Napa City Council
February 15, 2022

Mid
-Year Financial Report
As of December
31, 2021

Introd
uction

This Mid-
Year Financial Report provides an analysis of the City’s General Fund and Proprietary Fund revenues and expenditures for the first half of the 2021/22 fiscal year.

Management’s Overview

The Ci
ty’s budget for fiscal year 2021/22 was adopted by the City Council on June 15, 2021. The purpose of the mid-year financial report is to provide regular updates to the Council regarding revenue and expenditure trends to ensure the City Council has a strong understanding of the City’s current financial condition. The numbers in this report are based on the FY 2021/22 revenues and expenditures through December 31, 2021. A discussion of the significant budget items is presented below.

FY 2021/22 General Fund Budget

The FY
2021/22 budget as originally adopted in June 2021 estimated revenues of $101.3 million to fund expenditures of $99.7 million. Budget adjustments in the first half of the fiscal year have updated revenues to $102.4 million, and expenditures to $101.9 million.

Sales Tax and Transient Occupancy Tax have shown strong recovery in the first half of the fiscal year, and budget increases are recommended. With operating revenues recovering, the City can find alternate uses for the $7.4 million of American Rescue Plan Act dollars that were initially budgeted to balance the General Fund. Departments have requested additional funding to meet their current needs, and projected revenues can support these requests.

ATTACHMENT 2

FY 20
21/22
Budget
(as
of 12/31/2021)
FY 20
21/22
YTD Actual
(as
of
12/31/2021)
% t
o date
(Budget to
Actual)
FY 20
20/21
YTD Actual
(as
of
12/31/2020)
FY 20/21
Annual
Totals % to
date
Proposed
Mid-Y
ear
Adjustments
Op
erating Revenues
Pro
perty Tax 39.86 20.65 52% 20.14 38.85 52% - Sales Tax 18.52 7.18 39% 6.41 18.81 34% 1.70 Transient Occupancy Tax 16.12 12.28 76% 4.23 11.72 36% 8.00 Business License Tax 3.48 1.59 46% 1.22 3.29 37% - Other Taxes 2.38 0.54 23% 0.54 2.71 20% - Licenses and Permits 2.00 1.32 66% 1.13 2.49 45% - Charges for Services 5.37 1.68 31% 3.05 4.87 63% 0.03 Intergovernmental 1.60 1.38 86% 0.46 2.13 22% - Investment Earnings 0.22 (0.10) -44% (0.53) (0.14) 382% - Miscellaneous / Other Revenues 0.14 0.17 119% 0.07 0.14 49% - Transfers In 3.01 1.51 50% 3.50 3.44 102% - To
tal Operating Revenues 92.68 48.19 52% 40.22 88.32 46% 9.73

No
n-Operating Revenues
American Rescue Plan Act 7.38 - 0% - - n/
a (7.38)
Prior Year Property Tax Correction -
- n/a - 1.47 0% -

Excess ERAF Above Baseline 2.
30 2.30 100
% -

1.50 0% -

Transfers In From Other Funds -
- n/a 1.23 1.23 100% -

To
tal Non-Operating Revenues 9.
68 2.30 24% 1.2
3 4.20
29% (7.38)
To
tal Revenues 102
.36 50.49 49% 41.46 92.52 45% 2.35 Op
erating Expenditures
City Cou
ncil / City Clerk 1.47 0.69 47% 0.61 1.22 50% - City Manager 1.55 0.68 44% 0.58 1.25 47% - Finance 7.61 3.37 44% 3.26 6.69 49% 0.32 City Attorney 1.33 0.57 43% 0.49 1.00 49% - Human Resources 1.70 0.77 46% 0.54 1.17 46% - Community Development 5.69 1.99 35% 1.87 4.68 40% 0.10 General Government 7.97 1.72 22% 2.65 7.26 37% 0.25 In
cluded in General Government:

Tran
sfer to CIP Facilities Reserve 1.92 - 0% 0.89 1.86 48% 0.04 Transfer to CIP General Reserve 0.96 - 0% 0.89 0.93 95% 0.02 Transfer to General Fund Reserves 0.39 - 0% 0.19 Police Departm
ent 33.08 16.65 50% 15.26 30.07 51% 0.02 Fire Department 22.37 11.75 53% 11.04 21.61 51% 1.22 Public Works 11.56 4.97 43% 5.70 11.34 50% - Parks & Recreation 7.61 3.51 46% 3.04 6.26 49% 0.25 To
tal Operating Expenditures 101.93 46.68 46% 45.05 92.55 49% 2.15

Pro
jected Net Position 0.43
Gener
al Fund Summary (in millions)
ATTACHMENT 2

Major Reve
nues

Property Tax

FY 2021/22
Property Tax revenues are currently budgeted at $37.2 million. The City’s major source of property tax revenue to the General Fund is residential property (80.5%), followed by commercial property (14.7%) and industrial property (3.2%). Year-to-date property tax revenue is on track with the five-year historical trend, and we currently project that FY 2021/22 property tax revenue will match or exceed the budgeted amount. The real estate market has thrived during the pandemic, with the increase in remote work leading to workers leaving urban centers to purchase homes in other locations.

Sales Tax

Sales Tax
revenues for FY 2021/22 are currently budgeted at $18.5 million. Sales tax is received in monthly advances from the California Department of Tax and Fee Administration (CDTFA) based on prior year actual revenues received, and lag two (2) months behind. Currently, our sales tax consultants, HdL Companies, anticipate that the City will receive revenue of $20.2 million. A revenue budget increase of $1.7 million is requested on this report.

For July-September 2021 sales tax revenues were 22.3% higher than the same quarter in 2020. The largest increases were in Restaurants and Hotels, with a

91.8% increase, and Fuel and Service Stations, with a 54.3% increase. Sales tax revenues for the quarter also exceeded the same quarter in 2019 by 12.3%, with large increases in State and County Pool revenue (36.3%) and Restaurants and Hotels (21.5%).

Changes in consumer spending behaviors led to large increases in our State and County Pool sales tax revenue as compared to prior to the pandemic. This increase was caused by consumers switching from in-store to online purchases.

-

5.00 10.00

15.00 20.00

25.00 30.00

35.00 40.00

45.00 Property
Tax Sales Tax Transient
Occupancy Tax
Other Revenues
Oper
ating Revenues: Budget to Actual
(in millions)
FY 2021/22 Budge
t
(as of 12/31/2021)
FY 2021/22 YTD Actual
(as of
12/31/2021)
Expecte
d Actual based on 5-year
Trend
ATTACHMENT 2

Transien
t Occupancy Tax

Transien
t Occupancy Tax (TOT) revenue was the hardest hit by the COVID-19 pandemic. The adopted budget for FY 2021/22 is $16.1 million, much lower than the $22.7 million received in FY 2018/19. TOT revenue has rebounded in the current fiscal year, with July through October receipts exceeding FY 2018/19 receipts for each month. Collections for TOT lag in a similar fashion to Sales Tax, and the $12.28 million received as of December 31 roughly corresponds to July- October receipts. Current projections estimate that actual TOT revenue for the current fiscal year will be approximately $20.3 million, and a revenue budget increase of $8.0 million is recommended.

There were 28 hotels, 21 bed and breakfast establishments, 40 non-hosted and 38 hosted vacation rentals generating transient occupancy tax revenue within the City as of December 31.

Other Revenues

Business
License Tax is trending slightly higher than budgeted, and may end the year above budget.

Other Taxes are in line with the City’s 5-year trends.

Licenses and Permits revenues are trending higher than the 5-year average trend.

Charges for Services are in line with the City’s 5-year trends. An increase of $25,000 is requested for Parks and Recreation’s Camps revenue; the recommended expenditure budget increase allows the program to be expanded and to collect additional revenue.

Intergovernmental revenues are high compared to the 5-year trend; the timing of these revenues can vary from year-to-year based on when the other governments disburse funds to the City, and the amount of CalOES reimbursement revenue the Fire Department receives.

Investment Earnings are currently at -44% of budget, due to the reversal of FY 2020/21 mark-to-market adjustments. Interest rates are currently very low, and we will work with our investment firm to try to maximize our returns.

Miscellaneous Revenues include Rents and Royalties, as well as Contributions/Donations from Private Sources. This category is currently at 119% of the annual budget, due to higher than anticipated park rentals.

Non-Operating Revenues include the federal American Rescue Plan Act (ARPA) funding, as well as the $2.3 million of additional Excess ERAF budgeted to the General Fund in FY 2021/22 to balance the budget. Given the projected increases in Sales Tax and TOT, it is recommended that the ARPA funds be removed from the General Fund. A spending plan for these dollars will be brought to Council in ATTACHMENT 2

the
spring for initial approval, with final appropriations included in the FY 2022/23 budget.

Expenditures

As of
December 31, 2021, most departments were operating within 50% of their approved budgets. The Fire Department is currently at 53% of their budget, due to high overtime costs related to staffing shortages.

The following table provides the expenditure budget and actual spent to date for each department through December 31, 2021:

Departments require additional funding for this fiscal year to meet needs.

Requests included in this report for the General Fund are:
 Finance Department
o $100,000 for City-wide Communications costs
o $215,000 for Tyler Munis support costs
o $0 for the reclass of a vacant Management Analyst I/II position to a Systems Analyst to better meet operational needs
 Community Development Department
o $100,000 transfer into the CDD Planning/Building Technology Reserve
 Police Department
o $20,000 for fuel costs, as gasoline and diesel prices have been higher than budgeted
 Fire Department
o $1,200,000 for overtime, as COVID-related staffing shortages and staff out on disability has caused high overtime costs for the year o $21,000 for fuel costs, as gasoline and diesel prices have been higher than budgeted
 Parks & Recreation Department
o $98,000 for camps and special events
Ex
penditures by Department
Budget

12 /31/2021
$ in millions
Actual
12 /31/2021
$ in millions %
City Cou
ncil / City Clerk 1.47 0.69 47% City Manager 1.55 0.68 44% Finance 7.61 3.37 44%
City Attorney 1.33 0.57 43% Human Resources 1.70 0.77 46% Community Development 5.69 1.99 35% General Government 7.97 1.72 22% Police Department 33.08 16.65 50% Fire Department 22.37 11.75 53% Public Works 11.56 4.97 43%
Parks & Recreation 7.61 3.51 46% To
tal Expenditures 101.93 46.68 46%
ATTACHMENT 2

o $150,000 for Parks
and Urban Forestry operating costs, including
fuel
 General Government
o $38,100 for the CIP Facilities Reserve due to budget increases o $19,000 for the CIP General Reserve due to budget increases o $190,700 for General Fund Reserves due to budget increases

Non-Recurring General Fund

Publi
c Works is requesting $150,000 of budget in the Non-Recurring General Fund to
develop updated neighborhood traffic management and traffic calming guideli
nes in parallel with efforts to develop the City’s Local Roadway Safety Plan. This
work effort directly supports the City Council’s Priority for Traffic Safety
/Traffic Calming and will include neighborhood engagement through approxi
mately 15 community workshops and communication plan development focused on
informing the community about traffic safety improvement projects and programs
and how to actively engage/participate in the efforts.

FY 20
21/22
Budget
(as
of 12/31/2021)
FY 20
21/22
YTD Actual
(as
of
12/31/2021)
% t
o date
(Budget to
Actual)
FY 20
20/21
YTD Actual
(as
of
12/31/2020)
FY 20/21
Annual
Totals % to
date
Proposed
Mid-Y
ear
Adjustments
Beginning Fund Balance 6.07 6.07
No
n-Recurring Revenues
Pro
perty Tax (Excess ERAF) 0.60 0.40 66% 2.81 1.31 214% - Sales Tax - 0.03 0% - - 0% - Licenses and Permits 0.40 0.12 29% 0.05 0.13 42% - Charges for Services 0.60 1.00 167% 0.48 0.33 146% - Intergovernmental 2.16 0.29 13% 1.29 2.47 52% - Investment Earnings 0.11 0.06 0% (0.11) (0.00) 6318% - Miscellaneous / Other Revenues 0.03 0.02 0% 0.10 0.13 0% - Transfers In - - n/a 0.88 1.21 73% - To
tal Non-Recurring Revenues 3.89 1.92 49% 5.51 5.57 99% - Non-Recurring Expenditures
Salaries & Wages 0
.16 0.28 172% 0.10 0.18 58% - Benefits 0.03 0.08 n/a 0.04 0.08 52% - Services 4.78 0.55 12% 1.46 3.13 47% 0.15 Materials and Supplies 0.33 0.05 14% 0.52 0.71 74% - Capital Outlay 1.34 0.23 17% - 0.08 0% - Transfers Out 1.62 1.31 81% 1.28 1.33 96% - To
tal Non-Recurring Expenditures 8.27 2.50 30% 3.41 5.50 62% 0.15 Net Impa
ct of Non Recurring (4.38) (0.59)
Projected Ending Fund Balance 1.69 5.49
No
n-Recurring General Fund Summary (in millions)
ATTACHMENT 2

General Fun
d Reserves

In accor
dance with the City’s Fiscal Policy, the City maintains an Operating Reserve of 5%, an Emergency Reserve of 14% and a Contingency Reserve of 1% of the annual General Fund Operating Budget. The CIP Facilities Reserve receives a transfer equal to 2% of the General Fund Operating Budget, and the CIP General Fund Reserve a transfer of 1% of the General Fund Operating Budget.

