Napa City Council
November 1, 2022

FY 2021/22 End
-
of
-
Year

Financial Report

As of
June 30, 2022

Preliminary, Unaudited

Introduction

This
End
-
of
-
Year Financial R
eport provides an analysis of the City’s General Fund

and Proprietary Fund

revenues and expenditures for the
2021/22

fiscal year.

The
numbers in this report are preliminary and subject to
change, as the year is not yet
officially closed.

The audited Annual Financial Report will be presented to the City Council in early 2023.

Management’s Overview

The FY

2021/22

budget

as

originally

adopted

in June 20
21 estimated

operating
revenues of
$91
.6

million to fund expenditures of $

99.7 million,

and included $9.7
million of one
-
time revenue to balance the budget. Strong
transient occupancy tax
(TOT) and sales tax returns led to budget increases at mid -
year, and the removal
of the ARPA
federal funds from the General Fund. The final amended budget

estimated total revenues of $104.9 million to fund expenditures of $104.24 million, resulting

in

a $

0.6 million surplus.

Actual revenue
s for the year were even higher than anticipated, particularly for TOT,
sales tax, property tax, and licenses and permit
s. As a result, total
General
Fund r
evenues for FY 2021/22
were $10.1 million higher than budgeted.

Operating expenditures were
tightly controlled and ended the year $

4.1 million
lower

than
budgeted
.

As some of the savings was due to multi
-
year projects and
supply chain issues, the City Manager has approved $1.8 million of budget carryforwards for the General Fund, allowing departm
ents to
use their FY 2021/22
budget in FY 2022/23 based on demonstrated needs.

The preliminary, unaudited numbers indicate that the City could have approximately $12.4 million in available fund balance for the fiscal year. City staff has recommended using

$5.3 million of this funding for various City needs,
including fully funding projects, setting aside funding for fleet replacements, and covering unanticipated one
-
time needs for FY 2022/23.

The remaining
available
fund balance would then be transferred t
o the CIP Facilities Reserve as per Fiscal
Policy.

ATTACHMENT 2

FY
2021/22

General Fund
Budget

The FY
2021/22

budget
as
originally
adopted

in June 20
21 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 increase
s 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 2021/22
Budget
(as of 6/30/2022)
FY 2021/22
YTD Actual
(as of 6/30/2022)
% to date
(Budget to
Actual)
FY 20/21
Annual
Totals
Operating Revenues
Property Tax

39.86 41.33

104%

38.85 Sales Tax

20.22 21.75

108%

18.81 Transient Occupancy Tax

24.12 28.73

119%

11.72 Business License Tax

3.48 4.04

116%

3.29 Other Taxes

2.38 2.80

118%

2.71 Licenses and Permits

2.00 3.02

151%

2.49 Charges for Services

5.55 6.16

111%

4.87 Intergovernmental

1.61 1.63

101%

2.13 Investment Earnings

0.22 (0.01)

-6%
(0.14)

Miscellaneous / Other Revenues

0.14 0.26

185%

0.14 Transfers In

3.01 3.01

100%

3.44 Total Operating Revenues
102.57

112.72

110%

88.32 Non-Operating Revenues
Prior Year Property Tax Correction
-

-

n/a

1.47 Excess ERAF Above Baseline

2.30 2.30

100%

1.50 Transfers In From Other Funds
-

-

n/a

1.23 Total Non-Operating Revenues

2.30 2.30

100%

4.20 Total Revenues
104.87

115.02

110%

92.52 Operating Expenditures
City Council / City Clerk

1.52 1.41

93%

1.22 City Manager

1.57 1.54

98%

1.25 Finance

7.96 7.34

92%

6.69 City Attorney

1.34 1.27

95%

1.00 Human Resources

1.72 1.58

92%

1.17 Community Development

5.83 5.21

89%

4.68 General Government

7.84 7.02

90%

7.26 Included in General Government:

Transfer to CIP Facilities Reserve

1.92 1.91

99%

1.86 Transfer to CIP General Reserve

0.96 0.96

99%

0.93 Transfer to General Fund Reserves

0.64 0.58

90%
Police Department

33.17 32.90

99%

30.07 Fire Department

23.64 23.18

98%

21.61 Public Works

11.71 10.88

93%

11.34 Parks & Recreation

7.95 7.85

99%

6.26 Total Operating Expenditures
104.24

100.18

96%

92.55 Projected Net Position

0.63 14.84

Emergency Reserve
-

Operating Reserve

0.28 Contingency Reserve

0.30 Reserve for Anticipated Carryforwards

1.84 12.43

Projected Ending Available Fund Balance
General Fund Summary (in millions)
ATTACHMENT 2

Major Revenues

Property Tax

FY
2021/22

Property Tax
revenues

are currently

budgeted at $

39.9 million
, with
another $2.3 million of Excess ERAF budgeted in the General Fund
.

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 %).

FY
2021/22

property tax revenue
exceeds the budget by 4%
.

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 .

Looking
ahead, h
ome price growth is expected to slow due to rising mortgage rates .

Sales
Tax

Sales Tax

revenues

for FY
2021/22

are currently

budgeted at $

20.2 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.

Actual revenues

were 8% higher than the adjusted
budget.

FY 2021/22

sales tax revenue for the City of Napa was 19.9% higher than the

prior
year, with the City receiving a 44.9%
share of the County Pool. Restaurants and
Hotels grew by 61.3%
, with revenues increasing by $1.57 million. Rising fuel prices drove a 42.1% increase in Fu
el

and Service Stations

($

0.47 million increase).

Overall, every category increased year
-
over
-
year wit
h the exception of Autos and
Transportation, which saw a
-
.01% drop, likely due to supply issues.

Our sales tax consultants, HdL Companies, do not expect this level of growth to continue into FY 2022/23. Sales tax
growth
is forecasted to
slow in FY 2022/2
3 ,
and to plateau in FY 2023/24.

-

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
Operating Revenues: Budget to Actual
(in millions)
FY 2021/22 Budget
(as of 6/30/2022)
FY 2021/22 YTD Actual
(as of 6/30/2022)
ATTACHMENT 2

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.

Transient Occupancy Tax

Transient Occupancy Tax (TOT) revenue
was

the hardest hit by the COVID
-
19 pandemic. The
adopted

budget for FY
2021/22

was

$1

6.1 million,
and the

budget
was increased with the Mid
-
Year Report to $24.1 million based on
actual revenues
.

Revenues continued to grow through the second half of the fiscal year, with actual revenue hitting a high of $28.7 million for FY 2021/22. Reports from local hotelier s
indicate that occupancy levels are still lower than pre -
COVID, but room rates have
increased enough to more than offset that difference.

There were 2
8 hotels, 21 bed and breakfast establishments, 4
6 non
-
hosted and
38 hosted vacation rentals generating transient occupancy tax revenue within the City as of
June 30
.

Other Revenue
s

Business License Tax

ended the year 16% over budget
, illustrating the strong
growth in the local economy.

Other Taxes

are in line with the

City’s 5
-
year trends.

Licenses and Permits

revenue
, which were trending high at mid
-
year, came in at
151% of budget

as development increased.

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
ended the year 1% over budget.

Investment

Earnings

ended the year at
-
6%
of budget due to mark
-
to
-
market
losses for the fiscal year. Investments purchased prior to the Fed’s interest rate increases have lost value in the market, wiping out the actual interest earned from an accounting perspective.

Miscellaneous Revenues

includ
e Rents

and Royalties
,

as well as

Contributions/
Donations from Private Sources.

This category
ended the year

at
1 85
% of the annual budget,

due to higher than anticipated
park
rentals.

Non
-
Operating Revenues

for FY 2021/23
were
the $2.3 million of
additional
Excess ERAF budgeted to the General Fund in FY 2021/22 to balance the

adopted

budget.

ATTACHMENT 2

Expenditures

The FY

2021/22

expenditure budget

as

originally

adopted

in June 20
21 was
$

99. 7

million. At the end of the fiscal year, General Fund budgeted ex penditures
totaled $
104.2

million, a $

4.5 million increase primarily due to
increased TOT and
sales tax budgeted revenue
.

Current projections for FY
2021/22

total expenditures are $
100.2

million, $

4.0 million under budget. Budget savings was achieved prim arily by holding positions
vacant and reducing spending on external services.

Savings in salaries, benefits, and services as compared to the amended budget were found across City departments, with the greatest savings found in General
Government ($0.8 million),
Public Works ($0.
4 million),
Community Development

($0.
4 million), and
F
inance

($0.
3 million).

The following table provides the operating expenditure budget and preliminary, unaudited actual spent to date for each department through June 30, 202 2 :

Departments carried forward $1.8 million of available budget to FY 2022/23 to
cover agreements and projects that spanned fiscal years.

Expenditures by Department
Budget
6/30/2022
$ in millions
Actual
6/30/2022
$ in millions
Carryforward
to FY23
in millions
%
City Council / City Clerk

1.52 1.41

0.09 99%
City Manager

1.57 1.54

0.01 99%
Finance

7.96 7.34

0.31 96%
City Attorney

1.34 1.27

0.07 100%
Human Resources

1.72 1.58

0.08 97%
Community Development

5.83 5.21

0.26 94%
General Government

7.84 7.02

0.03 90%
Police Department

33.17 32.90

0.11 100%
Fire Department

23.64 23.18

0.35 100%
Public Works

11.71 10.88

0.42 96%
Parks & Recreation

7.95 7.85

0.12 100%
Total Expenditures
104.24

100.18

1.84 98%
ATTACHMENT 2

Non
-
Recurring General Fund

This fund is used for multi
-
year non
-
CIP projects, grants, and developer
-
funded
consultants. As such, revenues rarely match expenditures in a fiscal year.

For FY
2021/22, $4.3 million of expenditure budget will be carried forward into FY 2022/23 to account

for ongoing spending needs. The remaining estimated available fund balance amount appears to exceed 2% of the year’s General Fund Operating Budget; any excess over that amount will be transferred into the CIP Facilities Reserve as per Fiscal Policy 13.d.

FY 2021/22
Budget
(as of 6/30/2022)
FY 2021/22
YTD Actual
(as of 6/30/2022)
% to date
(Budget to
Actual)
FY 20/21
Annual
Totals
Beginning Available Fund Balance

6.07 6.07

Non-Recurring Revenues
Property Tax (Excess ERAF)

0.60 0.77

129%

1.31 Sales Tax
-

0.03 n/a
-

Licenses and Permits

0.40 0.16

40%

0.13 Charges for Services

0.60 1.65

276%

0.33 Intergovernmental

2.86 1.05

37%

2.47 Investment Earnings

0.11 0.01

12%
(0.00)

Miscellaneous / Other Revenues

0.17 0.17

100%

0.13 Transfers In

0.66 0.64

97%

1.21 Total Non-Recurring Revenues

5.39 4.49

83%

5.57 Non-Recurring Expenditures
Salaries & Wages

0.35 0.57

164%

0.18 Benefits

0.03 0.13

372%

0.08 Services

6.02 1.76

29%

3.13 Materials and Supplies

0.55 0.09

17%

0.71 Capital Outlay

1.34 0.30

22%

0.08 Transfers Out

1.62 1.37

84%

1.33 Total Non-Recurring Expenditures

9.92 4.22

43%

5.50 Net Impact of Non Recurring
(4.53)

0.27 Reserve for Anticipated Carryforwards

4.33 Projected Ending Available Fund Balance

1.54 2.01

Non-Recurring General Fund Summary (in millions)
ATTACHMENT 2

General Fund Reserves

In accordance 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
receive
s

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 Funds

In addition to the General Fund, the
End of 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 t
ypes of funds are presented separately below, along with summary information for each of the individual funds within each category.

Enterprise Funds

Enterprise Funds are those
funds
that provide goods or services to the public for
a fee that makes
the entity self
-
supporting.

Napa’s Enterpris
e Funds include: Solid
Waste &

Recycling

and Water.

