Modesto City Council
May 6, 2025

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MODESTO CITY COUNCIL
www.modestogov.com
AGENDA
City of Modesto

CITY COUNCIL MEETING
Chambers, Basement Level
Tenth Street Place, 1010 10th Street
Modesto, California
Tuesday, May 06, 2025 at 5:30 PM
Roll Call - Councilmembers Alvarez, Bavaro, Escutia-Braaton, Ricci, Williams, Wright, Mayor Zwahlen
* Public Comment will only be in-person. Members of the public who wish to address the Council, by providing public comment, during the meeting must do so in-person in the Council Chambers.

As an alternative, members of the public may also provide written public comment submitted via email as indicated in the Submitting Comments by Email instructions on this agenda. Zoom will still be available for viewing and Wordly translation.
*Members of the public will be allowed to provide public comment through Zoom if a Councilmember is participating remotely pursuant to the provisions of Assembly Bill 2449. *Effective March 1, 2023, if a technical issue arises with Zoom or the phone dial-in option, the Council meeting will continue unless the meeting is being held pursuant to the provisions of Assembly Bill 2449. Alternative viewing options are listed below, and the meeting is physically open to the public.
“Wordly” can translate into 25+ different languages! To access written translation during the meeting, please scan the QR Code or click this link https://attend.wordly.ai/join/RJDY-6364.
"Wordly" puede traducir a más de 25 idiomas diferentes! Para acceder a la traducción durante la reunión, por favor escanee el código QR o haga clic en el enlace https://attend.wordly.ai/join/RJDY-6364.
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You may observe a livestream of the meeting at http://media.modestogov.com. You may also view or listen to the meeting as indicated below.

THE MEETING CAN BE VIEWED BY ZOOM VIDEO

CONFERENCING OR TELEPHONE
Joining the City Council meeting via Zoom
The City of Modesto is now offering the ability to view Council meetings via telephonic conferencing via “Zoom” video conferencing computer technology. The meeting may be accessed through the use of Zoom using the following options:
 Enter the following link into an Internet Browser
https://us02web.zoom.us/j/95895497651
 Enter the following link into an Internet Browser https://zoom.us/ and using the Webinar ID: 958 9549 7651
 Passcode: 84326
To use Zoom, please visit: https://zoom.us/ and either sign-up for a free Zoom account or continue as a guest. Once you have downloaded the app onto your mobile device, joined from your web browser, or downloaded the Zoom software on your computer you will be ready for the upcoming Council meeting.

Joining the City Council meeting via Telephone
If you don’t have a smart phone or computer to access the meeting via Zoom, you can listen by phone, by calling 1-877-853-5257 (Toll Free) or 1-888-475-4499 (Toll Free) and enter the Webinar ID: 958 9549 7651 Passcode: 84326

SUBMITTING COMMENTS BY E-MAIL
Written comments may be submitted via email to: [email protected] (include Agenda Item Number in the subject line). All comments will be shared with the Councilmembers and placed in the record but will not be read aloud during the meeting. Written comments must be received two hours before the meeting.

This Agenda is on file in the City Clerk’s Office, Sixth Floor, 10th Street Place, Posting Board at entry of 10th Street Place, and is available on the City’s Web site at www.modestogov.com.

Materials related to an item on this Agenda submitted to the Council after distribution of the agenda packet are available for public inspection in the Clerk’s office during normal business hours. Such documents are also available online, subject to staff’s ability to post the documents before the meeting, at the following website https://www.modestogov.com/council-meetings In accordance with the requirements of Title II of the Americans with Disabilities Act (“ADA”) of 1990, the Fair Employment & Housing Act (“FEHA”), the Rehabilitation Act of 1973 (as amended), Government Code section 11135 and other applicable codes, the City of Modesto (“City”) will not discriminate against individuals on the basis of disability in the City’s services, programs, or activities. For more information, please visit the City of Modesto website at https://www.modestogov.com/865/Americans-with-Disabilities-Act-ADA - 2 -
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In compliance with the Americans with Disabilities Act, if you need special assistance to participate in this meeting, please contact the City Clerk (209) 577-5396. Notification 48 hours prior to the meeting will enable the City to make reasonable arrangements to ensure accessibility to this meeting.

Pledge of Allegiance to the Flag
Invocation: Rabbi Caitlin Bromberg, Congregation Beth Shalom City Clerk’s Announcements
Declaration of Conflicts of Interest
Reports from Closed Session

ACKNOWLEDGEMENTS AND PRESENTATIONS

1. Proclamation declaring May 4th-10th as National Public Service Recognition Week. (Funding Source: Not Applicable)
CITY COUNCIL; Breanna Griffin, 209-577-5421, [email protected]

2. Proclamation declaring the month of May as National History Preservation Month. (Funding Source: Not Applicable)
CITY COUNCIL; Breanna Griffin, 209-577-5421, [email protected]

3. Proclamation declaring May as National Stroke Awareness Month. (Funding Source:

Not Applicable)
CITY COUNCIL; Breanna Griffin, 209-577-5421, [email protected]

PUBLIC COMMENT IN PERSON
Three-minute time limit per speaker.

Only interested persons in the audience may present these matters. Under State law, Councilmembers may respond to matters being presented under this item only as follows:
a. Briefly respond to statements made or questions raised. b. Ask a question for clarification.
c. Provide a reference to staff or other resources for factual information. d. Request staff to report back at a subsequent meeting. e. Finally, a Councilmember or the Council itself may take action to direct staff to place a matter of business on a future agenda.
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CONSENT ITEMS – ROLL CALL VOTE REQUIRED
Information concerning the consent items listed below has been forwarded to each Councilmember prior to this meeting for study. Unless some member of the audience or Councilmember has a question concerning an item and asks that it be withdrawn from the consent list, the Council approves the items at one time. The action taken by the Council in approving consent items is set forth in the explanation of this individual item.

CONSENT
An item may be removed from consent and discussed at the request of an audience member or Council member.

Consent

4. Consider approving the minutes for the April 22, 2025 Council Meeting. (Funding Source: Not Applicable)
Staff Recommendation:
 Motion approving the minutes for the April 22, 2025 Council Meeting.

CITY CLERK; Diane Nayares-Perez, 209-577-5396, [email protected] Consent

5. Consider reaffirming the City of Modesto’s relationship with the City of Aguascalientes, Mexico as a Sister City. (Funding Source: General Fund) Staff Recommendation:
 Resolution reaffirming the City of Modesto’s relationship with the City of Aguascalientes, Mexico as a Sister City.

CITY COUNCIL; Breanna Griffin, 209-577-5421, [email protected] Consent

6. Consider accepting the Payroll Internal Controls Review Report. (Funding Source: Not Applicable)
Staff Recommendation:
 Motion accepting the Payroll Internal Controls Review Report.

CITY AUDITOR; Colleen Rozillis, 206-302-6795, [email protected] Consent

7. Consider accepting the Utilities Fiscal Review Performance Audit Report. (Funding Source: Not Applicable)
Staff Recommendation:
 Motion accepting the Utilities Fiscal Review Performance Audit Report.

CITY AUDITOR; Colleen Rozillis, 206-302-6795, [email protected] Consent

8. Consider approving Fiscal Year 2025-26 Engineer’s Report and setting a Public Hearing on June 24, 2025 for the levy and collection of assessments for landscape maintenance in the public right-of-way, street medians, and areas adjacent to the access control walls in Dry Creek Meadows Subdivisions Nos. 1-6. (Funding Source:

Landscape Maintenance Assessment District No. 1)
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Staff Recommendation:
 Resolution accepting Fiscal Year 2025-26 Engineer’s Annual Report for Landscape Maintenance Assessment District No. 1 for Dry Creek Meadows Subdivisions Nos. 1-6; Notice of Intention to Levy and Collect Assessments for Landscape Maintenance Assessment District No. 1 for Dry Creek Meadows Subdivisions Nos. 1-6 and setting a Public Hearing on June 24, 2025 to consider the Fiscal Year 2025-26 Levy and Collection of Assessments within Landscape Maintenance Assessment District No. 1.

CED; Edgar Garcia, 209-577-5211, [email protected] Consent

9. Consider approving the Fiscal Year 2025-26 Engineer’s Annual Report and setting a Public Hearing on June 24, 2025 for the levy and collection of assessment for landscape maintenance in the public right-of-way, street medians, and areas adjacent to the access control walls in Dry Creek Meadows Subdivisions Nos. 7-10, Creekwood Meadows Subdivision, and Yosemite Meadows Subdivisions Units 1 and 2. (Funding Source: Landscape Maintenance Assessment District No. 2) Staff Recommendation:
 Resolution accepting the Fiscal Year 2025-26 Engineer’s Annual Report for Landscape Maintenance Assessment District No. 2 for Dry Creek Meadows Subdivisions Nos. 7-10, Creekwood Meadows Subdivision, and Yosemite Meadows Subdivisions Units 1 and 2; Notice of Intention to Levy and Collect Assessments for Landscape Maintenance Assessment District No. 2 for Dry Creek Meadows Subdivisions Nos. 7-10, Creekwood Meadows Subdivision, and Yosemite Meadows Subdivisions Units 1 and 2; and setting a Public Hearing on June 24, 2025 to Consider the Fiscal Year 2025-26 Levy and Collection of Assessments Within Landscape Maintenance Assessment District No. 2.

CED; Edgar Garcia, 209-577-5211, [email protected] Consent

10. Consider accepting the Fiscal Year 2025-26 Engineer’s Annual Report for the Shackelford Landscape and Lighting District; Notice of Intention to Levy and Collect Assessments for the Shackelford Landscape and Lighting District; and setting a Public Hearing on June 24, 2025, to Consider the Fiscal Year 2025-26 Levy and Collection of Assessments within the Shackelford Landscape and Lighting District. (Funding Source: Shackelford Landscape and Lighting District)
Staff Recommendation:
 Resolution approving the Fiscal Year 2025-26 Engineer’s Annual Report for the Shackelford Landscape and Lighting District; Notice of Intention to Levy and Collect Assessments for the Shackelford Landscape and Lighting District; and setting a Public Hearing on June 24, 2025, to consider the Fiscal Year 2025-26 Levy and Collection of Assessments within the Shackelford Landscape and Lighting District.

CED; Edgar Garcia, 209-577-5211, [email protected] - 5 -
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Consent

11. Consider accepting the Rebid La Loma Phase 2C Strengthen & Replace Water Mains Project as complete, releasing securities, releasing payments totaling $8,029,470 to Mozingo Construction, Inc., of Oakdale CA, and authorizing the City Clerk to file a Notice of Completion. (Funding Source: Water Fund)
Staff Recommendation:
 Resolution accepting the Rebid La Loma Phase 2C Strengthen & Replace Water Mains Project as complete, releasing securities, releasing payments totaling $8,029,470 to Mozingo Construction, Inc., of Oakdale CA, and authorizing the City Clerk to file a Notice of Completion.

ENGINEERING SERVICES; Peter Kambel, 209-577-5444, [email protected] Consent

12. Consider accepting the Monthly Investment Report for February 2025. (Funding Source: Various Funds)
Staff Recommendation:
 Motion accepting the Monthly Investment Report for February 2025.

FINANCE DEPARTMENT; Calogero Maniscalco, 209-577-5219,
[email protected]
Consent

13. Consider approving the Agreements for Maintenance, Repair and Operations Parts to Grainger Inc., Lake Forest, IL, and Fastenal Company Inc., Winona, MN for a total combined amount not to exceed $3,128,524, over five years. (Funding Source: Various Funds)
Staff Recommendation:
 Resolution approving the Agreements for Maintenance, Repair and Operations Parts to Grainger Inc., Lake Forest, IL, and Fastenal Company Inc., Winona, MN for a two-year Agreement with three one-year extension options, for an annual combined estimated amount of $583,500 and a total combined amount not to exceed $3,128,524 over five years; and authorizing the Director of Finance to adjust agreement totals between vendors based on contractor’s availability and department’s needs, ensuring the combined total amount does not change and authorizing the Director of Finance, or her designee, to execute the Agreements.

FINANCE DEPARTMENT; Dianne Love, 209-571-5164, [email protected] Consent

14. Consider approving the purchase of Personal Computers (PC) and Laptops to Dell Technologies, Inc., Round Rock, TX for an amount not to exceed $3,000,000 over four years. (Funding Source: Information Technology Fund)
Staff Recommendation:
 Resolution approving the Competitive Bidding Process from The State of Minnesota in partnership with NASPO ValuePoint, with Dell Technologies, Inc., Round Rock, TX for the purchase of Personal Computers and Laptops for - 6 -
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an annual estimated amount $750,000 and a total amount not to exceed $3,000,000 over four years; and authorizing the Director of Finance or her designee to issue the Purchase Order.

FINANCE DEPARTMENT; Kyle Ford, 209-571-5508, [email protected] Consent

15. Consider accepting the Annual Fire Inspection Report for 2024. (Funding Source: Not Applicable)
Staff Recommendation:
 Resolution accepting the Annual Fire Inspection Report for 2024.

FIRE DEPARTMENT; David Bickle, 209-571-5553, [email protected] Consent

16. Consider approving the Sole Source purchase of two LifePak15 Monitors and eight LUCAS devices from Stryker Medical, Chicago, IL for a total cost not to exceed $323,525. (Funding Source: Measure H Fund, Emergency Medical Services Revenue (EMS) and General Fund)
Staff Recommendation:
 Resolution approving the Sole Source Purchase with Stryker Medical, Chicago, IL of two LifePak15 Monitors and eight LUCAS devices for a total cost not to exceed $323,525 and authorizing the Purchasing Manager, or her designee, to issue the Purchase Order.

FIRE DEPARTMENT; Kevin Wise, 209-572-9590, [email protected] Consent

17. Consider an Agreement with American Medical Response West, Modesto, CA for reimbursement of costs for First Responder Services. (Funding Source: General Fund) Staff Recommendation:
 Resolution approving an Agreement with American Medical Response West, Modesto, CA for reimbursement of costs for First Responder Services and authorizing the City Manager, or his designee, to execute the Agreement.

FIRE DEPARTMENT; Kevin Wise, 209-572-9590, [email protected] Consent

18. Consider accepting the Modesto Police Department’s annual Military Equipment report, approving an Ordinance re-authorizing the department’s Military Equipment Use Policy (Policy 710) and authorizing the purchasing additional equipment that qualifies as “military equipment” in Fiscal Year 2025-2026. (Funding Source: General Fund, Supplemental Law Enforcement Services Fund, Asset Forfeiture Funds, and/or Police Grant Funds)
Staff Recommendation:
 Motion introducing and waiving the first reading of an Ordinance approving the Modesto Police Department’s Military Equipment Use Policy (Policy 710) in accordance with CA Assembly Bill 481, and approving the purchase of additional equipment that qualifies as “military equipment” in Fiscal Year 2025-2026 and rescinding Ordinance No. 3782-C.S.
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 Motion accepting the Modesto Police Department’s annual Military Equipment Report.

POLICE DEPARTMENT; Joseph Bottoms, 209-572-9500, [email protected] Consent

19. Consider approving a Purchasing Agreement with Telcion Communications Group, Turlock, CA, for ethernet switch equipment for a total amount not to exceed $2,025,000 over five years. (Funding Source: Measure L) Staff Recommendation:
 Resolution approving a Purchasing Agreement with Telcion Communications Group, Turlock, CA, by utilizing the Competitive Bid Process with National Intergovernmental Purchasing Alliance (National IPA), Merced County, for ethernet switch equipment, for a three year agreement with two one-year extension options, for an annual estimated amount of $405,000, and a total amount not to exceed $2,025,000 over five years; and authorizing the Director of Finance, or her designee, to execute the Purchasing Agreement.

PUBLIC WORKS; Max Navarro, 209-571-5116, [email protected] Consent

20. Consider approving the purchase of two Internalift Screw Pumps from Evoqua Water Technologies, of Thomasville, GA, for a total amount not to exceed $3,411,840. (Funding Source: Wastewater Fund Reserves)
Staff Recommendation:
 Resolution approving the Sole Source purchase from Evoqua Water Technologies, Thomasville, GA, of two Internalift Screw Pumps for an estimated cost of $2,889,553, plus $522,287 in contingency, if needed, for a total amount not to exceed $3,411,840, and authorizing the Purchasing Manager, or her designee, to issue a Purchase Order; and authorizing the Department Director or his designee to execute any Change Orders not to exceed 20% of the total purchase price.
 Resolution amending the Fiscal Year 2024-25 Non-Capital Improvements Program budget to increase Project 101439 – Screw Pumps Replacement by $3,386,840, from $25,000, for a revised total amount not to exceed $3,411,840, in transfers, revenue, and discretionary expenditures, and authorizing the City Manager, or his designee, to implement the provisions of the resolution.

UTILITIES; Jeff Daniels, 209-577-6255, [email protected] Consent

21. Consider approving the purchase of 14,426 square feet of real property located at 7111 McHenry Avenue, Stanislaus County, CA for $76,500, plus $15,000 in closing costs to be used for the Del Rio Well 70 Treatment System Project. (Funding Source: Water Fund)
Staff Recommendation:
 Resolution approving the purchase of 14,426 square feet of real property located at 7111 McHenry Avenue, Stanislaus County, CA owned by Larry Killian and Angelina Mary Killian, Trustees of The Killian Family Trust dated - 8 -
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August 5, 1993; and Ronald D. Setliff and Shelley R. Setliff, Trustees of The Setliff 2018 Revocable Trust dated January 5, 2018; and Lenore Catherine Setliff Chladek, a married woman as her sole and separate property; and Arnold W. Setliff and Katherine L. Setliff, Trustees of the Norma Setliff Family Trust as set forth in the Setliff Revocable Trust dated April 19, 2004 for $76,500, plus $15,000 in closing costs, to be used for the Del Rio Well 70 Treatment System Project, and authorizing the City Manager, or his designee, to execute the Purchase and Sale Agreement and all related documents required to complete the transaction.
 Resolution amending the Fiscal Year 2024-25 Capital Improvement Program Budget in the amount of $91,500 to be transferred into the Project from Water Fund Reserves to fund the Del Rio Well 70 Treatment System Project and authorizing the City Manager, or his designee, to implement the provision of the Resolution.

UTILITIES; Edgar Vargas, 209-577-5424, [email protected]

COUNCIL COMMENTS & REPORTS

CITY MANAGER COMMENTS & REPORTS

NEW BUSINESS

22. Consider reviewing, providing comment and accepting the proposed Fiscal Year 25-26 Internal Audit Work Plan. (Funding Source: Not Applicable) Staff Recommendation:
 Motion accepting the FY25-26 Internal Audit Work Plan.

CITY AUDITOR; Colleen Rozillis, 206-302-6795, [email protected]

23. Consider receiving Mayor Sue Zwahlen’s Fiscal Year 2025-26 Final Budget Modifications Message per Charter Section 1303 for the Fiscal Year 2025-26 budget year (Funding Source: All City Funds)
Staff Recommendation:
 Motion receiving Mayor Sue Zwahlen’s Fiscal Year 2025-26 Final Budget Modifications Message per Charter Section 1303 for the Fiscal Year 2025-26 budget year.

BUDGET; Stephan Christensen, 209-577-5390, [email protected]

MATTERS TOO LATE FOR THE AGENDA
These may be presented by members of the City Council and staff upon determination by a majority vote that an emergency exists, as defined by State law, or by a 2/3 vote that (1) there is a need to take immediate action, and (2) that the need for action came to the City’s attention after the agenda was posted.
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ADJOURNMENT
Posted pursuant to Government Code Section 54954.2 on the bulletin board at Tenth Street Place on
at by
date time signature
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MODESTO CITY COUNCIL
www.modestogov.com

MINUTES
City of Modesto

CITY COUNCIL MEETING
Chambers, Basement Level
Tenth Street Place, 1010 10th Street
Modesto, California
Tuesday, April 22, 2025 at 5:31 PM
Special City Council - Closed Session Meeting 5:00 p.m.:

Roll Call - Present: Councilmembers Alvarez, Escutia-Braaton, Ricci, Williams, Wright, Mayor Zwahlen

Absent: Vice-Mayor Bavaro
Regular City Council Meeting, 5:30 p.m.:

Roll Call – Present: Councilmembers Alvarez, Escutia-Braaton, Ricci, Williams, Wright, Mayor Zwahlen

Absent: Vice-Mayor Bavaro
Pledge of Allegiance to the Flag
Invocation: Father Misael Avila, Sacred Heart Catholic Church City Clerk’s Announcements: None
Declaration of Conflicts of Interest: None
Reports from Closed Session: No Reportable Action

ACKNOWLEDGEMENTS AND PRESENTATIONS

1. Proclamation declaring May as National Mental Health Awareness Month. (Funding Source: Not Applicable)
CITY COUNCIL; Breanna Griffin, 209-577-5421, [email protected] #4..
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ACTION: Mayor Zwahlen presented a proclamation declaring May as National Mental Health Awareness Month.

2. Proclamation declaring May as National Older Americans Month. (Funding Source:

Not Applicable)
CITY COUNCIL; Breanna Griffin, 209-577-5421, [email protected] ACTION: Mayor Zwahlen presented a proclamation declaring May as National Older Americans Month.

MISCELLANEOUS

3. Consider accepting the resignation of Adriana Garcia from the Equity Commission. (Funding Source: Not Applicable)
Staff Recommendation:
 Resolution accepting the resignation of Adriana Garcia from the City of Modesto’s Equity Commission.

HUMAN RESOURCES; Christina Alger, 209-571-5126, [email protected] ACTION: (Wright/Williams; 6/0) Resolution 2025-120 accepting the resignation of Adriana Garcia from the City of Modesto’s Equity Commission.

4. Consider approving the appointment of Michelle Patino and Thomas Guerrero to the Downtown Improvement District Board of Directors for a four-year term ending December 31, 2029. (Funding Source: Not Applicable)
Staff Recommendation:
 Resolution approving the appointment of Michelle Patino and Thomas Guerrero to the Downtown Improvement District Advisory Board for a four-year term ending December 31, 2029.

CED; Sean Rando, 209-577-5473, [email protected]
ACTION: (Williams/Ricci; 6/0) Resolution 2025-121 approving the appointment of Michelle Patino and Thomas Guerrero to the Downtown Improvement District Advisory Board for a four-year term ending December 31, 2029.

PUBLIC COMMENT IN PERSON
 Kevin McClarty from District One thanked Council Members Williams and Ricci for attending the opening of Camp Jack Hazard’s new office at Needham and K Street. He emphasized how their presence made a lasting impression on the youth, comparing it to a meaningful memory from his own teen years. He highlighted the importance of showing up and the impact it can have.
 Mark Fabela spoke about concerns with Neece Drive, which runs alongside the Muni Golf Course and the proposed stadium site. He highlighted safety issues with broken guardrails on two curves and suggested straightening the road to improve safety and #4..
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create valuable riverfront commercial property. He supports building the stadium at the Muni Golf Course due to greater community opportunities and expressed a desire to continue the conversation before the June vote.
 Jerry Thompson thanked City leaders and organizers for the successful March 29th car community and police event, hoping it becomes annual. He missed the last meeting to attend a Sacramento event supporting SB 712, representing Modesto. He looks forward to summer events and invited Councilman Alvarez to join with his car.  Loretta Carhart asked for guidance on building along her property line and requested help finding someone to speak with.
 Zafir Solomon commented on the budget workshop, expressing concern over a vague response about $30 million from Measure H funds, urging clearer financial transparency.

He also criticized the lack of progress on rebuilding the Dryden Golf Course clubhouse, noting it's been nearly five years since the fire, despite insurance and COVID relief funds being received. He called for action, saying golfers are paying more but getting less.

CONSENT ITEMS – ROLL CALL VOTE REQUIRED
ACTION CONSENT ITEMS: 5-6, 8-17 (Wright/Escutia-Braaton; 6/0)

CONSENT
Consent

5. Consider approving the minutes for the April 8, 2025 Council Meeting. (Funding Source: Not Applicable)
 Motion approving the minutes for the April 8, 2025 Council Meeting.

CITY CLERK; Diane Nayares-Perez, 209-577-5396, [email protected] ACTION: (Wright/Escutia-Braaton; 6/0) Motion approving the minutes for the April 8, 2025 Council Meeting.

Consent

6. Consider approving Final Adoption of Ordinance 3793-C.S. amending Section 13-3-8 of the Zoning Map of the City of Modesto to Rezone 5.3-Acres from Planned Development Zone P-D (179) to Mixed Use Highway (MU-H) Zone, property located at 2800 Sisk Road (Fernandez). (Funding Source: Not Applicable)  Motion approving Final Adoption of Ordinance 3793-C.S. amending Section 13-3-8 of the Zoning Map of the City of Modesto to Rezone 5.3-Acres from Planned Development Zone P-D (179) to Mixed Use Highway (MU-H) Zone, property located at 2800 Sisk Road (Fernandez).

CITY CLERK; Diane Nayares-Perez, 209-577-5396, [email protected] ACTION: (Wright/Escutia-Braaton; 6/0) Motion approving Final Adoption of Ordinance 3793-C.S. amending Section 13-3-8 of the Zoning Map of the City of #4..
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Modesto to Rezone 5.3-Acres from Planned Development Zone P-D (179) to Mixed Use Highway (MU-H) Zone, property located at 2800 Sisk Road (Fernandez).

Removed from Consent
Consent

7. Consider approving a Public Highway at Grade Crossing Agreement for additional rights to the at grade public road crossing over B Street with Union Pacific Railroad Company for the 7th Street Bridge Project. (Funding Source: Streets Capital Facility Fees)
 Resolution approving a Public Highway at Grade Crossing Agreement for additional rights to the at grade public road crossing over B Street with Union Pacific Railroad Company for the 7th Street Bridge Project, and authorizing the City Manager, or his designee to execute the Agreement.

ENGINEERING SERVICES; Toby Wells, 209-571-5542, [email protected] ACTION: (Escutia-Braaton/Ricci; 6/0) Resolution 2025-122 approving a Public Highway at Grade Crossing Agreement for additional rights to the at grade public road crossing over B Street with Union Pacific Railroad Company for the 7th Street Bridge Project, and authorizing the City Manager, or his designee to execute the Agreement.

Consent

8. Consider accepting the Retroreflective Backplates and Striping Project as complete, releasing securities, releasing payments totaling $579,530 to Tennyson Electric, Inc. of Livermore, CA, and authorizing the City Clerk to file a Notice of Completion. (Funding Source: Highway Safety Improvement Program, Surface Transportation Block Grant, and Surface Transportation Fund)
 Resolution accepting the Retroreflective Backplates and Striping Project as complete, releasing securities, releasing payments totaling $579,530 to Tennyson Electric, Inc. of Livermore, CA, and authorizing the City Clerk to file a Notice of Completion.

ENGINEERING SERVICES; Peter Kambel, 209-577-5444, [email protected] ACTION: (Wright/Escutia-Braaton; 6/0) Resolution 2025-123 accepting the Retroreflective Backplates and Striping Project as complete, releasing securities, releasing payments totaling $579,530 to Tennyson Electric, Inc. of Livermore, CA, and authorizing the City Clerk to file a Notice of Completion.

Consent

9. Consider accepting an Informational Report for the February 2025 Accounts Payable Payment Register and Void Report. (Funding Source: Not Applicable)  Motion accepting an Informational Report for the February 2025 Accounts Payable Payment Register and Void Report.

FINANCE DEPARTMENT; Maria Garnica, 209-577-5249,
[email protected]
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ACTION: (Wright/Escutia-Braaton; 6/0) Motion accepting an Informational Report for the February 2025 Accounts Payable Payment Register and Void Report.

Consent

10. Consider approving a Memorandum of Understanding with Unlimited Play, St. Peters, MO to serve as the Fiscal Entity related to the fund raising for the development, construction, and future maintenance of The Awesome Spot Inclusive Playground at Beyer Community Park. (Funding Source: CIP Project 100984, Awesome Spot Playground Project)
 Resolution approving a Memorandum of Understanding with Unlimited Play, St. Peters, MO to serve as the Fiscal Entity related to the fund raising for the development, construction, and future maintenance of The Awesome Spot Inclusive Playground at Beyer Community Park Project, and authorizing the City Manager, or his designee, to execute the Memorandum of Understanding.

PRN; Diane Sheatsley, 209-577-5418, [email protected] ACTION: (Wright/Escutia-Braaton; 6/0) Resolution 2025-124 approving a Memorandum of Understanding with Unlimited Play, St. Peters, MO to serve as the Fiscal Entity related to the fund raising for the development, construction, and future maintenance of The Awesome Spot Inclusive Playground at Beyer Community Park Project, and authorizing the City Manager, or his designee, to execute the Memorandum of Understanding.

Consent

11. Consider approving the increase of Purchase Order #229342 with PB Loader, Fresno, CA by $14,728 for two dump trucks for a revised total amount not to exceed $307,655. (Funding Source: Fleet Replacement Fund)
 Resolution approving the increase of a Purchase Order #229342 with PB Loader, Fresno, CA for two dump trucks by $14,728 for a revised total amount not to exceed $307,655; and authorizing the Director of Finance, or her designee, to execute the increase to the Purchase Order.

PUBLIC WORKS; Patrick Crowley, 209-342-2274, [email protected] ACTION: (Wright/Escutia-Braaton; 6/0) Resolution 2025-125 approving the increase of a Purchase Order #229342 with PB Loader, Fresno, CA for two dump trucks by $14,728 for a revised total amount not to exceed $307,655; and authorizing the Director of Finance, or her designee, to execute the increase to the Purchase Order.

Consent

12. Consider approving the Grant Acceptance for the Department of Energy, Energy Efficiency and Conservation Block Grant Program, in an amount not to exceed $241,720; the Purchase of three Class 4, 5, and 6 electric vehicles, from Kingsburg Truck Center, Kingsburg CA for an amount not to exceed $586,679. (Funding Source:

Fleet Management Fund)
 Resolution approving the Grant Acceptance for the Department of Energy, Energy Efficiency and Conservation Block Grant Program in an amount not to #4..
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exceed $241,720; and authorizing the City Manager, or his designee, to execute and submit all documents which may be necessary for the completion of the grant acceptance.
 Resolution approving the Purchase of three Class 4, 5, and 6 electric vehicles, from Kingsburg Truck Center, Kingsburg CA for a total amount not to exceed $586,679; and contingency Change Orders not to exceed 15% of the total purchase price and authorizing the Purchasing Manager, or her designee, to issue the Purchase Order.

PUBLIC WORKS; Patrick Crowley, 209-342-2274, [email protected] ACTION: (Wright/Escutia-Braaton; 6/0) Resolution 2025-126 approving the Grant Acceptance for the Department of Energy, Energy Efficiency and Conservation Block Grant Program in an amount not to exceed $241,720; and authorizing the City Manager, or his designee, to execute and submit all documents which may be necessary for the completion of the grant acceptance.