Proprietary Fun
ds

In ad
dition to the General Fund, the Mid-Year Financial Report also provides a snapshot of the City’s Proprietary Funds. Proprietary funds are those funds in which the City charges a fee to customers to recover the cost of providing the service. These funds are made up of Enterprise Funds and Internal Service Funds.

Both types of funds are presented separately below, along with summary information for each of the individual funds within each category.

Enterprise Funds

Enterpr
ise Funds are those funds that provide goods or services to the public for a fee that makes the entity self-supporting. Napa’s Enterprise Funds include: Solid Waste & Recycling and Water. A listing of these funds and summary of the activity from July through December follows below:

Solid Waste & Recycling Fund

The Solid
Waste & Recycling (SWR) Fund is responsible for the collection, processing, public education and long-term planning related to solid waste materials generated in the City of Napa. Beyond the safe and cost-effective handling of solid waste materials, the fund’s primary mission is to maximize the diversion of solid waste materials from landfill disposal in order to meet or exceed State mandates. A summary of the SWR Fund activity through December 31, 2021 is provided below:

FY
2021/22
Beginning
Balance
Planned
Usage
Budgeted
Transfers In
FY 2021/22
Ending
Balance
Emergency Reserve 15.40 - 0.22 15.61 Operating Reserve 4.66 - 0.15 4.81 Contingency Reserve 0.93 - 0.08 1.01 CIP Facilities Reserve 4.05 (4.53) 1.92 1.44 CIP General Fund Projects Reserve 9.45 (6.83) 0.96 3.59 Total Reserves 34.49 (11.36) 3.33 26.46 Reserves
(i
n millions)
ATTACHMENT 2

Overall
operating revenues are better than expected. Refuse collection charges are ahead of the adopted budget given that they at 49% prior to the collection service rate increase (6%) that went into effect on January 1, 2022 and will impact the final six months of the current fiscal year. Revenue from Gate Fees is tracking with projected amounts. Materials sales revenue is significantly higher than adopted budget (11%, $0.87 million) for the first half of FY 2021/22. Operating expenditures are tracking low for the first half of FY 2021/22 but this will change in the last half of the current fiscal year to align with adopted budget. This is due to a pending contract amendment with NRWS as well as one-time annual contractual expenses and pre-set contractual inflation increases that became effective as of 1/1/2022. The budgets above include carryforwards from FY 2020/21.

FY
2021/22
Amended
Budget
(as o
f 12/31/2021)
FY
2021/22
YTD Ac
tual
(a
s of
12/31/2021)
% t
o date
(Budget to
Actual)
FY
2020/21
Actuals
(as o
f
12/31/2020)
FY
2020/21
An
nual
Totals
% as
of
12/31/2020
Pro
posed
Mid-Year
Adjustments
Ope
rating Revenues
Refuse Collection Charges 28.10 13.87 49% 12.60 25.97 49% - MDF Gate Fees 5.06 2.38 47% 2.20 4.45 49% - Material Sales 8.23 4.99 61% 3.96 8.73 45% - Other Revenues 0.17 0.10 59% 0.01 0.15 6% - Total Operating Revenues 41.56 21.34 51% 18.76 39.30 48% - Operating Expenditures
Salaries and Benefits 1.39 0.65 47% 0.61 1.26 48% - Contractor Service 25.83 10.16 39% 9.90 21.50 46% - Transfer Station Disposal Fees 3.44 1.31 38% 1.35 3.02 45% - MDF Facility Materials 4.30 1.17 27% 1.53 3.47 44% - Other Materials, Supplies & Services 3.57 1.08 30% 0.92 2.30 40% - Administrative Support & Transfers 0.64 0.32 50% 0.21 0.41 50% - Total Operating Expenditures 39.17 14.69 38% 14.52 31.97 45% - Operating Surplus / (Deficit) 2.38 6.65 Non-Recurring Revenues - - n/a - - n/a - Non-Recurring Expenditures 1.00 0.22 22% 0.04 0.08 48% - Capital Expenditures 0.54 - 0% 0.17 0.20 85% - Transfer to Street Resurfacing 1.11 0.56 50% - - n/a - Debt Service Expenditures 0.87 0.72 82% 0.71 0.31 232% - Total Surplus / (Deficit) (1.14) 5.16
So
lid Waste & Recycling Fund
SW
R Fund Balances 7/1/2021 Additions Uses 12/31/2021
Available Fund Balance 4,645,727 - - 4,645,727 Operating Reserve 3,571,579 - - 3,571,579 Rate Stabilization Reserve - - - - Liability Reserve 350,000 - - 350,000 Total 8,567,306 - - 8,567,306 ATTACHMENT 2

Wat
er Fund

The W
ater Fund is responsible for the operation, maintenance and improvement of the municipal water system serving the City and adjacent areas. The Fund’s mission is to provide an uninterrupted supply of high quality and low-cost water to the community for consumption, sanitary needs, irrigation, and fire protection. The Water Fund’s Administration, Engineering, Treatment, and Distribution sections accomplish this mission by delivering over 13,200 acre-feet (4.3 billion gallons) of water meeting State and Federal drinking water regulations, investing in capital improvements, planning for long-term water supply needs, responding to emergency repairs, and maintaining a proactive water conservation program. A summary of the Water Fund activity through December 31, 2021 is provided below:

Revenue is tracking similar to last year at 45% of budget. Operating expenditures are tracking low at 33% of budget, largely driven by staff vacancies including 11 out of 65 total positions vacant suppressing salaries and benefits below budget.

As is typical for Mid-Year, Services, Materials and Supplies are tracking similar to last year since expenditure patterns do not follow the calendar year. A budget FY 2021/
22 Am
ended
Budget
(a
s of
12/31/2021)
FY 202
1/22
YTD Actual
(as
of
12/31/2021)
% t
o date
(Budget to
Actual)
FY
2020/21
Actuals
(as
of
12/31/2020)
FY 202
0/21
Annual
Totals
% a
s of
12/31/2020
Pro
posed
Mid-Year
Adjustments
Op
erating Revenues
Charges for Services 35.71 15.93 45% 18.01 38.80 46% - Other Revenues 0.65 0.55 85% (0.32) 0.14 -234% - Total Operating Revenues 36.36 16.48 45% 17.69 38.94 45% - Operating Expenditures
Salaries and Benefits 11.13 4.45 40% 4.33 8.50 51% - Services, Materials and Supplies 14.98 3.99 27% 4.00 12.97 31% 1.00 Administrative Support 1.84 0.92 50% 0.85 1.70 50% - Total Operating Expenditures 27.95 9.35 33% 9.17 23.16 40% 1.00 Operating Surplus / (Deficit) 8.41 7.12 8.52 15.78 Capital and Non-Recurring Revenues 1.43 0.88 62% 1.59 2.43 65% - Capital and Non-Recurring Expenditures 23.66 0.78 3% 2.02 2.34 86% - 2014 Earthquake Revenues (FEMA/CalOES) 1.17 (0.54) -46% - 1.13 0% - 2014 Earthquake Expenditures 1.64 0.00 0% 0.25 0.26 97% - 2017 Fire Revenues (FEMA/CalOES) 0.88 (0.85) -97% - 0.76 0% - 2017 Fire Expenditures 2.23 0.18 8% 0.37 2.97 13% - Payment for ERP Update - - n/a - 0.88 0% - Debt Service Expenditures 3.42 0.64 19% 0.69 1.36 51% - Water Interfund Transfer Revenue 5.53 0.53 10% 0.00 1.56 0% - Water Interfund Transfer Expenditures 5.53 0.53 10% 0.00 1.56 0% - Total Surplus / (Deficit) (19.06) 5.03
Water
Fund
Wa
ter Fund Balances 7/1/2021 Additions Uses 6/30/2022
Available Fund Balance 35,600,326 - - 35,600,326 CIP Reserve 5,503,143 - - 5,503,143 Operating Reserve 6,179,375 - - 6,179,375 Rate Stabilization Reserve 2,502,400 - - 2,502,400 Capital Replacement Reserve - - - - Water Supply Reserve - - - - Emergency Reserve 2,221,750 - - 2,221,750 Total 52,006,994 - - 52,006,994 ATTACHMENT 2

increase
of $1.0 million is recommended for NBA Water Supply expenses; there is sufficient fund balance to support the additional expenditure budget.

Most capital improvement projects (CIP) are in the planning and design phase therefore actual expenditures are just 3% of budgeted costs for design and construction. Detracting from planned capital projects, staff have focused on disaster recovery projects through FEMA/OES from the 2014 South Napa Earthquake and the 2017 Napa Sonoma Fire complex. Expenditures of $1.64 million for the final Freeway Crossing under Highway 29 damaged by the Earthquake are impeded by easements and permitting clearances. The remaining $2.23 million associated with the 2017 Fires will complete the rebuild of two pump stations burned in the Silverado Area. Construction will be complete in Q4. Disaster recovery projects are expected to be reimbursed 93.75% of actual costs incurred at a rate of 75% from FEMA and 18.75% from the California Governor’s Office of Emergency Services (OES).

Available fund balance of $35.6 million is primarily dedicated to current and future capital improvement projects.

ATTACHMENT 2

Internal Servi
ce Funds

Intern
al Service Funds are used to account for the financing of goods and services provided by one department to other departments of the city. Napa’s Internal Service Funds include Fleet Management, Information Technology Replacement, Risk Management, Post-Employment Benefits, and Equipment Replacement.

The adjustment to the Fleet Management Fund reflects a transfer of prior year insurance revenue for a wrecked vehicle that was booked to the Damage Reimbursement Fund in error.

Inter
nal Service Funds
FY 2021/22
Budget
(as
of
12/31/2021)
FY
2021/22
YTD Actual
(as
of
12/31/2021)
% to
date
(as
of
12/31/2021)
FY 20
20/21
Actual
(as
of
12/31/2020)
% to d
ate
(as
of
12/31/2020)
Propo
sed
Mid-Year
Adjustments
Fleet Management Fund
Available Capital [1] 5.49 5.49 4.09 Revenues 4.37 2.53 58% 2.19 45% 0.05 Expenditures 4.70 1.15 24% 1.38 36% Fund Balance Addition/(Reduction) (0.34) 1.38 0.81 Projected Ending Available Balance 5.16
Fleet - Fire Apparatus Replacement Fund
Available Capital [1] 2.45 2.45 2.02 Revenues 0.43 0.23 54% (0.01) -3% Expenditures 2.49 2.43 97% 0.00 1% Fund Balance Addition/(Reduction) (2.07) (2.20) (0.01) Projected Ending Available Balance 0.38
IT Replacement
Available Capital [1] 0.15 0.15 0.12 Revenues 0.29 0.15 51% 0.07 40% Expenditures 0.29 0.05 17% 0.04 30% Fund Balance Addition/(Reduction) - 0.10 0.03 Projected Ending Available Balance 0.15
Risk Management
Available Capital [1] 1.93 1.93 1.59 Revenues 9.47 4.74 50% 3.58 47% Expenditures 9.40 4.59 49% 4.33 59% Fund Balance Addition/(Reduction) 0.07 0.15 (0.75) Projected Ending Available Balance 2.01
Post Employment Benefits (PEB)
Available Capital [1] 5.88 5.88 2.38 Revenues 1.18 0.52 44% 0.92 31% Expenditures 1.26 0.56 45% 0.73 -149% Fund Balance Addition/(Reduction) (0.08) (0.04) 0.19 Projected Ending Available Balance 5.80
Equipment Replacement
Available Capital [1] 0.59 0.59 0.49 Revenues 0.16 0.08 50% (0.00) -3% Expenditures 0.00 0.00 66% 0.00 0% Fund Balance Addition/(Reduction) 0.16 0.08 (0.00) Projected Ending Available Balance 0.75
[1
] Available Capital = Fund Balance available for Appropriation ATTACHMENT 2

What W
e Are Watching

Nationally:

The Federal Res
erve Board has continued to hold the benchmark funds rate to 0-

0.25 percent, originally set in March 2020. With inflation surging, they are expected to incr
ease rates from four to seven times during calendar year 2022. The Fed had opte
d to purchase at least $120 billion in bonds each month to further progress towards t
heir employment and price stability goals but are currently planning to begin tapering their monthly asset purchases, potentially stopping by mid-2022.

