,456.51) (7,295.93) DTD 05/31/2024 4.500% 05/31/2029
3.88 4.34
US TREASURY N/B 91282CKX8 2,920,000.00 Citigrou 99.55 2,906,997.24 10,037.86 7,593.91 DTD 07/01/2024 4.250% 06/30/2029
3.97 4.31
US TREASURY N/B 91282CLC3 2,105,000.00 Citigrou 98.55 2,074,412.24 (45,224.09) (43,893.33) DTD 07/31/2024 4.000% 07/31/2029
4.07 4.31
US TREASURY N/B 91282CLK5 7,550,000.00 Citigrou 96.97 7,321,438.85 (244,192.01) (243,032.01) DTD 09/03/2024 3.625% 08/31/2029
4.11 4.31
US TREASURY N/B 91282CLN9 8,695,000.00 TD Secur 96.38 8,380,145.36 (290,060.30) (291,606.30) DTD 09/30/2024 3.500% 09/30/2029
4.20 4.32
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Managed Account Fair Market Value & Analytics For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
U.S. Treasury Bond / Note
US TREASURY N/B 91282CLR0 4,850,000.00 HSBC 98.97 4,799,986.80 (38,077.65) (38,625.50) DTD 10/31/2024 4.125% 10/31/2029
4.23 4.32
US TREASURY N/B 91282CMA6 6,315,000.00 WellsFar 98.98 6,250,372.29 (75,974.98) (75,672.67) DTD 12/02/2024 4.125% 11/30/2029
4.31 4.31
US TREASURY N/B 91282CMD0 12,365,000.00 BNP Sec 100.03 12,368,870.25 31,401.70 31,054.28 DTD 12/31/2024 4.375% 12/31/2029
4.37 4.36
Security Type Sub-Total 252,120,000.00 244,849,447.07 589,575.14 (4,093,861.25) 2.22 4.31 Municipal Bond / Note
UNIV OF CALIFORNIA-BG (CALLABLE) 91412HGE7 220,000.00 JPMorgan 04/15/25 99.03 217,858.52 (2,937.88) (2,189.11) DTD 07/16/2020 0.883% 05/15/2025
0.28 4.35
UNIV OF CALIFORNIA-BG (CALLABLE) 91412HGE7 510,000.00 JPMorgan 04/15/25 99.03 505,035.66 (4,964.34) (4,964.34) DTD 07/16/2020 0.883% 05/15/2025
0.28 4.35
FLORIDA ST BRD OF ADM 341271AD6 505,000.00 BOFAML 98.66 498,255.22 (10,315.13) (7,055.24) DTD 09/16/2020 1.258% 07/01/2025
0.40 4.57
FLORIDA ST BRD OF ADM 341271AD6 1,295,000.00 BOFAML 98.66 1,277,703.98 (17,296.02) (17,296.02) DTD 09/16/2020 1.258% 07/01/2025
0.40 4.57
NJ TPK AUTH -B-TXBL 646140DP5 505,000.00 Citigrou 97.02 489,935.85 (15,064.15) (15,064.15) DTD 02/04/2021 1.047% 01/01/2026
0.90 4.42
Security Type Sub-Total 3,035,000.00 2,988,789.23 (50,577.52) (46,568.86) 0.45 4.49 Federal Agency Commercial Mortgage-Backed Security
FHMS K061 A2 3137BTUM1 2,408,414.64 Citigrou 97.73 2,353,791.80 19,511.17 (16,174.27) DTD 01/01/2017 3.347% 11/01/2026
1.63 4.60
FHMS K064 A2 3137BXQY1 4,000,000.00 MorganSt 97.44 3,897,528.00 124,403.00 32,918.32 DTD 05/01/2017 3.224% 03/01/2027
1.89 4.45
FHMS K065 A2 3137F1G44 2,275,000.00 Citigrou 97.28 2,213,140.48 68,153.18 16,912.30 DTD 07/01/2017 3.243% 04/01/2027
2.03 4.44
FHMS K066 A2 3137F2LJ3 3,530,000.00 CantorFi 96.91 3,421,050.08 119,948.52 34,049.54 DTD 08/01/2017 3.117% 06/01/2027
2.11 4.44
FHMS K507 A1 3137HAMR4 3,510,955.15 BOFAML 100.24 3,519,532.41 63,674.69 49,561.37 DTD 09/01/2023 4.800% 04/01/2028
2.57 4.57
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Managed Account Fair Market Value & Analytics For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Federal Agency Commercial Mortgage-Backed Security
FHMS K506 A1 3137HAMG8 1,874,747.66 WellsFar 100.01 1,874,944.51 28,233.71 20,693.30 DTD 09/01/2023 4.650% 05/01/2028
2.74 4.53
FHMS KJ46 A1 3137HAD45 2,784,048.90 JPMorgan 99.73 2,776,651.68 (7,327.62) (7,349.04) DTD 07/01/2023 4.777% 06/01/2028
2.20 4.75
FHMS K505 A2 3137HACX2 3,500,000.00 JPMorgan 100.40 3,513,909.00 (21,049.00) (10,197.25) DTD 07/01/2023 4.819% 06/01/2028
2.99 4.57
FNA 2023-M6 A2 3136BQDE6 3,343,259.89 JPMorgan 98.14 3,281,148.81 (5,432.38) (22,492.86) DTD 07/01/2023 4.181% 07/01/2028
3.13 4.68
FHMS KJ47 A1 3137HAMN3 2,022,664.33 JPMorgan 100.90 2,040,773.24 18,119.03 18,115.50 DTD 09/01/2023 5.272% 08/01/2028
2.47 4.77
FHMS K506 A2 3137HAMH6 3,800,000.00 WellsFar 99.88 3,795,550.20 51,763.60 37,492.40 DTD 09/01/2023 4.650% 08/01/2028
3.13 4.58
FHMS K508 A2 3137HAQ74 3,850,000.00 BMO 100.13 3,855,066.60 89,520.20 69,287.70 DTD 10/01/2023 4.740% 08/01/2028
3.16 4.59
FHMS K509 A2 3137HAST4 2,890,000.00 MorganSt 100.61 2,907,770.61 109,912.48 89,890.85 DTD 10/01/2023 4.850% 09/01/2028
3.23 4.56
FHMS K507 A2 3137HAMS2 3,800,000.00 BOFAML 100.32 3,812,228.40 57,649.80 47,098.89 DTD 09/01/2023 4.800% 09/01/2028
3.19 4.59
FHMS K510 A2 3137HB3D4 1,465,000.00 JPMorgan 101.17 1,482,121.46 21,356.77 20,428.16 DTD 11/01/2023 5.069% 10/01/2028
3.26 4.61
FHMS K511 A2 3137HB3G7 2,125,000.00 BOFAML 100.49 2,135,418.88 16,524.00 15,219.37 DTD 12/01/2023 4.860% 10/01/2028
3.30 4.62
FHMS K512 A2 3137HBCF9 1,935,000.00 JPMorgan 101.09 1,956,077.95 3,008.92 6,703.65 DTD 12/01/2023 5.000% 11/01/2028
3.31 4.57
FHMS K513 A2 3137HBFY5 2,190,000.00 BMO 100.29 2,196,353.19 (15,522.72) (11,342.71) DTD 01/01/2024 4.724% 12/01/2028
3.43 4.54
FHMS K514 A2 3137HBLV4 2,220,000.00 JPMorgan 99.53 2,209,501.62 (32,696.16) (28,625.85) DTD 02/01/2024 4.572% 12/01/2028
3.39 4.62
