Item 23 2025-00453 Natomas Basin Habitat Conservation Plan (HCP) Fee - 2025 Adjustment [Noticed February 14, 2025 and February 19, 2025] — Sacramento City Council, February 25, 2025 (part 1 of 2)

Page 1 of 8 ends

City of Sacramento
City Council - 5PM Report
915 I Street Sacramento, CA 95814
www.cityofsacramento.org
File ID: 2025-00453 2/25/2025 Public Hearing Item 23.

Natomas Basin Habitat Conservation Plan (HCP) Fee - 2025 Adjustment [Noticed February 14, 2025 and February 19, 2025]
F
ile ID: 2025-00453
Loc
ation: Natomas Basin, District 1 and District 3
R
ecommendation: 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.

C
ontact: Cheryle Hodge, Principal Planner, (916) 808-5971, [email protected]; Matthew Aijala, Assistant Planner, (916) 808-7176, [email protected]; Community Development Department
P
resenter: Matthew Aijala, Assistant Planner, (916) 808-7176, [email protected], Community Development Department
A
ttachments:
1-Description/Analysis
2-Background
3-Resolution to Adjust the Habitat Conservation Fee
4-TNBC Board of Directors HCP Fee Resolution
5-TNBC NBHCP 2025 Finance Model
D
escription/Analysis
Issue Detail: On December 4, 2024, The Natomas Basin Conservancy (TNBC) Board of Directors recommended that the City of Sacramento increase the Natomas Basin Habitat Conservation Plan (NBHCP) 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.

D
evelopers of land covered by the NBHCP within North and South Natomas currently pay an HCP fee of $46,009 per gross acre of development ($32,259 per acre with land dedication). The Conservancy economic consultant - Economic & Planning Systems (EPS) - completed an update of the HCP 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

File ID: 2025-00416 2/25/2025 Public Hearing Item 23.

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Agreement between the City and the state and federal wildlife agencies, the City agreed to have its NBHCP “Plan Operator” (Conservancy) update the HCP Finance Model annually for the life of the HCP.

T
he 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 the Conservancy Board, the City Council is requested to approve an increase of $1,022 for the HCP fee that does not have land dedication and an increase of $1,022 to the HCP with land dedication, resulting in a 2024 fee of $47,031 per gross acre of development ($33,281 with land dedication). There is no obligation of the General Fund associated with this requested fee adjustment. 2021 Fee 2022 Fee 2023 Fee 2024 Fee 2025 Fee
Full Fee (no land
dedication) $40,032 $43,968 $45,565 $46,009 $47,031
Fee with Land Dedication $25,032 $27,718 $29,815 $32,259 $33,281 P
olicy 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.

E
conomic Impacts: Not applicable.

E
nvironmental Considerations:

C
alifornia 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 Final Environmental Impact Report, and the Comprehensive Drainage Plan, among others.

S
ustainability: 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.

C
ommission/Committee Action: The Conservancy Board of Directors reviewed the proposed fees on December 4, 2024 and recommended an increase be made to the NBHCP fee. Their adopted resolution is included as Attachment 4.

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Rationale for Recommendation: The HCP fees are adjusted annually, prior to the commencement of the grading season (May 1). The Conservancy recommends an increase to the current fee to maintain adequate funding to implement the HCP and mitigate impacts of urban development on the species covered by it. (See Attachment 4 – the Conservancy resolution to increase the HCP fee 2025 rate.) Fi
nancial Considerations: There is no obligation of the General Fund associated with this requested fee adjustment.

L
ocal Business Enterprise (LBE): Not applicable.

B
ackground:

History of the NBHCP Fee
O
n 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.

T
he 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 six 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 the Conservancy. The most recent adjustment in 2024 amounted to an increase of $444 which was largely attributable to increases in projected marsh maintenance costs and R&E costs.

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Graphic – Fee History 2005 through 2025
Hi
story 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

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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) 2024-0054 February 25, 2025 $47,031 ($33,281 w/ land dedication) 2025- * I
n 2001, the Council increased the fee to $10,021 per gross acre to implement the 1997 NBHCP and the Settlement Agreement. The fee included a base fee of $5,993 per gross acre and a premium fee of $4,028 per gross acre to acquire reserve lands in priori tized areas of the Basin in order to comply with the agreement. In 2002, the Council increased the fee to $11,962 per gross acre – a base fee of $7,934 and a premium fee of $4,028 for the agreement.

T
he 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.

T
he Conservancy is the plan operator of the NBHCP. The Conservancy 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, Conservancy staff worked with its economic consultant EPS to update the HCP Finance Model. Based on the economic model and the judgment of the Conservancy, an increase adjustment is needed to accurately reflect the current costs of operating the HCP and thus should be reflected in the HCP fee.

J
ustification for Adjusting the HCP Fee
Each December, the Conservancy considers whether a fee adjustment is necessary to implement the NBHCP given current assumptions. The current fee is $46,009 per gross acre of development ($32,259 per acre with land dedication); the proposed fee would be increased to $47,031 ($33,281 per acre with land dedication) based on the NBHCP Finance Model and the Conservancy analysis.

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

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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.

U
nlike 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).

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ompared to the 2024 fee, the proposed 2025 fee represents a fee increase of 3.17% (without land dedication) or a 2.2% fee increase (with land dedication). The increase is largely attributable to increases in marsh conversion costs, increased habitat land management contract costs, and increased operations and maintenance costs.

M
itigation Fee Summary (per acre of development) without land dedication Fee Component 2024
Adopted
2025
Proposed
Change from
2024
Land Acquisition (land, transaction, and
contingency)
$14,500 $14,250 (-$250)
Restoration & Enhancement $2,019 $2,775 $756
Administration / Operations &
Maintenance
$17,449 $17,758 $309
O&M Endowment $10,469 $10,655 $186
Supplemental Endowment $670 $671 $1
Fee Collection Administration $902 $922 $20
Total $46,009 $47,031 $1,022
M
itigation Fee Summary (per acre of development) with land dedication Fee Component 2024
Adopted
2025
Proposed
Change from
2024
Land Acquisition (land, transaction, and
contingency)
$750 $500 -$250
Restoration & Enhancement $2,019 $2,775 $756
Administration / Operations &
Maintenance
$17,449 $17,758 $309
O&M Endowment $10,469 $10,655 $186
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Supplemental Endowment $670 $671 $1
Fee Collection Administration $902 $922 $20
Total $32,259 $33,281 $1,022
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he 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 November 2024) is available for review at the City Planning Office, 300 Richards Blvd., 3rd Floor, Sacramento, CA 95811, and as Attachment 5 of this report.

Lan
d Dedication Requirement
Since 2003, all large mitigation efforts have been accomplished through land dedication by the developers to the Conservancy, 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.

RESOLUTION NO. 2025-
Adopted by the Sacramento City Council
February 25, 2025
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 4, 2024, the Board of Directors of TNBC requested that the City of Sacramento adjust the Natomas Basin HCP from the current rate of $46,009 per gross acre to $47,031 per gross acre. If the land dedication option is utilized, the fee would be adjusted from the current $32,259 per gross acre to $33,281 per gross acre. The request is based upon an HCP Finance Model dated November 2024, 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 25, 2025, at 5:00 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 November 2024, 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 $47,031 per gross acre, and if the land dedication option is utilized, the fee is set at the rate of $33,281 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 25, 2025, 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.

Final Report
Natomas Basin Habitat
Conservation Plan Fee Update—
2025

Prepared for:

The Natomas Basin Conservancy

Prepared by:

Economic & Planning Systems, Inc. (EPS)

November 2024

EPS #242051

Table of Contents
Introduction and Executive Summary .............................................. 1 Introduction ....................................................................................... 1 Mitigation Fee Summary ...................................................................... 1 Key Variables ..................................................................................... 6 Cash Flow Analysis .............................................................................. 7 Land Acquisition Fund .................................................................... 8 Introduction and Fee Summary ............................................................. 8 Purpose and Methodology .................................................................... 9 Key Variables ................................................................................... 10 Changes to Key Variables ................................................................... 11 Cash Flow Analysis Summary ............................................................. 11 Restoration and Enhancement Fund ................................................ 13 Introduction and Fee Summary ........................................................... 13 Purpose and Methodology .................................................................. 14 Key Variables ................................................................................... 15 Changes to Key Variables ................................................................... 16 Cash Flow Analysis Summary ............................................................. 17 Supplemental Endowment Fund ..................................................... 18 Introduction and Fee Summary ........................................................... 18 Purpose and Methodology .................................................................. 19 Key Variables ................................................................................... 20 Changes to Key Variables ................................................................... 21 Cash Flow Analysis Summary ............................................................. 21

Administration/Operations and Maintenance Fund ............................. 24 Introduction and Fee Summary ........................................................... 24 Purpose and Methodology .................................................................. 25 Key Variables ................................................................................... 26 Changes to Key Variables ................................................................... 27 Cash Flow Analysis Summary ............................................................. 27 Operations and Maintenance Endowment Fund ................................. 29 Introduction and Fee Summary ........................................................... 29 Purpose and Methodology .................................................................. 30 Key Variables ................................................................................... 31 Changes to Key Variables ................................................................... 31 Cash Flow Analysis Summary ............................................................. 32