While last year the Fed was willing to allow inflation to exceed 2% in the hopes that robust growth could drive unemployment rates down, there is now concern about rising inflation and the impact on the economy. In 2021 consumer prices rose by 7%, the fastest in nearly forty years.

Nationwide, unemployment was at 3.9% for December 2021. Unemployment rates continue to be higher for Black (7.1%) and Latino (5.2%) people, as well as teenagers (10.9%) per the U.S. Bureau of Labor Statistics. These statistics only count those actively looking for work or on temporary layoff, and do not include people unable to work or who have dropped out of the workforce due to childcare issues or disability. Analysis from the Brookings Institution estimates that approximately 1.6 million people are missing from the full-time workforce due to long COVID.

GDP continued to increase in the fourth quarter of calendar 2021. The advance estimate for October-December 2021 GDP calculates an increase of 6.9%, higher than the third quarter’s increase of 2.3%. This growth has been driven primarily by increase in private inventory investment, offset by decreases in government spending and increases in imports.

As of February 2, the U.S. has experienced over 75.8 million cases of COVID-19, and over 894,000 people have died. The Omicron variant caused a surge of cases in December and January, with daily case rates far exceeding any prior point in the pandemic.

We continue to see how the pressures of the pandemic have exacerbated the country’s issues with income inequality. Low-wage workers, such as those in the retail and hospitality sectors, are more likely to lose their jobs, are less likely to be able to do their jobs from home and are more likely to be exposed to the virus at work. At the end of 2021, average wealth for the top 0.01% was $534.9 million, as compared to the average wealth for the bottom 50%, which was just $7,900.

State:

California’s
unemployment rate in December 2021 was at 6.5%, much lower than last December’s rate of 9.3%. In calendar 2021, California added 954,400 total non-farm payroll jobs. Year over year, the largest gains were seen in Leisure and ATTACHMENT 2

Hospitality as
businesses reopened and filled positions that had been vacant in August 2020.

The Le
gislative Analyst’s Office is currently projecting a 90% chance that state revenues for the current fiscal year will exceed the budget, as personal income, sales, and corporation taxes are all overperforming.

Bay Area
home prices continue to reach new heights, with the median price for a single-family home at $1.2 million in December 2021 (13.4% higher than the prior year). As of the third quarter of 2021, only 24% of California households could afford to buy a median-priced home.

Gas prices rose steeply in 2021, with the average price per gallon reaching over $4.597/gallon in December, a 46.3% increase as compared to December 2020, and a 27.3% increase as compared to December 2019. The average price has been over $4/gallon since May 2021.

Local Economic Condition:

The City
relies on the TOT and sales tax revenue generated by visitors to the area.

The pandemic significantly impacted City revenues, and FY 2020/21 TOT and sales tax revenue was only 72.6% of FY 2018/19 revenue. TOT revenue has shown strong recovery from February through November and will continue to be closely monitored. The City had previously predicted that TOT would not fully recover to pre-pandemic levels until FY 2023/24, but it now appears that TOT will recover in the current year.

In Nap
a County, the median single-family home sold price was $1,050,000 in December 2021, 24.7% higher than in December 2020. As of Q3 2021, only 23% of traditional buyers could afford to purchase a median-priced home in Napa.

Napa Count
y’s unemployment rate continues to be lower than California’s overall rate and was 4.1% for December 2021. This is a marked improvement from the

7.5% unemployment rate experienced in December 2020.

ATTACHMENT 2

Mid
-Year Appropriation Adjustments

In accorda
nce with Fiscal Policy 5.b.iii, adopted by City Council on June 15, 2021, the City Manager is authorized to increase appropriations for specific purposes, as long as the expenditure appropriations do not exceed the amount of the donation, and the adjustment is reported to the City Council as part of the next regular financial report.

Bud
get Adjustment Summary (Fund / Department /
Purp
ose) Rev
enues Exp
enditures
Fund
100 / Fire / Partner Reimbursement

23,465
.00

23,465
.00
Fund
100 / Fire / CalOES Reimbursement

1,073,43

1.00 1,073,43

1.00 Tota
l Operating General Fund

1,096,89

6.00 1,096,89

6.00 Bud
get Adjustment Summary (Fund / Department /
Purp
ose) Rev
enues Exp
enditures
Fund
101 / Parks and Recreation / Napa Lighted Art
Festival Sponsorships

25,000.00

25,000.00
Fund
101 / Parks and Recreation / Napa Lighted Art
Fund
ing from Tourism Improvement District

85,000
.00

85,000
.00
Fund
101 / Public Works / R
EAP Grant

33,783
.00

33,783
.00
Tota
l Non-Rec
urring General Fund

143,78

3.00 143,78

3.00 Bud
get Adjustment Summary (Fund / Department /
Purp
ose) Rev
enues Exp
enditures
Fund
301 / Public Works / Administrative Correction to
Adopted Budget

100,000.00

100,000.00
Tota
l Other Funds

100,00

0.00 100,00

0.00 Recommendation

Receive an
d file the Mid-Year Financial Report, and approve a resolution to update the staffing for the Information Technology division. Approve Budget Adjustment No. BE2202503 to update City funds. The Budget Adjustment will increase General Fund revenue by $2.4 million and expenditures by $2.1 million. Non- Recurring General Fund expenditures will increase by $0.15 million. Water Fund expenditures will increase by $1.0 million. There are also minor adjustments to the Damage Reimbursement Fund, the Fleet Management Fund, and the IT Fund (for the CDD Planning/Building Technology Reserve). These adjustments will update budgets to match current operating projections and needs for the fiscal year.

ATTACHMENT 2

Cit
y of Napa
Quarterly Investment Report
as of December 31, 2021

Introd
uction
This
report represents the City’s investment portfolio as of December 31, 2021. The report includes all invested City funds with the exception of bond proceeds. All investments are in compliance with the City’s adopted Statement of Investment Policy.

Investm
ent Approach
The
City’s investments are guided by an Investment Policy, which is reviewed and approved by the Council annually. The Investment Policy was last approved by the City Council in June 2021 and is provided as an appendix to this report for reference. The policy directs that investment goals—in order by priority—are safety, liquidity, and yield. This conservative approach ensures assets are available for use while also allowing the City to earn additional resources on idle funds.

The City relies on an investment advisor and the State investment pool known as the Local Agency Investment Fund (LAIF).

Current M
arket Conditions
In the
fourth calendar quarter of the year, U.S. economic conditions were characterized by: (1) a surge in COVID cases as the Omicron variant spread widely; (2) a sharply falling unemployment rate, rising wages, and near-record number of job openings; (3) stickier-than-expected inflation as pent-up consumer demand clashed with continued global supply chain disruptions amid a tight labor market and; (4) a pivot by the Fed to remove monetary accommodation more quickly, setting the stage for rate hikes to begin sooner than previously expected.

Although the economy has largely rebounded amid strong policy support from both the Federal Reserve (“the Fed”) and Congress, headwinds persist. Widespread labor shortage, supply chain bottlenecks, and the near-40-year-high inflation remain the unfortunate hallmarks of the recovery.

Mounting inflationary pressures has prompted speedier monetary policy tightening motives from the Fed. The December 2021 Federal Open Market Committee (FOMC) meeting minutes revealed that the officials believe rising inflation and the tight labor market could call for the lifting of short-term rates “sooner or at a faster pace than participants have earlier anticipated.” The winding down of the bond-purchase stimulus program is set to happen at a more accelerated pace, setting it on track to end in March. December projections indicate the Fed officials see as many as three rate hikes coming in 2022. The minutes also suggested shrinking the Fed’s $8.76 trillion asset portfolio “will be a more prominent feature of tightening than last time.”

The U.S. Treasury yield curve flattened during the quarter, as short- to intermediate-term maturities increased sharply between 30 and 45 basis points (0.30% to 0.45%), led higher by expectations for faster Fed rate hikes. Meanwhile, rate changes were more muted to modestly ATTACHMENT 2

ATTACHMENT 2

Cit
y of Napa
Quarterly Investment Report
as of December 31, 2021

low
er on the longer end of the curve, 10- and 30-year maturities, which reflected a combination of the expectations for normalization of inflation and GDP growth over the long run.

Sourc
e: Bloomberg

Portfo
lio Strategy and Performance
As
a result of yield changes over the quarter, U.S. Treasury returns were largely negative, except for the shortest and longest maturities. For example, the 3-month U.S. Treasury index returned

0.01% for the quarter and the 10-year U.S. Treasury index returned 0.75%. Meanwhile, those indexes representing the “belly” of the curve posted negative returns, with the 2-, 3-, and 5-year Treasury indices returning -0.51%, -0.85%, and -0.90%, respectively. Broad portfolio diversification was a modest detractor to portfolio performance in the quarter, as the yield spreads in most investment grade fixed income sectors increased off recent rock bottoms. As a result, most investment grade sectors, including federal agencies, corporate notes, and asset-backed securities, underperformed Treasuries during the quarter.

Both the portfolio and the benchmark returned negative total return performance for the quarter and past year, as unrealized market value losses due to rising interest rates were greater than realized earnings. Although the portfolio underperformed the benchmark during the quarter, due to widening yield spreads, it continues to outperform over the longer-term, due to the portfolio’s diversification and sector strategy. Over the past three and five years the portfolio has returned strong performance, both on an absolute basis and relative to the benchmark.

Maturity 12/31/21 9/30/21 Chang
e
3-Mo. 0.03% 0.03% 0.00%
6-Mo. 0.18% 0.05% +0.13%
1-Yr. 0.38% 0.07% +0.31%
2-Yr. 0.73% 0.28% +0.45%
3-Yr. 0.96% 0.51% +0.45%
5-Yr. 1.26% 0.96% +0.30%
10-Yr. 1.51% 1.49% +0.02%
Yield Curve
History

0.00%

0.25%

0.50%

0.75%

1.00%

1.25%

1.50%

1.75%
3 M
1 Y
2 Y
3 Y
4 Y
5 Y
10 Y
Maturity
U.S.

Treasury Yield Curve
Decem
ber 31, 2021 Se
ptember 30, 2021
Decem
ber 31, 2020
ATTACHMENT 2

ATTACHMENT 2

Cit
y of Napa
Quarterly Investment Report
as of December 31, 2021

Tota
l Return Comparison
Periods Ending December 31, 2021
Pas
t
Quarter
Pas
t
Yea
r
Pas
t
3 Years
Pas
t
5 Years
Cit
y of Napa -0.71% -0.86% 2.87% 2.28%
BofA Me
rrill Lynch 1-5 Year
Governmen
t Index -0.68% -1.09% 2.41% 1.88%

LAIF
Yield 0.05% 0.30% 1.33% 1.40%
*Return
s for periods under one year are periodic; all other returns are annualized. **Source of LAIF yield is State Treasurer’s website. Reflects quarterly apportionment rate of LAIF de-annualized and linked over the specified time periods.

Portfo
lio Information
The
City’s cash, excluding bond proceeds, is pooled for investment purposes. As of December 31, 2021, invested funds totaled $ 217,227,37
1, on a market value basis. These investments
belong to the General Fund and restricted funds such as the Developer, Special District, Water, Solid Waste, and Recycling Funds.

The City’s portfolio is well diversified by investment type and consists of U.S. Treasuries, federal agencies, federal agency commercial mortgage-backed securities (CMBS), municipals, supranationals, corporate notes, negotiable certificates of deposit, asset-backed securities, and cash instruments such as CAMP and LAIF. As noted in the following chart and on the attached investment detail report, as of December 31, 2021, approximately 78% of the City’s investment portfolio was invested in the State Local Agency Investment Fund (LAIF), the California Asset Management Program (CAMP), and high-quality U.S. Treasury and federal agency securities to maintain the focus on safety and liquidity. Approximately 15% of the portfolio is allocated to high quality credit instruments including negotiable certificates of deposit, corporate notes, and asset- backed securities, and 5% is in municipal obligations.

ATTACHMENT 2

ATTACHMENT 2

Cit
y of Napa
Quarterly Investment Report
as of December 31, 2021

The C
ity’s Investment Policy allows for a 5-year time horizon with an emphasis on liquidity. As of December 31, 2021, 26% of the City’s funds were invested in very short-term or overnight investments, 25% of the funds were invested with maturities between 91 days and 2 years, and 49% of the investment portfolio had a maturity ranging from 2 to 5 years. This distribution allows the City the necessary liquidity to meet operational and emergency cash needs while maximizing returns on funds not needed in the immediate future.

