Provides relief for areas outside the applicability of AB 2097.
Allows property owners to experiment with new uses to fill in vacancies.
Near-term
(within 6 months)
2 Relax the Formula Retail Restrictions (18.04 Definitions)
1. “Formula retail ” definition (57.6) should be revised from applicability to all franchise uses to apply only restaurant uses, and to increase the threshold to qualify as a Formula Restaurant without requiring a CUP should be increased from 10 to 50 such businesses in the United States. Consider limiting to 50 in California.
2. If additional control over such uses is deemed necessary, the City could consider limiting the number of formula retail establishments in certain areas to ensure a balance between formula and non-formula uses.
10 or fewer in U.S. and requirement for CUP effectively limits nearly all franchise businesses.
Limits innovation, successful and attractive businesses from contributing to overall health and vibrancy.
Assumes (without evidence) that franchises are harmful.
Proposed revisions and limits allow best of such uses and avoid worst aspects of large franchises.
Many cities have established limits on the number of formula uses in certain areas to balance with non-formula uses.
Near-term
(within 6 months)
3 Repeal the Retail Preservation Ordinance (RPO) (18.40.180) The nature of retail has been changing, which has increased turnover and vacancies of many retail spaces and commercial corridors. The COVID-19 pandemic accelerated some of the shift to e-commerce and led to the failure of many retail and other commercial businesses.
RPO (c. 2015) effectively extended the provisions of and is redundant with GF and R Combining District limits for University and California Avenues, and Midtown. This leads to confusion, complication, excess floor retail floor area, and vacancies.
RPO is not needed beyond University and California Avenues. There is a need to allow a reduction of excess retail space city-wide. The 2023 Comprehensive Economic Development Strategy Study indicated that there is a large amount of vacant commercial and retail space that exceeds the current and foreseeable market demand for retail.
RPO contributes to increased and prolonged vacancies and blighting effects by preventing alternative uses.
RPO substantially limits normal adjustments and responses to market demand and substantially limits natural concentrations and groupings of complementary uses.
RPO severely limits options for business and property owners.
Relief is effectively nonexistent and could be impossible via entirely subjective standards and criteria and virtually impossible standard of unconstitutional taking of all economic value of the property.
Contributes to frustration, negative and punitive results, and the perception and reputation of Palo Alto as hostile to business.
Near-term
(within 6 months)
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Palo Alto Retail Revitalization – Zoning Recommendations August 6, 2024 2 NUMBER ZONING RECOMMENDATION RATIONALE AND JUSTIFICATION START-COMPLETION TIME 4 Amend Parking Regulations
Extend AB 2097 exemption to Entire CD-C Zone
Within Downtown, there are 16 parcels in the CD-C district on University Avenue that lie just northeast of the half-mile radius from a high- quality transit stop that are not exempt from the parking requirements by AB 2097.
Unless the provisions of AB 2097 are extended, these parcels will remain subject to minimum parking requirements and the Commercial Downtown Assessment District standards of 18.52 of the Palo Alto Municipal Code.
To ensure equitable development conditions for all parcels in the Downtown area, it is recommended that uniform regulations be applied to the entirety of the CD-C districts in the Downtown area.
Near-term
(within 6 months)
5 Create Comparative Zoning Use Table
Prepare comprehensive comparative zoning use tables to clarify what and how uses are allowed in each zoning and combining district. ("What Uses Allowed Where")
There are subtle differences and restrictions on allowed uses that warrant evaluation of their need and effect on protecting or restricting a healthy commercial corridor. A comparative use table improves understanding and ease of use for all stakeholders: staff, applicants, property owners, residents.
The table will help identify internal conflicts, inconsistencies, gaps and opportunities to simplify and clarify the code.
The table will help identify opportunities to consolidate, simplify, or eliminate excessive or redundant provisions.
Near-term
(within 6 months)
6 Revise 18.30 Combining Districts to allow Practical Waivers and Adjustments
1. Amend Section 18.30(A).070 of the R Combining District for California Avenue to:
A. Eliminate the unconstitutional taking standard of section (a) Economic Hardship; and
B. Add the Alternative Viable Active Use standard from
18.40.180(c)(1)(B) of the RPO.
2. Amend Section 18.30(C) GF Combining District Regulations to provide a practical difficulty standard the same as the R Combining District:
A. Add the Alternative Viable Active Use standard from
18.40.180(c)(1)(B) of the RPO.
Unconstitutional taking of all economic value standard is unreasonable and is a disproportionate and unrealistic standard.
Proposed practical difficulty standard is a common best practice.
The proposed method of relief is proportionate to the potential impact.
Near-term
(within 6 months)
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Palo Alto Retail Revitalization – Zoning Recommendations August 6, 2024 3 NUMBER ZONING RECOMMENDATION RATIONALE AND JUSTIFICATION START-COMPLETION TIME 7 Allow Non-retail Uses on Ground Floor with Limitations (part 1)
1. Amend the definition of “retail-like” (125.1) to include the following performance-based uses: “commercial uses that are accessible to the general public, generate walk-in pedestrian clientele, and contribute to a high level of pedestrian activity, including but not limited to include retail shops, eating and drinking establishments, commercial recreation and
entertainment, personal and convenience services, financial institutions, cultural institutions, galleries, and hotel lobbies.”
2. Amend the use tables to allow non-retail uses:
▪ In back office, not street-facing locations (i.e., behind retail or storefronts)
▪ On side streets, off of University and California Avenues ▪ When vacancies exceed threshold (by percentage and/or duration, e.g., when vacancies exceed 10% in district for more than 12 months)
▪ Subject to limits (concentration, size, proximity), e.g.:
▪ Minimum 25% ground-floor commercial
▪ Maximum 15% of total floor area
▪ Maximum 30% of all street frontage within 300-foot
radius
▪ Maximum 50% of street frontage per building > 100-foot frontage
The extensive and persistent ground-floor vacancies suggest that alternatives or modifications to the restrictions may be appropriate.
There is a need to allow more retail-supportive uses on the ground floor.
The proposed amendments allow more complementary uses on the ground floor while preserving the optimal street-facing spaces for active, pedestrian-oriented uses.
The proposed amended definition is based on the desired outcome, allowing new or innovative uses that are not otherwise listed or defined.
NOTE: Supplementary mechanisms can provide additional flexibility to allow and encourage use of persistent and extensive ground floor vacancies.
Conditional objective standards are not likely to be "gamed" if set at levels that reflect and justify the need for action and are not met easily or can be manipulated unilaterally by an individual business or property owner (e.g., if vacancies in the zoning district exceed 10% for 12 months or more).
Removes extra cost and delay of CUP for uses that are not obviously detrimental to the district's vitality, or uses whose potential operations and impacts do not vary greatly and are dependent upon the particular unique operation.
Near-term
(within 6 months)
Possibly Mid-term
(up to 18 months)
for additional limits
8 Allow Non-retail Uses on Ground Floor with Limitations (part 2)
3. Increase fitness, spas, exercise without a CUP from 1,800 to 3,000 square feet to match the industry average.
4. Allow other viable active uses without a CUP:
▪ Examples: pet grooming, beauty shops, nail salons,
barbershops, small learning centers, day care
▪ Medical office with retail component, lifestyle, health services
5. If necessary, require a CUP for certain uses in excess of a maximum size.
Adjusts to allow the 3,000-square-foot industry standard size of exercise and fitness studios without a CUP.
These uses generate strong foot traffic and sales to nearby uses.
Near-term
(within 6 months)
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Palo Alto Retail Revitalization – Zoning Recommendations August 6, 2024 4 NUMBER ZONING RECOMMENDATION RATIONALE AND JUSTIFICATION START-COMPLETION TIME 9 Repeal or Amend the Office Conversion and Construction Limitations
1. Repeal Section 18.40.210 Annual Office Limits; OR
2. Relax Section 18.40.210 Annual Office Limits:
A. Repeal limits on upper-level office uses; Retain only office use conversion limits on ground level. Consider maximum percentage of the street-facing façade to ensure a minimum percentage for retail and retail-like uses; AND
B. Allow ground-floor office uses behind retail frontages; AND
C. Section 18.40.210 Annual Office Limit should be revised to replace the unconstitutional taking of all economic value standard of (e) Economic Hardship Waiver or Adjustment, with a practical difficulty standard like that recommended for the RPO, R and GF Combining Districts.
No longer necessary. Excessive vacancies (400,000+ square feet) of office uses are not a realistic or significant threat of forcing out retail.
GF and R combining districts retain limits on office uses on ground floor on University or California Avenues.
Retaining and relaxing options would retain the limit of 50,000 sf of new or converted office per year.
Ensures balance of complementary uses. Similar technique used for the CN and CS Districts per 18.16.050(b)(1)(A).
Upper-level office uses and workers are primary customers of University and California Avenues.
Unconstitutional taking of all economic value standard for relief is too high, punitive, virtually impossible to achieve, and disproportionate to the real or perceived threat.
Lack of reasonable relief creates negative results, impression, and reputation that deters investment and desired results.
Mid-term
(within 18 months)
10 Amend 18.16.050 Office Use Restrictions (CN, CS Districts):
Eliminate or amend the 5,000-square-foot maximum office floor area per lot.
This standard has no proportionality to the size of the lot and hence creates potential inequities. The standard is only equitable if all lots are the same size.
Any limitation of office use floor areas should be proportionate to the size of the site or building to ensure an equitable impact as allowed by the 25% FAR in section (b)(1)(A).
Landlords may be deterred from converting vacant ground-floor office space to retail because the 5,000 sf max office limit may prevent converting the space back to office.
Mid-term
(within 18 months)
11 Amend Parking Regulations
1. Reduce the minimum parking requirements.
2. Conduct parking use surveys as a basis to reset standards to appropriate levels based on the actual need and demand.
Proposed amendment eliminates wasteful, underutilized, or excessive parking.
Standards should be based on actual demand.
Minimum standards do not need to accommodate 100% of the projected or peak demand.
Mid-term
(within 18 months)
12 Amend Parking Regulations
Amend the parking requirements to implement the AB 2097 exemption of minimum parking requirements within a half-mile of transit.
Codifies state law. The law still applies without amendments. Codifying AB 2097 will allow to provide equity for properties outside AB 2097 influence per Recommendation 4.
Provides clarity to users, applicants, property owners, staff.
Mid-term
(within 18 months)
13 Amend Standards for Specified Retail Uses
Amend Section 18.76.015 to replace subjective additional CUP approval criteria with objective standards or performance criteria.
Provides certainty, accuracy, shorter and predictable approval processes and timelines.
Existing standards are entirely subjective. These are fine as reasons to approve, but not as reasons to deny an application. They make proving compliance nearly impossible.
Mid-term
(within 18 months)
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Palo Alto Retail Revitalization – Zoning Recommendations August 6, 2024 5 NUMBER ZONING RECOMMENDATION RATIONALE AND JUSTIFICATION START-COMPLETION TIME 14 Amend Parking Regulations
Develop ordinance to unbundle parking from residential
development.
AB 1317, passed in October 2023, focuses on unbundling parking in California, requiring owners of qualifying residential properties in Counties of Alameda, Fresno, Los Angeles, Riverside, Sacramento, San Bernardino, San Joaquin, Santa Clara, Shasta, and Ventura to separate parking costs from rent, i.e., renting or selling parking separately rather than automatically including it with the price of building space.
Benefits of unbundling include:
• Existing parking spaces will be more efficiently used. • Non-drivers are not required to pay for parking they don’t need. • The market value of land used as parking becomes clear.
Long-term
(up to 3 years)
15 Conduct a Comprehensive Zoning Ordinance Update
1. Conduct a comprehensive review, revision, and update of the zoning code to ensure it functions efficiently, equitably, and as intended.
2. Integrate the use and development standards of the combining districts into the use and development standard tables.
3. Reduce, simplify, and standardize the many and
unnecessarily subtle differences and restrictions on personal service uses between the R and GF Combining Districts and the CD-C, CD-N, CS, and CC zones.
4. Streamline and standardize the standards. Reevaluate the need and effect of the precise standards and whether they are consistent with the broader goal of a healthy commercial corridor.
5. Amend the code to replace subjective criteria with objective standards.
The code should be clear, well-organized, intuitive, and user-friendly.
The existing code is virtually unknowable, overly complex, internally inconsistent, and hard to understand, implement, and enforce. This sometimes results in lengthy processing times, difficult implementation, variable application and interpretation, and errors.
An updated code is important to overall understanding, implementation, and enforcement.
An updated code is important to the ease of use and reputation of the City within the business community.
Long-term
(up to 3 years)
https://mbakerintl-my.sharepoint.com/personal/dwery_mbakerintl_com/Documents/Desktop/Baker/Palo Alto/2024-8-14 PTC/2024-8-6 Zoning Recommendations for 8-14 PTC.docx 8/6/2024
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Staff Report
Report Type: INFORMATION REPORTS
Lead Department: Administrative Services
Meeting Date: November 18, 2024
Report #:2410-3617
TITLE
Sales Tax Digest Q2 (April-June) 2024
DISCUSSION
This report transmits information regarding the City of Palo Alto’s sales tax receipts for the second quarter (April-June) of 2024. Listed below are highlights from the report; detailed discussion and data can be found in the attached City of Palo Alto Sales Tax Digest and Legislative Update 2024 Q2 (Attachment A).
Regional and statewide sales tax based upon adjusted economic benchmark year (Attachment A, p. 2) •Palo Alto: increased 6.6%
•San Francisco Bay Area: decreased 3.4%
•California statewide: decreased 2.4%
City’s Most Significant Reasons for increases during this period (Attachment A, p. 1) •New Auto Sales segment increased by 25.7%, comprises 15.9% of total sales tax •Restaurant segment increased by 6.2%, comprises 15.8% of total sales tax County Pool (Attachment A, p. 4)
•The City’s share of the county pool for this quarter is 6.3%, unchanged from Q2 2023 •Sales tax receipts from the County pool totaled $1.6 million
ATTACHMENTS
Attachment A: 2024 Q2 Sales Tax Digest Summary with County Pool and Legislative Update APPROVED BY:
Lauren Lai, Administrative Services Director
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Sales Tax Digest Summary
Collections through August 2024
Sales May through June 2024 (2024Q2)
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California Overview
For the year ending in the second quarter of 2024, cash receipts decreased by 1.4% statewide and decreased by 4.7% in S.F. Bay Area. However, when adjusted for non-period related payments, the overall economic sales tax activity for the year ending in the second quarter of 2024 decreased by 2.4% statewide and decreased by 3.4% in S.F. Bay Area.
City of Palo Alto
For the year ending in the second quarter of 2024, sales tax cash receipts for the city increased by 1.6% from the prior year. However, when adjusted for non-period related payments, the overall economic sales tax activity in Palo Alto for the year ending in the second quarter of 2024 increased by 6.6%. The most significant reasons for Palo Alto ’s increase during this period were the restaurants and new auto sales segments, respectively. Restaurants increased by 6.2%, which comprises 15.8% of the total sales tax for the city. New auto sales for the same period increased by 25.7%, which comprises 15.9% of the total sales tax.
Same quarter sales tax cash receipts decreased by 1.7% in California from Q2 2023 to Q2 2024. The Palo Alto citywide sales tax cash receipts decreased by 7.2% over the Q2 2023 to Q2 2024 period. Key reasons for the Palo Alto decrease during this period were : 1) Decrease in the business services segment, 2) Decrease in furniture & appliance stores (mainly electronics stores) from Q2 2023 to Q2 2024 by 41.9%, 3) Decrease in the leasing segment of 15% which comprises 19.7% of the total sales tax for the city.
According to the California New Car Dealers Association (CNCDA), California’s new light vehicle registrations fell by .7% in 2024Q2. Tesla’s sales have been on the decline in California with registrations down a significant 17.0% YTD for 2024Q2.
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Sales Tax Digest Summary
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% of Total / % Change Palo Alto California
Statewide S.F. Bay Area Sacramento
Valley Central Valley South Coast Inland Empire North Coast General Retail 26.2 / 2.2 29.1 / 0.0 26.1 / -3.2 28.2 / -3.8 38.2 / 5.8 27.1 / 0.4 35.3 / -1.8 27.1 / 1.8 Food Products 17.5 / 5.5 21.3 / 0.1 22.6 / -1.4 16.9 / -0.9 14.7 / 0.9 23.4 / 1.4 17.9 / -6.0 18.4 / 1.7 Transportation 19.7 / 18.8 23.1 / -6.3 19.1 / -4.4 26.8 / -3.2 22.1 / -3.1 23.9 / -6.1 23.2 / -15.9 28.5 / -2.9 Business to Business 32.9 / 0.6 15.8 / -4.0 21.0 / -4.0 14.4 / -6.3 14.5 / -2.2 15.6 / -2.9 10.5 / -14.0 10.5 / 6.7 Misc/Other 3.8 / 50.5 10.8 / -2.1 11.2 / -4.8 13.6 / -2.3 10.4 / -3.2 9.9 / 0.3 13.1 / -7.0 15.4 / -1.3 Total 100.0 / 6.6 100.0 / -2.4 100.0 / -3.4 100.0 / -3.3 100.0 / 0.8 100.0 / -1.5 100.0 / -8.1 100.0 / 0.4 Palo Alto California
Statewide S.F. Bay Area Sacramento
Valley Central Valley South Coast Inland Empire North Coast Largest Segment Leasing Restaurants Restaurants Restaurants Miscellaneous Retail Restaurants Miscellaneous
Retail Restaurants
% of Total / % Change 20.1 / -3.3 15.3 / 0.7 16.8 / -0.6 11.6 / -0.6 16.7 / 19.8 17.3 / 1.8 18.2 / 4.4 11.8 / 3.4 2nd Largest Segment Auto Sales -
New
Auto Sales -
New
Miscellaneous
Retail
Auto Sales -
New
Department
Stores
Auto Sales -
New Restaurants Department
Stores
% of Total / % Change 15.9 / 25.7 11.1 / -5.5 10.0 / 1.6 11.3 / -3.5 10.8 / -0.5 12.0 / -8.2 11.6 / -4.4 11.3 / 12.7 3rd Largest Segment Restaurants Miscellaneous
Retail
Auto Sales -
New
Miscellaneous
Retail Restaurants Miscellaneous
Retail
Auto Sales -
New
Auto Sales -
New
% of Total / % Change 15.8 / 6.2 10.8 / 6.0 9.3 / -3.1 11.1 / -4.8 9.9 / 2.2 9.1 / 8.0 10.7 / -11.0 10.8 / -4.3 ECONOMIC CATEGORY ANALYSIS FOR YEAR ENDED 2nd Quarter 2024 ECONOMIC SEGMENT ANALYSIS FOR YEAR ENDED 2nd Quarter 2024 Regional Overview
The first chart on page two shows adjusted economic benchmark year amounts, which means that it shows the year ended second quarter of 202 4 compared to the year ended second quarter of 202 3 (benchmark years are rolling annual comparisons through the current quarter). The growth rates are different between the state and Palo Alto because the sales tax from businesses in Palo Alto performed better overall than the statewide average.
Regional Overview Chart (Economic)
BENCHMARK YEAR 2024Q2 COMPARED TO BENCHMARK YEAR 2023Q2
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Sales Tax Digest Summary
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$-
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
$35,000,000
Quarterly Benchmark Year
Leasing
20.1%
Auto Sales - New
15.9%
Restaurants
15.8%
Office Equipment
7.9%Apparel Stores
6.7%
All Other
33.7%
Net Pools & Adjustments
19.3%
Gross Historical Sales Tax Cash Receipts by Benchmark Year and Quarter (Before Adjustments)
Net Cash Receipts for Benchmark Year second Quarter 2024: $36,363,275 *Benchmark year (BMY) is the sum of the current and 3 previous quarters (2024Q2 BMY is sum of 2024 Q2, 2024 Q1, 2023 Q4, 2023 Q3)
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Sales Tax Digest Summary
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County Pool Results
The California sales tax system is referred to as a ‘sales and use tax’ system which covers both sales tax and ‘use tax’. The County Pool revenues largely reflect use tax from qualifying transactions that do not involve a California based point of sale. Businesses report their use tax quarterly based on business activity conducted throughout the county. The County Pool is distributed each quarter based upon a formula where the jurisdiction’s quarterly percentage is based upon its total sales tax receipts for the quarter as a percentage of all sales tax receipts for all jurisdictions within the county. Thus, if local business a ctivity (sales tax receipts) within Palo Alto increases in the quarter relative to the rest of the county, then the Palo Alto County pool percentage also will increase for the quarter compared to the rest of the county.
The total county pool is multiplied by the city’s quarterly percentage to determine the jurisdiction share each quarter.
In the second quarter of 2024, cash receipts for the overall County Pool decreased by 8.3% from the same quarter in the prior year. The City’s share of the County Pool increased to 6.3%. The City’s revenues from the County Pool decreased from $1,755,562 in 2023Q2 to $1,611,681 in 2024Q2.
TOP 25 SALES/USE TAX CONTRIBUTORS
The following list identifies Palo Alto’s Top 25 Sales/Use Tax contributors. The list is in alphabetical order and represents the year ended second quarter of 2024. The Top 25 Sales/Use Tax contributors generate
61.6% of Palo Alto’s total sales and use tax revenue.
Anderson Honda Macy's Department Store Shreve & Co.
Apple Stores Magnussen's Toyota Stanford Health Care
Arco AM/PM Mini Marts Neiman Marcus Tesla
Audi Palo Alto Nordstrom Department Store Tesla Lease Trust Bloomingdale's Richemont Tiffany & Company
Brilliant Earth Rivian Automotive Union 76 Service Stations Hermes Sephora Varian Medical Systems
HP Enterprise Services Shell Service Stations Volvo Cars Palo Alto Louis Vuitton
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Sales Tax Digest Summary
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$-
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
Benchmark Year 2024Q2 Benchmark Year 2023Q2
Sales Tax from Largest Non-Confidential Sales Tax Segments (Economic)
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Sales Tax Digest Summary
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Economic Category % 2024Q2 2024Q1 2023Q4 2023Q3 2023Q2 2023Q1 2022Q4 2022Q3 2022Q2 2022Q1 2021Q4 Business To Business 27.0% 2,366,493 2,373,414 2,262,034 2,619,833 2,439,519 2,350,567 2,571,178 2,194,817 2,095,020 2,031,199 2,136,501 Miscellaneous/Other 18.2% 1,595,196 1,727,252 1,951,428 1,870,170 1,546,096 1,302,322 1,517,005 1,597,816 1,724,861 1,701,538 1,687,189 General Retail 23.3% 2,044,006 1,739,261 2,315,882 1,834,297 2,017,885 1,640,927 2,305,038 1,802,777 1,920,316 1,639,417 2,282,253 Food Products 15.9% 1,394,270 1,288,207 1,348,051 1,277,173 1,349,926 1,195,458 1,260,287 1,230,824 1,227,240 1,018,577 1,083,309 Subtotal Economic (Local Business) 84.5% 7,399,964 7,128,134 7,877,395 7,601,473 7,353,426 6,489,274 7,653,508 6,826,234 6,967,438 6,390,731 7,189,252 Net Pools & Adjustments 15.5% 1,359,165 1,143,798 1,867,172 1,986,175 2,084,763 1,586,938 1,935,580 1,862,181 686,044 1,721,924 1,806,328 Total Cash Receipts 100.0% 8,759,129 8,271,932 9,744,567 9,587,647 9,438,189 8,076,212 9,589,088 8,688,414 7,653,481 8,112,655 8,995,580 Economic Segment % 2024Q2 2024Q1 2023Q4 2023Q3 2023Q2 2023Q1 2022Q4 2022Q3 2022Q2 2022Q1 2021Q4 Miscellaneous/Other 46.8% 4,102,841 4,114,784 4,409,850 4,635,983 4,197,978 3,818,384 4,490,992 4,087,158 4,008,008 3,949,786 3,969,954 Restaurants 14.4% 1,259,885 1,162,863 1,214,598 1,154,189 1,214,502 1,073,621 1,114,637 1,102,248 1,093,944 902,707 947,771 Miscellaneous Retail 6.7% 582,600 489,040 689,939 480,649 512,077 448,322 545,797 381,616 479,710 432,956 679,381 Apparel Stores 6.1% 531,926 440,402 586,863 478,973 509,894 423,470 538,573 435,730 495,508 392,724 540,782 Department Stores 5.7% 501,499 411,345 549,893 435,388 492,374 356,626 533,032 423,601 454,349 367,144 525,295 Service Stations 2.6% 226,411 198,584 214,900 229,911 222,029 192,723 215,640 233,387 250,715 191,755 190,610 Food Markets 1.3% 114,071 107,031 112,372 103,251 111,465 101,978 116,810 99,811 104,253 91,634 108,203 Business Services 0.9% 80,732 204,085 98,980 83,130 93,106 74,150 98,027 62,683 80,950 62,025 227,256 Subtotal Economic (Local Business) 84.5% 7,399,964 7,128,134 7,877,395 7,601,473 7,353,426 6,489,274 7,653,508 6,826,234 6,967,438 6,390,731 7,189,252 Net Pools & Adjustments 15.5% 1,359,165 1,143,798 1,867,172 1,986,175 2,084,763 1,586,938 1,935,580 1,862,181 686,044 1,721,924 1,806,328 Total Cash Receipts 100.0% 8,759,129 8,271,932 9,744,567 9,587,647 9,438,189 8,076,212 9,589,088 8,688,414 7,653,481 8,112,655 8,995,580
Historical Analysis by Calendar Quarter
The chart above shows the categories and segments in quarterly economic basis amounts. The total amount is the net cash recei pts, and it was obtained by adding up the categories/segments with the “Net Pools & Adjustments” amount.
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Digest Summary with County Pool
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www.avenuinsights.com (800) 800-8181 Page 7 Economic Category % 2024Q2 2023Q2 2022Q2 2021Q2 2020Q2 2019Q2 2018Q2 2017Q2 2016Q2 2015Q2 Business To Business 27.6% 10,040,495 9,969,300 8,254,377 7,360,893 8,200,185 7,601,958 6,117,780 5,419,737 5,120,759 4,034,581 Miscellaneous/Other 19.7% 7,151,850 5,809,167 6,965,063 6,165,181 6,109,986 8,481,377 6,433,938 6,213,561 5,828,635 5,526,056 General Retail 21.9% 7,952,077 7,747,733 7,551,628 5,666,662 5,910,237 7,946,017 8,423,419 8,318,376 8,180,392 8,079,780 Food Products 14.7% 5,335,053 5,058,604 4,402,695 2,882,093 3,939,566 4,902,753 4,784,943 4,602,200 4,609,460 4,323,122 Subtotal Economic (Local Business) 83.8% 30,479,474 28,584,805 27,173,763 22,074,828 24,159,974 28,932,104 25,760,080 24,553,874 23,739,246 21,963,538 Net Pools & Adjustments 16.2% 5,883,801 7,207,098 4,361,944 6,049,923 5,732,251 7,157,724 3,959,941 4,306,130 4,407,390 4,034,611 Total 100.0% 36,363,275 35,791,903 31,535,707 28,124,751 29,892,225 36,089,829 29,720,021 28,860,004 28,146,636 25,998,149
Economic Segment % 2024Q2 2023Q2 2022Q2 2021Q2 2020Q2 2019Q2 2018Q2 2017Q2 2016Q2 2015Q2 Miscellaneous/Other 49.0% 17,834,573 16,825,593 15,856,081 14,398,600 15,233,370 17,029,556 14,041,527 12,804,075 12,024,028 10,653,521 Restaurants 13.2% 4,814,054 4,532,010 3,902,005 2,451,630 3,430,893 4,319,514 4,174,045 3,998,933 4,010,073 3,761,655 Miscellaneous Retail 6.2% 2,268,674 1,836,660 2,016,094 1,683,101 1,275,392 1,643,222 1,677,478 2,139,114 1,885,952 1,506,384 Apparel Stores 5.6% 2,031,156 1,917,559 1,834,472 1,291,549 1,399,599 1,993,176 1,840,406 1,691,058 1,627,846 1,655,700 Department Stores 5.2% 1,898,124 1,809,413 1,735,491 1,124,054 1,260,329 1,885,562 2,068,624 2,065,427 2,250,100 2,397,566 Service Stations 2.4% 869,187 870,132 814,968 493,608 572,093 698,074 651,979 587,986 581,619 699,331 Business Services 0.9% 319,907 362,604 618,516 296,799 579,113 908,385 807,324 762,159 850,451 799,913 Food Markets 1.2% 443,798 430,834 396,135 335,487 409,184 454,615 498,697 505,122 509,177 489,468 Subtotal Economic (Local Business) 83.8% 30,479,474 28,584,805 27,173,763 22,074,828 24,159,974 28,932,104 25,760,080 24,553,874 23,739,246 21,963,538 Net Pools & Adjustments 16.2% 5,883,801 7,207,098 4,361,944 6,049,923 5,732,251 7,157,724 3,959,941 4,306,130 4,407,390 4,034,611 Total 100.0% 36,363,275 35,791,903 31,535,707 28,124,751 29,892,225 36,089,829 29,720,021 28,860,004 28,146,636 25,998,149
Historical Analysis by Calendar BMY from 2015Q2 to 2024Q2
The chart above shows the categories and segments in benchmark year economic basis amounts. The total amount is the net cash receipts, and it was obtained by adding up the categories/segments with the “Net Pools & Adjustments” amount. Benchmark year (BMY) is the sum of the current and 3 previous quarters (2024Q2 BMY is sum of 2024 Q2, 2024 Q1, 2023 Q4, 2023 Q3).
