CITY COUNCIL
REGULAR MEETING AGENDA
Tuesday, February 17, 2026
7:00 PM
City Council Chamber
200 Old Bernal Avenue
Pleasanton, CA 94566
The meeting will be held in-person, broadcast live on Channel 29 and streamed live for viewing at the following links TV30 https://www.tri-valleytv.org, the City's website in the Meetings portal (a red dot will indicate a live meeting) https://www.cityofpleasantonca.gov/, and the City's YouTube channel: https://www.youtube.com/user/TheCityofPleasanton.
Public participation: It is requested that members of the public wishing to address the City Council submit a speaker card. When public comment is opened on an agenda item, individuals may speak once per agenda item.
To submit written public comment regarding an open session item on this meeting agenda visit https://forms.cityofpleasantonca.gov/f/writtenpubliccomment. Comments will be accepted by the City Clerk’s Office until 12:00 p.m. on the day of the Council meeting.
In Person at Council Chamber:
Submit a physical speaker card to the City Clerk at the meeting. When your name is called, please provide comment at the podium.
CALL TO ORDER
• Welcome and Pledge of Allegiance - Cm. Nibert
• Roll Call
Resolution No. 2026-003
Ordinance No. 2304
REPORT ON CLOSED SESSION
AGENDA AMENDMENTS
CONSENT CALENDAR
Items listed on the consent calendar are considered routine in nature and may be enacted by one motion. If discussion is required, that particular item will be removed from the consent calendar and will be considered separately.
City Manager
1. Approve meeting minutes of February 3, 2026
Finance
2. Accept the monthly disbursements and investment report for December 2025 Public Works
City Council Agenda Page 2 of 3 February 17, 2026
3. Authorize the City Manager to enter into a subdivision improvement agreement with Robson Homes, LLC for Tract 8631 and adopt a Resolution of Summary Vacation for a public service easement located at 475 Saint John Street
MEETING OPEN TO THE PUBLIC
4. Public Comment regarding items not listed on the agenda – Speakers are limited to 3 minutes.
PUBLIC HEARINGS AND OTHER MATTERS
If necessary to ensure completion of the following items, the Mayor may alter time limits.
5. Accept the FY 2025/26 Mid-Year Budget Update report including a presentation on the General Fund forecast, and adopt a resolution approving FY 2025/26 budget amendments
6. Receive the financial plan analysis for the 2026 sewer rate study and approve Implementation Scenario 1 - Maintain
MATTERS INITIATED BY COUNCIL
COUNCIL REPORTS
Brief reports on conferences, seminars, and meetings attended by the Council
CITY MANAGER UPDATES
ADJOURNMENT
Notice
Under Government Code §54957.5, any writings/documents regarding an open session item on this agenda and items received by the City Clerk’s Office by 12:00 p.m. on the day of the meeting provided to a majority of the City Council after distribution of the agenda packet will be available for public inspection on the City’s website https://www.cityofpleasantonca.gov/ and also at the Pleasanton Library located at 400 Old Bernal Ave., Pleasanton, CA 94566.
There is a 90-day limit for the filing of a challenge in the Superior Court to certain City administrative decisions and orders, which require a hearing by law, the receipt of evidence, and the exercise of discretion. The 90-day limit begins on the date the decision is final (Code of Civil Procedure § 1094.6). Further, if you challenge an action taken by the City Council in court, you may be limited, by California law, including but not limited to Government Code §65009, to raising only those issues you or someone else raised in the public hearing, or in written correspondence delivered to the City Council prior to or at the public hearing. The City Council may be requested to reconsider a decision if the request is made prior to the next City Council meeting,
City Council Agenda Page 3 of 3 February 17, 2026
regardless of whether it is a regular or special meeting.
Accessible Public Meetings
The City of Pleasanton can provide special assistance for persons with disabilities to participate in public meetings. To make a request for a disability-related modification or accommodation (e.g., an assistive listening device), please contact the City Clerk’s Office at 123 Main Street, Pleasanton, CA 94566 or (925) 931-5027 at the earliest possible time. If you need translation or interpretation assistance, please provide at least two working days’ notice prior to the meeting date.
City Council Minutes Page 1 of 4 February 3, 2026
CITY OF PLEASANTON
CITY COUNCIL
MINUTES
Tuesday, February 3, 2026
7:00 PM
CALL TO ORDER
Mayor Balch called the Regular Meeting of the City Council to order at the hour of 7:00 p.m. from the Council Chamber located at 200 Old Bernal Avenue.
ROLL CALL
Present: Councilmembers Eicher, Gaidos, Nibert (teleconference), Testa, Mayor Balch
Absent: None.
AGENDA AMENDMENTS
None.
CONSENT CALENDAR
Mayor Balch opened public comment. There being no speakers, Mayor Balch closed the public comment.
MOTION: It was m/s by Councilmember Eicher/Councilmember Gaidos to approve the consent calendar as recommended. Motion passed by the following vote:
Ayes: Councilmembers Eicher, Gaidos, Nibert, Testa, Mayor Balch Noes: None
Absent: None
City Manager
1. Approve meeting minutes of January 13, 2025 and January 20, 2025 Recomme
ndation: Approve meeting minutes of January 13, 2025 and January 20, 2025.
Library and Recreation
2. Authorize the City Manager to enter into the second amendment to the services agreement with Folger Graphics for Activities Guide and City Newsletter printing services in an amount not to exceed $51,525 until November 30, 2026, for a total amount not to exceed $411,829
Item #1
City Council Minutes Page 2 of 4 February 3, 2026
Recommendation: Authorize the City Manager to enter into the second amendment to the services agreement with Folger Graphics for Activities Guide and City Newsletter printing services in an amount not to exceed $51,525 until November 30, 2026, for a total amount not to exceed $411,829.
Public Works
3. Accept public improvements performed by Sierra Nevada Construction, Inc., for the Annual Slurry Sealing of Various Streets Project, CIP No. 25504, and approve a budget amendment to return $83,939 to the Gas Tax Fund
Recommendation:
1. Accept the project as complete and authorize the City Clerk to file a Notice of Completion.
2. Authorize release of the retention in the amount of $14,743 to Sierra Nevada Construction, Inc., 30 days after the recordation of the Notice of Completion.
3. Approve a budget amendment to return the project’s unused balance of $83,939 to the Gas Tax fund balance (Fund 160).
MEETING OPEN TO THE PUBLIC
4. Public Comment regarding items not listed on the agenda – Speakers are limited to 3 minutes.
Mayor Balch opened public comment. The following individuals provided comment:
Herb Hastings, Jan Coleman-Knight, Huiling Song, Cindi Sabatini, Linda Kelly, Kathryn Stroud, and Brian Jenkins.
Mayor Balch closed the public comment.
PUBLIC HEARINGS AND OTHER MATTERS
5. Receive an update on the Regional Groundwater Facilities Improvement Project – Phase 1 Feasibility Study Results
Recommendation: Receive an update on the Regional Groundwater Facilities Improvement Project – Phase 1 Feasibility Study Results.
Presentation by Siew-Chin Young, Public Works Director, and Todd Yamello, Utilities Planning Manager.
Mayor Balch opened public comment. There being no speakers, Mayor Balch closed the public comment.
City Council Minutes Page 3 of 4 February 3, 2026
6. Receive an update on stakeholder engagement and provide direction on a potential Transient Occupancy Tax (TOT) measure on the November 2026 ballot Recommendation:
1. Direct staff to proceed with development of a Transient Occupancy Tax ballot measure for the November 2026 election;
2. Provide direction on a target rate of 12 percent, with phased implementation (10 percent effective July 1, 2027; 12 percent effective July 1, 2028); and
3. Authorize staff to return with draft ballot language for City Council consideration.
Presentation by Melinda Denis, Deputy Director of Community and Economic Development.
Mayor Balch opened public comment. The following individuals provided comment: Tim Howard.
Mayor Balch closed the public comment.
MOTION: It was m/s by Councilmember Nibert/Councilmember Testa to approve the item to proceed with developing the measure with phased implementation and to return with draft ballot language for City Council consideration. Motion passed by the following vote:
Ayes: Councilmembers Eicher, Gaidos, Nibert, Testa, Mayor Balch Noes: None
Absent: None
7. Consider developing a policy for evaluation of development-related General Plan amendments and re-zoning requests
Recommendation: Direct staff to develop a policy for evaluation of development-related General Plan amendments and re-zoning requests.
Presentation by Ellen Clark, Community Development Director.
Mayor Balch opened public comment. There being no speakers, Mayor Balch closed the public comment.
MOTION: It was m/s by Councilmember Testa/Councilmember Eicher to approve development of a policy for early review and direction on discretionary property re-zone requests to be considered by the City Council for future consideration and adoption.
Motion passed by the following vote:
Ayes: Councilmembers Eicher, Gaidos, Nibert, Testa, Mayor Balch Noes: None
Absent: None
City Council Minutes Page 4 of 4 February 3, 2026
Councilmember Nibert left the meeting at 10:14 p.m.
MATTERS INITIATED BY COUNCIL
Councilmember Testa requested a discussion on alternatives for mitigating downtown vacancies. The City Council agreed that the item could be part of the planned City Council workshop in March.
COUNCIL REPORTS
Councilmembers reported on regional and local meetings attended.
CITY MANAGER UPDATES
The City Manager provided informational updates on the community and organization.
ADJOURNMENT
Mayor Balch adjourned the meeting at 10:35 p.m.
______________________
Jocelyn Kwong, City Clerk
Item #2
CITY COUNCIL AGENDA REPORT
February 17, 2026
Finance
TITLE: ACCEPT THE MONTHLY DISBURSEMENTS AND INVESTMENT REPORT FOR DECEMBER 2025
SUMMARY
Attached is the City of Pleasanton monthly disbursement and investment report for December 2025.
RECOMMENDATION
Accept claim disbursements in the amount of $22,712,218 and the investment report for the month of December 2025.
BACKGROUND
The City's Investment Policy requires the Director of Finance to submit a monthly transaction report to the City Council within 60 days of the end of the reporting period in accordance with California Government Code Section 53607.
The Investment Policy also requires the Director of Finance to submit a quarterly report to the City Council on the status of the City's investment portfolio no later than 45 days after the end of each month. This report shall include the types of investments, the amount of money invested with various institutions, purchase and maturity dates, and yield on investments. The Director of Finance certifies that the investment portfolio complies with the investment policy and will meet cash flow needs for the next six months. This report also includes check and electronic payment information for December 2025.
DISCUSSION
The book value of the City of Pleasanton primary investment portfolio increased by $20.7 million from $229.4 million to $250.1 million during the quarter ending December 31, 2025.
This increase was mainly due to revenue from property tax. The fiscal year-to-date effective rate of return on the portfolio was 2.13 percent. The average days to maturity (ADM) decreased from 497 days on September 30, 2025, to 427 days on December 31, 2025.
Local Agency Investment Fund
The City's investment in the Local Agency Investment Fund (LAIF) increased to $56.5 million from $35.6 million last quarter ending September 30, 2025. The quarterly LAIF apportionment interest rate was 4.20 percent with ADM of 244 days. The average monthly effective yield was
4.03 percent in December, 4.10 percent in November, and 4.15 percent in October.
As of December 31, 2025, approximately 34.1 percent of the total portfolio consisted of Federal Agency Securities, while the LAIF Investment was 22.6 percent of the portfolio.
Corporate Notes accounted for 13.7 percent of the portfolio, Treasury Securities 25.0 percent,
Government Money Market and Cash 1.8 percent, Supranationals 1.6 percent, Asset-Backed Securities 1.0 percent, and Certificates of Deposit 0.2 percent.
• Fair Market Value of total portfolio — $249,507,864 • Fiscal year-to-date effective rate of return — 2.13 percent • Weighted average days to maturity – 427 days
• Fiscal year-to-date net interest earnings — $2,522,826
Asset Composition
As of December 31, 2025, the effective rate of return is 2.13 percent.
The effective fiscal year rate of return on the portfolio was 2.13 percent, an increase of 0.70 percent from 1.43 percent from last quarter and an increase of 0.39 percent from 1.74 percent reported at the same time last year.
As reported previously, the Federal Reserve (the Fed) had been raising interest rates since March 2022 but halted rate increases in July 2023. With the recent rate cut of 0.25 percent in December 2025, the Federal Funds Rate target range was lowered to 3.5 percent to 3.75 percent. Some of the securities in the City’s investment portfolio were purchased before the rate hikes, resulting in a lower investment return. The purchases and sales during the quarter were aimed to rebalance the portfolio, with the goal of achieving higher investment returns over time.
As of December 31, 2025, the entire portfolio, exclusive of CDs and LAIF, was held in third- party safekeeping for the benefit of the City of Pleasanton at Bank of New York Mellon. Bank of New York Mellon is a contractual agent for the City.
As of December 31, 2025, all investments in the portfolio are authorized by State of California Government Section 53600 et. seq., and the City's investment policy.
Securities rated below "AA-/AA3"
Purchases, Maturities, and Sells
During the quarter, the City's investment manager, Chandler Asset Management, purchased a number of securities on behalf of the City. Several securities were also sold/matured as presented in the tables below. Certain securities were sold at a loss with the intent of reinvesting the funds with higher yields, as these securities were purchased before COVID with much lower yields. Staff will continue to monitor cash inflows and outflows, taking into consideration anticipated construction costs for large capital projects and unexpected events.
Below is a list of all the trades that occurred during the quarter ending December 31, 2025.
Section 115 Trust Fund
In December 2018, the City Council approved the investment of $28.0 million of various reserves into a Section 115 Trust Fund to help smooth the pension liabilities, which are expected to grow in the long run. The investment is made in two separate portfolios: the first for $6.7 million in a Conservative portfolio which is available to pay the annual unfunded liabilities if necessary, and the second for $21.3 million in a long-term Capital Growth portfolio.
In February 2020, the City Council authorized Finance staff to deposit, and withdraw from, the Conservative portfolio an additional amount up to the total annual required CalPERS payment.
In March and December 2020, two additional $5.0 million contributions were deposited into the Conservative portfolio for a total of $16.7 million deposited into the Conservative portfolio.
As presented in the chart below, the Conservative portfolio balance was $21.6 million at the end of December 31, 2025, an increase of $0.3 million from the prior quarter. The Conservative portfolio investment return for the quarter ended December 31, 2025 was 1.42 percent, and the five-year annualized return was 3.87 percent.
The second portfolio (Capital Growth) addresses the longer-term pension liabilities with an initial investment of $21.6 million. The focus of this portfolio is to earn a higher rate of return over the next 10 years or so before the City needs to draw upon it.
The Capital Growth portfolio balance was $38.4 million at the end of December 31, 2025, an increase of $0.9 million from the prior quarter. The Capital Growth portfolio quarterly investment return was 2.33 percent, and the five-year annualized return was 7.90 percent.
The two portfolios total $60.0 million, which are held by a third party for the benefit of the City of Pleasanton at US Bank. US Bank is the contractual agent for PARS trust investments that are managed by PFM Asset Management (formerly Highmark Capital Management).
EQUITY AND SUSTAINABILITY
Not applicable, as this item is a routine administrative matter of City business.
OUTREACH
No outreach was conducted, as this item is a routine administrative matter of City business.
STRATEGIC PLAN ALIGNMENT
Not applicable, as this item is a routine administrative matter.
FISCAL IMPACT
There is no fiscal impact associated with acceptance of this report.
Prepared by: Submitted by: Approved by:
Minh Nguyen, Junior
Accountant
Susan Hsieh, Director of Finance
Gerry Beaudin, City
Manager
Attachments:
1. Disbursements & Investment Report
Attachment 1
December 2025 DISBURSEMENTS
CHECK REGISTER*
DATE CHECK NUMBER AMOUNT
12/4/2025 84139-84325 5,860,720 $
12/11/2025 84340-84473 2,701,210
12/19/2025 84486-84643 1,188,978
12/26/2025 84650-84666 2,088,207
11,839,114$
ACH PAYMENTS
DATE CHECK NUMBER AMOUNT
12/4/2025 84118-84138 2,623,286$
12/11/2025 84326-84339 3,103,773
12/19/2025 84474-84485 248,308
12/26/2025 84644-84649 137,237
Payroll & Tax Related ACH Payments 880,688
6,993,293$
WIRE TRANSFERS
DATE AMOUNT
12/11/2025 Escrow Fee for Low Income Housing Assistance Program 40,000$ 40,000$
PAYROLL TRANSFERS
DATE AMOUNT
12/10/25 1,882,157 $
12/23/25 1,957,653
3,839,810$
TOTAL DISBURSEMENTS 22,712,218$
* Detailed registers available upon request.
$249,507,864
2.13%
427
*Based on Market value
Total Market Value
Effective Rate of Return
Portfolio Snapshot
Average Days to Maturity
Portfolio Characteristics
December 31, 2025
- 20,000,000 40,000,000 60,000,000 80,000,000 100,000,000 120,000,000 140,000,000 160,000,000 180,000,0000-1 Yrs 1-2 Yrs 2-3 Yrs 3-4 Yrs 4-5 Yrs65.2%9.4%15.6%8.6%1.2%Maturity Distribution22.6%0.2%1.8%10.0%60.4%5.0%Assigned Credit Ratings of InvestmentsLAIFFDICCash & MoneyMarket FundsAAAAAA
0.2%22.6%1.8%13.7%25.0%1.2%32.9%1.6%1.0%Sector Allocation Certificates of Deposit - Bank
LAIF
Government Money Market & Cash
Medium Term Notes
Treasury Securities
Federal Agency Issues - Coupon
Federal Agency Issues - Callable
Supranationals
Asset Backed Securities
CITY OF PLEASANTON
Portfolio Management
December 31, 2025
City of Pleasanton
Portfolio Summary
% of
Portfolio
Book
ValueInvestments
Market
Value
Par
Value
Days to
MaturityTerm
YTM
360 Equiv.
YTM
365 Equiv.
Certificates of Deposit - Bank 240,217.87 920.10 0.00051240,217.87240,217.87 3.445 LAIF 56,500,000.00 122.59 4.419156,478,642.1556,500,000.00 4.480 Gov't Money Market 4,574,694.98 11.83 4.05414,574,694.984,574,694.98 4.110 Medium Term Notes 34,225,201.50 1,45513.68 3.37780734,145,676.7533,925,000.00 3.424 Federal Agency Issues - Coupon 2,995,657.09 1,8251.20 1.2623542,935,290.003,000,000.00 1.280 Treasury Securities - Coupon 60,175,002.99 1,09024.06 3.82992160,516,215.7059,895,000.00 3.882 Treasury Securities - Discount 1,764,234.65 1120.71 3.789611,774,512.151,785,000.00 3.842 Federal Agency Issues - Callable 82,925,085.36 1,78533.15 1.15120882,077,524.0583,040,000.00 1.167 Supranationals 3,960,210.00 1,1231.58 3.1565703,998,150.004,000,000.00 3.200 Asset Backed Securities 2,504,621.36 1,2651.00 4.2131,1592,512,548.182,505,000.00 4.272 Compounding CD's 254,392.57 3650.10 4.093100254,392.57254,392.57 4.150 250,119,318.37 100.00%
Investments
249,507,864.40249,719,305.42 1,107 427 2.975 3.020
Current Year
December 31
597,352.41
Fiscal Year To Date
2,522,825.69
Average Daily Balance
Effective Rate of Return
236,472,093.63 235,450,495.78
2.13%2.97%
Total Earnings Month Ending
I hereby certify that, to the best of my knowledge, this report includes all investments in the cash management program, is in accordance with the City's current investment policy dated June 17, 2025 and will meet the City's cash flow needs for the next six months. Market value amounts are from Bank of New York Mellon (safekeeping bank) month-end statements. Book value amounts include premiums or discounts and are adjusted at year end on the general ledger. __________________________________________________ ____________________
SUSAN HSIEH, DIRECTOR OF FINANCE
Portfolio PLST
CC
Reporting period 12/01/2025-12/31/2025
Run Date: 02/01/2026 - 21:50 PM (PRF_PM1) 7.3.11
Report Ver. 7.3.11
2/5/2026
YTM
365
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
December 31, 2025
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
CITY OF PLEASANTON
Days to
Maturity
YTM
360CUSIP Investment #
Purchase
Date
Certificates of Deposit - Bank
3.445Fremont Bank1093.-7 240,217.87 240,217.87 02/21/20263.44511/21/2025 240,217.87 0.0001093-7 51 240,217.87 0.000240,217.87240,217.87240,217.87Subtotal and Average 3.445 51 LAIF
4.480LOCAL AGENCY INVESTMENT FUND5 56,500,000.00 56,500,000.00 4.48056,478,642.15 4.419SYS5 1 56,500,000.00 4.41956,478,642.1556,500,000.0042,951,612.90Subtotal and Average 4.480 1 Gov't Money Market
4.110Dryfus Govt Cash Mgmt 6727-1 125,401.22 125,401.22 4.110125,401.22 4.054X9USDCRGO 1
4.110Dryfus Govt Cash Mgmt 6727-2 4,449,293.76 4,449,293.76 4.1104,449,293.76 4.054X9USDCRGO 1 4,574,694.98 4.0544,574,694.984,574,694.985,219,698.58Subtotal and Average 4.110 1 Medium Term Notes
1.090Toyota Motor Credit Corp6067 1,500,000.00 1,479,570.00 01/09/20260.80003/09/2021 1,499,100.00 1.07589236THW8 8
0.732Apple Inc.6065 2,000,000.00 1,996,860.00 02/08/20260.70002/08/2021 1,993,680.00 0.722037833EB2 38
0.981Apple Inc.6066 3,000,000.00 3,331,380.00 02/23/20263.25002/23/2021 2,996,970.00 0.967037833BY5 53
1.100JPMorgan Chase Bank NA6068 3,000,000.00 3,000,000.00 06/22/20261.10006/22/2021 2,946,930.00 1.08546632FSCO 172
4.265CATERPILLAR FINANCIAL SERVICES6095 500,000.00 501,455.00 10/15/20274.40006/17/2025 506,025.00 4.20714913UAR1 652
4.117CATERPILLAR FINANCIAL SERVICES6105 1,000,000.00 1,005,920.00 10/15/20274.40007/22/2025 1,012,050.00 4.06014913UAR1 652
4.226MARSH & MCLENNAN COMPANIES INC6108 1,000,000.00 1,006,950.00 11/08/20274.55007/22/2025 1,011,960.00 4.168571748BY7 676
4.329ELI LILLY & CO6082 500,000.00 502,955.00 02/12/20284.55003/20/2025 508,685.00 4.270532457CU0 772
4.528STATE STREET CORP6085 500,000.00 500,095.00 02/28/20284.53603/20/2025 507,780.00 4.466857477CU5 788
4.088JPMorgan Chase & CO6115 750,000.00 739,305.00 05/01/20283.54007/23/2025 745,987.50 4.03246647PAF3 851
4.378Duke Energy Corporation6090 500,000.00 491,355.00 07/15/20283.80004/22/2025 499,595.00 4.31826444HAE1 926
4.074Duke Energy Corporation6114 750,000.00 744,285.00 07/15/20283.80007/23/2025 749,392.50 4.01826444HAE1 926
4.214Morgan Stanley Smith Barney6116 750,000.00 736,972.50 07/22/20283.59107/23/2025 744,892.50 4.15661744YAK4 933
4.590PROLOGIS LP6084 500,000.00 490,595.00 09/15/20284.00003/20/2025 501,125.00 4.52774340XBX8 988