FHMS K518 A2 3137HC2L5 2,715,000.00 JPMorgan 102.41 2,780,455.94 (97.74) 9,368.60 DTD 03/01/2024 5.400% 01/01/2029
3.50 4.64
FHMS K517 A2 3137HC2C5 3,355,000.00 BOFAML 102.12 3,425,988.45 (29,614.58) (13,123.80) DTD 03/01/2024 5.355% 01/01/2029
3.51 4.62
FHMS K515 A2 3137HBPD0 3,750,000.00 WellsFar 102.36 3,838,376.25 (12,648.75) 4,803.25 DTD 02/01/2024 5.400% 01/01/2029
3.42 4.66
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Managed Account Fair Market Value & Analytics For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Federal Agency Commercial Mortgage-Backed Security
FHMS K516 A2 3137HBPM0 3,750,000.00 MorganSt 102.76 3,853,470.00 (9,018.75) 9,708.24 DTD 03/01/2024 5.477% 01/01/2029
3.45 4.59
FHMS K520 A2 3137HCKV3 2,125,000.00 BOFAML 101.68 2,160,653.25 27,027.87 28,095.51 DTD 04/01/2024 5.180% 03/01/2029
3.62 4.66
FHMS K524 A2 3137HDV56 3,245,000.00 PIER 100.03 3,245,817.74 (19,109.80) (17,479.92) DTD 07/01/2024 4.720% 05/01/2029
3.80 4.63
FHMS K522 A2 3137HDJJ0 3,850,000.00 MorganSt 100.23 3,858,870.40 8,881.95 8,870.40 DTD 06/01/2024 4.803% 05/01/2029
3.70 4.62
FHMS K526 A2 3137HDXL9 3,500,000.00 BMO 99.31 3,475,979.50 (56,759.50) (54,007.31) DTD 08/01/2024 4.543% 07/01/2029
3.95 4.64
FHMS K530 A2 3137HHJL6 3,980,000.00 JPMorgan 100.25 3,989,754.98 (10,968.88) (10,603.40) DTD 11/01/2024 4.792% 09/01/2029
4.06 4.65
Security Type Sub-Total 83,794,090.57 83,871,925.43 607,443.01 327,820.94 3.11 4.60 Federal Agency Bond / Note
FANNIE MAE 3135G06G3 2,040,000.00 Nomura 97.20 1,982,965.68 (56,259.12) (56,914.32) DTD 11/12/2020 0.500% 11/07/2025
0.75 4.38
FANNIE MAE 3135G06G3 2,215,000.00 Barclays 97.20 2,153,073.03 (53,997.27) (60,707.70) DTD 11/12/2020 0.500% 11/07/2025
0.75 4.38
Security Type Sub-Total 4,255,000.00 4,136,038.71 (110,256.39) (117,622.02) 0.75 4.38 Corporate Note
BRISTOL-MYERS SQUIBB CO (CALLABLE) 110122DN5 2,230,000.00 BOFAML 10/13/25 97.20 2,167,497.56 (43,391.34) (59,087.15) DTD 11/13/2020 0.750% 11/13/2025
0.77 4.40
BANK OF NY MELLON CORP (CALLABLE) 06406RAQ0 3,465,000.00 US_BANC 12/28/25 96.48 3,342,914.19 (122,917.41) (122,251.29) DTD 01/28/2021 0.750% 01/28/2026
0.97 4.43
BANK OF AMERICA CORP (CALLABLE) 06051GKM0 2,025,000.00 BOFAML 04/02/25 99.77 2,020,372.88 (4,627.12) (4,627.12) DTD 03/22/2022 3.384% 04/02/2026
0.16 5.58
MICROSOFT CORP (CALLABLE) 594918BR4 3,000,000.00 TD Secur 05/08/26 97.16 2,914,722.00 (118,428.00) (96,589.94) DTD 08/08/2016 2.400% 08/08/2026
1.43 4.32
BANK OF AMERICA NA (CALLABLE) 06428CAA2 3,750,000.00 BOFAML 07/17/26 101.42 3,803,190.00 53,490.00 53,344.72 DTD 08/18/2023 5.526% 08/18/2026
1.38 4.54
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Managed Account Fair Market Value & Analytics For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Corporate Note
MASTERCARD INC (CALLABLE) 57636QAG9 2,560,000.00 CSFirstB 08/21/26 97.50 2,495,928.32 61,829.12 (5,991.11) DTD 11/21/2016 2.950% 11/21/2026
1.69 4.40
JP MORGAN CHASE BANK NA (CALLABLE) 48125LRU8 850,000.00 Citigrou 11/08/26 101.02 858,676.80 9,450.30 9,255.14 DTD 12/08/2023 5.110% 12/08/2026
1.69 4.49
JP MORGAN CHASE BANK NA (CALLABLE) 48125LRU8 3,500,000.00 JPMorgan 11/08/26 101.02 3,535,728.00 35,728.00 35,728.00 DTD 12/08/2023 5.110% 12/08/2026
1.69 4.49
TARGET CORP (CALLABLE) 87612EBM7 365,000.00 Citigrou 12/15/26 95.38 348,140.65 (16,238.85) (16,615.45) DTD 01/24/2022 1.950% 01/15/2027
1.88 4.41
MICROSOFT CORP (CALLABLE) 594918BY9 3,000,000.00 GoldmanS 11/06/26 98.01 2,940,429.00 26,259.00 (17,808.08) DTD 02/06/2017 3.300% 02/06/2027
1.84 4.32
HOME DEPOT INC (CALLABLE) 437076BT8 3,610,000.00 TD Secur 06/14/27 95.81 3,458,856.52 53,182.52 (35,350.56) DTD 09/14/2017 2.800% 09/14/2027
2.43 4.48
JPMORGAN CHASE & CO (CALLABLE) 46647PCW4 1,535,000.00 BOFAML 02/24/27 96.38 1,479,508.22 75,950.27 35,348.18 DTD 02/24/2022 2.947% 02/24/2028
1.94 5.01
WALMART INC (CALLABLE) 931142FB4 1,220,000.00 Barclays 03/15/28 98.42 1,200,677.64 (16,601.76) (17,545.58) DTD 04/18/2023 3.900% 04/15/2028
2.92 4.40
APPLE INC (CALLABLE) 037833ET3 5,200,000.00 HSBC 04/10/28 98.84 5,139,451.20 (76,928.80) (71,230.19) DTD 05/10/2023 4.000% 05/10/2028
2.98 4.35
JOHN DEERE CAPITAL CORP 24422EXB0 495,000.00 SBSC 101.15 500,697.95 (1,034.05) 1,049.13 DTD 07/14/2023 4.950% 07/14/2028
3.14 4.55
JOHN DEERE CAPITAL CORP 24422EXB0 895,000.00 TD Secur 101.15 905,302.35 1,611.90 4,287.75 DTD 07/14/2023 4.950% 07/14/2028
3.14 4.55
JOHN DEERE CAPITAL CORP 24422EXB0 1,165,000.00 Citigrou 101.15 1,178,410.32 15,146.17 14,609.02 DTD 07/14/2023 4.950% 07/14/2028
3.14 4.55
PACCAR FINANCIAL CORP 69371RS64 1,130,000.00 TD Secur 101.02 1,141,502.27 18,587.37 16,527.98 DTD 08/10/2023 4.950% 08/10/2028
3.13 4.63
TOYOTA MOTOR CREDIT CORP 89236TLB9 2,800,000.00 BOFAML 101.71 2,847,952.80 52,824.80 51,589.91 DTD 09/11/2023 5.250% 09/11/2028