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Attachment A - 2024 Q2 Sales Tax
Digest Summary with County Pool
and Legislative Update
Item 11: Staff Report
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General Retail
Food Products
Transportation
Business to Business
Misc/Other
2024/2 Total
2023/2 Total
% Chg
Largest Gain
Second Largest
Gain
Largest Decline
Second Largest
Decline
Campbell -2.8% 3.2% 0.1% 13.4% 14.2% 2,679,731 3,422,075 -21.7% Bldg.Matls-Retail Restaurants I.T. Infrastructure Light Industry Cupertino -1.6% 1.5% 0.3% -8.2% -1.1% 7,049,719 6,008,649 17.3% Office Equipment I.T. Infrastructure Florist/Nursery Business Services Gilroy 1.5% 2.9% -5.2% -7.4% -4.0% 4,232,785 4,295,810 -1.5% Department Stores Service Stations Misc. Vehicle Sales Apparel Stores Los Altos -13.4% -0.8% 15.1% -3.0% -11.3% 626,392 639,528 -2.1% Service Stations Electronic Equipment Green Energy Miscellaneous Retail Los Gatos -5.0% 8.5% -8.7% 42.2% -19.3% 1,486,396 1,535,244 -3.2% Food Processing Eqp Restaurants Miscellaneous Other Auto Sales - New Milpitas -1.7% 3.1% -1.8% 28.0% 21.5% 5,992,871 5,757,900 4.1% Electronic Equipment Bldg.Matls-Whsle Office Equipment Miscellaneous Retail Morgan Hill -5.6% 3.3% -8.1% -7.9% -3.4% 2,546,968 2,732,488 -6.8% Restaurants Miscellaneous Other Misc. Vehicle Sales Heavy Industry Mountain View -4.1% 0.4% 4.2% -32.6% -28.8% 4,259,335 4,591,858 -7.2% Auto Parts/Repair Restaurants Business Services Auto Sales - New Palo Alto 2.0% 3.8% -2.5% 123.1% 34.0% 7,399,964 7,401,454 0.0% Office Equipment Miscellaneous Retail Leasing Furniture/Appliance San Jose 3.1% 3.1% -2.7% -2.8% -0.1% 56,006,362 58,515,924 -4.3% Miscellaneous Retail Restaurants Office Equipment Green Energy Santa Clara 7.1% 6.5% -3.4% 24.8% 27.8% 13,613,584 12,449,511 9.4% Light Industry Business Services Office Equipment Auto Sales - New County of Santa Clara 4.2% -1.2% -23.1% -15.3% -10.6% 1,243,253 1,363,454 -8.8% Restaurants Food Markets Bldg.Matls-Whsle Food Processing Eqp Saratoga -19.5% 2.1% 20.8% 36.3% 42.3% 267,993 262,342 2.2% Service Stations Auto Parts/Repair Miscellaneous Retail Furniture/Appliance Sunnyvale 34.9% 4.3% -18.2% -17.1% 37.0% 7,660,841 7,416,916 3.3% Miscellaneous Retail Light Industry Auto Sales - New Bldg.Matls-Whsle Quarterly Analysis by Sales Tax Category: Change from 2023Q2 to 2024Q2 (Economic)
Unlike the chart on page one which showed a ‘benchmark year’ through the second quarter of 2024, the chart above shows a comparison of one quarter only – second quarter of 2024 to second quarter of 2023. This chart is for local ‘brick and mortar’ businesses, and it excludes county pools and adjustments.
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Attachment A - 2024 Q2 Sales Tax
Digest Summary with County Pool
and Legislative Update
Item 11: Staff Report
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www.avenuinsights.com (800) 800-8181 Page 9 California Avenue % CHANGE QoQ 2024Q2 QE 2023Q2 QE 24Q2 % OF TOTAL 23Q2 % OF TOTAL FOOD PRODUCTS -1.1% 97,704 98,820 59.0% 60.8%
GENERAL RETAIL 11.7% 22,895 20,505 13.8% 12.6%
ALL OTHER 4.4% 45,034 43,138 27.2% 26.6%
TOTAL 2.0% 165,633 162,464 100.0% 100.0%
El Camino Real and Midtown % CHANGE QoQ 2024Q2 QE 2023Q2 QE 24Q2 % OF TOTAL 23Q2 % OF TOTAL FOOD PRODUCTS -4.3% 153,816 160,747 29.4% 42.0%
GENERAL RETAIL -5.6% 36,560 38,735 7.0% 10.1%
ALL OTHER 81.6% 333,136 183,471 63.6% 47.9%
TOTAL 36.7% 523,512 382,952 100.0% 100.0%
Greater Downtown % CHANGE QoQ 2024Q2 QE 2023Q2 QE 24Q2 % OF TOTAL 23Q2 % OF TOTAL FOOD PRODUCTS 1.0% 542,523 537,207 61.4% 61.6%
GENERAL RETAIL -15.8% 228,058 270,854 25.8% 31.1%
BUSINESS TO BUSINESS 24.0% 53,804 43,404 6.1% 5.0%
CONSTRUCTION 474.3% 48,831 8,503 5.5% 1.0%
MISCELLANEOUS -27.6% 6,123 8,463 0.7% 1.0%
TRANSPORTATION 17.4% 3,848 3,276 0.4% 0.4%
TOTAL 1.3% 883,187 871,707 100.0% 100.0%
Stanford Shopping Center % CHANGE QoQ 2024Q2 QE 2023Q2 QE 24Q2 % OF TOTAL 23Q2 % OF TOTAL GENERAL RETAIL 4.2% 1,518,464 1,457,305 78.7% 77.0%
FOOD PRODUCTS 1.3% 169,662 167,448 8.8% 8.8%
ALL OTHER -9.7% 241,807 267,918 12.5% 14.2%
TOTAL 2.0% 1,929,933 1,892,671 100.0% 100.0%
City of Palo Alto Geo Areas & Citywide Chart Data: Change from 2023Q2 to 2024Q2 (Economic)
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Attachment A - 2024 Q2 Sales Tax
Digest Summary with County Pool
and Legislative Update
Item 11: Staff Report
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www.avenuinsights.com (800) 800-8181 Page 10 Town And Country Shopping Center % CHANGE QoQ 2024Q2 QE 2023Q2 QE 24Q2 % OF TOTAL 23Q2 % OF TOTAL FOOD PRODUCTS -0.2% 122,784 123,015 61.1% 61.5%
GENERAL RETAIL 6.7% 78,073 73,144 38.8% 36.6%
ALL OTHER -93.5% 249 3,857 0.1% 1.9%
TOTAL 0.5% 201,107 200,016 100.0% 100.0%
All Other Geos combined with Balance of Jurisdiction % CHANGE QoQ 2024Q2 QE 2023Q2 QE 24Q2 % OF TOTAL 23Q2 % OF TOTAL BUSINESS TO BUSINESS -6.0% 2,188,898 2,329,347 32.5% 34.0% GENERAL RETAIL 0.7% 1,964,890 1,950,901 29.2% 28.5%
TRANSPORTATION -2.5% 1,282,611 1,315,458 19.1% 19.2%
FOOD PRODUCTS 0.7% 1,179,030 1,170,370 17.5% 17.1%
CONSTRUCTION 99.0% 66,301 33,321 1.0% 0.5%
MISCELLANEOUS -17.5% 47,259 57,263 0.7% 0.8%
TOTAL -1.9% 6,728,989 6,856,660 100.0% 100.0%
All Geo Areas Total Comparison 24Q2 & 23Q2 % CHANGE QoQ 2024Q2 QE 2023Q2 QE 24Q2 % OF TOTAL 23Q2 % OF TOTAL Balance of Jurisdiction -9.6% 3,025,617 3,346,850 45.0% 48.8% Stanford Shopping Center 2.0% 1,929,933 1,892,671 28.7% 27.6% Greater Downtown 1.3% 883,187 871,707 13.1% 12.7%
El Camino Real and Midtown 36.7% 523,512 382,952 7.8% 5.6% Town And Country Shopping Center 0.5% 201,107 200,016 3.0% 2.9% California Avenue 2.0% 165,633 162,464 2.5% 2.4%
TOTAL -1.9% 6,728,989 6,856,660 100.0% 100.0%
Palo Alto citywide QE 24Q2 & 23Q2 % CHANGE QoQ 2024Q2 QE 2023Q2 QE 24Q2 % OF TOTAL 23Q2 % OF TOTAL BUSINESS TO BUSINESS -5.1% 2,366,493 2,494,782 32.0% 33.7% GENERAL RETAIL 1.5% 2,043,997 2,013,002 27.6% 27.2%
FOOD PRODUCTS 3.8% 1,394,270 1,343,533 18.8% 18.2%
TRANSPORTATION -2.5% 1,286,021 1,319,459 17.4% 17.8%
MISCELLANEOUS 12.6% 209,545 186,015 2.8% 2.5%
CONSTRUCTION 123.1% 99,639 44,663 1.3% 0.6%
TOTAL 0.0% 7,399,964 7,401,454 100.0% 100.0%
City of Palo Alto Geo Areas & Citywide Chart Data: Change from 2023Q2 to 2024Q2 (Economic) Cont.
Item 11
Attachment A - 2024 Q2 Sales Tax
Digest Summary with County Pool
and Legislative Update
Item 11: Staff Report
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FOOD PRODUCTS,
-1.1% CHANGE, $97,704 ,
59.0% TOTAL
GENERAL RETAIL,
11.7% CHANGE, $22,895 ,
13.8% TOTAL
ALL OTHER,
4.4% CHANGE, $45,034 ,
27.2% TOTAL
California Avenue 2024Q2 SALES TAX AMOUNTS
FOOD PRODUCTS, $98,820 ,
60.8% TOTAL
GENERAL RETAIL,
$20,505 , 12.6%TOTAL
ALL OTHER, $43,138 ,
26.6% TOTAL
California Avenue 2023Q2 SALES TAX AMOUNTS
FOOD PRODUCTS,
-4.3% CHANGE, $153,816 ,
29.4% TOTAL
GENERAL RETAIL,
-5.6% CHANGE, $36,560 ,
7.0% TOTAL
ALL OTHER,
81.6% CHANGE,
$333,136 ,
63.6% TOTAL
El Camino Real and Midtown 2024Q2 SALES TAX AMOUNTS
FOOD PRODUCTS, $160,747 ,
42.0% TOTAL
GENERAL RETAIL,
$38,735, 10.1% TOTAL
ALL OTHER, $183,471
47.9% TOTAL
El Camino Real and Midtown 2023Q2 SALES TAX AMOUNTS
City of Palo Alto Geo Area Pie Charts
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Attachment A - 2024 Q2 Sales Tax
Digest Summary with County Pool
and Legislative Update
Item 11: Staff Report
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FOOD PRODUCTS,
1.0% CHANGE, $542,523 ,
61.4% TOTAL
GENERAL RETAIL,
-15.8% CHANGE,
$228,058 ,
25.8% TOTAL
BUSINESS TO BUSINESS,
24.0% CHANGE, $53,804 ,
6.1% TOTAL
CONSTRUCTION,
474.3% CHANGE, $48,831 ,
5.5% TOTAL
MISCELLANEOUS,
-27.6% CHANGE, $6,123 ,
0.7% TOTAL TRANSPORTATION,
17.4% CHANGE, $3,848 ,
0.4% TOTAL
Greater Downtown 2024Q2 SALES TAX AMOUNTS
FOOD PRODUCTS,
$537,207 , 61.6% TOTAL
GENERAL RETAIL,
$270,854 , 31.1% TOTAL
BUSINESS TO BUSINESS,
$43,404 , 5.0% TOTAL
CONSTRUCTION, $8,503 ,
1.0% TOTAL
MISCELLANEOUS, $8,463 ,
1.0% TOTAL TRANSPORTATION, $3,276 ,
0.4% TOTAL
Greater Downtown 2023Q2 SALES TAX AMOUNTS
GENERAL RETAIL
$1,457,305 ,
77.0% TOTAL
FOOD PRODUCTS, $167,448 ,
8.8% TOTAL
ALL OTHER, $267,918 ,
14.2% TOTAL
Stanford Shopping Center 2023Q2 SALES TAX AMOUNTS
GENERAL RETAIL,
4.2% CHANGE, $1,518,464 ,
78.7% TOTALFOOD PRODUCTS,
1.3% CHANGE,
$169,662 ,
8.8% TOTAL
ALL OTHER, -9.7% CHANGE,
$241,807 , 12.5% TOTAL
Stanford Shopping Center 2024Q2 SALES TAX AMOUNTS
City of Palo Alto Geo Areas Pie Charts
Item 11
Attachment A - 2024 Q2 Sales Tax
Digest Summary with County Pool
and Legislative Update
Item 11: Staff Report
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FOOD PRODUCTS,
-0.2% CHANGE, $122,784 ,
61.1% TOTAL
GENERAL RETAIL,
6.7% CHANGE, $78,073 ,
38.8% TOTAL
ALL OTHER, -93.5% CHANGE, $249 , 0.1% TOTAL
T own And Country Shopping Center 2024Q2 SALES TAX AMOUNTS
FOOD PRODUCTS,
$123,015 ,
61.5% TOTAL
GENERAL RETAIL,
$73,144 ,
36.6% TOTAL
ALL OTHER, $3,857 , 1.9% TOTAL
T own And Country Shopping Center2023Q2 SALES TAX AMOUNTS
BUSINESS TO BUSINESS,
-6.0% CHANGE,
$2,188,898 ,
32.5% TOTAL
GENERAL RETAIL,
0.7% CHANGE, $1,964,890,
29.2% TOTAL
TRANSPORTATION,
-2.5% CHANGE,
$1,282,611,
19.1% TOTAL
FOOD PRODUCTS,
0.7% CHANGE, $1,179,030 ,
17.5% TOTAL
CONSTRUCTION, 99.0% CHANGE,
$66,301 , 1.0% TOTAL
MISCELLANEOUS,
-17.5% CHANGE, $47,259 ,
0.7% TOTAL
All Other Geos combined with Balance of Jurisdiction 2024Q2
SALES TAX AMOUNTS
BUSINESS TO BUSINESS,
$2,329,347 ,
34.0% TOTAL
GENERAL RETAIL, $1,950,901,
28.5% TOTAL
TRANSPORTATION,
$1,315,458 ,
19.2% TOTAL
FOOD PRODUCTS,
$1,170,370 ,
17.1% TOTAL
CONSTRUCTION,
$33,321 , 0.5% TOTAL
MISCELLANEOUS,
$57,263 , 0.8% TOTAL
All Other Geos combined with Balance of Jurisdiction 2023Q2
SALES TAX AMOUNTS
City of Palo Alto Geo Area Pie Charts
Item 11
Attachment A - 2024 Q2 Sales Tax
Digest Summary with County Pool
and Legislative Update
Item 11: Staff Report
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www.avenuinsights.com (800) 800-8181 Page 14 Balance of Jurisdiction,
-9.6% CHANGE,
$3,025,617 ,
45.0% TOTAL
Stanford Shopping Center,
2.0% CHANGE, $1,929,933 ,
28.7% TOTAL
Greater Downtown,
1.3% CHANGE,
$883,187 ,13.1%TOTAL
El Camino Real and Midtown,
36.7% CHANGE, $523,512 ,
7.8% TOTAL
Town And Country Shopping Center,
0.5% CHANGE, $201,107 , 3.0% TOTAL California Avenue, 2.0% CHANGE, $165,633 , 2.5% TOTAL
All Geo Area Totals 2024Q2 SALES TAX AMOUNTS
Balance of Jurisdiction,
$3,346,850 , 48.8% TOTAL
Stanford Shopping Center,
$1,892,671 , 27.6% TOTAL
Greater Downtown,
$871,707 , 12.7% TOTAL
El Camino Real and Midtown,
$382,952 , 5.6% TOTAL
Town And Country Shopping Center,
$200,016 , 2.9% TOTAL California Avenue,
$162,464 , 2.4% TOTAL
All Geo Area Totals 2023Q2 SALES TAX AMOUNTS
BUSINESS TO BUSINESS,
-5.1% CHANGE, $2,366,493 ,
32.0% TOTAL
GENERAL RETAIL,
1.5% CHANGE, $2,043,997 ,
27.6% TOTAL
FOOD PRODUCTS,
3.8% CHANGE,
$1,394,270 ,
18.8% TOTAL
TRANSPORTATION,
-2.5% CHANGE, $1,286,021 ,
17.4% TOTAL
MISCELLANEOUS, 12.6% CHANGE,
$209,545 , 2.8% TOTAL
CONSTRUCTION,
123.1% CHANGE, $99,639 ,
1.3% TOTAL
Palo Alto citywide 2024Q2 SALES TAX AMOUNTS
BUSINESS TO BUSINESS,
$2,494,782 , 33.7% TOTAL
GENERAL RETAIL,
$2,013,002 ,
27.2% TOTAL
FOOD PRODUCTS,
$1,343,533 ,
18.2% TOTAL
TRANSPORTATION,
$1,319,459 17.8% TOTAL
MISCELLANEOUS, $186,015 ,
2.5% TOTAL CONSTRUCTION, $44,663 ,
0.6% TOTAL
Palo Alto citywide 2023Q2 SALES TAX AMOUNTS
City of Palo Alto Geo Area & Citywide Pie Charts
Item 11
Attachment A - 2024 Q2 Sales Tax
Digest Summary with County Pool
and Legislative Update
Item 11: Staff Report
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CALIFORNIA
Legislative Update
September 4, 2024
The legislature concluded its two year session late Saturday night, forgoing some standard legislative procedures and shutting down floor debate to pass bills moments before the midnight deadline. It was a notable end-of-session, not only because of the push to beat the clock, but also
because the tension between the administration, Senate, and Assembly was palpable.
Governor Gavin Newsom convened a special session of
the legislature on oil and gas prices on the final day of session, after Assembly leadership declined to pass
eleventh-hour legislation championed by the governor.
The Assembly gaveled in the special session, while Senate pro Tempore Mike McGuire (D-Geyserville) stated that
the Senate would not be convening the special session, as he had been willing to consider the proposal within the regular session. It is unclear what will result from the refusal, however, hundreds of bills are awaiting the
governor’s signing or veto, potentially giving Newsom
some leverage.
As is customary, the two houses of the legislature
participated in a bit of gamesmanship, holding on to bills from the other house longer than necessary. What was
unusual, was that the final exchange of bills was at 11 p.m., which led to the Assembly waiving rules and sending a few bills that had not been vetted in a policy committee
directly to the governor. In the final minutes before
midnight, Assembly Member Bill Essayli (R-Corona)
repeatedly objected to the decision to limit debate to 30 seconds, shouting and pounding on his desk, then
departing prior to the close of session.
The subject matter of the most controversial legislative proposals competing for attention in the last days of
session was far ranging. The legislature passed bills
addressing a ban on leaded aviation fuel, artificial
intelligence and “deep fakes,” affordable housing and
jobless aid for undocumented immigrants, pharmacy
benefit managers, and medical debt reporting on credit
reports. Prescriptive legislation impacting warehouse
design and build standards, AB 98 (Carrillo) briefly
outlined in the economic development section of this
memo, was easily the most debated measure impacting
local jurisdictions. The measure passed the legislature without being heard in an Assembly policy committee, and is on the governor’s desk.
Last month, Governor Newsom signed a major package of
legislation targeting organized retail theft and aiming to head off more stringent measures proposed under Prop.
36, which voters will consider in November. The package is intended to make it easier to prosecute retail and vehicle thefts, while preserving provisions contained in Prop. 47 (2014) which reduced prison sentences for nonviolent
crimes.
For the remaining bills passed by the legislature, the
governor has until September 30 to sign or veto legislation.
Unless the legislature gathers prior to December to act on the special session, they will next convene on December 2 in Sacramento to open the 2025-26 legislative session.
Below is a summary of key legislation we have been
following this year, most of which are awaiting action by the governor.
Broadband
AB 1588 (Wilson) Affordable Internet and Net
Equality Act of 2024. As amended 7/3/24. This bill
would require the California Public Utilities Commission to establish an expedited process by which an existing
regulated telephone service provider that offers broadband services or has an affiliate that offers broadband services can become an eligible telecommunications carrier for the purposes of providing Lifeline services.
Status: Held on the Senate Appropriations committee
suspense file – dead.
Cal Cities Position: Watch
AB 1826 (Holden) Digital Equity in Video
Franchising Act of 2024. As amended 8/15/24. This bill
makes various modifications to cable franchise
requirements to expand the authority of the California
Public Utilities Commission to regulate cable video
services. The measure also modifies the cable franchise Item 11
Attachment A - 2024 Q2
Sales Tax Digest Summary
with County Pool and
Legislative Update
Item 11: Staff Report
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2 application and renewal process to require public hearings before the issuance or renewal of a cable franchise and raises local fines for violations of certain customer service requirements.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
AB 2239 (Bonta) Digital discrimination of access:
prohibition. As amended 7/3/24. This bill would define
“digital discrimination of access” and prohibit entities that provide, facilitate, and affect consumer access to
broadband internet from engaging in it.
Status: Held on the Senate Appropriations committee
suspense file – dead.
Cal Cities Position: Watch
SB 1383 (Bradford) California Advanced Services
Fund: Broadband Public Housing Account. As
amended 4/9/24. This bill expands eligibility for the
California Advanced Services Fund Broadband Public
Housing Account, authorizes the use of Public Housing
Account funds for devices that improve existing
broadband service, and enables Public Housing Account
recipients offering new broadband plans within low-
income communities to provide a free or low-cost
broadband plan to those communities as a condition of
obtaining the grant.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
Cannabis
AB 1111 (Pellerin) Cannabis: small producer event
sales license. As amended 8/15/24. This bill requires the Department of Cannabis Control (DCC) no later than Jan. 1, 2026, to issue small producer event sales licenses that authorizes the license holder to sell cannabis or cannabis products, containing cannabis cultivated by that licensee, at licensed state temporary events, and requires the DCC to charge each small producer event sales licensee a licensing fee. The bill authorizes a licensee who holds a valid annual state cultivation license and a valid license, permit, or other authorization for cannabis cultivation issued by a local jurisdiction, and who meets specified other requirements, to apply for a small producer event sales license. Finally, the bill limits the retail sales of cannabis and cannabis products by a small producer at state temporary events to $175,000 in gross revenue per year. Starting Jul. 1, 2027, the DCC may increase this cap through regulation after
reevaluation.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
AB 1610 (Jones-Sawyer) Cannabis: Department of
Cannabis Control. As amended 6/19/24. This bill would
make changes to the testing standards for licensed
cannabis, including requiring testing for cannabigerolic acid and heavy metals. The bill would also subject testing laboratories to in-person audits by the DCC at least once every 2 years and would require the results of those audits to be posted on the DCC’s website.
Status: Held on the Senate Appropriations committee
suspense file – dead.
Cal Cities Position: Watch
AB 1616 (Lackey) California Cannabis Tax Fund:
Board State and Community Corrections grants. As
introduced 2/17/23. This bill would amend the Board of
State and Community Corrections’ (BSCC) Prop. 64 Public Health and Safety Grant Program to expand the eligibility criteria so that all of California's 482 cities and 58 counties may apply for grant funding. The bill further directs the BSCC to prioritize the allocation of BSCC grants to
programs addressing unlawful retail and cultivation
activities.
Status: Referred, but never heard in the Senate Public
Safety committee - dead.
Cal Cities Position: Support
AB 1775 (Haney) Cannabis: local control: cannabis
consumption. As amended 8/23/24. This bill authorizes
a local jurisdiction to allow for the preparation or sale of non-cannabis food or beverage products by a licensed
retailer or microbusiness in the area where the
consumption of cannabis is allowed, and to allow, and to sell tickets for, live musical or other performances on the premises of a licensed retailer or microbusiness in the area where the consumption of cannabis is allowed. The bill
additionally specifies that these provisions do not
authorize a licensed retailer or microbusiness to prepare or sell industrial hemp or products containing industrial
hemp, as provided.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
AB 2223 (Aguiar-Curry) Cannabis: industrial hemp.
As amended 5/16/24. This bill would revise the
requirements governing industrial hemp products to clarify and expand the prohibition on synthetic forms of THC,
limits hemp products to no more than one milligram of
THC per product, including no more than 0.25 milligrams per serving, establishes a seizure and embargo process for Item 11
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3 unlawful hemp products, and provides for the integration of hemp products into the marketplace for cannabis
regulated by the DCC.
Status: Held on the Senate Appropriations committee
suspense file – dead.
Cal Cities Position: Support
AB 2555 (Quirk-Silva) Sales and use tax: exemption:
medicinal cannabis: donations. As amended 4/8/24.
This bill ensures continued access to medicinal cannabis donations for low-income patients by extending
indefinitely the sales and use tax exemption for medicinal cannabis or medicinal cannabis products that are donated by cannabis licensees by extending the current exemption for an additional five years to Jan. 1, 2030.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
SB 820 (Alvarado-Gil) Cannabis: enforcement: seizure
of property. As amended 5/1/23. This bill would
authorize any local jurisdiction or the DCC, upon
obtaining an inspection warrant, to seize property in the place, building, yard, or enclosure where unlicensed
commercial cannabis activity is conducted, and authorizes the forfeiture, sale, and distribution of such property, as specified.
Status: Held on the Assembly Appropriations committee
suspense file - dead.
Cal Cities Position: Support
SB 1059 (Bradford) Cannabis tax: cannabis retailers.
As amended 4/24/24. This bill clarifies that the state’s 15% excise tax is calculated based on gross receipts of cannabis products and does not capture any tax or fee
imposed by a local jurisdiction.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
SB 1064 (Laird) Cannabis. As amended 8/22/24. This
bill revises the Medicinal and Adult Use Cannabis
Regulation and Safety Act licensing scheme for
commercial cannabis activities by adding a combined
activities license classification, as defined as a state license that authorizes 2 or more commercial cannabis activities at the same premises.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Support
SB 1109 (Bradford) Cannabis licensure. As amended
5/16/24. This bill requires the DCC to collect
demographic data about a person applying for a state
license.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
Online Sales
SB 1144 (Skinner) Marketplaces: online marketplaces.
As amended 7/1/24. This bill expands existing provisions requiring online marketplaces to collect certain
information from high-volume third-party sellers and
extends the authority to enforce these provisions to the district attorney in any county, a city attorney in any city, or a county counsel in any county.
Status: Chapter 172, Statutes of 2024.
Cal Cities Position: Support
Short-Term Rentals
AB 2202 (Rendon) Short-term rentals: disclosure:
cleaning tasks. As amended 8/15/24. This bill requires a place of short-term lodging or a website, application, or other similar centralized online platform to include
specified disclosures to be affirmatively acknowledged by the consumer about additional fees and charges that will be added if a consumer fails to complete certain cleaning tasks and a description of those tasks.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
SB 683 (Glazer) Hotels and short-term rentals:
advertised rates: mandatory fees. As amended 9/7/23.
This bill would, beginning Jul. 1, 2024, require a person or a website, application, or other similar centralized platform that advertises a hotel room rate or short-term rental rate before the public in this state, or from this state before the public in any state, to include in the advertised hotel room rate or short-term rental rate all mandatory fees, that will be charged in order for the consumer to stay in the hotel room or short-term rental and include in the total price to be paid, before the consumer reserves the stay, all taxes and fees imposed by a government on the stay.
Status: Placed on the Assembly inactive file - dead.
Cal Cities Position: Watch
Sales and Use Taxes
AB 52 (Grayson) Income tax credit: sales and use
taxes paid: manufacturing equipment: research and
development equipment. As amended 8/15/24. This bill
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4 allows a credit under both the Personal Income Tax Law and the Corporation Tax Law equal to the amount of sales tax reimbursement or use tax paid on purchases that were partially exempt under the existing sales and use tax
exemption for manufacturing and research and
development.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: None
AB 2061 (Wilson) Sales and Use Tax: exemptions:
zero-emission public transportation ferries. As
amended 5/1/24. This bill, beginning Jan. 1, 2025, and
until Jan. 1, 2030, provides a partial sales and use tax exemption for a zero-emission public transportation ferry.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Support
AB 2274 (Dixon) Taxation: sales and use taxes:
exemption: tax holiday. As amended 3/21/24. This bill
would, on and after Jan. 1, 2025, exempt from sales and use taxes the gross receipts from the sale of, and the
storage, use, or other consumption of, any tangible
personal property purchased during the first weekend in August, beginning at 12:01 a.m. on Saturday and ending at 11:59 p.m. on Sunday.
Status: Referred, but never heard in the Assembly Revenue & Taxation committee - dead.
Cal Cities Position: Oppose
AB 2443 (Carillo) Transactions and use taxes: Cities
of Lancaster, Palmdale, and Victorville. As amended
8/6/24. This bill authorizes the cities of Lancaster,
Palmdale, and Victorville to impose a transaction and use tax for the support of countywide transportation programs or general services. The tax rate may be up to 1%, even if it causes the combined transactions and use tax rate to exceed the statutory limit of 2%, provided certain
conditions are met. The bill specifies that any tax imposed under this authorization will not count towards the 2%
combined rate limit. The authorization for these cities to impose the tax will be repealed on Jan. 1, 2029, if an
ordinance proposing the tax has not been approved by
that date.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
AB 2854 (Irwin) Bradley-Burns Uniform Local Sales
and Use Tax Law. As amended 8/15/24. This bill
requires local agencies to publish on their websites and provide to the California Department of Tax and Fee
Administration specified information relating to each
agreement resulting in the direct or indirect payment,
transfer, diversion, or rebate of Bradley-Burns Sales Taxes.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Support
AB 3259 (Wilson) Transactions and use taxes: County
of Solano. As amended 8/22/24. This bill authorizes the cities of Campbell and Pinole, Solano County, or any city within Solano County, to impose a transaction and use tax for general or specific purposes that exceeds the 2%
statutory limitation, by ordinance of citizen’s initiative. The bill repeals this authorization on Jan. 1, 2029, if an
ordinance or citizens’ initiative proposing the tax has not been approved by that date.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
Property Tax
AB 1093 (Patterson) Property taxation: manufactured
homes: tax collection. As amended 7/13/23. This bill
would revise the Manufactured Home Property Tax Law
procedures for issuing a tax clearance certificate or a conditional tax clearance certificate and for the collection of unpaid, estimated taxes. With respect to the collection of taxes that are not yet payable, the bill would require those taxes to be computed by a certificate or statement prepared by the tax collector, upon request by an escrow officer, as provided, giving their estimate of those taxes or assessments for the current fiscal year and one succeeding fiscal year.