4.243PROLOGIS LP6111 750,000.00 744,652.50 09/15/20284.00007/22/2025 751,687.50 4.18574340XBX8 988
3.800AMAZON.COM INC6135 925,000.00 924,796.50 11/20/20283.90011/20/2025 928,246.75 3.748023135CS3 1,054
4.122Bank of America6118 750,000.00 733,402.50 12/20/20283.41907/23/2025 741,465.00 4.06606051GHD4 1,084
4.962JOHN DEERE CAPITAL CORP6073 500,000.00 491,705.00 01/16/20294.50001/15/2025 508,255.00 4.89424422EXH7 1,111
4.218JOHN DEERE CAPITAL CORP6106 1,000,000.00 1,009,040.00 01/16/20294.50007/22/2025 1,016,510.00 4.16024422EXH7 1,111
4.854ROYAL BANK OF CANADA6080 500,000.00 501,950.00 01/24/20294.96502/20/2025 509,400.00 4.78778017DAA6 1,119
4.532PACCAR FINANCIAL CORP6083 500,000.00 501,095.00 01/31/20294.60003/20/2025 509,465.00 4.47069371RS80 1,126
4.902BANK OF NEWYORK MELLON6074 500,000.00 493,470.00 02/01/20294.54301/15/2025 506,220.00 4.83506406RBN6 1,127 Portfolio PLST
CC
Run Date: 02/01/2026 - 21:50 PM (PRF_PM2) 7.3.11
Report Ver. 7.3.11
YTM
365
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
December 31, 2025
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
CITY OF PLEASANTON
Days to
Maturity
YTM
360CUSIP Investment #
Purchase
Date
Medium Term Notes
4.746U.S. Bancorp6087 500,000.00 498,370.00 02/01/20294.65304/22/2025 506,445.00 4.68191159HJK7 1,127
4.377Air Products and Chemicals, In6086 500,000.00 503,835.00 02/08/20294.60004/21/2025 509,040.00 4.317009158BH8 1,134
4.307Realty Income Corporation6128 1,000,000.00 1,014,460.00 02/15/20294.75007/23/2025 1,018,710.00 4.248 756109CF9 1,141
4.322Cisco Systems, Inc.6089 500,000.00 509,240.00 02/26/20294.85004/21/2025 513,540.00 4.26317275RBR2 1,152
4.747ABBVIE INC.6079 500,000.00 500,950.00 03/15/20294.80002/20/2025 512,645.00 4.68200287YDS5 1,169
4.547MARSH & MCLENNAN COMPANIES INC6091 500,000.00 496,995.00 03/15/20294.37505/23/2025 505,230.00 4.485571748BG6 1,169
4.391MET TOWER GLOBAL FUNDING6130 1,000,000.00 1,029,130.00 04/12/20295.25007/22/2025 1,033,760.00 4.33158989V2H6 1,197
4.268Pacific Service Electric & Gas6120 1,000,000.00 962,760.00 05/15/20293.20007/23/2025 975,360.00 4.21074456QBY1 1,230
4.741UNITED HEALTH GROUP INC.6078 500,000.00 485,910.00 05/15/20294.00002/20/2025 499,770.00 4.67691324PEH1 1,230
4.530American Express Corporation6125 1,000,000.00 999,420.00 07/20/20294.35107/25/2025 1,007,650.00 4.468025816EJ4 1,296
5.162MORGAN STANLEY6069 500,000.00 505,770.00 07/20/20295.44912/20/2024 516,265.00 5.09161747YFF7 1,296
4.800MORGAN STANLEY6133 250,000.00 257,092.50 07/20/20295.44907/22/2025 258,132.50 4.73461747YFF7 1,296
5.029Bank of America6076 500,000.00 484,830.00 07/23/20294.27101/15/2025 502,470.00 4.96006051GHM4 1,299
4.333Bank of America7010 250,000.00 249,435.00 07/23/20294.27107/22/2025 251,235.00 4.27406051GHM4 1,299
5.077JPMorgan Chase & CO6070 500,000.00 504,480.00 07/24/20295.29912/20/2024 515,455.00 5.00746647PDU7 1,300
4.591JPMorgan Chase & CO6107 250,000.00 256,410.00 07/24/20295.29907/22/2025 257,727.50 4.52846647PDU7 1,300
4.458Chubb Limited6088 500,000.00 503,710.00 08/15/20294.65004/21/2025 511,465.00 4.397171239AL0 1,322
4.465META PLATFORMS INC6081 500,000.00 496,715.00 08/15/20294.30003/20/2025 506,325.00 4.40430303M8S4 1,322
4.484State Street Corporation6092 500,000.00 493,045.00 12/03/20294.14105/23/2025 503,295.00 4.422857477BD4 1,432
4.192Toyota Motor Credit Corp6134 1,500,000.00 1,544,835.00 01/09/20304.95008/28/2025 1,545,735.00 4.13589236TNA9 1,469 34,225,201.50 3.37734,145,676.7533,925,000.0034,225,201.50Subtotal and Average 3.424 807 Federal Agency Issues - Coupon
1.280FEDERAL HOME LOAN BANK3576 3,000,000.00 2,995,657.09 12/21/20261.25012/22/2021 2,935,290.00 1.2623130AQF65 354 2,995,657.09 1.2622,935,290.003,000,000.002,995,657.09Subtotal and Average 1.280 354 Treasury Securities - Coupon
4.202U S TREASURY2384 1,000,000.00 1,005,625.00 04/30/20264.87506/18/2025 1,004,060.00 4.14491282CKK6 119
4.123U S TREASURY2382 1,000,000.00 1,002,695.31 07/31/20264.37506/17/2025 1,004,660.00 4.06691282CLB5 211
4.038U S TREASURY2401 3,000,000.00 3,019,453.13 09/15/20264.62507/22/2025 3,021,930.00 3.98291282CHY0 257
3.433U S TREASURY2357 750,000.00 747,421.88 10/31/20264.12512/20/2024 753,210.00 3.38691282CLS8 303
3.984U S TREASURY2406 3,000,000.00 3,010,312.50 11/30/20264.25007/22/2025 3,018,420.00 3.93091282CLY5 333
3.950U S TREASURY2402 3,000,000.00 3,002,109.38 01/15/20274.00007/22/2025 3,014,460.00 3.89691282CJT9 379
4.078U S TREASURY2369 750,000.00 750,644.53 02/28/20274.12503/20/2025 755,070.00 4.02291282CMP3 423
3.515U S TREASURY2416 1,945,000.00 1,960,575.20 02/28/20274.12510/20/2025 1,958,148.20 3.46791282CMP3 423 Portfolio PLST
CC
Run Date: 02/01/2026 - 21:50 PM (PRF_PM2) 7.3.11
YTM
365
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
December 31, 2025
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
CITY OF PLEASANTON
Days to
Maturity
YTM
360CUSIP Investment #
Purchase
Date
Treasury Securities - Coupon
3.805U S TREASURY2373 750,000.00 750,966.80 03/31/20273.87504/21/2025 753,285.00 3.75291282CMV0 454
4.005U S TREASURY2375 1,000,000.00 995,273.44 04/30/20273.75005/23/2025 1,003,160.00 3.95091282CMY4 484
3.860U S TREASURY2387 1,000,000.00 1,014,765.63 06/15/20274.62506/05/2025 1,016,060.00 3.80791282CKV2 530
3.510U S TREASURY2420 2,000,000.00 1,999,609.38 10/31/20273.50011/25/2025 2,000,700.00 3.46291282CPE5 668
4.331U S TREASURY2356 750,000.00 745,810.55 11/15/20274.12512/20/2024 758,640.00 4.27191282CLX7 683
4.476U S TREASURY2364 750,000.00 745,283.20 01/15/20284.25001/15/2025 761,160.00 4.41591282CMF5 744
4.053U S TREASURY2370 750,000.00 746,279.30 03/15/20283.87503/20/2025 756,180.00 3.99791282CMS7 804
3.803U S TREASURY2372 1,000,000.00 998,515.63 04/15/20283.75004/21/2025 1,005,390.00 3.75191282CMW8 835
3.748U S TREASURY2366 750,000.00 735,000.00 05/31/20283.62502/20/2025 752,137.50 3.69791282CHE4 881
3.314U S TREASURY2389 450,000.00 447,328.13 05/31/20283.62506/05/2025 451,282.50 3.26991282CHE4 881
3.899U S TREASURY2385 1,500,000.00 1,499,003.91 06/15/20283.87506/18/2025 1,513,245.00 3.84591282CNH0 896
3.777U S TREASURY2411 3,000,000.00 3,008,203.13 07/15/20283.87507/23/2025 3,026,130.00 3.72591282CNM9 926
4.305U S TREASURY2367 750,000.00 751,699.22 08/31/20284.37502/20/2025 766,057.50 4.24691282CHX2 973
4.395U S TREASURY2390 500,000.00 506,269.53 08/31/20284.37506/17/2025 510,705.00 4.33491282CHX2 973
3.640U S TREASURY2415 3,000,000.00 2,978,671.88 09/15/20283.37509/30/2025 2,988,630.00 3.59091282CNY3 988
4.549U S TREASURY2365 750,000.00 751,875.00 09/30/20284.62501/15/2025 771,442.50 4.48791282CJA0 1,003
3.954U S TREASURY2399 500,000.00 510,214.84 09/30/20284.62506/17/2025 514,295.00 3.90091282CJA0 1,003
3.618U S TREASURY2412 750,000.00 771,855.47 09/30/20284.62508/29/2025 771,442.50 3.56891282CJA0 1,003
3.859U S TREASURY2371 750,000.00 762,890.63 11/30/20284.37504/21/2025 767,287.50 3.80691282CJN2 1,064
3.793U S TREASURY2407 2,250,000.00 2,290,781.25 11/30/20284.37507/23/2025 2,301,862.50 3.74191282CJN2 1,064
4.061U S TREASURY2374 1,000,000.00 997,890.63 01/31/20294.00005/23/2025 1,013,130.00 4.00591282CJW2 1,126
3.832U S TREASURY2403 2,000,000.00 2,010,937.50 01/31/20294.00007/22/2025 2,026,260.00 3.78091282CJW2 1,126
3.871U S TREASURY2383 1,250,000.00 1,261,132.81 03/31/20294.12506/05/2025 1,271,287.50 3.81891282CKG5 1,185
3.813U S TREASURY2408 1,750,000.00 1,768,525.39 03/31/20294.12507/23/2025 1,779,802.50 3.76191282CKG5 1,185
3.953U S TREASURY2388 1,500,000.00 1,529,707.03 05/31/20294.50006/18/2025 1,543,890.00 3.89991282CKT7 1,246
3.851U S TREASURY2405 1,500,000.00 1,534,511.72 05/31/20294.50007/22/2025 1,543,890.00 3.79991282CKT7 1,246
3.835U S TREASURY2409 3,000,000.00 3,018,281.25 07/31/20294.00007/23/2025 3,040,440.00 3.78291282CLC3 1,307
3.854U S TREASURY2410 3,000,000.00 3,032,226.56 11/30/20294.12507/23/2025 3,053,790.00 3.80191282CMA6 1,429
3.693U S TREASURY2413 1,500,000.00 1,533,750.00 01/31/20304.25008/29/2025 1,534,395.00 3.64391282CMG3 1,491
4.221U S TREASURY2414 3,000,000.00 2,971,875.00 04/30/20303.50009/30/2025 2,980,680.00 4.16391282CGZ8 1,580
3.693U S TREASURY2421 3,000,000.00 3,007,031.25 06/30/20303.75012/08/2025 3,009,600.00 3.64391282CHJ3 1,641 60,175,002.99 3.82960,516,215.7059,895,000.0059,495,995.93Subtotal and Average 3.882 921 Treasury Securities - Discount
3.985U S TREASURY2534 495,000.00 488,737.74 01/27/20263.82709/30/2025 493,787.25 3.930912797SH1 26 Portfolio PLST
CC
Run Date: 02/01/2026 - 21:50 PM (PRF_PM2) 7.3.11
YTM
365
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
December 31, 2025
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
CITY OF PLEASANTON
Days to
Maturity
YTM
360CUSIP Investment #
Purchase
Date
Treasury Securities - Discount
3.887U S TREASURY2535 1,000,000.00 988,374.09 03/17/20263.73711/25/2025 992,810.00 3.833912797SZ1 75
3.443U S TREASURY2536 290,000.00 287,122.82 03/17/20263.60812/08/2025 287,914.90 3.396912797SZ1 75 1,764,234.65 3.7891,774,512.151,785,000.001,699,400.46Subtotal and Average 3.842 61 Federal Agency Issues - Callable
0.550FEDERAL NATIONAL MORTGAGE ASSN4556 3,000,000.00 3,000,000.00 01/28/20260.55001/28/2021 2,993,400.00 0.5423135G06R9 27
0.110FEDERAL HOME LOAN BANK4558 3,000,000.00 3,000,000.00 02/12/20260.60002/12/2021 2,989,500.00 0.1093130AKXQ4 42
0.625FEDERAL HOME LOAN BANK4560 3,000,000.00 3,000,000.00 02/17/20260.62502/17/2021 2,988,570.00 0.6163130AL3S1 47
0.616FEDERAL HOME LOAN BANK4562 3,125,000.00 3,122,500.00 02/24/20260.60002/24/2021 3,111,187.50 0.6083130AKXJ0 54
0.750FEDERAL HOME LOAN BANK4563 3,000,000.00 3,000,000.00 02/24/20260.75002/24/2021 2,987,190.00 0.7403130ALCV4 54
0.650FEDERAL HOME LOAN BANK4559 3,000,000.00 3,000,000.00 02/26/20260.65002/26/2021 2,986,470.00 0.6413130AKZ25 56
0.800FEDERAL HOME LOAN BANK4565 3,000,000.00 3,000,000.00 03/16/20260.80003/16/2021 2,982,720.00 0.7893130ALDN1 74
1.050FEDERAL FARM CREDIT BANK4575 3,000,000.00 3,000,000.00 03/25/20261.05003/25/2021 2,982,720.00 1.0363133EMUK6 83
0.993FEDERAL HOME LOAN BANK4578 3,000,000.00 2,998,050.00 03/30/20260.98003/30/2021 2,981,190.00 0.9803130ALNT7 88
1.051FEDERAL HOME LOAN BANK4580 3,000,000.00 2,995,500.00 04/15/20261.02004/15/2021 2,976,690.00 1.0363130ALUC6 104
1.020FEDERAL HOME LOAN BANK4585 2,795,000.00 2,795,000.00 05/19/20261.02005/20/2021 2,765,345.05 1.0063130AMCL4 138
0.987FEDERAL HOME LOAN BANK4588 3,000,000.00 2,998,950.00 05/26/20260.98005/26/2021 2,967,360.00 0.9743130AMGW6 145
0.901FEDERAL HOME LOAN BANK4590 2,750,000.00 2,746,562.50 05/26/20260.87506/02/2021 2,720,190.00 0.8883130AMHB1 145
0.921FEDERAL FARM CREDIT BANK4595 3,000,000.00 2,997,000.00 06/15/20260.90006/24/2021 2,963,790.00 0.9083133EMH21 165
1.030FEDERAL HOME LOAN BANK4592 3,000,000.00 3,000,000.00 06/30/20261.03006/30/2021 2,961,480.00 1.0163130AMSL7 180
1.070FEDERAL HOME LOAN BANK4594 3,000,000.00 3,000,000.00 06/30/20261.07006/30/2021 2,963,430.00 1.0553130AMYA4 180
1.025FEDERAL HOME LOAN BANK4597 3,000,000.00 2,999,250.00 07/14/20261.02007/14/2021 2,958,270.00 1.0113130AMWK4 194
1.033FEDERAL HOME LOAN BANK4598 3,000,000.00 2,983,500.00 09/30/20260.92009/30/2021 2,940,990.00 1.0193130AP2P9 272
1.085FEDERAL HOME LOAN BANK4599 3,000,000.00 2,997,750.00 10/14/20261.07010/14/2021 2,940,240.00 1.0713130APC94 286
1.421FEDERAL HOME LOAN BANK4600 530,000.00 526,947.20 11/24/20261.30012/09/2021 519,373.50 1.4013130APU78 327
1.421FEDERAL HOME LOAN BANK4601 1,840,000.00 1,829,401.60 11/24/20261.30012/09/2021 1,803,108.00 1.4013130APUR4 327
1.459FEDERAL HOME LOAN BANK4602 3,000,000.00 2,988,000.00 12/01/20261.37512/09/2021 2,940,420.00 1.4393130APVC6 334
1.425FEDERAL HOME LOAN BANK4605 3,000,000.00 2,999,250.00 12/29/20261.42001/03/2022 2,937,390.00 1.4063130AQG80 362
1.541FEDERAL HOME LOAN BANK4606 3,000,000.00 2,982,750.00 12/29/20261.42001/10/2022 2,937,390.00 1.5193130AQG80 362
1.370FEDERAL HOME LOAN BANK4603 3,000,000.00 3,000,000.00 12/30/20261.37012/30/2021 2,936,250.00 1.3513130AQEC3 363
1.385FEDERAL HOME LOAN BANK4604 3,000,000.00 2,998,500.00 12/30/20261.37512/30/2021 2,936,400.00 1.3663130AQEF6 363
1.926FEDERAL HOME LOAN BANK4607 3,000,000.00 2,975,010.00 01/28/20271.75002/08/2022 2,943,870.00 1.9003130AQLD3 392
2.112FEDERAL HOME LOAN BANK4608 3,000,000.00 2,995,500.00 02/25/20272.08003/08/2022 2,949,930.00 2.0833130AQW66 420
3.823U S TREASURY4610 3,000,000.00 2,995,664.06 08/15/20273.75007/23/2025 3,012,660.00 3.77091282CLG4 591 82,925,085.36 1.15182,077,524.0583,040,000.0082,925,085.36Subtotal and Average 1.167 208 Portfolio PLST
CC
Run Date: 02/01/2026 - 21:50 PM (PRF_PM2) 7.3.11
YTM
365
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
December 31, 2025
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
CITY OF PLEASANTON
Days to
Maturity
YTM
360CUSIP Investment #
Purchase
Date
Supranationals
0.935International Finance Corp7000 1,000,000.00 980,200.00 02/26/20260.50006/28/2021 994,560.00 0.92245950VPS9 56
3.886International Finance Corp7011 1,000,000.00 1,007,230.00 01/15/20274.37506/30/2025 1,007,190.00 3.83345950KDF4 379
3.975INTERNATIONAL BANK FOR RECONST7005 2,000,000.00 1,972,780.00 07/12/20283.50006/18/2025 1,996,400.00 3.921459058KT9 923 3,960,210.00 3.1563,998,150.004,000,000.003,960,210.00Subtotal and Average 3.200 570 Asset Backed Securities
4.473BMW Vehicle Owner Trust7007 175,000.00 174,996.15 06/26/20284.43006/10/2025 176,523.31 4.411096912AD2 907
3.872Toyota Lease Owner Trust7013 805,000.00 804,855.91 11/20/20283.96009/17/2025 807,118.52 3.81989240NAD4 1,054
4.471MERCEDES-BENZ AUTO LEASE TRUST7016 1,260,000.00 1,259,793.23 04/16/20294.52010/22/2025 1,261,348.07 4.41058770XAD5 1,201
4.404Hyundai Auto Receivables Trust7006 265,000.00 264,976.07 12/17/20294.36006/11/2025 267,558.28 4.34444935XAD7 1,446 2,504,621.36 4.2132,512,548.182,505,000.002,504,621.36Subtotal and Average 4.272 1,159 Compounding CD's
4.150United Business BankSYS 1091-3 254,392.57 254,392.57 04/11/20264.15004/11/2025 254,392.57 4.093SYS 1091-3 100 254,392.57 4.093254,392.57254,392.57254,392.57Subtotal and Average 4.150 100
2.975236,472,093.63 249,719,305.42 3.020 427249,507,864.40 250,119,318.37Total and Average Portfolio PLST
CC
Run Date: 02/01/2026 - 21:50 PM (PRF_PM2) 7.3.11
YTM
365
Par Value Book Value
Stated
RateMarket Value
December 31, 2025
Portfolio Details - Cash
Average
BalanceIssuer
Portfolio Management
CITY OF PLEASANTON
Days to
Maturity
YTM
360CUSIP Investment #
Purchase
Date
Gov't Money Market
0.000BANK OF NEWYORK MELLON7-3 0.00 0.0007/01/2025 0.00 0.000SYS CASH 1
0.00 2.975236,472,093.63 249,719,305.42 3.020 427
0Average Balance
249,507,864.40 250,119,318.37Total Cash and Investments Portfolio PLST
CC
Run Date: 02/01/2026 - 21:50 PM (PRF_PM2) 7.3.11
Par Value Book Value
Maturity
Date
Accrued
InterestMarket Value
December 31, 2025
Portfolio Details with Earnings - Investments
Average
BalanceIssuer
Portfolio Management
CITY OF PLEASANTON
CUSIP Investment #
Purchase
Date
Days To
Maturity
Unrealized
Gain/Loss
Current
Rate YTM
Certificates of Deposit - Bank
FREMON1093.-7 240,217.87 240,217.87 02/21/202611/21/2025 240,217.871093-7 929.58 0.003.4453.445 51 240,217.87240,217.87240,217.87240,217.87Subtotal and Average 929.58 0.0051 3.4453.445 LAIF
LAIF5 56,500,000.00 56,500,000.0056,478,642.15SYS5 347,623.71 -21,357.854.4804.480 1 56,500,000.0056,478,642.1556,500,000.0042,951,612.90Subtotal and Average 347,623.71 -21,357.851 4.4804.480 Gov't Money Market
DRYFUS7-1 125,401.22 125,401.22125,401.22X9USDCRGO 14,628.39 0.004.1104.110 1 DRYFUS7-2 4,449,293.76 4,449,293.764,449,293.76X9USDCRGO 15,699.97 0.004.1104.110 1 4,574,694.984,574,694.984,574,694.985,219,698.58Subtotal and Average 30,328.36 0.001 4.1104.110 Medium Term Notes
TOYOTA6067 1,500,000.00 1,479,570.00 01/09/202603/09/2021 1,499,100.0089236THW8 5,799.99 19,530.001.0900.800 8 APPL6065 2,000,000.00 1,996,860.00 02/08/202602/08/2021 1,993,680.00037833EB2 5,561.11 -3,180.000.7320.700 38 APPL6066 3,000,000.00 3,331,380.00 02/23/202602/23/2021 2,996,970.00037833BY5 34,666.67 -334,410.000.9803.250 53 JP6068 3,000,000.00 3,000,000.00 06/22/202606/22/2021 2,946,930.0046632FSCO 825.00 -53,070.001.1001.100 172 CATERP6095 500,000.00 501,455.00 10/15/202706/17/2025 506,025.0014913UAR1 4,644.44 4,570.004.2644.400 652 CATERP6105 1,000,000.00 1,005,920.00 10/15/202707/22/2025 1,012,050.0014913UAR1 9,288.89 6,130.004.1164.400 652 MMC6108 1,000,000.00 1,006,950.00 11/08/202707/22/2025 1,011,960.00571748BY7 6,698.61 5,010.004.2264.550 676 ELI LI6082 500,000.00 502,955.00 02/12/202803/20/2025 508,685.00532457CU0 8,784.03 5,730.004.3294.550 772 STESTR6085 500,000.00 500,095.00 02/28/202803/20/2025 507,780.00857477CU5 7,749.00 7,685.004.5284.536 788 JPMCC6115 750,000.00 739,305.00 05/01/202807/23/2025 745,987.5046647PAF3 4,425.00 6,682.504.0873.540 851 DUKE E6090 500,000.00 491,355.00 07/15/202804/22/2025 499,595.0026444HAE1 8,761.11 8,240.004.3783.800 926 DUKE E6114 750,000.00 744,285.00 07/15/202807/23/2025 749,392.5026444HAE1 13,141.67 5,107.504.0743.800 926 CITI6116 750,000.00 736,972.50 07/22/202807/23/2025 744,892.5061744YAK4 11,895.19 7,920.004.2133.591 933 PROLOG6084 500,000.00 490,595.00 09/15/202803/20/2025 501,125.0074340XBX8 5,888.89 10,530.004.5894.000 988 PROLOG6111 750,000.00 744,652.50 09/15/202807/22/2025 751,687.5074340XBX8 8,833.33 7,035.004.2424.000 988 AMZ6135 925,000.00 924,796.50 11/20/202811/20/2025 928,246.75023135CS3 4,108.54 3,450.253.8003.900 1054 BOFA6118 750,000.00 733,402.50 12/20/202807/23/2025 741,465.0006051GHD4 11,325.44 8,062.504.1223.419 1084 JDCC6073 500,000.00 491,705.00 01/16/202901/15/2025 508,255.0024422EXH7 10,332.88 16,550.004.9624.500 1111 JDCC6106 1,000,000.00 1,009,040.00 01/16/202907/22/2025 1,016,510.0024422EXH7 20,665.76 7,470.004.2184.500 1111 RBC6080 500,000.00 501,950.00 01/24/202902/20/2025 509,400.0078017DAA6 10,826.46 7,450.004.8534.965 1119 PCAR6083 500,000.00 501,095.00 01/31/202903/20/2025 509,465.0069371RS80 9,647.22 8,370.004.5324.600 1126 BNYT6074 500,000.00 493,470.00 02/01/202901/15/2025 506,220.0006406RBN6 9,444.01 12,750.004.9024.543 1127 USBANC6087 500,000.00 498,370.00 02/01/202904/22/2025 506,445.0091159HJK7 9,693.75 8,075.004.7464.653 1127 Portfolio PLST
CC
Run Date: 02/01/2026 - 21:50 PM (PRF_PM8) 7.3.11
Report Ver. 7.3.11
Par Value Book Value
Maturity
Date
Accrued
InterestMarket Value
December 31, 2025
Portfolio Details with Earnings - Investments
Average
BalanceIssuer
Portfolio Management
CITY OF PLEASANTON
CUSIP Investment #
Purchase
Date
Days To
Maturity
Unrealized
Gain/Loss
Current
Rate YTM
Medium Term Notes
APC6086 500,000.00 503,835.00 02/08/202904/21/2025 509,040.00009158BH8 9,136.11 5,205.004.3764.600 1134 RIC6128 1,000,000.00 1,014,460.00 02/15/202907/23/2025 1,018,710.00 756109CF9 17,944.44 4,250.004.3064.750 1141 CISCO6089 500,000.00 509,240.00 02/26/202904/21/2025 513,540.0017275RBR2 8,420.14 4,300.004.3214.850 1152 ABBVIE6079 500,000.00 500,950.00 03/15/202902/20/2025 512,645.0000287YDS5 7,066.67 11,695.004.7474.800 1169 MMC6091 500,000.00 496,995.00 03/15/202905/23/2025 505,230.00571748BG6 6,440.97 8,235.004.5464.375 1169 MET6130 1,000,000.00 1,029,130.00 04/12/202907/22/2025 1,033,760.0058989V2H6 11,520.83 4,630.004.3915.250 1197 PSEG6120 1,000,000.00 962,760.00 05/15/202907/23/2025 975,360.0074456QBY1 4,088.89 12,600.004.2673.200 1230 UHGI6078 500,000.00 485,910.00 05/15/202902/20/2025 499,770.0091324PEH1 2,555.56 13,860.004.7404.000 1230 AMEX6125 1,000,000.00 999,420.00 07/20/202907/25/2025 1,007,650.00025816EJ4 18,854.33 8,230.004.5304.351 1296 MS6069 500,000.00 505,770.00 07/20/202912/20/2024 516,265.0061747YFF7 12,184.57 10,495.005.1615.449 1296 MS6133 250,000.00 257,092.50 07/20/202907/22/2025 258,132.5061747YFF7 6,092.28 1,040.004.8005.449 1296 BOFA6076 500,000.00 484,830.00 07/23/202901/15/2025 502,470.0006051GHM4 9,400.84 17,640.005.0294.271 1299 BOFA7010 250,000.00 249,435.00 07/23/202907/22/2025 251,235.0006051GHM4 4,700.42 1,800.004.3334.271 1299 JPMCC6070 500,000.00 504,480.00 07/24/202912/20/2024 515,455.0046647PDU7 11,554.76 10,975.005.0765.299 1300 JPMCC6107 250,000.00 256,410.00 07/24/202907/22/2025 257,727.5046647PDU7 5,777.38 1,317.504.5905.299 1300 CHUBB6088 500,000.00 503,710.00 08/15/202904/21/2025 511,465.00171239AL0 8,783.33 7,755.004.4574.650 1322 METAPF6081 500,000.00 496,715.00 08/15/202903/20/2025 506,325.0030303M8S4 8,122.22 9,610.004.4654.300 1322 SSC6092 500,000.00 493,045.00 12/03/202905/23/2025 503,295.00857477BD4 1,610.39 10,250.004.4834.141 1432 TOYOTA6134 1,500,000.00 1,544,835.00 01/09/203008/28/2025 1,545,735.0089236TNA9 35,475.00 900.004.1924.950 1469 34,225,201.5034,145,676.7533,925,000.0034,225,201.50Subtotal and Average 412,736.12 -79,524.75807 3.4243.625 Federal Agency Issues - Coupon
FHLB3576 3,000,000.00 2,995,657.09 12/21/202612/22/2021 2,935,290.003130AQF65 1,041.66 -60,367.091.2801.250 354 2,995,657.092,935,290.003,000,000.002,995,657.09Subtotal and Average 1,041.66 -60,367.09354 1.2801.250 Treasury Securities - Coupon
UST2384 1,000,000.00 1,005,625.00 04/30/202606/18/2025 1,004,060.0091282CKK6 8,349.45 -1,565.004.2014.875 119 UST2382 1,000,000.00 1,002,695.31 07/31/202606/17/2025 1,004,660.0091282CLB5 18,308.42 1,964.694.1224.375 211 UST2401 3,000,000.00 3,019,453.13 09/15/202607/22/2025 3,021,930.0091282CHY0 41,395.03 2,476.874.0374.625 257 UST2357 750,000.00 747,421.88 10/31/202612/20/2024 753,210.0091282CLS8 5,354.58 5,788.123.4334.125 303 UST2406 3,000,000.00 3,010,312.50 11/30/202607/22/2025 3,018,420.0091282CLY5 11,208.79 8,107.503.9844.250 333 UST2402 3,000,000.00 3,002,109.38 01/15/202707/22/2025 3,014,460.0091282CJT9 55,434.78 12,350.623.9504.000 379 UST2369 750,000.00 750,644.53 02/28/202703/20/2025 755,070.0091282CMP3 10,511.91 4,425.474.0774.125 423 UST2416 1,945,000.00 1,960,575.20 02/28/202710/20/2025 1,958,148.2091282CMP3 27,260.89 -2,427.003.5144.125 423 UST2373 750,000.00 750,966.80 03/31/202704/21/2025 753,285.0091282CMV0 7,425.31 2,318.203.8043.875 454 UST2375 1,000,000.00 995,273.44 04/30/202705/23/2025 1,003,160.0091282CMY4 6,422.65 7,886.564.0043.750 484 Portfolio PLST
CC
Run Date: 02/01/2026 - 21:50 PM (PRF_PM8) 7.3.11
Par Value Book Value
Maturity
Date
Accrued
InterestMarket Value
December 31, 2025
Portfolio Details with Earnings - Investments
Average
BalanceIssuer
Portfolio Management
CITY OF PLEASANTON
CUSIP Investment #
Purchase
Date
Days To
Maturity
Unrealized
Gain/Loss
Current
Rate YTM
Treasury Securities - Coupon