3.20 4.74
CITIBANK NA (CALLABLE) 17325FBB3 5,650,000.00 Citigrou 08/29/28 103.29 5,835,687.25 185,687.25 185,687.25 DTD 09/29/2023 5.803% 09/29/2028
3.18 4.76
STATE STREET CORP (CALLABLE) 857477CN1 1,900,000.00 HSBC 02/20/28 99.21 1,884,915.90 (15,084.10) (15,084.10) DTD 08/20/2024 4.530% 02/20/2029
2.77 4.92
BLACKROCK FUNDING INC (CALLABLE) 09290DAA9 365,000.00 Citigrou 02/14/29 100.32 366,169.46 1,830.11 1,723.42 DTD 03/14/2024 4.700% 03/14/2029
3.61 4.56
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Managed Account Fair Market Value & Analytics For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Corporate Note
ADOBE INC (CALLABLE) 00724PAF6 1,295,000.00 TD Secur 03/04/29 100.51 1,301,605.79 4,896.39 5,153.39 DTD 04/04/2024 4.800% 04/04/2029
3.66 4.61
ADOBE INC (CALLABLE) 00724PAF6 1,580,000.00 BOFAML 03/04/29 100.51 1,588,059.58 10,413.78 10,062.24 DTD 04/04/2024 4.800% 04/04/2029
3.66 4.61
PEPSICO INC (CALLABLE) 713448FX1 1,935,000.00 Citigrou 06/17/29 99.65 1,928,167.52 (3,833.23) (4,132.75) DTD 07/17/2024 4.500% 07/17/2029
3.96 4.55
ELI LILLY & CO (CALLABLE) 532457CQ9 660,000.00 MorganSt 07/14/29 98.25 648,427.56 (10,127.04) (10,250.95) DTD 08/14/2024 4.200% 08/14/2029
3.98 4.59
ELI LILLY & CO (CALLABLE) 532457CQ9 2,290,000.00 JPMorgan 07/14/29 98.25 2,249,847.14 (43,496.26) (43,218.76) DTD 08/14/2024 4.200% 08/14/2029
3.98 4.59
Security Type Sub-Total 58,470,000.00 58,082,838.87 134,179.02 (95,416.90) 2.38 4.57 Certificate of Deposit
COOPERAT RABOBANK UA/NY 21684LGS5 3,500,000.00 RABO UA 101.58 3,555,426.00 55,426.00 55,426.00 DTD 07/20/2023 5.080% 07/17/2026
1.39 3.93
Security Type Sub-Total 3,500,000.00 3,555,426.00 55,426.00 55,426.00 1.39 3.93 Bank Note
WELLS FARGO BANK NA (CALLABLE) 94988J6D4 5,635,000.00 WellsFar 07/07/26 101.21 5,703,301.84 81,656.79 75,116.61 DTD 08/09/2023 5.450% 08/07/2026
1.35 4.58
MORGAN STANLEY BANK NA (CALLABLE) 61690U8B9 1,360,000.00 MorganSt 05/26/27 101.37 1,378,573.52 18,573.52 18,573.52 DTD 05/30/2024 5.504% 05/26/2028
2.14 4.95
MORGAN STANLEY BANK NA (CALLABLE) 61690U8B9 2,640,000.00 MorganSt 05/26/27 101.37 2,676,054.48 30,484.08 31,960.89 DTD 05/30/2024 5.504% 05/26/2028
2.14 4.95
Security Type Sub-Total 9,635,000.00 9,757,929.84 130,714.39 125,651.02 1.68 4.73 Asset-Backed Security
TAOT 2021-C A3 89239BAC5 32,890.70 Barclays 99.82 32,832.62 (55.46) (57.50) DTD 09/27/2021 0.430% 01/15/2026
0.04 4.66
HART 2021-C A3 44935FAD6 29,217.65 SMBC 99.75 29,143.76 (67.37) (72.02) DTD 11/17/2021 0.740% 05/15/2026
0.07 4.22
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Managed Account Fair Market Value & Analytics For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Asset-Backed Security
CCCIT 2023-A1 A1 17305EGW9 835,000.00 Citigrou 100.57 839,787.89 4,892.60 4,864.38 DTD 12/11/2023 5.230% 12/08/2027
0.83 4.48
KCOT 2023-2A A3 500945AC4 890,000.00 JPMorgan 100.96 898,507.51 8,732.32 8,656.31 DTD 07/26/2023 5.280% 01/18/2028
1.26 4.53
BAAT 2023-1A A3 06428AAC2 1,465,000.00 BOFAML 100.87 1,477,710.34 12,765.86 12,747.51 DTD 07/31/2023 5.530% 02/15/2028
0.92 4.61
HAROT 2023-3 A3 43815QAC1 2,220,000.00 BOFAML 100.89 2,239,786.86 20,244.62 20,097.61 DTD 08/22/2023 5.410% 02/18/2028
0.94 4.49
TAOT 2023-C A3 89231FAD2 690,000.00 BNPPSA 100.71 694,870.71 5,026.79 4,977.98 DTD 08/15/2023 5.160% 04/17/2028
1.03 4.49
USAOT 2023-A A3 90291VAC4 3,015,000.00 JPMorgan 100.82 3,039,644.61 25,172.23 25,024.27 DTD 09/15/2023 5.580% 05/15/2028
0.89 4.68
BAAT 2023-2A A3 06054YAC1 2,925,000.00 BOFAML 101.38 2,965,467.38 40,520.32 40,503.17 DTD 11/21/2023 5.740% 06/15/2028
1.18 4.59
TAOT 2023-D A3 89239FAD4 765,000.00 JPMorgan 101.40 775,696.23 10,778.70 10,757.56 DTD 11/14/2023 5.540% 08/15/2028
1.32 4.50
FITAT 2023-1 A3 31680EAD3 2,425,000.00 JPMorgan 100.97 2,448,529.77 23,680.12 23,636.66 DTD 08/23/2023 5.530% 08/15/2028
1.06 4.64
CHAIT 2023-A1 A 161571HT4 3,020,000.00 JPMorgan 101.05 3,051,589.20 32,426.34 32,216.49 DTD 09/15/2023 5.160% 09/15/2028
1.52 4.48
AMXCA 2023-3 A 02582JKD1 3,090,000.00 Citigrou 101.22 3,127,562.04 37,700.16 37,663.80 DTD 09/19/2023 5.230% 09/15/2028
1.52 4.47
HART 2023-C A3 44918CAD4 1,130,000.00 BNPPSA 101.36 1,145,353.31 15,501.90 15,466.71 DTD 11/13/2023 5.540% 10/16/2028
1.32 4.53
BACCT 2023-A2 A2 05522RDH8 1,365,000.00 BOFAML 100.88 1,376,951.94 12,135.26 12,093.06 DTD 12/14/2023 4.980% 11/15/2028
1.68 4.46
GMCAR 2024-1 A3 36268GAD7 365,000.00 Barclays 100.42 366,528.26 1,601.66 1,587.54 DTD 01/17/2024 4.850% 12/18/2028
1.31 4.53
CHAIT 2024-A1 A 161571HV9 3,390,000.00 JPMorgan 100.15 3,395,227.38 5,743.68 5,643.73 DTD 01/31/2024 4.600% 01/16/2029
1.83 4.51
Security Type Sub-Total 27,652,108.35 27,905,189.81 256,799.73 255,807.26 1.28 4.54 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 24 U.S. Bancorp Asset Management, Inc.