Status: Held on the Senate Appropriations committee
suspense file - dead.
Cal Cities Position: Watch
AB 1868 (Friedman) Property taxation: assessments:
affordable housing. As amended 8/22/24. This bill
makes a rebuttable presumption that an assessor shall not include the value of the deed of trust on certain
affordability-restricted properties utilizing the community land trust model.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
AB 2353 (Ward) Property taxation: welfare exemption:
delinquent payments: interest and penalties. As
amended 8/21/24. This bill prohibits a county tax
collector from taking or continuing any collection action for any delinquent installments of property taxes levied on a taxpayer that intends to develop the property for rent at Item 11
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5 affordable rates to low-income households, among other conditions.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
AB 2506 (Lowenthal) Property taxation: local
exemption: possessory interests: publicly owned
housing. As introduced 2/13/24. This bill would
authorize a county board of supervisors to exempt from
property taxation any possessory interest held by a tenant of publicly owned housing with a value so low that the
total taxes and applicable subventions on the property
would amount to less than the cost of assessing and
collecting them.
Status: Referred, but never heard in the Assembly Revenue & Taxation committee - dead.
Cal Cities Position: Watch
AB 2564 (Boerner) Property tax postponement: Senior
Citizens and Disabled Citizens Property Tax
Postponement Fund. As introduced 2/14/24. This bill
requires money to be transferred, on Jun. 30, 2025, and on Jun. 30 each year thereafter, from the state General Fund to the Senior Citizens and Disabled Citizens Property Tax Postponement Fund when the balance in the latter fund is less than $15 million.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Support
AB 2647 (Low) Property taxation: disabled veterans’
exemption: welfare exemption: housing for law
enforcement and firefighters. As amended 4/10/24.
This bill would expand the disabled veterans’ property tax exemption and would provide an unmarried surviving
spouse a property tax exemption in the same amount that they would have been entitled to if the veteran was alive and if certain conditions are met.
Status: Referred, but never heard in the Assembly Revenue & Taxation committee - dead.
Cal Cities Position: Watch
AB 2897 (Connolly) Property tax: welfare exemption:
community land trusts. As amended 8/20/24. This bill
makes changes to the definition of a community land trust (CLT) for purposes of property tax assessment and adds
cross references in various statutes to the definition of CLT.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
AB 3134 (Chen) Property taxation: refunds. As
amended 8/23/24. This bill makes changes to laws guiding property tax refunds by allowing refunds to be paid
without the taxpayer filing a claim under certain
circumstances. Additionally, the measure increases from $5,000 to $10,000 the thresholds for automatic refunds
due to value reductions, roll corrections, cancellations, and when the refund is issued to the recorded owner of the
property rather than to the person who actually paid the tax.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
AB 3277 (Committee on Local Government) Local
agency formation commission: districts: property tax.
As introduced 2/27/24. This bill requires a commission to determine the amount of property tax revenue to be
exchanged by an affected local agency if the proposal
includes the formation of a district and the applicant is seeking a share of the 1% ad valorem property taxes.
Status: Chapter 70, Statutes of 2024.
Cal Cities Position: None
SB 726 (Archuleta) Property taxation: exemption:
disabled veteran homeowners. As amended 4/13/23.
This bill would increase the disabled veterans’ exemption from property taxation to $863,790, and indexes the
increased amount for inflation, for lien dates between Jan. 1, 2024, and Jan. 1, 2034.
Status: Referred, but never heard in the Assembly Revenue & Taxation committee - dead.
Cal Cities Position: Watch
SB 871 (Archuleta) Property taxation: homeowners’,
veterans’, and disabled veterans’ exemptions. As
amended 9/1/23. This bill would amend the homeowners’
exemption from property tax to allow a property that
receives the homeowners’ exemption to also receive the
disabled veterans’ or veterans’ exemptions; and takes effect only if voters approve SCA 6 (Archuleta). SCA 6, outlined below, is also dead for the year.
Status: Referred to, but never heard in the Assembly
Revenue & Taxation committee - dead.
Cal Cities Position: Watch
SB 1072 (Padilla) Local government: Proposition 218:
remedies. As amended 6/17/24. This bill provides that, if a court determines that a fee or charge for a property- related service violates Prop. 218, then the local agency must credit that amount against the cost of providing the property related service.
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6 Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Support
SB 1164 (Newman) Property taxation: new
construction exclusion: accessory dwelling units. As
amended 5/16/24. This bill would enact a property tax
new construction exclusion for the addition or
construction of an accessory dwelling unit between Jan. 1, 2025, and Jan. 1, 2030.
Status: Referred, but never heard in the Assembly Revenue & Taxation committee - dead.
Cal Cities Position: Oppose
SCA 6 (Archuleta) Property taxation: veterans’
exemption. As amended 4/26/23. Upon approval of
voters, this bill would allow a dwelling that receives the veterans’ exemption or the disabled veteran’s exemption to also receive the homeowners’ exemption. Additionally, it would authorize the legislature to exempt property eligible for the veterans’ exemption in an amount up to the full value of the property. If the legislature increases the homeowners’ exemption, the measure would require that
the legislature provide the same increase in the veterans’ exemption, except as limited by the full value of the
property.
Status: Never referred to a policy committee in the
Assembly - dead.
Cal Cities Position: Watch
Corporation Tax
AB 1973 (Lackey) Personal Income Tax Law:
Corporation Tax Law: Bobcat Fire: exclusions. As
amended 4/18/24. This bill would, for taxable years
beginning on or after Jan.1, 2024, and before Jan. 1, 2029, provide an exclusion from gross income for any qualified taxpayer, for amounts received in settlement for costs and losses associated with the 2020 Bobcat Fire in the County of Los Angeles.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: None
AB 3160 (Gabriel) Insurance, income, and corporation
taxes: credits: low-income housing. As amended
8/23/24. This bill provides that an additional allocation of $500 million to the Low Income Housing Tax Credit is
not subject to an appropriation in the annual Budget Act for calendar years 2026 through 2030.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
SB 542 (Dahle) Personal Income Tax Law:
Corporation Tax Law: wildfires: exclusions. As
amended 7/3/24. This bill, for taxable years beginning on or after Jan. 1, 2022, and before Jan. 1, 2027, provides an exclusion from gross income for any qualified taxpayer, for amounts received in settlement for costs and losses
associated with the 2021 Dixie Fire in the counties of
Butte, Plumas, Lassen, Shasta, and Tehama, or the 2022
Mill Fire in the County of Siskiyou.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: None
Revenue and Taxation
AB 2557 (Ortega) Local agencies: contracts for special
services and temporary help: performance reports. As
amended 7/3/24. This bill would impose new
requirements on the governing bodies of local agencies
that wish to contract out for certain services, as specified, including posting contracts and related documents on the local agency’s website and providing advance notice to the public agency’s affected workforce union representative, as specified. The bill would also require public contracts for functions currently or previously performed by unionized public employees to include specified information
beginning Jul. 1, 2026.
Status: Held on the Senate Appropriations committee
suspense file - dead.
Cal Cities Position: Oppose
AB 2561 (McKinnor) Local public employees: vacant
positions. As amended 8/23/24. This bill requires a
public agency to present the status of vacancies and
recruitment and retention efforts during a public hearing before the governing board at least once per fiscal year and entitles the union for a bargaining unit to make a
presentation at the public hearing, as specified.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Oppose
AB 2813 (Aguiar-Curry) Government Investment Act.
As amended 6/26/24. This is a companion bill to ACA 1
and ACA 10 which were approved by the legislature in
2023 and 2024 respectively, and placed on the November
2024 ballot as Prop. 5. If Prop. 5 is approved by California voters, this bill defines “affordable housing” to include rental housing, ownership housing, interim housing, and affordable housing programs such as down payment
assistance, first-time homebuyer programs, and owner-
occupied affordable housing rehabilitation programs.
Additionally, the bill requires a local government to ensure Item 11
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7 that any project that is funded with Prop. 5 bonded
indebtedness or Prop 5 special taxes to have an estimated useful life of at least 15 years or 5 years if the funds are for specified public safety buildings, facilities, and equipment.
Status: Chapter 155, Statutes of 2024.
Cal Cities Position: Watch
AB 3005 (Wallis) Motor Vehicle Fuel Tax Law:
adjustment suspension. As introduced 2/16/24. This
bill would authorize the governor to suspend an
adjustment to the motor vehicle fuel tax, scheduled on or after Jul. 1, 2025, upon determining that increasing the rate would impose an undue burden on low-income and
middle-class families. Additionally, the measure would
require the governor to notify the legislature of an intent to suspend the rate adjustment on or before Jan. 10 of that year and would require the Department of Finance to
submit to the legislature a proposal by Jan. 10 that would maintain the same level of funding for transportation
purposes as would have been generated had the scheduled adjustment not been suspended.
Status: Never heard in policy committee - dead.
Cal Cities Position: Oppose
Development Fees
AB 1820 (Schiavo) Housing development projects:
applications: fees and exactions. As amended 8/20/24.
This bill authorizes a development proponent that submits a preliminary application for a housing development
project to request a preliminary fee and exaction estimate, as defined, and requires a local jurisdiction to provide the estimate within 30 business days of the submission of the preliminary application. For development fees imposed by an agency other than a city, county, or city and county, the bill requires the development proponent to request the fee schedule from the agency that imposes the fee and requires the agency that imposes the fee to provide the fee schedule to the development proponent without delay.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Neutral
AB 2430 (Alvarez) Planning and zoning: density
bonuses: monitoring fees. As amended 8/23/24.
This bill prohibits a city, county, or city and county from charging a monitoring fee on a 100% affordable housing
development using State Density Bonus Law (DBL) to
ensure the continued affordability required under DBL
and any applicable local inclusionary housing ordinance if the units in the development are subject to a regulatory monitoring agreement with certain state agencies.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
AB 2663 (Grayson) Affordable housing fees: reports.
As amended 6/17/24. This bill defines “inclusionary
housing in-lieu fees” to mean fees imposed as an
alternative means of compliance with an inclusionary
housing requirement. The bill, commencing on Jan. 1,
2026, and every 5 years thereafter, requires a local agency that collects inclusionary housing in-lieu fees to post on its internet website the amount of those fees collected in the past 5 years and the project those fees were spent on.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
AB 2729 (Patterson, Joe) Residential fees and charges.
As amended 8/21/24. This bill extends residential
development entitlements by 18 months.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
AB 3177 (Carrillo, Wendy) Mitigation Fee Act: land
dedications: mitigating vehicular traffic impacts. As
amended 8/19/24. This bill prevents local agencies from imposing land dedication requirements on new housing
developments in transit priority areas to widen a roadway for vehicular traffic purposes, or for achieving a desired roadway width, with certain exemptions.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
SB 937 (Wiener) Development projects: permits and
other entitlements: fees and charges. As amended
8/22/24. This bill prohibits a local government from
requiring payment of fees or charges for public
improvements or facilities on a designated residential
development project before the development receives a
certificate of occupancy, except under certain conditions.
Authorizes a local government to collect certain unpaid fees or charges in accordance with a specified procedure if the housing developer does not post a performance bond
or letter of credit.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Oppose unless amended
Economic Development
AB 98 (Carrillo) Planning and zoning: logistics use:
truck routes. As amended 8/28/24. This bill prohibits,
commencing Jan. 1, 2026, cities and counties from
approving new or expanded logistics uses unless they meet Item 11
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8 certain standards including buffer zones and mandatory truck route provisions; requires cities and counties to update their circulation elements to include truck routes; and imposes study requirements on the South Coast Air
Quality Management District.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Oppose
AB 761 (Friedman) Local finance: enhanced
infrastructure financing districts. As amended 5/20/24.
This bill allows an enhanced infrastructure financing
district enacted primarily to develop and construct
passenger rail projects in Los Angeles County to last 75 years instead of 45 years if they receive specified federal transportation loans.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
AB 930 (Friedman) Local government: infrastructure
financing districts: Reinvestment in Infrastructure for a Sustainable and Equitable California (RISE)
districts: housing development: restrictive covenants.
As amended 6/13/2024. This bill would authorize two or
more specified local governments to jointly form a RISE district to use tax increment financing and other revenue options to finance infill supportive infrastructure and affordable housing, among other things, near major transit stops. The bill would also require the Governor’s Office of Planning and Research to develop guidelines for the
formation of RISE districts, and require the Infrastructure and Economic development Bank to establish a RISE
District Revolving Loan Program, upon appropriation by
the legislature, to provide RISE districts with initial startup funding for eligible projects.
Status: Held on the Senate Appropriations committee
suspense file - dead.
Cal Cities Position: Watch
AB 1569 (Garcia) Salton Sea geothermal resource area:
Lithium Valley Office of Development. As amended
5/18/23. This bill would establish the Lithium Valley
Office of Development in the Energy Commission, and
require the office, in consultation with relevant state and local agencies, to coordinate activities related to funding, economic development, construction, manufacturing,
technical development, and reclamation of lithium located in the Salton Sea geothermal resource area.
Status: Held on the Senate Appropriations committee
suspense file - dead.
Cal Cities Position: Watch
AB 1819 (Waldron) Enhanced infrastructure financing
districts: public capital facilities: wildfires. As amended 8/14/24. This bill allows enhanced infrastructure financing districts to finance specified firefighting equipment if the district is at least partially in a high or very high fire hazard severity zone.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
AB 2488 (Ting) Downtown revitalization and
economic recovery financing districts: City and
County of San Francisco. As amended 8/23/2024. This
bill allows the City and County of San Francisco to create a Downtown Revitalization and Economic Recovery
Financing District to finance office-to-residential
conversion projects using incremental property tax
revenues.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
AB 2922 (Garcia) Economic development: capital
investment incentive programs. As amended 8/23/24.
This bill reinstates the Capital Investment Incentive
Program until Jan. 1, 2035, and expands the program to
cover lower initial investment amounts if a project
proponent meets additional job creation requirements.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Support
SB 440 (Skinner) Regional Housing Finance
Authorities. As amended 8/19/24. This bill authorizes
two or more local governments to establish a regional
housing finance authority to raise, administer, and allocate funding for affordable housing and provide technical
assistance at a regional level for affordable housing
development.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
SB 864 (Smallwood-Cuevas) Workforce development:
workplace rights curriculum. As amended 7/3/23. This
bill would require the California Workforce Development Board to assist the governor with partnering with the labor commissioner and other subject matter experts in
developing a workplace rights curriculum to be provided to all individuals receiving individualized career services, supportive services, or training services through the
California workforce system. The measure would require
each local workforce development board to ensure the
provision of workplace rights training consistent with that workplace rights curriculum. The bill would require the Item 11
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9 comprehensive 4-year local plan to include a description of how the local board plans to comply with this requirement.
Status: Held on the Assembly Appropriations committee
suspense file - dead.
Cal Cities Position: Watch
SB 1140 (Caballero) Enhanced infrastructure
financing district. As amended 8/8/24. This bill makes a series of changes to the enhanced infrastructure financing district formation process, and expands the type of
projects that these districts and other similar districts can finance to include projects that improve air quality.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
Transit
AB 1853 (Villapudua) San Joaquin Regional Transit
District: meetings: surplus money investments. As
amended 6/3/24. This bill authorizes the San Joaquin
Regional Transit District board to provide, by ordinance or resolution, that each board member receive $100 for each board meeting and committee meeting attended, not to
exceed $500 in a calendar month.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
AB 1924 (Nguyen, Stephanie) Sacramento Regional
Transit District. As amended 5/13/24. This bill allows
the Sacramento Regional Transit District to expand its
service area to any city within Sacramento County and any other portion of the unincorporated territory within the boundaries of Sacramento County where the county has
declared a need for the district to operate and reduces the number of Board Members that may be appointed by the
City of Sacramento from 4 to 3.
Status: Chapter 92, Statutes of 2024.
Cal Cities Position: Watch
AB 2325 (Lee) San Francisco Bay Area Rapid Transit
District: officers: designation and appointment. As
amended 5/30/24. This bill eliminates the treasurer and controller as specifically designated officers of the San Francisco Bay Area Rapid Transit District and as positions subject to appointment and removal by the board. It
additionally eliminates specified qualifications applicable to the controller.
Status: Chapter 106, Statutes of 2024.
Cal Cities Position: None
AB 2553 (Friedman) Housing development: major
transit stops: vehicular traffic impact fees. As amended 8/13/24. This bill requires cities and counties to set lower traffic impact mitigation fees for transit-oriented housing developments near major transit stops, instead of just at transit stations, and changes the definition of a major transit stop.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
AB 2634 (McCarty) Sacramento Regional Transit
District. As amended 5/30/24. This bill exempts the
Sacramento Regional Transit (SacRT) District from a
requirement that each transit operator that offers reduced fares to senior citizens must also offer reduced fares to disabled persons at the same rate established for senior citizens until Jan. 1, 2027. Further mandates that if SacRT offers reduced fares to senior citizens only, under this exemption, the district shall not increase fares for disabled persons or disabled veterans. Lastly, the bill requires, under this exemption, that if SacRT offers reduced fares to
senior citizens only, then SacRT is to submit a report to the legislature by Jan. 1, 2026.
Status: Chapter 111, Statutes of 2024.
Cal Cities Position: None
SB 904 (Dodd) Sonoma-Marin Area Rail Transit
District. As amended 8/19/24. This bill expands the
authority of the Sonoma-Marin Area Rail Transit District's board. In addition to submitting a retail transaction and use tax ordinance to the voters, the bill allows for special district taxes to be imposed by a qualified voter initiative.
It requires the boards of supervisors in Sonoma and Marin counties to call a special election for any tax measure proposed by either the district’s board of directors or a qualified voter initiative. The bill also mandates that the district reimburse the counties for the incremental costs of submitting the measure to voters, upon request.
Status: Enrolled, awaiting action by the governor.
Cal Cities Position: None
SB 960 (Wiener) Transportation: planning: transit
priority projects: multimodal. As amended 8/22/24.
This bill requires Caltrans to include complete streets assets in its asset management plan, system highway
management plan, and in the plain language performance
report for the state highway operation and protection
program (SHOPP). The measure further requires Caltrans
to develop and adopt transit priority policy and guidelines; and requires Caltrans to commit to specific 4-year targets to incorporate complete streets facilities in the SHOPP.
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10 Status: Enrolled, awaiting action by the governor.
Cal Cities Position: Watch
SB 1031 (Wiener) San Francisco Bay area: local
revenue measure: transportation improvements. As
amended 5/20/24. This bill would authorize the
Metropolitan Transportation Commission to propose new
taxes, allocate new revenue, and issue bonds for specified transportation projects, and require the State
Transportation Agency to consider transit agency
consolidation within the San Francisco Bay area.
Status: Never assigned to a policy committee in the
Assembly - dead.
Cal Cities Position: None
SB 1417 (Allen) Transit districts: prohibition orders.
As introduced 2/16/24. This bill provides that the Santa Monica Department of Transportation is also a transit
district for purposes of provisions regarding prohibition orders.
Status: Chapter 189, Statutes of 2024.
Cal Cities Position: None
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Attachment A - 2024 Q2
Sales Tax Digest Summary
with County Pool and
Legislative Update
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City Council
Staff Report
From: City Manager
Report Type: INFORMATION REPORTS
Lead Department: Administrative Services
Meeting Date: November 18, 2024
Report #:2410-3596
TITLE
Investment Activity Report for the First Quarter, Fiscal Year 2025
RECOMMENDATION
This is an informational report and no City Council action is required.
EXECUTIVE SUMMARY
The City’s Investment Policy1 (Policy) requires that staff report to Council quarterly on the City’s portfolio composition and performance compared to the Council-adopted Policy; discuss overall compliance with the City’s Investment Policy; and provide recommendations, if any, for Policy changes. In addition, staff provides a detailed list of all securities and reports on the City’s ability to meet expenditure requirements over the next six months. This report is to inform Council of the City’s investment portfolio performance as of the first quarter ending September 30, 2024 and to disclose staff’s cash flow projections for the next six months. Staff expect that the City will have sufficient funds or liquidity to meet expenditure requirements for the next six months. The portfolio details, activities, and performance are discussed below, and additional information is provided in the attachments. During the first quarter staff complied with all aspects of the Investment Policy and no significantly notable activity or changes in value occurred in this reporting period.
ANALYSIS
The City’s investment portfolio is summarized in Graph 1 and detailed in the Investments by Fund Report (Attachment B). The Investments by Fund Report groups the portfolio’s securities by investment type and includes details of the investment issuer, date of maturity, current market value, the book and face (par) value, and the weighted average maturity of each type of investment and of the entire portfolio.
1 City of Palo Alto website, Administrative Services Department, Money Management & Treasury:
https://www.cityofpaloalto.org/files/assets/public/v/1/administrative-services/investment-policies/adopted- investment-policy-1-39-asd.pdf
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The par value of the City’s portfolio is $595.6 million; in comparison, last quarter it was $640.9 million. The $45.3 million portfolio decline since the last quarter results from timing of cash flows, from the prepayment of the City’s Fiscal Year 2025 Unfunded Accrued Liability (UAL) pension cost for active employees to the Public Employers’ Retirement System (PERS) totaling $47.2 million, major revenue receipt due to seasonality timing, and delayed reimbursement of State Revolving Fund (SRF) loans for Wastewater Treatment capital projects. Property taxes and related receipts begin the second, third, and fourth quarters and major revenues such tax as sales, transient occupancy and utility user’s taxes are historically higher in the fourth quarter of FY 2024.
The portfolio consists of $56.1 million in liquid accounts and $539.5 million in various investment types as detailed in the following Table 1. The Investment Policy requires that at least $50 million be maintained in securities maturing in less than two years. The portfolio includes $232.2 million in investments maturing in less than two years, comprising 39.0% of the City’s investment portfolio. In addition, the Investment Policy allows up to 30% of the portfolio to be invested in securities with maturities beyond five years; actual at the end of the first quarter is 24.6% of the portfolio.
U.S. Treasury0.8%
U.S. Agency30.0%
U.S. Municipal/State39.6%
Negotiable CD7.1%
U.S. Corporate4.9%
Supranational8.2%
Liquid Accts.9.4%
Graph 1: Investments by Type -$595.6 Million (Par Value) Item 12
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The current market value of the portfolio is 96.0% of the book value. The market value of securities fluctuates, depending on how interest rates perform.
As interest rates decrease, the market value of the City’s portfolio will likely increase, and vice versa. There are inherent principal risks when actively buying and selling securities; reporting on market values a reporting requirement that informs staff of the portfolio’s overall position.
The market valuation is provided by U.S. Bank, the City’s safekeeping agent. The average life to maturity of the investment portfolio is 2.94 years compared to 3.11 years last quarter.
To minimize investment principal risk of loss due to lower market values, the City’s investment practice is to buy and hold investments to maturity. In the instances where there is a need to sell securities for contingency cash flow planning, the City’s practice is to sell securities that are at or above the market value.
Investments Made During the First Quarter
During the first quarter, $42.1 million of securities with an average yield of 3.9% matured. During the same period, per the following Table 2, securities totaling $6.0 million with an average yield of 4.0% were purchased. Though interest rates slightly rose on new investments, the City’s portfolio’s average yield has begun to gradually decline. The City’s short-term money market and pool account decreased by $9.2 million compared to the fourth quarter of FY 2024. Staff continually monitors the City’s short-term cash flow needs and adjusts liquid funds to meet them.
In addition, per California Government Code Section 53607, the Administrative Services Department is providing a monthly report of transactions (investments, reinvestment, sold, and exchanged securities) to Council. Though not required by this code, included in this report are security maturities and cash movement activity in the City’s two liquid operating cash pool Table 1: Up to 1 Year 1 to 2 Years 2 to 3 Years 3 to 5 Years Over 5 Years Portfolio Total * % of Portfolio U.S. Treasury -$ 4.5$ -$ -$ -$ 4.5$ 0.8%U.S. Agency Bonds 41.8 26.5 15.0 14.6 80.9 178.8 30.0%U.S. Municipal/ State Bonds 32.9 55.6 38.0 45.3 64.1 235.9 39.6%Negotiable Certificates of Deposits (NCD) 12.2 7.2 8.2 13.2 1.5 42.3 7.1%U.S. Corporate Bonds 9.7 7.8 10.5 1.0 - 29.0 4.9%Supranational Organizations Bonds 1.0 33.0 6.0 9.0 - 49.0 8.2%Liquid Accounts (LAIF & Fidelity) 56.1 - - - - 56.1 9.4% Grand Total 153.7$ 134.6$ 77.7$ 83.1$ 146.5$ 595.6$ 100% % of Portfolio 25.8% 22.6% 13.0% 14.0% 24.6% 100.0%* $124.4 million or 19.8% are in investments that support Environmental, Social, and Governace (ESG) Activities(aka "Green", local banks, and Supranational Bonds) Investment Type
FY 2025 Q1 Maturities - Par Value (millions)
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accounts (Local Agency Investment Fund and Fidelity accounts). Monthly and quarterly investment reports, along with the City’s Investment Policy, can be found on the City’s website2.
Availability of Funds for the Next Six Months
Staff expects that the City will have sufficient funds or liquidity to meet expenditure requirements for the next six months.
Projections indicate that for the City’s cashflow, an overall growth in the portfolio of $34.2 million is expected over the coming six months due to routine business activities. This reflects expected receipts of $365.5 million and expenditures of $331.3 million over the next six months.
As of September 30, 2024, the City had $56.1 million deposited in the Local Agency Investment Fund (LAIF) and a money market account. In addition, investments totaling $20.7 million will mature between October 1, 2024 and March 31, 2025.
Compliance with City Investment Policy
During the first quarter, staff complied with all aspects of the Investment Policy. Attachment C lists the major restrictions in the City’s Investment Policy compared with the portfolio’s actual performance.
Investment Yields
Interest income on an accrual basis, for the General Fund, for the first quarter was $3.4 million; compared to the prior year’s fourth quarter of $4.1 million, or $0.5 million lower than the same quarter of prior year due to declining yield investment environment. As of September 30, 2024, the yield to maturity of the City’s portfolio was 2.46%; in the prior quarter it was 2.59%. In the first quarter, LAIF’s average yield was 4.56% while the average yield on the two-year and five- year Treasury bonds was approximately 4.03% and 3.79%, respectively. In comparison, in the prior quarter LAIF had 4.36% yield and the two-year and five-year Treasury bonds yields were higher at 4.82% and lower at 4.46%.
2 City of Palo Alto, Administrative Services, Financial Reporting, City Investment Reports and Policy:
www.cityofpaloalto.org/investmentreporting
Table 2:
Up to 1 Year 1 to 2 Years 2 to 3 Years 3 to 5 Years Over 5 Years Portfolio Total * % of Purchase U.S. Agency Bonds -$ -$ -$ $ - 1.0$ 1.0$ 16.7%Negotiable Certificates of Deposits (NCD) - 0.2 - 1.0 0.3 1.5 25.0%U.S. Corporate Bonds - - - 1.0 - 1.0 16.7%Supranational Organizations Bonds - - - 2.5 - 2.5 41.7% Grand Total -$ 0.2$ -$ 4.5$ 1.3$ 6.0$ 100%% of Purchase 0.0% 3.3% 0.0% 75.0% 21.7% 100.0% * $2.5 million or 41.7% are in investments that support Environmental, Social, and Governace (ESG) Activities(aka "Green", local banks, and Supranational Bonds) Investment Type
FY 2025 Q1 Security Purchases - Par Value (millions)
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The City’s portfolio yield is lower than the two-year and five-year Treasury bond due to the declining but still high interest rates environment. It is expected that as the City’s investments mature in the next few years, funds will continue to be reinvested and will follow the economic patterns. Graph 2 shows the City’s yields and interest earnings for the past 22+ years.
City’s portfolio duration is 2.94 years.
Yield Trends
The Federal Open Market Committee (FOMC), since March 2020, has raised the federal funds rate 11 times totaling 5.25% with the first occurring on March 16, 2022. Then beginning July 31, 2024, they decreased the rate twice totaling 0.75%.
In September 2024, the FOMC lowered interest rates by 50 basis points, targeting a range of
4.75-5%. This decision to ease monetary policy is likely to support growth and stabilize a slowing national labor market. The Feds indicated that it may lower interest rates further over the coming year.
Funds Held by the City or Managed Under Contract
Attachment A is a consolidated report of all City investment funds, including those not held directly in the investment portfolio. These include cash in the City’s regular bank account with US Bank and Wells Fargo. A description of the City’s banking relationships can be found in City
5.88%
5.00%
4.17% 4.54%
City of Palo Alto
2.71% 1.80%1.93% 1.66% 2.46%
3.65%
1.41%
0.81% 0.25%
2 Yr. Treasury 4.39% 4.03%
4.43%4.39%
4.98%
1.10%
5-Yr. Treasury
2.88%
2.47%
0.27%
3.23%
4.00%
3.79%
4.47%
1.44%
5.25%
0.23%
LAIF
1.29%
2.63%
4.56%
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
$5.0
0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%5.0%5.5%6.0%
Int. Earnings (Millions)Yields
Fiscal Year Quarters
Graph 2: Yields and Interest Earnings
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Council Staff Report ID # 2404-2845 3.The bond proceeds, reserves, and debt service payments being held by the City’s fiscal agents are subject to the requirements of the underlying debt indenture. The trustees for the bond funds are U.S. Bank and California Asset Management Program (CAMP). Bond funds with U.S. Bank are invested in federal agency and money market mutual funds that consist exclusively of U.S. Treasury securities. Bond funds in CAMP are invested in banker’s acceptance notes, certificates of deposit, commercial paper, federal agency securities, and repurchase agreements. The most recent data on funds held by the fiscal agent is as of September 30, 2024.
