Item 10 2024-00399 Natomas Basin Habitat Conservation Plan (HCP) Fee - 2024 Adjustment [Noticed February 16, 2024 and February 22, 2024] — Sacramento City Council, February 27, 2024

City of Sacramento
City Council - 2PM Report
915 I Street Sacramento, CA 95814
www.cityofsacramento.org
File ID: 2024-00399 2/27/2024 Public Hearing Item 10.

Natomas Basin Habitat Conservation Plan (HCP) Fee - 2024 Adjustment [Noticed February 16, 2024 and February 22, 2024]
File ID: 2024-00399
Location: Natomas Basin; District 1, Represented by Councilmember Kaplan; and District 3, Mayor Pro Tem Talamantes
Recommendation: Conduct a public hearing and upon conclusion, adopt a Resolution adjusting the amount of the Natomas Basin Conservation Plan (HCP) fee, to be effective in 60 days.

Contact: Cheryle Hodge, Principal Planner, (916) 808-5971, [email protected]; Kelly Boyle, Associate Planner, (916) 808-2022, [email protected], Community Development Department
Presenter: Kelly Boyle, Associate Planner, (916) 808-2022, [email protected], Community Development Department
Attachments:
1-Description/Analysis
2-Background
3-Resolution to Adjust the Habitat Conservation Fee
4-TNBC Board of Directors HCP Fee Resolution
5-TNBC NBHCP 2024 Finance Model
Description/Analysis
Issue Detail: The annual re-evaluation of the Natomas Basin Habitat Conservation Plan (NBHCP) Finance Model is required by §3.2.6 and 4.9.2 of the Implementation Agreement and is performed by the City’s NBHCP Plan Operator - The Natomas Basin Conservancy (TNBC). On December 18, 2023, TNBC’s Board of Directors recommended that the City of Sacramento increase the fee due to an increase in administration, operations, and maintenance costs in addition to an increase in costs associated with mitigation land restoration and enhancement.

Developers of land covered by the NBHCP within North and South Natomas currently pay an HCP fee of $45,565 per gross acre of development ($29,815 per acre with land dedication). TNBC’s economic consultant - Economic & Planning Systems (EPS) - completed an update of the HCP

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File ID: 2024-00399 2/27/2024 Public Hearing Item 10.

Finance Model based on actual costs, as well as estimated costs, that indicates a necessity to adjust fees in order to successfully implement the HCP. Under the terms of the 2003 NBHCP Implementation Agreement between the City and the state and federal wildlife agencies, the City agreed to have its NBHCP “Plan Operator” (TNBC) update the HCP Finance Model annually for the life of the HCP. The HCP Fee revenue pays for the land acquisition, restoration and enhancement, administration and operations and maintenance, operations and maintenance endowment, and supplemental endowment funds associated with implementing the HCP and mitigating impacts of urban development on the species covered under the NBHCP. Based on the Finance Model update and the judgment of TNBC Board, the City Council is being requested to approve an increase of $444 for the HCP fee that does not have land dedication and an increase of $2,444 to the HCP with land dedication, resulting in a 2024 fee of $46,009 per gross acre of development ($32,259 with land dedication). There is no obligation of the General Fund associated with this requested fee adjustment.
2020 Fee 2021 Fee 2022 Fee 2023 Fee 2024 Fee
Full Fee (no land dedication) $40,032 $40,032 $43,968 $45,565 $46,009 Fee with Land Dedication $25,032 $25,032 $27,718 $29,815 $32,259 Policy Considerations: The 2003 NBHCP was approved by City Council on May 13, 2003, the federal Incidental Take Permit (ITP) was issued by U.S. Fish and Wildlife Service on June 27, 2003, and the amended state ITP was issued by California Department of Fish and Game on July 10, 2003.

On an annual basis, the City considers a fee adjustment to ensure adequacy of the funding to implement the 2003 NBHCP and comply with the ITP and the related Implementation Agreement.

Economic Impacts: Not applicable.

Environmental Considerations: California Environmental Quality Act (CEQA): The City Council’s action in approving this resolution is solely for the purpose of establishing an adequate Habitat Conservation Plan (HCP) fee to be used to implement the HCP and is therefore not a project for the purpose of the CEQA pursuant to Guidelines section 15378(b)(4). Previous environmental review has been conducted related to the North Natomas Community Plan, the 2003 NBHCP, and the Comprehensive Drainage Plan, among others.

Sustainability: Periodic review and adjustment of the HCP fee is consistent with and supportive of the sustainable practice of preservation of prime farmland and critical habitat resources.

Commission/Committee Action: TNBC Board of Directors reviewed the proposed fees on December 6, 2023 and recommended an increase be made to the NBHCP fee. Their adopted resolution is included as Attachment 4.

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File ID: 2024-00399 2/27/2024 Public Hearing Item 10.

Rationale for Recommendation: The HCP fees are adjusted annually, prior to the commencement of the grading season (May 1). TNBC recommends an increase to the current fee. (See Attachment 4 - TNBC’s resolution to increase the HCP fee 2024 rate.) Financial Considerations: There is no obligation of the General Fund associated with this requested fee adjustment.

Local Business Enterprise (LBE): Not applicable.

Background:

History of the NBHCP Fee
On August 7, 1997, the City Council added Chapter 84.10 to Title 84 (currently Chapter 18.40 of Title 18) of the City Code, which created and established the authority for the NBHCP fee to fund the costs of implementing the NBHCP (Ord. No. 97-046). Chapter 18.40 directs the City Council, by resolution, to set the amount of the fee. The chapter also contemplates the periodic revision of the fee by resolution of the Council.

The history of the NBHCP fee rate is shown in the graphics and table below. As shown, it increased dramatically following the approval of the 2003 NBHCP and the years immediately following. This increase was due to the enhanced mitigation necessitated by ligation and set forth in the 2003 revised NBHCP, as well as a continued and sustained increase in land prices. The fee is adjusted when required and has only been adjusted four times since 2014 after four years of annual decreases. In 2017, there was a decrease of $659 in the fee largely due to an increase in estimated crop land lease revenue per acre used to offset the Administration and Operation and Maintenance Costs. In 2018, there was an increase in the fee of $1,491 which reflected the change in the estimated annual Endowment fund management fees paid by TNBC. The most recent adjustment in 2023 amounted to an increase of $1,597 which was largely attributable to negative investment earnings and increases in administration and restoration and enhancement costs.

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File ID: 2024-00399 2/27/2024 Public Hearing Item 10.

Graphic - Fee History 2004 through 2024
History of NBHCP Fees
Date HCP Fee / Gross Acre Resolution No.

October 31, 1995 $2,240 [Interim Fee] 95-060
September 2, 1997 $2,656 97-508
August 17, 1999 $3,292 99-473
September 12, 2000 $3,942 2000-538
June 12, 2001 $10,021* (incl. $4,028 premium) 2001-391
May 21, 2002 $11,962* (incl. $4,028 premium) 2002-300
June 24, 2003 $12,270 2003-460
April 20, 2004 $16,124 ($8,624 w/ land dedication) 2004-285 April 5, 2005 $24,897 ($12,397 w/ land dedication) 2005-223 May 4, 2006 $41,182 ($18,682 w/ land dedication) 2006-301 February 13, 2007 $38,445 ($18,445 w/ land dedication) 2007-092 February 19, 2008 $38,133 ($20,633 w/ land dedication) 2008-097 February 17, 2009 $38,133 ($20,633 w/ land dedication) N/A March 9, 2010 $44,050 ($26,550 w/ land dedication) 2010-127 March 22, 2011 $37,547 ($22,547 w/ land dedication) 2011-157 February 21, 2012 $32,861 ($21,611 w/ land dedication) 2012-037 January 29, 2013 $27,419 ($18,669 w/ land dedication) 2013-027 February 4, 2014 $32,259 ($21,009 w/ land dedication) 2014-0034 January 13, 2015 $32,259 ($21,009 w/ land dedication) N/A February 9, 2016 $32,259 ($21,009 w/ land dedication) N/A January 17, 2017 $31,600 ($20,350 w/ land dedication) 2017-0043 January 30, 2018 $33,091 ($21,841 w/ land dedication) 2018-0051 February 26, 2019 $33,091 ($21,841 w/ land dedication) N/A February 27, 2020 $40,032 ($25,032 w/ land dedication) 2020-0062 April 13, 2021 $40,032 ($25,032 w/ land dedication) N/A March 1, 2022 $43,968 ($27,718 w/ land dedication) 2022-0067 February 21, 2023 $45,565 ($29,815 w/ land dedication) 2023-0052 February 27, 2024 $46,009 ($32,259 w/ land dedication) Proposed

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File ID: 2024-00399 2/27/2024 Public Hearing Item 10.

Date HCP Fee / Gross Acre Resolution No.

The table above shows the History of the NBHCP Fees. As shown in the table, the HCP Fee reached a high in 2010 at $44,050 per gross acre ($26,550 w/land dedication). Fourteen years later, the HCP is not significantly higher.

TNBC is the plan operator of the NBHCP. TNBC acquires mitigation land and implements management and enhancement measures necessary to meet the mitigation requirements of the NBHCP. With best available information regarding current and projected costs associated with implementation of the 2003 NBHCP, TNBC staff worked with its economic consultant EPS to update the HCP Finance Model. Based on the economic model and the judgment of the TNBC, an increase adjustment is needed to accurately reflect the current costs of operating the HCP and thus should be reflected in the HCP fee.

Justification for Adjusting the HCP Fee
In order to implement the HCP, each December, TNBC recommends that the City Council approve a fee adjustment, if an adjustment is deemed necessary to implement the NBHCP given current assumptions. The current fee is $45,565 per gross acre of development ($29,815 per acre with land dedication); the proposed fee would be increased to $46,009 ($32,259 per acre with land dedication) based on the NBHCP Finance Model and TNBC’s analysis.

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File ID: 2024-00399 2/27/2024 Public Hearing Item 10.

The NBHCP Fee is made up of five major parts:
1) Land Acquisition,
2) Restoration and Enhancement,
3) Administration and Operation and Maintenance (O&M),
4) O&M Endowment, and
5) Supplemental Endowment.

The fifth component - the Supplemental Endowment -- was added (at the request of the City) in June 2001 to provide assurances that the last 200 acres of required mitigation land will be purchased after all the fee revenue has been collected. The Supplemental Endowment may also be used for unforeseen circumstances expenses.

Unlike the Supplemental Endowment part of the fee, the O&M Endowment Fund is used to maintain the preserve lands in perpetuity after build-out of the plan area and all development fee revenue has been collected.

A small sixth component is allocated to the City for fee collection (2% of the fee).

Compared to the 2023 fee, the proposed 2024 fee represents a fee increase of 1.0% (without land dedication) or a 8.2% fee increase (with land dedication). The increase is largely attributable to increases in projected marsh maintenance costs and Restoration and Enhancement costs.

Mitigation Fee Summary (per acre of development) without land dedication Fee Component 2023
Adopted
2024
Proposed
Change from
2023
Land Acquisition (land, transaction, and
contingency)
$16,500 $14,500 ($2,000)
Restoration & Enhancement $1,840 $2,019 $179
Administration / Operations &
Maintenance
$16,061 $17,449 $1,388
O&M Endowment $9,637 $10,469 $832
Supplemental Endowment $634 $670 $36
Fee Collection Administration $893 $902 $9
Total $45,565 $46,009 $444

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File ID: 2024-00399 2/27/2024 Public Hearing Item 10.

Mitigation Fee Summary (per acre of development) with land dedication Fee Component 2023
Adopted
2024
Proposed
Change from
2023
Land Acquisition (land, transaction, and
contingency)
$750 $750 $0
Restoration & Enhancement $1,840 $2,019 $179
Administration / Operations &
Maintenance
$16,061 $17,449 $1,388
O&M Endowment $9,637 $10,469 $832
Supplemental Endowment $634 $670 $36
Fee Collection Administration $893 $902 $9
Total $29,815 $32,259 $2,444
The Conservancy is obligated to submit a fee recommendation each year that ensures its ability to successfully implement the NBHCP. A copy of the full fee study (dated December 18, 2023) is available for review at the City Planning Office, 300 Richards Blvd., 3rd Floor, Sacramento, CA 95811, and as Attachment 5 of this report.

Land Dedication Requirement
Since 2003, all large mitigation efforts have been accomplished through land dedication by the developers to TNBC, as opposed to payment of the Land Acquisition portion of the NBHCP fee. In April 2005, the City Council voted to require developers of 50+ acres to dedicate land in lieu of the full fee payment - unless the Conservancy deemed it had adequate surplus land such that accepting fees over dedication was helpful to the NBHCP’s implementation. On May 4, 2006, the City Council extended this provision to May 1, 2007. On February 13, 2007, the City Council extended the land dedication in-lieu requirement without a sunset date. No change in this requirement is proposed in this report.

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RESOLUTION NO. 2024-
Adopted by the Sacramento City Council
February 27, 2024
Adjusting the Amount of the Habitat Conservation Fee Established Pursuant to Chapter 18.40 of Title 18 of the City Code

BACKGROUND
A. On August 7, 1997, the City Council of the City of Sacramento adopted Ordinance No. 97-046, which added Chapter 84.10 to Title 84 (now Title 18, Chapter 18.40) of the City Code, which created and established the authority for the Habitat Conservation Fee, which is used to fund the costs of implementation of the Natomas Basin Habitat Conservation Plan (HCP). Chapter 18.40 of Title 18 directs the City Council, by resolution, to set the specific amounts of the fee and the manner in which the fee is to be paid.

B. On September 2, 1997, the City Council adopted Resolution No. 97-508, establishing the specific amounts of the Habitat Conservation Fee and the manner in which the fee is to be paid.

C. Section 18.40.080 of Title 18 of the City Code contemplates periodic revision of the Habitat Conservation Fee by resolution of the City Council.

D. The Natomas Basin Conservancy (TNBC), a non-profit public benefit corporation, is the entity responsible for administration of the Natomas Basin HCP, which is funded by the Habitat Conservation Fee.

E. On December 6, 2023, the Board of Directors of TNBC requested that the City of Sacramento adjust the Natomas Basin HCP from the current rate of $45,565 per gross acre to $46,009 per gross acre. If the land dedication option is utilized, the fee would be adjusted from the current $29,815 per gross acre to $32,259 per gross acre. The request is based upon an HCP Finance Model dated December 18, 2023, which established the need for an adjustment in the Habitat Conservation Fee to fund actual costs of administering the HCP.

F. A public hearing on adoption of this resolution to adjust the Habitat Conservation Fee was noticed and set as part of a regularly scheduled hearing for February 27, 2024, at 2:00 PM in the City Council Chamber located at City Hall, 915 I Street, Sacramento, California, 95814.

G. Pursuant to Government Code Section 66017, development fee adjustments become effective sixty (60) days following their adoption.

H. On February 13, 2007, by Resolution 2007-092, the City Council permanently established the land dedication requirement.

BASED ON THE FACTS SET FORTH IN THE BACKGROUND, THE CITY COUNCIL RESOLVES AS FOLLOWS:

Section 1. Findings
The City Council hereby finds as follows:
(a) All provisions set forth above are true and correct and are incorporated by reference as findings for purposes of this resolution. In addition, those findings and other provisions specified in the Ordinance No. 97-046 are incorporated by reference as findings for purposes of this resolution.
(b) Participating in the HCP is one of several alternatives available for obtaining incidental take protection which a landowner may select to satisfy obligations imposed by the federal and state Endangered Species Acts, the Mitigation Monitoring Plans, and the SAFCA Permit. The HCP itself is designed to serve a number of purposes, including but not limited to the satisfaction of the Mitigation Monitoring Plan requirements specified in the North Natomas Community Plan and requirements of the SAFCA Permit, relating to direct, indirect, and cumulative biological impacts associated with Urban Development in the Permit Area.
(c) Because payment of the Habitat Conservation Fee pursuant to the HCP is only one of the available options for a landowner seeking to satisfy its obligations relating to direct, indirect, and cumulative biological impacts of urban development in the Natomas area, the fee is voluntary in nature and is not a mandatory imposition. It is therefore not legally required to demonstrate the satisfaction of the various nexus tests set forth in Government Code Sections 66000 et. seq. Nevertheless, the Council finds as to the adjusted Habitat Conservation Fee: (i) the amount of fee has been set based upon the HCP Finance Model, dated December 18, 2023, which has been reviewed and considered by the Board of Directors of TNBC, and which has been reviewed and considered by the Council; (ii) the HCP Finance Model represents a rational, fair and equitable method of allocating the costs of implementation of the HCP, and allocates the burden among development projects in a manner which is approximately proportionate to the impacts which may be reasonably anticipated from such development activity; and (iii) the relationship between the Habitat Conservation Fee and the adverse environmental impacts it is designed to mitigate is clearly established in numerous environmental impact reports, including but not limited to those relating to the North Natomas Community Plan and the Comprehensive Drainage Plan for North Natomas, all of which are incorporated by reference as part of the findings supporting this resolution.

(d) The amount of the Habitat Conservation Fee, as adjusted by this resolution, is consistent with the City’s General Plan, the North Natomas and South Natomas Community Plans, the North Natomas Financing Plan, the Mitigation Monitoring Plans and the SAFCA Permit.

Section 2. Amount of Fee

The amount of the Fee, which a landowner may voluntarily select as the landowner’s preferred alternative for satisfaction of its legal obligations to mitigate for the adverse impacts of Urban Development on biological resources, for property located within the Permit Area is set at the rate of $46,009 per gross acre, and if the land dedication option is utilized, the fee is set at the rate of $32,259 per gross acre.

Section 3. Construction of Resolution

The provisions of this resolution are subject and subordinate to the provisions of Chapter 18.40 of Title 18 of the City Code. The definitions set forth in City Code section 18.40.020 apply to the terms used in this resolution.

Section 4. Judicial Action to Challenge this Resolution

Any judicial action or proceeding to attack, review, set aside or annul this resolution shall be brought within 120 days of its adoption.

Section 5. Effective Date

This resolution shall take effect 60 days following adoption of this resolution.

Section 6. Severability

If any section, phrase, sentence or other portion of this resolution for any reason is held or found to be invalid, void, unenforceable or unconstitutional by a court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provision, and such holding shall not affect the validity of the remaining portions of this resolution.

Adopted by the City of Sacramento City Council on February 27, 2024, by the following vote:

Ayes:

Noes:

Abstain:

Absent:

Attest:

The presence of an electronic signature certifies that the foregoing is a true and correct copy as approved by the Sacramento City Council.

F INAL M EMORANDUM
To: John Roberts and Kim Burns,
The Natomas Basin Conservancy
From: Allison Shaffer, Sean Fisher, and Jamie Gomes
Subject: Natomas Basin Habitat Conservation Plan
Fee Update—2024; EPS #232114
Date: December 18, 2023
Introduction
Economic & Planning Systems, Inc. (EPS) has updated the Cash Flow Model (model) used to estimate the Natomas Basin Habitat Conservation Plan (NBHCP or Plan) mitigation fee (fee).

This memorandum details the updated cost and revenue
assumptions used to derive the proposed 2024 fee.

The fee contains components for the following five funds:
 Land Acquisition
 Restoration and Enhancement (R&E)
 Administration/Operations and Maintenance (Admin/O&M)  O&M Endowment
 Supplemental Endowment
Figure 1 illustrates the purpose of and interaction among the five fee components. Table 1 summarizes the fee history for each of the five components since the fee was implemented in 1996. Table 2 summarizes the fee-funded cost per acre of habitat and the proposed fee by fee component. The proposed fee is based on the assumed current NBHCP mitigation
requirement of one-half acre of mitigation land for each gross acre of developed land. Table 3 estimates the percentage change in each fee component for the proposed 2024 fee as compared to the current fee.

Memorandum: Natomas Basin Habitat Conservation Plan Fee Update—2024 December 18, 2023
Economic & Planning Systems, Inc. (EPS) 2
A cash flow analysis was developed for each fund to estimate the annual revenues, expenditures, and balances that inform the fee estimates. Table 4 summarizes these cash flow analyses, which are further detailed in Appendix A.

The assumptions used in the cash flow analysis are presented in Tables 5 through 19. Table 20 shows The Natomas Basin Conservancy (TNBC)’s proposed 2024 budget (2024 Budget). For comparison purposes, this budget table also shows the estimated 2023 revenues and expenditures, as well as the source of the 2023 estimates.

Both the 2023 and 2024 budget amounts in Table 20 are reflected in the cash flow tables. The budget amounts are based on a variety of factors, including model assumptions, experience by TNBC with particular activities, expected development and habitat acquisition, and TNBC’s knowledge of other expected activities in the coming year. The 2024 Budget contains a discussion of the source of each revenue and cost estimate.

THE REST OF THIS PAGE IS BLANK INTENTIONALLY

Memorandum: Natomas Basin Habitat Conservation Plan Fee Update—2024 December 18, 2023
Economic & Planning Systems, Inc. (EPS) 3
Proposed 2024 Fee
The table below shows the fee history and the proposed 2024 fee.

Year
Total
Mitigation
Fee
Less
Land Cost
Portion
Total Mitigation
Fee Excluding
Land Cost
Portion [1]
Pct. Change
in Total
Mitigation Fee
Pct. Change in
Mitigation Fee
Excluding Land
Cost Portion
1996/97 $2,240 $2,240
1998 $2,656 $2,656 18.6%
1999 $3,292 $3,292 23.9%
2000 $3,941 $3,941 19.7%
2001 $10,021 $10,021 154.3%
2002 $11,962 $11,962 19.4%
2003 $12,270 ($4,500) $7,770 2.6%
2004 $16,124 ($7,500) $8,624 31.4% 11.0%
2005 $24,897 ($12,500) $12,397 54.4% 43.7%
2006 $41,182 ($22,500) $18,682 65.4% 50.7%
2007 $38,445 ($20,000) $18,445 (6.6%) (1.3%)
2008 $38,133 ($17,500) $20,633 (0.8%) 11.9%
2009 $38,133 ($17,500) $20,633 0.0% 0.0%
2010 $44,050 ($17,500) $26,550 15.5% 28.7%
2011 $37,547 ($15,000) $22,547 (14.8%) (15.1%)
2012 $32,861 ($11,250) $21,611 (12.5%) (4.2%)
2013 $27,419 ($8,750) $18,669 (16.6%) (13.6%)
2014 $32,259 ($11,250) $21,009 17.7% 12.5%
2015 $32,259 ($11,250) $21,009 0.0% 0.0%
2016 $32,259 ($11,250) $21,009 0.0% 0.0%
2017 $31,600 ($11,250) $20,350 (2.0%) (3.1%)
2018 $33,091 ($11,250) $21,841 4.7% 7.3%
2019 $33,091 ($11,250) $21,841 0.0% 0.0%
2020 $40,032 ($15,000) $25,032 21.0% 14.6%
2021 $40,032 ($15,000) $25,032 0.0% 0.0%
2022 $43,968 ($16,250) $27,718 9.8% 10.7%
2023 $45,565 ($15,750) $29,815 3.6% 7.6%
2024 $46,009 ($13,750) $32,259 1.0% 8.2%
(propos ed)
[1] Land dedication requirement instituted in 2003, requiring most HCP Fee Payers to dedicate land in lieu of paying the land cost portion of the fee. The total fee excluding the land cost portion includes land transaction costs and contingencies. Current land cost is estimated at $27,500 per acre. per acre
Memorandum: Natomas Basin Habitat Conservation Plan Fee Update—2024 December 18, 2023
Economic & Planning Systems, Inc. (EPS) 4
The fee currently charged by the City of Sacramento (City), County of Sutter (County), and Metro Air Park is $45,565 per acre of development. The proposed fee for 2024 is $46,009 per acre, which is $444 per acre greater than the current fee. Nearly all mitigation land, however, is acquired by TNBC through land dedication because all but a few small-acreage fee payers are required to dedicate land in lieu of paying the land cost portion of the fee. The City Council re- authorized this land dedication requirement without a sunset provision at its February 13, 2007, meeting. The proposed 2024 balance of the fee (non-land acquisition portion) to fee payers is $32,259 per acre, which is $2,444 greater than the current fee amount of $29,815 per acre.

Please note that the fees summarized above include components for the five funds listed on first page of this memorandum, as well as a Fee Collection Administration component that is calculated as 2 percent of the sum of the other components. As shown on Tables 1 and 2, the full amount of this component ($902 per acre of development for the 2024 fee) is included in both the fee with land dedication and the fee without land dedication and is retained by the City and County for fee collection administration. There is no reduction in the Fee Collection Administration component for fee payers who dedicate land.

As detailed later in this memorandum, the 2024 fee increase is largely attributable to increases in projected marsh maintenance costs (as reflected in the land management contract) and R&E costs. The major reason for the R&E cost increase was an increase in the cost of converting rice acres into managed marsh acres. The estimated R&E marsh conversion cost per acre increased by $1,000 per acre based on TNBC’s increased experience with restoration and enhancement. A reduction in the cost per acre for habitat land acquisition partially offsets increases in other ongoing expenditures.

Updated Model Assumptions
The updated fee was estimated using a revised cash flow analysis, prepared by EPS, for each of the five funds. For each fund, EPS reconciled the actual account activity through 2022 with TNBC’s audited financial statements and updated cost and revenue assumptions for future years. Many of the changes reflect new estimated costs and revenues based on recent experience and input from TNBC.

The updated assumptions are described below.

Memorandum: Natomas Basin Habitat Conservation Plan Fee Update—2024 December 18, 2023
Economic & Planning Systems, Inc. (EPS) 5
Cash Flow Adjustments
Table 4 summarizes the cash flow analyses for each of the five funds. Detailed cash flow analyses for each fund are provided in Appendix A.

In each cash flow analysis, EPS updated costs and revenues for 2022 through the end of the 50-year NBHCP timeframe in 2053. The updates for particular years and ranges of years are described below.
2022
In each cash flow analysis, EPS reconciled 2022 account activity to TNBC’s 2022 end-of-year audited financial statements to reflect actual beginning cash and investment balances, revenues and expenditures, and ending balances. TNBC 2022 end-of-year audited financial statements included an adjustment to the prior year balance to ensure that unearned mitigation fee credits paid were accurately reflected. EPS made a corresponding adjustment to the 2022 fund balances to align with the audited financial statements and TNBC cash and investment fund balances. These reconciliations resulted in a combined fund ending balance in 2022 of approximately $52.60 million.
2023
As mentioned previously, the source of each of the 2023 revenue and expense amounts is shown in the 2024 Budget Proposal table (Table 20). The revenue and expense estimates are further detailed below.

Revenues
All fee revenues were updated to reflect the activity through September 2023, the last month for which financial statements were available. Additional fee revenue was not projected because TNBC did not expect any additional fee revenue through the end of the year, based on discussions with Metro Air Park stakeholders and City and County Staff.

Similarly, investment income was updated to reflect the activity through September 2023. To be conservative, no further investment income was projected through the end of the year for the Land Acquisition, R&E, Admin/O&M, and Supplemental Endowment accounts. There were gains in each of these accounts for 2023, reflective of the 2023 trend in the overall financial markets.

There were also gains in the Endowment Fund. Because of the significant and growing size of the Endowment Fund (currently at approximately $37 million), there is the potential for shifts in the Endowment Fund investment earnings to have an undue influence on the annual fee update. Significant short-term losses or gains in investment earnings are expected and are generally accounted for by a quick return to more typical earnings in the following years. This dynamic has occurred in previous years, such as 2008 through 2012, where the Endowment Fund experienced a significant decrease due to investment losses in 2008 but Memorandum: Natomas Basin Habitat Conservation Plan Fee Update—2024 December 18, 2023
Economic & Planning Systems, Inc. (EPS) 6
recovered by 2012. In addition, the Endowment Fund experienced a decrease in 2022 but had already started to recover in 2023 with earnings of approximately

7.2 percent through September.

Because of this dynamic, EPS revised last year’s fee update model to smooth the impacts of volatility seen in longer term investment funds. In previous years, investment earnings for the current year have been based on activity through September of that year. Last year, EPS incorporated a modeling change to estimate the investment earnings for the near-term (the current year and the 2 following years) based on the average annual returns for the Endowment Fund realized by TNBC since 2011. This adjusted methodology accounts for the long- term nature of the Endowment Fund investments and is responsive to requests from the City Council and TNBC Board of Directors to ensure that the annual Fee update is not dependent on temporary upturns or downturns in financial markets.

The 2023 farm rent revenue was updated to reflect the anticipated revenue for farms under contract with TNBC in 2023. In addition, TNBC receives other miscellaneous revenue, which could include various reimbursements, hunting revenue, and contract payments. The 2023 miscellaneous income amount was updated to reflect the activity through September 2023 and TNBC’s estimate of additional revenue through the end of the year.

Expenses
In 2023, there were modest expenses incurred by the R&E Fund because of planning and permitting for future conversions. The only expenses incurred in the O&M Endowment and Supplemental Endowment Funds were management fees.

The 2023 management fees for both endowment funds were updated to reflect the activity through September 2023, as reported on the September 2023 financial statements, plus estimates of remaining 2023 management fees based on the average monthly costs through September. The September 2023 account statements were used because they were the most current statements available.

In 2022, TNBC acquired two new properties totaling 234.12 acres, incurring $3.0 million in expenses, which were funded by existing funds from the Land Acquisition Fund and an interfund loan from the Supplement Endowment Fund.

There was also an interfund loan in 2020 of $1.4 million from the Supplemental Endowment Fund to the Land Acquisition Fund to purchase habitat acres. The Land Acquisition Fund has repaid approximately $1.2 million to the Supplemental Endowment Fund to date, and it is assumed that the remaining amount will be repaid over the next 8 years. While the interfund loans do not have a significant impact on the fee estimate, they result in a minor short-term decrease in Supplemental Endowment Fund investment revenues.

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In 2020, TNBC received a $2 million loan from the City for mitigation land acquisition. In subsequent years, TNBC is obligated to repay the City with Land Acquisition development fee revenue. Through 2023, TNBC had made loan payments of approximately $539,655 to the City. The TNBC Board of Directors has committed to making a payment in the amount of $250,000 to the City from the Land Acquisition fund for any year in which Land Acquisition fee revenue is below $250,000. Table A-3 models the projected repayment of the City line of credit, which will be repaid primarily with Land Acquisition fund fees from City fee payers.

In the Admin/O&M Fund, where there are substantial ongoing Admin/O&M costs each month, the 2023 expenses were based on the costs incurred through September 2023 and TNBC’s estimates of remaining costs for the year. The cost estimates were based on TNBC’s in-depth knowledge of the annual costs, contracts, and leases.
2024
The 2024 revenue and expense amounts for all funds were obtained from the proposed 2024 Budget (see Table 20).
2025 through 2053
In each cash flow analysis, the revenue and cost estimates for 2025 through 2053 were updated to reflect the updated model assumptions presented in Tables 5 through 19 and discussed in the remainder of this memorandum.

Cost Assumptions
Tables 5 through 19 detail the assumptions used to estimate costs for 2025 and later.

Land Acquisition Costs
Table 5 shows the land acquisition cost assumptions used to derive the Land Acquisition fee. The estimated land acquisition cost per acre decreased from $31,500 to $27,500 per acre this year, a decrease of $4,000 from the 2023 model. This cost estimate is taken from a broad range of potential land values in the Natomas area and is based on TNBC’s knowledge of confirmed recent land transactions, supported by a projection of land price costs from a market analysis prepared by a Certified General Real Estate Appraiser in November 2023. The opinion expressed by the appraiser is that habitat land in the unincorporated area of the Natomas Basin will sell for approximately $25,000 to $30,000 per acre through 2024. With this and other information, including the land prices for recent TNBC acquisitions, TNBC chose to update the land acquisition cost to $27,500 per acre in this year’s model. Land transaction and contingency cost estimates remain unchanged at $1,500 per acre.

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The majority of fee payers dedicate land in lieu of paying the Land Acquisition fee.

To reflect this level of land dedication, the model assumes that only 15 percent of fee payers will pay the Land Acquisition fee, the remaining 85 percent of fee payers will dedicate habitat land, and TNBC will purchase only 15 percent of the required habitat.

R&E Costs
Table 6 shows the R&E cost assumptions used to derive the R&E fee. The R&E costs are estimated at $4,037 per habitat acre. These costs are $357 per habitat acre greater than the costs calculated in the 2023 model, representing approximately a ten percent increase.

Base R&E Costs
The estimated cost of converting rice acres into marsh acres increased substantially this year and was the major reason for the increase in the overall R&E cost per acre the cost in the 2023 model.

The cost to convert rice acres into managed marsh was estimated at $13,000 per acre, an increase of $1,000 per acre from $12,000 per acre in the 2023 fee update. Because only 25 percent of the acquired habitat acres will be converted to marsh, the marsh conversion cost of $13,000 per acre was multiplied by 25 percent to arrive at a cost of $3,250 per acquired habitat acre.

The cost to convert rice acres into upland acres was estimated at $1,000 per acre, which is double the cost per acre in the 2023 fee update. The conversion cost is applied to the number of projected acres that need to be converted from rice to upland to reach the 25 percent upland requirement. As it is assumed that only 10 percent of the acquired habitat is upland, an additional 15 percent would need to be converted to upland. Thus, the conversion cost was multiplied by 15 percent to arrive at a cost of $150 per acquired habitat acre.

Biological Site Assessment and Preconstruction Survey Costs The cost to conduct a formal biological site assessment and preconstruction survey for acquired mitigation land, as required by the 2003 NBHCP, was estimated at $270 per habitat acre, the same estimate as in the 2023 model. This cost per acre is based on a total cost of $27,000 per habitat acquisition and an estimated 100 acres per acquisition.

