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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, February 10, 2026 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 California Government Code section 54953.8.3.
*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 Senate Bill 707, California Government Code section 54953.8.3. 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
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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
City Clerk’s Announcements
Declaration of Conflicts of Interest
Reports from Closed Session
PUBLIC COMMENT PERIOD
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.
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
1. Consider approving the Minutes for the January 27, 2026 Council Meeting. (Funding Source: Not Applicable)
Staff Recommendation:
Motion approving the Minutes for the January 27, 2026 Council Meeting.
CITY CLERK; Diane Nayares-Perez, 209-577-5396, [email protected] - 3 -
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Consent
2. Consider approving the revised 2026 City Council Liaison Committees assignments. (Funding Source: Not Applicable)
Staff Recommendation:
Motion approving the appointments to the Revised 2026 City Council Liaison Committees Assignments.
CITY CLERK; Diane Nayares-Perez, 209-577-5396, [email protected] Consent
3. Consider approving the recommended budget adjustments to Fiscal Year 2025-26 Annual Operating and Capital Improvement Program Budgets. (Funding Source:
Various Funds)
Staff Recommendation:
Resolution amending Fiscal Year 2025-26 Annual Operating and Capital Improvement Project Fund Budgets and authorizing the City Manager, to take the necessary steps to implement the provisions of this Resolution.
BUDGET; Kaceey Culbertson, 209-571-5855, [email protected] Consent
4. Consider accepting the Sonoma Trunk Extension and Lift Station and Sylvan Water Main Upgrade Project as complete, releasing securities, releasing payments totaling $8,253,657 to Mozingo Construction, Inc, of Oakdale, CA, and authorizing the City Clerk to file a Notice of Completion. (Funding Source: Wastewater and Water Fund) Staff Recommendation:
Resolution accepting Sonoma Trunk Extension and Lift Station and Sylvan Water Main Upgrade Project as complete, releasing securities, releasing payments totaling $8,253,657 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
5. Consider approving a First Amendment to the existing On-Call Agreements for Construction Inspection Services, to extend the term of the agreements through June 30, 2027, and increase the existing total amount of $149,000 to a not to exceed $300,000 for each of the three consultants. (Funding Source: Various Capital Improvement Projects)
Staff Recommendation:
Resolution approving a First Amendment to the existing On-Call Agreements for Construction Inspection Services, to extend the term of the agreements through June 30, 2027, and increase the existing total amount of $149,000 to a not to exceed $300,000 for each of the three consultants; and authorizing the City Manager, or his designee to execute the Amendments.
ENGINEERING SERVICES; Peter Kambel, 209-577-5444, [email protected] Consent
6. Consider accepting the Monthly Investment Report for October 2025. (Funding - 4 -
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Source: Various Funds)
Staff Recommendation:
Motion accepting the Monthly Investment Report for October 2025.
FINANCE DEPARTMENT; Calogero Maniscalco, 209-577-5219,
[email protected]
Consent
7. Consider accepting the Audited Financial Statements and various Audit Reports for Fiscal Year 2024-2025, audited by external auditor Vasquez & Company, LLP. for the City’s Annual Comprehensive Financial Report (ACFR), thirteen (13) Community Facilities Districts (CFDs), Measure H, Single Audit, and various Joint Powers Agencies. (Funding Source: Not Applicable)
Staff Recommendation:
Resolution accepting the Audited Financial Statements and various Audit Reports for Fiscal Year 2024-2025 audited by external auditors Vasquez & Company, LLP. for the City’s Annual Comprehensive Financial Report (ACFR), thirteen (13) Community Facilities Districts (CFDs), Measure H and various Joint Powers Agencies (JPAs).
Resolution accepting the audited Fiscal Year 2024-2025 Federal Single Audit report for the City of Modesto from external auditors Vasquez & Company, LLP.
FINANCE DEPARTMENT; Maria Garnica, 209-577-5249,
[email protected]
Consent
8. Consider approving a Memorandum of Understanding (MOU) with Yosemite Community College District (YCCD) for development and use of the Classroom (Portable 101) located at 1220 Fire Science Lane. (Funding Source: General Fund) Staff Recommendation:
Resolution approving a Memorandum of Understanding (MOU) with Yosemite Community College District (YCCD) for development and use of the Classroom (Portable 101) located at 1220 Fire Science Lane., and authorizing the City Manager or his designee to execute the Agreement.
FIRE DEPARTMENT; Darin Jesberg, 209-572-9590, [email protected]
COUNCIL COMMENTS & REPORTS
CITY MANAGER COMMENTS & REPORTS
HEARINGS
Published in the Modesto Bee on January 21, 2026.
9. Hearing to consider approval of an amendment to the Circulation Element of the Modesto Urban Area General Plan, and approval of Specific Plan Amendment No. 6 to the Street Hierarchy Diagram of the Tivoli Specific Plan, to reclassify Oakdale Road between Scenic Drive and Claratina Avenue, and Claratina Avenue between McHenry - 5 -
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Avenue and Claus Road from six-lane Principal Arterial Streets to four-lane Principal Arterial Streets, together with text amendments to Chapter 9 of the Tivoli Specific Plan relative to major Specific Plan amendment policies. (Funding Source: Not Applicable) Staff Recommendation:
Resolution approving an amendment to the Circulation Element of the Modesto Urban Area General Plan to change the designation of Oakdale Road between Scenic Drive and Claribel Avenue from six-lane Principal Arterial Street to four-lane Arterial Street, and to change the designation of Claratina Avenue between McHenry Avenue and Claus Road from six-lane Principal Arterial Street to four-lane arterial street.
Resolution finding that the following subsequent project is exempt from review under the California Environmental Quality Act (CEQA) pursuant to Section 15061(b)(3) of the CEQA Guidelines: Amendment to the Circulation Element of the Modesto Urban Area General Plan to change the designation of Oakdale Road between Scenic Drive and Claribel Road from six-lane Principal Arterial Street to four-lane Arterial Street, and to change the designation of Claratina Avenue and between McHenry Avenue and Claus Road from six-lane Principal Arterial Street to four-lane Arterial Street, together with Specific Plan Amendment No. 6 to the Tivoli Specific Plan to amend the Chapter 3 Street Hierarchy Diagram to change the classification of Oakdale Road and Claratina Avenue from six-lane arterial streets to four-lane arterial streets, and to amend text in Chapter 9 relative to Specific Plan administration, and to reaffirm prior major amendments to the Specific Plan adopted by City Council Resolution. Motion introducing and waiving the first reading of an Ordinance approving Tivoli Specific Plan Amendment No. 6, to amend the Chapter 3 Street Hierarchy Diagram to change the classification of Oakdale Road and Claratina Avenue from six lane arterial streets to four lane arterial streets, and to amend text in Chapter 9 relative to Specific Plan administration, and to reaffirm prior major amendments to the Tivoli Specific Plan adopted by City Council Resolution.
CED; Jessica Hill, 209-577-5367, [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.
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, January 27, 2026 at 5:30 PM
Special City Council – Closed Session Meeting 3:45 p.m.
Roll Call: Present: Councilmembers Alvarez (Arrived 3:47 p.m.), Bavaro, EscutiaBraaton, Ricci, Williams, Wright, Mayor Zwahlen
Absent: None
Regular City Council Meeting 5:30 p.m.
Roll Call: Present: Councilmembers Alvarez, Bavaro, Escutia-Braaton, Ricci, Williams, Wright, Mayor Zwahlen
Absent: None
Pledge of Allegiance to the Flag
Invocation: Joel Boone, Big Valley Grace Church
City Clerk’s Announcements: None
Declaration of Conflicts of Interest: None
Reports from Closed Session: Item 1 - No Reportable Action. Item 2 & Item 3 - The Mayor reported that the City Council completed closed-session annual evaluations of the City Auditor and City Attorney. The majority of the Council found the City Auditor continues to perform positively and provide essential services, and they look forward to future audit reports. The Council unanimously concluded the City Attorney remains an invaluable asset to the City of Modesto and expressed appreciation and confidence in continued success. #1..
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ACKNOWLEDGEMENTS AND PRESENTATIONS
1. Proclamation declaring February 2026 as National Black History Month. (Funding Source: Not Applicable)
CITY COUNCIL; Breanna Griffin, 209-577-5421, [email protected] ACTION: Mayor Zwahlen presented proclamation declaring February 2026 as National Black History Month.
2. Proclamation declaring February 2026 as National Cancer Prevention Month. (Funding Source: Not Applicable)
CITY COUNCIL; Breanna Griffin, 209-577-5421, [email protected] ACTION: Mayor Zwahlen presented proclamation declaring February 2026 as National Cancer Prevention Month.
MISCELLANEOUS
3. Consider approving the appointment of Rajmeet Grewal as the Planning Commission Representative to the Board of Zoning Adjustment (BZA) for 2026, with a term expiration of December 31, 2026. (Funding Source: Not Applicable) Staff Recommendation:
Resolution appointing Rajmeet Grewal to the Board of Zoning Adjustment as a Planning Commission Representative for 2026, with a term expiration of December 31, 2026.
CED; Michael Hren, 209-577-5267, [email protected]
ACTION: (Bavaro/Williams; 7/0) Resolution 2026-024 appointing Rajmeet Grewal to the Board of Zoning Adjustment as a Planning Commission Representative for 2026, with a term expiration of December 31, 2026.
4. Consider approving the appointment of Cecil Russell as the Planning Commission Representative to the Citizens Housing and Community Development Committee for 2026, with a term expiration of December 31, 2026. (Funding Source: Not Applicable) Staff Recommendation:
Resolution appointing Cecil Russell to the Citizen’s Housing and Community Development Committee as a Planning Commission Representative for 2026, with a term expiration of December 31, 2026.
CED; Michael Hren, 209-577-5267, [email protected]
ACTION: (Wright/Bavaro; 5/2; Alvarez, Ricci Noes) Resolution 2026-025 appointing Cecil Russell to the Citizen’s Housing and Community Development Committee as a Planning Commission Representative for 2026, with a term expiration of December 31, 2026.
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5. Consider approving the appointment of Michelle Patino to the Blight Abatement Advisory Committee for a four-year term with an expiration date of December 31, 2029. (Funding Source: Not Applicable)
Staff Recommendation:
Resolution approving the appointment of Michelle Patino to the Blight Abatement Advisory Committee for a four-year term with an expiration date of December 31, 2029.
PUBLIC WORKS; John Chavez, 209-577-5453, [email protected] ACTION: (Alvarez/Ricci; 7/0) Resolution 2026-026 approving the appointment of Michelle Patino to the Blight Abatement Advisory Committee for a four-year term with an expiration date of December 31, 2029.
PUBLIC COMMENT PERIOD
Charles R. Evins II, a past Master of Silver Square Lodge 66 in Modesto, addressed the Mayor and City Council to request that the Prince Hall–affiliated Grand Lodge of California be given the opportunity to lay the cornerstone in ancient form at the new King Kennedy Center.
Derek Castle praised the City of Modesto’s Bridge Housing program but noted limited progress due to reliance on donated land. He urged the City to improve the program by increasing community awareness, convening local leaders to identify sites, considering the use of City-owned land, and allowing staff to lease or purchase property so the program can better serve the unhoused population.
Juan Rosales of District Council 16 International Union of Painters and Allied Trades addressed the approved contract amendment for HB Restoration, citing the company’s history of wage theft judgments, OSHA safety violations, and the lack of competitive bidding as the contract expanded to over $1.5 million. He urged the Council to suspend further payments, audit the vendor’s labor and safety compliance, and strengthen oversight to ensure fiscal accountability, worker protection, and responsible use of public funds.
TJ Gardner II, a certified coatings inspector and application specialist, expressed concerns about expanding the HB Restoration contract to additional wastewater and potable water facilities. He emphasized the need for contractors with proven qualifications and experience in highly sensitive and corrosive environments, noting past observations that raised questions about HB Restoration’s ability to meet specialized coating standards and protect critical City assets. Nathan Alonzo of Pacific Gas and Electric provided an update announcing residential rate reductions, including a 3–5% decrease for gas customers, reflecting PG&E’s affordability efforts. He also noted ongoing coordination with the City of Modesto to align infrastructure work and expressed interest in returning later in the year to share further company and local project updates.
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Sebastian Jones urged the City Council to display Dr. Martin Luther King Jr.’s full name, stating it is a long-standing issue of respect and recognition, especially ahead of Black History Month. He also advocated for statues honoring Dr. King and Cesar Chavez, seeking the City’s permission and partnership to make them a reality, and emphasized his years of dedication to these efforts.
Michael Masuda introduced himself to the Council as a candidate for California’s 5th Congressional District, sharing his background in the region and public service. He emphasized the need to address affordability, housing, healthcare, and national division, and stated his commitment to locally driven solutions and working with Modesto leaders to bring federal resources back to the community. Kevin McClarty alerted the Council to a misaligned “no left turn” sign at the J Street, Downey, and McHenry intersection, noting it has been pointing the wrong direction for months and could unfairly confuse drivers. He urged the City to notify the state, which oversees the highway, and suggested that any tickets issued due to the unclear signage should be dismissed.
Emmanuel, owner of HB Restoration, introduced himself and his company, explaining its history since 2013 and experience completing painting and restoration projects for cities, districts, and school systems across California. He emphasized his long-standing workforce, commitment to paying employees, addressing issues when they arise, and encouraged the City to review the company’s references and past work.
CONSENT ITEMS – ROLL CALL VOTE REQUIRED
ACTION CONSENT ITEMS: 6-7, 9-11 (Williams/Alvarez; 7/0)
CONSENT
Consent
6. Consider approving the Minutes for the January 13, 2026 Council Meeting. (Funding Source: Not Applicable)
Motion approving the Minutes for the January 13, 2026 Council Meeting.
CITY CLERK; Diane Nayares-Perez, 209-577-5396, [email protected] ACTION: (Williams/Alvarez; 7/0) Motion approving the Minutes for the January 13, 2026 Council Meeting.
Consent
7. Consider approving an Agreement for Executive Team and Management Engagement Services to The Table Group doing business as (dba) Neil Sullivan LLC, Concord, California, for a total amount not to exceed $909,500 over five years. (Funding Source:
Various Funds)
Resolution approving the Agreement for Executive Team and Management Engagement Services to The Table Group doing business as (dba) Neil Sullivan #1..
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LLC, Concord, California, for a two-year agreement with three one-year extension options, for an estimated annual amount of $181,900, and a total amount not to exceed $909,500 over five years and authorizing the City Manager, or his designee, to execute the Agreement.
CITY MANAGER; Scotty Douglass, 209-577-9149, [email protected] ACTION: (Williams/Alvarez; 7/0) Resolution 2026-027 approving the Agreement for Executive Team and Management Engagement Services to The Table Group doing business as (dba) Neil Sullivan LLC, Concord, California, for a two-year agreement with three one-year extension options, for an estimated annual amount of $181,900, and a total amount not to exceed $909,500 over five years and authorizing the City Manager, or his designee, to execute the Agreement.
Removed from Consent
8. Consider approving the Plans and Specifications for the 2025 Park Security Lighting Project at Muncy Park, Riverside Park and Sutter Park, accepting the Bid and Awarding a Construction Contract to Bockmon & Woody Electric Co., Inc. of Stockton, CA, in the amount not to exceed $601,108. (Funding Source: Measure H) Resolution approving the Plans and Specifications for the 2025 Park Security Lighting Project, accepting the Bid and Awarding a Construction Contract to Bockmon & Woody Electric Co, of Stockton, CA, in the amount of $536,703, authorizing $64,404, for contingency (if needed), for a total payment amount not to exceed $601,107, and authorizing the City Manager, or his designee, to execute the Agreement.
ENGINEERING SERVICES; Nathan Houx, 209-571-5526, [email protected] ACTION: (Escutia-Braaton/Alvarez; 7/0) Resolution 2026-028 approving the Plans and Specifications for the 2025 Park Security Lighting Project, accepting the Bid and Awarding a Construction Contract to Bockmon & Woody Electric Co, of Stockton, CA, in the amount of $536,703, authorizing $64,404, for contingency (if needed), for a total payment amount not to exceed $601,107, and authorizing the City Manager, or his designee, to execute the Agreement.
Consent
9. Consider accepting an Informational Report for the November 2025 Accounts Payable Payment Register and Void Report. (Funding Source: Not Applicable) Motion accepting an Informational Report for the November 2025 Accounts Payable Payment Register and Void Report.
FINANCE DEPARTMENT; Maria Garnica, 209-577-5249,
[email protected]
ACTION: (Williams/Alvarez; 7/0) Motion accepting an Informational Report for the November 2025 Accounts Payable Payment Register and Void Report.
Consent
10. Consider approving the purchase for eight Harley-Davidson Road Glide Motorcycles #1..
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for the Modesto Police Department (MPD) for a total amount not to exceed $300,889. (Funding Source: Fleet Replacement Fund and State Grant) Resolution approving the Award of Bid for the purchase of eight 2026 HarleyDavidson Road Glide Motorcycles to Ray Mitchell, Inc. dba Mitchell’s Harley Davidson, Modesto, CA for a total amount not to exceed $300,889; and authorizing the Director of Finance, or her designee to issue the Purchase Order; and authorizing the Director of Finance or her designee to execute any Change Orders not to exceed 15% of the total purchase price.
FINANCE DEPARTMENT; Dianne Love, 209-571-5164, [email protected] ACTION: (Williams/Alvarez; 7/0) Resolution 2026-029 approving the Award of Bid for the purchase of eight 2026 Harley-Davidson Road Glide Motorcycles to Ray Mitchell, Inc. dba Mitchell’s Harley Davidson, Modesto, CA for a total amount not to exceed $300,889; and authorizing the Director of Finance, or her designee to issue the Purchase Order; and authorizing the Director of Finance or her designee to execute any Change Orders not to exceed 15% of the total purchase price.
Consent
11. Consider approving an Agreement for Vector Airport System’s PlanePass with Virtower to provide billing and collection services for the Airport’s established landing fees for an amount not to exceed $100,000 over five years. (Funding Source: Airport Fund)
Resolution approving the Sole Source Agreement with Vector Airport Systems, LLC – PlanePass with Virtower, Herndon, VA for Professional Services for a three-year Agreement with two one-year extension options, for an estimated annual service fee of 22% from the collected landing fees, and an amount not to exceed $100,000 over five years; and authorizing the City Manager, or his designee, to execute the Agreement.
PUBLIC WORKS; Marisol Navarro, 209-577-5319, [email protected] ACTION: (Williams/Alvarez; 7/0) Resolution 2026-030 approving the Sole Source Agreement with Vector Airport Systems, LLC – PlanePass with Virtower, Herndon, VA for Professional Services for a three-year Agreement with two one-year extension options, for an estimated annual service fee of 22% from the collected landing fees, and an amount not to exceed $100,000 over five years; and authorizing the City Manager, or his designee, to execute the Agreement.
COUNCIL COMMENTS & REPORTS
Councilmember Ricci highlighted three updates: the launch of the Hope Work Street Team, which provides employment opportunities for the homeless; ongoing reforms at Stanislaus Animal Services, inviting the public to a February 2nd meeting to continue improving shelter operations; and a Modesto Police Department crackdown on four smoke shops involved in illegal gambling, expired food sales, and tobacco violations, resulting in arrests, fines, and seized cash.
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Vice-Mayor Williams praised the newly redone Scenic Road near the cemetery, acknowledged receiving the MLK Community Service Award alongside Councilmember Alvarez, and shared his participation in a California League of Cities conference in Sacramento. He highlighted joining the Housing Policy Committee to explore state-supported solutions for Modesto’s housing challenges. Mayor Zwahlen highlighted recent community events: the groundbreaking of the $400 million Sutter Health Advanced Cancer Center, offering centralized cancer care; the Gallo Center for the Arts’ 2026 State of the Center event, celebrating its international recognition; and the First Tee program’s three-hole golf course groundbreaking, supporting youth leadership and mentorship through golf.
CITY MANAGER COMMENTS & REPORTS
None.
MATTERS TOO LATE FOR THE AGENDA
None.
ADJOURNMENT
This meeting adjourned at 6:40 p.m.
Attest:____________________________
Diane Nayares-Perez, City Clerk
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
February 10, 2026
Date: January 30, 2026
TO: Mayor and Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Diane Nayares-Perez, City Clerk
SUBJECT: Revised 2026 City Council Liaison Committees Assignments CONTACT: Diane Nayares-Perez, City Clerk, [email protected], 209-577-5396
DESCRIPTION:
Consider approving the revised 2026 City Council Liaison Committees assignments. (Funding Source: Not Applicable)
STRATEGIC PLAN ELEMENT:
This item supports the City’s 2025-2026 Strategic Plan Commitment for Governance and Service Delivery, Goal I: Promote trust and engagement between the community and the City.
BACKGROUND:
In accordance with Section 601(g)1 of the Charter, “the Mayor may appoint with the advice and consent of the Council, a Chairman, a Vice Chairman, one regular member and one alternate member to each standing, special, and ad hoc committee of the Council.” DISCUSSION:
On December 9, 2025, the City Council approved the 2026 Liaison Committees assignments calendar. However, a revision is needed because the League of California Cities updated their bylaws, removing the need for City Council appointments to the Central Valley Division (CVD) Executive Committee. They now require a primary and alternate voting representative for CVD General Membership meetings.
The Mayor recommends appointing:
Primary: Councilmember Eric Alvarez
1 Modesto City Charter, Section 601 – Powers and Duties of Mayor:
https://librarystage.municode.com/ca/modesto/codes/code_of_ordinances?nodeId=CHTR_ARTVITHMA_ S601PODUMA
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City Council, February 10, 2026
Revised 2026 City Council Liaison Committees Assignments
Alternate: Councilmember Jeremiah Williams
There are no further changes to the 2026 City Council Liaison Committee assignments. This annual process is vital for public engagement and ensuring diverse opinions in standing and liaison committees.
FISCAL IMPACT:
There is no fiscal impact associated with this item.
COMMITTEE RECOMMENDATION
This item is not required to go before a Council Committee.
RECOMMENDED COUNCIL ACTION:
Mayor’s Recommendation:
Motion approving the appointments to the Revised 2026 City Council Liaison Committees Assignments.
Approved by:
_________________________________________
Diane Nayares-Perez, City Clerk
Joseph P. Lopez, City Manager
Attachments:
1. Revised City Council Liaison Committees
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City of Modesto
City Council Liaison Committees
Revised February 10, 2026
BLIGHT ABATEMENT ADVISORY COMMITTEE
Member (Non-Voting): David Wright
Meets: Monthly
The Blight Abatement Advisory Committee acts as an advisory body to the City Council on policies to address blight in the community.
CITY-COUNTY AIRPORT ADVISORY COMMITTEE
Member(s): Eric Alvarez
Alternate: Jeremiah Williams
Meets: Bi-Monthly
The City of Modesto operates the Modesto City-County Airport for the benefit of all residents, business owners and visitors in and around the City of Modesto and surrounding areas. The Committee advises the City Manager and The Modesto City council on policy matters pertaining to the operation and management of the Modesto City-County Airport, the uses of the property adjacent to the airport if such uses may impact operations at the airport and any other matters as the City Manager may from time to time request.
CITY–COUNTY LIAISON COMMITTEE
Member(s): Rosa Escutia-Braaton
Nick Bavaro
David Wright
Joe Lopez
Jose Sanchez
Meets: Quarterly
The City–County Liaison Committee meets to discuss issues involving both agencies.
CITIZENS HOUSING AND COMMUNITY DEVELOPMENT COMMITTEE
Member(s): Chris Ricci
Eric Alvarez
Alternate: Jeremiah Williams
Meets: Monthly
The Citizens Housing and Community Development Committee provides overall review of the City’s HUD funds. The committee makes funding recommendations to the Modesto City Council regarding the HUD Community Development Block Grant, Emergency Shelter Grant, and HOME Investment Partnership Grant programs.
Revision to the League of
California Cities CVD
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CITY’S REDEVELOPMENT AGENCY (RDA) / SUCCESSOR AGENCY- STANISLAUS COUNTY Member: Rosa Escutia-Braaton
Alternate: Jeremiah Williams
HOUSING REHABILITATION LOAN COMMITTEE
Member(s): Jeremiah Williams
Mayor/Council Appointment(s): Mayor or Designee
Meets: First Thursday (Monthly)
The Rehabilitation and Loan Committee develops the administrative procedures and policies for housing rehabilitation loan funds as well as the down payment assistance program, eligibility and extent of governmental and private sector commitment of funds, and makes recommendations on policy issues to the Citizens Housing and Community Development Committee.
STANISLAUS LOCAL AGENCY FORMATION COMMISSION (LAFCO)
Member(s) Turlock/ Modesto (Mayor Zwahlen)
Mayor/Council Appointments: Majority of City Selection Committee Meets: Monthly
Stanislaus LAFCO is responsible for coordinating logical and timely changes in local governmental boundaries, conducting special studies which review ways to reorganize, simplify, and streamline governmental structure and preparing Spheres of Influence for each city and special district within each county. The Commission's efforts are directed to seeing that services are provided efficiently and economically while agricultural and open-space lands are protected.
LEAGUE OF CALIFORNIA CITIES – CENTRAL VALLEY DIVISION VOTING REPRESENTATIVE Member: Eric Alvarez
Alternate: Jeremiah Williams
Mayor Appointment: Mayor
Meets: Quarterly
MODESTO IRRIGATION DISTRICT (MID) DOMESTIC WATER POLICY BOARD Member(s): David Wright
Jeremiah Williams
Alternate: Sue Zwahlen
Mayor/Council Appointment(s): Two members of City Council Meets: Monthly
The MID Domestic Water Policy Board is the Policy Board that implements the Treatment and Delivery Agreement between MID and the City of Modesto for the Modesto Water Treatment Plant. It was originally comprised of three agencies: MID, City of Modesto, and Del Este each with two seats on the Policy Board. Since the City of Modesto bought Del #2..
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Este on 1995, the City now holds four of the six seats. The revised TDA changes the number of seats for the City of Modesto from four seats to two seats effective November 1, 2005.
NORTH VALLEY REGIONAL RECYCLED WATER JOINT POWERS AUTHORITY (JPA) Member(s): Chris Ricci
Meets: As Needed
SAN JOAQUIN VALLEY SPECIAL CITY SELECTION COMMITTEE
Member: Chris Ricci
Alternate: Eric Alvarez
Meets: As needed
On September 30, 2008 Governor Schwarzenegger signed SB 1548 (Florez) which creates Section 40600.5 of the Health and Safety Code (H&SC) establishing a valley-wide Special City Selection Committee which is charged with making appointments of city representatives to the San Joaquin Valley Air Pollution Control District’s (District’s) Governing Board. The Special City Selection Committee consists of one member selected by a majority vote of the council of each city located within the District. An alternate can be selected to attend if the primary member is unable to attend a meeting.
STANISLAUS COUNCIL OF GOVERNMENTS (STANCOG) - EXECUTIVE COMMITTEE Member: Sue Zwahlen
Alternate: Rosa Escutia-Braaton
Meets: Second Monday of the Month
The Executive Committee is one of StanCOG's Standing Committees. The Committee is responsible for appointing members to Standing Committees, and for reviewing and making recommendations on special matters.
STANISLAUS COUNCIL OF GOVERNMENTS (STANCOG) - POLICY BOARD Member(s): Sue Zwahlen
Rosa Escutia-Braaton
David Wright
Alternate: Eric Alvarez
Meets: Third Wednesday of the Month
StanCOG (Stanislaus County Council of Governments) is comprised of representatives from each city in Stanislaus County and is responsible for regional planning, transportation, and housing within the county.
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STANISLAUS COUNTY DISASTER COUNCIL
Member(s): Sue Zwahlen
Alternate: Nick Bavaro
The Disaster Council makes recommendations to local governing agencies on matters pertinent to the development of mitigation, disaster preparedness, response and recovery plans, and programs for any potential local emergency. This allows for consistent and uniform standards so that plans do not conflict with one another. Disaster Council meetings provide for communication and coordination between the public and private sectors in the County in analyzing and developing plans, projects, policies, and procedures for emergency operations.
STANISLAUS ECONOMIC DEVELOPMENT ACTION COMMITTEE
Member(s): Sue Zwahlen
Alternate: David Wright
Meets: Quarterly
The Economic Development Action Committee coordinates local participation in activities that stimulate new public and private investment, and seeks grants and local funds from the Federal Economic Development Administration.
STANISLAUS COUNTY LOCAL TASK FORCE ON SOLID WASTE MANAGEMENT Member(s): Chris Ricci
Alternate: Rosa Escutia-Braaton
Meets: Second Thursday of the Month
The Task Force serves as the advisory body for both the County and all nine incorporated cities relative to Integrated Solid Waste Management. The group assists the jurisdictions in identifying, developing, and implementing environmentally sound solid waste management policies, procedures, and programs. The Task Force assists, advises, and provides technical support relative to meeting the mandates of the California Integrated Waste Management Act of 1989.
STANISLAUS COUNTY WASTE-TO-ENERGY (SWEC) JOINT POWERS AUTHORITY (JPA) Member(s): Chris Ricci
Nick Bavaro
Alternate: Eric Alvarez
Mayor/Council Appointment(s): Two members of City Council Meets: Quarterly (or more often as needed)
The Waste to Energy Joint Powers Authority is the policy board over the City – County Waste to Energy Plant managed by Covanta. The committee meets a minimum of once a quarter throughout the year.
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STANISLAUS HOMELESS ALLIANCE (SHA)
Member: David Wright
Alternate: Nick Bavaro
Meets: Monthly
STANISLAUS REGIONAL TRANSIT AUTHORITY JOINT POWERS AUTHORITY (JPA) Members: David Wright
Chris Ricci
Alternate: Jeremiah Williams
Meets: Monthly
Stanislaus Regional Transit Authority (StanRTA), was formed to improve transit efficiencies and operations in the Stanislaus region. StanRTA will merge the City of Modesto MAX and the Stanislaus County StaRT transit systems into one system to better serve transit users.
TENTH STREET PLACE JOINT POWERS AUTHORITY (JPA)
Member(s): Chris Ricci
Nick Bavaro
Alternate: Rosa Escutia-Braaton
Meets: Monthly
The Tenth Street Place Joint Powers Authority is comprised of a six-member policy board overseeing the operation of Tenth Street Place.
TUOLUMNE RIVER REGIONAL PARK JOINT POWERS AUTHORITY (JPA) COMMISSION Member(s): Nick Bavaro
Eric Alvarez
Meets: Bi-Monthly
The Tuolumne River Regional Park Committee acts in an advisory capacity to City of Modesto staff in carrying out the provisions of the TRRP Park agreement. The committee also serves in an advisory capacity to the legislative bodies of the parties in the agreement.
STANISLAUS REGIONAL (SR) 911 EMERGENCY DISPATCH JOINT POWERS AUTHORITY (JPA)
COMMISSION
Member(s): Sue Zwahlen
Member: David Wright
Alternate: Rosa Escutia-Braaton
Meets: Quarterly
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Call processing and dispatch protocols are developed in conjunction with the responder agencies and adopted by our Dispatch Advisory Board (Sheriff, County Fire Warden, Modesto Police Chief and Modesto Fire Chief). SR9-1-1 staff apply these protocols when processing information for dispatch or in providing referral information to callers. #2..
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
February 10, 2026
Date: January 27, 2026
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Stephan Christensen, Office of Performance Management and Budget Director SUBJECT: Monthly Budget Adjustment Report – January 2026 CONTACT: Kaceey Culbertson, Budget Manager, [email protected], 209-571-5855
DESCRIPTION:
Consider approving the recommended budget adjustments to Fiscal Year 2025-26 Annual Operating and Capital Improvement Program Budgets. (Funding Source: Various Funds)
STRATEGIC PLAN ELEMENT:
This item supports the City of Modesto 2025-2026 Strategic Plan focus on Governance and Service Delivery under Goal H: Achieve Long-Term Financial Sustainability.