ACTION: (Wright/Escutia-Braaton; 6/0) Resolution 2025-127 approving the Purchase of three Class 4, 5, and 6 electric vehicles, from Kingsburg Truck Center, Kingsburg CA for a total amount not to exceed $586,679; and contingency Change Orders not to exceed 15% of the total purchase price and authorizing the Purchasing Manager, or her designee, to issue the Purchase Order.

Consent

13. Consider approving the Sole Source Agreement for the purchase of Vehicle Disablement Systems with MobileSpike Technologies Inc., Longview, WA for a total amount not to exceed $750,000 over five years. (Funding Source: Fleet Fund)  Resolution approving the Sole Source Agreement for the purchase of MobileSpike Vehicle Disablement Systems with MobileSpike Technologies Inc., Longview, WA, for a two-year Agreement with three one-year extension options, for an annual estimated amount of $150,000, and a total amount not to exceed $750,000 over five years; and authorizing the Director of Finance, or her designee, to execute the Agreement.

PUBLIC WORKS; Patrick Crowley, 209-342-2274, [email protected] ACTION: (Wright/Escutia-Braaton; 6/0) Resolution 2025-128 approving the Sole Source Agreement for the purchase of MobileSpike Vehicle Disablement Systems with MobileSpike Technologies Inc., Longview, WA, for a two-year Agreement with three one-year extension options, for an annual estimated amount of $150,000, and a total amount not to exceed $750,000 over five years; and authorizing the Director of Finance, or her designee, to execute the Agreement.

Consent

14. Consider approving the First Amendment to the Purchasing Agreements for the purchase of equipment and vehicle parts and services with CenCal Auto and Truck Parts, Modesto, CA and Rush Truck Center, Ceres, CA for an annual combined #4..
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estimated cost increase of $340,000 for a total amount not to exceed $2,867,550 over five years. (Funding Source: Fleet Management Fund)
 Resolution approving the First Amendments for the Agreements with CenCal Auto and Truck Parts, Modesto, CA and Rush Truck Centers, Ceres, CA for the purchase of Equipment and Vehicle Parts and Services for the Agreements for an annual estimated cost increase of $340,000 from $200,000 to $540,000 for a revised total amount not to exceed $2,867,550 over five years; and authorizing the Director of Finance, or her designee, to execute the Amendments.

PUBLIC WORKS; Patrick Crowley, 209-342-2274, [email protected] ACTION: (Wright/Escutia-Braaton; 6/0) Resolution 2025-129 approving the First Amendments for the Agreements with CenCal Auto and Truck Parts, Modesto, CA and Rush Truck Centers, Ceres, CA for the purchase of Equipment and Vehicle Parts and Services for the Agreements for an annual estimated cost increase of $340,000 from $200,000 to $540,000 for a revised total amount not to exceed $2,867,550 over five years; and authorizing the Director of Finance, or her designee, to execute the Amendments.

Consent

15. Consider approving the First Amendment with Champion Industrial Contractors, Inc.

Modesto, CA for On-Call Mechanical and Refrigeration Services, increasing the Agreement amount by $420,000 to a new total of $1,210,505 over five years. (Funding Source: General Fund, Utility Funds, and Building Maintenance Fund)  Resolution approving the First Amendment with Champion Industrial Contractors, Inc. Modesto, CA for the On-Call Mechanical and Refrigeration Services, increasing the Agreement amount by $420,000 to a new total amount of $1,210,505 over five years, and authorizing the City Manager, or his designee, to execute the Amendment.

PUBLIC WORKS; Gabe daSilva, 209-342-2281, [email protected] ACTION: (Wright/Escutia-Braaton; 6/0) Resolution 2025-130 approving the First Amendment with Champion Industrial Contractors, Inc. Modesto, CA for the On-Call Mechanical and Refrigeration Services, increasing the Agreement amount by $420,000 to a new total amount of $1,210,505 over five years, and authorizing the City Manager, or his designee, to execute the Amendment.

Consent

16. Consider approving the 2024 update to the City of Modesto Sewer System Management Plan. (Funding Source: Sewer Operations Fund)  Resolution approving the 2024 update to the City of Modesto Sewer System Management Plan.

UTILITIES; Jeff Daniels, 209-577-6255, [email protected] ACTION: (Wright/Escutia-Braaton; 6/0) Resolution 2025-131 approving the 2024 update to the City of Modesto Sewer System Management Plan. #4..
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Consent

17. Consider approving a two-month extension of the Lease with Juana Monreal and Jose Solis, individuals doing business as Liz Andrews Furniture, for the City-owned property located at 131 9th Street. (Funding Source: Wastewater Fund)  Resolution approving a two-month extension of the Lease with Juana Monreal and Jose Solis, individuals doing business as Liz Andrews Furniture, for Cityowned property located at 131 9th Street, and authorizing the City Manager, or his designee, to execute the lease amendment.

UTILITIES; Cristian Ciotau, 209-571-5175, [email protected] ACTION: (Wright/Escutia-Braaton; 6/0) Resolution 2025-132 approving a twomonth extension of the Lease with Juana Monreal and Jose Solis, individuals doing business as Liz Andrews Furniture, for City-owned property located at 131 9th Street, and authorizing the City Manager, or his designee, to execute the lease amendment.

COUNCIL COMMENTS & REPORTS
Council Member Escutia-Braaton recognized Public Service Recognition Week and thanked the City’s 1,500+ employees for their dedication. She also highlighted the successful completion of a three-day budget workshop, resulting in a balanced budget approved by the Finance Committee, now moving to the full Council for final approval.

Council Member Alvarez announced upcoming events in District 2: South Modesto Businesses United’s Children’s Day on April 26th, the West Modesto Community Collaborative’s Cinco de Mayo celebration on May 2nd with a $25 ticket, and SMU’s Cinco de Mayo Parade on May 3rd, attended by local leaders.

Council Member Ricci praised Jerry Thompson for representing Modesto in Sacramento, mentioning Jay Leno driving his car. He then discussed ongoing issues with feral cat services, including a shortage of spay and neuter slots and poor customer service at Animal Services.

Ricci expressed frustration with the lack of a TNR program and slow response times, calling for improvements and better community collaboration to address these issues.

Council Member Williams shared several updates, including his participation in the "Cops and Cars" event, a visit to the SR 911 center, and his appreciation for first responders. He also celebrated the birth of his fifth grandchild. He highlighted the upcoming 4th of July parade with the theme "Celebrating America's Youth" and announced the Modesto Fire Department as the hometown hero for their 150th anniversary. Williams encouraged participation in the Love Modesto event this Saturday, particularly in the "Beautify McHenry" project.

Mayor Zwahlen recognized Stanislaus Partners in Education for their work connecting businesses with schools to provide students and teachers career opportunities. She also highlighted Dispatch Appreciation Week at SR 911, where she joined Police Chief Gillespie to thank dispatchers for their crucial role in community safety. #4..
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CITY MANAGER COMMENTS & REPORTS
City Manager Lopez directed Mr. Solomon to the Measure H Oversight Board and the related webpage, which provides details on all Measure H revenue and expenditures.

NEW BUSINESS

18. Consider approving Agreements for the furnishing of Citywide Fuel-Card Lock services with Stan Boyett & Son, Inc. dba Boyett Petroleum, Modesto, CA; and Hunt & Sons, Inc., Ceres, CA for a total amount between all Agreements combined not to exceed $23,198,063 over five years. (Funding Source: Fleet Fund, Outside Fire Contracts, and Stanislaus Regional Transit Authority)
 Resolution approving Agreements for the furnishing of FuelCard-Lock Services with Stan Boyett & Son, Inc. dba Boyett Petroleum, Modesto, CA; and Hunt & Sons, Inc., Ceres, CA for an annual combined estimated total of $4,500,000 and a total amount between all Agreements combined not to exceed $23,198,063 over five years; and authorizing the City Manager, or his designee, to execute the Agreements.

PUBLIC WORKS; Patrick Crowley, 209-342-2274, [email protected] ACTION: (Williams/Ricci; 6/0) Resolution 2025-133 approving Agreements for the furnishing of FuelCard-Lock Services with Stan Boyett & Son, Inc. dba Boyett Petroleum, Modesto, CA; and Hunt & Sons, Inc., Ceres, CA for an annual combined estimated total of $4,500,000 and a total amount between all Agreements combined not to exceed $23,198,063 over five years; and authorizing the City Manager, or his designee, to execute the Agreements.

19. Consider approving the Plans and Specifications for the Sewer Trunk Rehabilitation on Grimes, Mercy and Woodland Project accepting the Bid and Awarding a Construction Contract to SAK Construction, LLC, of O’Fallon, MO, in the amount of $22,830,295, authorizing 12% in contingency (if needed), for a total payment amount not to exceed $25,569,931. (Funding Source: Wastewater Fund)
 Resolution approving the Plans and Specifications for the Sewer Trunk Rehabilitation on Grimes, Mercy and Woodland Project; accepting the Bid and Awarding a Construction Contract to SAK Construction, LLC, of O’Fallon, MO, in the amount of $22,830,295, authorizing the Director of Engineering Services to approve Change Orders up to the cumulative amount of $2,739,636, 12% of the original Contract price, for a total payment amount not to exceed $25,569,931 and authorizing the City Manager, or his designee, to execute the Contract.
 Resolution amending the Fiscal Year 2024-25 Multi-Year Program Budget in the amount of $26,823,000 to fund the Construction Phase of the Sewer Trunk Rehabilitation on Grimes, Mercy and Woodland Project and authorizing the City Manager, or his designee, to implement the provisions of the resolution.

UTILITIES; Cristian Ciotau, 209-571-5175, [email protected] #4..
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ACTION: (Alvarez/Williams; 6/0) Resolution 2025-134 approving the Plans and Specifications for the Sewer Trunk Rehabilitation on Grimes, Mercy and Woodland Project; accepting the Bid and Awarding a Construction Contract to SAK Construction, LLC, of O’Fallon, MO, in the amount of $22,830,295, authorizing the Director of Engineering Services to approve Change Orders up to the cumulative amount of $2,739,636, 12% of the original Contract price, for a total payment amount not to exceed $25,569,931 and authorizing the City Manager, or his designee, to execute the Contract.

ACTION: (Alvarez/Williams; 6/0) Resolution 2025-135 amending the Fiscal Year 2024-25 Multi-Year Program Budget in the amount of $26,823,000 to fund the Construction Phase of the Sewer Trunk Rehabilitation on Grimes, Mercy and Woodland Project and authorizing the City Manager, or his designee, to implement the provisions of the resolution.

MATTERS TOO LATE FOR THE AGENDA
None.

ADJOURNMENT
This meeting adjourned at 6:43 PM
Attest:____________________________
Diane Nayares-Perez, City Clerk
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All Closed Session Matters heard prior to the meeting.

CLOSED SESSION
CONFERENCE WITH REAL PROPERTY NEGOTIATORS:
(Pursuant to Section 54956.8 of the Government Code)
Property: 601 Neece Dr., Modesto, CA 95351; APN: 102-012-001 and 102-012-004 Property Owners: City of Modesto
Negotiating Parties:

For City: Joseph P. Lopez, City Manager
For Lessee: Michael Shapiro, President – Pioneer Baseball League Under Negotiation: Price and Terms of Lease
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CITY OF MODESTO

COUNCIL AGENDA REPORT
DATE OF MEETING:

May 6, 2025
Date: April 10, 2025
TO: Mayor and City Council
FROM: Joseph P. Lopez, City Manager
SUBJECT: Reaffirming the Sister Cities Relationship with the City of Aguascalientes, Mexico CONTACT: Breanna Griffin, Executive Assistant to the Mayor [email protected] 209-577-5421
DESCRIPTION:

Consider reaffirming the City of Modesto’s relationship with the City of Aguascalientes, Mexico as a Sister City. (Funding Source: General Fund) STRATEGIC PLAN ELEMENT:

This item supports the City of Modesto 2020-2025 Strategic Plan Initiative: Promote trust and engagement between the community and the City.

BACKGROUND:

According to Modesto Sister Cities International (MSCI)1, “The U.S. Sister City Program was originated in 1956 when President [Dwight D.] Eisenhower proposed a people-to-people, citizen diplomacy initiative.” Additionally, “MSCI continues to promote international understanding through programs originated at the community level.” This program was established as a way for U.S. cities to create formal partnerships with foreign cities. Modesto’s Sister Cities International is a non-profit organization that promotes international understanding, friendship, and peace between nations.

On April 12, 1983, by Resolution No. 83-194, Council approved an agreement with the City of Modesto’s first sister city, Barranquilla, Columbia. On September 26, 1995, by Council Resolution No. 95-477, Council approved a sister city agreement with Aguascalientes, Mexico, establishing a formal partnership. The program maintains an active relationship with Aguascalientes, most recently attending an anniversary event in 2023 and hosting delegates at a fundraiser to support the development of cultural exchange programs.

DISCUSSION:

On Monday March 17, 2025, Mayor Zwahlen met with Mary Barberis, President of the Board of Directors for Modesto Sister Cities International. During that meeting, Mary provided Mayor 1 Modesto Sister Cities International - https://www.modestosistercities.com/about.aspx #5..
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City Council, May 6, 2025
Reaffirming the Sister Cities Relationship with the City of Aguascalientes, Mexico

Zwahlen an invitation from the delegates of Aguascalientes, Mexico, to attend the Second Meeting of Sister Cities of Aguascalientes from May 8th through May 10th, 2025.

The purpose of this meeting is to reaffirm the Sister Cities relationship. There will also be a collaborative workshop planned for these dates where officials will discuss best government practices such as public safety, the municipal monitoring system, digital government, and the comprehensive water model of Aguascalientes. Other cities that have established a Sister City relationship with Aguascalientes will be in attendance.

While Mayor Zwahlen is not able to attend this meeting, Councilmember Jeremiah Williams is able to attend the workshop in her stead. If this item is approved, Councilmember Williams will attend and present the approved and signed resolution reaffirming Modesto’s Sister City relationship on behalf of Mayor Zwahlen representing the City.

FISCAL IMPACT:

There are no direct expenses related to reaffirming the Sister City relationship with the City of Aguascalientes, Mexico. Any expenses related to Council Member Williams attending the workshop are anticipated to be paid by Modesto Sister Cities International and the City of Aguascalientes.

COMMITTEE RECOMMENDATION:

This item is not required to be presented to a standing committee, due to the nature of the item.

Therefore, this item has not been reviewed by a committee.

RECOMMENDED COUNCIL ACTION:

Staff Recommendations:

Resolution reaffirming the City of Modesto’s relationship with the City of Aguascalientes, Mexico as a Sister City.

Approved by:

Joseph P. Lopez, City Manager
Attachments:

1. Resolution

2. Letter from Aguascalientes, Mexico, English and Spanish

3. Sister Cities Agreement Approved in 1995
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RESOLUTION MODESTO CITY COUNCIL
RESOLUTION NO. 2025-
RESOLUTION REAFFIRMING THE CITY OF MODESTO’S RELATIONSHIP

WITH THE CITY OF AGUASCALIENTES, MEXICO AS A SISTER CITY WHEREAS, on September 26, 1995, the City of Modesto and the City of Aguascalientes, Mexico, entered into a Sister City Agreement to encourage international friendship and promote greater mutual understanding among the citizens of Mexico and the United States, especially amongst the people of Aguascalientes and Modesto; and WHEREAS, the City values the efforts of Modesto Sister Cities International in promoting international understanding through programs originated at the community level. The Sister City program was established as a way for U.S. cities to create formal partnerships with foreign cities. Modesto’s Sister Cities International is a non-profit organization that promotes international understanding, friendship, and peace between nations; and
WHEREAS, Modesto Sister Cities International maintains an active relationship with Aguascalientes, most recently attending an anniversary event in 2023, and hosting delegates at a fundraiser to support the development of cultural exchange programs; and WHEREAS, Modesto and Aguascalientes are both prosperous cities and will benefit from the exchange of initiatives and experiences in areas of mutual interest; and WHEREAS, such a relationship will continue to promote learning, cooperation, and friendship between the communities.

NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby reaffirms the Sister City relationship between the City of Modesto and the #5..
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City of Aguascalientes, Mexico, attached hereto as Attachment 1, and supports continuing the objectives of its 1995 Sister City Agreement with Aguascalientes.

BE IT FURTHER RESOLVED that the Council continues to encourage the following goals from the 1995 Sister City Agreement:
 Increased understanding of both cities and their people;  Cooperation in regard to knowledge of customs, culture, and the arts;  Exchange of knowledge and expertise in municipal administration, especially in the area of economic development;
 Making an effort to exchange information regarding programs and experiences of artistic and other festivals; and
 Making an effort to foster and promote economic development opportunities between the two Cities.

BE IT FURTHER RESOLVED that the Council values its City Sister relationship with Aguascalientes and looks forward to future collaboration between the cities.

BE IT FURTHER RESOLVED that Councilmember Williams is authorized to present this Resolution to the Mayor of Aguascalientes as the City’s representative at the Second Meeting of Sister Cities Aguascalientes, held from May 8th through May 10th of 2025.

The foregoing Resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 6th May, 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:
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AYES: Councilmembers:

NOES: Councilmembers:

ABSENT: Councilmembers:

ATTEST: _____________________________
DIANE NAYARES-PEREZ, City Clerk
(SEAL)
APPROVED AS TO FORM:

BY: ________________________________
JOSE M. SANCHEZ, City Attorney
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The city of Aguascalientes stands out as one of the best cities to live in, thanks to its municipal services, technological innovation, quality of life, and safety. It is famous for its internationally recognized fairs and festivals and is well-prepared to welcome tourists and visitors year-round. It is characterized as a municipality steeped in folklore and tradition, offering a wide range of tourist, cultural, and social opportunities.

For this reason, I extend a cordial invitation to you to attend the 2nd Meeting of Sister Cities of Aguascalientes 2025, which will take place from May 8th to 10th of this year, within the framework of our traditional San Marcos National Fair.

It will be an honor to welcome you, as your visit will provide an opportunity to learn about the benefits of our beautiful municipality and, in turn, reaffirm the bonds of friendship and cooperation with the official signing of the Twinning Agreement, thus promoting projects benefiting the residents of both cities. There will also be a workshop on Good Government Practices, covering topics such as Public Safety, the Municipal Monitoring System, Digital Government, and the Comprehensive Water Model of Aguascalientes, among others.

It's worth mentioning that the national and international cities with which Aguascalientes has sister cities will participate in this meeting, as well as some invited cities.

Without further ado, and thanking you for your favorable and timely response, I send you my cordial greetings and remain at your service for any questions or clarifications.

Sincerely
Leonardo Montanez Castro
Mayor of Aguascalientes
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By means of this letter, and in response to the invitation kindly extended to you by Mr.

Leonardo Montanez Castro, Mayor of Aguascalientes, to attend the 2nd Meeting of Sister Cities of Aguascalientes 2025, where the official signing of the Sister Cities Ratification will take place. This meeting will also include a workshop on Good Government Practices with topics such as Public Safety, the Municipal Monitoring System, Digital Government, and the Comprehensive Water Model of Aguascalientes, among others. I would like to send you the itinerary of activities, hotel options, a map of the venues, and a list of concerts at the Palenque and Faro de las Estrellas for the 2025 San Marcos National Fair. I will also share some vital considerations to ensure that your visit to our beautiful municipality is orderly and safe:

The hotel agreements will be valid until March 31, 2025. After this date, rates may change due to demand during the San Marcos National Fair. Likewise, when making your reservation, it is important to mention the code assigned to each hotel.

I kindly request that you confirm your attendance no later than April 11, 2025, with the following information:
 Name of the Mayor's companion.
 If applicable, name and position of the person attending as the Mayor's representative.
 Number of people, with names and positions, in the accompanying delegation.  Name of the hotel where you will be staying and number of rooms reserved.  Date and time of arrival.
 Method of arrival (air, ground, or personal vehicle).  Number of staff members accompanying you.
 Specific security measures required.

Without further details at this time, I send you my cordial greetings and remain at your service for any questions or clarifications.

Sincerely,
Aquiles Alafita Saenz

DIRECTOR OF LINKS AND NATIONAL AND INTERNATIONAL AFFAIRS OF THE

EXECUTIVE OFFICE OF THE MAYOR
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Contact: Alejandra Alaniz – Department of National and International Affairs Email: [email protected]
Tel: 4499101010 ext. 1014
Cel: 4491026175
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ITINERARY
Meeting of Sister Cities of Aguascalientes
Thursday, May 8th
Semi formal dress
12-17:00 hrs. Arrival of mayors and delegations at their respective hotels Headquarters: Municipal Palace
Plaza Patria y Calle Colon S/N, Zona Centro, 20000 Aguascalientes, Ags. 18:00 hrs. “Saint Marqueada”
Site: Jose Guadalupe Posada Museum
North side of the Encino Garden, S/N, Dr. Jesus Diaz de Leon, Barrio Del Encino, 20240 Aguascalientes, Ags.
19:30-22:00 hrs. Reception and cocktail hour
Friday, May 9th
Formal dress
8:00-9:30hrs. Breakfast
Site: Second Patio of the Municipal Presidency
Plaza Patria y calle Colon S/N, Zona Centro, 20000 Aguascalientes, Ags. 10:00 hrs. Formal Session of the Town Council: Signature and Ratification of Twinnings Site: City Hall, Municipal Palace
Plaza Patria y calle Colon S/N, Zona Centro, 20000 Aguascalientes, Ags. 10:30 hrs. City Book Signing, Distinguished Visitors
Site: TBD
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Aguascalientes, Ags.
12:00 hrs. Working day “Good Government Practices.”
-Public safety
-Municipal monitoring system
Site: Restaurant – La Saturnina
Venustiano Carranza 110, Zona Centro, 20000 Aguascalientes, Ags. 16:00 hrs.Eat
Site: Fair Zone (?)
17:00 hrs. Free afternoon
Saturday, May 10th
Semi-casual dress
Site: Hotel for each delegate
8:00-9:30 hrs. Breakfast
Site: Garden of the Palaces
Plaza Patria, Zona Centro, 20000 Aguascalientes, Ags.
12:00 hrs. Tour of the Carranza cultural corridor and the fairgrounds perimeter Site: Second Patio of the Municipal Presidency
Plaza Patria y calle Colon S/N, Zona Centro, 20000 Aguascalientes, Ags. 14:30 hrs. Thank you dinner.

Site: TBD
16:00 hrs. Free afternoon
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Hotel Options with Agreement
Hotel Francia Aguascalientes
Av. Francisco I. Madero 113-A, Zona Centro, 20000 Aguascalientes, Ags.

Contact: 4499103050
Reservation code:
-Rooms with breakfast: CDHERM
-Rooms European style: CDHEP
Rates from May 8th-11th
Concept Rate per night
Single room or double room $2,900
Triple room $3,500
Quadruple room $4,100
*Extra person - $600
Total price for May 8th-May 10th
Single or double room: $5,800 (pesos); $290.60 (US Dollars) Triple room: $7,000 (pesos); $351.81 (US Dollars)
Quadruple room: $8,200 (pesos); $410.91 (US Dollars)
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Hotel Quality Inn Aguascalientes
Nieto 102, Zona Centro, 20000 Aguascalientes, Ags.

Contact: Esteban Gonzalez, Gerente de Ventas
[email protected]
Cel: 4491179240
Office: 449994667
Reservation code: Sister Cities 2025
Rates for May 8th-May 11th. Price per night, includes taxes.

Concept: Cost:

Single or Double, 1-2 people $3,094
Triple, 3 people $3,444
Quadruple, 4 people $3,794
Total price for May 8th-11th:

Single or double: $6,188 (pesos); $310.11 (US Dollars)
Triple: $6,888 (pesos); $345.20 (US Dollars)
Quadruple: $7,588 (pesos); $380.28 (US Dollars)
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Hotel Real Plaza Aguascalientes
Lic. Adolfo Lopez Mateos #320 Ote, Zona Centro, 20000 Aguascalientes Contact: 4499682727
Reservation code: Sister Cities
Rates include taxes, complimentary breakfast.

Concept: Rate:

Single or Double (1 or 2 people) $1,950
Triple or Quadruple $2,150
Total price for May 8th-May 11th:

Single or Double: $3,900 (pesos); $195.45 (US Dollars)
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Artists – San Marcos National Fair:

Meeting of Sister Cities Aguascalientes
Star Forum:

Thursday May 8th – One Republic
Friday May 9th – Pepe Aguilar
Saturday May 10th – Christian Castro
Fairground:

Thursday May 8th – Palomazo Norteno
Friday May 9th – Remi Valenzuela
Saturday May 10th – Gloria Trevi
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CITY OF MODESTO

COUNCIL AGENDA REPORT
DATE OF MEETING:

May 6, 2025
Date: April 25, 2025
TO: Mayor and City Council
FROM: Colleen Rozillis, City Auditor
SUBJECT: Acceptance of the Payroll Internal Controls Review Report CONTACT: Colleen Rozillis, City Auditor, [email protected], 206-302-6795 DESCRIPTION:

Consider accepting the Payroll Internal Controls Review Report.

STRATEGIC PLAN ELEMENT:

The recommended action supports the following 2020-2025 City of Modesto Strategic Plan Initiatives: Goal J: Build a high-performance organization.

BACKGROUND:

City Council approved an internal controls review of select aspects of the City’s payroll function as part of the Fiscal Year 2024-2025 Internal Audit work plan.

DISCUSSION:

The review assesses select aspects of the City’s payroll internal controls framework, focused on assessing select key controls for the payroll interactions amongst the Finance Department (City Payroll), the Police Department (PD), and the Fire Department (FD). The report contains five recommendations to improve controls and efficiency. This engagement was completed under Generally Accepted Government Auditing Standards (GAGAS).

FISCAL IMPACT:

None.

COMMITTEE RECOMMENDATION:

This item was considered by the Audit Committee on April 23, 2025. The Audit Committee approved forwarding this to the City Council for acceptance.

RECOMMENDED COUNCIL ACTION:

Motion accepting the Payroll Internal Controls Review Report. #6..
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City Council, May 6 2025
Acceptance of the Payroll Internal Controls Review Report

Approved by:

Colleen Rozillis, City Auditor
Attachments:

1. City of Modesto Payroll Internal Controls Review Report, dated March 28 2025 #6..
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This report is intended for the internal use of City of Modesto, and may not be provided to, used, or relied upon by any third parties.

CITY AUDITOR’S OFFICE

FINAL REPORT

PAYROLL INTERNAL CONTROLS REVIEW
March 28, 2025
Moss Adams LLP
999 Third Avenue, Suite 2800
Seattle, WA 98104
(206) 302-6500
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Payroll Internal Controls Review Report

FOR INTERNAL USE OF CITY OF MODESTO ONLY
Table of Contents
I. Executive Summary 1
A. Introduction 1
B. Summary of Results 1
II. Introduction 2
A. Background 2
B. Scope and Methodology 2
C. Statement of Compliance with GAGAS 3
III. Payroll Internal Controls Review 4
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Payroll Internal Controls Review Report | 1

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I. EXECUTIVE SUMMARY
A. INTRODUCTION
As part of the fiscal year 2025 internal audit program, the Modesto City Auditor, Moss Adams LLP (refer to as “Moss Adams” or “we”), conducted a review of select aspects of the City of Modesto’s (the City) payroll internal controls framework. This review took place between September 2024 and February 2025 and focused on assessing select key controls for the payroll interactions amongst the Finance Department (City Payroll), the Police Department (PD), and the Fire Department (FD).

B. SUMMARY OF RESULTS
Based on the review performed, we identified the following examples of commendable activities that appeared to have well-designed internal controls across the City:
 Time entry approvals from employee supervisors within PD and FD  Hiring and termination approvals from the Human Resources (HR) Department There were opportunities to strengthen controls, policies, procedures, and systems within the City.

Suggested priorities to address over the next 6 to 12 months include, but are not limited to:
 Implementing a unified timekeeping system for both the PD and FD that integrates with Oracle or using automated data transfer tools to integrate PD and FD timekeeping data more seamlessly with Oracle.
 Strengthening City Payroll’s routine audit process.
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II. INTRODUCTION
A. BACKGROUND
As part of the City’s fiscal year 2025 internal audit program, Moss Adams conducted a payroll internal controls review to determine the general adequacy of internal controls around the City’s payroll function specific to PD and FD to identify areas for improvement.

The City has a centralized payroll and timekeeping function, with the exception of the PD and the FD.

Currently, the City utilizes the Oracle system for tracking and reporting employee time, pay rates and processing the City’s payroll biweekly. The PD utilizes an external timekeeping system (InTime), from which final timecards are exported and then manually imported into Oracle for payroll processing. The FD utilizes an external timekeeping system (Resource Management System), from which final timecards are exported and then manually imported into Oracle for payroll processing. Individual employees report their time in their respective systems, which is subsequently reviewed and approved by an assigned supervisor or manager. City Payroll is responsible for processing payroll within Oracle for each pay period.

The HR Department is responsible for setting up new employees, entering and editing pay rates, and processing employee terminations.

B. SCOPE AND METHODOLOGY
The scope of the internal controls review included the following functions specific to PD and FD:
 Approving timecards
 Approving time corrections
 Reviewing timecard exports
 Reviewing payroll reconciliation reports
 Documenting controls and processes within policies and procedures For the payroll function, as it relates to the PD and FD, we conducted a review of identified key controls within the payroll function, which included:
 Identifying control objectives in specific areas and controls that would satisfy each objective  Reviewing policies and procedures
 Examining relevant documentation in support of select payroll key controls  Performing control walkthroughs to observe the design of key controls and understand workflow processes
 Obtaining an understanding of each relevant control activity’s characteristics (i.e., who performs it, how often it is designed to operate, whether it is designed to mitigate fraud, whether it is a manual or automated control, and whether it is a preventive, detective, or corrective control)  Assessing whether the controls in place would prevent or detect errors  Providing recommendations on key controls that need to be implemented or changed #6..
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The work performed included interviews with City Payroll and HR management and staff, and PD and FD employees who oversee timekeeping in their respective departments.

In support of the internal controls review, the matrix provided in Section III provides results by including the following:
 Control objectives
 Control issues
 Recommendations
 Likelihood of occurrence
 Impact of occurrence
“Likelihood of occurrence” is defined as the probability of a negative event occurring. “Impact of occurrence” is defined as the level of significance if a negative event occurs. Risk levels of low, moderate, and high were used to rate the likelihood and impact of occurrence for each finding.

Beyond the controls that are noted within this report as issues, additional controls were reviewed without exception. Key controls with exception conditions are reported in this report.