Contingency Costs
The contingency component of the R&E costs is essential to ensure adequate funding for R&E, particularly given the lag time between when the fee is paid (and the habitat preserves are acquired) and when the R&E occurs. TNBC generally has 3 years to restore and enhance the designated preserves after approval of the Site-Specific Management Plan (SSMP), which comes 1 year after Memorandum: Natomas Basin Habitat Conservation Plan Fee Update—2024 December 18, 2023
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acquisition. A 10 percent contingency is assumed, which is consistent with the 2023 model.

Admin/O&M and O&M Endowment Fund Cost Estimates
The assumptions used to estimate the Admin/O&M and O&M Endowment costs are summarized in Table 7 and discussed below. The Admin/O&M and O&M Endowment fee components together provide funding for the Admin/O&M costs through the end of the NBHCP in 2053. Most of the estimated costs to be funded by these fee components increased in this year’s model.

The Admin/O&M cost assumptions are detailed in Table 8 through Table 15 and discussed below.

O&M Costs
O&M costs are divided into the following three categories:
 O&M costs included in the land management contract for managing the marsh portion of the mitigation land.
 Annual O&M costs not included in the land management contract.  Estimated TNBC costs for replacing fixed assets.

As summarized in Table 7, the O&M land maintenance cost per acre is estimated as the current land management contract amount (including a 10 percent contingency) divided by the current number of marsh acres. This cost per marsh acre is multiplied by the annual number of marsh acres to estimate the total annual land maintenance costs.

The land management contract amount is approximately $551,000 (including a 10 percent contingency) in the 2024 model, an increase of approximately $131,000 from the $420,000 included in the 2023 model. On a cost per marsh acre basis, this amount represents an estimated 25 percent increase from the 2023 model.

Table 8 shows the ongoing O&M costs that are not part of the O&M land management contract. These costs were updated based on estimates from TNBC.

These costs increased slightly from the 2023 model.

Table 9 includes an accounting of TNBC’s fixed assets for which replacement costs are estimated. This table shows the original fixed asset costs, as well as the costs updated to 2024 levels, using a 3 percent annual inflation rate to estimate the current replacement costs for the fixed assets. These costs per acre remained almost unchanged from the 2023 model, decreasing very slightly because of the addition or removal of some fixed assets.

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Special Assessments
Special assessments consist of Natomas Central Mutual Water Company (NCMWC), Bureau of Reclamation, and Reclamation District 1000 (RD-1000) costs. These special assessment costs constitute a significant portion of the Admin/O&M costs and are summarized in Table 7 and discussed below.

NCMWC Costs
The NCMWC cost estimate per habitat acre is detailed in Table 10. The current assumptions concerning the NCMWC rates and the entity that is responsible for the payments are summarized below:
 The rates shown on Table 10 are based on the NCMWC 2023 published rates.

It is anticipated there will be a rate increase in 2024, so the 2023 rates for all NCMWC components have been increased by 3 percent to estimate the rates in 2024 dollars. In addition, it is assumed that 15 percent of the acres will be excluded from NCMWC assessments.
1  For rice acreage, it is assumed that TNBC will pay NCMWC’s administration and standby service charges only, while the farmers under lease agreements will be responsible for paying the annual water toll and winter water charges directly to NCMWC. TNBC is required, as stated in the 2003 NBHCP, to ensure that rice is produced on certain mitigation land. For this purpose, TNBC has included an allowance to fund farmer defaults on NCMWC payments, estimated at 5 percent of all farmer-paid costs.

1 TNBC’s Finance Model now contemplates that 15 percent of TNBC’s land holdings will not be assessed the NCMWC tariff rate. The 15 percent factor is used in this calculation because not all land owned by TNBC lies in the NCMWC service area; therefore, the acreage outside the NCMWC service area would not incur NCMWC charges. This 15 percent factor for excluded land is used as an approximation in lieu of attempting to calculate and accurately predict many dynamic variables. Accounting for all variables could subject the Finance Model to risk levels believed by TNBC management to be unacceptable. These variables include the fact that decisions often are made late to fallow crop land or change from one crop to another, which would influence the amount of the charges assessed by NCMWC. The Finance Model also does not reflect any late- year demand for water because of precipitation and other hydrological conditions, which largely are unpredictable. The Finance Model does not account for as-yet-made determinations regarding ground water well substitution (from TNBC wells) over NCMWC-supplied water, which is somewhat dependent on the ultimate NCMWC-approved tariffs and the breakdown between water usage charges and other components of the NCMWC fee structure. Moreover, a substantial portion of the total water costs assessed by NCMWC is assessed on shareholders of the NCMWC, regardless of whether they purchase irrigation water or not; this variable has not yet been published by the NCMWC Board of Directors but is expected to be different from those in recent years. It is assumed the generalized approach noted above (85 percent of total landholdings are assessed NCMWC charges per acre per year) is adequate to estimate future water cost–recovery needs.

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 For uplands acreage, it is assumed that TNBC will pay the administration and standby service charges only, while the farmers will be responsible for paying the annual water toll and winter water charges directly to NCMWC.  TNBC pays the full cost of water applied to managed-marsh complexes.

Bureau of Reclamation Costs
The Bureau of Reclamation provides water services to the Huffman West, Lauppe South, and Lauppe North properties at an amount of approximately $6,400 annually. As this results in a negligible cost when assessed on a per-acre basis, there is no additional adjustment to the select special assessments cost per acre for this service.

RD-1000 Costs
Table 11 details the RD-1000 annual cost per acre for 2022, 2023, and 2024.

The 2022 and 2023 amounts are actual costs based on property tax bills and updates provided by RD-1000. RD-1000 added an additional storm water assessment beginning in Fiscal Year 2023-24. Thus, the RD-1000 assessment for Fiscal Year 2023-24 is approximately $29,000 higher than the Fiscal Year 2022-23 assessment. For the purposes of estimating annual costs in future years, the 2024 RD-1000 cost is divided by the habitat size in acres to obtain a cost per acre.

Property Taxes
The land acquisition cost per acre is estimated at $27,500 based on a projection of land price costs prepared by a Certified General Real Estate Appraiser in November 2023, which indicated a potential range of land price costs from $25,000 to $30,000 per acre through 2024, as well as recent land acquisition transactions.

The estimated land acquisition cost per acre is $4,000 lower than the land acquisition cost per acre in last year’s model. This cost is used to project property taxes for future habitat as described below and detailed in Table 11 and Table 12. The property taxes for existing habitat increased, but the estimated property taxes for future habitat decreased because of the lower land acquisition cost, resulting in a net decrease in projected property taxes through 2053.  Existing Habitat Properties. The property taxes for existing habitat properties are detailed in Table 11. The 2023 property taxes are based on the actual property taxes reported on the Fiscal Year 2022-2023 and 2023- 2024 tax rolls. The 2024 property taxes for existing habitat are composed of the following two components:
— Property taxes on the Fiscal Year 2023-2024 tax roll. Note that 2 new properties were acquired in 2022, and there was a trade in 2023 involving the existing Alleghany, Cummings, and Atkinson properties and the newly Memorandum: Natomas Basin Habitat Conservation Plan Fee Update—2024 December 18, 2023
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acquired Anne Rudin Preserve. These habitat transactions resulted in substantial increases in Fiscal Year 2023-2024 property taxes. — A 3 percent contingency to address the uncertainty of maintaining reduced property tax levels for Williamson Act properties, as discussed below.

In 2014, Sutter County instituted the option to decrease Williamson Act contracts from 10 years to 9 years, as permitted by state law. This option caused an increase in the property taxes on Sutter County properties with Williamson Act contracts. The annual increase has been included on property tax bills since the 2014/2015 tax year. Although California Senate Bill (SB) 1265 (the reduction in Williamson Act contract lengths) was set to expire at the end of 2015, another Senate Bill (SB 1353) was enacted in September 2014 that incorporated reduction of the contract lengths into the Williamson Act with no termination date. Therefore, it is assumed in the model that this provision will be extended indefinitely, and the Sutter County tax burden will continue at the higher rates. In addition, property taxes could increase in Sacramento County if it also chooses the option to decrease the length of Williamson Act contracts.  Future Habitat Properties. Table 12 details the estimated property taxes for 2024 and beyond. This table includes the property taxes for both existing and future projected habitat. Note that the assessed values and property taxes for future habitat are based on the estimated land acquisition cost per acre, which decreased by $4,000 per acre this year, resulting in lower taxes for future habitat when compared with last year’s model.

In light of the loss of state funding for Williamson Act contracts, TNBC staff believe that new properties may not be granted Williamson Act contracts.

Consequently, to remain conservative, the annual property taxes for future habitat still to be acquired are calculated as 1.3 percent of the estimated full assessed value of future habitat. This factor consists of the 1 percent property tax and an additional 0.3 percent to cover the additional taxes and assessments on the property tax bills. The only assessment not included in the 0.3 percent is the RD-1000 assessment, which is accounted for separately in the O&M costs discussed previously.

From 2025 on, the model is based on the assumption that, on average, mitigation land acquisition costs will escalate by 3 percent annually, net of inflation, and the assessed value per acre of new habitat acquisitions will track this 3 percent escalation. TNBC believes the 3 percent net increase closely reflects the actual average increases in habitat land values in the region over the past decade. Annual taxes on new properties are estimated at 1.3 percent of the average assessed value per acre multiplied by the number of new habitat acres.

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Mitigation Monitoring and Adaptive Management Costs
Table 13 shows the mitigation monitoring and adaptive management costs, which are divided into categories, as summarized below:
 Biological Effectiveness Monitoring Costs: Costs from the 2024 biological effectiveness–monitoring contract.2
 Other Costs: Connectivity and adaptive management review costs.  Midpoint Program Review: Costs associated with support for the required City and County program reviews when development reaches the half-way point of 8,750 acres, currently projected in 2025.
 End of Plan Program Review: Costs associated with the required TNBC program review required at the end of the Plan. This cost was added to the model in the 2023 Fee Update based on review of the Plan by TNBC (see Plan Chapter VI, Section I).

Other than the costs associated with the NBHCP-required program reviews, the pre-acquisition biological reconnaissance (included as a Land Acquisition cost), and the SSMPs (shown in Table 7 and discussed below), all mitigation monitoring costs are inflated by 3 percent every 5 years after 2024 until habitat buildout to reflect both likely cost increases, as mitigation land acreage increases to 8,312.5 acres (the ultimate buildout level of the 2003 NBHCP less an adjustment made for undevelopable acreage as described below) and anticipated increases in labor and related monitoring costs throughout the life of the NBHCP. The monitoring cost increases are estimated to occur every 5 years because the monitoring contracts tend to last for 5 years with cost increases occurring with each subsequent contract.

SSMP Costs
The annual SSMP costs are unchanged from the estimates in the 2023 Model (see Table 7). The annual cost of preparing SSMPs for acquired mitigation land is estimated at $160 per acquired acre in the year of acquisition only. The annual SSMP update cost is estimated at $25,000 per year, based on TNBC’s experience with preparing SSMPs.

2 Currently, ICF International (formerly, Jones & Stokes) is conducting all the biological effectiveness monitoring on behalf of TNBC.

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Administrative Costs
Annual administrative costs were revised based on TNBC’s current budget estimates. The costs, excluding contract costs, include a 5 percent contingency for 2024 and all subsequent years. Contract costs include a 10 percent contingency for 2024 and all subsequent years. Table 14 shows the 2023, 2024, and projected 2025 through 2053 administrative costs.

For all administrative costs except the contract costs, it is assumed that the annual costs for 2025 and beyond will equal the 2025 costs. The contract costs for 2025 and beyond were separately estimated by TNBC based on expected ongoing contracts. These contract costs are detailed in Table 15.

The total administrative costs for 2025 and beyond are estimated at $2.1 million annually, which represents a very small decrease of approximately $19,000 (less than 1 percent) from the projections in the 2023 model.

Endowment and Supplemental Endowment Fund Management Fees As summarized on Table 7, TNBC’s fund management fees are calculated as

0.5 percent of the first $5 million of the O&M Endowment and Supplemental Endowment combined fund balances, plus 0.35 percent of the remainder of the combined fund balances, resulting in increasing fees as the fund balances increase. The model reflects this calculation for all future years through the end of the TNBC timeframe in 2053, as detailed in the O&M Endowment and Supplemental Endowment cash flow tables.

Excise Tax Adjustment
Based on a letter provided from Gilbert CPAs, dated August 11, 2023, TNBC currently qualifies as a tax exempt 501(c)(3) publicly supported foundation because more than 10 percent of all TNBC revenues come from public support in the form of mitigation fees. In 2052, when no mitigation fees are being collected, TNBC will no longer pass the fee revenue public support test. While there are additional ways to qualify for tax exempt 501c)(3) status that could apply to TNBC, an application to change from private foundation status would be required, and the decision to approve this application is uncertain. Because of this uncertainty, an excise tax of 1.39 percent has been included on all revenues TNBC earns in each year after all habitat has been acquired (2053 and beyond).

Supplemental Endowment Cost Estimates
The Supplemental Endowment fund serves two purposes and is divided into two components: the Land Purchase Contingency component and the Changed Circumstance Contingency component. The Land Purchase Contingency component provides for acquisition of the last 200 acres of habitat, and the Changed Circumstance Contingency component is to be used in the event of Memorandum: Natomas Basin Habitat Conservation Plan Fee Update—2024 December 18, 2023
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unforeseen circumstances, such as a natural disaster. Table 16 estimates the amount per habitat acre required to fund both components.

Supplemental Endowment costs are driven primarily by the Land Acquisition cost assumption, estimated at $27,500 per acre in this year’s 2024 model. The Changed Circumstance cost was increased from $500 to $750 per habitat acre in this year’s model.

In 2020 and 2022, interfund loans totaling approximately $4.4 million were made from the Supplemental Endowment fund to the Land Acquisition fund to help pay for habitat acquisition. The Land Acquisition Fund has repaid approximately $1.2 million to the Supplemental Endowment Fund to date, and it is assumed that the remaining amount will be repaid over the next 8 years. While the interfund loans do not have a significant impact on the fee estimate, they result in a minor short- term decrease in Supplemental Endowment Fund investment revenues.

The interfund loans leave fewer funds available to transfer from the Supplemental Endowment fund to the Endowment fund in 2052 to fund habitat administration, operations, and maintenance. Thus, the interfund loans indirectly result in increases in the Admin/O&M and Endowment fees to ensure enough revenue to fund the habitat in perpetuity. The interfund loans do not affect the Supplemental Endowment fee since this fee is based solely on the revenue needed to purchase the last 200 acres of land if needed.

As detailed in Table 16, because of the changes in land acquisition and changed circumstance contingency costs, the Supplemental Endowment costs to be funded by fees increased from $1,268 per habitat acre in the 2023 model to $1,339 per habitat acre in this 2024 model.

Note that it is assumed in the model that the Land Acquisition fund is used to purchase the entire required habitat, including the last 200 acres. The Land Purchase Contingency component of the Supplemental Endowment fund provides a contingency for purchasing the last 200 acres of the required habitat, in the event the cost of habitat acres dramatically increases as the supply decreases.

In this event, rather than imposing a large increase in the habitat fee for later fee payers, the Supplemental Endowment fund would be used to supplement the acquisition of the last 200 acres.

Future large spikes in land prices are not assumed in the model, so the Supplemental Endowment fund balances are not shown as being used for land acquisition. Rather, the model shows the Land Purchase Contingency component funds being transferred to the O&M Endowment fund once all required habitat land has been acquired. Thus, it is assumed the Supplemental Endowment Land Purchase Contingency component funds will be used to help fund ongoing administration, operations, and maintenance of the habitat, if they are not needed for land acquisition. The potential transfer of the Land Purchase Contingency Memorandum: Natomas Basin Habitat Conservation Plan Fee Update—2024 December 18, 2023
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component funds to the Endowment fund helps to keep the Admin/O&M and O&M Endowment fees lower.

The Changed Circumstance Contingency component funds are not assumed to be transferred to the O&M Endowment fund after the purchase of all habitat. This component is treated differently in the model because a natural disaster, species listing changes, or other unforeseen circumstance would require additional funding, even after the acquisition of all habitat. The Changed Circumstances Contingency component is assumed to remain in place to provide revenue for unforeseen circumstances if needed.

Revenue Assumptions
Rice and Other Crop Revenue Estimates
Rice Revenue
The model is based on the assumption that rent revenue will be earned on 90 percent of the total rice acres in the habitat, with the remaining 10 percent assumed to be required fallow fields, which produce very low or no cash rents.3 The model includes a revenue rate of $350 per acre for years after 2024, consistent with the 2023 model.

Other Crop Revenue
It is assumed that 25 percent of the habitat upland acreage will be committed to commercial farming of crops other than rice, and the other 75 percent will not be farmed and will provide foraging vegetation for Swainson’s hawks. The average annual revenue rate for crops other than rice is estimated at $75 per acre, consistent with last year’s model. This estimate is based on TNBC’s actual earnings from non-rice farm leases in recent years and is blended with certain leases where Swainson’s hawk friendly crops are grown for the benefit of the hawk, but which otherwise is less revenue generating than conventional farming arrangements.

Miscellaneous Revenues
Miscellaneous revenues, which can include contract payments, various reimbursements, and hunting revenues, are estimated at $25,000 annually for 2025 and beyond. The 2023 and 2024 miscellaneous revenues are estimates from TNBC based on TNBC’s knowledge of realized and expected revenue through 2023.

3 The 2003 NBHCP requires that 10 percent of all mitigation land holdings used to produce rice will be fallowed each year.

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Investment Earnings
Investment income is calculated for all funds. It is estimated differently for different years, as summarized below.
2023
For the Land Acquisition, R&E, Admin/O&M, and Supplemental Endowment funds 2023 investment income is estimated as the interest earnings from the September 2023 financial statements.

Because of the significant and growing size of the Endowment Fund (currently estimated at $37 million), there is the potential for shifts in the Endowment Fund investment earnings to have an undue influence on the annual fee update.

Significant short-term swings in investment earnings are expected and generally accounted for by quick recovery in the following years. This dynamic has occurred in previous years, such as 2008 through 2012, where the Endowment Fund experienced a significant decrease due to investment losses and recovered within 4 years.

Because of this dynamic, EPS revised last year’s fee update model to smooth the impacts of volatility seen in longer term investment funds. In previous years, investment earnings for the current year have been based on activity through September of that year. Last year, EPS incorporated a modeling change to estimate the investment earnings for the near-term (2023 through 2025) based on the average annual returns for the Endowment Fund realized by TNBC since 2011. This adjusted methodology accounts for the long-term nature of the Endowment Fund investments and is responsive to requests from the City Council and the TNBC Board of Directors to ensure that the annual Fee update is not dependent on temporary upturns or downturns in financial markets. The long- term investment earnings percentage from 2011 through 2023 is estimated at

6.7 percent.
2024
Investment income for 2023 is projected by applying various percentages, depending on the particular fund, to the September 2023 fund balances. These percentages are listed below:
 Land Acquisition: 1.00%
 R&E: 1.00%
 Admin/O&M: 1.00%
 O&M Endowment: 6.70%
(detailed above)
 Supplemental Endowment: 3.00%

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2025 through 2053
Investment income projected for 2025 and beyond is estimated as 3 percent of the prior year’s ending balance. The exception is the Endowment Fund in 2025 where the investment earnings are based on an average percentage from 2011 through 2023, as detailed above.

While the three percent rate may be more or less applicable in the short term, the interest rate is appropriate for use over a long period of time. This interest rate represents a “real rate of return.” Because the cost and revenue projections in the model are expressed in constant dollars and exclude inflation, the projected annual return on investments also should exclude inflation. The assumed real rate of return of 3 percent, used to project investment income, represents the annual rate of return that could be expected over and above inflation.

Development Assumptions
It is assumed that development activity included in the Plan will be achieved by 2052, with 16,625 acres of the total 17,500 acres developed. This estimated level of development reflects an allowance for unusable acres of 5 percent (875 acres) of the total developable acres, as shown in Table 17.

Under the assumption that 875 of the 17,500 acres will not develop, it is also assumed that the associated 437.5 acres of habitat needed to satisfy the mitigation requirement of one-half acre of habitat per 1 acre of development will not be acquired.

Habitat Acquisition and Conversion
Table 18 details the habitat acquisition schedule. This schedule was updated to reflect habitat acquisitions made or projected over the last year and to update the projected annual habitat acquisitions in future years. In 2023, TNBC and the Sacramento Flood Control Agency (SAFCA) negotiated a trade that resulted in a net additional 5.4 habitat acres for TNBC. This trade involved an exchange of TNBC holdings on the Alleghany, Atkinson, and Cummings properties for SAFCA’s Anne Rudin Preserve. In addition, SAFCA acquired 3.4 acres of the Betts tract and TNBC acquired 1.1 acres of easements. TNBC anticipates that it will not acquire any additional habitat until 2029, at which time, it will begin to annually acquire the number of habitat acres needed to keep pace with the habitat required for the projected annual development levels.

The corresponding projected habitat conversion schedule for converting habitat acres to upland and marsh also was updated. Table A-1 details this schedule.

TNBC estimates that 181 acres will be converted to marsh in 2024. Beginning in 2025, the model is based on the assumption that enough rice acres will be converted to marsh and upland so that the mitigation land use allocation required Memorandum: Natomas Basin Habitat Conservation Plan Fee Update—2024 December 18, 2023
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by the NBHCP (25 percent marsh, 50 percent rice, and 25 percent upland) will be achieved by 2029.

Note that Table 18 includes an adjustment to the NBHCP habitat acreage to account for required supplemental mitigation (mitigation required of non-NBHCP fee payers). As an example, in 2017, the NBHCP acreage was reduced by 28 acres to adjust for required supplemental mitigation for the Pacific Gas and Electric Company (PG&E). PG&E is not in the NBHCP area but was required to pay NBHCP mitigation fees for 56 acres of development and to provide 28 acres of habitat.

As shown in Table 18, the NBHCP habitat has been reduced by approximately 273 acres through 2023 to allow for the required supplemental mitigation TNBC must provide from its habitat holdings.

Table 19 shows the current habitat status, including the current number of rice, marsh, and upland acres and the division between NBHCP mitigation and supplemental mitigation. The allocation of habitat acres between rice, marsh, and upland acres has been reconciled with TNBC’s current inventory of acres.

Summary
The proposed 2024 fee is $46,009 per acre, an increase of $444 (1.0 percent) over the current 2023 fee. With land dedication, the proposed 2024 fee is $32,259 per acre, an increase of $2,444 (8.2 percent) over the current 2023 fee.

The percentage increase in the annual fee with land dedication is greater than the percentage increase in the annual fee without land dedication because the land acquisition cost was reduced by $4,000 per acre this year. As elaborated upon in this memorandum, the increase in the annual fee occurs primarily because of large increases in marsh costs as summarized below:
 Land Management Contract Cost Increase
The current land management contract, which has been approved by the TNBC Board of Directors, included significantly increased costs for maintaining marsh habitat. The land management contract amount is approximately $551,000 (including a 10 percent contingency), an increase of approximately $131,000 from the $420,000 contract amount in the 2023 model. On a cost per marsh acre basis, this amount represents an estimated 25 percent increase from the 2023 model.

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 Restoration and Enhancement Cost Increase
The estimated R&E cost per acre increased by approximately 10 percent in this year’s fee model, largely because of an increase in the cost to convert rice acreage to managed marsh. The marsh conversion cost is estimated at $13,000 per acre, an increase of $1,000 per acre from the $12,000 per acre in the 2023 model. The estimated marsh conversion cost was based on cost comparisons with similar marsh conversion projects recently completed by others in the region.

LIST OF FIGURE AND TABLES

Figure 1 Cash Flow Model and Interaction of Funds ........... 21 Table 1 NBHCP Mitigation Fee Summary 1996–2020 ........ 22 Table 2 Estimation of Habitat Mitigation Fee ................... 23 Table 3 Habitat Mitigation Fee Component Changes ......... 24 Table 4 Cash Flow Summary (7 pages) .......................... 25 Table 5 Land Acquisition Cost ....................................... 32 Table 6 Restoration and Enhancement Assumptions ........ 33 Table 7 Admin./Operations and
Maintenance Assumptions ................................ 34 Table 8 Estimated TNBC Operations and
Maintenance Annual Costs (2 pages) .................. 35 Table 9 Estimated TNBC Fixed Asset
Annual Costs (3 pages) .................................... 37 Table 10 NCMWC Cost Estimate ..................................... 40 Table 11 Actual and Estimated Property Taxes:

Past, Current, and Budget Year ......................... 41 Table 12 Estimated Property Taxes ................................. 42 Table 13 Species and Habitat Monitoring
Cost Assumptions ............................................ 43 Table 14 Estimated Administrative Costs ......................... 44 Table 15 Estimated Contract Costs for 2021–2053 ............ 45 Table 16 Estimated Supplemental Endowment Cost........... 46 Table 17 Development Projections .................................. 47 Table 18 Habitat Acquisition Schedule ............................. 48 Table 19 Habitat Status ................................................ 49 Table 20 TNBC 2020 Budget Proposal (7 pages) ............... 50 Figure 1
NBHCP 2024 Fee Update
Cash Flow Model and Interaction of Funds
NBHCP Primary Revenue Expenditure
Cash Flow Fund Purpose Sources Categories
Land Acquisition  Land Acquisition  Fee Revenues  Land Purchase  Interest Earned  Transaction Costs
 Contingency
Restoration and Enhancement  Restoration and/or  Fee Revenues  Restoration, Enhancement, or Enhancement of Mitigation  Interest Earned Conversion of Acquired Land Mitigation Lands to Habitat
Suitable for Protected Species
 Preparation of Site Specific Plans
Admin./O&M  Administration of TNBC  Fee Revenues  Administration of TNBC  Operations and Maintenance  Interest Earned  O&M of Acquired Mitigation Land of Mitigation Land  Interest from O&M Endowment  Property Taxes and Special Fund (in Later Years) Assessments
 Farming Revenues  Mitigation Monitoring
 Miscellaneous Revenues  Species Monitoring
 Adaptive Management
O&M Endowment Fund  Provide Supplemental  Fee Revenues  Interest Earnings Transferred to Revenue for Admin./O&M  Interest Earned Admin./O&M Fund in Later Years Fund of NBHCP
Supplemental Endowment Fund  Provide Supplemental  Fee Revenues  Land Purchase Revenue for Land Acquisition  Interest Earned  After Completion of Land --for advance purchase Purchases, Remaining Funds
--in the case that land costs (Excluding Changed Circumstances spike dramatically in any Portion) may be Transferred to given year Operating or Endowment Fund
 Provide a "Changed
Circumstances" Fund
--to provide revenue in the
event of changed habitat
circumstances such as fire,
flood, or the listing of new
species.

Interaction
of Funds
Balances can be transferred
among these three funds:
--To correct short-term
cash flow imbalances
and take advantage of
opportunities;
--If revenues could be
better utilized in one of
the other funds and are
not needed in the existing
fund.

Interest earnings can be
transferred to Admin./O&M fund
to supplement revenues.

Supplemental fee
revenue can be used to
purchase mitigation
land.

Prepared by EPS 12/1/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 m1 11.29.23.xlsb 21 Table 1
NBHCP 2024 Fee Update
NBHCP Mitigation Fee Summary 1996-2024
Year
Land
Acq.[1]
Land Acq.

Settlement [2] R & E
Admin/
O&M
O & M
Endowment
Supp.

Endowment Subtotal
Fee
Collection
Admin. Total
Pct.

Change
Land Cost
Portion of
Land Acq. [3]
Total
Excluding
Land Cost [3]
Pct.

Change
Actual
1996/97 $1,830 $140 $150 $75 $0 $2,195 $45 $2,240 $2,240 1998 $1,830 $198 $475 $100 $0 $2,603 $53 $2,656 18.6% $2,656 18.6% 1999 $2,036 $200 $800 $190 $0 $3,226 $66 $3,292 23.9% $3,292 23.9% 2000 $2,500 $423 $750 $190 $0 $3,863 $78 $3,941 19.7% $3,941 19.7% 2001 $3,000 $3,947 $368 $1,555 $800 $150 $9,820 $201 $10,021 154.3% $10,021 154.3% 2002 $3,750 $3,947 $782 $1,555 $1,500 $188 $11,722 $240 $11,962 19.4% $11,962 19.4% 2003 $5,275 $970 $3,450 $1,900 $430 $12,025 $245 $12,270 2.6% $4,500 $7,770 (35.0%) 2004 $7,750 $935 $4,154 $2,490 $473 $15,802 $322 $16,124 31.4% $7,500 $8,624 11.0% 2005 $12,750 $1,023 $6,243 $3,745 $638 $24,399 $498 $24,897 54.4% $12,500 $12,397 43.7% 2006 $23,250 $1,278 $9,255 $5,555 $1,020 $40,358 $824 $41,182 65.4% $22,500 $18,682 50.7% 2007 $20,750 $1,275 $9,213 $5,530 $908 $37,676 $769 $38,445 (6.6%) $20,000 $18,445 (1.3%) 2008 $18,250 $1,141 $10,737 $6,440 $803 $37,370 $763 $38,133 (0.8%) $17,500 $20,633 11.9% 2009 $18,250 $1,141 $10,737 $6,440 $803 $37,370 $763 $38,133 0.0% $17,500 $20,633 0.0% 2010 $18,250 $1,267 $14,269 $8,560 $823 $43,169 $881 $44,050 15.5% $17,500 $26,550 28.7% 2011 $15,750 $1,165
$11,983 $7,190 $723 $36,811 $736 $37,547 (14.8%) $15,000 $22,547 (15.1%) 2012 $12,000 $1,167 $11,549 $6,929 $572 $32,216 $644 $32,861 (12.5%) $11,250 $21,611 (4.2%) 2013 $9,500 $1,117 $9,876 $5,925 $463 $26,881 $538 $27,419 (16.6%) $8,750 $18,669 (13.6%) 2014 $12,000 $1,287 $11,118 $6,671 $550 $31,626 $633 $32,259 17.7% $11,250 $21,009 12.5% 2015 $12,000 $1,287 $11,118 $6,671 $550 $31,626 $633 $32,259 0.0% $11,250 $21,009 0.0% 2016 $12,000 $1,287 $11,118 $6,671 $550 $31,626 $633 $32,259 0.0% $11,250 $21,009 0.0% 2017 $12,000 $1,311 $10,722 $6,433 $514 $30,980 $620 $31,600 (2.0%) $11,250 $20,350 (3.1%) 2018 $12,000 $1,311 $11,652 $6,991 $488 $32,442 $649 $33,091 4.7% $11,250 $21,841 7.3% 2019 $12,000 $1,311 $11,652 $6,991 $488 $32,442 $649 $33,091 0.0% $11,250 $21,841 0.0% 2020 $15,750 $1,411 $13,402 $8,041 $643 $39,247 $785 $40,032 21.0% $15,000 $25,032 14.6% 2021 $15,750 $1,411 $13,402 $8,041 $643 $39,247 $785 $40,032 0.0% $15,000 $25,032 0.0% 2022 $17,000 $1,549 $14,840 $8,904 $813 $43,106 $862 $43,968 9.8% $16,250 $27,718 10.7% 2023 $16,500 $1,840 $16,061 $9,637 $634 $44,672 $893 $45,565 3.6% $15,750 $29,815 7.6% Proposed
2024 $14,500 $2,019 $17,449 $10,469 $670 $45,107 $902 $46,009 1.0% $13,750 $32,259 8.2% [1] Land ac quisition cost includes land cost, transaction costs, and contingency costs.

Current land costs estimated at $27,500 per acre. Transaction costs and contingencies estimated at $1,500 per acre. [2] Fee c omponent in 2001 and 2002 only.
[3] E xcludes land transaction costs and contingencies. 2024 Fee Update
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb 22 Table 2
NBHCP 2024 Fee Update
Estimation of Habitat Mitigation Fee (2024$)
Fee-Funded Mitigation Fee pe
r
Cost per Acre of Acre of Percentage of
Item Habitat Development Base Fee Notes
Land Acquisition a b=a x .5
Land Cost $27,500 $13,750
Transaction Costs and Contingency $1,500 $750
Subtotal Land Acquisition $29,000 $14,500 32% See Table 5.

Restoration & Enhancement $4,037 $2,019 4% See Table 6.

Administration/O&M [1] $34,898 $17,449 39% See Tables 7 - 15.

O&M Endowment [1] $20,939 $10,469 23% See Table A-7.

Supplemental Endowment Fund $1,339 $670 1% See Table 16.

Subtotal Mitigation Fee $90,213 $45,107 100%
Fee Collection Administration $902 2% of fee for collection Total Mitigation Fee $46,009
$32,259
[1]
[2] In some cases, HCP fee payers may dedicate land to satisfy the land acquisition component of the NBHCP. Any land dedication will be subject to the terms of the NBHCP. The transaction costs and contingency poriton of the land acquisition fee component will be paid regardless of wheter or not land is dedicated.

Total Mitigation Fee Excluding Land Cost
Portion of Land Acquisition Component [2]
2024 Fee Update
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
Administration/O&M and O&M Endowment fees are set based on the cash flow analysis, ensuring that fund balances are positive in year 50 (2053) and that annual interest earnings in the endowment fund equal the drawdown by the Admin/O&M fund in 2053. See Tables 7-15 for Admin/O&M cost assumptions.

Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb 23 Table 3
NBHCP 2024 Fee Update
Habitat Mitigation Fee Component Changes (2023 to 2024) 2024 Fee Percentage
2023 Proposed Increase
/ Increase/
Fee Component Fee Fee (Decrease) (Decrease)
Land Acquisition
Land $15,750 $13,750 ($2,000) (12.7%)
Transaction $375 $375 $0 0.0%
Contingency $375 $375 $0 0.0%
Total Land Acquisition $16,500 $14,500 ($2,000) (12.1%) Restoration & Enhancement $1,840 $2,019 $179 9.7%
Administration/O&M and O&M Endowment
Administration/O&M $16,061 $17,449 $1,388 8.6%
O&M Endowment Fund $9,637 $10,469 $832 8.6%
Total Admin/O&M and O&M Endowment $25,698 $27,918 $2,220 8.6% Supplemental Endowment Fund $634 $670 $36 5.7%
Subtotal Mitigation Fee $44,672 $45,107 $435 1.0%
Fee Collection Administration $893 $902 $9 1.0%
Total Mitigation Fee $45,565 $46,009 $444 1.0%
2024 Fee Update
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb 24

Page 1 of 7 ends

NBHCP 2024 Fee Update
Cash Flow Summary
TOTAL 1996 1997 1998 1999 2000 2001 2002 2003 2004
1996 - 2053 123456789

LAND ACQUISITION
Beginning Balance $0 $0 $55,641 $247,608 $2,773,665 $750,754 $563,113 $2,225,278 $1,775 $80,655 Total Revenues $71,053,142 $55,641 $191,966 $2,526,057 $2,698,708 $1,287,471 $3,198,070 $2,569,079 $9,072,846 $469,564 Total Expenditures ($56,964,652) $0 $0 $0 ($4,924,998) ($1,475,112) ($1,535,905) ($8,854,102) ($6,411,966) ($81,231) Transfers To/From Other Funds ($14,343,632) $0 $0 $0 $0 $0 $0 $4,061,520 ($2,582,000) ($50,000) Balance Adjustments $255,142 $0 $0 $0 $203,379 $0 $0 $0 $0 $0 Reserved Amounts $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Ending Balance $0 $55,641 $247,608 $2,773,665 $750,754 $563,113 $2,225,278 $1,775 $80,655 $418,988

RESTORATION AND ENHANCEMENT
Beginning Balance $0 $0 $4,257 $19,070 $292,954 $592,246 $582,058 $268,280 ($12,244) $384,545 Total Revenues $24,966,227 $4,257 $14,814 $273,883 $299,292 $150,525 $146,644 $363,017 $1,123,471 $334,400 Total Expenditures ($22,411,402) $0 $0 $0 $0 $0 ($1,060,422) ($490,041) ($880,182) ($739,786) Transfers To/From Other Funds ($2,356,743) $0 $0 $0 $0 $0 $600,000 ($153,500) $153,500 $0 Balance Adjustments ($198,083) $0 $0 $0 $0 ($160,713) $0 $0 $0 $0 Ending Balance $0 $4,257 $19,070 $292,954 $592,246 $582,058 $268,280 ($12,244) $384,545 ($20,841)

ADMINISTRATION/O&M
Beginning Balance $0 $0 $4,561 $70,261 $621,109 $1,154,631 $1,549,539 $1,154,659 $106,719 $2,924,393 Total Revenues $259,800,606 $4,561 $65,700 $657,778 $739,027 $509,413 $816,275 $1,624,402 $3,949,924 $2,207,942 Drawdown on Endowment Fund $6,715,949 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Expenditures ($249,710,505) $0 $0 ($106,930) ($205,505) ($388,815) ($611,155) ($876,281) ($1,448,791) ($1,738,522) Transfers To/From Other Funds ($16,834,235) $0 $0 $0 $0 $0 ($600,000) ($3,908,020) $2,428,500 $50,000 City of Sac. Loan for 200-Acre Reserve $0 $0 $0 $0 $0 $0 $0 $2,111,959 ($2,111,959) $0 Balance Adjustments $227,983 $0 $0 $0 $0 $274,310 $0 $0 $0 $0 Reserved Amounts ($199,798) $0 $0 $0 $0 $0 $0 $0 $0 $0
Ending Balance $0 $4,561 $70,261 $621,109 $1,154,631 $1,549,539 $1,154,659 $106,719 $2,924,393 $3,443,813

O&M ENDOWMENT
Beginning Balance $0 $0 $2,280 $12,770 $275,038 $323,846 $463,981 $966,676 $1,730,724 $4,424,499 Total Revenues $232,274,853 $2,280 $10,490 $262,268 $278,626 $140,135 $502,695 $764,048 $2,718,446 $1,378,566 Total Expenditures ($13,732,904) $0 $0 $0 $0 $0 $0 $0 ($24,671) $0 Transfers From Other Funds $42,088,236 $0 $0 $0 $0 $0 $0 $0 $0 $0 Drawdown on Endowment Fund ($6,715,949) $0 $0 $0 $0 $0 $0 $0 $0 $0 Balance Adjustments ($199,223) $0 $0 $0 ($229,818) $0 $0 $0 $0 $0 Ending Balance $253,715,014 $2,280 $12,770 $275,038 $323,846 $463,981 $966,676 $1,730,724 $4,424,499 $5,803,065

SUPPLEMENTAL ENDOWMENT
Beginning Balance $0 $0 $0 $0 $0 $0 $0 $36,390 $183,710 $456,279 Total Revenues $20,395,559 $0 $0 $0 $0 $0 $36,390 $147,320 $533,036 $202,734 Total Expenditures [1] ($20,395,559) $0 $0 $0 $0 $0 $0 $0 ($260,467) ($100,897) Ending Balance
a $0 $0 $0 $0 $0 $0 $36,390 $183,710 $456,279 $558,116
Changed Circumstances Fund Balance b $10,696,630 $0 $0 $0 $0 $0 $0 $0 $260,467 $361,364 Total Sup. Endowment Ending Balance a+b $10,696,630 $0 $0 $0 $0 $0 $36,390 $183,710 $716,746 $919,480 Total Ending Balance $264,411,644 $66,739 $349,709 $3,962,766 $2,821,477 $3,158,691 $4,651,283 $2,010,684 $8,530,838 $10,564,505 [1] Includes transfers to Changed Circumstances subfund. 2024 Fee Update
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb 25

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NBHCP 2024 Fee Update
Cash Flow Summary
TOTAL
1996 - 2053

LAND ACQUISITION
Beginning Balance $0
Total Revenues $71,053,142
Total Expenditures ($56,964,652)
Transfers To/From Other Funds ($14,343,632)
Balance Adjustments $255,142
Reserved Amounts $0
Ending Balance $0

RESTORATION AND ENHANCEMENT
Beginning Balance $0
Total Revenues $24,966,227
Total Expenditures ($22,411,402)
Transfers To/From Other Funds ($2,356,743)
Balance Adjustments ($198,083)
Ending Balance $0

ADMINISTRATION/O&M
Beginning Balance $0
Total Revenues $259,800,606
Drawdown on Endowment Fund $6,715,949
Total Expenditures ($249,710,505)
Transfers To/From Other Funds ($16,834,235)
City of Sac. Loan for 200-Acre Reserve $0
Balance Adjustments $227,983
Reserved Amounts ($199,798)
Ending Balance $0

O&M ENDOWMENT
Beginning Balance $0
Total Revenues $232,274,853
Total Expenditures ($13,732,904)
Transfers From Other Funds $42,088,236
Drawdown on Endowment Fund ($6,715,949)
Balance Adjustments ($199,223)
Ending Balance $253,715,014

SUPPLEMENTAL ENDOWMENT
Beginning Balance $0
Total Revenues $20,395,559
Total Expenditures [1] ($20,395,559)
Ending Balance
a $0
Changed Circumstances Fund Balance b $10,696,630
Total Sup. Endowment Ending Balance a+b $10,696,630
Total Ending Balance $264,411,644
[1] Includes transfers to Changed Circumstances subfund. 2005 2006 2007 2008 2009 2010 2011 2012 2013
10 11 12 13 14 15 16 17 18
$418,988 $437,164 $2,943,551 $5,364,276 $5,957,571 $7,519,534 $7,695,627 $9,135,400 $2,513,603 $1,002,010 $3,418,052 $2,438,647 $615,127 $1,650,164 $176,093 $1,466,773 $1,403,680 $25,618 ($220,786) ($345,607) ($17,922) ($21,832) ($88,201) $0 ($27,000) ($25,477) $0 $100,414 ($1,429,520) $0 $0 $0 $0 $0 ($8,000,000) ($5,640) $0 $0 $0 $0 $0 $0 $0 $0 $0
($863,462) $863,462 $0 $0 $0 $0 $0 $0 $0
$437,164 $2,943,551 $5,364,276 $5,957,571 $7,519,534 $7,695,627 $9,135,400 $2,513,603 $2,533,581 ($20,841) $481,611 $683,244 $351,236 $338,827 $375,510 $385,187 $409,628 $1,615,601 $653,695 $202,113 $265,605 $37,225 $36,683 $9,677 $24,441 $205,973 $86,197 ($40,344) ($480) ($597,613) ($49,634) $0 $0 $0 $0 $0
($110,899) $0 $0 $0 $0 $0 $0 $1,000,000 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$481,611 $683,244 $351,236 $338,827 $375,510 $385,187 $409,628 $1,615,601 $1,701,798 $3,443,813 $5,681,309 $7,156,348 $8,778,358 $7,129,750 $5,486,669 $4,145,745 $1,800,177 $9,099,193 $4,117,856 $2,166,883 $4,993,445 $1,062,029 $1,086,047 $911,922 $554,345 $2,835,147 $1,161,017 $0 $0 $0 $0 $0 $0 $0 $0 $0
($1,890,845) ($2,121,364) ($3,371,435) ($2,710,637) ($2,729,128) ($2,252,846) ($2,744,263) ($2,536,131) ($2,797,999) $10,485 $1,429,520 $0 $0 $0 $0 ($155,650) $7,000,000 $5,640 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
($267,256) ($499,925) ($319,373) ($330,880) ($133,831) ($744,437) ($133,831) ($133,831) ($133,831) $5,414,053 $6,656,423 $8,458,985 $6,798,870 $5,352,838 $3,401,308 $1,666,346 $8,965,362 $7,334,020 $5,803,065 $8,148,581 $9,926,631 $10,959,532 $7,575,335 $9,591,852 $10,914,484 $10,778,015 $13,175,111 $2,438,050 $1,868,942 $1,086,696 ($3,331,431) $2,056,583 $1,380,702 ($82,631) $2,446,914 $2,406,446 ($92,534) ($90,892) ($53,795) ($52,766) ($40,066) ($58,070) ($44,338) ($49,818) ($56,921) $0 $0 $0 $0 $0 $0 ($9,500) $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$8,148,581 $9,926,631 $10,959,532 $7,575,335 $9,591,852 $10,914,484 $10,778,015 $13,175,111 $15,524,636 $558,116 $784,582 $980,519 $1,103,939 $780,438 $992,621 $1,120,982 $1,091,013 $1,288,823 $443,136 $313,624 $192,314 ($526,964) $361,293 $228,058 ($16,465) $319,254 $406,033 ($216,671) ($117,686) ($68,894) $203,463 ($149,110) ($99,697) ($13,505) ($121,443) ($160,348) $784,582 $980,519 $1,103,939 $780,438 $992,621 $1,120,982 $1,091,013 $1,288,823 $1,534,508 $563,053 $667,959 $732,563 $520,312 $662,597 $752,308 $758,196 $871,323 $1,022,332 $1,347,635 $1,648,478 $1,836,502 $1,300,750 $1,655,218 $1,873,290 $1,849,208 $2,160,146 $2,556,840 $15,829,044 $21,858,327 $26,970,531 $21,971,353 $24,494,952 $24,269,896 $23,838,597 $28,429,823 $29,650,875Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb 26

Page 3 of 7 ends

NBHCP 2024 Fee Update
Cash Flow Summary
TOTAL
1996 - 2053

SUPPLEMENTAL ENDOWMENT
Beginning Balance $0
Total Revenues $20,395,559
Total Expenditures [1] ($20,395,559)
Ending Balance
a $0
Changed Circumstances Fund Balance b $10,696,630
Total Sup. Endowment Ending Balance a+b $10,696,630
Total Ending Balance $264,411,644
[1] Includes transfers to Changed Circumstances subfund. 2014 2015 2016 2017 2018 2019 2020 2021 2022
19 20 21 22 23 24 25 26 27
$2,533,581 $2,532,890 $2,591,370 $3,499,126 $4,183,015 $4,292,500 $5,898,896 $240,920 $1,314,957 $14,662 $79,623 $932,591 $708,485 $157,313 $1,725,045 $5,717,721 $1,188,257 $1,233,026 ($15,353) ($21,143) ($24,835) ($24,596) ($47,828) ($118,649) ($12,775,697) ($114,220) ($3,110,920) $0 $0 $0 $0 $0 $0 $1,400,000 $0 $1,853,017
$0 $0 $0 $0 $0 $0 $0 $0 $51,763
$0 $0 $0 $0 $0 $0 $0 $0 $0
$2,532,890 $2,591,370 $3,499,126 $4,183,015 $4,292,500 $5,898,896 $240,920 $1,314,957 $1,341,843 $1,701,798 $1,720,825 $1,742,792 $1,857,244 $1,953,331 $2,044,989 $2,228,385 $2,573,183 $2,654,373 $19,027 $21,967 $114,452 $96,087 $91,658 $183,396 $344,798 $81,190 $996,390 $0 $0 $0 $0 $0 $0 $0 $0 ($23,984)
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 ($37,370)
$1,720,825 $1,742,792 $1,857,244 $1,953,331 $2,044,989 $2,228,385 $2,573,183 $2,654,373 $3,589,409 $7,467,851 $6,009,811 $5,900,712 $5,448,979 $4,318,388 $3,091,918 $3,139,383 $5,170,169 $5,068,295 $912,366 $2,316,002 $2,033,101 $1,416,925 $1,422,505 $2,477,708 $4,664,642 $2,824,228 $11,115,846 $0 $0 $0 $0 $0 $0 $0 $0 $0
($2,370,406) ($2,425,101) ($2,484,834) ($2,547,516) ($2,648,975) ($2,430,243) ($2,633,856) ($2,926,102) ($3,696,321) $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 ($46,327)
($133,831) ($133,831) ($133,831) ($135,745) ($136,932) ($136,932) ($138,870) ($199,798) ($199,798) $5,875,980 $5,766,881 $5,315,148 $4,182,643 $2,954,986 $3,002,451 $5,031,299 $4,868,497 $12,241,695 $15,524,636 $16,310,886 $16,437,061 $18,102,027 $21,184,586 $20,685,410 $25,372,822 $30,956,080 $34,712,053 $848,704 $190,184 $1,732,216 $3,159,288 ($417,924) $4,776,864 $5,681,362 $3,878,700 ($1,228,667) ($62,454) ($64,009) ($67,250) ($76,729) ($81,252) ($89,452) ($98,104) ($122,727) ($115,169) $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $30,594
$16,310,886 $16,437,061 $18,102,027 $21,184,586 $20,685,410 $25,372,822 $30,956,080 $34,712,053 $33,398,811 $1,534,508 $1,606,868 $1,613,377 $1,747,122 $2,032,404 $1,964,019 $2,361,762 $1,247,680 $1,385,104 $137,685 $28,738 $241,683 $480,165 ($90,170) $700,575 $499,023 $365,308 $422,571 ($65,325) ($22,229) ($107,938) ($194,883) $21,785 ($302,832) ($1,613,105) ($227,884) ($1,807,675) $1,606,868 $1,613,377 $1,747,122 $2,032,404 $1,964,019 $2,361,762 $1,247,680 $1,385,104 $0 $1,077,384 $1,089,084 $1,186,050 $1,368,570 $1,333,750 $1,622,374 $1,823,365 $2,039,078 $1,991,842 $2,684,252 $2,702,461 $2,933,172 $3,400,973 $3,297,768 $3,984,136 $3,071,044 $3,424,181 $1,991,842 $29,124,833 $29,240,565 $31,706,717 $34,904,548 $33,275,653 $40,486,690 $41,872,526 $46,974,061 $52,563,600 Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb 27

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NBHCP 2024 Fee Update
Cash Flow Summary
TOTAL
1996 - 2053

SUPPLEMENTAL ENDOWMENT
Beginning Balance $0
Total Revenues $20,395,559
Total Expenditures [1] ($20,395,559)
Ending Balance
a $0
Changed Circumstances Fund Balance b $10,696,630
Total Sup. Endowment Ending Balance a+b $10,696,630
Total Ending Balance $264,411,644
[1] Includes transfers to Changed Circumstances subfund. 2023 2024 2025 2026 2027 2028 2029 2030 2031
28 29 30 31 32 33 34 35 36
$1,341,843 $1,023,847 $0 $0 $0 $0 $0 $0 $0
$169,385 $285,625 $190,768 $845,397 $845,397 $845,397 $889,690 $889,690 $889,690 ($430,550) ($250,000) ($250,000) ($653,773) ($306,571) $0 ($649,595) ($688,027) ($688,027) ($56,831) ($1,059,472) $59,232 ($191,623) ($538,825) ($845,397) ($240,095) ($201,663) ($178,342) $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$1,023,847 $0 $0 $0 $0 $0 $0 $0 $23,321
$3,589,409 $3,524,827 $3,421,509 $3,661,067 $2,024,630 $2,109,817 $2,197,560 $1,771,675 $1,300,589 $380,418 $237,862 $239,557 $716,564 $667,471 $670,026 $704,447 $691,671 $677,538 ($445,000) ($341,180) $0 ($2,353,000) ($582,284) ($582,284) ($1,130,333) ($1,162,757) ($1,162,757) $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$3,524,827 $3,421,509 $3,661,067 $2,024,630 $2,109,817 $2,197,560 $1,771,675 $1,300,589 $815,370 $12,441,493 $11,814,314 $9,966,268 $7,939,677 $9,725,964 $11,445,063 $13,092,935 $14,876,430 $16,553,370 $3,730,650 $2,868,990 $2,496,825 $6,440,385 $6,467,889 $6,493,378 $6,815,750 $6,868,824 $6,918,700 $0 $0 $0 $0 $0 $0 $0 $0 $0
($4,357,830) ($4,717,036) ($4,523,416) ($4,654,098) ($4,748,789) ($4,845,507) ($5,032,255) ($5,191,884) ($5,352,312) $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
($199,798) ($199,798) ($199,798) ($199,798) ($199,798) ($199,798) ($199,798) ($199,798) ($199,798) $11,614,516 $9,766,470 $7,739,879 $9,526,166 $11,245,265 $12,893,137 $14,676,632 $16,353,572 $17,919,961 $33,398,811 $36,918,799 $40,309,723 $43,887,852 $48,190,209 $52,606,579 $57,139,982 $61,958,395 $66,904,496 $3,607,517 $3,495,962 $3,726,713 $4,463,465 $4,592,535 $4,725,026 $5,025,903 $5,170,455 $5,318,838 ($87,529) ($105,038) ($148,584) ($161,107) ($176,166) ($191,623) ($207,490) ($224,354) ($241,666) $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$36,918,799 $40,309,723 $43,887,852 $48,190,209 $52,606,579 $57,139,982 $61,958,395 $66,904,496 $71,981,668 $0 $96,509 $954,424 $931,730 $1,227,602 $1,877,848 $2,851,209 $3,248,999 $3,618,149 $225,906 $135,660 $149,193 $307,476 $322,077 $347,482 $393,309 $411,676 $429,377 ($129,397) $722,255 ($171,886) ($11,604) $328,169 $625,879 $4,482 ($42,527) ($74,539) $96,509 $954,424 $931,730 $1,227,602 $1,877,848 $2,851,209 $3,248,999 $3,618,149 $3,972,987 $2,172,864 $2,503,834 $2,604,385 $2,795,236 $2,991,813 $3,194,287 $3,408,741 $3,629,628 $3,857,142 $2,269,373 $3,458,258 $3,536,115 $4,022,838 $4,869,661 $6,045,495 $6,657,740 $7,247,777 $7,830,129 $55,351,362 $56,955,960 $58,824,913 $63,763,843 $70,831,322 $78,276,174 $85,064,441 $91,806,433 $98,570,449 Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb 28

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NBHCP 2024 Fee Update
Cash Flow Summary
TOTAL
1996 - 2053

SUPPLEMENTAL ENDOWMENT
Beginning Balance $0
Total Revenues $20,395,559
Total Expenditures [1] ($20,395,559)
Ending Balance
a $0
Changed Circumstances Fund Balance b $10,696,630
Total Sup. Endowment Ending Balance a+b $10,696,630
Total Ending Balance $264,411,644
[1] Includes transfers to Changed Circumstances subfund. 2032 2033 2034 2035 2036 2037 2038 2039 2040
37 38 39 40 41 42 43 44 45
$23,321 $225,683 $434,117 $648,804 $869,931 $1,097,692 $1,332,286 $1,573,917 $1,822,798 $890,390 $896,461 $902,714 $909,154 $915,788 $922,621 $929,659 $936,908 $944,374 ($688,027) ($688,027) ($688,027) ($688,027) ($688,027) ($688,027) ($688,027) ($688,027) ($688,027) $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$225,683 $434,117 $648,804 $869,931 $1,097,692 $1,332,286 $1,573,917 $1,822,798 $2,079,145 $815,370 $897,879 $982,863 $1,070,396 $1,160,555 $1,253,419 $1,349,069 $1,447,588 $1,549,063 $662,982 $665,457 $668,007 $670,633 $673,337 $676,123 $678,993 $681,948 $684,993 ($580,473) ($580,473) ($580,473) ($580,473) ($580,473) ($580,473) ($580,473) ($580,473) ($580,473) $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$897,879 $982,863 $1,070,396 $1,160,555 $1,253,419 $1,349,069 $1,447,588 $1,549,063 $1,653,583 $18,119,759 $19,623,258 $21,059,634 $22,414,166 $23,692,195 $24,888,860 $25,999,078 $27,017,533 $27,928,072 $6,991,345 $7,062,103 $7,130,847 $7,197,135 $7,261,129 $7,322,682 $7,381,641 $7,437,847 $7,490,816 $0 $0 $0 $0 $0 $0 $0 $0 $0
($5,487,845) ($5,625,727) ($5,776,315) ($5,919,106) ($6,064,464) ($6,212,464) ($6,363,186) ($6,527,308) ($6,683,722) $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
($199,798) ($199,798) ($199,798) ($199,798) ($199,798) ($199,798) ($199,798) ($199,798) ($199,798) $19,423,460 $20,859,836 $22,214,368 $23,492,397 $24,689,062 $25,799,280 $26,817,735 $27,728,274 $28,535,367 $71,981,668 $77,193,385 $82,543,213 $88,034,812 $93,671,937 $99,458,447 $105,398,299 $111,495,557 $117,754,393 $5,471,153 $5,627,505 $5,788,000 $5,952,748 $6,121,861 $6,295,457 $6,473,652 $6,656,570 $6,844,335 ($259,436) ($277,677) ($296,401) ($315,622) ($335,352) ($355,605) ($376,394) ($397,734) ($419,640) $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$77,193,385 $82,543,213 $88,034,812 $93,671,937 $99,458,447 $105,398,299 $111,495,557 $117,754,393 $124,179,087 $3,972,987 $4,158,090 $4,347,278 $4,540,634 $4,738,245 $4,940,195 $5,146,575 $5,357,472 $5,572,979 $446,848 $459,431 $472,348 $485,607 $499,217 $513,188 $527,530 $542,251 $557,362 ($261,745) ($270,243) ($278,991) ($287,997) ($297,267) ($306,809) ($316,632) ($326,744) ($337,153) $4,158,090 $4,347,278 $4,540,634 $4,738,245 $4,940,195 $5,146,575 $5,357,472 $5,572,979 $5,793,188 $4,091,482 $4,332,852 $4,581,463 $4,837,532 $5,101,283 $5,372,947 $5,652,761 $5,940,969 $6,237,823 $8,249,572 $8,680,129 $9,122,097 $9,575,776 $10,041,478 $10,519,521 $11,010,233 $11,513,948 $12,031,011 $105,989,980 $113,500,158 $121,090,476 $128,770,596 $136,540,098 $144,398,455 $152,345,030 $160,368,475 $168,478,194 Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb 29

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NBHCP 2024 Fee Update
Cash Flow Summary
TOTAL
1996 - 2053

SUPPLEMENTAL ENDOWMENT
Beginning Balance $0
Total Revenues $20,395,559
Total Expenditures [1] ($20,395,559)
Ending Balance
a $0
Changed Circumstances Fund Balance b $10,696,630
Total Sup. Endowment Ending Balance a+b $10,696,630
Total Ending Balance $264,411,644
[1] Includes transfers to Changed Circumstances subfund. 2041 2042 2043 2044 2045 2046 2047 2048 2049
46 47 48 49 50 51 52 53 54
$2,079,145 $2,343,182 $2,615,141 $2,895,258 $3,175,858 $3,443,969 $3,720,124 $4,004,564 $4,297,537 $952,064 $959,986 $968,144 $941,601 $857,787 $865,830 $874,115 $882,648 $891,437 ($688,027) ($688,027) ($688,027) ($661,002) ($589,675) ($589,675) ($589,675) ($589,675) ($589,675) $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$2,343,182 $2,615,141 $2,895,258 $3,175,858 $3,443,969 $3,720,124 $4,004,564 $4,297,537 $4,599,299 $1,653,583 $1,761,237 $1,872,122 $1,986,333 $2,101,690 $2,214,490 $2,330,675 $2,450,345 $2,573,605 $688,128 $691,358 $694,684 $673,030 $610,297 $613,681 $617,166 $620,756 $624,454 ($580,473) ($580,473) ($580,473) ($557,673) ($497,496) ($497,496) ($497,496) ($497,496) ($497,496) $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$1,761,237 $1,872,122 $1,986,333 $2,101,690 $2,214,490 $2,330,675 $2,450,345 $2,573,605 $2,700,562 $28,735,165 $29,436,748 $30,037,615 $30,532,040 $30,688,555 $30,154,567 $29,476,000 $28,645,473 $27,706,466 $7,540,682 $7,587,382 $7,631,061 $7,453,727 $6,908,191 $6,914,157 $6,915,786 $6,912,856 $6,906,671 $0 $0 $0 $0 $0 $0 $0 $0 $0
($6,839,099) ($6,986,515) ($7,136,635) ($7,297,212) ($7,442,179) ($7,592,724) ($7,746,313) ($7,851,863) ($7,912,182) $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
($199,798) ($199,798) ($199,798) ($199,798) ($199,798) ($199,798) ($199,798) ($199,798) ($199,798) $29,236,950 $29,837,817 $30,332,242 $30,488,757 $29,954,769 $29,276,202 $28,445,675 $27,506,668 $26,501,158 $124,179,087 $130,774,037 $137,543,752 $144,492,864 $151,496,047 $158,341,496 $165,368,350 $172,581,415 $179,985,627 $7,037,076 $7,234,924 $7,438,016 $7,516,407 $7,383,186 $7,588,549 $7,799,355 $8,015,747 $8,237,873 ($442,127) ($465,209) ($488,903) ($513,225) ($537,736) ($561,695) ($586,289) ($611,535) ($637,450) $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$130,774,037 $137,543,752 $144,492,864 $151,496,047 $158,341,496 $165,368,350 $172,581,415 $179,985,627 $187,586,050 $5,793,188 $6,018,194 $6,248,092 $6,482,980 $6,719,292 $6,951,039 $7,187,783 $7,429,621 $7,676,654 $572,874 $588,797 $605,142 $613,595 $608,596 $625,360 $642,568 $660,232 $678,363 ($347,869) ($358,899) ($370,254) ($377,283) ($376,849) ($388,616) ($400,729) ($413,199) ($426,035) $6,018,194 $6,248,092 $6,482,980 $6,719,292 $6,951,039 $7,187,783 $7,429,621 $7,676,654 $7,928,982 $6,543,583 $6,858,516 $7,182,897 $7,512,350 $7,839,388 $8,176,238 $8,523,193 $8,880,557 $9,248,642 $12,561,777 $13,106,608 $13,665,877 $14,231,642 $14,790,428 $15,364,021 $15,952,815 $16,557,211 $17,177,625 $176,677,183 $184,975,439 $193,372,575 $201,493,993 $208,745,152 $216,059,372 $223,434,814 $230,920,648 $238,564,693 Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb 30

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NBHCP 2024 Fee Update
Cash Flow Summary
TOTAL
1996 - 2053

Average Land Value $27,500 Assumes all acquisition occurs at the average in-basin land value.

Plus Transaction Costs and Contingency $1,500 Includes pre-acquisition field reconnaissance, surveys, Phase 1 environmental report, legal fees, and closing costs. Transaction costs assumed at 1/2 of total, contingency at 1/2 of total.

Average Land Acquisition Cost pe
r $29,000 Beginning in 2024
Acquired Acre
Source: The Natomas Basin Conservancy.
2024 Fee Update
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
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NBHCP 2024 Fee Update
Restoration and Enhancement Assumptions (2024$)
(Assumptions for 2025 and beyond)
Estimated Cost
Item Per Acquisition Note
Biological Site Assessment and Pre-Construction Survey
NBHCP Biological Site Assessment $15,000 $150 Per Acquired Acre assumes an
average of 100
acres per
acquisition.

Baseline Biological site assessments for:
-Tri-Colored Blackbird
-Valley Elderberry Longhorn Beetle
-Delta Tule Pea
-Sanford Arrowhead
Assessment for Species Introduction:
-Delta Tule Pea
-California Tiger Salamander
-Western Spadefoot Toad
-Pond Turtle
-Sanford Arrowhead
-Vernal Pool Plant Species,
-Other Covered Plant Species
NBHCP Pre-Construction Survey $12,000 $120 Per Acquired Acre assumes an
average of 100
acres per
acquisition.

Formal pre-construction site survey for restoration and enhancement, including:
-Assessment of Swainsons Hawk nest disturbance
-Assessment of Other Avian Species nest disturbanc e
-Assessment of Valley Elderberry Longhorn Beetle
Subtotal Biological Site Assess. & Pre-
Construction Survey
$27,000 $270 per habitat acre Note [1]
Restoration and Enhancement Conversion Costs [2] [3]
Expended at Time Land Is Acquired Use of Land
Initial Cost Weighted Cost [5]
Marsh 0% $0 $0 Note [2], [3]
Existing Rice 90% $0 $0 Note [3]
Dry Converted to Rice 0% $0 $0 Note [3]
Other Upland 10% $0 $0 Note [3]
Subtotal 100% $0
Expended at Time Land Is Converted
Rice/Other Converted to Marsh 25% $13,000 $3,250 Note [4], [5] Rice Converted to Upland/Other 15% $1,000 $150 Note [5] Subtotal Restoration and Enhancement Conversion Costs $3,400 Subtotal of All Restoration and Enhancement Costs per Acre $3,670 Restoration and Enhancement Contingency per Acre (10%) $367 Total Restoration and Enhancement Costs per Acre $4,037 Source: The Natomas Basin Conservancy.
2024 Fee Update
Estimated Cost per
Habitat Acre
1/2 acre of mitigation land per gross acre of developed land 17,500 developable acres; 95% assumed to develop
[2] Initial marsh land estimated at 0% bec ause TNBC estimates that little to no mars h land is available for acquisition. Rice land will be converted to marsh. 25% marsh, 50% rice, 25% other
[3] Initial costs of all types of habitat land have been set to zero as no initial restoration or enhancement costs are antici pated. [4] Based on estimates from Westervelt Ecological Services, as provided by TNBC staff. Updated in 2022 from $10,000 per acre t o $12,000 per acre. [5] The cost of restoration and enhancement is weighted by the percentage of acres assumed to be converted or used for that particular land use. [1] A formal biological site assessment and pre-constr uction survey are required by the Final HCP -- April 2003.

Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb 33 Table 7 2024 Fee Update
NBHCP 2024 Fee Update 17,500 developable acres; 95% assumed to develop Admin./Operations and Maintenance Assumptions (2024$) 1/2 acre of mitigation land per gross acre of developed land (Assumptions for 2025 and beyond) 25% marsh, 50% rice, 25% other Item Notes
Operations and Maintenance Costs
Marsh Operations and Maintenance
Land Maintenance $656.31 per marsh acre Cost per acre esitmated as land management contract amount of $551,353 (including a 10% contingency) divided by the 2023 estimated 840 marsh acres (including supplemental
mitigation).

All Habitat Operations and Maintenance
TNBC Costs $67.30 per acre See Table 8
Fixed Assets $18.59 per acre Based on TNBC's inventor
y of fixed assets (see Table 9)
Subtotal All Habitat Acres $85.89 per acre
Select Special Assessments
NCMWC $92.58 per acre See Table 10.

Bureau of Reclamation [1] Water service for Huffman West and Lauppe South Reclamation District #1000 $19.49 per acre See Table 11.

Subtotal $112.07 per acre
$93.18 per acre See Table 11.

Preparation of Site Specific Management Plan $160 per acquired acre Based on information from contracts regarding cost of SSMPs prepared to date. For cash flow modeling, applies to 2025 and beyond.

Update of Site Specific Management Plan $25,000 per year Based on expected costs. For cash flow modeling, applies to 2025 and beyond.

Mitigation Monitoring and Adaptive Management
One-Time/Fixed Costs $175,000 See Table 13 for detail; ongoing monitoring costs On-Going Monitoring $332,946 per year increase by 3% every 5 years until habitat buildout. Current contract is through 2024, so next increase is in 2025.

Administrative Costs $2,054,355 per year See Table 14.

Endowment Fund Management Fees
First $5 Million of Fund Balance 0.50% of $5 Million See Table A-7 and Table A-8. These annual Remaining Fund Balance 0.35% of Remaining
Fund Bal.
percentages apply to the Endowment and Supplemental
Endowment combined fund balances.

Operations and Maintenance Revenues
Crop Land Leases
Planted Rice Base Acreage $350 per acre Estimate of average revenue per rice acre for 2024+ Other Crops $75 per acre Estimate of average revenue per upland/other acre; revenue on 25% of other/upland acres
Miscellaneous Revenue $25,000 per year
Source: The Natomas Basin Conservancy.