UST2387 1,000,000.00 1,014,765.63 06/15/202706/05/2025 1,016,060.0091282CKV2 25,285.03 1,294.373.8604.625 530 UST2420 2,000,000.00 1,999,609.38 10/31/202711/25/2025 2,000,700.0091282CPE5 11,988.95 1,090.623.5103.500 668 UST2356 750,000.00 745,810.55 11/15/202712/20/2024 758,640.0091282CLX7 4,016.75 12,829.454.3304.125 683 UST2364 750,000.00 745,283.20 01/15/202801/15/2025 761,160.0091282CMF5 14,724.86 15,876.804.4764.250 744 UST2370 750,000.00 746,279.30 03/15/202803/20/2025 756,180.0091282CMS7 8,670.58 9,900.704.0523.875 804 UST2372 1,000,000.00 998,515.63 04/15/202804/21/2025 1,005,390.0091282CMW8 8,035.71 6,874.373.8023.750 835 UST2366 750,000.00 735,000.00 05/31/202802/20/2025 752,137.5091282CHE4 2,403.31 17,137.503.7473.625 881 UST2389 450,000.00 447,328.13 05/31/202806/05/2025 451,282.5091282CHE4 1,441.99 3,954.373.3143.625 881 UST2385 1,500,000.00 1,499,003.91 06/15/202806/18/2025 1,513,245.0091282CNH0 2,714.63 14,241.093.8983.875 896 UST2411 3,000,000.00 3,008,203.13 07/15/202807/23/2025 3,026,130.0091282CNM9 53,702.45 17,926.873.7763.875 926 UST2367 750,000.00 751,699.22 08/31/202802/20/2025 766,057.5091282CHX2 11,234.71 14,358.284.3044.375 973 UST2390 500,000.00 506,269.53 08/31/202806/17/2025 510,705.0091282CHX2 7,489.81 4,435.474.3944.375 973 UST2415 3,000,000.00 2,978,671.88 09/15/202809/30/2025 2,988,630.0091282CNY3 30,207.18 9,958.123.6403.375 988 UST2365 750,000.00 751,875.00 09/30/202801/15/2025 771,442.5091282CJA0 8,911.43 19,567.504.5494.625 1003 UST2399 500,000.00 510,214.84 09/30/202806/17/2025 514,295.0091282CJA0 5,940.95 4,080.163.9534.625 1003 UST2412 750,000.00 771,855.47 09/30/202808/29/2025 771,442.5091282CJA0 8,911.43 -412.973.6174.625 1003 UST2371 750,000.00 762,890.63 11/30/202804/21/2025 767,287.5091282CJN2 2,884.62 4,396.873.8594.375 1064 UST2407 2,250,000.00 2,290,781.25 11/30/202807/23/2025 2,301,862.5091282CJN2 8,653.85 11,081.253.7934.375 1064 UST2374 1,000,000.00 997,890.63 01/31/202905/23/2025 1,013,130.0091282CJW2 16,739.13 15,239.374.0604.000 1126 UST2403 2,000,000.00 2,010,937.50 01/31/202907/22/2025 2,026,260.0091282CJW2 33,478.26 15,322.503.8324.000 1126 UST2383 1,250,000.00 1,261,132.81 03/31/202906/05/2025 1,271,287.5091282CKG5 13,173.94 10,154.693.8704.125 1185 UST2408 1,750,000.00 1,768,525.39 03/31/202907/23/2025 1,779,802.5091282CKG5 18,443.51 11,277.113.8134.125 1185 UST2388 1,500,000.00 1,529,707.03 05/31/202906/18/2025 1,543,890.0091282CKT7 5,934.07 14,182.973.9534.500 1246 UST2405 1,500,000.00 1,534,511.72 05/31/202907/22/2025 1,543,890.0091282CKT7 5,934.07 9,378.283.8514.500 1246 UST2409 3,000,000.00 3,018,281.25 07/31/202907/23/2025 3,040,440.0091282CLC3 50,217.39 22,158.753.8344.000 1307 UST2410 3,000,000.00 3,032,226.56 11/30/202907/23/2025 3,053,790.0091282CMA6 10,879.12 21,563.443.8534.125 1429 UST2413 1,500,000.00 1,533,750.00 01/31/203008/29/2025 1,534,395.0091282CMG3 26,677.99 645.003.6934.250 1491 UST2414 3,000,000.00 2,971,875.00 04/30/203009/30/2025 2,980,680.0091282CGZ8 70,483.43 8,805.004.2203.500 1580 UST2421 3,000,000.00 3,007,031.25 06/30/203012/08/2025 3,009,600.0091282CHJ3 310.77 2,568.753.6933.750 1641 60,175,002.9960,516,215.7059,895,000.0059,495,995.93Subtotal and Average 661,161.73 341,212.71921 3.8824.067 Treasury Securities - Discount
UST2534 495,000.00 488,737.74 01/27/202609/30/2025 493,787.25912797SH1 4,894.04 5,049.513.9303.827 26 UST2535 1,000,000.00 988,374.09 03/17/202611/25/2025 992,810.00912797SZ1 3,840.70 4,435.913.8333.736 75 UST2536 290,000.00 287,122.82 03/17/202612/08/2025 287,914.90912797SZ1 697.50 792.083.3963.607 75 Portfolio PLST
CC
Run Date: 02/01/2026 - 21:50 PM (PRF_PM8) 7.3.11
Par Value Book Value
Maturity
Date
Accrued
InterestMarket Value
December 31, 2025
Portfolio Details with Earnings - Investments
Average
BalanceIssuer
Portfolio Management
CITY OF PLEASANTON
CUSIP Investment #
Purchase
Date
Days To
Maturity
Unrealized
Gain/Loss
Current
Rate YTM
1,764,234.651,774,512.151,785,000.001,699,400.46Subtotal and Average 9,432.24 10,277.5061 3.7893.741 Federal Agency Issues - Callable
FNMA4556 3,000,000.00 3,000,000.00 01/28/202601/28/2021 2,993,400.003135G06R9 7,012.50 -6,600.000.5500.550 27 FHLB4558 3,000,000.00 3,000,000.00 02/12/202602/12/2021 2,989,500.003130AKXQ4 6,950.00 -10,500.000.1100.600 42 FHLB4560 3,000,000.00 3,000,000.00 02/17/202602/17/2021 2,988,570.003130AL3S1 6,979.17 -11,430.000.6250.625 47 FHLB4562 3,125,000.00 3,122,500.00 02/24/202602/24/2021 3,111,187.503130AKXJ0 6,614.58 -11,312.500.6160.600 54 FHLB4563 3,000,000.00 3,000,000.00 02/24/202602/24/2021 2,987,190.003130ALCV4 7,937.50 -12,810.000.7500.750 54 FHLB4559 3,000,000.00 3,000,000.00 02/26/202602/26/2021 2,986,470.003130AKZ25 6,770.83 -13,530.000.6500.650 56 FHLB4565 3,000,000.00 3,000,000.00 03/16/202603/16/2021 2,982,720.003130ALDN1 7,000.00 -17,280.000.8000.800 74 FFCB4575 3,000,000.00 3,000,000.00 03/25/202603/25/2021 2,982,720.003133EMUK6 8,400.00 -17,280.001.0501.050 83 FHLB4578 3,000,000.00 2,998,050.00 03/30/202603/30/2021 2,981,190.003130ALNT7 7,431.67 -16,860.000.9930.980 88 FHLB4580 3,000,000.00 2,995,500.00 04/15/202604/15/2021 2,976,690.003130ALUC6 6,460.00 -18,810.001.0501.020 104 FHLB4585 2,795,000.00 2,795,000.00 05/19/202605/20/2021 2,765,345.053130AMCL4 3,326.05 -29,654.951.0191.020 138 FHLB4588 3,000,000.00 2,998,950.00 05/26/202605/26/2021 2,967,360.003130AMGW6 2,858.33 -31,590.000.9870.980 145 FHLB4590 2,750,000.00 2,746,562.50 05/26/202606/02/2021 2,720,190.003130AMHB1 2,339.41 -26,372.500.9000.875 145 FFCB4595 3,000,000.00 2,997,000.00 06/15/202606/24/2021 2,963,790.003133EMH21 1,200.00 -33,210.000.9200.900 165 FHLB4592 3,000,000.00 3,000,000.00 06/30/202606/30/2021 2,961,480.003130AMSL7 85.83 -38,520.001.0301.030 180 FHLB4594 3,000,000.00 3,000,000.00 06/30/202606/30/2021 2,963,430.003130AMYA4 89.17 -36,570.001.0701.070 180 FHLB4597 3,000,000.00 2,999,250.00 07/14/202607/14/2021 2,958,270.003130AMWK4 14,195.00 -40,980.001.0251.020 194 FHLB4598 3,000,000.00 2,983,500.00 09/30/202609/30/2021 2,940,990.003130AP2P9 6,976.67 -42,510.001.0330.920 272 FHLB4599 3,000,000.00 2,997,750.00 10/14/202610/14/2021 2,940,240.003130APC94 6,865.83 -57,510.001.0851.070 286 FHLB4600 530,000.00 526,947.20 11/24/202612/09/2021 519,373.503130APU78 708.14 -7,573.701.4201.300 327 FHLB4601 1,840,000.00 1,829,401.60 11/24/202612/09/2021 1,803,108.003130APUR4 2,458.44 -26,293.601.4201.300 327 FHLB4602 3,000,000.00 2,988,000.00 12/01/202612/09/2021 2,940,420.003130APVC6 3,437.50 -47,580.001.4581.375 334 FHLB4605 3,000,000.00 2,999,250.00 12/29/202601/03/2022 2,937,390.003130AQG80 236.67 -61,860.001.4251.420 362 FHLB4606 3,000,000.00 2,982,750.00 12/29/202601/10/2022 2,937,390.003130AQG80 236.67 -45,360.001.5401.420 362 FHLB4603 3,000,000.00 3,000,000.00 12/30/202612/30/2021 2,936,250.003130AQEC3 20,664.17 -63,750.001.3701.370 363 FHLB4604 3,000,000.00 2,998,500.00 12/30/202612/30/2021 2,936,400.003130AQEF6 20,739.58 -62,100.001.3851.375 363 FHLB4607 3,000,000.00 2,975,010.00 01/28/202702/08/2022 2,943,870.003130AQLD3 22,312.50 -31,140.001.9261.750 392 FHLB4608 3,000,000.00 2,995,500.00 02/25/202703/08/2022 2,949,930.003130AQW66 21,840.00 -45,570.002.1112.080 420 UST4610 3,000,000.00 2,995,664.06 08/15/202707/23/2025 3,012,660.0091282CLG4 42,493.21 16,995.943.8223.750 591 82,925,085.3682,077,524.0583,040,000.0082,925,085.36Subtotal and Average 244,619.42 -847,561.31208 1.1671.154 Supranationals
IFC7000 1,000,000.00 980,200.00 02/26/202606/28/2021 994,560.0045950VPS9 1,736.11 14,360.000.9350.500 56 IFC7011 1,000,000.00 1,007,230.00 01/15/202706/30/2025 1,007,190.0045950KDF4 20,168.61 -40.003.8864.375 379 Portfolio PLST
CC
Run Date: 02/01/2026 - 21:50 PM (PRF_PM8) 7.3.11
Par Value Book Value
Maturity
Date
Accrued
InterestMarket Value
December 31, 2025
Portfolio Details with Earnings - Investments
Average
BalanceIssuer
Portfolio Management
CITY OF PLEASANTON
CUSIP Investment #
Purchase
Date
Days To
Maturity
Unrealized
Gain/Loss
Current
Rate YTM
Supranationals
IBFRAD7005 2,000,000.00 1,972,780.00 07/12/202806/18/2025 1,996,400.00459058KT9 32,861.11 23,620.003.9753.500 923 3,960,210.003,998,150.004,000,000.003,960,210.00Subtotal and Average 54,765.83 37,940.00570 3.2002.980 Asset Backed Securities
BMW7007 175,000.00 174,996.15 06/26/202806/10/2025 176,523.31096912AD2 57.72 1,527.164.4724.430 907 TOYLOT7013 805,000.00 804,855.91 11/20/202809/17/2025 807,118.5289240NAD4 1,734.38 2,262.613.8723.960 1054 MBENZ7016 1,260,000.00 1,259,793.23 04/16/202910/22/2025 1,261,348.0758770XAD5 3,564.12 1,554.844.4714.520 1201 HYU7006 265,000.00 264,976.07 12/17/202906/11/2025 267,558.2844935XAD7 438.80 2,582.214.4044.360 1446 2,504,621.362,512,548.182,505,000.002,504,621.36Subtotal and Average 5,795.02 7,926.821159 4.2724.317 Compounding CD's
VCBSYS 1091-3 254,392.57 254,392.57 04/11/202604/11/2025 254,392.57SYS 1091-3 3,239.50 0.004.1504.150 100 254,392.57254,392.57254,392.57254,392.57Subtotal and Average 3,239.50 0.00100 4.1504.150 249,719,305.42 249,507,864.40 250,119,318.37 3.084 427 3.020 1,771,673.17 -611,453.97236,472,093.63Total and Average Portfolio PLST
CC
Run Date: 02/01/2026 - 21:50 PM (PRF_PM8) 7.3.11
Par Value Book Value
Accrued
InterestMarket Value
December 31, 2025
Portfolio Details with Earnings - Cash
Average
BalanceIssuer
Portfolio Management
CITY OF PLEASANTON
CUSIP Investment #
Purchase
Date
Days To
Maturity
Unrealized
Gain/Loss
Current
Rate YTM
Gov't Money Market
BNYT7-3 0.00 0.0007/01/2025 0.00SYS CASH 0.00 0.000.0000.000 1 249,719,305.42 249,507,864.40 250,119,318.37 3.084 427 3.020 1,771,673.17 -611,453.97
0.00 236,472,093.63
Average Balance
Total Cash and Investments
Portfolio PLST
CC
Run Date: 02/01/2026 - 21:50 PM (PRF_PM8) 7.3.11
Par Value
Stated
Rate
December 31, 2025
Investment Status Report - Investments
Portfolio Management
Book Value
Maturity
Date
Current
Principal
CITY OF PLEASANTON
S&P
YTM
Moody'sCUSIP Investment # Issuer
Purchase
Date
Accrued Interest
At Purchase
Certificates of Deposit - Bank
FREMON1093.-7 240,217.87 240,217.873.44502/21/20261093-7 11/21/2025 240,217.873.445 240,217.87Certificates of Deposit - Bank Totals 240,217.870.003.445240,217.87 LAIF
LAIF5 56,500,000.00 56,500,000.004.480SYS5 56,500,000.004.480 56,500,000.00LAIF Totals 56,500,000.000.004.48056,500,000.00 Gov't Money Market
DRYFUS7-1 125,401.22 125,401.224.110X9USDCRGO 125,401.224.110 DRYFUS7-2 4,449,293.76 4,449,293.764.110X9USDCRGO 4,449,293.764.110 4,574,694.98Gov't Money Market Totals 4,574,694.980.004.1104,574,694.98 Medium Term Notes
TOYOTA6067 1,500,000.00 1,479,570.000.80001/09/202689236THW8 A Received03/09/2021 1,479,570.00A1.090 APPL6065 2,000,000.00 1,996,860.000.70002/08/2026037833EB2 Aaa02/08/2021 1,996,860.00AA0.732 APPL6066 3,000,000.00 3,331,380.003.25002/23/2026037833BY5 Aaa02/23/2021 3,331,380.00AA0.981 JP6068 3,000,000.00 3,000,000.001.10006/22/202646632FSCO Aa06/22/2021 3,000,000.00AA1.100 CATERP6095 500,000.00 501,455.004.40010/15/202714913UAR1 A Received06/17/2025 501,455.00A4.265 CATERP6105 1,000,000.00 1,005,920.004.40010/15/202714913UAR1 A Received07/22/2025 1,005,920.00A4.117 MMC6108 1,000,000.00 1,006,950.004.55011/08/2027571748BY7 A Received07/22/2025 1,006,950.00A4.226 ELI LI6082 500,000.00 502,955.004.55002/12/2028532457CU0 Aa Received03/20/2025 502,955.00A4.329 STESTR6085 500,000.00 500,095.004.53602/28/2028857477CU5 Aa Received03/20/2025 500,095.00A4.528 JPMCC6115 750,000.00 739,305.003.54005/01/202846647PAF3 A Received07/23/2025 739,305.00A4.088 DUKE E6090 500,000.00 491,355.003.80007/15/202826444HAE1 A Received04/22/2025 491,355.00A4.378 DUKE E6114 750,000.00 744,285.003.80007/15/202826444HAE1 A Received07/23/2025 744,285.00A4.074 CITI6116 750,000.00 736,972.503.59107/22/202861744YAK4 A Received07/23/2025 736,972.50A4.214 PROLOG6084 500,000.00 490,595.004.00009/15/202874340XBX8 A Received03/20/2025 490,595.00A4.590 PROLOG6111 750,000.00 744,652.504.00009/15/202874340XBX8 A Received07/22/2025 744,652.50A4.243 AMZ6135 925,000.00 924,796.503.90011/20/2028023135CS3 A11/20/2025 924,796.50AA3.800 BOFA6118 750,000.00 733,402.503.41912/20/202806051GHD4 A Received07/23/2025 733,402.50A4.122 JDCC6073 500,000.00 491,705.004.50001/16/202924422EXH7 A Received01/15/2025 491,705.00A4.962 JDCC6106 1,000,000.00 1,009,040.004.50001/16/202924422EXH7 A Received07/22/2025 1,009,040.00A4.218 RBC6080 500,000.00 501,950.004.96501/24/202978017DAA6 A Received02/20/2025 501,950.00A4.854 PCAR6083 500,000.00 501,095.004.60001/31/202969371RS80 A Received03/20/2025 501,095.00A4.532 Portfolio PLST
CC
Run Date: 02/01/2026 - 21:50 PM (PRF_PMS) 7.3.11
Report Ver. 7.3.11
Par Value
Stated
Rate
December 31, 2025
Investment Status Report - Investments
Portfolio Management
Book Value
Maturity
Date
Current
Principal
CITY OF PLEASANTON
S&P
YTM
Moody'sCUSIP Investment # Issuer
Purchase
Date
Accrued Interest
At Purchase
Medium Term Notes
BNYT6074 500,000.00 493,470.004.54302/01/202906406RBN6 Aa Received01/15/2025 493,470.00A4.902 USBANC6087 500,000.00 498,370.004.65302/01/202991159HJK7 A Received04/22/2025 498,370.00A4.746 APC6086 500,000.00 503,835.004.60002/08/2029009158BH8 A Received04/21/2025 503,835.00A4.377 RIC6128 1,000,000.00 1,014,460.004.75002/15/2029 756109CF9 A Received07/23/2025 1,014,460.00A4.307 CISCO6089 500,000.00 509,240.004.85002/26/202917275RBR2 A Received04/21/2025 509,240.00AA4.322 ABBVIE6079 500,000.00 500,950.004.80003/15/202900287YDS5 A Received02/20/2025 500,950.00A4.747 MMC6091 500,000.00 496,995.004.37503/15/2029571748BG6 A Received05/23/2025 496,995.00A4.547 MET6130 1,000,000.00 1,029,130.005.25004/12/202958989V2H6 Aa Received07/22/2025 1,029,130.00AA4.391 PSEG6120 1,000,000.00 962,760.003.20005/15/202974456QBY1 A Received07/23/2025 962,760.00A4.268 UHGI6078 500,000.00 485,910.004.00005/15/202991324PEH1 A Received02/20/2025 485,910.00A4.741 AMEX6125 1,000,000.00 999,420.004.35107/20/2029025816EJ4 A07/25/2025 999,420.00A4.530 MS6069 500,000.00 505,770.005.44907/20/202961747YFF7 A Received12/20/2024 505,770.00A5.162 MS6133 250,000.00 257,092.505.44907/20/202961747YFF7 A Received07/22/2025 257,092.50A4.800 BOFA6076 500,000.00 484,830.004.27107/23/202906051GHM4 A Received01/15/2025 484,830.00A5.029 BOFA7010 250,000.00 249,435.004.27107/23/202906051GHM4 A Received07/22/2025 249,435.00A4.333 JPMCC6070 500,000.00 504,480.005.29907/24/202946647PDU7 A Received12/20/2024 504,480.00A5.077 JPMCC6107 250,000.00 256,410.005.29907/24/202946647PDU7 A Received07/22/2025 256,410.00A4.591 CHUBB6088 500,000.00 503,710.004.65008/15/2029171239AL0 A Received04/21/2025 503,710.00A4.458 METAPF6081 500,000.00 496,715.004.30008/15/202930303M8S4 Aa Received03/20/2025 496,715.00AA4.465 SSC6092 500,000.00 493,045.004.14112/03/2029857477BD4 Aa Received05/23/2025 493,045.00A4.484 TOYOTA6134 1,500,000.00 1,544,835.004.95001/09/203089236TNA9 A Received08/28/2025 1,544,835.00A4.192 34,225,201.50Medium Term Notes Totals 34,225,201.500.003.42433,925,000.00 Federal Agency Issues - Coupon
FHLB3576 3,000,000.00 2,995,657.091.25012/21/20263130AQF65 Aa12/22/2021 2,995,657.09AA1.280 2,995,657.09Federal Agency Issues - Coupon Totals 2,995,657.090.001.2803,000,000.00 Treasury Securities - Coupon
UST2384 1,000,000.00 1,005,625.004.87504/30/202691282CKK6 Aa Received06/18/2025 1,005,625.00AA4.202 UST2382 1,000,000.00 1,002,695.314.37507/31/202691282CLB5 Aa Received06/17/2025 1,002,695.31AA4.123 UST2401 3,000,000.00 3,019,453.134.62509/15/202691282CHY0 Aa Received07/22/2025 3,019,453.13AA4.038 UST2357 750,000.00 747,421.884.12510/31/202691282CLS8 Aa12/20/2024 747,421.88AA3.433 UST2406 3,000,000.00 3,010,312.504.25011/30/202691282CLY5 Aa Received07/22/2025 3,010,312.50AA3.984 UST2402 3,000,000.00 3,002,109.384.00001/15/202791282CJT9 Aa Received07/22/2025 3,002,109.38AA3.950 Portfolio PLST
CC
Run Date: 02/01/2026 - 21:50 PM (PRF_PMS) 7.3.11
Par Value
Stated
Rate
December 31, 2025
Investment Status Report - Investments
Portfolio Management
Book Value
Maturity
Date
Current
Principal
CITY OF PLEASANTON
S&P
YTM
Moody'sCUSIP Investment # Issuer
Purchase
Date
Accrued Interest
At Purchase
Treasury Securities - Coupon
UST2369 750,000.00 750,644.534.12502/28/202791282CMP3 Aa Received03/20/2025 750,644.53AA4.078 UST2416 1,945,000.00 1,960,575.204.12502/28/202791282CMP3 Aa Received10/20/2025 1,960,575.20AA3.515 UST2373 750,000.00 750,966.803.87503/31/202791282CMV0 Aa Received04/21/2025 750,966.80AA3.805 UST2375 1,000,000.00 995,273.443.75004/30/202791282CMY4 Aa Received05/23/2025 995,273.44AA4.005 UST2387 1,000,000.00 1,014,765.634.62506/15/202791282CKV2 Aa Received06/05/2025 1,014,765.63AA3.860 UST2420 2,000,000.00 1,999,609.383.50010/31/202791282CPE5 Aa Received11/25/2025 1,999,609.38AA3.510 UST2356 750,000.00 745,810.554.12511/15/202791282CLX7 Aa12/20/2024 745,810.55AA4.331 UST2364 750,000.00 745,283.204.25001/15/202891282CMF5 Aa01/15/2025 745,283.20AA4.476 UST2370 750,000.00 746,279.303.87503/15/202891282CMS7 Aa Received03/20/2025 746,279.30AA4.053 UST2372 1,000,000.00 998,515.633.75004/15/202891282CMW8 Aa Received04/21/2025 998,515.63AA3.803 UST2366 750,000.00 735,000.003.62505/31/202891282CHE4 Aa Received02/20/2025 735,000.00AA3.748 UST2389 450,000.00 447,328.133.62505/31/202891282CHE4 Aa Received06/05/2025 447,328.13AA3.314 UST2385 1,500,000.00 1,499,003.913.87506/15/202891282CNH0 Aa Received06/18/2025 1,499,003.91AA3.899 UST2411 3,000,000.00 3,008,203.133.87507/15/202891282CNM9 Aa Received07/23/2025 3,008,203.13AA3.777 UST2367 750,000.00 751,699.224.37508/31/202891282CHX2 Aa Received02/20/2025 751,699.22AA4.305 UST2390 500,000.00 506,269.534.37508/31/202891282CHX2 Aa Received06/17/2025 506,269.53AA4.395 UST2415 3,000,000.00 2,978,671.883.37509/15/202891282CNY3 Aaa Received09/30/2025 2,978,671.88AAA3.640 UST2365 750,000.00 751,875.004.62509/30/202891282CJA0 Aa Received01/15/2025 751,875.00AA4.549 UST2399 500,000.00 510,214.844.62509/30/202891282CJA0 Aa Received06/17/2025 510,214.84AA3.954 UST2412 750,000.00 771,855.474.62509/30/202891282CJA0 Aa Received08/29/2025 771,855.47AA3.618 UST2371 750,000.00 762,890.634.37511/30/202891282CJN2 Aa Received04/21/2025 762,890.63AA3.859 UST2407 2,250,000.00 2,290,781.254.37511/30/202891282CJN2 Aa Received07/23/2025 2,290,781.25AA3.793 UST2374 1,000,000.00 997,890.634.00001/31/202991282CJW2 Aa Received05/23/2025 997,890.63AA4.061 UST2403 2,000,000.00 2,010,937.504.00001/31/202991282CJW2 Aa Received07/22/2025 2,010,937.50AA3.832 UST2383 1,250,000.00 1,261,132.814.12503/31/202991282CKG5 Aa Received06/05/2025 1,261,132.81AA3.871 UST2408 1,750,000.00 1,768,525.394.12503/31/202991282CKG5 Aa Received07/23/2025 1,768,525.39AA3.813 UST2388 1,500,000.00 1,529,707.034.50005/31/202991282CKT7 Aa Received06/18/2025 1,529,707.03AA3.953 UST2405 1,500,000.00 1,534,511.724.50005/31/202991282CKT7 Aa Received07/22/2025 1,534,511.72AA3.851 UST2409 3,000,000.00 3,018,281.254.00007/31/202991282CLC3 Aa Received07/23/2025 3,018,281.25AA3.835 UST2410 3,000,000.00 3,032,226.564.12511/30/202991282CMA6 Aa Received07/23/2025 3,032,226.56AA3.854 UST2413 1,500,000.00 1,533,750.004.25001/31/203091282CMG3 Aa Received08/29/2025 1,533,750.00AA3.693 UST2414 3,000,000.00 2,971,875.003.50004/30/203091282CGZ8 Aa Received09/30/2025 2,971,875.00AAA4.221 UST2421 3,000,000.00 3,007,031.253.75006/30/203091282CHJ3 Aa Received12/08/2025 3,007,031.25AA3.693 60,175,002.99Treasury Securities - Coupon Totals 60,175,002.990.003.88259,895,000.00 Portfolio PLST
CC
Run Date: 02/01/2026 - 21:50 PM (PRF_PMS) 7.3.11
Par Value
Stated
Rate
December 31, 2025
Investment Status Report - Investments
Portfolio Management
Book Value
Maturity
Date
Current
Principal
CITY OF PLEASANTON
S&P
YTM
Moody'sCUSIP Investment # Issuer
Purchase
Date
Accrued Interest
At Purchase
Treasury Securities - Discount
UST2534 495,000.00 488,737.743.82701/27/2026912797SH1 P-109/30/2025 488,737.74A3.930 UST2535 1,000,000.00 988,374.093.73703/17/2026912797SZ1 P-111/25/2025 988,374.09A3.833 UST2536 290,000.00 287,122.823.60803/17/2026912797SZ1 P-112/08/2025 287,122.82A3.396 1,764,234.65Treasury Securities - Discount Totals 1,764,234.650.003.7891,785,000.00 Federal Agency Issues - Callable
FNMA4556 3,000,000.00 3,000,000.000.55001/28/20263135G06R9 Aa01/28/2021 3,000,000.00AA0.550 FHLB4558 3,000,000.00 3,000,000.000.60002/12/20263130AKXQ4 Aa02/12/2021 3,000,000.00AA0.110 FHLB4560 3,000,000.00 3,000,000.000.62502/17/20263130AL3S1 Aa02/17/2021 3,000,000.00AA0.625 FHLB4562 3,125,000.00 3,122,500.000.60002/24/20263130AKXJ0 Aa02/24/2021 3,122,500.00AA0.616 FHLB4563 3,000,000.00 3,000,000.000.75002/24/20263130ALCV4 Aa02/24/2021 3,000,000.00AA0.750 FHLB4559 3,000,000.00 3,000,000.000.65002/26/20263130AKZ25 Aa02/26/2021 3,000,000.00AA0.650 FHLB4565 3,000,000.00 3,000,000.000.80003/16/20263130ALDN1 Aa03/16/2021 3,000,000.00AA0.800 FFCB4575 3,000,000.00 3,000,000.001.05003/25/20263133EMUK6 Aa03/25/2021 3,000,000.00AA1.050 FHLB4578 3,000,000.00 2,998,050.000.98003/30/20263130ALNT7 Aa03/30/2021 2,998,050.00AA0.993 FHLB4580 3,000,000.00 2,995,500.001.02004/15/20263130ALUC6 Aa04/15/2021 2,995,500.00AA1.051 FHLB4585 2,795,000.00 2,795,000.001.02005/19/20263130AMCL4 Aa Received05/20/2021 2,795,000.00AA1.020 FHLB4588 3,000,000.00 2,998,950.000.98005/26/20263130AMGW6 Aa05/26/2021 2,998,950.00AA0.987 FHLB4590 2,750,000.00 2,746,562.500.87505/26/20263130AMHB1 Aa Received06/02/2021 2,746,562.50AA0.901 FFCB4595 3,000,000.00 2,997,000.000.90006/15/20263133EMH21 Aa Received06/24/2021 2,997,000.00AA0.921 FHLB4592 3,000,000.00 3,000,000.001.03006/30/20263130AMSL7 Aa06/30/2021 3,000,000.00AA1.030 FHLB4594 3,000,000.00 3,000,000.001.07006/30/20263130AMYA4 Aa06/30/2021 3,000,000.00AA1.070 FHLB4597 3,000,000.00 2,999,250.001.02007/14/20263130AMWK4 Aa07/14/2021 2,999,250.00AA1.025 FHLB4598 3,000,000.00 2,983,500.000.92009/30/20263130AP2P9 Aa09/30/2021 2,983,500.00AA1.033 FHLB4599 3,000,000.00 2,997,750.001.07010/14/20263130APC94 Aa10/14/2021 2,997,750.00AA1.085 FHLB4600 530,000.00 526,947.201.30011/24/20263130APU78 Aa Received12/09/2021 526,947.20AA1.421 FHLB4601 1,840,000.00 1,829,401.601.30011/24/20263130APUR4 Aa Received12/09/2021 1,829,401.60AA1.421 FHLB4602 3,000,000.00 2,988,000.001.37512/01/20263130APVC6 Aa Received12/09/2021 2,988,000.00AA1.459 FHLB4605 3,000,000.00 2,999,250.001.42012/29/20263130AQG80 Aa Received01/03/2022 2,999,250.00AA1.425 FHLB4606 3,000,000.00 2,982,750.001.42012/29/20263130AQG80 Aa Received01/10/2022 2,982,750.00AA1.541 FHLB4603 3,000,000.00 3,000,000.001.37012/30/20263130AQEC3 Aa12/30/2021 3,000,000.00AA1.370 FHLB4604 3,000,000.00 2,998,500.001.37512/30/20263130AQEF6 Aa12/30/2021 2,998,500.00AA1.385 FHLB4607 3,000,000.00 2,975,010.001.75001/28/20273130AQLD3 Aa Received02/08/2022 2,975,010.00AA1.926 FHLB4608 3,000,000.00 2,995,500.002.08002/25/20273130AQW66 Aa Received03/08/2022 2,995,500.00AA2.112 Portfolio PLST
CC
Run Date: 02/01/2026 - 21:50 PM (PRF_PMS) 7.3.11
Par Value
Stated
Rate
December 31, 2025
Investment Status Report - Investments
Portfolio Management
Book Value
Maturity
Date
Current
Principal
CITY OF PLEASANTON
S&P
YTM
Moody'sCUSIP Investment # Issuer
Purchase
Date
Accrued Interest
At Purchase
Federal Agency Issues - Callable
UST4610 3,000,000.00 2,995,664.063.75008/15/202791282CLG4 Aa Received07/23/2025 2,995,664.06AA3.823 82,925,085.36Federal Agency Issues - Callable Totals 82,925,085.360.001.16783,040,000.00 Supranationals
IFC7000 1,000,000.00 980,200.000.50002/26/202645950VPS9 Aaa Received06/28/2021 980,200.00AAA0.935 IFC7011 1,000,000.00 1,007,230.004.37501/15/202745950KDF4 Aaa Received06/30/2025 1,007,230.00AAA3.886 IBFRAD7005 2,000,000.00 1,972,780.003.50007/12/2028459058KT9 Aaa Received06/18/2025 1,972,780.00AAA3.975 3,960,210.00Supranationals Totals 3,960,210.000.003.2004,000,000.00 Asset Backed Securities
BMW7007 175,000.00 174,996.154.43006/26/2028096912AD2 06/10/2025 174,996.15AAA4.473 TOYLOT7013 805,000.00 804,855.913.96011/20/202889240NAD4 Aaa09/17/2025 804,855.913.872 MBENZ7016 1,260,000.00 1,259,793.234.52004/16/202958770XAD5 10/22/2025 1,259,793.23AAA4.471 HYU7006 265,000.00 264,976.074.36012/17/202944935XAD7 06/11/2025 264,976.07AAA4.404 2,504,621.36Asset Backed Securities Totals 2,504,621.360.004.2722,505,000.00 Compounding CD's
VCBSYS 1091-3 254,392.57 254,392.574.15004/11/2026SYS 1091-3 04/11/2025 254,392.574.150 254,392.57Compounding CD's Totals 254,392.570.004.150254,392.57 250,119,318.37Investment Totals 250,119,318.370.00249,719,305.42 3.020 Portfolio PLST
CC
Run Date: 02/01/2026 - 21:50 PM (PRF_PMS) 7.3.11
Par Value
Stated
Rate
December 31, 2025
Investment Status Report - Cash
Portfolio Management
Book Value
