Palo Alto City Council
February 24, 2025

Item 10
Attachment A - Proposed 2025 City
Council Priority Objectives

Item 10: Staff Report
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ATTACHMENT A
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N/R/C
2025 CITY COUNCIL PRIORITIES AND OBJECTIVES
Council Priority
Q1
Q2
Q3
Q4
$ Needs

OBJECTIVES
(68 in total)
23 24
25 26
27 28
29 30
31 32
33 34
35 36
37 38
39 40
41 42
X C Council consideration of an ordinance implementing updated Stream/Creek Corridor Setback requirements. (34) X X C Council consideration of an ordinance implementing Bird Safe Glass & Wildlife Light Pollution Protections standards. (35) X X R Council Adoption of the 2025 Bicycle and Pedestrian Transportation Plan (BPTP). Consideration of the BPTP effort informed by stakeholder engagement and review and feedback from the PTC for City Council adoption. (15) X
X R Develop and begin implementing a City Facility Electrification Plan. Building on the citywide Facilities Assessment, create a multi-year plan to begin replacing fossil fuel use in City buildings in alignment with S/CAP goals, and begin implementing through the Capital Improvement Program. (19) X
X N Develop an updated Regional Water Quality Control Plant Biosolids Facility Plan. Complete initial work to develop plan, including consideration of PFAS pollutants and the Measure E site, and review with a Council committee in advance of Council acceptance of the plan in late 2025 or early 2026.

X
X N Develop and obtain Council approval for strategies and a 2026/2027 work plan for the next phase of S/CAP implementation of climate and sustainability goals, including engaging with Palo Alto Student Climate Coalition on its Heat Mapping project for possible inclusion.

X
X X R Refine Grade Separation Design Alternatives per Council Direction and Conduct Outreach to Support Rail Committee Review of Locally Preferred Alternatives.

Review advanced alternatives to minimize right of way impacts and improve traffic circulation, conduct outreach, and develop conceptual plans (15% design) for

X
X X C Advocate for the San Francisquito Creek Flood Protection capital project (Reach 2) through Council’s JPA representation and any Council approvals involved. (31)
X
X X R Begin development of a Regional Shoreline Adaptation Plan meeting new standards approved by BCDC. Engage with neighboring cities for potential partnership and review status with the City Council. (33)
X
X N Initiate Preliminary Engineering and Environmental Clearance Work for Quarry Road Extension in Partnership with Stanford University, Caltrans, & VTA. X X C Complete deployment of 65,000 residential Advanced Metering Infrastructure (AMI) meters by end of FY 2025 and begin deployment of commercial AMI meters. (13)
X
X R Complete E-Mobility Strategic Plan for Council acceptance. Develop, approve and implement the Plan which reflects feedback on strategies reviewed by the Council Ad Hoc Climate Protection Committee and its Working Group. (21) X $
X R Share preliminary analysis of strategies for a physical and financial transition of the gas utility to relevant policymakers and stakeholders. Utilize initial subject matter expert work that developed a minimum future gas grid need for system retirement to analyze alternatives for scaling down the gas distribution system. (17) X $$
X N Present an ordinance to Council enacting the 2026 California Building Standards Code update, including the California Green Building Standards Code; submit to the California Building Standards Commission for approval.

X $$
X R Council approval for Phase 2 (full service program) of the Advanced Whole Home Electrification Pilot Program and begin implementation. (19) X $$$ X R Develop an Advanced Commercial Rooftop HVAC Pilot Program proposal and review with the Climate Action and Sustainability Ad Hoc Committee for recommendation to Council. (20)
X $$$
X N Propose an updated multifamily EV charger program (EV 2.0) for Council approval. X $$$ X R Prepare an ordinance for Council review expanding the housing focus area. Increase housing development potential along El Camino Real and consideration of an exemption from payment of development impact fees for inclusionary units under certain circumstances, consistent with Housing Element Program 3.4 E. (41) X
X C Present to Council an ordinance updating the City’s housing incentive program. Increase housing development potential and expand provisions to multi-family zoning and other commercial districts in accordance with Housing Element Program 3.4 D. (46) X
Implementing Housing Strategies for Social & Economic Balance (IHS)

Item 10
Attachment A - Proposed 2025 City
Council Priority Objectives

Item 10: Staff Report
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ATTACHMENT A
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3 A B C D E F G H I J O
ED
CA
IHS
PS
N/R/C
2025 CITY COUNCIL PRIORITIES AND OBJECTIVES
Council Priority
Q1
Q2
Q3
Q4
$ Needs

OBJECTIVES
(68 in total)
43 44
45 46
47 48
49 50
51 52
53 54
55 56
57 58
59 X N Prepare an update to the City's accessory dwelling unit ordinance. Update local implementation regulations to respond to changes in State Law, consistency with the State Housing and Community Department's 2025 ADU Handbook and address applicable deficiencies identified in HCD's comment letter.

X
X C Partner with Santa Clara County Housing Authority to achieve construction timeline milestones for the Palo Alto Homekey project (which will provide transitional housing and services for unhoused residents). (51) X
X R Present a renter protection fair chance ordinance to Council. Present findings of an analysis and policy recommendations in the form of a draft ordinance to reduce barriers to housing by individuals with criminal records, consistent with Housing Element Program 6.6 I. (54) X
X R Report out on initial data from the rental registry program and project implementation; receive feedback and recommendations for next steps. (57) X X R Present to Council an analysis related to anti-rent gouging. Consistent with prior Council direction, examine implications of a possible ordinance from a legal, policy and anticipated resource demand perspectives; receive direction on next steps. (55) X
X R Extend for one year or codify R1/SB 9 interim ordinance. Establish objective development standards and increases the maximum floor area for SB 9 units from 800 to 1200 square feet consistent with Housing Element Program 6.3A; consider implications of similar objective standards for R1 and SB 9 projects relative to the City’s Individual Review Program. (45)
X
X N Initiate evaluation of South of Forest Area Coordinated Area Plan (SOFA) development standards. Review and explore options to amend the coordinated area plan with the intent to replace subjective development standards with objective standards consistent with Housing Element Program 3.7.

X
X N Identify different housing typology options for the one-acre site near Matadero Creek. Use grant funded technical analysis to consider housing options for a future affordable housing development on land to be dedicated to the City from the 2023 Sobrato/City Development Agreement; present findings and receive direction from Council.

X
X N Prepare the Community Development Block Grant (CDBG) 5-Year Consolidated Plan and Annual Action Plan. The Quinquennial update helps jurisdictions to assess affordable housing and community development needs and market conditions to make data-driven, place-based investment decisions when distributing federal CDBG grant funds.

X
X R Present to Council the Downtown Housing Plan Community Assessment report and receive Council direction on draft housing plan scenarios. Continue advancing the plan development and public engagement strategy to prepare draft housing plan and environmental review. (36) X X X X R Initiate the San Antonio Road Area Plan. Begin data gathering, document review, implementing a community outreach and engagement strategy, check-in meetings with appointed and elected officials, and review by the City Council of a community assessment report and receive updated project direction, consistent with Housing Element Program 6.6 C. (40)
X R Advance affordable housing project on Downtown surface parking lot (Lot T). Enter into an exclusive negotiating agreement with Alta Housing; receive an updated project concept design & prescreening application for Council review; receive formal planning entitlement application, consistent with Housing Element Program 1.4 A. (8)
X R Present an ordinance to Council that supports innovative housing structures. Creates zoning incentives or update development standards to support various housing typologies, including micro-units, intergenerational housing, aging adults, students and lower-income units, consistent with Housing Element Program 6.5. (48)
X $$
X R Present findings to Council on a study that explores code amendments reducing commercial floor area and possible extension of Downtown in-lieu parking program to residential development: Evaluate opportunities that make multi-family housing an attractive alternative to commercial office development, consistent with Housing Element Program 3.9. (50)
X $$
X C Work with the Santa Clara County Housing Authority to determine next steps to maintain affordability and improve conditions at Buena Vista Mobile Park. (56) $ X X X X N Update development impact fees for public safety, government facilities, housing, transportation, parks, and community services. Conduct a feasibility study to ensure housing remains viable. Consider waiving fees for low-income units with 20% deed restrictions. (Housing Element Programs 2.1B; 3.1 B&C) $$
Public Safety, Wellness & Belonging (PS)
Ongoing
Ongoing
Ongoing
Ongoing
Ongoing

Item 10
Attachment A - Proposed 2025 City
Council Priority Objectives

Item 10: Staff Report
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ATTACHMENT A
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3 A B C D E F G H I J O
ED
CA
IHS
PS
N/R/C
2025 CITY COUNCIL PRIORITIES AND OBJECTIVES
Council Priority
Q1
Q2
Q3
Q4
$ Needs

OBJECTIVES
(68 in total)
60 61
62 63
64 65
66 67
68 69
70 71
72 73
74 75
76 77
X C Open the new Public Safety Building for daily Police, OES, and Fire services. Complete construction, move-in of departments, and a ribbon-cutting event to commemorate the official availability of public safety services from the facility for all. (72) X
X C Council to adopt the updated Foothills Fire Management Plan and Community Wildfire Protection Plan. Plan to reflect alignment with Santa Clara County and other agencies and entities to address early warning technology, planning and procedural elements and risk mitigation. (71) X
X C Council approval of construction contract for Fire Station No. 4 Replacement project and initiation of construction. (73) X X N Activate a fire engine at Fire Station 4. Augment staffing at Fire Station 4 to deploy either ambulance or fire engine response. X X R Develop Master Plan for Cubberley site. Complete a master plan by December 2025 for 15 acres anticipated to be purchased from PAUSD pending a successful bond measure in November 2026 and begin community polling to inform the development of a ballot measure for voter consideration. (61) X
X N Implement the 2024-2025 Equity Action Plan. Complete the 28 action items in the action plan in collaboration with partners. X X R Implement New Expanded CSD Recreation Special Events Workplan. Approve and implement the Workplan which expands Community Special Events that foster togetherness, belonging and celebrate the rich diversity of our community (60) X R Support visible police presence by maintaining full police officer staffing through continuous recruiting and retention efforts. Identify and plan for anticipated vacancies and retirements, hold monthly testing and interview sessions and timely background checks to maintain a vacancy of less than 5%. (67) X C Continue engagement with San Francisco Airport on SFO's Ground Based Augmentation System (GBAS) project and other potential opportunities to decrease SFO noise impacts on Palo Alto. (79)
X R Open 445 Bryant Street Community Center. Complete construction and any necessary partnership agreements to begin La Comida Senior Lunch Program at the facility by end of July, 2025; plan further work for general community center operations concurrently. (64) X $$
X C Council Approval of Quiet Zone Concept Plans at Churchill Ave, Meadow Drive, and Charleston Rd Rail Crossings. (76) X $$ X N Enhance and Expand Inclusive Programs and Services. Enhance services to support individuals with disabilities seeking accommodation support, expand community partnerships that serve the disability community, and implement new therapeutic recreation programs $
X R Support Community Mental Health. Provide support for all ages through community partnerships, programs, and initiatives. (65) $ X X N Enhance safety and improve quality of life in commercial areas by reducing criminal activity through business engagement and the deployment of officers and technology. Establish a Business Watch program to enhance collaboration with businesses and assign two officers at a minimum to patrol high traffic commercial areas.
$$
X R Initiate an update to the City’s seismic hazards ordinance. Conduct an assessment of previous study, update potentially eligible buildings, and begin work on seismic hazard identify and mitigation ordinance. (75) $$
X C Implement plan for phaseout of leaded fuel at Palo Alto Airport. With unleaded fuel now available at the airport, implement plan to conduct lead monitoring, encourage and track use of the fuel, explore potentially subsidizing the cost of unleaded fuel, and develop updated lease requirements to promote unleaded fuel . (77)
$$
Ongoing
Ongoing
Ongoing
Ongoing
Ongoing
$ - up to 50K; $$ - 51-400K, $$$ - 500K+
(C) are objectives that are carried over from the 2024 list, (R) are objectives from the 2024 list that may have a second phase to the project and have been revised to reflect 2025 goals, (N) reflect a project that is new in 2025 Ongoing
Ongoing
Ongoing

Item 10
Attachment A - Proposed 2025 City
Council Priority Objectives

Item 10: Staff Report
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ATTACHMENT B
Staff Not Recommended Objectives
For various reasons—including staff capacity to advance, feasibility challenges, or that work is already underway —some objectives from the 2024 Priority Objectives list, previous Council suggestions, or the Annual Retreat suggestions are not recommended to become priority objectives for 2025. Objectives that were part of the 2024 list will have their corresponding number in parentheses at the end of the sentence. These objectives are listed below. Staff will be prepared to respond to any Councilmember’s questions.

Economic Development and Retail Vibrancy
a)Develop and present preliminary options for activating vacant storefronts: Explore regulatory strategy and low friction/barrier permitting for temporary popup stores. (11) b)Facilitate the establishment of sustainable business organization in the Cal Ave, DT, and Midtown districts. (1)
c)Council Consideration and Adoption of Parking Permit Policies and Program Updates: Improve Customer Experience, Align with Environmental and Transportation Goals, and Recover Costs. (26) d)Comprehensively Update the City's Zoning Code including policies that support Economic Development Strategies. Reformat for improved readability, update definitions, use categories, development standards and permitting processes. (12)
Climate Action and Adaptation & Natural Environment Protection (CA) e)Evaluate the integration of biogas into the gas utility business model and share results with Council and other policymakers.

Implementing Housing Strategies for Social & Economic Balance f)Initiate study that identifies options and feasibility of regulations to limit short-term rentals Citywide consistent with Housing Element Programs 4.2D&E. g)Enforcement policy recommendations related to Ghost Houses: Survey existing enforcement mechanisms and Ghost House (extended vacancy) data collection in other jurisdictions and return to Council by end of 2024, consistent with Council direction from November 27, 2023. h)Amend the zoning code to ensure residential uses in commercially zoned areas receive the same protections as those in exclusively residential zones. The City Council on November 13, 2023 supported this request from the Palo Alto Redwoods Homeowners Association. i)Amend the City’s Comprehensive Plan Safety Element to align with State law. j)Evaluate and make policy recommendation to Council regarding a partnership with the California Community Housing Agency (CalCHA). CalCHA issues governmental bonds for the purpose of financing projects that provide, preserve and support affordable local housing for low-income, moderate-income and middle-income families and individuals. k)Present options to Council for increasing housing in the California Avenue corridor. Consistent with Council direction from August 14, 2023.

Item 10
Attachment B - 2025 Staff
Not Recommended
Objectives

Item 10: Staff Report
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ATTACHMENT B
l)Prepare a Coordinated Area Plan or similar for California Avenue. m)Prepare a Coordinated Area Plan or similar for El Camino Real. n)Present options to the City Council that identify and evaluate sources and methods to raise significant funding to support new affordable housing production and preservation. (42) Public Safety, Wellness & Belonging
o)Complete next steps for Palo Alto Airport Long Range Planning work. Develop new alternatives considering Council's September 2024 Study Session input, conduct community engagement, and return to Council for review and action.
p)Support Caltrain’s Corridor Safety and Security Initiatives. (74) Item 10
Attachment B - 2025 Staff
Not Recommended
Objectives

Item 10: Staff Report
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ATTACHMENT C
2025 Committee Objectives
And Tentative meeting schedules
Rail Ad Hoc Committee
To meet every other month
The Rail Committee reviews the projects and provides recommendations to the City Council based on the Rail Guiding principles adopted by the City Council (August 8, 2022). The projects include: the grade separations and safety improvements at existing crossings, additional east-west bicycle and pedestrian crossings, and quiet zone improvements. Rail committee will review and advance projects for Council approval.

With the exception of bicycle and pedestrian railway crossings, all matters related to cycling and pedestrians such as the Bicycle Pedestrian Transportation Plan (BPTP) will be reviewed by the Policy & Services Committee for recommendations to the full City Council.

Cubberley Ad Hoc Committee
To meet monthly, possibly immediately before the Finance Committee given the membership of both are the same
The Cubberley Ad Hoc will ensure the City Council’s vision is reflected through the master plan process and serve as the Council ambassador for engagement with the community and building community support for development for a new community center at the Cubberley site. This includes making recommendations to the Council on the future operating model (e.g. services available, approach to fees & charges, space allocation) and master plan that will successfully receive voter support in 2026.

Coordination with PAUSD on Cubberley will occur through this committee rather than CSLC. Operations, funding, and ballot measure work (including polling) may be heard by the Finance Committee rather than the Cubberley Ad Hoc for recommendations to the full City Council.

Retail Ad Hoc Committee
To meet every other month
The retail committee will provide a regular forum for business and community stakeholders to engage with Council members on implementation of the City’s economic development strategy. The retail committee will make recommendations to the City Council on economic development and retail vibrancy efforts, such as additional business support, proposed University and California Avenue improvements, and citywide retail zoning code changes.

Item 10
Attachment C -
Committee Objectives

Item 10: Staff Report
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ATTACHMENT C
Climate Action & Sustainability Ad Hoc Committee
To meet monthly
The Climate Action & Sustainability Committee will support implementation of the Climate Action workplan items of the Three-Year Sustainability and Climate Action Plan (S/CAP) Workplan and the 2025 Council Priority Objectives for the Climate Action & Adaptation, and Natural Environment Council priority. The Committee will also discuss and provide input on S/CAP implementation strategy leading to Council approval and the development of the Climate Action sections of the upcoming 2026-2027 S/CAP Workplan, including consideration of appropriate actions toward the 2030 Carbon Neutrality goal.

Implementation of the Reliability and Resiliency Strategic Plan will continue to be reviewed primarily by the Utilities Advisory Commission (UAC), and recommendations for funding S/CAP programs through the budget process will be made by the UAC and Finance Committee based on priorities established by the Climate Action & Sustainability Committee.

Council Appointed Officers Committee
Meets as needed
The CAO Committee meets on an as-needed schedule to address issues that Council has referred to the Committee related to Council's four direct appointees: the City Manager, City Attorney, City Clerk and City Auditor. For example, the committee may be tasked with duties related to performance evaluations, compensation, and the filling of vacancies. The CAO Committee is to make recommendations to the Council annually regarding the process for CAO evaluations and the selection of the consultant to serve as the facilitator for the CAO evaluations for the year. The CAO Committee is also to schedule the CAO performance evaluations in partnership with staff.

City/Schools Liaison Committee
Typically meets monthly
The City-Schools Liaison Committee is composed of two Councilmembers and two members of the Board of Education of the Palo Alto Unified School District. The committee’s purpose is to share information, collaborate, and coordinate on issues related to Palo Alto’s school-aged children and youth.

Policy & Services Committee: See Attachment D
Finance Committee: See Attachment E
Item 10
Attachment C -
Committee Objectives

Item 10: Staff Report
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City of Palo Alto I 250 Hamilton Avenue, Palo Alto, CA. I www.cityofpaloalto.org – February 2025

ATTACHMENT D

POLICY & SERVICES WORKPLAN
CALENDAR 2025
As of February 2025
The Municipal Code states that the role of the Council Policy & Services Committee is to consider and make recommendations on matters referred to it by the Council relating to parliamentary and administrative procedures and policy matters pertaining to intergovernmental relations, personnel policies, planning and zoning, traffic and parking, public work, and community and human services. (§2.04.220)
The end of the document contains information on the completed 2024 referrals as well as the pending referral with no set date.

January
•Mayor appoints Committee and designates Chair; no Policy & Services Committee meeting February
•Auditor Report: Grant Management Audit
•Auditor Report: Utility Billing Audit
•Nonprofit Partnerships Workplan
•Follow Up from City Council Retreat re Umbrella Operating Strategies March
•Auditor Report: Dispatch Assessment
•Recommendations for Nonprofit Partnerships Workplan Phase 1 •Auditor Quarterly Report (tentative)
•Auditor Task Order Report (if needed)
April
•Update on Recent Race and Equity Work
•Legislative Update (State and Federal)
•Referral: Board and Commission Member Onboarding Support •Auditor Report: TBD
•Auditor Report: TBD
May
•Recommended Approval of Safe Streets for All Action Plan •Referral (2024): Establish a frequency for joint City Council meetings or Policy & Services meeting with Boards and Commissions, Youth Council, and meetings with Boards and Commissions Chairs; Item 10
Attachment D - 2025
Policy & Services
Committee Workplan

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City of Palo Alto I 250 Hamilton Avenue, Palo Alto, CA. I www.cityofpaloalto.org – February 2025 •Referral Follow Up: Discussion and Recommendation to Council Regarding Potential New Procedure for Councilmembers to Make Referrals to Staff •Auditor Report: TBD
June
•Referral (2024): Review of an annual schedule of repeat items that occur annually on agendas for Policy & Services, Finance Committee, and City Council along with the approximate month they occur
•Referral (2024): Policy & Services to review and make recommendations for any initiatives to support and strengthen neighborhood programs (linked to discussions in 2021) •Audit task orders
•Tentative: Bicycle Pedestrian Transportation Plan (BPTP) July
No meeting; Council break
August
•Auditor Report: TBD
•Auditor Report: TBD
•Race and Equity Update Report
•Legislative Update (State and Federal)
September
•Auditor Report: TBD
October
•Quarterly Audit Status Report
November
•Auditor Report: TBD
•Legislative Agenda and Guidelines (can also go in December) •Quarterly Update on Recent Race and Equity Work
December
•Auditor Report: TBD
•Procedures & Protocols Handbook Discussion (Annual Discussion) •2026 City Council Priorities Discussion (focused on process, the retreat and submitted ideas) •Informational: Report out on Status of Committee Referrals Completed Referrals (status and date of referral):

1. Public Arts Program Discussion

2. Council Discretionary Funds Policy

3. Discussion of the Creation of the Advisory Committee regarding Council Compensation Item 10
Attachment D - 2025
Policy & Services
Committee Workplan

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City of Palo Alto I 250 Hamilton Avenue, Palo Alto, CA. I www.cityofpaloalto.org – February 2025

4. Initial Discussion Regarding Potential New Procedure for Councilmembers Referrals to Staff Pending Referrals:

1. Continued follow up of: Seismic Ordinance Update
Previous Council Suggestions:

1. Lead inclusive engagement and outreach to co-create an implementation plan to address homelessness in Palo Alto

2.Explore options to expand RV safe parking, in particular near Geng Road. Present findings to Council

3.Pursue options for ensuring sanitary and safe conditions related to unhoused populations.

Relates to efforts to address health and safety impacts of homelessness.

Item 10
Attachment D - 2025
Policy & Services
Committee Workplan

Item 10: Staff Report
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City of Palo Alto I 250 Hamilton Avenue, Palo Alto, CA. I www.cityofpaloalto.org

ATTACHMENT E

FINANCE COMMITTEE WORKPLAN
CALENDAR 2025
As of February 13, 2025

The Municipal Code states that the role of the Council Finance Committee is to consider and make recommendations on matters referred to it by the Council relating to finance, budget, financial audits, capital planning and debt. (§2.04.210).

See the end of the document for information on the completed 2024 referrals as well as the outstanding and on hold referrals to date.

January
Mayor appoints Committee and designates Chair; usually no FC meeting

February
No Meeting, City Council meeting scheduled for Cubberley visioning

March (4th & 18th)
•Planning and Development Services Municipal Fee Update •Real Property Transaction Review
•Storm Water Management Fee

April (1st & 15th)
•Utilities Advisory Commission Rate Forecasts and Five-Year Financial Plans: Gas, Electric, Water, Wastewater Collection
•Review Human Services Resource Allocation Program recommended grants after Human Resources Commission Review in March [tentative]
May (6th, 7th, & 20th)
•Annual Budget Review: Operating and Five-year Capital Improvement Plan oAlternative meeting times (9:00am – 5:00pm) 5/6 and 5/7 •City-wide Municipal Fee Study
June (3rd & 17th)
•Review Cubberley [tentative]
•Third Quarter Fiscal Year 2025 Financial Report
•Adoption of Fiscal Year 2025 Investment Policy (to be done by June 30 per code)

July
No meeting; Council Break
Item 10
Attachment E - 2025
Finance Committee
Workplan

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Finance Committee Tentative Topics, Calendar 2025
As of February 13, 2025

August
•Grid Modernization Capital Improvement review issuance of debt for project financing September
•Accept California Public Employees’ Retirement System (CalPERS) Pension Annual Valuation.