A listing of these funds and summary of the activity

for FY 2021/22

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 pri
mary 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
preliminary, unaudited
S
WR
Fund activity
through
June 30, 2022

is provided below:

FY 2021/22
Beginning
Balance
Usage
Transfers In
FY 2021/22
Ending
Balance
Emergency Reserve

15.40 -

-

15.40 Operating Reserve

4.66 -

0.28 4.94

Contingency Reserve

0.93 (0.25)

0.30 0.99

CIP Facilities Reserve

4.05 (0.63)

1.91 5.32

CIP General Fund Projects Reserve

9.45 (2.38)

1.12 8.20

Total Reserves

34.49 (3.26)

3.61 34.84

Reserves
(in millions)
ATTACHMENT 2

Overall operating revenues are
better than
expected.

Refuse collection charges

are
slightly higher than budgeted.

Revenue from Gate Fees is
a little under budget,
at 96%
.

Materials sales revenue is
11%

higher than adopted budget. Operating
expenditures
con
tinue to come in lower than
budgeted
.

While the table above
shows a surplus of $6.93 million, $3.67 million of expenditure budget is being carried forward into FY23 to cover NRWS contract expenses , leaving a surplus of
$3.26 million for FY22.

FY 2021/22
Amended
Budget
(as of 6/30/2022)
FY 2021/22
YTD Actual
(as of
6/30/2022)
% to date
(Budget to
Actual)
FY 2020/21
Actuals
(as of
6/30/2021)
Operating Revenues
Refuse Collection Charges

28.10 28.71

102%

25.97 MDF Gate Fees

5.06 4.88

96%

4.45 Material Sales

8.23 9.16

111%

8.73 Other Revenues

0.17 0.19

110%

0.15 Total Operating Revenues

41.56 42.94

103%

39.30 Operating Expenditures
Salaries and Benefits

1.39 1.25

91%

1.26 Contractor Service

25.78 22.15

86%

21.50 Transfer Station Disposal Fees

3.44 3.18

92%

3.02 MDF Facility Materials

4.10 2.97

72%

3.47 Other Materials, Supplies & Services

3.29 2.72

83%

2.30 Administrative Support & Transfers

1.18 0.64

54%

0.41 Total Operating Expenditures

39.17 32.92

84%

31.97 Operating Surplus / (Deficit)

2.38 10.02

Non-Recurring Revenues

0.11 0.29

n/a
-

Non-Recurring Expenditures

1.12 0.71

64%

0.08 Capital Expenditures

0.54 1.26

235%

0.20 Transfer to Street Resurfacing

1.11 1.11

100%
-

Debt Service Expenditures

0.87 0.30

34%

0.31 Total Surplus / (Deficit)
(1.14)

6.93 Solid Waste & Recycling Fund
SWR Fund Balances
7/1/2021
Additions
Uses
7/1/2022
Available Fund Balance
4,645,727

7,350,119

(424,155)

11,571,691

Operating Reserve
3,571,579

-

-

3,571,579

Rate Stabilization Reserve
-

-

-

-

Liability Reserve
350,000

-

-

350,000

Total
8,567,306

7,350,119

(424,155)

15,493,270

ATTACHMENT 2

Water Fund

The Water 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 f
or consumption, sanitary needs, irrigation
,

and fire protection. The
Water Fund’s Administration, Engineering,
Treatment, and Distribution sections
accomplish this mission by delivering
over

13,
2 00 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 nee
ds, responding to
em
ergency repairs, and maintaining a proactive water conservation program.

A
summary of the
preliminary, unaudited
Water Fund activity
through

June 30, 2022

is provided below
:

FY 2021/22
Amended
Budget
(as of 6/30/2022)
FY 2021/22
YTD Actual
(as of 6/30/2022)
% to date
(Budget to
Actual)
FY 2020/21
Annual Totals
Operating Revenues
Charges for Services

35.71 34.74

97%

38.80 Other Revenues

0.65 0.41

64%

0.14 Total Operating Revenues

36.36 35.15

97%

38.94 Operating Expenditures
Salaries and Benefits

10.48 8.28

79%

8.50 Services, Materials and Supplies

16.63 15.19

91%

12.97 Administrative Support

1.84 1.84

100%

1.70 Total Operating Expenditures

28.95 25.30

87%

23.16 Operating Surplus / (Deficit)

7.41 9.85

15.78 Capital and Non-Recurring Revenues

9.00 (2.10)

-23%

2.43 Capital and Non-Recurring Expenditures

35.12 5.10

15%

2.34 2014 Earthquake Revenues (FEMA/CalOES)

1.17 0.77

66%

1.13 2014 Earthquake Expenditures

1.64 0.01

0%

0.26 2017 Fire Revenues (FEMA/CalOES)

5.24 1.37

26%

0.76 2017 Fire Expenditures

6.84 0.68

10%

2.97 Payment for ERP Update
-

-

n/a

0.88 Debt Service Expenditures

3.42 1.26

37%

1.36 Water Interfund Transfer Revenue

9.67 4.67

48%

1.56 Water Interfund Transfer Expenditures

9.67 4.67

48%

1.56 Total Surplus / (Deficit)
(24.21)

2.84 Water Fund
Water Fund Balances
7/1/2022
Additions
Uses
7/1/2022
Available Fund Balance
35,600,326

16,303,744

(8,791,929)

43,112,141

CIP Reserve
5,550,115

-

(4,674,572)

875,543

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
52,053,967

16,303,744

(13,466,501)

54,891,209

ATTACHMENT 2

Revenue is tracking with reduced budget projection anticipated due to the ongoing drought. Operating expenditures are slightly lower than budget.

Although operating costs for consumables are up due to post -
pandemic supply
chain shortages, fuel prices, and

inflation, numerous staff vacancies including 11
out of 65 total positions have suppressed salaries and benefits below budget.

Most capital improvement projects (CIP) are in the planning and design phase therefore actual expenditures are just
15 % of budgeted costs for design and
construction.

Detracting from planned capital projects, staff have completed two pump station rebuilds in the Silverado area damaged by the 2017 Napa Sonoma Fire complex

at a cost of
$2.3

million
. Disaster recovery projec
ts 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 $

43.1 million is primarily dedicated to current and
future c
apital improvement projects.

ATTACHMENT 2

Internal Service Funds

Internal 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
.

Internal Service Funds
FY 2021/22
Budget
(as of
6/30/2022)
FY 2021/22
YTD Actual
(as of
6/30/2022)
% to date
(as of
12/31/2021)
FY 2020/21
Actual
(as of
6/30/2021)
Fleet Management Fund
Available Capital [1]

5.49 5.49

4.09 Revenues

4.42 5.04

114%

4.81 Expenditures

4.70 2.43

52%

3.82 Fund Balance Addition/(Reduction)
(0.28)

2.61 0.81

Projected Ending Available Balance

5.21 8.10

Fleet - Fire Apparatus Replacement Fund
Available Capital [1]

2.45 2.45

2.02 Revenues

0.43 0.42

100%

0.43 Expenditures

2.49 2.43

97%

0.10 Fund Balance Addition/(Reduction)
(2.07)

(2.00)

(0.01)

Projected Ending Available Balance

0.38 0.45

IT Replacement
Available Capital [1]

0.15 0.15

0.12 Revenues

0.29 0.29

101%

0.17 Expenditures

0.29 0.12

42%

0.14 Fund Balance Addition/(Reduction)
-

0.17 0.03

Projected Ending Available Balance

0.15 0.32

Risk Management
Available Capital [1]

1.93 1.93

1.59 Revenues

9.47 9.51

100%

7.62 Expenditures

9.40 7.37

78%

7.27 Fund Balance Addition/(Reduction)

0.07 2.14

(0.75)

Projected Ending Available Balance

2.01 4.07

Post Employment Benefits (PEB)
Available Capital [1]

5.88 5.88

2.38 Revenues

1.18 0.46

39%

3.01 Expenditures

1.26 1.12

89%
(0.49)

Fund Balance Addition/(Reduction)
(0.08)

(0.66)

0.19 Projected Ending Available Balance

5.80 5.22

Equipment Replacement
Available Capital [1]

0.59 0.59

0.49 Revenues

0.16 0.16

100%

0.15 Expenditures

0.00 0.00

122%

0.05 Fund Balance Addition/(Reduction)

0.16 0.16

(0.00)

Projected Ending Available Balance

0.75 0.75

[1] Available Capital = Fund Balance available for Appropriation ATTACHMENT 2

What We Are Watching

Nationally:

The Federal Reserve Board
held

the benchmark funds rate to 0
-

0.25 percent
,
from

March 2020

to March 2022
.

With inflation surging,
they
have increased rates

five
times in 2022, with
the most recent increase in September bringing the federal funds rate up to 3.00
-

3.25%.

Fed officials hav
e signaled the intention of continuing
to raise rates until they reach 4.6% in 2023.

While the hope is that these aggressive
rate hikes will curb inflation, the
se rates affect consumer adjustable
-
rate debt
instruments. It’s expected that
unemployment
rate will increase, and GDP growth
will slow, indicators that typically mean the economy is in recession.

Consumer prices continue to rise, and as of September 2022 were up 8.2% compared to September 2021.

The food index has grown by 11.2% as compared
to
a year ago.

The Fed’s aggressive rate hikes have yet to
have a dampening
affect on inflation.

Meanwhile, real average hourly earnings for workers has decreased by 3% in the same timeframe.

Nationwide, unemployment was at

3. 5
% for
September 2022
. Unemploym
ent
rates continue to be higher for Black (

5.8 %) and
Latino

(

3.8 %) people, as well as
teenagers (

11.4 %) 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 u
nable to work or who have dropped out of the workforce due to childcare issues

or disability
.

The Census Bureau’s June to July 2022 HPS survey found
that 16.3 million
working
-
age Americans currently have long Covid, and the
Brookings Institute estimates th
at as many as 4 million workers are likely out of
work due to long Covid.

GDP
decreased in
the first two quarters of 2022
.

The third estimate for January
-
March 2022

showed GDP decreasing by 1.6%. The third estimate for April -
June
2022 shows a smaller decrease of 0.6%, reflecting an upturn in exports and growing consumer spending.

State:

California’s unemployment rate in

September 2022

was at

3.9 %, much lower than
last
September’s

rate of

6.4 %
.

In
the last year
, California added
712,600

total non
-
farm payroll jobs.

Between
the growth in housing prices and Fed increases driving higher mortgage rates, as of September 2022 only 16% of California

households could afford to buy
a median
-
priced home.

The average price of gas
has been over $4/gallon since May 2021
, with the
average price in California in September 2022

at $5.375/gallon
.

The average price
for calendar year 2022
through September is $5.485/gallon.

ATTACHMENT 2

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 fully
recovered
in FY 2021/22; occupancy rates were lower than pre
-
Covid but room
rates increased to more than make up the difference.

Both the TOT and sales tax
budgets were incr
eased on the FY 2021/22 Mid
-
Year Report to account for strong
revenue growth, but
final revenue numbers came in even higher. It is anticipated that this strong revenue was

partially due to a surge from consumers excited to get
out of Covid lockdowns and go

on vacation; with anticipate

In Napa County, the median single
-
family home
sold
price was $
987,000

in
September 2022,

3.9 % higher than in
September

202
1 .

It

is expected that home
prices will

likely

plateau or begin to fall due to high mortgage rate
s.

Napa County’s unemployment rate continues to be lower than California’s overall rate and was

2.6 % for

December 2021
.

ATTACHMENT 2

Mid
-
Year

Appropriation Adjustments

In accordance with
Fiscal Policy

5.b.iii, adopted by City Council on June 1
5 , 20
2 1
,
the City Manager is authorized to increase appropriations for specific purposes, as long as the expenditure appropriations do not exceed the amount of the revenue
,
and the adjustment is reported to the Cit
y Council as part of the
next regular
financial report.

The adjustments shown below were posted between 1/1/22 and 6/30/22.