Federa
l Agencies
7%
Federal Agency
CMBS
1%
Municipals
5%
U.S. Treasuries
44%
LAIF and CAMP
26%
Certificates of
Deposit
1%
Corporate Notes
11%
Asset-Backed
Securities
3%
Supranationals
2%
Investments
by Type
December 31, 2021
26%
0% 2%
23%
49%
0%
10%
20 %
30%
40%
50%
60%
0 - 90 days 91 - 180 days 181 - 360 days 361 - 720 days 721 - 1825 days Maturit
ies in Days
December 31, 2021
ATTACHMENT 2

ATTACHMENT 2

Cit
y of Napa
Quarterly Investment Report
as of December 31, 2021

Conclusion
All
City funds are invested in accordance with the approved Investment Policy with an emphasis on safety, liquidity, and yield (in that order). The City’s investment strategy of balancing the investment portfolio between short-term investments (to meet cash flow needs) and longer-term maturities (to realize a higher rate of return) is appropriate given the current market conditions.

ATTACHMENT 2

ATTACHMENT 2

Sect
or Par Value Original Cost Market Value
U.S. Treasuries 95,815,000.00 95,926,627.39 95,532,407.60 Federal Agencies 14,405,000.00 14,466,443.98 14,447,123.40 Federal Agency CMBS 2,963,620.97 3,077,472.87 3,049,820.99 Municipals 10,625,000.00 10,856,502.80 10,782,716.00
Supra-National Agencies 4,640,000.00 4,694,273.95 4,631,286.72 Certificates of Deposit 2,725,000.00 2,725,000.00 2,745,828.85 Corporate Notes 21,904,000.00 22,724,638.81 22,634,890.72 Asset-Backed Securities 6,909,466.39 6,908,499.49 6,881,853.52 California Asset Management Trust 381,032.39 381,032.39 381,032.39 Local Agency Investment Fund 56,140,411.28 56,140,411.28 56,140,411.28 Total 216,508,531.03 217,900,902.96 217,227,371.47
Market Value Basis
Interest Earned $516,107
Change in Market Value ($1,703,339) City of Napa -0.71% -0.86% 2.28% 1.38% Total Dollar Return ($1,187,232) -0.68% -1.09% 1.88% 1.14% Accrual Basis
Interest Earned $516,107
Realized Gains / (Losses) $62,964
Change in Amortized Cost ($108,386)
Total Earnings $470,685
Port
folio values as of December 31, 2021 excluding accrued interest.

Portfolio earnings and performance excludes funds in the California Asset Management Trust and the Local Agency Investment Fund .

City of Napa
Qua
rterly Investment Report - Summary and Performance
Bof
A ML 1-5 Year U.S. Treasury/Agency Index
Total Return Performance
Current
Quarter
Since Inception
(3/31/99)1 Year 5 Year
as of December 31, 2021
Portfolio Earnings
ATTACHMENT 2

ATTACHMENT 2

Par Pur
chase Coupon Maturit y Origina
l Yiel
d to Accrued Market
CUSIP Description 1Q22 2Q22 Val
ue Settlement Date Rate Date Cost Maturity In
terest Valu
e
LAIF and CAMP
N/A California Asset Management Trust AAAm AAAm 381,032.39 12/31/2021 0.05% 1/1/2022 381,032.39 0.05% - 381,032.39 N/A Local Agency Investment Fund NR NR 56,140,411.28 12/31/2021 0.24% 1/1/2022 56,140,411.28 0.24% - 56,140,411.28 Total LAIF and CAMP 56,521,443.67 56,521,443.67 0.24% - 56,521,443.67 U.S. Treasuries
9128286G0 U.S. Treasury AA+ AA+ 1,115,000.00 8/12/2021 2.38% 2/29/2024 1,172,448.63 0.35% 8,997.77 1,152,979.69 912828R69 U.S. Treasury AA+ AA+ 2,100,000.00 4/5/2019 1.63% 5/31/2023 2,042,824.22 2.32% 3,000.00 2,131,171.98 912828N30 U.S. Treasury AA+ AA+ 4,000,000.00 1/31/2019 2.13% 12/31/2022 3,936,562.50 2.55% 234.81 4,066,875.20 912828N30 U.S. Treasury AA+ AA+ 900,000.00 10/21/2020 2.13% 12/31/2022 938,777.34 0.16% 52.83 915,046.92 912828P38 U.S. Treasury AA+ AA+ 2,000,000.00 11/6/2018 1.75% 1/31/2023 1,904,609.38 2.96% 14,646.74 2,027,812.40 912828P38 U.S. Treasury AA+ AA+ 770,000.00 10/3/2018 1.75% 1/31/2023 732,703.12 2.95% 5,638.99 780,707.77 9128282W9 U.S. Treasury AA+ AA+ 250,000.00 6/8/2018 1.88% 9/30/2022 241,308.59 2.73% 1,197.63 252,890.62 9128282W9 U.S. Treasury AA+ AA+ 1,515,000.00 4/4/2018 1.88% 9/30/2022 1,472,213.09 2.54% 7,257.64 1,532,517.19 91282CAB7 U.S. Treasury AA+ AA+ 525,000.00 5/5/2021 0.25% 7/31/2025 516,386.72 0.64% 549.25 509,168.00 9128282Y5 U.S. Treasury AA+ AA+ 1,320,000.00 12/4/2019 2.13% 9/30/2024 1,347,121.88 1.68% 7,166.62 1,362,900.00 912828X70 U.S. Treasury AA+ AA+ 1,200,000.00 5/6/2019 2.00% 4/30/2024 1,180,828.13 2.34% 4,110.50 1,232,437.44 912828YQ7 U.S. Treasury N/A AA+ 2,050,000.00 12/16/2021 1.63% 10/31/2026 2,086,835.94 1.24% 5,705.46 2,084,593.75 912828W71 U.S. Treasury AA+ AA+ 850,000.00 1/6/2020 2.13% 3/31/2024 866,634.77 1.64% 4,614.87 874,703.13 912828W71 U.S. Treasury AA+ AA+ 9,000,000.00 10/6/2021 2.13% 3/31/2024 9,383,554.69 0.40% 48,863.32 9,261,562.50 912828ZY9 U.S. Treasury AA+ AA+ 1,400,000.00 2/2/2021 0.13% 7/15/2023 1,399,398.44 0.14% 808.42 1,389,718.68 912828S35 U.S. Treasury AA+ AA+ 150,000.00 10/25/2019 1.38% 6/30/2023 148,957.03 1.57% 5.70 151,757.82 912828Z86 U.S. Treasury AA+ AA+ 2,045,000.00 3/3/2020 1.38% 2/15/2023 2,079,509.38 0.80% 10,620.94 2,066,408.70 912828Y87 U.S. Treasury AA+ AA+ 1,200,000.00 12/4/2019 1.75% 7/31/2024 1,204,171.87 1.67% 8,788.04 1,226,812.56 912828XZ8 U.S. Treasury AA+ AA+ 1,545,000.00 12/4/2020 2.75% 6/30/2025 1,710,423.63 0.39% 117.37 1,632,871.88 9128284U1 U.S. Treasury AA+ AA+ 575,000.00 1/21/2020 2.63% 6/30/2023 594,945.31 1.59% 41.70 592,429.69 912828ZT0 U.S. Treasury N/A AA+ 3,500,000.00 10/6/2021 0.25% 5/31/2025 3,442,851.56 0.70% 769.23 3,403,750.00 9128283J7 U.S. Treasury AA+ AA+ 1,130,000.00 1/6/2020 2.13% 11/30/2024 1,154,498.05 1.66% 2,110.99 1,167,431.25 91282CCU3 U.S. Treasury AA+ AA+ 3,000,000.00 9/3/2021 0.13% 8/31/2023 2,995,195.31 0.21% 1,274.17 2,973,281.40 91282CCN9 U.S. Treasury AA+ AA+ 300,000.00 8/9/2021 0.13% 7/31/2023 299,542.97 0.20% 156.93 297,609.36 91282CAM3 U.S. Treasury AA+ AA+ 500,000.00 6/30/2021 0.25% 9/30/2025 489,414.06 0.76% 319.37 484,062.50 91282CAM3 U.S. Treasury AA+ AA+ 3,750,000.00 9/3/2021 0.25% 9/30/2025 3,693,017.58 0.63% 2,395.26 3,630,468.75 91282CCG4 U.S. Treasury AA+ AA+ 1,000,000.00 7/7/2021 0.25% 6/15/2024 995,429.69 0.41% 116.76 985,312.50 91282CCF6 U.S. Treasury AA+ AA+ 2,000,000.00 6/4/2021 0.75% 5/31/2026 1,995,781.25 0.79% 1,318.68 1,959,062.40 91282CDK4 U.S. Treasury N/A AA+ 1,200,000.00 12/3/2021 1.25% 11/30/2026 1,203,421.88 1.19% 1,318.68 1,199,437.44 91282CCJ8 U.S. Treasury AA+ AA+ 2,285,000.00 8/4/2021 0.88% 6/30/2026 2,308,207.03 0.66% 55.23 2,248,582.81 91282CCZ2 U.S. Treasury N/A AA+ 550,000.00 10/6/2021 0.88% 9/30/2026 548,281.25 0.94% 1,229.57 540,203.13 91282CCZ2 U.S. Treasury N/A AA+ 2,000,000.00 10/6/2021 0.88% 9/30/2026 1,990,390.63 0.97% 4,471.15 1,964,375.00 91282CBT7 U.S. Treasury AA+ AA+ 2,000,000.00 6/4/2021 0.75% 3/31/2026 1,999,218.75 0.76% 3,832.42 1,961,875.00 91282CBH3 U.S. Treasury AA+ AA+ 615,000.00 2/26/2021 0.38% 1/31/2026 603,132.42 0.77% 965.12 595,012.50 91282CBH3 U.S. Treasury AA+ AA+ 1,500,000.00 3/3/2021 0.38% 1/31/2026 1,476,972.66 0.69% 2,353.94 1,451,250.00 91282CBH3 U.S. Treasury AA+ AA+ 2,000,000.00 4/5/2021 0.38% 1/31/2026 1,951,328.13 0.89% 3,138.59 1,935,000.00 91282CBH3 U.S. Treasury AA+ AA+ 675,000.00 9/3/2021 0.38% 1/31/2026 665,850.59 0.69% 1,059.27 653,062.50 91282CCX7 U.S. Treasury N/A AA+ 2,000,000.00 10/6/2021 0.38% 9/15/2024 1,992,968.75 0.50% 2,237.57 1,971,562.40 91282CCX7 U.S. Treasury N/A AA+ 3,000,000.00 10/6/2021 0.38% 9/15/2024 2,987,343.75 0.52% 3,356.35 2,957,343.60 91282CBQ3 U.S. Treasury N/A AA+ 5,000,000.00 10/6/2021 0.50% 2/28/2026 4,919,140.63 0.88% 8,494.48 4,857,031.00 91282CBU4 U.S. Treasury N/A AA+ 8,000,000.00 10/6/2021 0.13% 3/31/2023 7,992,187.50 0.19% 2,554.95 7,961,249.60 91282CBC4 U.S. Treasury AA+ AA+ 3,000,000.00 2/2/2021 0.38% 12/31/2025 2,993,554.69 0.42% 31.08 2,907,187.50 City of Napa
Quarterly
Investment Report - Holdings Report
as of December 31, 2021
FY Qua
rter
S&P R
ating
ATTACHMENT 2