Reports as of June 30, 2024
oEvery 3-4-year review/decision on pension funding policy assumptions next review scheduled for FY 2026.

October

November
•Informational: Report out on Status of Committee Referrals •Discussion and Recommendation to the City Council to Accept the Macias Gini & O'Connell's Audit of the City of Palo Alto's Financial Statements as of June 30, 2025 and Management Letter
•Discussion and Recommendation to Approve the Fiscal Year (FY) 2025 Annual Comprehensive Financial Report (ACFR) and Approve Budget Amendments in Various Funds December
•Review and Forward the FY 2027 - FY 2036 Long Range Financial Forecast •First Quarter Fiscal Year 2026 Financial Report
•Preliminary Utility Rate Forecast Review

Referred Topics:

A full report on the status of Finance Committee referrals and the status can be found here1, Item 2 on the November 19, 2024 agenda.

Completed/Scheduled Referrals
1) JMZ ticket pricing analysis to understand interactions between changes to $18 ticket, attendance, and cost recovery.
2) Planning and Development Services Fee Study [scheduled March 2025] 3) Parking Permits Pricing and Parking Permit Funds Financial Status. [scheduled for FY 2026 budget process]
4) Ability Path financial support [addressed in FY 2025 Mid-Year Report] 5) Analyze Fire Emergency Medical Response Fee. [scheduled for FY 2026 Municipal Fee Schedule]
In Progress/Pending Referrals:
6) Fire Emergency Medical Response; Supplemental Resources. [Initial review completed November 2024, additional resources addressed in FY 2025 Mid-Year Report] 7) Review Parks Restroom Prioritization; Specifically, Pardee Park. 8) Active Recruitment Digital Marketing Services (Contract Services) Item 10
Attachment E - 2025
Finance Committee
Workplan

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Finance Committee Tentative Topics, Calendar 2025
As of February 13, 2025
9) Establish Organizational Development & Safety Division 10) Explore financial, outreach, and policy processes for adding East Palo Alto to resident rates for the golf course
11)Increasing Revenue- Generating CSD Programming to Meet Demand Item 10
Attachment E - 2025
Finance Committee
Workplan

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City Council
Staff Report
Report Type: INFORMATION REPORTS
Lead Department: Administrative Services
Meeting Date: February 24, 2025
Report #:2501-4010
TITLE
City of Palo Alto Monthly Investment Report January 2025 (Unaudited)

ATTACHMENTS
Attachment A: January 2025 Monthly Investment Activity Report APPROVED BY:

Lauren Lai
Item 11
Item 11 Staff Report

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CITY OF PALO ALTO
MONTHLY INVESTMENT ACTIVITY REPORT
January 2025 (Unaudited)

TO:  Honorable City Council
Report Posted at the City’s Website: www.cityofpaloalto.org/investmentreporting Above Link on Council Agenda of February 24, 2025
______________________________________________________________________

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: 2D0B3DB4-4197-4F21-9650-1C0E98DB32EB 2/2/2025
2/3/2025
2/6/2025
Item 11
Attachment A - January
2025 Monthly Investment
Activity Report

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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
January 1, 2025 - January 31, 2025
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
Enerbank USA2215 NCD 0.001.800 01/29/2025 245,000.0029278TMR8 Technology Credit Union2797 NCD 0.005.100 01/19/2025 249,000.0087868YAH6 A+ Federal Creit Union2806 NCD 0.004.700 01/27/2025 249,000.0000224TAL0 City National Bank2809 NCD 0.004.500 01/27/2025 249,000.00178180GV1 First Source Federal Cr Union2940 NCD 0.005.050 01/29/2025 249,000.0033651FAL3 Truxton Trust Co Bank2966 NCD 0.005.000 01/23/2025 249,000.0089846HCR2 1,490,000.0037,544,000.00 36,054,000.00Subtotal and Balance 0.00 Corporate Medium Term Bonds
Apple, Inc.2401 MTN 0.002.750 01/13/2025 1,500,000.00037833DF4 1,500,000.0035,900,000.00 34,400,000.00Subtotal and Balance 0.00 Federal Agency Bonds
192,044,000.00 192,044,000.00Subtotal and Balance
Treasury Securities (Notes)
4,500,000.00 4,500,000.00Subtotal and Balance
Municipal Bonds
State of Rhode Island2192 MUN 0.002.000 01/15/2025 260,000.0076222RYN6 260,000.00240,338,741.43 240,078,741.43Subtotal and Balance 0.00 Supranationals (World Bank) Bonds
60,250,000.00 60,250,000.00Subtotal and Balance

0.00 3,250,000.00570,576,741.43 567,326,741.4389.219%Safekeeper Subtotal Safekeeper: Not applicable - Cash/Managed Pool Accounts LAIF & Fidelity Cash Accounts
Fidelity Investments158 48,555.554.270 500,000.00SYS158 Local Agency Investment Fund159 27,640,475.424.350 25,300,000.00SYS159 25,800,000.0066,664,552.10 68,553,583.07Subtotal and Balance 27,689,030.97 Portfolio CPA
AP
Run Date: 02/02/2025 - 22:59 DA (PRF_DA) 7.3.11
Report Ver. 7.3.11
Attachment A
Docusign Envelope ID: 2D0B3DB4-4197-4F21-9650-1C0E98DB32EB Item 11
Attachment A - January 2025
Monthly Investment Activity Report

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Current
Rate
Transaction
Date Balance
Beginning
Balance
Ending
Par Value

Percent
of Portfolio
Par Value
January 1, 2025 - January 31, 2025
Activity Report
City of Palo Alto
CUSIP Investment # Issuer
Purchases or
Deposits
Redemptions or
Withdrawals
27,689,030.97 25,800,000.0066,664,552.10 68,553,583.0710.781%Safekeeper Subtotal 637,241,293.53 635,880,324.50Total 29,050,000.0027,689,030.97100.000% Portfolio CPA
AP
Run Date: 02/02/2025 - 22:59 DA (PRF_DA) 7.3.11
Report Ver. 7.3.11
Docusign Envelope ID: 2D0B3DB4-4197-4F21-9650-1C0E98DB32EB Item 11
Attachment A - January 2025
Monthly Investment Activity Report

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City Council
Staff Report
From: City Manager
Report Type: INFORMATION REPORTS
Lead Department: Administrative Services
Meeting Date: February 24, 2025
Report #:2411-3790
TITLE
Investment Activity Report for the Second 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 second quarter ending December 31, 2024 and to disclose staff’s cash flow projections 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. The portfolio details, activities, and performance are discussed below, and additional information is provided in the attachments. During the second quarter staff complied with all aspects of the Investment Policy and no significantly notable activity or changes in value occurred in this reporting period.

No impacts from the change in the Federal administration are reflected in this quarterly report, as investments pre-date the new administration. Staff continually monitors financial and economic impacts from the change in Federal administration and will address impacts, if any, as they arise. This report does however, per the City’s Investment Policy, disclose rating downgrades results from the southern California wildfires (see “Compliance with Investment Policy” section of this report).
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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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.

The par value of the City’s portfolio is $637.2 million; in comparison, last quarter it was $595.6 million. The $41.6 million portfolio growth since the last quarter results from timing of cash flows, from the July 2024 prepayment of the City’s Fiscal Year 2025 Unfunded Accrued Liability (UAL) pension cost for active employees to the Public Employers’ Retirement System (PERS) ($47.2 million) and major revenue receipt due to seasonality timing.

Prepayment of the PERS UAL results in $0.6 million net Citywide pension expense savings.

Regarding timing of major revenue receipts, property taxes and related receipts begin in the second quarter; for example, second quarter property related (taxes and assessments) receipts were $21.6 million. Other major revenues such as sales, transient occupancy and utility user’s taxes are historically lower in the first quarter.

The portfolio consists of $66.7 million in liquid accounts and $570.5 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 $237.8 million in investments maturing in less than two years, comprising 37.3% 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 second quarter is 25.8% of the portfolio.

U . S . T r e a s u r y
0 . 7 %
U . S . A g e n c y
3 0 . 1 %
U . S .

M u n i c i p a l / S t a t e
3 7 . 7 %
N e g o t i a b l e C D
5 . 9 %
U . S . C o r p o r a t e
5 . 6 %
S u p r a n a t i o n a l
9 . 5 %
L i q u i d A c c t s .
1 0 . 5 %
G r a p h 1 : I n v e s t m e n t s b y T y p e - $ 6 3 7 . 2 M i l l i o n ( P a r V a l u e )
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The current market value of the portfolio is 95.1% 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 2.95 years compared to 2.94 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 Activity During the Second Quarter
During the second quarter, $17.7 million of securities with an average yield of 3.8% matured.

During the same period, per the following Table 2, securities totaling $48.7 million with an average yield of 4.4% were purchased. The interest rates rose on new investments, the City’s portfolio’s average yield also rose. The City’s short-term money market and pool account increased by $10.6 million compared to the first quarter of FY 2024. Staff continually monitors the City’s short-term cash flow needs and adjusts liquid funds to meet them.

Per California Government Code Section 53607, the Administrative Services Department provides a monthly report of transactions (investments, reinvestment, sold, and exchanged securities) to Council via a separate report. 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 accounts (Local Agency Investment Fund and Fidelity accounts). Monthly and 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 1.5$ 3.0$ -$ -$ -$ 4.5$ 0.7%U.S. Agency Bonds 54.9 20.2 8.6 13.4 94.9 192.0 30.1%U.S. Municipal/ State Bonds 29.5 58.4 34.2 50.3 68.0 240.4 37.7%Negotiable Certificates of Deposits (NCD) 11.6 6.2 8.2 10.2 1.2 37.4 5.9%U.S. Corporate Bonds 12.8 4.7 13.4 5.0 - 35.9 5.6%Supranational Organizations Bonds 8.0 27.0 6.0 19.3 - 60.3 9.5%Liquid Accounts (LAIF & Fidelity) 66.7 - - - - 66.7 10.5% Grand Total 185.0$ 119.5$ 70.4$ 98.2$ 164.1$ 637.2$ 100%% of Portfolio 29.0% 18.8% 11.0% 15.4% 25.8% 100.0%* $120.3 million or 18.9% are in investments that support Environmental, Social, and Governace (ESG) Activities(aka "Green", local banks, and Supranational Bonds) Investment Type
FY 2025 Q2 Maturities - Par Value (millions)
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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 $25.6 million is expected over the coming six months due to routine business activities. This reflects expected receipts of $371.8 million and expenditures of $346.2 million over the next six months.

As of December 31, 2024, the City had $66.7 million deposited in the Local Agency Investment Fund (LAIF) and a money market account. In addition, investments totaling $28.6 million will mature between January 1, 2025 and June 30, 2025.

Compliance with City Investment Policy
During the second 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.

The City’s Investment Policy requires new such security purchases to be rated AA or better and “If securities owned by the City are downgraded by Moody’s, Fitch, or Standard & Poor’s to a level below AA or Aa2, 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 in the portfolio.” The Southern California wildfires (Palisades and Eaton fires) have resulted in rating downgrades of the Los Angeles Department of Water & Power (LADWP) to “A” by Standard and Poor’s, Moody’s still 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$ -$ $ 1.5 16.9$ 19.4$ 35.5%U.S. Municipal/ State Bonds - - - 2.8 6.1 8.9 16.3%Negotiable Certificates of Deposits (NCD) 0.7 1.0 1.0 1.7 0.3 4.7 8.6%U.S. Corporate Bonds - - 2.9 5.0 - 7.9 14.4%Supranational Organizations Bonds - - - 13.8 - 13.8 25.2% Grand Total 0.7$ 2.0$ 3.9$ 24.8$ 23.3$ 54.7$ 100%% of Purchase 1.3% 3.7% 7.1% 45.3% 42.6% 100.0%* $18.0 million or 32.8% are in investments that support Environmental, Social, and Governace (ESG) Activities(aka "Green", local banks, and Supranational Bonds) Investment Type
FY 2025 Q2 Security Purchases - Par Value (millions)
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maintains its “Aa2”, and Fitch is at “AA-” with a negative credit watch by all three rating firms meaning further rating downgrade(s) could occur. The City’s investment portfolio has $1.9 million in LADWP bonds with a remaining maturity duration of 2.4 years. LADWP potential issues revolve around lack of water supply and working hydrants and possibility of fires starting by downed power lines. Based on staff’s analysis, the likelihood of a loss of these investments is low so these investments should be retained.

In addition, the City of Los Angeles rating was also downgraded and is on a negative credit watch by the three rating agencies. The City’s $5.4 million of securities in the City’s portfolio still have a rating of AA and are within the City’s Investment Policy guideline. The City’s portfolio does own other municipalities securities in the area whose ratings has not been impacted by this, but staff will actively monitor all these entities ratings and potential liability developments with the assistance of the City’s brokers.

Investment Yields
Interest income on an accrual basis, for the second quarter was $4.1 million; compared to the prior year’s second quarter of $3.5 million, $0.6 million higher due to prudent long-term investments made in the last several years during the higher interest rate environment. As of December 31, 2024, the yield to maturity of the City’s portfolio was 2.58%; in the prior quarter it was 2.46%. In the second quarter, LAIF’s average yield was 4.48% while the average yield on the two-year and five-year Treasury bonds was approximately 4.15% and 4.13%, respectively. In comparison, in the prior quarter LAIF had higher 4.56% yield and the two-year and five-year Treasury bonds yields were lower at 4.03% and lower at 3.79%.

The City’s portfolio yield is lower than the two-year and five-year Treasury bond due to the fluctuating 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.

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City’s portfolio duration is 2.95 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 four times totaling 1.25%. In the January 2025, the Federal Reserve kept interest rates unchanged.

In January 2025, the FOMC held interest rate in the range of 4.25% to 4.50%. The cited reasons where the “recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. Inflation remains somewhat elevated.” At their press conference they stated there is maximum employment and stable prices, economy is strong, labor conditions have cooled, inflation has moved towards their goals but remains elevated, resilient spending, investments has slowed but remained solid during 2024, nominal wage growth has slowed down and does pose a risk to Fed’s inflation target, and Fed is not in a hurry to continue to lower interest rates at this time, however, if inflation starts to increase and employment weakens considerably that could change this outlook.

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 Council Staff Report ID #2404-28453.The bond proceeds, reserves, and debt service payments 3 City Council, June 17, 2024, https://portal.laserfiche.com/Portal/DocView.aspx?id=73964&repo=r-704298fc 5 . 8 8 %
5 . 0 0 %
4 . 1 7 %
4 . 5 4 %
C i t y o f P a l o A l t o
2 . 7 1 %
1 . 8 0 %
1 . 9 3 % 1 . 6 6 %
2 . 5 8 %
3 . 6 5 %
1 . 4 1 %
0 . 8 1 %
0 . 2 5 %
2 Y r . T r e a s u r y
4 . 3 9 %
4 . 1 5 %
4 . 4 3 %
4 . 3 9 %
4 . 9 8 %
1 . 1 0 %
5 - Y r . T r e a s u r y
2 . 8 8 %
2 . 4 7 %
0 . 2 7 %
3 . 2 3 %
4 . 0 0 %
4 . 1 3 %
4 . 4 7 %
1 . 4 4 %
5 . 2 5 %
0 . 2 3 %

L A I F
1 . 2 9 %
2 . 6 3 %
4 . 4 8 %
$ 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 %
I n t . E a r n i n g s ( M i l l i o n s )
Y i e l d s
F i s c a l Y e a r Q u a r t e r s
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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 December 31, 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 #75534. Through December 31, 2024, principal investment contributions of $76.8 million made over time since May 2017, has increased to $93 million and the net return for one and five years has been 11.5% and 5.1% respectively. Since inception, $17.1 million net earnings have been realized with $0.9 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. 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
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ATTACHMENTS
Attachment A: Consolidated Report of Cash Management
Attachment B: Investment Portfolio
Attachment C: Investment Portfolio Compliance
APPROVED BY:

Lauren Lai, Administrative Services Director
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Book Value Market Value
City Investment Portfolio (see Attachment B) 633,251,585$ 602,304,696 $ Other Funds Held by the City
Cash with Wells Fargo Bank 135,932 135,932 (includes general and imprest accounts)
Cash with US Bank 4,292,621 4,292,621 Total - Other Funds Held By City 4,428,553 4,428,553 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 2,478,276 2,478,276 2011 Utility Revenue Refunding Bonds
Debt Service and Reserve Funds 582,743 582,743 2018 Capital Improvement (Golf Course & 2002B COP Refinance) (Taxable- Green Bond) Certificates of Participation
Debt Service Funds 744 744 2019 California Avenue Parking Garage Certificates of Participation (Tax-Exempt and Taxable Bonds)
Debt Service and Reserve Funds 3,146 3,146 2021 Public Safety Building Certificates of Participation Debt Service Funds 9,370 9,370 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 3,045,618 3,045,618
Public Agencies Post-Employment Benefits Trust ****
Public Agency Retirement Services (PARS) 92,967,359 92,967,359 Total Under Trustee Management 99,091,600 99,091,600 GRAND TOTAL 736,771,738 $ 705,824,849 $
* 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
Second Quarter, Fiscal Year 2024-25
(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
December 31, 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 13,880,591.89SYS158 14.34007/01/2023 13,880,591.89 4.280 4.34013,880,591.89 Local Agency Investment Fund159 52,783,960.21SYS159 14.40007/01/2023 52,764,007.08 4.339 4.40052,783,960.21 Subtotal and Average 66,664,552.10 66,664,552.10 66,644,598.97 4.327 4.388 1 Negotiable Certificates of Deposits
Achieve Federal Credit Union2831 NCD 249,000.0000453NAA9 02/17/2026 4124.65002/17/2023 250,466.61 4.589 4.653249,000.00 Alaska USA Federal CU2850 NCD 249,000.00011852AK6 03/22/2028 1,1764.85003/22/2023 255,364.44 4.789 4.855249,000.00 Alliant Credit Union2781 NCD 249,000.0001882MAB8 12/30/2027 1,0934.95012/30/2022 255,643.32 4.884 4.952249,000.00 American National Bank Omaha2984 NCD 249,000.00028402CW3 02/26/2027 7864.90002/28/2024 249,149.40 4.836 4.903249,000.00 Anderson Bros Bank2997 NCD 249,000.00033537BC4 06/09/2025 1595.10003/08/2024 249,978.57 5.033 5.103249,000.00 Aneca Federal Credit Union2298 NCD 249,000.00034577AN6 03/20/2025 781.10003/20/2020 247,232.10 1.085 1.100249,000.00 A+ Federal Creit Union2806 NCD 249,000.0000224TAL0 01/27/2025 264.70001/27/2023 249,042.33 4.641 4.705249,000.00 Austin Telco Fed. Credit Union2732 NCD 249,000.00052392CC9 11/27/2026 6955.05011/28/2022 253,656.30 4.984 5.053249,000.00 American Express Centurion Bk2729 NCD 249,000.0002589AEG3 11/16/2027 1,0495.00011/16/2022 255,648.30 4.931 5.000249,000.00 Bank of America2962 NCD 249,000.0006051V7Z3 02/08/2027 7684.85002/07/2024 249,037.35 4.787 4.854249,000.00 Banner Capital Bank2453 NCD 249,000.0006654HAA6 11/28/2025 3310.45011/27/2020 240,835.29 0.493 0.500248,887.22 Bank of Wisconsin Dells2455 NCD 249,000.00065847EH4 07/28/2025 2081.05011/23/2020 244,585.23 0.542 0.549249,700.27 Baxter Credit Union2730 NCD 249,000.0007181JAU8 11/23/2026 6915.00011/22/2022 253,429.71 4.940 5.009249,000.00 Beal Bank - Plano, TX2668 NCD 249,000.0007371AYT4 02/24/2027 7842.05003/02/2022 239,017.59 2.053 2.081248,839.11 Texas Exchange Bank2346 NCD 249,000.0088241THJ2 06/13/2025 1631.00006/02/2020 245,434.32 0.986 1.000249,000.00 BankUnited NA2474 NCD 249,000.00066519QC6 01/22/2026 3860.55001/22/2021 239,829.33 0.592 0.600248,868.41 BMO Harris Bank2480 NCD 249,000.0005600XBX7 10/27/2028 1,3951.00001/27/2021 222,613.47 1.019 1.034248,693.15 BMW Bank of North America2448 NCD 249,000.0005580AXU3 11/20/2025 3230.50011/20/2020 241,198.83 0.493 0.500249,000.00 BankFirst Norfolk3028 NCD 249,000.0006644QAF8 09/28/2029 1,7313.60009/30/2024 244,697.28 3.552 3.601249,000.00 Bank of Brenham3019 NCD 249,000.00060730AS7 03/14/2029 1,5335.10003/14/2024 249,184.26 5.030 5.100249,000.00 Bank of Old Monroe2899 NCD 249,000.00064236BQ4 05/24/2028 1,2395.00005/24/2023 249,052.29 4.937 5.006249,000.00 Bank Rhode Island2991 NCD 249,000.00064577GH6 02/28/2025 585.05002/28/2024 249,229.08 4.983 5.053249,000.00 Beal Bank USA - Las Vegas, NV2669 NCD 249,000.0007371CH69 02/24/2027 7842.05003/02/2022 239,017.59 2.053 2.081248,839.11 Encore Bank2343 NCD 249,000.0029260MBH7 05/21/2027 8701.15005/21/2020 232,787.61 1.134 1.150249,000.00 First Carolina Bank2389 NCD 248,000.0031944MBB0 08/20/2025 2310.45008/20/2020 242,226.56 0.444 0.450248,000.00 Community Choice Credit Union3032 NCD 249,000.0020368QAD8 03/30/2026 4534.00009/30/2024 248,718.63 3.945 4.000249,000.00 Central State Bank IOWA2324 NCD 249,000.0015523RCP9 03/27/2025 851.00003/27/2020 247,020.45 1.189 1.206248,884.09 Chambers State Bank3009 NCD 249,000.0015783QAE3 03/12/2029 1,5315.05003/12/2024 249,131.97 4.984 5.053249,000.00 Portfolio CPA
AP
Run Date: 01/27/2025 - 20:04 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Attachment B
Item 12
Attachment B - Investment Portfolio

