Orinda City Council
February 4, 2025

MEMBERS OF THE PUBLIC MAY PARTICIPATE IN THIS MEETING

IN PERSON, OR VIEW ON ZOOM OR YOUTUBE AS LISTED BELOW
https://www.youtube.com/@cityoforinda9535/streams
Zoom Webinar:
https://tinyurl.com/OrindaCityCouncil
Phone:669 444 9171
Webinar ID:
810 2271 2723
In Person:

Orinda Library Auditorium
26 Orinda Way
Orinda, CA 94563
(925) 351-6676

CITY COUNCIL
AGENDA
Tuesday, February 4, 2025
7:00 PM - REGULAR MEETING
City Council
Agenda Page 1 02.04.25
How to follow and/or participate in the meeting:

IN PERSON SPEAKER CARDS: If you would like to speak during the public forum or on an item listed on the agenda, you are invited to submit a speaker card to the City Clerk. You will be permitted to speak even if you elect not to submit a speaker card or decline to provide information requested on the card. After the City Council has heard from everyone who submitted speaker cards, anyone electing not to submit a speaker card may form a line at the lectern. Public comment is generally limited to 3 minutes per speaker per agenda item.

WRITTEN COMMENTS: You may also submit a public comment in advance of the meeting by following instructions below:

Deliver to City Hall at 22 Orinda Way or send an e-mail to [email protected] by 3pm on the day of the meeting. Those comments will be forwarded to the City Council. They will also be made a part of the public record and be available to view in the public review binder at Orinda City Hall, 22 Orinda Way. In addition, they will be available electronically by 5pm on the day of the meeting by selecting the date of the meeting in this Box account link:
https://tinyurl.com/Orinda-Public-Comments
REMOTE COMMENTS: Remote Public Comments have been discontinued for the foreseeable future.
7:00 PM - REGULAR SESSION
A. CALL TO ORDER / ROLL CALL
Councilmembers: Darlene Gee, Cara Hoxie, Janet Riley
Vice Mayor Brandyn Iverson, Mayor Latika Malkani
B. PLEDGE OF ALLEGIANCE
City Council
Agenda Page 2 02.04.25
C. ADOPTION OF AGENDA
The City Council may take action on any item listed on the agenda.

D. ITEMS FOR THE GOOD OF THE CITY
D.1. Proclamation Recognizing Black History Month in Orinda - February 2025
E. PUBLIC FORUM
The public forum provides an opportunity for members of the public to speak on any item within the jurisdiction of the City Council that is not on the agenda.

Additionally, a speaker has the option of addressing the Council on an item listed on the agenda, if the speaker will not be present when that agenda item is taken up. When an item is not listed on the agenda, State law prohibits Council discussion or action. Councilmembers may only “briefly respond” to statements made and questions posed. For example, State law allows Councilmembers to ask questions for clarification and provide a reference to staff or other resources for factual information. Additionally, consistent with the “Matters Initiated” rule contained in its Policies and Procedures Manual, the Council may also direct staff to report back and/or place a matter on a future agenda for discussion.

F. CONSENT CALENDAR
F.1. Minutes Approval
Recommendation:

Approve City Council Minutes:

1. January 21, 2025 Closed Session Meeting

2. January 21, 2025 Regular Meeting
F.2. Quarterly Investment Report for Period Ending December 31, 2024 Recommendation:

Accept the Quarterly Investment Report for the period ending December 31, 2024
G. PUBLIC HEARING
H. POLICY MATTERS
I. COUNCILMEMBERS' REPORTS
J. CITY MANAGER'S REPORT
K. MATTERS INITIATED
L. ADJOURNMENT
M. CLOSED SESSION
City Council
Agenda Page 3 02.04.25

1. OPEN SESSION IDENTIFICATION of Closed Session Matters

2. PUBLIC COMMENTS of Closed Session Matters

3. CLOSED SESSION

4. REPORT OUT OF CLOSED SESSION
CONFERENCE WITH LEGAL COUNSEL -- EXISTING LITIGATION. Pursuant to Government Code Section 54956.9(d)(1), conference with Legal Counsel regarding existing litigation: ORINDANS FOR SAFE EMERGENCY EVACUATION v. City of Orinda, Contra Costa County Superior Court Case No.

N23-0579.

The next meeting of the Orinda City Council will be held on Saturday, February 08, 2025 at 9:00 AM.

Please visit the City’s website at www.cityoforinda.org to view the City Council Calendar.

I, Sheri Marie Smith, City Clerk, declare under penalty of perjury under the laws of the State of California that this special meeting agenda has been posted at least 24 hours in advance at the Orinda City Hall, 22 Orinda Way and the Orinda Library, 26 Orinda Way.

Additional copies are available at the Orinda Library, 26 Orinda Way, and at the City’s website at www.cityoforinda.org. At least 24 hours in advance of the meeting, this agenda was also delivered to and received by each member of the City Council as well as each local newspaper, radio station and television station requesting written notice of special meetings.

I, Sheri Marie Smith, City Clerk, declare under penalty of perjury under the laws of the State of California that this regular meeting agenda has been posted at least 72 hours in advance at the Orinda City Hall, 22 Orinda Way and the Orinda Library, 26 Orinda Way. Additional copies are available at the Orinda Library, 26 Orinda Way, and at the City’s website at www.cityoforinda.org
~ Notices ~
There is a 90-day limit for the filing of a challenge in Court to certain City decisions that require a hearing by law, the receipt of evidence, and the exercise of discretion. The 90-day limit begins on the date the decision is final (Code of Civil Procedure §1094.6). Further, if you file a challenge in Court, you may be limited by California law, including but not limited to Government Code §65009, to those issues raised in connection with the public hearing. The City Council may be requested to reconsider a decision if the request is made prior to the next City Council meeting. For information on the next City Council meeting, please call 925.253.4221 or visit the website at www.cityoforinda.org. Unless otherwise noted, City Council actions include a determination that the California Environmental Quality Act (CEQA) does not apply. ~ Accessible Public Meetings ~
The City of Orinda will provide special assistance for disabled citizens to participate in public meetings upon advance notice. If you need auxiliary hearing aid or sign language assistance at least two (2) working days advanced notice is necessary. Please contact the City Clerk’s Office, 22 Orinda Way, Orinda, Ca 94563 or 925.253.4221 or [email protected] with the following information: name, mailing address, phone number and type of assistance requested.

City Council
Staff Report
Agenda Item: F.1
Date: February 4, 2025
Department: City Clerk
AGENDA TITLE: Minutes Approval
RECOMMENDATION:

Approve City Council Minutes:

1. January 21, 2025 Closed Session Meeting

2. January 21, 2025 Regular Meeting
BACKGROUND:

The following City Council Minutes are attached for review and adoption.

1. January 21, 2025 Closed Session Meeting

2. January 21, 2025 Regular Meeting
ATTACHMENTS:

A. City Council Closed Session Minutes of January 21, 2025 B. City Council Minutes of January 21, 2025
Respectfully Submitted by:

Sheri Smith
City Clerk
Prepared By: Sheri Smith, City Clerk
Approved by:

F.1
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January 21, 2025

CITY OF ORINDA

CITY COUNCIL CLOSED SESSION MINUTES
6:00 PM - SPECIAL MEETING
A. CALL TO ORDER/ ROLL CALL
Mayor Malkani called the meeting to order and noted that all Councilmembers were present.

B. OPEN SESSION IDENTIFICATION OF CLOSED SESSION MATTERS The Closed Session Matters were identified.

C. PUBLIC COMMENTS REGARDING CLOSED SESSION MATTERS
There were no public comments.

D. CLOSED SESSION
a. CONFERENCE WITH LEGAL COUNSEL -- EXISTING LITIGATION.

Pursuant to Government Code Section 54956.9(d)(1), conference with Legal Counsel regarding existing litigation: ORINDANS FOR SAFE EMERGENCY EVACUATION v. City of Orinda, Contra Costa County Superior Court Case No. N23-0579.

E. OPEN SESSION REPORT REGARDING CLOSED SESSION
There was no reportable action.

F. ADJOURNMENT
The meeting adjourned at approximately 7:00 PM
_______________________
Sheri Marie Smith, City Clerk
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Attachment: City Council Closed Session Minutes of January 21, 2025 (3512 : Minutes Approval) Orinda City Council Minutes Page 1 of 12 01.21.25
JANUARY 21, 2025

CITY OF ORINDA

CITY COUNCIL MINUTES
Note: Written communications received from the public prior to the start of this meeting can be viewed on the City’s website meeting calendar. They are also kept in the City Clerk’s Office as part of the public record and available upon request ([email protected]). 7:00 P.M. – REGULAR MEETING– GARDEN ROOM, ORINDA LIBRARY A. CALL TO ORDER / ROLL CALL:

Mayor Malkani called the Regular Meeting to order at approximately 7:06 p.m.

COUNCILMEMBERS PRESENT: Darlene Gee, Cara Hoxie, Janet Riley Vice Mayor Brandyn Iverson, Mayor Latika Malkani
COUNCILMEMBERS ABSENT: None
B. PLEDGE OF ALLEGIANCE – Led by Mayor Malkani
C. ADOPTION OF AGENDA
MOTION by Councilmember Hoxie, and seconded by Councilmember Gee, to adopt the agenda. Said motion carried by unanimous (5-0) roll call vote.

D. ITEMS FOR THE GOOD OF THE CITY
D.1. Certificate of Recognition to Light Up Orinda - Carol Brovelli and Kim Wirtz Straub, Co-Leaders of Project
Mayor Malkani and Councilmembers recognized and voiced appreciation to Carol Brovelli and Kim Wirtz Straub, on behalf of the entire community, for being co-leaders of the Light Up Orinda project.

Mayor Malkani read the Certificate of Recognition and presented it to Carol Brovelli and Kim Wirtz Straub.

Ms. Brovelli and Ms. Straub thanked the Council and recognized the support of the residential and business community, and photographs followed.

E. PUBLIC FORUM
Nick Waranoff asked the Mayor to schedule one or more Town Halls, asked for a periodic status report updating evacuation mitigation work, as well as an update on the Caltrans parcel.

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Attachment: City Council Minutes of January 21, 2025 (3512 : Minutes Approval) Orinda City Council Minutes Page 2 of 12 01.21.25
Michael Brown spoke about the Council’s elimination of the Public Safety Subcommittee and asked for more outreach and leadership for the community.

Sunil Rajaraman asked to separate out issues of mitigation, what happens in the event of a disaster, and what happens with insurance. He echoed Mr. Waranoff’s comments regarding evacuation updates and to identify what has been learned.

F. CONSENT CALENDAR
Mayor Malkani cited a request to remove Item F.3. Vice Mayor Iverson asked to make a brief comment on Item F.6, and Councilmember Gee requested Item F.6 be removed.

Mayor Malkani asked and confirmed there were no other requests for removal of items and no public comments.

F.1. Minutes Approval
Recommendation:

Approve City Council Minutes:

1. December 17, 2024 Regular Meeting

2. January 7, 2025 Closed Session Meeting

3. January 7, 2025 Regular Meeting
F.2. Local Agency Special Tax and Bond Accountability Act (SB 165) Report
Recommendation:

Accept the Annual Special Tax and Bond Accountability reports for Fiscal Year 2023-24.

F.4. Annual Comprehensive Financial Audit Report for June 30, 2024 Recommendation:

Accept the Annual Comprehensive Financial Report (ACFR); Report on Internal Controls (ROIC); Appropriations Limit Report; and Transportation Development Act Funds Report (TDA) for the Fiscal Year ended June 30, 2024.

F.5. Parcel Map for Subdivision MS 2022-005 Urban Lot Split at 15 Vallecito Lane
Recommendation:

Adopt Resolution No. 03-25, approving Parcel Map for 15 Vallecito Lane (MS 2022-005 Urban Lot Split).

MOTION by Councilmember Gee, and seconded by Councilmember Riley, to approve Consent Calendar Item F.1, F.1.2, F.1.3, F.2, F.4, and F.5. Said motion carried by unanimous (5-0) roll call vote.

Items Removed from the Consent Calendar:

F.3. 2024 Impact Fee Report AB 1600
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Attachment: City Council Minutes of January 21, 2025 (3512 : Minutes Approval) Orinda City Council Minutes Page 3 of 12 01.21.25
Recommendation:

Receive and file the City of Orinda Annual Report of Development Impact Fee Funds for the year ended June 30, 2024.

Councilmember Hoxie questioned the park dedication fees and asked for an explanation of their use. City Manager Smith explained these fees are used to help mitigate impacts from new development and are for work that either expands or improves current facilities.

Mayor Malkani opened the Public Forum.

Nick Waranoff asked whether the City is receiving the maximum legal amounts of impact fees from developers and urged the Council to conduct a nexus study.

City Manager Smith stated staff could determine whether the City is charging the maximum fee for the Transportation Impact Fee which is regional. Regarding the Park Dedication fee, it is a Quimby Act fee that relates to land value and this is updated annually, with the City basing its fee on the formula.

City Engineer Siva Natarajan referred to the Transportation Impact Fee and described the role of the separate LFFA Committee, noting the last nexus study was last done in 2017.

Councilmember Hoxie asked and confirmed with staff other types of fees the City can charge.

Councilmember Gee said she sits on the LFFA committee. She asked, and staff explained, fees charged as “Lamorinda” fees and how they get sent back to each city, nexus study policies on updating fees, CCI which accounts for changes in construction costs, and confirmed the LFFA committee will soon be reviewing an update next month.

Councilmember Riley asked if the Transportation Impact fee includes wear and tear on the roads from haulers. City Manager Smith confirmed this is the Vehicle Impact fee associated with the Recycle Smart program which is not subject to AB 1600 rules and will be considered for update in 2026.

MOTION by Councilmember Hoxie, and seconded by Councilmember Riley, to receive and file the City of Orinda Annual Report of Development Impact Fee Funds for the year ended June 30, 2024. Said motion carried by unanimous (5-0) roll call vote.