Appendices
Appendix A: Land Acquisition Fund
Appendix B: Restoration and Enhancement Fund
Appendix C: Administration/Operations and Maintenance Fund Appendix D: Operations and Maintenance Endowment Fund
Appendix E: Supplemental Endowment Fund
Appendix F: Conservancy Budget

List of Tables
Table 1-1 NBHCP Mitigation Fee Summary and Comparison .......................... 3 Table 1-2 Key Variables by Fund ............................................................... 6 Table 1-3 Cash Flow Summary ................................................................. 7

Table 2-1 Land Acquisition Fee Summary and Comparison ............................ 8 Table 2-2 Land Acquisition Key Variables ................................................. 10 Table 2-3 Changes to Land Acquisition Key Variables ................................. 11 Table 2-4 Land Acquisition Fund Cash Flow Summary ................................ 12

Table 3-1
Restoration and Enhancement Fee Summary and Comparison ....... 13 Table 3-2 R&E Key Variables .................................................................. 15 Table 3-3 Changes to R&E Key Variables .................................................. 16 Table 3-4 R&E Fund Cash Flow Summary ................................................. 17

Table 4-1
Supplemental Endowment Fee Summary and Comparison ............ 18 Table 4-2 Supplemental Endowment Key Variables .................................... 20 Table 4-3 Changes to Supplemental Endowment Key Variables ................... 21 Table 4-4 Supplemental Endowment Fund Cash Flow Summary ................... 22

Table 5-1
Admin/O&M Fee Summary and Comparison ................................ 24 Table 5-2 Admin/O&M Key Variables ....................................................... 26 Table 5-3 Changes to Admin/O&M Key Variables ....................................... 27 Table 5-4 Admin/O&M Fund Cash Flow Summary ...................................... 28

Table 6-1 O&M Endowment Fee Summary and Comparison ......................... 29 Table 6-2 O&M Endowment Fund Key Variables ......................................... 31 Table 6-3 O&M Endowment Fund Cash Flow Summary ............................... 32

List of Charts
Chart 1-1 Habitat Mitigation Fee per Developed Acre ................................... 5 Chart 1-2 Habitat Mitigation Fee per Developed Acre,
without land cost portion of land acquisition fee ............................ 5

Chart 2-1 Land Acquisition Fee per Developed Acre ..................................... 9

Chart 3-1 Restoration and Enhancement Fee per Developed Acre ................ 14

Chart 4-1 Supplemental Endowment Fee per Developed Acre ...................... 19

Chart 5-1 Administration/Operations and Maintenance Fee per Developed Acre ...................................................................... 25

Chart 6-1 Operations and Maintenance Endowment Fee per
Developed Acre ...................................................................... 30

NBHCP Fee Update—2025
November 2024
Economic & Planning Systems, Inc. (EPS) 1
Introduction and Executive Summary
Introduction
The Natomas Basin Habitat Conservation Plan (NBHCP or Plan) requires that all new development within the specified NBHCP development area pay a mitigation fee (fee) to be used to establish and maintain habitat land in the Natomas Basin.

For each acre of development subject to the fee, the fee provides funds to establish and maintain a half-acre of habitat. Fees are paid by planned development upon issuance of a grading permit. The Natomas Basin Conservancy (Conservancy) acts as the NBHCP’s Plan Operator and receives all NBHCP mitigation fees1. The NBHCP is a conservation plan that facilitates development in the Natomas Basin for a 50-year period ending in 2053.

A Finance Model (Model) has been developed to analyze the available revenue and expenditures associated with establishing and maintaining the habitat and to calculate the mitigation fee needed, along with other identified revenue sources, to provide sufficient funding to establish and maintain the habitat. Funding must be provided to establish and maintain the habitat as development occurs and in perpetuity after the entire habitat has been established and all development in the NBHCP fee development area has occurred. In total, 17,500 acres of potential new development have been identified in the NBHCP development area, which would provide for a maximum habitat size of 8,750 acres.

Mitigation Fee Summary
The purpose of this report is to document and present the 2025 update of the NBHCP mitigation fee (fee). This section describes the fee and summarizes the proposed 2025 fee update.

Fee Funds
The fee contains five separately maintained fee funds, one for each of five fee components. Each fee fund is described briefly below.

1 The Conservancy is also the plan operator for the Metro Air Park Habitat Conservation Plan (MAPHCP). The MAPHCP is linked to the NBHCP for purposes of updating the mitigation fee.

NBHCP Fee Update—2025
November 2024
Economic & Planning Systems, Inc. (EPS) 2
Land Acquisition
This fund provides for the acquisition of mitigation lands by the Conservancy.

The costs associated with land acquisition are the costs to acquire the land and transaction costs including legal costs, generally speaking. The fund also provides for a contingency in case land costs spike in any given year prior to updating the fee.

Land dedication is required for any development project over 50 acres. For these larger projects, land is dedicated in lieu of paying the land acquisition portion of the NBHCP fee, and only the transaction and contingencies portion of the Land Acquisition fee component would be paid.

Restoration and Enhancement
This fund provides for restoring and enhancing mitigation lands acquired by the Conservancy. For example, the creation of managed marsh would be provided for by the revenues generated in the Restoration and Enhancement (R&E) Fund.

Supplemental Endowment
This fund was established in the 2003 NBHCP and consists of two subcomponents, a 200-Acre Reserve subcomponent and a Changed Circumstance Contingency subcomponent.
200-Acre Reserve
The purpose of the 200-Acre Reserve subcomponent is to accumulate revenue to allow the Conservancy to purchase up to 200 acres of land in advance of all fees being paid or to supplement annual purchases in the case that land prices spike dramatically in any given year.

Changed Circumstance Contingency
The Changed Circumstance Contingency subcomponent is available to use for any unexpected emergencies. After all land is acquired, the revenue accumulated in this portion of the Supplemental Endowment Fund will be retained for future use if needed.

Administration/Operations and Maintenance
This fund provides for the ongoing operations and maintenance of the mitigation lands, including the costs to administer the funds collected from the mitigation fees, insurance, property taxes, water, property management, biological monitoring, etc. This fund is projected to exist in perpetuity. After year 50 of the Plan, the Administration/Operations and Maintenance (Admin/O&M) Fund revenues will be supplemented by interest earnings from the Operations and Maintenance Endowment Fund.

NBHCP Fee Update—2025
November 2024
Economic & Planning Systems, Inc. (EPS) 3
Operations and Maintenance Endowment
The Operations and Maintenance Endowment (O&M Endowment) Fund is structured as an endowment, such that fee revenue is accumulated as principal that will earn interest income over time. The interest income is used to subsidize funding for the Admin/O&M Fund after year 50 after all fee-paying development has occurred and all habitat has been acquired.
2025 Fee Update
Table 1-1 summarizes the proposed 2025 fees by component, and subcomponent where applicable, and provides a comparison to the 2024 fees.

The main drivers of the 2025 fee increase are increased marsh conversion costs, increased habitat land management contract costs, and increased operations and maintenance costs, as detailed further in the remainder of this report.

Table 1-1 NBHCP Mitigation Fee Summary and Comparison

Fee Component 2024 Fee 2025 Fee D ifference
Land Acquisition
Land Cost $13,750 $13,750 $0
Transaction Costs $375 $250 ($125)
Contingency $375 $250 ($125)
Subtotal $14,500 $14,250 ($250)
Restoration and Enhancement $2,019 $2,775 $756
Supplemental Endowment
200-Acre Reserve $295 $296 $1
Changed Circumstances $375 $375 $0
Subtotal $670 $671 $1
Administration/Operations and Maintenance $17,449 $17,758 $309 O&M Endowment $10,469 $10,655 $186
Subtotal $45,107 $46,109 $1,002
Fee Collection Administration (2%) $902 $922 $20
Total with Land Cost $46,009 $47,031 $1,022
Percentage Change 2.22%
Total without Land Cost $32,259 $33,281 $1,022
Percentage Change 3.17%
Fee per Developed Acre
NBHCP Fee Update—2025
November 2024
Economic & Planning Systems, Inc. (EPS) 4
As discussed in the previous section, many fee payers are required to dedicate land and pay only the land transactions and contingency portion of the Land Acquisition fee. Consequently, the two land acquisition subcomponents of the fee are shown in the table above. In addition, the total fee with and without the land cost component are shown. Further, the fees for each of the two subcomponents of the Supplemental Endowment Fund are shown, as these components have different purposes and the corresponding funds are treated differently after all development has occurred (see above description of Supplemental Endowment Fund).

Fee History
The NBHCP mitigation fee was established in 1996 with four fee components.

The Supplemental Endowment fee component was added in 2001, at which time the current five fee components had all been established. The following two charts show the history of the fee. The first chart shows the full fee by component.

The second chart shows the fees for all components except the land cost portion of the Land Acquisition fee.

As shown in both charts, the Admin/O&M and O&M Endowment fees together make up the majority of the total fee. The R&E and Supplemental Endowment fees are relatively minor portions of the total fee. When applicable, the Land Acquisition fee makes up a significant portion of the total fee (see Chart 1-1).

Chart 1-2 shows the applicable fee components for those fee payers who dedicate land.