Item 12: Staff Report
Pg.
10 Packet Pg. 207 of 246

December 31, 2024
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
CIBM Bank2904 NCD 249,000.0012545JBB0 05/17/2028 1,2325.00005/17/2023 249,102.09 4.937 5.006249,000.00 Cinfed Fed Credtit Union Bank2504 NCD 249,000.0017248MAC1 03/04/2027 7920.65003/04/2021 231,572.49 0.691 0.701248,729.98 Citadel Federal Credit Union2267 NCD 245,000.0017286TAG0 02/27/2025 571.65002/27/2020 243,966.10 1.668 1.691244,984.71 Clearpath Federal Credit Union2881 NCD 249,000.0018507MAA9 04/28/2025 1175.15004/26/2023 249,154.38 5.086 5.157249,000.00 Enerbank USA2215 NCD 245,000.0029278TMR8 01/29/2025 281.80001/29/2020 244,507.55 1.779 1.803245,000.00 Connexus Credit Union2643 NCD 249,000.0020825WAR1 12/23/2026 7211.25012/23/2021 235,929.99 1.273 1.291248,803.36 Commercial Bank of CAL3010 NCD 249,000.00201313CB7 09/08/2025 2505.00003/06/2024 250,521.39 4.931 5.000249,000.00 Cornerstone Community FCU3033 NCD 249,000.0021923MAA9 10/01/2029 1,7344.25009/30/2024 246,412.89 4.193 4.251249,000.00 Capital One Bank USA NA2609 NCD 249,000.0014042RQB0 11/17/2026 6851.10011/17/2021 235,922.52 1.084 1.100249,000.00 Corp America Family Cr. Union2974 NCD 249,000.00219873AA4 02/21/2025 515.25002/23/2024 249,268.92 4.852 4.920249,000.00 County Schools FCU2695 NCD 249,000.0022258JAB7 09/27/2027 9994.40009/30/2022 251,537.31 4.341 4.402249,000.00 Crescent Bank & Trust2296 NCD 248,000.00225645DN7 03/20/2025 781.10003/20/2020 246,239.20 1.085 1.100248,000.00 Carter Federal Credit Union2870 NCD 249,000.0014622LAK8 04/25/2025 1144.75004/25/2023 249,351.09 4.688 4.753249,000.00 Cental Valley Community Bank2945 NCD 249,000.0015568PAV8 01/29/2027 7584.90001/30/2024 249,064.74 4.836 4.904249,000.00 Country Club Bank2477 NCD 249,000.00222327AD0 01/29/2030 1,8541.10001/29/2021 215,805.81 1.154 1.170248,157.32 City National Bank2809 NCD 249,000.00178180GV1 01/27/2025 264.50001/25/2023 249,029.88 4.438 4.500249,000.00 Decorah Bank Trust Company2690 NCD 249,000.00243594AR9 09/23/2027 9953.70009/23/2022 243,771.00 3.651 3.701249,000.00 Delta Natl Bank & TR2670 NCD 249,000.0024773RCR4 02/25/2027 7852.00003/09/2022 238,751.16 1.975 2.003249,000.00 Eaglemark Savings Bank2545 NCD 249,000.0027004PBV4 07/07/2026 5520.85007/07/2021 237,299.49 0.919 0.932248,698.91 Enterprise Bank2897 NCD 249,000.0029367RMN3 05/19/2028 1,2344.25005/19/2023 250,939.71 4.196 4.255249,000.00 Evolve Federal Cr Union Bank3000 NCD 249,000.0030053QAA3 03/12/2029 1,5315.10003/12/2024 249,273.90 5.033 5.103249,000.00 Exchange State Bank3029 NCD 249,000.00301485AN8 09/06/2029 1,7094.60009/19/2024 248,995.02 4.561 4.625248,765.28 Farmer State Bank3008 NCD 249,000.0031034RKY0 03/15/2027 8035.10003/15/2024 249,064.74 5.038 5.108249,000.00 Farmers & Merchant State Bank2486 NCD 249,000.00308682BM4 02/12/2029 1,5031.00002/12/2021 220,683.72 1.037 1.052248,487.68 First Bank of the Lake2877 NCD 249,000.0031925YAE2 04/25/2028 1,2104.90004/25/2023 249,039.84 4.838 4.905249,000.00 Poppy Bank2285 NCD 249,000.0073319FAF6 03/18/2025 761.10003/18/2020 247,276.92 1.085 1.100249,000.00 1st Financial Bank2390 NCD 248,000.0032022RNT0 08/19/2025 2300.45008/19/2020 242,251.36 0.444 0.450248,000.00 First Federal Bank2954 NCD 249,000.0032022WCZ7 02/02/2027 7625.00002/02/2024 249,054.78 4.935 5.004249,000.00 Farmers Insurance Group CU2479 NCD 249,000.0030960QAK3 01/27/2026 3910.50001/27/2021 239,557.92 0.543 0.550248,866.70 First Guaranty Bank3069 NCD 250,000.00320437AP1 10/25/2027 1,0274.20010/25/2024 248,200.00 4.140 4.197250,000.00 First Source Federal Cr Union2940 NCD 249,000.0033651FAL3 01/29/2025 285.05001/29/2024 249,109.56 4.980 5.050249,000.00 First Oklahoma Bank2451 NCD 249,000.00335857CK2 11/30/2026 6980.65011/30/2020 233,532.12 0.691 0.701248,762.02 Farmers &Merchants Bank2644 NCD 249,000.00307811DM8 01/22/2030 1,8471.60001/14/2022 221,622.45 1.630 1.653248,372.15 First National Bank of America2465 NCD 249,000.0032110YRQ0 12/31/2026 7290.60012/31/2020 232,692.99 0.625 0.633248,834.30 Portfolio CPA
AP
Run Date: 01/27/2025 - 20:04 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. 208 of 246

December 31, 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
Evolve Bank & Trust2951 NCD 249,000.00300498AV4 02/02/2026 3974.40002/02/2024 249,766.92 4.339 4.400249,000.00 First Technology Federal Credi3062 NCD 250,000.0033715LFZ8 10/25/2027 1,0274.00010/23/2024 249,957.50 3.949 4.003250,000.00 First Community Credit Union2554 NCD 249,000.0031986JAD3 02/26/2027 7860.85007/28/2021 232,770.18 0.892 0.905248,712.04 FTSB Wheatland Bank2961 NCD 249,000.0033743UAB2 02/09/2029 1,5004.90002/09/2024 249,079.68 4.837 4.904249,000.00 General Electric Credit Union2989 NCD 249,000.00369674CS3 03/01/2027 7894.60002/28/2024 252,010.41 4.537 4.600249,000.00 Gesa Credit Union2456 NCD 249,000.0037424PAC8 11/30/2027 1,0630.80011/30/2020 227,085.51 0.825 0.836248,741.11 Ally Bank3061 NCD 250,000.0002007G3R2 09/27/2027 9993.75010/15/2024 248,427.50 3.944 3.999248,376.74 Haddon Savings Bank2447 NCD 207,000.00404730DA8 10/20/2025 2920.35011/16/2020 200,868.66 0.491 0.498206,697.61 Bank Hapoalim BM2457 NCD 249,000.0006251A2Q2 12/15/2025 3480.50012/14/2020 240,593.76 0.543 0.550248,881.43 Huntington National Bank2891 NCD 249,000.00446438SB0 05/05/2025 1244.80005/05/2023 249,420.81 4.734 4.800249,000.00 Healthcare Systems FCU2816 NCD 249,000.0042228LAM3 02/01/2027 7614.25001/30/2023 250,210.14 4.193 4.251249,000.00 INS Bank2757 NCD 249,000.0045776NFE1 12/14/2027 1,0774.90012/14/2022 249,097.11 4.835 4.902249,000.00 Intracoastal Bank2995 NCD 249,000.0046117YAC2 03/06/2029 1,5255.00003/06/2024 249,181.77 4.931 5.000249,000.00 Iroquois Federal Sav Loan Asso3022 NCD 249,000.0046355PDX3 03/20/2028 1,1745.10003/19/2024 249,047.31 5.031 5.101249,000.00 Timberland Bank Hoquaim3020 NCD 249,000.0088709RBB4 03/28/2029 1,5475.10003/28/2024 249,084.66 5.033 5.103249,000.00 Inst. for Sav in Newburyport2556 NCD 249,000.0045780PAQ8 07/29/2026 5740.90007/29/2021 236,975.79 0.888 0.900249,000.00 Jonesboro State Bank2452 NCD 249,000.0048040PJL0 11/26/2027 1,0590.75011/27/2020 226,826.55 0.790 0.801248,638.78 JP Morgan Chase BAnk NA3087 NCD 250,000.0046657VNZ9 11/01/2029 1,7654.60011/01/2024 250,167.50 4.535 4.598250,000.00 Kennett Trust Bank3047 NCD 245,000.00489642CW6 10/04/2034 3,5634.30010/07/2024 239,289.05 4.277 4.337244,282.32 Lafayette Federal Credit Union2879 NCD 249,000.0050625LBG7 05/27/2025 1463.10004/14/2023 247,854.60 4.931 5.000247,207.66 Ledyark National Bank2918 NCD 249,000.00523343AA9 12/29/2028 1,4584.05012/29/2023 257,446.08 3.994 4.050249,000.00 Legacy Bank & Trust Company2469 NCD 249,000.0052470QAN4 12/21/2028 1,4500.85012/30/2020 220,213.11 0.889 0.901248,504.22 Liberty First Credit Union2803 NCD 249,000.00530520AC9 01/27/2026 3914.50001/27/2023 250,010.94 4.442 4.503249,000.00 Liberty Savings Bank2979 NCD 249,000.00531194AJ7 02/21/2029 1,5124.85002/21/2024 249,054.78 4.788 4.855249,000.00 Live Oak Banking Company2599 NCD 249,000.00538036SS4 10/18/2027 1,0201.10010/18/2021 229,891.74 1.135 1.151248,652.24 Malaga Bank FSB2402 NCD 249,000.0056102AAQ9 06/30/2025 1800.40008/31/2020 244,363.62 0.394 0.400249,000.00 Meritrust Federal Credit Union2672 NCD 249,000.0059001PAP4 03/10/2026 4330.55003/07/2022 239,742.18 1.904 1.930245,078.38 Merrick Bank2610 NCD 249,000.0059013KPS9 05/19/2026 5031.10011/19/2021 239,015.10 1.152 1.168248,771.17 Metropolitan Capital Bank2986 NCD 249,000.00591803CJ8 02/28/2028 1,1535.05002/26/2024 249,069.72 4.980 5.050249,000.00 MI Bank2960 NCD 249,000.0059319LAS4 08/02/2027 9434.75002/01/2024 249,089.64 4.684 4.749249,000.00 Minwest Bank MV2478 NCD 249,000.0060425SJQ3 01/29/2029 1,4891.00001/28/2021 220,917.78 1.024 1.039248,619.47 Mountain America FD Credit Uni2719 NCD 249,000.0062384RAR7 05/09/2025 1284.85011/09/2022 249,510.45 4.825 4.892248,965.05 Maple City Savings Bank3006 NCD 249,000.0056511PBE7 03/08/2027 7965.05003/08/2024 249,154.38 4.980 5.050249,000.00 Morgan Stanley Bank NA2815 NCD 249,000.0061690UY20 02/02/2026 3974.25002/02/2023 249,246.51 4.191 4.250249,000.00 Portfolio CPA
AP
Run Date: 01/27/2025 - 20:04 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. 209 of 246

December 31, 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
Morgan Stanley Bank NA2849 NCD 249,000.0061768EQV8 03/24/2025 825.25003/23/2023 249,517.92 5.178 5.250249,000.00 Mutual Savings Assoc Bank2955 NCD 249,000.0062835RCA7 01/31/2029 1,4914.90001/31/2024 249,077.19 4.837 4.904249,000.00 Amerant Bank3060 NCD 250,000.0002357QCJ4 09/20/2027 9923.85010/15/2024 248,567.50 3.939 3.994249,072.90 Truxton Trust Co Bank2966 NCD 249,000.0089846HCR2 02/23/2029 1,5145.00002/23/2024 249,047.31 4.936 5.004249,000.00 Noble Federal Credit Union Bk3083 NCD 250,000.0065504UAF4 11/09/2026 6774.50011/08/2024 250,030.00 4.441 4.502250,000.00 Oak Bank2938 NCD 249,000.00671082CN3 01/19/2027 7484.80001/19/2024 249,069.72 4.738 4.804249,000.00 Pacific Western Bank2420 NCD 249,000.0069506YSA8 09/30/2025 2720.45009/30/2020 242,321.82 0.443 0.450249,000.00 Pathfinder Bank2429 NCD 249,000.0070320KAR2 10/14/2025 2860.50010/13/2020 241,998.12 0.533 0.540248,922.04 Peoples Bank - Clive IA2937 NCD 249,000.00710253AU9 01/22/2026 3864.85001/22/2024 248,970.12 4.783 4.850249,000.00 Peoples Bank Clifton TN3016 NCD 249,000.00710247AS6 03/15/2029 1,5345.00003/15/2024 249,234.06 4.934 5.003249,000.00 Peoples Bank - Pratt KS3031 NCD 249,000.00710649AD6 09/20/2029 1,7234.55009/23/2024 249,000.00 4.509 4.572248,764.66 People's Bank2468 NCD 249,000.00710665GD6 12/31/2029 1,8250.90012/30/2020 214,047.87 0.967 0.981248,032.55 Ponce De Leon Federal Bank2686 NCD 249,000.00732329BD8 09/15/2027 9873.50009/15/2022 245,760.51 3.453 3.501249,000.00 Pentagon Fed Cred Union2565 NCD 249,000.0070962LAE2 09/01/2026 6080.85009/01/2021 236,161.56 0.889 0.901248,792.73 Pacific Alliance Bank2852 NCD 249,000.00693963AE0 03/27/2025 855.15003/27/2023 249,473.10 5.087 5.157249,000.00 Pitney Bowes Bank, Inc.2873 NCD 249,000.00724468AC7 04/13/2028 1,1984.35004/14/2023 251,664.30 4.290 4.350249,000.00 People Bank / Coldwater OH2853 NCD 249,000.00710275AD0 03/30/2027 8184.80003/30/2023 253,250.43 4.735 4.800249,000.00 Pony Express Bank2488 NCD 249,000.00732770BJ0 02/25/2030 1,8811.00002/24/2021 214,418.88 1.055 1.070248,145.31 Premier Community Bank2895 NCD 249,000.0074048CAT9 06/14/2027 8944.90005/12/2023 249,109.56 4.838 4.905249,000.00 Prime Security Bank3015 NCD 249,000.0074167LAT4 03/15/2027 8035.05003/15/2024 249,027.39 4.981 5.050249,000.00 Public Service Credit Union2796 NCD 249,000.00744562AS8 01/20/2028 1,1144.75001/20/2023 249,004.98 4.687 4.752249,000.00 Rockland Federal Credit Union3035 NCD 240,000.0077357DAK4 12/26/2025 3594.50010/01/2024 240,856.80 4.356 4.416240,191.04 Rogue Credit Union2717 NCD 249,000.0077535MAC7 11/10/2025 3134.90011/09/2022 249,159.36 4.868 4.935248,928.95 State Bank of India2403 NCD 249,000.00856285UJ8 09/04/2025 2460.50009/04/2020 243,021.51 0.493 0.500249,000.00 Southern Bank2882 NCD 249,000.0084229LBV3 04/28/2028 1,2134.00004/28/2023 248,932.77 3.945 4.000249,000.00 Select Bank Forest VA2857 NCD 249,000.0081618LAE7 03/31/2028 1,1855.40003/31/2023 249,141.93 5.332 5.406249,000.00 San Francisco Credit Union2297 NCD 249,000.0079772FAF3 03/27/2025 851.10003/27/2020 247,080.21 1.085 1.100249,000.00 Sharonview Fed Credit Union2718 NCD 249,000.00819866BR4 10/31/2025 3035.00010/31/2022 249,154.38 4.966 5.035248,931.16 Signature Federal Credit Union2804 NCD 249,000.0082671DAB3 01/31/2028 1,1254.40001/31/2023 251,885.91 4.341 4.401249,000.00 Skyla Federal Credit Union3042 NCD 250,000.0083086XAA8 10/08/2025 2804.15010/08/2024 249,965.00 4.093 4.150250,000.00 Sunwest Bank2491 NCD 249,000.0086804DCQ9 02/17/2028 1,1420.80002/17/2021 225,586.53 0.861 0.873248,443.74 SPCO Credit Union2827 NCD 249,000.0078472EAC8 02/28/2028 1,1534.35002/27/2023 251,579.64 4.290 4.349249,000.00 First Source Bank2754 NCD 249,000.0033646CNJ9 06/16/2028 1,2625.05012/16/2022 249,308.76 4.980 5.050249,000.00 Southeast Bank2821 NCD 249,000.0084133PFL7 02/06/2025 364.55002/06/2023 248,927.79 4.487 4.550249,000.00 Portfolio CPA
AP
Run Date: 01/27/2025 - 20:04 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. 210 of 246

December 31, 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
Sherwin Williams Emp CU3082 NCD 250,000.0082436LAA3 11/06/2025 3094.30011/06/2024 250,307.50 4.246 4.305250,000.00 Synchrony Bank2563 NCD 249,000.0087165FZN7 08/20/2026 5960.90008/20/2021 236,629.68 0.887 0.900249,000.00 Tab Bank Inc.3039 NCD 250,000.0089388CJK5 04/13/2026 4673.70010/11/2024 248,785.00 3.652 3.703250,000.00 Technology Credit Union2797 NCD 249,000.0087868YAH6 07/21/2025 2015.10001/19/2023 249,084.66 5.031 5.100249,000.00 Texas Bank Henderson2464 NCD 249,000.00882214AA7 12/23/2025 3560.45012/23/2020 240,167.97 0.483 0.490248,902.91 Toyota Financial Savings Bank2551 NCD 249,000.0089235MLC3 07/15/2026 5600.95007/15/2021 237,506.16 0.936 0.950249,000.00 UBS Financial Services, Inc.2992 NCD 249,000.0090355GLE4 03/01/2027 7894.60002/28/2024 252,030.33 4.540 4.603249,000.00 Ufirst Federal Credit Union2832 NCD 249,000.00902684AB5 08/25/2025 2364.85002/24/2023 250,127.97 4.787 4.854249,000.00 United Heritage Credit Union2711 NCD 249,000.0091334AAC7 04/28/2025 1174.60010/28/2022 249,276.39 4.539 4.602249,000.00 Greenstate Credit Union2552 NCD 249,000.0039573LBM9 07/21/2026 5660.95007/21/2021 237,336.84 0.937 0.950249,000.00 USAlliance Federal Credit Unio2325 NCD 249,000.0090352RAU9 03/31/2025 891.15003/31/2020 247,082.70 1.155 1.171248,987.86 U.S. Bank2998 NCD 249,000.0090355UCX1 03/06/2029 1,5255.25003/06/2024 249,214.14 5.178 5.250249,000.00 USF Federal Credit Union2546 NCD 249,000.0090353EAR4 07/15/2031 2,3861.75007/15/2021 215,004.03 1.801 1.826247,861.23 Finwise Bank3013 NCD 249,000.0031810PCF4 03/22/2029 1,5415.10003/22/2024 249,316.23 5.033 5.103249,000.00 Webster Five Cents Savings3030 NCD 250,000.0094789PCJ1 08/30/2029 1,7024.55009/19/2024 249,992.50 4.533 4.596249,528.79 Western State Bank2342 NCD 248,000.0095960NKE6 11/13/2025 3161.05005/13/2020 241,544.56 1.035 1.050248,000.00 Wells Fargo Bank2843 NCD 249,000.00949764AF1 03/17/2025 755.25003/17/2023 249,465.63 5.185 5.257249,000.00 Wyoming Bank & Trust2446 NCD 249,000.0098321PAJ9 11/28/2025 3310.50011/27/2020 240,947.34 0.515 0.522248,932.33 Wings Financial Credit Union3043 NCD 250,000.0097412MAG4 04/10/2026 4644.00010/10/2024 249,657.50 3.945 4.000250,000.00 Workers Fed Credit Union3052 NCD 250,000.0098138MCU2 04/21/2028 1,2064.10010/21/2024 250,745.00 4.100 4.156250,000.00 West Town Bank and Trust2855 NCD 249,000.00956310BM7 03/28/2028 1,1825.45003/28/2023 249,151.89 5.381 5.456249,000.00 Subtotal and Average 37,523,740.19 37,544,000.00 36,872,899.63 3.286 3.331 799 Corporate Medium Term Bonds
Apple, Inc.2401 MTN 1,500,000.00037833DF4 01/13/2025 122.75008/28/2020 1,499,160.00 0.620 0.6281,501,044.53 Apple, Inc.2489 MTN 700,000.00037833EB2 02/08/2026 4030.70002/08/2021 672,616.00 0.684 0.694700,044.40 Apple, Inc.2667 MTN 750,000.00037833CJ7 02/09/2027 7693.35002/23/2022 734,947.50 2.115 2.145767,104.43 Apple, Inc.3027 MTN 1,000,000.00037833DP2 09/11/2029 1,7142.20009/19/2024 897,980.00 3.600 3.650938,264.36 Apple, Inc.3068 MTN 1,000,000.00037833DP2 09/11/2029 1,7142.20010/18/2024 897,980.00 3.996 4.052921,826.72 Alphabet (Google) Inc.2507 MTN 200,000.0002079KAH0 08/15/2025 2260.45003/01/2021 195,228.00 0.668 0.678199,720.97 Alphabet (Google) Inc.2675 MTN 1,000,000.0002079KAC1 08/15/2026 5911.99803/14/2022 962,690.00 2.197 2.228996,461.50 Alphabet (Google) Inc.2689 MTN 1,000,000.0002079KAJ6 08/15/2027 9560.80009/14/2022 914,790.00 3.442 3.489935,695.85 Alphabet (Google) Inc.2837 MTN 2,800,000.0002079KAJ6 08/15/2027 9560.80002/15/2023 2,561,412.00 3.964 4.0202,585,688.69 Johnson & Johnson2466 MTN 2,000,000.00478160CN2 09/01/2025 2430.55012/23/2020 1,950,080.00 0.479 0.4862,000,840.75 Johnson & Johnson2508 MTN 2,000,000.00478160BY9 03/01/2026 4242.45003/01/2021 1,955,260.00 0.812 0.8232,035,287.42 Portfolio CPA
AP
Run Date: 01/27/2025 - 20:04 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. 211 of 246