C. STATEMENT OF COMPLIANCE WITH GAGAS
We conducted this internal controls review in accordance with Generally Accepted Government Auditing Standards (GAGAS). Those standards require that we plan and perform the internal controls review to obtain sufficient, appropriate evidence to provide a reasonable basis for our findings and conclusions based on our objectives. We believe the evidence obtained provides a reasonable basis for our findings and conclusions based on our objectives. The internal controls review, control objectives, control issues, recommendations, and conclusions on the likelihood and impact of occurrence are included in this report.

This internal controls review did not constitute an audit of financial statements in accordance with GAGAS. Moss Adams was not engaged to, and did not, render an opinion on the City’s internal controls or over financial management systems.
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Payroll Internal Controls Review Report | 4

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III. PAYROLL INTERNAL CONTROLS REVIEW
NO.

CONTROL

OBJECTIVE CONTROL ISSUE RECOMMENDATION

LIKELIHOOD OF

OCCURRENCE

IMPACT OF

OCCURRENCE
1 Timekeeping systems
used within the PD
and FD are
seamlessly integrated
within Oracle.

During our testing procedures
and interviews with the PD and
FD, it was discovered that each
department utilizes its own
unique timekeeping systems
from which they have to extract
reports to send to City Payroll
for processing. The PD and FD
have much more complex
scheduling and timekeeping
needs compared to other City
departments, which
necessitates the separate
systems.

These systems differ from the
one used by City Payroll
(Oracle) to record time for all
other departments, and these
systems do not automatically
integrate with Oracle. The use
of different systems creates
additional manual work for both
the FD and PD, as well as for
City Payroll, which increases
the risk of payroll errors or
inconsistencies.

The timekeeping system structure for the PD
and FD is similar to that of other similarly sized
cities, with each department utilizing distinct
timekeeping systems to meet their specific
needs. Additionally, during our research, we
found that it is common practice among cities
to perform manual processes on system
extract files before importing them into the
main timekeeping system similar to the City.

These manual processes are necessary to
ensure accurate data management for payroll
processing.

Although PD and FD have distinct timekeeping
systems given their unique scheduling and
timekeeping needs, the City should consider
utilizing timekeeping systems that
automatically integrate with Oracle to alleviate
the burdens of the manual processes that the
City currently performs. Based on the PD’s
and FD’s scheduling and timekeeping needs,
the City should contact Oracle to explore the
compatibility of the following systems, as it
appears that the systems below integrate with
Oracle:
● ADP
● Paychex
● Ceridian Dayforce
● UltiPro
● Paylocity
● Workday
● SAP SuccessFactors
High High
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NO.

CONTROL

OBJECTIVE CONTROL ISSUE RECOMMENDATION

LIKELIHOOD OF

OCCURRENCE

IMPACT OF

OCCURRENCE
Alternative to adopting new timekeeping
systems, the City should consider whether it
can develop automated workflows to integrate
the current PD and FD timekeeping systems
(InTime and Resource Management System,
respectively) with Oracle. This might entail
using automated data transfer tools that can
facilitate a seamless transfer of timekeeping
data from the PD and FD’s systems into
Oracle.

These approaches would centralize
timekeeping functions, enabling City Payroll to
manage all checks and balances each pay
period.

Lastly, pertaining to the payroll staffing
structure, interviews with employees from both
the PD and FD confirmed that they are
effectively managing their timekeeping
systems with adequate staffing to implement
necessary controls, reflecting their
commitment to operational efficiency and
accuracy. Additionally, compared to other
similarly sized cities, the City’s payroll staffing
structure appears to be at a reasonable level.
2 As part of its routine
payroll audits, City
Payroll reconciles the
PD’s and FD”s
timecard detail reports
prior to importing into
Oracle and after
importing into Oracle
to ensure that payroll
is calculated and paid
accurately based on
City Payroll retains an audit
checklist, which among other
tasks, includes documenting all
timecard reconciliation
procedures performed on
timecard imports from the PD
and FD timekeeping systems
into Oracle. Although the City
provided evidence of the
individual who prepared the
reconciliation on the checklist, it
The City should implement a process to add a
column to the current audit checklist that
documents who reviews each type of task
(including the PD and FD timecard
reconciliations) related to the FD and PD
timecard data. When reviewing, the
designated reviewer should perform the
following tasks:
● Documentation of the Review Process:

Ensure that the preparer has documented
their review process clearly, including any
High Moderate
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NO.

CONTROL

OBJECTIVE CONTROL ISSUE RECOMMENDATION

LIKELIHOOD OF

OCCURRENCE

IMPACT OF

OCCURRENCE
final approved
timecards. City Payroll
also designates an
employee to review
and approve these
reconciliations.
did not designate an employee
to review the reconciliation
performed and the entire audit
checklist as a whole. The
absence of a documented
reviewer in the checklist
increases the likelihood of
errors going unnoticed during
the audit process, potentially
leading to inaccuracies in
payroll processing.
checks performed, discrepancies noted,
and actions taken to resolve issues.
● Consistency with Policies and Procedures:

Verify that the preparer's review and
documentation align with any established
payroll policies and procedures. This
includes adherence to potential guidelines
for sufficient documentation and timeliness
of the audit checklist tasks.
● Error Identification and Resolution: Check
that the preparer has identified any errors
or discrepancies in the timekeeping data
and taken appropriate steps to resolve
them. This includes following up on any
outstanding issues.
● Cross-Verification: Look for evidence that
the preparer has cross-verified the
timekeeping data with other relevant
records such as employee schedules,
leave requests, and previous payroll
records.
● Timeliness of the Review: Ensure that the
review was completed within the
established timelines to avoid delays in
payroll processing.

This additional layer of review will help
enhance accountability and ensure that all
steps in the payroll process are thoroughly
complete, accurate, and verified.
3 The FD and PD review
their respective
timecard reports prior
to submission to City
Payroll.

Based on interviews, both the
PD and FD have extensive
review processes in place prior
to sending timecard reports to
City Payroll; however, the actual
timecard reports are not signed
The FD and PD should implement a process
to document review and approval of timecard
reports prior to being sent to City Payroll. Each
department should first designate an
employee who will be responsible for
performing this review, along with a backup
High Low
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NO.

CONTROL

OBJECTIVE CONTROL ISSUE RECOMMENDATION

LIKELIHOOD OF

OCCURRENCE

IMPACT OF

OCCURRENCE
off as evidence of review prior
to sending out—although it
appears that the PD and FD do
conduct these reviews. The
absence of evidence of
review/approval increases the
likelihood of errors going
unnoticed and decreases the
level of accountability,
potentially leading to
inaccuracies in payroll
processing.
employee. After conducting the review, the
reviewer should document evidence of their
review. This can be an email stating
completion and review, physical signoff on
reports, or something similar.
4 The checklist used to
generate the PD
timecard report for
submission to City
Payroll is reviewed
and approved prior to
sending the report.

The checklist used by the PD to
generate the timecard report for
submission to City Payroll does
not have documented evidence
of being reviewed or approved.

The absence of a documented
reviewer in the checklist
increases the likelihood of
errors going unnoticed during
the review process and
decreases the level of
accountability, potentially
leading to inaccuracies in
payroll processing.

The PD should implement a process to
document review and approval of the checklist
used to submit timecard data to City Payroll.

The PD should first designate an employee
responsible for conducting this review, along
with a backup employee. The reviewer should
ensure that all steps of the checklist were
followed by the preparer, and any
discrepancies should be investigated. After
completing the review, the reviewer should
document evidence of their review, which can
be accomplished by adding a "Reviewer"
signature section within the checklist to record
the overall review and approval of all outlined
steps.

High Low
5 Within the FD, all
timecard corrections
are approved by the
Captain or the Chief.

We obtained corrected
timecards for each of our eight
sample selections, noting that
the Chief’s signature was
provided at the bottom of the
page. However, it was unclear
whether the signature indicated
approval of the original timecard
or the corrected timecard.

The FD should implement a process that
clearly documents review and approval for
timecards and separately documents review
and approval of timecard corrections. This
updated process might include using
differently colored pens to identify approvals of
original timecards and approvals of corrected
timecards. It could also include having a
specific line on timecards for original timecard
Moderate Low
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NO.

CONTROL

OBJECTIVE CONTROL ISSUE RECOMMENDATION

LIKELIHOOD OF

OCCURRENCE

IMPACT OF

OCCURRENCE
Without clarity around timecard
approvals, the risk increases for
incomplete or inaccurate
timecards.
approval and a secondary line for corrected
timecards.
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CITY OF MODESTO

COUNCIL AGENDA REPORT
DATE OF MEETING:

May 6, 2025
Date: April 25, 2025
TO: Mayor and City Council
FROM: Colleen Rozillis, City Auditor
SUBJECT: Acceptance of the Utilities Fiscal Review Performance Audit Report CONTACT: Colleen Rozillis, City Auditor, [email protected], 206-302-6795 DESCRIPTION:

Consider accepting the Utilities Fiscal Review Performance Audit Report.

STRATEGIC PLAN ELEMENT:

The recommended action supports the following 2020-2025 City of Modesto Strategic Plan Initiatives: Goal J: Build a high-performance organization.

BACKGROUND:

City Council approved a performance audit of the Utilities’ fiscal management practices as part of the Fiscal Year 2024-2025 Internal Audit work plan.

DISCUSSION:

The performance audit evaluates the City’s fiscal management of its water, wastewater, and storm drain utilities. This included a review of the sources and uses of funds, rate setting, other fees and charges, billing, and policies and procedures to identify opportunities for improvement in sustainability, effectiveness, equity, and transparency. The report contains five recommendations for operational improvements. This performance audit was completed under Generally Accepted Government Auditing Standards (GAGAS).

FISCAL IMPACT:

None.

COMMITTEE RECOMMENDATION:

This item was considered by the Audit Committee on April 23, 2025. The Audit Committee approved forwarding this to the City Council for acceptance.

RECOMMENDED COUNCIL ACTION:

Motion accepting the Utilities Fiscal Review Performance Audit Report. #7..
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City Council, May 6 2025
Acceptance of the Utilities Fiscal Review Performance Audit Report

Approved by:

Colleen Rozillis, City Auditor
Attachments:

1. City of Modesto Utilities Fiscal Review Performance Audit, dated March 11 2025 #7..
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This report is intended for the internal use of the City of Modesto, and may not be provided to, used, or relied upon by any third parties.

CITY AUDITOR’S OFFICE

FINAL REPORT

WATER AND WASTEWATER UTILITIES FISCAL REVIEW

PERFORMANCE AUDIT
March 11, 2025
Moss Adams LLP
999 Third Avenue, Suite 2800
Seattle, WA 98104
(206) 302-6500
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Water and Wastewater Utilities Fiscal Review Performance Audit

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Table of Contents
Executive Summary 1
A. Introduction 1
B. Summary of Findings and Recommendations 1
Introduction 3
A. Background 3
B. Scope and Methodology 3
C. Statement of Compliance with GAGAS 4
Commendations 5
Findings and Recommendations 6
A. Utilities Fund Expenditures 6
B. Funding Mechanisms 10
Appendix A: Sources and Uses Analysis 15
Appendix B: Rate Study Best Practice Checklist 18
Appendix C: Peer Benchmarking 20
Appendix D: Management Response 23
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EXECUTIVE SUMMARY
As part of the City of Modesto’s (the City’s) fiscal year 2024–2025 internal audit program, Moss Adams LLP (Moss Adams) conducted a review to evaluate the City’s fiscal management of its water, wastewater, and storm drain utilities to identify opportunities for improvement in sustainability, effectiveness, equity, and transparency. This included a review of the sources and uses of funds, rate setting, other fees and charges, billing, and policies and procedures. We conducted this performance audit between September 2024 and January 2025 using a four-phased approach consisting of project planning and management, fact-finding, analysis, and reporting.

Findings and recommendations are grouped into two categories: 1) Utilities Fund Expenditures and 2) Funding Mechanisms. Detailed findings and recommendations are provided in Section IV of this report. The Sources and Uses Analysis is discussed in the Utilities Capital Project Budgets section (Finding 1) and provided in Appendix A. The City’s response to recommendations is included in Appendix D.

FINDINGS AND RECOMMENDATIONS
Utilities Fund Expenditures

1. Finding The Department lacks a systematic approach to tracking total anticipated project costs within its Capital Improvement Program (CIP), leading to large fluctuations in project costs and raising potential transparency and cash flow issues.

Recommendation Clearly document total project anticipated costs, update totals as new projects are added, and evaluate project budget versus actuals to assess trends.

2. Finding The City lacks key maintenance data, an asset management system, and staff capacity to effectively address utility-related maintenance needs.

Recommendation A. Collect and track maintenance data including installation dates, renewal periods, and estimated costs.

B. Utilize Lucity as an asset management system, or explore other systems to track asset management data more effectively and efficiently.

C. Evaluate inspection staffing within the Utilities Department to address maintenance needs.

D. Review recruitment strategies and compensation practices for inspectors within the Utilities Department to ensure effectiveness. #7..
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FINDINGS AND RECOMMENDATIONS
Funding Mechanisms

3. Finding The City’s storm drain budget is projected to decline over the next five years, impacting the City’s ability to maintain the program that helps prevent flooding and protects the City’s water quality.

Recommendation A. Evaluate reallocating storm drain fees, establishing development impact fees, and levying special taxes to fund the storm drain program more effectively over time.

B. Consider reallocating street sweeping expenditures to be financed by a different fund than the storm drain fund.

4. Finding Although water and wastewater rates have increased in recent years, the City has not adjusted related fees in over a decade, which may result in insufficient revenue to cover costs.

Recommendation Evaluate water and wastewater fees to ensure costs are adequately covered.

5. Finding Despite grant opportunities, the Utilities Department lacks the capacity to pursue and manage grants effectively due to the absence of a dedicated grants management position.

Recommendation Consider establishing a dedicated grants management position (potentially as a shared resource for City departments) to streamline the grant application process and reduce the workload on existing staff.
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INTRODUCTION
As part of the City’s FY 2024–2025 internal audit program, Moss Adams conducted a review to evaluate the City’s fiscal management of its water, wastewater, and storm drain utilities. This included a review of the sources and uses of funds, rate setting, other fees and charges, billing, and policies and procedures to identify opportunities for improvement in sustainability, effectiveness, equity, and transparency.

The City’s Utilities Department (Utilities, the Department) has four divisions: Administration, Water Services, Wastewater Services, and Engineering Services. The Department plans, designs, constructs, operates, and maintains the infrastructure of all City water, wastewater, and storm drain systems. It also prepares plans and studies to address current and future water resource needs, develops utility rates, and participates in regional water partnerships to improve water operational efficiencies and provide services for nearby districts and agencies. The Department is overseen by a director and has over 250 employees.

This performance audit was conducted between September 2024 and January 2025. It examined utility fiscal management including sources and uses of funds, rate setting, other fees and charges, billing, and policies and procedures to identify opportunities for improvement. This project consisted of four phases that are detailed below.

PHASE DESCRIPTION
1 Project Initiation
and Management
This phase concentrated on comprehensive planning and project management, including identifying employees to interview and documents to review, communicating results, and providing regular updates on project status. 2 Fact-Finding This phase included interviews, document review, and peer benchmarking. ● Interviews: We conducted interviews with Utilities leaders, managers, and staff, as well as staff in the Budget division and Finance department. Overall, we spoke to 22 City employees. The purpose of these interviews was to gain insights into the current operational environment, including strengths and opportunities for improvement related to fiscal management within Utilities at the City.
● Document Review: We reviewed a variety of documents, data, and information provided by the City, including but not limited to budget documents, rate studies, city resolutions, master plans, engineering reports, facilities assessments, customer engagement documents, and billing information.
● Peer Benchmarking: We performed peer benchmarking with three peer organizations: the City of Livermore, the City of Tracy, and the Modesto Irrigation District. Our benchmarking analysis included a review and comparison of fiscal management practices.
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PHASE DESCRIPTION
3 Analysis Based on the information gained during our fact-finding phase, we conducted and consolidated research on relevant industry standards and best practices. We identified potential areas for improvement and developed practical recommendations.
4 Reporting We communicated the results of our analysis with findings and recommendations, presented first in a draft report we reviewed with management to confirm the practicality and relevance of recommendations before finalizing the report.

We conducted this performance audit in accordance with Generally Accepted Government Auditing Standards (GAGAS). Those standards require that we plan and perform the audit to obtain sufficient, appropriate evidence to provide a reasonable basis for our findings and conclusions based on our audit objectives. We believe that the evidence obtained provides a reasonable basis for our findings and conclusions based on our audit objectives.
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COMMENDATIONS
It is important to note the City’s areas of strength and existing good practices that can be leveraged for further improvements. The following is a list of commendations that the Moss Adams team would like to note:
• Billing: Interviewees reported the City is in the process of implementing a new billing software set to go live in April or May of 2025. This software will automate some of the manual billing processes that are currently in practice and provide more transparency to customers on their bills through a user-friendly customer portal.
• Budget Process: The Department has monthly meetings to monitor and discuss its budget on a regular basis, which is a best practice to support effective financial management and accountability. Many interviewees reported this process is beneficial and collaborative, allowing teams to make budget adjustments as needed. Additionally, interviewees reported that staff track expenses on a granular level which allows the Department to easily identify outliers and variances. This is a strong practice to support the identification of potential issues (e.g., significant variances in budget projections or miscoded expenditures). • Customer Satisfaction: The Department receives feedback from customers through customer service calls and feedback surveys following work requests. Customer feedback has generally been positive over the last few years. Most respondents surveyed by the City (82%) reported an excellent rating on wastewater work orders from 2021 to 2024. All 34 water customers who called the City from 2020 to 2024 on matters related to water had complimentary responses for water utilities.
• Equity: To support equitable services, several steps in the City’s rate study process involve public engagement through outreach and public hearings. Additionally, the City provides a assistance program that provides discounts on utility bills for residents enrolled in an eligible public assistance program.
• Rate Study Process: The City’s rate study process is generally aligned with best practices, including sustainable financial management practices from the Environmental Protection Agency’s Office of Wastewater Management. A comparison of the City’s rate study process to best practices is included in Appendix B.

We would like to commend Utilities staff and management for their willingness to assist us in this assessment process. These commendations, coupled with our findings and recommendations, provide an overview of areas of strengths and weaknesses that can help improve Utilities operations and reduce risk at the City.
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FINDINGS AND RECOMMENDATIONS
Our findings and recommendations are grouped into two categories: 1) Utilities Fund Expenditures and 2) Funding Mechanisms.

1. Finding The Department lacks a systematic approach to tracking total anticipated project costs within its Capital Improvement Program (CIP), leading to large fluctuations in project costs and raising potential transparency and cash flow issues.

Recommendations Clearly document total project anticipated costs, update totals as new projects are added, and evaluate project budget versus actuals to assess trends.

Most funding for the Utilities Department is generated from charges for services, fees, intergovernmental service agreements, and interest income. Most expenses are related to infrastructure maintenance and capital improvement projects. A detailed analysis of the sources and uses of funds for the City’s Utilities Department is included in Appendix A. Based on the City’s preliminary pro forma budget reports for FY24, the City’s revenues for water, wastewater, and storm drain services were insufficient to cover expenses. Staff reported this was largely due to unanticipated increases in capital improvement expenses. This condition required the City to use reserve funds to cover expenses in FY24.

The City at large does not require total anticipated project costs be tracked in the CIP or other public documents. The Department uses internal cash flow forecasting spreadsheets to manage project costs, but these documents are not consistently maintained or publicly accessible, impacting transparency around total capital project costs.

The Department documents the design portion of a project in the CIP budget as these are known costs at the beginning of the project. Later, when construction contracts are awarded, the CIP budget is increased to account for these costs. As the project continues, the budget is adjusted to account for other project changes such as combing projects or changing project scopes. In reviewing three CIP projects, we found the original budget (which only represented the design portion) had large percentage increased throughout the project following approval of the construction phase.

Project
Number
FY22-23 Budget
(Design Portion)
Total Budget
Adjustments
(Construction
Portion)
FY24-25 Budget
(Total Project Cost)
Percent
Increase
101094 $7,560,000 $15,024,837 $22,584,837 199%
100535 $3,039,400 $5,526,488 $8,565,888 182%
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Project
Number
FY22-23 Budget
(Design Portion)
Total Budget
Adjustments
(Construction
Portion)
FY24-25 Budget
(Total Project Cost)
Percent
Increase
100851 $240,000 $11,059,582 $11,299,582 4608%
In addition, the Department’s total CIP budgets show significant increases in multiple capital projects since FY23. Utilities capital project budgets increased nearly $23 million between FY23 and FY24 and are projected to increase another $84 million between FY24 and FY25. It is difficult to determine the reason for these increases because the Department uses a phased budget approach. This phased approach results in an inability to verify the initial project cost estimates, as discrepancies often arise from the inclusion of additional projects or costs not originally accounted for. Additionally, this approach lacks a realistic total project estimate that may lead to funding shortfalls that require the use of reserves. Cost overruns on Utilities capital projects are an industry challenge. All peer organizations reported some challenges with budget overruns, due to increased inflation in recent years and challenges accurately estimating costs.

Accurate and complete estimates are important to ensure sufficient funds are available from a project’s initiation to completion, while minimizing the use of reserve funds or the need for additional financing. In FY24 the Department had to draw $17,618,204 in reserves from water and wastewater funds to cover the increase in capital project spending. Inaccurate, phased estimates and insufficient budget monitoring can impact effective financial management and public trust in the City's capital project budgeting processes.

The Department should clearly document total project anticipated costs, update totals as new projects are added, and evaluate project budget versus actuals to access trends. The Department should first clearly document total project anticipated costs that includes an estimate for all project phases. These estimates are likely to change throughout the project but a total estimated cost will help in planning the project to ensure the City has sufficient funds and resources to complete the project.

The Department should also update totals as new projects are added. As noted, changes are likely to occur throughout the project. These changes, including the addition of new projects should be added to the project budget as they occur. This practice will help the City evaluate the impact of combining projects to potentially save costs and resources and ensure funds are used effectively. This will also provide better transparency in cases of cost savings or budget overruns.

Finally, the Department should report project budget versus actuals to assess trends such as financial accountability or project efficiency in cases of budget savings. When significant budget overruns occur, projects should be evaluated for the cause to determine if practices should be adjusted such as changing how project budgets are estimated.
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2. Finding The City lacks key maintenance data, an asset management system, and staff capacity to effectively address utility-related maintenance needs.

Recommendations A. Collect and track maintenance data including installation dates, renewal periods, and estimated costs.

B. Utilize Lucity as an asset management system, or explore other systems to track asset management data more effectively and efficiently.

C. Evaluate inspection staffing within the Utilities Department to address maintenance needs.

D. Review recruitment strategies and compensation practices for inspectors within the Utilities Department to ensure effectiveness.

The City has taken steps to address infrastructure concerns for its utilities—such as developing and maintaining current master plans with prioritized infrastructure projects. Staff reported they are working on updating the Supervisory Control and Data Acquisition (SCADA) system to support more effective monitoring of its infrastructure. They also reported the City recently purchased a new truck equipped with closed-circuit television (CCTV) cameras that can inspect water lines, sewer systems, and storm drains to support the City with more proactive and preventative maintenance needs. In FY24, the Department repaired 540 water leaks, replaced 112 damaged fire hydrants, and cleaned over 464.2 miles of sewer pipe—all measures to support effective maintenance of the City’s water and wastewater infrastructure. However, the City lacks comprehensive maintenance data, an effective asset management system, and staff capacity to address utility maintenance needs fully and effectively.

Maintenance Data
The City has some asset management data for utilities, including data in its Facilities Conditions Assessment Report (FCA) completed for wastewater in 2022. However, the City does not have comprehensive information such as installation dates, renewal periods, or estimated costs for all its water, wastewater, and storm drain infrastructure. Additionally, the data is not maintained in a consistent database or system to support efficient operations (see Asset Management System below). Without comprehensive asset management data, the City is limited in its ability to predict and proactively address maintenance needs in a prioritized and efficient manner. This results in a more reactive approach to maintenance that is often less strategic and more costly. Maintained assets are vital for the sustainability of operations and the safety of the community, ensuring access to clean water and the safe management of wastewater.

The Department should collect and track comprehensive maintenance data to proactively prepare and plan for repairs and replacements of utility assets. Key asset maintenance information to track includes asset description, installation date, estimated repair or replacement date, expected lifecycle, location, conditions assessment, maintenance records, usage data, compliance checks, performance metrics, and estimated cost to repair or replace. This information is important in making data-driven decisions such as estimated budgets, future project costs, and staffing needs to perform inspections or repairs. This information is standard for asset management programs and will help to better predict and plan for the Department’s future.
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Asset Management System
The City does not use an asset management system to store and track all asset management data in one location. It currently uses Lucity as a work order management system; however, it also has asset management capabilities that are not fully utilized by the Department. Instead of relying on a centralized system, staff reported using various spreadsheets and institutional knowledge to gather information on asset conditions and maintenance schedules.

Though prioritized maintenance is being completed and tracked, without a centralized asset management system the Department struggles to proactively and efficiently identify, track, and plan for repair and maintenance needs. Comprehensive, accessible, and accurate information is essential for more robust preventive maintenance and the associated budget forecasting process. Unplanned maintenance needs due to system failures or emergencies can create significant unexpected costs and adversely affect the Department’s budgets and utility rates. Staff interviewed expressed particular concern regarding wastewater maintenance needs, noting that these pipes tend to corrode quickly and require repairs or replacements more frequently than initially anticipated. This situation requires substantial funding for maintenance. When small maintenance issues are not addressed, they can escalate into larger, more expensive problems, including emergency replacements. Emergencies and major replacement projects impose additional costs and resource demands on the City. Furthermore, increased water and wastewater maintenance needs can lead to flooding, water quality issues, and sewer backups, all of which can negatively impact the health and livability of the community.

The Department should explore how to use Lucity as an asset management system or explore a new, comprehensive system to track this data in one place. Using an asset management system will allow for more accurate information about assets and a more efficient process that helps staff make informed decisions on when repairs or maintenance are needed and plan for the associated costs in the budget. This will allow the Department to better estimate costs and resource needs. This is particularly important in periods where many assets require maintenance at one time and in equitably prioritizing which areas have more needs based on maintenance data.

Staffing
Staff reported the City lacks adequate inspectors to address utility-related maintenance needs and that turnover in inspector positions has negatively impacted proactive maintenance. Staff also reported difficulty recruiting new staff for vacant positions. Inspectors play a vital role in identifying maintenance needs before issues escalate.

Year 2022 2023 2024
Percent of inspector
turnover for the year 0% 50% 33%
Staff reported challenges with retention and recruitment are due in part to retirements, relocations, and competitive pay challenges. Without adequate inspectors, the Department may not be aware of asset conditions that need attention through repairs or maintenance. This can lead to more costly fixes or replacements.

The City should evaluate inspection staffing to ensure staffing levels meet the City’s maintenance needs. This assessment should include considerations for the volume of work, complexity of assets, #7..
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and specific needs of the community. This analysis will be better informed with the comprehensive asset management data and system noted above, to show future trends in potential inspection needs.

Additionally, the City should develop targeted recruitment strategies to attract qualified candidates for inspector positions, such as through partnerships with local colleges or vocational schools, by attending job fairs, and initiating outreach activities with professional organizations in relevant fields.

The City should also consider reviewing the compensation packages for inspector positions and ensuring they are competitive with similar roles across the industry.

3. Finding The City’s storm drain budget is projected to decline over the next five years, impacting the City’s ability to maintain the program that helps prevent flooding and protects the City’s water quality.

Recommendations A. Evaluate reallocating storm drain fees, establishing development impact fees, and levying special taxes to fund the storm drain program more effectively over time.

B. Consider reallocating street sweeping expenditures to be financed by a different fund than the storm drain fund.

As shown in the graph below, the City’s storm drain pro forma budget is projected to steadily decrease over the next five years. Interviewees reported that the City has not raised storm drain rates in over 20 years, resulting in minimal revenue for storm drain needs. Storm drains are essential for removing rainwater from streets and helping prevent flooding in the community. They also play a crucial role in keeping drains clean and free from hazardous contamination that can flow into local waterways.
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Outdated storm drain rates have led to insufficient revenue to cover necessary maintenance, repairs, and replacements for the City’s storm drains. With aging infrastructure, increased flooding, and the impacts of climate change, securing funding to maintain the storm drainage system is vital. This funding would be used to support infrastructure that can help prevent flooding and road deterioration, and protect water quality for residents.

Under Proposition 218, voters must approve property-related storm drain fee increases; the proposition also allows a protest vote. Staff reported that mobilizing citizens to vote in favor of increased rates is challenging and can be very costly, which has made the City hesitant to pursue a rate increase.

In addition to insufficient revenue due to stale storm drain rates, existing funds are also allocated to other needs, which impacts how much funding is available for storm drain infrastructure improvements. Approximately $2 million of storm drain funding is allocated to Public Works for street sweeping. To address the funding shortfall for storm drains, staff reported that they pursue grants.

However, these strategies may not cover the increasing gap in revenues and expenses in the coming years.

Storm drain funding challenges are not unique to Modesto, given Proposition 218’s application to all of California. The three peer organizations involved in this assessment also reported challenges with raising storm drain rates, and that storm drains are currently funded through a combination of current rates and supplemented by the general fund. Despite these industry wide challenges, the City will need to address gaps in funding or reduce expenses to meet the needs of its community.

FY24-25
$3,185,074.00
FY25-26
$243,818.00
FY26-27
-$2,921,032.00
FY27-28
-$6,311,326.00
FY28-29
$(12,000,000.00) -$9,933,207.00
$(10,000,000.00)
$(8,000,000.00)
$(6,000,000.00)
$(4,000,000.00)
$(2,000,000.00)
$-
$2,000,000.00
$4,000,000.00
Storm Drain Projected Fund Balance
Ending Fund Balance
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The California Stormwater Quality Association (CASQA) proposes the following list of resources that stormwater managers in California may consider in overcoming funding barriers1:
• Storm Drain Utility Fees: CASQA recommends that utilities departments set up storm drain utility fees as an enterprise fund, to charge fees for services delivered to the public. The City already does this through the storm drain enterprise fund. • Realignment of Services: CASQA recommends reallocating storm drain activities under water, sewer, or trash collection services, which are exempt from Proposition 218. For example, street sweeping funding could be reallocated to a different service. Street sweeping accounted for almost 30% of the City’s storm drain budget in FY24, which is a significant portion of the fund. In addition, no other peer city interviewed funds street sweeping with the storm drain budget.