ATTACHMENT 2

Par Pur
chase Coupon Maturit y Origina
l Yiel
d to Accrued Market
CUSIP Description 1Q22 2Q22 Val
ue Settlement Date Rate Date Cost Maturity In
terest Valu
e
City of Napa
Quarterly
Investment Report - Holdings Report
as of December 31, 2021
FY Qua
rter
S&P R
ating
91282CDB4
U.S. Treasury N/A AA+ 1,000,000.00 10/15/2021 0.63% 10/15/2024 998,867.19 0.66% 1,339.29 991,875.00 91282CDA6 U.S. Treasury N/A AA+ 300,000.00 10/6/2021 0.25% 9/30/2023 299,894.53 0.27% 191.62 297,890.64 91282CDA6 U.S. Treasury N/A AA+ 5,000,000.00 10/6/2021 0.25% 9/30/2023 4,996,289.06 0.29% 3,193.68 4,964,844.00 91282CBW0 U.S. Treasury N/A AA+ 3,000,000.00 10/6/2021 0.75% 4/30/2026 2,979,140.63 0.91% 3,853.59 2,940,000.00 91282CDM0 U.S. Treasury N/A AA+ 3,000,000.00 12/3/2021 0.50% 11/30/2023 2,994,492.19 0.59% 1,318.68 2,988,281.40 Total U.S. Treasuries 95,815,000.00 95,926,627.39 0.88% 185,875.25 95,532,407.60 Federal Agencies
3130AJ7E3 Federal Home Loan Banks AA+ AA+ 680,000.00 2/21/2020 1.38% 2/17/2023 678,748.80 1.44% 3,480.28 687,008.08 3137EAES4 Federal Home Loan Mortgage Corporation AA+ AA+ 1,485,000.00 6/26/2020 0.25% 6/26/2023 1,480,663.80 0.35% 51.56 1,477,695.29 3137EAEU9 Federal Home Loan Mortgage Corporation AA+ AA+ 205,000.00 7/23/2020 0.38% 7/21/2025 203,979.10 0.48% 341.67 199,610.14 3137EAEW5 Federal Home Loan Mortgage Corporation AA+ AA+ 565,000.00 9/4/2020 0.25% 9/8/2023 564,813.55 0.26% 443.37 560,907.71 3137EAER6 Federal Home Loan Mortgage Corporation AA+ AA+ 950,000.00 5/7/2020 0.38% 5/5/2023 949,601.00 0.39% 554.17 947,858.70 3137EAEQ8 Federal Home Loan Mortgage Corporation AA+ AA+ 185,000.00 4/20/2020 0.38% 4/20/2023 184,537.50 0.46% 136.82 184,667.56 313383YJ4 Federal Home Loan Banks AA+ AA+ 1,400,000.00 1/9/2019 3.38% 9/8/2023 1,443,246.00 2.67% 14,831.25 1,462,830.60 313383YJ4 Federal Home Loan Banks AA+ AA+ 2,455,000.00 12/6/2018 3.38% 9/8/2023 2,497,707.18 2.98% 26,007.66 2,565,177.95 3137EAEV7 Federal Home Loan Mort gage Corporation AA+ AA+ 1,000,000.00 8/31/2020 0.25% 8/24/2023 999,140.00 0.28% 881.94 993,573.00 3137EAEV7 Federal Home Loan Mort gage Corporation AA+ AA+ 750,000.00 9/1/2020 0.25% 8/24/2023 750,120.00 0.24% 661.46 745,179.75 3135G05X7 Federal National Mortgage Association AA+ AA+ 1,675,000.00 8/31/2020 0.38% 8/25/2025 1,667,496.00 0.47% 2,198.44 1,629,225.60 3135G05G4 Federal National Mortgage Association AA+ AA+ 1,040,000.00 7/10/2020 0.25% 7/10/2023 1,037,764.00 0.32% 1,235.00 1,034,281.04 3135G06G3 Federal National Mortgage Association AA+ AA+ 540,000.00 11/12/2020 0.50% 11/7/2025 538,066.80 0.57% 405.00 525,785.58 3137EAEX3 Federal Home Loan Mortgage Corporation AA+ AA+ 1,475,000.00 9/25/2020 0.38% 9/23/2025 1,470,560.25 0.44% 1,505.73 1,433,322.40 Total Federal Agencies 14,405,000.00 14,466,443.98 1.12% 52,734.35 14,447,123.40 Federal Agency CMBSs
3137BGK24 Federal Home Loan Mortgage Corporation AA+ AA+ 785,000.00 3/25/2020 3.06% 12/1/2024 823,882.03 1.95% 2,003.06 824,462.77 3137BTU25 Federal Home Loan Mortgage Corporation AA+ AA+ 600,000.00 2/2/2021 3.06% 11/1/2023 640,523.44 0.58% 1,531.00 615,628.92 3137BM6P6 Federal Home Loan Mortgage Corporation AA+ AA+ 718,289.62 4/9/2018 3.09% 8/1/2022 724,406.31 2.88% 1,849.60 724,518.83 3136AJB54 Federal National Mortgage Association AA+ AA+ 524,773.26 12/18/2019 3.35% 3/1/2024 550,273.97 2.14% 1,463.24 546,766.41 3137FQ3V3 Federal Home Loan Mortgage Corporation AA+ AA+ 104,541.82 11/26/2019 2.09% 7/1/2024 104,539.31 2.09% 182.25 105,794.83 3137FKK39 Federal Home Loan Mortgage Corporation AA+ AA+ 14,881.24 12/17/2018 3.20% 7/1/2023 14,881.19 3.20% 39.72 15,260.25 3136AEGQ4 Federal National Mortgage Association AA+ AA+ 216,135.03 9/9/2019 2.28% 12/1/2022 218,966.62 1.86% 410.66 217,388.98 Total Federal Agency CMOs 2,963,620.97 3,077,472.87 1.93% 7,479.53 3,049,820.99 Municipals
040654XU4 Arizona St Transprtn Brd Highw AA+ AA+ 1,320,000.00 2/12/2020 1.96% 7/1/2024 1,320,000.00 1.96% 12,922.80 1,353,805.20 20772KEW5 State Of Connecticut A+ A+ 850,000.00 11/19/2020 3.74% 9/15/2025 966,985.50 0.83% 9,367.90 928,735.50 13063DUY2 California St AA- AA- 600,000.00 4/22/2020 5.00% 3/1/2025 711,960.00 1.05% 10,000.00 684,906.00 20772KJW0 State Of Connecticut A+ A+ 190,000.00 6/11/2020 2.00% 7/1/2024 190,000.00 2.00% 1,898.10 194,902.00 341271AD6 Florida St Hurrican Cat Fund AA AA 495,000.00 9/16/2020 1.26% 7/1/2025 495,000.00 1.26% 3,113.55 492,980.40 341271AD6 Florida St Hurrican Cat Fund AA AA 190,000.00 9/16/2020 1.26% 7/1/2025 191,343.30 1.11% 1,195.10 189,224.80 341271AD6 Florida St Hurrican Cat Fund AA AA 200,000.00 9/16/2020 1.26% 7/1/2025 201,326.00 1.12% 1,258.00 199,184.00 544647FC9 LA Unified School District N/A NR 245,000.00 11/10/2021 1.46% 7/1/2026 245,000.00 1.46% 505.01 244,391.30 650036DT0 New York State Urban Development Corp AA+ AA+ 1,220,000.00 12/23/2020 0.87% 3/15/2025 1,220,000.00 0.87% 3,125.23 1,203,164.00 874857KK0 Tamalpais Union High School District NR NR 790,000.00 10/9/2019 2.02% 8/1/2024 790,000.00 2.02% 6,652.46 813,739.50 60412AVJ9 Minnesota St AAA AAA 355,000.00 8/25/2020 0.63% 8/1/2025 355,000.00 0.63% 931.88 349,905.75 797272QP9 San Diego Community College District AAA AAA 315,000.00 10/16/2019 2.05% 8/1/2024 315,000.00 2.05% 2,685.38 323,467.20 605581MZ7 Mississippi State AA AA 155,000.00 8/6/2020 0.57% 11/1/2024 155,000.00 0.57% 145.96 153,228.35 798306WP7 San Juan, California NR NR 525,000.00 10/29/2020 0.85% 8/1/2025 525,000.00 0.85% 1,863.75 518,626.50 797412DL4 San Diego County AAA AAA 500,000.00 7/22/2020 0.59% 5/1/2024 500,000.00 0.59% 494.17 496,145.00 ATTACHMENT 2

ATTACHMENT 2

Par Pur
chase Coupon Maturit y Origina
l Yiel
d to Accrued Market
CUSIP Description 1Q22 2Q22 Val
ue Settlement Date Rate Date Cost Maturity In
terest Valu
e
City of Napa
Quarterly
Investment Report - Holdings Report
as of December 31, 2021
FY Qua
rter
S&P R
ating
799408Z85
San Ramon Valley, California AA+ AA+ 525,000.00 10/20/2020 0.74% 8/1/2025 525,000.00 0.74% 1,618.75 514,689.00 574193TQ1 Maryland St AAA AAA 400,000.00 8/5/2020 0.51% 8/1/2024 399,888.00 0.52% 850.00 396,988.00 54438CYK2 Los Angeles, California AA+ AA+ 530,000.00 11/10/2020 0.77% 8/1/2025 530,000.00 0.77% 1,707.04 520,783.30 977123X78 Wisconsin Department of Transportation AAA AAA 820,000.00 7/30/2020 0.77% 7/1/2025 820,000.00 0.77% 3,173.40 807,954.20 91412HGE7 University Of California AA AA 400,000.00 7/16/2020 0.88% 5/15/2025 400,000.00 0.88% 451.31 395,896.00 Total Municipals 10,625,000.00 10,856,502.80 1.14% 63,959.79 10,782,716.00 Supra-National Agencies
459058JM6 International Bank of Reconstruction and Dev. AAA AAA 845,000.00 11/24/2020 0.25% 11/24/2023 843,183.25 0.32% 217.12 837,182.06 4581X0DM7 Inter-American Development Bank AAA AAA 885,000.00 4/24/2020 0.50% 5/24/2023 884,699.10 0.51% 454.79 883,604.36 4581X0DK1 Inter-American Development Bank AAA AAA 1,125,000.00 2/23/2021 1.75% 3/14/2025 1,182,712.50 0.47% 5,851.56 1,148,326.88 4581X0DZ8 Inter-American Development Bank AAA AAA 1,785,000.00 9/23/2021 0.50% 9/23/2024 1,783,679.10 0.52% 2,429.58 1,762,173.42 Total Supranationals 4,640,000.00 4,694,273.95 0.47% 8,953.05 4,631,286.72 Certificates of Deposit
22552G3C2 Credit Suisse NY A+ A+ 925,000.00 3/23/2021 0.59% 3/17/2023 925,000.00 0.59% 4,305.36 924,794.65 23341VZT1 DNB Bank AA- A-1+ 800,000.00 12/6/2019 2.04% 12/2/2022 800,000.00 2.03% 1,360.00 811,375.20 83050PDR7 Skandinaviska Enskilda Banken Ab A-1 A-1 1,000,000.00 9/3/2019 1.86% 8/26/2022 1,000,000.00 1.85% 6,613.33 1,009,659.00 Total Certificates of Deposit 2,725,000.00 2,725,000.00 1.48% 12,278.69 2,745,828.85 Corporate Notes
002824BE9 Abbot Laboratories A+ A+ 990,000.00 5/14/2019 3.40% 11/30/2023 1,015,730.10 2.79% 2,898.50 1,033,636.23 00724PAA7 Adobe Inc A+ A+ 115,000.00 2/3/2020 1.70% 2/1/2023 114,842.45 1.75% 814.58 116,266.96 02665WCZ2 American Honda Finance A- A- 125,000.00 7/16/2019 2.40% 6/27/2024 124,357.50 2.51% 33.33 128,712.38 037833DT4 Apple Inc AA+ AA+ 800,000.00 5/14/2020 1.13% 5/11/2025 801,680.00 1.08% 1,250.00 797,634.40 023135BW5 Amazon.Com Inc AA AA 350,000.00 5/12/2021 0.45% 5/12/2024 349,489.00 0.50% 214.38 346,356.15 025816CM9 American Expr ess N/A BBB+ 800,000.00 12/16/2021 1.65% 11/4/2026 798,760.00 1.68% 2,090.00 801,476.00 05565EBU8 Bmw Financial Services Na Llc A A 245,000.00 8/12/2021 0.75% 8/12/2024 244,977.95 0.75% 709.48 242,097.98 04636NAC7 Astrazeneca A- A- 415,000.00 5/28/2021 0.70% 5/28/2024 414,962.65 0.70% 266.29 411,206.90 06406RAL1 Bank of New York Mellon A A 180,000.00 1/28/2020 2.10% 10/24/2024 180,792.00 2.00% 703.50 184,700.70 06051GFS3 Bank Of America Co A- A- 815,000.00 9/1/2020 3.88% 8/1/2025 930,925.60 0.91% 13,158.85 883,014.20 04636NAA1 Astrazeneca A- A- 500,000.00 7/19/2021 1.20% 5/28/2026 500,530.00 1.18% 550.00 493,629.00 05565EBK0 Bmw Financial Services Na Llc A A 660,000.00 8/16/2021 3.90% 4/9/2025 725,432.40 1.12% 5,863.00 709,308.60 14913Q2V0 Caterpillar Financial A A 1,055,000.00 7/12/2019 2.85% 5/17/2024 1,079,792.50 2.33% 3,674.92 1,101,713.29 166764BW9 Chevron Corporation AA- AA- 500,000.00 5/15/2020 1.55% 5/11/2025 502,480.00 1.45% 1,079.17 503,614.00 172967KG5 Citigroup Inc N/A BBB+ 900,000.00 10/6/2021 3.70% 1/12/2026 990,855.00 1.26% 15,632.50 970,609.50 06406RAS6 Bank of New York Mellon A A 230,000.00 4/26/2021 0.50% 4/26/2024 229,753.90 0.54% 207.64 227,082.22 12189LAT8 Burlington Northern Santa Fe AA- AA- 800,000.00 2/26/2020 3.40% 9/1/2024 858,240.00 1.72% 9,066.67 843,459.20 110122DC9 Bristol-Myers Squibb Co A+ A+ 554,000.00 10/1/2020 3.88% 8/15/2025 633,133.36 0.87% 8,109.94 596,578.78 166764BV1 Chevron Corporation AA- AA- 260,000.00 5/11/2020 1.14% 5/11/2023 260,000.00 1.14% 412.03 261,596.14 254687FK7 The Walt Disney Corporation BBB+ BBB+ 1,085,000.00 9/6/2019 1.75% 8/30/2024 1,080,573.20 1.84% 6,381.91 1,102,756.03 24422EVU0 Deere & Company A A 200,000.00 9/10/2021 0.63% 9/10/2024 199,870.00 0.65% 385.42 197,692.60 24422EVQ9 Deere & Company A A 315,000.00 6/10/2021 0.45% 6/7/2024 314,606.25 0.49% 94.50 310,876.97 904764AX5 Unilever Plc A+ A+ 485,000.00 9/6/2019 2.60% 5/5/2024 499,525.75 1.93% 1,961.56 501,719.89 46647PBH8 JPMorgan Chase N/A A- 795,000.00 10/6/2021 2.01% 3/13/2026 816,393.45 1.38% 4,781.93 804,842.90 69371RQ82 Paccar Financial Corp. A+ A+ 310,000.00 6/8/2020 0.80% 6/8/2023 309,569.10 0.85% 158.44 310,328.91 808513AY1 Charles Schwab A A 1,000,000.00 4/29/2019 3.55% 2/1/2024 1,034,750.00 2.76% 14,791.67 1,051,403.00 89236TGT6 Toyota Motor Corp A+ A+ 500,000.00 5/26/2020 1.80% 2/13/2025 504,885.00 1.58% 3,450.00 507,479.00 89236TGT6 Toyota Motor Corp A+ A+ 390,000.00 5/26/2020 1.80% 2/13/2025 393,810.30 1.58% 2,691.00 395,833.62 38141EC23 Goldman Sachs Group Inc BBB+ BBB+ 1,100,000.00 7/18/2019 3.85% 7/8/2024 1,148,202.00 2.90% 20,351.53 1,162,323.80 ATTACHMENT 2