BACKGROUND:
Each month, City staff presents a variety of budget adjustments requiring the approval of the City Council. These changes are submitted to the Finance Committee for review prior to submission to Council and include an explanation and justification for each transaction.
This report includes a number of adjustments that have been identified by monitoring department budgets. Due to the number of adjustments, they have been included as an attachment to this report (Exhibit A). As in past reports, adjustments are separated by fund and department as appropriate. The adjustments are reflected in a more summarized version and supporting documentation is available for review upon request.
Also included in this report as an attachment (Exhibit B) is a summary of the budget adjustments approved by the City Manager and/or the Office of Performance Management and Budget Director consistent with the authority levels that were approved by Council with the passing of the Fiscal Year 2025-26 Operating Budget via Resolution No. 2025-187. #3..
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City Council, February 10, 2026
Monthly Budget Adjustment Report – January 2026
DISCUSSION:
The monthly budget adjustments attached as Exhibit A in this item include adjustments across various departments. These adjustments are explained in further detail within Exhibit A.
FISCAL IMPACT:
The fiscal impact of each item is noted in the attachments to this report. The adjustments are for Fiscal Year 2025-26.
COMMITTEE RECOMMENDATION:
This item was presented to the Finance Committee on January 26, 2026, and the Committee recommended forwarding the item to Council for approval.
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Resolution amending Fiscal Year 2025-26 Annual Operating and Capital Improvement Project Fund Budgets and authorizing the City Manager, to take the necessary steps to implement the provisions of this Resolution.
Approved by:
Stephan Christensen, Office of Performance
Management and Budget Director
Joseph P. Lopez, City Manager
Attachments:
1. Resolution
2. Exhibit A – Budget Adjustments Requiring Council Approval
3. Exhibit B - Staff Approved Budget Adjustments
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02/10/2026/OPMB/SChristensen/Item X 1 2026-XX
MODESTO CITY COUNCIL
RESOLUTION NO. 2026-
RESOLUTION AMENDING THE FISCAL YEAR 2025-26 ANNUAL
OPERATING AND CAPITAL IMPROVEMENT FUND BUDGETS AND
AUTHORIZING THE CITY MANAGER, TO TAKE THE NECESSARY
STEPS TO IMPLEMENT THE PROVISIONS OF THIS RESOLUTION
WHEREAS, a financial analysis has been completed and it has been determined that a budget adjustment is required to the Annual and Capital Improvement Budgets of the City of Modesto for Fiscal Year 2025-26.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby approves amending the Fiscal Year 2025-26 Annual Operating and Capital Improvement budget as shown in Exhibit A, which is attached hereto and incorporated by reference herein.
BE IT FURTHER RESOLVED that the City Manager, or his designee, is hereby authorized to take the necessary steps to implement the provisions of this resolution. #3..
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02/10/2026/OPMB/SChristensen/Item X 2 2026-XX
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 10th day of February 2026, by Councilmember _________, who moved its adoption, which motion being duly seconded by Councilmember ______, was upon roll call carried and the resolution adopted by the following votes:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
ATTEST:
________________________________
DIANE NAYARES-PEREZ, CMC,
City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: _____________________________________
JOSE M. SANCHEZ, City Attorney
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City Council, February 10, 2026
Monthly Budget Adjustment Report
EXHIBIT A
FISCAL YEAR 2025-26
ENGINEERING SERVICES DEPARTMENT
A budget adjustment is necessary to allocate funds to various Measure L projects. The total amount of adjustment is $2,625,000. Each project will have an increase in the transfer out from Fund 1410 – Measure L Local Road Tax to the project and an increase to the projects discretionary expense accounts. This was approved by the Citizen’s Transportation Sales Tax Commission at the meetings held on December 4, 2025.
Below is the adjustment to each project.
Project
Number
Project Name Amount for
Adjustment
Local Streets and Roads Category
101157 Tuolumne Blvd. Pavement Rehabilitation $1,000,000 101578 Claus Road Corridor Improvements $1,000,000
Traffic Management Category
101361 Install Rectangular Rapid Flashing
Beacons (RRFB)
$210,000
101362 Install Signal Heads at 70 Intersections $415,000 Total Increase to Projects $2,625,000
Total Transfer Out from Fund 1410 $2,625,000
A budget adjustment in the amount of $833,863 is necessary in the Tuolumne River Regional Park (TRRP) CIP Fund 6710 to allocation Fund Balance and unused funds on completed projects to various projects in need of funding. This allocation was approved by the TRRP JPA Commission on December 10, 2025. The allocation is as follows:
TRRP CIP Funding Currently Available
Account Improvement Cost
TRRP CIP
Fund
Balance
Unallocated Fund Balance $710,546
101061 Unused Funding for Carpenter Road Area Soccer $41,000 101071 Unused Funding for TRRP Neece Drive Boat Launch $39,920 101425 Unused Funding for American Legion Hall Fire Remediations $12,397 101135 Unused Funding for TRRP River Pavilion & Learning Theater $30,000 Total Project Funding Currently Available $833,863
TRRP CIP Projects In Need of Funding
Account Improvement Cost
101478 TRRP B Restroom Installation $350,000
101477 New Playground and Pathway at Mancini Park $300,000 101232 TRRP Riverwalk Trail - Gateway to Mary Grogan Grove (Design) (GRANT MATCH POTENTIAL)
$75,000
101109 TRRP River Overlook (GRANT MATCH POTENTIAL) $108,863 Total Project Funding Needed $833,863
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City Council, February 10, 2026
Monthly Budget Adjustment Report
FINANCE
A budget adjustment in the amount of $843,027 is necessary in the Inventory Purchase Fund (5110). This request is derived from the trend we are seeing along with what we have calculated averaging for the remainder of the Fiscal Year. In addition, the Stores Division is assisting in the inventory management for PC replacement for the IT department.
MODESTO POLICE DEPARTMENT
A budget adjustment in the amount of $178,369 is needed in the MPD Supplemental Law Enforcement Services Fund (SLESF) Project (101681) in the Police Grants Fund (1342) to increase the expense and revenue budget to account for State revenues and offsetting expenditures.
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Department Director/Director of Office Performance and Budget (OPMB)/City Manager Approved Budget Adjustments EXHIBIT B For FY2025/26
AT #
Approved
by CM,
Director
OPMB or
DD
Fund Fund Name Cost Ctr/Project Name Account Name Rev/Exp/TI/TO Account Current Budget Increase (Decrease)
Revised
Budget Description
AT-037 DD 0100 General Fund 33310 - PRN KKMC Repair and Maintenance Exp $ 13,000 $ (13,000) $ - AT-037 DD 0100 General Fund 33310 - PRN KKMC Repair and Maintenance Exp $ 10,000 $ (10,000) $ - AT-037 DD 0100 General Fund 33330 - Marshall Park PT Staff Exp $ 53,300 $ (30,328) $ 22,972 AT-037 DD 0100 General Fund 33330 - Marshall Park Repair and Maintenance Exp $ 10,000 $ (10,000) $ - AT-037 DD 0100 General Fund 33330 - Marshall Park Repair and Maintenance Exp $ 4,000 $ (4,000) $ - AT-037 DD 0100 General Fund 33330 - Marshall Park IT Equipment Exp $ 2,000 $ (2,000) $ - AT-037 DD 0100 General Fund 33330 - Marshall Park Professional Services Exp $ 7,000 $ (6,000) $ 1,000 AT-037 DD 0100 General Fund 33330 - Marshall Park Vocational Recreation Supplies Exp $ 14,400 $ (3,000) $ 11,400 AT-037 DD 0100 General Fund 33350 - Senior Citizens Center Professional Services Exp $ 25,000 $ (18,200) $ 6,800 AT-037 DD 0100 General Fund 33350 - Senior Citizens Center Food & Beverages Exp $ 8,200 $ (4,050) $ 4,150 AT-037 DD 0100 General Fund 33350 - Senior Citizens Center Laundry Exp $ 250 $ (250) $ - AT-037 DD 0100 General Fund 33350 - Senior Citizens Center Advertising Exp $ 2,800 $ (1,250) $ 1,550 AT-037 DD 0100 General Fund 33350 - Senior Citizens Center Business Expense Exp $ 2,250 $ (100) $ 2,150 AT-037 DD 0100 General Fund 33350 - Senior Citizens Center Vocational Recreation Supplies Exp $ 8,400 $ (2,500) $ 5,900 AT-037 DD 0100 General Fund 33140 - Adult and Child Services Professional Services Exp $ 30,015 $ 12,500 $ 42,515 AT-037 DD 0100 General Fund 33150 - Aquatics Services PT Staff Exp $ 314,152 $ 32,178 $ 346,330 AT-037 DD 0100 General Fund 33040 - Guest Services Repair and Maintenance Exp $ - $ 10,000 $ 10,000 AT-037 DD 0100 General Fund 33320 - Maddux Youth Center PT Staff Exp $ 29,078 $ 50,000 $ 79,078 AT-042 BM 0100 General Fund MFD - Suppression Personal Protection Equipment Exp $ 529,992 $ (3,759) $ 526,233 AT-042 BM 0100 General Fund 101640 - MFD - MFD 2024 Cal Fire Grant AUC - Personal Protection Equipment Exp $ 40,000 $ 3,759 $ 43,759 AT-042 BM 0100 General Fund 101640 - MFD - MFD 2024 Cal Fire Grant Transfer out to fund 1341 TO $ 20,000 $ 3,759 $ 23,759 AT-042 BM 0100 General Fund 101640 - MFD - MFD 2024 Cal Fire Grant Transfer in from fund 0100 TI $ 20,000 $ 3,759 $ 23,759 AT-063 DD 0100 General Fund CED - Planning Budget Only - Salary Adjustment - Decrease EXP $ - $ (112,000) $ (112,000) AT-063 DD 0100 General Fund CED - Planning Budget Only - Benefit Adjustment - Decrease EXP $ - $ (48,000) $ (48,000)
AT-063 DD 0100 General Fund CED - Economic Development Professional Services EXP $ - $ 160,000 $ 160,000 Total Changes for Fund 0100 $ 1,143,837 $ 7,518 $ 1,151,355 AT-041 CM 1341 Grants - Operation Grants
Reimbursed 101705 - PW - Waste Tire Amnesty Grant - TA8 Intergov - State/Calrecycle Rev $ - $ 24,948 $ 24,948 AT-041 CM 1341 Grants - Operation Grants
Reimbursed 101705 - PW - Waste Tire Amnesty Grant - TA8 AuC - Advertising Exp $ - $ 3,500 $ 3,500 AT-041 CM 1341 Grants - Operation Grants
Reimbursed 101705 - PW - Waste Tire Amnesty Grant - TA8 AuC - Svcs City Forces Exp $ - $ 4,198 $ 4,198 AT-041 CM 1341 Grants - Operation Grants
Reimbursed 101705 - PW - Waste Tire Amnesty Grant - TA8 AuC - Tools and Field Supplies <$5,000 Exp $ - $ 1,250 $ 1,250 AT-041 CM 1341 Grants - Operation Grants
Reimbursed 101705 - PW - Waste Tire Amnesty Grant - TA8 AuC - Professional Services Exp $ - $ 16,000 $ 16,000 AT-051 CM 1341 Grants - Operation Grants
Reimbursed 100879 - 2024 MFD Mini Grant Misc Grants/ Donations Rev $ - $ 8,178 $ 8,178 AT-051 CM 1341 Grants - Operation Grants
Reimbursed 100879 - 2024 MFD Mini Grant AUC - PC Software and Supplies Exp $ - $ 8,178 $ 8,178 Total Changes for Fund 1341 $ - $ 66,252 $ 66,252
AT-032 OPMB 1342 Police Grants 101059 - SLESF Interest Revenue on Bank Accounts Rev $ 47,761 $ 132 $ 47,893 AT-032 OPMB 1342 Police Grants 101059 - SLESF Tools & Field Supplies Exp $ 284,308 $ 132 $ 284,440 AT-032 OPMB 1342 Police Grants 101284 - SLESF Interest Revenue on Bank Accounts Rev $ 33,099 $ 373 $ 33,472 AT-032 OPMB 1342 Police Grants 101284 - SLESF Tools & Field Supplies Exp $ 512,532 $ 373 $ 512,905 AT-032 OPMB 1342 Police Grants 101424 - SLESF Interest Revenue on Bank Accounts Rev $ 42,816 $ 470 $ 43,286 AT-032 OPMB 1342 Police Grants 101424 - SLESF Tools & Field Supplies Exp $ 675,725 $ 470 $ 676,195 AT-032 OPMB 1342 Police Grants 101626 - SLESF Interest Revenue on Bank Accounts Rev $ - $ 4,008 $ 4,008 AT-032 OPMB 1342 Police Grants 101626 - SLESF Tools & Field Supplies Exp $ 479,234 $ 4,008 $ 483,242 AT-033 CM 1342 Police Grants 101699 - 25/26 OTS Bike/Ped Grant Intergov - State - Office of Traffic Safety Rev $ - $ 36,400 $ 36,400 AT-033 CM 1342 Police Grants 101699 - 25/26 OTS Bike/Ped Grant 51200 - Police Overtime Exp $ - $ 20,105 $ 20,105 AT-033 CM 1342 Police Grants 101699 - 25/26 OTS Bike/Ped Grant 52300 - Tools & Field Supplies Rev $ - $ 13,795 $ 13,795 AT-033 CM 1342 Police Grants 101699 - 25/26 OTS Bike/Ped Grant 53025 - Training Expenses Rev $ - $ 2,500 $ 2,500 AT-034 CM 1342 Police Grants 101700 - 25/26 OTS STEP Grant Intergov - State - Office of Traffic Safety Rev $ - $ 50,000 $ 50,000 AT-034 CM 1342 Police Grants 101700 - 25/26 OTS STEP Grant 51200 - Police Overtime Exp $ - $ 50,000 $ 50,000 AT-035 OPMB 1342 Police Grants 101539 - SLESF Interest Revenue on Bank Accounts Rev $ 32,224 $ 5,798 $ 38,022 AT-035 OPMB 1342 Police Grants 101539 - SLESF Tools & Field Supplies Exp $ 709,014 $ 5,798 $ 714,812 AT-046 OPMB 1342 Police Grants Fund 101681 - MPD SLESF Funds Intergov - SLESF Revenue Rev $ - $ 8,155 $ 8,155 AT-046 OPMB 1342 Police Grants Fund 101681 - MPD SLESF Funds Appr Unit C - Tools & Field Supplies Rev $ - $ 8,155 $ 8,155 Total Changes for Fund 1342 $ 2,816,713 $ 210,672 $ 3,027,385 AT-040 CM 1346 CED Grants Reimbursed 101682 - HopeWorks 48010 - Interest Rev $ 35,528 $ 8,622 $ 44,150 AT-040 CM 1346 CED Grants Reimbursed 101682 - HopeWorks Direct Grants Exp $ 1,000,000 $ (1,000,000) $ - AT-040 CM 1346 CED Grants Reimbursed 101682 - HopeWorks Svcs City Forces Interfund Exp $ 135,528 $ (91,378) $ 44,150 AT-040 CM 1346 CED Grants Reimbursed 101682 - HopeWorks Direct Grants Exp $ - $ 1,000,000 $ 1,000,000 AT-040 CM 1346 CED Grants Reimbursed 101682 - HopeWorks Direct Grants Exp $ - $ 50,000 $ 50,000 AT-040 CM 1346 CED Grants Reimbursed 101682 - HopeWorks Transfer-In from 4891 TI $ 100,000 $ (50,000) $ 50,000 Total Changes for Fund 1346 $ 1,271,056 $ (82,756) $ 1,188,300 AT-055 OPMB 1380 Non-Capital Parks Fund 100880 - Fund Dev/Special Proj 47031 Misc Donations/Contributions Rev $ 398,218 $ 8,000 $ 406,218 AT-055 OPMB 1380 Non-Capital Parks Fund 100880 - Fund Dev/Special Proj Arch Preservation-10398 Exp $ 500 $ 8,000 $ 8,500 Total Changes for Fund 1380 $ 398,718 $ 16,000 $ 414,718 A budget adjustment of $160,000 is necessary to move salary savings from Appropriation A to discretionary expenses in Appropriation C within GF CED to address under budgeted Professional Services expenses related to Opportunity Stanislaus.
A budget adjustment in the amount of $4,983 is needed to set up the accounting structure to recognize SLESF revenue received and to program offsetting expenses is a like amount in Project 101059, 101284, 101424 and 101626 A budget adjustment in the amount of $36,400 to establish the project budget for expenses and revenue for the 25/26 OTS Ped/Bike Safety Grant PS#26009 award.
A budget adjustment in the amount of $50,000 to establish the project budget for expenses and revenue for the 25/26 OTS STEP Grant PT#26047 award. The total award is $485,000 and the remaining $435,000 will be added to a future monthly budget adjustment item.
A budget adjustment in the amount of $5,798 is needed to set up the accounting structure to recognize SLESF revenue received and to program offsetting expenses is a like amount in Project 101539.
A budget adjustment is needed to reallocate state funds for DST and also allocate new interest earned. These state-earmarked funds were reallocated after DST dissolved and are now being redirected for similar use to United Way and Modesto Gospel Mission under the new project name “HopeWorks.” This adjustment will also reduce the contribution from the Litter Abatement Fund (LAF) from $100,000 to $50,000 and allocate the interest revenue earned on the earmarked funds for the quarter ending 6/30/2025 in the amount of $8,622.
A budget adjustment is necessary to reallocate Recreation Division Funds to better reflect available discretionary and PT staff funds to improve budget management.
A budget adjustment of $8,178 is needed to increase project 100879 budget for purchasing purposes.
A budget adjustment of $3,759 is needed to reduce the operating cost center budget and to transfer the funds from the General Fund to the Cal Fire Grant - Wildland PPE project 101640 to cover the remaining balance on purchase order.
A budget adjustment in the amount of $8,154.73 is needed to set up the accounting structure to recognize SLESF revenue received and to program offsetting expenses in a like amount.
A budget adjustment is necessary for to budget for the CalRecycle grant. The City of Modesto receives reimbursable expenses from CalRecycle for FY25/26 Waste Tire Amnesty Grant. This grant provides funding for staff time, advertising, and waste tire disposal from a certified hauler for residents' waste tires.
A budget adjustment in the amount of $8,000 is necessary to increase project 100880, Task Arch Preservation-10398 and recognize Stanislaus Foundation revenue for staff costs related to replacing the lights on the downtown arch. #3..
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Department Director/Director of Office Performance and Budget (OPMB)/City Manager Approved Budget Adjustments EXHIBIT B For FY2025/26
AT #
Approved
by CM,
Director
OPMB or
DD
Fund Fund Name Cost Ctr/Project Name Account Name Rev/Exp/TI/TO Account Current Budget Increase (Decrease)
Revised
Budget Description
AT-044 CM 1800 Econ Dev/Strat Plan Fund Tivoli Belconte CS-CD Time and Materials Rev $ 25,000 $ 25,000 $ 50,000 AT-044 CM 1800 Econ Dev/Strat Plan Fund Tivoli Belconte AuC - Professional Services Exp $ 17,500 $ 25,000 $ 42,500 AT-045 CM 1800 Econ Dev/Strat Plan Fund Tivoli Paregian CS-CD Time and Materials Rev $ 25,000 $ 25,000 $ 50,000 AT-045 CM 1800 Econ Dev/Strat Plan Fund Tivoli Paregian AuC - Professional Services Exp $ 17,500 $ 25,000 $ 42,500 AT-052 CM 1800 Economic Development/Strategic
Plan Fund Carpenter Maze GPA ANX CS-CD Time and Materials for FPE SP Rev $ - $ 50,000 $ 50,000 AT-052 CM 1800 Economic Development/Strategic
Plan Fund Carpenter Maze GPA ANX AUC - Professional Services Exp $ - $ 35,000 $ 35,000 AT-052 CM 1800 Economic Development/Strategic
Plan Fund Carpenter Maze GPA ANX AUC - Services City Forces - Interfund Exp $ - $ 15,000 $ 15,000 AT-053 OPMB 1800 Economic Development/Strategic
Plan Fund Boulevard Village One CS-CD Time and Materials Rev $ - $ 25,000 $ 25,000 AT-053 OPMB 1800 Economic Development/Strategic
Plan Fund Boulevard Village One AuC - Professional Services Exp $ - $ 17,500 $ 17,500 AT-053 OPMB 1800 Economic Development/Strategic
Plan Fund Boulevard Village One AuC - Services City Forces - Interfund Exp $ - $ 7,500 $ 7,500 AT-054 OPMB 1800 Economic Development/Strategic
Plan Fund Millbrook Manor Project CS-CD Time and Materials Rev $ - $ 25,000 $ 25,000 AT-054 OPMB 1800 Economic Development/Strategic
Plan Fund Millbrook Manor Project AuC - Professional Services Exp $ - $ 17,500 $ 17,500 AT-054 OPMB 1800 Economic Development/Strategic
Plan Fund Millbrook Manor Project AuC - Services City Forces - Interfund Exp $ - $ 7,500 $ 7,500 AT-057 CM 1800 Economic Development/Strategic
Plan Fund 101677 - Tivoli Alves CS - CD Time and Materials Rev $ 25,000 $ 25,000 $ 50,000 AT-057 CM 1800 Economic Development/Strategic
Plan Fund 101677 - Tivoli Alves AUC - Professional Services Exp $ 17,500 $ 25,000 $ 42,500 AT-058 CM 1800 Economic Development/Strategic
Plan Fund 101679 - Tivoli Mable CS - CD Time and Materials Rev $ 25,000 $ 25,000 $ 50,000 AT-058 CM 1800 Economic Development/Strategic
Plan Fund 101679 - Tivoli Mable AUC - Professional Services Exp $ 17,500 $ 25,000 $ 42,500 Total Changes for Fund 1800 $ 170,000 $ 400,000 $ 570,000 AT-060 OPMB 3122 Measure H - Non-Capital 101624 - Pelandale Street Landscape AUC - Construction EXP $ 1,350,000 $ (150,000) $ 1,200,000 AT-060 OPMB 3122 Measure H - Non-Capital 101624 - Pelandale Street Landscape AUC - EDA EXP $ 250,000 $ 150,000 $ 400,000 AT-064 OPMB 3122 Measure H - Non-Capital 101602 - 24-25 Prev Maint - Measure H AUC - Pkn Lt Reno Slr Sl EXP $ 500,000 $ (139,347) $ 360,653 AT-064 OPMB 3122 Measure H - Non-Capital 101602 - 24-25 Prev Maint - Measure H AUC - Park Scrty Lighting EXP $ 600,000 $ 139,347 $ 739,347 Total Changes for Fund 3122 $ 2,700,000 $ - $ 2,700,000 AT-036 OPMB 3160 Capital Grants - Streets CIP
Projects 101066 - New Signal Oakdale/Claratina Eng/Design/Admin Exp $ 60,000 $ (10,701) $ 49,299 AT-036 OPMB 3160 Capital Grants - Streets CIP
Projects 101066 - New Signal Oakdale/Claratina Construction Administration Exp $ 82,384 $ 10,701 $ 93,085 Total Changes for Fund 3160 $ 142,384 $ - $ 142,384
AT-056 OPMB 4180 Water/CIP 101709 - Stadium Improvements - Water EDA - Engineering/Design/Administration Exp $ - $ 25,000 $ 25,000 A budget adjustment is necessary to establish the initial project budget to identify, design and construct improvements needed to support to Downtown Stadium Project.
Total Changes for Fund 4180 $ - $ 25,000 $ 25,000
AT-048 OPMB 4210 Wastewater 101710 - Stadium Improvement - Wastewater EDA Exp $ - $ 25,000 $ 25,000 A budget adjustment is necessary to establish the initial project budget to identify, design and construct improvements needed to support to Downtown Stadium Project.
Total Changes for Fund 4210 $ - $ 25,000 $ 25,000
AT-049 CMO 4280 Wastewater Grants 101711 - Septic to Sewer - 6 Neighborhoods AUC - EDA Exp $ - $ 50,000 $ 50,000 A budget adjustment is necessary to establish the initial budget for the Septic Sewer project.
Total Changes for Fund 4280 $ - $ 50,000 $ 50,000
AT-050 OPMB 4480 Storm Drain 101707 - Stadium Improvements - Storm Drain AUC - EDA Exp $ - $ 25,000 $ 25,000 A budget adjustment is necessary to establish the initial project budget to identify, design and construct improvements needed to support to Downtown Stadium Project.
Total Changes for Fund 4480 $ - $ 25,000 $ 25,000
AT-040 CM 4891 Solid Waste Fund 74891 - Transfer Out - Solid Waste Transfer-Out to 1346 TO $ 100,000 $ (50,000) $ 50,000 A budget adjustment is needed to reallocate state funds for DST and also allocate new interest earned. These state-earmarked funds were reallocated after DST dissolved and are now being redirected for similar use to United Way and Modesto Gospel Mission under the new project name “HopeWorks.” This adjustment will also reduce the contribution from the Litter Abatement Fund (LAF) from $100,000 to $50,000 and allocate the interest revenue earned on the earmarked funds for the quarter ending 6/30/2025 in the amount of $8,622.
A budget adjustment is necessary to cover the upcoming construction agreement for the 2025 Park Security Lighting Project, scheduled for City Council consideration on Jan. 27, 2026.
A budget adjustment in the amount of $25,000 is necessary to increase the project expense and revenue budget for the Time and Materials for the Tivoli Paregian project to $50,000. Developer Funded.
A budget adjustment in the amount of $50,000 is necessary to capture the revenue deposited by the developer and expenses of the time and materials for the Carpenter Maze General Plan Amendment/Annexation.
A budget adjustment in the amount of $25,000 is necessary to establish a project budget for the Time and Materials for the Boulevard Village One project. Developer funded.
A budget adjustment in the amount of $25,000 is necessary to establish a project budget for the Time and Materials for the Millbrook Manor project. Developer funded.
A budget adjustment in the amount of $25,000 is necessary to increase the project expense and revenue budget for the Time and Materials for the Tivoli Belconte project to $50,000. Developer Funded.
A budget adjustment is necessary to reallocate funds between the project. The project is complete and will be closed once the adjustment is processed.
A budget adjustment in the amount of $25,000 is necessary to increase the project expense and revenue budget for the Time and Materials for the Tivoli Alves project to $50,000. Developer Funded.
A budget adjustment in the amount of $25,000 is necessary to increase the project expense and revenue budget for the Time and Materials for the Tivoli Mable project to $50,000. Developer Funded.
A budget adjustment is needed to cover the remaining contingency and remaining staff time to complete the project.
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Department Director/Director of Office Performance and Budget (OPMB)/City Manager Approved Budget Adjustments EXHIBIT B For FY2025/26
AT #
Approved
by CM,
Director
OPMB or
DD
Fund Fund Name Cost Ctr/Project Name Account Name Rev/Exp/TI/TO Account Current Budget Increase (Decrease)
Revised
Budget Description
AT-047 OPMB 4891 Solid Waste Fund PW - Solid Waste Management Professional Services Exp $ 155,518 $ 15,100 $ 170,618 A budget adjustment of $15,100 from reserves is necessary to cover HF&H invoice #9722261. This invoice was budgeted for 2025 but was received in 26 and not marked for prior year. Due to year end audit, this invoice cannot be moved to prior year and will need to paid in FY26.
Total Changes for Fund 4891 $ 255,518 $ (34,900) $ 220,618 AT-043 OPMB 6100 JPA - Industrial Fire 80040 - Industrial Fire JPA Svcs City Forces - Interfund Exp $ 13,847 $ (8,847) $ 5,000 AT-043 OPMB 6100 JPA - Industrial Fire 80040 - Industrial Fire JPA Property Taxes - CY Secured Taxes Rev $ 215,716 $ 1,122 $ 216,838 AT-043 OPMB 6100 JPA - Industrial Fire 80040 - Industrial Fire JPA Intergov - State - Prop 172 Rev $ 17,157 $ (1,122) $ 16,035 Total Changes for Fund 6100 $ 246,720 $ (8,847) $ 237,873 AT-038 OPMB 6710 TRRP CIP 101109 - TRRP River Overlook Construction Exp $ 530,272 $ (14,335) $ 515,937 AT-038 OPMB 6710 TRRP CIP 101109 - TRRP River Overlook Eng/Design/Admin Exp $ 375,467 $ 14,335 $ 389,802 Total Changes for Fund 6710 $ 905,739 $ - $ 905,739
A budget adjustment is necessary to cover additional design time for the project.
A budget adjustment is necessary to correct the Industrial Fire budget in Oracle to match the approved budget by the Industrial Fire Joint Protection Agent at the 12/12/2024 board meeting.
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
February 10, 2026
Date: January 14, 2025
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Toby Wells, Director of Engineering Services Department / City Engineer SUBJECT: Accept Sonoma Trunk Extension and Lift Station and Sylvan Water Main Upgrade Project
CONTACT: Peter Kambel, Senior Civil Engineer, [email protected], 209-577-5444 DESCRIPTION:
Consider accepting the Sonoma Trunk Extension and Lift Station and Sylvan Water Main Upgrade Project as complete, releasing securities, releasing payments totaling $8,253,657 to Mozingo Construction, Inc, of Oakdale, CA, and authorizing the City Clerk to file a Notice of Completion. (Funding Source: Wastewater and Water Fund)
STRATEGIC PLAN ELEMENT:
The recommended action supports the City’s 2025-26 Strategic Plan Initiatives, Goal D: Provide safe, efficient, and reliable infrastructure through proactive community investment, maintenance, and sustainability efforts.
BACKGROUND:
The 2007 Wastewater Master Plan identified the need to extend the Sonoma Trunk along Sylvan Avenue to facilitate land development in the area referred to as the Tivoli Area.
This project was the second phase of the sewer infrastructure improvement. It installed new 8- inch and 10-inch gravity sewer mains, as well as a new filtration and infiltration system to eliminate storm water ponding in the area. This project also upgraded an existing 8-inch water main to a 12-inch water main to better serve the Tivoli Area.
DISCUSSION:
The work for this project was advertised for bids on June 28, 2022. Bids were publicly opened on August 9, 2022, and Mozingo Construction, Inc, of Oakdale, CA, was the lowest responsible bidder at 15.19% above the engineers estimate.
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City Council, February 10, 2026
Accept the Sonoma Trunk Extension and Lift Station and Water Main Upgrade Project
On September 13, 2022, by Resolution 2022-382, Council awarded a contract to Mozingo Construction, Inc, in the amount of $7,981,830. The Contractor received the Notice to Proceed with a start date of October 31, 2023. All contract work was completed on May 23, 2025.
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 $8,253,657. The work is covered by a one-year warranty for any issues that may arise.
Due to delays in final quantity and As-built approval, change order processing, and monument preservation, the administrative closure of this project was delayed. As such, the Construction Administration and the City Manager’s Office authorized the reduction of the retention release on January 30, 2025, and the full release of retention on December 5, 2025, per the attached memorandums.
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 $9,337,392, which included design, City forces, construction, construction administration, and design consultant (Arrow and HRD) costs. The total project amount originally budgeted was $9,828,198 which included $8,939,651 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 up to and not to exceed 10% ($798,183). However, due to the complexity and duration of this project, on September 13, 2022, by Council Resolution 2022-383, City Council approved the director’s authority to increase to 12% ($957,821).
There were twenty-seven (27) change orders resulting in an overall increase of $271,827 for change order work as listed on the attached change order log. A summary of the expenditures for the overall project is listed below.