In January 2017, the City established a Section 115 Irrevocable Trust (Public Agencies Post- Employment Benefits Trust) administered by Public Agency Retirement Services (PARS). This fund is governed by the City’s Retiree Benefit Policy as opposed to the Investment Policy; however, it is discussed in this report to present the full picture of the City’s investments. It is the City’s intent to prefund pension costs and began to address the Net Pension Liabilities (NPL) as calculated by Governmental Accounting Standards Board Pronouncement No. 68 (GASB 68). The Section 115 Trust offered by PARS has five portfolios from which to choose in making investments of City funds. In February 2023, the City Council revised the City’s portfolio selection from “Moderately Conservative” to “Moderate”, shifting from the second most conservative to third.
Additional information on the establishment of this trust can be found in City Council Staff Report ID # 7553 4. Through June 30, 2024, principal investment contributions of $73.3 million made over time since May 2017, has increased to $90.2 million and the net return for one and five years has been 22.9% and 4.6% respectively. Since inception, $17.7 million net earnings have been realized with $0.8 million in administrative expenses.
FISCAL/RESOURCE IMPACT
This is an information report.
STAKEHOLDER ENGAGEMENT
Staff works internally and with external parties (U.S. Bank’s custodial, U.S. Bank’s bonds, Wells Fargo and U.S. Bank’s banking, California Asset Management Program (CAMP), and Public Agency Retirement Services (PARS)) statements to prepare this report.
ENVIRONMENTAL REVIEW
This Council informational report is not a project under California Environmental Quality Act (CEQA) as defined in CEQA Guidelines, section 15378, because it has no potential for resulting in either a direct or reasonably foreseeable indirect physical change in the environment. 3 City Council, June 17, 2024, https://portal.laserfiche.com/Portal/DocView.aspx?id=73964&repo=r-704298fc 4 City Council, January 23, 2017 Item #5, CMR 7553: https://www.cityofpaloalto.org/files/assets/public/agendas- minutes-reports/reports/city-manager-reports-cmrs/year-archive/2017/7553.pdf Item 12
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ATTACHMENTS
Attachment A: Consolidated Report of Cash Management
Attachment B: Investment Portfolio
Attachment C: Investment Policy Compliance
APPROVED BY:
Lauren Lai, Administrative Services Director
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Book Value Market Value
City Investment Portfolio (see Attachment B) 592,141,181$ 568,521,937 $ Other Funds Held by the City
Cash with Wells Fargo Bank 875,610 875,610 (includes general and imprest accounts)
Cash with US Bank 1,653,531 1,653,531 Total - Other Funds Held By City 2,529,141 2,529,141 Funds Under Management of Third Party Trustees *
Debt Service Proceeds
US Bank Trust Services **
2009 Water Revenue Bonds (Build America Bonds)
Debt Service and Reserve Funds 2,451,279 2,451,279 2011 Utility Revenue Refunding Bonds
Debt Service and Reserve Funds 1,081 1,081 2018 Capital Improvement (Golf Course & 2002B COP Refinance) (Taxable- Green Bond) Certificates of Participation
Debt Service Funds 346 346 2019 California Avenue Parking Garage Certificates of Participation (Tax-Exempt and Taxable Bonds)
Debt Service and Reserve Funds 577,120 577,120 2021 Public Safety Building Certificates of Participation Debt Service Funds 2,819 2,819 2022A & B General Obligation (Library) Bond
Cost of Issuance Funds 4,344 4,344 California Asset Management Program (CAMP) ***
2012 University Ave. Parking Refunding Bonds
Reserve Fund 3,007,596 3,007,596
Public Agencies Post-Employment Benefits Trust ****
Public Agency Retirement Services (PARS) 90,173,209 90,173,209 Total Under Trustee Management 96,217,794 96,217,794 GRAND TOTAL 690,888,115 $ 667,268,872 $
* These funds are subject to the requirements of the underlying debt indenture. ** U.S. Bank investments are in money market mutual funds that exclusively invest in U.S. Treasury securities. *** CAMP investments are in money market mutual fund which invest in bankers acceptance, certificate of deposit, commercial paper, federal agency securities, and repurchase agreements. **** PARS investments are in moderately conservative index plus funds Attachment A
First Quarter, Fiscal Year 2023-24
(Unaudited)
Consolidated Report of Cash Management
City of Palo Alto Cash and Investments
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City of Palo Alto
City of Palo Alto
Administration Svcs. Dept.
250 Hamilton Ave., 4th Floor
Palo Alto, CA 94301
(650)329-2362
September 30, 2024
Fund ALL - Portfolio Listings
Investments by Fund
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket ValueCUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
LAIF & Fidelity Cash Accounts
Fidelity Investments158 11,230,360.51SYS158 15.15007/01/2023 11,230,360.51 5.079 5.15011,230,360.51 Local Agency Investment Fund159 44,862,102.84SYS159 14.58007/01/2023 44,954,567.40 4.517 4.58044,862,102.84 Subtotal and Average 56,092,463.35 56,092,463.35 56,184,927.91 4.630 4.694 1 Negotiable Certificates of Deposits
Achieve Federal Credit Union2831 NCD 249,000.0000453NAA9 02/17/2026 5044.65002/17/2023 251,532.33 4.589 4.653249,000.00 Alaska USA Federal CU2850 NCD 249,000.00011852AK6 03/22/2028 1,2684.85003/22/2023 258,489.39 4.789 4.855249,000.00 Alliant Credit Union2781 NCD 249,000.0001882MAB8 12/30/2027 1,1854.95012/30/2022 258,225.45 4.884 4.952249,000.00 Amalgamated Fin Corp Bank2867 NCD 249,000.00022663BS6 04/14/2028 1,2915.00004/14/2023 249,124.50 4.937 5.005249,000.00 American National Bank Omaha2984 NCD 249,000.00028402CW3 02/26/2027 8784.90002/28/2024 250,115.52 4.836 4.903249,000.00 Anderson Bros Bank2997 NCD 249,000.00033537BC4 06/09/2025 2515.10003/08/2024 250,396.89 5.033 5.103249,000.00 Aneca Federal Credit Union2298 NCD 249,000.00034577AN6 03/20/2025 1701.10003/20/2020 245,045.88 1.085 1.100249,000.00 A+ Federal Creit Union2806 NCD 249,000.0000224TAL0 01/27/2025 1184.70001/27/2023 249,034.86 4.641 4.705249,000.00 Arsenal Credit Union2801 NCD 249,000.0004288LAA6 01/21/2025 1125.10001/20/2023 249,057.27 5.030 5.100249,000.00 Austin Telco Fed. Credit Union2732 NCD 249,000.00052392CC9 11/27/2026 7875.05011/28/2022 255,439.14 4.984 5.053249,000.00 American Express Centurion Bk2729 NCD 249,000.0002589AEG3 11/16/2027 1,1415.00011/16/2022 257,832.03 4.931 5.000249,000.00 Bank of America2962 NCD 249,000.0006051V7Z3 02/08/2027 8604.85002/07/2024 249,557.76 4.787 4.854249,000.00 Banner Capital Bank2453 NCD 249,000.0006654HAA6 11/28/2025 4230.45011/27/2020 239,191.89 0.493 0.500248,855.87 Bank of Wisconsin Dells2455 NCD 249,000.00065847EH4 07/28/2025 3001.05011/23/2020 242,727.69 0.542 0.549250,010.00 Baxter Credit Union2730 NCD 249,000.0007181JAU8 11/23/2026 7835.00011/22/2022 255,182.67 4.940 5.009249,000.00 BANESCO USA Bank2959 NCD 249,000.0005988ACT7 08/14/2026 6824.95002/14/2024 249,343.62 4.879 4.947249,000.00 Beal Bank - Plano, TX2668 NCD 249,000.0007371AYT4 02/24/2027 8762.05003/02/2022 239,057.43 2.053 2.081248,820.23 Texas Exchange Bank2346 NCD 249,000.0088241THJ2 06/13/2025 2551.00006/02/2020 243,345.21 0.986 1.000249,000.00 BankUnited NA2474 NCD 249,000.00066519QC6 01/22/2026 4780.55001/22/2021 238,370.19 0.592 0.600248,837.05 BMO Harris Bank2480 NCD 249,000.0005600XBX7 10/27/2028 1,4871.00001/27/2021 224,926.68 1.019 1.034248,672.91 BMW Bank of North America2448 NCD 249,000.0005580AXU3 11/20/2025 4150.50011/20/2020 239,542.98 0.493 0.500249,000.00 BankFirst Norfolk3028 NCD 249,000.0006644QAF8 09/28/2029 1,8233.60009/30/2024 248,454.69 3.552 3.601249,000.00 Bank of Brenham3019 NCD 249,000.00060730AS7 03/14/2029 1,6255.10003/14/2024 249,470.61 5.030 5.100249,000.00 Bank of Old Monroe2899 NCD 249,000.00064236BQ4 05/24/2028 1,3315.00005/24/2023 249,226.59 4.937 5.006249,000.00 BOKF NA Bank2876 NCD 249,000.0005572YGM8 04/26/2027 9374.95004/26/2023 249,206.67 4.886 4.953249,000.00 Bank of Baroda2898 NCD 249,000.0006063HQL0 11/15/2024 455.05005/15/2023 248,955.18 4.980 5.050249,000.00 Bank Rhode Island2991 NCD 249,000.00064577GH6 02/28/2025 1505.05002/28/2024 249,358.56 4.983 5.053249,000.00 Beal Bank USA - Las Vegas, NV2669 NCD 249,000.0007371CH69 02/24/2027 8762.05003/02/2022 239,057.43 2.053 2.081248,820.23 Portfolio CPA
AP
Run Date: 10/27/2024 - 12:27 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Attachment B
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Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 2
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable Certificates of Deposits
Encore Bank2343 NCD 249,000.0029260MBH7 05/21/2027 9621.15005/21/2020 232,441.50 1.134 1.150249,000.00 First Carolina Bank2389 NCD 248,000.0031944MBB0 08/20/2025 3230.45008/20/2020 240,155.76 0.444 0.450248,000.00 Community Choice Credit Union3032 NCD 249,000.0020368QAD8 03/30/2026 5454.00009/30/2024 249,475.59 3.945 4.000249,000.00 Central State Bank IOWA2324 NCD 249,000.0015523RCP9 03/27/2025 1771.00003/27/2020 244,786.92 1.189 1.206248,758.64 Centris Fed Credit Union Bank2903 NCD 249,000.0015643VAA0 11/25/2024 555.15005/24/2023 249,201.69 5.079 5.150249,000.00 Chambers State Bank3009 NCD 249,000.0015783QAE3 03/12/2029 1,6235.05003/12/2024 249,231.57 4.984 5.053249,000.00 CIBM Bank2904 NCD 249,000.0012545JBB0 05/17/2028 1,3245.00005/17/2023 249,375.99 4.937 5.006249,000.00 Cinfed Fed Credtit Union Bank2504 NCD 249,000.0017248MAC1 03/04/2027 8840.65003/04/2021 230,837.94 0.691 0.701248,698.61 Citadel Federal Credit Union2267 NCD 245,000.0017286TAG0 02/27/2025 1491.65002/27/2020 242,113.90 1.668 1.691244,960.04 Clearpath Federal Credit Union2881 NCD 249,000.0018507MAA9 04/28/2025 2095.15004/26/2023 249,159.36 5.086 5.157249,000.00 Enerbank USA2215 NCD 245,000.0029278TMR8 01/29/2025 1201.80001/29/2020 242,714.15 1.779 1.803245,000.00 Connexus Credit Union2643 NCD 249,000.0020825WAR1 12/23/2026 8131.25012/23/2021 235,459.38 1.273 1.291248,778.27 Commercial Bank of CAL3010 NCD 249,000.00201313CB7 09/08/2025 3425.00003/06/2024 251,325.66 4.931 5.000249,000.00 Cornerstone Community FCU3033 NCD 249,000.0021923MAA9 10/01/2029 1,8264.25009/30/2024 248,992.53 4.193 4.251249,000.00 Capital One Bank USA NA2609 NCD 249,000.0014042RQB0 11/17/2026 7771.10011/17/2021 235,314.96 1.084 1.100249,000.00 Corp America Family Cr. Union2974 NCD 249,000.00219873AA4 02/21/2025 1435.25002/23/2024 249,507.96 4.852 4.920249,000.00 County Schools FCU2695 NCD 249,000.0022258JAB7 09/27/2027 1,0914.40009/30/2022 253,230.51 4.341 4.402249,000.00 Cape Cod Five Cents Svgs Bank2965 NCD 249,000.0013934CBL0 02/22/2028 1,2395.05002/22/2024 249,131.97 4.980 5.050249,000.00 Crescent Bank & Trust2296 NCD 248,000.00225645DN7 03/20/2025 1701.10003/20/2020 244,061.76 1.085 1.100248,000.00 Carter Federal Credit Union2870 NCD 249,000.0014622LAK8 04/25/2025 2064.75004/25/2023 249,473.10 4.688 4.753249,000.00 Citizens State Bank Mont IA3021 NCD 249,000.0017669VAW7 03/13/2029 1,6245.00003/13/2024 249,067.23 4.934 5.003249,000.00 Cental Valley Community Bank2945 NCD 249,000.0015568PAV8 01/29/2027 8504.90001/30/2024 249,164.34 4.836 4.904249,000.00 Country Club Bank2477 NCD 249,000.00222327AD0 01/29/2030 1,9461.10001/29/2021 218,290.83 1.154 1.170248,115.51 City National Bank2809 NCD 249,000.00178180GV1 01/27/2025 1184.50001/25/2023 248,855.58 4.438 4.500249,000.00 Dannemora Fed Credit Union2917 NCD 249,000.00236334AD0 12/28/2028 1,5495.45012/28/2023 249,819.21 5.381 5.455249,000.00 Decorah Bank Trust Company2690 NCD 249,000.00243594AR9 09/23/2027 1,0873.70009/23/2022 245,043.39 3.651 3.701249,000.00 Delta Natl Bank & TR2670 NCD 249,000.0024773RCR4 02/25/2027 8772.00003/09/2022 238,763.61 1.975 2.003249,000.00 The District Fed Cr Union2778 NCD 249,000.0088340AAA9 12/23/2024 835.15012/22/2022 249,062.25 5.079 5.150249,000.00 Eaglemark Savings Bank2545 NCD 249,000.0027004PBV4 07/07/2026 6440.85007/07/2021 236,338.35 0.919 0.932248,648.73 Eclipse Bank, Inc.2939 NCD 249,000.0027889MAC4 02/02/2027 8545.00002/02/2024 249,191.73 4.935 5.003249,000.00 Enterprise Bank2897 NCD 249,000.0029367RMN3 05/19/2028 1,3264.25005/19/2023 254,156.79 4.196 4.255249,000.00 Evolve Federal Cr Union Bank3000 NCD 249,000.0030053QAA3 03/12/2029 1,6235.10003/12/2024 249,941.22 5.033 5.103249,000.00 Exchange State Bank3029 NCD 249,000.00301485AN8 09/06/2029 1,8014.60009/19/2024 249,159.36 4.561 4.625248,752.65 Farmer State Bank3008 NCD 249,000.0031034RKY0 03/15/2027 8955.10003/15/2024 249,136.95 5.038 5.108249,000.00 Portfolio CPA
AP
Run Date: 10/27/2024 - 12:27 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 12
Attachment B - Investment Portfolio
Item 12: Staff Report
Pg.
10 Packet Pg. 407 of 435
September 30, 2024
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 3
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable Certificates of Deposits
Farmers & Merchant State Bank2486 NCD 249,000.00308682BM4 02/12/2029 1,5951.00002/12/2021 222,996.93 1.037 1.052248,456.32 First Bank of the Lake2877 NCD 249,000.0031925YAE2 04/25/2028 1,3024.90004/25/2023 249,214.14 4.838 4.905249,000.00 Poppy Bank2285 NCD 249,000.0073319FAF6 03/18/2025 1681.10003/18/2020 245,083.23 1.085 1.100249,000.00 1st Financial Bank2390 NCD 248,000.0032022RNT0 08/19/2025 3220.45008/19/2020 240,173.12 0.444 0.450248,000.00 First Federal Bank2954 NCD 249,000.0032022WCZ7 02/02/2027 8545.00002/02/2024 249,124.50 4.935 5.004249,000.00 Farmers Insurance Group CU2479 NCD 249,000.0030960QAK3 01/27/2026 4830.50001/27/2021 238,081.35 0.543 0.550248,835.34 First Source Federal Cr Union2940 NCD 249,000.0033651FAL3 01/29/2025 1205.05001/29/2024 249,196.71 4.980 5.050249,000.00 First Oklahoma Bank2451 NCD 249,000.00335857CK2 11/30/2026 7900.65011/30/2020 232,710.42 0.691 0.701248,730.66 Farmers &Merchants Bank2644 NCD 249,000.00307811DM8 01/22/2030 1,9391.60001/14/2022 224,393.82 1.630 1.653248,340.87 First National Bank of America2465 NCD 249,000.0032110YRQ0 12/31/2026 8210.60012/31/2020 231,843.90 0.625 0.633248,813.39 Freedom First Fed CU Bank2868 NCD 249,000.0035638CAE9 10/15/2024 144.85004/14/2023 249,017.43 4.783 4.850249,000.00 First Foundation Bank2861 NCD 249,000.0032026UG83 12/30/2024 905.00003/31/2023 249,181.77 4.931 5.000249,000.00 Evolve Bank & Trust2951 NCD 249,000.00300498AV4 02/02/2026 4894.40002/02/2024 250,650.87 4.339 4.400249,000.00 First Community Credit Union2554 NCD 249,000.0031986JAD3 02/26/2027 8780.85007/28/2021 232,142.70 0.892 0.905248,678.34 FTSB Wheatland Bank2961 NCD 249,000.0033743UAB2 02/09/2029 1,5924.90002/09/2024 250,162.83 4.837 4.904249,000.00 General Electric Credit Union2989 NCD 249,000.00369674CS3 03/01/2027 8814.60002/28/2024 253,596.54 4.537 4.600249,000.00 Gesa Credit Union2456 NCD 249,000.0037424PAC8 11/30/2027 1,1550.80011/30/2020 227,040.69 0.825 0.836248,718.71 Haddon Savings Bank2447 NCD 207,000.00404730DA8 10/20/2025 3840.35011/16/2020 199,386.54 0.491 0.498206,602.34 Bank Hapoalim BM2457 NCD 249,000.0006251A2Q2 12/15/2025 4400.50012/14/2020 239,025.06 0.543 0.550248,850.08 Huntington National Bank2891 NCD 249,000.00446438SB0 05/05/2025 2164.80005/05/2023 249,460.65 4.734 4.800249,000.00 Healthcare Systems FCU2816 NCD 249,000.0042228LAM3 02/01/2027 8534.25001/30/2023 251,527.35 4.193 4.251249,000.00 Indep Bank - Grand Rapids MI3018 NCD 249,000.0045383KTM9 03/16/2026 5315.00003/15/2024 249,114.54 4.931 5.000249,000.00 INS Bank2757 NCD 249,000.0045776NFE1 12/14/2027 1,1694.90012/14/2022 249,348.60 4.835 4.902249,000.00 Insight Credit Union2836 NCD 249,000.0045791JAC0 02/27/2025 1495.10002/27/2023 249,099.60 5.036 5.105249,000.00 Intracoastal Bank2995 NCD 249,000.0046117YAC2 03/06/2029 1,6175.00003/06/2024 249,756.96 4.931 5.000249,000.00 Iroquois Federal Sav Loan Asso3022 NCD 249,000.0046355PDX3 03/20/2028 1,2665.10003/19/2024 249,186.75 5.031 5.101249,000.00 Timberland Bank Hoquaim3020 NCD 249,000.0088709RBB4 03/28/2029 1,6395.10003/28/2024 249,164.34 5.033 5.103249,000.00 Inst. for Sav in Newburyport2556 NCD 249,000.0045780PAQ8 07/29/2026 6660.90007/29/2021 236,139.15 0.888 0.900249,000.00 Jonesboro State Bank2452 NCD 249,000.0048040PJL0 11/26/2027 1,1510.75011/27/2020 226,729.44 0.790 0.801248,607.40 Kembra Financial Credit Union2731 NCD 249,000.0048836LAV4 11/25/2024 555.15011/23/2022 249,094.62 5.083 5.154249,000.00 Keypoint Credit Union Bank2914 NCD 249,000.0049332PAC4 12/27/2024 875.40012/29/2023 249,281.37 5.399 5.474249,000.00 Valley Strong Credit Union2748 NCD 249,000.00920133AJ4 12/13/2024 735.10012/14/2022 249,139.44 5.038 5.108249,000.00 Lafayette Federal Credit Union2879 NCD 249,000.0050625LBG7 05/27/2025 2383.10004/14/2023 247,017.96 4.931 5.000246,078.25 Ledyark National Bank2918 NCD 249,000.00523343AA9 12/29/2028 1,5504.05012/29/2023 262,216.92 3.994 4.050249,000.00 Portfolio CPA
AP
Run Date: 10/27/2024 - 12:27 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 12
Attachment B - Investment Portfolio
Item 12: Staff Report
Pg.
11 Packet Pg. 408 of 435
September 30, 2024
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 4
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable Certificates of Deposits
Legacy Bank & Trust Company2469 NCD 249,000.0052470QAN4 12/21/2028 1,5420.85012/30/2020 222,449.13 0.889 0.901248,472.77 Liberty First Credit Union2803 NCD 249,000.00530520AC9 01/27/2026 4834.50001/27/2023 250,944.69 4.442 4.503249,000.00 Liberty Savings Bank2979 NCD 249,000.00531194AJ7 02/21/2029 1,6044.85002/21/2024 250,185.24 4.788 4.855249,000.00 Live Oak Banking Company2599 NCD 249,000.00538036SS4 10/18/2027 1,1121.10010/18/2021 229,764.75 1.135 1.151248,620.87 Malaga Bank FSB2402 NCD 249,000.0056102AAQ9 06/30/2025 2720.40008/31/2020 241,953.30 0.394 0.400249,000.00 Meritrust Federal Credit Union2672 NCD 249,000.0059001PAP4 03/10/2026 5250.55003/07/2022 238,594.29 1.904 1.930244,245.15 Merrick Bank2610 NCD 249,000.0059013KPS9 05/19/2026 5951.10011/19/2021 238,138.62 1.152 1.168248,729.31 Metropolitan Capital Bank2986 NCD 249,000.00591803CJ8 02/28/2028 1,2455.05002/26/2024 249,719.61 4.980 5.050249,000.00 MI Bank2960 NCD 249,000.0059319LAS4 08/02/2027 1,0354.75002/01/2024 249,253.98 4.684 4.749249,000.00 Minwest Bank MV2478 NCD 249,000.0060425SJQ3 01/29/2029 1,5811.00001/28/2021 223,238.46 1.024 1.039248,595.96 Maine Savings Credit Union2144 NCD 245,000.00560507AN5 11/08/2024 381.90011/08/2019 244,279.70 1.875 1.902245,000.00 Mountain America FD Credit Uni2719 NCD 249,000.0062384RAR7 05/09/2025 2204.85011/09/2022 249,717.12 4.825 4.892248,939.93 Maple City Savings Bank3006 NCD 249,000.0056511PBE7 03/08/2027 8885.05003/08/2024 249,251.49 4.980 5.050249,000.00 Morgan Stanley Bank NA2815 NCD 249,000.0061690UY20 02/02/2026 4894.25002/02/2023 250,008.45 4.191 4.250249,000.00 Morgan Stanley Bank NA2849 NCD 249,000.0061768EQV8 03/24/2025 1745.25003/23/2023 249,891.42 5.178 5.250249,000.00 Mutual Savings Assoc Bank2955 NCD 249,000.0062835RCA7 01/31/2029 1,5834.90001/31/2024 249,166.83 4.837 4.904249,000.00 Nano Banc2896 NCD 249,000.0063008MAW1 05/17/2028 1,3244.90005/17/2023 249,146.91 4.838 4.905249,000.00 New Brunswick Postal FCU2760 NCD 249,000.00642858AA2 12/15/2025 4405.00012/14/2022 249,550.29 4.931 5.000249,000.00 Truxton Trust Co Bank2966 NCD 249,000.0089846HCR2 02/23/2029 1,6065.00002/23/2024 249,119.52 4.936 5.004249,000.00 Nicolet National Bank2906 NCD 249,000.00654062LK2 12/02/2024 625.15005/30/2023 249,221.61 5.082 5.153249,000.00 Neighbors Fed Credit Union Bk2924 NCD 249,000.0064017ABE3 01/19/2029 1,5715.30001/19/2024 258,765.78 5.232 5.305249,000.00 Noble Federal Credit Union Bk2971 NCD 249,000.0065504UAB3 02/23/2029 1,6065.20002/23/2024 249,149.40 5.133 5.204249,000.00 Oak Bank2938 NCD 249,000.00671082CN3 01/19/2027 8404.80001/19/2024 249,131.97 4.738 4.804249,000.00 Oklahomas Credit Union2751 NCD 249,000.0067886WAD9 12/16/2024 765.00012/14/2022 249,032.37 4.938 5.006249,000.00 Pacific Western Bank2420 NCD 249,000.0069506YSA8 09/30/2025 3640.45009/30/2020 240,536.49 0.443 0.450249,000.00 Pathfinder Bank2429 NCD 249,000.0070320KAR2 10/14/2025 3780.50010/13/2020 240,285.00 0.533 0.540248,896.97 Peoples Bank - Clive IA2937 NCD 249,000.00710253AU9 01/22/2026 4784.85001/22/2024 249,144.42 4.783 4.850249,000.00 Peoples Bank Clifton TN3016 NCD 249,000.00710247AS6 03/15/2029 1,6265.00003/15/2024 250,586.13 4.934 5.003249,000.00 Peoples Bank - Pratt KS3031 NCD 249,000.00710649AD6 09/20/2029 1,8154.55009/23/2024 249,348.60 4.509 4.572248,752.09 People's Bank2468 NCD 249,000.00710665GD6 12/31/2029 1,9170.90012/30/2020 216,316.26 0.967 0.981247,983.78 Ponce De Leon Federal Bank2686 NCD 249,000.00732329BD8 09/15/2027 1,0793.50009/15/2022 246,913.38 3.453 3.501249,000.00 Pentagon Fed Cred Union2565 NCD 249,000.0070962LAE2 09/01/2026 7000.85009/01/2021 235,369.74 0.889 0.901248,761.36 Pacific Alliance Bank2852 NCD 249,000.00693963AE0 03/27/2025 1775.15003/27/2023 249,801.78 5.087 5.157249,000.00 Pitney Bowes Bank, Inc.2873 NCD 249,000.00724468AC7 04/13/2028 1,2904.35004/14/2023 254,587.56 4.290 4.350249,000.00 Portfolio CPA
AP
Run Date: 10/27/2024 - 12:27 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 12
Attachment B - Investment Portfolio
Item 12: Staff Report
Pg.