NBHCP Fee Update—2025
November 2024
Economic & Planning Systems, Inc. (EPS) 5

$0
$10,000
$20,000
$30,000
$40,000
$50,000Fee per Acre
Year
Chart 1-1
Habitat Mitigation Fee
per Developed Acre
Land Acquisition R & E Admin/O&M O & M Endowment Supp. Endowment $0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000Fee per Acre
Year
Chart 1-2
Habitat Mitigation Fee
per Developed Acre
without land cost portion of land acquisition fee
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Key Variables
For each fee fund, several key variables are instrumental in determining the fee level. The most significant variables are listed in the table below and discussed in more detail in the remaining report chapters and appendices. This report contains a chapter and an appendix that corresponds to each fund. Table 1-2 indicates the chapter and appendix that discuss each fund and key variables for that fund.

Note that the key variables for the Admin/O&M Fund and the O&M Endowment Fund are the same, as both funds are used to fund the administration and maintenance of the habitat.

Table 1-2 Key Variables by Fund

Fund / Key Variables Chapter Ap pendix
All Funds Chapter 2-6 Appendices A-E
Annual investment earnings rates
Land Acquisition Chapter 2 Appendix A
Land acquisition cost
Transaction cost
Cost contingency
R&E Chapter 3 Appendix B
Biological site assessment and pre-construction
surv ey cost
Costs to convert rice to marsh and upland
Supplemental Endowment Chapter 4 Appendix C
Land acquisition cost
Changed circumstance contingency per acre
Admin/O&M and Ch apter 5 Appendix D
O&M Endowment Chapter 6 Ap pendix E
Land lease revenue
Land acquisition cost
Property taxes
Annual assessments
Habitat maintenance costs
Administrative costs
Mitigation monitoring costs
Reporting costs (Site Specific Management Plans)
Excise tax (at end of habitat)
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Cash Flow Analysis
A cash flow is established for each fund for use in estimating the required fees.

The cash flows for the individual funds are discussed in the remaining chapters and appendices of this report. For modeling purposes in this 2025 fee update, the cash flow years are identified as shown below:
2025 Fee Update
Historical Years: 1996-2023
Current Year: 2024
Budget Year: 2025
Future Years: 2026-2053
The cash flows are based on the assumption that any remaining funds in 2052, except for the funds in the Changed Circumstance Contingency component of the Supplemental Endowment Fund, will be transferred to the O&M Endowment Fund for use in maintaining the habitat in perpetuity. Table 1-3 summarizes the annual cash flows for all funds over the entire time period in which the fee program is in effect.

Table 1-3 Cash Flow Summary (2025$)

Item
Land
Acquisition
Restoration and
Enhancement
Supplemental
Endowment
Admin/
O&M
O&M
Endowment Total
Beginning Balance $0 $0 $0 $0 $0 $0
Revenue $67,865,950 $30,792,414 $21,828,761 $266,101,416 $246,706,632 $633,295,173 Expenses ($58,533,736) ($29,340,957) ($1,372,734) ($250,722,936) ($15,116,761) ($355,087,124) Transfer to Endowment ($1,653,732) ($2,729,481) ($8,920,718) ($28,700,266) $42,004,198 $0 All Other Transfers/Adjustments ($7,678,483) $1,278,025 $2,273 $6,483,692 ($9,500) $76,007 Drawdown on Endowment $0 $0 $0 $7,037,893 ($7,037,893) $0 Ending Balance $0 $0 $11,537,582 $199,798 $266,546,676 $278,284,056 Less Designated Amount $0 $0 $0 ($199,798) $0 ($199,798) Adjusted Ending Balance $0 $0 $11,537,582 $0 $266,546,676 $278,084,258 Amount by Fund (1996-2053)
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Land Acquisition Fund
Introduction and Fee Summary
This chapter summarizes the Land Acquisition Fund key assumptions, fee calculation, and cash flow analysis, as well as changes to the assumptions and methodology used to calculate the proposed fee. Appendix A provides further detail on each of these items.

Table 2-1 below summarizes the Land Acquisition fee and compares it to the fee from the prior year. Note that most fee payers dedicate land in lieu of paying the Land Acquisition Cost portion of the fee. All fee payers, however, are required to pay the Transaction Costs and Contingency portion of the Land Acquisition fee.

Table 2-1 Land Acquisition Fee Summary and Comparison

Chart 2-1 shows the historical Land Acquisition fees for each year since the fee program was implemented in 1996.

Item 2024 Fee 2025 Fee Difference
Land Acquisition Fee per Developed Acre
Land Acquisition Cost $13,750 $13,750 $0
Transaction Costs $375 $250 ($125)
Contingency $375 $250 ($125)
Total Land Acquisition Cost $14,500 $14,250 ($250)
Fee per Developed Acre
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Purpose and Methodology
The Land Acquisition Fund provides for the acquisition of mitigation lands by the Conservancy. The costs associated with land acquisition are the costs to acquire the land and transaction costs including legal costs. The fund also provides for a contingency in case land costs spike in any given year before updating the fee.

Once all land is acquired to meet mitigation requirements, this fund will no longer be necessary, and any remaining funds will be transferred to the O&M Endowment Fund.

Land dedication is required for any development project over 50 acres. For these larger projects, land dedicated is in lieu of paying the land acquisition portion of the NBHCP fee, and only the transaction and contingencies portion of the Land Acquisition fee component would be paid.

The NBHCP requires that one-half acre of habitat be purchased and maintained for each acre of development in the NBHCP area. The land acquisition fee per acre of development is calculated as one-half of the estimated cost per acre of habitat

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land. The total cost to acquire an acre of habitat land consists of the actual purchase cost plus required legal and transaction costs to establish the land as habitat.

The NBHCP includes 17,500 acres of fee-paying development and 8,750 acres of habitat at the completion of the NBHCP. However, it is currently estimated that a certain amount of development will not occur and that a proportional amount of required habitat will not be established. The current assumption is that 95 percent of development, or 16,625 acres, will occur, resulting in an ultimate habitat size of 8,312.5 acres.

A Land Acquisition Fund cash flow is established to detail the annual revenue, costs, and fund balances and ensure that sufficient funds are available each year for the purchase of habitat as it is required and becomes available. In addition to fee revenue and interest earnings, the Land Acquisition Fund also occasionally uses transfers from other funds and City of Sacramento (City) loans to fund the acquisition of habitat land.

Key Variables
Table 2-2 summarizes the key variables used to establish the Land Acquisition fee and cash flow. Note that the variables apply to all future years of the NBHCP beyond 2024 and all costs are expressed in current year dollars.

Table 2-2 Land Acquisition Key Variables

Item Amount
Ha
bitat Acres Required for Each Acre of Development 0.50
Habitat Land Acquisition Cost per Acquired Acre
Land Acquisition $27,500
Transaction Costs $500
Contingency $500
Total Land Acquisition Cost $28,500
Bu
ildout Development and Habitat (acres)
Development Percent 95%
Maximum Development (acres) 17,500.0
Projected Dvelopment (acres ) 16,625.0
Maximum Habitat (acres) 8,750.0
Projected Habitat (acres ) 8,312.5
Annual Earnings Rate (2026+) 3.00%
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Changes to Key Variables
Table 2-3 summarizes the changes to key variables from the previous year. The only major assumption change was to the land transaction and contingency costs.

The land acquisition cost did not change from the prior year. The estimate was derived from a broad range of potential land values in the Natomas area and is based on the Conservancy’s knowledge of confirmed recent land transactions, supported by a projection of land price costs from a market analysis prepared by an MAI Appraiser in October 2024.

Table 2-3 Changes to Land Acquisition Key Variables

Cash Flow Analysis Summary
Table 2-4 below summarizes the Land Acquisition Fund cash flow for the following two time periods:
• Actual: 1996—2023
• Projected: 2024—2053
The cash flow shows actual fund activity through 2023 and incorporates the development, cost, and revenue assumptions described previously for 2024 through 2053. It includes fund transfers and loans to ensure that adequate funding is available each year to fund the annual acquisition of the required amount of habitat. It is assumed that all remaining funds in 2053 will be transferred to the O&M Endowment Fund to be used for the ongoing maintenance of the habitat.

As mentioned above, nearly all mitigation land is acquired by the Conservancy 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.

Item
2024
Amount
2025
Amount Difference
Habitat Land Acquisition Cost per Acre
Land Acquisition Cost $27,500 $27,500 $0
Transaction Costs $750 $500 ($250)
Contingency $750 $500 ($250)
Total Land Acquisition Cost $29,000 $28,500 ($500)
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The Sacramento City Council re-authorized this land dedication requirement without a sunset provision at its February 13, 2007, meeting. To reflect this level of land dedication, the cash flow analysis assumes that only 15 percent of future fee payers will pay the Land Acquisition Cost portion of the fee, the remaining 85 percent of fee payers will dedicate habitat land, and the Conservancy will purchase only 15 percent of the required habitat.

Table 2-4 Land Acquisition Fund Cash Flow Summary

Appendix A includes detailed Land Acquisition Fund development, cost, and revenue assumptions and a detailed annual Land Acquisition cash flow analysis.