F.6. Accept Work and Approve Record Plans for the San Pablo Creek Culvert Repair Project, City Project No. 4187, and Authorize the City Clerk to sign and file a Notice of Completion with the Contra Costa County Clerk-Recorder
Recommendation:

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Attachment: City Council Minutes of January 21, 2025 (3512 : Minutes Approval) Orinda City Council Minutes Page 4 of 12 01.21.25
Adopt Resolution No. 02-25 to Accept Work and Approve Record Plans for the San Pablo Creek Culvert Repair Project, City Project No. 4187, and Authorize the City Clerk to Sign and File a Notice of Completion with the Contra Costa County Clerk-Recorder.

Mayor Malkani opened the Public Forum, and there were no speakers, and she closed the Public Forum.

Councilmember Gee said she wanted to remove the item to recognize the Public Works Department, noting it is rare to have a public works project that not only comes in on budget but slightly under budget. She also complimented the pro-active planning work reflected in the documents by staff.

Vice Mayor Iverson agreed and echoed these sentiments for staff bringing the project $60,000 under the quote plus use of none of the contingency, for a collective savings of $366,000.

Mr. Natarajan recognized their amazing staff who are very proactive. He spoke of many strategies put in place ahead of time before construction, and also recognized the good contractor.

MOTION by Councilmember Gee, and seconded by Councilmember Riley, to adopt Resolution No. 02-25 to Accept Work and Approve Record Plans for the San Pablo Creek Culvert Repair Project, City Project No. 4187, and Authorize the City Clerk to Sign and File a Notice of Completion with the Contra Costa County Clerk-Recorder.

Said motion carried by unanimous (5-0) roll call vote.

G. PUBLIC HEARINGS – None.

H. POLICY MATTERS
H.1. Final Design Concept for Crossroads Park (CIP project #4103) and Related Actions
Recommendation:

Take the following actions: 1) Receive the presentation; 2) Approve revised design concept; 3) Approve Amendment #2 to the Contract with Gates & Associates; and 4) Approve Budget Change Form #005-25.

Director of Parks and Recreation Todd Trimble gave a PowerPoint presentation and background regarding the final design concept for Crossroads Park and related actions.

He introduced Eric from Gates & Associates, said Public Works Director Scott Christie is available for questions via Zoom, as well as members of the Orinda Garden Club.

City Manager Smith said one of the things staff wanted to address between the last meeting when it got continued and now is to try to get commitments solidified from the two groups who expressed interest with plantings and sign design; the Orinda Community Foundation and the Orinda Garden Club, which she described.

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Attachment: City Council Minutes of January 21, 2025 (3512 : Minutes Approval) Orinda City Council Minutes Page 5 of 12 01.21.25
Councilmember Gee asked and confirmed the fountain has been operating and is intended to continue to operate.

Councilmember Hoxie asked if there is a safety reason for removing the sidewalk, and Mr. Trimble explained it is a combination of safety, visibility, and it has been PG&E’s intent to ensure there is straight traversing through the area.

Councilmember Hoxie asked if the cost projection of $317,000 for the sign, concrete removal, and new plants is the totality of the project, and that a $50,000 donation would go towards that, and also asked about reduction of costs with plant donations.

Mr. Trimble replied there is potential for both of those and he confirmed this is the estimate for design and construction which does not include the potential donations and in-kind services.

Councilmember Hoxie asked if the $120,000 for signage includes the gateway sign and asked if the mosaic sign would be an additional cost.

City Manager Smith said staff does not have an estimate for the public art sign cost at this time. Presumably, the artist referenced her sign as $50,000 but that did not take into account the structural components to support the sign and any engineering work.

Councilmember Hoxie asked and confirmed the funds would come out of CIP Fund 700 which she confirmed is $106,000. This assumes $50,000 from the Orinda Community Foundation (OCF) to complete the project as offsetting revenue. The shortfall is $257,000 and the source of the money could either be completely from CIP Fund 700 and this would be reduced further from any commitment from the Garden Club or additional funds from the OCF or in-kind contributions.

Vice Mayor Iverson said she thought the $106,000 did not include any of the private donation groups, and the commitment for $50,000 is inside of the $106,000, and funding from other groups would be outside of it, and Mr. Christie confirmed this is correct.

Councilmember Hoxie asked if there is any way to complete the sign less expensively.

Mr. Christie said there are always ways to reduce signage costs with a bare bones sign, but based upon the October Council meeting there was interest that the sign is a central part of the project. As people digest this project that sentiment may have changed, but the sign costs include its foundation and the wall. He suggested Eric from Gates & Associates could provide additional comments.

Eric, Gates & Associates, said the Council can always have a less expensive sign. It is the question of what is going to be deemed acceptable. For a sign of roughly that scale, he did not think the City could get it for much less, depending on the materials. A factor is the overhead transmission lines so no metal can be used, and he asked for an understanding of what the Council wants.

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Attachment: City Council Minutes of January 21, 2025 (3512 : Minutes Approval) Orinda City Council Minutes Page 6 of 12 01.21.25
Councilmember discussion ensued regarding the prior estimate of the mosaic sign at $170,000 versus $120,000, fire-savvy plantings in line with MOFD’s standards, and concrete construction of the sign.

Mayor Malkani opened the Public Forum.

Nick Waranoff questioned the true interest in the sign, given concerns about wildfire safety and unfunded CIP projects, and he asked that the City spend funds on something more important.

Michael Brown echoed Mr. Waranoff’s comments, suggested a disposable sign, and thinks it will be destroyed given its location at the exit from the freeway, power lines, and the stop light.

Mayor Malkani closed the Public Forum and said the Council received several written communications in the packet and some late communications were also received.

Councilmember discussion ensued regarding seeking the Garden Club’s help to beautify the corner, potential risk of the sign being hit and destroyed, the years spent discussing the upgrading of the mini park, the potential for fundraising efforts in the community, suggestion for a phased approach, support for a demonstration garden with the Garden Club’s assistance, the poor condition of the City’s gateway, public art and intellectual property rights of artists and lack of a City process to relinquish these rights, questions on whether or not public art is appropriate at the City’s gateway location, priorities of the City for wildfire and disaster preparedness, opposition to the sign’s contrast of the metal and brown background colors, the length of the sign and its proximity to the street, and the amount of staff time on the project.

Councilmembers recognized the work of the Garden Club, Parks and Recreation Commission and Art in Public Places Committee, the need to launch the project, optimism for a communitywide fundraising effort with Director Trimble taking the lead, and after discussion, there was Council consensus for a less expensive gateway monument sign and to direct staff to return with additional options for colors and fonts, and the City Manager and Director Trimble to work on fundraising strategies.

MOTION by Councilmember Riley, and seconded by Councilmember Gee, to approve revised design concept; 3) Approve Amendment #2 to the Contract with Gates & Associates; and 4) Approve Budget Change Form #005-25. Said motion carried by 4-1; (Hoxie opposed)
H.2. Overview of the Metropolitan Transportation Commission’s TransitOriented Communities Policy and Orinda's Compliance Status Recommendation:

Receive the Staff presentation and provide feedback and direction on policy options.

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Attachment: City Council Minutes of January 21, 2025 (3512 : Minutes Approval) Orinda City Council Minutes Page 7 of 12 01.21.25
Associate Planner Darren Hughes gave a PowerPoint presentation and overview of the MTC Transit Oriented Communities (TOC) policy adopted in 2022. Orinda was designated as a Priority Development Areas (PDA) in 2008 along with many other communities around transit station areas and the City seeks to be consistent with TOC for priority OBAG funds.

However, the TOC policy is fully elective and not something the City must conform to.

Mr. Hughes presented and described a projected TOC policy compliance chart, past Orinda OBAG projects, other MTC/OBAG funding, TOC station mile area, TOC compliance requirements and cycles, support for higher densities through rezonings, adoption of at least two of the following: production housing policies, preservation housing policies, and protection housing policies, and the City must comply with parking policies and station access and circulation policies.

He then described technical assistance which supports staff and consultant work and staff recommends the Council provide direction to staff on potential policies/programs the Council determines would be appropriate to consider.

City Manager Smith said staff’s objective is to ensure the City remains competitive on grant funding for improvements, and noted the area they find will not be compliant is in the commercial office area.

Councilmember questions and comments ensued regarding PDA designation not being connected directly with the TOC except new components for funding, details still being worked out with compliance rating statistics where ABAG will make a determination after looking at individual communities, and City Engineer Siva Natarajan provided an historical account on OBAG Cycle 3 which is now competitive, local, county, and regional components for City projects, spoke of the importance of OBAG funding, competitiveness, the City’s eligibility for various transportation-related projects with OBAG grants, and additional guidance to be received on OBAG 4 requirements in the spring.

City Manager Smith then described projects staff thought about being easier to implement and ones that were consistent with things they had to do, and will continue to pursue inclusionary zoning, ministerial approval updates to be consistent with the Housing Element, and said staff is looking to receive feedback from the Council on other elements that were most appropriate for the community, as well as densities as proposed in the Downtown Precise Plan (DPP).

Councilmembers questioned estimated costs and City Manager Smith stated staff could develop rough estimates which would include staff time, consultant work, technical assistance funding from MTC, and pointed to the $200,000 commitment for a 4-year cycle.

Councilmembers also questioned if regionwide evacuation funding could be jeopardized without the City’s participation through CCTA, discussed the RM3 multi-modal joint grant between Orinda and Moraga which seeks connection to transit through BART and to the greater Bay Area, noted additional guidance will be provided as MTC works through details for agencies who wish to comply by January 2026, refinement needs on how to comply with 85%, questions on the stability for federal funding due to political reasons, and confirmation that MTC funding is very stable,
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Attachment: City Council Minutes of January 21, 2025 (3512 : Minutes Approval) Orinda City Council Minutes Page 8 of 12 01.21.25
Mayor Malkani opened the Public Forum.

Nick Waranoff said he believes the City should abandon the proposed TOC program, thinks California’s funding will be slashed, and cited increased densities once the City upzones for what is a speculative benefit.

Owen Murphy said he has followed this matter for 17 years in Orinda since the original 2008 PDA, supports Mr. Waranoff’s January 20th email to the Council and his comments tonight, and asked the Council not be “hoodwinked” by having to implement uncertainty with the TOC remodel of the PDA.

Judy Eben, Tahos Road, said they had State Farm Insurance for 50 years and are not being renewed, described their two large oak trees that will likely need to be removed, and asked that the Council and MOFD be on the same page when creating rules for the community.

Mayor Malkani closed the Public Forum.

Councilmember discussion ensued regarding other jurisdictions grappling with the TOC policy and how to implement it, the matter presented to the Council six to nine months ago when the City had no chance of complying, the core mission and philosophy of MTC and how this is being framed as more carrots than sticks, the fact that grants are important but not necessarily critical in all cases, having density around transit resources and not having horrible congestion with single-occupancy vehicles, and showing good-faith compliance.

Councilmembers discussed and cited the need to carefully weave together enough without going overboard and eliminating itself by doing other projects which also address fire safety and evacuation. There was agreement that density belongs closest to the BART station, the suggestion and need to lobby new MTC Commissioners and legislators so they understand that communities like Orinda are far different than San Francisco and Oakland.

There was a suggestion to work with other small cities in working through this, recognition of the potential loss in funding, and the recommendation that MTC must refine TOC policies to make more sense.

Councilmembers voiced support of policies benefiting the City such as the inclusionary housing policy, design review standards, and rezonings given this does not necessarily equate to developers actually building.

EXTEND MEETING
MOTION by Vice Mayor Iverson, and seconded by Councilmember Gee, to extend the meeting at 9:54 p.m. until 10:20 p.m. Said motion carried by unanimous (5-0) roll call vote.

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Attachment: City Council Minutes of January 21, 2025 (3512 : Minutes Approval) Orinda City Council Minutes Page 9 of 12 01.21.25
Vice Mayor Iverson referred to MTC’s policy that BART transportation will be used to evacuate when people would not rely on BART to evacuate; however, the parking lot would serve as a safe refuge gathering. She then asked staff to look at page 9 of 61 in the packet; Production Policy 4; Public Lands for Affordable Housing. As she read the specific language of the purpose of that policy and the relevant State law being the Surplus Lands Act. She thinks the City does not have to be the owner of that policy. It seems activating surplus lands owned by any public agency accomplishes that goal, and that would apply to the Caltrans site even more so than ultimately the BART site. She asked staff to speak with MTC and determine if this may be something the City could pursue versus some of the more technical requirements if the Caltrans site is activated.

Mayor Malkani echoed great points made, but she genuinely agrees the Council should, to the extent it is consistent with their Housing Element and other things, make an effort to substantially comply because the City needs these funds. She then described the Smart Signals project and the Mult-modal project which relate to emergency evacuation, and asked to consider climate change and the difficulty of commercial densities for a community like Orinda.

Councilmember Gee asked if there is support for her idea of lobbying MTC, and Councilmembers agreed.

City Manager Smith confirmed there is a general desire to try to comply with the letter here and try to weave compliance together in a way that makes sense for this community. This is what staff will continue to work on and will look forward to pressing on some of the new Commissioners on MTC to see if they can make some modifications to guidelines to reflect conditions that some communities are faced with, and also look at the public trust issue more which Vice Mayor Iverson brought up. Staff will report back in the future and thanked the Council for the direction.

H.3. City Council Committee Appointment/Liaison List for 2025 Recommendation:

Approve the remainder of Appointment/Liaison List as proposed or amended.

City Manager Smith stated at the previous meeting, the Council adopted assignments for many regional boards. Changes to the subcommittees were discussed and made and finalized. There were two carry-over items which were not addressed; the Cal Shakes Theater Liaison that was inadvertently omitted and the Chamber Liaison to ensure it was connected with the selection for the subcommittee. Also to discuss briefly is whether or not the Cal Shakes Theater Liaison should continue to be called that name or to change it to a more general name.

Mayor Malkani said the idea was it could be called the Cultural Arts Liaison and could liaison with Cal Shakes or the entity that takes over the location, in addition to the Lamorinda Arts Council and perhaps the Orinda Theater.

Mayor Malkani opened the Public Forum.

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Attachment: City Council Minutes of January 21, 2025 (3512 : Minutes Approval) Orinda City Council Minutes Page 10 of 12 01.21.25
Juliet Don, Vice President, Orinda Chamber of Commerce Board of Directors, thanked Mayor Malkani for serving as their liaison and looks forward to the opportunity to get to know Councilmember Hoxie better and have her as their liaison. The Board also appreciates the continued support of all Councilmembers, staff, and to City Clerk Smith for making the correction of their meeting time so it will be appropriately reflected.