ATTACHMENT 2

Par Pur
chase Coupon Maturit y Origina
l Yiel
d to Accrued Market
CUSIP Description 1Q22 2Q22 Val
ue Settlement Date Rate Date Cost Maturity In
terest Valu
e
City of Napa
Quarterly
Investment Report - Holdings Report
as of December 31, 2021
FY Qua
rter
S&P R
ating
91159HHX1
US Bancorp A+ A+ 1,085,000.00 8/1/2019 2.40% 7/30/2024 1,084,034.35 2.42% 10,922.33 1,120,140.98 693475AY1 PNC Financial Services Group A- A- 700,000.00 11/8/2019 2.20% 11/1/2024 699,769.00 2.21% 2,566.67 717,847.90 369550BG2 General Dynamics Corp. A- A- 900,000.00 3/8/2021 3.50% 5/15/2025 993,708.00 0.96% 4,025.00 962,022.60 61747YEG6 Morgan Stanley N/A BBB+ 180,000.00 10/ 19/2021 1.16% 10/21/2025 180,000.00 1.16% 419.04 178,242.84 539830BE8 Lockheed Martin Corp A- A- 300,000.00 2/25/2021 2.90% 3/1/2025 323,958.00 0.87% 2,900.00 313,866.30 904764BN6 Unilever Plc A+ A+ 100,000.00 8/12/2021 0.63% 8/12/2024 100,000.00 0.63% 241.71 99,351.80 459200JY8 IBM A- A- 850,000.00 8/31/2020 3.00% 5/15/2024 923,797.00 0.63% 3,258.33 887,028.55 61746BDQ6 Morgan Stanley BBB+ BBB+ 790,000.00 7/23/2019 3.88% 4/29/2024 836,238.70 2.56% 5,272.15 836,952.86 713448EY0 PepsiCo A+ A+ 255,000.00 5/1/2020 0.75% 5/1/2023 254,495.10 0.82% 318.75 254,968.38 91324PEB4 Unitedhealth Group Inc A+ A+ 270,000.00 5/19/2021 0.55% 5/15/2024 269,719.20 0.59% 189.75 266,519.16 Total Corporate Notes 21,904,000.00 22,724,638.81 1.63% 151,896.47 22,634,890.72 Asset-Backed Securities
05591RAD6 BMW Financial Services NA LLC AAA AAA 210,000.00 3/10/2021 0.37% 7/25/2024 209,991.66 0.37% 12.95 208,739.75 14315FAD9 Carmax Auto Owner Trust AAA AAA 80,000.00 7/22/2020 0.62% 3/17/2025 79,986.29 0.62% 22.04 79,982.78 14316NAC3 Carmax Auto Owner Trust AAA AAA 145,000.00 1/27/2021 0.34% 12/15/2025 144,971.35 0.34% 21.91 143,762.45 14042WAC4 Capital One Auto Receivables Trust AAA AAA 101,415.04 5/30/2019 2.51% 11/15/2023 101,394.49 2.51% 113.13 102,059.33 14041NFY2 Capital One Financial Corp N/A AAA 1,075,000.00 11/30/2021 1.04% 11/16/2026 1,074,851.87 1.04% 962.72 1,070,520.05 14315XAC2 Carmax Auto Owner Trust AAA AAA 128,817.10 1/22/2020 1.89% 12/16/2024 128,791.82 1.89% 108.21 130,009.57 14314QAC8 Carmax Auto Owner Trust AAA AAA 380,000.00 4/21/2021 0.52% 2/17/2026 379,918.11 0.52% 87.82 376,767.87 14313FAD1 Carmax Auto Owner Trust AAA AAA 49,342.76 7/25/2018 3.13% 6/15/2023 49,336.04 3.13% 68.64 49,478.18 362590AC5 Gm Financial Securitized Term NR NR 385,000.00 8/19/2020 0.45% 4/16/2025 384,911.91 0.45% 72.19 384,096.83 36255JAD6 Gm Financial Securitized Term AAA AAA 30,516.75 7/18/2018 3.02% 5/16/2023 30,509.63 3.03% 38.40 30,572.66 380144AC9 GM Financial Auto Leasing Trust AAA AAA 615,000.00 5/26/2021 0.34% 5/20/2024 614,903.45 0.35% 63.89 612,186.25 65479CAD0 Nissan Auto Receivables AAA AAA 342,350.33 6/30/2020 0.55% 7/15/2024 342,340.95 0.55% 55.11 342,388.13 89238EAC0 Toyota Lease Owner Trust AAA AAA 315,000.00 4/21/2021 0.39% 4/22/2024 314,963.24 0.39% 37.54 313,500.65 43815GAC3 Honda Auto Receivables N/A NR 460,000.00 11/24/2021 0.88% 1/21/2026 459,903.03 0.89% 112.44 459,022.18 89237VAB5 Toyota Motor Corp AAA AAA 375,000.00 7/27/2020 0.44% 10/15/2024 374,971.13 0.44% 73.33 374,501.96 65480EAD3 Nissan Auto Lease Trust AAA AAA 250,000.00 9/29/2020 0.43% 10/16/2023 249,974.28 0.43% 47.78 250,014.70 50117TAC5 Kubota Credit NR NR 200,000.00 4/14/2021 0.62% 8/15/2025 199,959.08 0.62% 55.11 198,120.62 43815EAC8 Honda Auto Receivables AAA AAA 390,000.00 8/25/2021 0.41% 11/18/2025 389,994.31 0.41% 57.74 385,601.27 44891TAD8 Hyundai Auto Lease Securitization Trust AAA AAA 140,000.00 1/20/2021 0.42% 12/16/2024 139,988.35 0.42% 26.13 139,265.97 44933LAC7 Hyundai Auto Receivables AAA AAA 260,000.00 4/28/2021 0.38% 9/15/2025 259,972.65 0.38% 43.91 257,450.54 98163KAC6 World Omni Auto Rec Trust N/A AAA 350,000.00 11/3/2021 0.81% 10/15/2026 349,952.33 0.81% 126.00 348,017.60 92867XAD8 Volkswagen Auto Lease Trust AAA AAA 107,024.41 10/4/2019 1.99% 11/21/2022 107,022.72 1.99% 65.08 107,195.58 92290BAA9 Verizon Owner Trust NR NR 520,000.00 8/12/2020 0.47% 2/20/2025 519,890.80 0.47% 74.68 518,598.60 Total Asset-Backed Securities 6,909,466.39 6,908,499.49 0.70% 2,346.75 6,881,853.52 Total 216,508,531.03 217,900,902.96 0.83% 485,523.88 217,227,371.47 ATTACHMENT 2

ATTACHMENT 2

S&P
Par Pur
chase Coupon Maturit y Or
iginal Yield to Accrued Market Days to
CUSIP Description Rating Val
ue Settlement Date Rate Date Cost Maturity Int
erest Value
Maturity
LAI
F and CAMP
N/A California Asset Management Trust AAAm 381,032.39 12/31/2021 0.05% 1/1/2022 381,032.39 0.05% - 381,032.39 1 N/A Local Agency Investment Fund NR 56,140,411.28 12/31/2021 0.24% 1/1/2022 56,140,411.28 0.24% - 56,140,411.28 1 Total LAIF and CAMP 56,521,443.67 56,521,443.67 - 56,521,443.67 Other
3137BM6P6
Federal Home Loan Mortgage Corporation AA+ 718,289.62 4/9/2018 3.09% 8/1/2022 724,406.31 2.88% 1,849.60 724,518.83 213 83050PDR7 Skandinaviska Enskilda Banken Ab A-1 1,000,000.00 9/3/2019 1.86% 8/26/2022 1,000,000.00 1.85% 6,613.33 1,009,659.00 238 9128282W9 U.S. Treasury AA+ 250,000.00 6/8/2018 1.88% 9/30/2022 241,308.59 2.73% 1,197.63 252,890.62 273 9128282W9 U.S. Treasury AA+ 1,515,000.00 6/8/2018 1.88% 9/30/2022 1,472,213.09 2.54% 7,257.64 1,532,517.19 273 92867XAD8 Volkswagen Auto Lease Trust AAA 107,024.41 10/4/2019 1.99% 11/21/2022 107,022.72 1.99% 65.08 107,195.58 325 3136AEGQ4 Federal National Mortgage Association AA+ 216,135.03 9/9/2019 2.28% 12/1/2022 218,966.62 1.86% 410.66 217,388.98 335 23341VZT1 DNB Bank A-1+ 800,000.00 12/6/2019 2.04% 12/2/2022 800,000.00 2.03% 1,360.00 811,375.20 336 912828N30 U.S. Treasury AA+ 4,000,000.00 1/31/2019 2.13% 12/31/2022 3,936,562.50 2.55% 234.81 4,066,875.20 365 912828N30 U.S. Treasury AA+ 900,000.00 1/31/2019 2.13% 12/31/2022 938,777.34 0.16% 52.83 915,046.92 365 912828P38 U.S. Treasury AA+ 2,000,000.00 11/6/2018 1.75% 1/31/2023 1,904,609.38 2.96% 14,646.74 2,027,812.40 396 912828P38 U.S. Treasury AA+ 770,000.00 11/6/2018 1.75% 1/31/2023 732,703.12 2.95% 5,638.99 780,707.77 396 00724PAA7 Adobe Inc A+ 115,000.00 2/3/2020 1.70% 2/1/2023 114,842.45 1.75% 814.58 116,266.96 397 912828Z86 U.S. Treasury AA+ 2,045,000.00 3/3/2020 1.38% 2/15/2023 2,079,509.38 0.80% 10,620.94 2,066,408.70 411 3130AJ7E3 Federal Home Loan Banks AA+ 680,000.00 2/21/2020 1.38% 2/17/2023 678,748.80 1.44% 3,480.28 687,008.08 413 22552G3C2 Credit Suisse NY A+ 925,000.00 3/23/2021 0.59% 3/17/2023 925,000.00 0.59% 4,305.36 924,794.65 441 91282CBU4 U.S. Treasury AA+ 8,000,000.00 10/6/2021 0.13% 3/31/2023 7,992,187.50 0.19% 2,554.95 7,961,249.60 455 3137EAEQ8 Federal Home Loan Mortgage Corporation AA+ 185,000.00 4/20/2020 0.38% 4/20/2023 184,537.50 0.46% 136.82 184,667.56 475 713448EY0 PepsiCo A+ 255,000.00 5/1/2020 0.75% 5/1/2023 254,495.10 0.82% 318.75 254,968.38 486 3137EAER6 Federal Home Loan Mortgage Corporation AA+ 950,000.00 5/7/2020 0.38% 5/5/2023 949,601.00 0.39% 554.17 947,858.70 490 166764BV1 Chevron Corporation AA- 260,000.00 5/11/2020 1.14% 5/11/2023 260,000.00 1.14% 412.03 261,596.14 496 36255JAD6 Gm Financial Securitized Term AAA 30,516.75 7/18/2018 3.02% 5/16/2023 30,509.63 3.03% 38.40 30,572.66 501 4581X0DM7 Inter-American Development Bank AAA 885,000.00 4/24/2020 0.50% 5/24/2023 884,699.10 0.51% 454.79 883,604.36 509 912828R69 U.S. Treasury AA+ 2,100,000.00 4/5/2019 1.63% 5/31/2023 2,042,824.22 2.32% 3,000.00 2,131,171.98 516 69371RQ82 Paccar Financial Corp. A+ 310,000.00 6/8/2020 0.80% 6/8/2023 309,569.10 0.85% 158.44 310,328.91 524 14313FAD1 Carmax Auto Owner Trust AAA 49,342.76 7/25/2018 3.13% 6/15/2023 49,336.04 3.13% 68.64 49,478.18 531 3137EAES4 Federal Home Loan Mortgage Corporation AA+ 1,485,000.00 6/26/2020 0.25% 6/26/2023 1,480,663.80 0.35% 51.56 1,477,695.29 542 912828S35 U.S. Treasury AA+ 150,000.00 10/25/2019 1.38% 6/30/2023 148,957.03 1.57% 5.70 151,757.82 546 9128284U1 U.S. Treasury AA+ 575,000.00 1/21/2020 2.63% 6/30/2023 594,945.31 1.59% 41.70 592,429.69 546 3137FKK39 Federal Home Loan Mortgage Corporation AA+ 14,881.24 12/17/2018 3.20% 7/1/2023 14,881.19 3.20% 39.72 15,260.25 547 3135G05G4 Federal National Mortgage Association AA+ 1,040,000.00 7/10/2020 0.25% 7/10/2023 1,037,764.00 0.32% 1,235.00 1,034,281.04 556 912828ZY9 U.S. Treasury AA+ 1,400,000.00 2/2/2021 0.13% 7/15/2023 1,399,398.44 0.14% 808.42 1,389,718.68 561 91282CCN9 U.S. Treasury AA+ 300,000.00 8/9/2021 0.13% 7/31/2023 299,542.97 0.20% 156.93 297,609.36 577 3137EAEV7 Federal Home Loan Mortgage Corporation AA+ 1,000,000.00 8/31/2020 0.25% 8/24/2023 999,140.00 0.28% 881.94 993,573.00 601 3137EAEV7 Federal Home Loan Mortgage Corporation AA+ 750,000.00 8/31/2020 0.25% 8/24/2023 750,120.00 0.24% 661.46 745,179.75 601 91282CCU3 U.S. Treasury AA+ 3,000,000.00 9/3/2021 0.13% 8/31/2023 2,995,195.31 0.21% 1,274.17 2,973,281.40 608 3137EAEW5 Federal Home Loan Mortgage Corporation AA+ 565,000.00 9/4/2020 0.25% 9/8/2023 564,813.55 0.26% 443.37 560,907.71 616 313383YJ4 Federal Home Loan Banks AA+ 1,400,000.00 1/9/2019 3.38% 9/8/2023 1,443,246.00 2.67% 14,831.25 1,462,830.60 616 313383YJ4 Federal Home Loan Banks AA+ 2,455,000.00 1/9/2019 3.38% 9/8/2023 2,497,707.18 2.98% 26,007.66 2,565,177.95 616 91282CDA6 U.S. Treasury AA+ 300,000.00 10/6/2021 0.25% 9/30/2023 299,894.53 0.27% 191.62 297,890.64 638 Cit
y of Napa
Quarterly Investment Report - Maturity Report
as of December 31, 2021
ATTACHMENT 2