Amount
Property Taxes for Existing Habitat
[1] Bur eau of Reclamation provides water service to the Huffman West and Lauppe South properties at a cost of $6,400 annually. As this cost allocated to all acres is negligible, it has been excluded from this analysis.

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Table 8
NBHCP 2024 Fee Update
Estimated TNBC Operations and Maintenance Annual Costs (2024$) (excludes costs covered by Land Management contract and TNBC costs included in other tables) Task Comments
Expenditure
T
ype
Cost/
Item Items
Total
Cost
Recurence
Interval
Total
Annual Cost
Water Management
berm maintenance Land Management Contract annual
water-control structure maintenance/repair Land Management Contract annual water-control structure replacement Land Management Contract annual pump maintenance
lift pump Land Management Contract annual
well pump Land Management Contract annual
water management operation
water cost
summer water TNBC (see Table 10 -- NCMWC) annual
winter water - farm TNBC (see Table 10 -- NCMWC) annual winter water - marsh TNBC (see Table 10 -- NCMWC) annual electricity/fuel for wells TNBC annual $5,250 20 $105,000 1 $105,000 channel and outlet siltation control TNBC accrued $1,100,000 8 $137,500 reclamation district fee TNBC (See Table 11 ) annual
Subtotal Water Management $242,500
Vegetation Management
marsh-plant management
labor Land Management Contract annual
marsh water level management labor Land Management Contract annual upland-plant management
mowing perimeter Land Management Contract annual
crop protection materials TNBC annual $20,000 1 $20,000 vegetation management advisor TNBC (see Table 14-Contract) annual Subtotal Vegetation Management $20,000
Pest Management
pest management (beaver/muskrat/mosquito) TNBC (see Table 14-Contract) muskrat traps Land Management Contract
beaver traps Land Management Contract
labor for beaver and muskrat control Land Management Contract cottonwood/willow protection Land Management Contract
Subtotal Pest Management $0
Agriculture Management (rice and alfalfa farming)
coordination with farmers and grazing tenants TNBC (See Table 14) annual field leveling and cleanup Paid by Farmer annual $0 200 acres $0 2 $0 Subtotal Agricultural Management $0
Hunting Management
manage hunting program TNBC (See Table 14 ) annual
coordinate with Sacramento Int. Airport TNBC (See Table 14) annual Subtotal Hunting Management $0
Public Access and Interpretation
provide guided tours TNBC (See Table 14) annual $0
prepare handbooks and misc. interpretive
material
TNBC (See Table 14) $0
Subtotal Public Access and Interpret. $0
Monitoring
general field-monitoring of veg. and wildlife TNBC (See Table 13) annual $0 site-specific multispecies wildlife survey TNBC (See Table 13 ) accrued $0 waterfowl activities TNBC (See Table 13) annual $0
prepare reports TNBC (See Table 13) annual $0
general agency coordination TNBC (See Table 13) annual $0 Subtotal Monitoring $0
2024 Fee Update
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
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Table 9
NBHCP 2024 Fee Update
Estimated TNBC Fixed Asset Annual Costs (2024$)
Total Annual
Year Recurrence Years Cost Cost Cost
Property Description Acquired Interval [1] Rem. Per Item Items Total Cost (2024$) (2024$) 3% annual inflation
All properties Risers 2007 20 4 $275 5 $1,375 $2,273 $114 All properties Tractor/Mower 2016 10 3 $13,381 $16,950 $1,695 ATK Fencing 2018 15 10 $9,500 $11,343 $756
ATK Fencing 2018 15 10 $4,000 $4,776 $318
ATK Post and cable fencing 2019 20 16 $9,500 $11,013 $551 BENN Well - 16" dia. 2006 20 3 $47,160 1 $47,160 $80,287 $4,014 BENN Weir & gasket pipe 2006 20 3 $2,354 1 $2,354 $4,007 $200 BENN Pump - 60 hp @ 100' 2007 20 4 $37,211 1 $37,211 $61,504 $3,075 BENN Water Control Structures and culverts 2007 50 34 $69,138 $114,275 $2,285 BENN Duck blinds & installation 2008 20 5 $12,010 $19,273 $964 BENN Irrigation supplies - drain line & riser box 2008 20 5 $1,849 $2,967 $148 BKS Fencing 2007 20 4 $11,155 $18,437 $922
BKS Water Control Structures, culverts, pipes and canal gates 2001 50 28 $167,355 $330,290 $6,606 BOLN Gates (incl Dbl Wide) 2005 20 2 1 $4,000 $7,014 $351 BOLN Security Gate 2009 20 6 1 $2,740 $4,269 $213
BOLS Propane Pump 2016 20 13 1 $17,768 $22,507 $1,125
BTS Well & Pump (residential) 2011 20 8 1 $11,500 $16,888 $844 BTS Gate (residential) 2008 20 5 $4,330 $6,948 $347
BTS Fencing 2009 20 6 $12,809 $19,956 $998
CMS Water Control Structures and gates 2004 50 31 $21,401 $38,653 $773 CMS Well & pump (20 hp) 2004 20 1 1 $80,000 $144,489 $7,224 ELSE Irrigation supplies - riser boxes 2008 20 5 $1,485 $2,383 $119 2024 Fee Update
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
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Table 9
NBHCP 2024 Fee Update
Estimated TNBC Fixed Asset Annual Costs (2024$)
Total Annual
Year Recurrence Years Cost Cost Cost
Property Description Acquired Interval [1] Rem. Per Item Items Total Cost (2024$) (2024$) 3% annual inflation
2024 Fee Update
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
FRZ Well & pump (50 hp) 2004 20 1 1 $80,000 $144,489 $7,224 FRZ Electrical upgrades 2008 20 5 $3,448 $5,533 $277
KSM Box car bridge 2009 20 6 1 $5,988 $9,328 $466
KSM Fencing 2009 20 6 $2,468 $3,844 $192
KSM Water lift pump, standpipe, pipeline assembly (Pond K) 2001 25 3 $57,753 1 $57,753 $113,981 $4,559 LB2 Water Control Structures and grates 2002 50 29 $59,955 $114,880 $2,298 LUCN Well & pump (75 hp) 2004 20 1 1 $95,000 $171,581 $8,579 LUCN RV electrical hook-up 2008 20 5 $1,240 $1,990 $99
LUCN/FRZ Water Control Structures and grates 2004 50 31 $50,460 $91,136 $1,823 NAF Well & pump (60 hp) 2001 20 10 1 $95,000 $187,491 $9,375 NAF Bollards around well 2005 50 32 8 $2,237 $3,923 $78 NAF BW Fencing 10-strand * 2005 20 2 4,500 ft $35,821 $62,812 $3,141 NEST Irrigation supplies - drain line, riser box 2008 20 5 $1,786 $2,866 $143 Rosa Fencing - 10-strand BW 2006 20 3 2350 ft. $16,450 $28,005 $1,400 Rosa Gates, signs, painting 2006 20 3 5 $8,155 $13,884 $694 SLLS Irrigation supplies - drain line & riser box 2008 20 5 $3,302 $5,298 $265 Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb 38

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Table 9
NBHCP 2024 Fee Update
Estimated TNBC Fixed Asset Annual Costs (2024$)
Total Annual
Year Recurrence Years Cost Cost Cost
Property Description Acquired Interval [1] Rem. Per Item Items Total Cost (2024$) (2024$) 3% annual inflation
2024 Fee Update
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
SLV Residential Pump 2017 20 13 1 $8,599 $10,575 $529
SLV Pump (South Line) 2018 20 15 1 $38,000 $45,374 $2,269 SLV Well & Pump (Northern barn - new well & pump) 2006 20 3 1 $78,563 $133,749 $6,687 SLV Ayala culvert crossing labor 2008 20 5 $13,032 $20,912 $1,046 SLV Ayala culvert crossing - Pipes & risers 2008 20 5 $7,748 $12,433 $622 SLV Pool Q and R culvert 2019 20 16 $8,175 $9,477 $474
SLV Box car bridge 2008 20 5 $9,065 $14,547 $727
SLV Gate (Dbl Wide) 2008 20 5 $5,227 $8,387 $419
SLV Electric Gate 2008 20 5 $8,069 $12,948 $647
SLV Box car bridge 2009 20 6 1 $14,988 $23,350 $1,168
SLV Hand rails for bridges 2009 20 6 $3,109 $4,843 $242 SLV Gates 2003 25 5 $450 6 $2,700 $5,023 $201
SLV Fencing 2009 20 6 $9,749 $15,189 $759
SOU/NAF Water Control Structures and grates 2002 50 29 $19,505 $37,374 $747 Various Additional Fixed Assets for Properties Acquired in 2020 2020 1 1 1 $5,000 $5,628 $5,628 TOTAL $1,292,609 $2,261,351 $96,424
Habitat Acres 5,186
Cost per Habitat Acre $18.59
Source: TNBC.
[1] For purpose of establishing a reserve fund, the recurrenc e interval begins the year after acquisition of the asset.

Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb 39 Table 10
NBHCP 2024 Fee Update
NCMWC Cost Estimate (2024$)
Item Formula Percent Rice Marsh Uplands Total
Percentage of Acres
a 50% 25% 25%
NCWMC Rate per Acre [1]
Administration Fee per Acre b $31.37 $31.37 $31.37
Standby Service Charge per Acre c $51.03 $51.03 $51.03
Annual Water Toll per Acre d $0.00 $76.86 [2]
Winter Water Rate e $0.00 $20.50 [2]
Total f = b + c + d + e $82.40 $179.76 $82.40
Weighted Average Cost per Acre g = f * a $41.20 $44.94 $20.60 $106.74 Protection Against Farmer Default
Direct Farmer Paid Costs - Non-TNBC Costs
Annual Water Toll per Acre [1] [2] h $66.62 - -
Winter Water Rate [1] [2] i $20.50 - -
Total j = h + i $87.11 - -
Assumed Farmer Default k = j * 5% 5% $4.36 - -
Weighted Average Default Cost per Acre l = k * a $2.18 - - $2.18 Total Weighted Average NCMWC Cost per Acre m = g + l $43.38 $44.94 $20.60 $108.92 Net Weighted Average Cost per Habitat Acre
Percentage of Acres in NCWMC n 85%
Net Weighted Average Cost per Acre o = m * n $36.87 $38.20 $17.51 $92.58 Total Estimated 2024 Cost
2024 Acres [3] p 5,041.1
Total Annual NCMWC Cost q = o * p $ 466,702
Source: NCMWC and TNBC
[1] Rates based on an estimated 3 percent increase from NCMWC 2023 rates. [2] Water toll and winter water rates vary by land usage. It is assumed that the farmer pays the full rate directly for both rice and uplands acreage. Winter water rates reflect NCMWC rice straw decomp rates. [3] Includes supplemental mitigation acres and taxes. Excludes easements (144.7 acres). 2024 Fee Update
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
17,500 developable acres; 95% assumed to develop
Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb 40 Table 11
NBHCP 2024 Fee Update
Actual and Estimated Property Taxes: Past, Current, and Budget Year Item
General
Property Tax
(1%)
Other
Taxes and
Assessments Subtotal RD-1000 [1] Total
(excl. RD-1000)
2022 TAXES - Actual
2021-22 Taxes $ 335,855 $ 90,835 $ 426,690 $ 68,625 $ 495,315 2022-23 Taxes $ 322,474 $ 85,465 $ 407,939 $ 72,161 $ 480,100 Total $ 658,329 $ 176,300 $ 834,629 $ 140,786 $ 975,415 Total Amount Paid in 2022 (half of total) $329,165 $88,150 $ 417,315 $ 70,393 $ 487,708 2023 TAXES - Actual
2022-23 Taxes $ 322,474 $ 85,465 $ 407,939 $ 72,161 $ 480,100 2023-24 Taxes $ 385,351 $ 90,695 $ 476,046 $ 101,071 $ 577,117 Total $ 707,825 $ 176,160 $ 883,985 $ 173,232 $ 1,057,217 Total Amount Paid in 2023 (half of total) $ 353,912 $ 88,080 $ 441,993 $ 86,616 $ 528,608 2024 TAXES - Estimated
2023-24 Taxes $ 385,351 $ 90,695 $ 476,046 $ 101,071 $ 577,117 Increase/Contingency (3% on all taxes except RD-1000) [2] $ 5,780 $ 1,360 $ 7,141 $ 0 $ 7,141 Total Estimated 2024 Taxes $ 391,131 $ 92,056 $ 483,187 $ 101,071 $ 584,258 Existing Habitat Acres (2023) 5,186 5,186 5,186
2024 Taxes per Acre $ 93.18 $ 19.49 $ 112.67
[1] Inc ludes RD1000 storm water assessment, added in 2023. [2] Increase on second 2024 payment only; first 2024 payment is determined. Assumes no increase on RD-1000 rate. 2024 Fee Update
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb 41 Table 12
NBHCP 2024 Fee Update
Estimated Property Taxes (2024-2053)
Existing Habitat
Year Acquired Acres [1]
Value
per Acre
Annual Taxes
(2024$) [2]
New Taxes
(2024$)
Annual Taxes
(2024$)
3% annual inc.
from 2025 on

1.3% of total value [3]
1999-2023 5,185.8
2024 0.0 $ 27,500 $ 483,187 $ 0 $ 0 $ 483,187
2025 0.0 $ 28,325 $ 483,187 $ 0 $ 0 $ 483,187
2026 0.0 $ 29,175 $ 483,187 $ 0 $ 0 $ 483,187
2027 0.0 $ 30,050 $ 483,187 $ 0 $ 0 $ 483,187
2028 0.0 $ 30,951 $ 483,187 $ 0 $ 0 $ 483,187
2029 149.3 $ 31,880 $ 483,187 $ 61,889 $ 61,889 $ 545,076 2030 158.2 $ 32,836 $ 483,187 $ 67,517 $ 129,407 $ 612,594 2031 158.2 $ 33,822 $ 483,187 $ 69,543 $ 198,950 $ 682,137 2032 158.2 $ 34,836 $ 483,187 $ 71,629 $ 270,579 $ 753,766 2033 158.2 $ 35,881 $ 483,187 $ 73,778 $ 344,357 $ 827,544 2034 158.2 $ 36,958 $ 483,187 $ 75,991 $ 420,348 $ 903,535 2035 158.2 $ 38,066 $ 483,187 $ 78,271 $ 498,619 $ 981,806 2036 158.2 $ 39,208 $ 483,187 $ 80,619 $ 579,239 $ 1,062,426 2037 158.2 $ 40,385 $ 483,187 $ 83,038 $ 662,277 $ 1,145,464 2038 158.2 $ 41,596 $ 483,187 $ 85,529 $ 747,806 $ 1,230,993 2039 158.2 $ 42,844 $ 483,187 $ 88,095 $ 835,900 $ 1,319,087 2040 158.2 $ 44,129 $ 483,187 $ 90,738 $ 926,638 $ 1,409,825 2041 158.2 $ 45,453 $ 483,187 $ 93,460 $ 1,020,098 $ 1,503,285 2042 158.2 $ 46,817 $ 483,187 $ 96,264 $ 1,116,362 $ 1,599,549 2043 158.2 $ 48,221 $ 483,187 $ 99,152 $ 1,215,513 $ 1,698,700 2044 152.0 $ 49,668 $ 483,187 $ 98,115 $ 1,313,628 $ 1,796,815 2045 135.6 $ 51,158 $ 483,187 $ 90,153 $ 1,403,781 $ 1,886,968 2046 135.6 $ 52,693 $ 483,187 $ 92,858 $ 1,496,639 $ 1,979,826 2047 135.6 $ 54,274 $ 483,187 $ 95,644 $ 1,592,283 $ 2,075,470 2048 135.6 $ 55,902 $ 483,187 $ 98,513 $ 1,690,796 $ 2,173,983 2049 135.6 $ 57,579 $ 483,187 $ 101,468 $ 1,792,264 $ 2,275,451 2050 135.6 $ 59,306 $ 483,187 $ 104,512 $ 1,896,776 $ 2,379,963 2051 71.1 $ 61,085 $ 483,187 $ 56,473 $ 1,953,249 $ 2,436,436 2052 0.0 $ 62,918 $ 483,187 $ 0 $ 1,953,249 $ 2,436,436 2053+ 0.0 $ 64,806 $ 483,187 $ 0 $ 1,953,249 $ 2,436,436 Total 8,585.9 $ 40,569,506
[1] Includes supplemental mitigation acres and tax es.
[3]
Includes 1% of v
alue for property taxes and 0.3% for other taxes and assessments on the property tax bill (excl. RD-1000). [2] S ee Table 11. Excludes RD-1000 assessment.

Future Habitat
2024 Fee Update
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
Total
Annual Taxes
(2024$)
Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Updat e\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb 42 Table 13
NBHCP 2024 Fee Update
Species and Habitat Monitoring Cost Assumptions (2024$) Task Amount
Biological Effectiveness Monitoring (ICF International 2018-2024 contract costs) Project Management $18,570
Vegetation Management $19,150
Other Covered Species Monitoring $37,500
Giant Garter Snake Monitoring $73,336
Swainson's Hawk Monitoring $15,080
Draft Annual Report $42,710
Final Annual Report $9,270
Direct Expenses $100,210
Total $315,826
Other Costs
Connectivity -- Assessment $2,400
Connectivity -- O&M $5,000
Adaptive Management -- Periodic Review of NBHCP Monitoring Data $3,600 Adaptive Management -- Report to Review Adaptive Management. $6,120 Total $17,120
Total Species and Habitat Monitoring Costs $332,946
Midpoint Program Review Support [1] $50,000
End of Plan Review [2] $125,000
Source: ICF International, TNBC
[2] While TNBC is not required to perform an independent midpoint review, TNBC will be required to perform an overall review of the program at the end of the Plan.
[1] Includes overall TNBC program review and support for Sutter County and Metro Air Park midpoint reviews. These midpoint reviews are required when development reaches 8,750 acres, which is projected in 2025. 2024 Fee Update
25% marsh, 50% rice, 25% other
1/2 acre of mitigation land per gross acre of developed land 17,500 developable acres; 95% assumed to develop
Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb 43 Table 14
NBHCP 2024 Fee Update
Estimated Administrative Costs
Item Percentage 2023 Estimated [1] 2024 Budgeted [1] 2025 - 2053 Administrative Expenses
Staff $661,800 $669,000 $714,000
Benefits and Charges $225,000 $261,000 $275,000
Board Expense $8,000 $8,000 $8,000
Subtotal $894,800 $938,000 $997,000
Office Expenses
Rent $80,000 $83, 000 $83,000
Telecomm
unications $85,000 $90,000 $90,000
Copying and Printing $30,000 $30,000 $30,000
Office Supplies $24,000 $25,000 $25,000
Postage $2,000 $2,500 $2,500
Equipment $50,000 $50,000 $50,000
Auto Expense $37,000 $64,000 $19,200
Subtotal $308,000 $344,500 $299,700
Miscellaneous Expenses
Insurance $83,000 $92,000 $92,000
Accounting $55,000 $60,000 $60,000
Legal $100,000 $100,000 $100,000
Fees and Taxes $53,094 $63,715 $63,715
Subtotal $291,094 $315,715 $315,715
Subtotal Administrative Costs (Excl. Contracts) $1,493,894 $1,598,215 $1,612,415 Contingency 5% - - $80,621
Contract Work
Contract Work, Public Education, and Publications [2] [3] $425,117 $364,475 $361,320 Total Administrative Costs $1,919,011 $1,962,690 $2,054,355 Source: TNBC FY 2024 proposed budget.
[1] For details pertaining to the annual cost values, refer to Table 20. [2] Excludes land management contract amount, which is included in the O&M costs in Table 7 and monitoring contract costs, which are included in Table 13. [3] 2025-2053 contract costs, including contingency, are detailed in Table 15. 2024 Fee Update
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
Annual Cost
Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb 44 2024 Fee Update
Table 15 17,500 developable acres; 95% assumed to develop NBHCP 2024 Fee Update 1/2 acre of mitigation land per gross acre of developed land Estimated Contract Costs for 2025-2053 25% marsh, 50% rice, 25% other Item [1] Amount
Clean Water Act compliance $15,000
Pest control $15,000
Security $50,000
Finance model update and misc analysis $21,000
Annual Tree Inventory $20,000
Tree Irrigation $22,320
Tree Maintenance $10,000
Surveying $25,000
FSA assistance $8,000
Uplands Weeds, Seeds $50,000
Miscellaneous contracts $125,000
Total Contract Costs $361,320
Source: TNBC FY 2024 proposed budget.
[1] Excludes monitoring contract.

Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb 45 Table 16
NBHCP 2024 Fee Update
Estimated Supplemental Endowment Cost (2024$)
(Assumptions for 2025 and beyond)
Item Amount
Total Cost per Acre $27,500
Acres 200
Total Estimated Acquisition Cost $5,500,000
Supplemental Endowment Fund Balance
Supplemental Endowment Fund Balance in 2023 $96,509
(excluding Changed Circum. portion)
Plus Amount Owed from Other Funds $3,196,186
Less Amount Owed to Changed Circumstance ($230,711)
Total Adjusted Balance $3,061,984
Total Remaining Cost $2,438,016
Remaining Development (acres) [1] 8,276
Total Cost per Developed Acre $295
Total Cost per Habitat Acre $589
Total Cost per Habitat Acre $750
TOTAL COST PER HABITAT ACRE $1,339
Source: The Natomas Basin Conservancy and EPS.
[1] Excludes the 875 acres (5% of 17,500 total developable acres) assumed to remain undeveloped. 200-Acre Reserve or Purchase of Final 200 Acres
Changed Circumstance Contingency
2024 Fee Update
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb 46 Table 17
NBHCP 2024 Fee Update
Development Projections
Year
City of
Sacramento
Metro
Air Park
Sutter
County Unused [3]
Total
Acres
Cumulative
Acres
1996 30.41 - - - 30.41 30.41
1997 104.90 - - - 104.90 135.30
1998 1,380.36 - - - 1,380.36 1,515.66
1999 1,466.45 - - - 1,466.45 2,982.11
2000 598.07 - - - 598.07 3,580.18
2001 242.60 - - - 242.60 3,822.78
2002 777.81 - - - 777.81 4,600.59
2003 [1] 925.12 116.75 - - 1,041.87 5,642.46
2004 347.74 - - - 347.74 5,990.20
2005 678.39 - - - 678.39 6,668.59
2006 132.19 - - - 132.19 6,800.78
2007 103.15 - - - 103.15 6,903.93
2008 19.11 - - - 19.11 6,923.04
2009 21.08 - - - 21.08 6,944.12
2010 0.32 - - - 0.32 6,944.44
2011 [2] - - 50.00 - 50.00 6,994.44
2012 21.88 - 58.24 - 80.12 7,074.56
2013 - - 0.05 - 0.05 7,074.61
2014 - - - - - 7,074.61
2015 5.65 - - - 5.65 7,080.26
2016 0.25 65.26 - - 65.51 7,145.77
2017 - - - - - 7,145.77
2018 3.24 31.55 - - 34.79 7,180.56
2019 0.48 99.90 - - 100.38 7,280.94
2020 5.79 212.33 - - 218.12 7,499.06
2021 3.63 77.76 - - 81.39 7,580.45
2022 3.62 234.04 409.85 - 647.51 8,227.96
2023 118.51 2.47 - - 120.98 8,348.94
Subtotal 6,990.74 840.07 518.14 - 8,348.94
2024 73.00 25.00 - (9.37) 88.63 8,437.57
2025 50.00 25.00 - (7.17) 67.83 8,505.40
2026 50.00 25.00 257.37 (31.78) 300.59 8,805.99
2027 50.00 25.00 257.37 (31.78) 300.59 9,106.57
2028 50.00 25.00 257.37 (31.78) 300.59 9,407.16
2029 50.00 42.41 257.37 (33.44) 316.33 9,723.49
2030 50.00 42.41 257.37 (33.44) 316.33 10,039.83
2031 50.00 42.41 257.37 (33.44) 316.33 10,356.16
2032 50.00 42.41 257.37 (33.44) 316.33 10,672.49
2033 50.00 42.41 257.37 (33.44) 316.33 10,988.83
2034 50.00 42.41 257.37 (33.44) 316.33 11,305.16
2035 50.00 42.41 257.37 (33.44) 316.33 11,621.50
2036 50.00 42.41 257.37 (33.44) 316.33 11,937.83
2037 50.00 42.41 257.37 (33.44) 316.33 12,254.16
2038 50.00 42.41 257.37 (33.44) 316.33 12,570.50
2039 50.00 42.41 257.37 (33.44) 316.33 12,886.83
2040 50.00 42.41 257.37 (33.44) 316.33 13,203.17
2041 50.00 42.41 257.37 (33.44) 316.33 13,519.50
2042 50.00 42.41 257.37 (33.44) 316.33 13,835.84
2043 50.00 42.41 257.37 (33.44) 316.33 14,152.17
2044 36.26 42.41 257.37 (32.13) 303.91 14,456.08
2045 - 42.41 257.37 (28.66) 271.12 14,727.19
2046 -

42.41 257.37 (28.66) 271.12 14,998.31
2047 - 42.41 257.37 (28.66) 271.12 15,269.42
2048 - 42.41 257.37 (28.66) 271.12 15,540.54
2049 - 42.41 257.37 (28.66) 271.12 15,811.65
2050 - 42.41 257.37 (28.66) 271.12 16,082.77
2051 - 42.41 257.37 (28.66) 271.12 16,353.88
2052 - 42.41 257.37 (28.66) 271.12 16,625.00
Unused [3] - - - 875.00 875.00 17,500.00
Subtotal 1,059.26 1,142.93 6,948.86 - 9,151.06
TOTAL 8,050.00 1,983.00 7,467.00 - 17,500.00

TRUE TRUE TRUE TRUE TRUE
[1] Excludes 200 acres of development required to pay supplemental habitat fees. [2] Acres of development are for SYSCO project, which pre-paid fees in 2005. [3] Includes an allocation of acres deemed unlikely to be developed assumed at 5% of total acres. 2024 Fee Update
Projected Acres
Actual Acres
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb 47 Table 18
NBHCP 2024 Fee Update
Habitat Acquisition Schedule
Year Annual Cumulative
Total Annual
Acres
Habitat
Adjustments
Net Annual
Subtotal Cumulative
1996 30.41 30.41 0.00 0.00 0.00 0.00 15.20 (15.20)
1997 104.90 135.30 0.00 0.00 0.00 0.00 67.65 (67.65)
1998 1,380.36 1,515.66 0.00 0.00 0.00 0.00 757.83 (757.83) 1999 1,466.45 2,982.11 1,317.69 0.00 1,317.69 1,317.69 1,491.06 (173.37) 2000 598.07 3,580.18 92.60 0.00 92.60 1,410.29 1,790.09 (379.80) 2001 242.60 3,822.78 141.24 0.00 141.24 1,551.53 1,911.39 (359.86) 2002 777.81 4,600.59 692.65 (0.10) 692.55 2,244.08 2,300.30 (56.22) 2003 1,041.87 5,642.46 619.55 (205.76) 413.79 2,657.87 2,821.23 (163.36) 2004 347.74 5,990.20 147.95 0.00 147.95 2,805.82 2,995.10 (189.28) 2005 678.39 6,668.59 395.88 (0.87) 395.00 3,200.82 3,334.29 (133.47) 2006 132.19 6,800.78 770.40 (10.43) 759.97 3,960.79 3,400.39 560.40 2007 103.15 6,903.93 (4.68) 0.00 (4.68) 3,956.11 3,451.97 504.15 2008 19.11 6,923.04 0.00 0.00 0.00 3,956.11 3,461.52 494.59 2009 21.08 6,944.12 (30.01) 0.00 (30.01) 3,926.11 3,472.06 454.05 2010 0.32 6,944.44 0.00 0.00 0.00 3,926.11 3,472.22 453.89 2011 50.00 6,994.44 (41.27) (21.00) (62.27) 3,863.83 3,497.22 366.61 2012 80.12 7,074.56 29.12 0.00 29.12 3,892.95 3,537.28 355.67 2013 0.05 7,074.61 0.00 0.00 0.00 3,892.95 3,537.30 355.65 2014 0.00 7,074.61 0.00 0.00 0.00 3,892.95 3,537.30 355.65 2015 5.65 7,080.26 0.06 0.00 0.06 3,893.01 3,540.13 352.88 2016 65.51 7,145.77 0.00 (5.17) (5.17) 3,887.84 3,572.88 314.96 2017 0.00 7,145.77 0.00 (28.00) (28.00) 3,859.84 3,572.88 286.96 2018 34.79 7,180.56 16.55 (2.04) 14.51 3,874.35 3,590.28 284.07 2019 100.38 7,280.94 0.00 0.00 0.00 3,874.35 3,640.47 233.88 2020 218.12 7,499.06 513.29 0.00 513.29 4,387.64 3,749.53 638.11 2021 81.39 7,580.45 287.60 0.00 287.60 4,675.24 3,790.22 885.02 2022 647.51 8,227.96 234.12 0.00 234.12 4,909.36 4,113.98 795.38 2023 120.98 8,348.94 3.05 0.00 3.05 4,912.41 4,174.47 737.94 Subtotal 8,348.94 165,192.52 5,185.79 (273.37) 4,912.41 4,912.41 4,174.47 737.94 2024 88.63 8,437.57 0.00 0.00 0.00 4,912.41 4,218.79 693.63 2025 67.83 8,505.40 0.00 0.00 0.00 4,912.41 4,252.70 659.71 2026 300.59 8,805.99 0.00 0.00 0.00 4,912.41 4,402.99 509.42 2027 300.59 9,106.57 0.00 0.00 0.00 4,912.41 4,553.29 359.13 2028 300.59 9,407.16 0.00 0.00 0.00 4,912.41 4,703.58 208.83 2029 316.33 9,723.49 149.33 0.00 149.33 5,061.75 4,861.75 200.00 2030 316.33 10,039.83 158.17 0.00 158.17 5,219.91 5,019.91 200.00 2031 316.33 10,356.16 158.17 0.00 158.17 5,378.08 5,178.08 200.00 2032 316.33 10,672.49 158.17 0.00 158.17 5,536.25 5,336.25 200.00 2033 316.33 10,988.83 158.17 0.00 158.17 5,694.41 5,494.41 200.00 2034 316.33 11,305.16 158.17 0.00 158.17 5,852.58 5,652.58 200.00 2035 316.33 11,621.50 158.17 0.00 158.17 6,010.75 5,810.75 200.00 2036 316.33 11,937.83 158.17 0.00 158.17 6,168.92 5,968.92 200.00 2037 316.33 12,254.16 158.17 0.00 158.17 6,327.08 6,127.08 200.00 2038 316.33 12,570.50 158.17 0.00 158.17 6,485.25 6,285.25 200.00 2039 316.33 12,886.83 158.17 0.00 158.17 6,643.42 6,443.42 200.00 2040 316.33 13,203.17 158.17 0.00 158.17 6,801.58 6,601.58 200.00 2041 316.33 13,519.50 158.17 0.00 158.17 6,959.75 6,759.75 200.00 2042 316.33 13,835.84 158.17 0.00 158.17 7,117.92 6,917.92 200.00 2043 316.33 14,152.17 158.17 0.00 158.17 7,276.09 7,076.09 200.00 2044 303.91 14,456.08 151.95 0.00 151.95 7,428.04 7,228.04 200.00 2045 271.12 14,727.19 135.56 0.00 135.56 7,563.60 7,363.60 200.00 2046 271.12 14,998.31 135.56 0.00 135.56 7,699.15 7,499.15 200.00 2047 271.12 15,269.42 135.56 0.00 135.56 7,834.71 7,634.71 200.00 2048 271.12 15,540.54 135.56 0.00 135.56 7,970.27 7,770.27 200.00 2049 271.12 15,811.65 135.56 0.00 135.56 8,105.83 7,905.83 200.00 2050 271.12 16,082.77 135.56 0.00 135.56 8,241.38 8,041.38 200.00 2051 271.12 16,353.88 71.12 0.00 71.12 8,312.50 8,176.94 135.56 2052 271.12 16,625.00 0.00 0.00 0.00 8,312.50 8,312.50 0.00 Unused 875.00 17,500.00 0.00 0.00 0.00 8,312.50 8,750.00 (437.50) Subtotal 9,151.06 17,500.00 3,400.09 0.00 3,400.09 8,312.50 8,750.00 (437.50) Total 17,500.00 17,500.00 8,585.87 (273.37) 8,312.50 8,312.50 8,750.00 (437.50) [1] Annual and cum ulative totals exclude supplemental mitigation. The adjustments are for acres that are required for supplemental mitigation. [2] Includes an adjustm ent to account for 42.83 acres of habitat land that is reserved or unused for specific future development. This includes