Budget Adjustment Summary (Fund / Department /
Purpose)

Revenues

Expenditures

Fund 100 / Fire / CalOES Reimbursement

5,304.00

5,304.00

Fund 100 / Public Works / Stanly Lane Reimbursement

89,030.53

89,030.53

Total Operating General Fund

94,334.53

94,334.53

Budget Adjustment Summary (Fund /
Department /
Purpose)

Revenues

Expenditures

Fund 101 / Community Development / Local Early
Action Plan Grant received from California Department
of Housing and Community Development

300,000.00

300,000.00

Fund 101 / Fire / Donations

29,027.00

29,027.00

Fund 101 / Parks and Recreation / Napa Lighted Art
Festival Sponsorships

17,000.00

17,000.00

Fund 101 / Parks and Recreation / Donations for Senior
Center

11,000.00

11,000.00

Total Non
-
Recurring General Fund

357,027.00

357,027.00

Budget Adjustment Summary (Fund / Department /
Purpose)

Revenues

Expenditures

Fund 231 / Community Development / CDBG
Entitlement Funding

33,256.00

33,256.00

Fund 519 / Utilities / SWR SB1383 Grant

113,000.00

113,000.00

Total Other Funds

146,256.00

146,256.00

ATTACHMENT 2

Recommendation

Per Fiscal Policy

13.c, any available fund balance in the General Fund shall be transferred to the CIP Facilities Reserve at the end of the fiscal year. However, City staff recommends using some of the excess revenues in the General Fund for
current needs
.

The NCEA MOU adop
ted in this year included one
-
time payments to current
members, totaling $0.52 million including benefits.

This amount was not included
in the FY 2022/23 budget, and City staff recommends carrying forward unspent budget to account for this unforeseen one
-
t
ime expense.

The Bike Path Undercrossing project requires an additional $1.5 million in order to be completed at current costs, and the Energov project (replacement of the City’s land management software) requires an additional $0.5 million. Funding these

projects ensures that they can be completed in a timely manner with adequate resources.

The prices of new vehicles continues to increase at a pace even higher than current inflation
, and the difficulty of obtaining new vehicles from the dealerships has
caused delays that result in

the City having to pay higher prices. City staff
recommends contributing $1.0 million to the City’s General Fund Fleet Replacement Reserve, and $1.0 million to the City’s Fire Apparatus Replacement Reserve. This will
give the C
ity enough funding to purchase planned vehicle
replacements at FY 2022/23 estimated prices and leave the reserves in strong financial standing for the future.

City staff recommends transferring $0.65 million to the Non -
Recurring General
Fund
; $0.15 millio
n for hiring incentives and recruitment costs, and $0.5 million for Genera
l Government contingency for approved non
-
CIP projects
. Additionally,
staff recommends transferring $0.09 million to various assessment districts in order to

correct negative fund balances from previous years; this one -
time transfer
will correct an audit issue and
strengthen the basis of the various assessment
district funds.

These recommendations are summarized in the table below, showing the impact on
the General Fund budget for FY 202
1/22. Per Fiscal Policy 13.c, available fund
balance in the General Fund at the close of the fiscal year shall be transferred to the CIP Facilities Reserve. The approximate balance of $

7.17 million

below is the
current est
imate of the amount to be transferred into the reserve.

ATTACHMENT 2

The final recommended transfer does not impact the General Fund. Through payroll deductions, more PERS normal costs were pulled from department budgets than were needed to pay PERS. After extensiv
e review of the potential impacts,
the Accounting team refunded
grants, housing funds, and other restricted funding
sources. The remaining additional deductions total approximately $

1.7 million,
which staff recommends be transferred from the payroll cleari ng fund into the 115
trust, to be used for smoothing future CalPERS UAL payments.

Per Fiscal Policy

13.d, available fund balance in the Non
-
Recurring General Fund
in excess of 2% of the General Fund operating budget shall be transferred to the CIP Facilit
ies Reserve at the end of the fiscal year. Current projections show that after reserving fund balance for current encumbrances and future spending, the available fund balance amount
may be slightly more than

2% of the General Fund
operating budget
. Once th
e Accounting Team has finalized
their entries, a transfer
will be entered if

required.

General Fund Budget Adjustments
Description
Proposed Use of
FY22 Year-End
Funds
Estimated Available:
12,426,023

Expenditures:

Transfer to CIP General Reserve (BP12PW01)
1,500,000

Transfer to IT Fund (Energov)
500,000

Transfer to Fleet Fund (GF Replacement Reserve)
1,000,000

Transfer to Fire Apparatus Replacement Reserve
1,000,000

Transfer to Assessment Districts
90,000

Transfer to Non-Recurring GF (Recruitment)
150,000

Transfer to Non-Recurring GF (Contingency for Non-CIP Projects) 500,000

Total Expenditure Adjustments
4,740,000

Carryforwards:

NCEA MOU One-Time Payments
520,090

Total Carryforwards
520,090

Remaining to be Transferred to CIP Facilities Reserve:
7,165,933

ATTACHMENT 2

City of Napa

Quarterly Investment Report

as of
June 30
, 202
2 Introduction

This report represents the City’s investment portfolio as of
June 30
, 202
2 . 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.

Investment 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 appr
oved by the City Council
in
June
202
2 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 u
se 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 Market Conditions

In
the
second

calendar
quarter of 2022
, U.S. economic conditions were characterized by:

(1)
persistently high inflation; (2) declining consumer sentiment; (3) slowing economic growth and increasing recession probabilities; (4) more aggressive Federal Reserve (Fed) monetary polic y
tightening; (5) rising yields and decade
-
high mortgage rates; and

(6) elevated volatility and risk
-
off
sentiment in credit and equity markets.

The focus of headlines on inflation remain
ed
very high, with the Consumer Price Index increasing

9.1% year
-
ove
r
-
year through June, the largest 12
-
month increase since December 1981. Numerous
factors have driven this inflation: gasoline prices surged nearly 60%, shelter costs rose 5.6%, food was up 10.4%, while new and used cars rose 9% over that span. Some of thes e price pressures resulted
from surging input costs for oil, industrial metals and agricultural products, exacerbated by Russia’s ongoing invasion of Ukraine. But, more recently, many commodity prices have fallen substantially.

As a result of
surging inflation, the Fed lifted the overnight federal funds target rate three times in the first half of 2022, in March, May and June. The last hike was by three quarters of a percentage point (0.75%) to a new range of 1.5% to 1.75%, the largest hike sin ce 1994. The market now expects short
-
term rates to reach 3.25% to 3.75% by year
-
end. In addition, the Fed kicked off its plan to reduce its balance sheet

holdings of Treasuries and agency
-
backed mortgage securities through monthly runoff
of maturities and

principal payments.

ATTACHMENT 2

City of Napa

Quarterly Investment Report

as of
June 30
, 202
2 U.S. Treasury yields
continued to move higher

during the quarter
,

as the Fed

raised the overnight
federal funds target rate

and began their balance sheet reduction
.

As a result of
the

increasing Treasury
yields, fixed income indices
posted
negative total returns. The ICE
Bank of America Merrill Lynch
(
BofA
ML
)

2 -
, 5
-
, and 10
-
year U.S. Treasury
indices returned

-

0.50%,
-

2.05%, and
-

4.92%, respectively
,
for the quarter
.

Source:

Bloomberg

Portfolio Strategy and Performance

Strategic themes
remained similar to last quarter as inflation persisted, probability of recession increased, and the Federal Reserve Open Market Committee continued to tighten monetary policy.

As a result, w
e:



Maintained a defensive duration posture in the face of rising rates and expectation for continued
Fed rate hikes.



Utilized bouts of increased market volatility and wider spreads to build upon portfolio’s allocation of high
-
quality corporates
, and



Maintained diligence around issue selection, recognizing the weakening economic backdrop

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
.

T
he portfolio
slightly under
performed the benchmark
during

the quarter

due to its
diversification, as U.S. Treasuries outperformed other sectors. Over the long -
term, the portfolio
Maturity

6 /3
0 /2
2 3
/3
1 /2
2 Q over Q

Change

3 -
Mo.

1.63%

0.50%

+

1.13%

6 -
Mo.

2.46%

1.01%

+

1.45%

1 -
Yr.

2.74%

1.61%

+

1.13%

2 -
Yr.

2.95%

2.34%

+

0.61%

3 -
Yr.

3.01%

2.51%

+

0.50%

5 -
Yr.

3.04%

2.46%

+

0.58%

10 -
Yr.

3.01%

2.34%

+

0.6 7
%

Yield Curve History

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%
3M
1Y
2Y
3Y
5Y
10Y
Maturity
U.S. Treasury Yield Curve
June 30, 2022
June 30, 2021
March 31, 2022
ATTACHMENT 2

City of Napa

Quarterly Investment Report

as of
June 30
, 202
2 continues to
outperform

its benchmark
,

due to
the portfolio’s

diversification and
sector
strategy
.

Over
the past three and five years the portfolio has return
ed strong performance, relative to the benchmark.

Total Return Comparison

Periods Ending

June 30
, 202
2 Past

Quarter

Past

Year

Past

3 Years

Past

5 Years

City of Napa

-

0.86 %

-

4.59 %

0.36 %

1. 24
%

BofA Merrill Lynch 1
-
5 Year

Government Index

-

0.81 %

-

4.60 %

0. 04
%

0.91 %

LAIF

Yield

0. 19
%

0 .38
%

1. 00
%

1. 3
6 %

*Returns 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
.

Portfolio Information

The City’s cash, excluding bond proceeds, is pooled

for
investment purposes. As of
June 30
, 202
2 ,

invested funds
totaled

$
247,887,907

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 consist
s of

U.S. Treasuries,
f
ederal
a
gencies,

f
ederal
a
gency
commercial

mortgage
-
backed securities

(
CMBS
)
,

municipals,
s
upranationals,
c
orporate
notes
,
n
egotiable
c
ertificates of
d
eposit,

asset
-
backed securities
,

and
c
ash instruments such
as

CAMP

and LAIF
. As noted in the
following chart

and on the attached investment detail report,
as
of
June 30
, 202
2 ,
approximately
7 6
%

of

the Ci
ty’s investment portfolio

was
invested in
the State Local
Agency
Investment Fund (LAIF)
, the California Asset
Management Program (CAMP)
,

and high
-
q
uality

U.S. Treasury and
f
ederal
a
gency securities to maintain th
e focus on safety and liquidity.

Approximately
19 % of

t
he portfolio
is
allocat
ed to high quality credit instruments including
n
egotiable
certificates of deposit
,

corporate notes
, and asset
-
backed

securities
,
and
4 % is

in municipal obligations.

ATTACHMENT 2

City of Napa

Quarterly Investment Report

as of
June 30
, 202
2 The City’s Investment Policy allows for a 5
-
year time horizon with an emphasis on liquidity. As of
June 30
, 202
2 ,
2 3
%

of the City’s funds were invested in very short
-
term
or overnight
investments,
2 7
%

of the funds were invested with maturities between
9 1
days and 2 years,
and
5 0
%

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 wh ile maximizing returns on funds
not needed in the immediate future.

Federal Agencies
5%
Federal Agency
CMBS
1%
Municipals
4%
U.S. Treasuries
47%
LAIF and CAMP
23%
Certificates of
Deposit
<1%
Corporate Notes
15%
Asset
-
Backed
Securities
4%
Supranationals
1%
Investments by Type
June 30, 2022
23%
1%
4%
22%
50%
0%
10%
20%
30%
40%
50%
60%
0 - 90 days
91 - 180 days
181 - 360 days
361 - 720 days
721 - 1825 days
Maturities in Days
June 30, 2022
ATTACHMENT 2

City of Napa

Quarterly Investment Report

as of
June 30
, 202
2 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 cas
h flow needs) and longer
-
term maturities (to
realize a higher rate of return) is appropriate given the current market conditions.