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Managed Account Fair Market Value & Analytics For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Managed Account Sub-Total 442,461,198.93 435,147,584.96 1,613,303.38 (3,588,763.81) 2.31 4.42 Total Investments $437,910,234.86
$2,762,649.90
$435,147,584.96
Accrued Interest
Securities Sub-Total $442,461,198.93 $1,613,303.38 ($3,588,763.81) 2.31 4.42% PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 25 U.S. Bancorp Asset Management, Inc.
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Managed Account Security Transactions & Interest For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
BUY
01/07/25 US TREASURY N/B
DTD 12/31/2024 4.375% 12/31/2029
01/06/25 91282CMD0 12,365,000.00 (12,337,468.55) (10,460.72) (12,347,929.27) Transaction Type Sub-Total 12,365,000.00 (12,337,468.55) (10,460.72) (12,347,929.27)
INTEREST
01/01/25 FLORIDA ST BRD OF ADM
DTD 09/16/2020 1.258% 07/01/2025
01/01/25 341271AD6 0.00 11,322.00 11,322.00
01/01/25 NJ TPK AUTH -B-TXBL
DTD 02/04/2021 1.047% 01/01/2026
01/01/25 646140DP5 0.00 2,643.68 2,643.68
01/25/25 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
01/01/25 3137BTUM1 0.00 6,730.80 6,730.80
01/25/25 FHMS K513 A2
DTD 01/01/2024 4.724% 12/01/2028
01/01/25 3137HBFY5 0.00 8,621.30 8,621.30
01/25/25 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
01/01/25 3137HAMS2 0.00 15,200.00 15,200.00
01/25/25 FHMS K526 A2
DTD 08/01/2024 4.543% 07/01/2029
01/01/25 3137HDXL9 0.00 13,250.42 13,250.42
01/25/25 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
01/01/25 3137HAD45 0.00 11,090.52 11,090.52
01/25/25 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
01/01/25 3137HACX2 0.00 14,055.42 14,055.42
01/25/25 FHMS K065 A2
DTD 07/01/2017 3.243% 04/01/2027
01/01/25 3137F1G44 0.00 6,148.19 6,148.19
01/25/25 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
01/01/25 3137HAMG8 0.00 7,270.55 7,270.55
01/25/25 FHMS K524 A2
DTD 07/01/2024 4.720% 05/01/2029
01/01/25 3137HDV56 0.00 12,763.67 12,763.67
01/25/25 FNA 2023-M6 A2
DTD 07/01/2023 4.181% 07/01/2028
01/01/25 3136BQDE6 0.00 11,652.88 11,652.88
01/25/25 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
01/01/25 3137HAMN3 0.00 8,905.33 8,905.33
01/25/25 FHMS K518 A2
DTD 03/01/2024 5.400% 01/01/2029
01/01/25 3137HC2L5 0.00 12,217.50 12,217.50
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 26 U.S. Bancorp Asset Management, Inc.
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Managed Account Security Transactions & Interest For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
INTEREST
01/25/25 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
01/01/25 3137HAMH6 0.00 14,725.00 14,725.00
01/25/25 FHMS K517 A2
DTD 03/01/2024 5.355% 01/01/2029
01/01/25 3137HC2C5 0.00 14,971.69 14,971.69
01/25/25 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
01/01/25 3137HDJJ0 0.00 15,409.63 15,409.63
01/25/25 FHMS K515 A2
DTD 02/01/2024 5.400% 01/01/2029
01/01/25 3137HBPD0 0.00 16,875.00 16,875.00
01/25/25 FHMS K066 A2
DTD 08/01/2017 3.117% 06/01/2027
01/01/25 3137F2LJ3 0.00 9,169.18 9,169.18
01/25/25 FHMS K520 A2
DTD 04/01/2024 5.180% 03/01/2029
01/01/25 3137HCKV3 0.00 9,172.92 9,172.92
01/25/25 FHMS K512 A2
DTD 12/01/2023 5.000% 11/01/2028
01/01/25 3137HBCF9 0.00 8,062.50 8,062.50
01/25/25 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
01/01/25 3137HB3D4 0.00 6,188.40 6,188.40
01/25/25 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
01/01/25 3137HAQ74 0.00 15,207.50 15,207.50
01/25/25 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
01/01/25 3137HBLV4 0.00 8,458.20 8,458.20
01/25/25 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
01/01/25 3137HAMR4 0.00 14,094.41 14,094.41
01/25/25 FHMS K530 A2
DTD 11/01/2024 4.792% 09/01/2029
01/01/25 3137HHJL6 0.00 15,893.47 15,893.47
01/25/25 FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
01/01/25 3137HAST4 0.00 11,680.42 11,680.42
01/25/25 FHMS K064 A2
DTD 05/01/2017 3.224% 03/01/2027
01/01/25 3137BXQY1 0.00 10,746.67 10,746.67
01/25/25 FHMS K516 A2
DTD 03/01/2024 5.477% 01/01/2029
01/01/25 3137HBPM0 0.00 17,115.63 17,115.63
01/25/25 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
01/01/25 3137HB3G7 0.00 8,606.25 8,606.25
01/02/25 MONEY MARKET FUND
DTD 01/01/2010 0.000% --
01/02/25 MONEY0002 0.00 1,671.45 1,671.45
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 27 U.S. Bancorp Asset Management, Inc.