100535 – UPP.Engineering Design “Sonoma Trunk Ext and Lift Station” 101367 – UPP.Engineering Design “Sylvan Water Main Upgrade”
PROJECT EXPENDITURES: % of Contract
Construction Contract (Mozingo Construction, Inc.) $7,981,830 Construction Contingency (Change Orders) 3.4% $271,827
City Construction Forces .5% $37,663
Design Consultant (Arrow Construction) 1.7% $139,442
Design Consultant (HDR Engineering) .9% $75,786
Construction Administration – City Staff Support 6.6% $528,846 Engineering Design/Admin. – City Staff Support/Misc. 3.8% $301,998 TOTAL CONSTRUCTION EXPENDITURES: $9,337,392
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City Council, February 10, 2026
Accept the Sonoma Trunk Extension and Lift Station and Water Main Upgrade Project
COMMITTEE RECOMMENDATION:
This project was presented to Economic Development Committee on April 5, 2021, as a report on upcoming Capital Improvement construction projects and was recommended to forward to Council for future award of construction. As stated in that Committee report, as bids are received, staff will present projects directly to Council for award of construction.
CEQA/NEPA REQUIREMENTS:
Environmental review has been provided through Tivoli Specific Plan Environmental Impact Report (EIR) (SCH # 2005072125).
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Resolution accepting Sonoma Trunk Extension and Lift Station and Sylvan Water Main Upgrade Project as complete, releasing securities, releasing payments totaling $8,253,657 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 (100535)
4. Project Suspension Form (101367)
5. Notice of Completion
6. Retention Release Memorandum
7. Reduce Retention Memorandum
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2/10/2026/ESD/PKambel 1 2026-
MODESTO CITY COUNCIL
RESOLUTION NO. 2026-XX
RESOLUTION ACCEPTING SONOMA TRUNK EXTENSION AND LIFT
STATION AND SYLVAN WATER MAIN UPGRADE PROJECT AS
COMPLETE, RELEASING SECURITIES, RELEASING PAYMENTS
TOTALING $8,253,657 TO MOZINGO CONSTRUCTION INC, OF OAKDALE,
CA, AND AUTHORIZING THE CITY CLERK TO FILE A NOTICE OF
COMPLETION
WHEREAS, the 2007 Wastewater Master Plan identified the need to extend the Sonoma Trunk along Sylvan Avenue to facilitate land development in the area referred to as the Tivoli Area; and
WHEREAS, this project was the second phase of the sewer infrastructure improvement. It installed new 8-inch and 10-inch gravity sewer mains, as well as a new filtration and infiltration system to eliminate storm water ponding in the area. This project also upgraded an existing 8-inch water main to a 12-inch water main to better serve the Tivoli Area; and
WHEREAS, the project was advertised for bids on June 28, 2022; and WHEREAS, bids were publicly opened on August 9, 2022, and Mozingo Construction, Inc, of Oakdale, CA, was the lowest responsible bidder at 15.19% above the engineers estimate; and
WHEREAS, on September 13, 2022, by Resolution 2022-382, Council awarded a contract to Mozingo Construction, Inc, in the amount of $7,981,830; and WHEREAS,. the Contractor received the Notice to Proceed with a start date of October 31, 2023. All contract work was completed on May 23, 2025; and WHEREAS, the total project costs $9,337,392, which included design, City forces, construction, construction administration, and design consultant (Arrow and HRD) costs. #4..
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2/10/2026/ESD/PKambel 2 2026-
The total project amount originally budgeted was $9,828,198 which included $8,939,651 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 up to and not to exceed 10% ($798,183). However, due to the complexity and duration of this project, on September 13, 2022 by Council Resolution 2022-383, City Council approved the director’s authority to increase to 12% ($957,821); and
WHEREAS, there were twenty-seven (27) change orders resulting in an overall increase of $271,827 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 Sonoma Trunk Extension, Lift Station and Sylvan Water Main Upgrade Project as complete, releasing securities, releasing payments totaling $8,253,657 to Mozingo Construction Inc, of Oakdale, CA, and authorizing the City Clerk to file a Notice of Completion.
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2/10/2026/ESD/PKambel 3 2026-
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 10th day of February, 2026, 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: December 11, 2025
TIME
EXT. Approved
2022/23 - Sonoma Trunk Extension, Lift Station and Water Main (100535) & (101367) TERRACON PROJECT NUMBER AND NAME:
01 Revision of pavement section to avoid utility conflicts. 100535
08/23/23 $308,232.93 0 W.D. No Yes No Yes
02 Revised PO 37 AC Dikes Between Lydia and Perkos &
ADA Ramp at Lydia & Sylvan. 100535-$9,269.00 &
101367-$37,076.00
10/15/23 $46,345.00 0 W.D. No Yes No Yes
03 Relocate Pool Equipment behind Proposed SSLS/Wall
Footing Conflict 100535
10/16/23 $13,771.80 0 W.D. No Yes No Yes
04 Change Wet Well Hatch to SS 100535 10/26/23 $13,504.52 0 W.D. No Yes No Yes 05 Install Sewer Stub Out in New SSMH STA 100535 10/26/23 $28,250.00 0 W.D. No Yes No Yes 06 27 Additional Non-Comensatory Working Days. 100535 11/07/23 $0.00 27 W.D. No Yes No Yes 07 Remove and replace existing 20" MID irrigation line and replace PVC pipe and concrete collars at each end.
100535
11/08/23 $9,615.00 0 W.D. No Yes No Yes
08 Move proposed sewer manhole from Sta 19+82.74 to
Sta. 20+7 and One Additional Working Day 100535
11/08/23 $9,570.00 1 W.D. No Yes No Yes
09 Unmarked Utility Delay 100535 11/08/23 $3,945.73 0 W.D. No Yes No Yes 10 Added SDMH Sta. 16+68 & Contech Box Shift BTW
Sta.14+85.07 to 16+86 and Two Additional Working
Days. 100535
11/08/23 $6,500.00 2 W.D. No Yes No Yes
11 Conflict between SS & Existing 16 Inch Water Line Sta. 19+27. 2 Additional Working Days 101367
11/17/23 $14,317.62 2 W.D. No Yes No Yes
12 12" Water Loine Kicker Sta. 15+90 Valve Under AC and One Additoinal Working Day 101367
11/17/23 $6,863.00 1 W.D. No Yes No Yes
13 Unknown Unmarked 2" Steel Conduit Sta. 19+07 and 1
Additional Working Day 100535
11/17/23 $2,109.00 1 W.D. No Yes No Yes
14 Replace Existing MID Box Culvert in Sylvan, as Directed and Two Additonal Working Days. 101367
11/17/23 $20,000.00 2 W.D. No Yes No Yes
15 Install COM Provided 6 inch valve at Sta. 22+00 for the fire feed & raise valve box to grade and One Additional Working Day 1
11/17/23 $2,387.94 1 W.D. No Yes No Yes
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CHANGE
ORDER
NO. DESCRIPTION EXECUTED AMOUNT
CAUSE
UNFORSEEN
CONDITIONS
DESIGN
ISSUE
ADDED
SCOPE
CONTRACT CHANGE ORDER LOG
Date: December 11, 2025
TIME
EXT. Approved
16 Sub Cor Chirsp - Additional Striping and Markings at South Leg of Oakdale Road and One Additional Working
Day 100535
11/17/23 $23,840.17 1 W.D. No Yes No Yes
17 RFI 67/62 Modify Storm Drain on Oakdale at N & S Side Sylvan and One Additional Working Day. 100535
11/17/23 $4,431.00 1 W.D. No Yes No Yes
18 Unknown & Unmarked Utilities (Pothole) and 10
Additional Working Days.100535-$56,795 & 101367
$56,795
12/13/23 $113,590.00 10 W.D. No Yes No Yes
19 Quantity Adjustment Bid Line 15 CCTV Pipe Line
Inspection and One Additional Working Day 100535
12/13/23 $4,788.00 1 W.D. No Yes No Yes
20 Additional Grind & Pave 3 Inches Deep at South
Oakdale Road and One Addiitonal Working Day. 100535
12/13/23 $39,716.25 1 W.D. No Yes No Yes
21 Additional 84 Linear Feet Curb and Gutter on Sylvan Ave. and 2 Additional Working Days. 100535 $4,233.20 &
101367 $1,058.30
12/13/23 $8,400.00 2 W.D. No Yes No Yes
22 Backfill MID Irrigation Line with Concret at Lydia Way and One Additional Working Day 100535 $4,233.20 & 101367
$1,058.30
12/13/23 $5,291.50 1 W.D. No Yes No Yes
23 Shift Proposed 8 Inch Water Line East 3 Feet, Use DR14 in lieu of DR 18. 1001367
12/13/23 $4,000.00 0 W.D. No Yes No Yes
24 Install New DI and Rejuvenate 2 RockWells 100535 $51,790.28 0 W.D. No No Yes Yes 25 Install Power Loss Relay (100535) 06/21/24 $2,544.15 0 W.D. No Yes No Yes 26 Program Modification to the RTU/PLC and 2 Additional Working Days (100535)
11/18/24 $9,781.00 2 W.D. No No Yes Yes
27 Balancing Change Order - Adjust Quantities Consistent with Field Conditions.
-$481,758.60 0 W.D. No No Yes No
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CHANGE
ORDER
NO. DESCRIPTION EXECUTED AMOUNT
CAUSE
UNFORSEEN
CONDITIONS
DESIGN
ISSUE
ADDED
SCOPE
CONTRACT CHANGE ORDER LOG
Date: December 11, 2025
TIME
EXT. Approved
Total Change Orders Processed To Date: $271,826.29
Original Contract Amount: $7,981,830.00
IDA To: $957,821.00
Total Working Days Time Extension: 56
Original Director's CCO Authority: $638,547.00
IDA Date: 9/13/2022
Total Executed Change Orders To Date: $701,794.61
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CHANGE
ORDER
NO. DESCRIPTION EXECUTED AMOUNT
CAUSE
UNFORSEEN
CONDITIONS
DESIGN
ISSUE
ADDED
SCOPE
CONTRACT CHANGE ORDER LOG
Date: December 11, 2025
TIME
EXT. Approved
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Requested by
City of Modesto/City Clerk’s Office
Return to City of Modesto/City Clerk’s Office:
PO Box 642
Modesto CA 95353
NOTICE OF COMPLETION
NOTICE IS HEREBY GIVEN that on September 13, 2022, the City of Modesto, PO Box 642, Modesto, California 95353, a Municipal Corporation in the County of Stanislaus, State of California, awarded the contract Mozingo Construction, Inc, for the project titled “Sonoma Trunk Extension, Lift Station and Sylvan Water Main Upgrade” located at Oakdale Road from Post Office Drive to Mable Avenue and Sylvan Avenue from Oakdale Road to Wood Sorrel Drive. On May 23, 2025, 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 February 10, 2026.
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
CONSTRUCTION ADMINISTRATION OFFICE
MEMORANDUM
Date: January 30, 2025
To: Joseph Lopez, City Manager
From: Peter Kambel, Senior Civil Engineer
RE: 2022-23 Sonoma Trunk Extension, Lift Station and Water Main (100535, 101367) Subject: Construction Contract Retention
Recommended Action
Authorize reducing the amount of construction contract retention from five percent (5%) to one and one quarter percent (1.25%).
Background
Mozingo Construction, Inc. started the project in Spring of 2022 and completed all underground work by February 2024. Due to long delays in delivery of City-specified equipment the completion of this project has been delayed significantly. The Contractor has resumed work and is addressing the remaining punch list items.
Reason for Recommendation
When the City Council awards a construction contract on a capital improvement project, the specifications require the City to make monthly progress payments at no more than ninety-five percent (95%) of the amount due and payable until thirty-five (35) days after recording the Notice of Completion. This results in the City retaining five percent (5%) of the contract amount until thirty-five (35) days after the Council accepts the project as complete.
Staff believes releasing the retention on this construction project is warranted. Public Contract Code section 7107 requires the City to release the retention within 60 days of certain events occurring. One of those events is work on the project ceasing for more than 100 days for reasons outside the contractor’s control.
Reviewed By: ________________________________________
Peter Kambel, Senior Civil Engineer
Reviewed By: ________________________________________
Toby Wells, Director of Engineering Services/City Engineer Reviewed By: ________________________________________
Joseph Lopez, City Manager
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
February 10, 2026
Date: January 21, 2026
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Toby Wells, Director of Engineering Services Department / City Engineer SUBJECT: On-Call Construction Inspection Services for Various Capital Improvement Projects CONTACT: Peter Kambel, Senior Civil Engineer, [email protected], 209-577-5444 DESCRIPTION:
Consider approving a First Amendment to the existing On-Call Agreements for Construction Inspection Services, to extend the term of the agreements through June 30, 2027, and increase the existing total amount of $149,000 to a not to exceed $300,000 for each of the three (3) consultants. (Funding Source: Various Capital Improvement Projects) STRATEGIC PLAN ELEMENT:
The recommended action supports the 2025-2026 City of Modesto Strategic Plan Initiatives, Goal D: Provide safe, efficient, and reliable infrastructure through proactive community investment, maintenance, and sustainability efforts.
BACKGROUND:
The Construction Administration Division for the City of Modesto in the Engineering Services Department is responsible for construction management and inspection services for most of the capital projects within the City in addition to the inspection of all encroachment permits issued by the City. From time to time, project workload and permit workload require more resources than the City has available internally. For those reasons, the City utilizes the On-Call Inspection Services list to hire one (1) of the pre-qualified firms.
On June 11, 2024, by Resolution 2024-201, Council approved the On-Call Agreement for Construction Inspection with Dillon and Murphy Engineering, TRC Engineering, and West Yost & Associates for an amount of $74,500 per consultant, per year. That agreement is for one (1) year with an additional two (2) one-year extensions, ending June 11, 2027.
DISCUSSION:
The Construction Administration Division in the Engineering Services Department is facing a Construction Inspector staff shortage in the 2025-2026 fiscal year with multiple retirements and a long-term absence, due to injury. In addition, the City is currently experiencing a higher-than- #5..
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City Council, February 10, 2026
On-Call Construction Inspection Services for Various Capital Improvement Projects
normal volume of Capital Improvement Program (CIP) construction projects. This volume and the lack of available staff have resulted in an increased utilization of the On-Call Inspection Services list to meet the demands of inspection requirements. As a result, the available funds for these services are expected to be depleted in the next three (3) months.
An added consideration is that the entire year’s budget for West Yost & Associates was depleted on a single project due to the size and complexity of the project’s constructability review. It was determined that the review would have occupied City inspection staff for an unacceptable length of time and that a consultant was the only viable option. In addition, current forecast for CIP projects is expected to remain elevated in the coming year.
Modesto Municipal Code Section 8-3.203 generally requires all purchases, which meet or exceed $100,000 for material, equipment, or contractual services to be formally bid. However, exceptions to the formal bidding process are granted in MMC 8-3.204(f) where the Purchasing Manager, in his or her discretion, determines that it is appropriate to amend the services or goods provided under an existing agreement to include additional similar goods or services, of limited quantity or scope, in order to increase efficiency and avoid delays or disruptions to City projects or services.” Each of the three (3) agreements would typically be considered for extension in June of 2026 for an additional year to the end of June 2027. However, due to the circumstances, staff recommend an early extension of each of the agreements and the allocation of additional funding to ensure coverage for inspection services through June 2027. The current allocation is $149,000 for each consultant through June 2026. The extension until June 2027 would allocate an additional $74,500 for a total not to exceed $223,500. Based on the projected workload and time to recruit the vacant positions, additional funds are required to ensure project inspection coverage.
Staff recommends an amendment to the existing On-Call Agreements to extend the term of the agreements through June 30, 2027, and increase the total not to exceed amount for each consultant to $300,000 for each of the three (3) consultants.
FISCAL IMPACT:
The funding source for the on-call services will be through various Capital Improvement Program project budgets.
As of November 18, 2025, the utilization of each of the consultant agreements is as follows:
Consultant Not To Exceed Current Expenditures Balance Remaining TRC Engineers, Inc $149,000 $143,051 $5,949
Dillon & Murphy Engineering $149,000 $52,453 $96,547
West Yost & Associates $149,000 $74,500 $74,500
Total $270,004 $176,996
COMMITTEE RECOMMENDATION:
On January 26, 2026, this project was presented to the Finance Committee for consideration.
The Committee recommended forwarding to Council for approval. #5..
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City Council, February 10, 2026
On-Call Construction Inspection Services for Various Capital Improvement Projects
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Resolution approving a First Amendment to the existing On-Call Agreements for Construction Inspection Services, to extend the term of the agreements through June 30, 2027, and increase the existing total amount of $149,000 to a not to exceed $300,000 for each of the three (3) consultants; and authorizing the City Manager, or his designee to execute the Amendments.
Approved by:
_________________________________________
Toby Wells, Director of Engineering Services/
City Engineer
_________________________________________
Joseph P. Lopez, City Manager
Attachments:
1. Resolution
2. Dillon & Murphy, Executed Agreement & First Extension Letter
3. Amendment to On-Call Agreement with Dillon and Murphy
4. West Yost & Associates, Executed Agreement & First Extension Letter
5. Amendment to On-Call Agreement with West Yost & Associates
6. TRC Engineering, Inc., Executed Agreement & First Extension Letter
7. Amendment to On-Call Agreement with TRC Engineering, Inc #5..
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2/10/2026/ESD/PKambel 1 2026-
MODESTO CITY COUNCIL
RESOLUTION NO. 2026-XX
RESOLUTION APPROVING A FIRST AMENDMENT TO THE EXISTING ONCALL AGREEMENTS FOR CONSTRUCTION INSPECTION SERVICES, TO EXTEND THE TERM OF THE AGREEMENTS THROUGH JUNE 30, 2027, AND INCREASE THE EXISTING TOTAL AMOUNT OF $149,000 TO A NOT TO EXCEED $300,000 FOR EACH OF THE THREE (3) CONSULTANTS; AND
AUTHORIZING THE CITY MANAGER, OR HIS DESIGNEE TO EXECUTE
THE AMENDMENTS
WHEREAS, the Construction Administration Division for the City of Modesto in the Engineering Services Department is responsible for Construction Management and Inspection Services for most of the capital projects within the City in addition to the inspection of all encroachment permits issued by the City; and WHEREAS, from time to time, project workload and permit workload require more resources than the City has available internally. For those reasons, the City utilizes the On-Call Inspection Services list; and
WHEREAS, on June 11, 2024, by Resolution 2024-201, Council approved the On-Call Agreement for Construction Inspection with Dillon and Murphy Engineering, TRC Engineering, and West Yost & Associates for an amount of $74,500 per consultant, per year. That agreement is for one (1) year with an additional two (2) one-year extensions, ending June 11, 2027; and
WHEREAS, the Construction Administration Division in the Engineering Services Department is facing a Construction Inspector staff shortage in the 2025-2026 fiscal year with multiple retirements and a long-term absence, due to injury; and WHEREAS, the City is currently experiencing a higher-than-normal volume of Capital Improvement Program (CIP) construction projects; and #5..
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2/10/2026/ESD/PKambel 2 2026-
WHEREAS, this volume and the lack of available staff have resulted in an increased utilization of the On-Call Inspection Services list to meet the demands of inspection requirements; and
WHEREAS, the available funds for these services are expected to be depleted in the next three (3) months; and
WHEREAS, Modesto Municipal Code Section 8-3.203 generally requires all purchases, which meet or exceed $100,000 for material, equipment, or contractual services to be formally bid. However, exceptions to the formal bidding process are granted in MMC 8-3.204(f) where the Purchasing Manager, in his or her discretion, determines that it is appropriate to amend the services or goods provided under an existing agreement to include additional similar goods or services, of limited quantity or scope, in order to increase efficiency and avoid delays or disruptions to City projects or services”; and WHEREAS, each of the three (3) agreements would typically be considered for extension in June of 2026 for an additional year to the end of June 2027; and WHEREAS, staff recommend an early extension of each of the agreements and the allocation of additional funding to ensure coverage for inspection services through June 2027; and
WHEREAS, the current allocation is $149,000 for each consultant through June 2026. The extension until June 2027 would allocate an additional $74,500 for a total not to exceed $223,500; and
WHEREAS, on January 26, 2026, this project was presented to the Finance Committee for consideration. The Committee recommended forwarding to Council for approval.
#5..
- 58 -
2/10/2026/ESD/PKambel 3 2026-
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Modesto that accepts the Amendments to the existing On-Call Agreements for Construction Inspection Services, to extend the term of the agreements through June 30, 2027, increase the existing total amount of $149,000 to a not to exceed $300,000 for each of the three (3) consultants.
BE IT FURTHER RESOLVED, that the City Manager, or his designee, is authorized to execute the Amendments, in a form approved by the City Attorney. #5..
- 59 -
2/10/2026/ESD/PKambel 4 2026-
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 10th day of February, 2026, 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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Engineering Services Department
Construction Administration
Po Box 642
Modesto, California 95353
209-577-5452
June 30, 2025
Cecil Dillon
Dillon & Murphy Engineering
P.O. Box 2180
Lodi, CA 95241-2061
Re: Agreement for On-Call Construction Inspection Services Between the City of Modesto and Dillon & Murphy Engineering dated June 11, 2024 - First of Two One Year Extensions Mr. Dillon,
This letter is written notification that the undersigned parties have mutually agreed, pursuant to the provisions of Paragraph 2. TERM OF AGREEMENT and Paragraph 9. AMENDMENTS, to exercise a first, one (1) year extension option of the said Agreement according to its terms and conditions. In accordance with Paragraph 3. COMPENSATION, Consultant agrees to accept a sum not to exceed $74,500 per year as full remuneration for performing all services and furnishing all staffing materials called for in Exhibit "A" and at the rates set forth in Exhibit "B" attached hereto and made a part hereof, and for performance by Consultant of all of its duties and obligations under said Agreement.
The City hereby grants a one (1) year extension option terminating June 11, 2026, with the same terms and conditions of the Original Agreement. Except as herein amended or modified, the provisions of the Original Agreement are expressly reaffirmed and remain in full force and effect.
#5..
- 84 -
CITY OF MODESTO,
a municipal corporation
BY: ____________________________
JOSEPH P. LOPEZ, City Manager
ATTEST:
(Seal)
BY: ____________________________
DIANE NAYARES-PEREZ, CMC,
City Clerk
________________________________
BY: ____________________________
By _____________________________
Name Title
BY: ____________________________
By _____________________________
Name Title
APPROVED AS TO FORM:
BY: ____________________________
JOSE M. SANCHEZ, City Attorney
APPROVED AS TO FORM:
BY: ____________________________
MATTHEW BRALEY, ARM-PE, Risk Manager
Federal ID # ___________
Docusign Envelope ID: 87D4CB44-2218-41D7-9BA5-5AAC6AB396A4 Dillon and Murphy
Engineering
68-0271442
Cecil Dillon Partner
6/30/2025
#5..
- 85 -
1 FIRST AMENDMENT TO AGREEMENT
FOR ON-CALL CONSTRUCTION INSPECTION SERVICES FOR VARIOUS
CAPITAL IMPROVEMENT PROJECTS WITH DILLON AND MURPHY
ENGINEERING.
This First Amendment to Agreement for On-Call Construction Services (“Amendment”) is made to the Agreement entered into on _____________, 2026 by and between the CITY OF MODESTO, a municipal corporation of the State of California (hereinafter the “City”) and DILLON AND MURPHY ENGINEERING, Inc., a California Corporation (hereinafter “Consultant”). City and Consultant may be referred to herein as the Parties.
RECITALS
This Amendment is made with regard to the following recitals:
1. City and Consultant entered into an Agreement for On-Call Construction Services on the June 11, 2024 (the “Agreement”)
2. Due to increased workload, the Parties desires to increase the maximum compensation to be provided to Consultant.
NOW, THEREFORE, in consideration of this First Amendment, and the mutual promises, covenants, and stipulations contained in the Agreement and this First Amendment, the parties agree as follows:
1. Term of Agreement. The Parties agree to execute the second one (1) year extension authorized by Section 2 of the Agreement. The term of the Agreement shall now expire on June 30, 2027.
2. Compensation. The Parties desire to increase the maximum compensation to three hundred thousand dollars ($300,000). The first paragraph of Section 2, Term of Agreement, of the Agreement is hereby amended to read as follows:
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2 “Consultant agrees to accept a sum not to exceed THREE HUNDRED THOUSAND AND 00/100 DOLLARS ($300,000) as full remuneration for performing all services and furnishing all staffing and materials called for in Exhibit "A”, and subsequent Task Orders, and for performance by Consultant of all of its duties and obligations under this Agreement.”
3. Effect of Amendment. Except as explicitly provided for herein, all other terms and conditions of the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the City of Modesto, a municipal corporation, has authorized the execution of this First Amendment by its City Manager and attestation by its City Clerk under the authority of Resolution No. 2026-_____ on the ________ day of ___________, 2026, and DILLON AND MURPHY ENGINEERING. has caused this First Amendment to be duly executed as of the Effective Date.
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Engineering Services Department
Construction Administration
Po Box 642
Modesto, California 95353
209-577-5452
June 24, 2025
Charles Duncan
West Yost & Associates
P. O. Box 2158
Davis, CA 95617-2061
Re: Agreement for On-Call Construction Inspection Services Between the City of Modesto and West Yost & Associates dated June 11, 2024 - First of Two One Year Extensions Mr. Duncan,
This letter is written notification that the undersigned parties have mutually agreed, pursuant to the provisions of Paragraph 2. TERM OF AGREEMENT and Paragraph 9. AMENDMENTS, to exercise a first, one (1) year extension option of the said Agreement according to its terms and conditions. In accordance with Paragraph 3. COMPENSATION, Consultant agrees to accept a sum not to exceed $74,500 per year as full remuneration for performing all services and furnishing all staffing materials called for in Exhibit "A" and at the rates set forth in Exhibit "B" attached hereto and made a part hereof, and for performance by Consultant of all of its duties and obligations under said Agreement.
The City hereby grants a one (1) year extension option terminating June 11, 2026, with the same terms and conditions of the Original Agreement. Except as herein amended or modified, the provisions of the Original Agreement are expressly reaffirmed and remain in full force and effect.
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CITY OF MODESTO,
a municipal corporation
BY: ____________________________
JOSEPH P. LOPEZ, City Manager
ATTEST:
(Seal)
BY: ____________________________
DANA SANCHEZ, Assistant City Clerk
________________________________
BY: ____________________________
By _____________________________
Name Title
BY: ____________________________
By _____________________________
Name Title
APPROVED AS TO FORM:
BY: ____________________________
JOSE M. SANCHEZ, City Attorney
APPROVED AS TO FORM:
BY: ____________________________
MATTHEW BRALEY, ARM-PE, Risk Manager
Federal ID # ___________
Docusign Envelope ID: 86B7C15D-E06B-4B6C-AD2E-CD5FF3DB9EC1 West Yost & Associates
68-0370826
Charles Duncan President & CEO
Lindsay Smith Treasurer
7/3/2025
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Certificate Of Completion
Envelope Id: 86B7C15D-E06B-4B6C-AD2E-CD5FF3DB9EC1 Status: Completed Subject: Please DocuSign: West Yost & Associates-1st Extension On-Call Agreement for Construction Insp Servic Source Envelope:
Document Pages: 39 Signatures: 6 Envelope Originator:
Certificate Pages: 6 Initials: 1 Vianey Pelayo-Sanchez
AutoNav: Enabled
EnvelopeId Stamping: Enabled
Time Zone: (UTC-08:00) Pacific Time (US &
Canada)
Stamps: 1 1010 10th St
Modesto, CA 95354
[email protected]
IP Address: 204.17.232.254
Record Tracking
Status: Original
6/24/2025 9:31:33 AM
Holder: Vianey Pelayo-Sanchez
[email protected]
Location: DocuSign
Security Appliance Status: Connected Pool: StateLocal
Storage Appliance Status: Connected Pool: City of Modesto Location: Docusign Signer Events Signature Timestamp
DeAnna Christensen
[email protected]
Director
City of Modesto
Security Level: Email, Account Authentication
(None)
Signature Adoption: Pre-selected Style
Using IP Address: 204.17.232.254
Sent: 6/24/2025 9:57:16 AM
Viewed: 6/24/2025 10:42:05 AM
Signed: 6/24/2025 10:42:38 AM
Electronic Record and Signature Disclosure:
Not Offered via Docusign
Charles Duncan
[email protected]
President and CEO
Security Level: Email, Account Authentication
(None) Signature Adoption: Pre-selected Style
Using IP Address: 50.228.242.114
Sent: 6/24/2025 10:42:41 AM
Resent: 6/25/2025 10:32:26 AM
Viewed: 6/25/2025 10:47:39 AM
Signed: 6/25/2025 10:52:52 AM
Electronic Record and Signature Disclosure:
Accepted: 6/24/2025 10:50:06 AM
ID: ec30cc89-a3fc-4ee3-b1e9-d08d8fc1c016
Lindsay Smith
[email protected]
Treasurer
Security Level: Email, Account Authentication
(None) Signature Adoption: Pre-selected Style
Using IP Address: 47.208.88.72
Sent: 6/25/2025 10:52:55 AM
Viewed: 6/25/2025 11:28:26 AM
Signed: 6/26/2025 10:20:42 AM
Electronic Record and Signature Disclosure:
Accepted: 6/26/2025 10:20:22 AM
ID: fc57da36-93d1-4b2b-b8fa-abc7039f9d09
Jose Sanchez
[email protected]
City Attorney
City of Modesto
Security Level: Email, Account Authentication
(None)
Signature Adoption: Pre-selected Style
Using IP Address: 107.115.29.37
Signed using mobile
Sent: 6/26/2025 10:20:45 AM
Viewed: 6/26/2025 10:24:49 AM
Signed: 6/26/2025 10:25:06 AM
Electronic Record and Signature Disclosure:
Accepted: 6/26/2025 10:24:49 AM
ID: 7a133cf2-81a6-44df-a498-306ca7067185
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Signer Events Signature Timestamp
Matthew Braley
[email protected]
Risk Manager
Security Level: Email, Account Authentication
(None) Signature Adoption: Pre-selected Style
Using IP Address: 204.17.232.254
Sent: 6/26/2025 10:25:09 AM
Viewed: 6/30/2025 8:41:39 AM
Signed: 6/30/2025 8:41:46 AM
Electronic Record and Signature Disclosure:
Accepted: 6/30/2025 8:41:39 AM
ID: 61a6d09a-6a57-4f53-ac23-c6e81d8a8493
Joseph P. Lopez
[email protected]
City Manager
Joseph P. Lopez
Security Level: Email, Account Authentication
(None)
Signature Adoption: Pre-selected Style
Using IP Address: 2600:387:f:6118::5
Signed using mobile
Sent: 6/26/2025 10:25:10 AM
Viewed: 6/26/2025 11:22:06 AM
Signed: 6/26/2025 11:22:17 AM
Electronic Record and Signature Disclosure:
Accepted: 6/26/2025 11:22:06 AM
ID: a79e5e30-8d71-463e-b904-2faec2a5c198
Diane Nayares-Perez
[email protected]
City Clerk
City of Modesto
Security Level: Email, Account Authentication
(None)
Signature Adoption: Pre-selected Style
Using IP Address: 204.17.232.254
Sent: 6/30/2025 8:41:49 AM
Resent: 7/1/2025 7:40:44 AM
Resent: 7/3/2025 9:47:06 AM
Resent: 7/3/2025 2:23:53 PM
Viewed: 7/3/2025 5:06:15 PM
Signed: 7/3/2025 5:06:24 PM
Electronic Record and Signature Disclosure:
Not Offered via Docusign
In Person Signer Events Signature Timestamp
Editor Delivery Events Status Timestamp
Agent Delivery Events Status Timestamp
Intermediary Delivery Events Status Timestamp
Certified Delivery Events Status Timestamp
Carbon Copy Events Status Timestamp
Purchasing Distribution Group
[email protected]
Security Level: Email, Account Authentication
(None)
Sent: 6/30/2025 8:41:49 AM
Viewed: 7/2/2025 2:24:55 PM
Electronic Record and Signature Disclosure:
Accepted: 5/11/2021 8:47:19 AM
ID: f6acd9f4-6757-467d-b904-688ae9aa495f
Andrea Cook
[email protected]
City of Modesto
Security Level: Email, Account Authentication
(None)
Sent: 7/3/2025 5:06:27 PM
Viewed: 7/7/2025 10:06:26 AM
Electronic Record and Signature Disclosure:
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Carbon Copy Events Status Timestamp
Not Offered via Docusign
Witness Events Signature Timestamp
Notary Events Signature Timestamp
Envelope Summary Events Status Timestamps
Envelope Sent Hashed/Encrypted 6/24/2025 9:57:16 AM
Envelope Updated Security Checked 6/25/2025 10:32:25 AM Envelope Updated Security Checked 6/25/2025 10:32:25 AM Envelope Updated Security Checked 6/25/2025 10:32:25 AM Envelope Updated Security Checked 6/25/2025 10:32:25 AM Envelope Updated Security Checked 7/3/2025 2:23:53 PM
Envelope Updated Security Checked 7/3/2025 2:23:53 PM
Envelope Updated Security Checked 7/3/2025 2:23:53 PM
Certified Delivered Security Checked 7/3/2025 5:06:15 PM Signing Complete Security Checked 7/3/2025 5:06:24 PM
Completed Security Checked 7/3/2025 5:06:27 PM
Payment Events Status Timestamps
Electronic Record and Signature Disclosure
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ELECTRONIC RECORD AND SIGNATURE DISCLOSURE
From time to time, City of Modesto (we, us or Company) may be required by law to provide to you certain written notices or disclosures. Described below are the terms and conditions for providing to you such notices and disclosures electronically through the DocuSign system.