Councilmember Riley suggested making the Cal Shakes name change broader to include other art groups. Mayor Malkani recognized there was consensus for the name to reflect broader participation.

MOTION by Councilmember Gee, and seconded by Councilmember Hoxie, to approve the remainder of Appointment/Liaison List, as amended, to change the Cal Shakes Theater Liaison to the Cultural Arts Liaison. Said motion carried by unanimous (5-0) roll call vote.

I. COUNCILMEMBER REPORTS – Mayor Malkani reported she received many public comments and began talking with their County Supervisors about an idea which is to have a regional working group focused on wildfire and perhaps also earthquake emergency preparedness and evacuation, which she described. She and the City Manager will meet with Supervisor Andersen’s office to follow through on this.

She reported there have been a couple of people who responded and some companies that may be interested in writing insurance for communities that are willing to voluntarily adopt the IBHS insurance industry guidelines.

Vice Mayor Iverson said she read about the latest developments in the State’s insurance regulation and said she finds it difficult to know how to answer residents’ questions who are trying to deal day-by-day with not being able to find insurance.

She asked if there could be monthly updates, and City Manager Smith said she will determine how to best accomplish this.

City Manager Smith reported on the upcoming release of the Very High Fire Severity maps by the State. There are 430 communities in California and the State will add 200 more to the list, which is substantial. Many things are going on in Sacramento regarding response to the wildfire disaster in LA and also to address insurance issues. She can contact Casey Elliott to provide updates from a legislative perspective, along with the timing of when the maps will come out.

Councilmember Riley noted that realtors know which insurance companies are currently doing business in town and will notify the City Manager of these.

Mayor Malkani reported that the City Manager, herself, and Councilmember Hoxie will attend the Cal Cities Academy starting early tomorrow in Sacramento.

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Attachment: City Council Minutes of January 21, 2025 (3512 : Minutes Approval) Orinda City Council Minutes Page 11 of 12 01.21.25
J. CITY MANAGER'S REPORT – City Manager Smith said one of the things on everyone’s mind is wildfire and disaster preparedness. There are things they can be doing to help improve communications. She hopes to be back with suggestions around that in a month, and in the meantime, she has been meeting with various parties and will sit down with Fire Chief Isaacs to figure out a way to work together on a community education series and listen to residents’ concerns.

She reported a lot of public discussion around Orinda’s position being a place that is of great concern long-term for wildfire risk. EBMUD has issued notifications to inform the public about its fire prevention and routine maintenance. They have shared this on the City’s platforms, made improvements to the Orinda Outlook to have a whole section dedicated to emergency and disaster preparedness. The Chipper program continues to be very effective, and they have a preparedness list on their home page which will be re-organized and jointly communicate in both jurisdictional areas.

K. MATTERS INITIATED – Mayor Malkani proposed a Matters Initiated to have the tree ordinance return to the Council to determine if there are ways to make it more consistent with reducing fuels. City Manager Smith noted there is no Zone Zero provision so if residents are looking to create defensible space around one’s home, residents would still need a permit.

EXTEND MEETING
MOTION by Councilmember Gee, and seconded by Councilmember Hoxie, to extend the meeting at 10:20 p.m. to 10:25 p.m. Said motion carried by unanimous (5-0) roll call vote.

MOTION by Mayor Malkani, and seconded by Councilmember Hoxie, to approve a Matters Initiative to direct staff to bring to the Council review of the tree ordinance.

Said motion carried by unanimous (5-0) roll call vote.

Councilmember Hoxie referred to the City Manager holding a community meeting, which she supported be held with MOFD and perhaps with EBMUD, PG&E and all present at the same time for people to get answers and hold dialogue. She asked if a motion was needed for a Matters Initiated.

City Manager Smith said she will see what she can do to try and engage all other agencies which might be challenging given timing, and agreed to start with MOFD and then contact other agencies.

L. ADJOURNMENT
Mayor Malkani adjourned the meeting at 10:25 p.m. to Closed Session.

M. CLOSED SESSION

1. OPEN SESSION IDENTIFICATION of Closed Session Matters F.1.b
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Attachment: City Council Minutes of January 21, 2025 (3512 : Minutes Approval) Orinda City Council Minutes Page 12 of 12 01.21.25

2. PUBLIC COMMENTS of Closed Session Matters - None

3. CLOSED SESSION

4. REPORT OUT OF CLOSED SESSION - None
CONFERENCE WITH LEGAL COUNSEL -- EXISTING LITIGATION. Pursuant to Government Code Section 54956.9(d)(1), conference with Legal Counsel regarding existing litigation: ORINDANS FOR SAFE EMERGENCY EVACUATION v. City of Orinda, Contra Costa County Superior Court Case No. N23-0579.

The Regular Meeting was adjourned at approximately 11:15 p.m. to the next Regular City Council Meeting on Tuesday, February 04, 2025, at 7:00 p.m. ______________________________________
Sheri Marie Smith, City Clerk
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Attachment: City Council Minutes of January 21, 2025 (3512 : Minutes Approval) City Council
Staff Report
Agenda Item: F.2
Date: February 4, 2025
Department: Finance
AGENDA TITLE: Quarterly Investment Report for Period Ending December 31, 2024 RECOMMENDATION:

Accept the Quarterly Investment Report for the period ending December 31, 2024 BACKGROUND:

The City’s adopted Investment Policy provides that the City Treasurer will submit a report on the City's investments to the Council on a quarterly basis. The policy also specifies the information that is to be reported. This report covers the period from October 1, 2024, through December 31, 2024.

The City of Orinda uses Chandler Asset Management (Chandler), an independent fiduciary advisor, to manage a portion of its portfolio. The funds under management by Chandler are managed as a Reserve Portfolio. The City’s strategy is to retain sufficient cash flow to manage day-to-day operations and have Chandler focus on longer-term investment management. All investments, managed by Chandler, are held by the City in a safekeeping account through US Bank.

The City also uses the Local Agency Investment Fund (LAIF), which is a pooled investment managed by the State Treasurer. This investment provides relatively liquid access to balances, with a limit of 15 transactions per month. The cost value shown for the City’s LAIF investment represents the City’s contractual rights to its LAIF account and does not represent the value of the underlying portfolio securities.

In addition, on May 7, 2024, the City opened a Money Market account with Mechanics Bank which has a limit of five transactions per month to manage liquidity.

The Governmental Accounting Standards Board Statement 31 (GASB 31) requires the City to recognize the fair market value of its investments at the end of each fiscal year.

The market values are obtained from the State Controller’s office for Local Agency Investment Funds (LAIF), and from Chandler for the Reserve Portfolio. The difference between market value and cost as of June 30, 2025, will be reflected in the City’s financial statements for Fiscal Year 2024-25 as an adjustment to interest income for each of the City’s funds on a pro-rata basis as required by GASB 31. Market values change daily and the change in market value is considered temporary in nature, as the City mostly holds its investments until maturity, when they can be redeemed at par value
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DISCUSSION:

The quarterly report prepared by Chandler (Attachment A) for the quarter ending on December 31, 2024, provides the following information about the risk characteristics of the City's reserve portfolio:
1) Economic Update - provides a general economic background on key indicators that may impact the investment results. This information is useful in evaluating the performance of the portfolio as well as expected trends. (Attachment A pages 2-13).
2) Account Profile - describes the objectives and strategy used for the portfolio, compliance with the adopted Investment Policy, and key data related to the issuers. This section breaks down the reserve portfolio to provide key performance data. (Attachment A pages 14-27). A schedule on pages 16-18 displays whether holdings are in compliance with the California State Government Code and the City’s Investment policy.
3) Portfolio Holdings - provides details for each security held in the portfolio including purchase date, maturity date, market value, and rating. (Attachment A pages 28-35)
4) Transactions - show all purchases, sale of holdings and maturity for each month in the quarter. The Transaction Data included in the report displays all transactions including the settlement date. (Attachment A pages 36-38) The attached monthly Local Agency Investment Fund (LAIF) statements and Money Market account statements provide a listing of monthly transactions and balances.

Detailed investment information for LAIF can be found on the California State Treasurer's website (www.treasurer.ca.gov/pmia-laif/pmia).

All investment categories in the portfolio comply with the City’s Investment Policy and the Government Code in terms of allowed investments. The comparison information provided below is based on the market value of investments. The market value will vary both up and down from the original cost. For the most part, the City tends to hold most securities until maturity.

As shown below, the City had approximately $36.2 million (book value) invested as of December 31, 2024, and it was divided between investments in the State Treasurer Local Agency Investment Fund (LAIF), Money Market account, and funds managed by Chandler investments.

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Investment Type Cost Value Book Value
Market
Value
Unrealized
Gain/Loss
Purchase
Yield/
Annual
Percentage
Yield Maturity
% of Total
Portfolio
based on
Market
Value
Rating
(Moody's/ S&P/
Fitch)
Reserve Portfolio (Managed By Chandler)
Asset Backed Securities $ 892,204 $ 892,403 $ 896,747 $ 4,345 4.77% 3.53 2.5% Aaa/ AAA/ AAA US Agencies 2,895,812 2,905,285 2,910,316 5,031 4.20% 2.41 8.0% Aaa/ AA+/ AA+ US Agencies CMBS 432,577 436,967 433,959 (3,008) 4.36% 2.95 1.2% Aaa/ AA+/ AA+ Money Market 43,384 43,384 43,384 - 4.09% - 0.1% Aaa/ AAAm/ AAA Supranational (multi-national agency note) 303,903 305,094 304,218 (876) 4.32% 2.99 0.8% Aaa/ AAA/ NA Corporate Notes 2,341,707 2,368,132 2,367,919 (212) 4.49% 2.02 6.5% A1/ A+/ A+ US Treasuries 4,501,273 4,552,423 4,523,494 (28,929) 3.26% 1.67 12.5% Aa2/ AA+/A A+ Cash 505 505 505 - 0.00% - 0.0% Aaa/ AAA/ AAA
Subtotal Reserve Portfolio 11,411,365 11,504,192 11,480,542 (23,650) 3.94% 2.15 31.7% Aa1/ AA/AA+ LAIF 16,149,379 16,149,379 16,143,274 (6,105) 4.40% 0.70 44.6% NA/ NA/ NA Money Market Account 8,558,213 8,558,213 8,558,213 - 4.67% - 23.7% NA/ NA/ NA Total Investments $ 36,118,957 $ 36,211,783 $ 36,182,029 $ (29,754) 4.31% 0.99 100.0% December 31, 2024
It is appropriate to keep in mind that the portfolio reflects all funds and is not limited to the General Fund. The City operates with a system of pooled cash which includes Restricted Funds, Debt Service Funds, Capital Project Funds, as well as the General Fund.

Portfolio Performance
The overall average purchase yield to maturity on the entire portfolio was 4.31%. The reported purchase yield was 3.39% one year ago (Quarter ending December 31, 2023).

These figures relate to the combined portfolio, including LAIF, Money Market account, and the Reserve funds managed by Chandler. The average purchase yield for the Reserve portfolio managed by Chandler is 3.94% (page 19), which is trending up from

3.73% in the prior quarter.

The following excerpt from page 13 of Attachment A shows the increase in US Treasury Notes since 2019, and especially with the shorter-term investments (dotted line is the two-year Treasury) which stayed almost flat between March 2020 and September 2021.

Starting from September 2021, the two-year treasury yield has been rising. The 2-year Treasury yield increased to 4.24% in December 2024.

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An important consideration for public funds is the safety of investments. The investments owned by the City are of a high quality as required by the Investment Policy.

As a reminder the City cannot invest in bonds with a maturity of more than five years.

The benchmark maturity guiding the portfolio selection is an average weighted maturity of 0.99 years. As of December 31, 2024, the Reserve portfolio managed by Chandler had a longer average maturity of 2.15 years (Page 19).

The City maintains liquidity using LAIF and the Money Market account combined with cash in its checking account to protect against the need to liquidate an investment before maturity.

Investment transactions were executed in accordance with the California State Government Code and the City’s Investment Policy. The City Treasurer believes the pooled cash and investments contain sufficient cash flow liquidity to meet the next six months of expected expenditure.

FISCAL IMPACT:

There is no fiscal impact on accepting this quarterly investment report.

ATTACHMENTS:

A. Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) B. LAIF Monthly Statements Oct 2024 - Dec 2024
C. Money Market Account Statements Oct 2024-Dec 2024
Respectfully Submitted by:

Bhavna Chaudhary
Prepared By: Bhavna Chaudhary,
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Approved by:

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INVESTMENT REPORT
City of Orinda | As of December 31, 2024
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:

For questions about your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.

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Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

TABLE OF CONTENTS

ECONOMIC UPDATE

ACCOUNT PROFILE

PORTFOLIO HOLDINGS

TRANSACTIONS
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Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

ECONOMIC UPDATE
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Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :
▪▪▪
Recent economic data suggests continued growth fueled by a resilient consumer. Inflationary trends have subsided, but some components remain sticky, and core levels remain above the Fed’s target. The labor market reflects improved balance between supply and demand for workers. While job creation has been robust, continuing jobless claims remain elevated. Given the economic outlook, we expect gradual normalization of monetary policy and a steepening yield curve.

As broadly anticipated, the Federal Open Market Committee (FOMC) reduced the Fed Funds Rate by 25 basis points to the range of 4.25-

4.50% at the December meeting. Although the cut was widely anticipated, market participants viewed the trajectory of rates in the SEP as ‘hawkish.’ Chair Jerome Powell reiterated previous statements indicating the economy is in a good place and that monetary policy is well positioned. The Fed released the quarterly Summary of Economic Projections (SEP), which now forecasts a higher central tendency of core inflation and a higher longer run Fed Funds forecast. In the Chandler team’s view, the updated SEP reflects the continued resiliency of the US economy and the corresponding risk of inflation taking longer to reach the FOMC’s two percent objective in 2025.