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Managed Account Security Transactions & Interest For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
INTEREST
01/14/25 JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
01/14/25 24422EXB0 0.00 63,236.25 63,236.25
01/15/25 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
01/15/25 02582JKD1 0.00 13,467.25 13,467.25
01/15/25 KCOT 2023-2A A3
DTD 07/26/2023 5.280% 01/18/2028
01/15/25 500945AC4 0.00 3,916.00 3,916.00
01/15/25 CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
01/15/25 161571HT4 0.00 12,986.00 12,986.00
01/15/25 BACCT 2023-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
01/15/25 05522RDH8 0.00 5,664.75 5,664.75
01/15/25 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
01/15/25 44935FAD6 0.00 29.96 29.96
01/15/25 USAOT 2023-A A3
DTD 09/15/2023 5.580% 05/15/2028
01/15/25 90291VAC4 0.00 14,019.75 14,019.75
01/15/25 TAOT 2023-C A3
DTD 08/15/2023 5.160% 04/17/2028
01/15/25 89231FAD2 0.00 2,967.00 2,967.00
01/15/25 TARGET CORP (CALLABLE)
DTD 01/24/2022 1.950% 01/15/2027
01/15/25 87612EBM7 0.00 3,558.75 3,558.75
01/15/25 HART 2023-C A3
DTD 11/13/2023 5.540% 10/16/2028
01/15/25 44918CAD4 0.00 5,216.83 5,216.83
01/15/25 TAOT 2021-C A3
DTD 09/27/2021 0.430% 01/15/2026
01/15/25 89239BAC5 0.00 24.49 24.49
01/15/25 TAOT 2023-D A3
DTD 11/14/2023 5.540% 08/15/2028
01/15/25 89239FAD4 0.00 3,531.75 3,531.75
01/15/25 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
01/15/25 31680EAD3 0.00 11,175.21 11,175.21
01/15/25 BAAT 2023-1A A3
DTD 07/31/2023 5.530% 02/15/2028
01/15/25 06428AAC2 0.00 6,751.21 6,751.21
01/15/25 BAAT 2023-2A A3
DTD 11/21/2023 5.740% 06/15/2028
01/15/25 06054YAC1 0.00 13,991.25 13,991.25
01/15/25 CHAIT 2024-A1 A
DTD 01/31/2024 4.600% 01/16/2029
01/15/25 161571HV9 0.00 12,995.00 12,995.00
01/16/25 GMCAR 2024-1 A3
DTD 01/17/2024 4.850% 12/18/2028
01/16/25 36268GAD7 0.00 1,475.21 1,475.21
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 28 U.S. Bancorp Asset Management, Inc.
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Managed Account Security Transactions & Interest For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
INTEREST
01/17/25 COOPERAT RABOBANK UA/NY
DTD 07/20/2023 5.080% 07/17/2026
01/17/25 21684LGS5 0.00 88,900.00 88,900.00
01/17/25 PEPSICO INC (CALLABLE)
DTD 07/17/2024 4.500% 07/17/2029
01/17/25 713448FX1 0.00 43,537.50 43,537.50
01/18/25 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
01/18/25 43815QAC1 0.00 10,008.50 10,008.50
01/28/25 BANK OF NY MELLON CORP
(CALLABLE)
DTD 01/28/2021 0.750% 01/28/2026
01/28/25 06406RAQ0 0.00 12,993.75 12,993.75
01/31/25 US TREASURY N/B
DTD 01/31/2023 3.500% 01/31/2028
01/31/25 91282CGH8 0.00 38,850.00 38,850.00
01/31/25 US TREASURY N/B
DTD 07/31/2024 4.000% 07/31/2029
01/31/25 91282CLC3 0.00 42,100.00 42,100.00
01/31/25 US TREASURY N/B
DTD 07/31/2023 4.750% 07/31/2025
01/31/25 91282CHN4 0.00 256,618.75 256,618.75
01/31/25 US TREASURY N/B
DTD 02/01/2021 0.375% 01/31/2026
01/31/25 91282CBH3 0.00 39,665.63 39,665.63
01/31/25 US TREASURY N/B
DTD 02/01/2021 0.750% 01/31/2028
01/31/25 91282CBJ9 0.00 12,937.50 12,937.50
Transaction Type Sub-Total 0.00 1,060,538.87 1,060,538.87
PAYDOWNS
01/25/25 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
01/01/25 3137HAD45 1,930.36 1,930.36 0.00 1,930.36 0.05 0.04 01/25/25 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
01/01/25 3137HAMN3 4,345.81 4,345.81 0.00 4,345.81 0.02 0.01 01/25/25 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
01/01/25 3137HAMR4 12,646.16 12,646.16 0.00 12,646.16 198.46 151.09 01/25/25 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
01/01/25 3137BTUM1 4,780.92 4,780.92 0.00 4,780.92 147.16 79.83 01/25/25 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
01/01/25 3137HAMG8 1,523.97 1,523.97 0.00 1,523.97 22.79 17.05 01/25/25 FNA 2023-M6 A2
DTD 07/01/2023 4.181% 07/01/2028
01/01/25 3136BQDE6 1,129.79 1,129.79 0.00 1,129.79 19.16 13.71 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 29 U.S. Bancorp Asset Management, Inc.
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Managed Account Security Transactions & Interest For the Month Ending January 31, 2025 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
PAYDOWNS
01/15/25 TAOT 2021-C A3
DTD 09/27/2021 0.430% 01/15/2026
01/15/25 89239BAC5 35,446.68 35,446.68 0.00 35,446.68 2.82 0.66 01/15/25 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
01/15/25 44935FAD6 19,372.05 19,372.05 0.00 19,372.05 4.32 1.28 Transaction Type Sub-Total 81,175.74 81,175.74 0.00 81,175.74 394.78 263.67 SELL
01/07/25 US TREASURY N/B
DTD 11/02/2020 0.250% 10/31/2025
01/06/25 91282CAT8 6,930,000.00 6,710,730.47 3,254.42 6,713,984.89 (72,548.44) (189,945.06) FIFO 01/07/25 US TREASURY N/B
DTD 11/02/2020 0.250% 10/31/2025
01/06/25 91282CAT8 5,010,000.00 4,851,480.47 2,352.76 4,853,833.23 (42,858.98) (137,637.35) FIFO Transaction Type Sub-Total 11,940,000.00 11,562,210.94 5,607.18 11,567,818.12 (115,407.42) (327,582.41) Managed Account Sub-Total (694,081.87) 1,055,685.33 361,603.46 (115,012.64) (327,318.74) Total Security Transactions ($694,081.87) $1,055,685.33 $361,603.46 ($115,012.64) ($327,318.74) PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 30 U.S. Bancorp Asset Management, Inc.