Maturity
Date
Current
Principal
CITY OF PLEASANTON
S&P
YTM
Moody'sCUSIP Investment # Issuer
Purchase
Date
Accrued Interest
At Purchase
Gov't Money Market
BNYT7-3 0.00 0.00SYS CASH 07/01/2025 0.000.000
0.00Cash Totals
Total Cash and Investments 250,119,318.37
0.00 250,119,318.37
0.00 0.00
0.00 249,719,305.42 3.020
Portfolio PLST
CC
Run Date: 02/01/2026 - 21:50 PM (PRF_PMS) 7.3.11
Stated
Rate
Transaction
Date
December 1, 2025 through December 31, 2025
Activity By Type
Balance
Portfolio Management
CITY OF PLEASANTON
CUSIP Investment # Issuer
Purchases
or Deposits
Redemptions
or Withdrawals
Certificates of Deposit - Bank
240,217.87Subtotal
LAIF (Monthly Summary)
LOCAL AGENCY INVESTMENT FUND5 30,000,000.004.480 0.00SYS5
0.00 56,500,000.00Subtotal 30,000,000.00
Gov't Money Market (Monthly Summary)
Dryfus Govt Cash Mgmt 6727-1 113,976.224.110 4,499,008.70X9USDCRGO Dryfus Govt Cash Mgmt 6727-2 7,746,584.814.110 3,343,372.82X9USDCRGO 7,842,381.52 4,574,694.98Subtotal 7,860,561.03
Medium Term Notes
34,225,201.50Subtotal
Federal Agency Issues - Coupon
2,995,657.09Subtotal
Treasury Securities - Coupon
U S TREASURY2421 3,007,031.253.750 12/08/2025 0.0091282CHJ3
0.00 60,175,002.99Subtotal 3,007,031.25
Treasury Securities - Discount
U S TREASURY2536 287,122.823.608 12/08/2025 0.00912797SZ1
0.00 1,764,234.65Subtotal 287,122.82
Federal Agency Issues - Callable
FREDDIE MAC4554 0.000.620 12/01/2025 3,000,000.003134GXDM3 3,000,000.00 82,925,085.36Subtotal 0.00
Supranationals
3,960,210.00Subtotal
Asset Backed Securities
2,504,621.36Subtotal
Portfolio PLST
CC
Run Date: 02/01/2026 - 21:50 PM (PRF_PM3) 7.3.11
Report Ver. 7.3.11
Stated
Rate
Transaction
Date
December 1, 2025 through December 31, 2025
Activity By Type
Balance
Portfolio Management
CITY OF PLEASANTON
CUSIP Investment # Issuer
Purchases
or Deposits
Redemptions
or Withdrawals
Compounding CD's
254,392.57Subtotal
250,119,318.37Total 10,842,381.5241,154,715.10
Portfolio PLST
CC
Run Date: 02/01/2026 - 21:50 PM (PRF_PM3) 7.3.11
December 2024 through December 2025
Activity Summary
Month
Portfolio Management
End Year
Number of
Securities
Average
Balance
360
Equivalent
365
Equivalent
Managed
Pool
Rate
Average
Term
Average
Days to Maturity
CITY OF PLEASANTON
Number
of Investments
Purchased
Number
of Investments
Redeemed
Yield to Maturity
225,183,251.16December 2024 76 1,405 3451.775 1.799 4.480 6 1 241,044,442.47January 2025 80 1,384 3341.844 1.870 4.480 5 2 242,039,662.99February 2025 83 1,385 3291.868 1.894 4.480 5 1 242,036,422.49March 2025 90 1,349 3251.942 1.969 4.480 8 4 255,472,697.89April 2025 95 1,243 2962.172 2.202 4.480 9 1 267,798,757.09May 2025 98 1,235 2872.211 2.242 4.480 4 1 261,524,567.29June 2025 112 1,222 3182.327 2.360 4.480 15 5 256,553,057.45July 2025 136 1,128 4422.781 2.820 4.480 29 15 235,977,919.77August 2025 125 1,247 4822.639 2.676 4.480 4 4 229,188,857.97September 2025 127 1,235 4972.732 2.770 4.480 4 4 229,408,540.73October 2025 126 1,221 4822.772 2.811 4.480 2 1 224,548,850.87November 2025 129 1,261 4892.736 2.778 4.480 4 3 236,472,093.63December 2025 128 1,107 4272.975 3.020 4.480 2 1 Average 242,090,577.81 2.367% 2.401% 4.480 7 3 1,263 389108 Portfolio PLST
CC
Run Date: 02/01/2026 - 21:50 PM (PRF_PM4) 7.3.11
Report Ver. 7.3.11
December 2024 through December 2025
Distribution of Investments By Type
Portfolio Management
CITY OF PLEASANTON
AverageJanuaryDecember February
2024 2025 by Period
AprilMarch May
2025 2025
JulyJune August
2025 2025
September November
2025 2025
December
2025Security Type
October
2025202520252025
0.2 0.20.2Certificates of Deposit - Bank 0.2 0.20.2 0.1 0.20.2 0.1 0.10.1 0.1 0.2% Certificates of Deposit - S & L
22.0 22.022.0LAIF 27.6 27.622.0 23.3 15.925.7 15.9 12.115.9 22.6 21.1% Fidelity - Government Fund
1.1 0.80.4Gov't Money Market 2.0 2.02.2 1.8 1.92.1 2.0 2.12.0 1.8 1.7% Managed Pool Accounts -4
Passbook/Checking Accounts
9.5 9.39.4Medium Term Notes 7.6 7.97.3 13.3 14.58.4 14.5 15.614.5 13.7 11.2% Bankers Acceptances
Commercial Paper - Discount
1.2 1.21.2Federal Agency Issues - Coupon 1.1 1.11.2 1.2 1.31.2 1.3 1.41.3 1.2 1.2% Federal Agency Issues - Discount
1.2 1.90.6Treasury Securities - Coupon 3.2 3.92.5 18.3 21.17.8 24.3 26.023.5 24.1 12.2% Treasury Securities - Discount 1.0 0.2 0.2 0.70.2 0.7 0.2%
64.3 64.265.8Federal Agency Issues - Callable 58.1 56.964.2 39.2 42.953.2 38.7 39.140.1 33.2 50.8%
0.4 0.40.4Supranationals 0.4 0.40.4 1.6 1.71.1 1.7 1.81.7 1.6 1.1% Miscellaneous Securities - Discount
Asset Backed Securities 0.2 0.20.2 1.1 1.10.5 1.0 0.3%
Compounding CD's 0.1 0.1 0.10.1 0.1
Portfolio PLST
CC
Run Date: 02/01/2026 - 21:50 PM (PRF_PM5) 7.3.11
Report Ver. 7.3.11
December 31, 2025
Interest Earnings Summary
Month EndingDecember 31 Fiscal Year To Date
Portfolio Management
CITY OF PLEASANTON
CD/Coupon/Discount Investments:
593,240.00Interest Collected
Plus Accrued Interest at End of Period
Less Accrued Interest at Beginning of Period
1,384,686.58
( 1,522,137.72)
2,153,064.18
1,384,795.24
( 828,729.03)
Less Accrued Interest at Purchase During Period ( 49,218.75) ( 517,757.17) Interest Earned during Period
Adjusted by Capital Gains or Losses
Earnings during Periods
406,570.11
0.00 2,191,373.22
-746,887.04
406,570.11 1,444,486.18
Pass Through Securities:
8,339.37Interest Collected
Plus Accrued Interest at End of Period
Less Accrued Interest at Beginning of Period
5,795.02
( 5,897.01)
25,537.17
5,795.02
( 1,094.12)
Less Accrued Interest at Purchase During Period ( 0.00) ( 0.00) Interest Earned during Period
Adjusted by Premiums and Discounts
Adjusted by Capital Gains or Losses
Earnings during Periods
8,237.38
0.00 0.00
26,493.21
0.00 0.00
8,237.38 26,493.21
Cash/Checking Accounts:
13,892.71Interest Collected
Plus Accrued Interest at End of Period
Less Accrued Interest at Beginning of Period
381,191.57
( 212,539.36)
1,391,795.55
381,191.57
( 721,140.82)
Interest Earned during Period 182,544.92 1,051,846.30
Total Interest Earned during Period
Total Capital Gains or Losses
Total Earnings during Period
597,352.41
0.00 3,269,712.73
-746,887.04
597,352.41 2,522,825.69
Portfolio PLST
CC
Run Date: 02/01/2026 - 21:50 PM (PRF_PM6) 7.3.11
Report Ver. 7.3.11
CITY OF PLEASANTON
PARS Post-Employment Benefits Trust 12/1/2025 to 12/31/2025 Susan Hsieh
Director of Finance
City of Pleasanton
123 Main Street
Pleasanton, CA 94566
Account Summary
Source 12/1/2025 Contributions Earnings Expenses Distributions Transfers 12/31/2025 PENSION - Short Term 1075 $21,507,224.52 $0.00 $83,524.00 $5,901.56 $0.00 $0.00 $21,584,846.96 PENSION - Long Term 1076 $38,259,343.75 $0.00 $136,634.72 $10,591.91 $0.00 $0.00 $38,385,386.56 Totals $59,766,568.27 $0.00 $220,158.72 $16,493.47 $0.00 $0.00 $59,970,233.52 Investment Selection
Source
PENSION - Short Term
PENSION - Long Term
Investment Objective
Source
PENSION - Short Term
PENSION - Long Term
Investment Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years PENSION - Short Term 0.39% 1.42% 7.39% 7.26% 3.87% - 6/21/2018 PENSION - Long Term 0.36% 2.33% 15.63% 14.63% 7.90% - 6/21/2018 Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value Headquarters - 4350 Von Karman Ave., Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949.250.1250 www.pars.org Balance as of
Individual Custom Account
City of Pleasanton - Capital Growth
Plan's Inception Date
Account balances are inclusive of Trust Administration, Trustee and Investment Management fees Annualized Return
Investment Return: Annualized rate of return is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year return.
Past performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns. Information is deemed reliable but may be subject to change.
Individual Custom Account
Account Report for the Period
Balance as of
City of Pleasanton
MALIA M. COHEN
California State Controller
LOCAL AGENCY INVESTMENT FUND
REMITTANCE ADVICE
Agency Name
Account Number
PLEASANTON
As of 1/15/2026, your Local Agency Investment Fund account has been directly credited with the interest earned on your deposits for the quarter ending 12/31/2025.
Earnings Ratio
Interest Rate
Dollar Day Total
Quarter End Principal Balance
Quarterly Interest Earned
$
$
$
0.00011512010685708
4.20%
3,403,526,907.22
56,500,000.00
391,814.38
Item #3
CITY COUNCIL AGENDA REPORT
February 17, 2026
Public Works - Engineering Division
TITLE: AUTHORIZE THE CITY MANAGER TO ENTER INTO A SUBDIVISION IMPROVEMENT AGREEMENT WITH ROBSON HOMES, LLC FOR TRACT 8631
AND ADOPT A RESOLUTION OF SUMMARY VACATION FOR A PUBLIC SERVICE EASEMENT LOCATED AT 475 SAINT JOHN STREET
SUMMARY
Robson Homes, LLC processed a development application for a mixed-use subdivision that includes 14 single-family lots, one commercial lot, and three common area parcels at 475 Saint John Street. The 2-acre property is located in downtown Pleasanton on the north side of Saint John Street, south of the Arroyo del Valle Creek. The site was previously occupied by Barone’s Restaurant, which has since been demolished, and grading improvements have started.
The proposed “Saint John” development includes a two-and-a-half-story detached single- family home with zero side setbacks, as well as two single-story retail/commercial buildings with a plaza and parking lot. All units are accessible from a private road, Barone Lane, located off Saint John Street.
Staff reviewed the final map for Tract 8631, improvement plans, and the Subdivision Improvement Agreement, and found the documents to be in substantial conformance with the requirements of the entitlement approvals. Staff therefore recommends approval of these documents.
With the development, the improvements conflict with a portion of a public service easement (PSE) granted to the City in 1976. The existing PSE is ten feet wide, beginning along the Saint John Street frontage and continuing north along the western side of the property, terminating at the north, where the property abuts Arroyo del Valle Creek. This PSE must be vacated by the City to accommodate the approved development. A replacement PSE will be granted with the recording of Tract Map 8631.
RECOMMENDATION
1. Authorize the City Manager to execute the Subdivision Improvement Agreement with Robson Homes, LLC (Attachment 1).
2. Authorize the City Engineer to approve the final map (Attachment 2) and improvement plans for Tract 8631.
3. Authorize the City Clerk to record the final map with the Alameda County Clerk- Recorder, including the acceptance of a public service easement for utility services, a public water line easement for water services, as well as an easement for emergency vehicle access, all as offered for dedication to the City on the final map.
4. Approve the Resolution of Summary Vacation for the PSE (Attachment 4) to be
vacated.
BACKGROUND
Robson Homes, LLC processed a Design Review Approval and Vesting Tentative Map 8631 pursuant to the application filed as P21-1173 for the 2.06-acre property located at 475 Saint John Street. See Attachment 3 for the vicinity map. Public hearings were conducted as follows.
BOARD/COMMITTEE/COMMISSION ACTION
On October 23, 2024, the Planning Commission approved the Design Review and Vesting Tentative Map 8631 entitlements.
COUNCIL ACTION
On January 9, 2025, the City Council adopted Resolutions Nos. 2025-001 and 2025-002, thus approving the entitlements and Vesting Tentative Map 8631.
DISCUSSION
Approval of the final map for Tract 8631, where the map substantially complies with the conditions of approval for the vesting tentative map, is a ministerial act by the City Council, as per California Government Code Section 66474.1. The developer provided surety bonds in conformance with California Government Code Section 66499. Submitted surety bonds assure both the developer’s performance and payment for labor and materials. The agreement also requires the developer to guarantee completed improvements for a period of one year.
The on-site sanitary sewer and storm drainage networks, as well as the private roads and common areas, will be owned and managed by a homeowners association (HOA). A public water main extends into the subdivision, metering each home and commercial building within easements dedicated to the City. The private road will accommodate emergency vehicle access and provide space for utilities (electricity, gas, and telecommunication services).
Staff reviewed the final map, improvement plans, and Subdivision Improvement Agreements, and found the documents to be in substantial conformance with the requirements of City Council Resolutions Nos. 2025-001 and 2025-002, and the associated conditions of approval.
Staff therefore recommends approval of these documents. The complete set of Improvement Plans for Tract 8631 is provided as Attachment 5 and is available for public review via a Laserfiche web link, due to file size.
California Streets and Highways Code § 8330 et seq. establishes the procedure by which the City may vacate a public easement. This process requires formal notice to all parties that may benefit from the easement. The beneficiaries of the public service easement (PSE) proposed for vacation include utility providers operating within the City of Pleasanton, such as PG&E, AT&T, Comcast, and others.
When an easement has not been utilized for its intended purpose, state law allows the City to use a simplified “summary” vacation process. Under this process, easement beneficiaries are afforded the opportunity to protest the proposed vacation. The City provided formal notice to each potential easement beneficiary requesting confirmation of any objection to the proposed PSE vacation. No objections were received within the prescribed response period.
As the City’s legislative body, the City Council is authorized to summarily vacate public easements that are no longer necessary or relevant. The PSE granted by Instrument No. 76- 99334 qualifies for vacation because planned improvements will occupy the easement area, and no public utility facilities currently exist within the easement.
Adoption of the Resolution of Summary Vacation for the public service easement (Attachment 4), together with the recordation of Tract Map 8631, effectuates the removal of the existing PSE and the dedication of a replacement PSE.
CALIFORNIA ENVIRONMENTAL QUALITY ACT (CEQA)
City Council Resolution No. 2025-001 confirmed, under CEQA Guidelines Section 15183 (Consistency Checklist), that no additional environmental review is required because the development application is consistent with the General Plan and Zoning and will not have site-specific impacts.
EQUITY AND SUSTAINABILITY
Not applicable, as this item is an administrative matter of City business.
OUTREACH
Approval of the development application involved public hearings before both the Planning Commission and City Council. Condition of Approval 27 of Resolution No. 2025-001 requires the subdivider to notify neighbors within 300 feet of the project site of the construction schedule.
Notification letters were sent to easement beneficiaries, as required by California Streets and Highways Code §8335(b)(5). No easement beneficiary submitted an objection to the proposed PSE vacation.
STRATEGIC PLAN ALIGNMENT
Approval of this action advances the ONE Pleasanton strategic goal of Building a Community Where Everyone Belongs.
FISCAL IMPACT
The proposed project is anticipated to result in limited additional long-term operation, maintenance, and replacement costs to the City compared to the existing condition. On-site sanitary sewer and storm drainage facilities, as well as private roads and common areas, will be privately owned and maintained by an HOA or other private entity and will not become a City responsibility.
The project includes public water infrastructure that will be owned and maintained by the City.
Ongoing operation, maintenance, and future replacement costs associated with public water facilities will be addressed through the City’s established water enterprise fund and incorporated into future water rate analyses, consistent with standard City practice. No other public infrastructure requiring City maintenance is proposed as part of the project.
This development is expected to generate the following approximate revenue from impact fees:
Impact Fee Subtotal
Capital Facilities Fee $612,000
Transportation Development Fee $140,000
Tri-Valley Transportation Development Fee $118,000
Affordable Housing Fee $2,105,000
Total $2,975,000
Prepared by: Submitted by: Approved by:
Adam Nelkie, Assistant Dir.
of Public Works -
Engineering
Siew-Chin Yeong, Director of Public
Works
Gerry Beaudin, City
Manager
Attachments:
1. Subdivision Improvement Agreement
2. Final Map for Tract 8631
3. Vicinity Map
4. Resolution of Summary Vacation for Public Service Easement
5. Subdivision Improvement Plans – Tract 8631
ATTACHMENT 3
ARROYO DEL VALLE CREEK
475 SAINT JOHN ST
TRACT 8631
ATTACHMENT 4
RESOLUTION NO. 2026-__
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON FOR SUMMARY VACATION OF PUBLIC SERVICE EASEMENT AT 475 SAINT JOHN STREET
WHEREAS, On June 22, 1976, Loretto Winery Ltd. granted to City of Pleasanton a 10’- wide by approximately 449’-long Public Service Easement across the property at APN 94-114-7 (commonly known as 475 Saint John Street) according to the Grant Deed recorded as Instrument #76-99334 (Reel 4414, Images 285 to 287) in official records of Alameda County; and
WHEREAS, the current owners of the encumbered property, Robson Homes LLC, have asked the City to vacate said public service easement in its entirety as part of their planned subdivision of the property pursuant to Vesting Tentative Map 8631 as approved by the Pleasanton City Council on January 9, 2025, according to Resolution No. 2025-002; and
WHEREAS, following the prescribed procedure in California Streets and Highways Code §8330 et seq., the City of Pleasanton notified local utility purveyors who benefit from said public service easement about the proposed vacation asking whether they would object; and
WHEREAS, having received no objections within the prescribed deadline for objecting, and having determined that no utilities exist within said easement, staff have recommended to the Pleasanton City Council that said easement be summarily vacated; and
WHEREAS, the City Council, as legislative body, has been granted the authority to summarily vacate public easements that are no longer needed or relevant.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON DOES RESOLVE, DECLARE, DETERMINE AND ORDER THE FOLLOWING:
SECTION 1. This Resolution of Summary Vacation for Public Service Easement at 475 Saint John Street is hereby adopted based on the following:
• The summary vacation of Public Service Easement is made under California Streets and Highways Code §8330 et seq.
• The Public Service Easement to be summarily vacated is described on the Grant Deed recorded on June 22, 1976, as Instrument #76-9934 (Reel 4414, Images 285 to 287) in official records of Alameda County.
• This Resolution is prima facie evidence that the Public Service Easement is determined to be excess.
• That from and after the date this Resolution is recorded or referenced on a final map of the property, the vacated Public Service Easement no longer constitutes a street, highway, or public service easement.
• That all entities having any right, title, or interest in the Public Service Easement being vacated have been notified of this action, and no objections were received.
SECTION 2. This Resolution shall be referenced on the final map for Tract 8631 at the time the Clerk executes the City Clerk’s Statement thus effectuating said vacation upon recordation of said map.
PASSED, APPROVED AND ADOPTED by the City Council of the City of Pleasanton at a regular meeting held on February 17, 2026.
I, Jocelyn Kwong, City Clerk of the City of Pleasanton, California, certify that the foregoing resolution was adopted by the City Council at a regular meeting held on the 17th day of February 2026 by the following vote:
Ayes:
Noes:
Absent:
Abstain:
__________________________
Jocelyn Kwong, City Clerk
APPROVED AS TO FORM:
_________________________________
Daniel G. Sodergren, City Attorney
Subdivision Improvement Plans – Tract 8631
The complete set of Improvement Plans for Tract 8631 is available for public review via the following Laserfiche web link:
ATTACH 5-Subdivision Improvement Plans - Laserfiche WebLink (Cover sheet shown below for reference)
Item #5
CITY COUNCIL AGENDA REPORT
February 17, 2026
Finance
TITLE: ACCEPT THE FY 2025/26 MID-YEAR BUDGET UPDATE REPORT INCLUDING A
PRESENTATION ON THE GENERAL FUND FORECAST, AND ADOPT A
RESOLUTION APPROVING FY 2025/26 BUDGET AMENDMENTS
SUMMARY
The Mid-Year Budget Report provides an update on the City’s financial projections for FY 2025/26 and the next nine years. Revenue and expenditure projections are developed using historical information, projected program activities, economic forecasts, estimates from revenue consultants, and local information. The report details proposed budget adjustments across the General Fund, Enterprise Funds, Internal Service Funds, Special Revenue Funds, and Capital Projects Funds.
Updated Long-Term Financial Forecast
This report also provides an update on the General Fund Long-Term Financial Forecast.
Four scenarios are presented: baseline (most likely), recession (pessimistic), hotel tax measure (optimistic), and new development projects (very optimistic).
Overall, economic indicators suggest the U.S. economy will soften through the first part of 2026, driven by policy uncertainty, inflationary pressure, and a cooling labor market.
Growth is expected to resume later in 2026 and 2027, driven by artificial intelligence (AI) investment, tax incentives, and additional Fed Reserve rate cuts. However, risks remain due to potential tariffs/trade tensions, as well as persistent inflation.
Other factors and assumptions influencing the City’s financial outlook include:
• The economy remains resilient. However, the labor market has shown signs of slowdown.
Consumers have been focusing more on essentials and value while awaiting a more stable, predictable economy. This is reflected in the lower sales tax revenue projection for FY 2025/26 and the next several years.
• Property tax increased by less than 3.0% in FY 2024/25 due to a cooling real estate market.
While modest growth is projected in FY 2025/26, the increase for FY 2026/27 is expected to be lower if the resolved appeals related to assessed value reduction (e.g., commercial and office buildings) are enrolled in the tax roll, along with Proposition 8 temporary reductions due to a property’s market value falling below the factor-based year value. If these reductions are deferred to future years, the growth rate in FY 2026/27 is expected to be higher, and the increases in future years are expected to be lower. Due to a lower base- year assessed value from FY 2024/25 and potential reductions, the updated property tax projection during the financial forecast period is lower than previously estimated. • Business license tax experienced a significant growth in FY 2024/25, driven by higher gross receipts, new businesses such as Costco, and the relocation of Kaiser's workers to Pleasanton. The FY 2025/26 and forecast period revenues have been updated to a higher
level. FY 2025/26 development revenue has also been adjusted to reflect one-time activities.