ATTACHMENT 2

Sector
Par Value
Original Cost
Market Value
U.S. Treasuries
122,980,000.00
122,358,202.80
116,900,206.39
Federal Agencies
11,660,000.00
11,727,825.58
11,299,408.40
Federal Agency CMBS
3,103,570.19
3,207,907.15
3,086,793.61
Municipals
10,025,000.00
10,144,542.80
9,523,095.65
Supra-National Agencies
3,755,000.00
3,809,574.85
3,588,687.25
Certificates of Deposit
925,000.00
925,000.00
906,991.18
Corporate Notes
37,995,000.00
38,292,452.10
36,554,274.89
Asset-Backed Securities
9,554,472.45
9,553,348.49
9,289,293.09
California Asset Management Trust
524,352.40
524,352.40
524,352.40
Local Agency Investment Fund
56,214,804.20
56,214,804.20
56,214,804.20
Total
256,737,199.24
256,758,010.37
247,887,907.06
Market Value Basis
Interest Earned
$624,618
Change in Market Value
($2,159,583)
City of Napa
-0.86%
-4.59%

1.24%

3.17%
Total Dollar Return
($1,534,965)
-0.81%
-4.60%

0.91%

2.94%
Accrual Basis
Interest Earned
$624,618
Realized Gains / (Losses)
($167,083)
Change in Amortized Cost
($51,152)
Total Earnings
$406,383
Portfolio values as of June 30, 2022 excluding accrued interest.

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

City of Napa
Quarterly Investment Report - Summary and Performance
BofA 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 June 30, 2022
Portfolio Earnings
ATTACHMENT 2

Par
Purchase
Coupon
Maturity
Original
Yield to
Accrued
Market
CUSIP
Description
3Q22
4Q22
Value
Settlement Date
Rate
Date
Cost
Maturity
Interest
Value
LAIF and CAMP
N/A
California Asset Management Trust
AAAm
AAAm
524,352.40

6/30/2022

1.14%
7/1/2022
524,352.40

1.14%
-

524,352.40

N/A
Local Agency Investment Fund
NR
NR
56,214,804.20

6/30/2022

0.75%
7/1/2022
56,214,804.20

0.75%
-

56,214,804.20

Total LAIF and CAMP
56,739,156.60

56,739,156.60

0.75%
-

56,739,156.60

U.S. Treasuries
912828P38
U.S. Treasury
AA+
AA+
1,300,000.00
11/6/2018

1.75%
1/31/2023
1,237,996.10

2.96%
9,489.64

1,293,500.00

912828Z86
U.S. Treasury
AA+
AA+
2,045,000.00
3/3/2020

1.38%
2/15/2023
2,079,509.38

0.80%
10,563.95

2,028,703.80

91282CBU4
U.S. Treasury
AA+
AA+
3,420,000.00
10/6/2021

0.13%
3/31/2023
3,416,660.16

0.19%
1,074.59

3,352,668.75

912828R69
U.S. Treasury
AA+
AA+
2,100,000.00
4/5/2019

1.63%
5/31/2023
2,042,824.22

2.32%
2,890.37

2,075,718.75

9128284U1
U.S. Treasury
AA+
AA+
575,000.00
1/21/2020

2.63%
6/30/2023
594,945.31

1.59%

41.02 573,382.81

912828S35
U.S. Treasury
AA+
AA+
150,000.00
10/25/2019

1.38%
6/30/2023
148,957.03

1.57%

5.60 147,726.57

912828ZY9
U.S. Treasury
AA+
AA+
1,400,000.00
2/2/2021

0.13%
7/15/2023
1,399,398.44

0.14%
807.32

1,359,531.32

91282CCN9
U.S. Treasury
AA+
AA+
300,000.00
8/9/2021

0.13%
7/31/2023
299,542.97

0.20%
156.42

291,000.00

91282CCU3
U.S. Treasury
AA+
AA+
3,000,000.00
9/3/2021

0.13%
8/31/2023
2,995,195.31

0.21%
1,253.40

2,902,968.60

91282CDA6
U.S. Treasury
AA+
AA+
300,000.00
10/6/2021

0.25%
9/30/2023
299,894.53

0.27%
188.52

290,062.50

91282CDA6
U.S. Treasury
AA+
AA+
5,000,000.00
10/6/2021

0.25%
9/30/2023
4,996,289.06

0.29%
3,142.08

4,834,375.00

9128285K2
U.S. Treasury
N/A
AA+
5,000,000.00
5/9/2022

2.88%
10/31/2023
5,025,390.63

2.52%
24,218.75

4,992,969.00

91282CDM0
U.S. Treasury
AA+
AA+
3,000,000.00
12/3/2021

0.50%
11/30/2023
2,994,492.19

0.59%
1,270.49

2,897,812.50

91282CDR9
U.S. Treasury
AA+
AA+
7,000,000.00
1/18/2022

0.75%
12/31/2023
6,974,296.88

0.94%
142.66

6,770,312.50

9128286G0
U.S. Treasury
AA+
AA+
1,115,000.00
8/12/2021

2.38%
2/29/2024
1,172,448.63

0.35%
8,851.07

1,104,198.44

912828W71
U.S. Treasury
AA+
AA+
150,000.00
1/6/2020

2.13%
3/31/2024
152,935.55

1.64%
801.23

147,773.43

912828W71
U.S. Treasury
AA+
AA+
9,000,000.00
10/6/2021

2.13%
3/31/2024
9,383,554.69

0.40%
48,073.77

8,866,405.80

912828X70
U.S. Treasury
AA+
AA+
1,200,000.00
5/6/2019

2.00%
4/30/2024
1,180,828.13

2.34%
4,043.48

1,178,812.56

91282CCG4
U.S. Treasury
AA+
AA+
1,000,000.00
7/7/2021

0.25%
6/15/2024
995,429.69

0.41%
109.29

948,125.00

912828Y87
U.S. Treasury
AA+
AA+
1,200,000.00
12/4/2019

1.75%
7/31/2024
1,204,171.87

1.67%
8,759.67

1,169,625.00

9128282U3
U.S. Treasury
N/A
AA+
4,000,000.00
5/9/2022

1.88%
8/31/2024
3,917,343.75

2.80%
25,067.93

3,905,000.00

91282CCX7
U.S. Treasury
AA+
AA+
1,850,000.00
10/6/2021

0.38%
9/15/2024
1,843,496.09

0.50%
2,036.01

1,745,359.38

91282CCX7
U.S. Treasury
AA+
AA+
3,000,000.00
10/6/2021

0.38%
9/15/2024
2,987,343.75

0.52%
3,301.63

2,830,312.50

9128282Y5
U.S. Treasury
AA+
AA+
1,320,000.00
12/4/2019

2.13%
9/30/2024
1,347,121.88

1.68%
7,050.82

1,295,250.00

91282CDB4
U.S. Treasury
AA+
AA+
1,000,000.00
10/15/2021

0.63%
10/15/2024
998,867.19

0.66%
1,314.89

947,343.80

9128283J7
U.S. Treasury
AA+
AA+
1,130,000.00
1/6/2020

2.13%
11/30/2024
1,154,498.05

1.66%
2,033.85

1,106,340.63

91282CDS7
U.S. Treasury
AA+
AA+
7,000,000.00
1/18/2022

1.13%
1/15/2025
6,977,851.56

1.23%
36,329.42

6,674,062.50

91282CDZ1
U.S. Treasury
N/A
AA+
3,900,000.00
5/9/2022

1.50%
2/15/2025
3,754,664.06

2.91%
21,977.90

3,747,656.25

912828ZT0
U.S. Treasury
AA+
AA+
3,500,000.00
10/6/2021

0.25%
5/31/2025
3,442,851.56

0.70%
741.12

3,229,296.70

912828XZ8
U.S. Treasury
AA+
AA+
1,545,000.00
12/4/2020

2.75%
6/30/2025
1,710,423.63

0.39%
115.46

1,532,446.88

91282CAB7
U.S. Treasury
AA+
AA+
525,000.00
5/5/2021

0.25%
7/31/2025
516,386.72

0.64%
547.48

481,851.56

91282CAM3
U.S. Treasury
AA+
AA+
500,000.00
6/30/2021

0.25%
9/30/2025
489,414.06

0.76%
314.21

456,640.60

91282CAM3
U.S. Treasury
AA+
AA+
3,750,000.00
9/3/2021

0.25%
9/30/2025
3,693,017.58

0.63%
2,356.56

3,424,804.50

91282CBC4
U.S. Treasury
AA+
AA+
3,000,000.00
2/2/2021

0.38%
12/31/2025
2,993,554.69

0.42%

30.57 2,733,281.40

91282CBH3
U.S. Treasury
AA+
AA+
1,315,000.00
3/3/2021

0.38%
1/31/2026
1,294,812.70

0.69%
2,056.96

1,195,417.19

91282CBH3
U.S. Treasury
AA+
AA+
2,000,000.00
4/5/2021

0.38%
1/31/2026
1,951,328.13

0.89%
3,128.45

1,818,125.00

91282CBH3
U.S. Treasury
AA+
AA+
675,000.00
9/3/2021

0.38%
1/31/2026
665,850.59

0.69%
1,055.85

613,617.19

91282CBH3
U.S. Treasury
AA+
AA+
5,000,000.00
1/18/2022

0.38%
1/31/2026
4,794,531.25

1.43%
7,821.13

4,545,312.50

91282CBQ3
U.S. Treasury
AA+
AA+
5,000,000.00
10/6/2021

0.50%
2/28/2026
4,919,140.63

0.88%
8,355.98

4,556,250.00

91282CBT7
U.S. Treasury
AA+
AA+
2,000,000.00
6/4/2021

0.75%
3/31/2026
1,999,218.75

0.76%
3,770.49

1,836,875.00

91282CBW0
U.S. Treasury
AA+
AA+
3,000,000.00
10/6/2021

0.75%
4/30/2026
2,979,140.63

0.91%
3,790.76

2,749,687.50

91282CCF6
U.S. Treasury
AA+
AA+
2,000,000.00
6/4/2021

0.75%
5/31/2026
1,995,781.25

0.79%
1,270.49

1,829,687.60

City of Napa
Quarterly Investment Report - Holdings Report
as of June 30, 2022
FY Quarter
S&P Rating
ATTACHMENT 2

Par
Purchase
Coupon
Maturity
Original
Yield to
Accrued
Market
CUSIP
Description
3Q22
4Q22
Value
Settlement Date
Rate
Date
Cost
Maturity
Interest
Value
City of Napa
Quarterly Investment Report - Holdings Report
as of June 30, 2022
FY Quarter
S&P Rating
91282CCJ8
U.S. Treasury
AA+
AA+
2,285,000.00
8/4/2021

0.88%
6/30/2026
2,308,207.03

0.66%

54.33 2,097,201.56

91282CCJ8
U.S. Treasury
AA+
AA+
1,100,000.00
4/5/2022

0.88%
6/30/2026
1,022,656.25

2.64%

26.16 1,009,593.75

91282CCP4
U.S. Treasury
AA+
AA+
2,100,000.00
1/5/2022

0.63%
7/31/2026
2,035,195.31

1.32%
5,474.79

1,903,781.25

9128282A7
U.S. Treasury
N/A
AA+
2,580,000.00
5/4/2022

1.50%
8/15/2026
2,423,688.28

3.02%
14,539.23

2,422,378.00

91282CCZ2
U.S. Treasury
AA+
AA+
550,000.00
10/6/2021

0.88%
9/30/2026
548,281.25

0.94%
1,209.70

502,304.66

91282CCZ2
U.S. Treasury
AA+
AA+
2,000,000.00
10/6/2021

0.88%
9/30/2026
1,990,390.63

0.97%
4,398.91

1,826,562.40

912828YQ7
U.S. Treasury
AA+
AA+
2,050,000.00
12/16/2021

1.63%
10/31/2026
2,086,835.94

1.24%
5,612.43

1,930,203.13

91282CDG3
U.S. Treasury
AA+
AA+
1,200,000.00
1/18/2022

1.13%
10/31/2026
1,178,578.13

1.51%
2,274.45

1,105,875.00

91282CDG3
U.S. Treasury
AA+
AA+
650,000.00
2/14/2022

1.13%
10/31/2026
626,970.70

1.92%
1,232.00

599,015.63

912828U24
U.S. Treasury
N/A
AA+
2,000,000.00
5/9/2022

2.00%
11/15/2026
1,912,578.13

3.04%
5,108.70

1,911,875.00

91282CDK4
U.S. Treasury
AA+
AA+
1,200,000.00
12/3/2021

1.25%
11/30/2026
1,203,421.88

1.19%
1,270.49

1,111,125.00

Total U.S. Treasuries
122,980,000.00

122,358,202.80

1.16%
301,552.47

116,900,206.39

Federal Agencies
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 1,447,028.55