Please read the information below carefully and thoroughly, and if you can access this information electronically to your satisfaction and agree to this Electronic Record and Signature Disclosure (ERSD), please confirm your agreement by selecting the check-box next to ‘I agree to use electronic records and signatures’ before clicking ‘CONTINUE’ within the DocuSign system.
Getting paper copies
At any time, you may request from us a paper copy of any record provided or made available electronically to you by us. You will have the ability to download and print documents we send to you through the DocuSign system during and immediately after the signing session and, if you elect to create a DocuSign account, you may access the documents for a limited period of time (usually 30 days) after such documents are first sent to you. After such time, if you wish for us to send you paper copies of any such documents from our office to you, you will be charged a $0.00 per-page fee. You may request delivery of such paper copies from us by following the procedure described below.
Withdrawing your consent
If you decide to receive notices and disclosures from us electronically, you may at any time change your mind and tell us that thereafter you want to receive required notices and disclosures only in paper format. How you must inform us of your decision to receive future notices and disclosure in paper format and withdraw your consent to receive notices and disclosures electronically is described below.
Consequences of changing your mind
If you elect to receive required notices and disclosures only in paper format, it will slow the speed at which we can complete certain steps in transactions with you and delivering services to you because we will need first to send the required notices or disclosures to you in paper format, and then wait until we receive back from you your acknowledgment of your receipt of such paper notices or disclosures. Further, you will no longer be able to use the DocuSign system to receive required notices and consents electronically from us or to sign electronically documents from us.
All notices and disclosures will be sent to you electronically Electronic Record and Signature Disclosure created on: 11/8/2019 2:29:56 PM Parties agreed to: Charles Duncan, Lindsay Smith, Jose Sanchez, Matthew Braley, Joseph P. Lopez, Purchasing Distribution Group #5.. - 114 -
Unless you tell us otherwise in accordance with the procedures described herein, we will provide electronically to you through the DocuSign system all required notices, disclosures, authorizations, acknowledgements, and other documents that are required to be provided or made available to you during the course of our relationship with you. To reduce the chance of you inadvertently not receiving any notice or disclosure, we prefer to provide all of the required notices and disclosures to you by the same method and to the same address that you have given us. Thus, you can receive all the disclosures and notices electronically or in paper format through the paper mail delivery system. If you do not agree with this process, please let us know as described below. Please also see the paragraph immediately above that describes the consequences of your electing not to receive delivery of the notices and disclosures electronically from us.
How to contact City of Modesto:
You may contact us to let us know of your changes as to how we may contact you electronically, to request paper copies of certain information from us, and to withdraw your prior consent to receive notices and disclosures electronically as follows:
To contact us by email send messages to: [email protected] To advise City of Modesto of your new email address
To let us know of a change in your email address where we should send notices and disclosures electronically to you, you must send an email message to us at [email protected] and in the body of such request you must state: your previous email address, your new email address. We do not require any other information from you to change your email address.
If you created a DocuSign account, you may update it with your new email address through your account preferences.
To request paper copies from City of Modesto
To request delivery from us of paper copies of the notices and disclosures previously provided by us to you electronically, you must send us an email to [email protected] and in the body of such request you must state your email address, full name, mailing address, and telephone number. We will bill you for any fees at that time, if any.
To withdraw your consent with City of Modesto
To inform us that you no longer wish to receive future notices and disclosures in electronic format you may:
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i. decline to sign a document from within your signing session, and on the subsequent page, select the check-box indicating you wish to withdraw your consent, or you may; ii. send us an email to [email protected] and in the body of such request you must state your email, full name, mailing address, and telephone number. We do not need any other information from you to withdraw consent.. The consequences of your withdrawing consent for online documents will be that transactions may take a longer time to process..
Required hardware and software
The minimum system requirements for using the DocuSign system may change over time. The current system requirements are found here: https://support.docusign.com/guides/signer-guidesigning-system-requirements.
Acknowledging your access and consent to receive and sign documents electronically To confirm to us that you can access this information electronically, which will be similar to other electronic notices and disclosures that we will provide to you, please confirm that you have read this ERSD, and (i) that you are able to print on paper or electronically save this ERSD for your future reference and access; or (ii) that you are able to email this ERSD to an email address where you will be able to print on paper or save it for your future reference and access. Further, if you consent to receiving notices and disclosures exclusively in electronic format as described herein, then select the check-box next to ‘I agree to use electronic records and signatures’ before clicking ‘CONTINUE’ within the DocuSign system.
By selecting the check-box next to ‘I agree to use electronic records and signatures’, you confirm that:
You can access and read this Electronic Record and Signature Disclosure; and You can print on paper this Electronic Record and Signature Disclosure, or save or send this Electronic Record and Disclosure to a location where you can print it, for future reference and access; and
Until or unless you notify City of Modesto as described above, you consent to receive exclusively through electronic means all notices, disclosures, authorizations, acknowledgements, and other documents that are required to be provided or made available to you by City of Modesto during the course of your relationship with City of Modesto.
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1 FIRST AMENDMENT TO AGREEMENT
FOR ON-CALL CONSTRUCTION INSPECTION SERVICES FOR VARIOUS CAPITAL IMPROVEMENT PROJECTS WITH WEST YOST ASSOCIATES.
This First Amendment to Agreement for On-Call Construction Services (“Amendment”) is made to the Agreement entered into on _____________, 2026 by and between the CITY OF MODESTO, a municipal corporation of the State of California (hereinafter the “City”) and WEST YOST ASSOCIATES, Inc., a California Corporation (hereinafter “Consultant”). City and Consultant may be referred to herein as the Parties.
RECITALS
This Amendment is made with regard to the following recitals:
1. City and Consultant entered into an Agreement for On-Call Construction Services on the June 11, 2024 (the “Agreement”)
2. Due to increased workload, the Parties desires to increase the maximum compensation to be provided to Consultant.
NOW, THEREFORE, in consideration of this First Amendment, and the mutual promises, covenants, and stipulations contained in the Agreement and this First Amendment, the parties agree as follows:
1. Term of Agreement. The Parties agree to execute the second one (1) year extension authorized by Section 2 of the Agreement. The term of the Agreement shall now expire on June 30, 2027.
2. Compensation. The Parties desire to increase the maximum compensation to three hundred thousand dollars ($300,000). The first paragraph of Section 2, Term of Agreement, of the Agreement is hereby amended to read as follows:
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2 “Consultant agrees to accept a sum not to exceed THREE HUNDRED THOUSAND AND 00/100 DOLLARS ($300,000) as full remuneration for performing all services and furnishing all staffing and materials called for in Exhibit "A”, and subsequent Task Orders, and for performance by Consultant of all of its duties and obligations under this Agreement.”
3. Effect of Amendment. Except as explicitly provided for herein, all other terms and conditions of the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the City of Modesto, a municipal corporation, has authorized the execution of this First Amendment by its City Manager and attestation by its City Clerk under the authority of Resolution No. 2026-_____ on the ________ day of ___________, 2026, and WEST YOST ASSOCIATES, has caused this First Amendment to be duly executed as of the Effective Date.
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ON-CALL AGREEMENT FOR
ON-CALL CONSTRUCTION INSPECTION SERVICES FOR VARIOUS CAPITAL
IMPROVEMENT PROJECTS
THIS AGREEMENT, made and entered into in the City of Modesto, State of California, this 11th day of June , 2024, (“Effective Date”) by and between the CITY OF MODESTO, a municipal corporation of the State of California, hereinafter referred to as "City", and TRC ENGINEERS, Inc., a California Corporation, hereinafter referred to as "Consultant".
This Agreement is made with regard to the following recitals:
A. City has determined that there is a need for On-Call Construction Inspection Services for Various Capital Improvement Projects.
B. Consultant represents that it is qualified, willing, and able to provide the requested On-Call Construction Inspection Services.
NOW, THEREFORE, in consideration of this agreement, and the mutual promises, covenants, and stipulations hereinafter contained, the parties agree as follows:
1. SCOPE OF SERVICES.
Services to be provided by Consultant under this agreement shall generally fall under, but are not limited to, one or more of the categories as set forth and described in the documents attached hereto and referred to as Exhibit "A".
Specific scope(s) of services to be provided by Consultant shall be further defined by and authorized by City through the issuance of project-specific Task Orders. Each specific Task Order will require a written, scope outlining the specific services to be provided by Consultant, the schedule for completion, and the proposed compensation amount(s) and payment Docusign Envelope ID: F31407E8-4B33-4A4B-B9A8-A205597A80C0 #5..
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methodology to perform the specified services. The City must authorize each Task Order in writing prior to commencement of services by the Consultant.
The Consultant shall perform the services, as described in Exhibit "A" to this Agreement and subsequent Task Orders, in a manner compatible with the standards of its profession and shall produce a fully complete project that is acceptable to City.
2. TERM OF AGREEMENT.
This Agreement is effective as of the date first written above and will continue in effect until City's acceptance of and payment for all services authorized by City and performed by Consultant, or one (1) year from the above date, whichever occurs latter, with the possibility of two (2) one (1) year extension options, at the sole discretion of City, unless terminated earlier in accordance with the provisions of the termination clause in this Agreement.
City hereby gives Consultant notice to proceed with the provision of services described in Exhibit "A" to this Agreement, as of the Effective Date of this agreement.
Consultant shall diligently proceed with the work and agrees to complete said specific scope(s) of services within the time period set forth in each respective Task Order. Notwithstanding the foregoing, in no event will Consultant be responsible for damages or considered in default due to delays beyond Consultant’s reasonable control.
3. COMPENSATION.
Consultant agrees to accept a sum not to exceed SEVENTY FOUR THOUSAND FIVE HUNDRED AND 00/100 DOLLARS ($74,500) per year, and a sum not to exceed TWO HUNDRED TWENTY THREE THOUSAND FIVE HUNDRED AND 00/100 DOLLARS ($223,500) over three years as of the Effective Date as full remuneration for performing all services and furnishing all staffing and materials called for in Exhibit "A”, and Docusign Envelope ID: F31407E8-4B33-4A4B-B9A8-A205597A80C0 #5..
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subsequent Task Orders, and for performance by Consultant of all of its duties and obligations under this Agreement.
The Compensation shall be paid pursuant in the manner and at the times set forth below:
City shall pay Consultant for work performed as authorized by subsequent Task Orders. All work shall be billed: 1) on a time and materials basis, at the hourly rates set forth in Exhibit “B”, attached hereto, or 2) on a lump sum, fixed fee basis, as authorized by City per specific Task Order(s). Lump sum fees shall generally be in accordance with approximate amounts as shown in Exhibit “B”. Unless otherwise approved by City, the hourly rates and lump sum fees shown in Exhibit “B” shall remain in effect for the entire term of the agreement, including all extensions.
Consultant shall submit monthly invoices to City which include a detailed description of completed tasks, hours worked, and billable rates or percentage complete (for lump sum tasks) for all work completed, and detailed receipts for any out-of-pocket costs paid by Consultant in connection with work performed on this Project.
4. OBLIGATIONS OF CONSULTANT.
Throughout the term of this Agreement, Consultant shall possess, or secure all licenses, permits, qualifications and approvals legally required to conduct business.
Consultant warrants that it has all of the necessary professional capabilities and experience, as well as all tools, instrumentalities, facilities and other resources necessary to provide the City with the services contemplated by this Agreement. Consultant further warrants that it will follow the current, generally accepted and professional practices to make findings, render opinions, Docusign Envelope ID: F31407E8-4B33-4A4B-B9A8-A205597A80C0 #5..
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prepare factual presentations, and provide professional advice and recommendations regarding this project.
5. PERFORMANCE BY KEY EMPLOYEE.
Consultant has represented to City that Justin Wehling will be the person primarily responsible for the performance of the services referred to in this Agreement. City has entered into this Agreement in reliance on that representation by Consultant. Consultant therefore agrees that ten percent (10%) or more of the time to be devoted to the project that is the subject of this Agreement will be that of the above-named person.
6. OWNERSHIP OF DOCUMENTS/TITLE TO DATA.
Ownership of Documents
All reports, drawings, designs, graphics, working papers and other incidental work or materials furnished hereunder shall become and remain the property of the City, and may be used by City as it may require without any additional cost to City. However, in the event City reuses or modifies any materials furnished to City by Consultant, without Contractor’s involvement or consent, then Consultant shall not be responsible for the materials.
No reports shall be used by the Consultant for purposes other than this contract without the express prior written consent of City.
Title to Data
If, as a part of the agreement, Consultant is required to produce data such as, but not limited to, drawings, plans, specifications, calculations, models, flow diagrams, visual aids and other related materials, the originals of all such data generated under this agreement will be delivered to City upon the completion or termination of services under the contract.
Docusign Envelope ID: F31407E8-4B33-4A4B-B9A8-A205597A80C0 #5..
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All materials, documents, data or information obtained from the City data files or any City medium furnished to Consultant in the performance of this Agreement will at all times remain the property of the City. Notwithstanding anything to the contrary in this Agreement, data and materials are not intended nor shall they be construed to include Consultant’s pre-existing intellectual property secured, developed, written, or produced by Consultant prior to execution of this Agreement or developed concurrently with this Agreement but not specifically for this Agreement; Consultant shall retain all right, title and interest in any such prec-existing intellectual property. Such data or information may not be used or copied for direct or indirect use by Consultant after termination of this Agreement without written consent of the City.
7. NEWS AND INFORMATION RELEASE.
Consultant agrees that it will not issue any news releases in connection with either the award of this Agreement, or any subsequent amendment of or efforts under this Agreement, without first obtaining review and approval of said news releases from City through the City Manager.
8. INTEREST OF CONTRACTOR.
Consultant warrants that it presently has no interest and shall not acquire any interest, direct or indirect, which would conflict in any manner or degree with the performance of services required to be performed under this Agreement. Consultant warrants that, in performance of this Agreement, Consultant shall not employ any person having any such interest. Consultant agrees to file a Statement of Economic Interests with the City Clerk at the start and end of this contract if so required at the option of City.
9. AMENDMENTS.
Docusign Envelope ID: F31407E8-4B33-4A4B-B9A8-A205597A80C0 #5..
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Both parties to this Agreement understand that it may become desirable or necessary during the execution of this Agreement, for City or Consultant to modify the scope of services provided for under this Agreement. Any material extension or change in the scope of work shall be discussed with City and the change and cost shall be memorialized in a written amendment to the original contract prior to the performance of the additional work.
Until a change order is so executed, City will not be responsible to pay any charges Consultant may incur in performing such additional services, and Consultant shall not be required to perform any such additional services.
10. INDEPENDENT CONTRACTOR.
All acts of Consultant, its agents, officers, and employees and all others acting on behalf of Consultant relating to the performance of this Agreement, shall be performed as independent contractors and not as agents, officers, or employees of City. Consultant, by virtue of this Agreement, has no authority to bind or incur any obligation on behalf of City.
Consultant has no authority or responsibility to exercise any rights or power vested in the City.
No agent, officer, or employee of the City is to be considered an employee of Consultant. It is understood by both Consultant and City that this Agreement shall not under any circumstances be construed or considered to create an employer-employee relationship or a joint venture.
Consultant, its agents, officers and employees are and, at all times during the terms of this Agreement, shall represent and conduct themselves as independent contractors and not as employees of City.
Consultant shall determine the method, details and means of performing the work and services to be provided by Consultant under this Agreement. Consultant shall be responsible to City only for the requirements and results specified in this Agreement, and, except Docusign Envelope ID: F31407E8-4B33-4A4B-B9A8-A205597A80C0 #5..
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as expressly provided in this Agreement, shall not be subjected to City's control with respect to the physical action or activities of the Consultant in fulfillment of this Agreement. Consultant has control over the manner and means of performing the services under this Agreement.
Consultant is permitted to provide services to others during the same period service is provided to City under this Agreement. If necessary, Consultant has the responsibility for employing other persons or firms to assist Consultant in fulfilling the terms and obligations under this Agreement.
If in the performance of this Agreement any third persons are employed by Consultant, such persons shall be entirely and exclusively under the direction, supervision, and control of Consultant. All terms of employment including hours, wages, working conditions, discipline, hiring, and discharging or any other term of employment or requirement of law shall be determined by the Consultant.
It is understood and agreed that as an independent contractor and not an employee of City neither the Consultant or Consultant's assigned personnel shall have any entitlement as a City employee, right to act on behalf of the City in any capacity whatsoever as an agent, or to bind the City to any obligation whatsoever.
It is further understood and agreed that Consultant must issue W-2 forms or other forms as required by law for income and employment tax purposes for all of Consultant's personnel.
As an independent contractor, Consultant hereby indemnifies and holds City harmless from any and all claims that may be made against City based upon any contention by any third party that an employer-employee relationship exists by reason of this Agreement.
11. ASSIGNMENT.
Docusign Envelope ID: F31407E8-4B33-4A4B-B9A8-A205597A80C0 #5..
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Neither this Agreement nor any portion thereof shall be subcontracted or assigned without the express prior written consent of the City in each and every instance.
12. PATENT/COPYRIGHT MATERIALS.
Unless otherwise expressly provided in the contract, Consultant shall be solely responsible for obtaining the right to use any patented or copyrighted materials in the performance of this Agreement. Consultant shall furnish a warranty of such right to use to City at the request of City.
13. NOTICES.
Notice required by this Agreement shall be given in writing and shall be deemed given and effective upon receipt provided that such are delivered in accordance with the provisions of this Section. Notices shall be delivered either by: (a) personal delivery (including delivery by an overnight courier service which obtains confirmation of receipt); or (b) by facsimile, provided that such transmission is followed by delivery by an overnight courier service which obtains confirmation of receipt; or (c) postage prepaid, return receipt requested, certified mail; or (d) by electronic transmission subject to reasonable proof that the notice was both transmitted and received. Each such notice shall be sent to the parties at the address respectively set forth below or to such other address as a party may designate by written notice given in accordance with the provisions of this Section:
FOR CONSULTANT: Name: TRC Engineers, Inc.
Address: 183 D’Arcy
Lathrop, CA., 95330
Attention: Dustin Rath, Lincoln Leaman
Phone: (707) 291-2681, (916) 995-6572
Email: [email protected], [email protected]
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FOR CITY: Name: City of Modesto
Address: 1010 10th Street, Suite 4600
Modesto, CA., 95354
Attention: Pete Kambel
Phone: (209) 577-5348
Email: [email protected]
14. INSURANCE REQUIREMENTS.
The Consultant shall provide at its own expense and maintain at all times the following insurance with insurance companies licensed in the State of California and shall provide evidence of such insurance to the City as may be required by the Risk Manager of the City. The policies or certificates thereof shall provide that, thirty (30) days prior to cancellation or material change in the policy, notices of same shall be given to the Risk Manager of the City by certified mail, return receipt requested, for all of the following stated insurance policies.
In the event the certificates of insurance required hereunder do not provide for notice of cancellation to the certificate holder and/or additional insureds, the Consultant shall provide, and shall require its subcontractors to provide, as an express condition precedent to payment hereunder, an endorsement from their insurers providing that the additional insureds identified herein shall be provided 30 days notice of the cancellation on the policies of insurance required hereunder (10 days notice if the policies are cancelled for non-payment of premium). In addition, the named insured on all such policies shall provide to the additional insureds identified herein any notices of cancellation of said insurance policies within 5 business days of receipt of such notice. The Consultant shall, as a further express condition precedent to payment for work performed, affirm under penalty of perjury that the required insurance on the project remains in place and said insurance has not been cancelled.
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(a) Worker's Compensation in compliance with the statutes of the State of California, plus employer's liability with a minimum limit of liability of $1,000,000. (b) General Liability insurance with a minimum limit of liability per occurrence of $1,000,000 for bodily injury and property damage. If Commercial General Liability Insurance or other form with a general aggregate limit is used, either the general aggregate limit shall apply separately to this project/location or the general aggregate limit shall be twice the required occurrence limit. This insurance shall indicate on the certificate of insurance the following coverages and indicate the policy aggregate limit applying to: premises and operations; broad form contractual; independent consultants and subcontractors; products and completed operations as applicable.
(c) Automobile Liability insurance with a minimum limit of liability per occurrence of $1,000,000 for bodily injury and property damage. This insurance shall cover any automobile for bodily injury and property damage.
(d) Professional Liability insurance with a minimum limit of $1,000,000 per claim and policy aggregate. If coverage is on a claims made basis it shall be maintained for at least three (3) years following completion of the work.
If at any time any of said policies shall be unsatisfactory to the City, as to form or substance, or if a company issuing such policy shall be unsatisfactory to the City, the Consultant shall promptly obtain a new policy, submit the same to the Risk Manager for approval and submit a certificate thereof as hereinabove provided. Upon failure of the Consultant to furnish, deliver or maintain such insurance and certificates as above provided, this Agreement, at the election of the City, may be forthwith declared suspended or terminated.
Failure of the Consultant to obtain and/or maintain any required insurance shall not relieve the Docusign Envelope ID: F31407E8-4B33-4A4B-B9A8-A205597A80C0 #5..
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Consultant from any liability under this Agreement, nor shall the insurance requirements be construed to conflict with or otherwise limit the obligations of the Consultant concerning indemnification. The City, its agents, officers, and employees shall be named as an additional insured on all insurance policies required herein, except Workers' Compensation and Professional Liability. The Workers' Compensation insurer shall agree to waive all rights of subrogation against the City, its agents, officers, and employees for losses arising from work performed by Consultant for the City. The Consultant's insurance policy(ies) shall include a provision that the coverage is primary as respects the City; shall include no special limitations to coverage provided to additional insured; and, shall be placed with insurer(s) with acceptable Best's rating of A:VII or with approval of the Risk Manager. The Consultant must deliver certificates evidencing existence of the insurance listed above to the City prior to the time the contract is signed.
CONSULTANT shall provide CITY with separate endorsements evidencing proof of the CITY’s additional insured status as to both the general liability and automobile liability insurance policies. In addition, CONSULTANT shall provide CITY with a Workers Compensation subrogation waiver by way of a separate endorsement. All endorsements referenced above must include the applicable policy number.
For any claims related to this project, the CONSULTANT’S insurance coverage shall be primary insurance as respects the Entity, its officers, officials, and employees.
Any insurance or self-insurance maintained by the Entity, its officers, officials, and employees shall be excess of the CONSULTANT’S insurance and shall not contribute with it.
15. TERMINATION OF AGREEMENT.
Termination by City for Default of Consultant
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Should Consultant default in the performance of this Agreement or materially breach any of its provisions, at its option, City may terminate this Agreement by giving written notification to Consultant provided that Consultant has not commenced to cure the breach or non-conforming Services within a reasonable amount of time, not to exceed seven (7) business days of Consultants notice of such breach or non-conformance. The termination date shall be the effective date of the notice. For the purposes of this section, material breach of this Agreement shall include, but not be limited to, any of the following: failure to perform required services or duties, willful destruction of City's property by Consultant, dishonesty or theft.
Termination by City for Convenience
The City may also terminate the Consultant's performance under the Agreement, either in whole or in part, at its own discretion, or when conditions encountered during the Work make it impossible or impracticable to proceed, or when the City is prevented from proceeding with the Agreement by act of God, by law, or by official action of a public authority, or upon a determination by the City that such termination is in the best interest and convenience of the City, or whenever the City is prohibited from completing the Work for any reason. The City shall provide no less than ten (10) calendar days written notice of its intent to terminate the Agreement for convenience, and shall endeavor to provide the Consultant with consultation with the City prior to termination.
Post-Termination Procedure
Upon receipt of a written notice of termination pursuant to either of the foregoing paragraphs, the Consultant shall:
a. Cease its work as directed in the notice of termination as of the termination date and see to it that its employees, subconsultants Docusign Envelope ID: F31407E8-4B33-4A4B-B9A8-A205597A80C0 #5..
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and agents are notified of such termination and act as specified in the notice of termination;
b. Terminate all orders and Subcontractors, as reasonably applicable except as necessary to complete any portion of the Work that is not terminated;
c. If directed in writing by the City to do so, assign all right, title and interest in subcontracts and materials in progress to City, and upon full compensation therefor, in which case the City will have the right at its discretion to settle, or pay any or all claims arising out of the termination of such subconsultants, but in no event shall recovery by any Consultant or subconsultant include lost profits for portions of the Work not completed or undertaken, including materials not delivered;
d. Deliver or otherwise make available to the City all data, drawings, specifications, reports, estimates, summaries and such other information and material as may have been accumulated by the Consultant in performing the Work whether completed or in process and that Consultant has been fully compensated for;
e. Settle outstanding liabilities and claims, subject to the approval of City;
f. Complete performance of such part of the Work as has not been terminated;
g. Take such other actions as may be necessary, or as may be directed Docusign Envelope ID: F31407E8-4B33-4A4B-B9A8-A205597A80C0 #5..
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by the City for the protection and preservation of the Work and/or property related to the Work;
h. If City so requests, and at City's cost, Consultant shall provide sufficient oral or written status reports to make City reasonably aware of the status of Consultant's work on the project. i. The Consultant understands and agrees that City may, in City's sole discretion, refuse to pay Consultant for that portion of Consultant's services which were performed by Consultant on the project prior to the termination date and which remain
unacceptable and/or not useful to City as of the termination date.
City will pay Consultant an amount based on the percentage of satisfactory work completed in accordance with the notice of termination. The final payment to the Consultant after termination for convenience shall be limited to amounts due and owing under the Agreement at time of termination, including the following:
a. The cost of settling and paying valid claims arising out of the termination of the Work such as subconsultant agreements or contracts for materials;
b. The Agreement price allocable to the portion of the Work properly performed or goods supplied to the work site by the Consultant as of the date of termination, as determined in accordance with the notice of termination, reduced by any sums previously paid to the Consultant.
Authorization to Terminate Agreement
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Termination of the Agreement may be invoked by the City Manager, or his/her designee, subject to the right of the Consultant to appeal the City Manager, or his/her designee’s, decision to the City Council. The Consultant shall appeal by notifying the City Clerk in writing within ten (10) calendar days of receipt of written notification from City of termination of the Agreement. In the event that termination of this Agreement is upheld by the City Council, any cessation of payment of delay claims, extended claims, Eichleay claims, or any other claims for delay shall be retroactive to the date of termination selected by the City Manager, or his/her designee.
16. CERTIFIED PAYROLL REQUIREMENT.
For consultants performing field work on public works contracts on which prevailing wages are required: The Consultant shall comply with the provisions of Section 1776 of the California Labor Code, regarding payroll records, and shall require its subconsultants and subcontractors to comply with that section as may be required by law.
17. INDEMNITY.
The Consultant shall hold the City, its agents , officers, and employees harmless from and save, defend and indemnify them against any and all claims, losses, liabilities, judgments or damages from every cause, including but not limited to injury to person or property or wrongful death, including reasonable costs and expenses of defense of any judicial or administrative action, arising directly or indirectly out of or caused by any negligent or willful act or omission of Consultant, or its agents, officers, employees, or volunteers relating to or during the performance of its obligations under this Agreement. To the fullest extent permitted under applicable law, neither party shall be liable to the other party for special, indirect, consequential, punitive or exemplary damages.
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Consultant's obligation to defend, indemnify, and hold the City, its agents, officers, and employees harmless under the provisions of this paragraph is not limited to or restricted by any requirement in this Agreement for Consultant to procure and maintain a policy of insurance.
18. DISPUTE RESOLUTION.
All claims, controversies, or disputes arising out of, or relating to the formation of this Agreement, or the breach, termination execution, enforcement, interpretation, or validity of this Agreement, including the determination of the scope or applicability of this contract provision shall be determined by binding arbitration in Modesto, California by one arbitrator, except as otherwise specified in this Agreement. The American Arbitration Association shall administer the arbitration under its Arbitration Rules then in effect, subject to the modifications of those rules contained in this paragraph. This agreement to arbitrate shall be specifically enforceable under the prevailing law of any court having jurisdiction, and the award rendered by the arbitrator may be entered in any court having jurisdiction. The appropriate venue for any arbitration or court proceeding relating to or arising out of this provision shall be in Stanislaus County, California.
This paragraph is not intended to and does not waive the claim filing requirements found in California Government Code section 900 et seq. In the event that a timely and legally sufficient, arbitrable claim is filed by Consultant with City, and the claim is rejected in whole or in part by City, this paragraph shall result in the conclusive, final, and binding resolution of all the issues presented in the claim by Consultant so long as any issues presented by the claim are arbitrable. Claims rejected by City or by operation of law, shall be submitted by Consultant to arbitration pursuant to the Arbitration Rules of the American Arbitration Docusign Envelope ID: F31407E8-4B33-4A4B-B9A8-A205597A80C0 #5..
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Association within ninety (90) days after mailing of the written rejection by City to Consultant.
Otherwise, the claim or claims shall be deemed waived in their entirety.
The “fast track’ rules of the American Arbitration Association shall apply to any claim or counterclaim less than ONE HUNDRED FIFTY THOUSAND AND 00/100 ($150,000.00) DOLLARS. In arbitration not proceeding under the “fast track” rules, the arbitrator shall have the power to order that depositions be taken and other discovery be made.
Both City and Consultant shall have the right, upon written notice, to take no more than three (3) depositions of the other as a matter of right in an arbitration proceeding under the “fast track” rules.
Whether or not City and Consultant may be engaged in interstate commerce, any controversy or dispute mentioned above shall be determined by, and the parties shall be bound by, the substantive law of the State of California, and not the Federal Arbitration Act at 9 USC Section 1 et seq.
The arbitrator may grant any remedy or relief deemed by the arbitrator just and equitable under the circumstances, whether or not such relief could be awarded in a court of law. The arbitrator shall be empowered to award monetary sanctions against a party for failure of cooperation in the arbitration. The arbitrator shall, in written award, allocate all the costs of the arbitration, including the fees of the arbitrator and the reasonable attorney fees of the prevailing party, against the party who did not prevail. The prevailing party shall be the party in whose favor the majority of the central issues in the case are resolved.
Notwithstanding anything in this provision to the contrary, the arbitrator shall have no power to award punitive damages or other damages not measured by the party’s actual damages (excluding litigation costs and fees) against any party. This limitation of the Docusign Envelope ID: F31407E8-4B33-4A4B-B9A8-A205597A80C0 #5..
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arbitrator’s powers under this Agreement shall not operate as an exclusion of the issue of punitive damages from this Agreement to Arbitrate sufficient to vest jurisdiction in a court with respect to that issue.