US Treasury yields shifted higher in December and the curve steepened. The 2-year Treasury yield increased 9 basis points to 4.24%, the 5- year Treasury rose 33 basis points to 4.38%, and the 10-year Treasury yield surged 40 basis points to 4.57%. The spread between the 2-year and 10-year Treasury yield points on the curve increased to +33 basis points at December month-end versus +2 basis points at November month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -37 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve increased to +25 basis points in December from -32 basis points in November.

ECONOMIC UPDATE
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Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :
-400
-2000
200
400
600
800
1,000 MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added 256,000 jobs in December, far exceeding consensus expectations. Gains were led by health care, retail, and leisure sectors, while manufacturing shed jobs. The three-month moving average and six-month moving average payrolls totaled 170,000 and 165,000 respectively. The unemployment rate declined to 4.1% in December, and the labor participation rate was unchanged at

62.5%, remaining below the pre-pandemic level of 63.3%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons fell to 7.5%. Average hourly earnings moderated to an increase of 3.9% year-over-year in December.

Source: US Department of Labor Source: US Department of Labor

EMPLOYMENT
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Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :
0 2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average In Thousands (000's)
The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) rose to 8.098 million new job openings in November, which represented an increase from the upwardly revised 7.839 million job openings in October. Job openings indicate a ratio of 1.1 jobs for each unemployed individual, representing a relatively balanced labor market.

Source: US Department of Labor

JOB OPENINGS & LABOR TURNOVER SURVEY
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Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
YOY (%) Change
In December, the Consumer Price Index (CPI) rose 0.4% month-over-month and 2.9% year-over-year. The Core CPI, which excludes volatile food and energy components, rose 0.2% month-over-month and 3.2% year-over-year, slowing from last month and coming in lower than consensus expectations. The Personal Consumption Expenditures (PCE) Index rose 0.1% from the previous month and 2.4% year-over-year in November versus a 2.3% increase in October. The Core PCE deflator (the Fed’s preferred gauge) increased 0.1% month-over-month, below recent small month-over-month rises and 2.8% over the past year. Core prices are exhibiting what Fed Chair Powell describes as “sideways” movement. Although inflation has moderated, price increases remain above the Fed’s 2% target.

Source: US Department of Labor Source: US Department of Commerce

INFLATION
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Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :
-30.0%
-20.0%
-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%
Retail Sales YOY % Change
YOY (%) Change
December Retail Sales advanced broadly, providing evidence of a solid pace of consumer spending in the holiday season. Retail Sales rose 0.4% in December, after an increase of 0.8% in November and below the consensus expectation of 0.6%. Spending was solid for motor vehicles and non-store retailers, as well as for most other categories associated with the winter holidays. On a year-over-year basis, Retail Sales grew 3.9% in December versus 4.1% in November. The Retail Sales Control Group, which are used to calculate gross domestic product, increased 0.7% in December, the most in three months, exceeding expectations of 0.4%. The Conference Board’s Consumer Confidence Index declined to 104.7 in December from an upwardly revised 112.8 in November. Consumers' assessment about future business conditions and outcomes were substantially less optimistic and there was increased pessimism about future employment prospects. While the consumer has been resilient, low savings rates, growing credit card debt, higher delinquencies, and a moderating labor market pose potential risks to future spending. 0 20 40
60 80
100
120
140
160
Index Level
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)

CONSUMER
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Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%

0.0%

5.0%

10.0%

15.0%
Leading Economic Indicators (LEI)
Recession
YOY (%) Change
-1.00
-0.75
-0.50
-0.25

0.00 0.25

0.50 0.75

1.00 Chicago Fed National Activity Index (CFNAI)
Recession
3 Month Average
The Conference Board’s Leading Economic Index (LEI) increased 0.3% in November reversing its -0.4% decline in October due to a rebound in building permits, continued support from equities, improvement in average hours worked in manufacturing, and fewer initial unemployment claims. The LEI decreased year-over-year by -3.5%. According to the Conference Board, the rise in LEI is a positive sign for future activity in the US and is consistent with an expectation for moderate growth at the end of 2024 and into early 2025. The Chicago Fed National Activity Index (CFNAI) improved to -0.12 in November from -0.50 in October. The three-month moving average fell to -0.31 in November from -0.27 in October, indicating below-trend growth expectations for the economy.

Source: The Conference Board Source: Federal Reserve Bank of Chicago

LEADING INDICATORS OF ECONOMIC ACTIVITY
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Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :
0 200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts surged by 15.8% in December to 1.5 million units after declining in the prior three months. Total starts are down 4.4% compared to December 2023. The supply of existing homes is gradually becoming more abundant after the period of scarcity as homeowners held onto their low mortgage rates. The Freddie Mac 30-year fixed rate mortgage averaged approximately 6.7% in December. According to the Case-Shiller 20-City Home Price Index, housing prices rose 4.2% year-over-year in October, decelerating from

4.6% reported in the previous month. With more inventory entering the market the trend is gradually improving; however higher mortgage rates continue to impact affordability.

Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change

HOUSING
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Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :
40 45
50 55
60 65
70 Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services

EXPANDING

CONTRACTING
The Institute for Supply Management (ISM) Manufacturing index rose more than forecast to 49.3 in December from 48.4 in November.

While the index has posted contractionary readings for the past nine months, New Orders and Prices indices continued in expansion territory and the Production Index returned to expansion this month. The Backlog of Orders Index and Employment Index remained in contraction. The ISM Services Index rose to 54.1 in December from 52.1 in November while marking the sixth straight month of expansion.

Robust business activity ahead of the new year and mitigating risks of potential tariffs were the key drivers. A reading over 50 indicates expansion, while a reading under 50 indicates contraction.

Source: Institute for Supply Management

SURVEY BASED MEASURES
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Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

Components of GDP 12/23 3/24 6/24 9/24

2.3% 1.3% 1.9% 2.5%

0.2% 0.6% 1.5% 0.2%

0.1% -0.6% -0.9% -0.4%

0.0% 0.0% 0.3% 0.6%

0.6% 0.3% 0.3% 0.3%

3.2% 1.6% 3.0% 3.1%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-40.0%
-30.0%
-20.0%
-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce According to the third estimate, third quarter GDP increased at an annualized rate of 3.1% compared to 2.8% from the second estimate.

Growth continues to be powered by personal consumption expenditures. Government consumption expenditures and nonresidential fixed investment also had positive contributions, with negative offsets by net exports, residential investment, and change in private inventories. The consensus projection calls for 2.4% growth in the fourth quarter and 2.7% growth for the full year 2024.

GROSS DOMESTIC PRODUCT (GDP)
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Source: Federal Reserve Source: Bloomberg 0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
As broadly anticipated, the Federal Open Market Committee (FOMC) reduced the Fed Funds Rate by 25 basis points to the range of 4.25-

4.50% at the December meeting. There was one dissenting vote by Cleveland Fed President Beth Hammack who would have preferred no change in rates. Although a reduction in rates was widely anticipated, market participants viewed the trajectory of rates in the SEP as ‘hawkish.’ Chair Jerome Powell reiterated previous statements that monetary policy is “well positioned” and the outlook remains roughly balanced between the dual mandate of maximum employment and price stability. Economic activity is expanding at a solid pace, labor market conditions have “generally eased”, and the unemployment rate “remains low.” The Fed released the quarterly Summary of Economic Projections (SEP) which now forecasts a higher, longer run median Fed Funds rate expectation among Fed Governors at 2.8 –

3.6%. The Fed continues to reduce its holdings of U.S. Treasury securities and agency mortgage-backed securities as per its predefined schedule of $25 billion and $35 billion per month. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by approximately $1.9T to approximately $7.0T.

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Effective Federal Funds Rate
Recession
Yield (%)

FEDERAL RESERVE
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Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

Source: Bloomberg Source: Bloomberg

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Yield Curve
Dec-24
Sep-24
Dec-23
Yield (%)
At the end of December, the 2-year Treasury yield was 1 basis point lower, and the 10-Year Treasury yield was 69 basis points higher, year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve increased to +33 basis points at December month-end versus +2 basis points at November month-end. The yield curve inversion which began in July 2022 was historically long. The average historical spread (since 2004) is about +99 basis points. The 3-month and 10-year Treasury yield curve normalized to +25 basis points in December from -32 basis points in November.

BOND YIELDS
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Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

ACCOUNT PROFILE
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Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

OBJECTIVES
Investment Objectives
The City of Orinda's investment objectives, in order of priority, are to provide safety to ensure the preservation of capital in the overall portfolio, provide sufficient liquidity for cash needs and a market rate of return consistent with the investment program.

Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return over a market cycle that equals or exceeds the benchmark, the ICE BofA 1-3 Year US Treasury and Agency Index.

Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed income securities consistent with the investment policy and California Government Code.
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Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

STATEMENT OF COMPLIANCE
City of Orinda Reserve Portfolio | Account #10296 | As of December 31, 2024 Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES (CMOS)
Max% (MV) 20.0 3.8 Compliant
Max Maturity (Years) 5.0 3.5 Compliant

ASSET-BACKED SECURITIES (ABS)
Max% (MV) 20.0 7.8 Compliant
Max% Issuer (MV) 5.0 1.0 Compliant
Max Maturity (Years)54 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant

BANKERS' ACCEPTANCES
Max% (MV) 40.0 0.0 Compliant
Max% Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 180 0.0 Compliant
Min Rating (A-1 by1 orA- by 1) 0.0 0.0 Compliant

CERTIFICATE OF DEPOSIT PLACEMENT SERVICE
(CDARS)
Max% (MV) 30.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant

COLLATERALIZED TIME DEPOSITS (NON-

NEGOTIABLE CD/TD)
Max% (MV; FDIC& Collateralized CD) 20.0 0.0 Compliant
Max% Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 3.0 0.0 Compliant

COMMERCIAL PAPER
Max% (MV) 25.0 0.0 Compliant
Max% Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 270 0.0 Compliant
Min Rating (A-1 by1 orA- by 1) 0.0 0.0 Compliant

CORPORATE MEDIUM TERM NOTES
Max% (MV) 30.0 20.6 Compliant
Max% Issuer (MV) 5.0 1.5 Compliant
16 F.2.a
Packet Pg. 39
Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

STATEMENT OF COMPLIANCE
City of Orinda Reserve Portfolio | Account #10296 | As of December 31, 2024 Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years)54 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max% (MV; FDIC& Collateralized CD) 20.0 0.0 Compliant
Max Maturity (Years)3 0.0 Compliant

FEDERAL AGENCIES
Max% (MV) 100.0 25.4 Compliant
Max% Issuer (MV) 25.0 12.6 Compliant
Max Callables (MV) 20.0 0.0 Compliant
Max Maturity (Years)53 Compliant

LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant

MONEY MARKET MUTUAL FUNDS
Max% (MV; Money Market Fund& Mutual Fund) 20.0 0.4 Compliant Max% Issuer (MV) 20.0 0.4 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant

MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max% (MV) 20.0 0.0 Compliant
Max% Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max% (MV) 30.0 0.0 Compliant
Max% Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years)5 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, OTHER STATES)
Max% (MV) 30.0 0.0 Compliant
Max% Issuer (MV) 5.0 0.0 Compliant
17 F.2.a
Packet Pg. 40
Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

STATEMENT OF COMPLIANCE
City of Orinda Reserve Portfolio | Account #10296 | As of December 31, 2024 Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years)5 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

MUTUAL FUNDS
Max% (MV; Money Market Fund& Mutual Fund) 20.0 0.4 Compliant Max% Issuer (MV) 10.0 0.0 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant

NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max% (MV) 30.0 0.0 Compliant
Max% Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years)5 0.0 Compliant
Min Rating (A-1 by1 orA- by1 if> FDIC Limit) 0.0 0.0 Compliant

SUPRANATIONAL OBLIGATIONS
Max% (MV) 30.0 2.7 Compliant
Max% Issuer (MV) 10.0 1.7 Compliant
Max Maturity (Years)53 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max% (MV) 100.0 39.4 Compliant
Max% Issuer (MV) 100.0 39.3 Compliant
Max Maturity (Years)55 Compliant
18 F.2.a
Packet Pg. 41
Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

PORTFOLIO CHARACTERISTICS
City of Orinda Reserve Portfolio | Account #10296 | As of December 31, 2024 Benchmark* 12/31/2024
Portfolio
9/30/2024
Portfolio
Average Maturity (yrs) 1.84 2.15 2.13
Average Modified Duration 1.74 1.85 1.84
Average Purchase Yield 3.94% 3.73%
Average Market Yield 4.25% 4.40% 4.00%
Average Quality** AA+ AA+ AA+
Total Market Value 11,559,559 11,568,605
*Benchmark: ICE BofA1-3 Year US Treasury& Agency Index
**The credit quality isa weighted average calculation of the highest of S&P, Moody’s and Fitch. 19 F.2.a
Packet Pg. 42
Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

SECTOR DISTRIBUTION
City of Orinda Reserve Portfolio | Account #10296 | As of December 31, 2024 Sector asa Percentage of Market Value
Sector 12/31/2024 09/30/2024
US Treasury 39.40% 38.34%
Agency 25.35% 27.05%
Corporate 20.63% 20.65%
ABS 7.81% 7.37%
Agency CMBS 3.78% 2.99%
Supras 2.65% 2.71%
Money Mkt Fd 0.38% 1.15%
Cash 0.00%-0.25%
20 F.2.a
Packet Pg. 43
Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

DURATION ALLOCATION
City of Orinda Reserve Portfolio | Account #10296 | As of December 31, 2024 0-.25 .25-.5 .5-1 1-2 2-33-44-55-7 7+
12/31/2024 7.8% 5.9% 14.1% 24.8% 31.1% 13.1% 3.2% 0.0% 0.0% 21 F.2.a
Packet Pg. 44
Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :
0 -.25 .25-.5 .5-11-22-33-44-55-7 7+
Portfolio 7.8% 5.9% 14.1% 24.8% 31.1% 13.1% 3.2% 0.0% 0.0% ICE BofA1-3 Year US Treasury & Agency Index 0.0% 0.0% 3.9% 59.8% 36.2% 0.0% 0.0% 0.0% 0.0%

DURATION DISTRIBUTION
City of Orinda Reserve Portfolio | Account #10296 | As of December 31, 2024 Portfolio Compared to the Benchmark
22 F.2.a
Packet Pg. 45
Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