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

1,012,082.24

3137EAEV7
Federal Home Loan Mortgage Corporation
AA+
AA+
1,000,000.00
8/31/2020

0.25%
8/24/2023
999,140.00

0.28%
881.94

969,678.00

3137EAEV7
Federal Home Loan Mortgage Corporation
AA+
AA+
750,000.00
9/1/2020

0.25%
8/24/2023
750,120.00

0.24%
661.46

727,258.50

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

1,406,722.80

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

2,466,788.91

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

547,297.42

3135G05X7
Federal National Mortgage Association
AA+
AA+
950,000.00
8/31/2020

0.38%
8/25/2025
945,744.00

0.47%
1,246.88

873,155.45

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

1,353,740.25

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

495,656.28

Total Federal Agencies
11,660,000.00

11,727,825.58

1.22%
47,269.85

11,299,408.40

Federal Agency CMBSs

3137BM6P6
Federal Home Loan Mortgage Corporation
AA+
AA+
115,308.92
4/9/2018

3.09%
8/1/2022
116,290.85

2.88%
296.92

115,110.48

3136AEGQ4
Federal National Mortgage Association
AA+
AA+
158,463.68
9/9/2019

2.28%
12/1/2022
160,539.70

1.86%
301.08

157,957.27

3137FKK39
Federal Home Loan Mortgage Corporation
AA+
AA+
14,641.21
12/17/2018

3.20%
7/1/2023
14,641.16

3.20%

39.08 14,550.85

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

596,144.65

3136AJB54
Federal National Mortgage Association
AA+
AA+
423,289.83
12/18/2019

3.35%
3/1/2024
443,859.09

2.14%
1,180.27

421,279.90

3137FQ3V3
Federal Home Loan Mortgage Corporation
AA+
AA+
24,345.99
11/26/2019

2.09%
7/1/2024
24,345.41

2.09%

42.44 24,286.47

3137FBTA4
Federal Home Loan Mortgage Corporation
N/A
AA+
982,520.56
5/31/2022

3.06%
8/1/2024
983,825.47

3.00%
2,508.70

976,020.61

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

781,443.38

Total Federal Agency CMOs
3,103,570.19

3,207,907.15

2.08%
7,902.55

3,086,793.61

Municipals
797412DL4
San Diego County
AAA
AAA
500,000.00
7/22/2020

0.59%
5/1/2024
500,000.00

0.59%
494.17

477,120.00

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

1,289,547.60

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

187,079.70

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

307,688.85

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

767,895.80

574193TQ1
Maryland St
AAA
AAA
400,000.00
8/5/2020

0.51%
8/1/2024
399,888.00

0.52%
850.00

380,240.00

605581MZ7
Mississippi State
AA
AA
155,000.00
8/6/2020

0.57%
11/1/2024
155,000.00

0.57%
145.96

144,515.80

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

1,135,454.00

91412HGE7
University Of California
AA
AA
400,000.00
7/16/2020

0.88%
5/15/2025
400,000.00

0.88%
451.31

371,700.00

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

463,963.50

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

178,087.00

ATTACHMENT 2

Par
Purchase
Coupon
Maturity
Original
Yield to
Accrued
Market
CUSIP
Description
3Q22
4Q22
Value
Settlement Date
Rate
Date
Cost
Maturity
Interest
Value
City of Napa
Quarterly Investment Report - Holdings Report
as of June 30, 2022
FY Quarter
S&P Rating
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

187,460.00

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

754,949.40

60412AVJ9
Minnesota St
AAA
AAA
355,000.00
8/25/2020

0.63%
8/1/2025
355,000.00

0.63%
931.88

327,146.70

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

487,767.00

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

490,674.00

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

485,005.50

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

859,749.50

544647FC9
LA Unified School District
NR
NR
245,000.00
11/10/2021

1.46%
7/1/2026
245,000.00

1.46%
1,782.38

227,051.30

Total Municipals
10,025,000.00

10,144,542.80

1.15%
55,237.16

9,523,095.65

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

813,706.27

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

1,687,499.73

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

1,087,481.25

Total Supranationals
3,755,000.00

3,809,574.85

0.46%
8,498.26

3,588,687.25

Certificates of Deposit
22552G3C2
Credit Suisse NY
A-1
A-1
925,000.00
3/23/2021

0.59%
3/17/2023
925,000.00

0.59%
1,606.93

906,991.18

Total Certificates of Deposit
925,000.00

925,000.00

0.59%
1,606.93

906,991.18

Corporate Notes
69371RQ82
Paccar Financial Corp.

A+
A+
310,000.00
6/8/2020

0.80%
6/8/2023
309,569.10

0.85%
158.44

303,622.99

002824BE9
Abbot Laboratories
AA-
AA-
990,000.00
5/14/2019

3.40%
11/30/2023
1,015,730.10

2.79%
2,898.50

994,251.06

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

1,001,074.00

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

218,371.43

61746BDQ6
Morgan Stanley
BBB+
A-
790,000.00
7/23/2019

3.88%
4/29/2024
836,238.70

2.56%
5,272.15

792,089.55

025816CV9
American Express
N/A
BBB+
400,000.00
5/3/2022

3.38%
5/3/2024
399,960.00

3.38%
2,175.00

397,293.60

904764AX5
Unilever Plc
A+
A+
485,000.00
9/6/2019

2.60%
5/5/2024
499,525.75

1.93%
1,961.56

478,370.05

023135BW5
Amazon.Com Inc
AA
AA
350,000.00
5/12/2021

0.45%
5/12/2024
349,489.00

0.50%
214.38

332,732.40

459200JY8
IBM
A-
A-
850,000.00
8/31/2020

3.00%
5/15/2024
923,797.00

0.63%
3,258.33

843,640.30

91324PEB4
Unitedhealth Group Inc
A+
A+
270,000.00
5/19/2021

0.55%
5/15/2024
269,719.20

0.59%
189.75

257,241.42

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

1,045,209.60

04636NAC7
Astrazeneca
A-
A-
415,000.00
5/28/2021

0.70%
5/28/2024
414,962.65

0.70%
266.29

393,490.55

24422EVQ9
Deere & Company
A
A
315,000.00
6/10/2021

0.45%
6/7/2024
314,606.25

0.49%

94.50 300,731.76

02665WCZ2
American Honda Finance
A-
A-
125,000.00
7/16/2019

2.40%
6/27/2024
124,357.50

2.51%

33.33 122,244.75

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

1,101,494.90

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

1,058,139.74

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

231,097.48

904764BN6
Unilever Plc
A+
A+
100,000.00
8/12/2021

0.63%
8/12/2024
100,000.00

0.63%
241.71

94,293.40

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

1,045,701.30

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

798,554.40

24422EVU0
Deere & Company
A
A
200,000.00
9/10/2021

0.63%
9/10/2024
199,870.00

0.65%
385.42

188,749.60

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

174,413.34

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

678,414.80

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

476,634.50

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

371,774.91

771196BT8
Roche Holdings
AA
AA
1,725,000.00
3/10/2022

2.13%
3/10/2025
1,725,000.00

2.13%
11,339.58

1,664,940.68

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

659,204.70

ATTACHMENT 2

Par
Purchase
Coupon
Maturity
Original
Yield to
Accrued
Market
CUSIP
Description
3Q22
4Q22
Value
Settlement Date
Rate
Date
Cost
Maturity
Interest
Value
City of Napa
Quarterly Investment Report - Holdings Report
as of June 30, 2022
FY Quarter
S&P Rating
437076CM2
Home Depot Inc
A
A
125,000.00
3/28/2022