10.72 acres for Opus West, and 32.11 acres for Brookfield. 2024 Fee Update
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
Surplus/
(Shortage) [2]
Projected Acres
Actual Acres
Developed Acres
Habitat Acres Acquired
Required
Habitat
Annual Habitat Acres Acquired [1]
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NBHCP 2024 Fee Update
Habitat Status
Total
Year 2023
Habitat Properties Acquired Acres Rice [6] Marsh Other Total Rice [6] Marsh Other Total Rice [6] Marsh Other Total NBHCP Mitigation
Betts/Kismat/Silva 1999 335.3 0.0 174.4 164.2 338.7 0.0 174.4 160.8 335.3 0.0 174.4 160.8 335.3 Lucich North [1] 1999 268.0 0.0 264.1 3.9 268.0 0.0 264.1 3.9 268.0 0.0 264.1 3.9 268.0 Lucich South [1] 1999 351.9 310.6 20.8 20.4 351.9 310.6 20.8 20.4 351.9 310.6 20.8 20.4 351.9 Bennett North 1999 226.7 116.8 92.8 17.0 226.7 116.8 92.8 17.0 226.7 41.8 92.8 17.0 226.7 Bennett South 1999 132.5 79.7 31.8 21.0 132.5 79.7 31.8 21.0 132.5 79.7 31.8 21.0 132.5 Fr
azer North 2000 92.6 0.0 90.9 1.7 92.6 0.0 90.9 1.7 92.6 0.0 90.9 1.7 92.6 Souza [2] 2001 40.0 0.0 1.6 38.4 40.0 0.0 1.6 38.4 40.0 0.0 1.6 38.4 40.0 Natomas Farms [2] 2001 55.3 0.0 47.2 8.1 55.3 0.0 47.2 8.1 55.3 0.0 47.2 8.1 55.3 Sills 2002 436.4 376.3 7.6 52.5 436.4 376.3 7.6 52.5 436.4 376.3 7.6 52.5 436.4 Cummings [2] 2002 56.4 0.0 42.3 24.5 66.8 0.0 42.3 14.1 56.4 0.0 42.3 14.1 56.4 Alleghany [2] 2002 30.4 0.0 0.0 50.3 50.3 0.0 0.0 30.4 30.4 0.0 0.0 30.4 30.4 Atkinson 2003 181.6 139.6 0.0 59.6 199.2 139.6 0.0 42.0 181.6 139.6 0.0 42.0 181.6 Ruby Ranch [3] 2003 91.1 85.9 0.0 5.2 91.1 85.9 0.0 5.2 91.1 85.9 0.0 5.2 91.1 Huffman East 2003 116.7 109.4 3.8 3.6 116.7 109.4 3.8 3.6 116.7 109.4 3.8 3.6 116.7 Tufts 2004 148.0 138.6 2.7 6.7 148.0 138.6 2.7 6.7 148.0 138.6 2.7 6.7 148.0 Bolen North 2005 113.6 101.5 4.6 7.5 113.6 101.5 4.6 7.5 113.6 101.5 4.6 7.5 113.6 Bolen South 2005 102.4 0.0 4.6 97.8 102.4 0.0 4.6 97.8 102.4 0.0 4.6 97.8 102.4 Rosa East [3] 2005 106.3 0.0 0.4 105.9 106.3 0.0 0.4 105.9 106.3 0.0 0.4 105.9 106.3 Rosa Central [3] 2005 100.0 0.0 1.1 99.0 100.0 0.0 1.1 99.0 100.0 0.0 1.1 99.0 100.0 Vestal South 2005 95.0 86.4 0.0 8.6 95.0 86.4 0.0 8.6 95.0 86.4 0.0 8.6 95.0 Nestor 2006 233.2 215.5 3.5 14.2 233.2 215.5 3.5 14.2 233.2 109.5 3.5 14.2 233.2 Bolen West 2006 131.8 121.2 3.3 7.3 131.8 121.2 3.3 7.3 131.8 121.2 3.3 7.3 131.8 Frazer South 2006 110.4 110.4 0.0 0.0 110.4 110.4 0.0 0.0 110.4 110.4 0.0 0.0 110.4 Bianchi West 2006 110.2 110.2 0.0 0.0 110.2 110.2 0.0 0.0 110.2 110.2 0.0 0.0 110.2 Elsie 2006 158.0 147.4 2.3 8.3 158.0 147.4 2.3 8.3 158.0 147.4 2.3 8.3 158.0 Silva South 2012 29.1 22.5 0.0 6.6 29.1 22.5 0.0 6.6 29.1 22.5 0.0 6.6 29.1 Richter 2020 80.8 80.8 0.0 0.0 80.8 80.8 0.0 0.0 80.8 80.8 0.0 0.0 80.8 Lauppe South 2020 171.8 79.4 0.0 92.4 171.8 79.4 0.0 92.4 171.8 79.4 0.0 92.4 171.8 Willey 2020 108.2 108.2 0.0 0.0 108.2 108.2 0.0 0.0 108.2 108.2 0.0 0.0 108.2 Paulsen South 2020 52.5 52.5 0.0 0.0 52.5 52.5 0.0 0.0 52.5 52.5 0.0 0.0 52.5 Elverta 2021 287.7 287.7 0.0 0.0 287.7 287.7 0 0.0 287.7 287.7 0.0 0.0 287.7 Lauppe North 2022 185.4 86.2 0.0 99.2 185.4 86.2 0.0 99.2 185.4 86.2 0.0 99.2 185.4 Paulsen Central 2022 48.7 48.7 0.0 0.0 48.7 48.7 0.0 0.0 48.7 48.7 0.0 0.0 48.7 Anne Rudin Preserve 2023 53.3 0.0 0.0 0.0 0.0 0.0 40.4 13.0 53.3 0.0 40.4 13.0 53.3 Easements
Sills South-West Border 2005 12.6 0.0 0.0 12.6 12.6 0.0 0.0 12.6 12.6 0.0 0.0 12.6 12.6 Sills South-East Border 2005 5.2 0.0 0.0 5.2 5.2 0.0 0.0 5.2 5.2 0.0 0.0 5.2 5.2 Bianchi West 2006 3.5 0.0 0.0 3.5 3.5 0.0 0.0 3.5 3.5 0.0 0.0 3.5 3.5 Lauppe 2015 0.1 0.0 0.0 0.1 0.1 0.0 0.0 0.1 0.1 0.0 0.0 0.1 0.1 Easements 2023 1.1 0.0 0.0 0.0 0.0 0.0 0.0 1.1 1.1 0.0 0.0 1.1 1.1 Verona 2018/20 116.6 116.6 0.0 0.0 116.6 116.6 0.0 0.0 116.6 116.6 0.0 0.0 116.6 Subtotal 4,980.0 3,132.0 799.7 1,045.3 4,977.0 3,132.0 840.1 1,008.0 4,980.0 2,951.0 840.1 1,008.0 4,980.0 Less Supplemental Acres [5] (67.6) (67.6) 0.0 0.0 (67.6) (67.6) 0.0 0.0 (67.6) (67.6) 0.0 0.0 (67.6) Total NBHCP Mitigation 4,912.4 3,064.3 799.7 1,045.3 4,909.4 3,064.3 840.1 1,008.0 4,912.4 2,883.3 840.1 1,008.0 4,912.4 Supplemental Mitigation
Metro Air Park Mitigation
Huffman East 2003 19.0 0.0 0.0 19.0 19.0 0.0 0.0 19.0 19.0 0.0 0.0 19.0 19.0 Huffman West 2003 157.8 0.0 0.0 157.8 157.8 0.0 0.1 157.7 157.8 0.0 0.1 157.7 157.8 Bolen West 2006 23.2 23.2 0.0 0.0 23.2 23.2 0.0 0.0 23.2 23.2 0.0 0.0 23.2 Other Supplemental Mitigation [5] 67.6 67.6 0.0 0.0 67.6 67.6 0.0 0.0 67.6 67.6 0.0 0.0 67.6 Easements
RD1000 @ LUCS 2003 4.6 0.0 0.0 4.6 4.6 0.0 0.0 4.6 4.6 0.0 0.0 4.6 4.6 RD1000 @ BENN 2003 1.1 0.0 0.0 1.1 1.1 0.0 0.0 1.1 1.1 0.0 0.0 1.1 1.1 Subtotal 273.4 90.9 0.0 182.5 273.4 90.9 0.1 182.4 273.4 90.9 0.1 182.4 273.4 TOTAL MITIGATION 5,185.8 3,155.2 799.7 1,227.8 5,182.7 3,155.2 840.2 1,190.4 5,185.8 2,974.2 840.2 1,190.4 5,185.8 [1] Hunting lease assigned to seller of property for extended term as a condition of property sale. [2] Hunting precluded by Sacramento County "No Shoot Zone" ordinance. [3] Not hunted for safety reasons.
[4] Verona property was acquired as an easement in 2018. In 2020, the property converted to standard NBHCP mitigation acres. T otal acres are included in the easement total. [5] Supplemental acres in addition to Metro Air Park mitigation and easements, which are not included in the Regular Mitigation section. [6] Fallowed rice is included in the rice column.
2024 (end of year)2022 (end of year) 2023 (end of year) 2024 Fee Update
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
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Table 20
NBHCP 2024 Fee Update
TNBC 2024 Budget Proposal
2023 Est.

Amount
2024
Budget Amt Line item
Notes on 2024
Budget Amount
Table in NBHCP Fee
Update Model for 2025+
Source of 2023
Estimated Amount
I. Revenue
$3,533,376 $2,439,624 Mitigation fees-
Sacramento
Assumes 73 acres of development in the City for
which NBHCP fees will be paid. The budgeted fee
amount is calculated based on the proposed 2024
fee per acre. Includes a reduction of 2% to
account for the administration share retained by
the City.

Table 2: proposed fee per
acre by fee component.

Table 17: annual
development projections.

Estimated 2023 year-
end budget provided by
TNBC
- - Mitigation fees-
Sutter County
Assumes 0 acres of development in Sutter County
for which NBHCP fees will be paid. The budgeted
fee amount is calculated based on the proposed
2024 fee per acre.

Table 2: proposed fee per
acre by fee component.

Table 17: annual
develo
pment projections.

Estimated 2023 year-
end budget provided by
TNBC
$749,799 $835,488 Mitigation fees-Metro
Air Park
Assumes 25 acres of development for Metro Air
Park. The budgeted fee amount is calculated
based on the proposed 2024 fee per acre.

Table 2: proposed fee per
acre by fee component.

Table 17: annual
development projections.

Estimated 2023 year-
end budget provided by
TNBC
$0 $50,000 Mitigation Fees -
Other
Additional one-time projects surface from time-to-
time and this is a budgeted project placeholder.

One such project could exceed this amount or no
such funds could be received.

Table A-7: included in
estimated annual fee
revenue.

Estimated 2023 year-
end budget provided by
TNBC
$23,671 $10,000 Investment income-
land acquisition fund
Interest is accrued on investment account
balances. Interest fluctuates periodically, and the
total investment income will vary depending on the
date available funds are used for various
expenditures as well as interest rate changes. For
2024, assumes 1.00% of prior year estimated
fund ending balance.

Table A-4: estimated annual
interest earnings
September 2023
Statement of Activities
$366,232 $130,000 Investment income-
admin/o&m fund
Interest is accrued on investment account
balances. Interest fluctuates periodically, and the
total investment income will vary depending on the
date available funds are used for various
expenditures as well as interest rate changes. For
2024, assumes 1.00% of prior year estimated
fund ending balance.

Table A-7: estimated annual
interest earnings
September 2023
Statement of Activities
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
2024 Fee Update
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Table 20
NBHCP 2024 Fee Update
TNBC 2024 Budget Proposal
2023 Est.

Amount
2024
Budget Amt Line item
Notes on 2024
Budget Amount
Table in NBHCP Fee
Update Model for 2025+
Source of 2023
Estimated Amount
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
2024 Fee Update
$118,490 $40,000 Investment income-
restoration and
enhancement fund
Interest is accrued on investment account
balances. Interest fluctuates periodically, and the
total investment income will vary depending on the
date available funds are used for various
expenditures as well as interest rate changes. For
2024, assumes 1.00% of prior year estimated
fund ending balance.

Table A-6: estimated annual
interest earnings
September 2023
Statement of Activities
$2,235,671 $2,470,000 Investment income-
endowment fund
Interest is accrued on investment account
balances. Interest fluctuates periodically, and the
total investment income will vary depending on the
date available funds are used for various
expenditures as well as interest rate changes. For
2024, assumes 3% of prior year estimated fund
ending balance.

Table A-8: estimated annual
interest earnings
Estimated based on
annual investment
earning returns for 2011
through October 2023
$135,655 $70,000 Investment income-
supplemental
endowment fund
Interest is accrued on investment account
balances. Interest fluctuates periodically, and the
total investment income will vary depending on the
date available funds are used for various
expenditures as well as interest rate changes. For
2024, assumes 3% of prior year estimated fund
ending balance.

Table A-9: estimated annual
interest earnings
September 2023
Statement of Activities;
multiplied by 12/9 to
include est. for Oct. -
Dec.
$900,982 $928,988 Farm rent Projected cash rent for farms currently under contract. Includes hunting revenue.

In future years, rice rent is based on the model
assumptions of $350 per acre on 90% of rice
acres, and rent for other crops is based on $75
per acre on 25% of upland acres.

Table 7: assumptions for
years after 2024.

Table A-7: estimated annual
rice and upland acres.

TNBC estimate based
on actual and projected
revenue through 2023.
$50,000 $50,000 Miscellaneous
income
Donations and various reimbursements. Table A-7: estimated annual income of $15,000.

TNBC estimate based
on actual and projected
revenue through 2023.
$8,113,876 $7,024,099 Total Revenue
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Table 20
NBHCP 2024 Fee Update
TNBC 2024 Budget Proposal
2023 Est.

Amount
2024
Budget Amt Line item
Notes on 2024
Budget Amount
Table in NBHCP Fee
Update Model for 2025+
Source of 2023
Estimated Amount
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
2024 Fee Update
II. Expenditures
Administ
ration
Administrative
$661,800 $669,000 Staff This includes eight full time staff members and one part time staff member, including potential
salary adjustments of 3%.

Table 14 TNBC estimate based
on actual and projected
cost through 2023.
$225,000 $261,000 Benefits and charges Includes statutory wage payments, employment taxes (Social Security, Medicare, California
Unemployment Insurance and Employment
Training Tax) and benefits. Includes group health
insurance plan that is ACA-compliant at the Silver
level (employer-sponsored high deductible health
insurance plan with a health savings account
including spouse and dependent coverage of
50%; annual out-of-pocket maximum with
participating providers is approximately $7,500 per
individual). This also includes a health
reimbursement account for the employee for
reimbursement of Medicare & Medicare
Supplement Insurance. Dental and Vision are
reimbursed at 80% of cost up to $500 per year.

The retirement plan, Simplified Employee Pension
-
Individual Retirement Account, involves no on-
going liability to the Conservancy after employee
separation and can be discontinued in any year by
action of the Board. Eligibility for participation in
the plan at 13% of gross salary begins
immediately upon employment.

Table 14 TNBC estimate based
on actual and projected
cost through 2023.
$8,000 $8,000 Board expense Includes a $100/meeting fee (covers meeting and Board service expenses). Anticipates 10 Board
members for entire year plus committee meetings.

Includes small amount for miscellaneous Board-
associated expenses.

Table 14 TNBC estimate based
on actual and projected
cost through 2023.

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Table 20
NBHCP 2024 Fee Update
TNBC 2024 Budget Proposal
2023 Est.

Amount
2024
Budget Amt Line item
Notes on 2024
Budget Amount
Table in NBHCP Fee
Update Model for 2025+
Source of 2023
Estimated Amount
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
2024 Fee Update
Office expense
$80,000 $83,000 Office Rent Includes basic office space at 2150 River Plaza Drive, Suite 460 (approx. $6,600 per month
including expense recoveries for 2,806 square
feet).

Table 14 Estimated 2023 year-
end budget provided by
TNBC
$85,000 $90,000 Telecommunications For basic telecommunications service, including telephone, internet connection, email, updates to
website for ADA compliance and webhosting.

Table 14 Estimated 2023 year-
end budget provided by
TNBC
$30,000 $30,000 Copying & printing For oversize photocopying, surveys, aerial photos, associated printing, electronic media, archives
and copies.

Table 14 Estimated 2023 year-
end budget provided by
TNBC
$24,000 $25,000 Office supplies Essential and common office supplies, including publications, subscriptions and membership dues.

Table 14 Estimated 2023 year-
end budget provided by
TNBC
$2,000 $2,500 Postage General postage. Table 14 Estimated 2023 year- end budget provided by
TNBC
$50,000 $50,000 Equipment Basic office equipment and furniture. Table 14 Estimated 2023 year- end budget provided by
TNBC
$37,000 $64,000 Vehicle expense Vehicle allowance and mileage expenses for TNBC staff and Board as needed, as well as one-
time expense for vehicle purchase.

Table 14 Estimated 2023 year-
end budget provided by
TNBC
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Table 20
NBHCP 2024 Fee Update
TNBC 2024 Budget Proposal
2023 Est.

Directors & Officers (D&O), general liability, crime,
non-owned/hired auto, pollution, umbrella and
flood insurance on one residential property, and
insurance for TNBC owned vehicle.

Table 14 Estimated 2023 year-
end budget provided by
TNBC
$55,000 $60,000 Accounting General accounting work and fiscal year-end audit.

Table 14 Estimated 2023 year-
end budget provided by
TNBC
$100,000 $100,000 Legal General legal work. Table 14 Estimated 2023 year- end budget provided by
TNBC
$53,094 $63,715 Fees- Administration
Fund
General corporation fees and investment
management fees.

Table 14 September 2023
Statement of Activities;
multiplied by 12/9 to
include est. for Oct. -
Dec.
$87,529 $105,038 Fees - Endowment
Fund
General corporation fees and investment
management fees.

Table A-8 September 2023
Statement of Activities;
multiplied by 4/3 to
include est. for one
additional quarterly
payment.
$5,206 $6,247 Fees - Supp.

Endowment Fund
General corporation fees and investment
management fees.

Table A-9 September 2023
Statement of Activities;
multiplied by 4/3 to
include est. for one
additional quarterly
payment.

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Page 6 of 7 ends

Table 20
NBHCP 2024 Fee Update
TNBC 2024 Budget Proposal
2023 Est.

Amount
2024
Budget Amt Line item
Notes on 2024
Budget Amount
Table in NBHCP Fee
Update Model for 2025+
Source of 2023
Estimated Amount
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
2024 Fee Update
Contract work, monitoring, and contingency
$425,117 $364,475 Contract work, public
education,
and publications
This item includes general contract work, public
education and publications, including Clean Water
Act compliance, participation in Basin-wide
security services. Includes a 5% contingency on
all administrative expenses.

Table 15 Estimated 2023 year-
end budget provided by
TNBC
$0 $0 Contingency TNBC has included a 5 percent contingency on all administrative costs in the contract work costs.

Table 15 No contingency
included for 2023 as
2023 values are based
on spending through
Sept. 2023.
$420,000 $551,353 Land Management This is based on the land management contract approved by the Board, including a 10 percent
contingency.

Table 7 Estimated 2023 year-
end budget provided by
TNBC
$315,826 $315,826 Biological monitoring 2018-2024 contract amount with ICF International plus connectivity and adaptive management.

Pertains exclusively to biological monitoring as
required by the 2003 NBHCP. Amount may
change based on completion and implementation
of the Biological Effectiveness Monitoring
Program.

Table 13 2018 contract amount
with ICF International
plus connectivity and
adaptive management.
$46,000 $0 SSMP Preparation
and Revision
Estimated amount for SSMP revision for five new
properties and finalizing overall updates.

Table 7: estimated cost per
acquired acre.

Estimated 2023 year-
end budget provided by
TNBC
Mitigation land
$79,000 $0 Mitigation land No habitat land acquisition is planned in 2024. Table 5: estimated cost per acre.

Table 18: estimated annual
acres acquired.

September 2023
Statement of Activities
City Line of Credit Repayment
$351,550 $250,000 City Line of Credit
Repayment
The LOC issued in 2020 in the amount of
$2,000,000. This assumes a $250,000 payment
and payment from 118.51 acres of mitigation,
whereby the City will withhold the Land Acquisition
portion of the HCP fees received.

Table A-5: calculation of
ongoing repayments made to
the City of Sacramento.

September 2023
Statement of Activities
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Page 7 of 7 ends

Table 20
NBHCP 2024 Fee Update
TNBC 2024 Budget Proposal
2023 Est.

Amount
2024
Budget Amt Line item
Notes on 2024
Budget Amount
Table in NBHCP Fee
Update Model for 2025+
Source of 2023
Estimated Amount
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
2024 Fee Update
Operations
$441,993 $483,187 Property taxes This estimate is based on the 2023/24 tax bill for general property taxes and other levies and
includes a 3% increase for the second half of
2024. This figure also includes the amount
assessed for the Sutter County Williamson Act
reductions but excludes RD 1000.

Table 11 Property taxes paid in
2022 (one-half of taxes
on 2021/22 property tax
bill plus one-half of the
2022/23 property tax
bill.)
$468,000 $497,980 Water -- RD 1000
and NCMWC
The NCMWC’s admin and standby charges are
projected to be approximately $80/acre for rice
(the Conservancy's largest crop). Conservancy
farm tenants pay the water usage charges. The
NCMWC rates for managed marsh include admin,
standby and water usage charges totaling
$155/acre. RD 1000 assessments are included at
approximately $70,000.

Table 10: NCMWC
estimated cost per acre.

Table 11: RD-1000
estimated cost per acre.

Table A-7: estimated annual
acres including supplemental
mitigation.

RD-1000: TNBC
estimate based on
actual and projected
costs through 2023.

NCMWC: TNBC
estimate based on
actual and projected
costs through 2023.
$747,000 $906,000 Property
maintenance
General facilities improvement and maintenance
items include: well and pump repairs, fences,
signs, road repair and maintenance, and general
site repairs. This item also includes $250,000 for a
new pole barn to replace the one blown down in
January 2023, as well as additional funds for field
leveling on certain tracts. Includes electricity costs
for lights and irrigation pumps on various
Conservancy properties.

Table 8: estimated
operations and maint. cost
per acre.

Table 9: estimated fixed
asset reserve costs per acre.

Table A-7: estimated annual
acres including supplemental
mitigation.

Estimated 2023 year-
end budget provided by
TNBC
$4,881,114 $5,078,321 Subtotal
$445,000 $341,180 Restoration and
enhancement
Restoration and enhancement projects scheduled
for 2024 are as follows: pre-marsh conversion
permitting and planning on Bennett North (30
acres) and Nestor (106 acres). Additionally, 45
acres on the Bennett North tract are planned for
channel clearing.

Table 6: estimated costs per
acre
Table A-6: estimated annual
restoration and enhancement
acres.

September 2023
Statement of Activities
$5,326,114 $5,419,501 Total Expenses
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NBHCP Cash Flow Analysis

Table A-1 Land Development and
Habitat Acquisition (6 pages) ..............................A-1 Table A-2 Land Acquisition Cash Flow (6 pages) ..................A-7 Table A-3 City Land Acquisition Line of Credit (4 pages) ..... A-13 Table A-4 Restoration and Enhancement
Cash Flow (6 pages) ........................................ A-17 Table A-5 Administration/Operations and
Maintenance Cash Flow (9 pages) ..................... A-23 Table A-6 O&M Endowment Fund Cash Flow (6 pages) ....... A-32 Table A-7 Supplemental Endowment Fund
Cash Flow (7 pages) ........................................ A-38

Page 1 of 6 ends

Table A-1
NBHCP 2024 Fee Update
Land Development and Habitat Acquisition
T o t a l 12345678
Item Assumptions 1996-2053 1996 1997 1998 1999 2000 2001 2002 2003 Annual Developed Acreage 16,625 30.4 104.9 1,380.4 1,466.5 598.1 242.6 777.8 1,041.9 Cumulative Developed Acreage 17,500 30.4 135.3 1,515.7 2,982.1 3,580.2 3,822.8 4,600.6 5,642.5 Annual Mitigation Requirement 50% 8,312.5 15.2 52.4 690.2 733.2 299.0 121.3 388.9 520.9 Cumulative Mitigation 15.2 67.7 757.8 1,491.1 1,790.1 1,911.4 2,300.3 2,821.2 (Beginning in 2003, 200 surplus acres needed)
Habitat Acquired [1] 8,312.5 0.0 0.0 0.0 1,317.7 92.6 141.2 692.5 413.8 Cumulative Habitat Acreage 0.0 0.0 0.0 1,317.7 1,410.3 1,551.5 2,244.1 2,657.9 Surplus/Shortfall Acquisition -15.2 -67.7 -757.8 -173.4 -379.8 -359.9 -56.2 -163.4 Land Acquisition
Out-of-Basin Lands 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
In-Basin Lands 8,312.5 0.0 0.0 0.0 1,317.7 92.6 141.2 692.5 413.8 Initial Use of Acquired Land
Marsh 0% 0.0 0.0 0.0 0.0 0.0
Rice 90% 988.3 69.5 105.9 519.4 310.3
Other 10% 329.4 23.2 35.3 173.1 103.4
Subtotal 1,317.7 92.6 141.2 692.5 413.8
Conv of Acres/Adj. for Sup Acres Recon. [2]
Marsh 1,952 0.0 0.0 209.0 35.8 372.8
Rice -2,498 0.0 0.0 -434.2 -55.7 -307.3
Other 546 0.0 0.0 225.3 19.9 -65.5
Subtotal 0.0 0.0 0.0 0.0 0.0 0.0
Cumulative Acreage
Marsh 2,078.1 0.0

0.0 209.0 244.7 617.5
Rice 4,156.3 988.3 1,057.7 729.4 1,193.2 1,196.2
Other 2,078.1 329.4 352.6 613.1 806.2 844.2
Subtotal 8,312.5 1,317.7 1,410.3 1,551.5 2,244.1 2,657.9 Cumulative Acreage Percentage
Marsh 25% 0% 0% 13% 11% 23%
Rice 50% 75% 75% 47% 53% 45%
Other 25% 25% 25% 40% 36% 32%
Subtotal
Sources: City of Sacramento and The Natomas Basin Conservancy. [1] NBHCP habitat only. Supplemental mitigation excluded.

Projections of future habitat acquired annually are based on the projected amount of urban development for the year. [2]
The acres of rice converted to marsh through 2022 are amounts provided/projected by the Natomas Basin Conservancy.

In each remaining year, these acres are estimated as the number of acres needed to reach and maintain the specified percentage of marsh.
2024 Fee Update
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
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Table A-1
NBHCP 2024 Fee Update
Land Development and Habitat Acquisition
Item
Annual Developed Acreage
Cumulative Developed Acreage
Annual Mitigation Requirement
Cumulative Mitigation
(Beginning in 2003, 200 surplus acres needed)
Habitat Acquired [1]
Cumulative Habitat Acreage
Surplus/Shortfall Acquisition
Land Acquisition
Out-of-Basin Lands
In-Basin Lands
Initial Use of Acquired Land
Marsh
Rice
Other
Subtotal
Conv of Acres/Adj. for Sup Acres Recon. [2]
Marsh
Rice
Other
Subtotal
Cumulative Acreage
Marsh
Rice
Other
Subtotal
Cumulative Acreage Percentage
Marsh
Rice
Other
Subtotal
9 1 01 11 21 31 41 51 61 71 8
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
347.7 678.4 132.2 103.2 19.1 21.1 0.3 50.0 80.1 0.0
5,990.2 6,668.6 6,800.8 6,903.9 6,923.0 6,944.1 6,944.4 6,994.4 7,074.6 7,074.6 173.9 339.2 66.1 51.6 9.6 10.5 0.2 25.0 40.1 0.0
2,995.1 3,334.3 3,400.4 3,452.0 3,461.5 3,472.1 3,472.2 3,497.2 3,537.3 3,537.3 148.0 395.0 760.0 (4.7) 0.0 (30.0) 0.0 (62.3) 29.1 0.0
2,805.8 3,200.8 3,960.8 3,956.1 3,956.1 3,926.1 3,926.1 3,863.8 3,893.0 3,893.0 -189.3 -133.5 560.4 504.1 494.6 454.0 453.9 366.6 355.7 355.7

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
148.0 395.0 760.0 -4.7 0.0 (30.0) 0.0 -62.3 29.1 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
111.0 296.1 570.0 -3.5 0.0 (22.5) 0.0 -46.7 29.1 0.0

37.0 98.9 190.0 -1.2 0.0 (7.5) 0 .0 -15.6 0.0 0.0
148.0 395.0 760.0 -4.7 0.0 (30.0) 0.0 -62.3 29.1 0.0

0.0 40.0 61.1 -5.4 1.0 0.0 0.0 0.0 0.0 0.0

72.7 -339.6
277.5 -111.7 255.0 -1.4 -245.0 81.4
153.0 0.0
-72.7 299.6 -338.6 117.0 -256.0 1.4 245.0 -81.4 -153.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
617.5 657.5 718.7 713.3 714.3 714.3 714.3 714.3 714.3 714.3 1,379.8 1,336.4 2,183.8 2,068.6 2,323.6 2,299.7 2,054.7 2,089.4 2,271.5 2,271.5 808.4 1,206.9 1,058.3 1,174.2 918.2 912.1 1,157.1 1,060.1 907.1 907.1 2,805.8 3,200.8 3,960.8 3,956.1 3,956.1 3,926.1 3,926.1 3,863.8 3,893.0 3,893.0 22% 21% 18% 18% 18% 18% 18% 18% 18% 18%
49% 42% 55% 52% 59% 59% 52% 54% 58% 58%
29% 38% 27% 30% 23% 23% 29% 27% 23% 23%
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0.0 5.7 65.5 0.0 34.8 100.4 218.1 81.4 647.5 121.0
7,074.6 7,080.3 7,145.8 7,145.8 7,180.6 7,280.9 7,499.1 7,580.4 8,228.0 8,348.9

0.0 2.8 32.8 0.0 17.4 50.2 109.1 40.7 323.8 60.5
3,537.3 3,540.1 3,572.9 3,572.9 3,590.3 3,640.5 3,749.5 3,790.2 4,114.0 4,174.5

0.0 0.1 -5.2 -28.0 14.5 0.0 513.3 287.6 234.12300 3.0
3,893.0 3,893.0 3,887.8 3,859.8 3,874.4 3,874.4 4,387.6 4,675.2 4,909.4 4,912.4 355.7 352.9 315.0 287.0 284.1 233.9 638.1 885.0 795.4 737.9

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.1 -5.2 -28.0 14.5 0.0 513.3 287.6 234.1 3.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40.4

0.0 0.0 -3.9 -28.0 14.0 0.0 420.9 287.6 134.9 0.0

0.0 0.1 -1.3 0.0 0.0 0.0 92.4 0.0 99.2 -37.3

0.0 0.1 -5.2 -28.0 14.0 0.0 513.3 287.6 234.1 3.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 125.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 -125.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
714.3 714.3 714.3 714.3 714.3 714.3 714.3 714.3 799.7 840.1 2,271.5 2,271.6 2,393.0 2,365.0 2,379.0 2,379.0 2,799.9 3,087.5 3,064.3 3,064.3 907.1091 907.1 780.5 780.5 780.5 780.5 872.9 872.9 1,045.3 1,008.0
3,893.0 3,893.0 3,887.8 3,859.8 3,873.8 3,873.8 4,387.1 4,674.7 4,909.4 4,912.4 18% 18% 18% 19% 18% 18% 16% 15% 16% 17%
58% 58% 62% 61% 61% 61% 64% 66% 62% 62%
23% 23% 20% 20% 20% 20% 20% 19% 21% 21%
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88.6 67.8 300.6 300.6 300.6 316.3 316.3 316.3 316.3 316.3 8,437.6 8,505.4 8,806.0 9,106.6 9,407.2 9,723.5 10,039.8 10,356.2 10,672.5 10,988.8

44.3 33.9 150.3 150.3 150.3 158.2 158.2 158.2 158.2 158.2 4,218.8 4,252.7 4,403.0 4,553.3 4,703.6 4,861.7 5,019.9 5,178.1 5,336.2 5,494.4

0.0 0.0 0.0 0.0 0.0 149.3 158.2 158.2 158.2 158.2
4,912.4 4,912.4 4,912.4 4,912.4 4,912.4 5,061.7 5,219.9 5,378.1 5,536.2 5,694.4 693.6 659.7 509.4 359.1 208.8 200.0 200.0 200.0 200.0 200.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 149.3 158.2 158.2 158.2 158.2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 134.4
142.4 142.4 142.4 142.4

0.0 0.0 0.0 0.0 0.0 14.9

15.8 15.8 15.8 15.8

0.0 0.0 0.0 0.0 0.0 149.3
158.2 158.2 158.2 158.2

0.0 0.0 181.0 41.4 41.4 78.7 80.9 80.9 39.5 39.5

0.0 0.0 -181.0 -85.4 -85.4 -145.2 -148.7 -148.7 -63.3 -63.3

0.0 0.0 0.0 44.0 44.0 66.4 67.7 67.7 23.7 23.7

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
840.1 840.1 1,021.1 1,062.5 1,103.9 1,182.6 1,263.6 1,344.5 1,384.1 1,423.6
3,064.3 3,064.3 2,883.3 2,797.9 2,712.5 2,701.7 2,695.4 2,689.0 2,768.1 2,847.2 1,008.0 1,008.0 1,008.0 1,052.0 1,096.0 1,177.4 1,261.0 1,344.5 1,384.1 1,423.6 4,912.4 4,912.4 4,912.4 4,912.4 4,912.4 5,061.7 5,219.9 5,378.1 5,536.2 5,694.4 17% 17% 21% 22% 22% 23% 24% 25% 25% 25%
62% 62% 59% 57% 55% 53% 52% 50% 50% 50%
21% 21% 21% 21% 22% 23% 24% 25% 25% 25%
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Table A-1
NBHCP 2024 Fee Update
Land Development and Habitat Acquisition
Item
Annual Developed Acreage
Cumulative Developed Acreage
Annual Mitigation Requirement
Cumulative Mitigation
(Beginning in 2003, 200 surplus acres needed)
Habitat Acquired [1]
Cumulative Habitat Acreage
Surplus/Shortfall Acquisition
Land Acquisition
Out-of-Basin Lands
In-Basin Lands
Initial Use of Acquired Land
Marsh
Rice
Other
Subtotal
Conv of Acres/Adj. for Sup Acres Recon. [2]
Marsh
Rice
Other
Subtotal
Cumulative Acreage
Marsh
Rice
Other
Subtotal
Cumulative Acreage Percentage
Marsh
Rice
Other
Subtotal
39 40 41 42 43 44 45 46 47 48
2034 2035 2036 2037 2038 2039 2040 2041 2042 2043
316.3 316.3 316.3 316.3 316.3 316.3 316.3 316.3 316.3 316.3 11,305.2 11,621.5 11,937.8 12,254.2 12,570.5 12,886.8 13,203.2 13,519.5 13,835.8 14,152.2 158.2 158.2 158.2 158.2 158.2 158.2 158.2 158.2 158.2 158.2 5,652.6 5,810.7 5,968.9 6,127.1 6,285.2 6,443.4 6,601.6 6,759.8 6,917.9 7,076.1 158.2 158.2 158.2 158.2 158.2 158.2 158.2 158.2 158.2 158.2 5,852.6 6,010.7 6,168.9 6,327.1 6,485.2 6,643.4 6,801.6 6,959.8 7,117.9 7,276.1 200.0 200.0 200.0 200.0 200.0 200.0 200.0 200.0 200.0 200.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
158.2 158.2 158.2 158.2 158.2 158.2 158.2 158.2 158.2 158.2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
142.4 142.4 142.4 142.4 142.4 142.4 142.4 142.4 142.4 142.4