12 Packet Pg. 409 of 435
September 30, 2024
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 5
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable Certificates of Deposits
People Bank / Coldwater OH2853 NCD 249,000.00710275AD0 03/30/2027 9104.80003/30/2023 254,953.59 4.735 4.800249,000.00 Pony Express Bank2488 NCD 249,000.00732770BJ0 02/25/2030 1,9731.00002/24/2021 216,856.59 1.055 1.070248,103.51 Premier Community Bank2895 NCD 249,000.0074048CAT9 06/14/2027 9864.90005/12/2023 249,333.66 4.838 4.905249,000.00 Prime Security Bank3015 NCD 249,000.0074167LAT4 03/15/2027 8955.05003/15/2024 249,094.62 4.981 5.050249,000.00 People's Security Bank & Trust2863 NCD 249,000.00712303BF2 03/30/2028 1,2765.45003/30/2023 249,373.50 5.375 5.450249,000.00 Public Service Credit Union2796 NCD 249,000.00744562AS8 01/20/2028 1,2064.75001/20/2023 249,141.93 4.687 4.752249,000.00 RiverBank2892 NCD 249,000.0076857RCF9 05/12/2028 1,3194.95005/12/2023 249,375.99 4.888 4.955249,000.00 Rayond James Bank NA2188 NCD 245,000.0075472RAU5 12/30/2024 901.85012/30/2019 243,199.25 1.824 1.850245,000.00 Renasant Bank2983 NCD 249,000.00759701BW4 02/23/2027 8755.00002/23/2024 249,139.44 4.931 5.000249,000.00 Rogue Credit Union2717 NCD 249,000.0077535MAC7 11/10/2025 4054.90011/09/2022 249,286.35 4.868 4.935248,908.07 Sawyer Savings Bank2710 NCD 249,000.00805508BT4 10/28/2027 1,1224.90010/28/2022 249,216.63 4.877 4.945248,694.00 State Bank of India2403 NCD 249,000.00856285UJ8 09/04/2025 3380.50009/04/2020 241,041.96 0.493 0.500249,000.00 Southern Bank2882 NCD 249,000.0084229LBV3 04/28/2028 1,3054.00004/28/2023 251,763.90 3.945 4.000249,000.00 Select Bank Forest VA2857 NCD 249,000.0081618LAE7 03/31/2028 1,2775.40003/31/2023 249,306.27 5.332 5.406249,000.00 San Francisco Credit Union2297 NCD 249,000.0079772FAF3 03/27/2025 1771.10003/27/2020 244,908.93 1.085 1.100249,000.00 Sharonview Fed Credit Union2718 NCD 249,000.00819866BR4 10/31/2025 3955.00010/31/2022 249,219.12 4.966 5.035248,910.26 Signature Federal Credit Union2804 NCD 249,000.0082671DAB3 01/31/2028 1,2174.40001/31/2023 254,333.58 4.341 4.401249,000.00 Sunwest Bank2491 NCD 249,000.0086804DCQ9 02/17/2028 1,2340.80002/17/2021 226,057.14 0.861 0.873248,398.93 SPCO Credit Union2827 NCD 249,000.0078472EAC8 02/28/2028 1,2454.35002/27/2023 254,231.49 4.290 4.349249,000.00 First Source Bank2754 NCD 249,000.0033646CNJ9 06/16/2028 1,3545.05012/16/2022 249,632.46 4.980 5.050249,000.00 Southeast Bank2821 NCD 249,000.0084133PFL7 02/06/2025 1284.55002/06/2023 248,793.33 4.487 4.550249,000.00 Synchrony Bank2563 NCD 249,000.0087165FZN7 08/20/2026 6880.90008/20/2021 235,803.00 0.887 0.900249,000.00 Technology Credit Union2797 NCD 249,000.0087868YAH6 07/21/2025 2935.10001/19/2023 249,122.01 5.031 5.100249,000.00 Texas Bank Henderson2464 NCD 249,000.00882214AA7 12/23/2025 4480.45012/23/2020 238,571.88 0.483 0.490248,877.82 Third Federal Savings and Loan2157 NCD 245,000.0088413QCK2 11/25/2024 551.95011/25/2019 243,907.30 1.923 1.950245,000.00 Thomaston Savings Bank3007 NCD 249,000.0088457PAV9 09/08/2027 1,0725.10003/08/2024 249,458.16 5.030 5.100249,000.00 Toyota Financial Savings Bank2551 NCD 249,000.0089235MLC3 07/15/2026 6520.95007/15/2021 236,622.21 0.936 0.950249,000.00 UBS Financial Services, Inc.2992 NCD 249,000.0090355GLE4 03/01/2027 8814.60002/28/2024 253,613.97 4.540 4.603249,000.00 Ufirst Federal Credit Union2832 NCD 249,000.00902684AB5 08/25/2025 3284.85002/24/2023 250,765.41 4.787 4.854249,000.00 United Heritage Credit Union2711 NCD 249,000.0091334AAC7 04/28/2025 2094.60010/28/2022 249,278.88 4.539 4.602249,000.00 Greenstate Credit Union2552 NCD 249,000.0039573LBM9 07/21/2026 6580.95007/21/2021 236,510.16 0.937 0.950249,000.00 USAlliance Federal Credit Unio2325 NCD 249,000.0090352RAU9 03/31/2025 1811.15003/31/2020 244,983.63 1.155 1.171248,975.32 U.S. Bank2998 NCD 249,000.0090355UCX1 03/06/2029 1,6175.25003/06/2024 249,388.44 5.178 5.250249,000.00 USF Federal Credit Union2546 NCD 249,000.0090353EAR4 07/15/2031 2,4781.75007/15/2021 219,543.30 1.801 1.826247,817.32 Portfolio CPA
AP
Run Date: 10/27/2024 - 12:27 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 12
Attachment B - Investment Portfolio
Item 12: Staff Report
Pg.
13 Packet Pg. 410 of 435
September 30, 2024
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 6
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable Certificates of Deposits
Finwise Bank3013 NCD 249,000.0031810PCF4 03/22/2029 1,6335.10003/22/2024 250,770.39 5.033 5.103249,000.00 Webster Five Cents Savings3030 NCD 250,000.0094789PCJ1 08/30/2029 1,7944.55009/19/2024 250,310.00 4.533 4.596249,503.32 Western State Bank2342 NCD 248,000.0095960NKE6 11/13/2025 4081.05005/13/2020 240,197.92 1.035 1.050248,000.00 Wells Fargo Bank2843 NCD 249,000.00949764AF1 03/17/2025 1675.25003/17/2023 249,839.13 5.185 5.257249,000.00 Wyoming Bank & Trust2446 NCD 249,000.0098321PAJ9 11/28/2025 4230.50011/27/2020 239,336.31 0.515 0.522248,913.52 West Town Bank and Trust2855 NCD 249,000.00956310BM7 03/28/2028 1,2745.45003/28/2023 249,343.62 5.381 5.456249,000.00 Subtotal and Average 42,244,540.70 42,265,000.00 41,648,742.13 3.494 3.542 827 Corporate Medium Term Bonds
Apple, Inc.2401 MTN 1,500,000.00037833DF4 01/13/2025 1042.75008/28/2020 1,492,035.00 0.620 0.6281,508,878.47 Apple, Inc.2489 MTN 700,000.00037833EB2 02/08/2026 4950.70002/08/2021 671,062.00 0.684 0.694700,054.47 Apple, Inc.2667 MTN 750,000.00037833CJ7 02/09/2027 8613.35002/23/2022 743,205.00 2.115 2.145769,135.30 Apple, Inc.3027 MTN 1,000,000.00037833DP2 09/11/2029 1,8062.20009/19/2024 926,830.00 3.600 3.650934,976.66 Alphabet (Google) Inc.2507 MTN 200,000.0002079KAH0 08/15/2025 3180.45003/01/2021 193,916.00 0.668 0.678199,608.85 Alphabet (Google) Inc.2675 MTN 1,000,000.0002079KAC1 08/15/2026 6831.99803/14/2022 969,330.00 2.197 2.228995,916.18 Alphabet (Google) Inc.2689 MTN 1,000,000.0002079KAJ6 08/15/2027 1,0480.80009/14/2022 926,240.00 3.442 3.489929,565.16 Alphabet (Google) Inc.2837 MTN 2,800,000.0002079KAJ6 08/15/2027 1,0480.80002/15/2023 2,593,472.00 3.964 4.0202,565,256.47 Johnson & Johnson2466 MTN 2,000,000.00478160CN2 09/01/2025 3350.55012/23/2020 1,936,960.00 0.479 0.4862,001,156.04 Johnson & Johnson2508 MTN 2,000,000.00478160BY9 03/01/2026 5162.45003/01/2021 1,961,400.00 0.812 0.8232,042,849.01 Johnson & Johnson2509 MTN 1,000,000.00478160BY9 03/01/2026 5162.45003/01/2021 980,700.00 0.812 0.8241,021,419.01 Andrew W Mellon Foundation2976 MTN 1,000,000.0003444RAB4 08/01/2027 1,0340.94702/14/2024 924,980.00 4.389 4.450908,944.35 Microsoft Corporation2450 MTN 2,920,000.00594918BJ2 11/03/2025 3983.12511/18/2020 2,892,435.20 0.572 0.5802,995,693.73 Microsoft Corporation2506 MTN 180,000.00594918BJ2 11/03/2025 3983.12503/01/2021 178,300.80 0.753 0.763184,299.35 Microsoft Corporation3004 MTN 1,000,000.00594918BB9 02/12/2025 1342.70003/04/2024 993,320.00 5.030 5.099991,570.27 Stanford University2648 MTN 1,500,000.0085440KAC8 06/01/2027 9731.28901/07/2022 1,401,030.00 1.479 1.5001,491,918.97 Stanford University2658 MTN 500,000.0085440KAC8 06/01/2027 9731.28902/01/2022 467,010.00 1.849 1.875492,595.91 Stanford University2709 MTN 1,530,000.0085440KAC8 06/01/2027 9731.28910/19/2022 1,429,050.60 4.487 4.5501,411,193.98 Stanford University2761 MTN 450,000.0085440KAC8 06/01/2027 9731.28912/12/2022 420,309.00 4.142 4.200418,449.87 Stanford University2969 MTN 1,000,000.0085440KAC8 06/01/2027 9731.28902/12/2024 934,020.00 4.364 4.424922,973.93 Yale University2376 MTN 2,000,000.0098459LAA1 04/15/2025 1960.87307/01/2020 1,964,480.00 0.616 0.6252,002,579.16 Yale University2511 MTN 3,000,000.0098459LAA1 04/15/2025 1960.87303/01/2021 2,946,720.00 0.638 0.6463,003,529.65 Subtotal and Average 28,492,564.79 29,030,000.00 27,946,805.60 1.921 1.948 612 Federal Agency Bonds
Federal Agricultural Mortgage1580 474,000.0031315PEM7 08/04/2025 3074.35004/08/2016 474,639.90 2.296 2.328481,212.34 Portfolio CPA
AP
Run Date: 10/27/2024 - 12:27 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 12
Attachment B - Investment Portfolio
Item 12: Staff Report
Pg.
14 Packet Pg. 411 of 435
September 30, 2024
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 7
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal Agricultural Mortgage1710 1,500,000.0031315PRA9 02/03/2026 4904.81010/18/2016 1,517,985.00 2.131 2.1601,547,962.24 Federal Agricultural Mortgage2035 678,000.0031315PCY3 11/20/2024 505.25004/08/2019 678,420.36 2.420 2.454680,396.03 Federal Agricultural Mortgage2098 550,000.0031315PEM7 08/04/2025 3074.35009/09/2019 550,742.50 1.659 1.683561,704.63 Federal Agricultural Mortgage2301 1,569,000.0031315PB99 11/19/2027 1,1442.85003/11/2020 1,534,309.41 1.050 1.0641,653,045.92 Federal Agricultural Mortgage2340 Call 2,000,000.0031422BZS2 05/13/2030 2,0501.50005/13/2020 1,760,060.00 1.479 1.5002,000,000.00 Federal Agricultural Mortgage2366 Call 1,750,000.0031422BF54 06/24/2030 2,0921.40006/24/2020 1,527,155.00 1.380 1.4001,750,000.00 Federal Agricultural Mortgage2367 Call 2,000,000.0031422BF54 06/24/2030 2,0921.40006/24/2020 1,745,320.00 1.380 1.4002,000,000.00 Federal Agricultural Mortgage2381 Call 1,500,000.0031422BH78 07/08/2030 2,1061.40007/08/2020 1,304,190.00 1.380 1.4001,500,000.00 Federal Agricultural Mortgage2425 Call 2,000,000.0031422BX54 09/27/2030 2,1871.30010/08/2020 1,719,300.00 1.286 1.3042,000,000.00 Federal Agricultural Mortgage2435 Call 2,000,000.0031422BZ45 10/21/2030 2,2111.28010/21/2020 1,714,300.00 1.262 1.2802,000,000.00 Federal Agricultural Mortgage2439 Call 2,000,000.0031422B2E9 10/29/2030 2,2191.34010/29/2020 1,719,800.00 1.321 1.3402,000,000.00 Federal Agricultural Mortgage2449 1,500,000.0031422B3D0 11/20/2030 2,2411.15011/20/2020 1,293,060.00 1.134 1.1501,500,000.00 Federal Agricultural Mortgage2458 Call 1,500,000.0031422B4A5 12/11/2030 2,2621.30012/11/2020 1,282,890.00 1.282 1.3001,500,000.00 Federal Agricultural Mortgage2459 Call 2,000,000.0031422B3W8 12/16/2030 2,2671.45012/16/2020 1,726,420.00 1.430 1.4502,000,000.00 Federal Agricultural Mortgage2461 1,000,000.0031422B3D0 11/20/2030 2,2411.15012/09/2020 862,040.00 1.144 1.160999,383.13 Federal Agricultural Mortgage2471 1,500,000.0031422B6K1 01/15/2026 4710.48001/15/2021 1,438,395.00 0.493 0.5001,499,613.33 Federal Agricultural Mortgage2473 Call 1,500,000.0031422B6A3 01/15/2031 2,2971.29001/15/2021 1,272,180.00 1.319 1.3381,495,755.00 Federal Agricultural Mortgage2484 Call 1,000,000.0031422B7E4 01/28/2031 2,3101.32001/28/2021 849,000.00 1.301 1.3201,000,000.00 Federal Agricultural Mortgage2496 Call 1,500,000.0031422XAW2 02/25/2031 2,3381.53002/25/2021 1,288,800.00 1.509 1.5301,500,000.00 Federal Agricultural Mortgage2513 1,000,000.0031422XCB6 03/04/2031 2,3451.47003/04/2021 863,370.00 1.581 1.602992,135.80 Federal Agricultural Mortgage2519 1,500,000.0031422XDX7 03/27/2026 5420.83003/29/2021 1,436,655.00 0.828 0.8401,499,776.42 Federal Agricultural Mortgage2524 1,500,000.0031422XDX7 03/27/2026 5420.83003/31/2021 1,436,655.00 0.913 0.9261,497,895.99 Federal Agricultural Mortgage2527 Call 1,500,000.0031422XEE8 04/07/2031 2,3792.07004/07/2021 1,331,745.00 2.074 2.1031,497,292.50 Federal Agricultural Mortgage2529 2,000,000.0031422XEL2 04/13/2028 1,2901.37504/15/2021 1,852,400.00 1.311 1.3302,003,020.87 Federal Agricultural Mortgage2530 1,500,000.0031422XFJ6 04/29/2031 2,4011.66004/29/2021 1,307,190.00 1.627 1.6501,500,888.00 Federal Agricultural Mortgage2533 1,500,000.0031422XDX7 03/27/2026 5420.83005/20/2021 1,436,655.00 0.864 0.8761,498,995.35 Federal Agricultural Mortgage2540 255,000.0031422XDX7 03/27/2026 5420.83006/08/2021 244,231.35 0.820 0.831254,993.52 Federal Agricultural Mortgage2593 1,000,000.0031422XNM0 10/05/2026 7341.05010/05/2021 949,340.00 1.035 1.0501,000,000.00 Federal Agricultural Mortgage2621 1,000,000.0031422XPS5 11/17/2026 7771.15011/17/2021 948,550.00 1.272 1.290997,114.73 Federal Agricultural Mortgage2625 1,000,000.0031422XQM7 12/01/2026 7911.32012/01/2021 951,150.00 1.301 1.3201,000,000.00 Federal Agricultural Mortgage2634 1,500,000.0031422XRK0 01/04/2027 8251.32001/04/2022 1,426,200.00 1.301 1.3201,500,000.00 Federal Agricultural Mortgage2640 Call 1,500,000.0031422XRY0 12/29/2031 2,6452.15012/29/2021 1,322,400.00 2.120 2.1501,500,000.00 Federal Farm Credit Bank .1615 1,000,000.003133EC7D0 12/13/2024 732.12505/13/2016 994,560.00 1.930 1.9561,000,308.04 Federal Farm Credit Bank .1822 500,000.003133EDWX6 10/07/2024 62.91006/21/2017 499,840.00 2.143 2.172500,056.49 Portfolio CPA
AP
Run Date: 10/27/2024 - 12:27 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 12
Attachment B - Investment Portfolio
Item 12: Staff Report
Pg.
15 Packet Pg. 412 of 435
September 30, 2024
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 8
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal Farm Credit Bank .2314 1,000,000.003133EAG44 08/03/2026 6712.63003/13/2020 981,270.00 1.089 1.1041,027,009.60 Federal Farm Credit Bank .2371 Call 1,500,000.003133ELQ31 07/01/2030 2,0991.33007/01/2020 1,308,090.00 1.311 1.3301,500,000.00 Federal Farm Credit Bank .2372 Call 1,500,000.003133ELQ31 07/01/2030 2,0991.33007/01/2020 1,308,090.00 1.311 1.3301,500,000.00 Federal Farm Credit Bank .2391 Call 1,500,000.003133EL3H5 08/12/2025 3150.57008/12/2020 1,455,510.00 0.587 0.5951,499,676.04 Federal Farm Credit Bank .2406 Call 1,500,000.003133EL4W1 08/25/2025 3280.61009/03/2020 1,454,175.00 0.611 0.6201,499,864.40 Federal Farm Credit Bank .2408 Call 1,500,000.003133EL4W1 08/25/2025 3280.61009/10/2020 1,454,175.00 0.611 0.6201,499,863.87 Federal Farm Credit Bank .2416 Call 1,500,000.003133EL7K4 09/16/2025 3500.55009/22/2020 1,450,650.00 0.542 0.5491,500,000.00 Federal Farm Credit Bank .2417 Call 1,500,000.003133EMBH4 09/29/2025 3630.53009/29/2020 1,449,060.00 0.522 0.5301,500,000.00 Federal Farm Credit Bank .2423 Call 1,500,000.003133EMBJ0 09/29/2025 3630.53009/29/2020 1,453,155.00 0.537 0.5451,499,776.25 Federal Farm Credit Bank .2427 Call 2,000,000.003133EMAZ5 06/24/2030 2,0921.25010/01/2020 1,729,960.00 1.246 1.2631,998,527.69 Federal Farm Credit Bank .2442 Call 1,500,000.003133EMFG2 11/04/2030 2,2251.37011/04/2020 1,291,860.00 1.351 1.3701,500,000.00 Federal Farm Credit Bank .2443 Call 1,500,000.003133EMFG2 11/04/2030 2,2251.37011/04/2020 1,291,860.00 1.351 1.3701,500,000.00 Federal Farm Credit Bank .2472 Call 1,500,000.003133EMNB4 01/14/2031 2,2961.38001/14/2021 1,279,740.00 1.361 1.3801,500,000.00 Federal Farm Credit Bank .2525 Call 1,500,000.003133EMRE4 02/18/2031 2,3311.42004/01/2021 1,280,130.00 1.834 1.8591,461,689.76 Federal Farm Credit Bank .2538 Call 1,000,000.003133EMUG5 03/24/2031 2,3651.98005/27/2021 883,260.00 1.887 1.9131,003,885.04 Federal Home Loan Bank2347 Call 1,500,000.003130AJMF3 11/28/2028 1,5191.32005/28/2020 1,355,925.00 1.301 1.3201,500,000.00 Federal Home Loan Bank2358 Call 1,000,000.003130AJP78 06/11/2029 1,7141.40006/11/2020 895,460.00 1.380 1.4001,000,000.00 Federal Home Loan Bank2361 Call 1,000,000.003130AJP78 06/11/2029 1,7141.40006/11/2020 895,460.00 1.427 1.447997,913.58 Federal Home Loan Bank2368 Call 900,000.003130AJR76 06/29/2029 1,7321.25006/29/2020 799,119.00 1.232 1.250900,000.00 Federal Home Loan Bank2369 Call 1,500,000.003130AJRG6 06/24/2030 2,0921.36006/24/2020 1,301,640.00 1.341 1.3601,500,000.00 Federal Home Loan Bank2375 Call 1,500,000.003130AJSR1 07/09/2030 2,1071.39007/09/2020 1,302,630.00 1.370 1.3901,500,000.00 Federal Home Loan Bank2377 Call 1,500,000.003130AJSR1 07/09/2030 2,1071.39007/09/2020 1,302,630.00 1.370 1.3901,500,000.00 Federal Home Loan Bank2384 Call 1,500,000.003130AJSR1 07/09/2030 2,1071.39007/09/2020 1,302,630.00 1.382 1.4011,499,047.58 Federal Home Loan Bank2395 Call 1,500,000.003130AJZ36 08/27/2025 3300.60008/27/2020 1,453,515.00 0.611 0.6201,499,728.33 Federal Home Loan Bank2399 Call 1,500,000.003130AJZ36 08/27/2025 3300.60008/27/2020 1,453,515.00 0.611 0.6201,499,728.33 Federal Home Loan Bank2405 Call 1,500,000.003130AK3Z7 09/29/2025 3630.57009/29/2020 1,453,215.00 0.582 0.5901,499,701.67 Federal Home Loan Bank2411 Call 1,180,000.003130AJZ36 08/27/2025 3300.60009/16/2020 1,143,431.80 0.591 0.5991,180,000.00 Federal Home Loan Bank2419 1,500,000.003130AKAZ91 09/29/2025 3630.52009/29/2020 1,452,495.00 0.512 0.5201,500,000.00 Federal Home Loan Bank2445 Call 1,200,000.003130AJQS1 06/25/2030 2,0931.35011/04/2020 1,040,616.00 1.334 1.3531,199,771.66 Federal Home Loan Bank2475 Call 1,500,000.003130AKQN9 01/09/2031 2,2911.40001/28/2021 1,277,760.00 1.380 1.4001,500,000.00 Federal Home Loan Bank2476 Call 1,500,000.003130AKQV1 01/28/2031 2,3101.40001/28/2021 1,276,080.00 1.380 1.4001,500,000.00 Federal Home Loan Bank2485 Call 1,500,000.003130AKVH6 02/10/2031 2,3231.35002/10/2021 1,270,815.00 1.331 1.3501,500,000.00 Federal Home Loan Bank2490 Call 2,000,000.003130AKYB6 02/18/2031 2,3311.40002/18/2021 1,699,080.00 1.380 1.4002,000,000.00 Federal Home Loan Bank2494 Call 1,500,000.003130AL2J2 02/26/2031 2,3391.50002/26/2021 1,282,020.00 1.479 1.5001,500,000.00 Portfolio CPA
AP
Run Date: 10/27/2024 - 12:27 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 12
Attachment B - Investment Portfolio
Item 12: Staff Report
Pg.
16 Packet Pg. 413 of 435
September 30, 2024
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 9
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal Home Loan Bank2500 Call 1,500,000.003130ALF66 02/25/2031 2,3381.62502/25/2021 1,292,670.00 1.602 1.6251,500,000.00 Federal Home Loan Bank2520 Call 1,925,000.003130ALF33 03/16/2026 5310.75003/25/2021 1,839,915.00 0.853 0.8651,921,840.03 Federal Home Loan Bank2607 Call 1,000,000.003130APPJ8 11/04/2031 2,5902.00011/04/2021 871,630.00 1.972 2.0001,000,000.00 Federal Home Loan Bank2613 Call 1,000,000.003130APV77 12/10/2026 8001.50012/10/2021 951,720.00 1.479 1.5001,000,000.00 Federal Home Loan Bank2616 Call 1,000,000.003130APW84 12/03/2026 7931.50012/03/2021 952,490.00 1.479 1.5001,000,000.00 Federal Home Loan Bank2618 Call 1,000,000.003130APXD2 12/17/2026 8071.55012/17/2021 952,760.00 1.528 1.5501,000,000.00 Federal Home Loan Bank2619 Call 1,000,000.003130APWY7 12/07/2026 7971.35012/07/2021 949,160.00 1.331 1.3501,000,000.00 Federal Home Loan Bank2620 Call 1,000,000.003130APXT7 12/17/2026 8071.60012/17/2021 953,800.00 1.578 1.6001,000,000.00 Federal Home Loan Bank2659 Call 1,000,000.003130AQSM6 02/25/2027 8772.05002/25/2022 960,800.00 2.021 2.0501,000,000.00 Federal Home Loan Bank2662 Call 1,000,000.003130AQX65 03/04/2027 8842.25003/04/2022 964,970.00 2.219 2.2501,000,000.00 Federal Home Loan Bank2663 Call 1,000,000.003130AQYA5 02/24/2027 8762.25002/28/2022 965,440.00 2.219 2.2501,000,000.00 Federal Home Loan Bank2664 Call 1,500,000.003130AQYG2 02/25/2027 8772.50002/28/2022 1,456,605.00 2.470 2.5041,500,000.00 Federal Home Loan Bank2665 Call 1,000,000.003130AQZD8 02/25/2027 8772.62502/25/2022 973,920.00 2.589 2.6251,000,000.00 Federal Home Loan Bank2794 Call 1,094,594.593130AUJJ4 01/27/2028 1,2135.55501/30/2023 1,093,915.94 5.479 5.5551,094,594.59 Federal Home Loan Bank2802 Call 1,500,000.003130AULM4 01/26/2033 3,0395.62001/26/2023 1,500,015.00 5.543 5.6201,500,000.00 Federal Home Loan Bank2902 Call 967,741.933130AVYF3 05/24/2033 3,1576.00005/24/2023 967,799.99 5.917 6.000967,741.93 Federal Home Loan Bank2970 Call 1,000,000.003130AYWY8 02/09/2034 3,4186.00002/09/2024 999,870.00 5.917 6.0001,000,000.00 Federal Home Loan Bank2988 610,000.003130ATS57 03/10/2028 1,2564.50002/21/2024 627,769.30 4.223 4.282614,144.15 Federal Home Loan Bank3025 Call 1,000,000.003130B2RP2 09/25/2034 3,6465.25009/25/2024 997,370.00 5.178 5.2501,000,000.00 Fed. Home Loan Mortgage Corp.2345 Call 455,000.003134GVUA4 05/18/2028 1,3251.20005/18/2020 415,137.45 1.183 1.200455,000.00 Fed. Home Loan Mortgage Corp.2370 Call 1,500,000.003134GV3B2 06/28/2030 2,0961.40006/30/2020 1,308,645.00 1.380 1.4001,500,000.00 Fed. Home Loan Mortgage Corp.2373 Call 1,500,000.003134GV3U0 06/29/2029 1,7321.25006/29/2020 1,326,765.00 1.232 1.2501,500,000.00 Fed. Home Loan Mortgage Corp.2379 Call 1,500,000.003134GV4E5 12/29/2028 1,5501.20007/01/2020 1,346,865.00 1.183 1.1991,500,000.00 Fed. Home Loan Mortgage Corp.2380 Call 1,500,000.003134GV5D6 01/08/2029 1,5601.20007/08/2020 1,348,860.00 1.183 1.2001,500,000.00 Fed. Home Loan Mortgage Corp.2382 Call 1,500,000.003134GV5A2 07/15/2030 2,1131.37507/15/2020 1,301,640.00 1.356 1.3751,500,000.00 Fed. Home Loan Mortgage Corp.2386 Call 1,500,000.003134GV7L6 07/29/2030 2,1271.35007/29/2020 1,298,475.00 1.331 1.3501,500,000.00 Fed. Home Loan Mortgage Corp.2387 Call 1,500,000.003134GV7L6 07/29/2030 2,1271.35007/29/2020 1,298,475.00 1.331 1.3501,500,000.00 Fed. Home Loan Mortgage Corp.2396 Call 1,000,000.003134GWNC6 08/19/2025 3220.62508/20/2020 969,760.00 0.616 0.6251,000,000.00 Fed. Home Loan Mortgage Corp.2400 Call 1,500,000.003134GWC53 09/15/2025 3490.65009/15/2020 1,449,285.00 0.641 0.6501,500,000.00 Fed. Home Loan Mortgage Corp.2404 Call 1,447,000.003134GWA55 09/09/2025 3430.65009/09/2020 1,398,800.43 0.641 0.6501,447,000.00 Fed. Home Loan Mortgage Corp.2407 Call 1,500,000.003134GWD52 09/02/2025 3360.68009/04/2020 1,454,955.00 0.670 0.6791,500,000.00 Fed. Home Loan Mortgage Corp.2409 Call 1,500,000.003134GWP75 09/23/2025 3570.62509/23/2020 1,447,860.00 0.616 0.6251,500,000.00 Fed. Home Loan Mortgage Corp.2410 Call 1,000,000.003134GWP75 09/23/2025 3570.62509/23/2020 965,240.00 0.616 0.6251,000,000.00 Fed. Home Loan Mortgage Corp.2418 1,500,000.003134GWVV5 10/15/2025 3790.50010/15/2020 1,446,240.00 0.493 0.5001,500,000.00 Portfolio CPA
AP
Run Date: 10/27/2024 - 12:27 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 12
Attachment B - Investment Portfolio
Item 12: Staff Report
Pg.