ISSUERS
City of Orinda Reserve Portfolio | Account #10296 | As of December 31, 2024 Issuer Investment Type% Portfolio
Government of The United States US Treasury 39.40%
Federal Home Loan Banks Agency 12.61%
Farm Credit System Agency 11.04%
FHLMC Agency CMBS 3.78%
FNMA Agency 1.70%
International Bank for Recon and Dev Supras 1.69%
National Rural Utilities Cooperative Corporate 1.55%
PACCAR Inc Corporate 1.47%
BlackRock, Inc. Corporate 1.31%
The Home Depot, Inc. Corporate 1.23%
Cisco Systems, Inc. Corporate 1.10%
Deere& Company Corporate 1.09%
Bank of America Corporation Corporate 1.08%
Target Corporation Corporate 1.08%
Mastercard Incorporated Corporate 1.08%
Honeywell International Inc. Corporate 1.07%
Northern Trust Corporation Corporate 1.07%
Chubb Limited Corporate 1.07%
Chase Issuance Trust ABS 1.05%
UnitedHealth Group Incorporated Corporate 1.04%
Toyota Motor Corporation Corporate 1.04%
Amazon.com, Inc. Corporate 1.01%
International Finance Corporation Supras 0.96%
State Street Corporation Corporate 0.92%
American Express Credit Master Trust ABS 0.88%
Caterpillar Inc. Corporate 0.88%
BMW Vehicle Lease Trust ABS 0.88%
Eli Lilly and Company Corporate 0.65%
Honda Auto Receivables 2024-3 Owner ABS 0.61%
Ford Credit Auto Owner Trust ABS 0.61%
23 F.2.a
Packet Pg. 46
Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

ISSUERS
City of Orinda Reserve Portfolio | Account #10296 | As of December 31, 2024 Issuer Investment Type% Portfolio
Toyota Auto Receivables Owner Trust ABS 0.58%
BMW Vehicle Owner Trust ABS 0.55%
The Toronto-Dominion Bank Corporate 0.48%
Bank of America Credit Card Trust ABS 0.48%
PepsiCo, Inc. Corporate 0.40%
Mercedes-Benz Auto Lease Trust 2024- ABS 0.39%
Honda Auto Receivables Owner Trust ABS 0.38%
First American Govt Oblig fund Money Mkt Fd 0.38%
Mercedes-Benz Auto Lease Trust ABS 0.26%
Gm Financial Automobile Leasing Trus ABS 0.26%
Bmw Vehicle Lease Trust 2024-2 ABS 0.26%
GM Financial Securitized Term ABS 0.23%
GM Financial Automobile Leasing Trus ABS 0.22%
John Deere Owner Trust ABS 0.16%
Cash Cash 0.00%
TOTAL 100.00%
24 F.2.a
Packet Pg. 47
Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

QUALITY DISTRIBUTION
Rating 12/31/2024 09/30/2024
AAA 10.8% 12.9%
AA 69.6% 68.2% A 17.2% 17.2%
NA 2.4% 1.6%
Rating 12/31/2024 09/30/2024
AAA 76.4% 76.2%
AA 3.3% 2.4% A 17.4% 18.3%
NA 2.9% 3.1%
Rating 12/31/2024 09/30/2024
AAA 8.6% 8.4%
AA 69.0% 69.6% A 11.1% 10.0%
NA 11.2% 12.0%
City of Orinda Reserve Portfolio | Account #10296 | As of December 31, 2024 S&P Rating Moody’s Rating Fitch Rating
25 F.2.a
Packet Pg. 48
Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception

TOTAL RATE OF RETURN
Orinda Reserve Portfolio (0.05%) 4.41% 4.60% 1.98% 1.72% 1.75% Benchmark (0.05%) 4.09% 4.18% 1.50% 1.40% 1.44%
*Periods over 1 year are annualized.

Benchmark: ICE BofA 1-3 Year US Treasury & Agency Index Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.

INVESTMENT PERFORMANCE
City of Orinda Reserve Portfolio | Account #10296 | As of December 31, 2024 Total Rate of Return : Inception | 03/01/2016
26 F.2.a
Packet Pg. 49
Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

HISTORICAL AVERAGE PURCHASE YIELD
City of Orinda Reserve Portfolio | Account #10296 | As of December 31, 2024 Purchase Yield as of 12/31/24= 3.94%
27 F.2.a
Packet Pg. 50
Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

PORTFOLIO HOLDINGS
28 F.2.a
Packet Pg. 51
Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

HOLDINGS REPORT
City of Orinda Reserve Portfolio | Account #10296 | As of December 31, 2024 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
43815EAC8 HAROT 2021-3 A3 0.41
11/18/2025 2,581.88 03/29/20223.23%
2,487.48
2,562.73

99.80 5.05%
2,576.63

0.38 0.02%

13.90 NA/AAA
AAA

0.88 0.04
43815GAC3 HAROT 2021-4 A3 0.88
01/21/2026 5,490.54 11/16/20210.42%
5,489.38
5,490.38

99.22 4.64%
5,447.83

1.34 0.05%
(42.54)
Aaa/NA
AAA

1.06 0.21
47789QAC4 JDOT 2021-B A3 0.52 03/16/2026 5,702.93 07/13/2021

0.52%
5,702.42
5,702.86

99.50 4.47%
5,674.52

1.32 0.05%
(28.34)
Aaa/NA
AAA

1.21 0.13
89238JAC9 TAOT 2021-D A3 0.71 04/15/2026 5,905.54 11/09/2021

0.95%
5,905.41
5,905.52

99.27 4.64%
5,862.51

1.86 0.05%
(43.01)
NA/AAA
AAA

1.29 0.18
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026 13,110.15 05/10/20223.63%
13,109.47
13,109.97

99.55 4.54%
13,050.52

7.01 0.11%
(59.45)
Aaa/AAA
NA

1.65 0.35
47787JAC2 JDOT 2022 A3 0.36 09/15/2026 13,174.30 03/10/2022

2.34%
13,171.39
13,173.55

99.17 4.82%
13,064.58

13.58 0.11%
(108.97)
Aaa/NA
AAA

1.71 0.33
362554AC1 GMCAR 2021-4 A3 0.68
09/16/2026 5,246.02 10/13/20210.68%
5,245.88
5,245.99

99.07 4.44%
5,197.19

1.49 0.05%
(48.80)
Aaa/AAA
NA

1.71 0.25
380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026 6,729.01 01/11/20221.24%
6,728.43
6,728.87

99.09 4.61%
6,668.10

3.53 0.06%
(60.78)
NA/AAA
AAA

1.88 0.27
379929AD4 GMALT 2023-3 A3 5.38
11/20/2026 25,000.00 08/08/20235.38%
24,997.00
24,998.27
100.52

4.61%
25,130.94

41.10 0.22%
132.67
NA/AAA
AAA

1.89 0.63
05611UAD5 BMWLT 2024-1 A3 4.98
03/25/2027 100,000.00 06/20/20245.40%
99,468.75
99,571.10
100.53

4.56%
100,533.41

83.00 0.88%
962.31
Aaa/AAA
NA

2.23 1.14
38012QAD0 GMALT 2024-3 A3 4.21
10/20/2027 30,000.00 09/24/20244.61%
29,996.45
29,996.74

99.44 4.61%
29,832.74

38.59 0.26%
(164.00)
NA/AAA
AAA

2.80 1.55
05613MAD1 BMWLT 2024-2 A3 4.18
10/25/2027 30,000.00 10/01/20244.49%
29,997.23
29,997.44

99.21 4.66%
29,762.73

20.90 0.26%
(234.72)
Aaa/NA
AAA

2.82 1.78
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 30,000.00 05/17/20245.73%
29,996.49
29,997.08
101.19

4.64%
30,356.55

70.93 0.26%
359.48
Aaa/NA
AAA

3.05 1.60
58769GAD5 MBALT 2024-B A3 4.23
02/15/2028 45,000.00 09/17/20244.24%
44,992.43
44,993.03

99.55 4.55%
44,795.98

84.60 0.39%
(197.05)
NA/AAA
AAA

3.13 1.62
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 35,000.00 11/01/20235.74%
34,993.84
34,995.37
101.59

4.55%
35,556.56

55.13 0.31%
561.18
Aaa/NA
AAA

3.47 1.31
89238DAD0 TAOT 2024-A A3 4.83 10/16/2028 60,000.00 01/23/2024

4.89%
59,987.99
59,990.34
100.51

4.53%
60,308.70
128.80

0.53%
318.36
Aaa/AAA
NA

3.79 1.46
29 F.2.a
Packet Pg. 52
Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

HOLDINGS REPORT
City of Orinda Reserve Portfolio | Account #10296 | As of December 31, 2024 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 15,000.00 01/09/20244.91%
14,996.98
14,997.57
100.51

4.54%
15,077.20

30.31 0.13%

79.63 Aaa/NA
AAA

3.97 1.43
161571HV9 CHAIT 241 A 4.6 01/16/2029 120,000.00 01/24/2024

4.61%
119,981.72
119,985.11
100.26

4.51%
120,310.82
245.33

1.05%
325.72
NR/AAA
AAA

4.04 1.90
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 50,000.00 06/04/20245.24%
49,992.41
49,993.31
101.18

4.48%
50,589.92

43.17 0.44%
596.61
Aaa/AAA
NA

4.16 1.55
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 70,000.00 08/09/20244.62%
69,989.00
69,989.87

99.94 4.65%
69,957.23

88.86 0.61%
(32.64)
Aaa/NA
AAA

4.22 1.85
02582JKH2 AMXCA 2024-1 A 5.23 04/16/2029 100,000.00 04/16/2024

5.30%
99,979.50
99,982.35
101.53

4.57%
101,528.79
232.44

0.88%
1,546.44
NA/AAA
AAA

4.29 2.11
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 55,000.00 06/06/2024

4.93%
54,996.91
54,997.27
100.97

4.54%
55,531.55
120.51

0.48%
534.29
Aaa/AAA
NA

4.37 2.19
34535VAD6 FORDO 2024-D 4.61 08/15/2029 70,000.00 11/19/2024

4.66%
69,997.75
69,997.80

99.90 4.70%
69,932.03
143.42

0.61%
(65.77)
Aaa/NA
AAA

4.62 2.35
Total ABS 892,940.36 4.77%
892,204.31
892,402.53
100.43

4.58%
896,747.03
1,457.62

7.81%
4,344.51
Aaa/AAA
AAA

3.53 1.63
AGENCY
3133ENKS8 FEDERAL FARM CREDIT BANKS
FUNDING CORP 1.125 01/06/2025 80,000.00 01/06/20221.20% 79,820.00
79,999.18

99.96 4.34%
79,971.27
437.50

0.70%
(27.91)
Aaa/AA+
AA+

0.02 0.01
3135G05X7 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.375 08/25/2025 200,000.00 03/07/20221.76% 190,624.00
198,252.18

97.50 4.34%
194,991.92
262.50

1.70%
(3,260.26)
Aaa/AA+
AA+

0.65 0.63
3130ATUC9 FEDERAL HOME LOAN BANKS 4.5
12/12/2025 150,000.00 02/09/20234.25%
150,969.00
150,322.69
100.22

4.26%
150,327.13
356.25

1.31%

4.45 Aaa/AA+
AA+

0.95 0.91
3133EPZY4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 5.0 07/30/2026 250,000.00 11/09/20234.85%
250,935.00
250,541.41
101.09

4.27%
252,735.50
5,243.06

2.20%
2,194.09
Aaa/AA+
AA+

1.58 1.47
3133EPSW6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 08/14/2026 215,000.00 08/09/20234.58%
214,505.50
214,733.80
100.39

4.24%
215,843.16
3,681.88

1.88%
1,109.36
Aaa/AA+
AA+

1.62 1.52
3130AYPN0 FEDERAL HOME LOAN BANKS

4.125 01/15/2027 200,000.00 01/30/20244.21%
199,556.00
199,694.13

99.86 4.20%
199,712.57
3,804.17

1.74%

18.44 Aaa/AA+
AA+

2.04 1.90
3130B0TY5 FEDERAL HOME LOAN BANKS 4.75
04/09/2027 250,000.00 --4.84%
249,355.07
249,511.23
101.40

4.09%
253,503.26
2,704.86

2.21%
3,992.03
Aaa/AA+
AA+

2.27 2.11
30 F.2.a
Packet Pg. 53
Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

HOLDINGS REPORT
City of Orinda Reserve Portfolio | Account #10296 | As of December 31, 2024 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3133ERDS7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 05/06/2027 168,000.00 05/22/20244.70% 168,221.26
168,175.49
100.88

4.35%
169,475.82
1,219.17

1.48%
1,300.33
Aaa/AA+
AA+

2.34 2.18
3133ERMB4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 07/23/2027 200,000.00 07/23/20244.32% 199,626.00
199,681.04

99.83 4.32%
199,658.76
3,730.56

1.74%
(22.28)
Aaa/AA+
AA+

2.56 2.36
3130ATUS4 FEDERAL HOME LOAN BANKS 4.25
12/10/2027 225,000.00 02/21/20234.26%
224,889.75
224,935.03

99.86 4.30%
224,685.93
557.81

1.96%
(249.09)
Aaa/AA+
AA+

2.94 2.73
3133EPGW9 FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.875 04/25/2028 100,000.00 04/27/20233.77% 100,473.00
100,313.26

98.47 4.38%
98,465.33
710.42

0.86%
(1,847.93)
Aaa/AA+
AA+

3.32 3.05
3130AWC24 FEDERAL HOME LOAN BANKS 4.0
06/09/2028 400,000.00 --4.27%
395,306.00
396,721.45

98.70 4.41%
394,791.60
977.78

3.44%
(1,929.86)
Aaa/AA+
AA+

3.44 3.17
3130AWTR1 FEDERAL HOME LOAN BANKS

4.375 09/08/2028 225,000.00 09/07/20234.49%
223,849.13
224,152.12

99.96 4.39%
224,910.84
3,089.84

1.96%
758.72
Aaa/AA+
AA+

3.69 3.32
3133EPWK7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 09/22/2028 250,000.00 10/12/20234.71%
247,682.50
248,251.91
100.50