Consultant shall include in all subcontracts a specification whereby the subcontractor consents to being joined in arbitration between City and Consultant involving the work of the subcontractor to be joined. Consultant’s failure to do so shall be a breach of this Agreement.
The parties hereby waive any rights provided by Title 9.2 of the California Code of Civil Procedure, Section 1296. The arbitrator’s award shall be deemed final, conclusive and binding to the fullest extent allowed by California law.
19. ENTIRE AGREEMENT.
This Agreement and its exhibits contain the entire understanding between Consultant and City. Additional or new terms contained in this Agreement which vary from Consultant's proposal are controlling and are deemed accepted by Consultant by shipment of any article or other commencement of performance hereunder. All previous proposals, offers and communications relative to this Agreement, whether oral or written, are hereby superseded except to the extent that they have been incorporated into this Agreement. No future waiver of or exception to any of the terms, conditions, and provisions of this Agreement shall be considered valid unless specifically agreed to in writing by all the parties.
20. PARTIAL INVALIDITY.
If any provision in this Agreement is held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions shall nevertheless continue in full force without being impaired or invalidated in any way.
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21. WAIVER.
The waiver by any party to this Agreement of a breach of any provision hereof shall be in writing and shall not operate or be construed as a waiver of any other or subsequent breach hereof unless specifically stated in writing.
22. AUDIT.
The City's duly authorized representative shall have access at all reasonable times to all reports, contract records, contract documents, contract files, and personnel necessary to audit and verify Consultant's charges to City under this Agreement.
Notwithstanding the foregoing, City’s right to audit shall not extend to Consultant’s overhead, markups, profit/loss information, fixed rates, unit prices, prices expressed as percentages or any trade secrets.
Consultant agrees to retain reports, records, documents, and files related to charges under this Agreement for a period of four (4) years following the date of final payment for Consultant services. City's representative shall have the right to reproduce any of the aforesaid documents.
23. GOVERNING LAW.
This Agreement shall be governed according to the laws of the State of California.
24. HEADINGS NOT CONTROLLING.
Headings used in the Agreement are for reference purposes only and shall not be considered in construing this Agreement.
25. COMPLIANCE WITH LAWS.
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Consultant shall insure compliance with all safety and hourly requirements for employees, in accordance with federal, state, and county safety and health regulations and laws. Consultant shall fully comply with all applicable federal, state, and local laws, ordinances, regulations and permits.
26. CITY BUSINESS LICENSE.
Consultant will have a City of Modesto business license.
IN WITNESS WHEREOF, the City of Modesto, a municipal corporation, has authorized the execution of this Agreement in duplicate by its City Manager and attestation by its City Clerk under authority of Resolution No. 2024-201, adopted by the Council of the City of Modesto on the 11th day of June, 2024 and TRC ENGINEERS, has caused this agreement to be duly executed in duplicate as of the Effective Date.
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CITY OF MODESTO,
a municipal corporation
BY: ____________________________
JOSEPH P. LOPEZ, City Manager
ATTEST:
(Seal)
BY: ____________________________
DIANE NAYARES-PEREZ, CMC,
City Clerk
________________________________
BY: ____________________________
By _____________________________
Name Title
BY: ____________________________
By _____________________________
Name Title
APPROVED AS TO FORM:
BY: ____________________________
JOSE M. SANCHEZ, City Attorney
APPROVED AS TO FORM:
BY: ____________________________
MATTHEW BRALEY, ARM-PE, Risk Manager
Federal ID # ___________
Docusign Envelope ID: F31407E8-4B33-4A4B-B9A8-A205597A80C0
TRC ENGINEERS, INC
33-0648915
Dustin Rath Vice President
Lincoln Leaman Vice President
8/7/2024
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On-Call List for Construction Management and Inspection Services 183 D’Arcy Pkwy T 916.826.4429
Lathrop, CA 95330 TRCcompanies.com
EXHIBIT "A"
April 12, 2024
Peter Kambel, Senior Civil Engineer
City of Modesto
1010 Tenth Street, Suite 4600
Modesto, CA 95353
Subject: Scope of Services |RFQ 2024-24, On-Call List of Consultants for Construction Management and Inspection Services Dear Mr. Kambel,
Thank you for considering TRC to continue to provide construction management and inspection servicesto the City of Modesto.
TRC is currently providing services under the existing pre-qualified list of consultants, and we will continue to provide the City of Modesto (City) with best-in-class construction management services and people, as we have consistently done and are doing.
We understand your Construction Administration Division (Division) will be constructing various capital improvements, including public buildings, parks, trails, streets, utility pipelines, storm drains, sanitary sewer lift stations, water well pump stations, water tanks, drainage basins, and wastewater treatment facilities. In addition to the capital improvement projects, we understand the City may also need oversight support for encroachment permits for new construction, rehabilitation, and maintenance of other non-City utilities (such as MID power and irrigation, PG&E gas, AT&T, Comcast Communications, etc.) as well as other types of encroachment into the City’s right-of-way. Our team is committed to achieving the Division’s goals of safeguarding the public’s health and safety while staying compliant with environmental requirements during construction for these projects.
We understand that the successful completion of this projects will require experienced inspection and project management staff knowledgeable about this type of work and that is what TRC provides. In addition to providing expert staff, through our value-added approach to our work, we will identify any opportunities to expedite project delivery and reduce the overall cost of the project.
Scope of Services
We acknowledge the anticipate Scope of Work provided as part of the subject RFP and commit to deliver those services as defined below. We understand the City may need the full scope of services from a full-time Construction Manager and/or Construction Inspector on a project by project basis. Other projects may only require a part-time Construction Manager and/or Construction Inspector. In other cases, only a full- or part-time Construction Inspector may be required. At times, projects and permits, in whole or part, may require night work and/or weekend work.
Task 1: Pre-Services
-1.1. Review Contract Documents
-1.2. Project Review Meetings and Correspondence
Task 2: Construction Phase Services
-2.1. Pre-Construction Conference
-2.2. Permits, Other Agency Coordination and Public Relations -2.3. Photograph and Vidio Records
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On-Call List for Construction Management and Inspection Services -2.4. Document control, Reporting and Mangement
-2.5. Project Progress Meetings and Correspondence
-2.6. Construction Inspection Services
-2.7. Labor Complaince Monitoring
-2.8. Special Inspection and Material Testing Services
-2.9. Construction Progress Payments
-2.10. On-site Construction Management
-2.11. Construction Progress Schedule Review and analysis -2.12. Contract Change Order Review and Analysis
-2.13. Potential Claims Review and Analysis
-2.14. Other duties as requested and related to construction management and inspection services Task 3: Post Construction Services
-3.1. Closeout Documents and Services
-3.2. Punchlist Coordination
-3.3. Claim Mitigation
-3.4. Record Drawings
-3.5. Warranty
Project Manager/Supervising Construction Inspector Justin Wehling will lead our team. Justin has extensive experience performing Inspection and managing high-profile projects in the City right-of-way. Justin will provide oversight of the projects to ensure focus is on the most important technical and political elements of the project.
Knowing our past success working within the city of Modesto, TRC believes our team will be a seamless addition to the City's existing resources. We will assist in taking any of your projects from design to completion concentrating on the following efforts to minimize cost and schedule impacts.
Should you have any questions regarding our proposal, please feel free to contact Justin Wehling directly at (916) 826-4429, or by email at [email protected].
Respectfully submitted,
TRC Engineers, Inc
Justin Wehling
Project Manager
Dustin Rath, PE, GE, CCM
Contract Manager
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Exhibit B
HOURLY RATES
Rates provided below note a general range for convenience of the City and project specific rates will be provided for individual projects.
CLASSIFICATION BILL RATE DYST
PIC/Contract Manager $260 − $390
Project Manager $190 − $240
Construction Manager/ Resident Engineer $200 − $245
Landscape Architect $200 − $235
Office Engineer $150 − $245
Construction Inspector* $195 − $225
Electrical Inspector* $195 − $225
Administrative Assistant $90 − $135
Labor Notes and Assumptions:
■ If only straight-time rates are shown, overtime will be billed at a pro-rata adjusted rate. ■ 3% Annual escalation, effective every July 1st beginning 7/1/24. ■ Rates are based on DIR Prevailing Wage Determination NC-63-3-9-2023-1 • Pre-determined Increase(s): $3.00/hr. effective 7/1/24. TRC will adjust pay rates accordingly. * Denotes employees/classifications that are subject to prevailing wage.
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Engineering Services Department
Construction Administration
Po Box 642
Modesto, California 95353
209-577-5452
June 24, 2025
Dustin Rath
TRC Engineering, Inc
Lathrop, CA 95330
Re: Agreement for On-Call Construction Inspection Services Between the City of Modesto and TRC Engineering, Inc dated June 11, 2024 - First of Two One Year Extensions Mr. Rath,
This letter is written notification that the undersigned parties have mutually agreed, pursuant to the provisions of Paragraph 2. TERM OF AGREEMENT and Paragraph 9. AMENDMENTS, to exercise a first, one (1) year extension option of the said Agreement according to its terms and conditions. In accordance with Paragraph 3. COMPENSATION, Consultant agrees to accept a sum not to exceed $74,500 per year as full remuneration for performing all services and furnishing all staffing materials called for in Exhibit "A" and at the rates set forth in Exhibit "B" attached hereto and made a part hereof, and for performance by Consultant of all of its duties and obligations under said Agreement.
The City hereby grants a one (1) year extension option terminating June 11, 2026, with the same terms and conditions of the Original Agreement. Except as herein amended or modified, the provisions of the Original Agreement are expressly reaffirmed and remain in full force and effect.
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CITY OF MODESTO,
a municipal corporation
BY: ____________________________
JOSEPH P. LOPEZ, City Manager
ATTEST:
(Seal)
BY: ____________________________
DANA SANCHEZ, Assistant City Clerk
________________________________
BY: ____________________________
By _____________________________
Name Title
BY: ____________________________
By _____________________________
Name Title
APPROVED AS TO FORM:
BY: ____________________________
JOSE M. SANCHEZ, City Attorney
APPROVED AS TO FORM:
BY: ____________________________
MATTHEW BRALEY, ARM-PE, Risk Manager
Federal ID # ___________
Docusign Envelope ID: 31FAE38C-DC23-4606-A7C8-E86E8CFF9332 TRC Engineers, Inc
Vice President
33-0648915
Dustin Rath
6/27/2025
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1 FIRST AMENDMENT TO AGREEMENT
FOR ON-CALL CONSTRUCTION INSPECTION SERVICES FOR VARIOUS CAPITAL IMPROVEMENT PROJECTS WITH TRC ENGINEERS, INC.
This First Amendment to Agreement for On-Call Construction Services (“Amendment”) is made to the Agreement entered into on _____________, 2026 by and between the CITY OF MODESTO, a municipal corporation of the State of California (hereinafter the “City”) and TRC ENGINEERS, Inc., a California Corporation (hereinafter “Consultant”). City and Consultant may be referred to herein as the Parties.
RECITALS
This Amendment is made with regard to the following recitals:
1. City and Consultant entered into an Agreement for On-Call Construction Services on the June 11, 2024 (the “Agreement”)
2. Due to increased workload, the Parties desires to increase the maximum compensation to be provided to Consultant.
NOW, THEREFORE, in consideration of this First Amendment, and the mutual promises, covenants, and stipulations contained in the Agreement and this First Amendment, the parties agree as follows:
1. Term of Agreement. The Parties agree to execute the second one (1) year extension authorized by Section 2 of the Agreement. The term of the Agreement shall now expire on June 30, 2027.
2. Compensation. The Parties desire to increase the maximum compensation to three hundred thousand dollars ($300,000). The first paragraph of Section 2, Term of Agreement, of the Agreement is hereby amended to read as follows:
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2 “Consultant agrees to accept a sum not to exceed THREE HUNDRED THOUSAND AND 00/100 DOLLARS ($300,000) as full remuneration for performing all services and furnishing all staffing and materials called for in Exhibit "A”, and subsequent Task Orders, and for performance by Consultant of all of its duties and obligations under this Agreement.”
3. Effect of Amendment. Except as explicitly provided for herein, all other terms and conditions of the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the City of Modesto, a municipal corporation, has authorized the execution of this First Amendment by its City Manager and attestation by its City Clerk under the authority of Resolution No. 2026-_____ on the ________ day of ___________, 2026, and TRC ENGINEERS, INC. has caused this First Amendment to be duly executed as of the Effective Date. #5..
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
February 10, 2026
Date: January 21, 2026
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: DeAnna Christensen, Director of Finance
SUBJECT: Monthly Investment Report – October 2025
CONTACT: Calogero Maniscalco, Senior Financial Analyst
[email protected], 209-577-5219
DESCRIPTION:
Consider accepting the Monthly Investment Report for October 2025. (Funding Source: Various Funds)
STRATEGIC PLAN ELEMENT:
This recommended action supports the City’s 2025-2026 Strategic Plan Goal H: Achieve LongTerm Financial Sustainability.
BACKGROUND:
The City’s Finance Department submits a monthly investment report to Council and the City Manager. Attached are the October 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 October 31, 2025, the City had a closing market value of $507,065,179 in its investment portfolio. #6..
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City Council, February 10, 2026
Monthly Investment Report – October 2025
FISCAL IMPACT:
In October, the approximate yield of the City’s combined investments was 4.20% (see attachment 3) on a weighted average. For the portfolio of securities alone, the yield to maturity on cost was 4.21%. For comparative purposes, the yields (as of October 31, 2025) of other investments commonly used by public agencies are listed below:
Local Agency Investment Fund: 4.15%
1-Year U.S. Treasury Note: 3.76%
2-Year U.S. Treasury Note: 3.60%
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 Council and the public; therefore, it is not required to be reviewed by a standing Committee.
CEQA/NEPA REQUIREMENTS:
N/A
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Motion accepting the Monthly Investment Report for October 2025.
Approved by:
DeAnna Christensen, Director of Finance
Joseph P. Lopez, City Manager
Attachments:
1. Monthly Investment Report
2. Account Statement
3. Combined Yields
4. Portfolio Holdings and Earnings Projections
5. Cash with Fiscal Agent
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PORTFOLIO HOLDINGS
Attachment 1
Percentages may not total to 100% due to rounding.
Investment Type No. of Investments Amount Invested
CAMP 1 $50,567,728.74
Federal Agency CMO 28 $84,019,124.44
U.S. Treasury 43 $222,029,773.14
Negotiable CD 1 $3,539,893.00
Corporate Note 39 $90,080,664.44
Asset-Backed 33 $56,827,995.06
Total Invested 145 $507,065,178.82
Sector Allocation
October 31, 2025 versus September 30, 2025
Sector October 31, 2025 September 30, 2025 Change in Allocation Permitted by Policy
U.S. Treasury 43.8% 44.5% -0.7% 100%
Federal Agency CMO 16.6% 16.8% -0.2% 100%
Negotiable CD 0.7% 0.7% 0.0% 30%
Corporate Note 17.8% 17.9% -0.1% 30%
Asset-Backed 11.2% 10.1% 1.1% 20%
CAMP 10.0% 10.0% 0.0% 100%
* Total invested includes only the bolded numbers
* * Amount invested are market values excluding accrued interest Additional, detailed information regarding security types and investment activity may be found in Attachment 2 accompanying this memo. Moreover, the addendum data will confirm continued compliance with the investment policy as well as with California Government Code.
RECENT ACTIVITY & CORPORATE EXPOSURE
At their October meeting, the Federal Reserve (Fed) cut the target range for the federal funds rate by 25 basis points for a second consecutive meeting, bringing the target rate to a three-year low of 3.75% to 4.00%. It also announced the end of its quantitative tightening program on December 1, at which point it will halt balance sheet reductions. Fed Chair Jerome Powell acknowledged “strongly differing views” within the Committee. Due to the government shut down, the September jobs report was delayed, and the October jobs report will not be released. The September jobs report showed nonfarm payrolls rising by 119,000 after a revised decline in August, while the unemployment rate moved up to
4.4%, its highest since 2021. The delayed September Consumer Price Index (CPI) came in below expectations, rising 3.0% year-over-year. Tariff passthroughs remain modest, though certain importreliant categories are showing some inflationary pressures. The White House said the October CPI report will not likely be released, adding complexity to the Fed’s decision-making process. During the month, in the Long-Term Portfolio, we bought five asset-backed securities with maturities of 4.5- to 5- years. We also purchased two 5.0-year U.S. Treasuries. Purchases were made by using the proceeds of selling six U.S. Treasuries. In the Short-Term Portfolio, we bought and sold no securities. #6..
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Long-Term Portfolio Total Return
October 31, 2025
1 Month Trailing
12 Months
Trailing 36
Months
Trailing 60
Months
Since
Inception5
City of Modesto Investment Portfolio1,2,3 0.39% 4.21% 4.78% 1.52% 2.30% Modesto Performance Benchmark4 0.37% 3.76% 4.42% 1.12% 2.00% Average Portfolio Yields
October 31, 2025
Past
Month
Past 3
Months
Past
Year
Past 3
Years
Past 5
Years
City of Modesto Investment Portfolio 4.21% 4.16% 3.96% 3.11% 2.49% City of Modesto Short-Term Portfolio 3.97% 4.01% 4.41% 4.83% -
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
Yields on 3-month, 2-year, and 10-year U.S. Treasuries ended the month at 3.81%, 3.57%, and 4.08%, representing decreases of -12 bps, -3 bps, and -7 bps, respectively. Investment-grade (IG) corporate bond spreads drifted a few basis points wider during the month but remain near historic tights. Spreads on asset-backed securities (ABS) widened over the month and continue to offer more spread than equivalent-quality and maturity corporates. Mortgage-backed securities (MBS) were once again a top-ofclass IG performer for the month. Agency-backed commercial MBS (CMBS) also generated positive excess returns for the month but continued to modestly lag residential MBS. As a result of decreased interest rates during the month, both the portfolio and its benchmark returned positive performance in October, and the portfolio outperformed the benchmark. Since inception, the portfolio continues to produce strong performance and has outperformed the benchmark by 30 basis points each year on average.
Detail may not add to total due to rounding
$56.2
$66.3
$58.8
$101.5 $96.6
$127.7
$0.0
$25.0
$50.0
$75.0
$100.0
$125.0
$150.0
Under 6
Months
6-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years
Millions
Maturity Distribution
October 31, 2025
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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
0.32%
Fiscal Year-to-Date Income Return
1.25%
Prior 12 Months Income Return
3.52%
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Economic Summary
Source: Bloomberg Finance L.P. and Bureau of Labor Statistics, as of September 2025.
CPI Comes in Below Expectations
3.0%
1%
2%
3%
4%
5%
Sep-23 Mar-24 Sep-24 Mar-25 Sep-25
CPI Inflation
Year-Over-Year Change
CPI Core CPI
-0.2%
-0.1%
0.0%
0.1%
0.2%
0.3%
0.4%
0.5%
Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25
CPI Inflation
Contributions to Month-Over-Month Change
Services Goods Food Energy
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Bloomberg Finance L.P. and Department of Labor, as of November 7, 2025. Challenger, Gray & Christmas Inc, as of October 2025.
Economic Summary
Announced Job Cuts Rise While Claims
Remain Stable
200
225
250
275
Nov-24 Feb-25 May-25 Aug-25 Nov-25
Thousands
Initial Jobless Claims
4 week moving average
National Initial Claims Modeled Claims From State Level 0 50
100
150
200
250
300
Oct-24 Jan-25 Apr-25 Jul-25 Oct-25
Thousands
Challenger Job Cut Announcements
153K
Tech and warehousing cuts
DOGE-related cuts
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Source: ICE BofA 1-5 year Indices via Bloomberg Finance L.P., MarketAxess and PFMAM as of 10/31/2025.
Spreads on ABS are option-adjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries.
Economic Summary
Credit Spreads Remain Narrow
-0.1%
0.0%
0.1%
0.2%
0.3%
0.4%
Oct-23 Apr-24 Oct-24 Apr-25 Oct-25
Federal Agency Yield Spread
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
Oct-23 Apr-24 Oct-24 Apr-25 Oct-25
Asset-Backed Securities AAA Yield Spreads
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
Oct-23 Apr-24 Oct-24 Apr-25 Oct-25
Corporate Notes A-AAA Yield Spreads
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U.S. Treasury Yields
Source: Bloomberg Finance L.P., as of 10/31/2025.
Economic Summary
3.00%
3.50%
4.00%
4.50%
5.00%
5.50%
3 M
1 Y
2 Y
3 Y
4 Y
5 Y
10 Y
30 Y
Maturity
October 31, 2025
September 30, 2025
December 31, 2024
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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
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For the Month Ending October 31, 2025
Account Statement
Consolidated Summary Statement
CITY OF MODESTO - Combined Portfolio
Investment Allocation
Investment Type Closing Market Value Percent
Asset-Backed Security 56,827,995.06 11.21
Corporate Note 80,309,540.07 15.84
Bank Note 9,771,124.37 1.93
Certificate of Deposit 3,539,893.00 0.70
Federal Agency Commercial Mortgage-Backed Security 84,019,124.44 16.57 U.S. Treasury Bond / Note 222,029,773.14 43.78
CAMP Pool 50,567,728.74 9.97
Total $507,065,178.82 100.00%
Portfolio Summary
and Income
Closing
Portfolio Holdings Market Value
Cash Dividends
PFMAM Managed Account 1,402,535.86 456,497,450.08
CAMP Pool 0.00 50,567,728.74
Total $1,402,535.86 $507,065,178.82
Maturity Distribution (Fixed Income Holdings)
Portfolio Holdings Closing Market Value Percent
52,795,612.47
0.00 3,436,985.48
0.00 66,304,225.45
71,134,299.35
89,104,644.16
96,617,409.54
127,672,002.37
0.00 10.41
0.00 0.68
0.00 13.08
14.03 17.57
19.05 25.18
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 $507,065,178.82
939
100.00%
Weighted Average Days to Maturity
Sector Allocation
11.21%
ABS
15.84%
Corporate Note
1.93%
Bank Note
0.70%
Cert of Deposit
16.57%
Federal Agency
Commercial
Mortgage-Backed
Security
43.78%
US TSY Bond / Note
9.97%
CAMP Pool
PFM Asset Management Summary Page 1
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Managed Account Summary Statement For the Month Ending October 31, 2025 CITY OF MODESTO - Combined Portfolio
Total Cash Basis Earnings
Plus Net Realized Gains/Losses
Less Purchased Interest Related to Interest/Coupons
Interest/Dividends/Coupons Received
Earnings Reconciliation (Cash Basis) - Managed Account
Less Beginning Accrued Interest
Less Beginning Amortized Value of Securities
Less Cost of New Purchases
Plus Coupons/Dividends Received
Plus Proceeds of Maturities/Calls/Principal Payments
Plus Proceeds from Sales
Ending Accrued Interest
Ending Amortized Value of Securities
Earnings Reconciliation (Accrual Basis)
$452,457,297.77
(1,352,652.27)
(8,256,548.04)
12,433,996.51
964,795.61
250,560.50
$456,497,450.08
1,278,836.80
(5,621.74)
129,320.80
$1,402,535.86
Total
452,357,185.50
2,957,129.21
8,292,810.31
1,352,652.27
1,242,574.53
(13,404,413.86)
(448,489,710.40)
(2,739,229.71)
Total Accrual Basis Earnings $1,568,997.85
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 8,292,810.31
1,242,574.53
1,352,652.27
(12,439,618.25)
0.00 0.00
Cash Balance
Closing Cash Balance $994,640.27
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 October 31, 2025 CITY OF MODESTO - Combined Portfolio
Account Summary
Description Par Value Market Value Percent
U.S. Treasury Bond / Note 222,352,000.00 222,029,773.14 48.63 Federal Agency Commercial
Mortgage-Backed Security
82,498,906.47 84,019,124.44 18.41
Corporate Note 80,149,000.00 80,309,540.07 17.59
Certificate of Deposit 3,500,000.00 3,539,893.00 0.78
Bank Note 9,635,000.00 9,771,124.37 2.14
Asset-Backed Security 56,465,460.73 56,827,995.06 12.45 Managed Account Sub-Total 454,600,367.20 456,497,450.08 100.00% Accrued Interest 2,957,129.21
Total Portfolio 454,600,367.20 459,454,579.29
Unsettled Trades 965,000.00 965,777.40
Sector Allocation
12.45%
ABS
2.14%
Bank Note
0.78%
Cert of Deposit
17.59%
Corporate Note
18.41%
Federal Agency
Commercial
Mortgage-Backed
Security
48.63%
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
1.25%
14.52%
15.58%
19.52%
21.16%
27.97%
0.00%
Maturity Distribution Characteristics
Yield to Maturity at Cost
Yield to Maturity at Market
Weighted Average Days to Maturity 1043
4.19%
3.87%
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 October 31, 2025 CITY OF MODESTO - Combined Portfolio
Credit Quality (S&P Ratings)
3.94%
A
8.27%
A+
0.46%
A0.78%
A-1
1.30%
AA
69.51%
AA+
1.65%
AA11.58%
AAA
2.51%
NR
Issuer Summary
Issuer of Holdings Percent
Market Value
Adobe Inc 2,948,539.63 0.65
Ally Auto Receivables Trust 859,470.24 0.19
American Express Co 5,414,736.69 1.19
Apple Inc 11,315,775.30 2.48
BA Credit Card Trust 3,229,817.54 0.71
Bank of America Corp 8,962,183.10 1.96
Bank of New York Mellon Corp 6,180,768.68 1.35
BlackRock Inc 373,089.50 0.08
Bristol-Myers Squibb Co 2,227,883.73 0.49
Capital One Financial Corp 3,527,317.22 0.77
Chase Auto Owner Trust 2,722,910.82 0.60
Citigroup Inc 10,789,198.36 2.36
Cooperatieve Rabobank UA 3,539,893.00 0.78
Deere & Co 2,623,445.91 0.57
Eli Lilly & Co 2,973,119.15 0.65
Federal Home Loan Mortgage Corp 80,670,475.34 17.67
Federal National Mortgage Association 3,348,649.10 0.73 Fifth Third Auto Trust 1,697,597.39 0.37
GM Financial Consumer Automobile Receiv 1,029,793.28 0.23 Goldman Sachs Group Inc 3,019,092.00 0.66
Home Depot Inc 3,544,557.92 0.78
Honda Auto Receivables Owner Trust 3,769,081.43 0.83