ATTACHMENT 2

S&P
Par Pur
chase Coupon Maturit y Or
iginal Yield to Accrued Market Days to
CUSIP Description Rating Val
ue Settlement Date Rate Date Cost Maturity Int
erest Value
Maturity
Cit
y of Napa
Quarterly Investment Report - Maturity Report
as of December 31, 2021
91282CDA6 U
.S. Treasury AA+ 5,000,000.00 10/6/2021 0.25% 9/30/2023 4,996,289.06 0.29% 3,193.68 4,964,844.00 638 65480EAD3 Nissan Auto Lease Trust AAA 250,000.00 9/29/2020 0.43% 10/16/2023 249,974.28 0.43% 47.78 250,014.70 654 3137BTU25 Federal Home Loan Mortgage Corporation AA+ 600,000.00 2/2/2021 3.06% 11/1/2023 640,523.44 0.58% 1,531.00 615,628.92 670 14042WAC4 Capital One Auto Receivables Trust AAA 101,415.04 5/30/2019 2.51% 11/15/2023 101,394.49 2.51% 113.13 102,059.33 684 459058JM6 International Bank of Reconstruction and Dev. AAA 845,000.00 11/24/2020 0.25% 11/24/2023 843,183.25 0.32% 217.12 837,182.06 693 002824BE9 Abbot Laboratories A+ 990,000.00 5/14/2019 3.40% 11/30/2023 1,015,730.10 2.79% 2,898.50 1,033,636.23 699 91282CDM0 U.S. Treasury AA+ 3,000,000.00 12/3/2021 0.50% 11/30/2023 2,994,492.19 0.59% 1,318.68 2,988,281.40 699 808513AY1 Charles Schwab A 1,000,000.00 4/29/2019 3.55% 2/1/2024 1,034,750.00 2.76% 14,791.67 1,051,403.00 762 9128286G0 U.S. Treasury AA+ 1,115,000.00 8/12/2021 2.38% 2/29/2024 1,172,448.63 0.35% 8,997.77 1,152,979.69 790 3136AJB54 Federal National Mortgage Association AA+ 524,773.26 12/18/2019 3.35% 3/1/2024 550,273.97 2.14% 1,463.24 546,766.41 791 912828W71 U.S. Treasury AA+ 850,000.00 1/6/2020 2.13% 3/31/2024 866,634.77 1.64% 4,614.87 874,703.13 821 912828W71 U.S. Treasury AA+ 9,000,000.00 1/6/2020 2.13% 3/31/2024 9,383,554.69 0.40% 48,863.32 9,261,562.50 821 89238EAC0 Toyota Lease Owner Trust AAA 315,000.00 4/21/2021 0.39% 4/22/2024 314,963.24 0.39% 37.54 313,500.65 843 06406RAS6 Bank of New York Mellon A 230,000.00 4/26/2021 0.50% 4/26/2024 229,753.90 0.54% 207.64 227,082.22 847 61746BDQ6 Morgan Stanley BBB+ 790,000.00 7/23/2019 3.88% 4/29/2024 836,238.70 2.56% 5,272.15 836,952.86 850 912828X70 U.S. Treasury AA+ 1,200,000.00 5/6/2019 2.00% 4/30/2024 1,180,828.13 2.34% 4,110.50 1,232,437.44 851 797412DL4 San Diego County AAA 500,000.00 7/22/2020 0.59% 5/1/2024 500,000.00 0.59% 494.17 496,145.00 852 904764AX5 Unilever Plc A+ 485,000.00 9/6/2019 2.60% 5/5/2024 499,525.75 1.93% 1,961.56 501,719.89 856 023135BW5 Amazon.Com Inc AA 350,000.00 5/12/2021 0.45% 5/12/2024 349,489.00 0.50% 214.38 346,356.15 863 459200JY8 IBM A- 850,000.00 8/31/2020 3.00% 5/15/2024 923,797.00 0.63% 3,258.33 887,028.55 866 91324PEB4 Unitedhealth Group Inc A+ 270,000.00 5/19/2021 0.55% 5/15/2024 269,719.20 0.59% 189.75 266,519.16 866 14913Q2V0 Caterpillar Financial A 1,055,000.00 7/12/2019 2.85% 5/17/2024 1,079,792.50 2.33% 3,674.92 1,101,713.29 868 380144AC9 GM Financial Auto Leasing Trust AAA 615,000.00 5/26/2021 0.34% 5/20/2024 614,903.45 0.35% 63.89 612,186.25 871 04636NAC7 Astrazeneca A- 415,000.00 5/28/2021 0.70% 5/28/2024 414,962.65 0.70% 266.29 411,206.90 879 24422EVQ9 Deere & Company A 315,000.00 6/10/2021 0.45% 6/7/2024 314,606.25 0.49% 94.50 310,876.97 889 91282CCG4 U.S. Treasury AA+ 1,000,000.00 7/7/2021 0.25% 6/15/2024 995,429.69 0.41% 116.76 985,312.50 897 02665WCZ2 American Honda Finance A- 125,000.00 7/16/2019 2.40% 6/27/2024 124,357.50 2.51% 33.33 128,712.38 909 040654XU4 Arizona St Transprtn Brd Highw AA+ 1,320,000.00 2/12/2020 1.96% 7/1/2024 1,320,000.00 1.96% 12,922.80 1,353,805.20 913 20772KJW0 State Of Connecticut A+ 190,000.00 6/11/2020 2.00% 7/1/2024 190,000.00 2.00% 1,898.10 194,902.00 913 3137FQ3V3 Federal Home Loan Mortgage Corporation AA+ 104,541.82 11/26/2019 2.09% 7/1/2024 104,539.31 2.09% 182.25 105,794.83 913 38141EC23 Goldman Sachs Group Inc BBB+ 1,100,000.00 7/18/2019 3.85% 7/8/2024 1,148,202.00 2.90% 20,351.53 1,162,323.80 920 65479CAD0 Nissan Auto Receivables AAA 342,350.33 6/30/2020 0.55% 7/15/2024 342,340.95 0.55% 83.69 342,388.13 927 05591RAD6 BMW Financial Services NA LLC AAA 210,000.00 3/10/2021 0.37% 7/25/2024 209,991.66 0.37% 12.95 208,739.75 937 91159HHX1 US Bancorp A+ 1,085,000.00 8/1/2019 2.40% 7/30/2024 1,084,034.35 2.42% 10,922.33 1,120,140.98 942 912828Y87 U.S. Treasury AA+ 1,200,000.00 12/4/2019 1.75% 7/31/2024 1,204,171.87 1.67% 8,788.04 1,226,812.56 943 874857KK0 Tamalpais Union High School District NR 790,000.00 10/9/2019 2.02% 8/1/2024 790,000.00 2.02% 6,652.46 813,739.50 944 797272QP9 San Diego Community College District AAA 315,000.00 10/16/2019 2.05% 8/1/2024 315,000.00 2.05% 2,685.38 323,467.20 944 574193TQ1 Maryland St AAA 400,000.00 8/5/2020 0.51% 8/1/2024 399,888.00 0.52% 850.00 396,988.00 944 05565EBU8 Bmw Financial Services Na Llc A 245,000.00 8/12/2021 0.75% 8/12/2024 244,977.95 0.75% 709.48 242,097.98 955 904764BN6 Unilever Plc A+ 100,000.00 8/12/2021 0.63% 8/12/2024 100,000.00 0.63% 241.71 99,351.80 955 254687FK7 The Walt Disney Corporation BBB+ 1,085,000.00 9/6/2019 1.75% 8/30/2024 1,080,573.20 1.84% 6,381.91 1,102,756.03 973 12189LAT8 Burlington Northern Santa Fe AA- 800,000.00 2/26/2020 3.40% 9/1/2024 858,240.00 1.72% 9,066.67 843,459.20 975 24422EVU0 Deere & Company A 200,000.00 9/10/2021 0.63% 9/10/2024 199,870.00 0.65% 385.42 197,692.60 984 91282CCX7 U.S. Treasury AA+ 2,000,000.00 10/6/2021 0.38% 9/15/2024 1,992,968.75 0.50% 2,237.57 1,971,562.40 989 91282CCX7 U.S. Treasury AA+ 3,000,000.00 10/6/2021 0.38% 9/15/2024 2,987,343.75 0.52% 3,356.35 2,957,343.60 989 4581X0DZ8 Inter-American Development Bank AAA 1,785,000.00 9/23/2021 0.50% 9/23/2024 1,783,679.10 0.52% 2,429.58 1,762,173.42 997 ATTACHMENT 2