Item 1996-2023 2024-2053 Total
Actual Projected
Acres
Developed 8,203.0 8,422.0 16,625.0
Acquired 4,909.4 3,403.1 8,312.5
Beginning Balance $0 $1,320,081 $0
Revenue
Land Acquisition Fee $39,609,743 $21,317,207 $60,926,950 City Line of Credit $2,000,000 $0 $2,000,000
Miscellaneous $3,119,758 $0 $3,119,758
Interest Earnings $1,702,252 $116,990 $1,819,242
Total $46,431,753 $21,434, 198 $67,865,950
Expens es
Land Acquisition ($40, 095,376) ($16,438,360) ($56,533,736) City Line of Credit ($533,998) ($1,466,002) ($2,000,000) Total ($40,629,375) ($17, 904,361) ($58,533,736)
Loans/Transfers/Adjustments
Transfers to Endowment Fund at End of NBHCP $0 ($1,653,732) ($1,653,732) All Other Loans/Transfers/Adjustments ($4,482,297) ($3, 196,186) ($7,678,483) Total ($4,482,297) ($4, 849,917) ($9,332,214)
Ending Balance $1,320,081 $0 $0
Amount
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Restoration and Enhancement Fund
Introduction and Fee Summary
This chapter summarizes the Restoration and Enhancement (R&E) Fund key assumptions, fee calculation, and cash flow analysis, as well as changes to the assumptions and methodology used to calculate the proposed fee. Appendix B provides further detail on each of these items.

Table 3-1 below summarizes the R&E fee and compares it to the fee from the prior year.

Table 3-1 Restoration and Enhancement Fee Summary and Comparison

Chart 3-1 shows the historical R&E fees for each year since the fee program was implemented in 1996. Note that the R&E fee has increased significantly on a percentage basis over the last few years, primarily driven by increased marsh conversion costs experienced by the Conservancy. Since the R&E fee makes up a very small portion of the total fee, however, the R&E fee increases do not represent a large increase in comparison with the total fee increases over the last several years.

Item 2024 Fee 2025 Fee Difference
R&E Fee per Developed Acre
Biological Site Assessment/Pre-Construction Survey $135 $135 $0 Conversion Costs $1,700 $2,388 $688
Contingency $184 $252 $68
Total R&E Fee $2,019 $2,775 $756
Fee per Developed Acre
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Purpose and Methodology
The purpose of the R&E Fund is to provide funding to restore and enhance mitigation lands acquired by the Conservancy and to prepare the required associated reports. For example, the creation of managed marsh would be provided for by the revenues generated in the R&E Fund. Once all land is acquired and no subsequent restoration and enhancement occurs, this fund will no longer be necessary, and any remaining funds will be transferred to the O&M Endowment Fund.

The majority of the habitat acquired is rice land. The NBHCP requires that the following habitat composition be established by year 50 of the Plan:
• 50 percent rice
• 25 percent marsh
• 25 percent upland (or “Other”)

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An R&E Fund cash flow is established to detail the annual revenue, costs, and fund balances and ensure that sufficient funds are available each year for the required conversion of habitat to marsh and upland. The cash flow incorporates a habitat conversion schedule that plans for habitat conversion to meet the habitat composition requirements of the NBHCP summarized above. In addition to fee revenue and interest earnings, the R&E Fund also may occasionally use transfers from other funds to fund the habitat conversion and associated reporting. Note that the variables apply to all future years of the NBHCP beyond 2025 and all costs are expressed in current year dollars.

Key Variables
Table 3-2 summarizes the key variables used to establish the R&E fee and cash flow.

Table 3-2 R&E Key Variables

Item Estima te d Cost Biological Site Assessment and Pre-Construction Survey
Cost per Acquisition $27,000
Cost per Habitat Acre (100 acres per acquisition) $270
Conversion Costs per Converted Acre
Rice Converted to Marsh $18,500
R
ice Converted to Upland $1,000
Cost Contingency 10%
Annual Earnings Rate (2026+) 3%
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Changes to Key Variables
Table 3-3 summarizes the changes to key variables from the previous year.

The only major change was to conversion costs. The estimated costs to convert rice to marsh increased based on the Conservancy’s recent experience. Further, the marsh conversion cost estimate took into account an estimate from Westervelt Ecological Services. The increase in the marsh conversion cost resulted in the increase in the R&E fee.

Note that the costs shown in the table below are the costs to convert an entire rice acre to marsh or upland, but because much of each acre of habitat will remain as rice and not require conversion, the conversion cost required for each habitat acre is only a portion of the cost shown below. The assumptions used to derive the estimated conversion costs per habitat acre are further detailed in Appendix B.

Table 3-3 Changes to R&E Key Variables

Item Pct.
2024
Model
2025
Mo del Difference
R&E Conversion Cost per Converted Acre
Rice Converted to Marsh $13,000 $18,500 $5,500
Rice Converted to Other $1,000 $1,000 $0
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Cash Flow Analysis Summary
Table 3-4 below summarizes the R&E Fund cash flow for the following two time periods:
• Actual: 1996—2023
• Projected: 2024—2053
The cash flow shows actual fund activity through 2023 and incorporates the development, habitat conversion, cost, and revenue assumptions described previously for 2024 through 2053. It is assumed that all remaining funds in 2053 will be transferred to the O&M Endowment Fund to be used for the ongoing maintenance of the habitat.

Table 3-4 R&E Fund Cash Flow Summary

Appendix B includes detailed R&E Fund development, conversion, cost, and revenue assumptions and a detailed annual R&E cash flow analysis.

Item 1996-2023 2024-2053 Total
Actual Projected
Developed Acres 8,203.0 8,422.0 16,625.0
Habitat Acres Acquired/Converted
Marsh 840.1 1,238.0 2,078.1
Rice 3,064.6 1,091.7 4,156.3
Other 1,007.8 1,070.3 2,078.1
Total Habitat 4,909.4 3,403.1 8,312.5
Beginning Balance $0 $3,989,186 $0
Revenue
R&E Fee $5,963,379 $22,920,151 $28,883,530
Interest Earnings $674,508 $1,234,376 $1,908,884
Total $6,637,887 $24,154,527 $30,792,414
Expenses (Reporting and Habitat Conversion) ($3,926,726) ($25,414,231) ($29,340,957) Loans/Transfers/Adjustments
Transfers to Endowment Fund at End of NBHCP $0 ($2,729,481) ($2,729,481) All Other Loans/Transfers/Adjustments $1,278,025 $0 $1,278,025 Total $1,278,025 ($2,729,481) ($1,451,457)
Ending Balance $3,989,186 $0 $0
Amount
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Supplemental Endowment Fund
Introduction and Fee Summary
This chapter summarizes the Supplemental Endowment Fund key assumptions, fee calculation, and cash flow analysis, as well as changes to the assumptions and methodology used to calculate the proposed fee. Appendix C provides further detail on each of these items.

Table 4-1 below summarizes the Supplemental Endowment fee and compares it to the fee from the prior year.

Table 4-1 Supplemental Endowment Fee Summary and Comparison

Chart 4-1 shows the historical Supplemental Endowment fees for each year since the fee program was implemented in 1996.

Item 2024 Fee 2025 Fee Difference
Supplemental Endowment Fee per Developed Acre
200 Acre Reserve $295 $296 $1
Changed Circumstance Contingency $375 $375 $0
Total Supplemental Endowment Fee $670 $671 $1
Fee per Developed Acre
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Purpose and Methodology
The Supplemental Endowment Fund serves two purposes and is divided into the two subcomponents described below:
• 200-Acre Reserve:

The purpose of the 200-Acre Reserve subcomponent is to accumulate revenue to allow the Conservancy to purchase up to 200 acres of land in advance of all fees being paid or to supplement annual purchases in the case that land prices spike dramatically in any given year. Once all land is acquired to meet mitigation requirements, this subcomponent will no longer be necessary, and any remaining funds will be transferred to the O&M Endowment Fund. • Changed Circumstance Contingency:

The Changed Circumstance Contingency subcomponent is available to use for any unexpected emergencies. After all land is acquired, the revenue accumulated in this portion of the Supplemental Endowment Fund will be retained for future use if needed.

The 200-Acre Reserve fee is calculated based on the remaining amount of funding needed to purchase 200 acres of habitat after accounting for the existing fund balance available to partially fund the acquisition if needed. $671
$0
$200
$400
$600
$800
$1,000
$1,200Fee per Acre
Year
Chart 4-1
Supplemental Endowment Fee
per Developed Acre
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The Changed Circumstance Contingency fee is based on a set amount per developed acre to accumulate a sufficient balance to be set aside for unforeseen circumstances.

A Supplemental Endowment Fund cash flow is established to detail the annual revenue, costs, and fund balances and ensure that sufficient funds are available each year as contingencies for the acquisition of 200 acres of habitat and for future use if needed for unforeseen circumstances. Occasionally, the Conservancy will use the Supplemental Endowment Fund to provide interfund loans to other funds that need the additional funds for land acquisition, maintenance, or conversion functions. It is assumed that any interfund transfers to other funds will be paid back to the Supplemental Endowment Fund.

Key Variables
Table 4-2 summarizes the key variables used to establish the Supplemental Endowment Fund fee and cash flow. Note that the variables apply to all future years of the NBHCP beyond 2025 and all costs are expressed in current year dollars. Note that the total cost per acre to purchase a 200-acre reserve is equal to the sum of the land acquisition and transaction costs per acre. The contingency assumed in the calculation of the land acquisition fee is not included in the cost of purchasing the 200-acre reserve.