December 31, 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
Corporate Medium Term Bonds
Johnson & Johnson2509 MTN 1,000,000.00478160BY9 03/01/2026 4242.45003/01/2021 977,630.00 0.812 0.8241,017,639.19 Andrew W Mellon Foundation2976 MTN 1,000,000.0003444RAB4 08/01/2027 9420.94702/14/2024 913,300.00 4.389 4.450916,978.67 Andrew W Mellon Foundation3038 MTN 1,000,000.0003444RAB4 08/01/2027 9420.94710/01/2024 913,300.00 3.668 3.719932,611.47 Andrew W Mellon Foundation3044 MTN 870,000.0003444RAB4 08/01/2027 9420.94710/04/2024 794,571.00 3.765 3.817809,377.17 Andrew W Mellon Foundation3067 MTN 1,000,000.0003444RAB4 08/01/2027 9420.94710/18/2024 913,300.00 3.970 4.026925,451.65 Microsoft Corporation2450 MTN 2,920,000.00594918BJ2 11/03/2025 3063.12511/18/2020 2,889,515.20 0.572 0.5802,978,315.07 Microsoft Corporation2506 MTN 180,000.00594918BJ2 11/03/2025 3063.12503/01/2021 178,120.80 0.753 0.763183,312.26 Microsoft Corporation3004 MTN 1,000,000.00594918BB9 02/12/2025 422.70003/04/2024 997,920.00 5.030 5.099997,361.69 Stanford University2648 MTN 1,500,000.0085440KAC8 06/01/2027 8811.28901/07/2022 1,381,980.00 1.479 1.5001,492,676.57 Stanford University2658 MTN 500,000.0085440KAC8 06/01/2027 8811.28902/01/2022 460,660.00 1.849 1.875493,290.04 Stanford University2709 MTN 1,530,000.0085440KAC8 06/01/2027 8811.28910/19/2022 1,409,619.60 4.487 4.5501,422,332.05 Stanford University2761 MTN 450,000.0085440KAC8 06/01/2027 8811.28912/12/2022 414,594.00 4.142 4.200421,407.69 Stanford University2969 MTN 1,000,000.0085440KAC8 06/01/2027 8811.28902/12/2024 921,320.00 4.364 4.424930,195.12 University of Chicago3080 MTN 1,500,000.0091412NBH2 04/01/2029 1,5514.94710/25/2024 1,506,720.00 4.241 4.3001,537,099.62 University of Chicago3085 MTN 1,500,000.0091412NBH2 04/01/2029 1,5514.94710/28/2024 1,506,720.00 4.306 4.3661,533,279.66 Yale University2376 MTN 2,000,000.0098459LAA1 04/15/2025 1040.87307/01/2020 1,978,820.00 0.616 0.6252,001,382.65 Yale University2511 MTN 3,000,000.0098459LAA1 04/15/2025 1040.87303/01/2021 2,968,230.00 0.638 0.6463,001,892.18 Subtotal and Average 35,176,582.37 35,900,000.00 34,368,464.10 2.329 2.362 674 Federal Agency Bonds
Federal Agricultural Mortgage1580 474,000.0031315PEM7 08/04/2025 2154.35004/08/2016 474,265.44 2.296 2.328479,070.06 Federal Agricultural Mortgage1710 1,500,000.0031315PRA9 02/03/2026 3984.81010/18/2016 1,509,615.00 2.131 2.1601,539,006.64 Federal Agricultural Mortgage2098 550,000.0031315PEM7 08/04/2025 2154.35009/09/2019 550,308.00 1.659 1.683558,228.01 Federal Agricultural Mortgage2301 1,569,000.0031315PB99 11/19/2027 1,0522.85003/11/2020 1,499,367.78 1.050 1.0641,646,340.13 Federal Agricultural Mortgage2340 Call 2,000,000.0031422BZS2 05/13/2030 1,9581.50005/13/2020 1,704,220.00 1.479 1.5002,000,000.00 Federal Agricultural Mortgage2366 Call 1,750,000.0031422BF54 06/24/2030 2,0001.40006/24/2020 1,475,416.87 1.380 1.4001,750,000.00 Federal Agricultural Mortgage2367 Call 2,000,000.0031422BF54 06/24/2030 2,0001.40006/24/2020 1,686,190.71 1.380 1.4002,000,000.00 Federal Agricultural Mortgage2381 Call 1,500,000.0031422BH78 07/08/2030 2,0141.40007/08/2020 1,265,220.00 1.380 1.4001,500,000.00 Federal Agricultural Mortgage2425 Call 2,000,000.0031422BX54 09/27/2030 2,0951.30010/08/2020 1,665,680.00 1.286 1.3042,000,000.00 Federal Agricultural Mortgage2435 Call 2,000,000.0031422BZ45 10/21/2030 2,1191.28010/21/2020 1,662,120.00 1.262 1.2802,000,000.00 Federal Agricultural Mortgage2439 Call 2,000,000.0031422B2E9 10/29/2030 2,1271.34010/29/2020 1,667,040.00 1.321 1.3402,000,000.00 Federal Agricultural Mortgage2449 1,500,000.0031422B3D0 11/20/2030 2,1491.15011/20/2020 1,232,295.00 1.134 1.1501,500,000.00 Federal Agricultural Mortgage2458 Call 1,500,000.0031422B4A5 12/11/2030 2,1701.30012/11/2020 1,241,310.00 1.282 1.3001,500,000.00 Federal Agricultural Mortgage2459 Call 2,000,000.0031422B3W8 12/16/2030 2,1751.45012/16/2020 1,669,820.00 1.430 1.4502,000,000.00 Federal Agricultural Mortgage2461 1,000,000.0031422B3D0 11/20/2030 2,1491.15012/09/2020 821,530.00 1.144 1.160999,408.27 Portfolio CPA
AP
Run Date: 01/27/2025 - 20:04 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. 212 of 246

December 31, 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 Mortgage2471 1,500,000.0031422B6K1 01/15/2026 3790.48001/15/2021 1,441,050.00 0.493 0.5001,499,688.33 Federal Agricultural Mortgage2473 Call 1,500,000.0031422B6A3 01/15/2031 2,2051.29001/15/2021 1,226,655.00 1.319 1.3381,495,923.75 Federal Agricultural Mortgage2484 Call 1,000,000.0031422B7E4 01/28/2031 2,2181.32001/28/2021 818,380.00 1.301 1.3201,000,000.00 Federal Agricultural Mortgage2496 Call 1,500,000.0031422XAW2 02/25/2031 2,2461.53002/25/2021 1,241,205.00 1.509 1.5301,500,000.00 Federal Agricultural Mortgage2513 1,000,000.0031422XCB6 03/04/2031 2,2531.47003/04/2021 823,120.00 1.581 1.602992,441.80 Federal Agricultural Mortgage2519 1,500,000.0031422XDX7 03/27/2026 4500.83003/29/2021 1,436,280.00 0.828 0.8401,499,813.96 Federal Agricultural Mortgage2524 1,500,000.0031422XDX7 03/27/2026 4500.83003/31/2021 1,436,280.00 0.913 0.9261,498,249.28 Federal Agricultural Mortgage2527 Call 1,500,000.0031422XEE8 04/07/2031 2,2872.07004/07/2021 1,275,960.00 2.074 2.1031,497,405.00 Federal Agricultural Mortgage2529 2,000,000.0031422XEL2 04/13/2028 1,1981.37504/15/2021 1,805,420.00 1.311 1.3302,002,807.13 Federal Agricultural Mortgage2530 1,500,000.0031422XFJ6 04/29/2031 2,3091.66004/29/2021 1,244,265.00 1.627 1.6501,500,854.25 Federal Agricultural Mortgage2533 1,500,000.0031422XDX7 03/27/2026 4500.83005/20/2021 1,436,280.00 0.864 0.8761,499,164.04 Federal Agricultural Mortgage2540 255,000.0031422XDX7 03/27/2026 4500.83006/08/2021 244,167.60 0.820 0.831254,994.61 Federal Agricultural Mortgage2593 1,000,000.0031422XNM0 10/05/2026 6421.05010/05/2021 944,270.00 1.035 1.0501,000,000.00 Federal Agricultural Mortgage2621 1,000,000.0031422XPS5 11/17/2026 6851.15011/17/2021 942,110.00 1.272 1.290997,453.73 Federal Agricultural Mortgage2625 1,000,000.0031422XQM7 12/01/2026 6991.32012/01/2021 944,050.00 1.301 1.3201,000,000.00 Federal Agricultural Mortgage2634 1,500,000.0031422XRK0 01/04/2027 7331.32001/04/2022 1,412,985.00 1.301 1.3201,500,000.00 Federal Agricultural Mortgage2640 Call 1,500,000.0031422XRY0 12/29/2031 2,5532.15012/29/2021 1,260,720.00 2.120 2.1501,500,000.00 Federal Farm Credit Bank .2314 1,000,000.003133EAG44 08/03/2026 5792.63003/13/2020 973,760.00 1.089 1.1041,023,337.60 Federal Farm Credit Bank .2371 Call 1,500,000.003133ELQ31 07/01/2030 2,0071.33007/01/2020 1,260,930.00 1.311 1.3301,500,000.00 Federal Farm Credit Bank .2372 Call 1,500,000.003133ELQ31 07/01/2030 2,0071.33007/01/2020 1,260,930.00 1.311 1.3301,500,000.00 Federal Farm Credit Bank .2391 Call 1,500,000.003133EL3H5 08/12/2025 2230.57008/12/2020 1,465,860.00 0.587 0.5951,499,769.79 Federal Farm Credit Bank .2406 Call 1,500,000.003133EL4W1 08/25/2025 2360.61009/03/2020 1,464,255.00 0.611 0.6201,499,902.06 Federal Farm Credit Bank .2408 Call 1,500,000.003133EL4W1 08/25/2025 2360.61009/10/2020 1,464,255.00 0.611 0.6201,499,901.68 Federal Farm Credit Bank .2416 Call 1,500,000.003133EL7K4 09/16/2025 2580.55009/22/2020 1,460,925.00 0.542 0.5491,500,000.00 Federal Farm Credit Bank .2417 Call 1,500,000.003133EMBH4 09/29/2025 2710.53009/29/2020 1,458,420.00 0.522 0.5301,500,000.00 Federal Farm Credit Bank .2423 Call 1,500,000.003133EMBJ0 09/29/2025 2710.53009/29/2020 1,459,155.00 0.537 0.5451,499,832.50 Federal Farm Credit Bank .2427 Call 2,000,000.003133EMAZ5 06/24/2030 2,0001.25010/01/2020 1,674,580.00 1.246 1.2631,998,591.92 Federal Farm Credit Bank .2442 Call 1,500,000.003133EMFG2 11/04/2030 2,1331.37011/04/2020 1,250,640.00 1.351 1.3701,500,000.00 Federal Farm Credit Bank .2443 Call 1,500,000.003133EMFG2 11/04/2030 2,1331.37011/04/2020 1,250,640.00 1.351 1.3701,500,000.00 Federal Farm Credit Bank .2472 Call 1,500,000.003133EMNB4 01/14/2031 2,2041.38001/14/2021 1,233,780.00 1.361 1.3801,500,000.00 Federal Farm Credit Bank .2525 Call 1,500,000.003133EMRE4 02/18/2031 2,2391.42004/01/2021 1,233,255.00 1.834 1.8591,463,190.81 Federal Farm Credit Bank .2538 Call 1,000,000.003133EMUG5 03/24/2031 2,2731.98005/27/2021 851,470.00 1.887 1.9131,003,735.16 Federal Farm Credit Bank .3037 1,330,000.003133EMZF2 05/17/2034 3,4231.91010/01/2024 1,041,988.50 3.991 4.0461,111,066.50 Federal Farm Credit Bank .3040 Call 1,000,000.003133ERVD0 04/01/2033 3,0125.10010/02/2024 997,510.00 5.030 5.0991,000,000.00 Portfolio CPA
AP
Run Date: 01/27/2025 - 20:04 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. 213 of 246

December 31, 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 .3041 824,000.003133EPGG4 04/20/2033 3,0314.00010/03/2024 782,453.92 3.946 4.001823,919.96 Federal Farm Credit Bank .3045 1,000,000.003133EPDZ5 03/23/2033 3,0034.00010/04/2024 950,500.00 3.985 4.041997,153.60 Federal Farm Credit Bank .3057 1,000,000.003133ENVE7 04/25/2034 3,4013.40010/11/2024 892,900.00 4.290 4.350928,163.45 Federal Home Loan Bank2347 Call 1,500,000.003130AJMF3 11/28/2028 1,4271.32005/28/2020 1,328,955.00 1.301 1.3201,500,000.00 Federal Home Loan Bank2358 Call 1,000,000.003130AJP78 06/11/2029 1,6221.40006/11/2020 872,520.00 1.380 1.4001,000,000.00 Federal Home Loan Bank2361 Call 1,000,000.003130AJP78 06/11/2029 1,6221.40006/11/2020 872,520.00 1.427 1.447998,024.69 Federal Home Loan Bank2368 Call 900,000.003130AJR76 06/29/2029 1,6401.25006/29/2020 778,563.00 1.232 1.250900,000.00 Federal Home Loan Bank2369 Call 1,500,000.003130AJRG6 06/24/2030 2,0001.36006/24/2020 1,257,420.00 1.341 1.3601,500,000.00 Federal Home Loan Bank2375 Call 1,500,000.003130AJSR1 07/09/2030 2,0151.39007/09/2020 1,257,885.00 1.370 1.3901,500,000.00 Federal Home Loan Bank2377 Call 1,500,000.003130AJSR1 07/09/2030 2,0151.39007/09/2020 1,257,885.00 1.370 1.3901,500,000.00 Federal Home Loan Bank2384 Call 1,500,000.003130AJSR1 07/09/2030 2,0151.39007/09/2020 1,257,885.00 1.382 1.4011,499,088.83 Federal Home Loan Bank2395 Call 1,500,000.003130AJZ36 08/27/2025 2380.60008/27/2020 1,464,780.00 0.611 0.6201,499,803.33 Federal Home Loan Bank2399 Call 1,500,000.003130AJZ36 08/27/2025 2380.60008/27/2020 1,464,780.00 0.611 0.6201,499,803.33 Federal Home Loan Bank2405 Call 1,500,000.003130AK3Z7 09/29/2025 2710.57009/29/2020 1,459,710.00 0.582 0.5901,499,776.67 Federal Home Loan Bank2411 Call 1,180,000.003130AJZ36 08/27/2025 2380.60009/16/2020 1,152,293.60 0.591 0.5991,180,000.00 Federal Home Loan Bank2419 1,500,000.003130AKAZ91 09/29/2025 2710.52009/29/2020 1,457,595.00 0.512 0.5201,500,000.00 Federal Home Loan Bank2445 Call 1,200,000.003130AJQS1 06/25/2030 2,0011.35011/04/2020 1,005,264.00 1.334 1.3531,199,781.61 Federal Home Loan Bank2475 Call 1,500,000.003130AKQN9 01/09/2031 2,1991.40001/28/2021 1,236,855.00 1.380 1.4001,500,000.00 Federal Home Loan Bank2476 Call 1,500,000.003130AKQV1 01/28/2031 2,2181.40001/28/2021 1,234,800.00 1.380 1.4001,500,000.00 Federal Home Loan Bank2485 Call 1,500,000.003130AKVH6 02/10/2031 2,2311.35002/10/2021 1,229,655.00 1.331 1.3501,500,000.00 Federal Home Loan Bank2490 Call 2,000,000.003130AKYB6 02/18/2031 2,2391.40002/18/2021 1,643,680.00 1.380 1.4002,000,000.00 Federal Home Loan Bank2494 Call 1,500,000.003130AL2J2 02/26/2031 2,2471.50002/26/2021 1,239,870.00 1.479 1.5001,500,000.00 Federal Home Loan Bank2500 Call 1,500,000.003130ALF66 02/25/2031 2,2461.62502/25/2021 1,249,980.00 1.602 1.6251,500,000.00 Federal Home Loan Bank2520 Call 1,925,000.003130ALF33 03/16/2026 4390.75003/25/2021 1,845,285.75 0.853 0.8651,922,381.74 Federal Home Loan Bank2607 Call 1,000,000.003130APPJ8 11/04/2031 2,4982.00011/04/2021 837,670.00 1.972 2.0001,000,000.00 Federal Home Loan Bank2613 Call 1,000,000.003130APV77 12/10/2026 7081.50012/10/2021 946,640.00 1.479 1.5001,000,000.00 Federal Home Loan Bank2616 Call 1,000,000.003130APW84 12/03/2026 7011.50012/03/2021 947,590.00 1.479 1.5001,000,000.00 Federal Home Loan Bank2618 Call 1,000,000.003130APXD2 12/17/2026 7151.55012/17/2021 947,410.00 1.528 1.5501,000,000.00 Federal Home Loan Bank2619 Call 1,000,000.003130APWY7 12/07/2026 7051.35012/07/2021 944,550.00 1.331 1.3501,000,000.00 Federal Home Loan Bank2620 Call 1,000,000.003130APXT7 12/17/2026 7151.60012/17/2021 948,340.00 1.578 1.6001,000,000.00 Federal Home Loan Bank2659 Call 1,000,000.003130AQSM6 02/25/2027 7852.05002/25/2022 953,390.00 2.021 2.0501,000,000.00 Federal Home Loan Bank2662 Call 1,000,000.003130AQX65 03/04/2027 7922.25003/04/2022 956,960.00 2.219 2.2501,000,000.00 Federal Home Loan Bank2663 Call 1,000,000.003130AQYA5 02/24/2027 7842.25002/28/2022 955,920.00 2.219 2.2501,000,000.00 Federal Home Loan Bank2664 Call 1,500,000.003130AQYG2 02/25/2027 7852.50002/28/2022 1,441,410.00 2.470 2.5041,500,000.00 Portfolio CPA
AP
Run Date: 01/27/2025 - 20:04 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. 214 of 246

December 31, 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 Bank2665 Call 1,000,000.003130AQZD8 02/25/2027 7852.62502/25/2022 963,480.00 2.589 2.6251,000,000.00 Federal Home Loan Bank2802 Call 1,500,000.003130AULM4 01/26/2033 2,9475.62001/26/2023 1,498,035.00 5.543 5.6201,500,000.00 Federal Home Loan Bank2988 610,000.003130ATS57 03/10/2028 1,1644.50002/21/2024 612,311.90 4.223 4.282613,843.13 Federal Home Loan Bank3025 Call 1,000,000.003130B2RP2 09/25/2034 3,5545.25009/25/2024 997,280.00 5.178 5.2501,000,000.00 Federal Home Loan Bank3036 1,000,000.003130AWGR5 06/12/2026 5274.37510/01/2024 1,001,220.00 3.580 3.6301,010,317.68 Federal Home Loan Bank3046 1,000,000.003130B0X87 03/10/2034 3,3554.75010/07/2024 998,140.00 4.138 4.1961,041,642.88 Federal Home Loan Bank3048 Call 1,500,000.003130B32V4 10/07/2031 2,4704.25010/08/2024 1,469,265.00 4.191 4.2491,500,000.00 Federal Home Loan Bank3051 Call 1,000,000.003130B3AN3 10/25/2034 3,5845.50010/25/2024 998,690.00 5.424 5.5001,000,000.00 Federal Home Loan Bank3058 1,000,000.003130AWV23 09/09/2033 3,1734.50010/11/2024 977,460.00 4.244 4.3031,014,040.90 Federal Home Loan Bank3063 1,000,000.003130B0X87 03/10/2034 3,3554.75010/17/2024 998,140.00 4.173 4.2311,038,978.32 Federal Home Loan Bank3077 1,000,000.003130B0X87 03/10/2034 3,3554.75010/24/2024 998,140.00 4.399 4.4611,021,465.37 Federal Home Loan Bank3081 Call 1,500,000.003130B3FV0 11/06/2034 3,5965.48011/06/2024 1,497,435.00 5.404 5.4801,500,000.00 Federal Home Loan Bank3086 Call 2,000,000.003130B3D75 10/17/2034 3,5765.00010/28/2024 1,993,780.00 4.931 4.9992,000,000.00 Federal Home Loan Bank3088 Call 800,000.003130B3HR7 11/04/2031 2,4985.30011/04/2024 798,600.00 5.227 5.300800,000.00 Fed. Home Loan Mortgage Corp.2345 Call 455,000.003134GVUA4 05/18/2028 1,2331.20005/18/2020 407,789.20 1.183 1.200455,000.00 Fed. Home Loan Mortgage Corp.2370 Call 1,500,000.003134GV3B2 06/28/2030 2,0041.40006/30/2020 1,266,300.00 1.380 1.4001,500,000.00 Fed. Home Loan Mortgage Corp.2373 Call 1,500,000.003134GV3U0 06/29/2029 1,6401.25006/29/2020 1,299,330.00 1.232 1.2501,500,000.00 Fed. Home Loan Mortgage Corp.2379 Call 1,500,000.003134GV4E5 12/29/2028 1,4581.20007/01/2020 1,317,570.00 1.183 1.1991,500,000.00 Fed. Home Loan Mortgage Corp.2380 Call 1,500,000.003134GV5D6 01/08/2029 1,4681.20007/08/2020 1,316,385.00 1.183 1.2001,500,000.00 Fed. Home Loan Mortgage Corp.2382 Call 1,500,000.003134GV5A2 07/15/2030 2,0211.37507/15/2020 1,262,655.00 1.356 1.3751,500,000.00 Fed. Home Loan Mortgage Corp.2386 Call 1,500,000.003134GV7L6 07/29/2030 2,0351.35007/29/2020 1,259,310.00 1.331 1.3501,500,000.00 Fed. Home Loan Mortgage Corp.2387 Call 1,500,000.003134GV7L6 07/29/2030 2,0351.35007/29/2020 1,259,310.00 1.331 1.3501,500,000.00 Fed. Home Loan Mortgage Corp.2396 Call 1,000,000.003134GWNC6 08/19/2025 2300.62508/20/2020 976,910.00 0.616 0.6251,000,000.00 Fed. Home Loan Mortgage Corp.2400 Call 1,500,000.003134GWC53 09/15/2025 2570.65009/15/2020 1,462,395.00 0.641 0.6501,500,000.00 Fed. Home Loan Mortgage Corp.2404 Call 1,447,000.003134GWA55 09/09/2025 2510.65009/09/2020 1,411,635.32 0.641 0.6501,447,000.00 Fed. Home Loan Mortgage Corp.2407 Call 1,500,000.003134GWD52 09/02/2025 2440.68009/04/2020 1,464,675.00 0.670 0.6791,500,000.00 Fed. Home Loan Mortgage Corp.2409 Call 1,500,000.003134GWP75 09/23/2025 2650.62509/23/2020 1,460,895.00 0.616 0.6251,500,000.00 Fed. Home Loan Mortgage Corp.2410 Call 1,000,000.003134GWP75 09/23/2025 2650.62509/23/2020 973,930.00 0.616 0.6251,000,000.00 Fed. Home Loan Mortgage Corp.2418 1,500,000.003134GWVV5 10/15/2025 2870.50010/15/2020 1,455,825.00 0.493 0.5001,500,000.00 Fed. Home Loan Mortgage Corp.2421 Call 2,000,000.003134GWW93 09/30/2025 2720.55009/30/2020 1,945,560.00 0.542 0.5502,000,000.00 Fed. Home Loan Mortgage Corp.2422 Call 1,500,000.003134GWW93 09/30/2025 2720.55009/30/2020 1,459,170.00 0.542 0.5501,500,000.00 Fed. Home Loan Mortgage Corp.2424 Call 1,500,000.003134GWXK7 09/30/2025 2720.55009/30/2020 1,459,260.00 0.542 0.5501,500,000.00 Fed. Home Loan Mortgage Corp.2426 Call 1,500,000.003134GWXX9 10/15/2025 2870.55010/15/2020 1,456,950.00 0.542 0.5501,500,000.00 Fed. Home Loan Mortgage Corp.2428 Call 1,500,000.003134GWY26 10/08/2025 2800.57010/08/2020 1,458,360.00 0.562 0.5701,500,000.00 Portfolio CPA
AP
Run Date: 01/27/2025 - 20:04 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. 215 of 246