15.8 15.8 15.8 15.8 15.8 15.8 15.8 15.8 15.8 15.8
158.2 158.2 158.2 158.2 158.2 158.2 158.2 158.2 158.2 158.2

39.5 39.5 39.5 39.5 39.5 39.5 39.5 39.5 39.5 39.5
-63.3
-63.3 -63.3 -63.3 -63.3 -63.3 -63.3 -63.3 -63.3 -63.3

23.7 23.7 23.7 23.7 23.7 23.7 23.7 23.7 23.7 23.7

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
1,463.1 1,502.7 1,542.2 1,581.8 1,621.3 1,660.9 1,700.4 1,739.9 1,779.5 1,819.0
2,926.3 3,005.4 3,084.5 3,163.5 3,242.6 3,321.7 3,400.8 3,479.9 3,559.0 3,638.0 1,463.1 1,502.7 1,542.2 1,581.8 1,621.3 1,660.9 1,700.4 1,739.9 1,779.5 1,819.0 5,852.6 6,010.7 6,168.9 6,327.1 6,485.2 6,643.4 6,801.6 6,959.8 7,117.9 7,276.1 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%
50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
25% 25% 25% 25% 25% 25% 25% 25% 25% 25%
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Table A-1
NBHCP 2024 Fee Update
Land Development and Habitat Acquisition
Item
Annual Developed Acreage
Cumulative Developed Acreage
Annual Mitigation Requirement
Cumulative Mitigation
(Beginning in 2003, 200 surplus acres needed)
Habitat Acquired [1]
Cumulative Habitat Acreage
Surplus/Shortfall Acquisition
Land Acquisition
Out-of-Basin Lands
In-Basin Lands
Initial Use of Acquired Land
Marsh
Rice
Other
Subtotal
Conv of Acres/Adj. for Sup Acres Recon. [2]
Marsh
Rice
Other
Subtotal
Cumulative Acreage
Marsh
Rice
Other
Subtotal
Cumulative Acreage Percentage
Marsh
Rice
Other
Subtotal
49 50 51 52 53 54 55 56 57 58
2044 2045 2046 2047 2048 2049 2050 2051 2052 2053
303.9 271.1 271.1 271.1 271.1 271.1 271.1 271.1 271.1 14,456.1 14,727.2 14,998.3 15,269.4 15,540.5 15,811.7 16,082.8 16,353.9 16,625.0 16,625.0 152.0 135.6 135.6 135.6 135.6 135.6 135.6 135.6 135.6 0.0 7,228.0 7,363.6 7,499.2 7,634.7 7,770.3 7,905.8 8,041.4 8,176.9 8,312.5 8,312.5 152.0 135.6 135.6 135.6 135.6 135.6 135.6 71.1 0.0 0.0
7,428.0 7,563.6 7,699.2 7,834.7 7,970.3 8,105.8 8,241.4 8,312.5 8,312.5 8,312.5 200.0 200.0 200.0 200.0 200.0 200.0 200.0 135.6 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
152.0 135.6 135.6 135.6 135.6 135.6 135.6 71.1 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
136.8 122.0 122.0 122.0 122.0 122.0 122.0 64.0 0.0 0.0

15.2 13.6 13.6 13.6 13.6 13.6 13.6 7.1 0.0 0.0
152.0 135.6 135.6 135.6 135.6 135.6 135.6 71.1 0.0 0.0

38.0 33.9 33.9 33.9 33.9 33.9 33.9 17.8 0.0 0.0
-60.8 -54.2 -54.2 -54.2 -54.2 -54.2 -54.2 -28.4 0.0 0.0

22.8 20.3 20.3 20.3 20.3 20.3 20.3 10.7 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
1,857.0 1,890.9 1,924.8 1,958.7 1,992.6 2,026.5 2,060.3 2,078.1 2,078.1 2,078.1 3,714.0 3,781.8 3,849.6 3,917.4 3,985.1 4,052.9 4,120.7 4,156.3 4,156.3 4,156.3 1,857.0 1,890.9 1,924.8 1,958.7 1,992.6 2,026.5 2,060.3 2,078.1 2,078.1 2,078.1 7,428.0 7,563.6 7,699.2 7,834.7 7,970.3 8,105.8 8,241.4 8,312.5 8,312.5 8,312.5 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%
50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
25% 25% 25% 25% 25% 25% 25% 25% 25% 25%
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NBHCP 2024 Fee Update
Land Acquisition Cash Flow
T O T A L 12345678
Item 1996 - 2053 1996 1997 1998 1999 2000 2001 2002 2003 Developed Acres
Annual Developed Acreage 16,625 30.4 104.9 1,380.4 1,466.5 598.1 242.6 777.8 1,041.9 Cumulative Acres Developed 30.4 135.3 1,515.7 2,982.1 3,580.2 3,822.8 4,600.6 5,642.5 Annual LA Fee Paying Acres (2024 +)
15% 1,260
Mitigation Lands
In-Basin Lands 8,313 0.0 0.0 0.0 1,317.7 92.6
141.2 692.5 413.8
Cumulative Acres Acquired 1,317.7 1,410.3 1,551.5 2,244.1 2,657.9 Annual Non-Dedicated Acres (2024 +) 15% 745

CASH FLOW
Beginning Balance $0 $55,641 $247,608 $2,773,665 $750,754 $563,113 $2,225,278 $1,775 Revenues
LA Fee Revenue - Land $13,750 per dev acre $56,664,388 $55,641 $191,966 $2,526,057 $2,698,708 $1,220,119 $3,131,119 $2,557,628 $9,013,687 LA Fee Revenue - Transaction $375 per dev acre $3,134,077 LA Fee Revenue - Contingency $375 per dev acre $3,107,036 Land Trade/Sale Proceeds $2,463,924
Legal Settlement $62,067
City Line of Credit $2,000,000
Miscellaneous $401,067
Interest Earnings 3%
of beg. balance $3,220,584 $0 $0 $0 $0 $67,352 $66,951 $11,451 $59,159 Total Revenues $71,053,142 $55,641 $191,966 $2,526,057 $2,698,708 $1,287,471 $3,198,070 $2,569,079 $9,072,846 Costs
Land Cost $27,500 per habitat acre ($53,376,192) $0 $0 $0 ($4,759,525) ($1,475,112) ($1,535,905) ($8,854,102) ($6,362,501) Transaction and Contingency Costs $1,500 per habitat acre ($1,588,460) $0 $0 $0 ($165,474) $0 $0 $0 ($49,465) City Line of Credit Repayment ($2,000,000)
Total Expenditures ($56,964,652) $0 $0 $0 ($4,924,998) ($1,475,112) ($1,535,905) ($8,854,102) ($6,411,966) Transfers/Adjustments
Transfer to/from O&M ($7,005,640) $0 $0 $0 $0 $0 $0 $3,908,020 ($2,428,500) Transfer to/from R&E ($899,586) $0 $0 $0 $0 $0 $0 $153,500 ($153,500) Transfer to/from Endowment ($6,438,406) $0 $0 $0 $0 $0 $0 $0 $0 Sup. Endowment Loan to LA $0 $0 $0 $0 $0 $0 $0 $0 $0
Adjustment to bal to end bal (2001 and 2021) $255,142 $0 $0 $0 $203,379 $0 $0 $0 $0 Total Transfers/Adjustments ($14,088,490) $0 $0 $0 $203,379 $0 $0 $4,061,520 ($2,582,000) Ending Balance [1] $0 $55,641 $247,608 $2,773,665 $750,754 $563,113 $2,225,278 $1,775 $80,655 Undesignated $0 $55,641 $247,608 $2,773,665 $750,754 $563,113 $2,225,278 $1,775 $80,655 Designated $0 $0 $0 $0 $0 $0 $0 $0 $0
[1] The fund balance is transferred to the Endowment Fund after development ends.

See Table A-3
2024 Fee Update
Assumptions
(for years 2025+)
1/2 acre of mitigation land per gross acre of developed land 17,500 developable acres; 95% assumed to develop
25% marsh, 50% rice, 25% other
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NBHCP 2024 Fee Update
Land Acquisition Cash Flow
Item
Developed Acres
Annual Developed Acreage
Cumulative Acres Developed
Annual LA Fee Paying Acres (2024 +)
Mitigation Lands
In-Basin Lands
Cumulative Acres Acquired
Annual Non-Dedicated Acres (2024 +)

CASH FLOW
Beginning Balance
Revenues
LA Fee Revenue - Land
LA Fee Revenue - Transaction
LA Fee Revenue - Contingency
Land Trade/Sale Proceeds
Legal Settlement
City Line of Credit
Miscellaneous
Interest Earnings
Total Revenues
Costs
Land Cost
Transaction and Contingency Costs
City Line of Credit Repayment
Total Expenditures
Transfers/Adjustments
Transfer to/from O&M
Transfer to/from R&E
Transfer to/from Endowment
Sup. Endowment Loan to LA
Adjustment to bal to end bal (2001 and 20
Total Transfers/Adjustments
Ending Balance [1]
Undesignated
Designated
9 1 01 11 21 31 41 51 61 71 81 9
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
347.7 678.4 132.2 103.2 19.1 21.1 0.3 50.0 80.1 0.0 0.0 5,990.2
6,668.6 6,800.8 6,903.9 6,923.0 6,944.1 6,944.4 6,994.4 7,074.6 7,074.6 7,074.6 148.0 395.0 760.0 -4.7 0.0 -30.0 0.0 -62.3 29.1 0.0 0.0 2,805.8 3,200.8 3,960.8 3,956.1 3,956.1 3,926.1 3,926.1 3,863.8 3,893.0 3,893.0 3,893.0 $80,655 $418,988
$1,300,626 $2,943,551 $5,364,276 $5,957,571 $7,519,534 $7,695,627 $9,135,400 $2,513,603 $2,533,581 $465,549 $956,202 $3,129,303 $2,188,925 $392,570 $450,333 $35,970 $125,000 $1,295,393 $436 $0 $22,057 $4,984 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$155,844 $0 $0 $1,039,920 $0 $1,268,160 $0 $0 $0
$62,067 $0 $0 $0 $0 $0 $0 $0
$4,015 $23,751 $127,921 $187,655 $222,557 $159,911 $140,123 $73,613 $108,287 $25,182 $14,662 $469,564 $1,002,010 $3,418,052 $2,438,647 $615,127 $1,650,164 $176,093 $1,466,773 $1,403,680 $25,618 $14,662 $0 ($170,214) ($325,146) $0 $0 $0 $0 $0 $0 $0 $0
($81,231) ($50,572) ($20,461) ($17,922) ($21,832) ($88,201) $0 ($27,000) ($25,477) $0 ($15,353) ($81,231) ($220,786) ($345,607) ($17,922) ($21,832) ($88,201) $0 ($27,000) ($25,477) $0 ($15,353) ($50,000) $0 ($1,429,520) $0 $0 $0 $0 $0 ($7,000,000) ($5,640) $0 $0 $100,414 $0 $0 $0 $0 $0 $0 ($1,000,000) $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
($50,000) $100,414 ($1,429,520) $0 $0 $0 $0 $0 ($8,000,000) ($5,640) $0 $418,988 $1,300,626 $2,943,551 $5,364,276 $5,957,571 $7,519,534 $7,695,627 $9,135,400 $2,513,603 $2,533,581 $2,532,890 $418,988 $437,164 $2,943,551 $5,364,276 $5,957,571 $7,519,534 $7,695,627 $9,135,400 $2,513,603 $2,533,581 $2,532,890 $0 $863,462 $0 $0 $0 $0 $0 $0 $0 $0 $0
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5.7 65.5 0.0 34.8 100.4 218.1 81.4 647.5 121.0 88.6 67.8 7,080.3 7,145.8 7,145.8 7,180.6 7,280.9 7,499.1 7,580.4 8,228.0 8,348.9 8,437.6 8,505.4

18.1 13.3 10.2

0.1 -5.2 -28.0 14.5 0.0 513.3
287.6 234.1 3.0 0.0 0.0
3,893.0
3,887.8 3,859.8 3,874.4 3,874.4 4,387.6 4,675.2 4,909.4 4,912.4 4,912.4 4,912.4 234.1 0.5 0.0 0.0
$2,532,890 $2,591,370
$3,499,126 $4,183,015 $4,292,500 $5,898,896 $240,920 $1,314,957 $1,341,843 $1,023,847 $0 $67,800 $910,200 $672,000 $87,058 $1,579,161 $3,551,144 $906,410 $1,221,598 $145,714 $202,125 $139,897 $0 $0 $0 $0 $0 $0 $0 $0 $0 $36,750 $25,436
$0 $0 $0 $0 $0 $0 $0 $0 $0 $36,750 $25,436
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $2,000,000 $0 $0 $0 $0 $0
$2,498 $0 $0 $110,817 $279,010 $8,742 $0 $0 $0
$11,823 $22,391 $33,987 $70,255 $145,884 $55,760 $2,837 $2,686 $23,671 $10,000 $0 $79,623 $932,591 $708,485 $157,313 $1,725,045 $5,717,721 $1,188,257 $1,233,026 $169,385 $285,625 $190,768 $0 $0 $0 $0 ($71,685) ($12,704,569) $0 ($3,013,075) ($79,000) $0 $0 ($21,143) ($24,835) ($24,596) ($47,828) ($46,964) ($1,672) ($57,110) ($36,305) $0 $0 $0 $0 ($69,456) ($57,110) ($61,540) ($351,550) ($250,000) ($250,000) ($21,143) ($24,835) ($24,596) ($47,828) ($118,649) ($12,775,697) ($114,220) ($3,110,920) ($430,550) ($250,000) ($250,000) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $1,400,000 $0 $1,853,017 ($56,831) ($1,059,472) $59,232 $0 $0 $0 $0 $0 $0 $0 $51,763 $0 $0 $0
$0 $0 $0 $0 $0 $1,400,000 $0 $1,904,780 ($56,831) ($1,059,472) $59,232 $2,591,370 $3,499,126 $4,183,015 $4,292,500 $5,898,896 $240,920 $1,314,957 $1,341,843 $1,023,847 $0 $0 $2,591,370 $3,499,126 $4,183,015 $4,292,500 $5,898,896 $240,920 $1,314,957 $1,341,843 $1,023,847 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
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45.1 45.1 45.1 47.5 47.5 47.5 47.5 47.5 47.5 47.5 47.5

0.0 0.0 0.0
149.3 158.2 158.2 158.2 158.2 158.2 158.2 158.2
4,912.4 4,912.4 4,912.4 5,061.7 5,219.9 5,378.1 5,536.2 5,694.4 5,852.6 6,010.7 6,168.9

0.0 0.0 0.0 22.4 23.7 23.7 23.7 23.7 23.7 23.7 23.7
$0 $0 $0 $0 $0 $0
$23,321 $225,683 $434,117 $648,804 $869,931
$619,957 $619,957 $619,957 $652,439 $652,439 $652,439 $652,439 $652,439 $652,439 $652,439 $652,439 $112,720 $112,720 $112,720 $118,625 $118,625 $118,625 $118,625 $118,625 $118,625 $118,625 $118,625 $112,720 $112,720 $112,720 $118,625 $118,625 $118,625 $118,625 $118,625 $118,625 $118,625 $118,625 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $700 $6,771 $13,024 $19,464 $26,098
$845,397 $845,397 $845,397 $889,690 $889,690 $889,690 $890,390 $896,461 $902,714 $909,154 $915,788 $0 $0 $0 ($615,995) ($652,439) ($652,439) ($652,439) ($652,439) ($652,439) ($652,439) ($652,439) $0 $0 $0 ($33,600) ($35,588) ($35,588) ($35,588) ($35,588) ($35,588) ($35,588) ($35,588) ($653,773) ($306,571) $0 $0 $0 $0 $0 $0 $0 $0 $0
($653,773) ($306,571) $0 ($649,595) ($688,027) ($688,027) ($688,027) ($688,027) ($688,027) ($688,027) ($688,027) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
($191,623) ($538,825) ($845,397) ($240,095) ($201,663) ($178,342) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
($191,623) ($538,825) ($845,397) ($240,095) ($201,663) ($178,342) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $23,321 $225,683 $434,117 $648,804 $869,931 $1,097,692 $0 $0 $0 $0 $0 $23,321 $225,683 $434,117 $648,804 $869,931 $1,097,692 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
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47.5 47.5 47.5 47.5 47.5 47.5 47.5 45.6 40.7 40.7 40.7
158.2
158.2 158.2 158.2 158.2 158.2 158.2 152.0 135.6 135.6 135.6 6,327.1 6,485.2 6,643.4 6,801.6 6,959.8 7,117.9 7,276.1 7,428.0 7,563.6 7,699.2 7,834.7

23.7 23.7 23.7 23.7 23.7 23.7 23.7 22.8 20.3 20.3 20.3
$1,097,692 $1,332,286
$1,573,917 $1,822,798 $2,079,145 $2,343,182 $2,615,141 $2,895,258 $3,175,858 $3,443,969 $3,720,124 $652,439 $652,439 $652,439 $652,439 $652,439 $652,439 $652,439 $626,812 $559,175 $559,175 $559,175 $118,625 $118,625 $118,625 $118,625 $118,625 $118,625 $118,625 $113,966 $101,668 $101,668 $101,668 $118,625 $118,625 $118,625 $118,625 $118,625 $118,625 $118,625 $113,966 $101,668 $101,668 $101,668 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$32,931 $39,969 $47,218 $54,684 $62,374 $70,295 $78,454 $86,858 $95,276 $103,319 $111,604 $922,621 $929,659 $936,908 $944,374 $952,064 $959,986 $968,144 $941,601 $857,787 $865,830 $874,115 ($652,439) ($652,439) ($652,439) ($652,439) ($652,439) ($652,439) ($652,439) ($626,812) ($559,175) ($559,175) ($559,175) ($35,588) ($35,588) ($35,588) ($35,588) ($35,588) ($35,588) ($35,588) ($34,190) ($30,500) ($30,500) ($30,500) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
($688,027) ($688,027) ($688,027) ($688,027) ($688,027) ($688,027) ($688,027) ($661,002) ($589,675) ($589,675) ($589,675) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$1,332,286 $1,573,917 $1,822,798 $2,079,145 $2,343,182 $2,615,141 $2,895,258 $3,175,858 $3,443,969 $3,720,124 $4,004,564 $1,332,286 $1,573,917 $1,822,798 $2,079,145 $2,343,182 $2,615,141 $2,895,258 $3,175,858 $3,443,969 $3,720,124 $4,004,564 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
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40.7 40.7 40.7 40.7 40.7 0.0
135.6
135.6 135.6 71.1 0.0 0.0
7,970.3 8,105.8 8,241.4 8,312.5 8,312.5 8,312.5

20.3 20.3 20.3 10.7 0.0 0.0
$4,004,564 $4,297,537
$4,599,299 $4,910,114 $5,510,578 $0
$559,175 $559,175 $559,175 $559,175 $559,175 $0
$101,668 $101,668 $101,668 $101,668 $101,668 $0
$101,668 $101,668 $101,668 $101,668 $101,668 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$120,137 $128,926 $137,979 $147,303 $165,317 $0
$882,648 $891,437 $900,490 $909,815 $927,829 $0
($559,175) ($559,175) ($559,175) ($293,350) $0 $0
($30,500) ($30,500) ($30,500) ($16,001) $0 $0
$0 $0 $0 $0 $0 $0
($589,675) ($589,675) ($589,675) ($309,351) $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 ($6,438,406) $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 ($6,438,406) $0
$4,297,537 $4,599,299 $4,910,114 $5,510,578 $0 $0
$4,297,537 $4,599,299 $4,910,114 $5,510,578 $0 $0
$0 $0 $0 $0 $0 $0
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Table A-3
NBHCP 2024 Fee Update
City Land Acquisition Line of Credit
A s s u m p t i o n T O T A L 12345678
Item 2025+ 2020 - 2053 2020 2021 2022 2023 2024 2025 2026 2027 actual
Annual Developed Acreage - City of Sacramento 8,407.6 5.8 3.6 3.6 118.5 88.6 67.8 300.6 300.6 Estimated Land Acquisition Fee Paying Acres 15% 1,269.1 5.8 3.6 0.5 17.8 13.3 10.2 45.1 45.1 Beginning City LOC Balance $2,000,000 $2,000,000 $1,930,544 $1,873,434 $1,811,894 $1,460,345 $1,210,345 $960,345 $306,571 Less Land Acquisition Fee Paid to City $14,500 ($2,000,000) ($69,456) ($57,110) ($61,540) ($351,550) ($250,000) ($250,000) ($653,773) ($3 06,571) Ending City LOC Balance $0 $1,930,544 $1,873,434 $1,811,894 $1,460,345 $1,210,345 $960,345 $306,571 $0 2024 Fee Update
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
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Table A-3
NBHCP 2024 Fee Update
City Land Acquisition Line of Credit
Item
Annual Developed Acreage - City of Sacramento
Estimated Land Acquisition Fee Paying Acres
Beginning City LOC Balance
Less Land Acquisition Fee Paid to City
Ending City LOC Balance
9 1 01 11 21 31 41 51 61 71 8
2028 2029 2030 2031 2032 2033 2034 2035 2036 2037
300.6 316.3 316.3 316.3 316.3 316.3 316.3 316.3 316.3 316.3

45.1 47.5 47.5 47.5 47.5 47.5 47.5 47.5 47.5 47.5
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
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Table A-3
NBHCP 2024 Fee Update
City Land Acquisition Line of Credit
Item
Annual Developed Acreage - City of Sacramento
Estimated Land Acquisition Fee Paying Acres
Beginning City LOC Balance
Less Land Acquisition Fee Paid to City
Ending City LOC Balance
19 20 21 22 23 24 25 26 27 28
2038 2039 2040 2041 2042 2043 2044 2045 2046 2047
316.3 316.3 316.3 316.3 316.3 316.3 303.9 271.1 271.1 271.1

47.5 47.5 47.5 47.5 47.5 47.5 45.6 40.7 40.7 40.7
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
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Table A-3
NBHCP 2024 Fee Update
City Land Acquisition Line of Credit
Item
Annual Developed Acreage - City of Sacramento
Estimated Land Acquisition Fee Paying Acres
Beginning City LOC Balance
Less Land Acquisition Fee Paid to City
Ending City LOC Balance
29 30 31 32 33 34
2048 2049 2050 2051 2052 2053
271.1 271.1 271.1 271.1 271.1 0.0

40.7 40.7 40.7 40.7 40.7 0.0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
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Table A-4
NBHCP 2024 Fee Update
Restoration and Enhancement Cash Flow
Assumptions TOTAL 1996 1997 1998 1999 2000 2001 2002 2003 Item 1996 - 2053 12345678
Developed Acres
Annual Developed Acreage 16,625.0 30.4 104.9 1,380.4 1,466.5 598.1 242.6 777.8 1,041.9 Habitat Acres
Marsh 40.4 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Existing Rice 6,812.4 0.00 0.00 0.00 988.27 69.45 105.93 519.41 310.34 Other Converted to Rice 0.0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other 1,459.2 0.00 0.00 0.00 329.42 23.15 35.31 173.14 103.45 Subtotal 8,312.0 0.00 0.00 0.00 1,317.69 92.60 141.24 692.55 413.79 Cumulative Acreage 1,317.7 1,410.3 1,551.5 2,244.1 2,657.9 Rice/Other Converted to Marsh 1,952.4 0.00 0.00 0.00 0.00 0.00 208.96 35.78 372.80 Cumulative Converted to Marsh 209.0 244.7 617.5
Percentage of Year End Total 13.5% 10.9% 23.2%
Rice Converted to Other 1,413.0 - 19.9 -

CASH FLOW
Beginning Balance $0 $4,257 $19,070 $292,954 $592,246 $582,058 $268,280 ($12,244) Revenues
R&E Fee Revenue [1] $1,835
per dev acre $21,160,888 $4,257 $14,686 $273,311 $290,504 $132,758 $117,416 $353,639 $1,111,045 Contingency Fee Revenue $184 per dev acre $1,502,393 $0 $0 $0 $0 $0 $0 $0 $0 Interest Earnings 3% of beg. balance $2,302,946 $0 $128 $572 $8,789 $17,767 $29,228 $9,378 $12,426 Total Revenues $24,966,227 $4,257 $14,814 $273,883 $299,292 $150,525 $146,644 $363,017 $1,123,471 Costs
Development Costs
Rice/Other Converted to Marsh $13,000 per conv. Acre ($20,568,660) $0 $0 $0 $0 $0 ($909,712) ($470,144) ($880,182) Rice Converted to Other $1,000 per conv.. acre ($750,025) $0 $0 $0 $0 $0 $0 ($19,897) $0 Biological Site Assessment $270 per hab. acre ($1,092,717) $0 $0 $0 $0 $0 ($150,710) $0 $0 Total Expenditures ($22,411,402) $0 $0 $0 $0 $0 ($1,060,422) ($490,041) ($880,182) Transfers/Adjustments
Transfer to/from O&M/Admin. Fund $589,515 $0 $0 $0 $0 $0 $600,000 $0 $0 Transfer to/from Land Acquisition Fund $899,586 $0 $0 $0 $0 $0 $0 ($153,500) $153,500 Transfer to/from Supplemental Endowment Fund $0 $0 $0 $0 $0 $0 $0 $0 $0 Transfer to/from Endowment Fund ($3,845,844) $0 $0 $0 $0 $0 $0 $0 $0 Adjustment (to bal. to 2000 and 2022 end bal) ($198,083) $0 $0 $0 $0 ($160,713) $0 $0 $0 Total Transfers/Adjustments ($2,554,825) $0 $0 $0 $0 ($160,713) $600,000 ($153,500) $153,500 Ending Balance [2] $0 $4,257 $19,070 $292,954 $592,246 $582,058 $268,280 ($12,244) $384,545 Undesignated $0 $4,257 $19,070 $292,954 $592,246 $582,058 $268,280 ($12,244) $384,545 Designated $0 $0 $0 $0 $0 $0 $0 $0 $0
[1] The 2013 amount represents Metro Air Park catch-up fees from 2006. [2]
The fund balance is transferred to the Endowment Fund after development ends. (for years 2025+)
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
2024 Fee Update
17,500 developable acres; 95% assumed to develop
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Table A-4
NBHCP 2024 Fee Update
Restoration and Enhancement Cash Flow
Item
Developed Acres
Annual Developed Acreage
Habitat Acres
Marsh
Existing Rice
Other Converted to Rice
Other
Subtotal
Cumulative Acreage
Rice/Other Converted to Marsh
Cumulative Converted to Marsh
Percentage of Year End Total
Rice Converted to Other

CASH FLOW
Beginning Balance
Revenues
R&E Fee Revenue [1]
Contingency Fee Revenue
Interest Earnings
Total Revenues
Costs
Development Costs
Rice/Other Converted to Marsh
Rice Converted to Other
Biological Site Assessment
Total Expenditures
Transfers/Adjustments
Transfer to/from O&M/Admin. Fund
Transfer to/from Land Acquisition Fund
Transfer to/from Supplemental Endowmen
Transfer to/from Endowment Fund
Adjustment (to bal. to 2000 and 2022 end
Total Transfers/Adjustments
Ending Balance [2]
Undesignated
Designated
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
9 1 01 11 21 31 41 51 61 71 8
347.7 678.4 132.2 103.2 19.1 21.1 0.3 50.0 80.1 0.0

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
110.96 296.10 569.98 (3.51) 0.00 (22.51) 0.00 (46.70) 29.12 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

36.99 98.90 189.99 (1.17) 0.00 (7.50) 0.00 (15.57) 0.00 0.00 147.95 395.00 759.97 (4.68) 0.00 (30.01) 0.00 (62.27) 29.12 0.00 2,805.8 3,200.8 3,960.8 3,956.1 3,956.1 3,926.1 3,926.1 3,863.8 3,893.0 3,893.0

0.00 40.00 61.14 (5.38) 1.00 0.00 0.00 0.00 0.00 0.00
617.5 657.5 718.7 713.3 714.3 714.3 714.3 714.3 714.3 714.3

22.0% 20.5% 18.1% 18.0% 18.1% 18.2% 18.2% 18.5% 18.3% 18.3% - 299.6 - 117.0 - 1.4 245.0 - - -
$384,545 ($20,841) $481,611 $683,244 $351,236 $338,827 $375,510 $385,187 $409,628 $1,615,601 $326,875 $643,751 $178,841 $146,005 $24,153 $28,146 $2,457 $21,150 $189,842 $71,482 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$7,525 $9,944 $23,272 $119,600 $13,072 $8,537 $7,220 $3,291 $16,131 $14,715 $334,400 $653,695 $202,113 $265,605 $37,225 $36,683 $9,677 $24,441 $205,973 $86,197 ($739,786) ($40,344) ($480) ($597,613) ($49,634) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
($739,786) ($40,344) ($480) ($597,613) ($49,634) $0 $0 $0 $0 $0 $0 ($10,485) $0 $0 $0 $0 $0 $0 $0 $0
$0 ($100,414) $0 $0 $0 $0 $0 $0 $1,000,000 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 ($110,899) $0 $0 $0 $0 $0 $0 $1,000,000 $0
($20,841) $481,611 $683,244 $351,236 $338,827 $375,510 $385,187 $409,628 $1,615,601 $1,701,798 ($20,841) $481,611 $683,244 $351,236 $338,827 $375,510 $385,187 $409,628 $1,615,601 $1,701,798 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
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CASH FLOW
Beginning Balance
Revenues
R&E Fee Revenue [1]
Contingency Fee Revenue
Interest Earnings
Total Revenues
Costs
Development Costs
Rice/Other Converted to Marsh
Rice Converted to Other
Biological Site Assessment
Total Expenditures
Transfers/Adjustments
Transfer to/from O&M/Admin. Fund
Transfer to/from Land Acquisition Fund
Transfer to/from Supplemental Endowmen
Transfer to/from Endowment Fund
Adjustment (to bal. to 2000 and 2022 end
Total Transfers/Adjustments
Ending Balance [2]
Undesignated
Designated
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
19 20 21 22 23 24 25 26 27 28

0.0 5.7 65.5 0.0 34.8 100.4 218.1 81.4 647.5 121.0

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 40.36

0.00 0.04 (3.88) (28.00) 13.96 0.00 420.85 287.60 134.90 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.06 (1.29) 0.00 0.00 0.00 92.44 0.00 99.22 (37.31)

0.00 0.10 (5.17) (28.00) 13.96 0.00 513.29 287.60 234.12 3.05 3,893.0 3,893.0 3,887.8 3,859.8 3,873.8 3,873.8 4,387.1 4,674.7 4,908.8 4,911.9

0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
714.3 714.3 714.3 714.3 714.3 714.3 714.3 714.3 714.3 714.3

18.3% 18.3% 18.4% 18.5% 18.4% 18.4% 16.3% 15.3% 14.6% 14.5% - - - - - - - - - -
$1,701,798 $1,720,825 $1,742,792 $1,857,244 $1,953,331 $2,044,989 $2,228,385 $2,573,183 $2,654,373 $3,589,409 $0 $7,272 $97,620 $73,416 $48,288 $131,596 $307,188 $79,563 $1,001,907 $261,928 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$19,027 $14,695 $16,832 $22,671 $43,370 $51,800 $37,610 $1,627 ($5,517) $118,490 $19,027 $21,967 $114,452 $96,087 $91,658 $183,396 $344,798 $81,190 $996,390 $380,418 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($445,000)
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 ($23,984) $0
$0 $0 $0 $0 $0 $0 $0 $0 ($23,984) ($445,000)
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 ($37,370) $0
$0 $0 $0 $0 $0 $0 $0 $0 ($37,370) $0
$1,720,825 $1,742,792 $1,857,244 $1,953,331 $2,044,989 $2,228,385 $2,573,183 $2,654,373 $3,589,409 $3,524,827 $1,720,825 $1,742,792 $1,857,244 $1,953,331 $2,044,989 $2,228,385 $2,573,183 $2,654,373 $3,589,409 $3,524,827 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
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CASH FLOW
Beginning Balance
Revenues
R&E Fee Revenue [1]
Contingency Fee Revenue
Interest Earnings
Total Revenues
Costs
Development Costs
Rice/Other Converted to Marsh
Rice Converted to Other
Biological Site Assessment
Total Expenditures
Transfers/Adjustments
Transfer to/from O&M/Admin. Fund
Transfer to/from Land Acquisition Fund
Transfer to/from Supplemental Endowmen
Transfer to/from Endowment Fund
Adjustment (to bal. to 2000 and 2022 end
Total Transfers/Adjustments
Ending Balance [2]
Undesignated
Designated
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
29 30 31 32 33 34 35 36 37 38