Table 4-2 Supplemental Endowment Key Variables

Item Amount Total Cost per Acre (land and transaction costs) $28,000 Ac
res 200
Total Estimated Acquisition Cost $5,600,000
Total Cost per Habitat Acre $750
Annual Earnings Rate (2026+) 3%
200-Acre Reserve or Purchase of Final 200 Acres
Changed Circumstance Contingency
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Changes to Key Variables
Table 4-3 summarizes the changes to key variables from the previous year. The land acquisition cost per acre remained the same, but transaction costs were added to the cost of purchasing the last 200 acres, resulting in a small increase in the assumed cost of purchasing land. As shown in Table 4-1 above, the addition of transaction costs had very little effect on the Supplemental Endowment fee.

Table 4-3 Changes to Supplemental Endowment Key Variables

Cash Flow Analysis Summary
Table 4-4 below summarizes the Supplemental Endowment Fund cash flow for the following two time periods:
• Actual: 1996—2023
• Projected: 2024—2053
The cash flow summarizes the activity in total and for each of the two fund components. It shows actual fund activity through 2023 and incorporates the development, cost, and revenue assumptions described previously for 2024 through 2053.

Item
2024
Amount
2025
Amount Difference
200-Acre Reserve or Purchase of Final 200 Acres
Tot
al Cost per Habitat Acre [1] $27,500 $28,000 $500
Changed Circumstance Contingency
Total Cost per Habitat Acre $750 $750 $0
[1] Transaction Costs added in 2025
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Table 4-4 Supplemental Endowment Fund Cash Flow Summary

200-Acre Reserve
This subcomponent 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, but future large spikes in land prices are not assumed in the Finance Model, and the Supplemental Endowment Fund balances are not shown as being used for land acquisition. Rather, the Model shows the 200-Acre Reserve 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 200-Acre Reserve component will be used to help fund ongoing administration, operations, and maintenance of the habitat if the funds are not needed for land acquisition. The potential transfer of the 200-Acre reserve component funds to the O&M Endowment Fund helps to keep the Admin/O&M and O&M Endowment fees lower.

Item 1996-2023 2024-2053 Total
Actual Projected
Developed Acres 8,203.0 8,422.0 16,625.0
Supplemental Endowment Fund
Beginning Balance $0 $2,471,800 $0
Supplemental Endowment Fee $2,490,265 $5,555,352 $8,045,616 Interest Earnings $3,365,822 $10,417,323 $13,783,145
Expenses (Fees and Taxes) ($190,374) ($1,182,360) ($1,372,734) Loans/Transfers/Adjustments ($3,193,913) ($5,724,533) ($8,918,445) Ending Balance $2,471,800 $11,537,582 $11,537,582
200 Acre Reserve Sub-Fund
Beginning Balance $0 $3,468 $0
Supplemental Endowment Fee $1,547,728 $2,459,708 $4,007,436 Interest Earnings $1,792,528 $4,454,149 $6,246,677
Expenses (Fees and Taxes) ($190,374) ($1,143,021) ($1,333,395) Transfer to Endowment Fund at End of NBHCP $0 ($8,920,718) ($8,920,718) All Other Loans/Transfers/Adjustments ($3,146,414) $3,146,414 $0 Ending Balance $3,468 $0 $0
Changed Circumstances Contingency Sub-Fund
Beginning Balance $0 $2,468,332 $0
Supplemental Endowment Fee $942,536 $3,095,644 $4,038,180 Interest Earnings $1,573,294 $5,963,174 $7,536,468
Expenses (Fees and Taxes) $0 ($39,339) ($39,339)
Transfer to Endowment Fund at End of NBHCP N/A N/A N/A All Other Loans/Transfers/Adjustments ($47,498) $49,771 $2,273 Ending Balance $2,468,332 $11,537,582 $11,537,582
Amount
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Changed Circumstance Contingency
The Changed Circumstance Contingency subcomponent funds are not assumed to be transferred to the O&M Endowment Fund after the purchase of all habitat.

Rather, they are retained in the Supplemental Endowment Fund because a natural disaster, species listing changes, or other unforeseen circumstance would require additional funding, even after the acquisition of all habitat.

Appendix C includes detailed Supplemental Endowment Fund development, cost, and revenue assumptions and a detailed annual Supplemental Endowment cash flow analysis.

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Administration/Operations and
Maintenance Fund
Introduction and Fee Summary
This chapter summarizes the Administration/Operations and Maintenance (Admin/O&M) Fund key assumptions, fee calculation, and cash flow analysis, as well as changes to the assumptions and methodology used to calculate the proposed fee. Appendix D provides further detail on each of these items.

Table 5-1 below summarizes the Admin/O&M fee and compares it to the fee from the prior year.

Note that the Admin/O&M fees below are shown in total as it is impossible to identify the portion of the fee associated with different fund components or activities as was done for all of funds discussed previously in this report. The annual variation in the level and costs of the many fund activities do not allow the fee to be broken down by component. The method for calculating the fee will be discussed later in this chapter and is detailed in Appendix D.

Table 5-1 Admin/O&M Fee Summary and Comparison

Chart 5-1 shows the historical Admin/O&M fees for each year since the fee program was implemented in 1996.

Item 2024 Fee 2025 Fee Difference
Admin/O&M Fee per Developed Acre $17,449 $17,758 $309
Fee per Developed Acre
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Purpose and Methodology
The purpose of the Admin/O&M Fund is to provide funding for the ongoing operations and maintenance of the mitigation lands, including the costs to administer the funds collected from the mitigation fees, insurance, property taxes, water, property management, biological monitoring, etc. This fund is projected to exist in perpetuity. After year 50 of the Plan, the Admin/O&M Fund revenues will be supplemented by interest earnings from the O&M Endowment Fund.

The Admin/O&M Fund and the O&M Endowment Fund fees are established to together provide habitat operations and maintenance funding in perpetuity. The two fees are set to provide enough funding so that the Admin/O&M Fund provides sufficient funding for habitat maintenance through 2053 and the O&M Endowment Fund will have built up sufficient earnings by this time to fund the majority of the habitat operations and maintenance functions after 2053. It is also assumed that land lease revenue will continue to be available to help fund habitat operations and maintenance.

An Admin/O&M cash flow is established to detail the annual revenue, costs, and fund balances and ensure that sufficient funds are available to fund operations and maintenance of the habitat through 2053. It includes interfund transfers and loans to ensure that adequate funding is available each year to fund the habitat operations and maintenance.

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Key Variables
Table 5-2 summarizes the key cost and revenue variables used to establish the Admin/O&M Fund fee and cash flow. Note that the variables apply to all future years of the NBHCP beyond 2025 and all costs and revenues are expressed in current year dollars. The cost variables include cost assumptions that can be expressed on a per acre basis as well as cost assumptions that are expressed on an annual basis only and cannot be expressed as a per acre cost. For example, the mitigation monitoring cost is not directly related to the number of habitat acres, and so it is expressed on an annual basis.

Table 5-2 Admin/O&M Key Variables

Item Amount Annual Costs per Habitat Acre
Marsh Land Maintenance Contract $668 per marsh acre
Conservancy Habitat Operations and Maintenance $95 per habitat acre Conservancy Fixed Assets $17 per habitat acre
NCMWC Assessment $93 per habitat acre
Reclamation District 1000 Assessment $19 per habitat acre Site Specific Management Plan $160 per habitat acre upon acquisition Annual Costs
Existing Habitat Property Taxes $498,869 annually
Site Specific Management Plan Updates $25,000 annually
On-Going Mitigation Monitoring Costs $340,994 annually (3% increase every 5 years) Mitigation Monitoring Reviews $150,000 twice - at midpoint and end of plan Administrative Costs $2,138,706 annually
Excise Tax 1.39% of Admin/O&M and Endowment Fund
earnings after end of NBHCP
Revenue
Rice Land Lease $350 per rice acre
Other Crops Land Lease $75 per other crop acre
Annual Earnings Rate Assumption (2026+) 3%
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Changes to Key Variables
Table 5-3 summarizes the significant changes to key variables from the previous year. The annual marsh land maintenance contract cost and habitat operations and maintenance costs both increased, in total and on a per-acre basis. The total projected property taxes for 2024 through 2053 decreased while the total administrative costs (including various contract costs) for the same time period increased by a slightly lower amount. The increase in the annual marsh land maintenance contract cost and annual operations and maintenance cost are the main causes of the current fee increase shown in Table 5-1 above.

Table 5-3 Changes to Admin/O&M Key Variables

Cash Flow Analysis Summary
Table 5-4 below summarizes the Admin/O&M Fund cash flow for the following two time periods:
• Actual: 1996—2023
• Projected: 2024—2053
Item
2024
Model
2025
Mod el Difference
Marsh Land Maintenance Contract
Annual Contract Cost $551,353 $567, 894 $16,541
Current Marsh Acres 840.1 849.8 9.7
Annual Cost per Marsh Acre $656 $668 $12
Annual O&M Costs per Habitat Acre $67 $95 $28
Property Taxes
Total Taxes $40,086,319 $37,951,561 ($2,134,758)
Annual Administrative Costs
Annual Admin. Cost $2,054,355 $2,138,706 $84,351
Total Admin. Cost (2025-2053) $59,576,307 $62,022,475 $2,446,167 Annual Costs: 2025 - 2053
Total Costs: 2025-2053
NBHCP Fee Update—2025
November 2024
Economic & Planning Systems, Inc. (EPS) 28
The cash flow shows actual fund activity through 2023 and incorporates the development, cost, and revenue assumptions described previously for 2024 through 2053. It is assumed that all remaining funds (except for a relatively small amount designated for specific purposes) will be transferred to the O&M Endowment Fund by 2053 to be used for the ongoing operations and maintenance of the habitat. After this transfer, a drawdown on the O&M Endowment Fund will be required to fund the required operations and maintenance activities. The cash flow is structured so that the annual investment earnings in the O&M Endowment Fund in 2053 will equal the annual drawdown required from the Admin/O&M Fund plus estimated annual O&M Endowment Fund management fees payable to the fund administrator.