2.70%
4/15/2025
124,781.25

2.76%
871.88
122,338.63

06051GKS7
Bank Of America Co
N/A
A-
400,000.00
4/27/2022

3.84%
4/25/2025
399,852.00

3.85%
2,731.38
399,464.80

037833DT4
Apple Inc
AA+
AA+
800,000.00
5/14/2020

1.13%
5/11/2025
801,680.00

1.08%
1,250.00
751,499.20

166764BW9
Chevron Corporation
AA-
AA-
500,000.00
5/15/2020

1.55%
5/11/2025
502,480.00

1.45%
1,079.17
474,060.50

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
897,446.70

63743HFE7
National Rural Utilities Co Finance Corp
N/A
A-
265,000.00
5/4/2022

3.45%
6/15/2025
264,928.45

3.46%
1,447.56
263,492.42

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
810,515.87

61747YEG6
Morgan Stanley
BBB+
A-
180,000.00
10/19/2021

1.16%
10/21/2025
180,000.00

1.16%
407.40
166,544.64

61747YEG6
Morgan Stanley
N/A
A-
500,000.00
5/20/2022

1.16%
10/21/2025
467,560.00

3.18%
1,131.67
462,624.00

172967KG5
Citigroup Inc
BBB+
BBB+
900,000.00
10/6/2021

3.70%
1/12/2026
990,855.00

1.26%
15,632.50
881,094.60

17327CAN3
Citigroup Inc
BBB+
BBB+
245,000.00
1/25/2022

2.01%
1/25/2026
245,000.00

2.01%
2,138.20
229,675.74

46647PBH8
JPMorgan Chase
A-
A-
795,000.00
10/6/2021

2.01%
3/13/2026
816,393.45

1.38%
4,781.93
742,876.62

06051GKM0
Bank Of America Co
N/A
A-
1,000,000.00
5/10/2022

3.38%
4/2/2026
979,350.00

3.96%
9,306.00
969,332.00

46647PCZ7
JPMorgan Chase
N/A
A-
500,000.00
4/26/2022

4.08%
4/26/2026
499,740.00

4.09%
3,683.33
492,678.50

04636NAA1
Astrazeneca
A-
A-
500,000.00
7/19/2021

1.20%
5/28/2026
500,530.00

1.18%
550.00
451,171.00

025816CM9
American Express
BBB+
BBB+
800,000.00
12/16/2021

1.65%
11/4/2026
798,760.00

1.68%
2,090.00
725,224.00

24422EWA3
Deere & Company
A
A
500,000.00
1/13/2022

1.70%
1/11/2027
497,180.00

1.82%
4,037.50
455,804.00

87612EBM7
Target Corp
A
A
215,000.00
1/24/2022

1.95%
1/15/2027
214,634.50

1.99%
1,828.40
199,063.56

87612EBM7
Target Corp
A
A
800,000.00
1/25/2022

1.95%
1/15/2027
801,752.00

1.90%
6,803.33
740,701.60

06406RBA4
Bank of New York Mellon
A
A
700,000.00
1/28/2022

2.05%
1/26/2027
700,847.00

2.02%
6,178.47
642,436.90

459200KM2
IBM
A-
A-
500,000.00
2/25/2022

2.20%
2/9/2027
493,830.00

2.47%
4,338.89
462,845.50

459200KM2
IBM
900,000.00
5/20/2022

2.20%
2/9/2027
841,185.00

3.72%
7,810.00
833,121.90

438516CE4
Honeywell International
N/A
A-
A

A
800,000.00
3/3/2022

1.10%
3/1/2027
762,624.00

2.09%
2,933.33
710,508.00

89788MAD4
Truist Fin Corp
A-
A-
1,200,000.00
3/14/2022

1.27%
3/2/2027
1,127,520.00

2.57%
5,025.77
1,079,035.20

89788MAD4
Truist Fin Corp
A-
A-
1,200,000.00
3/14/2022

1.27%
3/2/2027
1,086,720.00

3.42 %
5,025.77
1,079,035.20

89236TJZ9
Toyota Motor Corp
N/A
A+
1,000,000.00
5/10/2022

3.05%
3/22/2027
968,140.00

3.77%
8,387.50
961,487.00

023135CF1
Amazon.Com Inc
N/A
AA
1,000,000.00
5/20/2022

3.30%
4/13/2027
989,180.00

3.54%
7,150.00
980,408.00

437076CN0
Home Depot Inc
N/A
A
1,200,000.00
5/10/2022

2.88%
4/15/2027
1,161,660.00

3.59%
8,912.50
1,153,772.40

665859AW4
Northern Trust
N/A
A+
800,000.00
5/12/2022

4.00%
5/10/2027
807,728.00

3.79%
4,533.33
804,204.80

665859AW4
Northern Trust
N/A
A+
400,000.00
5/20/2022

4.00%
5/10/2027
403,848.00

3.79%
2,266.67
402,102.40

91324PEG3
Unitedhealth Group Inc
N/A
A+
200,000.00
5/20/2022

3.70%
5/15/2027
199,892.00

3.71%
842.78
199,822.00

63254ABE7
National Australia Bank Ltd
N/A
AA-
1,000,000.00
6/13/2022

3.91%
6/9/2027
991,330.00

4.10%
2,386.39
986,110.00

Total Corporate Notes
37,995,000.00

38,292,452.10

2.3 4
%
252,614.76

36,554,274.89

Asset-Backed Securities
65480EAD3
Nissan Auto Lease Trust
AAA
AAA
157,290.76
9/29/2020

0.43%
10/16/2023
157,274.58

0.43%

30.06 156,684.94

14042WAC4
Capital One Auto Receivables Trust
AAA
AAA
24,881.75
5/30/2019

2.51%
11/15/2023
24,876.71

2.51%

27.76 24,896.89
89238EAC0
Toyota Lease Owner Trust
AAA
AAA
315,000.00
4/21/2021

0.39%
4/22/2024
314,963.24

0.39%

37.54 308,389.98

380144AC9
GM Financial Auto Leasing Trust
AAA
AAA
615,000.00
5/26/2021

0.34%
5/20/2024
614,903.45

0.35%

63.89 603,520.41

65479CAD0
Nissan Auto Receivables
AAA
AAA
194,943.81
6/30/2020

0.55%
7/15/2024
194,938.47

0.55%

47.65 193,068.35

05591RAD6
BMW Financial Services NA LLC
AAA
AAA
210,000.00
3/10/2021

0.37%
7/25/2024
209,991.66

0.37%

12.95 203,605.14

89237VAB5
Toyota Motor Corp
AAA
AAA
251,712.55
7/27/2020

0.44%
10/15/2024
251,693.17

0.44%

49.22 248,389.24

14315XAC2
Carmax Auto Owner Trust
AAA
AAA
82,128.21
1/22/2020

1.89%
12/16/2024
82,112.09

1.89%

68.99 81,583.40
44891TAD8
Hyundai Auto Lease Securitization Trust
AAA
AAA
140,000.00
1/20/2021

0.42%
12/16/2024
139,988.35

0.42%

26.13 136,693.73

92290BAA9
Verizon Owner Trust
NR
NR
520,000.00
8/12/2020

0.47%
2/20/2025
519,890.80

0.47%

74.68 511,806.52

14315FAD9
Carmax Auto Owner Trust
AAA
AAA
53,915.20
7/22/2020

0.62%
3/17/2025
53,905.95

0.62%

14.86 53,165.41
362590AC5
Gm Financial Securitized Term
NR
NR
284,600.17
8/19/2020

0.45%
4/16/2025
284,535.05

0.45%

53.36 279,924.45

50117TAC5
Kubota Credit
NR
NR
200,000.00
4/14/2021

0.62%
8/15/2025
199,959.08

0.62%

55.11 190,101.24

ATTACHMENT 2

Par
Purchase
Coupon
Maturity
Original
Yield to
Accrued
Market
CUSIP
Description
3Q22
4Q22
Value
Settlement Date
Rate
Date
Cost
Maturity
Interest
Value
City of Napa
Quarterly Investment Report - Holdings Report
as of June 30, 2022
FY Quarter
S&P Rating
44933LAC7
Hyundai Auto Receivables
AAA
AAA
260,000.00
4/28/2021

0.38%
9/15/2025
259,972.65

0.38%

43.91 251,815.67

43815EAC8
Honda Auto Receivables
AAA
AAA
390,000.00
8/25/2021

0.41%
11/18/2025
389,994.31

0.41%

57.74 373,311.43

14316NAC3
Carmax Auto Owner Trust
AAA
AAA
145,000.00
1/27/2021

0.34%
12/15/2025
144,971.35

0.34%

21.91 141,346.73

43815GAC3
Honda Auto Receivables
NR
NR
460,000.00
11/24/2021

0.88%
1/21/2026
459,903.03

0.89%
112.44

439,489.43

14314QAC8
Carmax Auto Owner Trust
AAA
AAA
380,000.00
4/21/2021

0.52%
2/17/2026
379,918.11

0.52%

87.82 368,890.89

345286AC2
Ford Credit Auto Owner Trust
AAA
AAA
385,000.00
1/24/2022

1.29%
6/15/2026
384,954.26

1.29%
220.73

368,989.04

05602RAD3
Bmw Vehicle Owner Trust
N/A
AAA
450,000.00
5/18/2022

3.21%
8/25/2026
449,976.60

3.21%
240.75

445,437.27

448977AD0
Hyundai Auto Receivables
AAA
AAA
830,000.00
3/16/2022

2.22%
10/15/2026
829,968.05

2.22%
818.93

805,709.05

98163KAC6
World Omni Auto Rec Trust
AAA
AAA
350,000.00
11/3/2021

0.81%
10/15/2026
349,952.33

0.81%
126.00

332,984.44

14041NFY2
Capital One Financial Corp
AAA
AAA
1,075,000.00
11/30/2021

1.04%
11/15/2026
1,074,851.87

1.04%
496.89

1,016,424.65

380146AC4
Gm Financial Securitized Term
AAA
AAA
350,000.00
1/19/2022

1.26%
11/16/2026
349,969.59

1.26%
183.75

334,483.77

254683CS2
Discover Financial Services
N/A
NR
1,430,000.00
5/26/2022

3.32%
5/17/2027
1,429,883.74

3.32%
2,110.04

1,418,581.02

Total Asset-Backed Securities
9,554,472.45

9,553,348.49

1.35%
5,083.11

9,289,293.09

Total
256,737,199.24

256,758,010.37

1.25%
679,765.09

247,887,907.06

ATTACHMENT 2

S&P
Par
Purchase
Coupon
Maturity
Original
Yield to
Accrued
Market
Days to
CUSIP
Description
Rating
Value
Settlement Date
Rate
Date
Cost
Maturity
Interest
Value
Maturity
LAIF and CAMP
N/A
California Asset Management Trust
AAAm
524,352.40

6/30/2022

1.14%
7/1/2022
524,352.40

1.14%
-

524,352.40

1 N/A
Local Agency Investment Fund
NR
56,214,804.20

6/30/2022

0.75%
7/1/2022
56,214,804.20

0.75%
-

56,214,804.20

1 Total LAIF and CAMP
56,739,156.60

56,739,156.60

-

56,739,156.60

Other
3137BM6P6
Federal Home Loan Mortgage Corporation
AA+
115,308.92

4/9/2018

3.09%
8/1/2022
116,290.85

2.88%
296.92

115,110.48

32 3136AEGQ4
Federal National Mortgage Association
AA+
158,463.68

9/9/2019

2.28%
12/1/2022
160,539.70

1.86%
301.08

157,957.27

154

912828P38
U.S. Treasury
AA+
1,300,000.00

11/6/2018

1.75%
1/31/2023
1,237,996.10

2.96%
9,489.64

1,293,500.00

215

912828Z86
U.S. Treasury
AA+
2,045,000.00

3/3/2020

1.38%
2/15/2023
2,079,509.38

0.80%
10,563.95

2,028,703.80

230

22552G3C2
Credit Suisse NY
A-1
925,000.00

3/23/2021

0.59%
3/17/2023
925,000.00

0.59%
1,606.93

906,991.18

260

91282CBU4
U.S. Treasury
AA+
3,420,000.00

10/6/2021

0.13%
3/31/2023
3,416,660.16

0.19%
1,074.59

3,352,668.75

274

912828R69
U.S. Treasury
AA+
2,100,000.00

4/5/2019

1.63%
5/31/2023
2,042,824.22

2.32%
2,890.37

2,075,718.75

335

69371RQ82
Paccar Financial Corp.

A+
310,000.00

6/8/2020

0.80%
6/8/2023
309,569.10

0.85%
158.44

303,622.99

343

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 1,447,028.55

361

9128284U1
U.S. Treasury
AA+
575,000.00

1/21/2020

2.63%
6/30/2023
594,945.31

1.59%

41.02 573,382.81

365

912828S35
U.S. Treasury
AA+
150,000.00

10/25/2019

1.38%
6/30/2023
148,957.03

1.57%

5.60 147,726.57

365

3137FKK39
Federal Home Loan Mortgage Corporation
AA+
14,641.21

12/17/2018

3.20%
7/1/2023
14,641.16

3.20%

39.08 14,550.85

366

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

1,012,082.24

375

912828ZY9
U.S. Treasury
AA+
1,400,000.00

2/2/2021

0.13%
7/15/2023
1,399,398.44

0.14%
807.32

1,359,531.32

380

91282CCN9
U.S. Treasury
AA+
300,000.00

8/9/2021

0.13%
7/31/2023
299,542.97

0.20%
156.42

291,000.00

396

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

969,678.00

420

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

727,258.50

420

91282CCU3
U.S. Treasury
AA+
3,000,000.00

9/3/2021

0.13%
8/31/2023
2,995,195.31

0.21%
1,253.40

2,902,968.60

427

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

1,406,722.80

435

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

2,466,788.91

435

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

547,297.42

435

91282CDA6
U.S. Treasury
AA+
300,000.00

10/6/2021

0.25%
9/30/2023
299,894.53

0.27%
188.52

290,062.50

457

91282CDA6
U.S. Treasury
AA+
5,000,000.00

10/6/2021

0.25%
9/30/2023
4,996,289.06

0.29%
3,142.08

4,834,375.00

457

65480EAD3
Nissan Auto Lease Trust
AAA
157,290.76

9/29/2020

0.43%
10/16/2023
157,274.58

0.43%

30.06 156,684.94

473

9128285K2
U.S. Treasury
AA+
5,000,000.00

5/9/2022

2.88%
10/31/2023
5,025,390.63

2.52%
24,218.75

4,992,969.00

488

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

596,144.65

489

14042WAC4
Capital One Auto Receivables Trust
AAA
24,881.75

5/30/2019

2.51%
11/15/2023
24,876.71

2.51%

27.76 24,896.89

503

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

813,706.27

512

91282CDM0
U.S. Treasury
AA+
3,000,000.00

12/3/2021

0.50%
11/30/2023
2,994,492.19

0.59%
1,270.49

2,897,812.50

518

002824BE9
Abbot Laboratories
AA-
990,000.00

5/14/2019

3.40%
11/30/2023
1,015,730.10

2.79%
2,898.50

994,251.06

518

91282CDR9
U.S. Treasury
AA+
7,000,000.00

1/18/2022

0.75%
12/31/2023
6,974,296.88

0.94%
142.66

6,770,312.50

549

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

1,001,074.00

581

9128286G0
U.S. Treasury
AA+
1,115,000.00

8/12/2021

2.38%
2/29/2024
1,172,448.63

0.35%
8,851.07

1,104,198.44

609

3136AJB54
Federal National Mortgage Association
AA+
423,289.83

12/18/2019

3.35%
3/1/2024
443,859.09

2.14%
1,180.27

421,279.90

610

912828W71
U.S. Treasury
AA+
150,000.00

1/6/2020

2.13%
3/31/2024
152,935.55

1.64%
801.23

147,773.43

640

912828W71
U.S. Treasury
AA+
9,000,000.00

1/6/2020

2.13%
3/31/2024
9,383,554.69

0.40%
48,073.77

8,866,405.80

640

89238EAC0
Toyota Lease Owner Trust
AAA
315,000.00

4/21/2021

0.39%
4/22/2024
314,963.24

0.39%

37.54 308,389.98

662

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

218,371.43

666

61746BDQ6
Morgan Stanley
A-
790,000.00

7/23/2019

3.88%
4/29/2024
836,238.70

2.56%
5,272.15

792,089.55

669

City of Napa
Quarterly Investment Report - Maturity Report
as of June 30, 2022
ATTACHMENT 2