December 31, 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.2430 Call 1,500,000.003134GWYZ3 10/28/2025 3000.53010/28/2020 1,454,625.00 0.522 0.5301,500,000.00 Fed. Home Loan Mortgage Corp.2431 Call 1,500,000.003134GWZ33 10/22/2030 2,1201.25010/22/2020 1,244,220.00 1.232 1.2501,500,000.00 Fed. Home Loan Mortgage Corp.2432 Call 1,500,000.003134GWZL3 10/29/2025 3010.57010/29/2020 1,454,625.00 0.562 0.5701,500,000.00 Fed. Home Loan Mortgage Corp.2433 Call 2,000,000.003134GW3T1 10/28/2030 2,1261.40010/28/2020 1,673,240.00 1.380 1.4002,000,000.00 Fed. Home Loan Mortgage Corp.2434 Call 1,500,000.003134GW3H7 10/29/2025 3010.61010/29/2020 1,455,195.00 0.601 0.6101,500,000.00 Fed. Home Loan Mortgage Corp.2436 Call 2,000,000.003134GWZZ2 10/28/2030 2,1261.30010/28/2020 1,663,140.00 1.282 1.3002,000,000.00 Fed. Home Loan Mortgage Corp.2437 Call 750,000.003134GW3Z7 10/28/2025 3000.60010/28/2020 727,725.00 0.591 0.600750,000.00 Fed. Home Loan Mortgage Corp.2438 Call 1,500,000.003134GW3X2 10/27/2025 2990.62510/27/2020 1,455,885.00 0.616 0.6251,500,000.00 Fed. Home Loan Mortgage Corp.2440 Call 1,500,000.003134GW6N1 11/05/2030 2,1341.40011/05/2020 1,252,815.00 1.380 1.4001,500,000.00 Fed. Home Loan Mortgage Corp.2444 Call 1,500,000.003134GW6N1 11/05/2030 2,1341.40011/05/2020 1,252,815.00 1.380 1.4001,500,000.00 Federal National Mortgage Asso1715 500,000.0031364CCC0 04/30/2026 4847.12511/10/2016 518,175.00 2.367 2.400527,967.43 Federal National Mortgage Asso2392 Call 1,000,000.003136G4R62 08/28/2025 2390.62508/28/2020 977,030.00 0.616 0.6251,000,000.00 Federal National Mortgage Asso2393 Call 1,000,000.003136G4S87 08/27/2025 2380.65008/27/2020 976,150.00 0.641 0.6501,000,000.00 Federal National Mortgage Asso2394 Call 1,500,000.003136G4Q97 08/27/2025 2380.65008/27/2020 1,464,345.00 0.641 0.6501,500,000.00 Federal National Mortgage Asso2397 Call 1,500,000.003136G4V59 08/27/2025 2380.62508/27/2020 1,464,105.00 0.616 0.6251,500,000.00 Federal National Mortgage Asso2412 Call 1,500,000.003136G44G5 09/22/2025 2640.51509/22/2020 1,459,905.00 0.507 0.5151,500,000.00 Federal National Mortgage Asso2413 Call 1,500,000.003136G43L5 09/30/2025 2720.55009/30/2020 1,458,735.00 0.542 0.5501,500,000.00 Federal National Mortgage Asso2415 Call 1,500,000.003136G44L4 09/25/2025 2670.60009/25/2020 1,460,385.00 0.591 0.6001,500,000.00 Federal National Mortgage Asso2460 2,000,000.003135G05Q2 08/05/2030 2,0420.87512/07/2020 1,651,420.00 1.139 1.1551,970,432.77 Federal National Mortgage Asso2463 Call 1,500,000.003135GAAS0 12/23/2030 2,1821.40012/23/2020 1,245,675.00 1.380 1.4001,500,000.00 Federal National Mortgage Asso2467 Call 1,000,000.003135G06Q1 12/30/2025 3630.64012/30/2020 964,550.00 0.597 0.6051,000,337.06 Federal National Mortgage Asso3056 Call 1,500,000.003135GAWG2 10/10/2029 1,7435.10010/17/2024 1,498,920.00 5.030 5.1001,500,000.00 Tennessee Valley Authority1508 1,000,000.00880591CJ9 11/01/2025 3046.75011/20/2015 1,019,510.00 2.807 2.8461,028,154.43 Tennessee Valley Authority1589 775,000.00880591CJ9 11/01/2025 3046.75004/18/2016 790,120.25 2.337 2.370800,184.90 Tennessee Valley Authority1714 1,250,000.00880591CJ9 11/01/2025 3046.75011/10/2016 1,274,387.50 2.317 2.3501,291,104.92 Subtotal and Average 192,068,544.01 192,044,000.00 174,967,754.34 1.563 1.584 1,430 Treasury Securities (Notes)
U.S. Treasury2505 TB 1,500,000.0091282CBC4 12/31/2025 3640.37502/26/2021 1,444,395.00 0.731 0.7421,494,621.48 U.S. Treasury2516 TB 1,500,000.0091282CBQ3 02/28/2026 4230.50003/09/2021 1,437,105.00 0.819 0.8311,494,374.36 U.S. Treasury2587 TB 1,500,000.0091282CCP4 07/31/2026 5760.62509/24/2021 1,417,575.00 0.888 0.9011,493,622.69 Subtotal and Average 4,482,618.53 4,500,000.00 4,299,075.00 0.813 0.825 454 Municipal Bonds
County of Alameda2173 MUN 290,000.00010878AS5 08/01/2026 5774.00012/05/2019 288,738.50 2.139 2.168297,788.97 Portfolio CPA
AP
Run Date: 01/27/2025 - 20:04 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. 216 of 246

December 31, 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
Municipal Bonds
County of Alameda2691 MUN 1,500,000.00010878BK1 08/01/2031 2,4033.69909/21/2022 1,415,670.00 4.281 4.3401,447,867.43 County of Alameda2925 MUN 1,250,000.00010878BJ4 08/01/2030 2,0383.64901/16/2024 1,191,150.00 4.193 4.2511,213,619.43 Alameda County Joint Pws Auth.2005 MUN 505,000.00010831DS1 06/01/2025 1513.36512/24/2018 502,969.90 3.175 3.220505,272.99 Alameda County Joint Pws Auth.2566 MUN 110,000.00010831DT9 06/01/2026 5163.39508/13/2021 108,589.80 0.925 0.938113,721.62 State of Alabama2835 MUN 1,000,000.00010411CT1 11/01/2026 6693.45002/15/2023 982,460.00 4.142 4.200987,368.11 Antelope Valley Community Coll2694 MUN 1,080,000.0003667PHJ4 08/01/2029 1,6731.66109/23/2022 948,412.80 4.389 4.450962,112.18 Antelope Valley Community Coll2784 MUN 675,000.0003667PHL9 08/01/2031 2,4031.86101/05/2023 563,226.75 4.911 4.980563,287.06 City of Auburn3001 MUN 445,000.0005028XAH7 06/01/2030 1,9772.20603/01/2024 389,108.00 4.813 4.880390,003.93 City of Auburn3002 MUN 265,000.0005028XAG9 06/01/2029 1,6122.05603/01/2024 236,592.00 4.734 4.800236,898.85 Bay Area Toll Authority2558 MUN 1,750,000.00072024XC1 04/01/2026 4551.07907/26/2021 1,681,225.00 0.739 0.7501,757,057.12 Berkeley Unified School Dist.2817 MUN 250,000.00084154G49 08/01/2031 2,4031.85601/26/2023 209,795.00 4.524 4.586213,135.48 Beverly Hills Public Fing Auth2612 MUN 350,000.00088006KA8 06/01/2026 5161.14711/15/2021 334,610.50 1.183 1.200349,744.69 Beverly Hills Public Fing Auth2680 MUN 490,000.00088006KB6 06/01/2027 8811.32704/01/2022 454,808.20 2.810 2.850473,337.63 Beverly Hills Unified Sch Dist2682 MUN 920,000.00088023PL4 08/01/2026 5772.70004/13/2022 898,591.60 2.644 2.681920,264.23 Burlingame School District1548 MUN 120,000.00121457EQ4 08/01/2025 2126.23802/24/2016 121,216.80 3.557 3.606121,541.76 City of Buena Park2734 MUN 685,000.00119174AJ9 07/01/2030 2,0071.88211/18/2022 586,983.35 5.076 5.147584,278.78 Burbank Unified School Distri.2570 MUN 1,000,000.0012082SDN1 08/01/2026 5771.36708/30/2021 956,710.00 0.947 0.9601,006,276.12 Cabrillo Community College Dis2119 MUN 2,000,000.00127109QD1 08/01/2027 9422.38510/08/2019 1,899,480.00 2.342 2.3752,000,000.00 Carlsbad Unified School Dist .1857 MUN 305,000.00142665DJ4 08/01/2026 5775.23409/27/2017 309,266.95 2.850 2.890314,923.21 CA Infrastructure -Econ Dev Bk2666 MUN 210,000.0013034AL73 10/01/2026 6381.03502/16/2022 198,422.70 2.224 2.254205,764.81 CA Infrastructure -Econ Dev Bk2893 MUN 500,000.0013034AL99 10/01/2028 1,3691.46605/08/2023 447,585.00 3.728 3.780461,077.20 CA ST Dept of WTR Resources2633 MUN 180,000.0013067WRC8 12/01/2025 3340.79012/13/2021 174,411.00 1.301 1.320179,150.60 CA ST Dept of WTR Resources2645 MUN 300,000.0013067WRD6 12/01/2026 6990.92012/23/2021 281,067.00 1.430 1.450297,068.47 CA ST Dept of WTR Resources2944 MUN 225,000.0013067WRK0 12/01/2032 2,8911.60901/24/2024 176,508.00 4.589 4.653180,961.60 Chabot-Las Positas CCD2564 MUN 285,000.0015722TJR3 08/01/2026 5771.08008/16/2021 270,883.95 0.897 0.910285,748.09 Chabot-Las Positas CCD2589 MUN 125,000.0015722TJQ5 08/01/2025 2120.88009/29/2021 122,580.00 0.897 0.910124,978.35 Chabot-Las Positas CCD2830 MUN 205,000.0015722TJS1 08/01/2027 9421.28702/13/2023 189,268.30 4.296 4.356190,372.83 Chabot-Las Positas CCD2842 MUN 1,000,000.0015722TJQ5 08/01/2025 2120.88003/07/2023 980,640.00 4.783 4.850978,382.64 Chaffey Community Clg District2698 MUN 300,000.00157432KL8 06/01/2030 1,9772.32910/06/2022 266,697.00 4.931 5.000264,292.70 City of Chula Vista2653 MUN 1,000,000.0017131RAU0 06/01/2026 5160.84001/10/2022 950,560.00 1.676 1.700988,306.45 City of Chula Vista2923 MUN 1,000,000.0017131RAZ9 06/01/2031 2,3421.82801/10/2024 829,510.00 4.753 4.820840,070.91 City of Chula Vista3075 MUN 500,000.0017131RAZ9 06/01/2031 2,3421.82810/24/2024 414,755.00 4.529 4.592424,222.86 Calleguas Municipal Water Dist2544 MUN 550,000.0013124MCE3 07/01/2029 1,6421.86507/01/2021 489,797.00 1.425 1.445559,782.44 Calleguas Municipal Water Dist2646 MUN 600,000.0013124MCB9 07/01/2026 5461.09712/27/2021 572,442.00 1.233 1.250598,663.30 Portfolio CPA
AP
Run Date: 01/27/2025 - 20:04 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. 217 of 246

December 31, 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 Dist2791 MUN 170,000.0013124MCB9 07/01/2026 5461.09701/09/2023 162,191.90 4.625 4.690161,635.35 Campbell Union High Sch Dist2753 MUN 500,000.00134159A77 08/01/2029 1,6731.47212/07/2022 437,110.00 4.714 4.780435,702.38 City of Corona2601 MUN 500,000.0021969AAJ1 05/01/2030 1,9462.24210/14/2021 442,080.00 2.052 2.081503,912.38 City of Corona2943 MUN 1,000,000.0021969AAH5 05/01/2029 1,5812.04201/24/2024 899,460.00 4.562 4.626901,605.69 City of Corona2967 MUN 325,000.0021969AAH5 05/01/2029 1,5812.04202/12/2024 292,324.50 4.694 4.760291,447.34 City of Corona3054 MUN 1,000,000.0021969AAG7 05/01/2028 1,2161.86310/10/2024 917,880.00 4.097 4.154929,667.45 State of Colorado HSG & FIN Au3059 MUN 1,500,000.0019648GSA1 05/01/2034 3,4074.85011/13/2024 1,471,710.00 4.672 4.7371,520,095.98 City of Covina2968 MUN 400,000.00223047AG6 08/01/2028 1,3081.76702/12/2024 361,052.00 4.645 4.710362,353.49 City of Covina2990 MUN 1,000,000.00223047AH4 08/01/2029 1,6731.91602/23/2024 880,970.00 4.842 4.909880,842.70 Contra Costa Community College2103 MUN 400,000.00212204JJ1 08/01/2028 1,3082.21309/12/2019 370,472.00 2.071 2.100401,467.83 Contra Costa Community College2120 MUN 990,000.00212204JK8 08/01/2029 1,6732.26309/20/2019 897,147.90 2.505 2.539978,950.53 Contra Costa Community College2244 MUN 1,500,000.00212204JK8 08/01/2029 1,6732.26302/07/2020 1,359,315.00 2.100 2.1301,508,235.50 Contra Costa Community College2291 MUN 320,000.00212204JF9 08/01/2025 2121.91803/09/2020 315,686.40 1.128 1.143321,397.64 Contra Costa Community College2555 MUN 1,000,000.00212204LM1 08/01/2026 5771.30008/02/2021 955,110.00 0.764 0.7751,008,136.52 Desert Community Clg Dist2611 MUN 200,000.00250375JX1 08/01/2027 9421.16911/12/2021 184,314.00 1.479 1.500198,365.84 Desert Community Clg Dist2738 MUN 200,000.00250375LA8 08/01/2027 9423.00011/23/2022 193,150.00 4.965 5.034190,736.36 City of Downey2978 MUN 185,000.00260888AJ1 06/01/2031 2,3421.95002/15/2024 154,232.65 4.842 4.910155,757.61 Desert Sands Unif Sch District2635 MUN 880,000.00250433UA5 08/01/2026 5771.98212/16/2021 850,097.60 1.390 1.410887,685.17 City of El Segundo2696 MUN 935,000.00284035AK8 07/01/2031 2,3722.26709/29/2022 803,146.30 5.118 5.190793,654.16 City of Fairfield3049 MUN 1,000,000.0030421VBQ1 06/01/2034 3,4384.75010/08/2024 963,510.00 4.734 4.800996,203.85 City of Fairfield3050 MUN 995,000.0030421VBQ1 06/01/2034 3,4384.75010/08/2024 958,692.45 4.734 4.800991,222.84 Fremon Union High School Distr1646 MUN 260,000.00357172VA0 02/01/2026 3966.08006/28/2016 263,824.60 2.994 3.035267,488.27 Fremon Union High School Distr2595 MUN 235,000.00357172C52 08/01/2031 2,4032.02010/01/2021 199,366.95 1.825 1.851237,374.12 Foothill-De Anza Comm Clg Dist2818 MUN 540,000.00345102PG6 08/01/2025 2120.90601/27/2023 529,626.60 4.172 4.230530,164.06 Fullerton School District1916 MUN 995,000.00359819DN6 08/01/2026 5773.16002/14/2018 976,980.55 3.028 3.070996,237.79 Fullerton School District1917 MUN 750,000.00359819DM8 08/01/2025 2123.04002/14/2018 744,660.00 2.959 3.000750,154.75 Fullerton School District2085 MUN 365,000.00359819DN6 08/01/2026 5773.16008/29/2019 358,389.85 1.913 1.940371,567.10 State of Georgia1666 MUN 1,825,000.003733844V5 02/01/2025 312.37507/29/2016 1,822,134.75 1.972 1.9991,825,521.93 State of Georgia1775 MUN 250,000.00373384RX6 10/01/2025 2734.00004/10/2017 249,185.00 2.739 2.777252,030.53 State of Georgia1919 MUN 1,095,000.00373384RY4 10/01/2026 6384.31001/26/2018 1,091,025.15 2.979 3.0201,116,557.74 State of Georgia1945 MUN 200,000.00373384RY4 10/01/2026 6384.31003/19/2018 199,274.00 3.204 3.248203,209.64 State of Georgia1967 MUN 350,000.00373385BU6 02/01/2027 7612.72010/31/2018 339,094.00 3.412 3.460345,337.75 State of Georgia2229 MUN 425,000.00373384RY4 10/01/2026 6384.31001/31/2020 423,457.25 1.837 1.863442,003.94 State of Georgia2953 MUN 1,000,000.00373384X76 02/01/2034 3,3184.00001/29/2024 934,860.00 4.438 4.500963,750.39 Portfolio CPA
AP
Run Date: 01/27/2025 - 20:04 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. 218 of 246

December 31, 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
State of Georgia2956 MUN 1,250,000.00373384X76 02/01/2034 3,3184.00001/30/2024 1,168,575.00 4.438 4.5001,204,675.40 State of Georgia2981 MUN 1,000,000.00373384TP1 07/01/2025 1814.15002/16/2024 999,410.00 4.714 4.780996,967.27 State of Georgia3084 MUN 1,500,000.00373384PD2 11/01/2029 1,7655.11410/25/2024 1,501,485.00 4.586 4.6501,529,684.05 City of Glendora2109 MUN 1,345,000.00378612AL9 06/01/2028 1,2472.26509/16/2019 1,249,061.15 2.318 2.3501,341,474.94 City of Glendora2137 MUN 400,000.00378612AL9 06/01/2028 1,2472.26510/02/2019 371,468.00 2.194 2.225400,492.16 City of Glendora2590 MUN 1,365,000.00378612AJ4 06/01/2026 5162.10809/29/2021 1,323,667.80 1.075 1.0901,384,137.92 Glendale Unified School Dist.2739 MUN 535,000.00378460A74 09/01/2027 9731.11311/25/2022 491,782.70 4.686 4.751489,091.89 Glendale Unified School Dist.2916 MUN 1,095,000.00378460C64 09/01/2032 2,8001.83012/22/2023 888,964.80 4.438 4.499911,242.73 State of Hawaii1685 MUN 1,045,000.00419792DA1 10/01/2026 6383.15010/19/2016 1,024,674.75 2.431 2.4651,056,040.50 State of Hawaii1961 MUN 250,000.00419791YS1 02/01/2025 315.23010/25/2018 250,082.50 3.363 3.410250,338.60 State of Hawaii1995 MUN 800,000.00419791YT9 02/01/2026 3965.33012/06/2018 807,312.00 3.304 3.350815,140.78 State of Hawaii2820 MUN 700,000.00419792F92 08/01/2025 2121.03301/30/2023 687,176.00 4.172 4.230687,734.23 State of Hawaii2926 MUN 1,000,000.00419792YW0 08/01/2031 2,4031.59501/16/2024 822,570.00 4.389 4.450841,799.23 State of Hawaii2931 MUN 1,165,000.00419792M78 10/01/2032 2,8304.82101/17/2024 1,165,116.50 4.439 4.5011,188,687.94 State of Hawaii2948 MUN 1,075,000.00419792M86 10/01/2033 3,1954.84101/25/2024 1,071,108.50 4.557 4.6211,091,542.70 State of Hawaii2952 MUN 1,255,000.00419792M78 10/01/2032 2,8304.82101/29/2024 1,255,125.50 4.508 4.5711,274,896.13 City of Huntington Beach2560 MUN 1,000,000.00446201AE5 06/15/2026 5301.34408/12/2021 955,510.00 0.909 0.9211,005,991.58 City of Huntington Beach2562 MUN 1,000,000.00446201AE5 06/15/2026 5301.34408/13/2021 955,510.00 0.927 0.9391,005,733.32 City of Huntington Beach2790 MUN 805,000.00446216HN6 05/01/2029 1,5811.73101/09/2023 710,267.60 4.931 5.000708,211.65 City of Huntington Beach2840 MUN 175,000.00446201AE5 06/15/2026 5301.34403/03/2023 167,214.25 5.340 5.414165,614.33 Liberty Union High Sch Distr2768 MUN 530,000.00530319SP8 08/01/2028 1,3081.48412/15/2022 477,567.10 4.614 4.678477,187.04 City of La Habra2660 MUN 500,000.00503433AK0 08/01/2031 2,4032.67302/07/2022 437,275.00 2.638 2.675499,930.58 City of La Habra2941 MUN 500,000.00503433AT1 08/01/2030 2,0382.57301/22/2024 446,285.00 4.686 4.751448,235.44 City of Los Angeles1969 MUN 295,000.00544351NP0 09/01/2026 6083.30011/02/2018 290,318.35 3.530 3.579293,806.40 City of Los Angeles2008 MUN 1,000,000.00544351MS5 09/01/2026 6083.50001/07/2019 987,310.00 3.077 3.1191,005,588.24 City of Los Angeles2200 MUN 840,000.00544351NQ8 09/01/2027 9733.40001/06/2020 818,916.00 2.360 2.393860,489.29 City of Los Angeles2213 MUN 985,000.00544351LQ0 09/01/2029 1,7043.05001/22/2020 924,993.80 2.413 2.4461,009,575.62 City of Los Angeles2283 MUN 1,000,000.00544351KV0 09/01/2026 6083.15003/05/2020 981,750.00 1.519 1.5411,025,425.51 City of Los Angeles2692 MUN 1,000,000.00544351QX0 09/01/2032 2,8004.40009/28/2022 971,920.00 4.346 4.406999,613.77 City of Los Angeles2783 MUN 300,000.00544351MR7 09/01/2025 2433.45012/23/2022 298,452.00 4.724 4.790297,509.01 City of Los Angeles Fin Author2947 MUN 925,000.0054473ENT7 08/01/2033 3,1347.48801/25/2024 1,000,424.50 5.721 5.8011,026,782.40 Los Angeles Community College2487 MUN 1,000,000.0054438CYN6 08/01/2030 2,0381.80601/28/2021 871,210.00 1.432 1.4521,018,390.13 Los Angeles Community College2592 MUN 250,000.0054438CYL0 08/01/2026 5771.17409/30/2021 238,302.50 1.064 1.078250,365.87 Los Angeles Community College2614 MUN 1,500,000.0054438CYL0 08/01/2026 5771.17411/15/2021 1,429,815.00 1.233 1.2501,498,245.64 Portfolio CPA
AP
Run Date: 01/27/2025 - 20:04 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. 219 of 246

December 31, 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 College2642 MUN 275,000.0054438CYL0 08/01/2026 5771.17412/21/2021 262,132.75 1.282 1.300274,468.37 Los Angeles Community College2871 MUN 1,000,000.0054438CMS8 08/01/2029 1,6737.53004/10/2023 1,097,990.00 4.615 4.6801,111,910.83 Los Angeles Community College3011 MUN 770,000.0054438CYP1 08/01/2032 2,7692.10603/06/2024 645,845.20 4.438 4.500654,645.09 Los Angeles Dept. of WTR & PWR1949 MUN 1,500,000.00544495VX9 07/01/2027 9115.51603/29/2018 1,537,080.00 3.254 3.3001,571,081.63 Los Angeles Dept. of WTR & PWR1965 MUN 425,000.00544495VX9 07/01/2027 9115.51610/29/2018 435,506.00 3.600 3.650441,857.20 State of Massachusetts2227 MUN 250,000.0057582PUT5 05/01/2029 1,5814.91001/30/2020 251,045.00 2.331 2.363274,649.26 State of Massachusetts2543 MUN 1,000,000.0057582PUT5 05/01/2029 1,5814.91007/01/2021 1,004,180.00 1.484 1.5051,138,911.91 State of Massachusetts2684 MUN 1,000,000.0057582PUS7 05/01/2027 8504.76004/05/2022 1,003,210.00 2.968 3.0101,037,592.99 State of Massachusetts2985 MUN 1,000,000.0057582PUD0 01/01/2030 1,8265.30602/21/2024 1,015,020.00 4.645 4.7091,025,714.11 State of Massachusetts2994 MUN 1,000,000.0057582PUD0 01/01/2030 1,8265.30602/23/2024 1,015,020.00 4.675 4.7391,024,397.89 State of Massachusetts3012 MUN 1,250,000.0057582PUD0 01/01/2030 1,8265.30603/07/2024 1,268,775.00 4.537 4.6001,288,220.60 State of Maryland2184 MUN 500,000.005741926N5 08/01/2025 2124.35012/16/2019 500,180.00 2.089 2.118506,102.96 State of Maryland2581 MUN 245,000.005741926N5 08/01/2025 2124.35009/23/2021 245,088.20 0.690 0.700250,137.22 Milpitas Unified School Distr2746 MUN 630,000.00601670ML3 08/01/2028 1,3081.45112/02/2022 566,993.70 4.802 4.869563,288.21 City of Manhattan Beach2647 MUN 650,000.00562784AM0 01/01/2032 2,5562.34101/05/2022 553,436.00 2.129 2.159656,695.94 City of Manhattan Beach2927 MUN 400,000.00562784AL2 01/01/2031 2,1912.24101/16/2024 347,404.00 4.635 4.700350,150.13 City of Manhattan Beach2930 MUN 400,000.00562784AK4 01/01/2030 1,8262.14101/17/2024 354,996.00 4.537 4.600357,401.12 City of Manhattan Beach2964 MUN 1,250,000.00562784AM05 01/01/2032 2,5562.34102/12/2024 1,064,300.00 4.537 4.6001,085,779.22 City of Manhattan Beach2972 MUN 400,000.00562784AM05 01/01/2032 2,5562.34102/13/2024 340,576.00 4.537 4.600347,445.30 Menlo Park City School Dist.2104 MUN 1,000,000.00586840ND8 07/01/2027 9112.21410/08/2019 949,770.00 2.183 2.2141,000,000.00 Mtn. View-Whisman School Dist.2708 MUN 1,135,000.0062451FJE1 09/01/2026 6081.89310/19/2022 1,091,631.65 4.487 4.5501,089,370.06 Marin Community College Dist.1858 MUN 500,000.0056781RGU5 08/01/2027 9423.27209/28/2017 486,510.00 2.791 2.830504,949.24 Marin Community College Dist.1973 MUN 120,000.0056781RGT8 08/01/2026 5773.17211/05/2018 117,992.40 3.452 3.500119,457.17 Marin Community College Dist.2084 MUN 250,000.0056781RJL2 08/01/2027 9423.33008/29/2019 243,607.50 1.874 1.900258,535.33 Marin Community College Dist.2287 MUN 310,000.0056781RJJ7 08/01/2025 2125.00003/06/2020 311,323.70 1.193 1.210316,614.43 Marin Community College Dist.2495 MUN 1,000,000.0056781RKH9 08/01/2030 2,0381.45102/25/2021 843,920.00 1.431 1.4511,000,000.00 Marin Community College Dist.2499 MUN 710,000.0056781RKH9 08/01/2030 2,0381.45102/25/2021 599,183.20 1.470 1.490708,529.20 Marin Community College Dist.2568 MUN 1,000,000.0056781RKU0 08/01/2026 5770.89309/14/2021 948,810.00 0.880 0.8931,000,000.00 Marin Community College Dist.2588 MUN 285,000.0056781RKD8 08/01/2026 5770.67909/29/2021 269,490.30 1.025 1.040283,414.67 Mt. San Antonio Community Coll2208 MUN 230,000.00623040KQ4 08/01/2029 1,6732.56902/04/2020 211,128.50 2.533 2.569230,000.00 Mt. San Antonio Community Coll2661 MUN 785,000.00623040KX9 08/01/2030 2,0382.64902/07/2022 707,858.05 2.173 2.203802,731.44 State of Mississippi1968 MUN 1,500,000.00605581LM7 11/01/2026 6693.75111/07/2018 1,488,030.00 3.377 3.4241,507,781.52 State of Mississippi1972 MUN 500,000.00605581LM7 11/01/2026 6693.75111/07/2018 496,010.00 3.401 3.449502,392.90 State of Mississippi2096 MUN 150,000.006055805W5 11/01/2025 3044.68109/09/2019 149,530.50 1.888 1.914153,256.40 Portfolio CPA
AP
Run Date: 01/27/2025 - 20:04 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. 220 of 246