4.35%
251,243.03
3,093.75

2.19%
2,991.12
Aaa/AA+
AA+

3.73 3.36
2,895,812.21 99.92 2,910,316.12 25.35% Aaa/AA+ 2.41
Total Agency 2,913,000.00 4.20% 2,905,284.93 4.30% 29,869.53 5,031.19 AA+ 2.22

AGENCY CMBS
3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 125,000.00 05/12/2023

3.98%
121,352.54
122,764.54

96.67 4.57%
120,831.50
337.92

1.05%
(1,933.04)
Aaa/AA+
AA+

2.65 2.42
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 123,937.33 06/09/2023

4.41%
118,137.45
120,272.86

96.46 4.57%
119,548.36
329.16

1.04%
(724.50)
Aaa/AAA
AA+

2.73 2.48
3137F4D41 FHMS K-074 A2 3.6 01/25/2028 100,000.00 11/19/2024

4.50%
97,285.16
97,380.84

97.08 4.61%
97,081.66
300.00

0.85%
(299.18)
Aaa/AA+
AAA

3.07 2.78
3137FGR31 FHMS K-078 A2 3.854 06/25/2028 99,000.00 12/13/2023

4.65%
95,801.84
96,548.80

97.47 4.63%
96,497.71
317.96

0.84%
(51.09)
Aaa/AA+
AAA

3.48 3.07
432,576.99 96.88 433,959.23 3.78% Aaa/AA+ 2.95
Total Agency CMBS 447,937.33 4.36% 436,967.03 4.59% 1,285.03 (3,007.80) AA+ 2.66 CASH
CCYUSD Receivable 504.75 --

0.00%
504.75
504.75

1.00 0.00%
504.75

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00
31 F.2.a
Packet Pg. 54
Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

HOLDINGS REPORT
City of Orinda Reserve Portfolio | Account #10296 | As of December 31, 2024 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Cash 504.75 0.00%
504.75
504.75

1.00 0.00%
504.75

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00

CORPORATE
87612EBL9 TARGET CORP 2.25 04/15/2025 125,000.00 05/04/2022

3.30%
121,280.00
124,640.11

99.26 4.85%
124,073.68
593.75

1.08%
(566.43)
A2/A
A

0.29 0.28
438516CB0 HONEYWELL INTERNATIONAL INC

1.35 06/01/2025 125,000.00 03/09/20222.30%
121,285.00
124,523.80

98.70 4.55%
123,371.87
140.63

1.07%
(1,151.93)
A2/A
A

0.42 0.41
63743HFE7

NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 3.45
06/15/2025
35,000.00
04/27/2022

3.45%
34,990.55
34,999.07

99.43 4.73%
34,799.79

53.67 0.30%
(199.28)
A2/AA0.45

0.44 857477BR3 STATE STREET CORP 1.746
02/06/2026 30,000.00 02/02/20221.75%
30,000.00
30,000.00

99.61 5.82%
29,884.17
210.98

0.26%
(115.83)
Aa3/A
AA1.100.09
06051GKM0 BANK OF AMERICA CORP 3.384
04/02/2026 125,000.00 11/28/20225.78%
118,850.00
124,302.19

99.61 5.58%
124,515.91
1,045.75

1.08%
213.72
A1/AAA1.25

0.25 00440EAV9 CHUBB INA HOLDINGS LLC 3.35
05/03/2026 125,000.00 08/24/20235.18%
119,327.50
122,178.24

98.45 4.56%
123,056.78
674.65

1.07%
878.54
A2/A
A

1.34 1.28
89236TJK2 TOYOTA MOTOR CREDIT CORP

1.125 06/18/2026 125,000.00 01/11/20234.53%
111,556.25
119,276.74

95.08 4.65%
118,851.63

50.78 1.04%
(425.12)
A1/A+
A+

1.46 1.42
857477CD3 STATE STREET CORP 5.272
08/03/2026 75,000.00 07/31/20235.27%
75,000.00
75,000.00
100.99

4.62%
75,741.49
1,625.53

0.66%
741.49
Aa3/A
AA1.591.40
69371RS56 PACCAR FINANCIAL CORP 5.05
08/10/2026 100,000.00 08/03/20235.07%
99,950.00
99,973.27
100.92

4.45%
100,915.61
1,977.92

0.88%
942.34
A1/A+
NA

1.61 1.50
437076CV2 HOME DEPOT INC 4.95
09/30/2026 40,000.00 11/27/20235.04%
39,912.40
39,945.88
100.83

4.44%
40,332.95
500.50

0.35%
387.07
A2/A
A

1.75 1.56
713448FW3 PEPSICO INC 5.125 11/10/2026 45,000.00 11/08/2023

5.13%
44,987.85
44,992.48
101.25

4.41%
45,560.96
326.72

0.40%
568.48
A1/A+
NA

1.86 1.67
89115A2V3 TORONTO-DOMINION BANK 5.264
12/11/2026 55,000.00 12/04/20235.26%
55,000.00
55,000.00
101.06

4.69%
55,582.63
160.84

0.48%
582.63
A2/AAA1.94

1.82 24422EXF1 JOHN DEERE CAPITAL CORP 4.5
01/08/2027 125,000.00 01/10/20244.53%
124,902.50
124,934.20
100.14

4.43%
125,175.49
2,703.13

1.09%
241.29
A1/A
A+

2.02 1.87
17275RBQ4 CISCO SYSTEMS INC 4.8
02/26/2027 125,000.00 03/20/20244.73%
125,233.75
125,169.69
100.73

4.44%
125,912.50
2,083.33

1.10%
742.81
A1/AANA2.16

1.92 32
F.2.a
Packet Pg. 55
Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

HOLDINGS REPORT
City of Orinda Reserve Portfolio | Account #10296 | As of December 31, 2024 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 125,000.00 11/02/20225.01%
119,893.75
122,338.43

98.68 4.59%
123,355.29
708.33

1.07%
1,016.86
A2/A+
A+

2.36 2.21
14913UAL4 CATERPILLAR FINANCIAL SERVICES
CORP 5.0 05/14/2027 100,000.00 05/15/20244.89%
100,293.00
100,231.56
101.02

4.54%
101,018.22
652.78

0.88%
786.67
A2/A
A+

2.37 2.20
437076DB5 HOME DEPOT INC 4.875
06/25/2027 100,000.00 --4.94%
99,818.25
99,849.79
100.95

4.47%
100,947.50

81.25 0.88%
1,097.72
A2/A
A

2.48 2.24
09290DAH4 BLACKROCK INC 4.6 07/26/2027 150,000.00 --

4.59%
150,053.60
150,045.59
100.23

4.50%
150,341.31
2,970.83

1.31%
295.72
Aa3/AANA2.57

2.28 532457CP1 ELI LILLY AND CO 4.15 08/14/2027 75,000.00 08/12/2024

4.18%
74,939.25
74,947.02

99.46 4.37%
74,593.89
1,184.48

0.65%
(353.13)
A1/A+
NA

2.62 2.42
023135BC9 AMAZON.COM INC 3.15
08/22/2027 120,000.00 06/26/20244.90%
113,935.20
114,925.80

96.55 4.55%
115,862.30
1,354.50

1.01%
936.50
A1/AA
AA2.642.47
63743HFT4

NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 4.12
09/16/2027
145,000.00
11/18/2024

4.61%
143,119.35
143,197.79

98.65 4.65%
143,046.90
1,742.42

1.25%
(150.89)
A2/AA2.71

2.50 91324PDE9 UNITEDHEALTH GROUP INC 2.95
10/15/2027 125,000.00 09/05/20243.98%
121,250.00
121,636.90

95.70 4.61%
119,628.54
778.47

1.04%
(2,008.37)
A2/A+
A

2.79 2.62
57636QBA1 MASTERCARD INC 4.1 01/15/2028 125,000.00 09/17/2024

3.77%
126,272.50
126,159.56

98.92 4.49%
123,645.38
1,651.39

1.08%
(2,514.18)
Aa3/A+
NA

3.04 2.78
69371RT48 PACCAR FINANCIAL CORP 4.0
09/26/2029 70,000.00 09/23/20244.05%
69,855.80
69,863.46

96.72 4.78%
67,704.33
738.89

0.59%
(2,159.13)
A1/A+
NA

4.74 4.20
Total Corporate 2,390,000.00 4.49%
2,341,706.50
2,368,131.54

99.11 4.63%
2,367,919.11
24,011.51

20.63%
(212.43)
A1/A+
A+

2.02 1.80

MONEY MARKET
FUND
31846V203 FIRST AMER:GVT OBLG Y 43,384.19 --

4.09%
43,384.19
43,384.19

1.00 4.09%
43,384.19

0.00 0.38%

0.00 Aaa/AAAm
AAA

0.00 0.00
Total Money Market
Fund 43,384.19 4.09%
43,384.19
43,384.19

1.00 4.09%
43,384.19

0.00 0.38%

0.00 Aaa/AAAm
AAA

0.00 0.00

SUPRANATIONAL
33 F.2.a
Packet Pg. 56
Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

HOLDINGS REPORT
City of Orinda Reserve Portfolio | Account #10296 | As of December 31, 2024 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
45950KDF4 INTERNATIONAL FINANCE CORP

4.375 01/15/2027 110,000.00 11/29/20234.49%
109,641.40
109,765.14

99.94 4.41%
109,933.04
2,219.60

0.96%
167.90
Aaa/AAA
NA

2.04 1.89
459058KT9

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 3.5 07/12/2028
200,000.00
03/11/2024

4.23%
194,262.00
195,328.35

97.14 4.38%
194,284.48
3,286.11

1.69%
(1,043.87)
Aaa/AAA
NA

3.53 3.22
Total Supranational 310,000.00 4.32%
303,903.40
305,093.50

98.15 4.39%
304,217.52
5,505.72

2.65%
(875.97)
Aaa/AAA
NA

2.99 2.74

US TREASURY
912828Z52 UNITED STATES TREASURY 1.375
01/31/2025 150,000.00 02/17/20210.38%
155,853.52
150,121.78

99.76 4.35%
149,646.69
863.11

1.30%
(475.09)
Aaa/AA+
AA+

0.08 0.08
912828ZC7 UNITED STATES TREASURY 1.125
02/28/2025 200,000.00 02/09/20221.59%
197,226.56
199,855.60

99.49 4.36%
198,982.58
764.50

1.73%
(873.02)
Aaa/AA+
AA+

0.16 0.16
912797MM6 UNITED STATES TREASURY
03/06/2025 150,000.00 09/25/20244.42%
147,128.83
148,858.67

99.27 4.27%
148,901.50

0.00 1.30%

42.83 P-1/A-1+
F1+

0.18 0.17
912828ZF0 UNITED STATES TREASURY 0.5
03/31/2025 100,000.00 04/28/20210.62%
99,546.88
99,971.84

99.11 4.23%
99,105.53
127.75

0.86%
(866.31)
Aaa/AA+
AA+

0.25 0.24
912828ZL7 UNITED STATES TREASURY 0.375
04/30/2025 175,000.00 01/26/20210.33%
175,341.80
175,026.17

98.73 4.32%
172,778.50
112.40

1.50%
(2,247.67)
Aaa/AA+
AA+

0.33 0.32
912828ZT0 UNITED STATES TREASURY 0.25
05/31/2025 200,000.00 10/14/20210.78%
196,195.31
199,568.96

98.38 4.28%
196,754.83

43.96 1.71%
(2,814.12)
Aaa/AA+
AA+

0.41 0.40
91282CAB7 UNITED STATES TREASURY 0.25
07/31/2025 175,000.00 12/02/20214.30%
169,927.73
174,198.92

97.73 4.27%
171,019.70
183.08

1.49%
(3,179.22)
Aaa/AA+
AA+

0.58 0.57
91282CAJ0 UNITED STATES TREASURY 0.25
08/31/2025 200,000.00 03/22/20222.39%
185,765.63
197,259.57

97.39 4.31%
194,785.17
169.89

1.70%
(2,474.40)
Aaa/AA+
AA+

0.67 0.64
9128285C0 UNITED STATES TREASURY 3.0
09/30/2025 200,000.00 04/21/20222.96%
200,281.25
200,060.86

99.09 4.25%
198,178.54
1,532.97

1.73%
(1,882.32)
Aaa/AA+
AA+

0.75 0.72
9128285J5 UNITED STATES TREASURY 3.0
10/31/2025 200,000.00 06/02/20222.87%
200,820.31
200,199.48

98.98 4.26%
197,969.84
1,027.62

1.72%
(2,229.64)
Aaa/AA+
AA+

0.83 0.80
912828M56 UNITED STATES TREASURY 2.25
11/15/2025 250,000.00 06/09/20223.04%
243,505.86
248,353.16

98.29 4.28%
245,722.17
730.32

2.14%
(2,631.00)
Aaa/AA+
AA+

0.87 0.84
9128285T3 UNITED STATES TREASURY 2.625
12/31/2025 250,000.00 08/10/20223.01%
246,855.47
249,075.44

98.47 4.21%
246,186.44

18.13 2.14%
(2,889.00)
Aaa/AA+
AA+

1.00 0.97
34 F.2.a
Packet Pg. 57
Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

HOLDINGS REPORT
City of Orinda Reserve Portfolio | Account #10296 | As of December 31, 2024 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
9128286L9 UNITED STATES TREASURY 2.25
03/31/2026 150,000.00 08/17/20223.20%
145,113.28
148,319.27

97.58 4.27%
146,377.08
862.29

1.28%
(1,942.18)
Aaa/AA+
AA+

1.25 1.20
91282CJC6 UNITED STATES TREASURY 4.625
10/15/2026 250,000.00 02/26/20244.54%
250,507.81
250,344.53
100.61

4.26%
251,529.74
2,477.68

2.19%
1,185.21
Aaa/AA+
AA+

1.79 1.68
912828U24 UNITED STATES TREASURY 2.0
11/15/2026 170,000.00 10/30/20244.11%
163,047.27
163,625.89

95.98 4.26%
163,158.63
441.44

1.42%
(467.25)
Aaa/AA+
AA+

1.87 1.80
91282CJP7 UNITED STATES TREASURY 4.375
12/15/2026 100,000.00 12/30/20244.25%
100,222.66
100,222.35
100.23

4.25%
100,226.58
204.33

0.87%

4.23 Aaa/AA+
AA+

1.96 1.85
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027 395,000.00 --4.04%
375,451.95
382,352.44