• The City started applying a 2.0% staff vacancy factor in the 2023-25 budget cycle. Given the ongoing unfilled positions across various departments and savings over the last few years, the vacancy factor has been adjusted to 3.0% for the long-term financial forecast. • CalPERS’s FY 2024/25 investment return was strong at 12.1%. This will result in lower projected unfunded pension liabilities and contributions starting in FY 2027/28. The reduced contributions are reflected in the long-term financial forecast. However, normal cost rates (or service credits earned by employees) are expected to increase in some years due to other demographic factors, such as increased life expectancy and cost-of-living adjustments. The increases will vary depending on agencies’ plans.
In summary, lower property and sales taxes are partially offset by increases in business license tax and one-time development revenues, anticipated savings from vacant positions, and reduced pension costs. As a result of these key changes, the FY 2025/26 General Fund budget is balanced without using the $1.0 million pension trust funds approved in the adopted budget, mainly due to vacancy savings and a recommended $0.5 million in additional transfer from the Capital Reserve Fund.
Structural Deficit
Beyond current budget cycle, the General Fund structural deficit during each year of the financial forecast period ranges from approximately $6.0 million to approximately $10.0 million, consistent with the gap reflected in the forecast in the 2025-27 adopted budget.
Deferred Maintenance and Asset Management Needs
The updated financial forecast does not reflect additional funding for deferred maintenance, as identified in the Asset Management Plan (AMP) presented to the City Council in December 2025. When staff return to the City Council for direction on the AMP funding plan and priority projects, the budget will be adjusted accordingly. Contributions to the Capital Improvement Program and deferred maintenance remain at the same level reflected in the adopted budget.
As part of the mid-term budget update in May 2026, the FY 2026/27 budget and the long- term financial forecast will be updated based on a more recent economic outlook and financial data. Revenue and expenditure projections may vary from what is presented in this report.
RECOMMENDATION
Accept the FY 2025/26 Mid-Year Budget Update report including a presentation on the General Fund forecast, and adopt a resolution approving FY 2025/26 budget amendments.
BACKGROUND
The City follows a multi-step operating budget process that starts with the approval of a two- year budget, the adoption of a Mid-Term Budget after the first year, and the adoption of Mid- Year Budget adjustments during each of the two years of the budget. This report is the Mid- Year Budget report for the first year of the biennial budget that recommends adjustments to the FY 2025/26 Budget adopted by the City Council on June 17, 2025.
Staff reviewed all revenue sources using more up-to-date information and proposed adjustments as appropriate. Proposed expenditure adjustments reflect necessary budget updates and have been kept to a minimum whenever possible.
Exhibit A to the attached Resolution outlines the recommended adjustments to various funds and their financial impacts. The discussion section of this report also summarizes the recommended adjustments and their respective impacts on the budget and fund balances.
Staff regularly monitors expenditures, cautiously forecasts revenues, and recommends addressing changes whenever appropriate to maintain a balanced budget. The Mid-Year Budget report helps staff address budget variances in a timely manner.
DISCUSSION
FY 2025/26 Mid-Year Budget Update and Proposed Adjustments
General Fund Overview
As described below, staff recommends decreasing revenue and expenditure totals by $0.06 million and $0.57 million, respectively, and increasing the net transfer total by $0.50 million.
Adjustments to the net transfer include increasing the transfer from the Capital Reserve Fund by $0.50 million. The Adopted FY 2025/26 included using $1.00 million from the Section 115 Pension Trust; however, with the recommended mid-year adjustments, funds from the Section 115 Pension Trust are no longer needed.
As a result of these changes, along with the use of $0.35 million in program reserves, staff expects the General Fund will have a year-end revenue over expenditure net total of just over $0.02 million, as shown in Table 1 below. (Table 2 includes more details.)
Table 1. General Fund Overview
Table 2. General Fund Overview by Category
General Fund Revenues
As presented in Table 2 above, General Fund revenues are estimated to decrease by $0.06 million based on revised projections that incorporate current revenue trends and year-to-date actual revenues. This net decrease is based on adjustments across several revenue categories, including decreases in the City’s two largest revenue sources, Property Tax and Sales Tax, offset by increases in other revenue categories, such as Business License Tax, Development Services Fees, and Recreation Fees.
Key revenue adjustments are highlighted below:
• A decrease of $1.22 million in Property Tax revenue. This decrease is mainly due to a higher-than-anticipated reduction in assessed value resulting from resolved appeals and temporary reductions allowed under Proposition 8, according to the latest consultant projection. Property Tax is the City’s largest revenue source.
• A decrease of $0.16 million in Sales Tax revenue. With the softening of the labor market, the general consensus among economists is forecasting a slight reduction in consumer spending as they shift their focus to essentials. Sales Tax is the City’s second largest revenue source.
• An increase of $0.55 million in Business License Tax. The final FY 2024/25 Business License Tax total was $6.71 million, well above the budgeted amount, fueled by increased gross receipts, new businesses headlined by a new Costco store, and the relocation of Kaiser’s administrative division. A similar revenue total is anticipated for FY 2025/26.
• An increase of $0.59 million in Development Services Fees is primarily based on year- to-date collected, as well as anticipated Planned Unit Development Application, Plan Check and Public Works Inspection Fee revenues in the second half of this fiscal year. • An increase of $0.18 million in Recreation Fees is mostly due to higher than anticipated Facility/Field Rental Fee revenues.
General Fund Expenditures
As presented in Table 2 above, General Fund expenditures are projected to decrease slightly by $0.57 million. The most significant adjustments are personnel budget based on year-to-date actuals and updated year-end projections.
Personnel Expenses – Personnel costs are expected to be $1.15 million lower than the adopted budget. Adjustments in this category reflect revised year-end projections based on up- to-date information, including year-to-date actuals, vacancies, and City Council approvals.
The Mid-Year Budget does not include any new permanent positions.
Non-Personnel Expenses – Non-personnel expenses (all expenditure categories other than Personnel) are projected to increase by a net total of $0.58 million as described in more detail below.
• Transportation & Training – A net increase of $0.17 million is due to a series of adjustments. An increase of $0.10 million for vehicle-related expenses, consisting of additional fuel costs for Police and repair and maintenance costs for Public Works, is recommended. The remaining increases are to fund staff training costs in Police and Human Resources, as well as to restore $2,700 in funding for the City’s pRide Parking Cashout Program.
• Materials, Supplies & Services – A net increase of $0.46 million consists of $0.02 million increase in Human Resources budget for the workplace investigation contract; a $0.28 million increase in Community and Economic Development budget for various professional service costs related to East Pleasanton and Objective Design Standards projects, the City match for the Council-approved Safe Streets and Roads for All grant, and funding for software subscriptions; $0.06 million in Non-Departmental for homeless encampment cleanup costs; a $0.18 million increase in Library & Recreation budget to replace aging equipment and additional contract services; and a $0.02 million increase in Public Works budget to account for additional utility costs. These increases are offset by $0.11 million decrease in the Police Department temporary staffing budget. • Capital Outlay and Debt Services – A net decrease of $0.05 million is due to delays in
the procurement of books for the Library.
General Fund Reserves and Fund Balance – Projected total General Fund reserves at the end of FY 2025/26 are $53.64 million, with the unrestricted General Fund reserve at $31.45 million. The City’s current reserve policy requires a minimum reserve between 16.7 and 25.0 percent of operating expenses, with a target of 20.0 percent. The unrestricted General Fund reserve of $31.45 million equals 20.4 percent of the General Fund operating expenses.
Table 3. General Fund Reserves
Enterprise Funds
Water Operations and Maintenance Fund – As shown in Table 4 below, recommended changes to the Water Operations and Maintenance Fund include increases of $2.93 million in revenues and $2.38 million in operating expenses. The result of these adjustments is an increase in net income by $0.56 million and an estimated ending fund balance of $14.35 million, which equals 34.6 percent of the total FY 2025/26 operating expenses. The City’s reserve policy requires reserves to stay between 30.0 and 40.0 percent, with a target of 35.0 percent.
Based on year-to-date actual water and recycled water usage data and a projected year-end total, as well as accounting for the new rate effective January 1, 2026, staff recommends increasing the water sales revenue budget by $2.98 million and the recycled water sales revenue budget by $0.05 million. These are offset by a decrease of $0.10 million in water meter installation and credit card convenience fee revenues.
Some expenditure adjustments are recommended. The largest increase is to the water purchase budget by $1.24 million based on the updated water and recycled water usage projections. Other operating budget adjustments include a $0.11 million increase in contract service and machinery and equipment costs for required state-mandated water testing; $0.07 million for additional utility costs; $0.10 million for valve repair replacements, $0.29 million for purchasing a valve truck; $0.57 million in additional professional service costs for several operating projects and initiatives, such as water system operations manual and Supervisory Control and Data Acquisition (SCADA) standards developments, water modeling/fire flow analysis, asset management program support, and cross connection control plan.
Table 4. Water Operations and Maintenance Fund Overview
Sewer Operations and Maintenance Fund – As shown in Table 5 below, recommended changes to the Sewer Operations and Maintenance Fund include increasing the expenditure budget by $1.07 million. Just over $0.80 million of that increase is for a new Vac-Con Combo Truck. This vehicle was originally expected to be delivered in FY 2024/25, but it arrived in the current fiscal year. Other expenditure adjustments include $0.27 million for additional utility costs, personnel budget allocation adjustments, and parts and equipment costs. The result of these adjustments is an estimated ending fund balance of $6.71 million, which equals 32.9 percent of FY 2025/26 operating expenses. The City’s policy requires reserves equal to a minimum of 30.0 percent, a maximum of 40.0 percent, with a target of 35.0 percent.
The Sewer Rate Study is currently underway and will be presented to the City Council later this year with the proposed new rate going into effect starting on January 1, 2027. Associated budget adjustments to the FY 2026/27 budget will be presented either as a separate staff report or through the FY 2026/27 mid-year budget review report.
Table 5. Sewer Operations and Maintenance Fund Overview
Internal Service Funds
Recommended changes to internal service funds include 1) increasing expenditure in the Police Vehicle Replacement Fund by $0.23 million for outfitting of new vehicles and purchasing leased vehicles; and 2) increasing revenue and expenditure in the Library & Recreation Replacement Fund by $0.06 million based on estimated contribution and spending in the
current fiscal year.
Special Revenue Funds
Recommended changes to special revenue funds include 1) increasing expenditure by $2,700 in the Recycling & Waste Management Fund to account for personnel budget adjustment; 2) increasing expenditure by $0.01 million in the HAPPY Public Art Donation Fund based on final public art installation costs; 3) decreasing revenue and expenditure by $0.05 million in the Miscellaneous Operating Grants Fund based on revised Office of Traffic Safety grant utilization estimates and a removal of state grant budget for the Zippy Outreach Vehicle; 4) increasing expenditure by $0.15 million in the Community Access Television Fund for replacing audio and video equipment to meet the new state-mandate under SB 707; 5) increasing expenditure by $0.3 million in the Lower Income Housing Fund to restore funding for the Pleasanton Downpayment Assistance Program and add Housing and Human Services (HHS) grants approved by the Council earlier this fiscal year; 6) increasing expenditure by $0.02 million in the HOME Program Fund to add HHS grants; 7) increasing developer contribution revenue by $0.50 million in the Urban Forestry Fund based on year-to-date actuals and revised projected total and $0.03 million increase in contract service costs for additional tree planting; 8) a series of adjustments in the City’s Landscape Maintenance District and Geological Hazard Abatement Funds based on final Council-approved budget from the July 15, 2025 meeting; 9) increasing revenue by $1.00 million in the Pleasanton Garbage Rate Reserve Fund to account for additional recycling revenue from the contract with GreenWaste; and 10) adding revenue and expenditure budget in the Measure BB Paratransit Fund for about $0.60 million.
Capital Funds
Recommended changes to capital funds include 1) increasing revenue by $0.54 million in the Public Facilities Impact Fees Fund based on revised impact fee projections and increasing expenditure by $0.01 million for the Delucchi Park Musical Plaza project; 2) increasing revenue by $0.42 million in the Traffic Impact Fee Fund based on updated revenue projections; 3) increasing expenditure by $0.49 million in the Measure B Bike and Pedestrian Fund to ensure all remaining funds are spent by the end of this fiscal year; 4) increasing transfer revenue in the Recycled Water CIP Fund by $0.10 million to align with the transfer amount from the Recycled Water Operating Fund; 5) increasing revenue in the Sewer Expansion CIP Fund and Water Expansion CIP Fund by $0.07 million and $0.01 million, respectively, based on revised new connection fee revenue projections; 6) increasing expenditure in the Sewer Replacement CIP Fund by $0.09 million based on updated interfund expense estimates; and 7) increasing transfer revenue in the Water Replacement CIP Fund by $0.06 million to align the transfer amount from the Water Operating Fund and increasing expenditure by $0.01 million based on updated interfund expense estimates.
The summary of recommended mid-year adjustments is as follows:
• The FY 2025/26 General Fund revenue budget will decrease by $58,000; the General Fund expenditure budget will decrease by $572,802; General Fund net transfer budget will increase by $500,000.
• All Other Funds budgets for FY 2025/26 will increase revenues by $6,124,980; decrease net transfers by $344,912; and increase expenditures by $5,022,400.
General Fund Ten-Year Financial Forecast
The General Fund long-term financial forecast projects the future financial outcome and serves as a fiscal management tool to guide policy and decision-making. It helps the City to assess sustainability and develop strategies to identify resources to support essential community services.
Taxes account for over 80.0 percent of the General Fund revenue, with the top sources including property tax, sales tax, business license tax, and transient occupancy tax. Property tax represents over 50.0 percent of the General Fund revenue. Compared to some agencies, the City’s revenue stream is less diversified, with greater reliance on property taxes. As a service organization, the City’s key cost drivers are personnel costs and materials, supplies, and services, accounting for over 90.0% of the General Fund expenditure.
Due to the economic factors stated earlier, overall, revenues have decreased compared to the prior financial forecast, mainly due to lower property tax and sales tax projections, partially offset by an increase in business license tax. Expenditures also decreased mainly due to the incorporation of a 3.0 percent vacancy factor instead of 2.0 percent starting in FY 2026/27, reductions in pension contributions, and lower general liability insurance-related costs. The General Fund structural deficit remains close to the projection from the prior financial forecast, ranging mostly from $6.00 million to $10.0 million.
Based on the revised projection, the annual reduction for property tax ranges from $1.2 million to $3.8 million. For sales tax, the reduction ranges from $0.2 million to $0.8 million, but its growth is expected to outpace the prior projection towards the end of the forecast period due to higher annual estimated growth rates. The increase in business license tax ranges from $0.5 million to $1.3 million. Overall, these changes, along with other revenue adjustments such as increases in franchise fees, will result in an average annual decrease of approximately $1.9 million in revenues over the forecast period.
With a higher vacancy rate and expected reductions in pension contributions due to CalPERS investment gains, net of other salary and benefit adjustments, personnel costs are expected to decrease by approximately $0.9 million annually on average over the forecast period. The lower projection for general liability-related expenses is expected to reduce costs by approximately $0.7 million annually on average. The combined reduction in expenditures averages about $1.6 million annually.
For the Ten-Year Financial Forecast, staff has prepared four forecast scenarios. The first scenario assumes the City’s revenues will continue to grow at a measured pace to maintain the current level of service, with the local economy experiencing no major downturn during the ten-year period. The second scenario assumes a recession in FY 2027/28, impacting the City’s major revenue categories. The third scenario assumes an increase in Transient Occupancy Tax rates. The fourth scenario considers all of the known development projects in various stages, makes assumptions on when they will be completed, and estimates what type of impact they would have in terms of additional revenues.
Please note that for the FY 2026/27 projection, updates to revenue and expenditure projections focus mainly on the key categories mentioned above, as specific adjustments to the adopted budget will be proposed by departments as part of the mid-term budget update.
Baseline Scenario
Financial assumptions drive the forecast model. Assumptions used to generate the General Fund Budget and Ten-Year Financial Forecast are based on recent historical actuals, the updated mid-year revenue and expenditure projections, as well as any known future revenues, commitments, and/or obligations. FY 2025/26 and FY 2026/27 revenues are updated based on current revenue trends and estimates provided by the City’s property and sales tax consultant.
Expenditures are projected based on recent actuals and the FY 2025/26 mid-year budget update, which incorporates information not available during the development of the biennial budget, including new Council-approved salary and cost-of-living adjustments and updated estimates of unfunded pension liability payments.
Beyond FY 2026/27, the key fiscal assumptions driving the baseline forecast scenario include:
• Property Tax increase will range from 3.7 percent to 3.8 percent per year. • Sales Tax increase will range from 2.8 percent to 3.0 percent per year. • Business License Tax will increase 3.0 percent per year. • Transient Occupancy Tax will increase 2.0 percent per year. • Franchise Fees will increase 2.5 percent per year.
• Permits, Charges for Services, Recreation Revenues, and Interfund Charges will increase 3.0 percent per year.
• Other Operating Revenues will increase 2.0 percent per year. • Salaries and Benefits are projected to increase by 6.0 percent in FY 2027/28, but the rate of increase is expected to come down to the 2.0 to 3.0 percent range in later years mostly due to decreasing annual unfunded pension liability estimates starting in FY 2029/30. It should be noted that CalPERS achieved investment returns higher than its target of 6.8 percent over the past two fiscal years. Unfunded pension liability estimates are highly dependent on annual investment returns and can fluctuate from year to year. • Non-Personnel costs collectively will increase between 3.0 and 4.0 percent per year.
Additional General Fund functional assumptions include:
• Operating transfers to support other programs range from $1.18 million to $1.46 million. • Capital Project Transfer from the General Fund will range from $3.50 million to $5.25 million based on a $0.25 million increase every year. Except for the last two forecast years, the contribution in the first eight years falls short of the City’s $5.00 million minimum goal. The contributions for FY 2025/26 and FY 2026/27 are $1.00 million and $3.25 million.
• To address the City’s deferred maintenance needs, additional contributions for deferred maintenance range from $5.63 million to $6.25 million. The contributions for FY 2025/26 and FY 2026/27 are $5.22 million and $5.54 million. Please note these are the same numbers included in the prior forecast model. Additional cost estimates from the Asset Management Plan are expected later this fiscal year. Based on the project update presented to the City Council in December 2025, funds needed to maintain the General Fund-supported assets were estimated at approximately $63 million per year. • The forecast does not include the use of pension/other reserves, as drawdowns on reserves require further direction from the City Council.
• The forecast does not reflect budget balance strategies such as cost reductions.
Below is a summary of the baseline scenario.
Note: In FY 2022/23, the Council approved an update to the City’s General Fund Reserve Policy to align with the Government Finance Officers Association’s best practice to maintain at least two months (16.7 percent) of operating expenditures in unrestricted fund balance. The City’s reserve target is 20.0 percent. Resources were retained in the General Fund in FY 2022/23 to meet the reserve target.
Recession Scenario
The second scenario assumes a recession starting in FY 2027/28. Assumptions include the following:
• Property tax revenue will increase by 1.0 percent less than the baseline at 2.7 percent in FY 2028/29 and FY 2029/30 before returning to the baseline level for the remaining years.
• Sales tax will decrease by 5.0 percent in FY 2027/28, decrease by another 2.0 percent in FY 2028/29, increase by 1.0 percent in FY 2029/30, and resume increasing at the baseline level for the remaining years.
• Business license tax will increase by 1.0 percent less than the baseline at 2.0 percent in FY 2027/28, remain flat in FY 2028/29, increase by 1.0 percent in FY 2029/30, and resume increasing at the baseline level for the remaining years. • Recreation revenue will increase by 1.0 percent less than the baseline at 2.0 percent in FY 2027/28, increase by 1.0 percent annually in FY 2028/29 and FY 2029/30, and resume increasing at the baseline level for the remaining years.
Based on these revenue changes, below are the projected ten-year numbers.
Transient Occupancy Tax Scenario
The third scenario assumes an increase in transient occupancy tax rates starting in FY 2027/28. Assumptions include the following:
• The transient occupancy tax rate will increase from 8.0 percent to 10.0 percent in FY 2027/28 and increase by another 2.0 percent to 12.0 percent in FY 2028/29.
Based on increased revenues from the transient occupancy tax, below are the projected ten- year numbers.
Development Related Revenue Scenario
The fourth scenario assumes an increase in property tax and permit revenues based on the projected completion of planned development projects. Assumptions include the following:
• The property tax will increase at varying rates higher than the baseline numbers each year, ranging from 3.7 percent to 5.5 percent.
• One-time permit-related revenues in the forecasted period are estimated to be $9.02 million.
• Please note that development projects can be delayed or even cancelled for various reasons. Staff made reasonable estimates for each project based on the information available at the time. In addition, the City’s resource needs to support additional services and infrastructure from the completed development projects have not yet been built into the expenditure estimate.
Based on these assumptions, the projected ten-year numbers are shown below.
Four Scenario Comparison
Below is the table and chart showing the projected surplus (or deficit) numbers for the forecast period. As mentioned previously, the fourth scenario, based on development activities, will require additional City resources, both personnel and non-personnel, to adequately support and maintain the new infrastructure.
The City’s expenditures are expected to continue outpacing revenues for the next several
years due to rising operating costs and revenue limitations. Based on the underlying assumptions, the baseline scenario forecast projects annual deficits of $5.93 million to $9.99 million. Please refer to the Baseline Long-Term Financial Forecast attached to the staff report for more details.
EQUITY AND SUSTAINABILITY
Ensuring the long-term fiscal sustainability of the City’s organization ensures that the City can continue to provide programs and services to serve all of Pleasanton's diverse communities.
OUTREACH
No outreach was conducted, as this item is an administrative matter of City business.
STRATEGIC PLAN ALIGNMENT
Approval of this action advances the ONE Pleasanton strategic goal of Funding Our Future, which is focused on fiscal sustainability.
FISCAL IMPACT
The recommended adjustments to various funds and the financial impact to each fund are outlined in Exhibit A. The discussion section of this report also summarizes the recommended adjustments and their respective impacts to the budget and fund balances.
Prepared by: Submitted by: Approved by:
Chris Yi, Financial Services
Manager
Susan Hsieh, Director of Finance
Gerry Beaudin, City
Manager
Attachments:
1. Attachment 1 - Resolution
2. Exhibit A to Resolution - Budget Adjustment Summary
3. Attachment 2 - Ten-Year Financial Forecast - Baseline Scenario
4. Attachment 3 - FY26 Mid-Year Budget Review and General Fund Forecast Presentation
1 ATTACHMENT 1
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON, ACCEPTING THE FY 2025/26 MID-YEAR BUDGET REPORT AND APPROVING THE FY 2025/26 BUDGET AMENDMENTS
WHEREAS, staff periodically presents to the City Council reports regarding the financial condition of the City, along with any recommendations for budget amendments and technical corrective actions needed; and
WHEREAS, the City Council adopted the FY 2025/26 Budget (“Budget”) on June 17, 2025, and
WHEREAS, staff prepared a Mid-Year Budget update that includes recommended amendments to the Budget.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON DOES RESOLVE, DECLARE, DETERMINE AND ORDER THE FOLLOWING:
SECTION 1. Allocate the $22,650 General Fund surplus to the Unrestricted General Fund Reserve.
SECTION 2. It amends the Budget as outlined in Exhibit A.
PASSED, APPROVED AND ADOPTED by the City Council of the City of Pleasanton at a regular meeting held on February 17, 2026.