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Attachment 3
City of Modesto Combined Yields
Month
Ending
Combined
Yield
CAMP
Balance
CAMP Monthly
Distribution Yields
Long Term
Amortized Cost
Balance
Long Term
Portfolio Yield
Short Term
Amortized Cost
Balance
Short Term
Portfolio Yield
2/28/2023 2.51% 47,169,689.38 4.73% 358,174,068.29 1.94% 40,550,744.43 4.97% 3/31/2023 2.57% 47,361,889.08 4.80% 359,784,568.86 2.01% 40,708,200.79 4.97% 4/30/2023 2.58% 47,555,527.53 4.97% 357,043,234.53 1.99% 40,860,577.92 4.97% 5/31/2023 2.71% 47,763,982.55 5.16% 360,186,419.97 2.10% 41,114,697.00 5.21% 6/30/2023 2.75% 47,969,832.62 5.24% 360,251,679.25 2.14% 41,289,235.20 5.21% 7/31/2023 2.94% 48,186,346.94 5.31% 360,659,807.46 2.35% 41,419,189.81 5.28% 8/31/2023 3.14% 48,412,208.12 5.52% 392,278,686.76 2.60% 41,598,139.19 5.44% 9/30/2023 3.36% 48,632,969.13 5.55% 392,056,693.34 2.85% 41,767,569.64 5.55% 10/31/2023 3.40% 48,862,493.00 5.56% 393,319,562.86 2.89% 41,829,190.02 5.63% 11/30/2023 3.46% 49,086,612.73 5.58% 396,095,890.19 2.97% 41,987,235.92 5.60% 12/31/2023 3.51% 49,318,080.86 5.55% 393,872,751.60 3.03% 42,137,084.04 5.60% 1/31/2024 3.54% 49,549,288.20 5.54% 395,563,681.33 3.07% 42,286,932.15 5.60% 2/29/2024 3.57% 49,765,331.51 5.50% 400,022,027.47 3.13% 42,269,831.92 5.45% 3/31/2024 3.59% 49,996,308.29 5.48% 397,576,602.33 3.16% 42,372,823.25 5.35% 4/30/2024 3.61% 50,219,345.80 5.44% 398,650,446.11 3.19% 42,473,217.00 5.35% 5/31/2024 3.68% 50,450,429.25 5.43% 399,100,250.21 3.29% 42,706,970.79 5.27% 6/30/2024 3.76% 50,674,988.39 5.43% 399,326,031.56 3.39% 42,808,365.69 5.27% 7/31/2024 3.79% 50,908,210.76 5.43% 400,074,642.53 3.44% 43,066,591.51 5.14% 8/31/2024 3.65% 36,112,852.04 5.41% 400,899,946.42 3.34% 43,149,544.75 5.10% 9/30/2024 3.73% 21,244,197.28 5.29% 401,135,133.05 3.54% 43,205,826.11 4.78% 10/31/2024 3.80% 35,394,422.01 5.03% 403,285,397.15 3.62% 32,709,563.98 4.65% 11/30/2024 3.83% 36,072,860.08 4.87% 404,702,479.08 3.67% 32,740,820.12 4.65% 12/31/2024 3.84% 28,695,113.02 4.73% 405,389,405.62 3.71% 32,773,649.87 4.65% 1/31/2025 3.92% 28,806,032.00 4.55% 405,929,868.49 3.82% 32,806,480.28 4.65% Notes:
1. Long and Short Term Portfolio AC Balance is the amortized cost value of the separately managed portfolios.
2. Long and Short Term Portfolio Yields are the separately managed portfolios yield at costs. #22..
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Attachment 4
City of Modesto - Portfolio Holdings and Earnings Projections Issuer Par Maturity Date Current Yield
Years to
Maturity
Expected
Earnings Rate
to June 30, 2025
Expected
Earnings to
June 30, 2025
Main Portfolio
Federal Agency
FNMA 2,215,000 11/7/2025 4.385% 1 9,735 0.57% 5,215
FNMA 2,040,000 11/7/2025 4.385% 1 7,945 0.51% 4,256
Federal Agency CMBS
FNMA 2,408,415 11/1/2026 4.600% 2 180,916 4.29% 42,469
FHLMC 4,000,000 3/1/2027 4.450% 2 410,767 4.94% 81,179
FHLMC 2,275,000 4/1/2027 4.440% 2 242,988 4.93% 46,137
FHLMC 3,530,000 6/1/2027 4.440% 2 408,811 4.97% 72,058
FHLMC 3,510,955 4/1/2028 4.570% 3 577,231 5.19% 74,900
FHLMC 1,874,748 5/1/2028 4.530% 3 304,990 5.01% 38,574
FHLMC 3,500,000 6/1/2028 4.570% 3 535,973 4.59% 66,061
FHLMC 2,784,049 6/1/2028 4.750% 3 443,481 4.78% 54,661
FHLMC 3,343,260 7/1/2028 4.680% 3 522,638 4.58% 62,867
FHLMC 3,800,000 8/1/2028 4.580% 4 663,517 4.99% 77,878
FHLMC 2,022,664 8/1/2028 4.770% 4 373,368 5.27% 43,823
FHLMC 3,850,000 8/1/2028 4.590% 4 707,944 5.25% 83,092
FHLMC 3,800,000 9/1/2028 4.590% 4 691,577 5.07% 79,249
FHLMC 2,890,000 9/1/2028 4.560% 4 580,873 5.60% 66,563
FHLMC 1,465,000 10/1/2028 4.610% 4 275,983 5.14% 30,917 FHLMC 2,125,000 10/1/2028 4.620% 4 384,009 4.93% 43,018 FHLMC 1,935,000 11/1/2028 4.570% 4 347,703 4.79% 38,070 FHLMC 2,190,000 12/1/2028 4.540% 4 377,874 4.50% 40,487 FHLMC 2,220,000 12/1/2028 4.620% 4 369,971 4.34% 39,640 FHLMC 3,750,000 1/1/2029 4.660% 4 703,729 4.79% 73,766
FHLMC 3,750,000 1/1/2029 4.590% 4 704,067 4.79% 73,802
FHLMC 3,355,000 1/1/2029 4.620% 4 613,832 4.67% 64,343
FHLMC 2,715,000 1/1/2029 4.640% 4 514,215 4.83% 53,901
FHLMC 2,125,000 3/1/2029 4.660% 4 441,115 5.09% 44,408
FHLMC 3,850,000 5/1/2029 4.620% 4 785,764 4.80% 75,993
FHLMC 3,245,000 5/1/2029 4.630% 4 631,027 4.58% 61,028
FHLMC 3,500,000 7/1/2029 4.640% 4 669,775 4.33% 62,324
FHLMC 3,980,000 9/1/2029 4.650% 5 852,383 4.67% 76,378
U.S. Treasury
U.S. Treasury 11,015,000 5/15/2025 5.015% 0 161,568 4.84% 219,289 U.S. Treasury 10,805,000 7/31/2025 4.300% 0 257,542 4.81% 213,433 U.S. Treasury 11,115,000 9/15/2025 4.434% 1 276,235 4.00% 182,534 U.S. Treasury 4,250,000 11/30/2025 4.334% 1 37,578 1.07% 18,603 U.S. Treasury 4,635,000 11/30/2025 4.334% 1 105,950 2.75% 52,450 U.S. Treasury 1,040,000 12/31/2025 4.240% 1 4,317 0.45% 1,939 U.S. Treasury 500,000 12/31/2025 4.240% 1 1,977 0.43% 888 U.S. Treasury 3,735,000 12/31/2025 4.240% 1 30,340 0.89% 13,626 U.S. Treasury 2,400,000 1/31/2026 4.252% 1 19,306 0.80% 7,934 U.S. Treasury 5,775,000 1/31/2026 4.252% 1 73,481 1.27% 30,198 U.S. Treasury 5,000,000 1/31/2026 4.252% 1 92,705 1.85% 38,098 U.S. Treasury 7,980,000 1/31/2026 4.252% 1 235,402 2.95% 96,741 U.S. Treasury 3,210,000 2/28/2026 4.250% 1 24,273 0.70% 9,265 U.S. Treasury 6,000,000 2/28/2026 4.260% 