December 31, 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 Mississippi2626 MUN 1,000,000.00605581QR1 10/01/2031 2,4642.11712/09/2021 854,030.00 1.992 2.0201,005,903.00 State of Mississippi2629 MUN 250,000.00605581LL9 11/01/2025 3043.64612/06/2021 248,845.00 1.080 1.095255,188.08 City of Monterey2928 MUN 560,000.0061255QAM8 06/01/2033 3,0732.19301/16/2024 449,652.00 4.734 4.800461,962.67 New York State Urban Dev Corp.2097 MUN 700,000.006500357D4 03/15/2026 4383.07009/09/2019 689,248.00 2.071 2.100707,611.83 New York State Urban Dev Corp.2683 MUN 1,000,000.00650036AV8 03/15/2027 8031.49603/28/2022 938,470.00 2.777 2.816972,998.67 New York State Envrnmntl Corp2146 MUN 1,500,000.00649791PQ7 02/15/2025 452.12010/31/2019 1,495,800.00 2.063 2.0911,500,050.96 New York State Envrnmntl Corp2224 MUN 580,000.00649791PS3 02/15/2027 7752.36001/30/2020 554,398.80 1.933 1.960584,576.28 New York State Envrnmntl Corp2575 MUN 1,500,000.00649791PR5 02/15/2026 4102.26009/13/2021 1,464,390.00 0.794 0.8051,524,011.61 New York State Envrnmntl Corp2677 MUN 1,000,000.00649791PS3 02/15/2027 7752.36003/16/2022 955,860.00 2.325 2.3581,000,034.55 New York State Envrnmntl Corp2678 MUN 1,000,000.00649791PS3 02/15/2027 7752.36003/21/2022 955,860.00 2.367 2.400999,194.42 City of Oakland2293 MUN 1,500,000.00672240WY0 01/15/2030 1,8402.11003/09/2020 1,322,175.00 1.436 1.4561,545,825.75 City of Oakland2307 MUN 1,500,000.00672240WY0 01/15/2030 1,8402.11003/13/2020 1,322,175.00 1.638 1.6611,531,181.65 City of Oakland2313 MUN 1,080,000.00672240WY0 01/15/2030 1,8402.11003/16/2020 951,966.00 2.247 2.2791,071,746.12 City of Oakland2316 MUN 1,500,000.00672240WX2 01/15/2029 1,4752.07003/16/2020 1,356,885.00 2.151 2.1811,493,825.42 City of Oakland2919 MUN 1,350,000.00672240ZA9 07/15/2033 3,1175.65012/26/2023 1,403,095.50 4.523 4.5861,448,371.58 City of Oakland Pension2630 MUN 230,000.00672319CF5 12/15/2025 3484.67612/06/2021 229,963.20 1.562 1.584236,556.86 Ohlone Community College Distr2165 MUN 600,000.00677765GY9 08/01/2027 9422.23711/22/2019 567,564.00 2.271 2.303599,060.93 Ohlone Community College Distr2175 MUN 280,000.00677765GY9 08/01/2027 9422.23712/06/2019 264,863.20 2.327 2.360279,189.03 Ohlone Community College Distr2179 MUN 970,000.00677765HA0 08/01/2029 1,6732.33712/11/2019 878,208.90 2.382 2.415966,909.70 Ohlone Community College Distr2341 MUN 1,185,000.00677765GZ6 08/01/2028 1,3082.28705/08/2020 1,096,681.95 1.849 1.8751,201,122.28 State of Ohio2308 MUN 500,000.00677521CT1 09/01/2026 6085.26203/13/2020 501,675.00 1.710 1.734527,690.72 City of Ontario (Pub Fin Auth)2847 MUN 600,000.00683050BW7 08/01/2026 5771.44003/17/2023 573,984.00 4.339 4.400574,124.63 Orange Cnty Water District2578 MUN 315,000.0068442CCY0 08/15/2025 2262.09509/16/2021 310,905.00 0.690 0.700317,692.20 Orchard School District1910 MUN 125,000.00685585FD8 08/01/2027 9423.12501/25/2018 122,427.50 3.208 3.253124,655.39 State of Oregon1974 MUN 393,977.0868607LXQ5 06/01/2027 8815.89211/06/2018 403,806.81 3.516 3.565410,181.55 State of Oregon2015 MUN 350,639.6068607LXQ5 06/01/2027 8815.89201/16/2019 359,388.06 3.537 3.587367,376.73 State of Oregon2230 MUN 390,037.3068607LXQ5 06/01/2027 8815.89201/31/2020 399,768.73 2.583 2.619417,929.40 State of Oregon2266 MUN 787,954.1568607LXQ5 06/01/2027 8815.89202/24/2020 807,613.61 2.482 2.517846,334.69 State of Oregon2310 MUN 350,000.0068609BXT9 05/01/2027 8503.08003/13/2020 339,780.00 1.302 1.320363,631.32 State of Oregon2378 MUN 355,000.0068609TVS4 06/01/2030 1,9771.67207/02/2020 304,242.10 1.433 1.452358,910.27 State of Oregon2542 MUN 870,000.0068608KA24 08/01/2030 2,0385.33207/01/2021 872,262.00 1.943 1.9701,018,806.88 State of Oregon2549 MUN 1,225,000.0068609TU30 08/01/2028 1,3081.48407/08/2021 1,104,950.00 1.134 1.1501,239,037.69 State of Oregon2584 MUN 265,000.0068609TT81 08/01/2025 2120.80309/24/2021 259,665.55 0.690 0.700265,156.48 State of Oregon2624 MUN 250,000.0068609TZT8 08/01/2026 5770.98411/19/2021 237,035.00 1.292 1.310248,751.86 Portfolio CPA
AP
Run Date: 01/27/2025 - 20:04 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. 221 of 246

December 31, 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 Oregon2627 MUN 900,000.0068609T3M8 11/01/2031 2,4952.03711/26/2021 765,108.00 2.020 2.048899,331.16 State of Oregon2679 MUN 787,954.1568607LXQ5 06/01/2027 8815.89204/01/2022 807,613.61 3.259 3.304832,892.57 State of Oregon2977 MUN 787,954.1568607LXQ5 06/01/2027 8815.89202/15/2024 807,613.61 5.079 5.150800,745.52 Oxnard Union High School Distr2859 MUN 500,000.00692039QX1 08/01/2027 9421.51203/23/2023 464,920.00 4.458 4.520465,080.52 City of Pacifica2138 MUN 1,015,000.0069511AAS3 06/01/2025 1512.56310/23/2019 1,007,214.95 2.469 2.5031,015,230.11 City of Pacifica2139 MUN 580,000.0069511AAT1 06/01/2026 5162.66310/23/2019 565,645.00 2.611 2.647580,111.95 Pasadena CA Public Finance Aut2573 MUN 120,000.0070227RBM1 05/01/2026 4851.98409/09/2021 116,247.60 0.903 0.915121,670.47 Pasadena CA Public Finance Aut2615 MUN 550,000.00702274CS8 12/01/2026 6993.50012/01/2021 540,265.00 1.380 1.400571,306.82 Palo Alto Unified School Dist.2838 MUN 1,500,000.00697379TV7 07/01/2027 9115.86202/17/2023 1,527,930.00 4.698 4.7641,536,717.60 Palo Alto Unified School Dist.2839 MUN 1,500,000.00697379TV7 07/01/2027 9115.86202/21/2023 1,527,930.00 4.683 4.7481,537,258.28 Palo Alto Unified School Dist.2841 MUN 1,480,000.00697379TV7 07/01/2027 9115.86203/06/2023 1,507,557.60 4.941 5.0101,507,959.15 Placentia-Yorba Linda Unif Sch3023 MUN 1,000,000.00725894NB1 08/01/2031 2,4032.06403/13/2024 844,220.00 4.359 4.420868,865.35 Polomar Community Clge Distri2582 MUN 1,000,000.00697511FU2 08/01/2026 5771.03110/13/2021 950,460.00 1.016 1.0311,000,000.00 Polomar Community Clge Distri2676 MUN 335,000.00697511FD0 08/01/2026 5771.19903/15/2022 319,255.00 2.288 2.320329,375.70 Rancho Water Dist. Fin. Auth.2889 MUN 600,000.00752111HE7 08/01/2030 2,0385.12505/03/2023 610,242.00 4.284 4.344622,196.32 Redondo Beach Unified School D2388 MUN 750,000.00757710UE6 08/01/2030 2,0381.66008/06/2020 641,902.50 1.439 1.459757,816.36 Redondo Beach Unified School D2763 MUN 715,000.00757710UE6 08/01/2030 2,0381.66012/14/2022 611,947.05 4.783 4.850609,602.02 State of Rhode Island2192 MUN 260,000.0076222RYN6 01/15/2025 142.00012/20/2019 259,773.80 2.231 2.262259,995.67 State of Rhode Island2219 MUN 1,500,000.0076222RXB3 04/01/2028 1,1863.25001/27/2020 1,447,350.00 2.077 2.1061,550,945.07 State of Rhode Island2239 MUN 550,000.0076222RXB3 04/01/2028 1,1863.25002/06/2020 530,695.00 1.990 2.018570,199.54 County of Riverside Pen Oblg3074 MUN 255,000.0076913CBD0 02/15/2029 1,5063.12010/24/2024 238,690.20 4.389 4.450242,393.32 Riverside Cmnty College Distt.2596 MUN 1,365,000.0076886PJP9 08/01/2026 5771.12410/04/2021 1,300,299.00 1.006 1.0201,367,185.89 Riverside Cmnty College Distt.2733 MUN 560,000.0076886PJS3 08/01/2029 1,6731.78511/17/2022 496,736.80 5.022 5.092488,839.75 Riverside Cmnty College Distt.2936 MUN 120,000.0076886PJS3 08/01/2029 1,6731.78501/19/2024 106,443.60 4.562 4.625106,353.70 City of Roseville Electric Sys2942 MUN 470,000.0077781RCW1 02/01/2031 2,2221.83101/24/2024 397,460.20 4.487 4.550404,083.25 Rancho Santiago Comm College D2805 MUN 635,000.00752147HK7 09/01/2026 6080.95601/19/2023 601,091.00 4.164 4.222603,250.00 Redwood City School District2130 MUN 1,000,000.00757889EH9 08/01/2027 9422.28410/16/2019 948,470.00 2.252 2.2841,000,000.00 Redwood City School District2253 MUN 1,095,000.00757889EG1 08/01/2026 5772.15902/13/2020 1,059,423.45 1.727 1.7511,101,657.06 City of Santa Ana2603 MUN 175,000.00801139AE6 08/01/2026 5771.17610/18/2021 166,075.00 1.223 1.240174,828.06 City of Santa Ana2747 MUN 1,250,000.00801139AF3 08/01/2027 9421.46512/02/2022 1,153,700.00 5.178 5.2501,142,792.44 City of Santa Ana2932 MUN 500,000.00801139AK2 08/01/2031 2,4032.18901/18/2024 421,295.00 4.606 4.670431,813.36 Santa Barbara Unified School D2385 MUN 490,000.00801315KU5 08/01/2029 1,6731.65307/21/2020 431,067.70 1.483 1.504493,107.13 San Bernardino Cmty College Di2166 MUN 1,500,000.00796720NC0 08/01/2028 1,3082.59012/12/2019 1,408,260.00 2.554 2.5901,500,000.00 San Bernardino Cmty College Di2365 MUN 2,000,000.00796720NV8 08/01/2029 1,6731.84807/07/2020 1,779,220.00 1.822 1.8482,000,000.00 Portfolio CPA
AP
Run Date: 01/27/2025 - 20:04 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. 222 of 246

December 31, 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 Di2920 MUN 1,000,000.00796720ND8 08/01/2029 1,6732.64001/04/2024 922,030.00 4.261 4.320932,174.89 County of Santa Clara3076 MUN 500,000.00801546SS2 08/01/2033 3,1344.80010/24/2024 500,700.00 4.533 4.596507,105.92 Santa Clarita Community Colleg2557 MUN 1,250,000.00801686TF3 08/01/2026 5771.14608/02/2021 1,191,162.50 0.742 0.7521,257,675.51 Santa Clara Valley Water Dist.2181 MUN 1,555,000.0080168ACV7 06/01/2028 1,2472.43412/12/2019 1,446,243.30 2.416 2.4501,554,228.42 Santa Clara Valley Water Dist.2793 MUN 1,000,000.0080168FPC4 06/01/2030 1,9771.63401/12/2023 849,610.00 4.418 4.480869,960.89 Santa Cruz County Capital Fin.1907 MUN 465,000.0080181PCU9 06/01/2025 1512.75001/25/2018 461,596.20 3.008 3.050464,482.02 Santa Cruz County Capital Fin.1908 MUN 470,000.0080181PCV7 06/01/2026 5163.00001/25/2018 459,885.60 3.107 3.150469,125.25 Santa Cruz County Capital Fin.1909 MUN 280,000.0080181PCW5 06/01/2027 8813.00001/25/2018 269,253.60 3.205 3.250278,548.97 Santa Cruz MET Transit Dist.2671 MUN 1,000,000.00801747AF3 08/01/2027 9422.47003/03/2022 951,790.00 2.030 2.0581,010,006.57 San Diego Unified Sch District2602 MUN 1,000,000.00797356DL3 07/01/2031 2,3721.98410/21/2021 845,860.00 1.824 1.8501,007,931.86 San Diego Unified Sch District2606 MUN 900,000.00797356DL3 07/01/2031 2,3721.98410/23/2021 761,274.00 2.024 2.053896,377.29 San Diego Unified Sch District2617 MUN 270,000.00797356DH2 07/01/2028 1,2771.59911/17/2021 243,569.70 1.712 1.736268,779.90 San Diego Unified Sch District2693 MUN 260,000.00797356DF6 07/01/2026 5461.20109/23/2022 248,445.60 4.053 4.110249,586.83 San Diego Unified Sch District2767 MUN 1,000,000.00797356DH2 07/01/2028 1,2771.59912/16/2022 902,110.00 4.241 4.300916,669.47 San Diego Community College Di2550 MUN 255,000.00797272QS3 08/01/2027 9422.40707/09/2021 242,915.55 1.007 1.021263,830.63 San Diego Community College Di2639 MUN 1,980,000.00797272RN3 08/01/2026 5771.44512/28/2021 1,895,751.00 1.193 1.2101,987,141.66 San Diego Community College Di2651 MUN 500,000.00797272RT0 08/01/2031 2,4032.11301/10/2022 426,785.00 2.120 2.150498,901.44 San Diego Regl Trans Commissio2632 MUN 200,000.00797400MR6 04/01/2026 4551.03612/08/2021 192,224.00 1.292 1.310199,337.87 San Diego Cnty Wtr Authority2580 MUN 875,000.00797412DN0 05/01/2026 4850.97109/17/2021 837,287.50 0.887 0.900875,807.69 San Diego Cnty Wtr Authority2600 MUN 210,000.00797412DM2 05/01/2025 1200.74310/08/2021 207,501.00 0.838 0.850209,926.34 San Diego Cnty Wtr Authority2604 MUN 250,000.00797412DN0 05/01/2026 4850.97110/20/2021 239,225.00 1.134 1.150249,419.50 San Diego Cnty Wtr Authority2623 MUN 750,000.00797412DN0 05/01/2026 4850.97111/19/2021 717,675.00 1.282 1.300746,811.24 San Diego Cnty Wtr Authority2688 MUN 1,275,000.00797412DQ3 05/01/2028 1,2161.33109/12/2022 1,149,552.75 3.945 4.0001,174,324.64 San Diego Cnty Wtr Authority2716 MUN 225,000.00797412DR1 05/01/2029 1,5811.43110/24/2022 197,039.25 5.079 5.150194,527.16 San Diego Cnty Wtr Authority2993 MUN 445,000.00797412DN0 05/01/2026 4850.97103/23/2024 425,820.50 4.590 4.653423,654.09 San Diego Cnty Wtr Authority3024 MUN 745,000.00797412DM2 05/01/2025 1200.74303/22/2024 736,134.50 4.853 4.920735,020.36 San Dieguito Union High Sch Di2536 MUN 430,000.00797508JW9 08/01/2026 5771.07406/09/2021 408,977.30 1.059 1.074430,000.00 San Dieguito Union High Sch Di2537 MUN 435,000.00797508JX7 08/01/2027 9421.37206/09/2021 403,010.10 1.353 1.372435,000.00 San Dieguito Union High Sch Di2674 MUN 435,000.00797508HF8 08/01/2026 5771.86003/11/2022 418,900.65 2.070 2.099433,433.83 Sequoia Union High School Dist2320 MUN 400,000.00817409N35 07/01/2025 1811.73503/18/2020 395,216.00 1.381 1.400400,643.19 Sequoia Union High School Dist2531 MUN 250,000.00817409N76 07/01/2029 1,6422.10304/30/2021 225,502.50 1.658 1.681254,406.66 City & County of San Francisco1509 MUN 1,000,000.00797646NC6 06/15/2025 1655.45011/27/2015 1,003,490.00 3.067 3.1101,009,160.72 City & County of San Francisco1711 MUN 2,105,000.00797646T48 06/15/2025 1652.29011/01/2016 2,084,581.50 2.219 2.2492,105,344.78 City & County of San Francisco1712 MUN 245,000.00797646T55 06/15/2026 5302.39011/01/2016 237,899.90 2.376 2.410244,935.88 Portfolio CPA
AP
Run Date: 01/27/2025 - 20:04 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. 223 of 246

December 31, 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 1652.29007/14/2017 227,769.00 2.682 2.720229,596.87 City & County of San Francisco2014 MUN 1,420,000.00797646ND4 06/15/2026 5305.60001/16/2019 1,435,676.80 3.304 3.3501,460,867.25 City & County of San Francisco2148 MUN 1,120,000.007976466C5 06/15/2029 1,6262.10010/31/2019 1,002,008.00 2.337 2.3691,108,004.45 City & County of San Francisco2762 MUN 575,000.007976466F8 06/15/2032 2,7222.35012/14/2022 480,947.25 4.744 4.810491,144.81 City & County of San Francisco2864 MUN 1,000,000.0079773KKQ6 06/15/2025 1656.00004/11/2023 1,007,180.00 4.146 4.2031,007,741.89 City & County of San Francisco2883 MUN 500,000.0079773KKT0 06/15/2028 1,2616.00004/21/2023 523,290.00 4.273 4.332525,591.24 City & County of San Francisco2910 MUN 635,000.0079773KDG6 06/15/2029 1,6261.78410/20/2023 560,139.85 5.375 5.450546,739.88 City & County of San Francisco2913 MUN 305,000.0079773KKX1 06/15/2032 2,7226.00012/15/2023 326,191.40 4.803 4.870325,834.68 City & County of San Francisco2934 MUN 760,000.007976466E1 06/15/2031 2,3562.30001/18/2024 648,280.00 4.553 4.616664,634.96 City & County of San Francisco2958 MUN 470,000.007976466G6 06/15/2033 3,0872.40001/31/2024 384,304.90 4.546 4.610399,318.30 City & Cnty of San Francisco2911 MUN 1,000,000.0079765D5Y2 10/01/2032 2,8306.00011/07/2023 1,041,570.00 5.889 5.9711,001,497.75 San Francisco Cmnty Facs Dist1937 MUN 680,000.0079772EBC2 09/01/2027 9733.25003/02/2018 656,254.40 3.451 3.499676,186.51 San Francisco Cmnty Facs Dist2132 MUN 350,000.0079772ECL1 09/01/2029 1,7043.64810/11/2019 332,860.50 2.398 2.431367,545.35 San Francisco Cmnty Facs Dist2309 MUN 130,000.0079772ECJ6 09/01/2027 9733.46803/13/2020 126,162.40 1.577 1.599136,072.73 San Francisco Cmnty Facs Dist2608 MUN 575,000.0079772EDY2 09/01/2031 2,4342.59111/03/2021 496,851.75 2.305 2.337583,645.31 San Francisco Cmnty Facs Dist2628 MUN 1,295,000.0079772EDA4 09/01/2026 6082.23611/29/2021 1,247,551.20 1.425 1.4451,311,395.40 San Francisco Cmnty Facs Dist2946 MUN 600,000.0079772EEK1 09/01/2030 2,0695.53501/24/2024 617,790.00 4.783 4.850619,686.38 San Francisco Cmnty Facs Dist2973 MUN 700,000.0079772EDF3 09/01/2031 2,4342.70102/13/2024 609,175.00 4.583 4.647624,154.02 San Francisco Cmnty Facs Dist3053 MUN 1,150,000.0079772ECR8 09/01/2034 3,5304.03810/10/2024 1,045,442.00 4.598 4.6621,094,819.38 San Francisco Cmnty Facs Dist3066 MUN 500,000.0079772EBF5 09/01/2030 2,0693.50010/18/2024 465,080.00 4.333 4.394477,867.01 SF Bay Area Rapid Transit Dist2636 MUN 480,000.00797669ZR2 07/01/2031 2,3722.76812/16/2021 425,587.20 1.846 1.872505,467.27 SF Bay Area Rapid Transit Dist2766 MUN 405,000.00797669ZR2 07/01/2031 2,3722.76812/15/2022 359,089.20 4.832 4.899359,611.89 Sierra Joint Com. College Dist2501 MUN 585,000.00826239GD1 08/01/2029 1,6731.44503/09/2021 510,775.20 1.425 1.445585,000.00 Sierra Joint Com. College Dist2535 MUN 500,000.00826239GD1 08/01/2029 1,6731.44505/27/2021 436,560.00 1.461 1.481499,215.35 Silicon Valley Clean Water2828 MUN 245,000.0082707BDP1 08/01/2027 9421.38002/10/2023 227,200.75 4.301 4.361228,027.93 San Juan Unified School Dist2707 MUN 545,000.00798306WQ5 08/01/2026 5771.20110/17/2022 517,848.10 4.586 4.650517,993.49 City of San Jose2656 MUN 350,000.00798135E96 09/01/2026 6082.50001/28/2022 339,892.00 1.686 1.710354,412.16 San Jose Financing Authority2622 MUN 345,000.00798153NF5 06/01/2026 5161.31111/18/2021 330,689.40 1.459 1.480344,203.75 San Jose Evergreen Cmnty Colll1966 MUN 315,000.00798189PK6 09/01/2027 9733.72810/29/2018 309,818.25 3.676 3.727315,000.00 San Jose Evergreen Cmnty Colll2105 MUN 500,000.00798189QA7 08/01/2028 1,3082.35010/01/2019 465,330.00 2.317 2.350500,000.00 San Jose Unified School Dist.2518 MUN 1,000,000.00798186N81 08/01/2025 2120.55803/15/2021 978,820.00 0.739 0.750998,899.37 San Jose Unified School Dist.2700 MUN 990,000.00798186P30 08/01/2028 1,3081.22410/07/2022 886,683.60 4.487 4.550887,337.99 San Jose Unified School Dist.2774 MUN 850,000.00798186P22 08/01/2027 9421.01412/21/2022 781,124.50 4.341 4.401783,331.33 San Jose Unified School Dist.2949 MUN 200,000.00798186P22 08/01/2027 9421.01401/26/2024 183,794.00 4.421 4.483183,584.95 Portfolio CPA
AP
Run Date: 01/27/2025 - 20:04 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. 224 of 246