I, Jocelyn Kwong, City Clerk of the City of Pleasanton, California, certify that the foregoing resolution was adopted by the City Council at a regular meeting held on February 17, 2026, by the following vote:
Ayes: Councilmembers
Noes:
Absent:
Abstain:
Jocelyn Kwong, City Clerk
APPROVED AS TO FORM:
Daniel G. Sodergren, City Attorney
FY 2025/26 BUDGET - MID YEAR ADJUSTMENT SUMMARY
NET NET NET
BUDGET RECOMMENDED MID-YEAR BUDGET RECOMMENDED MID-YEAR BUDGET RECOMMENDED MID-YEAR
REVENUES REVENUES REVENUES TRANSFERS TRANSFERS TRANSFERS EXPENDITURES EXPENDITURES EXPENDITURES GENERAL FUND 160,544,762$ (58,000) $ 160,486,762$ (7,104,000) $ 500,000 $ (6,604,000)$ (154,782,064)$ 572,802 $ (154,209,262)$ Capital Reserve Fund - $ - $ - $ (1,000,000)$ (500,000) $ (1,500,000)$ - $ - $ - $
ENTERPRISE FUNDS
Water / Recycled Water 42,956,003 $ 2,933,900 $ 45,889,903 $ (1,592,636) $ - $ (1,592,636)$ (39,043,279)$ (2,376,789) $ (41,420,068)$ Storm Drain 987,000 $ - $ 987,000$ 625,000 $ - $ 625,000$ (1,740,922)$ 15,051 $ (1,725,871)$ Sewer 18,647,979 $ - $ 18,647,979$ (851,000) $ - $ (851,000)$ (19,323,349)$ (1,066,157) $ (20,389,506)$ Subtotal 62,590,982$ 2,933,900 $ 65,524,882 $ (1,818,636) $ - $ (1,818,636)$ (60,107,550)$ (3,427,895) $ (63,535,445)$
INTERNAL SERVICE FUNDS
Police Vehicle Replacement 417,900 $ - $ 417,900$ - $ - $ - $ (595,000)$ (225,000) $ (820,000) $ Library & Recreation Replacement - $ 65,000$ 65,000 $ - $ - $ - $ - $ (65,000)$ (65,000) $ Subtotal 417,900$ 65,000 $ 482,900 $ - $ - $ - $ (595,000)$ (290,000) $ (885,000) $
SPECIAL REVENUE FUNDS
Recycling & Waste Management 235,900 $ - $ 235,900$ - $ - $ - $ (247,579)$ (2,686) $ (250,265)$ HAPPY Public Art Donations 11,800 $ - $ 11,800$ - $ - $ - $ (110,000)$ (12,316) $ (122,316)$ Miscellaneous Operating Grants 867,672 $ (53,821) $ 813,851 $ - $ - $ - $ (819,541)$ 53,821 $ (765,720)$ Community Access Television 30,000 $ - $ 30,000$ - $ - $ - $ (120,000)$ (150,000) $ (270,000) $ Lower Income Housing 3,000,500 $ - $ 3,000,500$ - $ - $ - $ (839,853)$ (330,726) $ (1,170,579)$ HOME Program 140,331 $ - $ 140,331$ - $ - $ - $ (140,373)$ (16,250) $ (156,623)$ Urban Forestry 119,200 $ 500,000 $ 619,200 $ (25,000) $ - $ (25,000)$ (52,031) $ (25,000) $ (77,031) $ Lemoine GHAD 11,160 $ (238) $ 10,922$ - $ - $ - $ (30,787)$ - $ (30,787)$ Laurel Creek GHAD 72,572 $ (5,411) $ 67,161 $ - $ - $ - $ (95,110)$ - $ (95,110)$ Moller GHAD 95-1 15,600 $ (200) $ 15,400$ - $ - $ - $ (23,686)$ - $ (23,686)$ Oak Tree Farm GHAD 94-1 18,765 $ (2,261) $ 16,504 $ - $ - $ - $ (38,480)$ - $ (38,480)$ Ponderosa Landscape 84-1 17,113 $ 15,204 $ 32,317 $ - $ - $ - $ (22,668)$ (30,000) $ (52,668) $ Windsor Landscape 93-1 24,266 $ - $ 24,266$ - $ - $ - $ (14,981)$ (17,594) $ (32,575) $ Bonde Landscape 93-2 27,289 $ 14,311 $ 41,600 $ - $ - $ - $ (26,989)$ (25,311) $ (52,300) $ Moller Landscape 95-1 63,757 $ 11,819 $ 75,576 $ - $ - $ - $ (123,503)$ 36,703 $ (86,800)$ Oak Tree Farms Landscape 94-1 21,686 $ 6,476 $ 28,162 $ - $ - $ - $ (21,924)$ (40,376) $ (62,300) $ Pleasanton Garbage Service Rate Reserve 2,101,500$ 1,000,000 $ 3,101,500 $ (1,193,760) $ - $ (1,193,760)$ (1,196,664) $ - $ (1,196,664)$ Measure BB - Paratransit - $ 612,201$ 612,201 $ - $ - $ - $ - $ (592,544)$ (592,544) $ Subtotal 6,779,111$ 2,098,080 $ 8,877,191 $ (1,218,760) $ - $ (1,218,760)$ (3,924,170) $ (1,152,278) $ (5,076,448) $ Exhibit A
NET NET NET
BUDGET RECOMMENDED MID-YEAR BUDGET RECOMMENDED MID-YEAR BUDGET RECOMMENDED MID-YEAR
REVENUES REVENUES REVENUES TRANSFERS TRANSFERS TRANSFERS EXPENDITURES EXPENDITURES EXPENDITURES
CAPITAL FUNDS
Public Facilities Impact Fees 17,800 $ 536,000 $ 553,800 $ - $ - $ - $ (1,165,182)$ (10,461) $ (1,175,643)$ Traffic Impact Fees 191,100 $ 415,000 $ 606,100 $ - $ - $ - $ (5,331,957)$ - $ (5,331,957)$ Measure B Bike & Pedestrian 7,989 $ - $ 7,989$ - $ - $ - $ (190,000)$ (49,200) $ (239,200)$ Recycled Water CIP - $ - $ - $ 434,894$ 100,001 $ 534,895 $ (834,894) $ - $ (834,894)$ Sewer Expansion CIP 57,400 $ 70,000 $ 127,400 $ - $ - $ - $ (28,558)$ - $ (28,558)$ Sewer Replacement CIP 207,700 $ - $ 207,700$ 1,000,000 $ - $ 1,000,000$ (6,791,237) $ (85,466) $ (6,876,703)$ Water Expansion CIP 74,700 $ 7,000 $ 81,700 $ - $ - $ - $ - $ - $ - $ Water Replacement CIP 94,500 $ - $ 94,500$ 10,613,848$ 55,087 $ 10,668,935$ (11,950,436)$ (7,100) $ (11,957,536)$ Subtotal 651,189$ 1,028,000$ 1,679,189 $ 12,048,742 $ 155,088 $ 12,203,830$ (26,292,264)$ (152,227) $ (26,444,491)$ Total 230,983,944 6,066,980 237,050,924 907,346 155,088 1,062,434 (245,701,047) (4,449,598) (250,150,646)
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Actual Actual Actual Budget Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Revenues
Property Taxes 86,075,776 90,241,390 92,605,525 96,546,900 98,850,100 102,477,800 106,229,500 110,120,600 114,156,500 118,494,400 122,997,200 127,671,100 132,522,600 Sales & Use Taxes 26,183,661 23,963,541 25,286,992 25,803,500 26,071,600 26,797,700 27,615,200 28,464,700 29,340,600 30,220,800 31,127,400 32,061,200 33,023,000 Business License Tax 5,853,515 5,802,541 6,706,963 6,500,000 6,695,000 6,895,900 7,102,800 7,315,900 7,535,400 7,761,500 7,994,300 8,234,100 8,481,100 Transient Occupancy Tax 5,004,019 5,259,180 5,337,470 5,471,300 5,580,700 5,692,300 5,806,100 5,922,200 6,040,600 6,161,400 6,284,600 6,410,300 6,538,500 Other Taxes 1,351,006 1,545,656 1,478,456 1,450,000 1,462,000 1,491,200 1,521,000 1,551,400 1,582,400 1,614,000 1,646,300 1,679,200 1,712,800 Franchise Taxes 3,284,092 3,440,134 3,534,124 3,491,400 3,545,800 3,634,400 3,725,300 3,818,400 3,913,900 4,011,700 4,112,000 4,214,800 4,320,200 Permits 3,592,588 3,872,848 4,985,810 3,872,000 3,310,050 3,409,400 3,511,700 3,617,100 3,725,600 3,837,400 3,952,500 4,071,100 4,193,200 Recreation Revenues 4,197,090 4,663,652 4,954,749 4,907,198 4,730,698 4,872,600 5,018,800 5,169,400 5,324,500 5,484,200 5,648,700 5,818,200 5,992,700 Other Revenue 17,202,970 12,961,296 28,771,964 12,444,464 12,840,403 13,454,300 13,801,800 14,158,500 14,524,800 14,901,000 15,287,200 15,683,800 16,091,100 Subtotal Revenues 152,744,716 151,750,238 173,662,053 160,486,762 163,086,351 168,725,600 174,332,200 180,138,200 186,144,300 192,486,400 199,050,200 205,843,800 212,875,200 Transfers-In 4,883,453 3,751,843 1,367,145 2,887,000 3,494,000 1,391,800 1,433,600 1,476,600 1,520,900 1,566,500 1,613,500 1,661,900 1,711,800 Use of Reserves* 349,150 2,000,000
Total Revenues 157,628,169$ 155,502,080 $ 175,029,198 $ 163,722,912 $ 168,580,351 $ 170,117,400 $ 175,765,800 $ 181,614,800 $ 187,665,200 $ 194,052,900 $ 200,663,700 $ 207,505,700 $ 214,587,000 $ Expenditures
Personnel
Salaries & Benefits (excluding Pension) 57,906,756 62,490,945 66,897,881 65,353,341 67,125,600 72,117,234 74,478,657 76,974,257 79,556,918 82,257,882 85,011,815 87,884,911 90,840,871 Pension (includes LPFD) 20,501,373 21,139,934 22,998,077 26,425,053 27,886,322 28,924,500 30,524,100 30,389,800 30,193,700 28,989,400 29,059,400 28,308,200 28,053,500 LPFD Salaries & Benefits (Pleasanton only) 15,702,552 18,280,053 19,452,555 19,128,997 19,850,609 20,743,900 21,677,400 22,652,900 23,672,300 24,737,600 25,850,800 27,014,100 28,229,700 Subtotal Personnel Costs 94,110,681 101,910,933 109,348,513 110,907,391 114,862,530 121,785,634 126,680,157 130,016,957 133,422,918 135,984,882 139,922,015 143,207,211 147,124,071 Non-Personnel Costs
Transportation & Training 1,693,003 1,795,505 1,625,519 1,673,859 1,479,559 1,509,200 1,539,400 1,570,200 1,601,600 1,633,600 1,666,300 1,699,600 1,733,600 Repairs & Maintenance (Includes all R&R Funds) 8,028,209 6,531,803 5,495,860 5,475,285 5,646,115 5,815,500 5,990,000 6,169,700 6,354,800 6,545,400 6,741,800 6,944,100 7,152,400 Materials, Supplies & Services 24,916,946 26,549,008 30,823,954 31,591,098 32,992,997 34,329,100 35,733,000 37,208,900 38,761,400 40,395,400 42,116,100 43,929,200 45,840,600 Capital Outlay 1,829,159 1,484,449 2,361,407 1,002,025 1,052,025 1,073,100 1,094,600 1,116,500 1,138,800 1,161,600 1,184,800 1,208,500 1,232,700 Leases & Others 482,932 1,056,866 13,717,017 365,000 365,000 372,300 379,700 387,300 395,000 402,900 411,000 419,200 427,600 Fire (Pleasanton only) 2,479,516 3,167,911 3,142,786 3,194,604 3,194,604 3,290,400 3,389,100 3,490,800 3,595,500 3,703,400 3,814,500 3,928,900 4,046,800 Subtotal Non-Personnel Costs 39,429,765 40,585,543 57,166,542 43,301,871 44,730,300 46,389,600 48,125,800 49,943,400 51,847,100 53,842,300 55,934,500 58,129,500 60,433,700 Operating Transfers
5,953,932 9,083,029 1,328,970 3,270,000 1,150,000 1,184,500 1,220,000 1,256,600 1,294,300 1,333,100 1,373,100 1,414,300 1,456,700 Capital Projects Transfers 7,905,144 2,277,255 5,871,578 1,000,000 3,250,000 3,500,000 3,750,000 4,000,000 4,250,000 4,500,000 4,750,000 5,000,000 5,250,000 Deferred Infrastructure - - - 5,221,000 5,541,000 6,060,000 5,976,000 5,892,000 5,805,000 5,717,000 5,627,000 6,000,000 6,250,000 Total Expenditures 147,399,522$ 153,856,759 $ 173,715,603 $ 163,700,262 $ 169,533,830 $ 178,919,734 $ 185,751,957 $ 191,108,957 $ 196,619,318 $ 201,377,282 $ 207,606,615 $ 213,751,011 $ 220,514,471 $ Annual Surplus / (Deficit)** 10,228,647$ 1,645,321$ 1,313,595$ 22,650$ (953,479)$ (8,802,334)$ (9,986,157)$ (9,494,157)$ (8,954,118)$ (7,324,382)$ (6,942,915)$ (6,245,311)$ (5,927,471)$ *Use of reserves from prior years are reflected in the actuals. ** As noted in the staff report, available resources in FY 2022/23 were retained in the General Fund to meet the City's 20.0% reserve target. 16.7% is the minimum reserve recommended by the Government Finance Officers Association.
City of Pleasanton
General Fund Ten-Year Financial Forecast
Summary Level - Baseline Scenario
ATTACHMENT 2
2/9/2026
1 FY 2025/26 Mid-Year Budget Review and General Fund Forecast UpdateCity Council MeetingFebruary 17, 2026 Agenda
Economic Outlook
Budget Highlights
Proposed Budget Adjustments
Long-Term Financial Forecast2
1 2
2/9/2026
2 Economic Outlook•The U.S. economy is projected to soften through the first part of 2026 before rebounding•Growth is expected to be driven by AI investment, tax incentives, and potential rate cuts by the Federal Reserve•However, risks remain due to policy uncertainty, inflationary pressure, and a cooling labor market3 Budget Highlights – General Fund•A balanced budget maintaining essential City services•Lower revenue and expenditure projection•Increase in contribution from Capital Reserve•Eliminating the use of Pension Trust Funds•Out-year operating deficits close to prior forecast4 3 4
2/9/2026
3 General Fund Key Budget/Forecast Factors•Lower property tax due to resolved appeals and potential temporary reductions to assessed value•Lower sales tax due to consumer spending focusing on essentials and value•Higher business license tax attributable to significant growth in the prior fiscal year•Higher vacancy factor, anticipated pension cost reduction, and lower general liability insurance costs resulting in savingsNote: Pension obligations can vary from year to year mainly due to investment gains/losses5 General Fund Overview•Revenues: Decrease by $60K•Expenditures: Decrease by $0.6 million•Net Transfers: Increase by $0.5 million•Use of Reserves/Trust: Decrease by $1.0 million•Net Surplus: $23K6 5 6
2/9/2026
4 General Fund Revised Revenue Budget7
General Fund Revised Expenditure Budget8
7 8
2/9/2026
5 General Fund - Major Adjustments•Negative/red numbers represent a decrease in revenue or expenditure 9Recommended AdjustmentDescriptionRevenues & Transfers In/Use of Reserves-$1.2M • Property Tax-$0.2M • Sales Tax$0.6M• Business License Tax$0.6M• Development Services Fees$0.5M• Contribution from Capital Reserve Fund-$1.0M• Use of Pension Trust FundsExpenditures & Transfers Out-$1.1M• Personnel$0.5M• Materials, Supplies & Services Budget Highlights – Other Funds•Higher water revenue to fund program activities and rebuild reserve•Higher expenditure for the sewer repair and replacement program •Additional recycling revenue (restricted revenue)•Higher development impact fees (restricted one-time revenue)•Increase in expenditure across various funds to support programs10 9 10
2/9/2026
6 Water and Sewer Funds - Major Adjustments•Both Water and Sewer Fund reserves are slightly below the 35% reserve target11Recommended AdjustmentDescriptionFund$2.9M • Water Service ChargesWater$1.2M• Zone 7 Water Purchase$0.8M• Value truck and contract related projects$0.8M• Vac-con combo truckSewer Other Funds - Major Adjustments12Recommended AdjustmentDescriptionFunds$0.2M• Outfitting and leased costs for police vehicles Internal Service$0.5M• Developer contribution to the Urban Forestry FundSpecial Revenue$1.0M• Recycling revenue – work through GreenWaste$0.5M• Public Facilities impact feesCapital Projects$0.4M• Traffic impact fees11 12
2/9/2026
7 Update on General Fund Long-Term Financial Forecast•Long-term forecast projects the future financial outcome and serves as a strategic tool to guide policy and decision-making•Four scenarios are included:1.Baseline (most likely)2.Recession (pessimistic)3.Hotel tax measure (optimistic)4.New development projects (very optimistic)•Forecast does not reflect budget balancing strategies•Operating deficits range from $6.0M to $10.0M*13*The $44.0M annual funding gap identified in the Asset Management Plan is not addressed in the forecast.
Key Assumptions Beyond Current Budget Cycle (Revenue Annual Growth)•Property tax: 3.7% to 3.8% (Note: FY27 growth rate is projected to be less than 3.0%)•Sales tax: 2.8% to 3.0%•Business license tax: 3.0%•Hotel tax: 2.0%•Franchise fees: 2.5%•Permits, charges for services, recreation revenues, and interfund charges: 3.0%•Other operating revenues: 2.0%14 13 14
2/9/2026
8 Key Assumptions Beyond Current Budget Cycle(Expenditure Annual Growth)•No change in funding level to the Capital Improvement Program and Deferred Maintenance Program*•Personnel costs: 6.0% in FY28, 4.0% in FY29, and decrease to 2.0% to 3.0% in later years due to lower pension costs•Non-personnel costs: 3.0% to 4.0% •Operating transfers: $1.2M to $1.5M•Capital contribution: $3.5M to $5.3M•Deferred maintenance: $5.6M to $6.3M 15*The $44.0M annual funding gap identified in the Asset Management Plan is not addressed in the forecast.
Baseline Scenario – Projected Surplus/Deficit16
Note: FY23 available resources were retained in the General Fund to meet the City's 20.0% reserve target. 16.7% is the minimum reserve recommended by the GFOA. 15 16
2/9/2026
9 Four Scenario Comparison17
FY 2022/23 FY 2023/24 FY 2024/25 FY 2025/26 FY 2026/27 FY 2027/28 FY 2028/29 FY 2029/30 FY 2030/31 FY 2031/32 FY 2032/33 FY 2033/34 FY 2034/35 10-yr TotalBaseline10,228,647$ 1,645,321$ 1,313,595$ 22,650$ (953,479)$ (8,802,334)$ (9,986,157)$ (9,494,157)$ (8,954,118)$ (7,324,382)$ (6,942,915)$ (6,245,311)$ (5,927,471)$ (64,607,674)$ Recession in 202810,228,647$ 1,645,321$ 1,313,595$ 22,650$ (953,479)$ (10,946,334)$ (14,773,657)$ (16,227,857)$ (15,906,918)$ (14,503,282)$ (14,355,315)$ (13,899,011)$ (13,830,271)$ (115,373,474)$ TOT-based Rev Inc10,228,647$ 1,645,321$ 1,313,595$ 22,650$ (953,479)$ (7,379,234)$ (7,083,057)$ (6,532,957)$ (5,933,618)$ (4,243,482)$ (3,800,415)$ (3,040,011)$ (2,658,071)$ (41,601,674)$ Dev-based Rev Inc10,228,647$ 1,645,321$ 1,313,595$ 22,650$ 666,121$ (7,850,434)$ (5,244,307)$ (7,273,657)$ (5,363,218)$ (1,423,482)$ 495,185$ 3,430,389$ 6,199,229$ (16,341,524)$ Note: The forecast does not include the $44.0M annual funding gap identified in the Asset Management Plan ($440.0M over the forecast period). Additional resources are required to address deferred maintenance needs.
Looking ForwardMarch - April 2026- Pension Strategy- FY 2027/29 Budget Engagement PlanMay – June 2026- Funding Plan for Asset Management*- Mid-Term Budget UpdateFebruary-June 2026Organizational Assessment18*To support sustainable and serviceable community infrastructure (library, police and fire stations, parks and trails, roadways, stormwater system, etc.). 17 18
2/9/2026
10 Recommendation•Staff recommends that the City Council accept the Mid-Year Budget Report and approve the proposed budget amendments19 Thank You!
19 20
Item #6
CITY COUNCIL AGENDA REPORT
February 17, 2026
Public Works - Utilities Division
TITLE: RECEIVE THE FINANCIAL PLAN ANALYSIS FOR THE 2026 SEWER RATE STUDY AND APPROVE IMPLEMENTATION SCENARIO 1 - MAINTAIN
SUMMARY
The City of Pleasanton (City) owns and operates a sewer system that collects wastewater from approximately 21,000 service connections and transports it to the Dublin San Ramon Services District (DSRSD) and the City of Livermore (for the Ruby Hill service area) for treatment and disposal. In 2025, the City completed its Sewer System Management Plan (SSMP) and supplemental long-term sewer Capital Improvement Program (CIP) to guide management of the sewer program, ensure the sustainability of its infrastructure, and reduce the risk of sewer overflows.
To ensure financial sustainability during the implementation of its SSMP, the City is conducting the 2026 Sewer Rate Study (Rate Study). The goal of the Rate Study is to establish cost- based, fair, and legally defensible rates and connection fees to support the City’s sewer program. The first step in the Rate Study is the development of a long-term financial plan that projects the revenues required from sewer rates to cover the full scope of operational and capital costs associated with the sewer program. The City has completed the financial analysis, which includes three implementation scenarios that vary the balance of investment in near-term program improvements versus the level of risk to the program. Staff is now recommending that the City Council approve Implementation Scenario 1 - Maintain, which offers a balanced approach of near-term improvement spending versus program risk.
After receiving direction on an implementation scenario, next steps include performing a cost- of-service analysis to allocate costs to each customer class; developing rate and connection fee schedules; preparing a rate study report and Proposition 218 notice; and conducting a public review period and hearing to adopt sewer rates. If approved, new sewer rates and connection fees would go into effect on January 1, 2027.
RECOMMENDATION
Receive the financial plan analysis for the 2026 sewer rate study and approve Implementation Scenario 1 - Maintain.
BACKGROUND
The City owns and operates a sewer collection system that consists of approximately 253 miles of gravity sewers, approximately 4.9 miles of force mains, 8 siphons, 11 active pump stations, and approximately 21,000 service connections. The average dry weather flow is approximately 6 million gallons per day (MGD). The City has agreements with Dublin San Ramon Services District (DSRSD) and City of Livermore (for the Ruby Hill service area) for wastewater treatment, and is a member of Livermore-Amador Valley Water Management Agency (LAVWMA) for treated wastewater disposal. The City also has agreements with
Alameda County that allow sewage flows from their Castlewood Service Area to be transported through the City’s collection system for treatment at DSRSD.
On June 17, 2025, the City Council approved the City’s 2025 Sewer System Management Plan (SSMP). The SSMP is a living document that guides management of the City’s sewer program and is required by the State Water Resources Control Board (SWRCB). The SSMP has identified that the City’s resources are currently insufficient to implement its program properly and recommends improvements to operation and maintenance (O&M) activities to reduce the risk of sewer system overflows. As a supplement to the SSMP, the City also developed a long- term sewer Capital Improvement Program (CIP) that identifies infrastructure needs over the next 20 years. The City Council approved the long-term sewer CIP on November 4, 2025.
To ensure financial sustainability during the implementation of its SSMP, the City has contracted with a firm specializing in utility rate work to conduct the 2026 Sewer Rate Study (Rate Study). The goal of the Rate Study is to establish cost-based, fair, and legally defensible rates and connection fees to support the City’s sewer program. The objectives of the Rate Study are:
• Prepare a five-year financial plan (FY26 through FY30) to meet economic targets and determine revenue needs.
• Conduct a cost-of-service analysis based on the most recent data and customer use characteristics.
• Develop a four-year sewer rate schedule for FY27 through FY30. Note that new rates would go into effect on January 1, 2027, for FY27 (mid-term), and then on July 1 for the beginning of each following fiscal year.
• Develop updated sewer connection fees for 2027 that will be annually increased by the consumer price index (CPI).
• Document the proposed rate development process in a report.
DISCUSSION
The first step in the Rate Study is the development of a financial plan, which serves as a comprehensive strategy to ensure the City’s sewer enterprise is financially sustainable and sufficient. The financial plan outlines the projected revenue required from sewer rates over a 5- year study period to cover the full scope of operational and capital costs associated with the sewer program and meet financial performance targets.
The key components of a financial plan include:
• Cost Analysis: A thorough assessment of the sewer program expenses, including operations, maintenance, staffing, infrastructure upgrades, and other essential functions. Note that the financial plan assumes a full pass-through of treatment rate revenues to cover expenses for wastewater treatment services provided by DSRSD and the City of Livermore.
• Revenue Requirements: The determination of the total amount of funding required to meet these costs, while also providing for future contingencies. • Long-Term Financial Stability: A strategic approach to ensuring the sewer program remains financially healthy with adequate reserves to address future challenges and
maintain service reliability.
Key inputs to the financial plan include the SSMP and the long-term sewer CIP. The long-term financial plan evaluates three implementation scenarios that vary the balance between investment in near-term program improvements and program risks associated with improvement deferrals. The three scenarios evaluated are Scenario 1 – Maintain, Scenario 2 – Prioritize, and Scenario 3 – Defer. These scenarios are further defined later in this section. In addition to these scenarios, the financial plan includes a Status Quo scenario as a control. The Status Quo scenario evaluates the City’s currently adopted sewer rates with no rate revenue adjustments to illustrate the long-term financial impacts of maintaining rates at existing levels.
This scenario assesses whether current rates are sufficient to fund operating and capital expenses while maintaining adequate fund balances.
Financial performance under each scenario is evaluated against two primary targets: fund balance and reserve policy requirements, and debt coverage requirements. The City’s current reserve range is 30 percent to 40 percent, with a target equal to 35 percent of annual operating expenses, inclusive of DSRSD and Livermore treatment costs, but exclusive of capital improvement projects. While the City’s sewer enterprise does not currently carry debt, all new debt is evaluated using a minimum debt coverage requirement of 125 percent. The results of the implementation scenario analysis provide the basis for assessing the financial feasibility of each scenario investment level and for identifying the sewer rate adjustments necessary to maintain financial stability, meet policy targets, and support long-term system reliability. The results of the financial plan analysis for each scenario are summarized below. Refer to Attachment 1 for a detailed summary of inputs assumed in the financial analysis.
Status Quo Scenario
The Status Quo scenario assumes that there are no adjustments to the City’s existing sewer collection rates and no new debt issued to fund CIP. While the Status Quo scenario assumes the same underlying O&M and CIP needs as the Maintain scenario, it assumes no rate adjustments or debt financing, thereby highlighting the financial impacts of maintaining current rates.
Table 1 shows the current sewer collection rate revenues (including no additional rate revenues), projected O&M expenses, and projected CIP funding.
Table 1: Rate Revenues and Expenses (Status Quo)
Figure 1 shows the results of the Status Quo scenario in four graphs:
• The Revenue Requirement graph compares the revenues (lines) and expenses (stacked bars). Note that the revenues and expenses are inclusive of pass-through revenues for treatment costs paid to DSRSD and the City of Livermore. The pass- through revenues are equal to the treatment costs. In this scenario, the City’s revenues are insufficient to cover expenses.
• The Fund Balance graph compares the projected ending balances for the combined sewer enterprise fund (green bars) and the reserve policy targets (dashed line). In this scenario, the City’s combined sewer enterprise fund will be negative starting in FY 2028.
• The Debt Coverage graph compares the calculated debt coverage (blue line) and the required debt coverage (dashed black line). In this scenario, the City does not have any debt service, and therefore, no debt coverage requirement applies. • The Capital Projects graph shows the total CIP funding by funding source. In this scenario, the City will fund its sewer CIP with rates/cash (green bars).
Figure 1: Projected Financial Plan (Status Quo)
Scenario 1 - Maintain
The Maintain scenario is an implementation plan that offers a balanced approach of near-term improvement spending versus program risk. For operations, this scenario includes costs to:
supplement internal inspection and flushing of sewer piping and maintenance holes with contract services to document baseline conditions over the next seven years; establish a pipe blockage and root control program that is compliant with new regulations; perform specialty inspections and develop emergency response plans for all lift stations; enhance staff training; and update/enhance vehicles and equipment that are used to monitor and maintain the sewer system to reduce the risk of overflows. For capital improvements, near-term projects include two pipeline capacity improvements, rehabilitation of four lift stations, complete replacement of Lift Station 05, emergency generator improvements, replacement of 0.5 to 1 mile of piping per
year, Amberwood Siphon rehabilitation, and specialty inspections of force mains and large- diameter piping.
Table 2 shows the current and additional sewer collection rate revenues, O&M expense program, and proposed CIP funding for the Maintain scenario. Total City O&M expenses over five years are equal to $48.9 million. Total CIP costs over five years are equal to $38.5 million, and $28.0 million of those CIP costs are projected to be funded through new debt issuances.
Table 2: Additional Revenues, O&M, and CIP Spending (Maintain)
Figure 2 shows the results of the Maintain scenario in four graphs:
• The Revenue Requirement graph compares revenues (lines) and expenses (stacked bars). Note that the revenues and expenses are inclusive of pass-through revenues for treatment costs paid to DSRSD and City of Livermore. In this scenario, the City’s revenues will be sufficient to meet all expenses from FY 2028 and onward. • The Fund Balance graph compares the projected ending balances for the combined sewer enterprise fund (green bars) and the reserve policy targets (dashed line). In this scenario, the City will meet its combined sewer enterprise fund balance targets by the end of FY 2030.
• The Debt Coverage graph compares the calculated debt coverage (blue line) and the required debt coverage (dashed black line). In this scenario, the City meets its debt coverage requirements for the new debt issued to fund CIP. • The Capital Projects graph shows the total CIP funding by funding source. In this scenario, the City will fund its sewer CIP with rates/cash (green bars) and new debt (blue bars).
Figure 2: Projected Financial Plan (Maintain)
Scenario 2 - Prioritize
The Prioritize scenario reduces the City’s risk by more proactively investing in near-term improvements. In this scenario, O&M improvements are the same as the Maintain scenario but include implementing staffing recommendations in the near term (as opposed to deferring to out years) to address the deficiencies identified in the 2025 SSMP. It also includes increasing the budget by 20 percent to supplement contract services for inspection of piping and maintenance holes to expedite documenting baseline conditions to approximately five years (rather than seven). For capital improvements, this scenario includes the same near-term projects as the Maintain scenario plus it increases the number of lift station rehabilitations by four and increases pipe replacement to 1 to 2 miles per year.
Table 3 shows the current and additional sewer collection rate revenues, O&M expense program, and proposed CIP funding for the Prioritize scenario. Total City O&M expenses over five years are equal to $54.0 million. Total CIP costs over five years are $51.5 million, and $37.0 million of those costs are projected to be funded through new debt issuances.
Table 3: Additional Revenues, O&M, and CIP Spending (Prioritize)
Figure 3 shows the results of the Prioritize scenario in four graphs:
• The Revenue Requirement graph compares the revenues (lines) and expenses (stacked bars). In this scenario, the City’s revenues will be sufficient to meet all expenses from FY 2028 and onward.
• The Fund Balance graph compares the projected ending balances for the combined sewer enterprise fund (green bars) and the reserve policy targets (dashed line). In this scenario, the City will meet its combined sewer enterprise fund balance targets by the end of FY 2030.
• The Debt Coverage graph compares the calculated debt coverage (blue line) and the required debt coverage (dashed black line). In this scenario, the City meets its debt coverage requirements for the new debt issued to fund CIP. • The Capital Projects graph shows the total CIP funding by funding source. In this scenario, the City will fund its sewer CIP with rates/cash (green bars) and new debt (blue bars).
Figure 3: Projected Financial Plan (Prioritize)
Scenario 3 - Defer
The Defer scenario defers some near-term improvements to reduce spending, but as a result, increases program risk. In this scenario, O&M improvements are the same as the Maintain scenario, as additional deferments are not recommended for regulatory compliance. For capital improvements, this scenario includes the same near-term projects as the Maintain scenario, with the exception that it defers the four lift-station rehabilitations and a portion of the emergency generator improvements. Although keeping the improvements in the near term, it also defers one pipeline capacity improvement and the Amberwood Siphon improvement by two years.
Table 4 shows the current and additional sewer collection rate revenues, O&M expense program, and proposed CIP funding for the Defer scenario. Total City O&M expenses over five years are equal to $48.9 million. Total CIP costs over five years are equal to $34.0 million, and $24.0 million of those costs are projected to be funded through new debt issuances.