1 74,597 1.15% 28,472 U.S. Treasury 4,645,000 2/28/2026 4.260% 1 137,937 2.76% 52,648 U.S. Treasury 4,925,000 3/31/2026 4.230% 1 49,745 0.87% 17,598 U.S. Treasury 2,480,000 3/31/2026 4.230% 1 21,857 0.76% 7,733 U.S. Treasury 1,405,000 5/31/2026 4.230% 1 16,210 0.87% 5,014 U.S. Treasury 4,615,000 5/31/2026 4.230% 1 169,312 2.76% 52,364 U.S. Treasury 4,800,000 5/31/2026 4.230% 1 190,858 2.99% 59,028 U.S. Treasury 4,640,000 8/31/2026 4.220% 2 201,720 2.75% 52,440 U.S. Treasury 4,310,000 9/30/2026 4.210% 2 198,392 2.77% 49,026 U.S. Treasury 4,545,000 11/15/2026 4.210% 2 244,651 3.01% 56,199 U.S. Treasury 9,220,000 2/15/2027 4.210% 2 536,809 2.85% 108,082 U.S. Treasury 910,000 3/31/2027 4.200% 2 79,362 4.03% 15,088 U.S. Treasury 6,480,000 4/30/2027 4.220% 2 424,279 2.92% 77,707 U.S. Treasury 5,545,000 6/30/2027 4.210% 2 400,060 2.99% 68,192 U.S. Treasury 1,200,000 8/15/2027 4.240% 3 100,571 3.30% 16,291 U.S. Treasury 2,985,000 8/15/2027 4.240% 3 257,494 3.40% 41,711 U.S. Treasury 5,380,000 9/30/2027 4.210% 3 612,193 4.27% 94,474 U.S. Treasury 8,775,000 10/31/2027 4.270% 3 943,092 3.91% 141,041 U.S. Treasury 2,715,000 10/31/2027 4.220% 3 284,259 3.81% 42,511 U.S. Treasury 3,160,000 10/31/2027 4.220% 3 315,055 3.63% 47,117 U.S. Treasury 4,250,000 12/31/2027 4.230% 3 468,145 3.78% 65,998 U.S. Treasury 3,450,000 1/31/2028 4.240% 3 379,017 3.66% 51,920 U.S. Treasury 2,220,000 1/31/2028 4.240% 3 234,252 3.52% 32,089 U.S. Treasury 1,120,000 2/29/2028 4.250% 3 148,110 4.29% 19,766 U.S. Treasury 2,825,000 2/29/2028 4.250% 3 369,666 4.25% 49,333 U.S. Treasury 2,555,000 3/31/2028 4.280% 3 282,288 3.49% 36,661 U.S. Treasury 2,675,000 3/31/2028 4.250% 3 308,802 3.65% 40,104 U.S. Treasury 2,810,000 4/30/2028 4.260% 3 328,643 3.60% 41,600 U.S. Treasury 6,530,000 4/30/2028 4.260% 3 720,699 3.40% 91,228 U.S. Treasury 3,450,000 3/31/2029 4.300% 4 628,504 4.37% 62,023 U.S. Treasury 5,190,000 4/30/2029 4.300% 4 1,007,811 4.57% 97,530 U.S. Treasury 4,430,000 4/30/2029 4.300% 4 724,181 3.85% 70,082 U.S. Treasury 4,190,000 5/31/2029 4.340% 4 782,821 4.31% 74,271 U.S. Treasury 1,430,000 5/31/2029 4.340% 4 266,078 4.30% 25,245 U.S. Treasury 2,920,000 6/30/2029 4.310% 4 570,642 4.43% 53,132 U.S. Treasury 2,105,000 7/31/2029 4.310% 4 364,164 3.85% 33,267 U.S. Treasury 7,550,000 8/31/2029 4.310% 5 1,238,579 3.58% 111,050 U.S. Treasury 8,695,000 9/30/2029 4.320% 5 1,445,383 3.56% 127,309 Earnings to
Maturity
January 31, 2025
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Attachment 4
City of Modesto - Portfolio Holdings and Earnings Projections Issuer Par Maturity Date Current Yield
Years to
Maturity
Expected
Earnings Rate
to June 30, 2025
Expected
Earnings to
June 30, 2025
Earnings to
Maturity
January 31, 2025
U.S. Treasury 4,850,000 10/31/2029 4.320% 5 963,106 4.18% 83,314 U.S. Treasury 6,315,000 11/30/2029 4.310% 5 1,246,604 4.08% 106,004 U.S. Treasury 12,365,000 12/31/2029 4.360% 5 2,690,846 4.43% 224,862 Negotiable CD
Rabobank Nederland 3,500,000 7/17/2026 3.930% 1 259,150 5.08% 73,068 Corporate Note
Adobe 2,230,000 11/13/2025 4.400% 1 16,600 0.95% 8,706
Adobe 3,465,000 1/28/2026 4.430% 1 25,602 0.75% 10,609
Apple Inc 2,025,000 4/2/2026 5.580% 1 79,978 3.38% 28,161 Bank Of America Co 5,635,000 8/7/2026 4.580% 2 472,725 5.54% 128,226 The Bank Of New York Mellon Corporation 3,000,000 8/8/2026 4.320% 2 97,366 2.14% 26,363 Bank Of America Co 3,750,000 8/18/2026 4.540% 2 320,373 5.53% 85,206 Blackrock Inc. 2,560,000 11/21/2026 4.400% 2 200,078 4.33% 45,541 Bristol-Myers Squibb Co 3,500,000 12/8/2026 4.490% 2 331,240 5.11% 73,500 Citigroup Inc 850,000 12/8/2026 4.490% 2 81,053 5.15% 17,985 Deere & Company 365,000 1/15/2027 4.410% 2 14,181 1.99% 2,979 Deere & Company 3,000,000 2/6/2027 4.320% 2 245,415 4.06% 50,017 Deere & Company 3,610,000 9/14/2027 4.480% 3 393,139 4.16% 61,685 Home Depot Inc 1,535,000 2/24/2028 5.010% 3 241,438 5.13% 32,364 JPMorgan Chase & Co 1,220,000 4/15/2028 4.400% 3 154,464 3.95% 19,803 JPMorgan Chase & Co 5,200,000 5/10/2028 4.350% 3 668,984 3.93% 83,973 JPMorgan Chase & Co 1,360,000 5/26/2028 4.950% 3 248,353 5.50% 30,762 Eli Lilly & Co 2,640,000 5/26/2028 4.950% 3 477,261 5.45% 59,116 Eli Lilly & Co 1,165,000 7/14/2028 4.550% 3 200,439 4.98% 23,862 Mastercard Inc 495,000 7/14/2028 4.550% 3 79,321 4.64% 9,443 Microsoft Corp 895,000 7/14/2028 4.550% 3 146,107 4.73% 17,394 Microsoft Corp 1,130,000 8/10/2028 4.630% 4 202,962 5.09% 23,655 Morgan Stanley 2,800,000 9/11/2028 4.740% 4 535,261 5.29% 60,871 Morgan Stanley 5,650,000 9/29/2028 4.760% 4 1,200,990 5.80% 134,741 Paccar Financial Corp 1,900,000 2/20/2029 4.920% 4 349,232 4.53% 35,371 Pepsico Inc 365,000 3/14/2029 4.560% 4 71,257 4.74% 7,112 State Street Corporation 1,580,000 4/4/2029 4.610% 4 318,894 4.83% 31,387 Target Corp 1,295,000 4/4/2029 4.610% 4 257,912 4.77% 25,385 Toyota Motor Corp 1,935,000 7/17/2029 4.550% 4 391,390 4.53% 36,062 Wal-Mart Stores Inc 660,000 8/14/2029 4.590% 5 127,233 4.25% 11,525 Wells Fargo & Company 2,290,000 8/14/2029 4.590% 5 432,970 4.17% 39,218 Asset-Backed Securities