S&P
Par
Purchase
Coupon
Maturity
Original
Yield to
Accrued
Market
Days to
CUSIP
Description
Rating
Value
Settlement Date
Rate
Date
Cost
Maturity
Interest
Value
Maturity
City of Napa
Quarterly Investment Report - Maturity Report
as of June 30, 2022
912828X70
U.S. Treasury
AA+
1,200,000.00

5/6/2019

2.00%
4/30/2024
1,180,828.13

2.34%
4,043.48

1,178,812.56

670

797412DL4
San Diego County
AAA
500,000.00

7/22/2020

0.59%
5/1/2024
500,000.00

0.59%
494.17

477,120.00

671

025816CV9
American Express
BBB+
400,000.00

5/3/2022

3.38%
5/3/2024
399,960.00

3.38%
2,175.00

397,293.60

673

904764AX5
Unilever Plc
A+
485,000.00

9/6/2019

2.60%
5/5/2024
499,525.75

1.93%
1,961.56

478,370.05

675

023135BW5
Amazon.Com Inc
AA
350,000.00

5/12/2021

0.45%
5/12/2024
349,489.00

0.50%
214.38

332,732.40

682

459200JY8
IBM
A-
850,000.00

8/31/2020

3.00%
5/15/2024
923,797.00

0.63%
3,258.33

843,640.30

685

91324PEB4
Unitedhealth Group Inc
A+
270,000.00

5/19/2021

0.55%
5/15/2024
269,719.20

0.59%
189.75

257,241.42

685

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

1,045,209.60

687

380144AC9
GM Financial Auto Leasing Trust
AAA
615,000.00

5/26/2021

0.34%
5/20/2024
614,903.45

0.35%

63.89 603,520.41

690

04636NAC7
Astrazeneca
A-
415,000.00

5/28/2021

0.70%
5/28/2024
414,962.65

0.70%
266.29

393,490.55

698

24422EVQ9
Deere & Company
A
315,000.00

6/10/2021

0.45%
6/7/2024
314,606.25

0.49%

94.50 300,731.76

708

91282CCG4
U.S. Treasury
AA+
1,000,000.00

7/7/2021

0.25%
6/15/2024
995,429.69

0.41%
109.29

948,125.00

716

02665WCZ2
American Honda Finance
A-
125,000.00

7/16/2019

2.40%
6/27/2024
124,357.50

2.51%

33.33 122,244.75

728

3137FQ3V3
Federal Home Loan Mortgage Corporation
AA+
24,345.99

11/26/2019

2.09%
7/1/2024
24,345.41

2.09%

42.44 24,286.47

732

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

1,289,547.60

732

20772KJW0
State Of Connecticut
A+
190,000.00

6/11/2020

2.00%
7/1/2024
190,000.00

2.00%
1,898.10

187,079.70

732

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

1,101,494.90

739

65479CAD0
Nissan Auto Receivables
AAA
194,943.81

6/30/2020

0.55%
7/15/2024
194,938.47

0.55%

47.65 193,068.35

746

05591RAD6
BMW Financial Services NA LLC
AAA
210,000.00

3/10/2021

0.37%
7/25/2024
209,991.66

0.37%

12.95 203,605.14

756

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

1,058,139.74

761

912828Y87
U.S. Treasury
AA+
1,200,000.00

12/4/2019

1.75%
7/31/2024
1,204,171.87

1.67%
8,759.67

1,169,625.00

762

3137FBTA4
Federal Home Loan Mortgage Corporation
AA+
982,520.56

5/31/2022

3.06%
8/1/2024
983,825.47

3.00%
2,508.70

976,020.61

763

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

307,688.85

763

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

767,895.80

763

574193TQ1
Maryland St
AAA
400,000.00

8/5/2020

0.51%
8/1/2024
399,888.00

0.52%
850.00

380,240.00

763

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

231,097.48

774

904764BN6
Unilever Plc
A+
100,000.00

8/12/2021

0.63%
8/12/2024
100,000.00

0.63%
241.71

94,293.40

774

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

1,045,701.30

792

9128282U3
U.S. Treasury
AA+
4,000,000.00

5/9/2022

1.88%
8/31/2024
3,917,343.75

2.80%
25,067.93

3,905,000.00

793

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

798,554.40

794

24422EVU0
Deere & Company
A
200,000.00

9/10/2021

0.63%
9/10/2024
199,870.00

0.65%
385.42

188,749.60

803

91282CCX7
U.S. Treasury
AA+
1,850,000.00

10/6/2021

0.38%
9/15/2024
1,843,496.09

0.50%
2,036.01

1,745,359.38

808

91282CCX7
U.S. Treasury
AA+
3,000,000.00

10/6/2021

0.38%
9/15/2024
2,987,343.75

0.52%
3,301.63

2,830,312.50

808

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

1,687,499.73

816

9128282Y5
U.S. Treasury
AA+
1,320,000.00

12/4/2019

2.13%
9/30/2024
1,347,121.88

1.68%
7,050.82

1,295,250.00

823

91282CDB4
U.S. Treasury
AA+
1,000,000.00

10/15/2021

0.63%
10/15/2024
998,867.19

0.66%
1,314.89

947,343.80

838

89237VAB5
Toyota Motor Corp
AAA
251,712.55

7/27/2020

0.44%
10/15/2024
251,693.17

0.44%

49.22 248,389.24

838

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

174,413.34

847

605581MZ7
Mississippi State
AA
155,000.00

8/6/2020

0.57%
11/1/2024
155,000.00

0.57%
145.96

144,515.80

855

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

678,414.80

855

9128283J7
U.S. Treasury
AA+
1,130,000.00

1/6/2020

2.13%
11/30/2024
1,154,498.05

1.66%
2,033.85

1,106,340.63

884

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

781,443.38

885

14315XAC2
Carmax Auto Owner Trust
AAA
82,128.21

1/22/2020

1.89%
12/16/2024
82,112.09

1.89%

68.99 81,583.40

900

44891TAD8
Hyundai Auto Lease Securitization Trust
AAA
140,000.00

1/20/2021

0.42%
12/16/2024
139,988.35

0.42%

26.13 136,693.73

900

91282CDS7
U.S. Treasury
AA+
7,000,000.00

1/18/2022

1.13%
1/15/2025
6,977,851.56

1.23%
36,329.42

6,674,062.50

930

89236TGT6
Toyota Motor Corp
A+
500,000.00

5/26/2020

1.80%
2/13/2025
504,885.00

1.58%
3,450.00

476,634.50

959

ATTACHMENT 2

S&P
Par
Purchase
Coupon
Maturity
Original
Yield to
Accrued
Market
Days to
CUSIP
Description
Rating
Value
Settlement Date
Rate
Date
Cost
Maturity
Interest
Value
Maturity
City of Napa
Quarterly Investment Report - Maturity Report
as of June 30, 2022
89236TGT6
Toyota Motor Corp
A+
390,000.00

5/26/2020

1.80%
2/13/2025
393,810.30

1.58%
2,691.00

371,774.91

959

91282CDZ1
U.S. Treasury
AA+
3,900,000.00

5/9/2022

1.50%
2/15/2025
3,754,664.06

2.91%
21,977.90

3,747,656.25

961

92290BAA9
Verizon Owner Trust
NR
520,000.00

8/12/2020

0.47%
2/20/2025
519,890.80

0.47%

74.68 511,806.52

966

771196BT8
Roche Holdings
AA
1,725,000.00

3/10/2022

2.13%
3/10/2025
1,725,000.00

2.13%
11,339.58

1,664,940.68

984

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

1,087,481.25

988

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

1,135,454.00

989

14315FAD9
Carmax Auto Owner Trust
AAA
53,915.20

7/22/2020

0.62%
3/17/2025
53,905.95

0.62%

14.86 53,165.41

991

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

659,204.70

1,014

437076CM2
Home Depot Inc
A
125,000.00

3/28/2022

2.70%
4/15/2025
124,781.25

2.76%
871.88

122,338.63

1,020

362590AC5
Gm Financial Securitized Term
NR
284,600.17

8/19/2020

0.45%
4/16/2025
284,535.05

0.45%

53.36 279,924.45

1,021

06051GKS7
Bank Of America Co
A-
400,000.00

4/27/2022

3.84%
4/25/2025
399,852.00

3.85%
2,731.38

399,464.80

1,030

037833DT4
Apple Inc
AA+
800,000.00

5/14/2020

1.13%
5/11/2025
801,680.00

1.08%
1,250.00

751,499.20

1,046

166764BW9
Chevron Corporation
AA-
500,000.00

5/15/2020

1.55%
5/11/2025
502,480.00

1.45%
1,079.17

474,060.50

1,046

91412HGE7
University Of California
AA
400,000.00

7/16/2020

0.88%
5/15/2025
400,000.00

0.88%
451.31

371,700.00

1,050

369550BG2
General Dynamics Corp.