Hyundai Auto Receivables Trust 6,570,561.31 1.44
JPMorgan Chase & Co 15,597,589.62 3.42
Kenvue Inc 2,347,607.70 0.51
Kubota Credit Owner Trust 2,366,245.23 0.52
Mastercard Inc 2,537,617.92 0.56
Microsoft Corp 5,950,773.00 1.30
Morgan Stanley 4,080,552.00 0.89
National Rural Utilities Cooperative Fi 1,553,278.25 0.34 PACCAR Inc 1,161,618.53 0.25
PepsiCo Inc 2,720,881.65 0.60
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 October 31, 2025 CITY OF MODESTO - Combined Portfolio
Issuer of Holdings Percent
Market Value
State Street Corp 1,917,899.90 0.42
Target Corp 356,977.30 0.08
Toyota Auto Receivables Owner Trust 5,445,914.58 1.19
Toyota Motor Corp 2,898,560.00 0.63
United States Treasury 222,029,773.14 48.64
USAA Auto Owner Trust 2,570,420.89 0.56
Walmart Inc 5,933,211.36 1.30
Wells Fargo & Co 5,690,572.37 1.25
Total $456,497,450.08 100.00%
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 October 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
U.S. Treasury Bond / Note
US TREASURY N/B
DTD 05/15/2023 3.625% 05/15/2026
91282CHB0 11,085,000.00 AA+ Aa1 05/14/25 05/15/25 11,029,141.99 4.14 185,628.57 11,054,682.71 11,073,848.49
US TREASURY N/B
DTD 06/01/2021 0.750% 05/31/2026
91282CCF6 3,520,000.00 AA+ Aa1 04/06/22 04/07/22 3,244,312.50 2.76 11,108.20 3,481,603.92 3,459,431.36
US TREASURY N/B
DTD 06/01/2021 0.750% 05/31/2026
91282CCF6 4,800,000.00 AA+ Aa1 06/06/22 06/08/22 4,399,125.00 2.99 15,147.54 4,741,786.22 4,717,406.40
US TREASURY N/B
DTD 07/17/2023 4.500% 07/15/2026
91282CHM6 10,995,000.00 AA+ Aa1 07/30/25 07/31/25 11,037,090.23 4.09 146,550.20 11,026,092.31 11,048,094.86
US TREASURY N/B
DTD 08/31/2021 0.750% 08/31/2026
91282CCW9 4,640,000.00 AA+ Aa1 04/06/22 04/07/22 4,258,106.25 2.75 5,960.22 4,567,993.90 4,527,670.24
US TREASURY N/B
DTD 09/15/2023 4.625% 09/15/2026
91282CHY0 11,207,000.00 AA+ Aa1 09/12/25 09/15/25 11,308,563.44 3.69 67,296.18 11,295,504.24 11,288,340.41
US TREASURY N/B
DTD 09/30/2021 0.875% 09/30/2026
91282CCZ2 4,310,000.00 AA+ Aa1 04/05/22 04/07/22 3,968,398.83 2.77 3,315.38 4,240,511.18 4,200,297.57
US TREASURY N/B
DTD 11/15/2016 2.000% 11/15/2026
912828U24 4,545,000.00 AA+ Aa1 06/06/22 06/08/22 4,355,920.90 3.01 41,991.85 4,500,792.12 4,465,494.32
US TREASURY N/B
DTD 02/15/2017 2.250% 02/15/2027
912828V98 9,220,000.00 AA+ Aa1 07/05/22 07/07/22 8,981,576.56 2.85 43,970.38 9,153,315.06 9,056,132.94
US TREASURY N/B
DTD 04/30/2020 0.500% 04/30/2027
912828ZN3 6,480,000.00 AA+ Aa1 08/03/22 08/05/22 5,791,500.00 2.92 89.50 6,262,977.15 6,186,378.24
US TREASURY N/B
DTD 06/30/2020 0.500% 06/30/2027
912828ZV5 5,545,000.00 AA+ Aa1 08/09/22 08/10/22 4,920,754.30 2.99 9,342.12 5,333,071.21 5,269,263.79
US TREASURY N/B
DTD 08/15/2017 2.250% 08/15/2027
9128282R0 1,200,000.00 AA+ Aa1 08/29/22 08/31/22 1,142,625.00 3.30 5,722.83 1,179,332.32 1,171,875.60
US TREASURY N/B
DTD 08/15/2017 2.250% 08/15/2027
9128282R0 2,985,000.00 AA+ Aa1 09/01/22 09/06/22 2,830,036.52 3.40 14,235.53 2,928,993.24 2,915,040.56
US TREASURY N/B
DTD 09/30/2022 4.125% 09/30/2027
91282CFM8 805,000.00 AA+ Aa1 11/01/22 11/03/22 799,748.63 4.27 2,919.23 802,954.55 812,578.27 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 October 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
U.S. Treasury Bond / Note
US TREASURY N/B
DTD 10/31/2022 4.125% 10/31/2027
91282CFU0 915,000.00 AA+ Aa1 12/06/22 12/08/22 927,724.22 3.81 104.26 920,187.89 924,150.00
US TREASURY N/B
DTD 10/31/2022 4.125% 10/31/2027
91282CFU0 3,160,000.00 AA+ Aa1 12/13/22 12/14/22 3,229,495.31 3.63 360.08 3,188,429.90 3,191,600.00
US TREASURY N/B
DTD 11/02/2020 0.500% 10/31/2027
91282CAU5 8,775,000.00 AA+ Aa1 01/04/23 01/06/23 7,472,803.71 3.91 121.20 8,235,317.74 8,256,379.95
US TREASURY N/B
DTD 01/03/2023 3.875% 12/31/2027
91282CGC9 4,250,000.00 AA+ Aa1 06/01/23 06/05/23 4,266,933.59 3.78 55,492.53 4,258,010.50 4,274,569.25
US TREASURY N/B
DTD 02/01/2021 0.750% 01/31/2028
91282CBJ9 115,000.00 AA+ Aa1 01/31/23 01/31/23 99,825.39 3.66 217.97 108,177.24 108,005.70
US TREASURY N/B
DTD 01/31/2023 3.500% 01/31/2028
91282CGH8 595,000.00 AA+ Aa1 05/16/23 05/18/23 594,535.16 3.52 5,262.84 594,777.99 593,791.55
US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
91282CGP0 1,245,000.00 AA+ Aa1 03/03/23 03/07/23 1,231,188.28 4.25 8,529.28 1,238,549.47 1,256,087.97
US TREASURY N/B
DTD 03/31/2021 1.250% 03/31/2028
91282CBS9 880,000.00 AA+ Aa1 05/08/23 05/09/23 791,965.63 3.49 967.03 836,622.88 832,734.32
US TREASURY N/B
DTD 05/01/2023 3.500% 04/30/2028
91282CHA2 1,265,000.00 AA+ Aa1 05/03/23 05/04/23 1,270,781.45 3.40 122.31 1,267,889.14 1,262,133.51
US TREASURY N/B
DTD 04/01/2024 4.125% 03/31/2029
91282CKG5 3,450,000.00 AA+ Aa1 04/09/24 04/11/24 3,411,861.33 4.37 12,510.99 3,422,952.04 3,504,175.35
US TREASURY N/B
DTD 04/30/2024 4.625% 04/30/2029
91282CKP5 4,430,000.00 AA+ Aa1 10/16/24 10/17/24 4,571,725.39 3.85 565.99 4,541,366.98 4,572,938.38
US TREASURY N/B
DTD 04/30/2024 4.625% 04/30/2029
91282CKP5 5,190,000.00 AA+ Aa1 05/02/24 05/03/24 5,201,961.33 4.57 663.09 5,198,664.79 5,357,460.54
US TREASURY N/B
DTD 07/01/2024 4.250% 06/30/2029
91282CKX8 2,920,000.00 AA+ Aa1 07/01/24 07/02/24 2,896,959.38 4.43 41,816.30 2,902,626.31 2,980,225.00
US TREASURY N/B
DTD 07/31/2024 4.000% 07/31/2029
91282CLC3 2,105,000.00 AA+ Aa1 08/01/24 08/02/24 2,119,636.33 3.85 21,278.80 2,116,238.77 2,130,325.26 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 October 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
U.S. Treasury Bond / Note
US TREASURY N/B
DTD 09/03/2024 3.625% 08/31/2029
91282CLK5 7,550,000.00 AA+ Aa1 09/04/24 09/05/24 7,565,630.86 3.58 46,874.65 7,562,267.14 7,540,856.95
US TREASURY N/B
DTD 09/30/2024 3.500% 09/30/2029
91282CLN9 8,695,000.00 AA+ Aa1 10/02/24 10/03/24 8,670,205.66 3.56 26,753.85 8,675,226.78 8,645,073.31
US TREASURY N/B
DTD 10/31/2024 4.125% 10/31/2029
91282CLR0 4,850,000.00 AA+ Aa1 11/01/24 11/04/24 4,838,064.45 4.18 552.66 4,840,256.01 4,932,032.90
US TREASURY N/B
DTD 12/02/2024 4.125% 11/30/2029
91282CMA6 6,315,000.00 AA+ Aa1 12/05/24 12/06/24 6,326,347.27 4.08 109,606.66 6,324,472.58 6,423,043.34
US TREASURY N/B
DTD 12/31/2024 4.375% 12/31/2029
91282CMD0 12,365,000.00 AA+ Aa1 01/06/25 01/07/25 12,337,468.55 4.43 182,282.95 12,341,593.83 12,696,827.14
US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
91282CMG3 3,470,000.00 AA+ Aa1 02/04/25 02/05/25 3,457,123.04 4.33 37,269.50 3,458,872.48 3,547,127.69
US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
91282CMG3 5,215,000.00 AA+ Aa1 06/04/25 06/05/25 5,274,279.88 3.98 56,011.65 5,269,511.49 5,330,913.81
US TREASURY N/B
DTD 02/28/2023 4.000% 02/28/2030
91282CGQ8 8,565,000.00 AA+ Aa1 03/04/25 03/05/25 8,580,724.80 3.96 58,677.35 8,578,841.32 8,674,066.71
US TREASURY N/B
DTD 03/31/2025 4.000% 03/31/2030
91282CMU2 10,775,000.00 AA+ Aa1 04/01/25 04/02/25 10,828,875.00 3.89 37,890.11 10,823,143.43 10,911,368.40
US TREASURY N/B
DTD 05/31/2023 3.750% 05/31/2030
91282CHF1 5,400,000.00 AA+ Aa1 06/04/25 06/05/25 5,339,039.06 4.00 85,204.92 5,343,604.61 5,412,236.40
US TREASURY N/B
DTD 06/30/2025 3.875% 06/30/2030
91282CNK3 1,805,000.00 AA+ Aa1 07/01/25 07/01/25 1,810,429.10 3.81 23,568.00 1,810,098.50 1,818,748.69
US TREASURY N/B
DTD 07/31/2025 3.875% 07/31/2030
91282CNN7 3,780,000.00 AA+ Aa1 08/01/25 08/05/25 3,761,395.31 3.98 37,016.78 3,762,212.84 3,808,202.58
US TREASURY N/B
DTD 09/02/2025 3.625% 08/31/2030
91282CNX5 16,460,000.00 AA+ Aa1 09/02/25 09/03/25 16,372,556.25 3.74 102,192.96 16,375,228.13 16,402,126.64
US TREASURY N/B
DTD 09/30/2025 3.625% 09/30/2030
91282CPA3 1,500,000.00 AA+ Aa1 10/30/25 10/31/25 1,493,554.69 3.72 4,780.22 1,493,563.72 1,494,375.00 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 October 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
U.S. Treasury Bond / Note
US TREASURY N/B
DTD 09/30/2025 3.625% 09/30/2030
91282CPA3 4,975,000.00 AA+ Aa1 10/01/25 10/02/25 4,961,007.81 3.69 15,854.40 4,961,236.25 4,956,343.75 Security Type Sub-Total 222,352,000.00 217,770,998.38 3.74 1,525,827.06 221,019,550.88 222,029,773.14 Federal Agency Commercial Mortgage-Backed Security
FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 2,368,262.86 AA+ Aa1 05/19/23 05/24/23 2,295,364.77 4.29 6,605.48 2,346,063.92 2,345,463.60 FHMS K064 A2
DTD 05/01/2017 3.224% 03/01/2027
3137BXQY1 4,000,000.00 AA+ Aa1 08/16/23 08/18/23 3,773,125.00 4.94 10,746.67 3,911,838.86 3,960,068.00 FHMS K065 A2
DTD 07/01/2017 3.243% 04/01/2027
3137F1G44 2,275,000.00 AA+ Aa1 08/16/23 08/18/23 2,144,987.30 4.93 6,148.19 2,222,681.40 2,251,117.05 FHMS K066 A2
DTD 08/01/2017 3.117% 06/01/2027
3137F2LJ3 3,530,000.00 AA+ Aa1 08/17/23 08/22/23 3,301,101.56 4.97 9,169.18 3,431,687.87 3,485,461.99 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
3137HAMR4 3,342,673.35 AA+ Aa1 09/20/23 09/28/23 3,290,216.77 5.19 13,370.69 3,312,084.20 3,395,277.00 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
3137HAMG8 1,856,590.36 AA+ Aa1 09/07/23 09/14/23 1,828,825.04 5.01 7,194.29 1,840,569.33 1,882,645.75 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 2,758,584.26 AA+ Aa1 07/19/23 07/27/23 2,758,515.30 4.78 10,981.46 2,758,547.05 2,779,538.47 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
3137HACX2 3,500,000.00 AA+ Aa1 07/13/23 07/20/23 3,534,958.00 4.59 14,055.42 3,518,788.69 3,570,430.50 FNA 2023-M6 A2
DTD 07/01/2023 4.181% 07/01/2028
3136BQDE6 3,341,615.00 AA+ Aa1 07/18/23 07/31/23 3,284,964.18 4.58 11,644.08 3,310,542.31 3,348,649.10 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
3137HAMN3 1,080,362.07 AA+ Aa1 09/19/23 09/28/23 1,080,356.67 5.27 4,746.39 1,080,359.24 1,095,420.16 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
3137HAMH6 3,800,000.00 AA+ Aa1 09/07/23 09/14/23 3,743,786.60 4.99 14,725.00 3,766,228.44 3,861,970.40 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
3137HAQ74 3,850,000.00 AA+ Aa1 10/11/23 10/19/23 3,765,546.40 5.25 15,207.50 3,798,241.29 3,922,403.10 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 October 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Federal Agency Commercial Mortgage-Backed Security
FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
3137HAST4 2,890,000.00 AA+ Aa1 10/25/23 10/31/23 2,797,858.13 5.60 11,680.42 2,831,453.68 2,954,730.22 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
3137HAMS2 3,800,000.00 AA+ Aa1 09/20/23 09/28/23 3,754,578.60 5.07 15,200.00 3,771,745.22 3,878,477.60 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
3137HB3D4 1,465,000.00 AA+ Aa1 11/14/23 11/21/23 1,460,764.69 5.14 6,188.40 1,462,304.80 1,506,805.24 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
3137HB3G7 2,125,000.00 AA+ Aa1 11/28/23 12/07/23 2,118,894.88 4.93 8,606.25 2,121,090.15 2,175,150.00 FHMS K512 A2
DTD 12/01/2023 5.000% 11/01/2028
3137HBCF9 1,935,000.00 AA+ Aa1 12/11/23 12/21/23 1,953,069.03 4.79 8,062.50 1,946,765.16 1,987,895.16 FHMS K513 A2
DTD 01/01/2024 4.724% 12/01/2028
3137HBFY5 2,190,000.00 AA+ Aa1 01/10/24 01/18/24 2,211,875.91 4.50 8,621.30 2,204,543.78 2,236,005.33 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
3137HBLV4 2,220,000.00 AA+ Aa1 02/01/24 02/08/24 2,242,197.78 4.34 8,458.20 2,234,890.37 2,255,941.80 FHMS K518 A2
DTD 03/01/2024 5.400% 01/01/2029
3137HC2L5 2,715,000.00 AA+ Aa1 03/19/24 03/28/24 2,780,553.68 4.83 12,217.50 2,761,377.96 2,826,241.70 FHMS K517 A2
DTD 03/01/2024 5.355% 01/01/2029
3137HC2C5 3,355,000.00 AA+ Aa1 03/05/24 03/14/24 3,455,603.03 4.67 14,971.69 3,424,511.19 3,486,599.88 FHMS K515 A2
DTD 02/01/2024 5.400% 01/01/2029
3137HBPD0 3,750,000.00 AA+ Aa1 02/14/24 02/22/24 3,851,025.00 4.79 16,875.00 3,819,094.75 3,897,063.75 FHMS K516 A2
DTD 03/01/2024 5.477% 01/01/2029
3137HBPM0 3,750,000.00 AA+ Aa1 02/29/24 03/07/24 3,862,488.75 4.79 17,115.63 3,827,519.00 3,913,736.25 FHMS K520 A2
DTD 04/01/2024 5.180% 03/01/2029
3137HCKV3 2,125,000.00 AA+ Aa1 04/23/24 04/30/24 2,133,625.38 5.09 9,172.92 2,131,312.56 2,199,872.25 FHMS K524 A2
DTD 07/01/2024 4.720% 05/01/2029
3137HDV56 3,245,000.00 AA+ Aa1 07/16/24 07/25/24 3,264,927.54 4.58 12,763.67 3,260,384.22 3,316,928.67 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
3137HDJJ0 3,750,818.56 AA+ Aa1 06/05/24 06/13/24 3,750,807.31 4.80 15,012.65 3,750,818.56 3,840,826.95 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 October 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Federal Agency Commercial Mortgage-Backed Security
FHMS K526 A2
DTD 08/01/2024 4.543% 07/01/2029
3137HDXL9 3,500,000.00 AA+ Aa1 08/07/24 08/15/24 3,532,739.00 4.33 13,250.42 3,525,385.39 3,559,734.50 FHMS K530 A2
DTD 11/01/2024 4.792% 09/01/2029
3137HHJL6 3,980,000.00 AA+ Aa1 11/19/24 11/27/24 4,000,723.86 4.67 15,893.47 3,997,377.64 4,084,670.02 Security Type Sub-Total 82,498,906.47 81,973,480.16 4.84 318,684.37 82,368,207.03 84,019,124.44 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 7,805.00 2,229,854.67 2,227,883.73
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 6,713.44 3,465,040.33 3,436,985.48
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 16,600.00 3,005,728.35 2,967,462.00
BANK OF AMERICA NA (CALLABLE)
DTD 08/18/2023 5.526% 08/18/2026
06428CAA2 3,750,000.00 A+ Aa2 08/15/23 08/18/23 3,749,700.00 5.53 42,020.63 3,749,920.28 3,791,208.75
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 33,564.44 2,526,045.20 2,537,617.92
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 17,253.35 849,649.31 860,109.90
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 71,043.19 3,500,000.00 3,541,629.00
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 2,095.71 364,849.64 356,977.30
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 23,375.00 2,973,790.17 2,983,311.00
GOLDMAN SACHS BANK USA (CALLABLE)
DTD 05/21/2024 5.414% 05/21/2027
38151LAG5 3,000,000.00 A+ A1 05/21/25 05/22/25 3,018,870.00 5.08 72,186.67 3,010,612.08 3,019,092.00
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 13,196.56 3,527,360.94 3,544,557.92 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 October 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Corporate Note
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 8,419.01 1,466,396.47 1,512,137.71
KENVUE INC (CALLABLE)
DTD 10/17/2023 5.050% 03/22/2028
49177JAF9 2,300,000.00 A A2 06/27/25 06/30/25 2,354,303.00 4.12 12,582.92 2,347,727.65 2,347,607.70
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 2,114.67 1,218,638.93 1,225,124.00
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 98,800.00 5,208,171.40 5,226,884.00
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 7,282.69 498,639.02 508,260.56
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 13,167.69 899,708.13 918,976.16
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 17,140.06 1,164,061.68 1,196,209.19
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 12,585.38 1,126,043.59 1,161,618.53
NATIONAL RURAL UTIL COOP (CALLABLE)
DTD 08/25/2025 4.150% 08/25/2028
63743HFZ0 1,550,000.00 NR A2 08/19/25 08/25/25 1,548,264.00 4.19 11,792.92 1,548,365.41 1,553,278.25
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 20,416.67 2,797,063.35 2,898,560.00
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 29,143.96 5,650,000.00 5,923,041.90
BANK OF AMERICA CORP (CALLABLE)
DTD 01/24/2025 4.979% 01/24/2029
06051GMK2 2,060,000.00 A- A1 04/01/25 04/02/25 2,082,824.80 4.66 27,636.22 2,078,343.12 2,096,715.38
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 16,974.92 1,900,000.00 1,917,899.90
BLACKROCK FUNDING INC (CALLABLE)
DTD 03/14/2024 4.700% 03/14/2029
09290DAA9 365,000.00 AA- Aa3 03/05/24 03/14/24 364,339.35 4.74 2,239.68 364,539.14 373,089.50 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 October 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Corporate Note
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 4,662.00 1,296,206.86 1,328,124.81
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 5,688.00 1,578,328.17 1,620,414.82
BANK OF NEW YORK MELLON (CALLABLE)
DTD 04/22/2025 4.729% 04/20/2029
06405LAH4 2,700,000.00 AA- Aa2 05/06/25 05/07/25 2,727,216.00 4.45 3,901.43 2,722,996.58 2,743,783.20
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 25,155.00 1,932,717.82 1,974,566.88
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 5,929.00 658,880.26 665,172.42
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 20,571.83 2,292,597.10 2,307,946.73
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 7,835.33 728,937.60 746,314.77
WALMART INC (CALLABLE)
DTD 04/28/2025 4.350% 04/28/2030
931142FN8 1,140,000.00 AA Aa2 04/23/25 04/28/25 1,138,027.80 4.39 413.25 1,138,209.91 1,156,728.36
WALMART INC (CALLABLE)
DTD 04/28/2025 4.350% 04/28/2030
931142FN8 3,500,000.00 AA Aa2 05/01/25 05/02/25 3,531,465.00 4.15 1,268.75 3,528,558.17 3,551,359.00
APPLE INC (CALLABLE)
DTD 05/11/2020 1.650% 05/11/2030
037833DU1 1,834,000.00 AA+ Aaa 07/01/25 07/02/25 1,631,563.08 4.18 14,289.92 1,644,060.15 1,660,771.36
APPLE INC (CALLABLE)
DTD 05/11/2020 1.650% 05/11/2030
037833DU1 4,890,000.00 AA+ Aaa 07/01/25 07/02/25 4,349,801.70 4.19 38,101.25 4,383,149.94 4,428,119.94 Security Type Sub-Total 80,149,000.00 79,034,768.83 4.27 713,966.54 79,375,191.42 80,309,540.07 Certificate of Deposit
COOPERAT RABOBANK UA/NY
DTD 07/20/2023 5.080% 07/17/2026
21684LGS5 3,500,000.00 A-1 P-1 07/17/23 07/20/23 3,500,000.00 5.08 51,364.44 3,500,000.00 3,539,893.00 Security Type Sub-Total 3,500,000.00 3,500,000.00 5.08 51,364.44 3,500,000.00 3,539,893.00 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 October 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Bank Note
WELLS FARGO BANK NA (CALLABLE)
DTD 08/09/2023 5.450% 08/07/2026
94988J6D4 5,635,000.00 A+ Aa2 08/15/23 08/17/23 5,621,645.05 5.54 71,658.42 5,631,555.17 5,690,572.37
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 32,228.98 1,360,000.00 1,387,387.68
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 62,562.13 2,642,825.56 2,693,164.32 Security Type Sub-Total 9,635,000.00 9,627,215.45 5.51 166,449.53 9,634,380.73 9,771,124.37 Asset-Backed Security
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 17,346.89 834,942.54 835,837.51 KCOT 2023-2A A3
DTD 07/26/2023 5.280% 01/18/2028
500945AC4 790,043.14 NR Aaa 07/18/23 07/26/23 789,843.58 5.29 1,853.97 789,944.47 795,991.38 BAAT 2023-1A A3
DTD 07/31/2023 5.530% 02/15/2028
06428AAC2 821,604.23 NR Aaa 07/25/23 07/31/23 821,573.10 5.53 2,019.32 821,588.53 827,191.14 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
43815QAC1 1,398,597.83 AAA NR 08/15/23 08/22/23 1,398,309.44 5.42 2,732.32 1,398,450.24 1,408,940.46 TAOT 2023-C A3
DTD 08/15/2023 5.160% 04/17/2028
89231FAD2 508,050.41 AAA NR 08/08/23 08/15/23 507,935.49 5.17 1,165.13 507,989.88 510,974.24 USAOT 2023-A A3
DTD 09/15/2023 5.580% 05/15/2028
90291VAC4 1,601,294.40 AAA Aaa 09/07/23 09/15/23 1,601,014.18 5.58 3,971.21 1,601,135.55 1,610,508.25 BAAT 2023-2A A3
DTD 11/21/2023 5.740% 06/15/2028
06054YAC1 2,225,169.93 NR Aaa 11/15/23 11/21/23 2,225,129.66 5.74 5,676.66 2,225,148.31 2,247,067.83 TAOT 2023-D A3
DTD 11/14/2023 5.540% 08/15/2028
89239FAD4 714,756.79 AAA NR 11/07/23 11/14/23 714,679.73 5.54 1,759.89 714,710.71 722,401.11 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 1,683,660.06 AAA Aaa 08/15/23 08/23/23 1,683,555.67 5.53 4,138.06 1,683,601.57 1,697,597.39 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 3,019,493.16 3,050,547.30 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 October 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Asset-Backed Security
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 3,089,917.76 3,123,109.35 HART 2023-C A3
DTD 11/13/2023 5.540% 10/16/2028
44918CAD4 1,013,560.60 AAA NR 11/03/23 11/13/23 1,013,427.33 5.54 2,495.61 1,013,477.82 1,023,408.36 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 1,364,884.74 1,378,913.45 GMCAR 2024-1 A3
DTD 01/17/2024 4.850% 12/18/2028
36268GAD7 343,723.32 NR Aaa 01/09/24 01/17/24 343,654.20 4.85 694.61 343,677.49 345,537.84 CHAIT 2024-A1 A
DTD 01/31/2024 4.600% 01/15/2029
161571HV9 3,390,000.00 AAA NR 01/24/24 01/31/24 3,389,483.70 4.60 6,930.67 3,389,657.11 3,417,974.28 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 3,217.11 1,549,958.75 1,570,253.85 HART 2025-A A3
DTD 03/12/2025 4.320% 10/15/2029
44935CAD3 2,525,000.00 AAA NR 03/04/25 03/12/25 2,524,627.56 4.32 4,848.00 2,524,679.22 2,540,445.43 HART 2025-B A3
DTD 06/11/2025 4.360% 12/17/2029
44935XAD7 960,000.00 AAA NR 06/03/25 06/11/25 959,913.31 4.36 1,860.27 959,920.35 968,470.08 USAOT 2025-A A3
DTD 10/09/2025 3.950% 12/17/2029
90327HAC3 960,000.00 AAA Aaa 10/02/25 10/09/25 959,915.71 3.95 2,317.33 959,919.68 959,912.64 HAROT 2025-3 A3
DTD 08/12/2025 4.040% 02/21/2030
43813QAD1 2,355,000.00 AAA Aaa 08/05/25 08/12/25 2,354,950.78 4.04 2,642.83 2,354,953.54 2,360,140.97 ALLYA 2025-1 A3
DTD 10/16/2025 3.960% 03/15/2030
02008KAC7 860,000.00 AAA NR 10/07/25 10/16/25 859,877.19 3.96 1,419.00 859,879.35 859,470.24 TAOT 2025-C A3
DTD 07/30/2025 4.110% 03/15/2030
89238VAD0 1,635,000.00 AAA Aaa 07/22/25 07/30/25 1,634,827.67 4.11 2,986.60 1,634,836.69 1,643,191.35 HART 2025-C A3
DTD 09/17/2025 3.880% 04/15/2030
44935JAD8 2,040,000.00 AAA NR 09/09/25 09/17/25 2,039,667.07 3.88 3,517.87 2,039,683.31 2,038,237.44 GMCAR 2025-2 A3
DTD 05/14/2025 4.280% 04/16/2030
362549AD9 680,000.00 AAA Aaa 05/06/25 05/14/25 679,899.90 4.28 1,212.67 679,909.08 684,255.44 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 October 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Asset-Backed Security
BACCT 2025-A1 A
DTD 06/12/2025 4.310% 05/15/2030
05522RDK1 1,830,000.00 AAA NR 06/05/25 06/12/25 1,829,993.05 4.31 3,505.47 1,830,000.00 1,850,904.09 TAOT 2025-D A3
DTD 10/23/2025 3.840% 06/17/2030
89231GAD0 2,575,000.00 AAA NR 10/15/25 10/23/25 2,574,703.88 3.84 2,197.33 2,574,705.67 2,569,347.88 CCCIT 2025-A1 A
DTD 06/26/2025 4.300% 06/21/2030
17305EHA6 3,990,000.00 AAA Aaa 06/18/25 06/26/25 3,988,917.51 4.31 59,572.92 3,988,986.54 4,030,318.95 CHAOT 2025-1A A3
DTD 07/30/2025 4.290% 06/25/2030
16145NAC5 1,135,000.00 NR Aaa 07/23/25 07/30/25 1,134,889.11 4.29 811.53 1,134,894.91 1,142,497.81 COPAR 2025-1 A3
DTD 11/05/2025 3.850% 07/15/2030
14043YAD7 965,000.00 AAA NR 10/28/25 11/05/25 964,795.61 3.85 0.00 964,795.61 965,777.40 AMXCA 2025-4 A
DTD 07/22/2025 4.300% 07/15/2030
02582JKV1 2,265,000.00 AAA NR 07/15/25 07/22/25 2,264,673.61 4.30 4,328.67 2,264,691.75 2,291,627.34 CHAIT 2025-A1 A
DTD 07/25/2025 4.160% 07/15/2030
161571HZ0 3,190,000.00 AAA NR 07/18/25 07/25/25 3,189,935.88 4.16 5,897.96 3,189,945.55 3,215,191.43 COMET 2025-A1 A
DTD 09/16/2025 3.820% 09/16/2030
14041NGF2 2,565,000.00 AAA NR 09/09/25 09/16/25 2,564,513.68 3.82 12,247.88 2,564,532.96 2,561,539.82 CHAOT 2025-2A A3
DTD 10/29/2025 3.860% 10/25/2030
16144MAD6 1,585,000.00 NR Aaa 10/17/25 10/29/25 1,584,937.23 3.86 339.89 1,584,942.60 1,580,413.01 Security Type Sub-Total 56,465,460.73 56,458,328.38 4.59 180,837.27 56,459,855.44 56,827,995.06 Managed Account Sub-Total 454,600,367.20 448,364,791.20 4.19 2,957,129.21 452,357,185.50 456,497,450.08 $454,600,367.20 $448,364,791.20 4.19% $2,957,129.21 $452,357,185.50 $456,497,450.08 $459,454,579.29
$2,957,129.21
Total Investments
Accrued Interest
Securities Sub-Total
Bolded items are forward settling trades.
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 October 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
U.S. Treasury Bond / Note
US TREASURY N/B 91282CHB0 11,085,000.00 MorganSt 99.90 11,073,848.49 44,706.50 19,165.78 DTD 05/15/2023 3.625% 05/15/2026
0.52 3.97
US TREASURY N/B 91282CCF6 3,520,000.00 Nomura 98.28 3,459,431.36 215,118.86 (22,172.56) DTD 06/01/2021 0.750% 05/31/2026
0.57 4.18
US TREASURY N/B 91282CCF6 4,800,000.00 Citigrou 98.28 4,717,406.40 318,281.40 (24,379.82) DTD 06/01/2021 0.750% 05/31/2026
0.57 4.18
US TREASURY N/B 91282CHM6 10,995,000.00 RBS 100.48 11,048,094.86 11,004.63 22,002.55 DTD 07/17/2023 4.500% 07/15/2026
0.68 4.12
US TREASURY N/B 91282CCW9 4,640,000.00 RBC Capi 97.58 4,527,670.24 269,563.99 (40,323.66) DTD 08/31/2021 0.750% 08/31/2026
0.82 3.84
US TREASURY N/B 91282CHY0 11,207,000.00 MorganSt 100.73 11,288,340.41 (20,223.03) (7,163.83) DTD 09/15/2023 4.625% 09/15/2026
0.85 3.71
US TREASURY N/B 91282CCZ2 4,310,000.00 RBC Capi 97.45 4,200,297.57 231,898.74 (40,213.61) DTD 09/30/2021 0.875% 09/30/2026
0.90 3.64
US TREASURY N/B 912828U24 4,545,000.00 RBC Capi 98.25 4,465,494.32 109,573.42 (35,297.80) DTD 11/15/2016 2.000% 11/15/2026
1.01 3.74
US TREASURY N/B 912828V98 9,220,000.00 JPMorgan 98.22 9,056,132.94 74,556.38 (97,182.12) DTD 02/15/2017 2.250% 02/15/2027
1.25 3.68
US TREASURY N/B 912828ZN3 6,480,000.00 Nomura 95.47 6,186,378.24 394,878.24 (76,598.91) DTD 04/30/2020 0.500% 04/30/2027
1.47 3.65
US TREASURY N/B 912828ZV5 5,545,000.00 WellsFar 95.03 5,269,263.79 348,509.49 (63,807.42) DTD 06/30/2020 0.500% 06/30/2027
1.63 3.63
US TREASURY N/B 9128282R0 1,200,000.00 BNPPSA 97.66 1,171,875.60 29,250.60 (7,456.72) DTD 08/15/2017 2.250% 08/15/2027
1.73 3.63
US TREASURY N/B 9128282R0 2,985,000.00 HSBC 97.66 2,915,040.56 85,004.04 (13,952.68) DTD 08/15/2017 2.250% 08/15/2027
1.73 3.63
US TREASURY N/B 91282CFM8 805,000.00 BOFAML 100.94 812,578.27 12,829.64 9,623.72 DTD 09/30/2022 4.125% 09/30/2027
1.82 3.62
US TREASURY N/B 91282CFU0 915,000.00 Nomura 101.00 924,150.00 (3,574.22) 3,962.11 DTD 10/31/2022 4.125% 10/31/2027
1.90 3.61
US TREASURY N/B 91282CFU0 3,160,000.00 JPMorgan 101.00 3,191,600.00 (37,895.31) 3,170.10 DTD 10/31/2022 4.125% 10/31/2027
1.90 3.61
US TREASURY N/B 91282CAU5 8,775,000.00 WellsFar 94.09 8,256,379.95 783,576.24 21,062.21 DTD 11/02/2020 0.500% 10/31/2027
1.95 3.61
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Managed Account Fair Market Value & Analytics For the Month Ending October 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
U.S. Treasury Bond / Note
US TREASURY N/B 91282CGC9 4,250,000.00 Nomura 100.58 4,274,569.25 7,635.66 16,558.75 DTD 01/03/2023 3.875% 12/31/2027
2.03 3.61
US TREASURY N/B 91282CBJ9 115,000.00 HSBC 93.92 108,005.70 8,180.31 (171.54) DTD 02/01/2021 0.750% 01/31/2028
2.19 3.61
US TREASURY N/B 91282CGH8 595,000.00 BNPPSA 99.80 593,791.55 (743.61) (986.44) DTD 01/31/2023 3.500% 01/31/2028
2.13 3.60
US TREASURY N/B 91282CGP0 1,245,000.00 TD Secur 100.89 1,256,087.97 24,899.69 17,538.50 DTD 02/28/2023 4.000% 02/29/2028
2.19 3.60
US TREASURY N/B 91282CBS9 880,000.00 BNPPSA 94.63 832,734.32 40,768.69 (3,888.56) DTD 03/31/2021 1.250% 03/31/2028
2.34 3.61
US TREASURY N/B 91282CHA2 1,265,000.00 GoldmanS 99.77 1,262,133.51 (8,647.94) (5,755.63) DTD 05/01/2023 3.500% 04/30/2028
2.37 3.61
US TREASURY N/B 91282CKG5 3,450,000.00 BMO 101.57 3,504,175.35 92,314.02 81,223.31 DTD 04/01/2024 4.125% 03/31/2029
3.15 3.64
US TREASURY N/B 91282CKP5 4,430,000.00 JPMorgan 103.23 4,572,938.38 1,212.99 31,571.40 DTD 04/30/2024 4.625% 04/30/2029
3.21 3.65
US TREASURY N/B 91282CKP5 5,190,000.00 GoldmanS 103.23 5,357,460.54 155,499.21 158,795.75 DTD 04/30/2024 4.625% 04/30/2029
3.21 3.65
US TREASURY N/B 91282CKX8 2,920,000.00 Citigrou 102.06 2,980,225.00 83,265.62 77,598.69 DTD 07/01/2024 4.250% 06/30/2029
3.33 3.66
US TREASURY N/B 91282CLC3 2,105,000.00 Citigrou 101.20 2,130,325.26 10,688.93 14,086.49 DTD 07/31/2024 4.000% 07/31/2029
3.42 3.67
US TREASURY N/B 91282CLK5 7,550,000.00 Citigrou 99.88 7,540,856.95 (24,773.91) (21,410.19) DTD 09/03/2024 3.625% 08/31/2029
3.53 3.67
US TREASURY N/B 91282CLN9 8,695,000.00 TD Secur 99.43 8,645,073.31 (25,132.35) (30,153.47) DTD 09/30/2024 3.500% 09/30/2029
3.61 3.67
US TREASURY N/B 91282CLR0 4,850,000.00 HSBC 101.69 4,932,032.90 93,968.45 91,776.89 DTD 10/31/2024 4.125% 10/31/2029
3.66 3.68
US TREASURY N/B 91282CMA6 6,315,000.00 WellsFar 101.71 6,423,043.34 96,696.07 98,570.76 DTD 12/02/2024 4.125% 11/30/2029
3.67 3.68
US TREASURY N/B 91282CMD0 12,365,000.00 BNP Sec 102.68 12,696,827.14 359,358.59 355,233.31 DTD 12/31/2024 4.375% 12/31/2029
3.74 3.69
US TREASURY N/B 91282CMG3 3,470,000.00 BNP Sec 102.22 3,547,127.69 90,004.65 88,255.21 DTD 01/31/2025 4.250% 01/31/2030
3.83 3.69
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 17 U.S. Bancorp Asset Management, Inc.