17 Packet Pg. 414 of 435
September 30, 2024
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 10
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Fed. Home Loan Mortgage Corp.2421 Call 2,000,000.003134GWW93 09/30/2025 3640.55009/30/2020 1,932,220.00 0.542 0.5502,000,000.00 Fed. Home Loan Mortgage Corp.2422 Call 1,500,000.003134GWW93 09/30/2025 3640.55009/30/2020 1,449,165.00 0.542 0.5501,500,000.00 Fed. Home Loan Mortgage Corp.2424 Call 1,500,000.003134GWXK7 09/30/2025 3640.55009/30/2020 1,450,575.00 0.542 0.5501,500,000.00 Fed. Home Loan Mortgage Corp.2426 Call 1,500,000.003134GWXX9 10/15/2025 3790.55010/15/2020 1,451,430.00 0.542 0.5501,500,000.00 Fed. Home Loan Mortgage Corp.2428 Call 1,500,000.003134GWY26 10/08/2025 3720.57010/08/2020 1,443,435.00 0.562 0.5701,500,000.00 Fed. Home Loan Mortgage Corp.2430 Call 1,500,000.003134GWYZ3 10/28/2025 3920.53010/28/2020 1,449,330.00 0.522 0.5301,500,000.00 Fed. Home Loan Mortgage Corp.2431 Call 1,500,000.003134GWZ33 10/22/2030 2,2121.25010/22/2020 1,283,220.00 1.232 1.2501,500,000.00 Fed. Home Loan Mortgage Corp.2432 Call 1,500,000.003134GWZL3 10/29/2025 3930.57010/29/2020 1,449,810.00 0.562 0.5701,500,000.00 Fed. Home Loan Mortgage Corp.2433 Call 2,000,000.003134GW3T1 10/28/2030 2,2181.40010/28/2020 1,726,400.00 1.380 1.4002,000,000.00 Fed. Home Loan Mortgage Corp.2434 Call 1,500,000.003134GW3H7 10/29/2025 3930.61010/29/2020 1,450,170.00 0.601 0.6101,500,000.00 Fed. Home Loan Mortgage Corp.2436 Call 2,000,000.003134GWZZ2 10/28/2030 2,2181.30010/28/2020 1,715,620.00 1.282 1.3002,000,000.00 Fed. Home Loan Mortgage Corp.2437 Call 750,000.003134GW3Z7 10/28/2025 3920.60010/28/2020 723,367.50 0.591 0.600750,000.00 Fed. Home Loan Mortgage Corp.2438 Call 1,500,000.003134GW3X2 10/27/2025 3910.62510/27/2020 1,450,950.00 0.616 0.6251,500,000.00 Fed. Home Loan Mortgage Corp.2440 Call 1,500,000.003134GW6N1 11/05/2030 2,2261.40011/05/2020 1,294,185.00 1.380 1.4001,500,000.00 Fed. Home Loan Mortgage Corp.2444 Call 1,500,000.003134GW6N1 11/05/2030 2,2261.40011/05/2020 1,294,185.00 1.380 1.4001,500,000.00 Federal National Mortgage Asso1715 500,000.0031364CCC0 04/30/2026 5767.12511/10/2016 525,305.00 2.367 2.400533,222.27 Federal National Mortgage Asso2392 Call 1,000,000.003136G4R62 08/28/2025 3310.62508/28/2020 970,110.00 0.616 0.6251,000,000.00 Federal National Mortgage Asso2393 Call 1,000,000.003136G4S87 08/27/2025 3300.65008/27/2020 970,120.00 0.641 0.6501,000,000.00 Federal National Mortgage Asso2394 Call 1,500,000.003136G4Q97 08/27/2025 3300.65008/27/2020 1,451,700.00 0.641 0.6501,500,000.00 Federal National Mortgage Asso2397 Call 1,500,000.003136G4V59 08/27/2025 3300.62508/27/2020 1,451,370.00 0.616 0.6251,500,000.00 Federal National Mortgage Asso2412 Call 1,500,000.003136G44G5 09/22/2025 3560.51509/22/2020 1,446,510.00 0.507 0.5151,500,000.00 Federal National Mortgage Asso2413 Call 1,500,000.003136G43L5 09/30/2025 3640.55009/30/2020 1,447,905.00 0.542 0.5501,500,000.00 Federal National Mortgage Asso2415 Call 1,500,000.003136G44L4 09/25/2025 3590.60009/25/2020 1,454,670.00 0.591 0.6001,500,000.00 Federal National Mortgage Asso2460 2,000,000.003135G05Q2 08/05/2030 2,1340.87512/07/2020 1,703,880.00 1.139 1.1551,969,111.49 Federal National Mortgage Asso2463 Call 1,500,000.003135GAAS0 12/23/2030 2,2741.40012/23/2020 1,290,090.00 1.380 1.4001,500,000.00 Federal National Mortgage Asso2467 Call 1,000,000.003135G06Q1 12/30/2025 4550.64012/30/2020 962,020.00 0.597 0.6051,000,421.56 Tennessee Valley Authority1508 1,000,000.00880591CJ9 11/01/2025 3966.75011/20/2015 1,029,300.00 2.807 2.8461,036,600.75 Tennessee Valley Authority1589 775,000.00880591CJ9 11/01/2025 3966.75004/18/2016 797,707.50 2.337 2.370807,740.38 Tennessee Valley Authority1714 1,250,000.00880591CJ9 11/01/2025 3966.75011/10/2016 1,286,625.00 2.317 2.3501,303,436.40 Subtotal and Average 179,078,587.68 178,830,336.52 164,689,968.43 1.337 1.355 1,365 Treasury Securities (Notes)
U.S. Treasury2505 TB 1,500,000.0091282CBC4 12/31/2025 4560.37502/26/2021 1,437,135.00 0.731 0.7421,493,262.08 U.S. Treasury2516 TB 1,500,000.0091282CBQ3 02/28/2026 5150.50003/09/2021 1,432,740.00 0.819 0.8311,493,150.81 U.S. Treasury2587 TB 1,500,000.0091282CCP4 07/31/2026 6680.62509/24/2021 1,419,435.00 0.888 0.9011,492,604.10 Portfolio CPA
AP
Run Date: 10/27/2024 - 12:27 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 12
Attachment B - Investment Portfolio
Item 12: Staff Report
Pg.
18 Packet Pg. 415 of 435
September 30, 2024
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 11
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Subtotal and Average 4,479,016.99 4,500,000.00 4,289,310.00 0.813 0.825 546 Municipal Bonds
County of Alameda2173 MUN 290,000.00010878AS5 08/01/2026 6694.00012/05/2019 291,049.80 2.139 2.168299,018.81 County of Alameda2691 MUN 1,500,000.00010878BK1 08/01/2031 2,4953.69909/21/2022 1,480,335.00 4.281 4.3401,445,887.71 County of Alameda2925 MUN 1,250,000.00010878BJ4 08/01/2030 2,1303.64901/16/2024 1,238,025.00 4.193 4.2511,211,990.45 Alameda County Joint Pws Auth.2005 MUN 505,000.00010831DS1 06/01/2025 2433.36512/24/2018 502,273.00 3.175 3.220505,436.78 Alameda County Joint Pws Auth.2566 MUN 110,000.00010831DT9 06/01/2026 6083.39508/13/2021 108,970.40 0.925 0.938114,385.16 State of Alabama2835 MUN 1,000,000.00010411CT1 11/01/2026 7613.45002/15/2023 990,500.00 4.142 4.200985,645.58 Antelope Valley Community Coll2694 MUN 1,080,000.0003667PHJ4 08/01/2029 1,7651.66109/23/2022 976,266.00 4.389 4.450955,681.94 Antelope Valley Community Coll2784 MUN 675,000.0003667PHL9 08/01/2031 2,4951.86101/05/2023 586,750.50 4.911 4.980559,044.80 City of Auburn3001 MUN 445,000.0005028XAH7 06/01/2030 2,0692.20603/01/2024 402,222.15 4.813 4.880387,465.65 City of Auburn3002 MUN 265,000.0005028XAG9 06/01/2029 1,7042.05603/01/2024 242,639.30 4.734 4.800235,308.22 Bay Area Toll Authority2558 MUN 1,750,000.00072024XC1 04/01/2026 5471.07907/26/2021 1,674,802.50 0.739 0.7501,758,468.55 Berkeley Unified School Dist.2817 MUN 250,000.00084154G49 08/01/2031 2,4951.85601/26/2023 218,747.50 4.524 4.586211,735.56 Beverly Hills Public Fing Auth2612 MUN 350,000.00088006KA8 06/01/2026 6081.14711/15/2021 333,893.00 1.183 1.200349,699.63 Beverly Hills Public Fing Auth2680 MUN 490,000.00088006KB6 06/01/2027 9731.32704/01/2022 458,331.30 2.810 2.850471,613.94 Beverly Hills Unified Sch Dist2682 MUN 920,000.00088023PL4 08/01/2026 6692.70004/13/2022 900,992.80 2.644 2.681920,305.95 Burlingame School District1548 MUN 120,000.00121457EQ4 08/01/2025 3046.23802/24/2016 121,843.20 3.557 3.606122,210.82 City of Buena Park2734 MUN 685,000.00119174AJ9 07/01/2030 2,0991.88211/18/2022 602,313.65 5.076 5.147579,700.54 Burbank Unified School Distri.2570 MUN 1,000,000.0012082SDN1 08/01/2026 6691.36708/30/2021 956,490.00 0.947 0.9601,007,267.08 Cabrillo Community College Dis2119 MUN 2,000,000.00127109QD1 08/01/2027 1,0342.38510/08/2019 1,927,440.00 2.342 2.3752,000,000.00 Carlsbad Unified School Dist .1857 MUN 305,000.00142665DJ4 08/01/2026 6695.23409/27/2017 312,240.70 2.850 2.890316,490.03 CA Infrastructure -Econ Dev Bk2666 MUN 210,000.0013034AL73 10/01/2026 7301.03502/16/2022 198,240.00 2.224 2.254205,159.78 CA Infrastructure -Econ Dev Bk2893 MUN 500,000.0013034AL99 10/01/2028 1,4611.46605/08/2023 454,290.00 3.728 3.780458,482.35 CA ST Dept of WTR Resources2633 MUN 180,000.0013067WRC8 12/01/2025 4260.79012/13/2021 173,307.60 1.301 1.320178,918.94 CA ST Dept of WTR Resources2645 MUN 300,000.0013067WRD6 12/01/2026 7910.92012/23/2021 282,072.00 1.430 1.450296,686.10 CA ST Dept of WTR Resources2944 MUN 225,000.0013067WRK0 12/01/2032 2,9831.60901/24/2024 185,991.75 4.589 4.653179,570.91 Chabot-Las Positas CCD2564 MUN 285,000.0015722TJR3 08/01/2026 6691.08008/16/2021 271,020.75 0.897 0.910285,866.21 Chabot-Las Positas CCD2589 MUN 125,000.0015722TJQ5 08/01/2025 3040.88009/29/2021 121,646.25 0.897 0.910124,969.07 Chabot-Las Positas CCD2830 MUN 205,000.0015722TJS1 08/01/2027 1,0341.28702/13/2023 191,303.95 4.296 4.356188,957.30 Chabot-Las Positas CCD2842 MUN 1,000,000.0015722TJQ5 08/01/2025 3040.88003/07/2023 973,170.00 4.783 4.850969,118.06 Chaffey Community Clg District2698 MUN 300,000.00157432KL8 06/01/2030 2,0692.32910/06/2022 274,722.00 4.931 5.000262,644.68 City of Chula Vista2653 MUN 1,000,000.0017131RAU0 06/01/2026 6080.84001/10/2022 946,310.00 1.676 1.700986,242.88 City of Chula Vista2923 MUN 1,000,000.0017131RAZ9 06/01/2031 2,4341.82801/10/2024 859,200.00 4.753 4.820833,839.91 Calleguas Municipal Water Dist2544 MUN 550,000.0013124MCE3 07/01/2029 1,7341.86507/01/2021 502,936.50 1.425 1.445560,325.91 Portfolio CPA
AP
Run Date: 10/27/2024 - 12:27 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 12
Attachment B - Investment Portfolio
Item 12: Staff Report
Pg.
19 Packet Pg. 416 of 435
September 30, 2024
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 12
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
Calleguas Municipal Water Dist2646 MUN 600,000.0013124MCB9 07/01/2026 6381.09712/27/2021 571,782.00 1.233 1.250598,440.52 Calleguas Municipal Water Dist2791 MUN 170,000.0013124MCB9 07/01/2026 6381.09701/09/2023 162,004.90 4.625 4.690160,241.24 Campbell Union High Sch Dist2753 MUN 500,000.00134159A77 08/01/2029 1,7651.47212/07/2022 448,870.00 4.714 4.780432,195.24 City of Corona2601 MUN 500,000.0021969AAJ1 05/01/2030 2,0382.24210/14/2021 453,835.00 2.052 2.081504,095.78 City of Corona2943 MUN 1,000,000.0021969AAH5 05/01/2029 1,6732.04201/24/2024 917,010.00 4.562 4.626895,929.10 City of Corona2967 MUN 325,000.0021969AAH5 05/01/2029 1,6732.04202/12/2024 298,028.25 4.694 4.760289,511.61 City of Covina2968 MUN 400,000.00223047AG6 08/01/2028 1,4001.76702/12/2024 366,448.00 4.645 4.710359,726.99 City of Covina2990 MUN 1,000,000.00223047AH4 08/01/2029 1,7651.91602/23/2024 900,680.00 4.842 4.909874,343.21 Contra Costa Community College2103 MUN 400,000.00212204JJ1 08/01/2028 1,4002.21309/12/2019 376,776.00 2.071 2.100401,570.24 Contra Costa Community College2120 MUN 990,000.00212204JK8 08/01/2029 1,7652.26309/20/2019 918,878.40 2.505 2.539978,347.83 Contra Costa Community College2244 MUN 1,500,000.00212204JK8 08/01/2029 1,7652.26302/07/2020 1,392,240.00 2.100 2.1301,508,684.71 Contra Costa Community College2291 MUN 320,000.00212204JF9 08/01/2025 3041.91803/09/2020 314,051.20 1.128 1.143321,996.62 Contra Costa Community College2555 MUN 1,000,000.00212204LM1 08/01/2026 6691.30008/02/2021 953,960.00 0.764 0.7751,009,421.23 Desert Community Clg Dist2611 MUN 200,000.00250375JX1 08/01/2027 1,0341.16911/12/2021 186,010.00 1.479 1.500198,207.69 Desert Community Clg Dist2738 MUN 200,000.00250375LA8 08/01/2027 1,0343.00011/23/2022 195,756.00 4.965 5.034189,839.88 City of Downey2978 MUN 185,000.00260888AJ1 06/01/2031 2,4341.95002/15/2024 159,564.35 4.842 4.910154,618.29 Desert Sands Unif Sch District2635 MUN 880,000.00250433UA5 08/01/2026 6691.98212/16/2021 852,412.00 1.390 1.410888,898.62 City of El Segundo2696 MUN 935,000.00284035AK8 07/01/2031 2,4642.26709/29/2022 825,913.55 5.118 5.190788,217.79 Fremon Union High School Distr1646 MUN 260,000.00357172VA0 02/01/2026 4886.08006/28/2016 265,600.40 2.994 3.035269,216.33 Fremon Union High School Distr2595 MUN 235,000.00357172C52 08/01/2031 2,4952.02010/01/2021 207,911.55 1.825 1.851237,464.27 Foothill-De Anza Comm Clg Dist2818 MUN 540,000.00345102PG6 08/01/2025 3040.90601/27/2023 525,841.20 4.172 4.230525,948.65 Fullerton School District1916 MUN 995,000.00359819DN6 08/01/2026 6693.16002/14/2018 983,328.65 3.028 3.070996,433.23 Fullerton School District1917 MUN 750,000.00359819DM8 08/01/2025 3043.04002/14/2018 743,595.00 2.959 3.000750,221.06 Fullerton School District2085 MUN 365,000.00359819DN6 08/01/2026 6693.16008/29/2019 360,718.55 1.913 1.940372,604.01 State of Georgia1666 MUN 1,825,000.003733844V5 02/01/2025 1232.37507/29/2016 1,812,389.25 1.972 1.9991,827,087.72 State of Georgia1775 MUN 250,000.00373384RX6 10/01/2025 3654.00004/10/2017 248,480.00 2.739 2.777252,707.37 State of Georgia1919 MUN 1,095,000.00373384RY4 10/01/2026 7304.31001/26/2018 1,094,474.40 2.979 3.0201,119,666.38 State of Georgia1945 MUN 200,000.00373384RY4 10/01/2026 7304.31003/19/2018 199,904.00 3.204 3.248203,672.48 State of Georgia1967 MUN 350,000.00373385BU6 02/01/2027 8532.72010/31/2018 342,027.00 3.412 3.460344,778.28 State of Georgia2229 MUN 425,000.00373384RY4 10/01/2026 7304.31001/31/2020 424,796.00 1.837 1.863444,455.92 State of Georgia2332 MUN 1,000,000.00373384RW8 10/01/2024 03.82003/23/2020 1,000,000.00 1.889 1.9151,000,000.00 State of Georgia2953 MUN 1,000,000.00373384X76 02/01/2034 3,4104.00001/29/2024 982,350.00 4.438 4.500962,752.69 State of Georgia2956 MUN 1,250,000.00373384X76 02/01/2034 3,4104.00001/30/2024 1,227,937.50 4.438 4.5001,203,427.94 State of Georgia2981 MUN 1,000,000.00373384TP1 07/01/2025 2734.15002/16/2024 1,000,100.00 4.714 4.780995,450.91 Portfolio CPA
AP
Run Date: 10/27/2024 - 12:27 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 12
Attachment B - Investment Portfolio
Item 12: Staff Report
Pg.
20 Packet Pg. 417 of 435
September 30, 2024
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 13
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
City of Glendora2109 MUN 1,345,000.00378612AL9 06/01/2028 1,3392.26509/16/2019 1,259,444.55 2.318 2.3501,341,217.01 City of Glendora2137 MUN 400,000.00378612AL9 06/01/2028 1,3392.26510/02/2019 374,556.00 2.194 2.225400,528.17 City of Glendora2590 MUN 1,365,000.00378612AJ4 06/01/2026 6082.10809/29/2021 1,317,784.65 1.075 1.0901,387,515.20 Glendale Unified School Dist.2739 MUN 535,000.00378460A74 09/01/2027 1,0651.11311/25/2022 495,062.25 4.686 4.751484,751.15 Glendale Unified School Dist.2916 MUN 1,095,000.00378460C64 09/01/2032 2,8921.83012/22/2023 924,628.95 4.438 4.499905,204.99 State of Hawaii1685 MUN 1,045,000.00419792DA1 10/01/2026 7303.15010/19/2016 1,030,484.95 2.431 2.4651,057,617.72 State of Hawaii1961 MUN 250,000.00419791YS1 02/01/2025 1235.23010/25/2018 250,467.50 3.363 3.410251,354.39 State of Hawaii1995 MUN 800,000.00419791YT9 02/01/2026 4885.33012/06/2018 814,232.00 3.304 3.350818,634.81 State of Hawaii2820 MUN 700,000.00419792F92 08/01/2025 3041.03301/30/2023 682,458.00 4.172 4.230682,477.47 State of Hawaii2926 MUN 1,000,000.00419792YW0 08/01/2031 2,4951.59501/16/2024 853,940.00 4.389 4.450835,791.60 State of Hawaii2931 MUN 1,165,000.00419792M78 10/01/2032 2,9224.82101/17/2024 1,220,488.95 4.439 4.5011,189,452.06 State of Hawaii2948 MUN 1,075,000.00419792M86 10/01/2033 3,2874.84101/25/2024 1,124,364.00 4.557 4.6211,092,015.34 State of Hawaii2952 MUN 1,255,000.00419792M78 10/01/2032 2,9224.82101/29/2024 1,314,775.65 4.508 4.5711,275,537.94 City of Huntington Beach2560 MUN 1,000,000.00446201AE5 06/15/2026 6221.34408/12/2021 952,410.00 0.909 0.9211,007,020.67 City of Huntington Beach2562 MUN 1,000,000.00446201AE5 06/15/2026 6221.34408/13/2021 952,410.00 0.927 0.9391,006,718.05 City of Huntington Beach2790 MUN 805,000.00446216HN6 05/01/2029 1,6731.73101/09/2023 727,816.60 4.931 5.000702,627.70 City of Huntington Beach2840 MUN 175,000.00446201AE5 06/15/2026 6221.34403/03/2023 166,671.75 5.340 5.414164,002.28 Liberty Union High Sch Distr2768 MUN 530,000.00530319SP8 08/01/2028 1,4001.48412/15/2022 486,476.40 4.614 4.678473,502.42 City of La Habra2660 MUN 500,000.00503433AK0 08/01/2031 2,4952.67302/07/2022 451,930.00 2.638 2.675499,927.94 City of La Habra2941 MUN 500,000.00503433AT1 08/01/2030 2,1302.57301/22/2024 458,830.00 4.686 4.751445,917.62 Los Altos Elementary Sch Distr2681 MUN 500,000.00544290JH3 10/01/2024 01.00003/24/2022 500,000.00 2.522 2.557500,000.00 City of Los Angeles1969 MUN 295,000.00544351NP0 09/01/2026 7003.30011/02/2018 291,964.45 3.530 3.579293,627.36 City of Los Angeles2008 MUN 1,000,000.00544351MS5 09/01/2026 7003.50001/07/2019 993,370.00 3.077 3.1191,006,426.47 City of Los Angeles2200 MUN 840,000.00544351NQ8 09/01/2027 1,0653.40001/06/2020 830,726.40 2.360 2.393862,410.16 City of Los Angeles2213 MUN 985,000.00544351LQ0 09/01/2029 1,7963.05001/22/2020 945,166.60 2.413 2.4461,010,892.17 City of Los Angeles2283 MUN 1,000,000.00544351KV0 09/01/2026 7003.15003/05/2020 986,970.00 1.519 1.5411,029,239.34 City of Los Angeles2692 MUN 1,000,000.00544351QX0 09/01/2032 2,8924.40009/28/2022 1,018,960.00 4.346 4.406999,601.18 City of Los Angeles2783 MUN 300,000.00544351MR7 09/01/2025 3353.45012/23/2022 298,128.00 4.724 4.790296,574.89 City of Los Angeles Fin Author2947 MUN 925,000.0054473ENT7 08/01/2033 3,2267.48801/25/2024 1,034,122.25 5.721 5.8011,029,746.94 Los Angeles Community College2487 MUN 1,000,000.0054438CYN6 08/01/2030 2,1301.80601/28/2021 891,330.00 1.432 1.4521,019,220.31 Los Angeles Community College2592 MUN 250,000.0054438CYL0 08/01/2026 6691.17409/30/2021 237,555.00 1.064 1.078250,423.64 Los Angeles Community College2614 MUN 1,500,000.0054438CYL0 08/01/2026 6691.17411/15/2021 1,425,330.00 1.233 1.2501,497,968.63 Los Angeles Community College2642 MUN 275,000.0054438CYL0 08/01/2026 6691.17412/21/2021 261,310.50 1.282 1.300274,384.43 Los Angeles Community College2871 MUN 1,000,000.0054438CMS8 08/01/2029 1,7657.53004/10/2023 1,124,850.00 4.615 4.6801,118,015.06 Portfolio CPA
AP
Run Date: 10/27/2024 - 12:27 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 12
Attachment B - Investment Portfolio
Item 12: Staff Report
Pg.
21 Packet Pg. 418 of 435
September 30, 2024
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 14
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
Los Angeles Community College3011 MUN 770,000.0054438CYP1 08/01/2032 2,8612.10603/06/2024 667,659.30 4.438 4.500650,842.18 Los Angeles Cnty Met Tran Auth2641 MUN 1,000,000.005447122K7 06/01/2025 2435.13012/21/2021 1,006,730.00 1.085 1.1001,026,239.36 Los Angeles Dept. of WTR & PWR1949 MUN 1,500,000.00544495VX9 07/01/2027 1,0035.51603/29/2018 1,564,575.00 3.254 3.3001,578,189.80 Los Angeles Dept. of WTR & PWR1965 MUN 425,000.00544495VX9 07/01/2027 1,0035.51610/29/2018 443,296.25 3.600 3.650443,542.92 State of Massachusetts2227 MUN 250,000.0057582PUT5 05/01/2029 1,6734.91001/30/2020 254,185.00 2.331 2.363276,071.34 State of Massachusetts2543 MUN 1,000,000.0057582PUT5 05/01/2029 1,6734.91007/01/2021 1,016,740.00 1.484 1.5051,146,926.06 State of Massachusetts2684 MUN 1,000,000.0057582PUS7 05/01/2027 9424.76004/05/2022 1,008,070.00 2.968 3.0101,041,620.81 State of Massachusetts2985 MUN 1,000,000.0057582PUD0 01/01/2030 1,9185.30602/21/2024 1,037,020.00 4.645 4.7091,027,009.67 State of Massachusetts2994 MUN 1,000,000.0057582PUD0 01/01/2030 1,9185.30602/23/2024 1,037,020.00 4.675 4.7391,025,627.13 State of Massachusetts3012 MUN 1,250,000.0057582PUD0 01/01/2030 1,9185.30603/07/2024 1,296,275.00 4.537 4.6001,290,146.28 State of Maryland2184 MUN 500,000.005741926N5 08/01/2025 3044.35012/16/2019 500,265.00 2.089 2.118508,718.52 State of Maryland2581 MUN 245,000.005741926N5 08/01/2025 3044.35009/23/2021 245,129.85 0.690 0.700252,338.88 Milpitas Unified School Distr2746 MUN 630,000.00601670ML3 08/01/2028 1,4001.45112/02/2022 578,592.00 4.802 4.869558,595.94 City of Manhattan Beach2647 MUN 650,000.00562784AM0 01/01/2032 2,6482.34101/05/2022 577,096.00 2.129 2.159656,935.08 City of Manhattan Beach2927 MUN 400,000.00562784AL2 01/01/2031 2,2832.24101/16/2024 360,152.00 4.635 4.700348,073.05 City of Manhattan Beach2930 MUN 400,000.00562784AK4 01/01/2030 1,9182.14101/17/2024 365,360.00 4.537 4.600355,271.18 City of Manhattan Beach2964 MUN 1,250,000.00562784AM05 01/01/2032 2,6482.34102/12/2024 1,109,800.00 4.537 4.6001,079,868.30 City of Manhattan Beach2972 MUN 400,000.00562784AM05 01/01/2032 2,6482.34102/13/2024 355,136.00 4.537 4.600345,553.66 Menlo Park City School Dist.2104 MUN 1,000,000.00586840ND8 07/01/2027 1,0032.21410/08/2019 960,220.00 2.183 2.2141,000,000.00 Mtn. View-Whisman School Dist.2708 MUN 1,135,000.0062451FJE1 09/01/2026 7001.89310/19/2022 1,098,577.85 4.487 4.5501,082,525.57 Marin Community College Dist.1858 MUN 500,000.0056781RGU5 08/01/2027 1,0343.27209/28/2017 492,480.00 2.791 2.830505,428.20 Marin Community College Dist.1973 MUN 120,000.0056781RGT8 08/01/2026 6693.17211/05/2018 118,429.20 3.452 3.500119,371.46 Marin Community College Dist.2084 MUN 250,000.0056781RJL2 08/01/2027 1,0343.33008/29/2019 246,627.50 1.874 1.900259,361.33 Marin Community College Dist.2287 MUN 310,000.0056781RJJ7 08/01/2025 3045.00003/06/2020 312,046.00 1.193 1.210319,449.18 Marin Community College Dist.2495 MUN 1,000,000.0056781RKH9 08/01/2030 2,1301.45102/25/2021 870,080.00 1.431 1.4511,000,000.00 Marin Community College Dist.2499 MUN 710,000.0056781RKH9 08/01/2030 2,1301.45102/25/2021 617,756.80 1.470 1.490708,463.34 Marin Community College Dist.2568 MUN 1,000,000.0056781RKU0 08/01/2026 6690.89309/14/2021 947,000.00 0.880 0.8931,000,000.00 Marin Community College Dist.2588 MUN 285,000.0056781RKD8 08/01/2026 6690.67909/29/2021 268,826.25 1.025 1.040283,164.35 Mt. San Antonio Community Coll2208 MUN 230,000.00623040KQ4 08/01/2029 1,7652.56902/04/2020 216,354.10 2.533 2.569230,000.00 Mt. San Antonio Community Coll2661 MUN 785,000.00623040KX9 08/01/2030 2,1302.64902/07/2022 730,379.70 2.173 2.203803,525.38 State of Mississippi1968 MUN 1,500,000.00605581LM7 11/01/2026 7613.75111/07/2018 1,497,450.00 3.377 3.4241,508,842.64 State of Mississippi1972 MUN 500,000.00605581LM7 11/01/2026 7613.75111/07/2018 499,150.00 3.401 3.449502,719.21 State of Mississippi2087 MUN 750,000.00605581HL4 12/01/2024 612.98708/30/2019 747,787.50 1.745 1.770751,446.14 State of Mississippi2090 MUN 500,000.00605581HL4 12/01/2024 612.98709/04/2019 498,525.00 1.783 1.807500,933.23 Portfolio CPA
AP
Run Date: 10/27/2024 - 12:27 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 12
Attachment B - Investment Portfolio
Item 12: Staff Report
Pg.
22 Packet Pg. 419 of 435
September 30, 2024
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 15
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
State of Mississippi2096 MUN 150,000.006055805W5 11/01/2025 3964.68109/09/2019 149,658.00 1.888 1.914154,233.32 State of Mississippi2189 MUN 250,000.006055805V7 11/01/2024 314.51112/19/2019 249,832.50 2.079 2.108250,473.33 State of Mississippi2626 MUN 1,000,000.00605581QR1 10/01/2031 2,5562.11712/09/2021 883,280.00 1.992 2.0201,006,121.63 State of Mississippi2629 MUN 250,000.00605581LL9 11/01/2025 3963.64612/06/2021 248,682.50 1.080 1.095256,744.50 City of Monterey2928 MUN 560,000.0061255QAM8 06/01/2033 3,1652.19301/16/2024 469,134.40 4.734 4.800459,050.67 New York State Urban Dev Corp.2097 MUN 700,000.006500357D4 03/15/2026 5303.07009/09/2019 690,151.00 2.071 2.100709,190.33 New York State Urban Dev Corp.2683 MUN 1,000,000.00650036AV8 03/15/2027 8951.49603/28/2022 945,920.00 2.777 2.816969,938.06 New York State Envrnmntl Corp2146 MUN 1,500,000.00649791PQ7 02/15/2025 1372.12010/31/2019 1,486,380.00 2.063 2.0911,500,155.18 New York State Envrnmntl Corp2224 MUN 580,000.00649791PS3 02/15/2027 8672.36001/30/2020 562,721.80 1.933 1.960585,115.38 New York State Envrnmntl Corp2575 MUN 1,500,000.00649791PR5 02/15/2026 5022.26009/13/2021 1,469,625.00 0.794 0.8051,529,360.73 New York State Envrnmntl Corp2677 MUN 1,000,000.00649791PS3 02/15/2027 8672.36003/16/2022 970,210.00 2.325 2.3581,000,038.62 New York State Envrnmntl Corp2678 MUN 1,000,000.00649791PS3 02/15/2027 8672.36003/21/2022 970,210.00 2.367 2.400999,099.52 City of Oakland2293 MUN 1,500,000.00672240WY0 01/15/2030 1,9322.11003/09/2020 1,379,010.00 1.436 1.4561,548,099.36 City of Oakland2307 MUN 1,500,000.00672240WY0 01/15/2030 1,9322.11003/13/2020 1,379,010.00 1.638 1.6611,532,728.70 City of Oakland2313 MUN 1,080,000.00672240WY0 01/15/2030 1,9322.11003/16/2020 992,887.20 2.247 2.2791,071,336.61 City of Oakland2316 MUN 1,500,000.00672240WX2 01/15/2029 1,5672.07003/16/2020 1,401,165.00 2.151 2.1811,493,443.22 City of Oakland2919 MUN 1,350,000.00672240ZA9 07/15/2033 3,2095.65012/26/2023 1,501,159.50 4.523 4.5861,451,251.68 City of Oakland Pension2630 MUN 450,000.00672319CF5 12/15/2025 4404.67612/06/2021 450,742.50 1.562 1.584466,184.97 Ohlone Community College Distr2165 MUN 600,000.00677765GY9 08/01/2027 1,0342.23711/22/2019 574,152.00 2.271 2.303598,970.05 Ohlone Community College Distr2175 MUN 280,000.00677765GY9 08/01/2027 1,0342.23712/06/2019 267,937.60 2.327 2.360279,110.55 Ohlone Community College Distr2179 MUN 970,000.00677765HA0 08/01/2029 1,7652.33712/11/2019 903,040.90 2.382 2.415966,741.14 Ohlone Community College Distr2341 MUN 1,185,000.00677765GZ6 08/01/2028 1,4002.28705/08/2020 1,118,888.85 1.849 1.8751,202,247.09 State of Ohio2308 MUN 500,000.00677521CT1 09/01/2026 7005.26203/13/2020 505,915.00 1.710 1.734531,844.33 City of Ontario (Pub Fin Auth)2847 MUN 600,000.00683050BW7 08/01/2026 6691.44003/17/2023 574,356.00 4.339 4.400570,039.04 Orange Cnty Water District2578 MUN 315,000.0068442CCY0 08/15/2025 3182.09509/16/2021 309,323.70 0.690 0.700318,773.88 Orchard School District1910 MUN 125,000.00685585FD8 08/01/2027 1,0343.12501/25/2018 123,617.50 3.208 3.253124,621.73 State of Oregon1974 MUN 393,977.0868607LXQ5 06/01/2027 9735.89211/06/2018 404,842.97 3.516 3.565411,857.87 State of Oregon2015 MUN 350,639.6068607LXQ5 06/01/2027 9735.89201/16/2019 360,310.24 3.537 3.587369,108.15 State of Oregon2230 MUN 390,037.3068607LXQ5 06/01/2027 9735.89201/31/2020 400,794.53 2.583 2.619420,814.79 State of Oregon2266 MUN 787,954.1568607LXQ5 06/01/2027 9735.89202/24/2020 809,685.93 2.482 2.517852,374.05 State of Oregon2310 MUN 350,000.0068609BXT9 05/01/2027 9423.08003/13/2020 343,374.50 1.302 1.320365,106.71 State of Oregon2378 MUN 355,000.0068609TVS4 06/01/2030 2,0691.67207/02/2020 314,018.80 1.433 1.452359,090.75 State of Oregon2542 MUN 870,000.0068608KA24 08/01/2030 2,1305.33207/01/2021 897,779.10 1.943 1.9701,025,469.88 State of Oregon2549 MUN 1,225,000.0068609TU30 08/01/2028 1,4001.48407/08/2021 1,122,296.00 1.134 1.1501,240,017.06 Portfolio CPA
AP
Run Date: 10/27/2024 - 12:27 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 12
Attachment B - Investment Portfolio
Item 12: Staff Report
Pg.