A-
900,000.00

3/8/2021

3.50%
5/15/2025
993,708.00

0.96%
4,025.00

897,446.70

1,050

912828ZT0
U.S. Treasury
AA+
3,500,000.00

10/6/2021

0.25%
5/31/2025
3,442,851.56

0.70%
741.12

3,229,296.70

1,066

63743HFE7
National Rural Utilities Co Finance Corp
A-
265,000.00

5/4/2022

3.45%
6/15/2025
264,928.45

3.46%
1,447.56

263,492.42

1,081

912828XZ8
U.S. Treasury
AA+
1,545,000.00

12/4/2020

2.75%
6/30/2025
1,710,423.63

0.39%
115.46

1,532,446.88

1,096

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

463,963.50

1,097

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

178,087.00

1,097

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

187,460.00

1,097

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

754,949.40

1,097

91282CAB7
U.S. Treasury
AA+
525,000.00

5/5/2021

0.25%
7/31/2025
516,386.72

0.64%
547.48

481,851.56

1,127

60412AVJ9
Minnesota St
AAA
355,000.00

8/25/2020

0.63%
8/1/2025
355,000.00

0.63%
931.88

327,146.70

1,128

798306WP7
San Juan, California
NR
525,000.00

10/29/2020

0.85%
8/1/2025
525,000.00

0.85%
1,863.75

487,767.00

1,128

54438CYK2
Los Angeles, California
AA+
530,000.00

11/10/2020

0.77%
8/1/2025
530,000.00

0.77%
1,707.04

490,674.00

1,128

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

485,005.50

1,128

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

810,515.87

1,128

50117TAC5
Kubota Credit
NR
200,000.00

4/14/2021

0.62%
8/15/2025
199,959.08

0.62%

55.11 190,101.24

1,142

3135G05X7
Federal National Mortgage Association
AA+
950,000.00

8/31/2020

0.38%
8/25/2025
945,744.00

0.47%
1,246.88

873,155.45

1,152

20772KEW5
State Of Connecticut
A+
850,000.00

11/19/2020

3.74%
9/15/2025
966,985.50

0.83%
9,367.90

859,749.50

1,173

44933LAC7
Hyundai Auto Receivables
AAA
260,000.00

4/28/2021

0.38%
9/15/2025
259,972.65

0.38%

43.91 251,815.67

1,173

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

1,353,740.25

1,181

91282CAM3
U.S. Treasury
AA+
500,000.00

6/30/2021

0.25%
9/30/2025
489,414.06

0.76%
314.21

456,640.60

1,188

91282CAM3
U.S. Treasury
AA+
3,750,000.00

6/30/2021

0.25%
9/30/2025
3,693,017.58

0.63%
2,356.56

3,424,804.50

1,188

61747YEG6
Morgan Stanley
A-
180,000.00

10/19/2021

1.16%
10/21/2025
180,000.00

1.16%
407.40

166,544.64

1,209

61747YEG6
Morgan Stanley
A-
500,000.00

10/19/2021

1.16%
10/21/2025
467,560.00

3.18%
1,131.67

462,624.00

1,209

3135G06G3
Federal National Mortgage Association
AA+
540,000.00

11/12/2020

0.50%
11/7/2025
538,066.80

0.57%
405.00

495,656.28

1,226

43815EAC8
Honda Auto Receivables
AAA
390,000.00

8/25/2021

0.41%
11/18/2025
389,994.31

0.41%

57.74 373,311.43

1,237

14316NAC3
Carmax Auto Owner Trust
AAA
145,000.00

1/27/2021

0.34%
12/15/2025
144,971.35

0.34%

21.91 141,346.73

1,264

91282CBC4
U.S. Treasury
AA+
3,000,000.00

2/2/2021

0.38%
12/31/2025
2,993,554.69

0.42%

30.57 2,733,281.40

1,280

172967KG5
Citigroup Inc
BBB+
900,000.00

10/6/2021

3.70%
1/12/2026
990,855.00

1.26%
15,632.50

881,094.60

1,292

43815GAC3
Honda Auto Receivables
NR
460,000.00

11/24/2021

0.88%
1/21/2026
459,903.03

0.89%
112.44

439,489.43

1,301

17327CAN3
Citigroup Inc
BBB+
245,000.00

1/25/2022

2.01%
1/25/2026
245,000.00

2.01%
2,138.20

229,675.74

1,305

91282CBH3
U.S. Treasury
AA+
1,315,000.00

3/3/2021

0.38%
1/31/2026
1,294,812.70

0.69%
2,056.96

1,195,417.19

1,311

91282CBH3
U.S. Treasury
AA+
2,000,000.00

3/3/2021

0.38%
1/31/2026
1,951,328.13

0.89%
3,128.45

1,818,125.00

1,311

ATTACHMENT 2

S&P
Par
Purchase
Coupon
Maturity
Original
Yield to
Accrued
Market
Days to
CUSIP
Description
Rating
Value
Settlement Date
Rate
Date
Cost
Maturity
Interest
Value
Maturity
City of Napa
Quarterly Investment Report - Maturity Report
as of June 30, 2022
91282CBH3
U.S. Treasury
AA+
675,000.00

3/3/2021

0.38%
1/31/2026
665,850.59

0.69%
1,055.85

613,617.19

1,311

91282CBH3
U.S. Treasury
AA+
5,000,000.00

3/3/2021

0.38%
1/31/2026
4,794,531.25

1.43%
7,821.13

4,545,312.50

1,311

14314QAC8
Carmax Auto Owner Trust
AAA
380,000.00

4/21/2021

0.52%
2/17/2026
379,918.11

0.52%

87.82 368,890.89

1,328

91282CBQ3
U.S. Treasury
AA+
5,000,000.00

10/6/2021

0.50%
2/28/2026
4,919,140.63

0.88%
8,355.98

4,556,250.00

1,339

46647PBH8
JPMorgan Chase
A-
795,000.00

10/6/2021

2.01%
3/13/2026
816,393.45

1.38%
4,781.93

742,876.62

1,352

91282CBT7
U.S. Treasury
AA+
2,000,000.00

6/4/2021

0.75%
3/31/2026
1,999,218.75

0.76%
3,770.49

1,836,875.00

1,370

06051GKM0
Bank Of America Co
A-
1,000,000.00

5/10/2022

3.38%
4/2/2026
979,350.00

3.96%
9,306.00

969,332.00

1,372

46647PCZ7
JPMorgan Chase
A-
500,000.00

4/26/2022

4.08%
4/26/2026
499,740.00

4.09%
3,683.33

492,678.50

1,396

91282CBW0
U.S. Treasury
AA+
3,000,000.00

10/6/2021

0.75%
4/30/2026
2,979,140.63

0.91%
3,790.76

2,749,687.50

1,400

04636NAA1
Astrazeneca
A-
500,000.00

7/19/2021

1.20%
5/28/2026
500,530.00

1.18%
550.00

451,171.00

1,428

91282CCF6
U.S. Treasury
AA+
2,000,000.00

6/4/2021

0.75%
5/31/2026
1,995,781.25

0.79%
1,270.49

1,829,687.60

1,431

345286AC2
Ford Credit Auto Owner Trust
AAA
385,000.00

1/24/2022

1.29%
6/15/2026
384,954.26

1.29%
220.73

368,989.04

1,446

91282CCJ8
U.S. Treasury
AA+
2,285,000.00

8/4/2021

0.88%
6/30/2026
2,308,207.03

0.66%

54.33 2,097,201.56

1,461

91282CCJ8
U.S. Treasury
AA+
1,100,000.00

8/4/2021

0.88%
6/30/2026
1,022,656.25

2.64%

26.16 1,009,593.75

1,461

544647FC9
LA Unified School District
NR
245,000.00

11/10/2021

1.46%
7/1/2026
245,000.00

1.46%
1,782.38

227,051.30

1,462

91282CCP4
U.S. Treasury
AA+
2,100,000.00

1/5/2022

0.63%
7/31/2026
2,035,195.31

1.32%
5,474.79

1,903,781.25

1,492

9128282A7
U.S. Treasury
AA+
2,580,000.00

5/4/2022

1.50%
8/15/2026
2,423,688.28

3.02%
14,539.23

2,422,378.00

1,507

05602RAD3
Bmw Vehicle Owner Trust
AAA
450,000.00

5/18/2022

3.21%
8/25/2026
449,976.60

3.21%
240.75

445,437.27

1,517

91282CCZ2
U.S. Treasury
AA+
550,000.00

10/6/2021

0.88%
9/30/2026
548,281.25

0.94%
1,209.70

502,304.66

1,553

91282CCZ2
U.S. Treasury
AA+
2,000,000.00

10/6/2021

0.88%
9/30/2026
1,990,390.63

0.97%
4,398.91

1,826,562.40

1,553

448977AD0
Hyundai Auto Receivables
AAA
830,000.00

3/16/2022

2.22%
10/15/2026
829,968.05

2.22%
818.93

805,709.05

1,568

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

332,984.44

1,568

912828YQ7
U.S. Treasury
AA+
2,050,000.00

12/16/2021

1.63%
10/31/2026
2,086,835.94

1.24%
5,612.43

1,930,203.13

1,584

91282CDG3
U.S. Treasury
AA+
1,200,000.00

1/18/2022

1.13%
10/31/2026
1,178,578.13

1.51%
2,274.45

1,105,875.00

1,584

91282CDG3
U.S. Treasury
AA+
650,000.00

1/18/2022

1.13%
10/31/2026
626,970.70

1.92%
1,232.00

599,015.63

1,584

025816CM9
American Express
BBB+
800,000.00

12/16/2021

1.65%
11/4/2026
798,760.00

1.68%
2,090.00

725,224.00

1,588

912828U24
U.S. Treasury
AA+
2,000,000.00

5/9/2022

2.00%
11/15/2026
1,912,578.13

3.04%
5,108.70

1,911,875.00

1,599

14041NFY2
Capital One Financial Corp
AAA
1,075,000.00

11/30/2021

1.04%
11/15/2026
1,074,851.87

1.04%
496.89

1,016,424.65

1,599

380146AC4
Gm Financial Securitized Term
AAA
350,000.00

1/19/2022

1.26%
11/16/2026
349,969.59

1.26%
183.75

334,483.77

1,600

91282CDK4
U.S. Treasury
AA+
1,200,000.00

12/3/2021

1.25%
11/30/2026
1,203,421.88

1.19%
1,270.49

1,111,125.00

1,614

24422EWA3
Deere & Company
A
500,000.00

1/13/2022

1.70%
1/11/2027
497,180.00

1.82%
4,037.50

455,804.00

1,656

87612EBM7
Target Corp
A
215,000.00

1/24/2022

1.95%
1/15/2027
214,634.50

1.99%
1,828.40

199,063.56

1,660

87612EBM7
Target Corp
A
800,000.00

1/24/2022

1.95%
1/15/2027
801,752.00

1.90%
6,803.33

740,701.60

1,660

06406RBA4
Bank of New York Mellon
A
700,000.00

1/28/2022

2.05%
1/26/2027
700,847.00

2.02%
6,178.47

642,436.90

1,671

459200KM2
IBM
A-
500,000.00

2/25/2022

2.20%
2/9/2027
493,830.00

2.47%
4,338.89

462,845.50

1,685

459200KM2
IBM
A-
900,000.00

2/25/2022

2.20%
2/9/2027
841,185.00

3.72%
7,810.00

833,121.90

1,685

438516CE4
Honeywell International
A
800,000.00

3/3/2022

1.10%
3/1/2027
762,624.00

2.09%
2,933.33

710,508.00

1,705

89788MAD4
Truist Fin Corp
A-
1,200,000.00

3/14/2022

1.27%
3/2/2027
1,127,520.00

2.57%
5,025.77

1,079,035.20

1,706

89788MAD4
Truist Fin Corp
A-
1,200,000.00

3/14/2022

1.27%
3/2/2027
1,086,720.00

3.42%
5,025.77

1,079,035.20

1,706

89236TJZ9
Toyota Motor Corp
A+
1,000,000.00

5/10/2022

3.05%
3/22/2027
968,140.00

3.77%
8,387.50

961,487.00

1,726

023135CF1
Amazon.Com Inc
AA
1,000,000.00

5/20/2022

3.30%
4/13/2027
989,180.00

3.54%
7,150.00

980,408.00

1,748

437076CN0
Home Depot Inc
A
1,200,000.00

5/10/2022

2.88%
4/15/2027
1,161,660.00

3.59%
8,912.50

1,153,772.40

1,750

665859AW4
Northern Trust
A+
800,000.00

5/12/2022

4.00%
5/10/2027
807,728.00

3.79%
4,533.33

804,204.80

1,775

665859AW4
Northern Trust
A+
400,000.00

5/12/2022

4.00%
5/10/2027
403,848.00

3.79%
2,266.67

402,102.40

1,775

91324PEG3
Unitedhealth Group Inc
A+
200,000.00

5/20/2022

3.70%
5/15/2027
199,892.00

3.71%
842.78

199,822.00

1,780

254683CS2
Discover Financial Services
NR
1,430,000.00

5/26/2022

3.32%
5/17/2027
1,429,883.74

3.32%
2,110.04

1,418,581.02

1,782

ATTACHMENT 2

S&P
Par
Purchase
Coupon
Maturity
Original
Yield to
Accrued
Market
Days to
CUSIP
Description
Rating
Value
Settlement Date
Rate
Date
Cost
Maturity
Interest
Value
Maturity
City of Napa
Quarterly Investment Report - Maturity Report
as of June 30, 2022
63254ABE7
National Australia Bank Ltd
AA-
1,000,000.00

6/13/2022

3.91%
6/9/2027
991,330.00

4.10%
2,386.39

986,110.00

1,805

Total Other
199,998,042.64

200,018,853.77

679,765.09

191,148,750.46

Total LAIF, CAMP, and Securities
256,737,199.24

256,758,010.37

679,765.09

247,887,907.06

ATTACHMENT 2