December 31, 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 Maria JT Union High Sch2706 MUN 455,000.00802309NY6 08/01/2026 5771.50810/17/2022 435,403.15 4.586 4.650434,459.25 Santa Monica Cmnty College Dis2091 MUN 315,000.00802385RC0 08/01/2028 1,3083.47209/05/2019 304,327.80 1.972 2.000330,148.77 Santa Monica Cmnty College Dis2481 MUN 570,000.00802385RV8 08/01/2030 2,0381.69601/22/2021 487,065.00 1.499 1.520575,193.74 Santa Monica Cmnty College Dis2482 MUN 600,000.00802385RT3 08/01/2028 1,3081.49601/22/2021 540,882.00 1.085 1.100608,145.01 Santa Monica Cmnty College Dis2810 MUN 850,000.00802385RS5 08/01/2027 9421.24401/23/2023 784,873.00 3.965 4.020794,762.11 Santa Monica-Malibu USD2561 MUN 650,000.00802498VW2 07/01/2026 5460.98908/12/2021 619,593.00 0.877 0.890650,941.85 Santa Monica-Malibu USD2637 MUN 215,000.00802498ZA6 08/01/2026 5770.84912/20/2021 203,914.60 1.193 1.210213,807.70 Santa Monica-Malibu USD2792 MUN 825,000.00802498ZF5 08/01/2031 2,4031.62401/09/2023 681,615.00 4.694 4.760686,432.28 San Mateo Foster City SCH Dist1902 MUN 1,000,000.00799017UW6 09/01/2025 2432.69901/16/2018 989,980.00 2.786 2.825999,247.21 San Mateo Foster City SCH Dist1940 MUN 1,000,000.00799017UW6 09/01/2025 2432.69903/09/2018 989,980.00 2.959 3.000998,213.37 San Mateo Foster City SCH Dist2153 MUN 1,360,000.00799017WD6 09/01/2028 1,3392.23711/07/2019 1,257,374.40 2.447 2.4801,349,145.00 San Mateo Foster City SCH Dist2178 MUN 1,565,000.00799017VM7 09/01/2028 1,3392.54212/11/2019 1,462,868.10 2.311 2.3431,575,217.16 San Mateo Foster City SCH Dist2567 MUN 500,000.00799017XW3 09/01/2026 6080.92509/21/2021 473,205.00 0.912 0.925500,000.00 San Mateo Foster City SCH Dist2585 MUN 175,000.00799055QV3 08/01/2026 5771.79909/27/2021 168,542.50 0.897 0.910177,403.95 San Mateo Foster City SCH Dist2591 MUN 810,000.00799055ME5 08/01/2026 5776.00009/29/2021 825,041.70 2.297 2.329854,261.71 San Mateo Foster City SCH Dist2782 MUN 425,000.00799017WE4 09/01/2029 1,7042.33712/22/2022 385,322.00 4.685 4.750384,397.73 Solano Cnty Community Clg Dist2176 MUN 1,150,000.0083412PFQ0 08/01/2028 1,3082.71712/09/2019 1,085,174.50 2.462 2.4961,158,118.25 Solano Cnty Community Clg Dist2579 MUN 750,000.0083412PHQ8 08/01/2026 5771.02510/06/2021 713,542.50 1.011 1.025750,000.00 Solano Cnty Community Clg Dist2583 MUN 200,000.0083412PGZ9 08/01/2026 5771.02510/06/2021 190,278.00 0.887 0.900200,385.69 Solano Cnty Community Clg Dist2594 MUN 390,000.0083412PHE5 08/01/2031 2,4031.86110/06/2021 327,787.20 1.948 1.975387,333.00 Solano Cnty Community Clg Dist2597 MUN 750,000.0083412PHU9 08/01/2030 2,0381.76110/06/2021 645,592.50 1.834 1.860746,187.33 Solano Cnty Community Clg Dist2598 MUN 825,000.0083412PHW5 08/01/2031 2,4031.86110/06/2021 693,396.00 1.879 1.905822,814.10 Solano Cnty Community Clg Dist2649 MUN 350,000.0083412PHB1 08/01/2028 1,3081.47901/07/2022 316,074.50 1.775 1.800346,216.49 Sonoma Cnty Jr. College Distr.2577 MUN 155,000.00835569GT5 08/01/2026 5772.44709/15/2021 150,523.60 0.843 0.855158,818.27 South Pasadena Unified School1914 MUN 180,000.00839278JM1 08/01/2027 9423.00002/15/2018 173,622.60 3.057 3.100179,599.42 South Pasadena Unified School2161 MUN 370,000.00839278KC1 08/01/2029 1,6735.00012/12/2019 375,361.30 2.598 2.634405,225.62 South Pasadena Unified School2162 MUN 250,000.00839278KB3 08/01/2028 1,3085.00012/12/2019 253,617.50 2.549 2.584269,283.61 South Pasadena Unified School2163 MUN 145,000.00839278KA5 08/01/2027 9425.00012/12/2019 146,854.55 2.500 2.534153,349.03 South Pasadena Unified School2164 MUN 390,000.00839278JZ2 08/01/2026 5775.00012/12/2019 393,779.10 2.378 2.411404,689.11 City of San Ramon2933 MUN 355,000.00799381AL2 07/01/2032 2,7382.46001/18/2024 299,204.65 4.753 4.819303,896.80 San Ramon Vly Unif Sch Dist.2605 MUN 1,500,000.007994082K4 08/01/2030 2,0381.91411/03/2021 1,301,010.00 1.805 1.8301,506,455.24 San Ramon Vly Unif Sch Dist.2813 MUN 935,000.00799408Z93 08/01/2026 5771.03401/26/2023 889,409.40 4.044 4.100893,122.35 Sunnyvale Elementary Sch Distr2100 MUN 135,000.00867578UT1 09/01/2028 1,3392.19009/19/2019 124,946.55 2.157 2.187135,000.00 Sunnyvale Elementary Sch Distr2101 MUN 135,000.00867578US3 09/01/2027 9732.09009/19/2019 127,473.75 2.061 2.090135,000.00 Portfolio CPA
AP
Run Date: 01/27/2025 - 20:04 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. 225 of 246

December 31, 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
Tracy Unified School District2493 MUN 500,000.00892404CN2 08/01/2029 1,6731.64402/08/2021 442,060.00 1.437 1.457504,010.15 Temecula Valley Unified School2539 MUN 250,000.0087970GPS0 08/01/2028 1,3081.50306/16/2021 225,425.00 1.482 1.503250,000.00 Temecula Valley Unified School2569 MUN 355,000.0087970GPQ4 08/01/2026 5771.05108/27/2021 337,519.80 0.887 0.900355,828.11 State of Tennessee1673 MUN 1,000,000.00880541XY8 08/01/2026 5772.11608/25/2016 968,500.00 1.923 1.9501,002,376.59 State of Tennessee1674 MUN 1,650,000.00880541XX0 08/01/2025 2122.06608/25/2016 1,629,243.00 1.893 1.9201,651,277.85 State of Tennessee1676 MUN 700,000.00880541XX0 08/01/2025 2122.06608/25/2016 691,194.00 1.893 1.920700,542.12 City of Torrance JT PWRS Fin A2795 MUN 445,000.00891371BB1 06/01/2032 2,7082.63701/12/2023 376,955.05 5.001 5.070381,707.01 Tustin Unif Sch Dist Facs Impt2715 MUN 650,000.00901072LD8 08/01/2027 9421.14510/24/2022 598,643.50 4.783 4.850595,038.73 Tustin Unif Sch Dist Facs Impt2758 MUN 205,000.00901072MB1 08/01/2031 2,4031.75412/09/2022 170,344.75 4.843 4.910170,620.49 Tustin Unif Sch Dist Facs Impt2814 MUN 500,000.00901072LX4 08/01/2027 9421.14501/26/2023 460,495.00 4.098 4.155464,877.48 State of Texas2195 MUN 1,500,000.008827237P8 10/01/2025 2733.05112/23/2019 1,485,960.00 1.975 2.0031,511,074.16 State of Texas2225 MUN 940,000.008827237T0 10/01/2029 1,7343.52101/30/2020 900,924.20 2.191 2.221991,948.43 State of Texas2255 MUN 1,265,000.008827237T0 10/01/2029 1,7343.52102/14/2020 1,212,413.95 2.192 2.2221,334,879.67 State of Texas2541 MUN 245,000.008827235K1 10/01/2025 2732.92206/30/2021 241,190.25 0.641 0.650249,110.72 State of Texas2548 MUN 1,000,000.00882724RF6 10/01/2030 2,0992.42607/02/2021 891,090.00 1.480 1.5011,049,477.29 State of Texas2631 MUN 500,000.00882723A90 10/01/2025 2732.83112/07/2021 493,835.00 1.030 1.045506,547.60 State of Texas2957 MUN 295,000.00882724U47 10/01/2033 3,1954.70001/30/2024 292,229.95 4.536 4.599297,047.50 University of California2077 MUN 1,500,000.0091412GQG3 05/15/2025 1343.05008/26/2019 1,492,320.00 1.930 1.9571,505,741.04 University of California2095 MUN 1,000,000.0091412GQG3 05/15/2025 1343.05009/09/2019 994,880.00 1.797 1.8211,004,322.58 University of California2685 MUN 440,000.0091412HGF4 05/15/2027 8641.31604/05/2022 408,795.20 3.028 3.070423,172.49 University of California2866 MUN 230,000.0091412HJN4 05/15/2027 8641.27204/05/2023 213,757.40 4.311 4.371214,671.28 University of California2996 MUN 745,000.0091412HGG2 05/15/2030 1,9601.61402/26/2024 634,471.80 4.566 4.630641,130.25 State of Utah2306 MUN 295,225.00917542QV7 07/01/2025 1813.53903/13/2020 294,153.33 1.948 1.975297,405.49 State of Wisconsin2547 MUN 2,000,000.0097705MNU5 05/01/2031 2,3112.45107/02/2021 1,756,380.00 1.553 1.5752,102,409.95 State of Wisconsin2574 MUN 1,500,000.0097705MNP6 05/01/2026 4852.08909/09/2021 1,455,105.00 0.739 0.7501,526,267.94 State of Wisconsin2576 MUN 1,000,000.0097705MNP6 05/01/2026 4852.08909/13/2021 970,070.00 0.769 0.7801,017,105.04 State of Wisconsin 22822 MUN 610,000.00977100AC0 05/01/2026 4855.70001/30/2023 616,655.10 5.039 5.109614,355.74 Yosemite Community College Dis2657 MUN 1,000,000.00987388GX7 08/01/2027 9422.08202/17/2022 943,600.00 2.053 2.0821,000,000.00 Yosemite Community College Dis2687 MUN 500,000.00987388GX7 08/01/2027 9422.08209/02/2022 471,800.00 3.846 3.900478,813.45 Subtotal and Average 237,412,888.85 240,338,741.43 226,844,618.91 2.852 2.891 1,277 Supranationals (World Bank) Bonds
Inter-American Dev. Bank2528 IADB 2,000,000.004581X0DV7 04/20/2026 4740.87504/20/2021 1,912,440.00 0.910 0.9231,998,775.39 Inter-American Dev. Bank2586 IADB 2,000,000.0045818WDH6 06/17/2026 5320.80009/27/2021 1,899,060.00 0.914 0.9271,996,370.77 Inter-American Dev. Bank2652 IADB 1,000,000.004581X0EB0 01/13/2027 7421.50001/13/2022 944,420.00 1.504 1.525999,503.87 Portfolio CPA
AP
Run Date: 01/27/2025 - 20:04 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. 226 of 246

December 31, 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. Bank2655 IADB 1,000,000.004581X0EB0 01/13/2027 7421.50001/14/2022 944,420.00 1.518 1.540999,218.77 Inter-American Dev. Bank2922 IADB 1,000,000.004581X0EK0 05/15/2026 4994.50001/08/2024 1,001,430.00 4.214 4.2731,002,898.68 Inter-American Dev. Bank2987 IADB 1,000,000.004581X0EN4 02/15/2029 1,5064.12502/22/2024 987,760.00 4.222 4.281994,206.36 Inter-American Dev. Bank3026 IADB 1,500,000.0045818WFV3 08/15/2029 1,6873.90009/19/2024 1,463,385.00 3.462 3.5111,524,535.99 Inter-American Dev. Bank3073 IADB 1,000,000.0045818WFZ4 10/09/2029 1,7423.60010/23/2024 961,840.00 3.993 4.049980,749.94 Inter-American Dev. Bank3079 IADB 1,000,000.0045818WFZ4 10/09/2029 1,7423.60010/24/2024 961,840.00 4.035 4.091978,929.72 Intl Bk Recon & Development2470 IBRD 1,500,000.00459058JL8 10/28/2025 3000.50001/08/2021 1,452,840.00 0.480 0.4871,500,153.99 Intl Bk Recon & Development2492 IBRD 1,500,000.00459058JS3 02/10/2026 4050.65002/10/2021 1,441,995.00 0.641 0.6501,500,000.00 Intl Bk Recon & Development2497 IBRD 1,500,000.0045905U5Y6 02/18/2026 4130.60002/18/2021 1,439,925.00 0.591 0.6001,500,000.00 Intl Bk Recon & Development2498 IBRD 1,500,000.00459058JL8 10/28/2025 3000.50002/18/2021 1,452,840.00 0.591 0.6001,498,781.33 Intl Bk Recon & Development2510 IBRD 1,500,000.00459058JL8 10/28/2025 3000.50003/01/2021 1,452,840.00 0.787 0.7981,496,384.46 Intl Bk Recon & Development2534 IBRD 1,500,000.00459058JS3 02/10/2026 4050.65005/26/2021 1,441,995.00 0.833 0.8451,496,827.67 Intl Bk Recon & Development2553 IBRD 1,500,000.00459058JS3 02/10/2026 4050.65007/15/2021 1,441,995.00 0.839 0.8511,496,725.53 Intl Bk Recon & Development2559 IBRD 1,500,000.00459058JS3 02/10/2026 4050.65008/12/2021 1,441,995.00 0.871 0.8831,496,207.40 Intl Bk Recon & Development2650 IBRD 1,000,000.0045906M2L4 02/24/2026 4190.65001/07/2022 956,400.00 1.368 1.387991,806.66 Intl Bk Recon & Development2673 IBRD 1,000,000.0045906M2Z3 03/17/2025 752.05003/17/2022 994,830.00 2.107 2.136999,824.07 Intl Bk Recon & Development2736 IBRD 1,000,000.0045906M2L4 02/24/2026 4190.65011/23/2022 956,400.00 4.480 4.542958,911.61 Intl Bk Recon & Development2775 IBRD 1,000,000.00459058JN4 11/24/2027 1,0570.75012/21/2022 902,860.00 3.807 3.860918,650.71 Intl Bk Recon & Development2779 IBRD 1,500,000.00459058JT1 02/10/2027 7700.85012/22/2022 1,391,100.00 4.241 4.3001,401,001.76 Intl Bk Recon & Development2826 IBRD 1,500,000.00459058JT1 02/10/2027 7700.85002/10/2023 1,391,100.00 4.310 4.3701,398,871.16 Intl Bk Recon & Development2912 IBRD 1,000,000.00459058KW2 08/01/2028 1,3084.62510/27/2023 1,006,490.00 4.967 5.036987,054.84 Intl Bk Recon & Development2921 IBRD 1,000,000.00459058KT9 07/12/2028 1,2883.50001/08/2024 971,420.00 4.024 4.079981,467.19 Intl Bk Recon & Development2950 IBRD 1,000,000.00459058KW2 08/01/2028 1,3084.62501/26/2024 1,006,490.00 4.112 4.1691,014,721.88 Intl Bk Recon & Development3003 IBRD 1,500,000.0045906M5A5 03/05/2029 1,5245.50003/05/2024 1,502,655.00 5.424 5.5001,500,000.00 Intl Bk Recon & Development3034 IBRD 1,000,000.00459058KW2 08/01/2028 1,3084.62509/24/2024 1,006,490.00 3.475 3.5241,036,551.55 Intl Bk Recon & Development3055 IBRD 1,000,000.00459058LN1 10/16/2029 1,7493.87510/16/2024 974,370.00 3.906 3.961996,294.13 Intl Bk Recon & Development3064 IBRD 1,500,000.00459058LN1 10/16/2029 1,7493.87510/18/2024 1,461,555.00 3.876 3.9301,496,439.23 Intl Bk Recon & Development3065 IBRD 1,500,000.0045906M5K3 07/30/2029 1,6714.75010/18/2024 1,502,550.00 4.446 4.5081,514,364.11 Intl Bk Recon & Development3070 IBRD 1,750,000.0045906M4E8 06/26/2028 1,2724.50010/22/2024 1,732,955.00 4.246 4.3051,760,782.19 Intl Bk Recon & Development3071 IBRD 1,500,000.0045906M5A5 03/05/2029 1,5245.50010/23/2024 1,502,655.00 5.286 5.3601,507,620.46 International Finance Corp.2441 IFC 1,000,000.0045950VPE0 10/15/2025 2871.00010/30/2020 974,390.00 0.450 0.4561,000,000.00 International Finance Corp.2454 IFC 1,500,000.0045950VPH3 11/15/2025 3181.50011/30/2020 1,471,290.00 0.539 0.5471,500,000.00 International Finance Corp.2483 IFC 1,500,000.0045950VPJ9 01/15/2026 3790.58001/25/2021 1,439,085.00 0.501 0.5081,501,096.93 International Finance Corp.2502 IFC 1,500,000.0045950VPJ9 01/15/2026 3790.58002/11/2021 1,439,085.00 0.522 0.5301,500,765.29 Portfolio CPA
AP
Run Date: 01/27/2025 - 20:04 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 12
Attachment B - Investment Portfolio

Item 12: Staff Report
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December 31, 2024
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 22
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Supranationals (World Bank) Bonds
International Finance Corp.2503 IFC 1,500,000.0045950VPS9 02/26/2026 4210.50002/26/2021 1,430,970.00 0.616 0.6251,497,875.23 International Finance Corp.2514 IFC 2,000,000.0045950VPT7 03/15/2026 4380.75003/15/2021 1,936,360.00 0.591 0.6002,000,000.00 International Finance Corp.2515 IFC 1,500,000.0045950VPU4 03/23/2026 4460.75003/23/2021 1,430,850.00 0.746 0.7571,499,867.40 International Finance Corp.2517 IFC 2,000,000.0045950VPU4 03/23/2026 4460.75003/23/2021 1,907,800.00 0.887 0.9001,996,400.16 International Finance Corp.2532 IFC 1,500,000.0045950VPY6 05/15/2026 4991.00005/28/2021 1,451,475.00 0.642 0.6511,500,000.00 International Finance Corp.2654 IFC 1,000,000.0045950KCX6 10/08/2026 6450.75001/12/2022 939,620.00 1.518 1.540986,566.86 International Finance Corp.3072 IFC 1,000,000.0045950KDH0 07/02/2029 1,6434.25010/23/2024 991,510.00 3.979 4.0351,008,685.64 International Finance Corp.3078 IFC 1,000,000.0045950KDH0 07/02/2029 1,6434.25010/24/2024 991,510.00 4.026 4.0821,006,770.17 Subtotal and Average 59,922,659.10 60,250,000.00 58,307,285.00 2.251 2.282 809 Total Investments and Average 633,251,585.15 637,241,293.53 602,304,695.95 2.542 2.577 1,077 Portfolio CPA
AP
Run Date: 01/27/2025 - 20:04 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 12
Attachment B - Investment Portfolio

Item 12: Staff Report
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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 25.8% 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 $52.8 million - Fidelity Investments $13.9 million
e) Should market value of the portfolio fall below 95 percent of the book value, report this fact within a 95.1% 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. 23.68%
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. 37.71% 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.
$237.8 million

0.71%
Attachment C
Investment Policy Compliance
As of December 31, 2024
Investment Policy Requirements
Compliance
Check / Actual
Item 12
Attachment C -
Investment Policy
Compliance

Item 12: Staff Report
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Attachment C
Investment Policy Compliance
As of December 31, 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 fr om 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. 5.89% 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. 5.63% 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. 9.46% 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
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City Council
Staff Report
From: City Manager
Report Type: INFORMATION REPORTS
Lead Department: Planning and Development Services
Meeting Date: February 24, 2025
Report #:2501-4041
TITLE
Accessory Dwelling Unit (ADU) - 2024 Year End Report

RECOMMENDATION
This is an informational report, and no action is required.

ANALYSIS
This report transmits information related to application activity for accessory dwelling units (ADU), including junior accessory dwelling units (JADU) for calendar year 2024. Since 2015, the City has received 800 ADU/JADU building permit applications and issued 624 building permits.

Throughout 2024, the City received 136 new applications, issued 124 ADU permits, and provided an approved Final Inspection on 105 ADU/JADU permits. As it relates to the Housing Element, the data continues to support the anticipated housing unit production expected from ADU/JADUs for the current housing element cycle, which is an average of 64 units per year over the 8-year planning period or a total of 512 units.

In 2024, the ADU sizes of open applications in this period range from 165 to 1,000 square feet, with an average size of 558 square feet. Approximately 44% of applications are located north of Oregon Expressway, and 56% are located south of Oregon Expressway. Since 2017, the majority of ADU/JADU permits relative to the Oregon Expressway has shifted between north and south from year to year. Further details can be found in Table 1 of Attachment A.

FISCAL/RESOURCE IMPACT
This action has no fiscal impact.