Reallocating street sweeping may be the easiest first step in reducing the gap in the storm drain budget. Additional opportunities to reallocate activities may also exist. The City of Livermore funds storm drain projects through stormwater user fees, a development impact fee, the General Fund, and Federal Emergency Management Agency (FEMA) funding. The City of Tracy funds storm drain expenses through customer utility rate payments and the General Fund. • Local Development Impact Fees: CASQA recommends setting up development fees—a fee imposed on developers to cover or offset the cost of public facilities related to development projects. The City of Livermore partially funds storm drain projects through an impervious surface development impact fee.
• Special Taxes: CASQA recommends special taxes, which require a two-thirds majority vote for approval. This may provide an easier avenue than attempting to raise storm drain rates. For example, CASQA recommends a special tax called a parcel tax. According to CASQA, parcel taxes on individual properties are the most common type of special tax for storm drain services.

These taxes are levied against real property and can be flat fees or aligned with acreage, building size, impervious surface cover, or land uses. Culver City, Los Angeles, Santa Cruz, and Santa Monica have all successfully implemented parcel taxes for storm drain services.

In addition to recommendations from CASQA, the City may also consider using its share of the state gas tax to address improvements in storm drains. According to the California State Controller, entities that have a Special Gas Tax Street Improvement Fund and Road Fund may use funding to finance storm drain construction or reconstruction. This is another way to help fund storm drain projects for the continued operation of the City’s storm drain program.

4. Finding Although water and wastewater rates have increased in recent years, the City has not adjusted related fees in over a decade, which may result in insufficient revenue to cover costs.

Recommendation Evaluate water and wastewater fees to ensure costs are adequately covered.

The Department is primarily funded by utility rates and some separate fees/charges (e.g., connection and installation charges, meter fees, pavements fees, capacity charges, and reimbursement fees). 1 https://www.casqa.org/resources/stormwater-funding/sustainable-stormwater-program-funding #7..
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While water and wastewater rates have steadily increased over the last few years, the City has not raised water and wastewater-related fees/charges in over 10 years. Staff reported this is because a cost analysis has not been conducted to assess whether fines and fees are meeting the City’s needs (i.e., covering specific costs or deterring certain activities).

The Department may also consider new storm drain fees to adequately cover costs. One storm drain related fee CASQA recommends is a local development impact fee (see the Storm Drain Program Budget section). Impact fees may also be relevant to water and wastewater, depending on the types of capital projects related to new developments at the City. In addition, because the City does not currently charge fees for storm drain inspections, the costs of inspections are absorbed by other revenue sources. Another fee in the industry is a conservation fee to encourage water conservation efforts. No other peers reviewed have this, but this fee may be used to penalize excessive water use during drought conditions, which can promote sustainability of water resources over time.

The City should evaluate water and wastewater fees to ensure they adequately cover related costs, including staff time, overtime, and additional resources. Adjusting fees is a strategy for ensuring that costs are met, as these fees are independent of Proposition 218, making implementation easier.

5. Finding Despite grant opportunities, the Utilities Department lacks the capacity to pursue and manage grants effectively due to the absence of a dedicated grants management position.

Recommendation Consider establishing a dedicated grants management position (potentially as a shared resource for City departments) to streamline the grant application process and reduce the workload on existing staff.

The Department lacks the capacity to pursue new grants and monitor awarded grants due to the absence of a dedicated grants management position. Currently, some grant responsibilities are contracted out to consultants and others are managed by internal engineers or project managers.

However, these staff members have other responsibilities and priorities that take away from researching or overseeing grant activities. Without dedicated resources for grants management, the City may miss out on valuable funding opportunities for essential projects or be limited in its ability to effectively monitor grants.

The City has been successful in obtaining several grants. As reported in the FY24 Operating Budget, it received $11.6M in State grants for utility projects, and $19.9M in grant applications is pending approval. In FY24, the City was awarded grants for projects related to storm drain and well treatment systems and pipes. Staff also reported they are actively working on obtaining a grant to help fund SCADA updates.

Modesto’s percentage of grants that cover expenses is smaller than one peer (the City of Livermore) but larger than the City of Tracy and the Modesto Irrigation District, which did not have any grant revenue in their FY23 financial reports (also see Appendix C). All three peers interviewed for this assessment likewise do not have a dedicated grants management position. One peer, like the City of Modesto, has a consultant at the city to help find and apply for grants. Another city is considering #7..
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hiring a consultant to assist with grants. Currently, all peers have department staff apply for and manage grants. Several also mentioned they do not fund many projects with grants as historically there have not been many grants for utilities. However, they have seen an increase in relevant grants for utilities in the last few years.

The City should consider designating a dedicated grants management position, potentially as a shared resource among various City departments. This role would alleviate the burden on existing staff by focusing on researching and applying for grants. While departments would still need to ensure that staff have the capacity to oversee grant management, this dedicated position could enhance the identification of relevant grant opportunities and increase the likelihood of successful applications. Typically, grant management positions are self-sustaining, as they generate revenue through the acquisition of grant funds, some of which may cover the salary of the position. #7..
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APPENDIX A: SOURCES AND USES ANALYSIS
The following tables include the City’s sources and uses of funds for water, wastewater, and storm drain for FY24.

Water
Sources of Funds FY24 YTD
Service-related revenue (e.g., charges for services; refunds, damages, and cost recovery/other; service credits) $84,165,110
Water development fees $1,731,616
Utility assistance fees $229,650
Interest income $5,426,475
Rental income $42,983
Miscellaneous income $15,607
Legal settlement $238,052
Other income (e.g., sale of assets, project revenue, loan repayment) $1,115,712 *Draw from reserves $6,491,007
Total Sources of Funds $99,456,212
Uses of Funds
General expenses $348,924
Utility bills and collections $171,896
Finance expenses (i.e., cashiering, utilities and collections, assistance programs, software) $5,525,979
Engineering expenses $1,039,797
Administrative expenses $3,428,666
Analyses, plans, and studies (e.g., management, systems, studies, rates, SOI) $366,820 Maintenance $3,481,766
Wells and tanks $9,405,818
Water quality $2,875,371
Service and meters $2,810,930
Grant expenses $16,965
Litigation $14,268
Transfers to other funds (e.g., projects, grants, wastewater, storm drain, General Fund, IT) $1,197,857
Capital planning services $739,430
Construction services $6,908,820
Water conservation $1,155,589
Modesto Irrigation District payments for surface water treatment $14,444,022 Other expenses (e.g., ASR Program, Revenue System, UCMR5) $411,053 Total debt service $12,194,696
Capital improvement projects $32,917,545
Total Uses of Funds $99,456,212
*The water fund drew from the reserve balance in FY24. Staff reported there were increases in capital project expenses in the year that resulted in the need to draw from reserves to cover expenses. #7..
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Wastewater
Sources of Funds FY24 Actuals
Service-related revenue $65,692,343
Intergovernmental revenues related to the Del Puerto Water District, the City of Turlock, and other governmental agencies $2,725,831
Interest income $2,373,873
Rental income $508,717
Interfund charges (charges from other departments or divisions, e.g., Public Works or Utilities) $1,894,381
Miscellaneous Income $4,329,729
Transfers in from other funds (e.g., General Fund, Compost Fund, loans) $1,333,493 *Draw from reserves $11,127,197
Total Sources of Funds $89,985,564
Uses of Funds
General expenses $890,650
Utility bills and collections $1,042,114
Engineering expenses $387,070
Administrative expenses $2,481,890
Plant operations $4,679,546
Wastewater collections $7,515,513
Lab and environmental services $2,283,026
Analyses, plans and studies (e.g., management, systems, studies, rates, SOI) $87,346 Maintenance $11,942,758
Segregation line (e.g., wastewater barriers to keep wastewater streams separate) $507,731 Transfers to other funds (e.g., General Fund, Water Fund, Sewer Fund) $5,054,890 Capital improvement services $515,595
Non-capital projects $2,009,623
Other projects (e.g., Parklawn and Airport) $37,931
North Valley Regional Recycled Water Program $1,055,674 Sewer Cost Sharing Program $4,320
Total debt service $10,412,754
Capital improvement projects $39,077,131
Total Uses of Funds $89,985,564
*The wastewater fund drew from the reserve balance in FY24. Staff reported there were increases in capital project expenses in the year that resulted in the need to draw from reserves to cover expenses. #7..
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Storm Drain
Sources of Funds FY24 YTD
Operating revenue $5,613,895
Interfund labor and equipment income (charges from other departments or divisions, e.g., Public Works or Utilities) $128,519
Interest income $167,726
Transfers In (e.g., water fund for the Source Water Protection Program) $700,000 Miscellaneous income $222,847
Total Sources of Funds $6,832,987
Uses of Funds
General expenses $77,178
Utility bills and collections $353,224
Sewer collections $3,192,915
System analysis $41,295
Stormwater lift stations $159,747
Street sweeping $1,887,196
Compliance $924,830
Transfers from other funds (e.g., Water Fund for utility billing software) $22,368 Capital improvement projects $314
*Additions to reserves $173,919
Total Uses of Funds $6,832,987
*The storm drain fund added to the reserve balance in FY24, as expenditures came in under budget and interest revenue and fair market value revenue were higher than expected for the year. #7..
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APPENDIX B: RATE STUDY BEST PRACTICE

CHECKLIST
This checklist assesses whether the City’s rate study process is aligned with best practices. We compared the City’s Utilities Rate Studies’ Standards Operating Procedures (SOP) and recent rate study to best practices, including those from the Environmental Protection Agency’s Office of Wastewater Management.

Best Practice
Category
Item Best Practice Description
Modesto
Adherence Modesto Alignment
Determine
Current
Revenues and
Expenses
Revenues may include annual
collections from rates/charges to
customers, interest, transfers,
and other sources. Expenditures
may include physical equipment,
staff, outstanding loans,
mortgage payments, and other
costs. All costs should be
included and budgeted at the
appropriate levels.
☒
Per the SOP, budget details, and
revenue and expenditure by object
reports, current costs are included in the
financial information used to determine
rates. This includes capital project
expenses. The rate study is also
supported by an engineering report that
provides the justification and allocation
of costs for the water and wastewater
capital projects.

Determine
Reserve
Build reserves into the rate.

Note: There are no national
standards for reserve amounts,
although some funders have
requirements for borrowers.
☒
Per the SOP, the reserve balance is
included in the financial information
used to determine rates. Both the water
and wastewater rate studies include
reserve policies in the rate setting
process (water pg. 64 and wastewater
pg. 27).

Project
Revenues and
Expenses
Project future revenues and
expenses by taking into
consideration current revenues
and expenses and considering
changes in the future (e.g.,
changes in customers,
infrastructure costs, capital
projects, labor).
☒
Per the SOP, a step in the rate study is
for a consultant to develop a 10-year
financial plan. Additionally, the rate
study includes cost projections (water
pg. 65 and wastewater pg. 26) for future
users (water pg. 21 and sewer pg. 39)
and water demand (water pg. 23).

Determine
Rate Structure
Determine what rate structure
works best for the
City/community.
☒
Per the SOP, one step of the process is
to develop appropriate cost allocations
and rate designs.

Consider
Public
Perception
Customers should be aware of
changes to rates, and the utility
should consider smaller
incremental rate increases to
ease the shock of rate increases. ☒
Per the SOP, several steps in the
process involve public engagement
through outreach and public hearings.

Communication is a goal in the Charter
and each rate proposal is reported to
City Council. The City has also instituted
smaller rate increases over time rather
than one-time large increases.
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Best Practice
Category
Item Best Practice Description
Modesto
Adherence Modesto Alignment
Consider
Regulatory
Requirements
Consider regulatory
requirements, such as with the
state’s drinking water standards
and regulations.
☒
Both rate resolutions consider regulatory
requirements such as state compliance
with Proposition 218 (water pg. 1,
wastewater pg. 1).
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APPENDIX C: PEER BENCHMARKING
We reached out to five peer organizations who have similar water, wastewater, and storm services.

Among them, three participated: the Modesto Irrigation District, City of Tracy, and City of Livermore.

Our discussions were to understand current and best practices related to the fiscal management of water and wastewater utilities. The benchmarking process involved comparing key data points and current practices, allowing us to identify trends, strengths, and areas for improvement. The table below provides an overview of the key characteristics and observations. Under the table is a summary of lessons learned and best practices based on our conversations.

Metrics City of Modesto Modesto
Irrigation District
City of Tracy City of Livermore
Budget (FY24) $400,137,714.00 $636,500,000.00 $485,677,607.00 $293,280,402.00 Number of
households/account
s served (FY23)
72,418 132,803 27,943 30,835
Number of FTE 1,326 493 506 497
Asset management
program (name of
system or N/A)

N/A N/A N/A NEXGEN
Percentage of grant
revenue to each
fund’s revenue
(Annual
Comprehensive
Financial
Report FY23)
Water – 0.43%
Wastewater –

0.66%
Stormwater –
No revenue
(a storm-related
grant was awarded
in FY24)
No grant revenue
for water,
wastewater, or
stormwater
No grant revenue
for water,
wastewater, or
stormwater
Water – 3.66%
Wastewater –

4.49%
Stormwater –

18.10%
Dedicated grant
staff? (Yes/No)
No No No No
Date of last rate
increase
Water – 2023
Wastewater –
2022
Stormwater –
over 20 years
Irrigation – 2023
Electric – 2024
Water – 2023
Water – 2020
Wastewater –
2024
Stormwater –
over 20 years
Water – 2024
Wastewater –
2024
Stormwater – 2006
Date of last rate
study
Water – 2021
Wastewater– 2021
Stormwater –
over 10 years
Irrigation – 2023
Electric – 2024
Water – 2023
Water – 2019
Wastewater –
2023
Stormwater –
over 20 years
Water – 2022
Wastewater –
2020
Stormwater – 1992
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Metrics City of Modesto Modesto
Irrigation District
City of Tracy City of Livermore
Advanced Metering
Infrastructure (AMI)
system? (Yes/No)
No Yes Yes Yes
Storm Drain Funding Storm drain fees
and transfers from
other funds, like
the Water Fund
No storm drain
services
Storm drain fees
and General Fund
transfers
Storm drain fees,
General Fund
transfers, FEMA
funding, and
development
impact fees
Street Sweeping
Funding
Yes (funded
through the Storm
Drain Program)
N/A (no street
sweeping
services)
Yes (funded
through the
Streets &
Right-of-Way
Maintenance
Program)
Yes (funded
through solid
waste collection
fees)
Advanced Metering Infrastructure (AMI) Systems
• All peers use AMI systems. Peers reported AMI systems have significantly improved operational efficiency by automating meter readings, reducing the need for manual meter reading, and allowing for real-time data collection.
• Real-time data provided by AMI facilitates quicker identification of leaks and issues within the system, leading to more timely responses and reduced water loss. • AMI can enhance customer service by allowing utility staff to address inquiries about usage more effectively, allowing detailed consumption data to be accessed during customer interactions.

Cost Overruns
• Peers emphasized the importance of conducting regular reviews of budget allocations and historical spending to manage budgets and identify potential cost-saving opportunities. Cities emphasized the importance of ensuring that adequate cash reserves are available before initiating capital improvement projects, to avoid reliance on theoretical future funding.

Forecasting Revenues and Expenses
• Forecasting processes varied, but peers agreed that best practice involves comprehensive rate studies every five years. These studies help set realistic revenue expectations based on historical data and anticipated changes in costs (e.g., inflation rates for utilities). • Peers had varying methods for forecasting revenues and expenses, including applying different inflation rates to expenditure categories, maintaining conservative growth assumptions to avoid overestimating revenues, and incorporating a contingency buffer of 5% to 10% in the budget to account for unexpected expenses and ensure financial stability. The City of Livermore also utilizes a robust asset management system to project future capital costs and integrates these projections into long-term financial plans.
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Grants
• Cities are beginning to recognize the importance of actively identifying and applying for grants in the utility space, particularly for infrastructure improvements and capital projects. Some of the entities mentioned that have applicable utility grants were the State Revolving Fund, Department of Water Resources (DWR), and Bureau of Reclamation.
• Currently at all peers, grant writing and management responsibilities fall to staff within respective departments, with no dedicated grant management personnel. This has made it challenging to prioritize applying for funding opportunities. The City of Tracy has been utilizing contractors to assist with finding and proofing grant applications.

Rates
• Peers highlighted the necessity of conducting regular rate studies and implementing incremental rate increases, allowing constituents to experience smaller, more manageable increases over time and thereby enhancing public acceptance and minimizing financial strain. • The City of Livermore emphasized the importance of public outreach to educate constituents about the necessity of rate adjustments and the value of services provided, to foster trust and understanding within the community.

Storm Drain
• All peers are grappling with challenges related to storm drain budgets under Proposition 218, often relying on general funds to bridge funding gaps. Like Modesto, other cities have been unable to raise storm drain rates in many years. The City of Tracy's storm drain rates have remained unchanged for over two decades, while Livermore has not increased its rates since 2006. This highlights a significant need for rate adjustments to ensure sustainable storm drain management.
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APPENDIX D: MANAGEMENT RESPONSE
Finding 1: Utility Capital Project Budgets: The department lacks a systematic approach to tracking total anticipated project costs within its Capital Improvement Program (CIP), leading to large fluctuations in project costs and raising potential transparency and accountability issues.

Recommendations Management Response/Implementation Plan Clearly document total project anticipated
costs, update totals as new projects are added,
and evaluate project budget versus actuals to
assess trends.

We acknowledge that some of the CIP projects reviewed
by the auditors does not reflect the accurate costs of the projects for various reasons (provided to the auditors), such as increase in project scope to increase design
efficiencies, which results in minimizing resident impact during construction. Currently, the cash flow internal
document is updated and then the proforma in accordance with it which is included in our adopted operating budget book. Additionally, as part of our five-year rate study, we include the cash flow projections and scenarios for
projects. However, we recognize we could present this in a more public facing document. A solution would be to utilize the CIP Database to allow for better tracking year-overyear on each individual project. A change in this process could be implemented immediately and would allow us to
earmark and plan for projects 5 years outward. During the award of a contract, the budget can be “trued” up for the actual increases. We are committed to improving the
coordination between the internal cash flow/Proforma and the CIP list.

Finding 2: Asset Maintenance Needs: The City lacks key maintenance data, an asset management system, and staff capacity to effectively address utility-related maintenance needs.

Recommendations Management Response/Implementation Plan A Collect and track maintenance data
including installation dates, renewal
periods, and estimated costs.

1. For most of the infrastructure, the City currently has most installation data in our GIS system. Staff is
tracking maintenance of assets through the work order
system, Lucity, and will need to assign designated
staff members to continually track updates and costs.

2. Staff is at the early stages of developing a more robust Asset Management Plan.

B Utilize Lucity as an asset management
system, or explore other systems to track
asset management data more effectively
and efficiently.

The Department is finishing up a Request of Proposals to conduct an Asset Management Plan gap analysis to assist staff to determine what is needed to centralize all asset data in a single system.
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Water and Wastewater Utilities Fiscal Review Performance Audit | 24

FOR INTERNAL USE OF THE CITY OF MODESTO ONLY
C Evaluate inspection staffing with the
Utilities Department to address
maintenance needs.

The Department will re-assess and/or re-adjust staffing levels to transition from a reactive maintenance mode to proactive maintenance mode. A team dedicated to a
proactive maintenance program and utilizing technology for work orders and reports will assist in meeting this
challenge.

Staff will research opportunities to leverage technology and/or request additional resources to ensure maintenance needs continue to be identified, budgeted for, and
addressed.

D Review recruitment strategies and
compensation practices for inspectors
within the Utilities Department to ensure
effectiveness.

Staff will work with Human Resources department to
analyze recruitment and retention strategies for the
Environmental Compliance Inspector classification. An
overall assessment of the organization of assignments / tasks in this work unit could improve retention as well.

Finding 3: Storm Drain Program Budget: The City’s storm drain budget is projected to decline over the next five years, impacting the City’s ability to maintain the program that helps prevent flooding and protects the City’s water quality.

Recommendations Management Response/Implementation Plan A Evaluate reallocating storm drain fees,
establishing development impact fees, and
levying special taxes to fund the storm
drain program more effectively over time.

Utilities staff is currently coordinating with Budget to identify and implement opportunities for both short term fixes and long-term strategies to address revenue shortfalls in the Storm Drain fund.

B Consider reallocating street sweeping
expenditures to be financed by a different
fund than the storm drain fund.

This is currently being reviewed and in discussion for what other funding sources may be available and feasible to
cover the street sweeping expenditures. Once the funding sources are identified, staff will be working on an
implementation plan for how much of the current
expenditures will be covered by the new funding source.

Finding 4: Fee Setting: Although water and wastewater rates have increased in recent years, the City has not adjusted related fees in over a decade which may result in insufficient revenue to cover costs.

Recommendation Management Response/Implementation Plan
Evaluate water and wastewater fees to ensure
costs are adequately covered.

Impact fees analysis will be included in the next Water and Sewer Rate Studies, anticipated to begin in FY 2027/28.

Finding 5: Grant Setting: Despite grant opportunities, the Utilities Department lacks the capacity to pursue and manage grants effectively due to the absence of a dedicated grants management position.

Recommendation Management Response/Implementation Plan
Consider establishing a dedicated grants
management position (potentially as a shared
resource for City departments) to streamline the
grant application process and reduce the
workload on existing staff.

City staff has been coordinating with other departments and City Manager’s office to potentially centralize grant management as a shared resource.
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CITY OF MODESTO

COUNCIL AGENDA REPORT
DATE OF MEETING:

May 6, 2025
Date: April 1, 2025
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Jessica Hill, Director of Community and Economic Development SUBJECT: Fiscal Year 2025-26 Engineer’s Annual Report for Landscape Maintenance Assessment District No. 1 (Dry Creek Meadows Subdivisions Nos. 1-6) CONTACT: Edgar Garcia, Community Development Manager
[email protected] , 209-577-5211
DESCRIPTION:

Consider approving Fiscal Year 2025-26 Engineer’s Report and setting a Public Hearing on June 24, 2025 for the levy and collection of assessments for landscape maintenance in the public right-of-way, street medians, and areas adjacent to the access control walls in Dry Creek Meadows Subdivisions Nos. 1-6. (Funding Source: Landscape Maintenance Assessment District No. 1)
STRATEGIC PLAN ELEMENT:

The recommended action supports the City of Modesto’s 2020-2025 Strategic Plan Initiatives:

Provide Safe, Efficient, and Reliable Infrastructure through proactive community investment, maintenance, and sustainability efforts.

BACKGROUND:

On December 12, 1988, the City formed Landscape Maintenance Assessment District No. 1 (LMAD No. 1). LMAD No. 1 provides funding for the landscape maintenance in the public rightof-way, street medians, and areas adjacent to the access control walls in Dry Creek Meadows Subdivisions Nos. 1 through 6. LMAD No. 1 is comprised of 749 single-family residential lots and three (3) public agency owned parcels located east of North McClure Road at the southwest corner of Claus Road and MID Lateral No. 2. A copy of the boundary map is provided as Attachment 2.

LMAD No. 1 was formed in accordance with the Streets and Highways Code Sections 22500 through 226791, more commonly known as the Landscape and Lighting Act of 1972 (the Act). 1 Landscape and Lighting Act of 1972
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City Council, May 6, 2025
Fiscal Year 2025-26 Engineer’s Annual Report for Landscape Maintenance Assessment District No. 1 (Dry Creek Meadows Subdivisions Nos. 1-6)

Section 226202 et. seq. of the Act requires the legislative body (the City Council) to take the following actions prior to August 10th of each year:

1. Adopt a resolution which generally describes any proposed new improvements or any substantial changes in existing improvements and orders the preparation and filing of the Annual Engineer’s Report.

2. Adopt a resolution approving the Engineer’s Annual Report as submitted or as modified by the City Council.

3. Adopt a resolution of intention to levy and collect assessments within LMAD No. 1 for the fiscal year.

4. Conduct a public hearing.

5. Adopt a resolution confirming the diagram and assessment as originally proposed or as changed by the legislative body.

DISCUSSION:

When LMAD No. 1 was formed, no annual escalator was adopted; therefore, the annual assessment for LMAD No. 1 has remained the same since 1996. Staff does not anticipate any new improvements or substantial changes to existing improvements.

Staff recommends the 2025-26 Engineer’s Annual Report for LMAD No. 1, included as Attachment 3, be accepted and filed with the City Clerk, as Attachment 3, and that a public hearing be scheduled for June 24, 2025.

FISCAL IMPACT:

In Fiscal Year 2024-25, $19,474 (749 parcels at $26.00 per parcel) was levied within LMAD No. 1 while its projected expenses are $23,602. Expenses include contracted maintenance expenses, utility service charges, and City staff time associated with administration and maintenance. The projected expenses for Fiscal Year 2025-26 are $23,922. The proposed budget for Fiscal Year 2025-26 is based on the revenue that is able to be generated within LMAD No.1 and fund balance.

The Stanislaus County Auditor-Controller’s Office, Property Taxes and Assessments Division, collects a $0.20 fee per assessment and per parcel. This fee is assessed directly from Stanislaus County, and is in addition to the annual assessment being levied for LMAD No. 1.

It is the expectation that all expenses for LMAD No. 1 will be paid by the assessments levied on properties within LMAD No. 1. Costs in excess of the tax levy will be paid from the fund balance.

At such time as the fund balance is depleted, service levels will need to be adjusted to maintain the service level within budget unless the property owners approve a Proposition 218 vote to increase the tax levy amount to a level sufficient to maintain or increase service levels.

COMMITTEE RECOMMENDATION:

This item is an annual report and not required to be presented to a Council Committee. 2 Section 22620 et. seq. of the Landscape and Lighting Act of 1972 #8..
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City Council, May 6, 2025
Fiscal Year 2025-26 Engineer’s Annual Report for Landscape Maintenance Assessment District No. 1 (Dry Creek Meadows Subdivisions Nos. 1-6)

RECOMMENDED COUNCIL ACTION:

Staff Recommendations:

Resolution accepting Fiscal Year 2025-26 Engineer’s Annual Report for Landscape Maintenance Assessment District No. 1 for Dry Creek Meadows Subdivisions Nos. 1-6; Notice of Intention to Levy and Collect Assessments for Landscape Maintenance Assessment District No. 1 for Dry Creek Meadows Subdivisions Nos. 1-6 and setting a Public Hearing on June 24, 2025 to Consider the Fiscal Year 2025-26 Levy and Collection of Assessments Within Landscape Maintenance Assessment District No. 1.

Approved by:

Jessica Hill, Director of Community
and Economic Development
Joseph P. Lopez, City Manager
Attachments:

1. Resolution

2. LMAD No. 1 Boundary Map

3. LMAD No. 1 2025-2026 Engineer’s Annual Report
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5/6/2025/CEDD/EGarcia/Item # 1 2025-xxx

MODESTO CITY COUNCIL
RESOLUTION NO. 2025-XX
RESOLUTION ACCEPTING FISCAL YEAR 2025-26 ENGINEER’S ANNUAL REPORT FOR LANDSCAPE MAINTENANCE ASSESSMENT DISTRICT NO. 1 FOR DRY CREEK MEADOWS SUBDIVISIONS NOS. 1–6; NOTICE OF

INTENTION TO LEVY AND COLLECT ASSESSMENTS FOR LANDSCAPE MAINTENANCE ASSESSMENT DISTRICT NO. 1 FOR DRY CREEK MEADOWS SUBDIVISIONS NOS. 1–6 AND SETTING A PUBLIC HEARING ON JUNE 24, 2025 TO CONSIDER THE FISCAL YEAR 2025-26 LEVY AND COLLECTION OF

ASSESSMENTS WITHIN LANDSCAPE MAINTENANCE ASSESSMENT
DISTRICT NO. 1
WHEREAS, Resolution No. 88-935, adopted by the Council of the City of Modesto on December 13, 1988, initiated proceedings for the formation of Landscape Maintenance Assessment District No. 1 for the purpose of administering the maintenance of landscaping in the public right-of-way within the street medians and adjacent to the access control walls in Dry Creek Meadows Subdivisions Nos. 1-6; and WHEREAS, said assessment district was formed in accordance with the Landscape and Lighting Act of 1972, (California Streets and Highways Code Sections 22500 through 22679); and
WHEREAS, Section 22623 of the California Streets and Highways Code requires the City Engineer, the person designated by this Council as Engineer of Work for the Landscape Maintenance Assessment District No. 1, to prepare and file an annual report; and
WHEREAS, the Engineer of Work, has prepared and filed said annual report with the City Clerk; and
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5/6/2025/CEDD/EGarcia/Item # 2 2025-xxx
WHEREAS, California Streets and Highways Code Section 22623 requires the legislative body (the City Council) to adopt a resolution of intention which shall include the following:
a. Declaration of intention of the legislative body (the City Council) to levy and collect assessments within the assessment district for the fiscal year stated in the annual report.
b. General description of the existing improvements and proposed improvements and any substantial changes proposed to be made in the existing improvements.
c. Reference to the assessment district by its distinctive designation and indication of the general location of the district. d. Reference to said annual report, on file with the City Clerk, for a full and detailed description of the improvements, the boundaries of the assessment district and any zones therein, and the proposed assessments upon assessable lots and parcels of land within the district.
e. Notice of the time, as fixed by the California Streets and Highways Code Section 22625, and the place for hearing by the legislative body (the City Council) on the levy of the proposed assessment. #8..
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5/6/2025/CEDD/EGarcia/Item # 3 2025-xxx
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto hereby accepts the Fiscal Year 2025-26 Engineer’s Annual Report for Landscape Maintenance Assessment District No. 1 for Dry Creek Meadows Subdivisions Nos. 1 through 6, which is attached hereto and hereinafter incorporated by reference.

BE IT FURTHER RESOLVED, that the City Council hereby finds as follows:

1. The City Council intends to levy and collect assessments within Landscape Maintenance Assessment District No. 1 during the fiscal year 2025-26. The amount of the proposed assessment for 2025-26 is the same as the assessment for fiscal year 2024-25.

2. There are no proposed new improvements or any substantial changes in existing improvements in Landscape Maintenance Assessment District No. 1 and that the existing improvements to be made in said assessment district are generally described as follows:

The City shall provide maintenance of landscaping and any and all improvements required for such maintenance including, but not limited to, landscape irrigation systems in the following locations:
a. Street medians in Creekwood Drive
b. Areas adjacent to the access control walls along Creekwood Drive
c. Areas adjacent to the access control walls along Claus Road

3. Landscape Maintenance Assessment District No. 1 is located in the County of Stanislaus, within the City Limits of the City of Modesto #8..
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5/6/2025/CEDD/EGarcia/Item # 4 2025-xxx
and is more specifically located on the west side of Claus Road, between Modesto Irrigation District Lateral No. 2 and State Route 132 (Yosemite Boulevard).