88.6 67.8 300.6 300.6 300.6 316.3 316.3 316.3 316.3 316.3

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 134.40 142.35 142.35 142.35 142.35

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 14.93 15.82 15.82 15.82 15.82

0.00 0.00 0.00 0.00 0.00 149.33 158.17 158.17 158.17 158.17 4,911.9 4,911.9 4,911.9 4,911.9 4,911.9 5,061.2 5,219.4 5,377.5 5,535.7 5,693.9

0.00 0.00 181.00 41.40 41.40 78.74 80.95 80.95 39.54 39.54 714.3 714.3 895.3 936.7 978.1 1,056.9 1,137.8 1,218.8 1,258.3 1,297.8

14.5% 14.5% 18.2% 19.1% 19.9% 20.9% 21.8% 22.7% 22.7% 22.8% - - - 44.0 44.0 66.4 67.7 67.7 23.7 23.7
$3,524,827 $3,421,509 $3,661,067 $2,024,630 $2,109,817 $2,197,560 $1,771,675 $1,300,589 $815,370 $897,879 $197,862 $124,466 $551,574 $551,574 $551,574 $580,473 $580,473 $580,473 $580,473 $580,473 $0 $12,447 $55,157 $55,157 $55,157 $58,047 $58,047 $58,047 $58,047 $58,047 $40,000 $102,645 $109,832 $60,739 $63,295 $65,927 $53,150 $39,018 $24,461 $26,936 $237,862 $239,557 $716,564 $667,471 $670,026 $704,447 $691,671 $677,538 $662,982 $665,457 ($341,180) $0 ($2,353,000) ($538,261) ($538,261) ($1,023,590) ($1,052,304) ($1,052,304) ($514,043) ($514,043) $0 $0 $0 ($44,023) ($44,023) ($66,423) ($67,748) ($67,748) ($23,725) ($23,725) $0 $0 $0 $0 $0 ($40,320) ($42,705) ($42,705) ($42,705) ($42,705) ($341,180) $0 ($2,353,000) ($582,284) ($582,284) ($1,130,333) ($1,162,757) ($1,162,757) ($580,473) ($580,473) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$3,421,509 $3,661,067 $2,024,630 $2,109,817 $2,197,560 $1,771,675 $1,300,589 $815,370 $897,879 $982,863 $3,421,509 $3,661,067 $2,024,630 $2,109,817 $2,197,560 $1,771,675 $1,300,589 $815,370 $897,879 $982,863 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
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CASH FLOW
Beginning Balance
Revenues
R&E Fee Revenue [1]
Contingency Fee Revenue
Interest Earnings
Total Revenues
Costs
Development Costs
Rice/Other Converted to Marsh
Rice Converted to Other
Biological Site Assessment
Total Expenditures
Transfers/Adjustments
Transfer to/from O&M/Admin. Fund
Transfer to/from Land Acquisition Fund
Transfer to/from Supplemental Endowmen
Transfer to/from Endowment Fund
Adjustment (to bal. to 2000 and 2022 end
Total Transfers/Adjustments
Ending Balance [2]
Undesignated
Designated
2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044
39 40 41 42 43 44 45 46 47 48 49
316.3 316.3 316.3 316.3 316.3 316.3 316.3 316.3 316.3 316.3 303.9

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
142.35 142.35 142.35 142.35 142.35 142.35 142.35 142.35 142.35 142.35 136.76

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

15.82 15.82 15.82 15.82 15.82 15.82 15.82 15.82 15.82 15.82 15.20 158.17 158.17 158.17 158.17 158.17 158.17 158.17 158.17 158.17 158.17 151.95 5,852.0 6,010.2 6,168.4 6,326.5 6,484.7 6,642.9 6,801.0 6,959.2 7,117.4 7,275.5 7,427.5

39.54 39.54 39.54 39.54 39.54 39.54 39.54 39.54 39.54 39.54 37.99 1,337.4 1,376.9 1,416.5 1,456.0 1,495.6 1,535.1 1,574.6 1,614.2 1,653.7 1,693.3 1,731.3

22.9% 22.9% 23.0% 23.0% 23.1% 23.1% 23.2% 23.2% 23.2% 23.3% 23.3%

23.7 23.7 23.7 23.7 23.7 23.7 23.7 23.7 23.7 23.7 22.8 $982,863 $1,070,396 $1,160,555 $1,253,419 $1,349,069 $1,447,588 $1,549,063 $1,653,583 $1,761,237 $1,872,122 $1,986,333 $580,473 $580,473 $580,473 $580,473 $580,473 $580,473 $580,473 $580,473 $580,473 $580,473 $557,673 $58,047 $58,047 $58,047 $58,047 $58,047 $58,047 $58,047 $58,047 $58,047 $58,047 $55,767 $29,486 $32,112 $34,817 $37,603 $40,472 $43,428 $46,472 $49,607 $52,837 $56,164 $59,590 $668,007 $670,633 $673,337 $676,123 $678,993 $681,948 $684,993 $688,128 $691,358 $694,684 $673,030 ($514,043) ($514,043) ($514,043) ($514,043) ($514,043) ($514,043) ($514,043) ($514,043) ($514,043) ($514,043) ($493,852) ($23,725) ($23,725) ($23,725) ($23,725) ($23,725) ($23,725) ($23,725) ($23,725) ($23,725) ($23,725) ($22,793) ($42,705) ($42,705) ($42,705) ($42,705) ($42,705) ($42,705) ($42,705) ($42,705) ($42,705) ($42,705) ($41,028) ($580,473) ($580,473) ($580,473) ($580,473) ($580,473) ($580,473) ($580,473) ($580,473) ($580,473) ($580,473) ($557,673) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$1,070,396 $1,160,555 $1,253,419 $1,349,069 $1,447,588 $1,549,063 $1,653,583 $1,761,237 $1,872,122 $1,986,333 $2,101,690 $1,070,396 $1,160,555 $1,253,419 $1,349,069 $1,447,588 $1,549,063 $1,653,583 $1,761,237 $1,872,122 $1,986,333 $2,101,690 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
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CASH FLOW
Beginning Balance
Revenues
R&E Fee Revenue [1]
Contingency Fee Revenue
Interest Earnings
Total Revenues
Costs
Development Costs
Rice/Other Converted to Marsh
Rice Converted to Other
Biological Site Assessment
Total Expenditures
Transfers/Adjustments
Transfer to/from O&M/Admin. Fund
Transfer to/from Land Acquisition Fund
Transfer to/from Supplemental Endowmen
Transfer to/from Endowment Fund
Adjustment (to bal. to 2000 and 2022 end
Total Transfers/Adjustments
Ending Balance [2]
Undesignated
Designated
2045 2046 2047 2048 2049 2050 2051 2052 2053
50 51 52 53 54 55 56 57 58
[1]
271.1 271.1 271.1 271.1 271.1 271.1 271.1 271.1 0.0

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
122.00 122.00 122.00 122.00 122.00 122.00 64.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

13.56 13.56 13.56 13.56 13.56 13.56 7.11 0.00 0.00
135.56 135.56 135.56 135.56 135.56 135.56 71.12 0.00 0.00 7,563.0 7,698.6 7,834.2 7,969.7 8,105.3 8,240.8 8,312.0 8,312.0 8,312.0

33.89 33.89 33.89 33.89 33.89 33.89 17.78 0.00 0.00
1,765.1 1,799.0 1,832.9 1,866.8 1,900.7 1,934.6 1,952.4 1,952.4 1,952.4

23.3% 23.4% 23.4% 23.4% 23.5% 23.5% 23.5% 23.5% 23.5%

20.3 20.3 20.3 20.3 20.3 20.3 10.7 - - $2,101,690 $2,214,490 $2,330,675 $2,450,345 $2,573,605 $2,700,562 $2,831,329 $3,202,522 $0 $497,496 $497,496 $497,496 $497,496 $497,496 $497,496 $497,496 $497,496 $0 $49,750 $49,750 $49,750 $49,750 $49,750 $49,750 $49,750 $49,750 $0 $63,051 $66,435 $69,920 $73,510 $77,208 $81,017 $84,940 $96,076 $0 $610,297 $613,681 $617,166 $620,756 $624,454 $628,263 $632,186 $643,322 $0 ($440,562) ($440,562) ($440,562) ($440,562) ($440,562) ($440,562) ($231,124) $0 $0 ($20,334) ($20,334) ($20,334) ($20,334) ($20,334) ($20,334) ($10,667) $0 $0 ($36,601) ($36,601) ($36,601) ($36,601) ($36,601) ($36,601) ($19,201) $0 $0 ($497,496) ($497,496) ($497,496) ($497,496) ($497,496) ($497,496) ($260,992) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 ($3,845,844) $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 ($3,845,844) $0
$2,214,490 $2,330,675 $2,450,345 $2,573,605 $2,700,562 $2,831,329 $3,202,522 $0 $0 $2,214,490 $2,330,675 $2,450,345 $2,573,605 $2,700,562 $2,831,329 $3,202,522 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
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Table A-5
NBHCP 2024 Fee Update
Administration/Operations and
Maintenance Cash Flow
Assumptions TOTAL 1996 1997 1998 1999
Item (2025+) 1996 - 2053 1 2 3 4
Developed Acres
Annual Developed Acreage 16,625.0 30.4 104.9 1,380.4 1,466.5 Rice Land Acre
Upland/Fallow 10% 415.6 0.0 0.0 0.0 98.8
Leased Rice Base Land 90% 3,740.6 0.0 0.0 0.0 889.4
Total Rice Lands 3,781.8 0.0 0.0 0.0 988.3
Other Land Type Acreage
Marsh 2 ,078.1 0.0 0.0 0.0 0.0
Other (Required Mitigation) 2,078.1 0.0 0.0 0.0 329.4
Other (Supplemental Mitigation) 273.4
Total Other 4,429.6 0.0 0.0 0.0 329.4
Total Habitat Acres 8,585.9 0.0 0.0 0.0 1,317.7
Beginning Balance $0 $0 $4,561 $70,261 $621,109
Revenues
Rice Base Land Lease $350
Other Crop Land Lease [1] $75
Subtotal $45,488,191 $0 $0 $0 $0
Admin/O&M Portion of Mitigation Fees [2] $17,449 $182,553,285 $4,561 $65,563 $655,671 $720,394 Miscellaneous Revenue $15,000 $4,793,805 $0 $0 $0 $0
Interest/Other Earned [3] 3% $26,965,325 $0 $137 $2,108 $18,633 Total Admin/O&M Revenues $259,800,606 $4,561 $65,700 $657,778 $739,027 Costs
Marsh Acres O&M Costs (Land Mgmt) $656.31 ($30,834,679) All Acres O&M Costs (Prop Maint) $85.89 ($35,645,451)
Property Taxes (See Table 12) ($51,537,685) $0 $0 $0 $0 Special Assessments (RD 1000+NCMWC) $112.07 ($30,791,328) SSMPs (Preparation & Update) [4] ($1,804,745)
Administration ($82,396,010) $0 $0 ($106,930) ($205,505) Monitoring One-time/Fixed Costs [5] ($175,000)
Monitoring Ongoing Costs [6] 3% ($16,390,672)
Excise Tax After All Mitigation Revenues ($134,936) $0 $0 $0 $0 Total Admin/O&M Costs ($249,710,505) $0 $0 ($106,930) ($205,505) Transfers/Adjustments
Transfer to/from RE Fund ($605,025) $0 $0 $0 $0
Transfer to/from Land Acquisition Fund $6,875,000 $0 $0 $0 $0 Transfer to/from Endowment Fund ($23,104,210) $0 $0 $0 $0 Loan for 200-acre Reserve $0 $0 $0 $0 $0
Drawdown on Endowment Fund $6,715,949 $0 $0 $0 $0
Fund Balance Adjustment $227,983 $0 $0 $0 $0
Total Transfers/Adjustments ($9,890,303) $0 $0 $0 $0
Ending Balance $199,798 $4,561 $70,261 $621,109 $1,154,631 Undesignated $0 $4,561 $70,261 $621,109 $1,154,631
Designated $199,798 $0 $0 $0 $0
[1] Other crop revenue assumed on 25% of upland/other acres. [2] The 2013 amount represents Metro Airpark catch-up fees from 2006. [3] Interest is earned at .0% annually on % of the prior year's ending balance. [4] SSMP Preparation Cost calculated at a rate of $160 per acquired acre and Update Cost calculated at a rate of $25,000 per year. See Table 7 for details. [5]
Represents Midpoint Program Review, assumed to occur in 2027. [6] Monitoring costs assumed to increase by 3%
every 5 years.
2024 Fee Update
Subtotals only for actual amounts
25% marsh, 50% rice, 25% other
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb A-23

Page 2 of 9 ends

0.0 209.0 244.7 617.5 617.5 657.5 718.7
352.6 613.1 806.2 844.2 808.4 1,206.9 1,058.3
205.9
205.9 206.7 217.2
352.6 822.1 1,050.9 1,667.6 1,631.8 2,071.2 1,994.1
1,410.3
1,551.5 2,244.1 2,863.7 3,011.7 3,407.6 4,178.0
$1,154,631 $1,549,539 $1,154,659 $106,719 $2,924,393 $3,443,813 $5,681,309 $0 $174,438 $232,305 $207,682 $335,319 $223,860 $221,388 $474,774 $502,013 $1,375,463 $3,640,781 $1,555,230 $3,781,296 $1,599,566 $0 $0 $0 $0 $0 $0 $0
$34,639 $139,824 $16,634 $101,461 $317,393 $112,700 $345,929 $509,413 $816,275 $1,624,402 $3,949,924 $2,207,942 $4,117,856 $2,166,883 ($390,048) ($560,788) ($1,224,234)
($234,137) ($259,210) ($281,999)
($139,164) ($273,906) ($261,021)
($388,815) ($611,155) ($876,281) ($1,448,791) ($779,494) ($527,173) ($354,110) ($195,679) ($269,768)
$0 $0 $0 $0 $0 $0 $0
($388,815) ($611,155) ($876,281) ($1,448,791) ($1,738,522) ($1,890,845) ($2,121,364) $0 ($600,000) $0 $0 $0 $10,485 $0
$0 $0 ($3,908,020) $2,428,500 $50,000 $0 $1,429,520
$0 $0 $0 $0 $0 $0 $0
$0 $0 $2,111,959 ($2,111,959) $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$274,310 $0 $0 $0 $0 $0 $0
$274,310 ($600,000) ($1,796,061) $316,541 $50,000 $10,485 $1,429,520 $1,549,539 $1,154,659 $106,719 $2,924,393 $3,443,813 $5,681,309 $7,156,348 $1,549,539 $1,154,659 $106,719 $2,924,393 $3,443,813 $5,414,053 $6,656,423 $0 $0 $0 $0 $0 $267,256 $499,925
Subtotals only for actual amounts
Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb A-24

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Table A-5
NBHCP 2024 Fee Update
Administration/Operations and
Maintenance Cash Flow
Item
Developed Acres
Annual Developed Acreage
Rice Land Acre
Upland/Fallow
Leased Rice Base Land
Total Rice Lands
Other Land Type Acreage
Marsh
Other (Required Mitigation)
Other (Supplemental Mitigation)
Total Other
Total Habitat Acres
Beginning Balance
Revenues
Rice Base Land Lease
Other Crop Land Lease [1]
Subtotal
Admin/O&M Portion of Mitigation Fees [2]
Miscellaneous Revenue
Interest/Other Earned [3]
Total Admin/O&M Revenues
Costs
Marsh Acres O&M Costs (Land Mgmt)
All Acres O&M Costs (Prop Maint)
Property Taxes (See Table 12)
Special Assessments (RD 1000+NCMWC)
SSMPs (Preparation & Update) [4]
Administration
Monitoring One-time/Fixed Costs [5]
Monitoring Ongoing Costs [6]
Excise Tax After All Mitigation Revenues
Total Admin/O&M Costs
Transfers/Adjustments
Transfer to/from RE Fund
Transfer to/from Land Acquisition Fund
Transfer to/from Endowment Fund
Loan for 200-acre Reserve
Drawdown on Endowment Fund
Fund Balance Adjustment
Total Transfers/Adjustments
Ending Balance
Undesignated
Designated
2007 2008 2009 2010 2011 2012 2013
12 13 14 15 16 17 18
103.2 19.1 21.1 0.3 50.0 80.1 0.0
206.9 232.4 230.0 205.5 208.9 227.2 227.2
1,861.8 2,091.3 2,069.7 1,849.2 1,880.4 2,044.4 2,044.4 2,068.6 2,323.6 2,299.7 2,054.7 2,089.4 2,271.5 2,271.5 713.3 714.3 714.3 714.3 714.3 714.3 714.3
1,174.2 918.2 912.1 1,157.1 1,060.1 907.1 907.1
217.2
217.2 217.2 217.2 238.2 238.2 238.2
2,104.6 1,849.7 1,843.6 2,088.6 2,012.6 1,859.6 1,859.6 4,173.3 4,173.3 4,143.3 4,143.3 4,102.0 4,131.1 4,131.1 $7,156,348 $8,778,358
$7,129,750 $5,486,669 $4,145,745 $1,800,177 $9,099,193
$312,085 $314,154 $526,400 $556,505 $403,690 $607,269 $636,801 $1,055,354 $193,118 $281,458 $75,623 $0 $1,954,520 $272,578 $0 $0 $0 $44,665 $144,897 $195,949 $90,568
$3,626,006 $554,757 $278,189 $235,129 $5,758 $77,409 $161,070 $4,993,445 $1,062,029 $1,086,047 $911,922 $554,345 $2,835,147 $1,161,017 ($2,039,132) ($1,372,933) ($1,190,133) ($710,038) ($956,484) ($930,400) ($866,388) ($294,932) ($194,093) ($160,850) ($164,495) ($189,169) ($417,315) ($201,526) ($467,700) ($467,700) ($359,410) ($437,630) ($328,374) ($369,737) ($383,683) $0 $0 $0 $0 $0 $0
($348,451) ($385,222) ($698,882) ($644,754) ($954,920) ($478,108) ($1,031,086) $0 $0 $0 $0 $0
($221,220) ($290,689) ($319,853) ($295,929) ($315,316) ($340,572) ($315,316) $0 $0 $0 $0 $0 $0 $0
($3,371,435) ($2,710,637) ($2,729,128) (2,252,846) ($2,744,263) ($2,536,131) ($2,797,999) $0 $0 $0 $0 ($21,150) $0 $5,640
$0 $0 $0 $0 ($125,000) $7,000,000 $0
$0 $0 $0 $0 ($9,500) $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 ($155,650) $7,000,000 $5,640
$8,778,358 $7,129,750 $5,486,669 $4,145,745 $1,800,177 $9,099,193 $7,467,851 $8,458,985 $6,798,870 $5,352,838 $3,401,308 $1,666,346 $8,965,362 $7,334,020 $319,373 $330,880 $133,831 $744,437 $133,831 $133,831 $133,831 t
SSubtotals only for actual amounts
Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb A-25

Page 4 of 9 ends

0.0 5.7 65.5 0.0 34.8 100.4 218.1
227.2 227.2 239.3 236.5 237.9 237.9 280.0
2,044.4 2,044.4 2,153.7 2,128.5 2,141.1 2,141.1 2,519.9 2,271.5 2,271.6 2,393.0 2,365.0 2,379.0 2,379.0 2,799.9 714.3 714.3 714.3 714.3 714.3 714.3 714.3
907.1 907.1 780.5 780.5 780.5 780.5 872.9
238.2
238.2 243.3 271.3 273.4 273.4 0.0
1,859.6 1,859.6 1,738.1 1,766.1 1,768.2 1,768.2 1,587.2 4,131.1 4,131.2 4,131.2 4,131.2 4,147.2 4,147.2 4,387.1 $7,467,851 $6,009,811
$5,900,712 $5,448,979 $4,318,388 $3,091,918 $3,139,383
$745,602 $803,328 $787,647 $495,231 $676,652 $1,109,399 $889,699 $0 $62,748 $891,151 $635,152 $450,937 $1,234,434 $3,079,722 $0 $1,113,995 $0 $229,187 $244,727 $64,108 $667,426
$166,764 $335,931 $354,303 $57,355 $50,189 $69,767 $27,795 $912,366 $2,316,002 $2,033,101 $1,416,925 $1,422,505 $2,477,708 $4,664,642 ($481,663) ($606,899) ($626,227) ($650,178) ($576,175) ($548,286) ($539,704) ($207,949) ($217,850) ($202,654) ($189,291) ($196,132) ($204,389) ($316,565) ($414,897) ($446,139) ($456,600) ($456,600) ($456,600) ($456,600) ($411,230) ($50,000) ($111,699) $0 $0 $0 $0 ($135,864)
($917,701) ($744,317) ($901,157) ($935,622) ($1,104,242) ($905,141) ($929,704) $0 $0 $0 $0 $0 $0 $0
($298,196) ($298,196) ($298,196) ($315,826) ($315,826) ($315,826) ($300,789) $0 $0 $0 $0 $0 $0 $0
($2,370,406) ($2,425,101) ($2,484,834) ($2,547,516) ($2,648,975) ($2,430,243) ($2,633,856) $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$6,009,811 $5,900,712 $5,448,979 $4,318,388 $3,091,918 $3,139,383 $5,170,169 $5,875,980 $5,766,881 $5,315,148 $4,182,643 $2,954,986 $3,002,451 $5,031,299 $133,831 $133,831 $133,831 $135,745 $136,932 $136,932 $138,870 Subto
ubtotals only for actual amounts
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81.4 647.5 121.0 88.6 67.8 300.6 300.6
308.7 306.4 306.4 306.4 306.4 288.3 279.8
2,778.7 2,757.9 2,757.9 2,757.9 2,757.9 2,595.0 2,518.1 3,087.5 3,064.3 3,064.3 3,064.3 3,064.3 2,883.3 2,797.9 714.3 799.7 840.1 840.1 840.1 1,021.1 1,062.5
872.9 1,045.3 1,008.0 1,008.0 1,008.0 1,008.0 1,052.0
273.4 273.4 273.4 273.4 273.4 273.4 273.4
1,860.6 2,118.4 2,121.4 2,121.4 2,121.4 2,302.4 2,387.9 4,948.1 5,182.7 5,185.8 5,185.8 5,185.8 5,185.8 5,185.8 $5,170,169 $5,068,295 $12,441,493 $11,814,314 $9,966,268 $7,939,677 $9,725,964 $965,269 $908,254 $881,344
$24,026 $24,026 $24,851
$971,200 $566,080 $900,982 $928,988 $989,294 $932,279 $906,195 $799,979 $10,155,323 $2,413,436 $1,760,002 $1,183,543 $5,244,915 $5,244,915 $1,050,445 $122,838 $50,000 $50,000 $25,000 $25,000 $25,000 $2,604 $271,605 $366,232 $130,000 $298,988 $238,190 $291,779 $2,824,228 $11,115,846 $3,730,650 $2,868,990 $2,496,825 $6,440,385 $6,467,889 ($551,353) ($670,145) ($697,319)
($644,409) ($938,458) ($1,167,000) ($1,457,353) ($445,403) ($445,403) ($445,403) ($316,565) ($417,315) ($441,993) ($483,187) (483,187) (545,076) (612,594) ($411,230) ($425,222) ($468,000) ($497,980) ($581,172) ($581,172) ($581,172) ($135,864) ($56,304) ($46,000) $0 ($25,000) ($25,000) ($25,000) ($1,117,245) ($1,543,197) ($1,919,011) ($1,962,690) ($2,054,355) ($2,054,355) ($2,054,355) $0 $0 $0 $0 ($50,000) $0 $0
($300,789) ($315,826) ($315,826) ($315,826) ($332,946) ($332,946) ($332,946) $0 $0 $0 $0 $0 $0 $0
($2,926,102) ($3,696,321) ($4,357,830) ($4,717,036) ($4,523,416) ($4,654,098) ($4,748,789) $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 ($46,327) $0 $0 $0 $0 $0
$0 ($46,327) $0 $0 $0 $0 $0
$5,068,295 $12,441,493 $11,814,314 $9,966,268 $7,939,677 $9,725,964 $11,445,063 $4,868,497 $12,241,695 $11,614,516 $9,766,470 $7,739,879 $9,526,166 $11,245,265 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 t. only for actual amts
Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb A-27

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Table A-5
NBHCP 2024 Fee Update
Administration/Operations and
Maintenance Cash Flow
Item
Developed Acres
Annual Developed Acreage
Rice Land Acre
Upland/Fallow
Leased Rice Base Land
Total Rice Lands
Other Land Type Acreage
Marsh
Other (Required Mitigation)
Other (Supplemental Mitigation)
Total Other
Total Habitat Acres
Beginning Balance
Revenues
Rice Base Land Lease
Other Crop Land Lease [1]
Subtotal
Admin/O&M Portion of Mitigation Fees [2]
Miscellaneous Revenue
Interest/Other Earned [3]
Total Admin/O&M Revenues
Costs
Marsh Acres O&M Costs (Land Mgmt)
All Acres O&M Costs (Prop Maint)
Property Taxes (See Table 12)
Special Assessments (RD 1000+NCMWC)
SSMPs (Preparation & Update) [4]
Administration
Monitoring One-time/Fixed Costs [5]
Monitoring Ongoing Costs [6]
Excise Tax After All Mitigation Revenues
Total Admin/O&M Costs
Transfers/Adjustments
Transfer to/from RE Fund
Transfer to/from Land Acquisition Fund
Transfer to/from Endowment Fund
Loan for 200-acre Reserve
Drawdown on Endowment Fund
Fund Balance Adjustment
Total Transfers/Adjustments
Ending Balance
Undesignated
Designated
2028 2029 2030 2031 2032 2033 2034
33 34 35 36 37 38 39
300.6 316.3 316.3 316.3 316.3 316.3 316.3
271.2 270.2 269.5 268.9 276.8 284.7 292.6
2,441.2 2,431.6 2,425.8 2,420.1 2,491.3 2,562.5 2,633.7 2,712.5 2,701.7 2,695.4 2,689.0 2,768.1 2,847.2 2,926.3 1,103.9 1,182.6 1,263.6 1,344.5 1,384.1 1,423.6 1,463.1 1,096.0 1,177.4 1,261.0 1,344.5 1,384.1 1,423.6 1,463.1 273.4 273.4 273.4 273.4 273.4 273.4 273.4
2,473.3 2,633.4 2,797.9 2,962.4 3,041.5 3,120.6 3,199.7 5,185.8 5,335.1 5,493.3 5,651.5 5,809.6 5,967.8 6,126.0 $11,445,063 $13,092,935 $14,876,430 $16,553,370 $18,119,759 $19,623,258 $21,059,634 $854,434 $851,044 $849,046 $847,048 $871,959 $896,870 $921,782 $25,676 $27,202 $28,769 $30,335 $31,077 $31,818 $32,560 $880,111 $878,246 $877,815 $877,383 $903,036 $928,689 $954,341 $5,244,915 $5,519,716 $5,519,716 $5,519,716 $5,519,716 $5,519,716 $5,519,716 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $343,352 $392,788 $446,293 $496,601 $543,593 $588,698 $631,789 $6,493,378 $6,815,750 $6,868,824 $6,918,700 $6,991,345 $7,062,103 $7,130,847 ($724,494) ($776,170) ($829,296) ($882,422) ($908,374) ($934,325) ($960,277) ($445,403) ($458,229) ($471,813) ($485,398) ($498,983) ($512,568) ($526,153) (682,137) (753,766) (827,544) (903,535) (981,806) (1,062,426) (1,145,464) ($581,172) ($597,908) ($615,634) ($633,360) ($651,085) ($668,811) ($686,537) ($25,000) ($48,893) ($50,307) ($50,307) ($50,307) ($50,307) ($50,307) ($2,054,355) ($2,054,355) ($2,054,355) ($2,054,355) ($2,054,355) ($2,054,355) ($2,054,355) $0 $0 $0 $0 $0 $0 $0
($332,946) ($342,934) ($342,934) ($342,934) ($342,934) ($342,934) ($353,222) $0 $0 $0 $0 $0 $0 $0
($4,845,507) ($5,032,255) ($5,191,884) ($5,352,312) ($5,487,845) ($5,625,727) ($5,776,315) $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$13,092,935 $14,876,430 $16,553,370 $18,119,759 $19,623,258 $21,059,634 $22,414,166 $12,893,137 $14,676,632 $16,353,572 $17,919,961 $19,423,460 $20,859,836 $22,214,368 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb A-28

Page 7 of 9 ends

Table A-5
NBHCP 2024 Fee Update
Administration/Operations and
Maintenance Cash Flow
Item
Developed Acres
Annual Developed Acreage
Rice Land Acre
Upland/Fallow
Leased Rice Base Land
Total Rice Lands
Other Land Type Acreage
Marsh
Other (Required Mitigation)
Other (Supplemental Mitigation)
Total Other
Total Habitat Acres
Beginning Balance
Revenues
Rice Base Land Lease
Other Crop Land Lease [1]
Subtotal
Admin/O&M Portion of Mitigation Fees [2]
Miscellaneous Revenue
Interest/Other Earned [3]
Total Admin/O&M Revenues
Costs
Marsh Acres O&M Costs (Land Mgmt)
All Acres O&M Costs (Prop Maint)
Property Taxes (See Table 12)
Special Assessments (RD 1000+NCMWC)
SSMPs (Preparation & Update) [4]
Administration
Monitoring One-time/Fixed Costs [5]
Monitoring Ongoing Costs [6]
Excise Tax After All Mitigation Revenues
Total Admin/O&M Costs
Transfers/Adjustments
Transfer to/from RE Fund
Transfer to/from Land Acquisition Fund
Transfer to/from Endowment Fund
Loan for 200-acre Reserve
Drawdown on Endowment Fund
Fund Balance Adjustment
Total Transfers/Adjustments
Ending Balance
Undesignated
Designated
2035 2036 2037 2038 2039 2040 2041
40 41 42 43 44 45 46
316.3 316.3 316.3 316.3 316.3 316.3 316.3
300.5 308.4 316.4 324.3 332.2 340.1 348.0
2,704.8 2,776.0 2,847.2 2,918.4 2,989.5 3,060.7 3,131.9 3,005.4 3,084.5 3,163.5 3,242.6 3,321.7 3,400.8 3,479.9 1,502.7 1,542.2 1,581.8 1,621.3 1,660.9 1,700.4 1,739.9 1,502.7 1,542.2 1,581.8 1,621.3 1,660.9 1,700.4 1,739.9 273.4 273.4 273.4 273.4 273.4 273.4 273.4
3,278.7 3,357.8 3,436.9 3,516.0 3,595.1 3,674.2 3,753.2 6,284.1 6,442.3 6,600.5 6,758.6 6,916.8 7,075.0 7,233.1 $22,414,166 $23,692,195 $24,888,860 $25,999,078 $27,017,533 $27,928,072 $28,735,165 $946,693 $971,604 $996,515 $1,021,427 $1,046,338 $1,071,249 $1,096,161 $33,301 $34,043 $34,784 $35,525 $36,267 $37,008 $37,750 $979,994 $1,005,647 $1,031,299 $1,056,952 $1,082,605 $1,108,258 $1,133,910 $5,519,716 $5,519,716 $5,519,716 $5,519,716 $5,519,716 $5,519,716 $5,519,716 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $672,425 $710,766 $746,666 $779,972 $810,526 $837,842 $862,055 $7,197,135 $7,261,129 $7,322,682 $7,381,641 $7,437,847 $7,490,816 $7,540,682 ($986,229) ($1,012,180) ($1,038,132) ($1,064,084) ($1,090,035) ($1,115,987) ($1,141,939) ($539,738) ($553,322) ($566,907) ($580,492) ($594,077) ($607,662) ($621,247) (1,230,993) (1,319,087) (1,409,825) (1,503,285) (1,599,549) ($1,698,700) ($1,796,815) ($704,263) ($721,989) ($739,714) ($757,440) ($775,166) ($792,892) ($810,618) ($50,307) ($50,307) ($50,307) ($50,307) ($50,307) ($50,307) ($50,307) ($2,054,355) ($2,054,355) ($2,054,355) ($2,054,355) ($2,054,355) ($2,054,355) ($2,054,355) $0 $0 $0 $0 $0 $0 $0
($353,222) ($353,222) ($353,222) ($353,222) ($363,819) ($363,819) ($363,819) $0 $0 $0 $0 $0 $0 $0
($5,919,106) ($6,064,464) ($6,212,464) ($6,363,186) ($6,527,308) ($6,683,722) ($6,839,099) $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$23,692,195 $24,888,860 $25,999,078 $27,017,533 $27,928,072 $28,735,165 $29,436,748 $23,492,397 $24,689,062 $25,799,280 $26,817,735 $27,728,274 $28,535,367 $29,236,950 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb A-29