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Managed Account Fair Market Value & Analytics For the Month Ending October 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
U.S. Treasury Bond / Note
US TREASURY N/B 91282CMG3 5,215,000.00 HSBC 102.22 5,330,913.81 56,633.93 61,402.32 DTD 01/31/2025 4.250% 01/31/2030
3.83 3.69
US TREASURY N/B 91282CGQ8 8,565,000.00 Nomura 101.27 8,674,066.71 93,341.91 95,225.39 DTD 02/28/2023 4.000% 02/28/2030
3.92 3.69
US TREASURY N/B 91282CMU2 10,775,000.00 BNP Sec 101.27 10,911,368.40 82,493.40 88,224.97 DTD 03/31/2025 4.000% 03/31/2030
4.01 3.70
US TREASURY N/B 91282CHF1 5,400,000.00 RBS 100.23 5,412,236.40 73,197.34 68,631.79 DTD 05/31/2023 3.750% 05/31/2030
4.11 3.71
US TREASURY N/B 91282CNK3 1,805,000.00 Citigrou 100.76 1,818,748.69 8,319.59 8,650.19 DTD 06/30/2025 3.875% 06/30/2030
4.18 3.71
US TREASURY N/B 91282CNN7 3,780,000.00 BOFAML 100.75 3,808,202.58 46,807.27 45,989.74 DTD 07/31/2025 3.875% 07/31/2030
4.27 3.71
US TREASURY N/B 91282CNX5 16,460,000.00 Nomura 99.65 16,402,126.64 29,570.39 26,898.51 DTD 09/02/2025 3.625% 08/31/2030
4.37 3.72
US TREASURY N/B 91282CPA3 1,500,000.00 JPMorgan 99.63 1,494,375.00 820.31 811.28 DTD 09/30/2025 3.625% 09/30/2030
4.45 3.72
US TREASURY N/B 91282CPA3 4,975,000.00 Citigrou 99.63 4,956,343.75 (4,664.06) (4,892.50) DTD 09/30/2025 3.625% 09/30/2030
4.45 3.72
Security Type Sub-Total 222,352,000.00 222,029,773.14 4,258,774.76 1,010,222.26 2.63 3.74 Federal Agency Commercial Mortgage-Backed Security
FHMS K061 A2 3137BTUM1 2,368,262.86 Citigrou 99.04 2,345,463.60 50,098.83 (600.32) DTD 01/01/2017 3.347% 11/01/2026
0.96 4.11
FHMS K064 A2 3137BXQY1 4,000,000.00 MorganSt 99.00 3,960,068.00 186,943.00 48,229.14 DTD 05/01/2017 3.224% 03/01/2027
1.19 3.89
FHMS K065 A2 3137F1G44 2,275,000.00 Citigrou 98.95 2,251,117.05 106,129.75 28,435.65 DTD 07/01/2017 3.243% 04/01/2027
1.34 3.87
FHMS K066 A2 3137F2LJ3 3,530,000.00 CantorFi 98.74 3,485,461.99 184,360.43 53,774.12 DTD 08/01/2017 3.117% 06/01/2027
1.43 3.87
FHMS K507 A1 3137HAMR4 3,342,673.35 BOFAML 101.57 3,395,277.00 105,060.23 83,192.80 DTD 09/01/2023 4.800% 04/01/2028
2.03 3.92
FHMS K506 A1 3137HAMG8 1,856,590.36 WellsFar 101.40 1,882,645.75 53,820.71 42,076.42 DTD 09/01/2023 4.650% 05/01/2028
2.11 3.89
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Managed Account Fair Market Value & Analytics For the Month Ending October 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Federal Agency Commercial Mortgage-Backed Security
FHMS KJ46 A1 3137HAD45 2,758,584.26 JPMorgan 100.76 2,779,538.47 21,023.17 20,991.42 DTD 07/01/2023 4.777% 06/01/2028
1.56 4.12
FHMS K505 A2 3137HACX2 3,500,000.00 JPMorgan 102.01 3,570,430.50 35,472.50 51,641.81 DTD 07/01/2023 4.819% 06/01/2028
2.36 3.89
FNA 2023-M6 A2 3136BQDE6 3,341,615.00 JPMorgan 100.21 3,348,649.10 63,684.92 38,106.79 DTD 07/01/2023 4.181% 07/01/2028
2.49 4.03
FHMS KJ47 A1 3137HAMN3 1,080,362.07 JPMorgan 101.39 1,095,420.16 15,063.49 15,060.92 DTD 09/01/2023 5.272% 08/01/2028
1.45 4.11
FHMS K506 A2 3137HAMH6 3,800,000.00 WellsFar 101.63 3,861,970.40 118,183.80 95,741.96 DTD 09/01/2023 4.650% 08/01/2028
2.50 3.93
FHMS K508 A2 3137HAQ74 3,850,000.00 BMO 101.88 3,922,403.10 156,856.70 124,161.81 DTD 10/01/2023 4.740% 08/01/2028
2.53 3.93
FHMS K509 A2 3137HAST4 2,890,000.00 MorganSt 102.24 2,954,730.22 156,872.09 123,276.54 DTD 10/01/2023 4.850% 09/01/2028
2.61 3.93
FHMS K507 A2 3137HAMS2 3,800,000.00 BOFAML 102.07 3,878,477.60 123,899.00 106,732.38 DTD 09/01/2023 4.800% 09/01/2028
2.56 3.93
FHMS K510 A2 3137HB3D4 1,465,000.00 JPMorgan 102.85 1,506,805.24 46,040.55 44,500.44 DTD 11/01/2023 5.069% 10/01/2028
2.64 3.93
FHMS K511 A2 3137HB3G7 2,125,000.00 BOFAML 102.36 2,175,150.00 56,255.12 54,059.85 DTD 12/01/2023 4.860% 10/01/2028
2.67 3.92
FHMS K512 A2 3137HBCF9 1,935,000.00 JPMorgan 102.73 1,987,895.16 34,826.13 41,130.00 DTD 12/01/2023 5.000% 11/01/2028
2.69 3.93
FHMS K513 A2 3137HBFY5 2,190,000.00 BMO 102.10 2,236,005.33 24,129.42 31,461.55 DTD 01/01/2024 4.724% 12/01/2028
2.81 3.92
FHMS K514 A2 3137HBLV4 2,220,000.00 JPMorgan 101.62 2,255,941.80 13,744.02 21,051.43 DTD 02/01/2024 4.572% 12/01/2028
2.76 3.93
FHMS K518 A2 3137HC2L5 2,715,000.00 JPMorgan 104.10 2,826,241.70 45,688.02 64,863.74 DTD 03/01/2024 5.400% 01/01/2029
2.90 3.95
FHMS K517 A2 3137HC2C5 3,355,000.00 BOFAML 103.92 3,486,599.88 30,996.85 62,088.69 DTD 03/01/2024 5.355% 01/01/2029
2.91 3.97
FHMS K515 A2 3137HBPD0 3,750,000.00 WellsFar 103.92 3,897,063.75 46,038.75 77,969.00 DTD 02/01/2024 5.400% 01/01/2029
2.81 3.96
FHMS K516 A2 3137HBPM0 3,750,000.00 MorganSt 104.37 3,913,736.25 51,247.50 86,217.25 DTD 03/01/2024 5.477% 01/01/2029
2.85 3.91
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Managed Account Fair Market Value & Analytics For the Month Ending October 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Federal Agency Commercial Mortgage-Backed Security
FHMS K520 A2 3137HCKV3 2,125,000.00 BOFAML 103.52 2,199,872.25 66,246.87 68,559.69 DTD 04/01/2024 5.180% 03/01/2029
3.02 3.98
FHMS K524 A2 3137HDV56 3,245,000.00 PIER 102.22 3,316,928.67 52,001.13 56,544.45 DTD 07/01/2024 4.720% 05/01/2029
3.20 3.99
FHMS K522 A2 3137HDJJ0 3,750,818.56 MorganSt 102.40 3,840,826.95 90,019.64 90,008.39 DTD 06/01/2024 4.803% 05/01/2029
3.07 3.98
FHMS K526 A2 3137HDXL9 3,500,000.00 BMO 101.71 3,559,734.50 26,995.50 34,349.11 DTD 08/01/2024 4.543% 07/01/2029
3.35 4.00
FHMS K530 A2 3137HHJL6 3,980,000.00 JPMorgan 102.63 4,084,670.02 83,946.16 87,292.38 DTD 11/01/2024 4.792% 09/01/2029
3.47 4.00
Security Type Sub-Total 82,498,906.47 84,019,124.44 2,045,644.28 1,650,917.41 2.49 3.95 Corporate Note
BRISTOL-MYERS SQUIBB CO (CALLABLE) 110122DN5 2,230,000.00 BOFAML 99.91 2,227,883.73 16,994.83 (1,970.94) DTD 11/13/2020 0.750% 11/13/2025
0.03 4.57
BANK OF NY MELLON CORP (CALLABLE) 06406RAQ0 3,465,000.00 US_BANC 12/28/25 99.19 3,436,985.48 (28,846.12) (28,054.85) DTD 01/28/2021 0.750% 01/28/2026
0.24 4.32
MICROSOFT CORP (CALLABLE) 594918BR4 3,000,000.00 TD Secur 05/08/26 98.92 2,967,462.00 (65,688.00) (38,266.35) DTD 08/08/2016 2.400% 08/08/2026
0.75 3.78
BANK OF AMERICA NA (CALLABLE) 06428CAA2 3,750,000.00 BOFAML 07/17/26 101.10 3,791,208.75 41,508.75 41,288.47 DTD 08/18/2023 5.526% 08/18/2026
0.69 4.17
MASTERCARD INC (CALLABLE) 57636QAG9 2,560,000.00 CSFirstB 08/21/26 99.13 2,537,617.92 103,518.72 11,572.72 DTD 11/21/2016 2.950% 11/21/2026
0.98 3.76
JP MORGAN CHASE BANK NA (CALLABLE) 48125LRU8 850,000.00 Citigrou 11/08/26 101.19 860,109.90 10,883.40 10,460.59 DTD 12/08/2023 5.110% 12/08/2026
0.97 3.99
JP MORGAN CHASE BANK NA (CALLABLE) 48125LRU8 3,500,000.00 JPMorgan 11/08/26 101.19 3,541,629.00 41,629.00 41,629.00 DTD 12/08/2023 5.110% 12/08/2026
0.97 3.99
TARGET CORP (CALLABLE) 87612EBM7 365,000.00 Citigrou 12/15/26 97.80 356,977.30 (7,402.20) (7,872.34) DTD 01/24/2022 1.950% 01/15/2027
1.17 3.83
MICROSOFT CORP (CALLABLE) 594918BY9 3,000,000.00 GoldmanS 11/06/26 99.44 2,983,311.00 69,141.00 9,520.83 DTD 02/06/2017 3.300% 02/06/2027
1.13 3.73
GOLDMAN SACHS BANK USA (CALLABLE) 38151LAG5 3,000,000.00 GoldmanS 05/21/26 100.64 3,019,092.00 222.00 8,479.92 DTD 05/21/2024 5.414% 05/21/2027
0.53 4.75
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Managed Account Fair Market Value & Analytics For the Month Ending October 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Corporate Note
HOME DEPOT INC (CALLABLE) 437076BT8 3,610,000.00 TD Secur 06/14/27 98.19 3,544,557.92 138,883.92 17,196.98 DTD 09/14/2017 2.800% 09/14/2027
1.75 3.83
JPMORGAN CHASE & CO (CALLABLE) 46647PCW4 1,535,000.00 BOFAML 02/24/27 98.51 1,512,137.71 108,579.76 45,741.24 DTD 02/24/2022 2.947% 02/24/2028
1.27 4.70
KENVUE INC (CALLABLE) 49177JAF9 2,300,000.00 JPMorgan 02/22/28 102.07 2,347,607.70 (6,695.30) (119.95) DTD 10/17/2023 5.050% 03/22/2028
2.17 4.13
WALMART INC (CALLABLE) 931142FB4 1,220,000.00 Barclays 03/15/28 100.42 1,225,124.00 7,844.60 6,485.07 DTD 04/18/2023 3.900% 04/15/2028
2.28 3.72
APPLE INC (CALLABLE) 037833ET3 5,200,000.00 HSBC 04/10/28 100.52 5,226,884.00 10,504.00 18,712.60 DTD 05/10/2023 4.000% 05/10/2028
2.29 3.79
JOHN DEERE CAPITAL CORP 24422EXB0 495,000.00 SBSC 102.68 508,260.56 6,528.56 9,621.54 DTD 07/14/2023 4.950% 07/14/2028
2.48 3.90
JOHN DEERE CAPITAL CORP 24422EXB0 895,000.00 TD Secur 102.68 918,976.16 15,285.71 19,268.03 DTD 07/14/2023 4.950% 07/14/2028
2.48 3.90
JOHN DEERE CAPITAL CORP 24422EXB0 1,165,000.00 Citigrou 102.68 1,196,209.19 32,945.04 32,147.51 DTD 07/14/2023 4.950% 07/14/2028
2.48 3.90
PACCAR FINANCIAL CORP 69371RS64 1,130,000.00 TD Secur 102.80 1,161,618.53 38,703.63 35,574.94 DTD 08/10/2023 4.950% 08/10/2028
2.55 3.87
NATIONAL RURAL UTIL COOP (CALLABLE) 63743HFZ0 1,550,000.00 MUFG 07/25/28 100.21 1,553,278.25 5,014.25 4,912.84 DTD 08/25/2025 4.150% 08/25/2028
2.57 4.06
TOYOTA MOTOR CREDIT CORP 89236TLB9 2,800,000.00 BOFAML 103.52 2,898,560.00 103,432.00 101,496.65 DTD 09/11/2023 5.250% 09/11/2028
2.63 3.94
CITIBANK NA (CALLABLE) 17325FBB3 5,650,000.00 Citigrou 08/29/28 104.83 5,923,041.90 273,041.90 273,041.90 DTD 09/29/2023 5.803% 09/29/2028
2.60 4.02
BANK OF AMERICA CORP (CALLABLE) 06051GMK2 2,060,000.00 Citigrou 01/24/28 101.78 2,096,715.38 13,890.58 18,372.26 DTD 01/24/2025 4.979% 01/24/2029
2.08 4.42
STATE STREET CORP (CALLABLE) 857477CN1 1,900,000.00 HSBC 02/20/28 100.94 1,917,899.90 17,899.90 17,899.90 DTD 08/20/2024 4.530% 02/20/2029
2.15 4.45
BLACKROCK FUNDING INC (CALLABLE) 09290DAA9 365,000.00 Citigrou 02/14/29 102.22 373,089.50 8,750.15 8,550.36 DTD 03/14/2024 4.700% 03/14/2029
3.04 3.99
ADOBE INC (CALLABLE) 00724PAF6 1,295,000.00 TD Secur 03/04/29 102.56 1,328,124.81 31,415.41 31,917.95 DTD 04/04/2024 4.800% 04/04/2029
3.08 3.97
ADOBE INC (CALLABLE) 00724PAF6 1,580,000.00 BOFAML 03/04/29 102.56 1,620,414.82 42,769.02 42,086.65 DTD 04/04/2024 4.800% 04/04/2029
3.08 3.97
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Managed Account Fair Market Value & Analytics For the Month Ending October 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Corporate Note
BANK OF NEW YORK MELLON (CALLABLE) 06405LAH4 2,700,000.00 JPMorgan 04/20/28 101.62 2,743,783.20 16,567.20 20,786.62 DTD 04/22/2025 4.729% 04/20/2029
2.31 4.41
PEPSICO INC (CALLABLE) 713448FX1 1,935,000.00 Citigrou 06/17/29 102.04 1,974,566.88 42,566.13 41,849.06 DTD 07/17/2024 4.500% 07/17/2029
3.31 3.90
ELI LILLY & CO (CALLABLE) 532457CQ9 660,000.00 MorganSt 07/14/29 100.78 665,172.42 6,617.82 6,292.16 DTD 08/14/2024 4.200% 08/14/2029
3.40 3.97
ELI LILLY & CO (CALLABLE) 532457CQ9 2,290,000.00 JPMorgan 07/14/29 100.78 2,307,946.73 14,603.33 15,349.63 DTD 08/14/2024 4.200% 08/14/2029
3.40 3.97
PEPSICO INC (CALLABLE) 713448GB8 730,000.00 MorganSt 01/07/30 102.23 746,314.77 17,541.17 17,377.17 DTD 02/07/2025 4.600% 02/07/2030
3.78 4.03
WALMART INC (CALLABLE) 931142FN8 1,140,000.00 BOFAML 03/28/30 101.47 1,156,728.36 18,700.56 18,518.45 DTD 04/28/2025 4.350% 04/28/2030
4.02 3.97
WALMART INC (CALLABLE) 931142FN8 3,500,000.00 KEYB 03/28/30 101.47 3,551,359.00 19,894.00 22,800.83 DTD 04/28/2025 4.350% 04/28/2030
4.02 3.97
APPLE INC (CALLABLE) 037833DU1 1,834,000.00 JPMorgan 02/11/30 90.55 1,660,771.36 29,208.28 16,711.21 DTD 05/11/2020 1.650% 05/11/2030
4.24 3.94
APPLE INC (CALLABLE) 037833DU1 4,890,000.00 SUSQ 02/11/30 90.55 4,428,119.94 78,318.24 44,970.00 DTD 05/11/2020 1.650% 05/11/2030
4.24 3.94
Security Type Sub-Total 80,149,000.00 80,309,540.07 1,274,771.24 934,348.65 2.14 4.05 Certificate of Deposit
COOPERAT RABOBANK UA/NY 21684LGS5 3,500,000.00 RABO UA 101.14 3,539,893.00 39,893.00 39,893.00 DTD 07/20/2023 5.080% 07/17/2026
0.69 3.41
Security Type Sub-Total 3,500,000.00 3,539,893.00 39,893.00 39,893.00 0.69 3.41 Bank Note
WELLS FARGO BANK NA (CALLABLE) 94988J6D4 5,635,000.00 WellsFar 07/07/26 100.99 5,690,572.37 68,927.32 59,017.20 DTD 08/09/2023 5.450% 08/07/2026
0.66 4.06
MORGAN STANLEY BANK NA (CALLABLE) 61690U8B9 1,360,000.00 MorganSt 05/26/27 102.01 1,387,387.68 27,387.68 27,387.68 DTD 05/30/2024 5.504% 05/26/2028
1.46 4.55
MORGAN STANLEY BANK NA (CALLABLE) 61690U8B9 2,640,000.00 MorganSt 05/26/27 102.01 2,693,164.32 47,593.92 50,338.76 DTD 05/30/2024 5.504% 05/26/2028
1.46 4.55
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Managed Account Fair Market Value & Analytics For the Month Ending October 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Security Type Sub-Total 9,635,000.00 9,771,124.37 143,908.92 136,743.64 1.00 4.26 Asset-Backed Security
CCCIT 2023-A1 A1 17305EGW9 835,000.00 Citigrou 100.10 835,837.51 942.22 894.97 DTD 12/11/2023 5.230% 12/08/2027
0.10 3.89
KCOT 2023-2A A3 500945AC4 790,043.14 JPMorgan 100.75 795,991.38 6,147.80 6,046.91 DTD 07/26/2023 5.280% 01/18/2028
0.62 4.13
BAAT 2023-1A A3 06428AAC2 821,604.23 BOFAML 100.68 827,191.14 5,618.04 5,602.61 DTD 07/31/2023 5.530% 02/15/2028
0.55 4.30
HAROT 2023-3 A3 43815QAC1 1,398,597.83 BOFAML 100.74 1,408,940.46 10,631.02 10,490.22 DTD 08/22/2023 5.410% 02/18/2028
0.58 4.15
TAOT 2023-C A3 89231FAD2 508,050.41 BNPPSA 100.58 510,974.24 3,038.75 2,984.36 DTD 08/15/2023 5.160% 04/17/2028
0.59 4.19
USAOT 2023-A A3 90291VAC4 1,601,294.40 JPMorgan 100.58 1,610,508.25 9,494.07 9,372.70 DTD 09/15/2023 5.580% 05/15/2028
0.48 4.38
BAAT 2023-2A A3 06054YAC1 2,225,169.93 BOFAML 100.98 2,247,067.83 21,938.17 21,919.52 DTD 11/21/2023 5.740% 06/15/2028
0.62 4.18
TAOT 2023-D A3 89239FAD4 714,756.79 JPMorgan 101.07 722,401.11 7,721.38 7,690.40 DTD 11/14/2023 5.540% 08/15/2028
0.76 4.16
FITAT 2023-1 A3 31680EAD3 1,683,660.06 JPMorgan 100.83 1,697,597.39 14,041.72 13,995.82 DTD 08/23/2023 5.530% 08/15/2028
0.64 4.26
CHAIT 2023-A1 A 161571HT4 3,020,000.00 JPMorgan 101.01 3,050,547.30 31,384.44 31,054.14 DTD 09/15/2023 5.160% 09/15/2028
0.84 4.01
AMXCA 2023-3 A 02582JKD1 3,090,000.00 Citigrou 101.07 3,123,109.35 33,247.47 33,191.59 DTD 09/19/2023 5.230% 09/15/2028
0.84 3.98
HART 2023-C A3 44918CAD4 1,013,560.60 BNPPSA 100.97 1,023,408.36 9,981.03 9,930.54 DTD 11/13/2023 5.540% 10/16/2028
0.72 4.24
BACCT 2023-A2 A2 05522RDH8 1,365,000.00 BOFAML 101.02 1,378,913.45 14,096.77 14,028.71 DTD 12/14/2023 4.980% 11/15/2028
0.99 3.98
GMCAR 2024-1 A3 36268GAD7 343,723.32 Barclays 100.53 345,537.84 1,883.64 1,860.35 DTD 01/17/2024 4.850% 12/18/2028
0.76 4.16
CHAIT 2024-A1 A 161571HV9 3,390,000.00 JPMorgan 100.83 3,417,974.28 28,490.58 28,317.17 DTD 01/31/2024 4.600% 01/15/2029
1.15 3.91
KCOT 2025-1A A3 50117FAC5 1,550,000.00 JPMorgan 101.31 1,570,253.85 20,307.01 20,295.10 DTD 02/19/2025 4.670% 06/15/2029
1.93 4.04
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Managed Account Fair Market Value & Analytics For the Month Ending October 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Asset-Backed Security
HART 2025-A A3 44935CAD3 2,525,000.00 Barclays 100.61 2,540,445.43 15,817.87 15,766.21 DTD 03/12/2025 4.320% 10/15/2029
1.60 3.97
HART 2025-B A3 44935XAD7 960,000.00 JPMorgan 100.88 968,470.08 8,556.77 8,549.73 DTD 06/11/2025 4.360% 12/17/2029
1.87 3.93
USAOT 2025-A A3 90327HAC3 960,000.00 JPMorgan 99.99 959,912.64 (3.07) (7.04) DTD 10/09/2025 3.950% 12/17/2029
1.93 3.99
HAROT 2025-3 A3 43813QAD1 2,355,000.00 Barclays 100.22 2,360,140.97 5,190.19 5,187.43 DTD 08/12/2025 4.040% 02/21/2030
2.07 3.97
ALLYA 2025-1 A3 02008KAC7 860,000.00 Barclays 99.94 859,470.24 (406.95) (409.11) DTD 10/16/2025 3.960% 03/15/2030
1.95 4.03
TAOT 2025-C A3 89238VAD0 1,635,000.00 RBC Capi 100.50 1,643,191.35 8,363.68 8,354.66 DTD 07/30/2025 4.110% 03/15/2030
2.11 3.91
HART 2025-C A3 44935JAD8 2,040,000.00 Citigrou 99.91 2,038,237.44 (1,429.63) (1,445.87) DTD 09/17/2025 3.880% 04/15/2030
2.12 3.96
GMCAR 2025-2 A3 362549AD9 680,000.00 TD Secur 100.63 684,255.44 4,355.54 4,346.36 DTD 05/14/2025 4.280% 04/16/2030
1.82 3.97
BACCT 2025-A1 A 05522RDK1 1,830,000.00 BOFAML 101.14 1,850,904.09 20,911.04 20,904.09 DTD 06/12/2025 4.310% 05/15/2030
2.36 3.87
TAOT 2025-D A3 89231GAD0 2,575,000.00 JPMorgan 99.78 2,569,347.88 (5,356.00) (5,357.79) DTD 10/23/2025 3.840% 06/17/2030
2.23 3.97
CCCIT 2025-A1 A 17305EHA6 3,990,000.00 Citigrou 101.01 4,030,318.95 41,401.44 41,332.41 DTD 06/26/2025 4.300% 06/21/2030
2.44 3.90
CHAOT 2025-1A A3 16145NAC5 1,135,000.00 JPMorgan 100.66 1,142,497.81 7,608.70 7,602.90 DTD 07/30/2025 4.290% 06/25/2030
2.13 4.02
COPAR 2025-1 A3 14043YAD7 965,000.00 JPMorgan 100.08 965,777.40 981.79 981.79 DTD 11/05/2025 3.850%
07/15/2030
2.33 3.95
AMXCA 2025-4 A 02582JKV1 2,265,000.00 Barclays 101.18 2,291,627.34 26,953.73 26,935.59 DTD 07/22/2025 4.300% 07/15/2030
2.51 3.88
CHAIT 2025-A1 A 161571HZ0 3,190,000.00 JPMorgan 100.79 3,215,191.43 25,255.55 25,245.88 DTD 07/25/2025 4.160% 07/15/2030
2.51 3.89
COMET 2025-A1 A 14041NGF2 2,565,000.00 WellsFar 99.87 2,561,539.82 (2,973.86) (2,993.14) DTD 09/16/2025 3.820% 09/16/2030
2.66 3.91
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Managed Account Fair Market Value & Analytics For the Month Ending October 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Asset-Backed Security
CHAOT 2025-2A A3 16144MAD6 1,585,000.00 JPMorgan 99.71 1,580,413.01 (4,524.22) (4,529.59) DTD 10/29/2025 3.860% 10/25/2030
2.20 4.06
Security Type Sub-Total 56,465,460.73 56,827,995.06 369,666.68 368,139.62 1.63 4.00 Managed Account Sub-Total 454,600,367.20 456,497,450.08 8,132,658.88 4,140,264.58 2.34 3.87 Total Investments $459,454,579.29
$2,957,129.21
$456,497,450.08
Accrued Interest
Securities Sub-Total $454,600,367.20 $8,132,658.88 $4,140,264.58 2.34 3.87% Bolded items are forward settling trades.