23 Packet Pg. 420 of 435
September 30, 2024
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 16
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
State of Oregon2584 MUN 265,000.0068609TT81 08/01/2025 3040.80309/24/2021 257,765.50 0.690 0.700265,223.54 State of Oregon2624 MUN 250,000.0068609TZT8 08/01/2026 6690.98411/19/2021 237,112.50 1.292 1.310248,554.79 State of Oregon2627 MUN 900,000.0068609T3M8 11/01/2031 2,5872.03711/26/2021 790,173.00 2.020 2.048899,306.69 State of Oregon2679 MUN 787,954.1568607LXQ5 06/01/2027 9735.89204/01/2022 809,685.93 3.259 3.304837,541.38 State of Oregon2977 MUN 787,954.1568607LXQ5 06/01/2027 9735.89202/15/2024 809,685.93 5.079 5.150802,068.76 Oxnard Union High School Distr2859 MUN 500,000.00692039QX1 08/01/2027 1,0341.51203/23/2023 470,105.00 4.458 4.520461,701.21 City of Pacifica2138 MUN 1,015,000.0069511AAS3 06/01/2025 2432.56310/23/2019 1,002,596.70 2.469 2.5031,015,368.18 City of Pacifica2139 MUN 580,000.0069511AAT1 06/01/2026 6082.66310/23/2019 565,511.60 2.611 2.647580,131.71 Pasadena CA Public Finance Aut2573 MUN 120,000.0070227RBM1 05/01/2026 5771.98409/09/2021 115,957.20 0.903 0.915121,983.68 Pasadena CA Public Finance Aut2615 MUN 550,000.00702274CS8 12/01/2026 7913.50012/01/2021 544,896.00 1.380 1.400574,085.97 Palo Alto Unified School Dist.2838 MUN 1,500,000.00697379TV7 07/01/2027 1,0035.86202/17/2023 1,548,765.00 4.698 4.7641,540,389.36 Palo Alto Unified School Dist.2839 MUN 1,500,000.00697379TV7 07/01/2027 1,0035.86202/21/2023 1,548,765.00 4.683 4.7481,540,984.11 Palo Alto Unified School Dist.2841 MUN 1,480,000.00697379TV7 07/01/2027 1,0035.86203/06/2023 1,528,114.80 4.941 5.0101,510,755.07 Placentia-Yorba Linda Unif Sch3023 MUN 1,000,000.00725894NB1 08/01/2031 2,4952.06403/13/2024 887,340.00 4.359 4.420863,885.55 Polomar Community Clge Distri2582 MUN 1,000,000.00697511FU2 08/01/2026 6691.03110/13/2021 950,090.00 1.016 1.0311,000,000.00 Polomar Community Clge Distri2676 MUN 335,000.00697511FD0 08/01/2026 6691.19903/15/2022 319,268.40 2.288 2.320328,487.65 Rancho Water Dist. Fin. Auth.2889 MUN 600,000.00752111HE7 08/01/2030 2,1305.12505/03/2023 625,746.00 4.284 4.344623,190.18 Redondo Beach Unified School D2388 MUN 750,000.00757710UE6 08/01/2030 2,1301.66008/06/2020 660,292.50 1.439 1.459758,166.34 Redondo Beach Unified School D2763 MUN 715,000.00757710UE6 08/01/2030 2,1301.66012/14/2022 629,478.85 4.783 4.850604,882.71 State of Rhode Island2192 MUN 260,000.0076222RYN6 01/15/2025 1062.00012/20/2019 258,297.00 2.231 2.262259,967.85 State of Rhode Island2219 MUN 1,500,000.0076222RXB3 04/01/2028 1,2783.25001/27/2020 1,477,125.00 2.077 2.1061,554,863.93 State of Rhode Island2239 MUN 550,000.0076222RXB3 04/01/2028 1,2783.25002/06/2020 541,612.50 1.990 2.018571,753.35 Riverside Cmnty College Distt.2596 MUN 1,365,000.0076886PJP9 08/01/2026 6691.12410/04/2021 1,296,790.95 1.006 1.0201,367,531.03 Riverside Cmnty College Distt.2733 MUN 560,000.0076886PJS3 08/01/2029 1,7651.78511/17/2022 506,934.40 5.022 5.092484,958.28 Riverside Cmnty College Distt.2936 MUN 120,000.0076886PJS3 08/01/2029 1,7651.78501/19/2024 108,628.80 4.562 4.625105,609.36 City of Roseville Electric Sys2942 MUN 470,000.0077781RCW1 02/01/2031 2,3141.83101/24/2024 413,003.10 4.487 4.550401,374.35 Rancho Santiago Comm College D2805 MUN 635,000.00752147HK7 09/01/2026 7000.95601/19/2023 601,345.00 4.164 4.222598,487.50 Redwood City School District2130 MUN 1,000,000.00757889EH9 08/01/2027 1,0342.28410/16/2019 958,430.00 2.252 2.2841,000,000.00 Redwood City School District2253 MUN 1,095,000.00757889EG1 08/01/2026 6692.15902/13/2020 1,061,055.00 1.727 1.7511,102,708.18 City of Santa Ana2603 MUN 175,000.00801139AE6 08/01/2026 6691.17610/18/2021 165,821.25 1.223 1.240174,800.91 City of Santa Ana2747 MUN 1,250,000.00801139AF3 08/01/2027 1,0341.46512/02/2022 1,162,850.00 5.178 5.2501,132,417.51 City of Santa Ana2932 MUN 500,000.00801139AK2 08/01/2031 2,4952.18901/18/2024 437,745.00 4.606 4.670429,224.00 Santa Barbara Unified School D2385 MUN 490,000.00801315KU5 08/01/2029 1,7651.65307/21/2020 442,357.30 1.483 1.504493,276.61 San Bernardino Cmty College Di2166 MUN 1,500,000.00796720NC0 08/01/2028 1,4002.59012/12/2019 1,432,875.00 2.554 2.5901,500,000.00 Portfolio CPA
AP
Run Date: 10/27/2024 - 12:27 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 12
Attachment B - Investment Portfolio
Item 12: Staff Report
Pg.
24 Packet Pg. 421 of 435
September 30, 2024
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 17
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
San Bernardino Cmty College Di2365 MUN 2,000,000.00796720NV8 08/01/2029 1,7651.84807/07/2020 1,820,100.00 1.822 1.8482,000,000.00 San Bernardino Cmty College Di2920 MUN 1,000,000.00796720ND8 08/01/2029 1,7652.64001/04/2024 944,620.00 4.261 4.320928,475.34 Santa Clarita Community Colleg2557 MUN 1,250,000.00801686TF3 08/01/2026 6691.14608/02/2021 1,189,075.00 0.742 0.7521,258,887.44 Santa Clara Valley Water Dist.2181 MUN 1,555,000.0080168ACV7 06/01/2028 1,3392.43412/12/2019 1,473,564.65 2.416 2.4501,554,171.96 Santa Clara Valley Water Dist.2793 MUN 1,000,000.0080168FPC4 06/01/2030 2,0691.63401/12/2023 878,030.00 4.418 4.480863,959.08 Santa Cruz County Capital Fin.1907 MUN 465,000.0080181PCU9 06/01/2025 2432.75001/25/2018 459,885.00 3.008 3.050464,171.22 Santa Cruz County Capital Fin.1908 MUN 470,000.0080181PCV7 06/01/2026 6083.00001/25/2018 460,783.30 3.107 3.150468,970.88 Santa Cruz County Capital Fin.1909 MUN 280,000.0080181PCW5 06/01/2027 9733.00001/25/2018 272,272.00 3.205 3.250278,398.86 Santa Cruz MET Transit Dist.2671 MUN 1,000,000.00801747AF3 08/01/2027 1,0342.47003/03/2022 963,370.00 2.030 2.0581,010,974.95 San Diego Unified Sch District2602 MUN 1,000,000.00797356DL3 07/01/2031 2,4641.98410/21/2021 881,500.00 1.824 1.8501,008,236.93 San Diego Unified Sch District2606 MUN 900,000.00797356DL3 07/01/2031 2,4641.98410/23/2021 793,350.00 2.024 2.053896,237.96 San Diego Unified Sch District2617 MUN 270,000.00797356DH2 07/01/2028 1,3691.59911/17/2021 248,424.30 1.712 1.736268,692.75 San Diego Unified Sch District2693 MUN 260,000.00797356DF6 07/01/2026 6381.20109/23/2022 248,097.20 4.053 4.110247,851.30 San Diego Unified Sch District2767 MUN 1,000,000.00797356DH2 07/01/2028 1,3691.59912/16/2022 920,090.00 4.241 4.300910,717.29 San Diego Community College Di2550 MUN 255,000.00797272QS3 08/01/2027 1,0342.40707/09/2021 245,565.00 1.007 1.021264,685.21 San Diego Community College Di2639 MUN 1,980,000.00797272RN3 08/01/2026 6691.44512/28/2021 1,895,553.00 1.193 1.2101,988,269.28 San Diego Community College Di2651 MUN 500,000.00797272RT0 08/01/2031 2,4952.11301/10/2022 443,735.00 2.120 2.150498,859.72 San Diego Regl Trans Commissio2632 MUN 200,000.00797400MR6 04/01/2026 5471.03612/08/2021 191,310.00 1.292 1.310199,203.98 San Diego Cnty Wtr Authority2580 MUN 875,000.00797412DN0 05/01/2026 5770.97109/17/2021 835,170.00 0.887 0.900875,959.13 San Diego Cnty Wtr Authority2600 MUN 210,000.00797412DM2 05/01/2025 2120.74310/08/2021 205,520.70 0.838 0.850209,871.10 San Diego Cnty Wtr Authority2604 MUN 250,000.00797412DN0 05/01/2026 5770.97110/20/2021 238,620.00 1.134 1.150249,310.65 San Diego Cnty Wtr Authority2623 MUN 750,000.00797412DN0 05/01/2026 5770.97111/19/2021 715,860.00 1.282 1.300746,213.34 San Diego Cnty Wtr Authority2688 MUN 1,275,000.00797412DQ3 05/01/2028 1,3081.33109/12/2022 1,170,029.25 3.945 4.0001,166,773.99 San Diego Cnty Wtr Authority2716 MUN 225,000.00797412DR1 05/01/2029 1,6731.43110/24/2022 202,297.50 5.079 5.150192,769.11 San Diego Cnty Wtr Authority2993 MUN 445,000.00797412DN0 05/01/2026 5770.97103/23/2024 424,743.60 4.590 4.653419,651.73 San Diego Cnty Wtr Authority3024 MUN 745,000.00797412DM2 05/01/2025 2120.74303/22/2024 729,109.15 4.853 4.920727,535.63 San Dieguito Union High Sch Di2536 MUN 430,000.00797508JW9 08/01/2026 6691.07406/09/2021 408,353.80 1.059 1.074430,000.00 San Dieguito Union High Sch Di2537 MUN 435,000.00797508JX7 08/01/2027 1,0341.37206/09/2021 406,142.10 1.353 1.372435,000.00 San Dieguito Union High Sch Di2674 MUN 435,000.00797508HF8 08/01/2026 6691.86003/11/2022 419,087.70 2.070 2.099433,186.55 Sequoia Union High School Dist2320 MUN 400,000.00817409N35 07/01/2025 2731.73503/18/2020 392,876.00 1.381 1.400400,964.79 Sequoia Union High School Dist2531 MUN 250,000.00817409N76 07/01/2029 1,7342.10304/30/2021 230,857.50 1.658 1.681254,651.48 City & County of San Francisco1509 MUN 1,000,000.00797646NC6 06/15/2025 2575.45011/27/2015 1,006,120.00 3.067 3.1101,014,187.95 City & County of San Francisco1711 MUN 2,105,000.00797646T48 06/15/2025 2572.29011/01/2016 2,076,014.15 2.219 2.2492,105,533.98 City & County of San Francisco1712 MUN 245,000.00797646T55 06/15/2026 6222.39011/01/2016 238,245.35 2.376 2.410244,924.87 Portfolio CPA
AP
Run Date: 10/27/2024 - 12:27 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 12
Attachment B - Investment Portfolio
Item 12: Staff Report
Pg.
25 Packet Pg. 422 of 435
September 30, 2024
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 18
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
City & County of San Francisco1839 MUN 230,000.00797646T48 06/15/2025 2572.29007/14/2017 226,832.90 2.682 2.720229,375.64 City & County of San Francisco2014 MUN 1,420,000.00797646ND4 06/15/2026 6225.60001/16/2019 1,446,994.20 3.304 3.3501,467,886.43 City & County of San Francisco2148 MUN 1,120,000.007976466C5 06/15/2029 1,7182.10010/31/2019 1,029,560.00 2.337 2.3691,107,331.38 City & County of San Francisco2762 MUN 575,000.007976466F8 06/15/2032 2,8142.35012/14/2022 504,004.75 4.744 4.810488,332.97 City & County of San Francisco2864 MUN 1,000,000.0079773KKQ6 06/15/2025 2576.00004/11/2023 1,011,700.00 4.146 4.2031,011,990.48 City & County of San Francisco2883 MUN 500,000.0079773KKT0 06/15/2028 1,3536.00004/21/2023 539,430.00 4.273 4.332527,442.70 City & County of San Francisco2910 MUN 635,000.0079773KDG6 06/15/2029 1,7181.78410/20/2023 575,195.70 5.375 5.450547,620.28 City & County of San Francisco2913 MUN 305,000.0079773KKX1 06/15/2032 2,8146.00012/15/2023 347,364.50 4.803 4.870326,533.31 City & County of San Francisco2934 MUN 760,000.007976466E1 06/15/2031 2,4482.30001/18/2024 678,072.00 4.553 4.616660,941.82 City & County of San Francisco2958 MUN 470,000.007976466G6 06/15/2033 3,1792.40001/31/2024 404,294.00 4.546 4.610397,228.50 City & Cnty of San Francisco2911 MUN 1,000,000.0079765D5Y2 10/01/2032 2,9226.00011/07/2023 1,095,450.00 5.889 5.9711,001,546.07 San Francisco Cmnty Facs Dist1937 MUN 680,000.0079772EBC2 09/01/2027 1,0653.25003/02/2018 666,209.60 3.451 3.499675,825.94 San Francisco Cmnty Facs Dist2132 MUN 350,000.0079772ECL1 09/01/2029 1,7963.64810/11/2019 343,581.00 2.398 2.431368,492.64 San Francisco Cmnty Facs Dist2309 MUN 130,000.0079772ECJ6 09/01/2027 1,0653.46803/13/2020 128,135.80 1.577 1.599136,646.92 San Francisco Cmnty Facs Dist2608 MUN 575,000.0079772EDY2 09/01/2031 2,5262.59111/03/2021 519,340.00 2.305 2.337583,972.09 San Francisco Cmnty Facs Dist2628 MUN 1,295,000.0079772EDA4 09/01/2026 7002.23611/29/2021 1,252,057.80 1.425 1.4451,313,876.28 San Francisco Cmnty Facs Dist2946 MUN 600,000.0079772EEK1 09/01/2030 2,1615.53501/24/2024 643,716.00 4.783 4.850620,561.75 San Francisco Cmnty Facs Dist2973 MUN 700,000.0079772EDF3 09/01/2031 2,5262.70102/13/2024 636,818.00 4.583 4.647621,287.20 SF Bay Area Rapid Transit Dist2636 MUN 480,000.00797669ZR2 07/01/2031 2,4642.76812/16/2021 441,158.40 1.846 1.872506,455.04 SF Bay Area Rapid Transit Dist2766 MUN 405,000.00797669ZR2 07/01/2031 2,4642.76812/15/2022 372,227.40 4.832 4.899357,851.48 Sierra Joint Com. College Dist2501 MUN 585,000.00826239GD1 08/01/2029 1,7651.44503/09/2021 524,487.60 1.425 1.445585,000.00 Sierra Joint Com. College Dist2535 MUN 500,000.00826239GD1 08/01/2029 1,7651.44505/27/2021 448,280.00 1.461 1.481499,172.55 Silicon Valley Clean Water2828 MUN 245,000.0082707BDP1 08/01/2027 1,0341.38002/10/2023 229,239.15 4.301 4.361226,385.47 San Juan Unified School Dist2707 MUN 545,000.00798306WQ5 08/01/2026 6691.20110/17/2022 518,333.15 4.586 4.650513,729.31 City of San Jose2656 MUN 350,000.00798135E96 09/01/2026 7002.50001/28/2022 341,341.00 1.686 1.710355,073.98 San Jose Financing Authority2622 MUN 345,000.00798153NF5 06/01/2026 6081.31111/18/2021 329,757.90 1.459 1.480344,063.24 San Jose Evergreen Cmnty Colll1966 MUN 315,000.00798189PK6 09/01/2027 1,0653.72810/29/2018 315,195.30 3.676 3.727315,000.00 San Jose Evergreen Cmnty Colll2105 MUN 500,000.00798189QA7 08/01/2028 1,4002.35010/01/2019 474,245.00 2.317 2.350500,000.00 San Jose Unified School Dist.2518 MUN 1,000,000.00798186N81 08/01/2025 3040.55803/15/2021 971,360.00 0.739 0.750998,427.66 San Jose Unified School Dist.2700 MUN 990,000.00798186P30 08/01/2028 1,4001.22410/07/2022 901,266.30 4.487 4.550880,175.53 San Jose Unified School Dist.2774 MUN 850,000.00798186P22 08/01/2027 1,0341.01412/21/2022 788,120.00 4.341 4.401776,879.52 San Jose Unified School Dist.2949 MUN 200,000.00798186P22 08/01/2027 1,0341.01401/26/2024 185,440.00 4.421 4.483181,996.40 Santa Maria JT Union High Sch2706 MUN 455,000.00802309NY6 08/01/2026 6691.50810/17/2022 436,094.75 4.586 4.650431,215.98 Santa Monica Cmnty College Dis2091 MUN 315,000.00802385RC0 08/01/2028 1,4003.47209/05/2019 311,267.25 1.972 2.000331,205.66 Portfolio CPA
AP
Run Date: 10/27/2024 - 12:27 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 12
Attachment B - Investment Portfolio
Item 12: Staff Report
Pg.
26 Packet Pg. 423 of 435
September 30, 2024
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 19
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
Santa Monica Cmnty College Dis2481 MUN 570,000.00802385RV8 08/01/2030 2,1301.69601/22/2021 504,250.50 1.499 1.520575,428.19 Santa Monica Cmnty College Dis2482 MUN 600,000.00802385RT3 08/01/2028 1,4001.49601/22/2021 550,986.00 1.085 1.100608,717.90 Santa Monica Cmnty College Dis2810 MUN 850,000.00802385RS5 08/01/2027 1,0341.24401/23/2023 792,242.50 3.965 4.020789,416.51 Santa Monica-Malibu USD2561 MUN 650,000.00802498VW2 07/01/2026 6380.98908/12/2021 618,988.50 0.877 0.890651,098.83 Santa Monica-Malibu USD2637 MUN 215,000.00802498ZA6 08/01/2026 6690.84912/20/2021 203,839.35 1.193 1.210213,619.44 Santa Monica-Malibu USD2792 MUN 825,000.00802498ZF5 08/01/2031 2,4951.62401/09/2023 711,414.00 4.694 4.760681,170.22 San Mateo Foster City SCH Dist1902 MUN 1,000,000.00799017UW6 09/01/2025 3352.69901/16/2018 986,460.00 2.786 2.825998,964.92 San Mateo Foster City SCH Dist1940 MUN 1,000,000.00799017UW6 09/01/2025 3352.69903/09/2018 986,460.00 2.959 3.000997,543.39 San Mateo Foster City SCH Dist2153 MUN 1,360,000.00799017WD6 09/01/2028 1,4312.23711/07/2019 1,279,134.40 2.447 2.4801,348,399.17 San Mateo Foster City SCH Dist2178 MUN 1,565,000.00799017VM7 09/01/2028 1,4312.54212/11/2019 1,489,128.80 2.311 2.3431,575,913.78 San Mateo Foster City SCH Dist2567 MUN 500,000.00799017XW3 09/01/2026 7000.92509/21/2021 472,510.00 0.912 0.925500,000.00 San Mateo Foster City SCH Dist2585 MUN 175,000.00799055QV3 08/01/2026 6691.79909/27/2021 169,071.00 0.897 0.910177,783.52 San Mateo Foster City SCH Dist2591 MUN 810,000.00799055ME5 08/01/2026 6696.00009/29/2021 833,878.80 2.297 2.329861,250.40 San Mateo Foster City SCH Dist2782 MUN 425,000.00799017WE4 09/01/2029 1,7962.33712/22/2022 394,761.25 4.685 4.750382,222.61 Solano Cnty Community Clg Dist2176 MUN 1,150,000.0083412PFQ0 08/01/2028 1,4002.71712/09/2019 1,105,679.00 2.462 2.4961,158,684.64 Solano Cnty Community Clg Dist2579 MUN 750,000.0083412PHQ8 08/01/2026 6691.02510/06/2021 712,492.50 1.011 1.025750,000.00 Solano Cnty Community Clg Dist2583 MUN 200,000.0083412PGZ9 08/01/2026 6691.02510/06/2021 189,998.00 0.887 0.900200,446.59 Solano Cnty Community Clg Dist2594 MUN 390,000.0083412PHE5 08/01/2031 2,4951.86110/06/2021 340,290.60 1.948 1.975387,231.72 Solano Cnty Community Clg Dist2597 MUN 750,000.0083412PHU9 08/01/2030 2,1301.76110/06/2021 666,007.50 1.834 1.860746,016.61 Solano Cnty Community Clg Dist2598 MUN 825,000.0083412PHW5 08/01/2031 2,4951.86110/06/2021 719,845.50 1.879 1.905822,731.09 Solano Cnty Community Clg Dist2649 MUN 350,000.0083412PHB1 08/01/2028 1,4001.47901/07/2022 321,198.50 1.775 1.800345,952.53 Sonoma Cnty Jr. College Distr.2577 MUN 155,000.00835569GT5 08/01/2026 6692.44709/15/2021 150,976.20 0.843 0.855159,421.15 South Pasadena Unified School1914 MUN 180,000.00839278JM1 08/01/2027 1,0343.00002/15/2018 176,180.40 3.057 3.100179,560.30 South Pasadena Unified School2161 MUN 370,000.00839278KC1 08/01/2029 1,7655.00012/12/2019 388,451.90 2.598 2.634407,147.02 South Pasadena Unified School2162 MUN 250,000.00839278KB3 08/01/2028 1,4005.00012/12/2019 260,540.00 2.549 2.584270,628.98 South Pasadena Unified School2163 MUN 145,000.00839278KA5 08/01/2027 1,0345.00012/12/2019 149,641.45 2.500 2.534154,157.00 South Pasadena Unified School2164 MUN 390,000.00839278JZ2 08/01/2026 6695.00012/12/2019 397,659.60 2.378 2.411407,008.44 City of San Ramon2933 MUN 355,000.00799381AL2 07/01/2032 2,8302.46001/18/2024 311,423.75 4.753 4.819302,193.36 San Ramon Vly Unif Sch Dist.2605 MUN 1,500,000.007994082K4 08/01/2030 2,1301.91411/03/2021 1,347,525.00 1.805 1.8301,506,744.28 San Ramon Vly Unif Sch Dist.2813 MUN 935,000.00799408Z93 08/01/2026 6691.03401/26/2023 889,175.65 4.044 4.100886,510.09 Sunnyvale Elementary Sch Distr2100 MUN 135,000.00867578UT1 09/01/2028 1,4312.19009/19/2019 127,496.70 2.157 2.187135,000.00 Sunnyvale Elementary Sch Distr2101 MUN 135,000.00867578US3 09/01/2027 1,0652.09009/19/2019 128,995.20 2.061 2.090135,000.00 Tracy Unified School District2493 MUN 500,000.00892404CN2 08/01/2029 1,7651.64402/08/2021 454,430.00 1.437 1.457504,228.89 Temecula Valley Unified School2539 MUN 250,000.0087970GPS0 08/01/2028 1,4001.50306/16/2021 230,060.00 1.482 1.503250,000.00 Portfolio CPA
AP
Run Date: 10/27/2024 - 12:27 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 12
Attachment B - Investment Portfolio
Item 12: Staff Report
Pg.
27 Packet Pg. 424 of 435
September 30, 2024
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 20
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
Temecula Valley Unified School2569 MUN 355,000.0087970GPQ4 08/01/2026 6691.05108/27/2021 337,707.95 0.887 0.900355,958.86 State of Tennessee1673 MUN 1,000,000.00880541XY8 08/01/2026 6692.11608/25/2016 971,400.00 1.923 1.9501,002,751.85 State of Tennessee1674 MUN 1,650,000.00880541XX0 08/01/2025 3042.06608/25/2016 1,623,006.00 1.893 1.9201,651,832.38 State of Tennessee1676 MUN 700,000.00880541XX0 08/01/2025 3042.06608/25/2016 688,548.00 1.893 1.920700,777.38 City of Torrance JT PWRS Fin A2795 MUN 445,000.00891371BB1 06/01/2032 2,8002.63701/12/2023 394,817.35 5.001 5.070379,573.54 Tustin Unif Sch Dist Facs Impt2715 MUN 650,000.00901072LD8 08/01/2027 1,0341.14510/24/2022 604,448.00 4.783 4.850589,719.90 Tustin Unif Sch Dist Facs Impt2758 MUN 205,000.00901072MB1 08/01/2031 2,4951.75412/09/2022 177,796.50 4.843 4.910169,314.94 Tustin Unif Sch Dist Facs Impt2814 MUN 500,000.00901072LX4 08/01/2027 1,0341.14501/26/2023 464,960.00 4.098 4.155461,478.52 State of Texas2195 MUN 1,500,000.008827237P8 10/01/2025 3653.05112/23/2019 1,480,695.00 1.975 2.0031,514,765.54 State of Texas2225 MUN 940,000.008827237T0 10/01/2029 1,8263.52101/30/2020 927,695.40 2.191 2.221994,682.56 State of Texas2255 MUN 1,265,000.008827237T0 10/01/2029 1,8263.52102/14/2020 1,248,441.15 2.192 2.2221,338,557.54 State of Texas2311 MUN 250,000.008827237N3 10/01/2024 02.89903/16/2020 250,000.00 1.231 1.248250,000.00 State of Texas2541 MUN 245,000.008827235K1 10/01/2025 3652.92206/30/2021 240,278.85 0.641 0.650250,480.96 State of Texas2548 MUN 1,000,000.00882724RF6 10/01/2030 2,1912.42607/02/2021 926,280.00 1.480 1.5011,051,628.48 State of Texas2631 MUN 500,000.00882723A90 10/01/2025 3652.83112/07/2021 492,500.00 1.030 1.045508,730.13 State of Texas2957 MUN 295,000.00882724U47 10/01/2033 3,2874.70001/30/2024 308,174.70 4.536 4.599297,106.00 University of California2077 MUN 1,500,000.0091412GQG3 05/15/2025 2263.05008/26/2019 1,486,860.00 1.930 1.9571,509,596.97 University of California2095 MUN 1,000,000.0091412GQG3 05/15/2025 2263.05009/09/2019 991,240.00 1.797 1.8211,007,225.81 University of California2685 MUN 440,000.0091412HGF4 05/15/2027 9561.31604/05/2022 411,879.60 3.028 3.070421,399.10 University of California2866 MUN 230,000.0091412HJN4 05/15/2027 9561.27204/05/2023 214,670.50 4.311 4.371213,055.84 University of California2996 MUN 745,000.0091412HGG2 05/15/2030 2,0521.61402/26/2024 655,860.75 4.566 4.630636,296.60 State of Utah2306 MUN 295,225.00917542QV7 07/01/2025 2733.53903/13/2020 293,332.61 1.948 1.975298,495.73 State of Wisconsin2547 MUN 2,000,000.0097705MNU5 05/01/2031 2,4032.45107/02/2021 1,834,220.00 1.553 1.5752,106,452.44 State of Wisconsin2574 MUN 1,500,000.0097705MNP6 05/01/2026 5772.08909/09/2021 1,459,860.00 0.739 0.7501,531,193.18 State of Wisconsin2576 MUN 1,000,000.0097705MNP6 05/01/2026 5772.08909/13/2021 973,240.00 0.769 0.7801,020,312.23 State of Wisconsin 22822 MUN 610,000.00977100AC0 05/01/2026 5775.70001/30/2023 620,284.60 5.039 5.109615,172.45 Yosemite Community College Dis2657 MUN 1,000,000.00987388GX7 08/01/2027 1,0342.08202/17/2022 955,130.00 2.053 2.0821,000,000.00 Yosemite Community College Dis2687 MUN 500,000.00987388GX7 08/01/2027 1,0342.08209/02/2022 477,565.00 3.846 3.900476,763.14 Subtotal and Average 233,128,227.36 235,908,741.43 226,351,174.89 2.763 2.801 1,290 Supranationals (World Bank) Bonds
Inter-American Dev. Bank2528 IADB 2,000,000.004581X0DV7 04/20/2026 5660.87504/20/2021 1,910,500.00 0.910 0.9231,998,540.39 Inter-American Dev. Bank2586 IADB 2,000,000.0045818WDH6 06/17/2026 6240.80009/27/2021 1,899,820.00 0.914 0.9271,995,749.80 Inter-American Dev. Bank2652 IADB 1,000,000.004581X0EB0 01/13/2027 8341.50001/13/2022 953,200.00 1.504 1.525999,442.87 Inter-American Dev. Bank2655 IADB 1,000,000.004581X0EB0 01/13/2027 8341.50001/14/2022 953,200.00 1.518 1.540999,122.71 Portfolio CPA
AP
Run Date: 10/27/2024 - 12:27 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 12
Attachment B - Investment Portfolio
Item 12: Staff Report
Pg.