4. Said annual report filed with the City Clerk and approved by the Council does provide a full and detailed description of the improvements, the boundaries of the assessment district and any zones therein, and the proposed assessments upon assessable lots and parcels of land within Landscape Maintenance Assessment District No. 1.

5. On Tuesday, the 24th day of June, 2025, at the hour of 5:30 p.m., the City Council will conduct a public hearing on the question of the levy of the proposed annual assessment. The hearing will be held at the meeting place of the City Council located in the Tenth Street Place Chambers located at 1010 10th Street, Modesto, California.

6. The City Clerk is authorized and directed to give the notice of hearing required by the Landscape and Lighting Act of 1972.

7. The levy and collection of assessments as set forth in this resolution are exempt from the procedural and substantive requirements of Proposition 218 pursuant to Article XIII, Section 5(a) of the California Constitution.
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5/6/2025/CEDD/EGarcia/Item # 5 2025-xxx
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 6th day of May, 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, City Clerk
(SEAL)
APPROVED AS TO FORM:

BY: ______________________________
JOSE M. SANCHEZ, City Attorney
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CLAUS RD

N MC CLURE RD

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SUNBURY CT
MID LATERAL NO 2
Assessment District Diagram
Landscape Maintenance Assessment District No. 1
(Dry Creek Meadows Subdivisions No. 1 - 6)
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CITY OF MODESTO

COUNCIL AGENDA REPORT
DATE OF MEETING:

May 6, 2025
Date: April 1, 2025
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Jessica Hill, Director of Community and Economic Development SUBJECT: Fiscal Year 2025-26 Engineer’s Annual Report for Landscape Maintenance Assessment District No. 2 (Dry Creek Meadows Subdivisions Nos. 7-10, Creekwood Meadows Subdivision, and Yosemite Meadows Subdivisions Units 1 and 2)
CONTACT: Edgar Garcia, Community Development Manager
[email protected], 209-577-5211
DESCRIPTION:

Consider approving the Fiscal Year 2025-26 Engineer’s Annual Report and setting a Public Hearing on June 24, 2025 for the levy and collection of assessment for landscape maintenance in the public right-of-way, street medians, and areas adjacent to the access control walls in Dry Creek Meadows Subdivisions Nos. 7-10, Creekwood Meadows Subdivision, and Yosemite Meadows Subdivisions Units 1 and 2. (Funding Source: Landscape Maintenance Assessment District No. 2)
STRATEGIC PLAN ELEMENT:

The recommended action supports the City of Modesto’s 2020-2025 Strategic Plan Initiatives:

Provide Safe, Efficient, and Reliable Infrastructure through proactive community investment, maintenance, and sustainability efforts.

BACKGROUND:

On April 4, 1989, the City formed Landscape Maintenance District No. 2 (LMAD No. 2). LMAD No. 2 provides funding for the landscape maintenance in the public right-of-way, street medians, and areas adjacent to the concrete block walls in Dry Creek Meadows Subdivisions Nos. 7-10, Creekwood Meadows Subdivision, and Yosemite Meadows Subdivisions Units 1 and 2. LMAD No. 2 is located on the northeast corner of Yosemite Boulevard and North McClure Road and is bounded by Yosemite Boulevard on the south, North McClure Road on the west, Yosemite Meadows Drive on the east, and Mechalys Way on the north. A copy of the boundary map is provided as Attachment 2.
#9..
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City Council, May 6, 2025
Fiscal Year 2025-26 Engineer’s Annual Report for Landscape Maintenance Assessment District No. 2 (Dry Creek Meadows Subdivisions Nos. 7-10, Creekwood Meadows Subdivision, and Yosemite Meadows Subdivisions Units 1 and 2)

In June 2000, staff successfully completed a Proposition 218 ballot measure which increased the annual assessment and added an annual inflator based on the Building Cost Index (BCI).

LMAD No. 2 was formed in accordance with the Streets and Highways Code Sections 22500 through 226791, more commonly known as the Landscape and Lighting Act of 1972 (the Act).

Section 226202 et. seq. of the Act requires the legislative body (the City Council) to take the following actions prior to August 10th of each year:

1. Adopt a resolution which generally describes any proposed new improvements or any substantial changes in existing improvements and orders the preparation and filing of the Engineer’s Annual Report.

2. Adopt a resolution approving the Engineer’s Annual Report as submitted or as modified by the City Council.

3. Adopt a resolution of intention to levy and collect assessments within LMAD No. 2 for the fiscal year.

4. Conduct a public hearing.

5. Adopt a resolution confirming the diagram and assessment as originally proposed or as changed by the City Council.

DISCUSSION:

The annual assessment is to be adjusted annually according to the BCI for the San Francisco Bay Area (SF BCI), as reported in the Engineer News Record the second week of February.

The inflationary adjustment is applied when the district has minimal or negative reserves to offset the total cost estimates for the upcoming fiscal year. The increase for Fiscal Year 2025- 2026 is -1.13072 % (The difference between the February 8/15, 2024 SF BCI, 10843.54, and the February 8/15, 2025 SF BCI, 10720.93, divided by the February 8/15, 2024 SF BCI, 10843.54).

Due to the negative percent change in the BCI from the previous year, the proposed assessment for LMAD No. 2 for Fiscal Year 2025-26 results in an unchanged assessment in the amount of $34,202.90 ($254.92 per acre for commercial properties and $50.16 for each residential property), compared to the prior year.

Staff recommends the 2025-26 Engineer’s Annual Report for LMAD No. 2, included as Attachment 3, be accepted and filed with the City Clerk, as Attachment 3, and a public hearing be scheduled for June 24, 2025.

FISCAL IMPACT:

In Fiscal Year 2024-25, $34,202.90 ($254.92 per acre for commercial properties and $50.16 for each residential property) was levied within LMAD No. 2, while its projected expenses are $26,169. Any surplus funds are used to carry out continued services during the time between the assessment and when levy funds are received. These funds also serve as reserves to ensure that any delinquent parcels are offset so services are not paused at any time due to lack of funds. Any unused reserve funds remain in the fund for service delivery balance. Expenses 1 Landscape and Lighting Act of 1972
2 Sections 22620-22631 of the Landscape and Lighting Act of 1972 #9..
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City Council, May 6, 2025
Fiscal Year 2025-26 Engineer’s Annual Report for Landscape Maintenance Assessment District No. 2 (Dry Creek Meadows Subdivisions Nos. 7-10, Creekwood Meadows Subdivision, and Yosemite Meadows Subdivisions Units 1 and 2)

include contracted maintenance expenses, utility service charges, and City staff time associated with administration and maintenance.

The Stanislaus County Auditor-Controller’s Office, Property Taxes and Assessments Division, collects a $0.20 fee per assessment and per parcel. This fee is assessed directly from Stanislaus County and is in addition to the annual assessment being levied for LMAD No. 2.

The estimated expenses for Fiscal Year 2025-26 are $26,342, while the projected revenue is $34,202.90. The expenses for LMAD No. 2 will be paid by the assessments levied on properties within LMAD No. 2.

COMMITTEE RECOMMENDATION:

This item is an annual report and not required to be presented to a Council Committee.

RECOMMENDED COUNCIL ACTION:

Staff Recommendations:

Resolution accepting the Fiscal Year 2025-26 Engineer’s Annual Report for Landscape Maintenance Assessment District No. 2 for Dry Creek Meadows Subdivisions Nos. 7-10, Creekwood Meadows Subdivision, and Yosemite Meadows Subdivisions Units 1 and 2; Notice of Intention to Levy and Collect Assessments for Landscape Maintenance Assessment District No. 2 for Dry Creek Meadows Subdivisions Nos. 7-10, Creekwood Meadows Subdivision, and Yosemite Meadows Subdivisions Units 1 and 2; and setting a Public Hearing on June 24, 2025 to Consider the Fiscal Year 2025-26 Levy and Collection of Assessments Within Landscape Maintenance Assessment District No. 2.

Approved by:

Jessica Hill, Director of Community
and Economic Development
Joseph P. Lopez, City Manager
Attachments:

1. Resolution

2. LMAD No. 2 Boundary Map

3. LMAD No. 2 2025-26 Engineer’s Annual Report
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5/6//2025/CEDD/EGarcia/Item # 1 2025-xxx

MODESTO CITY COUNCIL
RESOLUTION NO. 2025-XX
RESOLUTION ACCEPTING THE FISCAL YEAR 2025-26 ENGINEER’S

ANNUAL REPORT FOR LANDSCAPE MAINTENANCE ASSESSMENT
DISTRICT NO. 2 FOR DRY CREEK MEADOWS SUBDIVISIONS NOS. 7-10,

CREEKWOOD MEADOWS SUBDIVISION, AND YOSEMITE MEADOWS
SUBDIVISIONS UNITS 1 AND 2; NOTICE OF INTENTION TO LEVY AND

COLLECT ASSESSMENTS FOR LANDSCAPE MAINTENANCE ASSESSMENT DISTRICT NO. 2 FOR DRY CREEK SUBDIVISIONS NOS. 7-10, CREEKWOOD MEADOWS SUBDIVISON, AND YOSEMITE MEADOWS UNITS 1 AND 2; AND SETTING A PUBLIC HEARING ON JUNE 24, 2025 TO CONSIDER THE FISCAL YEAR 2025-26 LEVY AND COLLECTION OF ASSESSMENTS WITHIN
LANDSCAPE MAINTENANCE ASSESSMENT DISTRICT NO. 2
WHEREAS, Resolution No. 89-460, adopted by the Council of the City of Modesto on April 4, 1989, initiated proceedings for the formation of Landscape Maintenance Assessment District No. 2 for the purpose of administering the maintenance of landscaping in the public right of way within the street medians and adjacent to the access control walls in Dry Creek Meadows Subdivisions Nos. 7-10, Creekwood Meadows Subdivision and Yosemite Meadows Subdivision Units Nos. 1 and 2; and WHEREAS, said assessment district was formed in accordance with the Landscaping and Lighting Act of 1972, (California Streets and Highways Code Sections 22500 through 22679); and
WHEREAS, said assessment district was formed with annual inflator based on the Building Cost Index (BCI); and
WHEREAS, Section 22623 of the California Streets and Highways Code requires the City Engineer, the person designated by the Council as Engineer of Work for Assessment District No. 2, to prepare and file an annual report; and #9..
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5/6/2025/CEDD/EGarcia/Item # 2 2025-xxx
WHEREAS, the City Engineer, said Engineer of Work, has prepared and filed said annual report with the City Clerk; and
WHEREAS, California Streets and Highways Code Section 22623 requires the Council to adopt a resolution of intention which shall include the following:
a. Declaration of intention of the Council to levy and collect assessments within the assessment district for the fiscal year stated in said annual report.
b. General description of the existing improvements and proposed improvements and any substantial changes proposed to be made in the existing improvements.
c. Reference to the assessment district by its distinctive designation and indication of the general location of the district. d. Reference to said annual report, on file with the City Clerk, for a full and detailed description of the improvements, the boundaries of the assessment district and any zones therein, and the proposed assessments upon assessable lots and parcels of land within the district.
e. Notice of the time, as fixed by California Streets and Highways Code Section 22625, and the place for hearing by the Council on the levy of the proposed assessment.
#9..
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5/6/2025/CEDD/EGarcia/Item # 3 2025-xxx
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby accepts the Fiscal Year 2025-2026 Engineer’s Annual Report for Landscape Maintenance Assessment District No. 2 for Dry Creek Meadows subdivisions Nos. 7-10, Creekwood Meadows subdivision and Yosemite subdivision.

BE IT FURTHER RESOLVED, that the Council hereby finds as follows:

1. The City Council intends to levy and collect assessments within Landscape Maintenance Assessment District No. 2 during the fiscal year 2025-2026. The amount of the proposed assessment for 2025-2026, $34,202.90, will be equal to the assessment for fiscal year 2024-2025.

2. There are no proposed new improvements or any substantial changes in the existing improvements within the existing Landscape Maintenance Assessment District No. 2, and the existing improvements to be made in said assessment district are generally described as follows:

The City shall provide maintenance, in perpetuity, of landscaping and any and all improvements required for such maintenance including, but not limited to, landscape irrigation systems in the following locations:
a. Street medians in Creekwood Drive
b. Areas adjacent to the access control walls along Creekwood Drive
c. Areas adjacent to the access control walls along Claus Road #9..
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5/6/2025/CEDD/EGarcia/Item # 4 2025-xxx

3. Landscape Maintenance Assessment District No. 2 is located in the County of Stanislaus, within the City limits of the City of Modesto, and is more specifically located on the northeast corner of Yosemite Boulevard and North McClure Road. District 2 is bounded by Yosemite Boulevard on the south, North McClure Road on the west, Yosemite Meadows Drive on the east, and Mechalys Way on the north.

4. Said annual report filed with the City Clerk and approved by the Council does provide a full and detailed description of the improvements, the boundaries of the assessment district and any zones therein, and the proposed assessments upon assessable lots and parcels of land within Landscape Maintenance Assessment District No. 2.

5. On Tuesday, the 24th day of June, 2025, at the hour of 5:30 p.m., the City Council will conduct a public hearing on the question of the levy of the proposed annual assessment. The hearing will be held at the meeting place of the City Council located in the Tenth Street Place Chambers located at 1010 10th Street, Modesto, California.

6. The City Clerk is authorized and directed to give the notice of hearing required by the Landscaping and Lighting Act of 1972.

7. The levy and collection of assessments as set forth in this resolution shall follow the procedural and substantive requirements #9..
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5/6/2025/CEDD/EGarcia/Item # 5 2025-xxx
of Proposition 218 pursuant to Article 13D, Section 5(a) of the California Constitution.
#9..
- 134 -
5/6//2025/CEDD/EGarcia/Item # 6 2025-xxx
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 6th day of May, 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: Name, Name, Name, Name, Name, Name, Mayor Name
NOES: Councilmembers: None
ABSENT: Councilmembers: None
ATTEST: _____________________________
DIANE NAYARES-PEREZ, City Clerk
(SEAL)
APPROVED AS TO FORM:

BY: ________________________________
JOSE M. SANCHEZ, City Attorney
#9..
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CLAUS RD

YOSEMITE BLV

N MC CLURE RD

CREEKWOOD DR

JARENA DR

MELBOURNE DR

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CODINGTON WY MECHALYS WY GELF LN

SENTINEL DR

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GATESVILLE AVE

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TROON PL

EFFINGHAM LN

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S MC CLURE RD

ANASTASIA DR

EL PORTAL PL

WESTFALL LN

ELLENBORO AVE

ARDIA AVE

ANNISTON CT

HALLSBORO CT

RECTOR LN

SCHUYLER WY

VANCEBORO CT HIGH POINT CT

MACON CT

SENTINEL CT

SUNBURY CT
Assessment District Diagram
Landscape Maintenance Assessment District No. 2
(Dry Creek Meadows Subdivisions No. 7 - 10)
(Creekwood Meadows Subdivision)
(Yosemite Meadows Units No. 1 & 2)
®
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Feet Date: 1/6/2025
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CITY OF MODESTO

COUNCIL AGENDA REPORT
DATE OF MEETING:

May 6, 2025
Date: April 1, 2025
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Jessica Hill, Director of Community and Economic Development SUBJECT: Fiscal Year 2025-26 Engineer’s Annual Report for the Shackelford Landscape and Lighting District
CONTACT: Edgar Garcia, Community Development Manager
[email protected], 209-577-5211
DESCRIPTION:

Consider accepting the Fiscal Year 2025-26 Engineer’s Annual Report for the Shackelford Landscape and Lighting District; Notice of Intention to Levy and Collect Assessments for the Shackelford Landscape and Lighting District; and setting a Public Hearing on June 24, 2025, to Consider the Fiscal Year 2025-26 Levy and Collection of Assessments within the Shackelford Landscape and Lighting District. (Funding Source: Shackelford Landscape and Lighting District) STRATEGIC PLAN ELEMENT:

The recommended action supports the City of Modesto’s 2020-2025 Strategic Plan Initiatives:

Provide safe, efficient, and reliable infrastructure through proactive community investment, maintenance, and sustainability efforts.

BACKGROUND:

On June 29, 1999, the County of Stanislaus, formed the Shackleford Landscape and Lighting District (Shackleford LLD). The Shackleford LLD was formed in accordance with the Streets and Highways Code Sections 22500 through 226791, more commonly known as the Landscape and Lighting Act of 1972 (the Act). The Shackelford LLD provides funding for the maintenance and service of seventy-seven (77) streetlights located within its boundaries. The Shackelford LLD was administered by the Stanislaus County Department of Public Works. The annual assessment levied is calculated by dividing the total cost estimate by the total number of parcels within the Shackelford LLD.

On April 24, 2012, the City approved the jurisdictional transfer of the Shackelford LLD from the County of Stanislaus to the City of Modesto which assumed full responsibility of the Shackelford 1 Landscape and Lighting Act of 1972
#10..
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City Council, May 6, 2025
Fiscal Year 2025-26 Engineer’s Annual Report for the
Shackelford Landscape and Lighting District

LLD on July 1, 2012. The Act requires that the legislative body (the City Council) take the following actions prior to August 10th of each year:

1. Adopt a resolution which generally describes any proposed new improvements or any substantial changes in existing improvements and orders the preparation and filing of the Engineer’s Annual Report.

2. Adopt a resolution approving the Engineer’s Annual Report as submitted or as modified by the City Council.

3. Adopt a resolution of intention to levy and collect assessments within Shackelford LLD for the fiscal year.

4. Conduct a public hearing.

5. Adopt a resolution confirming the diagram and assessment as originally proposed or as changed by the City Council.

DISCUSSION:

All costs for Shackelford LLD are paid by the assessments levied on each property within the assessment area. The assessments to be levied are intended to provide a revenue source for all the maintenance and servicing of the Shackelford LLD’s improvements including, but not limited to maintenance of and utility bills for seventy-seven streetlights, materials, equipment, labor, and administrative expenses. The assessments are not intended to fund reconstruction or major renovations of the improvements or facilities.

The annual assessment levied is calculated by dividing the total cost estimate for maintenance and services by the total number of levying parcels within the Shackelford LLD. There are 493 parcels within the district with four (4) owned by Modesto City Schools and two (2) owned by the City of Modesto. These six (6) parcels will not be levied for Fiscal Year 2025-26. The total parcels to be levied for Fiscal Year 2025-26 is 487.

Staff recommends the 2025-26 Engineer’s Annual Report for Shackelford LLD, included as Attachment 3, be accepted and filed with the City Clerk, as Attachment 3, and a public hearing be scheduled for June 24, 2025.

FISCAL IMPACT:

In Fiscal Year 2024-25, the total assessment levied was $31,153.95 while its projected expenses were $23,860. Any surplus funds are used to carry out continued services during the time between the assessment and when levy funds are received. These funds also serve as reserves to ensure that any delinquent parcels are offset so services are not paused at any time due to lack of funds. Any unused reserve funds remain in the fund for service delivery balance.

Expenses include maintenance of and utility bills for seventy-seven streetlights as well as City staff time. Each year levies are based on the current fiscal year expenses including the estimated expenses for the remaining fiscal year, adding $1.50 Administration Charge to the per parcel assessment amount and multiplying the per assessment amount to arrive at the total assessment amount.

The Stanislaus County Auditor-Controller’s Office, Property Taxes and Assessments Division, collects a $0.20 fee per assessment and per parcel. This fee directly assessed from Stanislaus County and is assessed in addition to the annual assessment being levied for the Shackelford LLD.
#10..
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City Council, May 6, 2025
Fiscal Year 2025-26 Engineer’s Annual Report for the
Shackelford Landscape and Lighting District

The projected expenses for Fiscal Year 2025-26 are $27,970. The proposed annual assessment for Fiscal Year 2025-26 is $17,792.20. This fee has decreased from Fiscal Year 2024-25 (487 parcels at $63.44 per parcel to 487 parcels at $36.53 per parcel) which was $31,153.95.

COMMITTEE RECOMMENDATION:

This item is an annual report and not required to be presented to a Council Committee.

RECOMMENDED COUNCIL ACTION:

Staff Recommendations:

Resolution approving the Fiscal Year 2025-26 Engineer’s Annual Report for the Shackelford Landscape and Lighting District; Notice of Intention to Levy and Collect Assessments for the Shackelford Landscape and Lighting District; and setting a Public Hearing on June 24, 2025, to consider the Fiscal Year 2025-26 Levy and Collection of Assessments within the Shackelford Landscape and Lighting District.

Approved by:

Jessica Hill, Director of Community
and Economic Development
Joseph P. Lopez, City Manager
Attachments:

1. Resolution

2. Shackelford Boundary Map

3. 2025-26 Shackelford LLD Engineer’s Annual Report
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5/6/2025/CEDD/EGarcia /Item # 1 2025-xxx

MODESTO CITY COUNCIL
RESOLUTION NO. 2025-XX
RESOLUTION APPROVING THE FISCAL YEAR 2025-26 ENGINEER’S

ANNUAL REPORT FOR THE SHACKELFORD LANDSCAPE AND LIGHTING DISTRICT; NOTICE OF INTENTION TO LEVY AND COLLECT

ASSESSMENTS FOR THE SHACKELFORD LANDSCAPE AND LIGHTING
DISTRICT; AND SETTING A PUBLIC HEARING ON JUNE 24, 2025 TO CONSIDER THE FISCAL YEAR 2025-26 LEVY AND COLLECTION OF

ASSESSMENTS WITHIN THE SHACKELFORD LANDSCAPE AND LIGHTING

DISTRICT
WHEREAS, on June 29, 1999, the County of Stanislaus (“County”) formed the Shackelford Landscape and Lighting District (“Shackelford LLD”) for the purpose of administering the maintenance of seventy-seven (77) 200-watt high-pressure sodium streetlights; and
WHEREAS, the Shackelford LLD was formed in accordance with the Landscaping and Lighting Act of 1972 (Streets and Highways Code Sections 22500 through 22679); and
WHEREAS, the Shackelford LLD is comprised of approximately 153 acres, includes 493 lots with both residential and commercial development, and is bounded by Crows Landing on the west, E. Hatch Road on the south, Union Pacific Railroad on the east, and State Route 99 on the north; and
WHEREAS, on February 22, 2012, the Stanislaus County Local Agency Formation Commission (“LAFCO”) approved the annexation of the Shackelford Area to the City of Modesto (“City”); and
WHEREAS, on April 24, 2012, the City Council approved the Shackelford Landscape and Lighting District Transfer Agreement between the County and City; and #10..
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5/6/2025/CEDD/EGarcia/Item # 2 2025-xxx
WHEREAS, the City assumed full responsibility and administration of the Shackelford LLD on July 1, 2012; and
WHEREAS, Section 22623 of the California Streets and Highways Code requires the City Engineer, the person designated by this Council as Engineer of Work for the Shackelford LLD, to prepare and file an annual report; and WHEREAS, the Engineer of Work has prepared and filed said annual report with the City Clerk; and
WHEREAS, the Fiscal Year 2025-26 Assessment will be decreasing from the prior fiscal year; and
WHEREAS, each year levies are based on the current fiscal year expenses including the estimated expenses for the remaining fiscal year, adding $1.50 Administration Charge to the per parcel assessment amount and multiplying the per assessment amount to arrive at the total assessment amount; and WHEREAS, California Streets and Highways Code Section 22623 requires the legislative body (the City Council) to adopt a resolution of intention which shall include the following:
a. Declaration of intention of the legislative body (the City Council) to levy and collect assessments within the Shackelford LLD for the fiscal year stated in the annual report.
b. General description of the existing improvements and proposed improvements and any substantial changes proposed to be made in the existing improvements.
c. Reference to the assessment district by its distinctive designation and indication of the general location of the Shackelford LLD. #10..
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5/6/2025/CEDD/EGarcia/Item # 3 2025-xxx
d. Reference to said annual report, on file with the City Clerk, for a full and detailed description of the improvements, the boundaries of the Shackelford LLD and any zones therein, and the proposed assessments upon assessable lots and parcels of land within the Shackelford LLD. e. Notice of the time, as fixed by the California Streets and Highways Code Section 22625, and the place for hearing by the legislative body (the City Council) on the levy of the proposed assessment.

NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby accepts the Fiscal Year 2025-26 Engineer’s Annual Report for the Shackelford Landscape and Lighting District.

BE IT FURTHER RESOLVED that the City Council hereby finds the following:

1. The City Council intends to levy and collect assessments within the Shackelford LLD during the fiscal year 2025-26.

2. The proposed 2025-26 annual assessment for residential parcels is decreasing from last fiscal year at $36.53 per parcel.The levy for Fiscal Year 2024-2025 was $63.44 per parcel.

3. There are no proposed new improvements or any substantial changes in the existing improvements in the Shackelford LLD and the existing improvements to be made in the Shackelford LLD are generally described as follows:
a. The City shall provide maintenance, operation and
servicing, in perpetuity, of streetlights and all
improvements required for such maintenance including, but not limited to:
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5/6/2025/CEDD/EGarcia/Item # 4 2025-xxx
b. Payment to local utility company for monthly power costs of energizing street lights in the Shackelford LLD.
c. Payment to local utility company for maintenance of street lights in the Shackelford LLD that the utility company
owns (usually those lights that are mounted on wooden
poles).
d. Maintenance provided by the City of Modesto for street lights in the Shackelford LLD that are owned by the City of Modesto (usually those lights that are mounted on steel poles).

4. The Shackelford LLD is located in the County of Stanislaus, within the City Limits of the City of Modesto and is more specifically located North of Hatch Road, South of State Highway 99, and East of Crows Landing Road.

5. Said annual report filed with the City Clerk and approved by the Council by motion does provide a full and detailed description of the improvements, the boundaries of the Shackelford LLD and any zones therein, and the proposed assessments upon assessable lots and parcels of land within the Shackelford LLD.

6. On Tuesday, the 24th day of June, 2025, at the hour of 5:30 p.m., the City Council will conduct a public hearing on the questions of the levy of the proposed annual assessment. The hearing will be held at the meeting place of the City Council located in the Tenth #10..
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5/6/2025/CEDD/EGarcia/Item # 5 2025-xxx
Street Place Chambers located at 1010 10th Street, Modesto, California.

7. The City Clerk is authorized and directed to give the notice of hearing required by the Landscape and Lighting Act of 1972.

8. The levy and collection of assessments as set forth in this resolution are exempt from the procedural and substantive requirements of Proposition 218 pursuant to Article XIII, Section 5(a) of the California Constitution.
.
#10..
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5/6/2025/CEDD/EGarcia /Item # 6 2025-xxx
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 6th day of May, 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: Name, Name, Name, Name, Name, Name, Mayor Name
NOES: Councilmembers: None
ABSENT: Councilmembers: None
ATTEST: _____________________________
DIANE NAYARES-PEREZ, City Clerk
(SEAL)
APPROVED AS TO FORM:

BY: ________________________________
JOSE M. SANCHEZ, City Attorney
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TID LATERAL NO 1
HWY 99

MAIN ST

E HATCH RD

ALAMO AVE
S 7TH ST

PECOS AVE

CROWS LANDING RD

EL PASO AVE

SANTA FE AVE

BOULDER AVE

RIO GRANDE AVE

BOWIE AVE

PUEBLO AVE

SCHOOL AVE

BAROZZI AVE

ZEFF RD

BROADWAY AVE
S 9TH ST
JIM WY
N HWY 99 (ON RAMP)

CROCKETT AVE
N HWY 99 (OFF RAMP)

JANOPAUL AVE

RITA CT

LITA CT
HWY 99
Assessment District Diagram
Shackelford Landscape and Lighting District
®
250 0 250 125
Feet
Date: 1/6/2025
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CITY OF MODESTO

COUNCIL AGENDA REPORT
DATE OF MEETING:

May 6, 2025
Date: April 16, 2025
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Toby Wells, Director of Engineering Services Department / City Engineer SUBJECT: Accept the Rebid La Loma Phase 2C Strengthen & Replace Water Mains Project CONTACT: Peter Kambel, Senior Civil Engineer, [email protected], 209-577-5444 DESCRIPTION:

Consider accepting the Rebid La Loma Phase 2C Strengthen & Replace Water Mains Project as complete, releasing securities, releasing payments totaling $8,029,470 to Mozingo Construction, Inc., of Oakdale 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 La Loma Neighborhood was determined to have aging and deficient water infrastructure.

The Rebid La Loma Phase 2C Strengthen & Replace Water Mains project replaced 26,000 linear feet of water mains, associated water valves, services and fire hydrants to increase service reliability, flows, and pressures. The project also replaced 600 linear feet of 6-inch sewer mains and manholes with 8-inch sewer mains and manholes.

DISCUSSION:

The project was advertised for bids on December 6, 2022. Bids were publicly opened on January 24, 2023, and Mozingo Construction, Inc., of Oakdale CA, was the lowest responsible bidder at

21.67% below the engineers estimate.

On April 4, 2023, by Resolution 2023-149, Council awarded a contract to Mozingo Construction, Inc, in the amount of $7,755,824. The Contractor received the Notice to Proceed with a start date of June 12, 2023. All contract work was completed on October 4, 2024. #11..
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City Council, May 6, 2025
Accept the Rebid La Loma Phase 2C Strengthen & Replace Water Mains 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 $8,029,470. 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 $9,065,402, which included design, construction, construction management services (TRC Engineers), and construction administration costs. The total project amount originally budgeted was $9,962,884, which included $8,531,407 for the construction contract and contingency with Mozingo Construction, 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, established a contract change order authority of eight percent (8%) for construction contracts of this dollar value. On April 4, 2023, Resolution 2023-150 established a 10% contingency threshold, no more than $775,583, to account for the complexity of this project.

There are eleven change orders resulting in an overall increase of $273,646 for change order work as listed on the attached change order log. A summary of the expenditures for the overall project is listed below.
101057– La Loma Phase 2C Strengthen & Replace Water Mains Project PROJECT EXPENDITURES:

Construction Contract (Mozingo Construction) $7,755,824 Construction Contingency (Change Orders) 3.5% $273,646
Construction Administration – City Staff Support 1.2% $89,829 Engineering Design/Admin. – City Staff Support/Misc. 1.3% $102,607 City Construction Forces 0.8% $63,015
Construction Management Services – TRC Engineers, Inc. 10.1% $780,481 TOTAL CONSTRUCTION EXPENDITURES: $9,065,402
COMMITTEE RECOMMENDATION:

The Rebid La Loma Phase 2C Strengthen & Replace Water Mains Project was presented to the Finance Committee on April 5, 2021, as part of the Upcoming Capital Improvement Construction Projects. The Committee report stated that as bids are received, staff will present projects directly to Council for award of construction.