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Managed Account Security Transactions & Interest For the Month Ending October 31, 2025 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
BUY
10/02/25 US TREASURY N/B
DTD 09/30/2025 3.625% 09/30/2030
10/01/25 91282CPA3 4,975,000.00 (4,961,007.81) (990.90) (4,961,998.71) 10/09/25 USAOT 2025-A A3
DTD 10/09/2025 3.950% 12/17/2029
10/02/25 90327HAC3 960,000.00 (959,915.71) 0.00 (959,915.71) 10/16/25 ALLYA 2025-1 A3
DTD 10/16/2025 3.960% 03/15/2030
10/07/25 02008KAC7 860,000.00 (859,877.19) 0.00 (859,877.19) 10/23/25 TAOT 2025-D A3
DTD 10/23/2025 3.840% 06/17/2030
10/15/25 89231GAD0 2,575,000.00 (2,574,703.88) 0.00 (2,574,703.88) 10/29/25 CHAOT 2025-2A A3
DTD 10/29/2025 3.860% 10/25/2030
10/17/25 16144MAD6 1,585,000.00 (1,584,937.23) 0.00 (1,584,937.23) 11/05/25 COPAR 2025-1 A3
DTD 11/05/2025 3.850%
07/15/2030
10/28/25 14043YAD7 965,000.00 (964,795.61) 0.00 (964,795.61) 10/31/25 US TREASURY N/B
DTD 09/30/2025 3.625% 09/30/2030
10/30/25 91282CPA3 1,500,000.00 (1,493,554.69) (4,630.84) (1,498,185.53) Transaction Type Sub-Total 13,420,000.00 (13,398,792.12) (5,621.74) (13,404,413.86)
INTEREST
10/01/25 MONEY MARKET FUND
DTD 01/01/2010 0.000% --
10/01/25 MONEY0002 0.00 5,897.91 5,897.91
10/25/25 FHMS K516 A2
DTD 03/01/2024 5.477% 01/01/2029
10/01/25 3137HBPM0 0.00 17,115.63 17,115.63
10/25/25 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
10/01/25 3137HAQ74 0.00 15,207.50 15,207.50
10/25/25 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
10/01/25 3137HBLV4 0.00 8,458.20 8,458.20
10/25/25 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
10/01/25 3137HAD45 0.00 10,995.80 10,995.80
10/25/25 FHMS K065 A2
DTD 07/01/2017 3.243% 04/01/2027
10/01/25 3137F1G44 0.00 6,148.19 6,148.19
10/25/25 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
10/01/25 3137BTUM1 0.00 6,612.75 6,612.75
10/25/25 FHMS K524 A2
DTD 07/01/2024 4.720% 05/01/2029
10/01/25 3137HDV56 0.00 12,763.67 12,763.67
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Managed Account Security Transactions & Interest For the Month Ending October 31, 2025 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
INTEREST
10/25/25 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
10/01/25 3137HACX2 0.00 14,055.42 14,055.42
10/25/25 FHMS K064 A2
DTD 05/01/2017 3.224% 03/01/2027
10/01/25 3137BXQY1 0.00 10,746.67 10,746.67
10/25/25 FNA 2023-M6 A2
DTD 07/01/2023 4.181% 07/01/2028
10/01/25 3136BQDE6 0.00 11,645.41 11,645.41
10/25/25 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
10/01/25 3137HAMH6 0.00 14,725.00 14,725.00
10/25/25 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
10/01/25 3137HB3D4 0.00 6,188.40 6,188.40
10/25/25 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
10/01/25 3137HAMN3 0.00 28,132.39 28,132.39
10/25/25 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
10/01/25 3137HAMR4 0.00 13,470.42 13,470.42
10/25/25 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
10/01/25 3137HB3G7 0.00 8,606.25 8,606.25
10/25/25 FHMS K517 A2
DTD 03/01/2024 5.355% 01/01/2029
10/01/25 3137HC2C5 0.00 14,971.69 14,971.69
10/25/25 FHMS K530 A2
DTD 11/01/2024 4.792% 09/01/2029
10/01/25 3137HHJL6 0.00 15,893.47 15,893.47
10/25/25 FHMS K515 A2
DTD 02/01/2024 5.400% 01/01/2029
10/01/25 3137HBPD0 0.00 16,875.00 16,875.00
10/25/25 FHMS K066 A2
DTD 08/01/2017 3.117% 06/01/2027
10/01/25 3137F2LJ3 0.00 9,169.18 9,169.18
10/25/25 FHMS K512 A2
DTD 12/01/2023 5.000% 11/01/2028
10/01/25 3137HBCF9 0.00 8,062.50 8,062.50
10/25/25 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
10/01/25 3137HAMS2 0.00 15,200.00 15,200.00
10/25/25 FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
10/01/25 3137HAST4 0.00 11,680.42 11,680.42
10/25/25 FHMS K513 A2
DTD 01/01/2024 4.724% 12/01/2028
10/01/25 3137HBFY5 0.00 8,621.30 8,621.30
10/25/25 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
10/01/25 3137HDJJ0 0.00 15,014.43 15,014.43
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Managed Account Security Transactions & Interest For the Month Ending October 31, 2025 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
INTEREST
10/25/25 FHMS K518 A2
DTD 03/01/2024 5.400% 01/01/2029
10/01/25 3137HC2L5 0.00 12,217.50 12,217.50
10/25/25 FHMS K526 A2
DTD 08/01/2024 4.543% 07/01/2029
10/01/25 3137HDXL9 0.00 13,250.42 13,250.42
10/25/25 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
10/01/25 3137HAMG8 0.00 7,203.66 7,203.66
10/25/25 FHMS K520 A2
DTD 04/01/2024 5.180% 03/01/2029
10/01/25 3137HCKV3 0.00 9,172.92 9,172.92
10/04/25 ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
10/04/25 00724PAF6 0.00 69,000.00 69,000.00
10/15/25 CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
10/15/25 161571HT4 0.00 12,986.00 12,986.00
10/15/25 HART 2025-B A3
DTD 06/11/2025 4.360% 12/17/2029
10/15/25 44935XAD7 0.00 3,488.00 3,488.00
10/15/25 USAOT 2023-A A3
DTD 09/15/2023 5.580% 05/15/2028
10/15/25 90291VAC4 0.00 8,242.02 8,242.02
10/15/25 HART 2025-A A3
DTD 03/12/2025 4.320% 10/15/2029
10/15/25 44935CAD3 0.00 9,090.00 9,090.00
10/15/25 BAAT 2023-1A A3
DTD 07/31/2023 5.530% 02/15/2028
10/15/25 06428AAC2 0.00 4,147.95 4,147.95
10/15/25 TAOT 2023-C A3
DTD 08/15/2023 5.160% 04/17/2028
10/15/25 89231FAD2 0.00 2,358.73 2,358.73
10/15/25 BACCT 2023-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
10/15/25 05522RDH8 0.00 5,664.75 5,664.75
10/15/25 AMXCA 2025-4 A
DTD 07/22/2025 4.300% 07/15/2030
10/15/25 02582JKV1 0.00 8,116.25 8,116.25
10/15/25 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
10/15/25 31680EAD3 0.00 8,379.63 8,379.63
10/15/25 CHAIT 2024-A1 A
DTD 01/31/2024 4.600% 01/15/2029
10/15/25 161571HV9 0.00 12,995.00 12,995.00
10/15/25 TAOT 2025-C A3
DTD 07/30/2025 4.110% 03/15/2030
10/15/25 89238VAD0 0.00 5,599.88 5,599.88
10/15/25 CHAIT 2025-A1 A
DTD 07/25/2025 4.160% 07/15/2030
10/15/25 161571HZ0 0.00 11,058.67 11,058.67
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Managed Account Security Transactions & Interest For the Month Ending October 31, 2025 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
INTEREST
10/15/25 HART 2023-C A3
DTD 11/13/2023 5.540% 10/16/2028
10/15/25 44918CAD4 0.00 4,992.42 4,992.42
10/15/25 WALMART INC (CALLABLE)
DTD 04/18/2023 3.900% 04/15/2028
10/15/25 931142FB4 0.00 23,790.00 23,790.00
10/15/25 KCOT 2025-1A A3
DTD 02/19/2025 4.670% 06/15/2029
10/15/25 50117FAC5 0.00 6,032.08 6,032.08
10/15/25 HART 2025-C A3
DTD 09/17/2025 3.880% 04/15/2030
10/15/25 44935JAD8 0.00 6,156.27 6,156.27
10/15/25 KCOT 2023-2A A3
DTD 07/26/2023 5.280% 01/18/2028
10/15/25 500945AC4 0.00 3,727.35 3,727.35
10/15/25 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
10/15/25 02582JKD1 0.00 13,467.25 13,467.25
10/15/25 BACCT 2025-A1 A
DTD 06/12/2025 4.310% 05/15/2030
10/15/25 05522RDK1 0.00 6,572.75 6,572.75
10/15/25 BAAT 2023-2A A3
DTD 11/21/2023 5.740% 06/15/2028
10/15/25 06054YAC1 0.00 11,479.90 11,479.90
10/15/25 TAOT 2023-D A3
DTD 11/14/2023 5.540% 08/15/2028
10/15/25 89239FAD4 0.00 3,509.71 3,509.71
10/16/25 GMCAR 2024-1 A3
DTD 01/17/2024 4.850% 12/18/2028
10/16/25 36268GAD7 0.00 1,475.21 1,475.21
10/16/25 GMCAR 2025-2 A3
DTD 05/14/2025 4.280% 04/16/2030
10/16/25 362549AD9 0.00 2,425.33 2,425.33
10/18/25 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
10/18/25 43815QAC1 0.00 6,863.37 6,863.37
10/20/25 BANK OF NEW YORK MELLON
(CALLABLE)
DTD 04/22/2025 4.729% 04/20/2029
10/20/25 06405LAH4 0.00 63,132.15 63,132.15
10/21/25 HAROT 2025-3 A3
DTD 08/12/2025 4.040% 02/21/2030
10/21/25 43813QAD1 0.00 7,928.50 7,928.50
10/25/25 CHAOT 2025-1A A3
DTD 07/30/2025 4.290% 06/25/2030
10/25/25 16145NAC5 0.00 4,057.63 4,057.63
10/28/25 WALMART INC (CALLABLE)
DTD 04/28/2025 4.350% 04/28/2030
10/28/25 931142FN8 0.00 100,920.00 100,920.00
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Managed Account Security Transactions & Interest For the Month Ending October 31, 2025 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
INTEREST
10/31/25 US TREASURY N/B
DTD 05/01/2023 3.500% 04/30/2028
10/31/25 91282CHA2 0.00 22,137.50 22,137.50
10/31/25 US TREASURY N/B
DTD 04/30/2020 0.500% 04/30/2027
10/31/25 912828ZN3 0.00 16,200.00 16,200.00
10/31/25 US TREASURY N/B
DTD 04/30/2024 4.625% 04/30/2029
10/31/25 91282CKP5 0.00 222,462.50 222,462.50
10/31/25 US TREASURY N/B
DTD 10/31/2024 4.125% 10/31/2029
10/31/25 91282CLR0 0.00 100,031.25 100,031.25
10/31/25 US TREASURY N/B
DTD 10/31/2022 4.125% 10/31/2027
10/31/25 91282CFU0 0.00 84,046.88 84,046.88
10/31/25 US TREASURY N/B
DTD 11/02/2020 0.500% 10/31/2027
10/31/25 91282CAU5 0.00 21,937.50 21,937.50
Transaction Type Sub-Total 0.00 1,242,574.53 1,242,574.53
PAYDOWNS
10/25/25 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
10/01/25 3137HAMG8 2,419.33 2,419.33 0.00 2,419.33 36.18 21.51 10/25/25 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
10/01/25 3137HAMR4 24,930.86 24,930.86 0.00 24,930.86 391.24 235.25 10/25/25 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
10/01/25 3137BTUM1 2,605.75 2,605.75 0.00 2,605.75 80.21 26.33 10/25/25 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
10/01/25 3137HAD45 3,601.03 3,601.03 0.00 3,601.03 0.09 0.05 10/25/25 FNA 2023-M6 A2
DTD 07/01/2023 4.181% 07/01/2028
10/01/25 3136BQDE6 380.31 380.31 0.00 380.31 6.45 3.64
10/25/25 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
10/01/25 3137HAMN3 403,151.34 403,151.34 0.00 403,151.34 2.02 1.09 10/25/25 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
10/01/25 3137HDJJ0 445.52 445.52 0.00 445.52 0.00 0.00
10/15/25 TAOT 2023-C A3
DTD 08/15/2023 5.160% 04/17/2028
10/15/25 89231FAD2 40,492.08 40,492.08 0.00 40,492.08 9.16 4.92 10/15/25 HART 2023-C A3
DTD 11/13/2023 5.540% 10/16/2028
10/15/25 44918CAD4 67,831.13 67,831.13 0.00 67,831.13 8.92 5.62 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 30 U.S. Bancorp Asset Management, Inc.
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Managed Account Security Transactions & Interest For the Month Ending October 31, 2025 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
PAYDOWNS
10/15/25 BAAT 2023-2A A3
DTD 11/21/2023 5.740% 06/15/2028
10/15/25 06054YAC1 174,809.01 174,809.00 0.00 174,809.00 3.15 1.71 10/15/25 KCOT 2023-2A A3
DTD 07/26/2023 5.280% 01/18/2028
10/15/25 500945AC4 57,082.72 57,082.72 0.00 57,082.72 14.42 7.28 10/15/25 USAOT 2023-A A3
DTD 09/15/2023 5.580% 05/15/2028
10/15/25 90291VAC4 171,183.02 171,183.02 0.00 171,183.02 29.96 17.26 10/15/25 BAAT 2023-1A A3
DTD 07/31/2023 5.530% 02/15/2028
10/15/25 06428AAC2 78,494.33 78,494.33 0.00 78,494.33 2.97 1.53 10/15/25 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
10/15/25 31680EAD3 134,704.56 134,704.55 0.00 134,704.55 8.34 4.74 10/15/25 TAOT 2023-D A3
DTD 11/14/2023 5.540% 08/15/2028
10/15/25 89239FAD4 45,468.52 45,468.52 0.00 45,468.52 4.91 2.98 10/16/25 GMCAR 2024-1 A3
DTD 01/17/2024 4.850% 12/18/2028
10/16/25 36268GAD7 21,276.68 21,276.68 0.00 21,276.68 4.28 2.88 10/18/25 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
10/18/25 43815QAC1 123,776.08 123,776.10 0.00 123,776.10 25.54 13.28 Transaction Type Sub-Total 1,352,652.27 1,352,652.27 0.00 1,352,652.27 627.84 350.07 SELL
10/02/25 US TREASURY N/B
DTD 06/01/2021 0.750% 05/31/2026
10/01/25 91282CCF6 1,405,000.00 1,377,284.18 3,570.08 1,380,854.26 (19,702.93) (26,643.58) FIFO 10/02/25 US TREASURY N/B
DTD 06/01/2021 0.750% 05/31/2026
10/01/25 91282CCF6 1,095,000.00 1,073,399.41 2,782.38 1,076,181.79 64,160.15 (7,958.12) FIFO 10/06/25 US TREASURY N/B
DTD 05/01/2023 3.500% 04/30/2028
10/02/25 91282CHA2 960,000.00 958,987.50 14,517.39 973,504.89 (5,400.00) (3,267.62) FIFO 10/10/25 US TREASURY N/B
DTD 05/01/2023 3.500% 04/30/2028
10/09/25 91282CHA2 575,000.00 573,629.88 8,914.06 582,543.94 (3,998.05) (2,715.08) FIFO 10/20/25 US TREASURY N/B
DTD 03/31/2023 3.625% 03/31/2028
10/16/25 91282CGT2 2,675,000.00 2,684,090.82 5,327.95 2,689,418.77 11,912.11 10,494.39 FIFO 10/20/25 US TREASURY N/B
DTD 03/31/2021 1.250% 03/31/2028
10/17/25 91282CBS9 1,675,000.00 1,589,156.25 1,150.41 1,590,306.66 81,721.68 (2,154.75) FIFO Transaction Type Sub-Total 8,385,000.00 8,256,548.04 36,262.27 8,292,810.31 128,692.96 (32,244.76) PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 31 U.S. Bancorp Asset Management, Inc.
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Managed Account Security Transactions & Interest For the Month Ending October 31, 2025 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
Managed Account Sub-Total (3,789,591.81) 1,273,215.06 (2,516,376.75) 129,320.80 (31,894.69) Total Security Transactions ($3,789,591.81) $1,273,215.06 ($2,516,376.75) $129,320.80 ($31,894.69) Bolded items are forward settling trades.
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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
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% 3/31/2025 4.09% 44,039,271.43 4.47% 408,339,752.77 4.00% 32,869,009.39 4.65% 4/30/2025 4.09% 44,200,320.85 4.45% 409,488,391.09 4.01% 32,900,814.33 4.65% 5/31/2025 4.11% 79,438,306.43 4.42% 410,441,768.77 4.04% 32,935,133.33 4.31% 6/30/2025 4.14% 79,725,922.37 4.40% 412,622,161.85 4.08% 32,944,543.05 4.31% 7/31/2025 4.14% 59,964,300.41 4.41% 413,979,818.20 4.10% 33,186,228.57 4.08% 8/31/2025 4.15% 60,188,576.00 4.40% 415,507,339.76 4.12% 33,191,772.31 4.08% 9/30/2025 4.20% 50,385,416.20 4.36% 415,105,801.40 4.20% 33,383,909.00 3.97% 10/31/2025 4.20% 50,567,728.74 4.26% 418,980,906.24 4.21% 33,376,279.26 3.97% 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. #6..
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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, 2026
Expected
Earnings to
June 30, 2026
Main Portfolio
Federal Agency CMBS
FHLMC 2,368,263 11/1/2026 4.110% 1 101,896 4.29% 67,374 FHLMC 4,000,000 3/1/2027 3.890% 1 263,021 4.94% 130,969 FHLMC 2,275,000 4/1/2027 3.870% 1 159,019 4.93% 74,434
FHLMC 3,530,000 6/1/2027 3.870% 2 277,665 4.97% 116,254 FHLMC 3,342,673 4/1/2028 3.920% 2 419,779 5.19% 115,047 FHLMC 1,856,590 5/1/2028 3.890% 3 232,512 5.01% 61,630
FHLMC 3,500,000 6/1/2028 3.890% 3 415,743 4.59% 106,578 FHLMC 2,758,584 6/1/2028 4.120% 3 340,852 4.78% 87,379
FNMA 3,341,615 7/1/2028 4.030% 3 408,019 4.58% 101,376
FHLMC 3,800,000 8/1/2028 3.930% 3 521,780 4.99% 125,643 FHLMC 1,080,362 8/1/2028 4.110% 3 156,826 5.27% 37,763
FHLMC 3,850,000 8/1/2028 3.930% 3 556,716 5.25% 134,055 FHLMC 3,800,000 9/1/2028 3.930% 3 547,345 5.07% 127,855 FHLMC 2,890,000 9/1/2028 3.930% 3 459,729 5.60% 107,388 FHLMC 1,465,000 10/1/2028 3.930% 3 219,715 5.14% 49,879 FHLMC 2,125,000 10/1/2028 3.920% 3 305,716 4.93% 69,403 FHLMC 1,935,000 11/1/2028 3.930% 3 278,416 4.79% 61,419 FHLMC 2,190,000 12/1/2028 3.920% 3 304,189 4.50% 65,318 FHLMC 2,220,000 12/1/2028 3.930% 3 297,827 4.34% 63,952 FHLMC 3,750,000 1/1/2029 3.960% 3 569,474 4.79% 119,009 FHLMC 3,750,000 1/1/2029 3.910% 3 569,748 4.79% 119,066 FHLMC 3,355,000 1/1/2029 3.970% 3 496,727 4.67% 103,807 FHLMC 2,715,000 1/1/2029 3.950% 3 416,115 4.83% 86,960
FHLMC 2,125,000 3/1/2029 3.980% 3 360,293 5.09% 71,644
FHLMC 3,750,819 5/1/2029 3.980% 4 630,778 4.80% 119,443 FHLMC 3,245,000 5/1/2029 3.990% 4 519,957 4.58% 98,458
FHLMC 3,500,000 7/1/2029 4.000% 4 556,345 4.33% 100,549 FHLMC 3,980,000 9/1/2029 4.000% 4 713,374 4.67% 123,224 U.S. Treasury
U.S. Treasury 11,085,000 5/15/2026 3.969% 1 246,707 4.03% 295,955 U.S. Treasury 3,520,000 5/31/2026 4.179% 1 56,448 2.86% 66,645 U.S. Treasury 4,800,000 5/31/2026 4.179% 1 83,426 3.06% 97,331 U.S. Treasury 10,995,000 7/15/2026 4.116% 1 316,318 4.09% 297,855 U.S. Treasury 4,640,000 8/31/2026 3.842% 1 106,279 2.75% 84,604 U.S. Treasury 11,207,000 9/15/2026 3.715% 1 361,764 3.69% 274,442 U.S. Treasury 4,310,000 9/30/2026 3.639% 1 109,164 2.77% 79,095 U.S. Treasury 4,545,000 11/15/2026 3.740% 1 142,370 3.01% 90,667 U.S. Treasury 9,220,000 2/15/2027 3.680% 1 340,099 2.85% 174,373 U.S. Treasury 6,480,000 4/30/2027 3.650% 1 282,853 2.92% 125,367 U.S. Treasury 5,545,000 6/30/2027 3.630% 2 275,951 2.99% 110,017 U.S. Treasury 1,200,000 8/15/2027 3.630% 2 70,921 3.30% 26,283 U.S. Treasury 2,985,000 8/15/2027 3.630% 2 181,580 3.40% 67,293 U.S. Treasury 805,000 9/30/2027 3.620% 2 65,874 4.27% 22,806 U.S. Treasury 8,775,000 10/31/2027 3.610% 2 686,398 3.91% 227,546 U.S. Treasury 915,000 10/31/2027 3.610% 2 69,725 3.81% 23,114 U.S. Treasury 3,160,000 10/31/2027 3.610% 2 229,302 3.63% 76,015 U.S. Treasury 4,250,000 12/31/2027 3.610% 2 348,029 3.78% 106,477 U.S. Treasury 115,000 1/31/2028 3.610% 2 9,484 3.66% 2,792 U.S. Treasury 595,000 1/31/2028 3.600% 2 47,131 3.52% 13,876 U.S. Treasury 1,245,000 2/29/2028 3.600% 2 123,346 4.25% 35,076 U.S. Treasury 880,000 3/31/2028 3.610% 2 74,246 3.49% 20,371 U.S. Treasury 1,265,000 4/30/2028 3.610% 2 107,450 3.40% 28,512 U.S. Treasury 3,450,000 3/31/2029 3.640% 3 515,622 4.37% 100,064 U.S. Treasury 5,190,000 4/30/2029 3.650% 3 830,306 4.57% 157,348 U.S. Treasury 4,430,000 4/30/2029 3.650% 3 596,631 3.85% 113,066 U.S. Treasury 2,920,000 6/30/2029 3.660% 4 473,941 4.43% 85,720 U.S. Treasury 2,105,000 7/31/2029 3.670% 4 303,617 3.85% 53,671 U.S. Treasury 7,550,000 8/31/2029 3.670% 4 1,036,468 3.58% 179,161 U.S. Treasury 8,695,000 9/30/2029 3.670% 4 1,213,680 3.56% 205,392 U.S. Treasury 4,850,000 10/31/2029 3.680% 4 811,475 4.18% 134,413 U.S. Treasury 6,315,000 11/30/2029 3.680% 4 1,053,677 4.08% 171,019 U.S. Treasury 12,365,000 12/31/2029 3.690% 4 2,281,597 4.43% 362,777 U.S. Treasury 3,470,000 1/31/2030 3.690% 4 639,789 4.33% 99,697 U.S. Treasury 5,215,000 1/31/2030 3.690% 4 882,890 3.98% 137,579 U.S. Treasury 8,565,000 2/28/2030 3.690% 4 1,468,726 3.96% 224,815 U.S. Treasury 10,775,000 3/31/2030 3.700% 4 1,850,568 3.89% 277,815 U.S. Treasury 5,400,000 5/31/2030 3.710% 5 990,495 4.00% 143,275 U.S. Treasury 1,805,000 6/30/2030 3.710% 5 320,723 3.81% 45,575 U.S. Treasury 3,780,000 7/31/2030 3.710% 5 715,556 3.98% 99,864 U.S. Treasury 16,460,000 8/31/2030 3.720% 5 2,978,894 3.74% 408,438 U.S. Treasury 4,975,000 9/30/2030 3.720% 5 902,089 3.69% 121,619 U.S. Treasury 1,500,000 9/30/2030 3.720% 5 274,480 3.72% 37,005 Earnings to
Maturity
October 31, 2025
#6..
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, 2026
Expected
Earnings to
June 30, 2026
Earnings to
Maturity
October 31, 2025
Negotiable CD
Rabobank Nederland 3,500,000 7/17/2026 3.410% 1 126,165 5.08% 117,884 Corporate Note
Bristol-Myers Squibb Co 2,230,000 11/13/2025 4.570% 0 755 3.44% 50,886 The Bank Of New York Mellon Corporation 3,465,000 1/28/2026 4.323% 0 6,294 2.52% 57,877 Wells Fargo & Company 5,635,000 8/7/2026 4.060% 1 239,354 5.54% 206,871 Microsoft Corp 3,000,000 8/8/2026 3.780% 1 49,386 2.14% 42,532 Bank Of America Co 3,750,000 8/18/2026 4.170% 1 165,299 5.53% 137,465 Mastercard Inc 2,560,000 11/21/2026 3.760% 1 117,193 4.33% 73,473 JPMorgan Chase & Co 3,500,000 12/8/2026 3.990% 1 197,470 5.11% 118,580 JPMorgan Chase & Co 850,000 12/8/2026 3.990% 1 48,320 5.15% 29,016 Target Corp 365,000 1/15/2027 3.830% 1 8,759 1.99% 4,806 Microsoft Corp 3,000,000 2/6/2027 3.730% 1 154,384 4.06% 80,693 Goldman Sachs Group Inc 3,000,000 5/21/2027 4.750% 2 236,681 5.08% 101,017 Home Depot Inc 3,610,000 9/14/2027 3.830% 2 280,872 4.16% 99,518 JPMorgan Chase & Co 1,535,000 2/24/2028 4.700% 2 182,535 5.13% 52,214 Kenvue Inc. 2,300,000 3/22/2028 4.130% 2 226,832 4.12% 62,879 Wal-Mart Stores Inc 1,220,000 4/15/2028 3.720% 2 118,423 3.95% 31,949 Apple Inc 5,200,000 5/10/2028 3.790% 3 516,153 3.93% 135,476 Morgan Stanley 1,360,000 5/26/2028 4.550% 3 192,366 5.50% 49,629 Morgan Stanley 2,640,000 5/26/2028 4.550% 3 369,670 5.45% 95,373 Deere & Company 1,165,000 7/14/2028 3.900% 3 157,010 4.98% 38,497 Deere & Company 495,000 7/14/2028 3.900% 3 62,135 4.64% 15,235 Deere & Company 895,000 7/14/2028 3.900% 3 114,450 4.73% 28,062 Paccar Financial Corp 1,130,000 8/10/2028 3.870% 3 159,909 5.09% 38,164 National Rural Utilities Co Finance Corp 1,550,000 8/25/2028 4.060% 3 183,096 4.19% 43,060 Toyota Motor Corp 2,800,000 9/11/2028 3.940% 3 424,475 5.29% 98,206 Citigroup Inc 5,650,000 9/29/2028 4.020% 3 955,762 5.80% 217,382 Bank Of America Co 2,060,000 1/24/2029 4.420% 3 310,366 4.66% 63,597 State Street Corporation 1,900,000 2/20/2029 4.450% 3 284,856 4.53% 57,066 Blackrock Inc. 365,000 3/14/2029 3.990% 3 58,314 4.74% 11,473 Adobe 1,580,000 4/4/2029 3.970% 3 261,770 4.83% 50,638
Adobe 1,295,000 4/4/2029 3.970% 3 211,711 4.77% 40,954
The Bank Of New York Mellon Corporation 2,700,000 4/20/2029 4.410% 3 416,844 4.45% 79,618 Pepsico Inc 1,935,000 7/17/2029 3.900% 4 325,758 4.53% 58,180 Eli Lilly & Co 660,000 8/14/2029 3.970% 4 106,258 4.25% 18,593 Eli Lilly & Co 2,290,000 8/14/2029 3.970% 4 361,593 4.17% 63,272 Pepsico Inc 730,000 2/7/2030 4.030% 4 144,706 4.64% 22,448 Wal-Mart Stores Inc 1,140,000 4/28/2030 3.970% 4 224,808 4.39% 33,173 Wal-Mart Stores Inc 3,500,000 4/28/2030 3.970% 4 652,394 4.15% 96,268 Apple Inc 1,834,000 5/11/2030 3.940% 5 347,505 4.18% 50,875 Apple Inc 4,890,000 5/11/2030 3.940% 5 927,040 4.19% 135,719 Asset-Backed Securities
Citigroup Inc 835,000 12/8/2027 3.890% 2 91,951 5.23% 28,974 Kubota Credit Owners Trust 790,043 1/18/2028 4.130% 2 92,567 5.29% 27,690 Bank of America Auto Trust 821,604 2/15/2028 4.300% 2 104,207 5.53% 30,129 Honda Auto Receivables 1,398,598 2/18/2028 4.150% 2 174,299 5.42% 50,215 Toyota Motor Corp 508,050 4/17/2028 4.190% 2 64,636 5.17% 17,399 USAA Owners Trust 1,601,294 5/15/2028 4.380% 3 227,101 5.58% 59,286 Bank of America Auto Trust 2,225,170 6/15/2028 4.180% 3 335,257 5.74% 84,689 Fifth Third Auto Trust 1,683,660 8/15/2028 4.260% 3 259,998 5.53% 61,746 Toyota Motor Corp 714,757 8/15/2028 4.160% 3 110,598 5.54% 26,266 American Express Co 3,090,000 9/15/2028 3.980% 3 464,986 5.23% 107,168 Chase Issurance 3,020,000 9/15/2028 4.010% 3 448,831 5.17% 103,445 Hyundai Auto Receivables 1,013,561 10/16/2028 4.240% 3 166,390 5.54% 37,249 Bank Of America Co 1,365,000 11/15/2028 3.980% 3 207,035 4.98% 45,097 Gm Financial Securitized Term 343,723 12/18/2028 4.160% 3 52,298 4.85% 11,063 Chase Issurance 3,390,000 1/15/2029 3.910% 3 501,087 4.60% 103,467 Kubota Credit Owners Trust 1,550,000 6/15/2029 4.040% 4 262,421 4.67% 48,001 Hyundai Auto Receivables 2,525,000 10/15/2029 3.970% 4 432,187 4.32% 72,380 Hyundai Auto Receivables 960,000 12/17/2029 3.930% 4 173,012 4.36% 27,764 USAA Owners Trust 960,000 12/17/2029 3.990% 4 156,754 3.95% 25,155 Honda Auto Receivables 2,355,000 2/21/2030 3.970% 4 410,324 4.04% 63,087 Ally Auto Receivables Trust 860,000 3/15/2030 4.030% 4 149,045 3.96% 22,600 Toyota Motor Corp 1,635,000 3/15/2030 3.910% 4 294,011 4.11% 44,581 Hyundai Auto Receivables 2,040,000 4/15/2030 3.960% 4 353,177 3.88% 52,532 Gm Financial Securitized Term 680,000 4/16/2030 3.970% 4 129,912 4.28% 19,311 Bank Of America Co 1,830,000 5/15/2030 3.870% 5 358,062 4.31% 52,294 Toyota Motor Corp 2,575,000 6/17/2030 3.970% 5 458,150 3.84% 65,605 Citigroup Inc 3,990,000 6/21/2030 3.900% 5 797,421 4.31% 113,917 Chase Auto Owner Trust 1,135,000 6/25/2030 4.020% 5 226,632 4.29% 32,300 American Express Co 2,265,000 7/15/2030 3.880% 5 458,765 4.30% 64,622 Capital One Prime Auto Receivables 965,000 7/15/2030 3.950% 5 175,089 3.85% 24,663 Chase Issurance 3,190,000 7/15/2030 3.890% 5 624,678 4.16% 87,993 Capital One Financial Corp 2,565,000 9/16/2030 3.910% 5 478,591 3.82% 65,030 Chase Auto Owner Trust 1,585,000 10/25/2030 4.060% 5 305,130 3.86% 40,572 Overnight Investments 50,567,729 Varies Varies 3.47% 1,163,333 Totals (Main Portfolio) 505,168,096 55,047,943 4.13% 13,838,948 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. #6..
Attachment 5
Issue Name / Type Trustee Bank Investment Total Amount
Instl Res Tre and Agny Cash Adv6541 $209,683.72
Financial Guaranty Insurance Pol $1.00
CAMP $2,255,446.70
Total $2,465,131.42
Instl Res Tre and Agny Cash Adv6541 $283,299.64
Letter of Credit $1.00
CAMP $5,579,691.22
Total $5,862,991.86
2018 Wastewater Refunding Bank of New York Fidelity Inv MM Trsy Only $988,675.83 Instl Res Tre and Agny Cash Adv6541 $6,646,554.46
Cash $6,632.16
Total $6,653,186.62
Fairview Village Refunding US Bank First American Treasury Obligation Fund $200,462.19 Blackrock Federal Fund Instl 30 $3,506.66
CAMP $3,194,543.75
Total $3,198,050.41
Other Post Employment Benefits Section 115
Trust PARS HighMark Plus Moderate $2,063,823.23
Pension Section 115 Trust PARS HighMark Plus Moderately Conservative $3,293,222.54 Athens Administrators (Third Party Administrator
- Worker's Compensation) Wells Fargo Bank $277,762.19
George Hills Company - General Liability Claims
Administration Services California Bank & Trust $63,204.71 Kemper Sports Management Inc. BMO Harris Bank Business Money Market $26,294.23 Stanislaus Community Foundation Modesto Commerce Bank Charles Schwab $875,371.53 Village One #2 Refunding Bank of New York
Cash with Fiscal Agent Investments
As of October 31, 2025
2008 Water Refunding COP Bank of New York
2008 Lease Revenue Bonds Bank of New York
2020 Wastewater Refunding Bank of New York
#6..
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
February 10, 2026
Date: November 17, 2025
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: DeAnna Christensen, Director of Finance
SUBJECT: Fiscal Year 2024-2025 Audited Financial Statements CONTACT: Maria Garnica, Accounting Manager, [email protected], 209-577-5249 DESCRIPTION:
Consider accepting the Audited Financial Statements and various Audit Reports for Fiscal Year 2024-2025, audited by external auditor Vasquez & Company, LLP. for the City’s Annual Comprehensive Financial Report (ACFR), thirteen (13) Community Facilities Districts (CFDs), Measure H, Single Audit, and various Joint Powers Agencies. (Funding Source: Not Applicable) STRATEGIC PLAN ELEMENT:
This item supports the City of Modesto 2025-2026 Strategic Plan focus of Governance and Service Delivery under Goal H: Achieve Financial Sustainability.
BACKGROUND:
Annual Comprehensive Financial Report and Other Annual Financial Reports The Modesto City Charter requires an annual audit, which shall be presented to the Council, as follows:
SECTION 1306. INDEPENDENT AUDIT.
The Council shall employ, at the beginning of each fiscal year, an independent certified public accountant who, at such time or times as may be specified by the Council, at least annually, shall examine the books, records, inventories, and reports of all officers and employees who receive, handle or disburse public funds and all such other officers and employees and departments as the Council may direct.
As soon as practicable after the end of the fiscal year, a final audit and report shall be submitted by such accountant to the Council, one (1) copy thereof to be distributed to each member, one (1) to the City Auditor, one (1) to the City Manager and one (1) to the City Attorney respectively, and three (3) additional copies to be placed on file in the office of the City Clerk, where they shall be available for inspection by the general public.
#7..
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City Council, February 10, 2026
Fiscal Year 2024-2025 Audited Financial Statements