96.29 4.25%
380,346.65
2,523.01

3.31%
(2,005.78)
Aaa/AA+
AA+

2.25 2.13
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 250,000.00 10/13/20224.25%
239,277.34
244,313.74

97.65 4.25%
244,136.75

22.44 2.13%
(176.99)
Aaa/AA+
AA+

2.50 2.36
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 250,000.00 01/30/20233.72%
243,740.23
246,360.95

97.12 4.28%
242,800.48
2,654.52

2.11%
(3,560.47)
Aaa/AA+
AA+

2.67 2.49
9128283F5 UNITED STATES TREASURY 2.25
11/15/2027 250,000.00 06/07/20234.05%
231,953.13
238,325.23

94.55 4.29%
236,366.65
730.32

2.06%
(1,958.59)
Aaa/AA+
AA+

2.87 2.72
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 250,000.00 04/18/20244.72%
233,798.83
236,290.57

95.69 4.35%
239,221.44
1,014.33

2.08%
2,930.86
Aaa/AA+
AA+

3.88 3.57
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 50,000.00 11/20/20244.38%
49,701.17
49,707.96

98.85 4.39%
49,424.18
353.25

0.43%
(283.78)
Aaa/AA+
AA+

4.83 4.30
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 250,000.00 12/30/20244.37%
250,009.77
250,009.76

99.95 4.39%
249,874.41

30.21 2.18%
(135.35)
Aaa/AA+
AA+

5.00 4.44
Total US Treasury 4,615,000.00 3.26%
4,501,272.59
4,552,423.13

98.04 4.29%
4,523,494.07
16,887.55

39.40%
(28,929.06)
Aaa/AA+
AA+

1.67 1.57
Total Portfolio 11,612,766.63 3.94%
11,411,364.94
11,504,191.59

98.51 4.40%
11,480,542.02
79,016.96
100.00%
(23,649.57)
Aa1/AA
AA+

2.15 1.85
Total Market Value +
Accrued 11,559,558.98
35 F.2.a
Packet Pg. 58
Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

TRANSACTIONS
36 F.2.a
Packet Pg. 59
Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

TRANSACTION LEDGER
City of Orinda Reserve Portfolio | Account #10296|10/01/2024 Through 12/31/2024| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 10/07/2024 05613MAD1 30,000.00 BMWLT 2024-2 A3 4.18 10/25/2027 99.991 4.49% (29,997.23) 0.00 (29,997.23) 0.00 Purchase 10/31/2024 91282CEF4 170,000.00 UNITED STATES TREASURY

2.5 03/31/2027 96.391 4.08% (163,864.06) (361.95) (164,226.01) 0.00 Purchase 10/31/2024 912828U24 170,000.00 UNITED STATES TREASURY

2.0 11/15/2026 95.910 4.11% (163,047.27) (1,561.41) (164,608.68) 0.00 Purchase 11/19/2024 63743HFT4 145,000.00

NATIONAL RURAL UTILITIES

COOPERATIVE FINANCE
CORP 4.12 09/16/2027

98.703 4.61% (143,119.35) (1,045.45) (144,164.80) 0.00
Purchase 11/21/2024 91282CLR0 50,000.00 UNITED STATES TREASURY

4.125 10/31/2029 99.402 4.26% (49,701.17) (119.65) (49,820.82) 0.00 Purchase 11/22/2024 34535VAD6 70,000.00 FORDO 2024-D 4.61 08/15/2029 99.997 4.66% (69,997.75) 0.00 (69,997.75) 0.00 Purchase 11/22/2024 3137F4D41 100,000.00 FHMS K-074 A2 3.6 01/25/2028 97.285 4.50% (97,285.16) (210.00) (97,495.16) 0.00 Purchase 12/31/2024 91282CJP7 100,000.00 UNITED STATES TREASURY

4.375 12/15/2026 100.223 4.25% (100,222.66) (192.31) (100,414.97) 0.00 Purchase 12/31/2024 91282CMD0 250,000.00 UNITED STATES TREASURY

4.375 12/31/2029 100.004 4.37% (250,009.77) 0.00 (250,009.77) 0.00 Total Purchase 1,085,000.00 (1,067,244.42) (3,490.77) (1,070,735.19) 0.00 TOTAL
ACQUISITIONS 1,085,000.00 (1,067,244.42) (3,490.77) (1,070,735.19) 0.00

DISPOSITIONS
Maturity 10/31/2024 912828YM6 (250,000.00) UNITED STATES TREASURY

1.5 10/31/2024 100.000 1.50% 250,000.00 0.00 250,000.00 0.00 Maturity 11/01/2024 78015K7C2 (125,000.00) ROYAL BANK OF CANADA

2.25 11/01/2024 100.000 2.25% 125,000.00 0.00 125,000.00 0.00 Maturity 11/15/2024 91282CDH1 (200,000.00) UNITED STATES TREASURY

0.75 11/15/2024 100.000 0.75% 200,000.00 0.00 200,000.00 0.00 Maturity 12/20/2024 3130AQF40 (150,000.00) FEDERAL HOME LOAN BANKS 1.0 12/20/2024 100.000 1.00% 150,000.00 0.00 150,000.00 0.00 37 F.2.a
Packet Pg. 60
Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

TRANSACTION LEDGER
City of Orinda Reserve Portfolio | Account #10296|10/01/2024 Through 12/31/2024| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss Maturity 12/26/2024 912796ZV4 (150,000.00) UNITED STATES TREASURY 12/26/2024 100.000 0.00% 150,000.00 0.00 150,000.00 0.00 Total Maturity (875,000.00) 875,000.00 0.00 875,000.00 0.00 TOTAL
DISPOSITIONS (875,000.00) 875,000.00 0.00 875,000.00 0.00 38 F.2.a
Packet Pg. 61
Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

IMPORTANT DISCLOSURES
City of Orinda Reserve Portfolio | Account #10296 | As of December 31, 2024 2024 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.

Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.

Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.

Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.

Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “asis” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.

This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.

Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.

Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.

Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively. 39 F.2.a
Packet Pg. 62
Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

BENCHMARK DISCLOSURES
City of Orinda Reserve Portfolio | Account #10296 | As of December 31, 2024 Benchmark Disclosure
ICE BofA 1-3 Yr US Treasury & Agency Index
The ICE BofA 1-3 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than three years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies. 40 F.2.a
Packet Pg. 63
Attachment: Reserve Portfolio FY 2024-25 Quarter 2 Report (October 2024 - December 2024) (3516 :

Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
January 13, 2025
LAIF Home
PMIAAverage Monthly Yields

CITY OF ORINDA

CITY MANAGER
22 ORINDA WAY
ORINDA, CA 94563
Account Number: 98-07-607
October 2024 Statement
Tran Type Definitions
Effective
Date
Transaction
Date
Tran
Type
Confirm
Number
Web
Confirm
Number Authorized Caller Amount
10/15/2024 10/14/2024 QRD 1762058 N/A SYSTEM 224,409.89 Account Summary
Total Deposit: 224,409.89 Beginning Balance: 15,924,969.06 Total Withdrawal: 0.00 Ending Balance: 16,149,378.95
F.2.b
Packet Pg. 64
Attachment: LAIF Monthly Statements Oct 2024 - Dec 2024 (3516 : Quarterly Investment Report for Period Ending December 31, 2024) Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
January 13, 2025
LAIF Home
PMIAAverage Monthly Yields

CITY OF ORINDA

CITY MANAGER
22 ORINDA WAY
ORINDA, CA 94563
Account Number: 98-07-607
November 2024 Statement
Tran Type Definitions
Account Summary
Total Deposit: 0.00 Beginning Balance: 16,149,378.95
Total Withdrawal: 0.00 Ending Balance: 16,149,378.95
F.2.b
Packet Pg. 65
Attachment: LAIF Monthly Statements Oct 2024 - Dec 2024 (3516 : Quarterly Investment Report for Period Ending December 31, 2024) Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
January 13, 2025
LAIF Home
PMIAAverage Monthly Yields

CITY OF ORINDA

CITY MANAGER
22 ORINDA WAY
ORINDA, CA 94563
Account Number: 98-07-607
December 2024 Statement
Tran Type Definitions
Account Summary
Total Deposit: 0.00 Beginning Balance: 16,149,378.95
Total Withdrawal: 0.00 Ending Balance: 16,149,378.95
F.2.b
Packet Pg. 66
Attachment: LAIF Monthly Statements Oct 2024 - Dec 2024 (3516 : Quarterly Investment Report for Period Ending December 31, 2024)

RETURN SERVICE REQUESTED

CITY OF ORINDA
22 ORINDA WAY
ORINDA CA 94563-2519
Managing Your Accounts
Client Services 800.797.6324
Online www.mechanicsbank.com
Mobile Download Our Mobile Apps
Fall Frenzy Fall Frenzy
Up to $250,0001

EQUIPMENT FINANCING BUSINESS LINE OF CREDIT

6.75%
APR
PRIME
-1%
For more details, talk to a banker or
visit www.MechanicsBank.com/BizBoost
For first year.

Prime + 1% for years 2-52
APR3
All loans and credit products subject to program eligibility, collateral, underwriting approval and credit approval. Prime Rate is defined as “the Prime Rate as published daily in the Money Rates section of the Wall Street Journal.” For the current Prime Rate, talk to a banker or visit https://www.wsj.com/market-data/bonds.) Offers are effective as of 7/1/2024 and subject to change or cancellation without notice. 1) Represents borrower’s new aggregated business credit exposure limits to qualify for advertised pricing. 2) First year interest rate will have a promo of 6.75%.Years 2 – 5 will have an interest rate at Prime + 1% fixed at signing. Prepayment penalty in the first 2 years. Offer is for new 5-year term loan for new equipment only and does not apply to the refinance of existing loans. 3) Offer is for new lines of credit and does not apply to renewing lines of credit. Must have automatic payments from a Mechanics Bank non-interest bearing business checking account.

The "Per Check Charge" defined on your statement represents a $15 charge for each check that exceeds the six check limitation on your account. Refer to Mechanics Bank's Account Agreement for additional information.

Summary of Accounts
Account Type Account Number Ending Balance
PUBLIC MONEY MARKET XXXXXXXX8700 $9,239,357.25
PUBLIC MONEY MARKET - XXXXXXXX8700
Account Summary
Date Description Amount
10/01/2024 Beginning Balance $10,198,903.00
1 Credit(s) This Period $40,454.25
1 Debit(s) This Period $1,000,000.00
10/31/2024 Ending Balance $9,239,357.25
Interest Summary
Description Amount
Interest Earned From 10/01/2024 Through 10/31/2024
Annual Percentage Yield Earned 4.80%
Interest Days 31
Interest Earned $40,454.25
Interest Paid This Period $40,454.25
Interest Paid Year-to-Date $239,357.25
P.O. Box 2200
Corona, CA 92878
800.797.6324
www.mechanicsbank.com
Statement Ending 10/31/2024

2D120CE448DCAF4497ACC814BD4AA8FA 20241031 Checking Account Statements F.2.c
Packet Pg. 67
Attachment: Money Market Account Statements Oct 2024-Dec 2024 (3516 : Quarterly Investment Report for Period Ending December 31, 2024) How to balance your account

1. Subtract from your check register any service,
miscellaneous, or automatic charge(s) posted on
this statement.

2. Mark ✓ your register after each check listed on the
front of this statement.

3. Check off deposits shown on the statement against
those shown in your check register.

4. Complete the form below.

5. The final "balance" in the form below should agree with your check register balance. If it does not, read
"HINTS FOR FINDING DIFFERENCES".

HINTS FOR FINDING DIFFERENCES
Recheck all additions and subtractions or corrections.

Verify the carryover balance from page to page in your
check register.

Make sure you have subtracted the service or miscellaneous charge(s) from your check register balance.

Descriptions of ACH items are printed as supplied by originating company.

MKT5584/0623 FM-Reference #3955.Version 1-eCH

HOW TO BALANCE YOUR ACCOUNTS

THIS SHOULD AGREE WITH YOUR CHECK REGISTER BALANCE
TRANSFER AMOUNT FROM PAGE ONE $

ADD DEPOSITS MADE SINCE ENDING

DATE ON STATEMENT
SUBTOTAL $

LIST CHECKS NOT CLEARED ON THIS

STATEMENT OR PRIOR STATEMENTS

TOTAL CHECKS

NOT LISTED

SUBTRACT TOTAL
CHECKS

NOT LISTED FROM

SUBTOTAL ABOVE BALANCE
$
This information applies only to consumer accounts
as defined by the Electronic Fund Transfer Act and
Regulation E.

IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR

ELECTRONIC TRANSFERS
Call us at 800.797.6324, during regular business hours, or write us at: Mechanics Bank, P.O. Box 8070,
Walnut Creek, CA 94596 as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer on the statement or receipt. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared.

1. Tell us your name and account number.

2. Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.

3. Tell us the dollar amount of the suspected error.

If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.

We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account.

For errors involving new accounts, point-of-sale, or foreign-initiated transactions, we may take up to 90 days to investigate your complaint or question. For new accounts, we may take up to 20 business days to credit your account for the amount you think is in error.

We will tell you the results within three (3) business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.

HOW TO CONTACT US 800.797.6324
P.O. Box 8070
Walnut Creek, CA 94596
www.mechanicsbank.com
NOTICE TO BUSINESS AND COMMERCIAL CUSTOMERS:

Accounts owned by business and commercial customers are not subject to consumer regulations, such as the Truth in Savings Act and the Electronic Fund Transfer Act. The information regarding Electronic Transfers does not apply to business or commercial accounts. You acknowledge the risk of loss from unauthorized items.

You further acknowledge that the Bank offers various services that allow business and commercial customers to closely monitor their account activity, such as Business Online Banking, Positive Pay, and other services ("Fraud Prevention Services"), which can reduce potential fraud. If you fail to use one or more of the available Fraud Prevention Services, you agree that you will be deemed to have assumed the risk of any losses that could have been prevented if you had used the Fraud Prevention Services.