CEQA/NEPA REQUIREMENTS:

Environmental review has been provided through a Categorical Exemption under CEQA Section 15301 class1 (b)(c); 15303 (d).
#11..
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City Council, May 6, 2025
Accept the Rebid La Loma Phase 2C Strengthen & Replace Water Mains Project

RECOMMENDED COUNCIL ACTION:

Staff Recommendations:

Resolution accepting the Rebid La Loma Phase 2C Strengthen & Replace Water Mains Project as complete, releasing securities, releasing payments totaling $8,029,470 to Mozingo Construction, Inc., of Oakdale 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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05/06/2025/ESD/PKambel 1 2025-

MODESTO CITY COUNCIL
RESOLUTION NO. 2025-XX
RESOLUTION ACCEPTING THE REBID LA LOMA PHASE 2C STRENGTHEN & REPLACE WATER MAINS PROJECT AS COMPLETE, RELEASING
SECURITIES, RELEASING PAYMENTS TOTALING $8,029,470 TO MOZINGO CONSTRUCTION, INC., OF OAKDALE CA, AND AUTHORIZING THE CITY

CLERK TO FILE A NOTICE OF COMPLETION
WHEREAS, the Rebid La Loma Neighborhood was determined to have aging and deficient water infrastructure; and
WHEREAS, the Rebid La Loma Phase 2C Strengthen & Replace Water Mains project replaced 26,000 linear feet of water mains, associated water valves, services and fire hydrants to increase service reliability, flows, and pressures. The project also replaced 600 linear feet of 6-inch sewer mains and manholes with 8-inch sewer mains and manholes; and
WHEREAS, the project was advertised for bids on December 6, 2022; and WHEREAS, bids were publicly opened on January 24, 2023, and Mozingo Construction, Inc., of Oakdale CA, was the lowest responsible bidder at 21.67% below the engineers estimate; and
WHEREAS, on April 4, 2023, by Resolution 2023-149, Council awarded a contract to Mozingo Construction, Inc, in the amount of $7,755,824; and WHEREAS,. the Contractor received the Notice to Proceed with a start date of June 12, 2023. All contract work was completed on October 4, 2024; and WHEREAS, the total project costs were $9,065,402, which included design, construction, construction management services (TRC Engineers), and construction administration costs. The total project amount originally budgeted was $9,962,884, which #11..
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05/06/2025/ESD/PKambel 2 2025-
included $8,531,407 for the construction contract and contingency with Mozingo Construction, Inc; 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, established a contract change order authority of eight percent (8%) for construction contracts of this dollar value. On April 4, 2023, Resolution 2023-150 established a 10% contingency threshold, no more than $775,583, to account for the complexity of this project; and
WHEREAS, there are eleven change orders resulting in an overall increase of $273,646 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 City Council of the City of Modesto that the Rebid La Loma Phase 2C Strengthen & Replace Water Mains Project as complete, releasing securities, releasing payments totaling $8,029,470 to Mozingo Construction, Inc., of Oakdale CA, and authorizing the City Clerk to file a Notice of Completion.
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05/06/2025/ESD/PKambel 3 2025-
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 6th day of May, 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: April 07, 2025
TIME
EXT. Approved
2023/07 - LA LOMA PHASE 2C STRENGTHEN & REPLACE WATER MAINS (101057) RE-BID PROJECT NUMBER AND NAME:
01 Sewer Lateral Flow Repair & Reinforcement Install ation on SSMH Base and 2 additonal working days.
02/14/24 $4,176.54 2 W.D. No Yes No Yes
02 Burried Man Made Object 02/29/24 $2,387.08 1 W.D. No Yes No Yes 03 CCTV of Existing Sanitry Sewer to Loacte Existing
Serwer Service
02/29/24 $4,797.00 1 W.D. No Yes No Yes
04 Un Marked Water Line and Un Marked Sewer Line and 3
additional days
03/15/24 $30,012.11 3 W.D. No Yes No Yes
05 Lower Sewer Laterals & Extra Potholes and 30 Additional Working Days
09/05/24 $173,300.00 30 W.D. No Yes No Yes
06 Misc. Water Issues. 3 Additional Days 09/23/24 $37,468.58 3 W.D. No Yes No Yes 07 Additional 8 Inch DR14 Water Line between Paul Ave to the North & Uccello Ave. 5 Addiitonal Working Days
09/23/24 $20,000.00 5 W.D. No No Yes Yes
08 Striping and Sanitary Sewer Man Hole repair and Two
Additional Working Days.
11/19/24 $10,845.00 2 W.D. No Yes No Yes
09 Adjust Quantities Consistent with Field Conditions. 12/17/24 $483,529.83 0 W.D. Yes No No Yes 10 Different Connection at N. Conejo and Haddon Ave. $2,127.92 0 W.D. No Yes No No 11 Balancing Change Order - Adjust Quantities Consistent with Field Conditions
-$494,999.00 0 W.D. No No Yes No
Total Change Orders Processed To Date: $273,645.06
Original Contract Amount: $7,755,823.10
IDA To: $775,583.00
Total Working Days Time Extension: 47
Original Director's CCO Authority: $620,466.00
IDA Date: 4/4/2023
Total Executed Change Orders To Date: $766,516.14
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CHANGE
ORDER
NO. DESCRIPTION EXECUTED AMOUNT
CAUSE

UNFORSEEN

CONDITIONS
DESIGN
ISSUE
ADDED
SCOPE

CONTRACT CHANGE ORDER LOG
Date: April 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 #: 101057 Fund: 4180 Cost Center: UTL.Water Eng. 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 Phase 2C S&R Mains
Project Description:
(What new infrastructure
was built/created)
Project In Use/Completion Date or Council Acceptance Date: Accepted May 6, 2025 Warranty Period X Yes No
Project expenses include (Check one):

If yes, Project Warranty End Date: May 6, 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 above 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
26,000 Linear Feet of Water Mains, and 600 Linear
Feet of 8-inch Sewer Mains
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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 April 4, 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 Mozingo Construction, Inc., of Oakdale CA, for the project titled “La Loma Phase 2C Strengthen & Replace Water Mains” located at San Juan Drive to the East, Rowland Avenue to West, Encina Avenue to the North, and Yosemite Boulevard to the South. On October 4, 2024, said contract, as a whole, was completed by Mozingo Construction, Inc., and accepted by the Council of the City of Modesto at a regular meeting of the Council held on May 6, 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:

May 6, 2025
Date: April 7, 2025
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: DeAnna Christensen, Director of Finance
SUBJECT: Monthly Investment Report – February 2025
CONTACT: Calogero Maniscalco, Senior Financial Analyst
[email protected], 209-577-5219
DESCRIPTION:

Consider accepting the Monthly Investment Report for February 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 the City Council and the City Manager. Attached are the February 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 February 28, 2025, the City had a closing market value of $469,053,421 in its investment portfolio. #12..
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City Council, May 6, 2025
Monthly Investment Report – February 2025

FISCAL IMPACT:

In February, the approximate yield of the City’s combined investments was 3.96% (see attachment 3) on a weighted average. For the portfolio of securities alone, the yield to maturity on cost was 3.87%. For comparative purposes, the yields (as of February 28, 2025) of other investments commonly used by public agencies are listed below:

Local Agency Investment Fund: 4.33%
1-Year U.S. Treasury Note: 4.18%
2-Year U.S. Treasury Note: 4.00%

The Portfolio maintains sufficient liquidity to meet the City's projected expenditure requirements for at least the next six months.

COMMITTEE RECOMMENDATION:

This item is being presented as informational to share the monthly Investment Report and activity to City Council and the public. Therefore, this item is not required to be presented to Council Committee.

CEQA/NEPA REQUIREMENTS:

N/A
RECOMMENDED COUNCIL ACTION:

Staff Recommendations:

Motion accepting the Monthly Investment Report for February 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
#12..
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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 $28,905,744
Federal Agency CMO 28 $84,651,895
U.S. Treasury 55 $250,510,364
Negotiable CD 1 $3,552,801
Corporate Note 31 $68,975,748
Asset-Backed 17 $29,458,180
Municipal 5 $2,998,689
Total Invested 138 $469,053,421
Sector Allocation
February 28, 2025 versus January 31, 2025
Sector February 28, 2025 January 31, 2025 Change in Allocation Permitted by Policy
U.S. Treasury 53.4% 52.8% 0.6% 100%
Federal Agency 0.0% 0.9% -0.9% 100%
Federal Agency CMO 18.0% 18.1% -0.1% 100%
Negotiable CD 0.8% 0.8% 0.0% 30%
Corporate Note 14.7% 14.6% 0.1% 30%
Asset-Backed 6.3% 6.0% 0.3% 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
Market sentiment shifted towards the end of February as several survey-based measures showed consumers becoming increasingly nervous about the future trajectory of the economy. The potential for federal job cuts and the looming threat of tariffs were top of mind for consumers. Minutes from the January Federal Open Market Committee (FOMC) meeting showed that the Federal Reserve (Fed) is willing to keep the federal funds rate unchanged as long as the labor market remains strong. Participants noted additional upside risks to inflation from proposed trade and immigration policy, although policymakers were unsure if the new policies would lead to a persistent or more temporary increase in inflation. During the month, in the Long-Term Portfolio, we sold one 5-year Treasury, one 9-month Treasury, and two 9-month Federal Agency securities. We purchased a 5-year Treasury, a 5-year Corporate, and a 4-year Asset-Backed security. There was no activity in the Short-Term Portfolio. #12..
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Long-Term Portfolio Total Return
February 28, 2025
1 Month Trailing
12 Months
Trailing 36
Months
Trailing 60
Months
Since
Inception5
City of Modesto Investment Portfolio1,2,3 1.04% 5.69% 2.15% 1.35% 2.20% Modesto Performance Benchmark40.98% 5.32% 1.67% 0.94% 1.90% Average Portfolio Yields
February 28, 2025
Past
Month
Past 3
Months
Past
Year
Past 3
Years
Past 5
Years
City of Modesto Investment Portfolio 3.87% 3.80% 3.50% 2.60% 2.24% City of Modesto Short-Term Portfolio 4.65% 4.65% 4.96% 4.33% - $53.2 $50.5
$83.4
$64.9
$121.2
$95.8
$-
$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
February 28, 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
The short end of the U.S. Treasury yield curve was unchanged in February as expectations for a Fed pause over the next several months held yields on the short end of the curve steady. U.S. Treasury yields beyond one year declined notably over the latter half of the month on fears related to inflation and its impact on the consumer and growth. The yield on the 10-year U.S. Treasury remains firmly above its two-year average while 2-year yields have now moved below their two-year average. Asset-backed securities (ABS) spreads widened marginally over the month and market demand remains robust. 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, and the portfolio outperformed the benchmark by 6 basis points. Since inception, the portfolio has outperformed the benchmark by 30 basis points each year on average.

Percentages may not add to total due to rounding
#12..
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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

0.27%
Fiscal Year-to-Date Income Return

2.07%
Prior 12 Months Income Return

2.99%
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Economic Summary
Source: Bureau of Labor Statistics, Federal Reserve, and Bloomberg Finance L.P., as of February 2025.

Consumer Price Index (CPI)
% Change YoY
Core Inflation Remains Flat
Labor Market
Feb ‘25

2.8%
Feb ‘25

3.1%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25
CPI (YoY) Core CPI (YoY) Fed Target
Feb-25

4.1%
2%
3%
4%
5%
6%
7%
8%
2021 2022 2023 2024 2025
Unemployment Rate
444 306 85 216227257 148 157 158186 141 269 119 222246 118 193 8788 71 240 44 261 323 125151 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
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Source: Bloomberg Finance L.P., University of Michigan Consumer Sentiment and underlying index components, as of March 2025 (top).

The Federal Reserve and FRED, data as of 3/14/2025 (bottom).

Economic Summary
Consumer Sentiment
Fed Funds Rate
0%
1%
2%
3%
4%
5%
6%
2021 2022 2023 2024 2025 2026
Projections
40 50
60 70
80 90
100
2021 2022 2023 2024 2025
Index Value (1996=100)
Consumer Sentiment Index
0%
1%
2%
3%
4%
5%
6%
2021 2022 2023 2024 2025
Median Price Increase
Expected Change in Prices
During Next Year
#12..
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Source: ICE BofA 1-5 year Indices via Bloomberg Finance L.P., MarketAxess and PFMAM as of 3/14/2025. 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%
Mar-23 Sep-23 Mar-24 Sep-24 Mar-25
Federal Agency Yield Spread

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%
Mar-23 Sep-23 Mar-24 Sep-24 Mar-25
Corporate Notes A-AAA Yield Spreads

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%
Mar-23 Sep-23 Mar-24 Sep-24 Mar-25
Asset-Backed Securities AAA Yield Spreads
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U.S. Treasury Yields
Source: Bloomberg Finance L.P., as of 2/28/2025.

Economic Summary

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
Yield
Maturity
U.S. Treasury Yield Curve
February 28, 2025
January 31, 2025
December 31, 2024
3mo 2yr 5yr 7yr 10yr 20yr 30yr
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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
#12..
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For the Month Ending February 28, 2025
Account Statement
Consolidated Summary Statement
CITY OF MODESTO - Combined Portfolio
Investment Allocation
Investment Type Closing Market Value Percent
Asset-Backed Security 29,458,180.15 6.28
Corporate Note 59,191,815.27 12.62
Bank Note 9,783,932.83 2.09
Certificate of Deposit 3,552,801.00 0.76
Federal Agency Commercial Mortgage-Backed Security 84,651,895.41 18.05 Municipal Bond / Note 2,998,688.80 0.64
U.S. Treasury Bond / Note 250,510,364.11 53.40
CAMP Pool 28,905,743.58 6.16
Total $469,053,421.15 100.00%
Portfolio Summary
and Income
Closing
Portfolio Holdings Market Value
Cash Dividends
PFMAM Managed Account 1,287,222.00 440,147,677.57
CAMP Pool 0.00 28,905,743.58
Total $1,287,222.00 $469,053,421.15
Maturity Distribution (Fixed Income Holdings)
Portfolio Holdings Closing Market Value Percent
28,905,743.58

0.00 11,692,339.93
12,606,609.43
63,908,915.08
69,988,063.29
64,927,109.74
121,211,324.39
95,813,315.71

0.00 6.16

0.00 2.49

2.69 13.63

14.92 13.84

25.84 20.43

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 $469,053,421.15
917
100.00%
Weighted Average Days to Maturity
Sector Allocation

6.28%
ABS

12.62%
Corporate Note

2.09%
Bank Note

0.76%
Cert of Deposit

18.05%
Federal Agency
Commercial
Mortgage-Backed
Security

0.64%
Muni Bond / Note

53.40%
US TSY Bond / Note

6.16%
CAMP Pool
PFM Asset Management Summary Page 1
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Managed Account Summary Statement For the Month Ending February 28, 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)
$435,147,584.96
(77,967.34)
(5,666,235.98)
7,598,904.03

0.00 3,145,391.90
$440,147,677.57
1,399,674.24
(3,134.67)
(109,317.57)
$1,287,222.00
Total
440,640,600.74
2,556,954.86
5,672,665.42
77,967.34
1,393,244.80
(7,602,038.70)
(438,736,348.77)
(2,762,652.21)
Total Accrual Basis Earnings $1,240,393.48
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 5,672,665.42
1,393,244.80
77,967.34
(7,602,038.70)

0.00 0.00
Cash Balance
Closing Cash Balance $784,487.49
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 1 U.S. Bancorp Asset Management, Inc.
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Portfolio Summary and Statistics For the Month Ending February 28, 2025 CITY OF MODESTO - Combined Portfolio
Account Summary
Description Par Value Market Value Percent
U.S. Treasury Bond / Note 255,905,000.00 250,510,364.11 56.92 Municipal Bond / Note 3,035,000.00 2,998,688.80 0.68
Federal Agency Commercial
Mortgage-Backed Security
83,768,526.10 84,651,895.41 19.23
Corporate Note 59,200,000.00 59,191,815.27 13.45
Certificate of Deposit 3,500,000.00 3,552,801.00 0.81
Bank Note 9,635,000.00 9,783,932.83 2.22
Asset-Backed Security 29,149,705.48 29,458,180.15 6.69
Managed Account Sub-Total 444,193,231.59 440,147,677.57 100.00% Accrued Interest 2,556,954.86
Total Portfolio 444,193,231.59 442,704,632.43
Unsettled Trades 0.00 0.00
Sector Allocation

6.69%
ABS

2.22%
Bank Note

0.81%
Cert of Deposit

13.45%
Corporate Note

19.23%
Federal Agency
Commercial
Mortgage-Backed
Security

0.68%
Muni Bond / Note

56.92%
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

5.52%

14.52%

15.90%

14.75%

27.54%

21.77%

0.00%
Maturity Distribution Characteristics
Yield to Maturity at Cost
Yield to Maturity at Market
Weighted Average Days to Maturity 977

3.93%

4.30%
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 February 28, 2025 CITY OF MODESTO - Combined Portfolio
Credit Quality (S&P Ratings)

3.49%
A

8.65%
A+

0.46%
A0.84%
AA

77.33%
AA+

1.20%
AA6.06%
AAA

1.97%
NR
Issuer Summary
Issuer of Holdings Percent
Market Value
Adobe Inc 2,918,530.38 0.66
American Express Co 3,135,311.76 0.71
Apple Inc 5,187,338.00 1.18
BA Credit Card Trust 1,380,580.11 0.31
Bank of America Corp 10,275,062.54 2.34
Bank of New York Mellon Corp 3,355,110.99 0.76
BlackRock Inc 369,722.37 0.08
Bristol-Myers Squibb Co 2,173,688.04 0.49
Citigroup Inc 6,721,815.09 1.53
Cooperatieve Rabobank UA 3,552,801.00 0.81
Deere & Co 2,604,360.06 0.59
Eli Lilly & Co 2,926,615.35 0.66
Federal Home Loan Mortgage Corp 81,336,990.29 18.49
Federal National Mortgage Association 3,314,905.12 0.75 Fifth Third Auto Trust 2,449,230.60 0.56
GM Financial Consumer Automobile Receiv 367,426.89 0.08 Home Depot Inc 3,484,220.38 0.79
Honda Auto Receivables Owner Trust 2,241,955.80 0.51
Hyundai Auto Receivables Trust 1,155,768.25 0.26
JPMorgan Chase & Co 12,364,805.85 2.82
Kubota Credit Owner Trust 2,463,210.70 0.56
Mastercard Inc 2,508,111.36 0.57
Microsoft Corp 5,884,161.00 1.34
Morgan Stanley 4,068,944.00 0.92
New Jersey Turnpike Authority 491,902.82 0.11
PACCAR Inc 1,153,048.61 0.26
PepsiCo Inc 2,683,548.30 0.61
State Board of Administration Finance C 1,781,685.01 0.40 State Street Corp 1,899,397.70 0.43
Target Corp 350,456.94 0.08
Toyota Auto Receivables Owner Trust 1,472,569.38 0.33
Toyota Motor Corp 2,872,550.80 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 February 28, 2025 CITY OF MODESTO - Combined Portfolio
Issuer of Holdings Percent
Market Value
United States Treasury 250,510,364.11 56.93
University of California Board of Regen 725,100.97 0.16 USAA Auto Owner Trust 3,039,527.03 0.69
Walmart Inc 1,211,871.14 0.28
Wells Fargo & Co 5,714,988.83 1.30
Total $440,147,677.57 100.00%
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 February 28, 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 68,539.47 10,947,745.11 10,967,238.96

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 41,115.71 10,802,492.38 10,824,924.42

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 4.00 179,467.33 11,085,913.67 11,069,850.87

US TREASURY N/B
DTD 11/30/2020 0.375% 11/30/2025
91282CAZ4 3,425,000.00 AA+ Aaa 11/01/21 11/02/21 3,330,946.29 1.07 3,210.94 3,407,692.60 3,329,528.13

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 4,345.31 4,556,846.31 4,505,799.38

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 0.43 310.77 499,763.85 484,742.00

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 0.45 646.41 1,039,325.26 1,008,263.36

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 2,321.48 3,719,377.73 3,621,022.74

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 0.80 720.99 2,390,714.20 2,318,944.80

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 1,502.07 4,934,693.35 4,831,135.00

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 1,734.89 5,728,685.35 5,579,960.93

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 2,397.31 7,802,375.00 7,710,491.46

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 0.70 218.07 3,266,421.25 3,158,540.49

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 63.11 4,546,511.03 4,481,338.07 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 February 28, 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 81.52 5,961,874.59 5,788,596.00

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 7,767.03 2,479,770.04 2,392,716.40

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 15,424.45 4,918,780.23 4,751,664.63

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 2,634.38 1,402,971.19 1,348,526.03

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 8,653.13 4,506,207.66 4,429,500.08

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 9,000.00 4,674,192.02 4,607,064.00

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 94.57 4,509,771.14 4,419,961.92

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 15,748.08 4,189,385.78 4,103,253.61

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 26,617.13 4,472,214.46 4,394,092.37

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 8,022.93 9,118,627.56 8,917,104.56

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 9,500.00 883,564.99 883,268.75

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 10,829.83 6,165,416.43 6,015,008.16

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 4,595.30 5,247,390.43 5,118,728.13

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 1,044.20 1,171,566.09 1,151,625.60 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 February 28, 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 2,597.44 2,907,947.76 2,864,668.68

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 92,671.98 5,361,531.47 5,398,706.26

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 37,434.38 2,735,567.02 2,724,119.69

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 43,570.03 3,197,984.53 3,170,614.44

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 14,665.40 8,053,943.04 8,007,529.73

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 27,296.27 4,260,494.77 4,237,547.50

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 6,224.59 2,218,924.47 2,190,081.06

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 2,072.86 3,184,236.58 3,145,161.45

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 4.29 121.74 1,111,186.93 1,120,131.04

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 4.25 307.07 2,806,144.44 2,825,330.53

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 13,336.54 2,394,035.03 2,353,993.04

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 40,492.45 2,673,230.21 2,646,682.45

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 32,873.90 2,801,730.67 2,768,397.95

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 76,393.78 6,548,924.75 6,433,323.35 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 February 28, 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 59,427.20 3,418,090.25 3,462,399.30

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 68,484.50 4,560,986.05 4,530,366.08

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 80,233.53 5,200,168.03 5,307,584.64

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 16,087.50 1,441,224.98 1,456,141.83

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 47,137.50 4,220,041.79 4,266,597.39

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 20,569.06 2,899,733.07 2,944,980.60

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 6,745.30 2,118,093.77 2,102,697.13

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 3.58 743.72 7,564,246.86 7,426,723.60

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 3.56 127,080.77 8,672,103.71 8,502,762.25

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 66,871.72 4,838,780.38 4,868,376.65

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 65,123.44 6,325,885.03 6,341,396.70

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 89,663.33 12,338,202.48 12,547,581.59

US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
91282CMG3 4,610,000.00 AA+ Aaa 02/04/25 02/05/25 4,592,892.57 4.33 15,695.65 4,593,110.19 4,653,578.33 Security Type Sub-Total 255,905,000.00 248,050,419.77 3.35 1,480,528.06 252,876,837.96 250,510,364.11 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 February 28, 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 220,000.00 AA Aa2 07/14/20 07/16/20 220,796.40 0.81 571.99 220,033.89 218,523.58

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 1,325.97 510,000.00 506,577.39

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 1,058.82 505,248.37 499,861.63

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 2,715.18 1,295,000.00 1,281,823.38

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 1.05 881.23 505,000.00 491,902.82 Security Type Sub-Total 3,035,000.00 3,039,366.75 1.10 6,553.19 3,035,282.26 2,998,688.80 Federal Agency Commercial Mortgage-Backed Security
FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 2,403,617.68 AA+ Aaa 05/19/23 05/24/23 2,329,631.32 4.29 6,704.09 2,367,005.87 2,364,443.52 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 3,869,857.36 3,918,240.00 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 2,199,167.42 2,228,073.57 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 3,391,965.80 3,442,110.06 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
3137HAMR4 3,498,248.97 AA+ Aaa 09/20/23 09/28/23 3,443,350.94 5.19 13,993.00 3,458,376.67 3,533,843.65 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
3137HAMG8 1,873,216.53 AA+ Aaa 09/07/23 09/14/23 1,845,202.57 5.01 7,258.71 1,853,208.34 1,888,434.54 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 2,781,907.74 AA+ Aaa 07/19/23 07/27/23 2,781,838.19 4.78 11,074.31 2,781,860.77 2,797,202.67 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 3,523,515.41 3,545,370.50 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 February 28, 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 4.182% 07/01/2028
3136BQDE6 3,343,242.44 AA+ Aaa 07/18/23 07/31/23 3,286,564.03 4.58 11,649.92 3,304,572.22 3,314,905.12 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
3137HAMN3 2,018,292.74 AA+ Aaa 09/19/23 09/28/23 2,018,282.64 5.27 8,867.03 2,018,286.30 2,053,794.51 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 3,758,950.66 3,831,946.60 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 3,787,139.55 3,892,203.70 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 2,819,360.02 2,931,694.03 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 3,765,852.24 3,851,676.20 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 1,461,760.09 1,497,631.41 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 2,120,296.86 2,160,462.00 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 1,949,088.99 1,973,810.30 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 2,207,350.88 2,214,186.36 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 2,237,772.98 2,233,704.06 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 2,770,025.78 2,808,955.29 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 3,437,514.99 3,466,251.80 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 3,831,989.80 3,874,042.50 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 February 28, 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 3,841,985.63 3,888,776.25 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 2,132,421.72 2,184,115.37 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 3,262,978.85 3,285,397.01 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 3,907,030.05 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 3,529,482.88 3,520,877.50 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 4,000,032.31 4,042,716.84 Security Type Sub-Total 83,768,526.10 83,239,288.26 4.84 324,086.02 83,531,820.39 84,651,895.41 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 5,017.50 2,226,948.04 2,173,688.04

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 2,382.19 3,465,151.58 3,355,110.99

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 28,362.15 2,025,000.00 2,022,877.80

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 4,600.00 3,010,691.55 2,929,257.00

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 7,483.13 3,749,853.61 3,810,750.00

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 20,977.78 2,504,600.07 2,508,111.36

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 10,014.18 849,446.61 860,922.50 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 February 28, 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

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 41,234.86 3,500,000.00 3,544,975.00

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 1.99 909.46 364,766.49 350,456.94

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 6,875.00 2,959,965.20 2,954,904.00

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 46,889.89 3,497,890.84 3,484,220.38

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 5.13 879.60 1,446,630.75 1,487,829.45

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 17,974.67 1,218,269.41 1,211,871.14

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 64,133.33 5,210,402.51 5,187,338.00

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 3,198.94 499,536.62 504,562.91

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 5,783.94 900,869.44 912,290.51

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 7,528.81 1,163,830.23 1,187,506.64

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 3,262.88 1,125,093.10 1,153,048.61

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 69,416.67 2,796,438.64 2,872,550.80

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 5.80 138,433.79 5,650,000.00 5,881,729.10

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 2,629.92 1,900,000.00 1,899,397.70 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 February 28, 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

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 7,958.01 364,456.14 369,722.37

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 25,382.00 1,296,425.67 1,314,607.60

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 30,968.00 1,578,033.34 1,603,922.78

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 10,642.50 1,932,346.26 1,949,210.64

ELI LILLY & CO (CALLABLE)
DTD 08/14/2024 4.200% 08/14/2029
532457CQ9 660,000.00 A+ Aa3 08/12/24 08/14/24 658,554.60 4.25 1,309.00 658,700.61 654,768.18

ELI LILLY & CO (CALLABLE)
DTD 08/14/2024 4.200% 08/14/2029
532457CQ9 2,290,000.00 A+ Aa3 08/13/24 08/14/24 2,293,343.40 4.17 4,541.83 2,293,014.53 2,271,847.17

PEPSICO INC (CALLABLE)
DTD 02/07/2025 4.600% 02/07/2030
713448GB8 730,000.00 A+ A1 02/05/25 02/07/25 728,773.60 4.64 2,238.67 728,789.36 734,337.66 Security Type Sub-Total 59,200,000.00 58,677,433.45 4.20 571,028.70 58,917,150.60 59,191,815.27 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 21,731.11 3,500,000.00 3,552,801.00 Security Type Sub-Total 3,500,000.00 3,500,000.00 5.08 21,731.11 3,500,000.00 3,552,801.00 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 20,473.83 5,628,559.67 5,714,988.83

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 19,753.24 1,360,000.00 1,383,440.96

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 38,344.53 2,643,954.87 2,685,503.04 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 February 28, 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
Security Type Sub-Total 9,635,000.00 9,627,215.45 5.51 78,571.60 9,632,514.54 9,783,932.83 Asset-Backed Security
HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
44935FAD6 9,705.48 AAA NR 11/09/21 11/17/21 9,703.32 0.75 3.19 9,704.90 9,691.74 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 10,068.48 834,925.59 840,085.99 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 2,088.53 889,855.38 899,634.25 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 1,464,963.85 1,477,900.79 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 2,219,697.75 2,241,955.80 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 1,582.40 689,895.51 695,563.47 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 3,014,629.13 3,039,527.03 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 2,924,965.01 2,963,533.95 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 1,883.60 764,939.98 777,005.91 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 2,424,895.63 2,449,230.60 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 3,019,385.86 3,060,332.10 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 3,089,900.37 3,135,311.76 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 1,129,888.90 1,146,076.51 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 1,364,861.71 1,380,580.11 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 February 28, 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
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 4.85 737.60 364,941.88 367,426.89 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 3,389,591.65 3,410,746.80 KCOT 2025-1A A3
DTD 02/19/2025 4.670% 06/15/2029
50117FAC5 1,550,000.00 NR Aaa 02/11/25 02/19/25 1,549,946.84 4.67 2,412.83 1,549,951.89 1,563,576.45 Security Type Sub-Total 29,149,705.48 29,145,941.03 5.27 74,456.18 29,146,994.99 29,458,180.15 Managed Account Sub-Total 444,193,231.59 435,279,664.71 3.93 2,556,954.86 440,640,600.74 440,147,677.57 $444,193,231.59 $435,279,664.71 3.93% $2,556,954.86 $440,640,600.74 $440,147,677.57 $442,704,632.43
$2,556,954.86
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 February 28, 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 99.57 10,967,238.96 272,792.67 19,493.85 DTD 05/15/2015 2.125% 05/15/2025

0.21 5.02
US TREASURY N/B 91282CHN4 10,805,000.00 WellsFar 100.18 10,824,924.42 25,833.40 22,432.04 DTD 07/31/2023 4.750% 07/31/2025

0.41 4.32
US TREASURY N/B 91282CFK2 11,115,000.00 Nomura 99.59 11,069,850.87 8,254.97 (16,062.80) DTD 09/15/2022 3.500% 09/15/2025