American Express Co 32,891 1/15/2026 4.660% 1 136 0.43% 58 Bank Of America Co 29,218 5/15/2026 4.220% 1 280 0.75% 89 Bank of America Auto Trust 835,000 12/8/2027 4.480% 3 124,636 5.23% 17,959 Bank of America Auto Trust 890,000 1/18/2028 4.530% 3 139,469 5.29% 19,335 Chase Issurance 1,465,000 2/15/2028 4.610% 3 246,417 5.53% 33,300 Chase Issurance 2,220,000 2/18/2028 4.490% 3 366,581 5.42% 49,404 Citigroup Inc 690,000 4/17/2028 4.490% 3 114,443 5.17% 14,647 Fifth Third Auto Trust 3,015,000 5/15/2028 4.680% 3 553,524 5.58% 69,191 Gm Financial Securitized Term 2,925,000 6/15/2028 4.590% 3 566,283 5.74% 69,003 Honda Auto Receivables 2,425,000 8/15/2028 4.640% 4 474,806 5.53% 55,125 Hyundai Auto Receivables 765,000 8/15/2028 4.500% 4 150,085 5.54% 17,425 Hyundai Auto Receivables 3,090,000 9/15/2028 4.470% 4 585,882 5.23% 66,427 Kubota Credit Owners Trust 3,020,000 9/15/2028 4.480% 4 565,527 5.17% 64,119 Toyota Motor Corp 1,130,000 10/16/2028 4.530% 4 232,353 5.54% 25,741 Toyota Motor Corp 1,365,000 11/15/2028 4.460% 4 257,909 4.98% 27,953 Toyota Motor Corp 365,000 12/18/2028 4.530% 4 68,788 4.85% 7,282 USAA Owners Trust 3,390,000 1/16/2029 4.510% 4 618,235 4.60% 64,132 Municipal Securities
Florida State Board of Administration Finance 510,000 5/15/2025 4.350% 0 1,283 1.89% 3,956 Florida State Board of Administration Finance 220,000 5/15/2025 4.350% 0 505 1.83% 1,658 New Jersey Turnpike Authority 505,000 7/1/2025 4.570% 0 2,311 1.11% 2,296 University Of California 1,295,000 7/1/2025 4.570% 0 6,740 1.26% 6,696 University Of California 505,000 1/1/2026 4.420% 1 4,853 1.05% 2,173 Overnight Investments 28,806,032 Varies Varies 4.15% 491,520 Totals (Main Portfolio) 471,267,231 49,804,083 3.87% 7,495,150 Notes:
1. Earnings projections are based on stated par value, future market expectations and current investment positions.
2. Earnings on overnight investments are based on the investment balances and the Fed Funds Futures rates.
3. Callable securities priced above par are considered to be called on their next call date. #22..
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Attachment 5
Issue Name / Type Trustee Bank Investment Total Amount
Instl Res Tre and Agny Cash Adv6541 $173,411.45
Financial Guaranty Insurance Pol $1.00
CAMP $2,173,164.89
Total $2,346,577.34
Instl Res Tre and Agny Cash Adv6541 $400,910.22
Letter of Credit $1.00
CAMP $5,376,145.44
Total $5,777,056.66
2018 Wastewater Refunding Bank of New York Fidelity Inv MM Trsy Only $2,307.96 Fairview Village Refunding US Bank First American Treasury Obligation Fund $257,712.50 Blackrock Federal Fund Instl 30 $4,440.99
CAMP $3,078,002.01
Total $3,082,443.00
Other Post Employment Benefits Section 115
Trust PARS HighMark Plus Moderate $1,738,166.44
Pension Section 115 Trust PARS HighMark Plus Moderately Conservative $3,014,648.90 Athens Administrators (New Third Party
Administrator - Worker's Compensation) Wells Fargo Bank $406,919.46 George Hills Company - General Liability Claims
Administration Services California Bank & Trust $27,842.68 Kemper Sports Management Inc. BMO Harris Bank Business Money Market $52,575.22 Stanislaus Community Foundation Modesto Commerce Bank Charles Schwab $806,611.08 Village One #2 Refunding Bank of New York
Cash with Fiscal Agent Investments
As of January 31, 2025
2008 Water Refunding COP Bank of New York
2008 Lease Revenue Bonds Bank of New York
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
April 8, 2025
Date: March 11, 2025
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Bill Sandhu, Director of Public Works
SUBJECT: California Department of Resources Recycling and Recovery (CalRecycle) Waste Tire Cleanup Grant
CONTACT: Rosene Nguyen, Integrated Waste Manager, [email protected], 209-577-5453
DESCRIPTION:
Consider approving the submittal of Grant Applications, accepting Grant Awards, and amending the annual budgets for all Waste Tire Cleanup Grants to California Department of Resources and Recovery. (Funding Source: Not Applicable)
STRATEGIC PLAN ELEMENT:
This item is in conformance with City of Modesto Strategic Plan Area: “Quality of Life”, “engage partners across the community to ensure the safety, resilience, and attractiveness of Modesto”; Goal D: “Provide safe, efficient, and reliable infrastructure through proactive community investment, maintenance and sustainability efforts”.
BACKGROUND:
On January 14, 2020, Council approved by Resolution No. 2020-020 applications to the California Department of Resources, Recycling and Recovery (CalRecycle) for the Waste Tire Cleanup Grant that expired January 14, 2025 and requires updates to the current resolution.
The purpose of CalRecycle’s Waste Tire Cleanup Grant Program is to encourage activities that promote reducing the number of waste tires going to landfills for disposal and eliminating stockpiles of waste tires. Activities include tire pile cleanup, market development, and demonstration projects.
The State of California collects fees, which provide funds to cities and counties for establishing and maintaining solid waste and various recycling programs. CalRecycle is responsible for the administration of the Waste Tire Cleanup Grant.
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City Council, April 8, 2025
California Department of Resources, Recycling and Recovery (CalRecycle) Waste Tire Cleanup Grant