Table 5-4 Admin/O&M Fund Cash Flow Summary

Appendix D includes detailed Admin/O&M Fund development, cost, and revenue assumptions and a detailed annual Admin/O&M cash flow analysis.

Item 1996-2023 2024-2053 Total
Actual Projected
Developed Acres 8,203.0 8,422.0 16,625.0
Habitat Acres (including supplemental mitigation)
Rice 3,155.4 1,091.8 4,247.2
Marsh 840.1 1,238.1 2,078.1
Other 1,190.3 1,082.3 2,272.5
Total Habitat 5,185.8 3,412.1 8,597.9
Beginning Balance $0 $12,534,348 $0
Revenue
Land Lease $12,734,313 $34,183,027 $46,917,339
Admin/O&M Fee $37,938,047 $147,067,266 $185,005,313
Miscellaneous $4,015,229 $800,000 $4,815,229
Interest Earnings $7,984,762 $21,378,772 $29,363,534
Total $62,672,351 $203,429,065 $266,101,416
Expens es ($56,621,695) ($194,101,241) ($250,722,936)
Loans/Transfers/Adjustments
Transfer to Endowment Fund at End of NBHCP $0 ($28,700,266) ($28,700,266) Drawdown on Endowment Fund After All Development $0 $7,037,893 $7,037,893 All Other Loans/Transfers/Adjustments $6,483,692 $0 $6,483,692 Total $6,483,692 ($21,662,374) ($15,178,682)
Ending Balance $12,534,348 $199,798 $199,798
Less Designated Funds ($199,798) ($199,798) ($199,798)
Adjusted Ending Balance $12,334,550 $0 $0
Amount
NBHCP Fee Update—2025
November 2024
Economic & Planning Systems, Inc. (EPS) 29
Operations and Maintenance
Endowment Fund
Introduction and Fee Summary
This chapter summarizes the Operations and Maintenance Endowment (O&M Endowment) Fund key assumptions, fee calculation, and cash flow analysis.

Appendix E provides further detail on each of these items.

Table 6-1 below summarizes the O&M Endowment fee and compares it to the fee from the prior year.

Note that, as detailed in the previous chapter, the O&M Endowment fee is calculated in conjunction with the Admin/O&M fee so that the two funds together will provide enough funding to fund the habitat operations and maintenance in perpetuity.

Table 6-1 O&M Endowment Fee Summary and Comparison

Chart 6-1 shows the historical O&M Endowment Fund fees for each year since the fee program was implemented in 1996.

Item 2024 Fee 2025 Fee Difference
Endowment Fund Fee per Developed Acre $10,469 $10,655 $186 Fee per Developed Acre
NBHCP Fee Update—2025
November 2024
Economic & Planning Systems, Inc. (EPS) 30

Purpose and Methodology
The O&M Endowment Fund is structured as an endowment, such that fee revenue is accumulated as principal that will earn interest income over time. The interest income will be utilized to subsidize funding for the Admin/O&M Fund beginning in 2053, at which time it is assumed that all fee-paying development will have occurred and all habitat will have been acquired.

The Admin/O&M Fund and the O&M Endowment Fund fees are established to together provide habitat operations and maintenance funding in perpetuity.

The two fees are set to provide enough funding so that the Admin/O&M Fund provides sufficient funding for habitat maintenance through 2052, and the O&M Endowment Fund will have built up sufficient earnings by that time to fund the majority of the habitat operations and maintenance functions beginning in 2053.

It is also assumed that land lease revenue will continue to be available to help fund habitat operations and maintenance.

NBHCP Fee Update—2025
November 2024
Economic & Planning Systems, Inc. (EPS) 31
An O&M Endowment Fund cash flow is established to detail the annual revenue, costs, and fund balances and ensure that sufficient funds are available by 2053 to fund operations and maintenance of the habitat in perpetuity.

Key Variables
Table 6-2 summarizes the key cost and revenue variables used to establish the O&M Endowment Fund fee and cash flow. In addition, because the O&M Endowment Fund must fund the habitat administration and maintenance beginning in 2053, the Admin/O&M key variables summarized in the previous chapter also directly affect the O&M Endowment Fund fee.

Table 6-2 O&M Endowment Fund Key Variables

Changes to Key Variables
The annual interest earnings rate for 2024 through 2026 decreased very slightly, and there were no changes to the other percentages shown in the table above.

However, the changes to the Admin/O&M key variables described in the previous chapter also directly affect the O&M Endowment Fund fee, as the O&M Endowment Fund’s purpose is to fund habitat operations and maintenance.

Item Amount Annual Interest Earnings (2024-2026) [1] 6.60%
Int
erest Earnings (2027+) 3.00%
Costs
Annual Fees and Taxes - First $5 Million 0.50%
Annual Fees and Taxes - Remaining 0.35%
[1] Based on average earnings rates over previous 10 years.

Revenue
NBHCP Fee Update—2025
November 2024
Economic & Planning Systems, Inc. (EPS) 32
Cash Flow Analysis Summary
Table 6-3 below summarizes the O&M Endowment Fund cash flow for the following two time periods:
• Actual: 1996—2023
• Projected: 2024—2053
The cash flow shows actual fund activity through 2023 and incorporates the development, cost, and revenue assumptions described previously for 2024 through 2053. By 2053, an annual drawdown on the O&M Endowment Fund from the Admin/O&M Fund will be needed to fund the required operations and maintenance activities. The O&M Endowment Fund cash flow is structured so that the annual investment earnings in 2053 will equal the annual drawdown required by the Admin/O&M Fund plus O&M Endowment Fund management fees and taxes.

Table 6-3 O&M Endowment Fund Cash Flow Summary

Appendix E includes a detailed annual O&M Endowment Fund cash flow analysis.

Item 1996-2023 2024-2053 T otal
Actual Projected
Developed Acres 8,345.7 8,279.3 16,625.0
Beginning Balance $0 $40,371,496 $0
Revenue
O&M Endowment Fee $20,676,525 $88,202,626 $108,879,151
Investment Earnings $21,181,702 $116,645,778 $137,827,480 Transfers from Other Funds ($9,500) $42,004,198 $41,994,698 Total $41,848,727 $246,852, 602 $288,701,329
Expens es
Fees and Taxes ($1, 477,231) ($13,639,530) ($15,116,761) Drawdown from Admin/O&M $0 ($7,037,893) ($7,037,893)
Total ($1,477,231) ($20, 677,422) ($22,154,653)
Ending Balance $40,371,496 $266,546, 676 $266,546,676
Amount

APPENDICES:

Appendix A: Land Acquisition Fund
Appendix B: Restoration and Enhancement
Fund
Appendix C: Administration/Operations and
Maintenance Fund
Appendix D: Operations and Maintenance
Endowment Fund
Appendix E: Supplemental Endowment Fund
Appendix F: Conservancy Budget

APPENDIX A:

Land Acquisition Fund

Land Acquisition Fund Technical Notes ........................................ A-1 Table A-1 Land Acquisition Inputs ........................................ A-4 Table A-2 Development Projections (2 pages) ........................ A-5 Table A-3 Habitat Acquisition Schedule (2 pages) ................... A-7 Table A-4 Habitat Transactions ............................................ A-9 Table A-5 City Land Acquisition Line of Credit (2 pages) ........ A-10 Table A-6 Land Acquisition Cash Flow (2 pages) ................... A-12 Table A-7 Historical Land Acquisition Cash Flow (2 pages) ..... A-14

Appendix A
November 2024
Economic & Planning Systems, Inc. (EPS) A-1
Land Acquisition Fund Technical Notes
The tables in this appendix detail the Land Acquisition Fund fee calculation and the cash flow analysis. These notes detail the methodology and assumptions used in the analysis.

Assumptions and Fee Calculation
Table A-1 summarizes the development, cost, and revenue assumptions needed to calculate the fee and prepare the cash flow analysis. It also shows the calculation of the fee. Most of the assumptions have been discussed in Chapter 2 or are used in and detailed in the discussion of further tables in this appendix.

Additional detail on the habitat acquisition cost per acre is provided below.

The habitat land acquisition cost estimate in Table A-1 is taken from a broad range of potential land values in the Natomas area and is based on the Conservancy’s knowledge of confirmed recent land transactions, supported by a projection of land price costs from a market analysis prepared by an MAI Appraiser in October 2024.

Development
Table A-2 shows the annual fee-paid development to date and provides a projected development schedule for the remainder of the years through 2053.

This schedule reflects an allowance for unusable acres to account for a level of development that is less than the maximum 17,500 acres at buildout of the NBHCP.