0.53 4.34
US TREASURY N/B 91282CAZ4 3,425,000.00 WellsFar 97.21 3,329,528.13 (1,418.16) (78,164.47) DTD 11/30/2020 0.375% 11/30/2025

0.74 4.33
US TREASURY N/B 91282CAZ4 4,635,000.00 WellsFar 97.21 4,505,799.38 251,014.22 (51,046.93) DTD 11/30/2020 0.375% 11/30/2025

0.74 4.33
US TREASURY N/B 91282CBC4 500,000.00 HSBC 96.95 484,742.00 (13,871.28) (15,021.85) DTD 12/31/2020 0.375% 12/31/2025

0.83 4.21
US TREASURY N/B 91282CBC4 1,040,000.00 Citigrou 96.95 1,008,263.36 (27,714.77) (31,061.90) DTD 12/31/2020 0.375% 12/31/2025

0.83 4.21
US TREASURY N/B 91282CBC4 3,735,000.00 JPMorgan 96.95 3,621,022.74 (25,416.91) (98,354.99) DTD 12/31/2020 0.375% 12/31/2025

0.83 4.21
US TREASURY N/B 91282CBH3 2,400,000.00 BNPPSA 96.62 2,318,944.80 (34,930.20) (71,769.40) DTD 02/01/2021 0.375% 01/31/2026

0.91 4.30
US TREASURY N/B 91282CBH3 5,000,000.00 Nomura 96.62 4,831,135.00 111,603.75 (103,558.35) DTD 02/01/2021 0.375% 01/31/2026

0.91 4.30
US TREASURY N/B 91282CBH3 5,775,000.00 MorganSt 96.62 5,579,960.93 9,792.96 (148,724.42) DTD 02/01/2021 0.375% 01/31/2026

0.91 4.30
US TREASURY N/B 91282CBH3 7,980,000.00 JPMorgan 96.62 7,710,491.46 453,678.96 (91,883.54) DTD 02/01/2021 0.375% 01/31/2026

0.91 4.30
US TREASURY N/B 9128286F2 3,210,000.00 GoldmanS 98.40 3,158,540.49 (334,340.76) (107,880.76) DTD 02/28/2019 2.500% 02/28/2026

0.97 4.23
US TREASURY N/B 91282CBQ3 4,645,000.00 Nomura 96.48 4,481,338.07 221,365.02 (65,172.96) DTD 03/01/2021 0.500% 02/28/2026

0.98 4.22
US TREASURY N/B 91282CBQ3 6,000,000.00 WellsFar 96.48 5,788,596.00 (49,685.25) (173,278.59) DTD 03/01/2021 0.500% 02/28/2026

0.98 4.22
US TREASURY N/B 91282CBT7 2,480,000.00 WellsFar 96.48 2,392,716.40 (86,314.85) (87,053.64) DTD 03/31/2021 0.750% 03/31/2026

1.06 4.19
US TREASURY N/B 91282CBT7 4,925,000.00 MorganSt 96.48 4,751,664.63 (145,055.10) (167,115.60) DTD 03/31/2021 0.750% 03/31/2026

1.06 4.19
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Managed Account Fair Market Value & Analytics For the Month Ending February 28, 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 95.98 1,348,526.03 (48,461.08) (54,445.16) DTD 06/01/2021 0.750% 05/31/2026

1.22 4.16
US TREASURY N/B 91282CCF6 4,615,000.00 Nomura 95.98 4,429,500.08 175,948.32 (76,707.58) DTD 06/01/2021 0.750% 05/31/2026

1.22 4.16
US TREASURY N/B 91282CCF6 4,800,000.00 Citigrou 95.98 4,607,064.00 207,939.00 (67,128.02) DTD 06/01/2021 0.750% 05/31/2026

1.22 4.16
US TREASURY N/B 91282CCW9 4,640,000.00 RBC Capi 95.26 4,419,961.92 161,855.67 (89,809.22) DTD 08/31/2021 0.750% 08/31/2026

1.47 4.13
US TREASURY N/B 91282CCZ2 4,310,000.00 RBC Capi 95.20 4,103,253.61 134,854.78 (86,132.17) DTD 09/30/2021 0.875% 09/30/2026

1.55 4.12
US TREASURY N/B 912828U24 4,545,000.00 RBC Capi 96.68 4,394,092.37 38,171.47 (78,122.09) DTD 11/15/2016 2.000% 11/15/2026

1.66 4.12
US TREASURY N/B 912828V98 9,220,000.00 JPMorgan 96.71 8,917,104.56 (64,472.00) (201,523.00) DTD 02/15/2017 2.250% 02/15/2027

1.89 4.10
US TREASURY N/B 91282CEF4 910,000.00 Barclays 97.06 883,268.75 28,295.31 (296.24) DTD 03/31/2022 2.500% 03/31/2027

1.98 4.07
US TREASURY N/B 912828ZN3 6,480,000.00 Nomura 92.82 6,015,008.16 223,508.16 (150,408.27) DTD 04/30/2020 0.500% 04/30/2027

2.11 4.08
US TREASURY N/B 912828ZV5 5,545,000.00 WellsFar 92.31 5,118,728.13 197,973.83 (128,662.30) DTD 06/30/2020 0.500% 06/30/2027

2.27 4.07
US TREASURY N/B 9128282R0 1,200,000.00 BNPPSA 95.97 1,151,625.60 9,000.60 (19,940.49) DTD 08/15/2017 2.250% 08/15/2027

2.36 4.06
US TREASURY N/B 9128282R0 2,985,000.00 HSBC 95.97 2,864,668.68 34,632.16 (43,279.08) DTD 08/15/2017 2.250% 08/15/2027

2.36 4.06
US TREASURY N/B 91282CFM8 5,380,000.00 BOFAML 100.35 5,398,706.26 53,802.35 37,174.79 DTD 09/30/2022 4.125% 09/30/2027

2.39 4.06
US TREASURY N/B 91282CFU0 2,715,000.00 Nomura 100.34 2,724,119.69 (28,635.78) (11,447.33) DTD 10/31/2022 4.125% 10/31/2027

2.48 4.07
US TREASURY N/B 91282CFU0 3,160,000.00 JPMorgan 100.34 3,170,614.44 (58,880.87) (27,370.09) DTD 10/31/2022 4.125% 10/31/2027

2.48 4.07
US TREASURY N/B 91282CAU5 8,775,000.00 WellsFar 91.25 8,007,529.73 534,726.02 (46,413.31) DTD 11/02/2020 0.500% 10/31/2027

2.60 4.06
US TREASURY N/B 91282CGC9 4,250,000.00 Nomura 99.71 4,237,547.50 (29,386.09) (22,947.27) DTD 01/03/2023 3.875% 12/31/2027

2.64 4.06
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Managed Account Fair Market Value & Analytics For the Month Ending February 28, 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 98.65 2,190,081.06 (28,184.57) (28,843.41) DTD 01/31/2023 3.500% 01/31/2028

2.74 4.07
US TREASURY N/B 91282CBJ9 3,450,000.00 HSBC 91.16 3,145,161.45 150,399.73 (39,075.13) DTD 02/01/2021 0.750% 01/31/2028

2.83 4.07
US TREASURY N/B 91282CGP0 1,120,000.00 JPMorgan 100.01 1,120,131.04 14,787.29 8,944.11 DTD 02/28/2023 4.000% 02/29/2028

2.80 4.07
US TREASURY N/B 91282CGP0 2,825,000.00 TD Secur 100.01 2,825,330.53 31,670.37 19,186.09 DTD 02/28/2023 4.000% 02/29/2028

2.80 4.07
US TREASURY N/B 91282CBS9 2,555,000.00 BNPPSA 92.13 2,353,993.04 54,592.84 (40,041.99) DTD 03/31/2021 1.250% 03/31/2028

2.96 4.06
US TREASURY N/B 91282CGT2 2,675,000.00 RBS 98.94 2,646,682.45 (25,496.26) (26,547.76) DTD 03/31/2023 3.625% 03/31/2028

2.85 4.08
US TREASURY N/B 91282CHA2 2,810,000.00 Barclays 98.52 2,768,397.95 (28,539.94) (33,332.72) DTD 05/01/2023 3.500% 04/30/2028

2.93 4.08
US TREASURY N/B 91282CHA2 6,530,000.00 GoldmanS 98.52 6,433,323.35 (126,520.79) (115,601.40) DTD 05/01/2023 3.500% 04/30/2028

2.93 4.08
US TREASURY N/B 91282CKG5 3,450,000.00 BMO 100.36 3,462,399.30 50,537.97 44,309.05 DTD 04/01/2024 4.125% 03/31/2029

3.66 4.11
US TREASURY N/B 91282CKP5 4,430,000.00 JPMorgan 102.27 4,530,366.08 (41,359.31) (30,619.97) DTD 04/30/2024 4.625% 04/30/2029

3.71 4.11
US TREASURY N/B 91282CKP5 5,190,000.00 GoldmanS 102.27 5,307,584.64 105,623.31 107,416.61 DTD 04/30/2024 4.625% 04/30/2029

3.71 4.11
US TREASURY N/B 91282CKT7 1,430,000.00 JPMorgan 101.83 1,456,141.83 13,182.45 14,916.85 DTD 05/31/2024 4.500% 05/31/2029

3.80 4.08
US TREASURY N/B 91282CKT7 4,190,000.00 JPMorgan 101.83 4,266,597.39 41,898.95 46,555.60 DTD 05/31/2024 4.500% 05/31/2029

3.80 4.08
US TREASURY N/B 91282CKX8 2,920,000.00 Citigrou 100.86 2,944,980.60 48,021.22 45,247.53 DTD 07/01/2024 4.250% 06/30/2029

3.90 4.11
US TREASURY N/B 91282CLC3 2,105,000.00 Citigrou 99.89 2,102,697.13 (16,939.20) (15,396.64) DTD 07/31/2024 4.000% 07/31/2029

4.00 4.10
US TREASURY N/B 91282CLK5 7,550,000.00 Citigrou 98.37 7,426,723.60 (138,907.26) (137,523.26) DTD 09/03/2024 3.625% 08/31/2029

4.04 4.10
US TREASURY N/B 91282CLN9 8,695,000.00 TD Secur 97.79 8,502,762.25 (167,443.41) (169,341.46) DTD 09/30/2024 3.500% 09/30/2029

4.13 4.11
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Managed Account Fair Market Value & Analytics For the Month Ending February 28, 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 100.38 4,868,376.65 30,312.20 29,596.27 DTD 10/31/2024 4.125% 10/31/2029

4.16 4.11
US TREASURY N/B 91282CMA6 6,315,000.00 WellsFar 100.42 6,341,396.70 15,049.43 15,511.67 DTD 12/02/2024 4.125% 11/30/2029

4.24 4.10
US TREASURY N/B 91282CMD0 12,365,000.00 BNP Sec 101.48 12,547,581.59 210,113.04 209,379.11 DTD 12/31/2024 4.375% 12/31/2029

4.30 4.09
US TREASURY N/B 91282CMG3 4,610,000.00 BNP Sec 100.95 4,653,578.33 60,685.76 60,468.14 DTD 01/31/2025 4.250% 01/31/2030

4.40 4.11
Security Type Sub-Total 255,905,000.00 250,510,364.11 2,459,944.34 (2,366,473.85) 2.20 4.19 Municipal Bond / Note
UNIV OF CALIFORNIA-BG (CALLABLE) 91412HGE7 220,000.00 JPMorgan 04/15/25 99.33 218,523.58 (2,272.82) (1,510.31) DTD 07/16/2020 0.883% 05/15/2025

0.21 4.31
UNIV OF CALIFORNIA-BG (CALLABLE) 91412HGE7 510,000.00 JPMorgan 04/15/25 99.33 506,577.39 (3,422.61) (3,422.61) DTD 07/16/2020 0.883% 05/15/2025

0.21 4.31
FLORIDA ST BRD OF ADM 341271AD6 505,000.00 BOFAML 98.98 499,861.63 (8,708.72) (5,386.74) DTD 09/16/2020 1.258% 07/01/2025

0.33 4.52
FLORIDA ST BRD OF ADM 341271AD6 1,295,000.00 BOFAML 98.98 1,281,823.38 (13,176.62) (13,176.62) DTD 09/16/2020 1.258% 07/01/2025

0.33 4.52
NJ TPK AUTH -B-TXBL 646140DP5 505,000.00 Citigrou 97.41 491,902.82 (13,097.18) (13,097.18) DTD 02/04/2021 1.047% 01/01/2026

0.82 4.33
Security Type Sub-Total 3,035,000.00 2,998,688.80 (40,677.95) (36,593.46) 0.38 4.44 Federal Agency Commercial Mortgage-Backed Security
FHMS K061 A2 3137BTUM1 2,403,617.68 Citigrou 98.37 2,364,443.52 34,812.20 (2,562.35) DTD 01/01/2017 3.347% 11/01/2026

1.57 4.37
FHMS K064 A2 3137BXQY1 4,000,000.00 MorganSt 97.96 3,918,240.00 145,115.00 48,382.64 DTD 05/01/2017 3.224% 03/01/2027

1.81 4.35
FHMS K065 A2 3137F1G44 2,275,000.00 Citigrou 97.94 2,228,073.57 83,086.27 28,906.15 DTD 07/01/2017 3.243% 04/01/2027

1.96 4.30
FHMS K066 A2 3137F2LJ3 3,530,000.00 CantorFi 97.51 3,442,110.06 141,008.50 50,144.26 DTD 08/01/2017 3.117% 06/01/2027

2.04 4.35
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Managed Account Fair Market Value & Analytics For the Month Ending February 28, 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 K507 A1 3137HAMR4 3,498,248.97 BOFAML 101.02 3,533,843.65 90,492.71 75,466.98 DTD 09/01/2023 4.800% 04/01/2028

2.52 4.39
FHMS K506 A1 3137HAMG8 1,873,216.53 WellsFar 100.81 1,888,434.54 43,231.97 35,226.20 DTD 09/01/2023 4.650% 05/01/2028

2.67 4.35
FHMS KJ46 A1 3137HAD45 2,781,907.74 JPMorgan 100.55 2,797,202.67 15,364.48 15,341.90 DTD 07/01/2023 4.777% 06/01/2028

2.14 4.50
FHMS K505 A2 3137HACX2 3,500,000.00 JPMorgan 101.30 3,545,370.50 10,412.50 21,855.09 DTD 07/01/2023 4.819% 06/01/2028

2.93 4.39
FNA 2023-M6 A2 3136BQDE6 3,343,242.44 JPMorgan 99.15 3,314,905.12 28,341.09 10,332.90 DTD 07/01/2023 4.182% 07/01/2028

3.06 4.48
FHMS KJ47 A1 3137HAMN3 2,018,292.74 JPMorgan 101.76 2,053,794.51 35,511.87 35,508.21 DTD 09/01/2023 5.272% 08/01/2028

2.41 4.53
FHMS K506 A2 3137HAMH6 3,800,000.00 WellsFar 100.84 3,831,946.60 88,160.00 72,995.94 DTD 09/01/2023 4.650% 08/01/2028

3.07 4.42
FHMS K508 A2 3137HAQ74 3,850,000.00 BMO 101.10 3,892,203.70 126,657.30 105,064.15 DTD 10/01/2023 4.740% 08/01/2028

3.09 4.39
FHMS K509 A2 3137HAST4 2,890,000.00 MorganSt 101.44 2,931,694.03 133,835.90 112,334.01 DTD 10/01/2023 4.850% 09/01/2028

3.17 4.41
FHMS K507 A2 3137HAMS2 3,800,000.00 BOFAML 101.36 3,851,676.20 97,097.60 85,823.96 DTD 09/01/2023 4.800% 09/01/2028

3.13 4.38
FHMS K510 A2 3137HB3D4 1,465,000.00 JPMorgan 102.23 1,497,631.41 36,866.72 35,871.32 DTD 11/01/2023 5.069% 10/01/2028

3.19 4.39
FHMS K511 A2 3137HB3G7 2,125,000.00 BOFAML 101.67 2,160,462.00 41,567.12 40,165.14 DTD 12/01/2023 4.860% 10/01/2028

3.23 4.36
FHMS K512 A2 3137HBCF9 1,935,000.00 JPMorgan 102.01 1,973,810.30 20,741.27 24,721.31 DTD 12/01/2023 5.000% 11/01/2028

3.25 4.40
FHMS K513 A2 3137HBFY5 2,190,000.00 BMO 101.10 2,214,186.36 2,310.45 6,835.48 DTD 01/01/2024 4.724% 12/01/2028

3.36 4.42
FHMS K514 A2 3137HBLV4 2,220,000.00 JPMorgan 100.62 2,233,704.06 (8,493.72) (4,068.92) DTD 02/01/2024 4.572% 12/01/2028

3.32 4.40
FHMS K518 A2 3137HC2L5 2,715,000.00 JPMorgan 103.46 2,808,955.29 28,401.61 38,929.51 DTD 03/01/2024 5.400% 01/01/2029

3.44 4.43
FHMS K517 A2 3137HC2C5 3,355,000.00 BOFAML 103.32 3,466,251.80 10,648.77 28,736.81 DTD 03/01/2024 5.355% 01/01/2029

3.46 4.43
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Managed Account Fair Market Value & Analytics For the Month Ending February 28, 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 K515 A2 3137HBPD0 3,750,000.00 WellsFar 103.31 3,874,042.50 23,017.50 42,052.70 DTD 02/01/2024 5.400% 01/01/2029

3.36 4.46
FHMS K516 A2 3137HBPM0 3,750,000.00 MorganSt 103.70 3,888,776.25 26,287.50 46,790.62 DTD 03/01/2024 5.477% 01/01/2029

3.40 4.42
FHMS K520 A2 3137HCKV3 2,125,000.00 BOFAML 102.78 2,184,115.37 50,489.99 51,693.65 DTD 04/01/2024 5.180% 03/01/2029

3.57 4.43
FHMS K524 A2 3137HDV56 3,245,000.00 PIER 101.24 3,285,397.01 20,469.47 22,418.16 DTD 07/01/2024 4.720% 05/01/2029

3.74 4.41
FHMS K522 A2 3137HDJJ0 3,850,000.00 MorganSt 101.48 3,907,030.05 57,041.60 57,030.05 DTD 06/01/2024 4.803% 05/01/2029

3.64 4.42
FHMS K526 A2 3137HDXL9 3,500,000.00 BMO 100.60 3,520,877.50 (11,861.50) (8,605.38) DTD 08/01/2024 4.543% 07/01/2029

3.89 4.42
FHMS K530 A2 3137HHJL6 3,980,000.00 JPMorgan 101.58 4,042,716.84 41,992.98 42,684.53 DTD 11/01/2024 4.792% 09/01/2029

4.01 4.43
Security Type Sub-Total 83,768,526.10 84,651,895.41 1,412,607.15 1,120,075.02 3.05 4.41 Corporate Note
BRISTOL-MYERS SQUIBB CO (CALLABLE) 110122DN5 2,230,000.00 BOFAML 10/13/25 97.47 2,173,688.04 (37,200.86) (53,260.00) DTD 11/13/2020 0.750% 11/13/2025

0.69 4.49
BANK OF NY MELLON CORP (CALLABLE) 06406RAQ0 3,465,000.00 US_BANC 12/28/25 96.83 3,355,110.99 (110,720.61) (110,040.59) DTD 01/28/2021 0.750% 01/28/2026

0.89 4.34
BANK OF AMERICA CORP (CALLABLE) 06051GKM0 2,025,000.00 BOFAML 04/02/25 99.90 2,022,877.80 (2,122.20) (2,122.20) DTD 03/22/2022 3.384% 04/02/2026

0.09 5.61
MICROSOFT CORP (CALLABLE) 594918BR4 3,000,000.00 TD Secur 05/08/26 97.64 2,929,257.00 (103,893.00) (81,434.55) DTD 08/08/2016 2.400% 08/08/2026

1.36 4.14
BANK OF AMERICA NA (CALLABLE) 06428CAA2 3,750,000.00 BOFAML 07/17/26 101.62 3,810,750.00 61,050.00 60,896.39 DTD 08/18/2023 5.526% 08/18/2026

1.33 4.44
MASTERCARD INC (CALLABLE) 57636QAG9 2,560,000.00 CSFirstB 08/21/26 97.97 2,508,111.36 74,012.16 3,511.29 DTD 11/21/2016 2.950% 11/21/2026

1.59 4.24
JP MORGAN CHASE BANK NA (CALLABLE) 48125LRU8 850,000.00 Citigrou 11/08/26 101.29 860,922.50 11,696.00 11,475.89 DTD 12/08/2023 5.110% 12/08/2026

1.61 4.40
JP MORGAN CHASE BANK NA (CALLABLE) 48125LRU8 3,500,000.00 JPMorgan 11/08/26 101.29 3,544,975.00 44,975.00 44,975.00 DTD 12/08/2023 5.110% 12/08/2026

1.61 4.40
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Managed Account Fair Market Value & Analytics For the Month Ending February 28, 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
TARGET CORP (CALLABLE) 87612EBM7 365,000.00 Citigrou 12/15/26 96.02 350,456.94 (13,922.56) (14,309.55) DTD 01/24/2022 1.950% 01/15/2027

1.81 4.25
MICROSOFT CORP (CALLABLE) 594918BY9 3,000,000.00 GoldmanS 11/06/26 98.50 2,954,904.00 40,734.00 (5,061.20) DTD 02/06/2017 3.300% 02/06/2027

1.77 4.17
HOME DEPOT INC (CALLABLE) 437076BT8 3,610,000.00 TD Secur 06/14/27 96.52 3,484,220.38 78,546.38 (13,670.46) DTD 09/14/2017 2.800% 09/14/2027

2.34 4.34
JPMORGAN CHASE & CO (CALLABLE) 46647PCW4 1,535,000.00 BOFAML 02/24/27 96.93 1,487,829.45 84,271.50 41,198.70 DTD 02/24/2022 2.947% 02/24/2028

1.90 4.93
WALMART INC (CALLABLE) 931142FB4 1,220,000.00 Barclays 03/15/28 99.33 1,211,871.14 (5,408.26) (6,398.27) DTD 04/18/2023 3.900% 04/15/2028

2.84 4.19
APPLE INC (CALLABLE) 037833ET3 5,200,000.00 HSBC 04/10/28 99.76 5,187,338.00 (29,042.00) (23,064.51) DTD 05/10/2023 4.000% 05/10/2028

2.90 4.12
JOHN DEERE CAPITAL CORP 24422EXB0 495,000.00 SBSC 101.93 504,562.91 2,830.91 5,026.29 DTD 07/14/2023 4.950% 07/14/2028

3.06 4.37
JOHN DEERE CAPITAL CORP 24422EXB0 895,000.00 TD Secur 101.93 912,290.51 8,600.06 11,421.07 DTD 07/14/2023 4.950% 07/14/2028

3.06 4.37
JOHN DEERE CAPITAL CORP 24422EXB0 1,165,000.00 Citigrou 101.93 1,187,506.64 24,242.49 23,676.41 DTD 07/14/2023 4.950% 07/14/2028

3.06 4.37
PACCAR FINANCIAL CORP 69371RS64 1,130,000.00 TD Secur 102.04 1,153,048.61 30,133.71 27,955.51 DTD 08/10/2023 4.950% 08/10/2028

3.13 4.35
TOYOTA MOTOR CREDIT CORP 89236TLB9 2,800,000.00 BOFAML 102.59 2,872,550.80 77,422.80 76,112.16 DTD 09/11/2023 5.250% 09/11/2028

3.13 4.48
CITIBANK NA (CALLABLE) 17325FBB3 5,650,000.00 Citigrou 08/29/28 104.10 5,881,729.10 231,729.10 231,729.10 DTD 09/29/2023 5.803% 09/29/2028

3.10 4.56
STATE STREET CORP (CALLABLE) 857477CN1 1,900,000.00 HSBC 02/20/28 99.97 1,899,397.70 (602.30) (602.30) DTD 08/20/2024 4.530% 02/20/2029

2.75 4.75
BLACKROCK FUNDING INC (CALLABLE) 09290DAA9 365,000.00 Citigrou 02/14/29 101.29 369,722.37 5,383.02 5,266.23 DTD 03/14/2024 4.700% 03/14/2029

3.54 4.37
ADOBE INC (CALLABLE) 00724PAF6 1,295,000.00 TD Secur 03/04/29 101.51 1,314,607.60 17,898.20 18,181.93 DTD 04/04/2024 4.800% 04/04/2029

3.58 4.43
ADOBE INC (CALLABLE) 00724PAF6 1,580,000.00 BOFAML 03/04/29 101.51 1,603,922.78 26,276.98 25,889.44 DTD 04/04/2024 4.800% 04/04/2029

3.58 4.43
PEPSICO INC (CALLABLE) 713448FX1 1,935,000.00 Citigrou 06/17/29 100.73 1,949,210.64 17,209.89 16,864.38 DTD 07/17/2024 4.500% 07/17/2029

3.89 4.37
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Managed Account Fair Market Value & Analytics For the Month Ending February 28, 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
ELI LILLY & CO (CALLABLE) 532457CQ9 660,000.00 MorganSt 07/14/29 99.21 654,768.18 (3,786.42) (3,932.43) DTD 08/14/2024 4.200% 08/14/2029

3.98 4.43
ELI LILLY & CO (CALLABLE) 532457CQ9 2,290,000.00 JPMorgan 07/14/29 99.21 2,271,847.17 (21,496.23) (21,167.36) DTD 08/14/2024 4.200% 08/14/2029

3.98 4.43
PEPSICO INC (CALLABLE) 713448GB8 730,000.00 MorganSt 01/07/30 100.59 734,337.66 5,564.06 5,548.30 DTD 02/07/2025 4.600% 02/07/2030

4.34 4.44
Security Type Sub-Total 59,200,000.00 59,191,815.27 514,381.82 274,664.67 2.34 4.42 Certificate of Deposit
COOPERAT RABOBANK UA/NY 21684LGS5 3,500,000.00 RABO UA 101.51 3,552,801.00 52,801.00 52,801.00 DTD 07/20/2023 5.080% 07/17/2026

1.32 3.93
Security Type Sub-Total 3,500,000.00 3,552,801.00 52,801.00 52,801.00 1.32 3.93 Bank Note
WELLS FARGO BANK NA (CALLABLE) 94988J6D4 5,635,000.00 WellsFar 07/07/26 101.42 5,714,988.83 93,343.78 86,429.16 DTD 08/09/2023 5.450% 08/07/2026

1.31 4.46
MORGAN STANLEY BANK NA (CALLABLE) 61690U8B9 1,360,000.00 MorganSt 05/26/27 101.72 1,383,440.96 23,440.96 23,440.96 DTD 05/30/2024 5.504% 05/26/2028

2.06 4.88
MORGAN STANLEY BANK NA (CALLABLE) 61690U8B9 2,640,000.00 MorganSt 05/26/27 101.72 2,685,503.04 39,932.64 41,548.17 DTD 05/30/2024 5.504% 05/26/2028

2.06 4.88
Security Type Sub-Total 9,635,000.00 9,783,932.83 156,717.38 151,418.29 1.62 4.63 Asset-Backed Security
HART 2021-C A3 44935FAD6 9,705.48 SMBC 99.86 9,691.74 (11.58) (13.16) DTD 11/17/2021 0.740% 05/15/2026

0.04 5.09
CCCIT 2023-A1 A1 17305EGW9 835,000.00 Citigrou 100.61 840,085.99 5,190.70 5,160.40 DTD 12/11/2023 5.230% 12/08/2027

0.74 4.47
KCOT 2023-2A A3 500945AC4 890,000.00 JPMorgan 101.08 899,634.25 9,859.06 9,778.87 DTD 07/26/2023 5.280% 01/18/2028

1.19 4.54
BAAT 2023-1A A3 06428AAC2 1,465,000.00 BOFAML 100.88 1,477,900.79 12,956.31 12,936.94 DTD 07/31/2023 5.530% 02/15/2028

0.85 4.65
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Managed Account Fair Market Value & Analytics For the Month Ending February 28, 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
HAROT 2023-3 A3 43815QAC1 2,220,000.00 BOFAML 100.99 2,241,955.80 22,413.56 22,258.05 DTD 08/22/2023 5.410% 02/18/2028

0.95 4.51
TAOT 2023-C A3 89231FAD2 690,000.00 BNPPSA 100.81 695,563.47 5,719.55 5,667.96 DTD 08/15/2023 5.160% 04/17/2028

0.97 4.47
USAOT 2023-A A3 90291VAC4 3,015,000.00 JPMorgan 100.81 3,039,527.03 25,054.65 24,897.90 DTD 09/15/2023 5.580% 05/15/2028

0.80 4.72
BAAT 2023-2A A3 06054YAC1 2,925,000.00 BOFAML 101.32 2,963,533.95 38,586.89 38,568.94 DTD 11/21/2023 5.740% 06/15/2028

1.09 4.54
TAOT 2023-D A3 89239FAD4 765,000.00 JPMorgan 101.57 777,005.91 12,088.38 12,065.93 DTD 11/14/2023 5.540% 08/15/2028

1.27 4.49
FITAT 2023-1 A3 31680EAD3 2,425,000.00 JPMorgan 101.00 2,449,230.60 24,380.95 24,334.97 DTD 08/23/2023 5.530% 08/15/2028

0.98 4.67
CHAIT 2023-A1 A 161571HT4 3,020,000.00 JPMorgan 101.34 3,060,332.10 41,169.24 40,946.24 DTD 09/15/2023 5.160% 09/15/2028

1.45 4.40
AMXCA 2023-3 A 02582JKD1 3,090,000.00 Citigrou 101.47 3,135,311.76 45,449.88 45,411.39 DTD 09/19/2023 5.230% 09/15/2028

1.45 4.36
HART 2023-C A3 44918CAD4 1,130,000.00 BNPPSA 101.42 1,146,076.51 16,225.10 16,187.61 DTD 11/13/2023 5.540% 10/16/2028

1.24 4.55
BACCT 2023-A2 A2 05522RDH8 1,365,000.00 BOFAML 101.14 1,380,580.11 15,763.43 15,718.40 DTD 12/14/2023 4.980% 11/15/2028

1.61 4.43
GMCAR 2024-1 A3 36268GAD7 365,000.00 Barclays 100.66 367,426.89 2,500.29 2,485.01 DTD 01/17/2024 4.850% 12/18/2028

1.25 4.47
CHAIT 2024-A1 A 161571HV9 3,390,000.00 JPMorgan 100.61 3,410,746.80 21,263.10 21,155.15 DTD 01/31/2024 4.600% 01/16/2029

1.76 4.41
KCOT 2025-1A A3 50117FAC5 1,550,000.00 JPMorgan 100.88 1,563,576.45 13,629.61 13,624.56 DTD 02/19/2025 4.670% 06/15/2029