Table 4: Additional Revenues, O&M, and CIP Spending (Defer)
Figure 4 shows the results of the Defer scenario in four graphs:
• The Revenue Requirement graph compares the revenues (lines) and expenses (stacked bars). In this scenario, the City’s revenues will be sufficient to meet all expenses from FY 2028 and onward.
• The Fund Balance graph compares the projected ending balances for the combined sewer enterprise fund (green bars) and the reserve policy targets (dashed line). In this scenario, the City will meet its combined sewer enterprise fund balance targets by the end of FY 2030.
• The Debt Coverage graph compares the calculated debt coverage (blue line) and the required debt coverage (dashed black line). In this scenario, the City meets its debt coverage requirements for the new debt issued to fund CIP. • The Capital Projects graph shows the total CIP funding by funding source. In this scenario, the City will fund its sewer CIP with rates/cash (green bars) and new debt (blue bars).
Figure 4: Projected Financial Plan (Defer)
SUMMARY
Table 5 summarizes the three financial plan scenarios and their impact on the City’s sewer enterprise.
• The Maintain scenario requires $27.4 million in additional City rate revenues over five years and $28.0 million in new debt to fund a total of $48.9 million in O&M expenses (excluding DSRSD and Livermore treatment) and $38.5 million in CIP. • The Prioritize scenario requires $38.0 million in additional City rate revenues over five years and $37.0 million in new debt to fund a total of $54.0 million in O&M expenses (excluding DSRSD and Livermore treatment) and $51.5 million in CIP. • The Defer scenario requires $25.0 million in additional City rate revenues over five years and $24.0 million in new debt to fund a total of $48.9 million in O&M expenses (excluding DSRSD and Livermore treatment) and $34.0 million in CIP.
Table 5: Summary of Financial Plan Scenarios
After analyzing all three scenarios, and comparing to the Status Quo scenario, staff is recommending Scenario 1 - Maintain. The analysis shows that the Status Quo is not financially sustainable to support the City's sanitary sewer system and current regulatory requirements. A rate adjustment is needed to ensure the financial sustainability of the City's sewer system.
While all three implementation scenarios meet financial policies, the Maintain scenario (Scenario 1) balances near-term cost with long-term risk, providing funding for critical near- term improvements.
EQUITY AND SUSTAINABILITY
As a full-service municipality, the City provides a wide range of services and programs to meet the needs of all community members, including sewer collection. Setting reasonable sewer rates supports the fiscal sustainability of the City's sewer enterprise fund.
OUTREACH
The City has proactively shared information on sewer activities through a series of public outreach communications and events to promote collaboration and transparency. Activities to date include:
• Livermore Pleasanton Fire Department Fire Expo - Booth, Handouts, Displays • New Web Pages (2) for Sewer Services & Programs and Sewer Rates, Ongoing Updates
• Social Media Posts (1) - Monthly
• Pleasanton Pipeline E-Newsletter Articles (2) - Quarterly
STRATEGIC PLAN ALIGNMENT
Approval of this action advances the ONE Pleasanton Strategic Plan goal of Funding our Future, Strategy 3 – Evaluation and update enterprise revenue sources, including utility rates, connection fees and user fees to address growth and meet current needs.
FISCAL IMPACT
The financial plan analysis summarized in this agenda report preliminarily identifies fiscal impacts to the sewer enterprise funds for implementation of its SSMP and long-term sewer CIP.
Prepared by: Submitted by: Approved by:
Siew-Chin Yeong, Director
of Public Works
Siew-Chin Yeong, Director of Public
Works
Gerry Beaudin, City
Manager
Attachments:
1. Sewer Rate Study Inputs Presentation, January 30, 2026
2. Presentation
1 SEWER RATE STUDY
INPUTS PRESENTATION
January 30, 2026
1 Agenda
• Revenue inputs and assumptions
• Expense inputs and assumptions
• Debt inputs and assumptions
• CIP inputs and assumptions
• Reserve inputs and assumptions
2
2 Rate Study Overview3Financial PlanCost-of-ServiceRate DesignRate AdoptionDetermine Annual Rate Revenue Needs to Maintain Financial SufficiencyDevelop Funding Plan for CIPAllocate Costs of Sewer SystemDetermine Cost to Serve Each Customer ClassDevelop Sewer Rate Structure Most Suitable to Meet District’s Goals and ObjectivesEvaluate Fixed Revenue RatioDocument Rate Study in ReportAdopt Rates According to Proposition 218 Process
SEWER REVENUES
3 Non-Rate Revenue Inflationary AssumptionsInputs5•Interest income is calculated based on average fund balances and a 1.8%interest rate (may be revised to reflect most current numbers recommended by City Finance team)•Interfund reimbursement revenue is held constant at$2.5kannually•Implied subsidy from OPEB fund is$39kin FY 2026 and held constant at$43kannually going forward•All other non-rate revenues (miscellaneous revenue, assessment dist penalties, etc.) are$0for the study period Rate RevenuesInputs6•Rate revenues (excluding proposed rate increases) are calculated based on projected customer accounts and usage data•The current rate schedule includes:•City of Pleasanton (Collection) rates adopted through 7/1/2025 with assumed CPI increases of2.7% effective 1/1/2026 and 3% effective 7/1/2026•Ruby Hill (Collection) customers are charged 90% of Pleasanton rates•DSRSD (Treatment) rates adopted and proposed through7/1/2030•Livermore (Treatment) rates adopted and proposed through7/1/2029•Note that 10% reduction in Livermore rates may end in FY 2027
4 Rate RevenuesInputs7•Rate revenues include:•Bi-monthly fixed service charges by customer class (charged per dwelling unit)•Consumption charges based on consumption in ccf•City of Pleasanton customers are charged Pleasanton rates for collection and DSRSD rates for treatment•Ruby Hill customers are charged 90% of Pleasanton rates for collection and Livermore rates for treatment (Livermore discount ends in FY 2027) Adopted Rates – PleasantonFY 2027FY 2026FY 2025Current RatesCity of Pleasanton (Collection)Bi-Monthly Fixed ChargesResidential$31.70$30.77$29.96Single Family$48.28$46.87$45.64Duplex$21.77$21.13$20.57Condo$16.58$16.09$15.67Multi-FamilyConsumption ChargesCommercial$1.79$1.73$1.68Auto Steam Cleaning$1.78$1.72$1.67Bakery$1.79$1.73$1.68Laundry$1.71$1.66$1.62Grocery with Disposal$2.09$2.02$1.97Mortuary$1.67$1.62$1.58Restaurant, Fast Food$1.67$1.62$1.58Restaurant, Full Service$1.51$1.46$1.42All OtherInstitutional$1.46$1.41$1.37Schools, Submetered$0.95$0.92$0.90Schools, Not SubmeteredRuby Hill (Collection)90%90%90%All CustomersInputs8
5 Treatment Rates – DSRSDFY 2031FY 2030FY 2029FY 2028FY 2027FY 2026FY 2025Current RatesD S R S D (Treatment)$81.24$162.49$63.37$63.37$77.37$154.75$60.35$60.35$73.69$147.38$57.48$57.48$69.52$139.04$54.22$54.22$65.58$131.17$51.16$51.16$61.58$108.28$46.69$46.69$59.97$105.44$45.47$45.47Bi-Monthly Fixed Charges ResidentialSingle Family DuplexCondoMulti-FamilyConsumption Charges Commercial/Institutional/Industrial$4.98$4.74$4.51$4.14$3.80$3.48$3.39Less than or equal to 300 mg/L$6.36$6.06$5.77$5.29$4.85$4.45$4.33Between 300 and 450 mg/L$7.83$7.46$7.11$6.49$5.92$5.41$5.27Between 450 and 600 mg/L$9.22$8.78$8.37$7.64$6.98$6.38$6.21Between 600 and 750 mg/L$10.53$10.03$9.55$8.75$8.01$7.15$7.15Between 750 and 900 mg/L$11.92$11.35$10.81$9.90$9.06$8.30$8.08Between 900 and 1,050 mg/L$0.00$0.00$0.00$0.00$0.00$0.00$0.00Greater than 1,050 mg/LInputs9DSRSD’s rate study is in process; rates will be effective July 1, 2026 Treatment Rates – LivermoreFY 2030FY 2027 FY 2028 FY 2029FY 2026FY 2025Current RatesLivermore (Treatment)10% reduction in Livermore rates will end in FY 2027Bi-Monthly Fixed ChargesResidential$175.46$155.98 $162.22 $168.70$134.98$128.97Single FamilyConsumption ChargesCommercial$14.76$13.12 $13.65 $14.19$11.36$10.98Restaurant, Full Service$6.33$5.63 $5.85 $6.08$4.87$4.88All OtherInputs1010% reduction in Livermore may end in FY 2027; has not been decided yet
6 Customer Accounts (Dwelling Units)Projections11FY 2030FY 2029FY 2028FY 2027FY 2026FY 2025Customer AccountsCity of Pleasanton Collection / D S R S D TreatmentUtility Billing18,89518,89518,89518,89518,89518,895Single Family206206206206206206Single Family w/2nd Res1,5851,5851,5851,5851,5851,585Condo5,8955,8955,8955,8955,8955,895Multi-Family26,58126,58126,58126,58126,58126,581Subtotal - Utility BillingProperty Tax Roll179179179179179179Single Family000000Single Family w/2nd Res256256256256256256Condo000000Multi-Family435435435435435435Subtotal - Property Tax RollRuby Hill Collection / Livermore TreatmentUtility Billing851851851851851851Single Family851851851851851851Subtotal - Utility Billing Customer Usage – City of PleasantonProjections12FY 2030FY 2029FY 2028FY 2027FY 2026FY 2025Billed Consumption (ccf)City of PleasantonCommercial (Net of EVAP Credits)143143143143143143Auto Steam Cleaning18,59118,59118,59118,59118,59118,591Bakery543543543543543543Laundry5,1595,1595,1595,1595,1595,159Grocery with Disposal878787878787Mortuary27,66727,66727,66727,66727,66727,667Restaurant, Fast Food105,993105,993105,993105,993105,993105,993Restaurant, Full Service430,482430,482430,482430,482430,482430,482All Other588,665588,665588,665588,665588,665588,665Subtotal - Commercial (Net of EVAP Credits)Institutional12,41612,41612,41612,41612,41612,416Schools submetered33,46233,46233,46233,46233,46233,462Schools not submetered45,87845,87845,87845,87845,87845,878Subtotal - Institutional634,543634,543634,543634,543634,543634,543Total - City of Pleasanton
7 Customer Usage – DSRSDProjections13FY 2030FY 2029FY 2028FY 2027FY 2026FY 2025Billed Consumption (ccf)DS RS DCommercial/Institutional (Net of EVAP Credits)480,304480,304480,304480,304480,304480,304Less than or equal to 300 mg/L000000Between 300 and 450 mg/L27,62327,62327,62327,62327,62327,623Between 450 and 600 mg/L105,805105,805105,805105,805105,805105,805Between 600 and 750 mg/L5,2265,2265,2265,2265,2265,226Between 750 and 900 mg/L18,72318,72318,72318,72318,72318,723Between 900 and 1,050 mg/L000000Greater than 1,050 mg/L637,681637,681637,681637,681637,681637,681Subtotal - Commercial/Institutional (Net of EVAP Credits)637,681637,681637,681637,681637,681637,681Total - DS RS D Customer Usage – Ruby Hill & LivermoreProjections14FY 2030FY 2029FY 2028FY 2027FY 2026FY 2025Billed Consumption (ccf)Ruby Hill Collection / Livermore TreatmentCommercial4,6494,6494,6494,6494,6494,649Restaurant, Full Service786786786786786786All Other5,4355,4355,4355,4355,4355,435Subtotal - Commercial5,4355,4355,4355,4355,4355,435Total - Ruby Hill Collection / Livermore Treatment
8 Other Customers – Castlewood & AlcoProjections15FY 2030FY 2029FY 2028FY 2027FY 2026FY 2025UnitsOther CustomersPleasanton CollectionCastlewood206206206206206206DUSingle Family5,6035,6035,6035,6035,6035,603ccfRestaurant, Full ServiceAlco38,62838,62838,62838,62838,62838,628ccfAll OtherDS RS D TreatmentCastlewood206206206206206206DUSingle Family5,6035,6035,6035,6035,6035,603ccfBetween 600 and 750 mg/LAlco38,62838,62838,62838,62838,62838,628ccfLess than or equal to 300 mg/LNote that Castlewood customers are charged 7.875% of Pleasanton charges Rate Revenue Summary – City of PleasantonProjections16FY 2030FY 2029FY 2028FY 2027FY 2026FY 2025Calculated Rate RevenueCity of Pleasanton (Collection)Bi-Monthly Fixed Charges$4,514,405$4,514,405$4,514,405$4,514,405$4,324,200$4,266,570Residential$4,514,405$4,514,405$4,514,405$4,514,405$4,324,200$4,266,570Subtotal - Bi-Monthly Fixed ChargesConsumption Charges$916,564$916,564$916,564$916,564$875,066$863,196Commercial$49,916$49,916$49,916$49,916$47,709$47,126Institutional$966,480$966,480$966,480$966,480$922,774$910,321Subtotal - Consumption Charges$5,480,885$5,480,885$5,480,885$5,480,885$5,246,975$5,176,892Total - City of Pleasanton (Collection)
9 Rate Revenue Summary – Ruby HillProjections17FY 2030FY 2029FY 2028FY 2027FY 2026FY 2025Calculated Rate RevenueRuby Hill (Collection)Bi-Monthly Fixed Charges$145,674$145,674$145,674$145,674$139,539$137,678Residential$145,674$145,674$145,674$145,674$139,539$137,678Subtotal - Bi-Monthly Fixed ChargesConsumption Charges$8,056$8,056$8,056$8,056$7,713$7,615Commercial$0$0$0$0$0$0Institutional$8,056$8,056$8,056$8,056$7,713$7,615Subtotal - Consumption Charges$153,730$153,730$153,730$153,730$147,253$145,294Total - Ruby Hill (Collection) Rate Revenue Summary – DSRSDProjections18FY 2030FY 2029FY 2028FY 2027FY 2026FY 2025Calculated Rate RevenueDSR SD (Treatment)Bi-Monthly Fixed Charges$11,846,828$11,283,359$10,644,513$10,041,853$9,226,124$9,103,930Residential$11,846,828$11,283,359$10,644,513$10,041,853$9,226,124$9,103,930Subtotal - Bi-Monthly Fixed ChargesConsumption Charges$3,676,599$3,500,462$3,207,167$2,938,693$2,654,101$2,619,501Commercial/Institutional/Industrial$3,676,599$3,500,462$3,207,167$2,938,693$2,654,101$2,619,501Subtotal - Consumption Charges$15,523,427$14,783,822$13,851,680$12,980,546$11,880,225$11,723,430Total - DSR SD (Treatment)
10 Rate Revenue Summary – LivermoreProjections19FY 2030FY 2029FY 2028FY 2027FY 2026FY 2025Calculated Rate RevenueLivermore (Treatment)Bi-Monthly Fixed Charges$895,899$861,382$828,295$796,434$673,864$658,521Residential$895,899$861,382$828,295$796,434$673,864$658,521Subtotal - Bi-Monthly Fixed ChargesConsumption Charges$73,595$70,748$68,057$65,420$55,761$54,882Commercial$73,595$70,748$68,057$65,420$55,761$54,882Subtotal - Consumption Charges$969,493$932,130$896,352$861,854$729,625$713,403Total - Livermore (Treatment) Rate Revenue Summary – AdjustmentsProjections20FY 2029FY 2028FY 2027FY 2026FY 2025NoteCalculated Rate RevenueRate AdjustmentsPleasanton Collection$28,564$28,564$28,564$28,564$28,564InputsIndustrial$0$0$0$0$0InputsIndustrial Pretreatment$3,779$3,779$3,779$3,620$3,572CalculatedCastlewood$58,328$58,328$58,328$55,624$54,852CalculatedAlco$90,671$90,671$90,671$87,808$86,988Total - Pleasanton CollectionDSRSD Treatment$26,310$26,310$26,310$26,310$26,310InputsIndustrial$68,358$68,358$68,358$68,358$68,358InputsIndustrial Pretreatment$137,976$128,732$120,164$110,387$108,916CalculatedCastlewood$174,212$159,920$146,786$132,687$130,949CalculatedAlco$406,856$383,319$361,618$337,742$334,532Total - DSRSD Treatment
11 Rate Revenue Summary – Total & Revenue CheckProjections21FY 2030FY 2029FY 2028FY 2027FY 2026FY 2025Calculated Rate Revenue$5,725,286$5,725,286$5,725,286$5,725,286$5,482,035$5,409,173Subtotal - Pleasanton$15,946,013$15,190,677$14,234,999$13,342,164$12,217,967$12,057,963Subtotal - DSR SD$969,493$932,130$896,352$861,854$729,625$713,403Subtotal - Livermore$22,640,792$21,848,094$20,856,638$19,929,303$18,429,628$18,180,538Total - Sewer Rate RevenuesTotalLivermoreDSR SDPleasantonRevenue C heck (FY 2025)$18,180,538$713,403$12,057,963$5,409,173Calculated$18,287,241$710,543$12,164,991$5,411,707Actual / Budget-0.6%0.4%-0.9%0.0%Difference (%)($106,703)$2,859($107,028)($2,533)Difference ($) Revenue SummaryFY 2030FY 2029FY 2028FY 2027FY 2026FY 2025RevenuesProjectedProjectedProjectedProjectedProjectedActualRevenuesRate revenues and interest income (in green) from this year onward are calculated.Sewer O&M and Replacement (Funds 430, 431, 434)$5,725,286$5,725,286$5,725,286$5,725,286$5,482,035$5,296,816SEWER SERVICE CHARGE PLEASANTON$15,946,013$15,190,677$14,234,999$13,342,164$12,217,967$12,164,991SEWER SERVICE CHARGE DSRSD$969,493$932,130$896,352$861,854$729,625$710,543SEWER SERV @RUBYHILL - LIVERMR$160,283$115,643$80,279$108,093$233,601$411,107INTEREST - CITY FUNDS$0$0$0$0$0$31,576FEMA/OES GRANT-DISASTER AID$0$0$0$0$0$1,572MISCELLANEOUS REVENUE$0$0$0$0$0$172WRITE-OFF OF STALE DATED CHKS$0$0$0$0$0$118ASSESSMENT DIST PENALITIES$2,500$2,500$2,500$2,500$2,500$387INTERFUND REIMB - REVENUE$0$0$0$0$0$114,891GENERAL FUND SUBSIDY (DISCOUNT PROGRAM)$43,000$43,000$43,000$43,000$39,000$23,000IMPLIED SUBSIDY FROM OPEB FUND$0$0$0$0$0$0Placeholder$0$0$0$0$0$0Placeholder$0$0$0$0$0$0Placeholder$0$0$0$0$0$0Placeholder$0$0$0$0$0$0Placeholder$22,846,575$22,009,236$20,982,417$20,082,896$18,704,728$18,755,173Subtotal - Sewer O&M and Replacement (Funds 430, 431, 434)$22,846,575$22,009,236$20,982,417$20,082,896$18,704,728$18,755,173Total - RevenuesProjections22
12 SEWER EXPENSES
Expense Inflationary AssumptionsInputs24•Three expense categories:•Base Expenses•New Expense Programs (Dependent on CIP Scenario)•Additional Staffing (Dependent on CIP Scenario)•Allbase expensesare inflated by3%each year based on FY 2026 projected values except for:•Benefits and utilities which are inflated by5%•R&R fund (Fund 434) base expenses are held constant at$0after FY 2026•New expense programandadditional staffingcost values were provided bystaff
13 Base Expense DetailFY 2026FY 2025TypeEscalationObjectSewer Fund ExpensesProjectedActualSewer O&M and Replacement (Funds 430 and 431)$1,695,311$997,787FixedSalaries400001REGULAR FULL TIME$78,000$41,606FixedSalaries400003TEMPORARY SALARIES$0$47,174FixedSalaries400031VACATION$0$24,090FixedSalaries400032SICK$0$26,438FixedSalaries400033FLOATING HOLIDAY$0$8,161FixedSalaries400034ADMIN LEAVE$0$55,447FixedSalaries400035OTHER LEAVE$0$14,053FixedSalaries400036COMP TIME TAKEN$35,000$5,010FixedSalaries400051OVERTIME$19,279$29,370FixedSalaries400061PREMIUM PAY - PERSABLE$0$32,231FixedSalaries400062PREMIUM PAY-NON PERSABLE$3,480$3,080FixedSalaries400065MANAGER VEHICLE ALLOWANCE$0$84FixedSalaries400066MEAL ALLOWANCE - PCEA$1,300$0FixedSalaries400067BILINGUAL PAY$6,077$8,598FixedSalaries400069ADMIN LEAVE BUYBACK$0$18,337FixedSalaries400070VACATION LEAVE BUYBACK$0$2,092FixedSalaries400072COMP TIME BUYBACK$0$258FixedSalaries400073MISC OTHER PAY$25,274$18,983FixedBenefits400102MEDICARE- ER$366,518$212,975FixedBenefits400103MEDICAL - ER$25,234$14,909FixedBenefits400104DENTAL - ER$237$196FixedBenefits400105VISION - ER$730$467FixedBenefits400106BEN/EAP$0$159FixedBenefits400107APPLE - ER$922$644FixedBenefits400108LIFE AD&D - ER$3,966$2,647FixedBenefits400109LTD - ER$1,191$746FixedBenefits400110STD - ER$27,437$17,194FixedBenefits400112457 CONTRIB$10,348$6,421FixedBenefits400113RHSP CONTRIB$2,472$3,188FixedBenefits400122UNUSED VACATION/COMP$135,026$152,840FixedBenefits400152RETIREE MEDICAL ACCRUAL EXPENSInputs25 Base Expense DetailInputs26Sewer Fund Expenses Object Escalation Type FY 2025 FY 2026Actual ProjectedSewer O&M and Replacement (Funds 430 and 431)$94,765 $115,818$601,834 $739,729$15,499 $25,000$1,850 $5,000$37,970 $50,000$120,982 $62,000$26,218 $25,000$32,577 $145,000$66,616 $56,000$101,851 $75,000Benefits FixedBenefits FixedGeneral FixedGeneral FixedUtilities FixedGeneral FixedGeneral FixedGeneral FixedGeneral FixedGeneral FixedUtilities VariableUtilities VariableUtilities VariableGeneral FixedGeneral FixedGeneral FixedGeneral FixedGeneral FixedGeneral FixedGeneral FixedGeneral FixedGeneral FixedGeneral FixedGeneral FixedGeneral FixedGeneral Fixed400153400202410102410105410106420101420102430101430105430107431132460107431133433153433154433155433156433157433158433159433161433167433170433172433172433177WORKERS COMP ACCRUAL EXPRETIREMENT EXPENSE TRAVEL & TRAINING EXPMISC PERSONNEL COSTS GASOLINE-CITY VEHICLEMISC REPAIRS & MAINT CONTRACTS PARTS & EQUIPMENTPROFESSIONAL SERVICESOTHER PROFESSIONAL SERVICES CONTRACT SERVICESSEWER SERVICE FEES-DSRSDSEWER SERV @RUBYHILL - LIVERMRELECTRICITYOFFICE SUPPLIESMISC SUPPLIES AND EQUIPMENTDATA PROCESSING EQUIP/SOFTWAREDUES,PUBLICATIONS,FILMS,BOOKSUNIFORM COSTSRENTAL EXPENSES INSURANCEHAZARDOUS MATERIAL DISPOSAL MISC SERVICE CHARGES MISCELLANEOUS EXPENSE INTERFUND EXPENSE (Fund 430)INTERFUND EXPENSE (Fund 431)WRITE-OFF EXPENDITURE$12,164,991$710,543$161,284 $110,000$490 $2,500$80,652 $75,000$81,045 $75,000$12,779 $20,000$5,866 $9,000$138,268 $50,000$0 $96,000$0 $10,000$23,201 $25,000$0 $30,000$1,320,398 $1,389,400$260,448 $330,000$20,828 $0Subtotal - Sewer O&M and Replacement (Funds 430 and 431) $17,826,139 $5,958,249
14 Base Expense DetailInputs27FY 2026FY 2025TypeEscalationObjectSewer Fund ExpensesProjectedActualSewer R&R (Fund 434)$0$77,867FixedGeneral420101MISC REPAIRS & MAINT CONTRACTS$300,000$0FixedGeneral430107CONTRACT SERVICES$175,000$158,689FixedGeneral440104MACHINERY AND EQUIPMENT$720,000$0FixedGeneral440105BUILDINGS & STRUCTURES$1,280,000$69,786FixedGeneral440107VEHICLESFixedPlaceholderPlaceholderFixedPlaceholderPlaceholderFixedPlaceholderPlaceholderFixedPlaceholderPlaceholderFixedPlaceholderPlaceholder$2,475,000$306,341Subtotal - Sewer R&R (Fund 434) Base Expense SummaryProjections28•Note that DSRSD and Livermore Treatment expenses are based on calculated values from the revenue summaryFY 2030FY 2029FY 2028FY 2027FY 2026FY 2025Expenses SummaryProjectedProjectedProjectedProjectedProjectedActualExpensesSewer O&M and Replacement (Funds 430 and 431)$15,946,013$15,190,677$14,234,999$13,342,164$12,217,967$12,164,991DSRSD Treatment$969,493$932,130$896,352$861,854$729,625$710,543Livermore Treatment$6,851,399$6,615,543$6,388,286$6,169,295$5,958,249$4,950,605Base Expenses$1,925,000$1,775,000$1,775,000$1,775,000$0$0New Expense Programs$1,000,000$1,300,000$1,300,000$1,000,000$0$0Staffing Related to CIP ScenariosSewer R&R (Fund 434)$0$0$0$0$2,475,000$306,341Base Expenses$550,000$550,000$550,000$954,613$0$0New Expense Programs$27,241,905$26,363,351$25,144,638$24,102,925$21,380,841$18,132,481Total - Expenses
15 New Expense Program - Maintain - SummaryInputs29FY 2030FY 2029FY 2028FY 2027FY 2026FY 2025ExpensesMaintainSewer O&M (Fund 430)$350,000$350,000$350,000$350,000$0$0Sewer Operator Salary Adjustment Allowance$50,000$50,000$50,000$50,000$0$0Engineering On-Call Support$1,000,000$1,000,000$1,000,000$1,000,000$0$0Contract:CCTV Inspection and Flushing$200,000$200,000$200,000$200,000$0$0Contract: Root Foaming Program$100,000$100,000$100,000$100,000$0$0Software: Manhole Condition Assessment$150,000$0$0$0$0$0Lift Station Inspection Program$0$0$0$0$0$0FOG Inspection Program$25,000$25,000$25,000$25,000$0$0Creating SOPs for daily operational duties$50,000$50,000$50,000$50,000$0$0Station Emergency Response Plan for all 10 lift station$0$0$0$0$0$0Sewer Siphon Inspections (8), approx. 2,600 LF total$0$0$0$0$0$0Financial Management Allowance$0$0$0$0$0$0Administration Support Allowance$0$0$0$0$0$0Sewer Operator Allowance$0$0$0$0$0$0Placeholder$0$0$0$0$0$0Placeholder$1,925,000$1,775,000$1,775,000$1,775,000$0$0Subtotal - Sewer O&M (Fund 430)Sewer R&R (Fund 434)$0$0$0$0$0$0Emergency Repair (Unprogrammed)$50,000$50,000$50,000$50,000$0$0Manhole Smart Cover Upgrade$500,000$500,000$500,000$500,000$0$0Sewer collection system repairs (pipe spot repairs and facility repairs)$0$0$0$404,613$0$0Equipment and Vehicles (SEWER)$0$0$0$0$0$0Placeholder$0$0$0$0$0$0Placeholder$0$0$0$0$0$0Placeholder$0$0$0$0$0$0Placeholder$0$0$0$0$0$0Placeholder$550,000$550,000$550,000$954,613$0$0Subtotal - Sewer R&R (Fund 434)$2,475,000$2,325,000$2,325,000$2,729,613$0$0Total - Maintain New Expense Program - Prioritize - SummaryInputs30FY 2030FY 2029FY 2028FY 2027FY 2026FY 2025ExpensesPrioritizeSewer O&M (Fund 430)$350,000$350,000$350,000$350,000$0$0Sewer Operator Salary Adjustment Allowance$150,000$150,000$150,000$150,000$0$0Engineering On-Call Support$1,200,000$1,200,000$1,200,000$1,200,000$0$0Contract:CCTV Inspection and Flushing$200,000$200,000$200,000$200,000$0$0Contract: Root Foaming Program$100,000$100,000$100,000$100,000$0$0Software: Manhole Condition Assessment$150,000$0$0$0$0$0Lift Station Inspection Program$0$0$0$0$0$0FOG Inspection Program$50,000$50,000$50,000$50,000$0$0Creating SOPs for daily operational duties$50,000$50,000$50,000$50,000$0$0Station Emergency Response Plan for all 10 lift station$0$0$100,000$100,000$0$0Sewer Siphon Inspections (8), approx. 2,600 LF total$250,000$250,000$250,000$250,000$0$0Financial Management Allowance$250,000$250,000$250,000$250,000$0$0Administration Support Allowance$250,000$250,000$250,000$250,000$0$0Sewer Operator Allowance$0$0$0$0$0$0Placeholder$0$0$0$0$0$0Placeholder$3,000,000$2,850,000$2,950,000$2,950,000$0$0Subtotal - Sewer O&M (Fund 430)Sewer R&R (Fund 434)$0$0$0$0$0$0Emergency Repair (Unprogrammed)$100,000$100,000$100,000$100,000$0$0Manhole Smart Cover Upgrade$500,000$500,000$500,000$500,000$0$0Sewer collection system repairs (pipe spot repairs and facility repairs)$0$0$0$504,613$0$0Equipment and Vehicles (SEWER)$0$0$0$0$0$0Placeholder$0$0$0$0$0$0Placeholder$0$0$0$0$0$0Placeholder$0$0$0$0$0$0Placeholder$0$0$0$0$0$0Placeholder$600,000$600,000$600,000$1,104,613$0$0Subtotal - Sewer R&R (Fund 434)$3,600,000$3,450,000$3,550,000$4,054,613$0$0Total - Prioritize