Statement Ending 10/31/2024 Page 2 of 4
2D120CE448DCAF4497ACC814BD4AA8FA 20241031 Checking Account Statements F.2.c
Packet Pg. 68
Attachment: Money Market Account Statements Oct 2024-Dec 2024 (3516 : Quarterly Investment Report for Period Ending December 31, 2024) PUBLIC MONEY MARKET - XXXXXXXX8700 (continued)
Other Credits
Date Description Amount
10/31/2024 INTEREST $40,454.25
Electronic Debits
Date Description Amount
10/30/2024 From Money Market to Gen Acct $1,000,000.00
Daily Balances
Date Amount
10/30/2024 $9,198,903.00
Date Amount
10/31/2024 $9,239,357.25
Overdraft and Returned Item Fees
Total for this period Total year-to-date
Total Overdraft Fees $0.00 $0.00
Total Returned Item Fees $0.00 $0.00
Statement Ending 10/31/2024

2D120CE448DCAF4497ACC814BD4AA8FA 20241031 Checking Account Statements F.2.c
Packet Pg. 69
Attachment: Money Market Account Statements Oct 2024-Dec 2024 (3516 : Quarterly Investment Report for Period Ending December 31, 2024)

THIS PAGE LEFT INTENTIONALLY BLANK
Statement Ending 10/31/2024

2D120CE448DCAF4497ACC814BD4AA8FA 20241031 Checking Account Statements F.2.c
Packet Pg. 70
Attachment: Money Market Account Statements Oct 2024-Dec 2024 (3516 : Quarterly Investment Report for Period Ending December 31, 2024)

RETURN SERVICE REQUESTED

CITY OF ORINDA
22 ORINDA WAY
ORINDA CA 94563-2519
Managing Your Accounts
Client Services 800.797.6324
Online www.mechanicsbank.com
Mobile Download Our Mobile Apps
Fall Frenzy Fall Frenzy
Up to $250,0001

EQUIPMENT FINANCING BUSINESS LINE OF CREDIT

8.00%
APR
PRIME
-1%
For more details, talk to a banker or
visit www.MechanicsBank.com/BizBoost
For first year.

Prime + 1% for years 2-52
APR3
All loans and credit products subject to program eligibility, collateral, underwriting approval and credit approval. Prime Rate is defined as “the Prime Rate as published daily in the Money Rates section of the Wall Street Journal.” For the current Prime Rate, talk to a banker or visit https://www.wsj.com/market-data/bonds.) Offers are effective as of 11/1/2024 and subject to change or cancellation without notice. 1) Represents borrower’s new aggregated business credit exposure limits to qualify for advertised pricing. 2) First year will have a promo interest rate of 8.00%.Years 2 – 5 will have an interest rate at Prime + 1% fixed at signing. Prepayment penalty in the first 2 years. Offer is for new 5-year term loan for new equipment only and does not apply to the refinance of existing loans. 3) Offer is for new lines of credit and does not apply to renewing lines of credit. Must have automatic payments from a Mechanics Bank non-interest bearing business checking account.

The "Per Check Charge" defined on your statement represents a $15 charge for each check that exceeds the six check limitation on your account. Refer to Mechanics Bank's Account Agreement for additional information.

Summary of Accounts
Account Type Account Number Ending Balance
PUBLIC MONEY MARKET XXXXXXXX8700 $9,273,125.20
PUBLIC MONEY MARKET - XXXXXXXX8700
Account Summary
Date Description Amount
11/01/2024 Beginning Balance $9,239,357.25
1 Credit(s) This Period $33,767.95
0 Debit(s) This Period $0.00
11/29/2024 Ending Balance $9,273,125.20
Interest Summary
Description Amount
Interest Earned From 11/01/2024 Through 11/29/2024
Annual Percentage Yield Earned 4.70%
Interest Days 29
Interest Earned $33,767.95
Interest Paid This Period $33,767.95
Interest Paid Year-to-Date $273,125.20
P.O. Box 2200
Corona, CA 92878
800.797.6324
www.mechanicsbank.com
Statement Ending 11/29/2024

474BE0A2969D6E48826FC77A61AF3277 20241129 Checking Account Statements F.2.c
Packet Pg. 71
Attachment: Money Market Account Statements Oct 2024-Dec 2024 (3516 : Quarterly Investment Report for Period Ending December 31, 2024) How to balance your account

1. Subtract from your check register any service,
miscellaneous, or automatic charge(s) posted on
this statement.

2. Mark ✓ your register after each check listed on the
front of this statement.

3. Check off deposits shown on the statement against
those shown in your check register.

4. Complete the form below.

5. The final "balance" in the form below should agree with your check register balance. If it does not, read
"HINTS FOR FINDING DIFFERENCES".

HINTS FOR FINDING DIFFERENCES
Recheck all additions and subtractions or corrections.

Verify the carryover balance from page to page in your
check register.

Make sure you have subtracted the service or miscellaneous charge(s) from your check register balance.

Descriptions of ACH items are printed as supplied by originating company.

MKT5584/0623 FM-Reference #3955.Version 1-eCH

HOW TO BALANCE YOUR ACCOUNTS

THIS SHOULD AGREE WITH YOUR CHECK REGISTER BALANCE
TRANSFER AMOUNT FROM PAGE ONE $

ADD DEPOSITS MADE SINCE ENDING

DATE ON STATEMENT
SUBTOTAL $

LIST CHECKS NOT CLEARED ON THIS

STATEMENT OR PRIOR STATEMENTS

TOTAL CHECKS

NOT LISTED

SUBTRACT TOTAL
CHECKS

NOT LISTED FROM

SUBTOTAL ABOVE BALANCE
$
This information applies only to consumer accounts
as defined by the Electronic Fund Transfer Act and
Regulation E.

IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR

ELECTRONIC TRANSFERS
Call us at 800.797.6324, during regular business hours, or write us at: Mechanics Bank, P.O. Box 8070,
Walnut Creek, CA 94596 as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer on the statement or receipt. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared.

1. Tell us your name and account number.

2. Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.

3. Tell us the dollar amount of the suspected error.

If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.

We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account.

For errors involving new accounts, point-of-sale, or foreign-initiated transactions, we may take up to 90 days to investigate your complaint or question. For new accounts, we may take up to 20 business days to credit your account for the amount you think is in error.

We will tell you the results within three (3) business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.

HOW TO CONTACT US 800.797.6324
P.O. Box 8070
Walnut Creek, CA 94596
www.mechanicsbank.com
NOTICE TO BUSINESS AND COMMERCIAL CUSTOMERS:

Accounts owned by business and commercial customers are not subject to consumer regulations, such as the Truth in Savings Act and the Electronic Fund Transfer Act. The information regarding Electronic Transfers does not apply to business or commercial accounts. You acknowledge the risk of loss from unauthorized items.

You further acknowledge that the Bank offers various services that allow business and commercial customers to closely monitor their account activity, such as Business Online Banking, Positive Pay, and other services ("Fraud Prevention Services"), which can reduce potential fraud. If you fail to use one or more of the available Fraud Prevention Services, you agree that you will be deemed to have assumed the risk of any losses that could have been prevented if you had used the Fraud Prevention Services.

Statement Ending 11/29/2024 Page 2 of 4
474BE0A2969D6E48826FC77A61AF3277 20241129 Checking Account Statements F.2.c
Packet Pg. 72
Attachment: Money Market Account Statements Oct 2024-Dec 2024 (3516 : Quarterly Investment Report for Period Ending December 31, 2024) PUBLIC MONEY MARKET - XXXXXXXX8700 (continued)
Other Credits
Date Description Amount
11/29/2024 INTEREST $33,767.95
Daily Balances
Date Amount
11/29/2024 $9,273,125.20
Overdraft and Returned Item Fees
Total for this period Total year-to-date
Total Overdraft Fees $0.00 $0.00
Total Returned Item Fees $0.00 $0.00
Statement Ending 11/29/2024

474BE0A2969D6E48826FC77A61AF3277 20241129 Checking Account Statements F.2.c
Packet Pg. 73
Attachment: Money Market Account Statements Oct 2024-Dec 2024 (3516 : Quarterly Investment Report for Period Ending December 31, 2024)

THIS PAGE LEFT INTENTIONALLY BLANK
Statement Ending 11/29/2024

474BE0A2969D6E48826FC77A61AF3277 20241129 Checking Account Statements F.2.c
Packet Pg. 74
Attachment: Money Market Account Statements Oct 2024-Dec 2024 (3516 : Quarterly Investment Report for Period Ending December 31, 2024)

RETURN SERVICE REQUESTED

CITY OF ORINDA
22 ORINDA WAY
ORINDA CA 94563-2519
Managing Your Accounts
Client Services 800.797.6324
Online www.mechanicsbank.com
Mobile Download Our Mobile Apps
Learn 10 ways to
protect yourself
against check fraud
Go to MechanicsBank.com/CheckWashing
The "Per Check Charge" defined on your statement represents a $15 charge for each check that exceeds the six check limitation on your account. Refer to Mechanics Bank's Account Agreement for additional information.

Summary of Accounts
Account Type Account Number Ending Balance
PUBLIC MONEY MARKET XXXXXXXX8700 $8,558,212.78
PUBLIC MONEY MARKET - XXXXXXXX8700
Account Summary
Date Description Amount
11/30/2024 Beginning Balance $9,273,125.20
1 Credit(s) This Period $35,087.58
1 Debit(s) This Period $750,000.00
12/31/2024 Ending Balance $8,558,212.78
Interest Summary
Description Amount
Interest Earned From 11/30/2024 Through 12/31/2024
Annual Percentage Yield Earned 4.67%
Interest Days 32
Interest Earned $35,087.58
Interest Paid This Period $35,087.58
Interest Paid Year-to-Date $308,212.78
Other Credits
Date Description Amount
12/31/2024 INTEREST $35,087.58
P.O. Box 2200
Corona, CA 92878
800.797.6324
www.mechanicsbank.com
Statement Ending 12/31/2024

7C533A73713C024A882CC89852FEC332 20241231 Checking Account Statements F.2.c
Packet Pg. 75
Attachment: Money Market Account Statements Oct 2024-Dec 2024 (3516 : Quarterly Investment Report for Period Ending December 31, 2024) How to balance your account

1. Subtract from your check register any service,
miscellaneous, or automatic charge(s) posted on
this statement.

2. Mark ✓ your register after each check listed on the
front of this statement.

3. Check off deposits shown on the statement against
those shown in your check register.

4. Complete the form below.

5. The final "balance" in the form below should agree with your check register balance. If it does not, read
"HINTS FOR FINDING DIFFERENCES".

HINTS FOR FINDING DIFFERENCES
Recheck all additions and subtractions or corrections.

Verify the carryover balance from page to page in your
check register.

Make sure you have subtracted the service or miscellaneous charge(s) from your check register balance.

Descriptions of ACH items are printed as supplied by originating company.

MKT5584/0623 FM-Reference #3955.Version 1-eCH

HOW TO BALANCE YOUR ACCOUNTS

THIS SHOULD AGREE WITH YOUR CHECK REGISTER BALANCE
TRANSFER AMOUNT FROM PAGE ONE $

ADD DEPOSITS MADE SINCE ENDING

DATE ON STATEMENT
SUBTOTAL $

LIST CHECKS NOT CLEARED ON THIS

STATEMENT OR PRIOR STATEMENTS

TOTAL CHECKS

NOT LISTED

SUBTRACT TOTAL
CHECKS

NOT LISTED FROM

SUBTOTAL ABOVE BALANCE
$
This information applies only to consumer accounts
as defined by the Electronic Fund Transfer Act and
Regulation E.

IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR

ELECTRONIC TRANSFERS
Call us at 800.797.6324, during regular business hours, or write us at: Mechanics Bank, P.O. Box 8070,
Walnut Creek, CA 94596 as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer on the statement or receipt. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared.

1. Tell us your name and account number.

2. Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.

3. Tell us the dollar amount of the suspected error.

If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.

We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account.

For errors involving new accounts, point-of-sale, or foreign-initiated transactions, we may take up to 90 days to investigate your complaint or question. For new accounts, we may take up to 20 business days to credit your account for the amount you think is in error.

We will tell you the results within three (3) business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.

HOW TO CONTACT US 800.797.6324
P.O. Box 8070
Walnut Creek, CA 94596
www.mechanicsbank.com
NOTICE TO BUSINESS AND COMMERCIAL CUSTOMERS:

Accounts owned by business and commercial customers are not subject to consumer regulations, such as the Truth in Savings Act and the Electronic Fund Transfer Act. The information regarding Electronic Transfers does not apply to business or commercial accounts. You acknowledge the risk of loss from unauthorized items.

You further acknowledge that the Bank offers various services that allow business and commercial customers to closely monitor their account activity, such as Business Online Banking, Positive Pay, and other services ("Fraud Prevention Services"), which can reduce potential fraud. If you fail to use one or more of the available Fraud Prevention Services, you agree that you will be deemed to have assumed the risk of any losses that could have been prevented if you had used the Fraud Prevention Services.

Statement Ending 12/31/2024 Page 2 of 4
7C533A73713C024A882CC89852FEC332 20241231 Checking Account Statements F.2.c
Packet Pg. 76
Attachment: Money Market Account Statements Oct 2024-Dec 2024 (3516 : Quarterly Investment Report for Period Ending December 31, 2024) PUBLIC MONEY MARKET - XXXXXXXX8700 (continued)
Electronic Debits
Date Description Amount
12/10/2024 Money Market to Gen $750,000.00
Daily Balances
Date Amount
12/10/2024 $8,523,125.20
Date Amount
12/31/2024 $8,558,212.78
Overdraft and Returned Item Fees
Total for this period Total year-to-date
Total Overdraft Fees $0.00 $0.00
Total Returned Item Fees $0.00 $0.00
Statement Ending 12/31/2024

7C533A73713C024A882CC89852FEC332 20241231 Checking Account Statements F.2.c
Packet Pg. 77
Attachment: Money Market Account Statements Oct 2024-Dec 2024 (3516 : Quarterly Investment Report for Period Ending December 31, 2024)

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Statement Ending 12/31/2024

7C533A73713C024A882CC89852FEC332 20241231 Checking Account Statements F.2.c
Packet Pg. 78
Attachment: Money Market Account Statements Oct 2024-Dec 2024 (3516 : Quarterly Investment Report for Period Ending December 31, 2024)