ATTACHMENT 2

S&P
Par Pur
chase Coupon Maturit y Or
iginal Yield to Accrued Market Days to
CUSIP Description Rating Val
ue Settlement Date Rate Date Cost Maturity Int
erest Value
Maturity
Cit
y of Napa
Quarterly Investment Report - Maturity Report
as of December 31, 2021
9128282Y5
U.S. Treasury AA+ 1,320,000.00 12/4/2019 2.13% 9/30/2024 1,347,121.88 1.68% 7,166.62 1,362,900.00 1,004 89237VAB5 Toyota Motor Corp AAA 375,000.00 7/27/2020 0.44% 10/15/2024 374,971.13 0.44% 73.33 374,501.96 1,019 91282CDB4 U.S. Treasury AA+ 1,000,000.00 10/15/2021 0.63% 10/15/2024 998,867.19 0.66% 1,339.29 991,875.00 1,019 06406RAL1 Bank of New York Mellon A 180,000.00 1/28/2020 2.10% 10/24/2024 180,792.00 2.00% 703.50 184,700.70 1,028 605581MZ7 Mississippi State AA 155,000.00 8/6/2020 0.57% 11/1/2024 155,000.00 0.57% 145.96 153,228.35 1,036 693475AY1 PNC Financial Services Group A- 700,000.00 11/8/2019 2.20% 11/1/2024 699,769.00 2.21% 2,566.67 717,847.90 1,036 9128283J7 U.S. Treasury AA+ 1,130,000.00 1/6/2020 2.13% 11/30/2024 1,154,498.05 1.66% 2,110.99 1,167,431.25 1,065 3137BGK24 Federal Home Loan Mortgage Corporation AA+ 785,000.00 3/25/2020 3.06% 12/1/2024 823,882.03 1.95% 2,003.06 824,462.77 1,066 14315XAC2 Carmax Auto Owner Trust AAA 128,817.10 1/22/2020 1.89% 12/16/2024 128,791.82 1.89% 108.21 130,009.57 1,081 44891TAD8 Hyundai Auto Lease Securitization Trust AAA 140,000.00 1/20/2021 0.42% 12/16/2024 139,988.35 0.42% 26.13 139,265.97 1,081 89236TGT6 Toyota Motor Corp A+ 500,000.00 5/26/2020 1.80% 2/13/2025 504,885.00 1.58% 3,450.00 507,479.00 1,140 89236TGT6 Toyota Motor Corp A+ 390,000.00 5/26/2020 1.80% 2/13/2025 393,810.30 1.58% 2,691.00 395,833.62 1,140 92290BAA9 Verizon Owner Trust NR 520,000.00 8/12/2020 0.47% 2/20/2025 519,890.80 0.47% 74.68 518,598.60 1,147 13063DUY2 California St AA- 600,000.00 4/22/2020 5.00% 3/1/2025 711,960.00 1.05% 10,000.00 684,906.00 1,156 539830BE8 Lockheed Martin Corp A- 300,000.00 2/25/2021 2.90% 3/1/2025 323,958.00 0.87% 2,900.00 313,866.30 1,156 4581X0DK1 Inter-American Development Bank AAA 1,125,000.00 2/23/2021 1.75% 3/14/2025 1,182,712.50 0.47% 5,851.56 1,148,326.88 1,169 650036DT0 New York State Urban Development Corp AA+ 1,220,000.00 12/23/2020 0.87% 3/15/2025 1,220,000.00 0.87% 3,125.23 1,203,164.00 1,170 14315FAD9 Carmax Auto Owner Trust AAA 80,000.00 7/22/2020 0.62% 3/17/2025 79,986.29 0.62% 22.04 79,982.78 1,172 05565EBK0 Bmw Financial Services Na Llc A 660,000.00 8/16/2021 3.90% 4/9/2025 725,432.40 1.12% 5,863.00 709,308.60 1,195 362590AC5 Gm Financial Securitized Term NR 385,000.00 8/19/2020 0.45% 4/16/2025 384,911.91 0.45% 72.19 384,096.83 1,202 037833DT4 Apple Inc AA+ 800,000.00 5/14/2020 1.13% 5/11/2025 801,680.00 1.08% 1,250.00 797,634.40 1,227 166764BW9 Chevron Corporation AA- 500,000.00 5/15/2020 1.55% 5/11/2025 502,480.00 1.45% 1,079.17 503,614.00 1,227 369550BG2 General Dynamics Corp. A- 900,000.00 3/8/2021 3.50% 5/15/2025 993,708.00 0.96% 4,025.00 962,022.60 1,231 91412HGE7 University Of California AA 400,000.00 7/16/2020 0.88% 5/15/2025 400,000.00 0.88% 451.31 395,896.00 1,231 912828ZT0 U.S. Treasury AA+ 3,500,000.00 10/6/2021 0.25% 5/31/2025 3,442,851.56 0.70% 769.23 3,403,750.00 1,247 912828XZ8 U.S. Treasury AA+ 1,545,000.00 12/4/2020 2.75% 6/30/2025 1,710,423.63 0.39% 117.37 1,632,871.88 1,277 341271AD6 Florida St Hurrican Cat Fund AA 495,000.00 9/16/2020 1.26% 7/1/2025 495,000.00 1.26% 3,113.55 492,980.40 1,278 341271AD6 Florida St Hurrican Cat Fund AA 190,000.00 9/16/2020 1.26% 7/1/2025 191,343.30 1.11% 1,195.10 189,224.80 1,278 341271AD6 Florida St Hurrican Cat Fund AA 200,000.00 9/16/2020 1.26% 7/1/2025 201,326.00 1.12% 1,258.00 199,184.00 1,278 977123X78 Wisconsin Department of Transportation AAA 820,000.00 7/30/2020 0.77% 7/1/2025 820,000.00 0.77% 3,173.40 807,954.20 1,278 3137EAEU9 Federal Home Loan Mortgage Corporation AA+ 205,000.00 7/23/2020 0.38% 7/21/2025 203,979.10 0.48% 341.67 199,610.14 1,298 91282CAB7 U.S. Treasury AA+ 525,000.00 5/5/2021 0.25% 7/31/2025 516,386.72 0.64% 549.25 509,168.00 1,308 06051GFS3 Bank Of America Co A- 815,000.00 9/1/2020 3.88% 8/1/2025 930,925.60 0.91% 13,158.85 883,014.20 1,309 60412AVJ9 Minnesota St AAA 355,000.00 8/25/2020 0.63% 8/1/2025 355,000.00 0.63% 931.88 349,905.75 1,309 798306WP7 San Juan, California NR 525,000.00 10/29/2020 0.85% 8/1/2025 525,000.00 0.85% 1,863.75 518,626.50 1,309 799408Z85 San Ramon Valley, California AA+ 525,000.00 10/20/2020 0.74% 8/1/2025 525,000.00 0.74% 1,618.75 514,689.00 1,309 54438CYK2 Los Angeles, California AA+ 530,000.00 11/10/2020 0.77% 8/1/2025 530,000.00 0.77% 1,707.04 520,783.30 1,309 110122DC9 Bristol-Myers Squibb Co A+ 554,000.00 10/1/2020 3.88% 8/15/2025 633,133.36 0.87% 8,109.94 596,578.78 1,323 50117TAC5 Kubota Credit NR 200,000.00 4/14/2021 0.62% 8/15/2025 199,959.08 0.62% 55.11 198,120.62 1,323 3135G05X7 Federal National Mortgage Association AA+ 1,675,000.00 8/31/2020 0.38% 8/25/2025 1,667,496.00 0.47% 2,198.44 1,629,225.60 1,333 20772KEW5 State Of Connecticut A+ 850,000.00 11/19/2020 3.74% 9/15/2025 966,985.50 0.83% 9,367.90 928,735.50 1,354 44933LAC7 Hyundai Auto Receivables AAA 260,000.00 4/28/2021 0.38% 9/15/2025 259,972.65 0.38% 43.91 257,450.54 1,354 3137EAEX3 Federal Home Loan Mortgage Corporation AA+ 1,475,000.00 9/25/2020 0.38% 9/23/2025 1,470,560.25 0.44% 1,505.73 1,433,322.40 1,362 91282CAM3 U.S. Treasury AA+ 500,000.00 6/30/2021 0.25% 9/30/2025 489,414.06 0.76% 319.37 484,062.50 1,369 91282CAM3 U.S. Treasury AA+ 3,750,000.00 6/30/2021 0.25% 9/30/2025 3,693,017.58 0.63% 2,395.26 3,630,468.75 1,369 61747YEG6 Morgan Stanley BBB+ 180,000.00 10/19/2021 1.16% 10/21/2025 180,000.00 1.16% 419.04 178,242.84 1,390 ATTACHMENT 2

ATTACHMENT 2

S&P
Par Pur
chase Coupon Maturit y Or
iginal Yield to Accrued Market Days to
CUSIP Description Rating Val
ue Settlement Date Rate Date Cost Maturity Int
erest Value
Maturity
Cit
y of Napa
Quarterly Investment Report - Maturity Report
as of December 31, 2021
3135G06G
3 Federal National Mortgage Association AA+ 540,000.00 11/12/2020 0.50% 11/7/2025 538,066.80 0.57% 405.00 525,785.58 1,407 43815EAC8 Honda Auto Receivables AAA 390,000.00 8/25/2021 0.41% 11/18/2025 389,994.31 0.41% 57.74 385,601.27 1,418 14316NAC3 Carmax Auto Owner Trust AAA 145,000.00 1/27/2021 0.34% 12/15/2025 144,971.35 0.34% 21.91 143,762.45 1,445 91282CBC4 U.S. Treasury AA+ 3,000,000.00 2/2/2021 0.38% 12/31/2025 2,993,554.69 0.42% 31.08 2,907,187.50 1,461 172967KG5 Citigroup Inc BBB+ 900,000.00 10/6/2021 3.70% 1/12/2026 990,855.00 1.26% 15,632.50 970,609.50 1,473 43815GAC3 Honda Auto Receivables NR 460,000.00 11/24/2021 0.88% 1/21/2026 459,903.03 0.89% 112.44 459,022.18 1,482 91282CBH3 U.S. Treasury AA+ 615,000.00 2/26/2021 0.38% 1/31/2026 603,132.42 0.77% 965.12 595,012.50 1,492 91282CBH3 U.S. Treasury AA+ 1,500,000.00 2/26/2021 0.38% 1/31/2026 1,476,972.66 0.69% 2,353.94 1,451,250.00 1,492 91282CBH3 U.S. Treasury AA+ 2,000,000.00 2/26/2021 0.38% 1/31/2026 1,951,328.13 0.89% 3,138.59 1,935,000.00 1,492 91282CBH3 U.S. Treasury AA+ 675,000.00 2/26/2021 0.38% 1/31/2026 665,850.59 0.69% 1,059.27 653,062.50 1,492 14314QAC8 Carmax Auto Owner Trust AAA 380,000.00 4/21/2021 0.52% 2/17/2026 379,918.11 0.52% 87.82 376,767.87 1,509 91282CBQ3 U.S. Treasury AA+ 5,000,000.00 10/6/2021 0.50% 2/28/2026 4,919,140.63 0.88% 8,494.48 4,857,031.00 1,520 46647PBH8 JPMorgan Chase A- 795,000.00 10/6/2021 2.01% 3/13/2026 816,393.45 1.38% 4,781.93 804,842.90 1,533 91282CBT7 U.S. Treasury AA+ 2,000,000.00 6/4/2021 0.75% 3/31/2026 1,999,218.75 0.76% 3,832.42 1,961,875.00 1,551 91282CBW0 U.S. Treasury AA+ 3,000,000.00 10/6/2021 0.75% 4/30/2026 2,979,140.63 0.91% 3,853.59 2,940,000.00 1,581 04636NAA1 Astrazeneca A- 500,000.00 7/19/2021 1.20% 5/28/2026 500,530.00 1.18% 550.00 493,629.00 1,609 91282CCF6 U.S. Treasury AA+ 2,000,000.00 6/4/2021 0.75% 5/31/2026 1,995,781.25 0.79% 1,318.68 1,959,062.40 1,612 91282CCJ8 U.S. Treasury AA+ 2,285,000.00 8/4/2021 0.88% 6/30/2026 2,308,207.03 0.66% 55.23 2,248,582.81 1,642 544647FC9 LA Unified School District NR 245,000.00 11/10/2021 1.46% 7/1/2026 245,000.00 1.46% 505.01 244,391.30 1,643 91282CCZ2 U.S. Treasury AA+ 550,000.00 10/6/2021 0.88% 9/30/2026 548,281.25 0.94% 1,229.57 540,203.13 1,734 91282CCZ2 U.S. Treasury AA+ 2,000,000.00 10/6/2021 0.88% 9/30/2026 1,990,390.63 0.97% 4,471.15 1,964,375.00 1,734 98163KAC6 World Omni Auto Rec Trust AAA 350,000.00 11/3/2021 0.81% 10/15/2026 349,952.33 0.81% 126.00 348,017.60 1,749 912828YQ7 U.S. Treasury AA+ 2,050,000.00 12/16/2021 1.63% 10/31/2026 2,086,835.94 1.24% 5,705.46 2,084,593.75 1,765 025816CM9 American Express BBB+ 800,000.00 12/16/2021 1.65% 11/4/2026 798,760.00 1.68% 2,090.00 801,476.00 1,769 14041NFY2 Capital One Financial Corp AAA 1,075,000.00 11/30/2021 1.04% 11/16/2026 1,074,851.87 1.04% 962.72 1,070,520.05 1,781 91282CDK4 U.S. Treasury AA+ 1,200,000.00 12/3/2021 1.25% 11/30/2026 1,203,421.88 1.19% 1,318.68 1,199,437.44 1,795 Total Other 159,987,087.36 161,379,459.29 485,552.46 160,705,927.80 Total LAIF, CAMP, and Securities 216,508,531.03 217,900,902.96 485,552.46 217,227,371.47 ATTACHMENT 2

ATTACHMENT 2