Habitat Acquisition
Table A-3 shows the annual habitat acquisition to date and provides a projected annual habitat acquisition schedule for each remaining year through 2053. Under the assumption that a portion of the 17,500 acres will not develop, it is also assumed that the associated acres of habitat needed to satisfy the mitigation requirement of one-half acre of habitat per 1 acre of development will not be acquired.

Table A-4 provides the backup for the habitat transactions in the current year.

The Conservancy anticipates that it will not acquire any additional habitat until needed to maintain the required 200 surplus acres, 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.

Appendix A
November 2024
Economic & Planning Systems, Inc. (EPS) A-2
Note that Table A-3 includes an adjustment to the NBHCP habitat acreage to account for required supplemental mitigation (mitigation required of non-NBHCP fee payers). As shown in Table A-3, the NBHCP habitat has been reduced to allow for the required supplemental mitigation the Conservancy must provide from its habitat holdings.

City Line of Credit
Table A-5 shows the projected schedule for repayment of the $2 million loan that the City of Sacramento (City) provided to the Conservancy in 2020 for habitat land acquisition. It includes the annual amounts repaid to the City to date, as well as estimated remaining annual amounts. The Conservancy is obligated to repay the City with Land Acquisition development fee revenue. The Conservancy Board of Directors has committed to making an annual payment of $250,000 plus the Land Acquisition Fund fee revenue from City fee payers to the City for any year in which the funds are available. Because it is assumed that only 15 percent of fee payers will pay the Land Acquisition fee, the estimated annual City fee payments are based on $250,000 plus 15 percent of the estimated annual City development.

Cash Flow Analysis
Table A-6 summarizes the Land Acquisition Fund cash flow through the last completed year and provides annual details of development, revenues, costs, and fund balances for all years from the current year through the completion of the NBHCP in 2053.
1996 through 2023
The cash flow summary for this time period shown in Table A-6 reflects actual annual revenues and expenses summed over the entire time period. Table A-7 provides a historical annual cash flow for this time period that shows the actual development activity, costs, revenues, and fund balances in each year. For each year, the account activity has been reconciled to the Conservancy’s end-of-year audited financial statements for the corresponding year. 2024-2053
The annual balances, revenues, and expenses in Table A-6 for each of these years incorporate the development, habitat acquisition, revenue, expense, and City loan repayment assumptions presented in the previous tables in this appendix, as well as transfers to and from funds needed to ensure positive fund balances in all years. It is assumed that any remaining funds in 2053 after all development has occurred and after all habitat has been acquired will be transferred to the O&M Endowment Fund for use in operating and maintaining the habitat.

Appendix A
November 2024
Economic & Planning Systems, Inc. (EPS) A-3
Fee Revenue and Habitat Acquisition Costs
As discussed previously, the majority of fee payers dedicate land in lieu of paying the Land Acquisition fee. To reflect this level of land dedication, the cash flow 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 the Conservancy will purchase only 15 percent of the required habitat. Thus, the annual fee revenue shown in Table A-6 is calculated on 15 percent of the projected development, and the habitat acquisition costs are calculated on 15 percent of the projected habitat acquisition.

Annual Investment Earnings
As shown in Table A-1, annual investment income is estimated differently for the current year, the budget year, and all other future years. For the current and budget years the annual investment income is estimated based on existing annual and total investments through September of the current year, while for all other future years, it is estimated as 3 percent of the year’s beginning balance.

While the 3 percent rate may not be 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.

Table A-1
2025 NBHCP Fee Update
Land Acquisition Inputs (2025$)
Item Formula Amount Notes
Habitat Acres Required for Each Acre of Development A0 . 5 Habitat Land Acquisition Cost per Acquired Acre [1]
Land Acquisition B $27,500 Assumes all acquisition occurs at the average in-basin land value.

Transaction Costs C $500 Includes pre-acquisition field reconnaissance, surveys, Phase 1 environmental report, legal fees, and closing costs.

Contingency D $500
Total Land Acquisition Cost $28,500 Beginning in 2025
Buildout Development and Habitat (acres)
Development Percent 95%
Permitted Development (acres) 17,500.0
Projected Development (acres) 16,625.0
Permitted Habitat (acres) 8,750.0
Projected Habitat (acres) 8,312.5
Fund Annual Earnings Rate Assumptions
Current Year (2024)
income to date Realized and unrealized investment income on September Profit and Loss Statement Budget Year (2025) 1.00% Pct. of total investments on September balance sheet Future Years (2026+) 3.00% Pct. of beginning fund balance Pa
yment on City Line of Credit (per acre) $14,250 land acquisition fee Land Acquisition Fee per Developed Acre
Land Acquisition A*B $13,750
Transaction Costs A*C $250
Contingency A*D $250
Total Land Acquisition Fee $14,250
Percent of Development Paying Land Acquisition Fee 15%
Source: Natomas Basin Conservancy; EPS
[1] T he habitat land acquisition cost estimate is taken from a broad range of potential land values in the Natomas area and is based on Conservancy’s knowledge of confirmed recent land transactions, supported by a projection of land price costs from a market analysis prepared by an MAI Appraiser in October 2024. 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 2025. With this and other information, including the land prices for recent Conservancy acquisitions, the Conservancy chose to keep the land acquisition cost at $27,500 per acre in this year’s model.

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Table A-2
2025 NBHCP 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 52.76 - - 56.39 7,555.45
2022 3.62 234.04 409.85 - 647.51 8,202.96
2023 118.93 23.84 - - 142.77 8,345.74
2024 72.64 - - - 72.64 8,418.38
Subtotal 7,063.81 836.44 518.14 - 8,418.38
Actual Acres
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Table A-2
2025 NBHCP Fee Update
Development Projections
Year
City of
Sacramento
Metro
Air Park
Sutter
County Unused [3]
Total
Acres
Cumulative
Acres
2025 5.00 170.00 - - 175.00 8,593.38
2026 50.00 25.00 257.37 (32.65) 299.71 8,893.09
2027 50.00 25.00 257.37 (32.65) 299.71 9,192.80
2028 50.00 25.00 257.37 (32.65) 299.71 9,492.52
2029 50.00 37.57 257.37 (33.89) 311.04 9,803.56
2030 50.00 37.57 257.37 (33.89) 311.04 10,114.61
2031 50.00 37.57 257.37 (33.89) 311.04 10,425.65
2032 50.00 37.57 257.37 (33.89) 311.04 10,736.69
2033 50.00 37.57 257.37 (33.89) 311.04 11,047.74
2034 50.00 37.57 257.37 (33.89) 311.04 11,358.78
2035 50.00 37.57 257.37 (33.89) 311.04 11,669.83
2036 50.00 37.57 257.37 (33.89) 311.04 11,980.87
2037 50.00 37.57 257.37 (33.89) 311.04 12,291.91
2038 50.00 37.57 257.37 (33.89) 311.04 12,602.96
2039 50.00 37.57 257.37 (33.89) 311.04 12,914.00
2040 50.00 37.57 257.37 (33.89) 311.04 13,225.05
2041 50.00 37.57 257.37 (33.89) 311.04 13,536.09
2042 50.00 37.57 257.37 (33.89) 311.04 13,847.13
2043 50.00 37.57 257.37 (33.89) 311.04 14,158.18
2044 50.00 37.57 257.37 (33.89) 311.04 14,469.22
2045 31.19 37.57 257.37 (32.04) 294.09 14,763.31
2046 - 37.57 257.37 (28.97) 265.96 15,029.26
2047 - 37.57 257.37 (28.97) 265.96 15,295.22
2048 - 37.57 257.37 (28.97) 265.96 15,561.18
2049 - 37.57 257.37 (28.97) 265.96 15,827.13
2050 - 37.57 257.37 (28.97) 265.96 16,093.09
2051 - 37.57 257.37 (28.97) 265.96 16,359.04
2052 - 37.57 257.37 (28.97) 265.96 16,625.00
Unused 5% - - - 875.00 875.00 17,500.00
Subtotal 986.19 1,146.56 6,948.86 0.00 9,081.62
TOTAL 8,050.00 1,983.00 7,467.00 0.00 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.