ATTACHMENTS
Attachment A: 2024 Year End Data
APPROVED BY:

Jonathan Lait, Planning and Development Services Director Item 13
Item 13 Staff Report

Item 13: Staff Report
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Table 1: Summary of ADU Permits from 2015-2024
Category 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 New ADU Applications
Filed1 10 9 28 55 75 78 136 151 122 136
Permits: Ready to Issue
(City Approved)2 8 5 12 39 62 46 112 127 135 131
Permits: Issued (Permit
Obtained)3 8 5 12 36 62 43 89 120

125 124
Permits: Final Inspection
Approved4 3 4 9 12 33 46 37 62 101 105
Permits Expired 1 1 1 6

Detached ADUs
(Submitted)5 20 35 52 52 80 80 48 53
Detached ADUs (Issued)5 8 24 41 33 55 64 57 48

Attached ADUs
(Submitted)6 8 20 23 20 56 44 43 47
Attached ADUs (Issued)6 4 11 21 9 34 32 40 52

Junior ADUs (Submitted)7 1 1 1 25 27 31 36
Junior ADUs (Issued)7 1 1 1 9 24 28 24
Item 13
Attachment A - 2024 Year End Data

Item 13: Staff Report
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Category 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Average Application
Processing Time (Days
Including Weekends)8
127 214 118 183 135 197 162 193 187 193
Average Construction
Time (Days Including
Weekends)9
578 751 330 287 173 262 455 431 496 519

City Impact Fees
Collected for New
ADUs10
$451,514 $402,012 $198,962 $44,057 $139,592 $540,453

$487,322 $498,101

ADU Size Smallest 150 SF 159 SF 220 SF 208 SF 178 SF 192 SF 227 SF 165 SF ADU Size Largest 900 SF 900 SF 1,031 SF 1,000 SF 1,218 SF 2,217 SF 1,000 SF 1,000 SF Average ADU Size 470 SF 469 SF 383 SF 518 SF 550 SF 589 SF 571 SF 558 SF

ADU Location
Relative to
Oregon
Expressway
North 46% 49% 52% 55% 49% 52% 41% 44%
South 54% 51% 48% 45% 51% 48% 59% 56%

Source: City of Palo Alto Accela Data January 2015 through December 2024

Item 13
Attachment A - 2024 Year End Data

Item 13: Staff Report
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Notes:

1. Any ADU/JADU Application SUBMITTED for the year

2. Any ADU/JADU application Permit 'READY TO Issue' for the year (regardless of when it was submitted)

3. Any ADU/JADU Permit ISSUED for the year (regardless of when it was submitted)

4. Any ADU/JADU Permit receiving a Final Inspection (Ready to Occupy) for the year, regardless of when the application wassubmitted. Years 2015-2017 data point not available.

5. Any Detached ADU Permit Application submitted for the year/Any Detached ADU Permit Issued for the year, regardless of when the application was submitted. Years 2015-2016 data point not available.

6. Any Attached ADU Permit Application submitted for the year/Any Attached ADU Permit Issued for the year, regardless of when the application was submitted. Years 2015-2016 data point not available.

7. Any JADU Permit Application submitted for the year/Any JADU Permit Issued for the year, regardless of when the application was submitted. Years 2015- 2016 data point not available.

8. Average number of days from permit application submittal to when permit is approved and ready to issue. This average includes weekends and days application is pending due to applicant preparation of resubmittal or additional information from applicant.

9. Average number of days from permit issued to final inspection completed. This average includes weekends and days staff is waiting for applicant to schedule the next required inspection; it also includes time related to the construction of a primary residence when the J/ADU is built at the same time.

10. Impact Fees collected for ADU’s permitted for the year. Years 2015-2016 data point not available.

Item 13
Attachment A - 2024 Year End Data

Item 13: Staff Report
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Q1 2024 ADU/JADUs Submitted New Construction Conversion Type of Conversion # of
Apps
Dwelling
Type
Project
Location
Zoning
District
Date
Filed
Application
Status Attached Detached Attached Detached Garage
Other Acc.

Structure
of Space
# of
bdrms
ADU
Size
1 ADU South R-1 (8000) 1/2/24 Pending
Resubmittal x x 0 485
2 ADU North RM-15 1/8/24 Revisions
Received x 1 566
3 JADU South R-1 1/11/24 Pending
Resubmittal x x 1 478
4 ADU South R-1 1/12/24 Revisions
Received x 1 461
5 ADU South R-1 (7000) 1/16/24 Revisions
Received x x 1 238
6 ADU South R-1 1/29/24 Pending
Resubmittal x 2 750
7 ADU North R-1 1/30/24 Revisions
Received x x 1 488
8 ADU South R-1 2/1/24 Pending
Resubmittal x 1 600
9 ADU North R-1 2/1/24 Revisions
Received x 1 495
10 ADU North R-1 2/2/24 Pending
Resubmittal x 1 300
11 JADU North R-1 2/5/24 Revisions
Received x 1 479
12 ADU South R-1 2/7/24 Revisions
Received x 2 749
13 ADU North R-1 2/9/24 Revisions
Received x 1 324
14 ADU North R-1 2/10/24 Resubmitted x x 1 412 15 JADU North R-1 2/12/24 Pending
Resubmittal x 1 493
Item 13
Attachment A - 2024 Year End Data

Item 13: Staff Report
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Q1 2024 ADU/JADUs Submitted New Construction Conversion Type of Conversion # of
Apps
Dwelling
Type
Project
Location
Zoning
District
Date
Filed
Application
Status Attached Detached Attached Detached Garage
Other Acc.

Structure
of Space
# of
bdrms
ADU
Size
16 JADU South R-1 2/13/24 Revisions
Received x x 1 357
17 ADU South R-1 (S) 2/14/24 Revisions
Received x x 1 519
18 ADU North R-1 2/15/24 Pending
Resubmittal x x 2 720
19 ADU North R-1 2/20/24 Pending
Resubmittal x 1 536
20 ADU South R-1 2/27/24 Pending
Resubmittal x x 1 337
21 ADU South R-1 2/29/24 Revisions
Received x 2 749
22 ADU South R-1 2/29/24 Pending
Resubmittal x x 1 402
23 ADU South R-1 2/29/24 Pending
Resubmittal x 1 750
24 ADU North RM-15 3/5/24 Fees Due x x 1 645
25 ADU South R-1 3/5/24 Pending
Resubmittal x 2 805
26 ADU North R-1 (10000) 3/6/24 Revisions
Received x x 1 524
27 ADU South R-1 (S) 3/6/24 Pending
Resubmittal x 2 750
28 ADU South R-1 (8000) 3/12/24 Resubmitted x 0 608 29 ADU North R-1 3/13/24 Pending
Resubmittal x 2 749
30 ADU North R-1 3/13/24 Revisions
Received x x 0 392
31 ADU South RE 3/15/24 Incomplete x x 1 675
32 ADU North R-1 3/15/24 Revisions
Received x x 1 479
33 ADU North R-2 3/18/24 Revisions
Received x x 1 360
Item 13
Attachment A - 2024 Year End Data

Item 13: Staff Report
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Q1 2024 ADU/JADUs Submitted New Construction Conversion Type of Conversion # of
Apps
Dwelling
Type
Project
Location
Zoning
District
Date
Filed
Application
Status Attached Detached Attached Detached Garage
Other Acc.

Structure
of Space
# of
bdrms
ADU
Size
34 ADU North R-1 (10000) 3/19/24 Pending
Resubmittal x 2 868
35 ADU South R-1 3/19/24 Revisions
Received x 2 743
36 ADU South R-1 (8000) 3/20/24 Revisions
Received x 1 523
37 ADU South R-1 3/21/24 Pending
Resubmittal x 2 750
38 JADU North R-1 3/26/24 Pending
Resubmittal x x 1 196
39 ADU South R-1 3/28/24 Pending
Resubmittal x 2 1,000

Q2 2024 ADU/JADUs Submitted New Construction Conversion Type of Conversion # of
Apps
Dwelling
Type
Project
Location
Zoning
District
Date
Filed
Application
Status Attached Detached Attached Detached Garage
Other Acc.

Structure
of Space
# of
bdrms
ADU
Size
40 ADU South R-1 4/2/24 Pending
Resubmittal x 1 766
41 ADU South R-1 4/3/24 Pending
Resubmittal x 1 750
42 JADU South R-1 4/4/24 Pending
Resubmittal x x 1 270
43 JADU North R-1 4/5/24 Pending
Resubmittal x 1 432
44 ADU North R-1 4/5/24 Pending
Resubmittal x 1 432
45 ADU North R-1 4/9/24 Revisions
Received x 1 534
46 ADU North R-1 4/10/24 Pending
Resubmittal x x 2 750
47 JADU North R-1 4/12/24 Pending
Resubmittal x 1 400
Item 13
Attachment A - 2024 Year End Data

Item 13: Staff Report
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Q2 2024 ADU/JADUs Submitted New Construction Conversion Type of Conversion # of
Apps
Dwelling
Type
Project
Location
Zoning
District
Date
Filed
Application
Status Attached Detached Attached Detached Garage
Other Acc.

Structure
of Space
# of
bdrms
ADU
Size
48 ADU South R-1 4/12/24 Pending
Resubmittal x 1 399
49 ADU North R-1 4/15/24 Pending
Resubmittal x 0 567
50 ADU North R-1 4/16/24 Revisions
Received x x 1 275
51 ADU North R-1 4/19/24 Revisions
Received x 1 534
52 ADU South RM-15 4/23/24 Pending
Resubmittal x 1 400
53 JADU North R-1 (10000) 4/24/24 Revisions
Received x 1 165
54 JADU South R-1 5/3/24 Resubmitted x x 1 400 55 ADU North R-1 5/7/24 Pending
Resubmittal x x 1 261
56 ADU North R-1 5/9/24 Pending
Resubmittal x x 0 340
57 JADU South R-1 5/10/24 Pending
Resubmittal x x 1 238
58 ADU South R-1 (8000) 5/14/24 Revisions
Received x 2 809
59 JADU South R-1 5/16/24 Revisions
Received x x 1 451
60 ADU North R-1 5/23/24 Revisions
Received x x 1 553
61 ADU South R-1 (7000) 5/28/24 Revisions
Received x 2 609
62 JADU South R-1 5/30/24 Revisions
Received x 1 476
63 ADU South R-1 5/30/24 Pending
Resubmittal x 2 800
64 ADU North R-1 (10000) 6/3/24 Revisions
Received x 2 800
65 JADU South R-1 6/4/24 Resubmitted x 1 500 Item 13
Attachment A - 2024 Year End Data

Item 13: Staff Report
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Q2 2024 ADU/JADUs Submitted New Construction Conversion Type of Conversion # of
Apps
Dwelling
Type
Project
Location
Zoning
District
Date
Filed
Application
Status Attached Detached Attached Detached Garage
Other Acc.

Structure
of Space
# of
bdrms
ADU
Size
66 ADU North R-1 6/4/24 Revisions
Received x x 1 445
67 ADU North R-1 6/5/24 Pending
Resubmittal x 1 355
68 ADU South R-1 6/7/24 Pending
Resubmittal x 2 749
69 JADU South R-1 6/13/24 Revisions
Received x 1 466
70 ADU South RM-30 6/13/24 Pending
Resubmittal x 1 565
71 ADU South R-1 6/17/24 Revisions
Received x x 1 613
72 JADU North R-1 6/19/24 Revisions
Received x 1 478
73 ADU South R-1 (7000) 6/20/24 Pending
Resubmittal x 1 735
74 ADU South R-1 6/24/24 Pending
Resubmittal x 1 798

Q3 2024 ADU/JADUs Submitted New Construction Conversion Type of Conversion # of
Apps
Dwelling
Type
Project
Location
Zoning
District
Date
Filed
Application
Status Attached Detached Attached Detached Garage
Other Acc.

Structure
of Space
# of
bdrms
ADU
Size
75 ADU North R-1 7/3/24 Pending
Resubmittal x x 1 551
76 ADU South R-1 7/16/24 Pending
Resubmittal x 1 495
77 ADU South R-1 7/16/24 Pending
Resubmittal x 1 796
78 JADU North R-1 7/17/24 Pending
Resubmittal x x 1 361

Item 13
Attachment A - 2024 Year End Data

Item 13: Staff Report
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Q3 2024 ADU/JADUs Submitted New Construction Conversion Type of Conversion # of
Apps
Dwelling
Type
Project
Location
Zoning
District
Date
Filed
Application
Status Attached Detached Attached Detached Garage
Other Acc.

Structure
of Space
# of
bdrms
ADU
Size
79 JADU North R-1 7/18/24 Pending
Resubmittal x x 1 411
80 ADU South R-1 7/19/24 Revisions
Received x 2 798
81 JADU South R-1 7/23/24 Pending
Resubmittal x 1 494
82 ADU North R-1 (10000) 7/25/24 Resubmitted x 0 678 83 ADU North R-1 7/30/24 Pending
Resubmittal x 2 438
84 ADU South R-1 7/30/24 Pending
Resubmittal x x 1 326
85 ADU North R-1 7/31/24 Revisions
Received x x 1 413
86 ADU North R-2 8/12/24 Pending
Resubmittal x 2 672
87 ADU South R-1 8/16/24 Pending
Resubmittal x 2 1,000
88 ADU South R-1 8/16/24 Pending
Resubmittal x x 1 497
89 ADU South R-1 (S) 8/19/24 Pending
Resubmittal x x 1 360
90 ADU South R-1 8/20/24 Incomplete x 1 522
91 ADU South R-1 8/21/24 Pending
Resubmittal x 3 1,000
92 JADU South R-1 (7000) 8/22/24 Pending
Resubmittal x 1 400
93 JADU South R-2 8/27/24 Pending
Resubmittal x 1 499
94 ADU North R-1 8/27/24 Resubmitted x 1 667

Item 13
Attachment A - 2024 Year End Data

Item 13: Staff Report
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Q3 2024 ADU/JADUs Submitted New Construction Conversion Type of Conversion # of
Apps
Dwelling
Type
Project
Location
Zoning
District
Date
Filed
Application
Status Attached Detached Attached Detached Garage
Other Acc.

Structure
of Space
# of
bdrms
ADU
Size
95 ADU South R-1 (8000) 8/29/24 Pending
Resubmittal x 1 799
96 ADU South R-1
(7000)(S) 9/4/24 Revisions
Received x 2 520
97 JADU North R-1 (10000) 9/5/24 Revisions
Received x x 0 483
98 ADU North R-1 9/5/24 Pending
Resubmittal x 2 975
99 ADU South R-1 9/9/24 Pending
Resubmittal x 1 800
100 ADU South R-1 9/10/24 Resubmitted x 1 800 101 ADU North R-1 9/10/24 Revisions
Received x x 0 292
102 JADU South R-1 9/12/24 Pending
Resubmittal x 1 390
103 ADU North R-1 9/18/24 Revisions
Received x 0 336
104 ADU North R-1 (10000) 9/19/24 Revisions
Received x 2 748
105 JADU South R-1 9/20/24 Pending
Resubmittal x 0 423
106 ADU North R-1 9/24/24 Revisions
Received x 1 749
107 ADU South R-1 9/25/24 Resubmitted x 1 435 108 ADU South R-1 9/25/24 Resubmitted x 1 435 109 ADU South R-1 9/27/24 Pending
Resubmittal x 3 949

Item 13
Attachment A - 2024 Year End Data

Item 13: Staff Report
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Q4 2024 ADU/JADUs Submitted New Construction Conversion Type of Conversion # of
Apps
Dwelling
Type
Project
Location
Zoning
District Date Filed Application
Status Attached Detached Attached Detached Garage
Other Acc.

Structure
of Space
# of
bdrms
ADU
Size
110 JADU South R-1 10/3/24 Pending
Resubmittal x x 1 495
111 ADU North R-1 10/3/24 Pending
Resubmittal x 1 794
112 ADU North R-1 (10000) 10/4/24 Pending
Resubmittal x 1 717
113 ADU North R-1 10/4/24 Pending
Resubmittal x 2 800
114 JADU South 10/9/24 Pending
Resubmittal x x 1 464
115 ADU South R-1 10/11/24 Pending
Resubmittal x 1 750
116 ADU South R-1 10/15/24 Resubmitted x 1 760 117 ADU North R-1 10/16/24 Pending
Resubmittal x 1 770
118 ADU South R-1 (8000) 10/21/24 Pending
Resubmittal x 2 690
119 ADU South R-1 10/23/24 Pending
Resubmittal x 2 798
120 JADU North R-1 11/8/24 Pending
Resubmittal x 1 496
121 JADU North R-1 11/8/24 Pending
Resubmittal x x 1 441
122 JADU South R-1 11/12/24 Pending
Resubmittal x 1 286
123 ADU North R-1 11/13/24 Pending
Resubmittal x 1 557
124 JADU South R-1 11/14/24 Pending
Resubmittal x 1 499
125 ADU North R-1 (10000) 11/15/24 Pending
Resubmittal x 1 884

Item 13
Attachment A - 2024 Year End Data

Item 13: Staff Report
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Q4 2024 ADU/JADUs Submitted New Construction Conversion Type of Conversion # of
Apps
Dwelling
Type
Project
Location
Zoning
District Date Filed Application
Status Attached Detached Attached Detached Garage
Other Acc.

Structure
of Space
# of
bdrms
ADU
Size
126 ADU South RM-30 11/15/24 Pending
Resubmittal x x 1 342
127 ADU South R-1 11/20/24 Pending
Resubmittal x x 2 748
128 JADU South R-1 (8000) 12/6/24 Pending
Resubmittal x 1 497
129 ADU North R-1 12/9/24 Pending
Resubmittal x 2 561
130 JADU North R-1 12/10/24 Submitted -
PC Required x 1 498
131 JADU South R-1 12/11/24 Pending
Resubmittal x x 1 500
132 JADU South R-1 12/13/24 Submitted -
PC Required x 1 418
133 ADU North R-1 12/18/24 Submitted -
PC Required x x 0 403
134 JADU South R-2 12/19/24 Pending
Resubmittal x x 0 218
135 ADU South R-1 12/19/24 Submitted -
PC Required x 2 800
136 JADU North R-1 12/31/24 Submitted -
PC Required x 0 446

Item 13
Attachment A - 2024 Year End Data

Item 13: Staff Report
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Item No. 10. Page 1 of 3
City Council
Supplemental Report
From: Ed Shikada, City Manager
Meeting Date: February 24, 2025
Item Number: 10
Report #:2502-4185
TITLE
Approval of the 2025 City Council Priority Objectives, as well as Committee Objectives and Workplans - Supplemental Information on Attachment B ‘Objectives Not Recommended’

REPORT UPDATE
Attachment B: Objectives Not Recommended provides a list of objectives that been suggested in various venues, but for a variety of reasons, were not included in the proposed 2025 City Council Priority Objectives. Below is the list of objectives not recommended (as outlined in Attachment B), with an added brief bullet point explanation for the reason the objective is not recommended.

Economic Development and Retail Vibrancy
a) Develop and present preliminary options for activating vacant storefronts: Explore regulatory strategy and low friction/barrier permitting for temporary popup stores. (11)  This work is already underway for pop-up businesses that fall into the same use category.

Popups requiring a change of use raise significant building code and potential safety concerns that require additional staff resources to address.
b) Facilitate the establishment of sustainable business organization in the Cal Ave, DT, and Midtown districts. (1)
 Staff will continue to meet with businesses to engage on key projects and investments, however at this time there is not support from the business community to engage in establishing new or more robust organizations.
c) Council Consideration and Adoption of Parking Permit Policies and Program Updates: Improve Customer Experience, Align with Environmental and Transportation Goals, and Recover Costs. (26)  This item is an open referral with the Finance Committee and included in the Committee workplan and is already underway. The next schedule discussion will be part of the FY 2026 Item 10
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Item No. 10. Page 2 of 3
budget process. Proposed parking program amendments and relevant changes to Title 10 will be presented to PTC on March 26, 2025.
d) Comprehensively Update the City's Zoning Code including policies that support Economic Development Strategies. Reformat for improved readability, update definitions, use categories, development standards and permitting processes. (12)
 Staff capacity to advance this with the other priority objectives is not feasible given prioritization of Housing Element programs. In addition, significant investment in consultant services would be required.

Climate Action and Adaptation & Natural Environment Protection (CA) e) Evaluate the integration of biogas into the gas utility business model and share results with Council and other policymakers.
 While not a component of the Sustainability & Climate Action Plan, biogas could support the City’s climate goals; however, rising utility rates raise questions about its feasibility. Staff could explore this strategy but would need direction on its desirability at this time.

Implementing Housing Strategies for Social & Economic Balance f) Initiate study that identifies options and feasibility of regulations to limit short-term rentals Citywide consistent with Housing Element Programs 4.2D&E.  An Ordinance Adoption is not required by Housing Element until July 1, 2027. This objective is not recommended for approval in 2025 due to limited staff capacity to manage the effort required. Instead, this will be a recommended priority in 2026. g) Enforcement policy recommendations related to Ghost Houses: Survey existing enforcement mechanisms and Ghost House (extended vacancy) data collection in other jurisdictions and return to Council by end of 2024, consistent with Council direction from November 27, 2023.  This objective is not recommended for approval due to limited staff capacity to manage the effort required given prioritization of Housing Element programs. h) Amend the zoning code to ensure residential uses in commercially zoned areas receive the same protections as those in exclusively residential zones. The City Council on November 13, 2023 supported this request from the Palo Alto Redwoods Homeowners Association.  This objective is not recommended for approval due to limited staff capacity to manage the effort required given prioritization of Housing Element programs. i) Amend the City’s Comprehensive Plan Safety Element to align with State law. Update will include modifications related to hazards, public safety, emergency response, and climate action to reflect State requirements that have come into effect since 2018.
 This project is currently underway and will be reflected in the Planning and Transportation Commission (PTC) workplan for 2025.

Item 10
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Item No. 10. Page 3 of 3
j) Evaluate and make policy recommendation to Council regarding a partnership with the California Community Housing Agency (CalCHA). CalCHA issues governmental bonds for the purpose of financing projects that provide, preserve and support affordable local housing for low-income, moderate-income and middle-income families and individuals.
 This objective is not recommended for approval due to limited staff capacity to manage the effort required given prioritization of Housing Element programs. k) Present options to Council for increasing housing in the California Avenue corridor. Consistent with Council direction from August 14, 2023.
 This objective is not recommended for approval due to limited staff capacity to manage the effort required given prioritization of Housing Element programs. l) Prepare a Coordinated Area Plan or similar for California Avenue.  This objective is not recommended for approval due to limited staff capacity to manage the effort required given prioritization of Housing Element programs. m) Prepare a Coordinated Area Plan or similar for El Camino Real.  This objective is not recommended for approval due to limited staff capacity to manage the effort required given prioritization of Housing Element programs. n) Present options to the City Council that identify and evaluate sources and methods to raise significant funding to support new affordable housing production and preservation. (42)
 This objective is not recommended for approval due to limited staff capacity to manage the effort required given prioritization of Housing Element programs.

Public Safety, Wellness & Belonging
o) Complete next steps for Palo Alto Airport Long Range Planning work. Develop new alternatives considering Council's September 2024 Study Session input, conduct community engagement, and return to Council for review and action.
 Based on Council feedback at the Airport study session and to meet constraints to not expand its footprint, staff are reconsidering planning alternatives while also working to make near- term progress on leaded fuel and noise issues. The Airport long range plan will therefore pause while this work proceeds.
p) Support Caltrain’s Corridor Safety and Security Initiatives. (74)  Caltrain has begun installing safety fencing along the rail corridor. City staff will support these efforts but are not positioned to lead these investments, and no City Council action is required.

APPROVED BY:

Ed Shikada, City Manager
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