Page 8 of 9 ends

Table A-5
NBHCP 2024 Fee Update
Administration/Operations and
Maintenance Cash Flow
Item
Developed Acres
Annual Developed Acreage
Rice Land Acre
Upland/Fallow
Leased Rice Base Land
Total Rice Lands
Other Land Type Acreage
Marsh
Other (Required Mitigation)
Other (Supplemental Mitigation)
Total Other
Total Habitat Acres
Beginning Balance
Revenues
Rice Base Land Lease
Other Crop Land Lease [1]
Subtotal
Admin/O&M Portion of Mitigation Fees [2]
Miscellaneous Revenue
Interest/Other Earned [3]
Total Admin/O&M Revenues
Costs
Marsh Acres O&M Costs (Land Mgmt)
All Acres O&M Costs (Prop Maint)
Property Taxes (See Table 12)
Special Assessments (RD 1000+NCMWC)
SSMPs (Preparation & Update) [4]
Administration
Monitoring One-time/Fixed Costs [5]
Monitoring Ongoing Costs [6]
Excise Tax After All Mitigation Revenues
Total Admin/O&M Costs
Transfers/Adjustments
Transfer to/from RE Fund
Transfer to/from Land Acquisition Fund
Transfer to/from Endowment Fund
Loan for 200-acre Reserve
Drawdown on Endowment Fund
Fund Balance Adjustment
Total Transfers/Adjustments
Ending Balance
Undesignated
Designated
2042 2043 2044 2045 2046 2047 2048
47 48 49 50 51 52 53
316.3 316.3 303.9 271.1 271.1 271.1 271.1
355.9 363.8 371.4 378.2 385.0 391.7 398.5
3,203.1 3,274.2 3,342.6 3,403.6 3,464.6 3,525.6 3,586.6 3,559.0 3,638.0 3,714.0 3,781.8 3,849.6 3,917.4 3,985.1 1,779.5 1,819.0 1,857.0 1,890.9 1,924.8 1,958.7 1,992.6 1,779.5 1,819.0 1,857.0 1,890.9 1,924.8 1,958.7 1,992.6 273.4 273.4 273.4 273.4 273.4 273.4 273.4
3,832.3 3,911.4 3,987.4 4,055.2 4,123.0 4,190.7 4,258.5 7,391.3 7,549.5 7,701.4 7,837.0 7,972.5 8,108.1 8,243.6 $29,436,748 $30,037,615 $30,532,040 $30,688,555 $30,154,567 $29,476,000 $28,645,473 $1,121,072 $1,145,983 $1,169,916 $1,191,267 $1,212,617 $1,233,967 $1,255,317 $38,491 $39,232 $39,945 $40,580 $41,216 $41,851 $42,486 $1,159,563 $1,185,216 $1,209,861 $1,231,847 $1,253,832 $1,275,818 $1,297,804 $5,519,716 $5,519,716 $5,302,905 $4,730,688 $4,730,688 $4,730,688 $4,730,688 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $883,102 $901,128 $915,961 $920,657 $904,637 $884,280 $859,364 $7,587,382 $7,631,061 $7,453,727 $6,908,191 $6,914,157 $6,915,786 $6,912,856 ($1,167,890) ($1,193,842) ($1,218,774) ($1,241,016) ($1,263,258) ($1,285,500) ($1,307,742) ($634,831) ($648,416) ($661,468) ($673,110) ($684,753) ($696,396) ($708,039) ($1,886,968) ($1,979,826) ($2,075,470) ($2,173,983) ($2,275,451) ($2,379,963) ($2,436,436) ($828,344) ($846,069) ($863,099) ($878,291) ($893,483) ($908,675) ($923,867) ($50,307) ($50,307) ($49,313) ($46,689) ($46,689) ($46,689) ($46,689) ($2,054,355) ($2,054,355) ($2,054,355) ($2,054,355) ($2,054,355) ($2,054,355) ($2,054,355) $0 $0 $0 $0 $0 $0 $0
($363,819) ($363,819) ($374,734) ($374,734) ($374,734) ($374,734) ($374,734) $0 $0 $0 $0 $0 $0 $0
($6,986,515) ($7,136,635) ($7,297,212) ($7,442,179) ($7,592,724) ($7,746,313) ($7,851,863) $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$30,037,615 $30,532,040 $30,688,555 $30,154,567 $29,476,000 $28,645,473 $27,706,466 $29,837,817 $30,332,242 $30,488,757 $29,954,769 $29,276,202 $28,445,675 $27,506,668 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb A-30

Page 9 of 9 ends

Table A-5
NBHCP 2024 Fee Update
Administration/Operations and
Maintenance Cash Flow
Item
Developed Acres
Annual Developed Acreage
Rice Land Acre
Upland/Fallow
Leased Rice Base Land
Total Rice Lands
Other Land Type Acreage
Marsh
Other (Required Mitigation)
Other (Supplemental Mitigation)
Total Other
Total Habitat Acres
Beginning Balance
Revenues
Rice Base Land Lease
Other Crop Land Lease [1]
Subtotal
Admin/O&M Portion of Mitigation Fees [2]
Miscellaneous Revenue
Interest/Other Earned [3]
Total Admin/O&M Revenues
Costs
Marsh Acres O&M Costs (Land Mgmt)
All Acres O&M Costs (Prop Maint)
Property Taxes (See Table 12)
Special Assessments (RD 1000+NCMWC)
SSMPs (Preparation & Update) [4]
Administration
Monitoring One-time/Fixed Costs [5]
Monitoring Ongoing Costs [6]
Excise Tax After All Mitigation Revenues
Total Admin/O&M Costs
Transfers/Adjustments
Transfer to/from RE Fund
Transfer to/from Land Acquisition Fund
Transfer to/from Endowment Fund
Loan for 200-acre Reserve
Drawdown on Endowment Fund
Fund Balance Adjustment
Total Transfers/Adjustments
Ending Balance
Undesignated
Designated
2049 2050 2051 2052 2053
54 55 56 57 58
271.1 271.1 271.1 271.1 0.0
405.3 412.1 415.6 415.6 415.6
3,647.6 3,708.6 3,740.6 3,740.6 3,740.6
4,052.9 4,120.7 4,156.3 4,156.3 4,156.3
2,026.5 2,060.3 2,078.1 2,078.1 2,078.1
2,026.5 2,060.3 2,078.1 2,078.1 2,078.1
273.4 273.4 273.4 273.4 273.4
4,326.3 4,394.1 4,429.6 4,429.6 4,429.6
8,379.2 8,514.8 8,585.9 8,585.9 8,585.9
$27,706,466 $26,700,956 $25,638,189 $24,539,637 $199,798 $1,276,668 $1,298,018 $1,309,219 $1,309,219 $1,309,219
$43,122 $43,757 $44,091 $44,091 $44,091
$1,319,790 $1,341,775 $1,353,309 $1,353,309 $1,353,309
$4,730,688 $4,730,688 $4,730,688 $4,730,688 $0
$25,000 $25,000 $25,000 $25,000 $25,000
$831,194 $801,029 $769,146 $736,189 $5,994
$6,906,671 $6,898,492 $6,878,143 $6,845,186 $1,384,303
($1,329,984) ($1,352,226) ($1,363,894) ($1,363,894) ($1,363,894) ($719,682) ($731,325) ($737,433) ($737,433) ($737,433)
($2,436,436) ($2,436,436) ($2,436,436) ($2,436,436) ($2,436,436) ($939,059) ($954,251) ($962,221) ($962,221) ($962,221)
($46,689) ($46,689) ($36,378) ($25,000) ($25,000)
($2,054,355) ($2,054,355) ($2,054,355) ($2,054,355) ($2,054,355) $0 $0 $0 ($125,000) $0
($385,976) ($385,976) ($385,976) ($385,976) ($385,976)
$0 $0 $0 $0 ($134,936)
($7,912,182) ($7,961,259) ($7,976,694) ($8,090,316) ($8,100,252) $0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 ($23,094,710) $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $6,715,949
$0 $0 $0 $0 $0
$0 $0 $0 ($23,094,710) $6,715,949
$26,700,956 $25,638,189 $24,539,637 $199,798 $199,798
$26,501,158 $25,438,391 $24,339,839 $0 $0
$199,798 $199,798 $199,798 $199,798 $199,798
Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb A-31

Page 1 of 6 ends

Table A-6
NBHCP 2024 Fee Update
O&M Endowment Fund Cash Flow
TOTAL 1996
1997 1998 1999 2000 2001 2002 2003
Item 1996 - 2053 12345678
Annual Developed Acreage for Fee Estimate 16,625.0 30.4 104.9 1,380.4 1,466.5 598.1 242.6 777.8 1,041.9 Beginning Balance $0 $0 $2,280 $12,770 $275,038 $323,846 $463,981 $966,676 $1,730,724 Endowment Fund Fee Revenue [1] $10,469 per dev acre $107,728,445 $2,280 $10,490 $262,268 $278,626 $113,645 $209,651 $685,154 $2,169,320 Other Revenue $261,347 $0 $0 $0 $0 $0 $257,219 $4,128 $0 Transfer from Administration/Operations $23,085,210 $0 $0 $0 $0 $0 $0 $0 $0 Transfer from Land Acquisition $6,438,406 $0 $0 $0 $0 $0 $0 $0 $0 Transfer from Restoration and Enhancement $3,845,844 $0 $0 $0 $0 $0 $0 $0 $0 Transfer from Supplemental Endowment $8,718,777 $0 $0 $0 $0 $0 $0 $0 $0 Less Drawdown ($6,715,949) $0 $0 $0 $0 $0 $0 $0 $0
Interest Earnings [2] 3.00%
of beg bal. $124,285,061 $0 $0 $0 $0 $26,490 $35,825 $74,766 $549,125 Less Management Fees [3] 0.50% of $5 M ($13,732,904) $0 $0 $0 $0 $0 $0.0 $0 ($24,671)

0.35% of rem. bal.

Adjustment (to balance to 1999 and 2021 ending bal) ($199,223) $0 $0 $0 ($229,818) $0 $0 $0 $0 Ending Balance $253,715,014 $2,280 $12,770 $275,038 $323,846 $463,981 $966,676 $1,730,724 $4,424,499 [1] 2013 amount represents Metro Airpark catch-up fees from 2006. [2]
Earnings pct. for current year and following two years differ from pct. for all other future years. Calculation shown below:

Year Invest. Earnings Pct.
2011 (0.82%)
2012 11.82%
2013 17.22%
2014 5.48%
2015 0.93%
2016 7.40%
2017 15.33%
2018 (3.16%)
2019 19.50%
2020 14.85%
2021 11.08%
2022 (20.13%)
2023 7.19%
Annual Average 6.70% for years 2023-2025.
[3] 0.5% on first $5,000,000 + 0.35% of remaining beginning balance for 2025+.

Assumptions
(for years 2025+)
1/2 acre of mitigation land per gross acre of developed land 17,500 developable acres; 95% assumed to develop
2024 Fee Update
25% marsh, 50% rice, 25% other
Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb A-32

Page 2 of 6 ends

Table A-6
NBHCP 2024 Fee Update
O&M Endowment Fund Cash Flow
Item
Annual Developed Acreage for Fee Estimate
Beginning Balance
Endowment Fund Fee Revenue [1]
Other Revenue
Transfer from Administration/Operations
Transfer from Land Acquisition
Transfer from Restoration and Enhancement
Transfer from Supplemental Endowment
Less Drawdown
Interest Earnings [2]
Less Management Fees [3]
Adjustment (to balance to 1999 and 2021 endin
Ending Balance
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
9 1 01 11 21 31 41 51 61 71 8
347.7 678.4 132.2 103.2 19.1 21.1 0.3 50.0 80.1 0.0
$4,424,499 $5,803,065 $8,148,581 $9,926,631 $10,959,532 $7,575,335 $9,591,852 $10,914,484 $10,778,015 $13,175,111 $860,660 $1,964,462 $763,735 $584,703 $107,222 $159,493 $42,734 $9,500 $1,113,409 $140,188 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 ($9,500) $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$517,906 $473,588 $1,105,207 $501,993 ($3,438,653) $1,897,090 $1,337,968 ($92,131) $1,333,505 $2,266,258 $0 ($92,534) ($90,892) ($53,795) ($52,766) ($40,066) ($58,070) ($44,338) ($49,818) ($56,921) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$5,803,065 $8,148,581 $9,926,631 $10,959,532 $7,575,335 $9,591,852 $10,914,484 $10,778,015 $13,175,111 $15,524,636 Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb A-33

Page 3 of 6 ends

0.0 5.7 65.5 0.0 34.8 100.4 218.1 81.4 647.5 121.0
$15,524,636 $16,310,886 $16,437,061 $18,102,027 $21,184,586 $20,685,410 $25,372,822 $30,956,080 $34,712,053 $33,398,811 $0 $37,691 $505,994 $360,248 $257,500 $701,743 $1,747,826 $453,418 $5,758,625 $1,371,846 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$848,704 $152,493 $1,226,222 $2,799,040 ($675,424) $4,075,121 $3,933,536 $3,425,282 ($6,987,292) $2,235,671 ($62,454) ($64,009) ($67,250) ($76,729) ($81,252) ($89,452) ($98,104) ($122,727) ($115,169) ($87,529) $0 $0 $0 $0 $0 $0 $0 $0 $30,594 $0
$16,310,886 $16,437,061 $18,102,027 $21,184,586 $20,685,410 $25,372,822 $30,956,080 $34,712,053 $33,398,811 $36,918,799 Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb A-34

Page 4 of 6 ends

88.6 67.8 300.6 300.6 300.6 316.3 316.3 316.3 316.3 316.3 $36,918,799 $40,309,723 $43,887,852 $48,190,209 $52,606,579 $57,139,982 $61,958,395 $66,904,496 $71,981,668 $77,193,385 $1,025,962 $1,025,962 $3,146,829 $3,146,829 $3,146,829 $3,311,703 $3,311,703 $3,311,703 $3,311,703 $3,311,703 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$2,470,000 $2,700,751 $1,316,636 $1,445,706 $1,578,197 $1,714,199 $1,858,752 $2,007,135 $2,159,450 $2,315,802 ($105,038) ($148,584) ($161,107) ($176,166) ($191,623) ($207,490) ($224,354) ($241,666) ($259,436) ($277,677) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$40,309,723 $43,887,852 $48,190,209 $52,606,579 $57,139,982 $61,958,395 $66,904,496 $71,981,668 $77,193,385 $82,543,213 Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb A-35

Page 5 of 6 ends

Table A-6
NBHCP 2024 Fee Update
O&M Endowment Fund Cash Flow
Item
Annual Developed Acreage for Fee Estimate
Beginning Balance
Endowment Fund Fee Revenue [1]
Other Revenue
Transfer from Administration/Operations
Transfer from Land Acquisition
Transfer from Restoration and Enhancement
Transfer from Supplemental Endowment
Less Drawdown
Interest Earnings [2]
Less Management Fees [3]
Adjustment (to balance to 1999 and 2021 endin
Ending Balance
2034 2035 2036 2037 2038 2039 2040 2041 2042 2043
39 40 41 42 43 44 45 46 47 48
316.3 316.3 316.3 316.3 316.3 316.3 316.3 316.3 316.3 316.3 $82,543,213 $88,034,812 $93,671,937 $99,458,447 $105,398,299 $111,495,557 $117,754,393 $124,179,087 $130,774,037 $137,543,752 $3,311,703 $3,311,703 $3,311,703 $3,311,703 $3,311,703 $3,311,703 $3,311,703 $3,311,703 $3,311,703 $3,311,703 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$2,476,296 $2,641,044 $2,810,158 $2,983,753 $3,161,949 $3,344,867 $3,532,632 $3,725,373 $3,923,221 $4,126,313 ($296,401) ($315,622) ($335,352) ($355,605) ($376,394) ($397,734) ($419,640) ($442,127) ($465,209) ($488,903) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$88,034,812 $93,671,937 $99,458,447 $105,398,299 $111,495,557 $117,754,393 $124,179,087 $130,774,037 $137,543,752 $144,492,864 Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb A-36

Page 6 of 6 ends

Table A-6
NBHCP 2024 Fee Update
O&M Endowment Fund Cash Flow
Item
Annual Developed Acreage for Fee Estimate
Beginning Balance
Endowment Fund Fee Revenue [1]
Other Revenue
Transfer from Administration/Operations
Transfer from Land Acquisition
Transfer from Restoration and Enhancement
Transfer from Supplemental Endowment
Less Drawdown
Interest Earnings [2]
Less Management Fees [3]
Adjustment (to balance to 1999 and 2021 endin
Ending Balance
2044 2045 2046 2047 2048 2049 2050 2051 2052 2053
49 50 51 52 53 54 55 56 57 58
303.9 271.1 271.1 271.1 271.1 271.1 271.1 271.1 271.1 0.0 $144,492,864 $151,496,047 $158,341,496 $165,368,350 $172,581,415 $179,985,627 $187,586,050 $195,387,885 $203,396,468 $253,715,014 $3,181,621 $2,838,304 $2,838,304 $2,838,304 $2,838,304 $2,838,304 $2,838,304 $2,838,304 $2,838,304 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $23,094,710 $0
$0 $0 $0 $0 $0 $0 $0 $0 $6,438,406 $0
$0 $0 $0 $0 $0 $0 $0 $0 $3,845,844 $0
$0 $0 $0 $0 $0 $0 $0 $0 $8,718,777 $0
$0 $0 $0 $0 $0 $0 $0 $0 ($0) ($6,715,949)
$4,334,786 $4,544,881 $4,750,245 $4,961,050 $5,177,442 $5,399,569 $5,627,582 $5,861,637 $6,101,894 $7,611,450 ($513,225) ($537,736) ($561,695) ($586,289) ($611,535) ($637,450) ($664,051) ($691,358) ($719,388) ($895,503) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$151,496,047 $158,341,496 $165,368,350 $172,581,415 $179,985,627 $187,586,050 $195,387,885 $203,396,468 $253,715,014 $253,715,014 Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb A-37

Page 1 of 7 ends

Table A-7
NBHCP 2024 Fee Update
Supplemental Endowment Fund Cash Flow
TOTAL 1996 1997 1998 1999 2000 2001 2002
1996-2053 1234567
Annual Developed Acreage for Fee Calculation 16,625.0 30.4 104.9 1,380.4 1,466.5 598.1 242.6 777.8 Beginning Balance $0 $0 $0 $0 $0 $0 $0 $36,390
Revenues
Fee Revenue [1] $670 per dev acre $8,041,232 $0 $0 $0 $0 $0 $36,390 $146,228 Interest Earnings 3% of beg. bal. $12,354,326 $0 $0 $0 $0 $0 $0 $1,092 Costs
Fees and Taxes [2] 0.35% of beg. bal. ($1,257,996)
200-Acre Acquisition $0 per acq. acre $0 $0 $0 $0 $0 $0 $0 $0 Changed Circumstances Contingency [3] $375 per dev acre ($4,136,671) $0 $0 $0 $0 $0 $0 $0 Changed Circumstances Interest [4] ($6,282,114) $0 $0 $0 $0 $0 $0 $0 Changed Circumstance Loan/Repayment $0 $0 $0 $0 $0 $0 $0 $0 Land Acquisition Loan/Repayment $0 $0 $0 $0 $0 $0 $0 $0 R&E Loan/Repayment $0 $0 $0 $0 $0 $0 $0 $0
Transfer to Endowment ($8,718,777) $0 $0 $0 $0 $0 $0 $0 Drawdown $0 $0 $0 $0 $0 $0 $0 $0
Adjustment $0 $0 $0 $0 $0 $0 $0 $0
Ending Balance $0 $0 $0 $0 $0 $0 $36,390 $183,710
[1] 2013 amount reflects Metro Air Park catch up fees from 2006. [2]

0.35% of beginning balance for 2024+.
[3] The balance on the Changed Circumstances Fund is estimated below:
[4] Portion of annual interest earnings to transfer to Changed Circumstance Contingency Fund.

Changed Circumstances Contingency Fund [5]
Beginning Balance $0 $0
$0 $0 $0 $0 $0 $0
Revenues $4,449,286 $0 $0 $0 $0 $0 $0 $0
Interest Earnings 3% of beg. bal. $6,282,114 $0 $0 $0 $0 $0 $0 $0 Management Fees [6] 0.35% of beg. bal. ($36,472) $0 $0 $0 $0 $0 $0 $0 Income Tax After All Mitigation Revenues 1.50% of Int Earnings $0 $0 $0 $0 $0 $0 $0 $0 Loan/Repayment to Supplemental Endowment $0 $0 $0 $0 $0 $0 $0 $0 Transfer to Endowment $0 $0 $0 $0 $0 $0 $0 $0
Adjustment (Restatement of Assets based on 2021 Financial Audit) $1,702 $0 $0 $0 $0 $0 $0 $0 Ending Balance $10,696,630 $0 $0 $0 $0 $0 $0 $0
[5] This fund provides for adaptive management or changed circumstances of the NBHCP. [6]
Includes fund management fees after buildout and transfer of other Supplemental Endowment Funds. (for years 2025+)
Assumptions
2024 Fee Update
17,500 developable acres; 95% assumed to develop
1/2 acre of mitigation land per gross acre of developed land 25% marsh, 50% rice, 25% other
Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb A-38

Page 2 of 7 ends

Table A-7
NBHCP 2024 Fee Update
Supplemental Endowment Fund Cash Flow
Annual Developed Acreage for Fee Calculation
Beginning Balance
Revenues
Fee Revenue [1]
Interest Earnings
Costs
Fees and Taxes [2]
200-Acre Acquisition
Changed Circumstances Contingency [3]
Changed Circumstances Interest [4]
Changed Circumstance Loan/Repayment
Land Acquisition Loan/Repayment
R&E Loan/Repayment
Transfer to Endowment
Drawdown
Adjustment
Ending Balance
Changed Circumstances Contingency Fund [5]
Beginning Balance
Revenues
Interest Earnings
Management Fees [6]
Income Tax After All Mitigation Revenues
Loan/Repayment to Supplemental Endowment
Transfer to Endowment
Adjustment (Restatement of Assets based on 2021 Financial Audit) Ending Balance
2003 2004 2005 2006 2007 2008 2009 2010 2011
8 9 10 11 12 13 14 15 16
1,041.9 347.7 678.4 132.2 103.2 19.1 21.1 0.3 50.0
$183,710 $456,279 $558,116 $784,582 $980,519 $1,103,939 $780,438 $992,621 $1,120,982 $448,003 $164,314 $361,478 $141,638 $96,517 $17,116 $18,764 $4,153 $0 $85,034 $38,420 $81,658 $171,986 $95,797 ($544,080) $342,529 $223,905 ($16,465) ($14,981) ($12,781) ($4,290) ($8,788) ($6,825) ($9,986) ($7,617) $0 $0 $0 $0 $0 $0 $0 $0 $0
($260,467) ($86,935) ($169,597) ($33,048) ($25,788) ($4,778) ($5,270) ($80) ($12,500) $0 ($13,962) ($32,092) ($71,857) ($38,817) $217,028 ($137,015) ($89,631) $6,612 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$456,279 $558,116 $784,582 $980,519 $1,103,939 $780,438 $992,621 $1,120,982 $1,091,013 $0 $260,467 $361,364 $563,053 $667,959 $732,563 $520,312 $662,597 $752,308 $260,467 $86,935 $169,597 $33,048 $25,788 $4,778 $5,270 $80 $12,500 $0 $13,962 $32,092 $71,857 $38,817 ($217,028) $137,015 $89,631 ($6,612) $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$260,467 $361,364 $563,053 $667,959 $732,563 $520,312 $662,597 $752,308 $758,196 Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb A-39

Page 3 of 7 ends

80.1 0.0 0.0 5.7 65.5 0.0 34.8 100.4 218.1
$1,091,013 $1,288,823 $1,534,508 $1,606,868 $1,613,377 $1,747,122 $2,032,404 $1,964,019 $2,361,762 $92,194 $31,686 $0 $3,108 $41,718 $28,784 $17,975 $48,984 $139,354 $227,060 $374,347 $137,685 $25,630 $199,965 $451,381 ($108,145) $651,591 $359,669 ($8,316) ($9,339) ($10,273) ($10,529) ($10,972) ($12,364) ($13,035) ($14,207) ($12,115) $0 $0 $0 $0 $0 $0 $0 $0 $0
($20,030) ($11) $0 ($1,413) ($16,378) $0 ($8,698) ($25,095) ($54,530) ($93,097) ($150,998) ($55,052) ($10,287) ($80,589) ($182,519) $43,518 ($263,530) ($146,460) $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 ($1,400,000)
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$1,288,823 $1,534,508 $1,606,868 $1,613,377 $1,747,122 $2,032,404 $1,964,019 $2,361,762 $1,247,680 $758,196 $871,323 $1,022,332 $1,077,384 $1,089,084 $1,186,050 $1,368,570 $1,333,750 $1,622,374 $20,030 $11 $0 $1,413 $16,378 $0 $8,698 $25,095 $54,530 $93,097 $150,998 $55,052 $10,287 $80,589 $182,519 ($43,518) $263,530 $146,460 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$871,323 $1,022,332 $1,077,384 $1,089,084 $1,186,050 $1,368,570 $1,333,750 $1,622,374 $1,823,365 Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb A-40

Page 4 of 7 ends

81.4 647.5 121.0 88.6 67.8 300.6 300.6 300.6 316.3
$1,247,680 $1,385,104 $0 $96,509 $954,424 $931,730 $1,227,602 $1,877,848 $2,851,209 $36,258 $525,082 $90,251 $65,660 $45,445 $201,392 $201,392 $201,392 $211,944 $329,050 ($102,511) $135,655 $70,000 $103,748 $106,083 $120,685 $146,090 $181,365 ($12,171) ($3,595) ($5,206) ($6,247) ($12,104) ($12,376) ($14,080) ($17,044) ($21,159) $0 $0 $0 $0 $0 $0 $0 $0 $0
($20,347) ($242,818) ($45,368) ($33,236) ($25,436) ($112,720) ($112,720) ($112,720) ($118,625) ($195,366) $61,045 ($135,655) ($67,023) ($75,115) ($78,132) ($83,857) ($89,754) ($95,829) $0 $230,711 $0 ($230,711) $0 $0 $0 $0 $0
$0 ($1,853,017) $56,831 $1,059,472 ($59,232) $191,623 $538,825 $845,397 $240,095 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$1,385,104 $0 $96,509 $954,424 $931,730 $1,227,602 $1,877,848 $2,851,209 $3,248,999 $1,823,365 $2,039,078 $1,991,842 $2,172,864 $2,503,834 $2,604,385 $2,795,236 $2,991,813 $3,194,287 $20,347 $242,818 $45,368 $33,236 $25,436 $112,720 $112,720 $112,720 $118,625 $195,366 ($61,045) $135,655 $67,023 $75,115 $78,132 $83,857 $89,754 $95,829 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 ($230,711) $0 $230,711 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $1,702 $0 $0 $0 $0 $0 $0 $0
$2,039,078 $1,991,842 $2,172,864 $2,503,834 $2,604,385 $2,795,236 $2,991,813 $3,194,287 $3,408,741 Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb A-41

Page 5 of 7 ends

Table A-7
NBHCP 2024 Fee Update
Supplemental Endowment Fund Cash Flow
Annual Developed Acreage for Fee Calculation
Beginning Balance
Revenues
Fee Revenue [1]
Interest Earnings
Costs
Fees and Taxes [2]
200-Acre Acquisition
Changed Circumstances Contingency [3]
Changed Circumstances Interest [4]
Changed Circumstance Loan/Repayment
Land Acquisition Loan/Repayment
R&E Loan/Repayment
Transfer to Endowment
Drawdown
Adjustment
Ending Balance
Changed Circumstances Contingency Fund [5]
Beginning Balance
Revenues
Interest Earnings
Management Fees [6]
Income Tax After All Mitigation Revenues
Loan/Repayment to Supplemental Endowment
Transfer to Endowment
Adjustment (Restatement of Assets based on 2021 Financial Audit) Ending Balance
2030 2031 2032 2033 2034 2035 2036 2037 2038
35 36 37 38 39 40 41 42 43
316.3 316.3 316.3 316.3 316.3 316.3 316.3 316.3 316.3
$3,248,999 $3,618,149 $3,972,987 $4,158,090 $4,347,278 $4,540,634 $4,738,245 $4,940,195 $5,146,575 $211,944 $211,944 $211,944 $211,944 $211,944 $211,944 $211,944 $211,944 $211,944 $199,732 $217,433 $234,904 $247,487 $260,404 $273,663 $287,273 $301,244 $315,586 ($23,302) ($25,367) ($27,405) ($28,874) ($30,380) ($31,927) ($33,515) ($35,145) ($36,818) $0 $0 $0 $0 $0 $0 $0 $0 $0
($118,625) ($118,625) ($118,625) ($118,625) ($118,625) ($118,625) ($118,625) ($118,625) ($118,625) ($102,262) ($108,889) ($115,714) ($122,744) ($129,986) ($137,444) ($145,126) ($153,038) ($161,188) $0 $0 $0 $0 $0 $0 $0 $0 $0
$201,663 $178,342 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$3,618,149 $3,972,987 $4,158,090 $4,347,278 $4,540,634 $4,738,245 $4,940,195 $5,146,575 $5,357,472 $3,408,741 $3,629,628 $3,857,142 $4,091,482 $4,332,852 $4,581,463 $4,837,532 $5,101,283 $5,372,947 $118,625 $118,625 $118,625 $118,625 $118,625 $118,625 $118,625 $118,625 $118,625 $102,262 $108,889 $115,714 $122,744 $129,986 $137,444 $145,126 $153,038 $161,188 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$3,629,628 $3,857,142 $4,091,482 $4,332,852 $4,581,463 $4,837,532 $5,101,283 $5,372,947 $5,652,761 Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb A-42

Page 6 of 7 ends

Table A-7
NBHCP 2024 Fee Update
Supplemental Endowment Fund Cash Flow
Annual Developed Acreage for Fee Calculation
Beginning Balance
Revenues
Fee Revenue [1]
Interest Earnings
Costs
Fees and Taxes [2]
200-Acre Acquisition
Changed Circumstances Contingency [3]
Changed Circumstances Interest [4]
Changed Circumstance Loan/Repayment
Land Acquisition Loan/Repayment
R&E Loan/Repayment
Transfer to Endowment
Drawdown
Adjustment
Ending Balance
Changed Circumstances Contingency Fund [5]
Beginning Balance
Revenues
Interest Earnings
Management Fees [6]
Income Tax After All Mitigation Revenues
Loan/Repayment to Supplemental Endowment
Transfer to Endowment
Adjustment (Restatement of Assets based on 2021 Financial Audit) Ending Balance
2039 2040 2041 2042 2043 2044 2045 2046 2047
44 45 46 47 48 49 50 51 52
316.3 316.3 316.3 316.3 316.3 303.9 271.1 271.1 271.1
$5,357,472 $5,572,979 $5,793,188 $6,018,194 $6,248,092 $6,482,980 $6,719,292 $6,951,039 $7,187,783 $211,944 $211,944 $211,944 $211,944 $211,944 $203,619 $181,647 $181,647 $181,647 $330,307 $345,418 $360,930 $376,853 $393,198 $409,976 $426,949 $443,713 $460,921 ($38,536) ($40,299) ($42,109) ($43,966) ($45,873) ($47,831) ($49,811) ($51,766) ($53,774) $0 $0 $0 $0 $0 $0 $0 $0 $0
($118,625) ($118,625) ($118,625) ($118,625) ($118,625) ($113,966) ($101,668) ($101,668) ($101,668) ($169,583) ($178,229) ($187,135) ($196,307) ($205,755) ($215,487) ($225,370) ($235,182) ($245,287) $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$5,572,979 $5,793,188 $6,018,194 $6,248,092 $6,482,980 $6,719,292 $6,951,039 $7,187,783 $7,429,621 $5,652,761 $5,940,969 $6,237,823 $6,543,583 $6,858,516 $7,182,897 $7,512,350 $7,839,388 $8,176,238 $118,625 $118,625 $118,625 $118,625 $118,625 $113,966 $101,668 $101,668 $101,668 $169,583 $178,229 $187,135 $196,307 $205,755 $215,487 $225,370 $235,182 $245,287 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$5,940,969 $6,237,823 $6,543,583 $6,858,516 $7,182,897 $7,512,350 $7,839,388 $8,176,238 $8,523,193 Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb A-43

Page 7 of 7 ends

Table A-7
NBHCP 2024 Fee Update
Supplemental Endowment Fund Cash Flow
Annual Developed Acreage for Fee Calculation
Beginning Balance
Revenues
Fee Revenue [1]
Interest Earnings
Costs
Fees and Taxes [2]
200-Acre Acquisition
Changed Circumstances Contingency [3]
Changed Circumstances Interest [4]
Changed Circumstance Loan/Repayment
Land Acquisition Loan/Repayment
R&E Loan/Repayment
Transfer to Endowment
Drawdown
Adjustment
Ending Balance
Changed Circumstances Contingency Fund [5]
Beginning Balance
Revenues
Interest Earnings
Management Fees [6]
Income Tax After All Mitigation Revenues
Loan/Repayment to Supplemental Endowment
Transfer to Endowment
Adjustment (Restatement of Assets based on 2021 Financial Audit) Ending Balance
2048 2049 2050 2051 2052 2053
53 54 55 56 57 58
271.1 271.1 271.1 271.1 271.1 0.0
$7,429,621 $7,676,654 $7,928,982 $8,186,709 $8,449,939 $0 $181,647 $181,647 $181,647 $181,647 $181,647 $0
$478,584 $496,716 $515,329 $534,434 $554,046 $0
($55,835) ($57,950) ($60,122) ($62,351) ($64,639) $0
$0 $0 $0 $0 $0 $0
($101,668) ($101,668) ($101,668) ($101,668) ($101,668) $0 ($255,696) ($266,417) ($277,459) ($288,833) ($300,548) $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 ($8,718,777) $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$7,676,654 $7,928,982 $8,186,709 $8,449,939 $0 $0
$8,523,193 $8,880,557 $9,248,642 $9,627,770 $10,018,271 $10,420,487 $101,668 $101,668 $101,668 $101,668 $101,668 $312,615
$255,696 $266,417 $277,459 $288,833 $300,548 $0
$0 $0 $0 $0 $0 ($36,472)
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$8,880,557 $9,248,642 $9,627,770 $10,018,271 $10,420,487 $10,696,630 Prepared by EPS 12/11/2023 Z:\Shared\projects\SAC\232000\232114 NBHCP Fee Update\Fee Update\Models\232114 fee upd C 12.08.23 .xlsb A-44

Sacramento City CouncilFebruary 27, 2024

Sacramento City Council
February 27, 2024