2.62 4.48
Security Type Sub-Total 29,149,705.48 29,458,180.15 312,239.12 311,185.16 1.29 4.51 Managed Account Sub-Total 444,193,231.59 440,147,677.57 4,868,012.86 (492,923.17) 2.29 4.30 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 February 28, 2025 CITY OF MODESTO - Combined Portfolio
Total Investments $442,704,632.43
$2,556,954.86
$440,147,677.57
Accrued Interest
Securities Sub-Total $444,193,231.59 $4,868,012.86 ($492,923.17) 2.29 4.30% 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 February 28, 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
02/05/25 US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
02/04/25 91282CMG3 5,340,000.00 (5,320,183.59) (3,134.67) (5,323,318.26) 02/07/25 PEPSICO INC (CALLABLE)
DTD 02/07/2025 4.600% 02/07/2030
02/05/25 713448GB8 730,000.00 (728,773.60) 0.00 (728,773.60) 02/19/25 KCOT 2025-1A A3
DTD 02/19/2025 4.670% 06/15/2029
02/11/25 50117FAC5 1,550,000.00 (1,549,946.84) 0.00 (1,549,946.84) Transaction Type Sub-Total 7,620,000.00 (7,598,904.03) (3,134.67) (7,602,038.70)

INTEREST
02/25/25 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
02/01/25 3137HDJJ0 0.00 15,409.63 15,409.63
02/25/25 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
02/01/25 3137HACX2 0.00 14,055.42 14,055.42
02/25/25 FHMS K515 A2
DTD 02/01/2024 5.400% 01/01/2029
02/01/25 3137HBPD0 0.00 16,875.00 16,875.00
02/25/25 FNA 2023-M6 A2
DTD 07/01/2023 4.182% 07/01/2028
02/01/25 3136BQDE6 0.00 11,649.98 11,649.98
02/25/25 FHMS K518 A2
DTD 03/01/2024 5.400% 01/01/2029
02/01/25 3137HC2L5 0.00 12,217.50 12,217.50
02/25/25 FHMS K512 A2
DTD 12/01/2023 5.000% 11/01/2028
02/01/25 3137HBCF9 0.00 8,062.50 8,062.50
02/25/25 FHMS K520 A2
DTD 04/01/2024 5.180% 03/01/2029
02/01/25 3137HCKV3 0.00 9,172.92 9,172.92
02/25/25 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
02/01/25 3137HAQ74 0.00 15,207.50 15,207.50
02/25/25 FHMS K513 A2
DTD 01/01/2024 4.724% 12/01/2028
02/01/25 3137HBFY5 0.00 8,621.30 8,621.30
02/25/25 FHMS K530 A2
DTD 11/01/2024 4.792% 09/01/2029
02/01/25 3137HHJL6 0.00 15,893.47 15,893.47
02/25/25 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
02/01/25 3137HAMS2 0.00 15,200.00 15,200.00
02/25/25 FHMS K526 A2
DTD 08/01/2024 4.543% 07/01/2029
02/01/25 3137HDXL9 0.00 13,250.42 13,250.42
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Managed Account Security Transactions & Interest For the Month Ending February 28, 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
02/25/25 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
02/01/25 3137BTUM1 0.00 6,717.47 6,717.47
02/25/25 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
02/01/25 3137HAMH6 0.00 14,725.00 14,725.00
02/25/25 FHMS K524 A2
DTD 07/01/2024 4.720% 05/01/2029
02/01/25 3137HDV56 0.00 12,763.67 12,763.67
02/25/25 FHMS K064 A2
DTD 05/01/2017 3.224% 03/01/2027
02/01/25 3137BXQY1 0.00 10,746.67 10,746.67
02/25/25 FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
02/01/25 3137HAST4 0.00 11,680.42 11,680.42
02/25/25 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
02/01/25 3137HAMR4 0.00 14,043.82 14,043.82
02/25/25 FHMS K065 A2
DTD 07/01/2017 3.243% 04/01/2027
02/01/25 3137F1G44 0.00 6,148.19 6,148.19
02/25/25 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
02/01/25 3137HB3G7 0.00 8,606.25 8,606.25
02/25/25 FHMS K516 A2
DTD 03/01/2024 5.477% 01/01/2029
02/01/25 3137HBPM0 0.00 17,115.63 17,115.63
02/25/25 FHMS K517 A2
DTD 03/01/2024 5.355% 01/01/2029
02/01/25 3137HC2C5 0.00 14,971.69 14,971.69
02/25/25 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
02/01/25 3137HAMG8 0.00 7,264.65 7,264.65
02/25/25 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
02/01/25 3137HB3D4 0.00 6,188.40 6,188.40
02/25/25 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
02/01/25 3137HBLV4 0.00 8,458.20 8,458.20
02/25/25 FHMS K066 A2
DTD 08/01/2017 3.117% 06/01/2027
02/01/25 3137F2LJ3 0.00 9,169.18 9,169.18
02/25/25 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
02/01/25 3137HAD45 0.00 11,082.83 11,082.83
02/25/25 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
02/01/25 3137HAMN3 0.00 8,886.24 8,886.24
02/03/25 MONEY MARKET FUND
DTD 01/01/2010 0.000% --
02/03/25 MONEY0002 0.00 1,940.85 1,940.85
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Managed Account Security Transactions & Interest For the Month Ending February 28, 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
02/06/25 MICROSOFT CORP (CALLABLE)
DTD 02/06/2017 3.300% 02/06/2027
02/06/25 594918BY9 0.00 49,500.00 49,500.00
02/07/25 WELLS FARGO BANK NA (CALLABLE)
DTD 08/09/2023 5.450% 08/07/2026
02/07/25 94988J6D4 0.00 153,553.75 153,553.75
02/08/25 MICROSOFT CORP (CALLABLE)
DTD 08/08/2016 2.400% 08/08/2026
02/08/25 594918BR4 0.00 36,000.00 36,000.00
02/10/25 PACCAR FINANCIAL CORP
DTD 08/10/2023 4.950% 08/10/2028
02/10/25 69371RS64 0.00 27,967.50 27,967.50
02/14/25 ELI LILLY & CO (CALLABLE)
DTD 08/14/2024 4.200% 08/14/2029
02/14/25 532457CQ9 0.00 61,950.00 61,950.00
02/15/25 TAOT 2023-D A3
DTD 11/14/2023 5.540% 08/15/2028
02/15/25 89239FAD4 0.00 3,531.75 3,531.75
02/15/25 KCOT 2023-2A A3
DTD 07/26/2023 5.280% 01/18/2028
02/15/25 500945AC4 0.00 3,916.00 3,916.00
02/15/25 HART 2023-C A3
DTD 11/13/2023 5.540% 10/16/2028
02/15/25 44918CAD4 0.00 5,216.83 5,216.83
02/15/25 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
02/15/25 02582JKD1 0.00 13,467.25 13,467.25
02/15/25 CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
02/15/25 161571HT4 0.00 12,986.00 12,986.00
02/15/25 CHAIT 2024-A1 A
DTD 01/31/2024 4.600% 01/16/2029
02/15/25 161571HV9 0.00 12,995.00 12,995.00
02/15/25 BAAT 2023-1A A3
DTD 07/31/2023 5.530% 02/15/2028
02/15/25 06428AAC2 0.00 6,751.21 6,751.21
02/15/25 TAOT 2021-C A3
DTD 09/27/2021 0.430% 01/15/2026
02/15/25 89239BAC5 0.00 11.79 11.79
02/15/25 BACCT 2023-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
02/15/25 05522RDH8 0.00 5,664.75 5,664.75
02/15/25 US TREASURY N/B
DTD 02/15/2017 2.250% 02/15/2027
02/15/25 912828V98 0.00 103,725.00 103,725.00
02/15/25 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
02/15/25 44935FAD6 0.00 18.02 18.02
02/15/25 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
02/15/25 31680EAD3 0.00 11,175.21 11,175.21
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Managed Account Security Transactions & Interest For the Month Ending February 28, 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
02/15/25 USAOT 2023-A A3
DTD 09/15/2023 5.580% 05/15/2028
02/15/25 90291VAC4 0.00 14,019.75 14,019.75
02/15/25 TAOT 2023-C A3
DTD 08/15/2023 5.160% 04/17/2028
02/15/25 89231FAD2 0.00 2,967.00 2,967.00
02/15/25 BAAT 2023-2A A3
DTD 11/21/2023 5.740% 06/15/2028
02/15/25 06054YAC1 0.00 13,991.25 13,991.25
02/15/25 US TREASURY N/B
DTD 08/15/2017 2.250% 08/15/2027
02/15/25 9128282R0 0.00 47,081.25 47,081.25
02/16/25 GMCAR 2024-1 A3
DTD 01/17/2024 4.850% 12/18/2028
02/16/25 36268GAD7 0.00 1,475.21 1,475.21
02/18/25 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
02/18/25 43815QAC1 0.00 10,008.50 10,008.50
02/18/25 BANK OF AMERICA NA (CALLABLE)
DTD 08/18/2023 5.526% 08/18/2026
02/18/25 06428CAA2 0.00 103,612.50 103,612.50
02/20/25 STATE STREET CORP (CALLABLE)
DTD 08/20/2024 4.530% 02/20/2029
02/20/25 857477CN1 0.00 43,035.00 43,035.00
02/24/25 JPMORGAN CHASE & CO (CALLABLE)
DTD 02/24/2022 2.947% 02/24/2028
02/24/25 46647PCW4 0.00 22,618.23 22,618.23
02/28/25 US TREASURY N/B
DTD 03/01/2021 0.500% 02/28/2026
02/28/25 91282CBQ3 0.00 26,612.50 26,612.50
02/28/25 US TREASURY N/B
DTD 09/03/2024 3.625% 08/31/2029
02/28/25 91282CLK5 0.00 136,843.75 136,843.75
02/28/25 US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
02/28/25 91282CGP0 0.00 78,900.00 78,900.00
02/28/25 US TREASURY N/B
DTD 02/28/2019 2.500% 02/28/2026
02/28/25 9128286F2 0.00 40,125.00 40,125.00
02/28/25 US TREASURY N/B
DTD 08/31/2021 0.750% 08/31/2026
02/28/25 91282CCW9 0.00 17,400.00 17,400.00
Transaction Type Sub-Total 0.00 1,393,244.80 1,393,244.80

PAYDOWNS
02/25/25 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
02/01/25 3137HAMN3 4,371.59 4,371.59 0.00 4,371.59 0.03 0.02 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 29 U.S. Bancorp Asset Management, Inc.
#12..
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Managed Account Security Transactions & Interest For the Month Ending February 28, 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
02/25/25 FNA 2023-M6 A2
DTD 07/01/2023 4.182% 07/01/2028
02/01/25 3136BQDE6 17.45 17.45 0.00 17.45 0.29 0.20
02/25/25 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
02/01/25 3137HAMG8 1,531.13 1,531.13 0.00 1,531.13 22.90 16.74 02/25/25 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
02/01/25 3137BTUM1 4,796.96 4,796.96 0.00 4,796.96 147.65 76.58 02/25/25 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
02/01/25 3137HAD45 2,141.16 2,141.16 0.00 2,141.16 0.05 0.03 02/25/25 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
02/01/25 3137HAMR4 12,706.18 12,706.18 0.00 12,706.18 199.40 148.33 02/15/25 TAOT 2021-C A3
DTD 09/27/2021 0.430% 01/15/2026
02/15/25 89239BAC5 32,890.70 32,890.70 0.00 32,890.70 2.62 0.56 02/15/25 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
02/15/25 44935FAD6 19,512.17 19,512.17 0.00 19,512.17 4.36 1.22 Transaction Type Sub-Total 77,967.34 77,967.34 0.00 77,967.34 377.30 243.68 SELL
02/05/25 FANNIE MAE
DTD 11/12/2020 0.500% 11/07/2025
02/04/25 3135G06G3 2,215,000.00 2,153,290.10 2,707.22 2,155,997.32 (53,780.20) (60,508.30) FIFO 02/05/25 FANNIE MAE
DTD 11/12/2020 0.500% 11/07/2025
02/04/25 3135G06G3 2,040,000.00 1,983,165.60 2,493.34 1,985,658.94 (56,059.20) (56,716.14) FIFO 02/07/25 US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
02/05/25 91282CMG3 730,000.00 730,142.58 599.93 730,742.51 2,851.56 2,847.00 FIFO 02/12/25 US TREASURY N/B
DTD 11/30/2020 0.375% 11/30/2025
02/11/25 91282CAZ4 825,000.00 799,637.70 628.95 800,266.65 (2,707.03) (20,934.71) FIFO Transaction Type Sub-Total 5,810,000.00 5,666,235.98 6,429.44 5,672,665.42 (109,694.87) (135,312.15) Managed Account Sub-Total (1,854,700.71) 1,396,539.57 (458,161.14) (109,317.57) (135,068.47) Total Security Transactions ($1,854,700.71) $1,396,539.57 ($458,161.14) ($109,317.57) ($135,068.47) PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 30 U.S. Bancorp Asset Management, Inc.
#12..
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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
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% 2/28/2025 3.96% 28,905,743.58 4.51% 407,804,449.58 3.87% 32,836,151.16 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. #12..
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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 CMBS
FHLMC 2,403,618 11/1/2026 4.370% 2 172,644 4.29% 34,472 FHLMC 4,000,000 3/1/2027 4.350% 2 395,613 4.94% 66,026
FHLMC 2,275,000 4/1/2027 4.300% 2 234,376 4.93% 37,525
FHLMC 3,530,000 6/1/2027 4.350% 2 395,361 4.97% 58,608
FHLMC 3,498,249 4/1/2028 4.390% 3 561,211 5.19% 60,698
FHLMC 1,873,217 5/1/2028 4.350% 3 297,547 5.01% 31,348
FHLMC 3,500,000 6/1/2028 4.390% 3 523,642 4.59% 53,729
FHLMC 2,781,908 6/1/2028 4.500% 3 432,945 4.78% 44,423
FNMA 3,343,242 7/1/2028 4.480% 3 510,900 4.58% 51,132
FHLMC 3,800,000 8/1/2028 4.420% 3 648,980 4.99% 63,340
FHLMC 2,018,293 8/1/2028 4.530% 3 364,399 5.27% 35,565
FHLMC 3,850,000 8/1/2028 4.390% 3 692,433 5.25% 67,581
FHLMC 3,800,000 9/1/2028 4.380% 4 676,784 5.07% 64,456
FHLMC 2,890,000 9/1/2028 4.410% 4 568,448 5.60% 54,138
FHLMC 1,465,000 10/1/2028 4.390% 4 270,212 5.14% 25,146 FHLMC 2,125,000 10/1/2028 4.360% 4 375,979 4.93% 34,988 FHLMC 1,935,000 11/1/2028 4.400% 4 340,597 4.79% 30,963 FHLMC 2,190,000 12/1/2028 4.420% 4 370,317 4.50% 32,929 FHLMC 2,220,000 12/1/2028 4.400% 4 362,572 4.34% 32,240 FHLMC 3,750,000 1/1/2029 4.460% 4 689,959 4.79% 59,996
FHLMC 3,750,000 1/1/2029 4.420% 4 690,290 4.79% 60,025
FHLMC 3,355,000 1/1/2029 4.430% 4 601,821 4.67% 52,332
FHLMC 2,715,000 1/1/2029 4.430% 4 504,153 4.83% 43,839
FHLMC 2,125,000 3/1/2029 4.430% 4 432,826 5.09% 36,118
FHLMC 3,850,000 5/1/2029 4.420% 4 771,579 4.80% 61,807
FHLMC 3,245,000 5/1/2029 4.410% 4 619,635 4.58% 49,636
FHLMC 3,500,000 7/1/2029 4.420% 4 658,141 4.33% 50,690
FHLMC 3,980,000 9/1/2029 4.430% 5 838,125 4.67% 62,121
U.S. Treasury
U.S. Treasury 11,015,000 5/15/2025 5.015% 0 118,069 4.68% 172,287 U.S. Treasury 10,805,000 7/31/2025 4.320% 0 217,701 4.81% 173,592 U.S. Treasury 11,115,000 9/15/2025 4.339% 1 242,162 4.00% 148,461 U.S. Treasury 3,425,000 11/30/2025 4.334% 1 27,485 1.07% 12,193 U.S. Treasury 4,635,000 11/30/2025 4.334% 1 96,159 2.75% 42,660 U.S. Treasury 1,040,000 12/31/2025 4.210% 1 3,955 0.45% 1,577 U.S. Treasury 500,000 12/31/2025 4.210% 1 1,812 0.43% 722 U.S. Treasury 3,735,000 12/31/2025 4.210% 1 27,796 0.89% 11,082 U.S. Treasury 2,400,000 1/31/2026 4.302% 1 17,825 0.80% 6,453 U.S. Treasury 5,775,000 1/31/2026 4.302% 1 67,844 1.27% 24,561 U.S. Treasury 5,000,000 1/31/2026 4.302% 1 85,593 1.85% 30,986 U.S. Treasury 7,980,000 1/31/2026 4.302% 1 217,344 2.95% 78,682 U.S. Treasury 3,210,000 2/28/2026 4.230% 1 22,544 0.70% 7,535 U.S. Treasury 6,000,000 2/28/2026 4.220% 1 69,282 1.15% 23,157 U.S. Treasury 4,645,000 2/28/2026 4.220% 1 128,109 2.76% 42,820 U.S. Treasury 4,925,000 3/31/2026 4.190% 1 46,460 0.87% 14,313 U.S. Treasury 2,480,000 3/31/2026 4.190% 1 20,414 0.76% 6,289 U.S. Treasury 1,405,000 5/31/2026 4.160% 1 15,275 0.87% 4,078 U.S. Treasury 4,615,000 5/31/2026 4.160% 1 159,537 2.76% 42,590 U.S. Treasury 4,800,000 5/31/2026 4.160% 1 179,839 2.99% 48,010 U.S. Treasury 4,640,000 8/31/2026 4.130% 2 191,931 2.75% 42,651 U.S. Treasury 4,310,000 9/30/2026 4.120% 2 189,240 2.77% 39,874 U.S. Treasury 4,545,000 11/15/2026 4.120% 2 234,161 3.01% 45,708 U.S. Treasury 9,220,000 2/15/2027 4.100% 2 516,634 2.85% 87,907 U.S. Treasury 910,000 3/31/2027 4.070% 2 76,546 4.03% 12,272 U.S. Treasury 6,480,000 4/30/2027 4.080% 2 409,774 2.92% 63,201 U.S. Treasury 5,545,000 6/30/2027 4.070% 2 387,331 2.99% 55,463 U.S. Treasury 1,200,000 8/15/2027 4.060% 2 97,530 3.30% 13,250 U.S. Treasury 2,985,000 8/15/2027 4.060% 2 249,708 3.40% 33,925 U.S. Treasury 5,380,000 9/30/2027 4.060% 3 594,558 4.27% 76,839 U.S. Treasury 8,775,000 10/31/2027 4.060% 3 916,765 3.91% 114,713 U.S. Treasury 2,715,000 10/31/2027 4.070% 3 276,324 3.81% 34,576 U.S. Treasury 3,160,000 10/31/2027 4.070% 3 306,260 3.63% 38,322 U.S. Treasury 4,250,000 12/31/2027 4.060% 3 455,825 3.78% 53,678 U.S. Treasury 3,450,000 1/31/2028 4.070% 3 369,325 3.66% 42,228 U.S. Treasury 2,220,000 1/31/2028 4.070% 3 228,262 3.52% 26,099 U.S. Treasury 1,120,000 2/29/2028 4.070% 3 144,420 4.29% 16,076 U.S. Treasury 2,825,000 2/29/2028 4.070% 3 360,457 4.25% 40,124 U.S. Treasury 2,555,000 3/31/2028 4.060% 3 275,444 3.49% 29,817 U.S. Treasury 2,675,000 3/31/2028 4.080% 3 301,316 3.65% 32,618 U.S. Treasury 2,810,000 4/30/2028 4.080% 3 320,877 3.60% 33,835 U.S. Treasury 6,530,000 4/30/2028 4.080% 3 703,669 3.40% 74,199 U.S. Treasury 3,450,000 3/31/2029 4.110% 4 616,926 4.37% 50,446 U.S. Treasury 5,190,000 4/30/2029 4.110% 4 989,605 4.57% 79,324 U.S. Treasury 4,430,000 4/30/2029 4.110% 4 711,099 3.85% 57,000 U.S. Treasury 4,190,000 5/31/2029 4.080% 4 768,957 4.31% 60,407 U.S. Treasury 1,430,000 5/31/2029 4.080% 4 261,366 4.30% 20,532 U.S. Treasury 2,920,000 6/30/2029 4.110% 4 560,724 4.43% 43,214 U.S. Treasury 2,105,000 7/31/2029 4.100% 4 357,954 3.85% 27,057 U.S. Treasury 7,550,000 8/31/2029 4.100% 5 1,217,850 3.58% 90,321 U.S. Treasury 8,695,000 9/30/2029 4.110% 5 1,421,618 3.56% 103,545 Earnings to
Maturity
February 28, 2025
#12..
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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
February 28, 2025
U.S. Treasury 4,850,000 10/31/2029 4.110% 5 947,554 4.18% 67,762 U.S. Treasury 6,315,000 11/30/2029 4.100% 5 1,226,817 4.08% 86,216 U.S. Treasury 12,365,000 12/31/2029 4.090% 5 2,648,872 4.43% 182,888 U.S. Treasury 4,610,000 1/31/2030 4.110% 5 984,071 4.33% 66,772 Negotiable CD
Rabobank Nederland 3,500,000 7/17/2026 3.930% 1 245,510 5.08% 59,429 Corporate Note
Bristol-Myers Squibb Co 2,230,000 11/13/2025 4.490% 1 14,975 0.95% 7,081 The Bank Of New York Mellon Corporation 3,465,000 1/28/2026 4.340% 1 23,622 0.75% 8,628 Bank Of America Co 2,025,000 4/2/2026 5.610% 1 74,722 3.38% 22,905 Wells Fargo & Company 5,635,000 8/7/2026 4.460% 1 448,790 5.54% 104,290 Microsoft Corp 3,000,000 8/8/2026 4.140% 1 92,445 2.14% 21,442 Bank Of America Co 3,750,000 8/18/2026 4.440% 1 304,468 5.53% 69,301 Mastercard Inc 2,560,000 11/21/2026 4.240% 2 191,577 4.33% 37,040 JPMorgan Chase & Co 3,500,000 12/8/2026 4.400% 2 317,520 5.11% 59,780 JPMorgan Chase & Co 850,000 12/8/2026 4.400% 2 77,696 5.15% 14,628 Target Corp 365,000 1/15/2027 4.250% 2 13,625 1.99% 2,423 Microsoft Corp 3,000,000 2/6/2027 4.170% 2 236,078 4.06% 40,680 Home Depot Inc 3,610,000 9/14/2027 4.340% 3 381,625 4.16% 50,170 JPMorgan Chase & Co 1,535,000 2/24/2028 4.930% 3 235,396 5.13% 26,323 Wal-Mart Stores Inc 1,220,000 4/15/2028 4.190% 3 150,768 3.95% 16,107 Apple Inc 5,200,000 5/10/2028 4.120% 3 653,309 3.93% 68,298 Morgan Stanley 1,360,000 5/26/2028 4.880% 3 242,610 5.50% 25,020 Morgan Stanley 2,640,000 5/26/2028 4.880% 3 466,226 5.45% 48,081 Deere & Company 1,165,000 7/14/2028 4.370% 3 195,985 4.98% 19,408 Deere & Company 495,000 7/14/2028 4.370% 3 77,558 4.64% 7,680 Deere & Company 895,000 7/14/2028 4.370% 3 142,860 4.73% 14,147 Paccar Financial Corp 1,130,000 8/10/2028 4.350% 3 198,546 5.09% 19,240 Toyota Motor Corp 2,800,000 9/11/2028 4.480% 4 523,898 5.29% 49,509 Citigroup Inc 5,650,000 9/29/2028 4.560% 4 1,175,839 5.80% 109,589 State Street Corporation 1,900,000 2/20/2029 4.750% 4 342,629 4.53% 28,769 Blackrock Inc. 365,000 3/14/2029 4.370% 4 69,930 4.74% 5,784 Adobe 1,580,000 4/4/2029 4.430% 4 313,035 4.83% 25,528
Adobe 1,295,000 4/4/2029 4.430% 4 253,173 4.77% 20,646
Pepsico Inc 1,935,000 7/17/2029 4.370% 4 384,659 4.53% 29,330 Eli Lilly & Co 660,000 8/14/2029 4.430% 4 125,081 4.25% 9,373 Eli Lilly & Co 2,290,000 8/14/2029 4.430% 4 425,649 4.17% 31,898 Pepsico Inc 730,000 2/7/2030 4.440% 5 167,432 4.64% 11,317 Asset-Backed Securities
Hyundai Auto Receivables 9,705 5/15/2026 5.090% 1 87 0.75% 24 Citigroup Inc 835,000 12/8/2027 4.470% 3 121,284 5.23% 14,607 Kubota Credit Owners Trust 890,000 1/18/2028 4.540% 3 135,859 5.29% 15,726 Bank of America Auto Trust 1,465,000 2/15/2028 4.650% 3 240,201 5.53% 27,084 Honda Auto Receivables 2,220,000 2/18/2028 4.510% 3 357,359 5.42% 40,182 Toyota Motor Corp 690,000 4/17/2028 4.470% 3 111,708 5.17% 11,913 USAA Owners Trust 3,015,000 5/15/2028 4.720% 3 540,609 5.58% 56,275 Bank of America Auto Trust 2,925,000 6/15/2028 4.540% 3 553,402 5.74% 56,122 Fifth Third Auto Trust 2,425,000 8/15/2028 4.670% 3 464,516 5.53% 44,835 Toyota Motor Corp 765,000 8/15/2028 4.490% 3 146,832 5.54% 14,172 American Express Co 3,090,000 9/15/2028 4.360% 4 573,482 5.23% 54,027 Chase Issurance 3,020,000 9/15/2028 4.400% 4 553,558 5.17% 52,150 Hyundai Auto Receivables 1,130,000 10/16/2028 4.550% 4 227,549 5.54% 20,936 Bank Of America Co 1,365,000 11/15/2028 4.430% 4 252,691 4.98% 22,735 Gm Financial Securitized Term 365,000 12/18/2028 4.470% 4 67,429 4.85% 5,922 Chase Issurance 3,390,000 1/16/2029 4.410% 4 606,264 4.60% 52,161 Kubota Credit Owners Trust 1,550,000 6/15/2029 4.480% 4 311,018 4.67% 24,199 Municipal Securities
University Of California 510,000 5/15/2025 4.310% 0 938 2.02% 3,448 University Of California 220,000 5/15/2025 4.310% 0 369 1.97% 1,452 Florida State Board of Administration Finance 505,000 7/1/2025 4.520% 0 1,882 1.11% 1,867 Florida State Board of Administration Finance 1,295,000 7/1/2025 4.520% 0 5,490 1.26% 5,446 New Jersey Turnpike Authority 505,000 1/1/2026 4.330% 1 4,447 1.05% 1,767 Overnight Investments 28,905,744 Varies Varies 4.16% 402,320 Totals (Main Portfolio) 473,098,975 49,930,677 3.91% 6,183,998 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. #12..
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Attachment 5
Issue Name / Type Trustee Bank Investment Total Amount
Instl Res Tre and Agny Cash Adv6541 $270,706.81
Financial Guaranty Insurance Pol $1.00
CAMP $2,190,300.29
Total $2,461,008.10
Instl Res Tre and Agny Cash Adv6541 $305,250.25
Letter of Credit $1.00
CAMP $5,418,534.37
Total $5,723,785.62
2018 Wastewater Refunding Bank of New York Fidelity Inv MM Trsy Only $2,316.33 Fairview Village Refunding US Bank First American Treasury Obligation Fund $258,479.84 Blackrock Federal Fund Instl 30 $4,457.11
CAMP $3,102,272.13
Total $3,106,729.24
Other Post Employment Benefits Section 115
Trust PARS HighMark Plus Moderate $1,749,268.45
Pension Section 115 Trust PARS HighMark Plus Moderately Conservative $3,058,009.31 Athens Administrators (New Third Party
Administrator - Worker's Compensation) Wells Fargo Bank $601,975.20 George Hills Company - General Liability Claims
Administration Services California Bank & Trust $57,249.21 Kemper Sports Management Inc. BMO Harris Bank Business Money Market $51,013.66 Stanislaus Community Foundation Modesto Commerce Bank Charles Schwab $807,296.68 Village One #2 Refunding Bank of New York
Cash with Fiscal Agent Investments
As of February 28, 2025
2008 Water Refunding COP Bank of New York
2008 Lease Revenue Bonds Bank of New York
#12..
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CITY OF MODESTO

COUNCIL AGENDA REPORT
DATE OF MEETING:

May 6, 2025
Date: April 22, 2025
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: DeAnna Christensen, Director of Finance
SUBJECT: Maintenance, Repair and Operations Parts Agreements CONTACT: Dianne Love, Purchasing Manager, [email protected], 209-571-5164 DESCRIPTION:

Consider approving the Agreements for Maintenance, Repair and Operations Parts to Grainger Inc., Lake Forest, IL, and Fastenal Company Inc., Winona, MN for a total combined amount not to exceed $3,128,524, over five (5) years. (Funding Source: Various Funds) STRATEGIC PLAN ELEMENT:

This item advances the City of Modesto 2020-2025 Strategic Plan Area: Governance and Service Delivery: “build community trust in City government through responsive, transparent and efficient service delivery”; Goal J: “build a high-performance organization”.

BACKGROUND:

All operational departments such as Public Works, Utilities and Parks Operations must maintain parts for the field work the departments are providing for the City’s infrastructure and maintenance services for City facilities and parks across the City of Modesto. The items that are purchased include tools to assist with repairing parts, safety gear for proper Personal Protective Equipment (PPE), lubricants for ensuring equipment are running, batteries, etc.

On January 22, 2019, under Resolution 2019-33, Council approved an Agreement with Grainger, Inc. for the purchase of maintenance, repair and operation supplies, for a two-year agreement with three (3) one-year extension options, for an annual cost not to exceed $113,500 and a total amount not to exceed $567,500 over five (5) years.

On September 7, 2021, under Resolution 2021-353, Council approved a First Amendment with Grainger, Inc. to increase the agreement to a revised total not to exceed $1,121,879 over five (5) years.

On August 16, 2023, a Second Amendment with Grainger was executed under the City Manager’s authority to extend the termination date to June 30, 2025. #13..
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City Council, May 6, 2025
Maintenance, Repair and Operations Parts Agreements