28 Packet Pg. 425 of 435
September 30, 2024
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 21
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Supranationals (World Bank) Bonds
Inter-American Dev. Bank2922 IADB 1,000,000.004581X0EK0 05/15/2026 5914.50001/08/2024 1,010,310.00 4.214 4.2731,003,426.78 Inter-American Dev. Bank2987 IADB 1,000,000.004581X0EN4 02/15/2029 1,5984.12502/22/2024 1,019,760.00 4.222 4.281993,854.99 Inter-American Dev. Bank3026 IADB 1,500,000.0045818WFV3 08/15/2029 1,7793.90009/19/2024 1,514,985.00 3.462 3.5111,525,863.06 Intl Bk Recon & Development2470 IBRD 1,500,000.00459058JL8 10/28/2025 3920.50001/08/2021 1,444,440.00 0.480 0.4871,500,200.66 Intl Bk Recon & Development2492 IBRD 1,500,000.00459058JS3 02/10/2026 4970.65002/10/2021 1,439,565.00 0.641 0.6501,500,000.00 Intl Bk Recon & Development2497 IBRD 1,500,000.0045905U5Y6 02/18/2026 5050.60002/18/2021 1,437,600.00 0.591 0.6001,500,000.00 Intl Bk Recon & Development2498 IBRD 1,500,000.00459058JL8 10/28/2025 3920.50002/18/2021 1,444,440.00 0.591 0.6001,498,412.04 Intl Bk Recon & Development2510 IBRD 1,500,000.00459058JL8 10/28/2025 3920.50003/01/2021 1,444,440.00 0.787 0.7981,495,288.85 Intl Bk Recon & Development2534 IBRD 1,500,000.00459058JS3 02/10/2026 4970.65005/26/2021 1,439,565.00 0.833 0.8451,496,112.10 Intl Bk Recon & Development2553 IBRD 1,500,000.00459058JS3 02/10/2026 4970.65007/15/2021 1,439,565.00 0.839 0.8511,495,986.93 Intl Bk Recon & Development2559 IBRD 1,500,000.00459058JS3 02/10/2026 4970.65008/12/2021 1,439,565.00 0.871 0.8831,495,351.93 Intl Bk Recon & Development2650 IBRD 1,000,000.0045906M2L4 02/24/2026 5110.65001/07/2022 953,670.00 1.368 1.387990,021.18 Intl Bk Recon & Development2673 IBRD 1,000,000.0045906M2Z3 03/17/2025 1672.05003/17/2022 988,360.00 2.107 2.136999,615.74 Intl Bk Recon & Development2736 IBRD 1,000,000.0045906M2L4 02/24/2026 5110.65011/23/2022 953,670.00 4.480 4.542949,957.73 Intl Bk Recon & Development2775 IBRD 1,000,000.00459058JN4 11/24/2027 1,1490.75012/21/2022 915,570.00 3.807 3.860911,631.11 Intl Bk Recon & Development2779 IBRD 1,500,000.00459058JT1 02/10/2027 8620.85012/22/2022 1,386,465.00 4.241 4.3001,389,262.84 Intl Bk Recon & Development2826 IBRD 1,500,000.00459058JT1 02/10/2027 8620.85002/10/2023 1,386,465.00 4.310 4.3701,386,879.59 Intl Bk Recon & Development2912 IBRD 1,000,000.00459058KW2 08/01/2028 1,4004.62510/27/2023 1,034,376.01 4.967 5.036986,151.69 Intl Bk Recon & Development2921 IBRD 1,000,000.00459058KT9 07/12/2028 1,3803.50001/08/2024 996,190.00 4.024 4.079980,154.88 Intl Bk Recon & Development2950 IBRD 1,000,000.00459058KW2 08/01/2028 1,4004.62501/26/2024 1,034,376.01 4.112 4.1691,015,748.98 Intl Bk Recon & Development3003 IBRD 1,500,000.0045906M5A5 03/05/2029 1,6165.50003/05/2024 1,504,875.00 5.424 5.5001,500,000.00 Intl Bk Recon & Development3034 IBRD 1,000,000.00459058KW2 08/01/2028 1,4004.62509/24/2024 1,034,376.01 3.475 3.5241,039,101.66 International Finance Corp.2441 IFC 1,000,000.0045950VPE0 10/15/2025 3790.50010/30/2020 973,770.00 0.351 0.3551,000,000.00 International Finance Corp.2454 IFC 1,500,000.0045950VPH3 11/15/2025 4100.50011/30/2020 1,468,995.00 0.341 0.3451,500,000.00 International Finance Corp.2483 IFC 1,500,000.0045950VPJ9 01/15/2026 4710.58001/25/2021 1,439,640.00 0.501 0.5081,501,360.89 International Finance Corp.2502 IFC 1,500,000.0045950VPJ9 01/15/2026 4710.58002/11/2021 1,439,640.00 0.522 0.5301,500,949.45 International Finance Corp.2503 IFC 1,500,000.0045950VPS9 02/26/2026 5130.50002/26/2021 1,432,815.00 0.616 0.6251,497,414.44 International Finance Corp.2514 IFC 2,000,000.0045950VPT7 03/15/2026 5300.75003/15/2021 1,934,580.00 0.591 0.6002,000,000.00 International Finance Corp.2515 IFC 1,500,000.0045950VPU4 03/23/2026 5380.75003/23/2021 1,434,645.00 0.746 0.7571,499,840.40 International Finance Corp.2517 IFC 2,000,000.0045950VPU4 03/23/2026 5380.75003/23/2021 1,912,860.00 0.887 0.9001,995,667.16 International Finance Corp.2532 IFC 1,500,000.0045950VPY6 05/15/2026 5910.75005/28/2021 1,451,385.00 0.642 0.6511,500,000.00 International Finance Corp.2654 IFC 1,000,000.0045950KCX6 10/08/2026 7370.75001/12/2022 943,330.00 1.518 1.540984,668.93 Subtotal and Average 48,625,779.78 49,000,000.00 47,411,008.03 1.779 1.804 715 Total Investments and Average 592,141,180.65 595,626,541.30 568,521,936.99 2.425 2.458 1,072 Portfolio CPA
AP
Run Date: 10/27/2024 - 12:27 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 12
Attachment B - Investment Portfolio
Item 12: Staff Report
Pg.
29 Packet Pg. 426 of 435
1 General Investment Guidelines: Full Compliance
a) The max. stated final maturity of individual securities in the portfolio should be 10 years. b) A max. of 30 percent of the par value of the portfolio shall be invested in securities with maturities 24.6% beyond 5 years.
c) The City shall maintain a minimum of one month's cash needs in short term investments. d) At least
$50 million shall be maintained in securities maturing in less than 2 years.
Plus two managed pool accounts which provide instant liquidity:
- Local Agency Investment Fund (LAIF) - maximum investment limit is $75 million $44.9 million - Fidelity Investments $11.2 million
e) Should market value of the portfolio fall below 95 percent of the book value, report this fact within a 96.0% reasonable time to the City Council and evaluate if there are risk of holding securities to maturity. d) Commitments to purchase securities newly introduced on the market shall be made no more than three (3) working days before pricing.
f) Whenever possible, the City will obtain three or more quotations on the purchase or sale of comparable securities (excludes new issues, LAIF, City of Palo Alto bonds, money market accounts, and mutual funds).
2 U.S. Government Securities:
Full Compliance
a) There is no limit on purchase of these securities.
b) Securities will not exceed 10 years maturity.
3 U.S. Government Agency Securities: Full Compliance
a) There is no limit on purchase of these securities except for:
Callable and Multi-step-up securities provided that:
- The potential call dates are known at the time of purchase; - the interest rates at which they "step-up" are known at the time of purchase; and - the entire face value of the security is redeemed at the call date. - No more than 25 percent
of the par value of portfolio. 24.29%
b) Securities will not exceed 10 years maturity.
4 California State, California Local Government Agencies, and other United States State Bonds: Full Compliance a) Having at time of investment a minimum Double A (AA/Aa2) rating as provided by a nationally recognized rating service (e.g., Moody’s, Fitch, and/or Standard and Poor’s). b) May not exceed 40 percent of the par value of the portfolio. 39.61% 5 Certificates of Deposit (CD): Full Compliance
a) May not exceed 20 percent of the par value of the portfolio; None Held b) No more than 10 percent of the par value of the portfolio in collateralized CDs in any institution. c) Purchase collateralized deposits only from federally insured large banks that are rated by a nationally recognized rating agency (e.g. Moody's, Fitch, and/or Standard & Poor's). d) For non-rated banks, deposit should be limited to amounts federally insured (FDIC) e) Rollovers are not permitted without specific instruction from authorized City staff. 6 Banker's Acceptance Notes (BA):
Full Compliance
a) No more than 30 percent of the par value of the portfolio. None Held b) Not to exceed 180 days maturity.
c) No more than $5 million with any one institution.
Attachment C
Investment Policy Compliance
As of September 30, 2024
Investment Policy Requirements
Compliance
Check / Actual
$232.2 million
0.76%
Item 12
Attachment C -
Investment Policy
Compliance
Item 12: Staff Report
Pg.
30 Packet Pg. 427 of 435
Attachment C
Investment Policy Compliance
As of September 30, 2024
Investment Policy Requirements
Compliance
Check / Actual
7 Commercial Paper: Full Compliance
a) No more than 15 percent of the par value of the portfolio. None Held b) Having highest letter or numerical rating from a nationally recognized rating service. c) Not to exceed 270 days maturity.
d) No more than $3 million or 10 percent
of the outstanding commercial paper of any one institution, whichever is lesser.
8 Short-Term Repurchase Agreement (REPO): Full Compliance a) Not to exceed 1 year. None Held
b) Market value of securities that underlay a repurchase agreement shall be valued at 102 percent or greater of the funds borrowed against those securities. 9 Money Market Deposit Accounts Full Compliance
a) Liquid bank accounts which seek to maintain a net asset value of $1.00. 10 Mutual Funds: Full Compliance
a) No more than 20 percent of the par value of the portfolio. None Held b) No more than 10 percent of the par value with any one institution. 11 Negotiable Certificates of Deposit (NCD): Full Compliance a) No more than 20 percent of the par value of the portfolio. 7.10% b) No more than $5 million in any one institution. Federally Insured 12 Medium-Term Corporate Notes: Full Compliance
a) No more than 10 percent of the par value of the portfolio. 4.87% b) Not to exceed 5 years maturity.
c) Securities eligible for investment shall have a minimum rating of AA or Aa2 from a nationally recognized rating service.
d) No more than $5 million of the par value may be invested in securities of any single issuer, other than the U.S. Government, its agencies and instrumentality. e) If securities owned by the City are downgraded by either rating agencies to a level below AA it shall be the City's policy to review the credit situation and make a determination as to whether to sell or retain such securities.
13 Supranational Organizations Securities:
Full Compliance
a) Securities will not exceed 5 years maturity
b) No more than 20 percent of the par value of the portfolio. 8.23% c) No more than 10 percent in any one institution. Full Compliance d) Securities eligible for investment shall have a minimum rating of AA or Aa2 from a nationally recognized rating service.
14 Prohibited Investments:
a) Reverse Repurchase Agreements
b) Derivatives as defined in Appendix B of the Investment Policy 15 All securities shall be delivered to the City's safekeeping custodian, and held in the name of the City, with the exception of :
- Certificates of Deposit, Mutual Funds, and Local Agency Investment Fund (LAIF) Full Compliance
None Held
Full Compliance
Item 12
Attachment C -
Investment Policy
Compliance
Item 12: Staff Report
Pg.
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5 8
8 3
City Council
Staff Report
Report Type: INFORMATION REPORTS
Lead Department: Administrative Services
Meeting Date: November 18, 2024
Report #:2411-3754
TITLE
City of Palo Alto Monthly Investment Activity Report October 2024 (Unaudited)
ATTACHMENTS
Attachment A: 2024 10 (October) Monthly Investment Activity Report APPROVED BY:
Lauren Lai, Administrative Services Director
Item 13
Item 13 Staff Report
Item 13: Staff Report
Pg.
1 Packet Pg. 429 of 435
CITY OF PALO ALTO
MONTHLY INVESTMENT ACTIVITY REPORT
October 2024 (Unaudited)
TO: Honorable City Council
Report Posted at the City’s Website: www.cityofpaloalto.org/investmentreporting Above Link on Council Agenda of November 18, 2024
______________________________________________________________________
The City’s Investment Policy1 (Policy) and California Government Code Section 53607 requires that a report of transactions (investments, reinvestment, sold, and exchanged securities) be made available to the Council on a monthly basis.
The attached list of transactions (Attachment A) also includes, though not required by the Policy or the government code, security maturities and cash movement activity in the City’s two liquid operating cash pool accounts (Local Agency Investment Fund or LAIF and Fidelity accounts). Liquid cash are available on a daily basis but are invested by the two entities in a range of securities (e.g., treasuries, federal agencies, commercial paper, corporate bonds, time deposits, loans, and certificate of deposits/bank notes).
This reporting requirement is separate and distinct from the quarterly investment report submitted under California Government Code Section 53646 that includes portfolio composition, a detailed list of all securities, performance compared to the Policy, overall compliance with the Policy, and the City’s ability to meet expenditure requirements over the next six months.
Prepared by:
_______________________
Tarun Narayan
Mgr. Treasury, Debt &
Investments
________________
Date
Approved by:
_______________________
Christine Paras
Asst. Director ASD
_________________
Date
______________________
Lauren Lai
Chief Financial Officer
_________________
Date
1 https://www.cityofpaloalto.org/files/assets/public/v/1/administrative‐services/investment‐policies/adopted‐investment‐policy‐1‐39‐asd.pdf Docusign Envelope ID: 229BAF03-3E6D-4371-BD39-9AE770539A4E 11/3/2024
11/4/2024
11/4/2024
Item 13
Attachment A - 2024 10
(October) Monthly
Investment Activity
Report
Item 13: Staff Report
Pg.
2 Packet Pg. 430 of 435
City of Palo Alto
Activity Report
City of Palo Alto
Administration Svcs. Dept.
250 Hamilton Ave., 4th Floor
Palo Alto, CA 94301
(650)329-2362
Sorted By Safekeeper
October 1, 2024 - October 31, 2024
Current
Rate
Transaction
Date Balance
Beginning
Balance
Ending
Par Value
Percent
of Portfolio
Par Value
CUSIP Investment # Issuer
Purchases or
Deposits
Redemptions or
Withdrawals
Safekeeper: U.S. Bank
Negotiable Certificates of Deposits
Sawyer Savings Bank2710 NCD 0.004.900 10/28/2024 249,000.00805508BT4 People's Security Bank & Trust2863 NCD 0.005.450 10/30/2024 249,000.00712303BF2 Amalgamated Fin Corp Bank2867 NCD 0.005.000 10/14/2024 249,000.00022663BS6 Freedom First Fed CU Bank2868 NCD 0.004.850 10/15/2024 249,000.0035638CAE9 BOKF NA Bank2876 NCD 0.004.950 10/26/2024 249,000.0005572YGM8 RiverBank2892 NCD 0.004.950 10/12/2024 249,000.0076857RCF9 Nano Banc2896 NCD 0.004.900 10/17/2024 249,000.0063008MAW1 Eclipse Bank, Inc.2939 NCD 0.005.000 10/02/2024 249,000.0027889MAC4 Noble Federal Credit Union Bk2971 NCD 0.005.200 10/23/2024 249,000.0065504UAB3 Renasant Bank2983 NCD 0.005.000 10/23/2024 249,000.00759701BW4 Indep Bank - Grand Rapids MI3018 NCD 0.005.000 10/15/2024 249,000.0045383KTM9 Citizens State Bank Mont IA3021 NCD 0.005.000 10/13/2024 249,000.0017669VAW7 Rockland Federal Credit Union3035 NCD 240,000.004.500 10/01/2024 0.0077357DAK4 Tab Bank Inc.3039 NCD 250,000.003.700 10/11/2024 0.0089388CJK5 Skyla Federal Credit Union3042 NCD 250,000.004.150 10/08/2024 0.0083086XAA8 Wings Financial Credit Union3043 NCD 250,000.004.000 10/10/2024 0.0097412MAG4 Kennett Trust Bank3047 NCD 245,000.004.300 10/07/2024 0.00489642CW6 Workers Fed Credit Union3052 NCD 250,000.004.100 10/21/2024 0.0098138MCU2 Amerant Bank3060 NCD 250,000.003.850 10/15/2024 0.0002357QCJ4 Ally Bank3061 NCD 250,000.003.750 10/15/2024 0.0002007G3R2 First Technology Federal Credi3062 NCD 250,000.004.000 10/23/2024 0.0033715LFZ8 First Guaranty Bank3069 NCD 250,000.004.200 10/25/2024 0.00320437AP1 2,988,000.0042,265,000.00 41,762,000.00Subtotal and Balance 2,485,000.00 Corporate Medium Term Bonds
Andrew W Mellon Foundation3038 MTN 1,000,000.000.947 10/01/2024 0.0003444RAB4 Andrew W Mellon Foundation3044 MTN 870,000.000.947 10/04/2024 0.0003444RAB4 Andrew W Mellon Foundation3067 MTN 1,000,000.000.947 10/18/2024 0.0003444RAB4 Apple, Inc.3068 MTN 1,000,000.002.200 10/18/2024 0.00037833DP2 University of Chicago3080 MTN 1,500,000.004.947 10/25/2024 0.0091412NBH2 University of Chicago3085 MTN 1,500,000.004.947 10/28/2024 0.0091412NBH2
0.0029,030,000.00 35,900,000.00Subtotal and Balance 6,870,000.00 Portfolio CPA
AP
Run Date: 11/03/2024 - 12:53 DA (PRF_DA) 7.3.11
Report Ver. 7.3.11
Attachment A
Docusign Envelope ID: 229BAF03-3E6D-4371-BD39-9AE770539A4E Item 13
Attachment A - 2024 10 (October)
Monthly Investment Activity Report
Item 13: Staff Report
Pg.
3 Packet Pg. 431 of 435
Current
Rate
Transaction
Date Balance
Beginning
Balance
Ending
Par Value
Percent
of Portfolio
Par Value
October 1, 2024 - October 31, 2024
Activity Report
City of Palo Alto
CUSIP Investment # Issuer
Purchases or
Deposits
Redemptions or
Withdrawals
Safekeeper: U.S. Bank
Federal Agency Bonds
Federal Farm Credit Bank .1822 0.002.910 10/07/2024 500,000.003133EDWX6 Federal Home Loan Bank2794 Call 0.005.555 10/28/2024 1,094,594.593130AUJJ4 Federal Home Loan Bank2902 Call 0.006.000 10/02/2024 967,741.933130AVYF3 Federal Home Loan Bank3036 1,000,000.004.375 10/01/2024 0.003130AWGR5 Federal Farm Credit Bank .3037 1,330,000.001.910 10/01/2024 0.003133EMZF2 Federal Farm Credit Bank .3040 Call 1,000,000.005.100 10/02/2024 0.003133ERVD0 Federal Farm Credit Bank .3041 824,000.004.000 10/03/2024 0.003133EPGG4 Federal Farm Credit Bank .3045 1,000,000.004.000 10/04/2024 0.003133EPDZ5 Federal Home Loan Bank3046 1,000,000.004.750 10/07/2024 0.003130B0X87 Federal Home Loan Bank3048 Call 1,500,000.004.250 10/08/2024 0.003130B32V4 Federal Home Loan Bank3051 Call 1,000,000.005.500 10/25/2024 0.0031330B3AN3 Federal National Mortgage Asso3056 Call 1,500,000.005.100 10/17/2024 0.003135GAWG2 Federal Farm Credit Bank .3057 1,000,000.003.400 10/11/2024 0.003133ENVE7 Federal Home Loan Bank3058 1,000,000.004.500 10/11/2024 0.003130AWV23 Federal Home Loan Bank3063 1,000,000.004.750 10/17/2024 0.003130B0X87 Federal Home Loan Bank3077 1,000,000.004.750 10/24/2024 0.003130B0X87 Federal Home Loan Bank3086 Call 2,000,000.005.000 10/28/2024 0.003130B3D75 2,562,336.52178,830,336.52 192,422,000.00Subtotal and Balance 16,154,000.00 Treasury Securities (Notes)
4,500,000.00 4,500,000.00Subtotal and Balance
Municipal Bonds
State of Texas2311 MUN 0.002.899 10/01/2024 250,000.008827237N3 State of Georgia2332 MUN 0.003.820 10/01/2024 1,000,000.00373384RW8 Los Angeles Cnty Met Tran Auth2641 MUN 0.005.130 10/30/2024 1,000,000.005447122K7 Los Altos Elementary Sch Distr2681 MUN 0.001.000 10/01/2024 500,000.00544290JH3 City of Fairfield3049 MUN 1,000,000.004.750 10/08/2024 0.0030421VBQ1 City of Fairfield3050 MUN 995,000.004.750 10/08/2024 0.0030421VBQ1 San Francisco Cmnty Facs Dist3053 MUN 1,150,000.004.038 10/10/2024 0.0079772ECR8 City of Corona3054 MUN 1,000,000.001.863 10/10/2024 0.0021969AAG7 San Francisco Cmnty Facs Dist3066 MUN 500,000.003.500 10/18/2024 0.0079772EBF5 County of Riverside Pen Oblg3074 MUN 255,000.003.120 10/24/2024 0.0076913CBD0 City of Chula Vista3075 MUN 500,000.001.828 10/24/2024 0.0017131RAZ9 County of Santa Clara3076 MUN 500,000.004.800 10/24/2024 0.00801546SS2 State of Georgia3084 MUN 1,500,000.005.114 10/25/2024 0.00373384PD2 2,750,000.00235,908,741.43 240,558,741.43Subtotal and Balance 7,400,000.00 Portfolio CPA
AP
Run Date: 11/03/2024 - 12:53 DA (PRF_DA) 7.3.11
Report Ver. 7.3.11
Docusign Envelope ID: 229BAF03-3E6D-4371-BD39-9AE770539A4E Item 13
Attachment A - 2024 10 (October)
Monthly Investment Activity Report
Item 13: Staff Report
Pg.
4 Packet Pg. 432 of 435
Current
Rate
Transaction
Date Balance
Beginning
Balance
Ending
Par Value
Percent
of Portfolio
Par Value
October 1, 2024 - October 31, 2024
Activity Report
City of Palo Alto
CUSIP Investment # Issuer
Purchases or
Deposits
Redemptions or
Withdrawals
Safekeeper: U.S. Bank
Supranationals (World Bank) Bonds
Intl Bk Recon & Development3055 IBRD 1,000,000.003.875 10/16/2024 0.00459058LN1 Intl Bk Recon & Development3064 IBRD 1,500,000.003.875 10/18/2024 0.00459058LN1 Intl Bk Recon & Development3065 IBRD 1,500,000.004.750 10/18/2024 0.0045906M5K3 Intl Bk Recon & Development3070 IBRD 1,750,000.004.500 10/22/2024 0.0045906M4E8 Intl Bk Recon & Development3071 IBRD 1,500,000.005.500 10/23/2024 0.0045906M5A5 International Finance Corp.3072 IFC 1,000,000.004.250 10/23/2024 0.0045950KDH0 Inter-American Dev. Bank3073 IADB 1,000,000.003.600 10/23/2024 0.0045818WFZ4 International Finance Corp.3078 IFC 1,000,000.004.250 10/24/2024 0.0045950KDH0 Inter-American Dev. Bank3079 IADB 1,000,000.003.600 10/24/2024 0.0045818WFZ4
0.0049,000,000.00 60,250,000.00Subtotal and Balance 11,250,000.00 44,159,000.00 8,300,336.52539,534,077.95 575,392,741.4392.395%Safekeeper Subtotal Safekeeper: Not applicable - Cash/Managed Pool Accounts LAIF & Fidelity Cash Accounts
Fidelity Investments158 3,546,154.544.810 0.00SYS158
Local Agency Investment Fund159 16,721,857.374.480 29,000,000.00SYS159 29,000,000.0056,092,463.35 47,360,475.26Subtotal and Balance 20,268,011.91 20,268,011.91 29,000,000.0056,092,463.35 47,360,475.267.605%Safekeeper Subtotal 595,626,541.30 622,753,216.69Total 37,300,336.5264,427,011.91100.000% Portfolio CPA
AP
Run Date: 11/03/2024 - 12:53 DA (PRF_DA) 7.3.11
Report Ver. 7.3.11
Docusign Envelope ID: 229BAF03-3E6D-4371-BD39-9AE770539A4E Item 13
Attachment A - 2024 10 (October)
Monthly Investment Activity Report
Item 13: Staff Report
Pg.
5 Packet Pg. 433 of 435
Certificate Of Completion
Envelope Id: 229BAF033E6D4371BD399AE770539A4E
Status: Completed
Subject: Complete with Docusign: 2024 10 (October) Monthly Investment Activity Report.pdf Source Envelope:
Document Pages: 4
Signatures: 3
Envelope Originator:
Certificate Pages: 2
Initials: 0
Tarun Narayan
AutoNav: Enabled
EnvelopeId Stamping: Enabled
Time Zone: (UTC-08:00) Pacific Time (US & Canada)
250 Hamilton Ave
Palo Alto , CA 94301
[email protected]
IP Address: 199.33.32.254
Record Tracking
Status: Original
11/3/2024 10:04:50 AM
Holder: Tarun Narayan
[email protected]
Location: DocuSign
Security Appliance Status: Connected
Pool: StateLocal
Storage Appliance Status: Connected
Pool: City of Palo Alto
Location: DocuSign
Signer Events
Signature
Timestamp
Tarun Narayan
[email protected]
Manager of Treasury, Debt & Investment
City of Palo Alto
Security Level: Email, Account Authentication
(None)
Signature Adoption: Pre-selected Style
Using IP Address: 199.33.32.254
Sent: 11/3/2024 10:07:49 AM
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Signed: 11/3/2024 10:08:08 AM
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Not Offered via DocuSign
Christine Paras
[email protected]
Asst. Director Administrative Services
City of Palo Alto
Security Level: Email, Account Authentication
(None)
Signature Adoption: Uploaded Signature Image
Using IP Address: 174.160.134.173
Sent: 11/3/2024 10:08:09 AM
Viewed: 11/4/2024 11:51:29 AM
Signed: 11/4/2024 11:51:40 AM
Electronic Record and Signature Disclosure:
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Lauren Lai
[email protected]
Director Administrative Services/CFO
COPA
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(None)
Signature Adoption: Drawn on Device
Using IP Address: 199.33.32.254
Sent: 11/4/2024 11:51:42 AM
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Item 13
Attachment A - 2024 10
(October) Monthly
Investment Activity
Report
Item 13: Staff Report
Pg.
6 Packet Pg. 434 of 435
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Richard Claeys
[email protected]
City of Palo Alto
Security Level: Email, Account Authentication
(None)
Sent: 11/4/2024 12:26:34 PM
Electronic Record and Signature Disclosure:
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Alyssa Ching
[email protected]
Administrative Assistant
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Sent: 11/4/2024 12:26:35 PM
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Josh Martinez
[email protected]
Administrative Associate III
City of Palo Alto
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Item 13
Attachment A - 2024 10
(October) Monthly
Investment Activity
Report
Item 13: Staff Report
Pg.
7 Packet Pg. 435 of 435