16 New Expense Program - Defer - SummaryInputs31FY 2030FY 2029FY 2028FY 2027FY 2026FY 2025ExpensesDeferSewer O&M (Fund 430)$350,000$350,000$350,000$350,000$0$0Sewer Operator Salary Adjustment Allowance$50,000$50,000$50,000$50,000$0$0Engineering On-Call Support$1,000,000$1,000,000$1,000,000$1,000,000$0$0Contract:CCTV Inspection and Flushing$200,000$200,000$200,000$200,000$0$0Contract: Root Foaming Program$100,000$100,000$100,000$100,000$0$0Software: Manhole Condition Assessment$150,000$0$0$0$0$0Lift Station Inspection Program$0$0$0$0$0$0FOG Inspection Program$25,000$25,000$25,000$25,000$0$0Creating SOPs for daily operational duties$50,000$50,000$50,000$50,000$0$0Station Emergency Response Plan for all 10 lift station$0$0$0$0$0$0Sewer Siphon Inspections (8), approx. 2,600 LF total$0$0$0$0$0$0Financial Management Allowance$0$0$0$0$0$0Administration Support Allowance$0$0$0$0$0$0Sewer Operator Allowance$0$0$0$0$0$0Placeholder$0$0$0$0$0$0Placeholder$1,925,000$1,775,000$1,775,000$1,775,000$0$0Subtotal - Sewer O&M (Fund 430)Sewer R&R (Fund 434)$0$0$0$0$0$0Emergency Repair (Unprogrammed)$50,000$50,000$50,000$50,000$0$0Manhole Smart Cover Upgrade$500,000$500,000$500,000$500,000$0$0Sewer collection system repairs (pipe spot repairs and facility repairs)$0$0$0$404,613$0$0Equipment and Vehicles (SEWER)$0$0$0$0$0$0Placeholder$0$0$0$0$0$0Placeholder$0$0$0$0$0$0Placeholder$0$0$0$0$0$0Placeholder$0$0$0$0$0$0Placeholder$550,000$550,000$550,000$954,613$0$0Subtotal - Sewer R&R (Fund 434)$2,475,000$2,325,000$2,325,000$2,729,613$0$0Total - Defer Additional Staffing SummaryInputs32FY 2030FY 2029FY 2028FY 2027FY 2026FY 2025ExpensesStaffing Related to CI P ScenariosMaintain$600,000$900,000$900,000$600,000$0$0Engineering/Administration FTEs$400,000$400,000$400,000$400,000$0$0Additional Allowance for Program Management$0$0$0$0$0$0Placeholder$0$0$0$0$0$0Placeholder$1,000,000$1,300,000$1,300,000$1,000,000$0$0Total - MaintainPrioritize$600,000$900,000$1,200,000$600,000$0$0Engineering/Administration FTEs$400,000$400,000$400,000$400,000$0$0Additional Allowance for Program Management$0$0$0$0$0$0Placeholder$0$0$0$0$0$0Placeholder$1,000,000$1,300,000$1,600,000$1,000,000$0$0Total - PrioritizeDefer$900,000$900,000$600,000$600,000$0$0Engineering/Administration FTEs$400,000$400,000$400,000$400,000$0$0Additional Allowance for Program Management$0$0$0$0$0$0Placeholder$0$0$0$0$0$0Placeholder$1,300,000$1,300,000$1,000,000$1,000,000$0$0Total - Defer
17 Total Expense Summary – Maintain ScenarioProjections33FY 2030FY 2029FY 2028FY 2027FY 2026FY 2025Expenses SummaryProjectedProjectedProjectedProjectedProjectedActualExpensesSewer O&M and Replacement (Funds 430 and 431)$15,946,013$15,190,677$14,234,999$13,342,164$12,217,967$12,164,991DSRSD Treatment$969,493$932,130$896,352$861,854$729,625$710,543Livermore Treatment$6,851,399$6,615,543$6,388,286$6,169,295$5,958,249$4,950,605Base Expenses$1,925,000$1,775,000$1,775,000$1,775,000$0$0New Expense Programs$1,000,000$1,300,000$1,300,000$1,000,000$0$0Staffing Related to CIP ScenariosSewer R&R (Fund 434)$0$0$0$0$2,475,000$306,341Base Expenses$550,000$550,000$550,000$954,613$0$0New Expense Programs$27,241,905$26,363,351$25,144,638$24,102,925$21,380,841$18,132,481Total - Expenses3.3%4.8%4.3%12.7%17.9%% Change Total Expense Summary – Prioritize ScenarioProjections34FY 2030FY 2029FY 2028FY 2027FY 2026FY 2025Expenses SummaryProjectedProjectedProjectedProjectedProjectedActualExpensesSewer O&M and Replacement (Funds 430 and 431)$15,946,013$15,190,677$14,234,999$13,342,164$12,217,967$12,164,991DSRSD Treatment$969,493$932,130$896,352$861,854$729,625$710,543Livermore Treatment$6,851,399$6,615,543$6,388,286$6,169,295$5,958,249$4,950,605Base Expenses$3,000,000$2,850,000$2,950,000$2,950,000$0$0New Expense Programs$1,000,000$1,300,000$1,600,000$1,000,000$0$0Staffing Related to CIP ScenariosSewer R&R (Fund 434)$0$0$0$0$2,475,000$306,341Base Expenses$600,000$600,000$600,000$1,104,613$0$0New Expense Programs$28,366,905$27,488,351$26,669,638$25,427,925$21,380,841$18,132,481Total - Expenses3.2%3.1%4.9%18.9%17.9%% Change
18 Total Expense Summary – Defer ScenarioProjections35FY 2030FY 2029FY 2028FY 2027FY 2026FY 2025Expenses SummaryProjectedProjectedProjectedProjectedProjectedActualExpensesSewer O&M and Replacement (Funds 430 and 431)$15,946,013$15,190,677$14,234,999$13,342,164$12,217,967$12,164,991DSRSD Treatment$969,493$932,130$896,352$861,854$729,625$710,543Livermore Treatment$6,851,399$6,615,543$6,388,286$6,169,295$5,958,249$4,950,605Base Expenses$1,925,000$1,775,000$1,775,000$1,775,000$0$0New Expense Programs$1,300,000$1,300,000$1,000,000$1,000,000$0$0Staffing Related to CIP ScenariosSewer R&R (Fund 434)$0$0$0$0$2,475,000$306,341Base Expenses$550,000$550,000$550,000$954,613$0$0New Expense Programs$27,541,905$26,363,351$24,844,638$24,102,925$21,380,841$18,132,481Total - Expenses4.5%6.1%3.1%12.7%17.9%% Change
SEWER DEBT
19 Existing and Proposed DebtInputs37•The City has no existing debt•The City is proposing new debt depending on the CIP scenario chosen based on the following assumptions:•Proposed debt will be subject to a debt coverage requirement of 125% which means that net operating revenues divided by annual debt service must be greater than 125% in each year of the study periodFY 2030FY 2029FY 2028FY 2027FY 2026Key AssumptionsProposed Debt Terms6.0%6.0%6.0%6.0%6.0%Interest Rate3030303030Term (years)2.0%2.0%2.0%2.0%2.0%Issuance Costs Proposed Debt – Maintain ScenarioProjections38FY 2030FY 2029FY 2028FY 2027FY 2026Proposed Debt$6,500,000$10,500,000$11,000,000$0$0Debt Proceeds for CIP$6,632,653$10,714,286$11,224,490$0$0Debt Issuance$481,855$778,381$815,447$0$0Annual Debt Service PaymentProposed Debt$0$0$0$0$0Debt Issuance - FY 2026$0$0$0$0Debt Issuance - FY 2027$815,447$815,447$815,447Debt Issuance - FY 2028$778,381$778,381Debt Issuance - FY 2029$481,855Debt Issuance - FY 2030Debt Issuance - FY 2031Debt Issuance - FY 2032Debt Issuance - FY 2033Debt Issuance - FY 2034Debt Issuance - FY 2035$2,075,683$1,593,828$815,447$0$0Total - Proposed Debt
20 Proposed Debt – Prioritize ScenarioProjections39FY 2030FY 2029FY 2028FY 2027FY 2026Proposed Debt$9,000,000$12,000,000$16,000,000$0$0Debt Proceeds for CIP$9,183,673$12,244,898$16,326,531$0$0Debt Issuance$667,184$889,579$1,186,105$0$0Annual Debt Service PaymentProposed Debt$0$0$0$0$0Debt Issuance - FY 2026$0$0$0$0Debt Issuance - FY 2027$1,186,105$1,186,105$1,186,105Debt Issuance - FY 2028$889,579$889,579Debt Issuance - FY 2029$667,184Debt Issuance - FY 2030Debt Issuance - FY 2031Debt Issuance - FY 2032Debt Issuance - FY 2033Debt Issuance - FY 2034Debt Issuance - FY 2035$2,742,867$2,075,683$1,186,105$0$0Total - Proposed Debt Proposed Debt – Defer ScenarioProjections40FY 2030FY 2029FY 2028FY 2027FY 2026Proposed Debt$11,000,000$9,500,000$3,500,000$0$0Debt Proceeds for CIP$11,224,490$9,693,878$3,571,429$0$0Debt Issuance$815,447$704,250$259,460$0$0Annual Debt Service PaymentProposed Debt$0$0$0$0$0Debt Issuance - FY 2026$0$0$0$0Debt Issuance - FY 2027$259,460$259,460$259,460Debt Issuance - FY 2028$704,250$704,250Debt Issuance - FY 2029$815,447Debt Issuance - FY 2030Debt Issuance - FY 2031Debt Issuance - FY 2032Debt Issuance - FY 2033Debt Issuance - FY 2034Debt Issuance - FY 2035$1,779,157$963,710$259,460$0$0Total - Proposed Debt
21 SEWER CIP
CIP Summary – Maintain ScenarioProjections42FY 2030FY 2029FY 2028FY 2027FY 2026Capital Improvement Projects (CIP)MaintainPriority A - Capacity & Reliability Improvement Projects$0$0$0$0$1,664,000Project 1B: Upsize Sunol Blvd Sewers$0$0$3,295,852$432,640$0Project 2A: Bernal Ave Pipe Bridge$0$0$0$0$0Project 3: Upsize Pipes downstream of Stoneridge Mall$270,432$0$0$0$0Project 4A: East Pleasanton Capacity Project A (Kiewit and Arroyo Lago)$0$0$0$0$0Project 4B: East Pleasanton Capacity Project B (Amazon, East Lakes, Site H)$0$0$0$0$520,000West Las Positas Boulevard Multimodal Reconstruction$0$0$0$0$38,140Sewer Capacity Evaluation$0$0$0$0$0Placeholder$0$0$0$0$0Placeholder$0$0$0$0$0Placeholder$270,432$0$3,295,852$432,640$2,222,140Subtotal - Priority A - Capacity & Reliability Improvement ProjectsPriority A - Lift Station Projects$0$0$0$0$0LS-02, -07, -08, -10 Improvements$0$549,834$528,686$0$0LS-04, -12, -13, -15 Improvements$0$6,211,949$911,140$0$0LS-05 Full Replacement Project$0$0$0$540,908$31,302EARS and EALS Condition Assessment, Capacity Evaluation, and Predesign$3,649,959$1,169,859$0$0$1,934,400Generator Replacement - Sewer and Storm$0$0$0$0$668,864Sewer Station S-14 Electrical Improvements$0$0$0$0$0Placeholder$0$0$0$0$0Placeholder$0$0$0$0$0Placeholder$3,649,959$7,931,641$1,439,826$540,908$2,634,566Subtotal - Priority A - Lift Station Projects
22 CIP Summary – Maintain ScenarioProjections43FY 2030FY 2029FY 2028FY 2027FY 2026Capital Improvement Projects (CIP)MaintainPriority A - Condition Assesment Projects$1,824,979$1,754,788$1,687,296$540,800$759,200Pipeline Replacement (1-2 mile of system)$0$0$3,442,084$292,032$0Amberwood Siphon$304,163$292,465$281,216$270,400$0Priority A - Annual Sewer System Improvements for Resurfacing$0$0$0$162,240$0Large Diameter Inspection Study$0$0$0$1,081,600$676,000Denker Road Sewer Replacement$0$0$0$162,240$0Cathodic Protection and I&I Studies$608,326$584,929$562,432$0$0Cathodic Protection Installation$0$0$337,459$324,480$0Force Main Desktop Analysis and Inspections$0$0$0$0$138,069Sewer System Management Plan$0$0$0$0$0Placeholder$0$0$0$0$0Placeholder$0$0$0$0$0Placeholder$2,737,469$2,632,182$6,310,487$2,833,792$1,573,269Subtotal - Priority A - Condition Assesment Projects$6,657,859$10,563,823$11,046,164$3,807,340$6,429,976Total - Maintain CIP Summary – Prioritize ScenarioProjections44FY 2030FY 2029FY 2028FY 2027FY 2026Capital Improvement Projects (CIP)PrioritizePriority A - Capacity & Reliability Improvement Projects$0$0$0$0$1,664,000Project 1B: Upsize Sunol Blvd Sewers$0$0$3,295,852$432,640$0Project 2A: Bernal Ave Pipe Bridge$0$0$0$0$0Project 3: Upsize Pipes downstream of Stoneridge Mall$270,432$0$0$0$0Project 4A: East Pleasanton Capacity Project A (Kiewit and Arroyo Lago)$0$0$0$0$0Project 4B: East Pleasanton Capacity Project B (Amazon, East Lakes, Site H)$0$0$0$0$520,000West Las Positas Boulevard Multimodal Reconstruction$0$0$0$0$38,140Sewer Capacity Evaluation$0$0$0$0$0Placeholder$0$0$0$0$0Placeholder$0$0$0$0$0Placeholder$270,432$0$3,295,852$432,640$2,222,140Subtotal - Priority A - Capacity & Reliability Improvement ProjectsPriority A - Lift Station Projects$863,824$830,600$0$0$0LS-02, -07, -08, -10 Improvements$0$549,834$528,686$0$0LS-04, -12, -13, -15 Improvements$0$6,211,949$911,140$0$0LS-05 Full Replacement Project$0$0$0$540,908$31,302EARS and EALS Condition Assessment, Capacity Evaluation, and Predesign$3,649,959$1,169,859$0$0$1,934,400Generator Replacement - Sewer and Storm$0$0$0$0$668,864Sewer Station S-14 Electrical Improvements$0$0$0$0$0Placeholder$0$0$0$0$0Placeholder$0$0$0$0$0Placeholder$4,513,782$8,762,241$1,439,826$540,908$2,634,566Subtotal - Priority A - Lift Station Projects
23 CIP Summary – Prioritize ScenarioProjections45FY 2030FY 2029FY 2028FY 2027FY 2026Capital Improvement Projects (CIP)PrioritizePriority A - Condition Assesment Projects$3,649,959$3,509,576$6,749,184$973,440$759,200Pipeline Replacement (1-2 mile of system)$0$0$3,442,084$292,032$0Amberwood Siphon$425,829$409,450$393,702$378,560$0Priority A - Annual Sewer System Improvements for Resurfacing$0$0$0$162,240$0Large Diameter Inspection Study$0$0$0$1,081,600$676,000Denker Road Sewer Replacement$0$0$0$162,240$0Cathodic Protection and I&I Studies$1,216,653$1,169,859$1,124,864$0$0Cathodic Protection Installation$0$0$337,459$324,480$0Force Main Desktop Analysis and Inspections$0$0$0$0$138,069Sewer System Management Plan$0$0$0$0$0Placeholder$0$0$0$0$0Placeholder$0$0$0$0$0Placeholder$5,292,440$5,088,885$12,047,293$3,374,592$1,573,269Subtotal - Priority A - Condition Assesment Projects$10,076,654$13,851,125$16,782,971$4,348,140$6,429,976Total - Prioritize CIP Summary – Defer ScenarioProjections46FY 2030FY 2029FY 2028FY 2027FY 2026Capital Improvement Projects (CIP)DeferPriority A - Capacity & Reliability Improvement Projects$0$0$0$0$1,664,000Project 1B: Upsize Sunol Blvd Sewers$3,564,793$467,943$0$0$0Project 2A: Bernal Ave Pipe Bridge$0$0$0$0$0Project 3: Upsize Pipes downstream of Stoneridge Mall$270,432$0$0$0$0Project 4A: East Pleasanton Capacity Project A (Kiewit and Arroyo Lago)$0$0$0$0$0Project 4B: East Pleasanton Capacity Project B (Amazon, East Lakes, Site H)$0$0$0$0$520,000West Las Positas Boulevard Multimodal Reconstruction$0$0$0$0$38,140Sewer Capacity Evaluation$0$0$0$0$0Placeholder$0$0$0$0$0Placeholder$0$0$0$0$0Placeholder$3,835,225$467,943$0$0$2,222,140Subtotal - Priority A - Capacity & Reliability Improvement ProjectsPriority A - Lift Station Projects$0$0$0$0$0LS-02, -07, -08, -10 Improvements$0$0$0$0$0LS-04, -12, -13, -15 Improvements$0$6,211,949$911,140$0$0LS-05 Full Replacement Project$0$0$0$540,908$31,302EARS and EALS Condition Assessment, Capacity Evaluation, and Predesign$912,490$292,465$0$0$1,934,400Generator Replacement - Sewer and Storm$0$0$0$0$668,864Sewer Station S-14 Electrical Improvements$0$0$0$0$0Placeholder$0$0$0$0$0Placeholder$0$0$0$0$0Placeholder$912,490$6,504,414$911,140$540,908$2,634,566Subtotal - Priority A - Lift Station Projects
24 CIP Summary – Defer ScenarioProjections47FY 2030FY 2029FY 2028FY 2027FY 2026Capital Improvement Projects (CIP)DeferPriority A - Condition Assesment Projects$1,824,979$1,754,788$1,687,296$340,704$759,200Pipeline Replacement (1-2 mile of system)$3,722,958$315,862$0$0$0Amberwood Siphon$304,163$292,465$281,216$0$0Priority A - Annual Sewer System Improvements for Resurfacing$0$0$0$162,240$0Large Diameter Inspection Study$0$0$0$1,081,600$676,000Denker Road Sewer Replacement$0$0$0$162,240$0Cathodic Protection and I&I Studies$608,326$584,929$562,432$0$0Cathodic Protection Installation$0$0$337,459$324,480$0Force Main Desktop Analysis and Inspections$0$0$0$0$138,069Sewer System Management Plan$0$0$0$0$0Placeholder$0$0$0$0$0Placeholder$0$0$0$0$0Placeholder$6,460,427$2,948,044$2,868,403$2,071,264$1,573,269Subtotal - Priority A - Condition Assesment Projects$11,208,141$9,920,401$3,779,543$2,612,172$6,429,976Total - Defer CIP Scenario SummaryProjections48FY 2030FY 2029FY 2028FY 2027FY 2026CIP ScenariosScenarios$6,657,859$10,563,823$11,046,164$3,807,340$6,429,976Maintain$10,076,654$13,851,125$16,782,971$4,348,140$6,429,976Prioritize$11,208,141$9,920,401$3,779,543$2,612,172$6,429,976Defer•Provided CIP was inflated by 4% starting in FY 2026•All CIP is expected to be funded through rates/reserves and debt
25 CIP Funding – Maintain Scenario
Projections49
CIP Funding – Prioritize Scenario
Projections50
26 CIP Funding – Defer Scenario
Projections51
SEWER RESERVES
27 ReservesInputs53•Current reserve policy targets:•Operating target:35% of operating expenses•Current reserves:•O&M and Replacement (Fund 430, 434, and 431):$17,647,652 as of 7/1/2025 Sanjay GaurFounder / President [email protected] PhanPrincipal Consultant [email protected] HunzickerProject [email protected]
1 City of Pleasanton
City Council Meeting, Sewer Financial Plan – February 17, 2026 Agenda
• Rate Study Overview
• Purpose of the Financial Plan
• Sewer System Management Plan and Long-Term Sewer CIP
• Financial Performance Targets
• Financial Plan Scenarios
• Key Takeaways
• Next Steps and Schedule
2
Rate Study Overview3Financial PlanDevelop funding plan for SSMP / CIPDetermine annual rate revenue needs to maintain financial sufficiencyCost-of-ServiceAllocate costs of sewer systemDetermine cost to serve each customer classRate DesignDevelop sewer rate structure most suitable to meet City’s goals and objectivesEvaluate customer and rate classesRate AdoptionDocument rate study in report Adopt sewer rates according to Proposition 218 processWe are here Purpose of the Financial Plan•Establish a long-term financial strategy for the sewer enterprise•Ensure sewer rate revenues are sufficient to:•Fund operating and capital needs (for each scenario)•Maintain financial stability•Meet reserve and debt coverage policy targets•Support implementation of the Sewer System Management Plan (SSMP) and long-term Capital Improvement Plan (CIP)•Three alternatives / scenarios for SSMP implementation4
Sewer System Management Plan•The financial plan is primarily driven by the costs of the SSMP and supplemental long-term sewer CIP•SSMP implementation scenarios:•Maintain•Prioritize•Defer•Each scenario supports different policy objectives5Ability to ImplementImprove O&M ProgramInvest in Aging InfrastructureReduce Long-Term CostsMinimize Near-Term CostsSSMP Scenario★★★★★★★★★★Maintain★★★★★★★★★★★Prioritize★★★★★★★★★★Defer Sewer System Management Plan•What SSMP scenario is most aligned with the City’s policy goals and financial objectives?65-Year CIP(FY 2026-30)5-Year O&M(FY 2026-30)Potential ChallengesObjectiveSSMP Scenario$38.5 million$48.9 millionBalances cost and risk, but does not fully optimize eitherMeet requirements and stabilize system conditionMaintain$51.5 million$54.0 millionHigher near-term rate impacts and increased reliance on debt financingInvest early to minimize long-term riskPrioritize$34.0 million$48.9 millionIncreased long-term system risk due to delayed rehabilitation and replacementLimit near-term costs by postponing projectsDefer
Financial Performance TargetsWhat is it for?How much is it?What is it?Financial PolicyPay for unexpected operating cost increases, emergencies, etc.Approximately $8.4M (FY 2026)35% of annual operating expensesOperating and Capital Reserve TargetAvoid technical default, maintain debt rating to issue debt in the futureNet revenues (revenues minus operating expenses) must be 1.25x annual debt service125% of annual debt serviceDebt Coverage Requirement (for new debt only)7 Status Quo (Control Scenario)•Assumes no adjustments to current sewer collection rates •Assumes no new debt issued to fund capital improvements•Reflects the same underlying O&M and CIP needs as the Maintain scenario•Illustrates the long-term financial impacts of maintaining current rates•What happens to the City’s sewer enterprise if we do not increase rate revenues?8
Financial Plan – Status Quo ScenarioRevenue Requirement•Stacked bars are expenses•Lines are current/ proposed revenues (current = proposed for status quo scenario)•Without increasing rate revenues, there is an operating deficit starting in FY 20269 Financial Plan – Status Quo ScenarioFund Balance•Bars are total combined reserves•Dashed line is reserve policy target (35% of annual O&M expenses)•Without increasing rate revenues, fund balances are negative starting in FY 202810
Financial Plan – Status Quo ScenarioDebt Coverage•City’s sewer enterprise currently does not have outstanding debt•Blue line is calculated debt coverage (no debt in Status Quo scenario)•Dashed line is debt coverage requirement (125% of debt service)11 Financial Plan – Status Quo ScenarioCapital Project Funding•Assumes “Maintain” SSMP scenario•Blue bars are debt funded projects (no new debt for status quo)•Green bars are rate funded projects12
Financial Plan – Status Quo Scenario13
Debt ProceedsRevenue IncreaseFiscal Year$0.0M$0.0M2027$0.0M$0.0M2028$0.0M$0.0M2029$0.0M$0.0M2030$0.0M$0.0MTotal•Does not meet financial performance targets•Funds O&M and CIP costs associated with the Maintain scenario Financial Plan Scenarios•The City needs to increase its sewer collection rate revenues to:•Avoid operating deficits•Maintain adequate reserve balances•Fund CIP for each SSMP alternative•How do we “solve” the financial plan for each SSMP alternative?•Revenue adjustments – increase sewer collection rate revenues each year•Issue new debt – issue debt to fund CIP , reduces amount of CIP funded by cash/rates14
Financial Plan – Maintain Scenario15
•Meets financial performance targets•Funds O&M and CIP costs associated with the Maintain scenarioDebt ProceedsRevenue IncreaseFiscal Year$0.0M$2.9M2027$11.0M$6.9M2028$10.5M$8.1M2029$6.5M$9.5M2030$28.0M$27.4MTotal Financial Plan – Prioritize Scenario•Meets financial performance targets•Funds O&M and CIP costs associated with the Prioritize scenario16Debt ProceedsRevenue IncreaseFiscal Year$0.0M$4.2M2027$16.0M$9.7M2028$12.0M$11.2M2029$9.0M$12.9M2030$37.0M$38.0MTotal
Financial Plan – Defer Scenario17
•Meets financial performance targets•Funds O&M and CIP costs associated with the Defer scenarioDebt ProceedsRevenue IncreaseFiscal Year$0.0M$2.6M2027$3.5M$6.2M2028$9.5M$7.4M2029$11.0M$8.8M2030$24.0M$25.0MTotal Summary of Financial Plan ScenariosDeferPrioritizeMaintainFinancial Plan$25.0 million$38.0 million$27.4 millionCity Rate Revenue Increases $24.0 million$37.0 million$28.0 millionNew Debt to Fund CIP $34.0 million$51.5 million$38.5 million5-Year CIP Costs$48.9 million$54.0 million$48.9 million5-Year O&M Costs (excluding Treatment)Limit near-term costs by postponing projectsInvest early to minimize long-term riskMeet requirements and stabilize system conditionObjective18
Key Takeaways•Status Quo is not financially sustainable•All three implementation scenarios meet financial policies•Higher investment levels require higher rates and debt•Tradeoff between near-term cost and long-term risk•Financial plan supports informed selection of an SSMP implementation alternative•What is the Council’s preferred SSMP implementation alternative?•Maintain (Staff recommendation)•Prioritize•Defer19 Next Steps and Schedule•Begin sewer cost-of-service analysis, rate development, and connection fee calculation•Council Meeting 2 – sewer rates and connection fees•Council Meeting 3 – receive sewer rate study report and Proposition 218 notice•Public review period•Council Meeting 4 – Public Hearing to adopt sewer rates•New rates to go into effect if approved on January 1, 202720
Sanjay GaurFounder / [email protected] PhanPrincipal [email protected]