Projected Acres
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2025 NBHCP 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 56.39 7,555.45 287.60 0.00 287.60 4,675.24 3,777.72 897.52 2022 647.51 8,202.96 234.12 0.00 234.12 4,909.36 4,101.48 807.88 2023 142.77 8,345.74 3.05 0.00 3.05 4,912.41 4,172.87 739.55 2024 72.64 8,418.38 204.60 (12.00) 192.60 5,105.02 4,209.19 895.83 Subtotal 8,418.38 173,557.69 5,390.39 ( 285.37) 5,105.02 5,105.02 4,209.19 895.83 Habitat Acres Acquired
Required
Habitat
Surplus/
(Shortage) [2]
Developed Acres Annual Habitat Acres Acquired [1]
Actual Acres
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2025 NBHCP Fee Update
Habitat Acquisition Schedule
Year Annual Cumulative
Total Annual
Acres
Habitat
Adjustments
Net Annual
Subtotal Cumulative
Habitat Acres Acquired
Required
Habitat
Surplus/
(Shortage) [2]
Developed Acres Annual Habitat Acres Acquired [1]
2025 175.00 8,593.38 0.00 0.00 0.00 5,105.02 4,296.69 808.33 2026 299.71 8,893.09 0.00 0.00 0.00 5,105.02 4,446.55 658.47 2027 299.71 9,192.80 0.00 0.00 0.00 5,105.02 4,596.40 508.61 2028 299.71 9,492.52 0.00 0.00 0.00 5,105.02 4,746.26 358.76 2029 311.04 9,803.56 0.00 0.00 0.00 5,105.02 4,901.78 203.23 2030 311.04 10,114.61 152.29 0.00 152.29 5,257.30 5,057.30 200.00 2031 311.04 10,425.65 155.52 0.00 155.52 5,412.82 5,212.82 200.00 2032 311.04 10,736.69 155.52 0.00 155.52 5,568.35 5,368.35 200.00 2033 311.04 11,047.74 155.52 0.00 155.52 5,723.87 5,523.87 200.00 2034 311.04 11,358.78 155.52 0.00 155.52 5,879.39 5,679.39 200.00 2035 311.04 11,669.83 155.52 0.00 155.52 6,034.91 5,834.91 200.00 2036 311.04 11,980.87 155.52 0.00 155.52 6,190.43 5,990.43 200.00 2037 311.04 12,291.91 155.52 0.00 155.52 6,345.96 6,145.96 200.00 2038 311.04 12,602.96 155.52 0.00 155.52 6,501.48 6,301.48 200.00 2039 311.04 12,914.00 155.52 0.00 155.52 6,657.00 6,457.00 200.00 2040 311.04 13,225.05 155.52 0.00 155.52 6,812.52 6,612.52 200.00 2041 311.04 13,536.09 155.52 0.00 155.52 6,968.04 6,768.04 200.00 2042 311.04 13,847.13 155.52 0.00 155.52 7,123.57 6,923.57 200.00 2043 311.04 14,158.18 155.52 0.00 155.52 7,279.09 7,079.09 200.00 2044 311.04 14,469.22 155.52 0.00 155.52 7,434.61 7,234.61 200.00 2045 294.09 14,763.31 147.04 0.00 147.04 7,581.65 7,381.65 200.00 2046 265.96 15,029.26 132.98 0.00 132.98 7,714.63 7,514.63 200.00 2047 265.96 15,295.22 132.98 0.00 132.98 7,847.61 7,647.61 200.00 2048 265.96 15,561.18 132.98 0.00 132.98 7,980.59 7,780.59 200.00 2049 265.96 15,827.13 132.98 0.00 132.98 8,113.57 7,913.57 200.00 2050 265.96 16,093.09 132.98 0.00 132.98 8,246.54 8,046.54 200.00 2051 265.96 16,359.04 65.96 0.00 65.96 8,312.50 8,179.52 132.98 2052 265.96 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 9,081.62 17,500.00 3,207.48 0.00 3,207.48 8,312.50 8,750.00 (437.50) Total 17,500.00 17,500.00 8,597.87 (285. 37) 8,312.50 8,312.50 8,750.00 (437.50) [1] A nnual and cumulative totals exclude supplemental mitigation. The adjustments are for acres that are required for supplemental mitigation. [2] Inc ludes an adjustment 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.

Projected Acres
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Table A-4
2025 NBHCP Fee Update
Habitat Transactions
Item Rice Marsh Other Total Rice Marsh Other Total Rice Marsh Other Total Regular Mitigation
Beginning Acreage 3,064.58 799.71 1,045.08 4,909.36 3,042. 75 849.82 1,019.84 4,912.41 3,245.33 849.82 1,009.86 5,105.01 Habitat Acquisitions/Sales/Trades
Betts/Kismat/Silva 0.00 0.00 (3.40) (3.40) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Cummings 0.00 0.00 (10.42) (10.42) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Alleghany 0.00 0.00 (19.86) (19.86) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Atkinson 0.00 0.00 (17.66) (17.66) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Easements 0.00 0.00 1.05 1.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Anne Rudin Preserve 0.00 40.36 12.97 53.33 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Lauppe North In-Holding 0.00 0.00 0.00 0.00 0.00 0.00 2.04 2.04 0.00 0.00 0.00 0.00 Rosa Central 0.00 0.00 0.00 0.00 0.00 0.00 (4.87) (4.87) 0.00 0.00 0.00 0.00 Rosa East 0.00 0.00 0.00 0.00 0.00 0.00 (7.15) (7.15) 0.00 0.00 0.00 0.00 Paulsen North 0.00 0.00 0.00 0.00 202.58 0.00 0.00 202.58 0.00 0.00 0.00 0.00 Total 0.00 40.36 (37.31) 3.05 202.58 0.00 (9.98) 192.60 0.00 0.00 0.00 0.00 Habitat Conversion
Bennett North 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (29.00) 29.00 0.00 0.00 Nestor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (103.00) 103.00 0.00 0.00 Frazer South 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (132.00) 132.00 0.00 0.00 Total Habitat Change 0.00 40.36 (37.31) 3.05 202.58 0.00 (9.98) 192.60 (132.00) 132.00 0.00 0.00 Ending Acreage 3,064.58 840.07 1,007.77 4,912.41 3,245. 33 849.82 1,009.86 5,105.01 3,113.33 981.82 1,009.86 5,105.01 Supplemental Mitigation
Beginning Acreage 90.86 0.00 182.51 273.37 90.96 0.00 182.41 273.37 90.96 0.00 194.41 285.37 Lauppe North In-Holding Easement - Supplemental 0.00 0.00 0.00 0.00 0.00 0.00 12.00 12.00 0.00 0.00 0.00 0.00 Ending Acreage 90.86 0.00 182.51 273.37 90.96 0.00 194.41 285.37 90.96 0.00 194.41 285.37 Total 3,155.4 840.1 1,190.3 5,185.8 3,336.3 849.8 1,204.3 5,390.4 3,204.3 981.8 1,204.3 5,390.4 20242023 2025
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Table A-5
2025 NBHCP Fee Update
City Land Acquisition Line of Credit
A s s u m p t i o n T O T A L 12345 6 789 1 0 1 1 1 2 1 3 1 4 1 5 1 6 1 7 Item 2026+ 2020-2053 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 actual actual actual actual [1] [1]
Annual Developed Acreage - City of Sacramento 1,190.8 5.8 3.6 3.6 118. 9 72.6 5.0 50.0 50.0 50.0 50.0 50.0 50.0 50.0 50.0 50.0 50. 0 50.0 Estimated Land Acquisition Fee Paying Acres 15% 186.6 5.8 3.6 0.5 17.8 10.9 0.8 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 Beginning City LOC Balance $2,000,000 $2,000,000 $1,930,544 $1,873,434 $1,811,894 $1,466,002 $986,701 $665,451 $308,576 $0 $0 $0 $0 $0 $0 $0 $0 $ 0 Less Land Acquisition Fee Paid to City $14,250 ($2,000,000) ($69,456) ($57,110) ($61,540) ($345,893) ($479,301) ($321,250) ($356,875) ($308,576) $0 $0 $0 $0 $0 $0 $0 $0 $0 Ending City LOC Balance $0 $1,930,544 $1,873,434 $1,811,894 $1,466,002 $986,701 $665,451 $308,576 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 [1] From Conservancy budget. 2025 amount assumes 5 acres of development pay full land acquisition fee.

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Table A-5
2025 NBHCP Fee Update
City Land Acquisition Line of Credit
Assumption TOTAL
Item 2026+ 2020-2053
Annual Developed Acreage - City of Sacramento 1,190.8
Estimated Land Acquisition Fee Paying Acres 15% 186.6
Beginning City LOC Balance $2,000,000
Less Land Acquisition Fee Paid to City $14,250 ($2,000,000) Ending City LOC Balance $0
[1] From Conservancy budget. 2025 amount assumes 5 acres of development pay full land acquisition fee.
18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053

50.0 50.0 50.0 50.0 50.0 50.0 50.0 50.0 31.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0

7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 4.7 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 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $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-6
2025 NBHCP Fee Update
Land Acquisition Cash Flow
TOTAL 1996- 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 Item 1996-2053 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Developed Acres
Annual Developed Acreage 16,625.0 8,345.7 72.6 175.0 299.7 299.7 299.7 311.0 311.0 311.0 311.0 311. 0 311.0 311.0 311.0 311.0 311.0 Cu
mulative Acres Developed 16,625.0 8,345.7 8,418.4 8,593.4 8,893.1 9,192.8 9,492.5 9,803.6 10,114.6 10,425.6 10,736.7 11,047.7 11,358.8 11,669.8 11,980.9 12,291.9 12,603.0 Annual LA Fee Paying Acres (2024 +) 15% 1,241.9 10.9 26.3 45.0 45.0 45.0 46.7 46.7 46.7 46.7 46.7 46.7 46.7 46.7 46.7 46.7 Mitigation Lands
In-Basin Lands 8,309.5 4,909.4 192.6 0.0 0.0 0.0 0.0 0.0 152.3 155.5 155.5 155. 5 155.5 155.5 155.5 155.5 155.5 Cum
ulative Acres Acquired 8,309.5 4,909.4 5,102.0 5,102.0 5, 102.0 5,102.0 5,102.0 5,102. 0 5,254.3 5,409.8 5,565.3 5,720.8 5,876.3 6,031.9 6,187.4 6,342.9 6,498.4 Annual Non-Dedicated Acres (2024 +) 15% 481.1 0.0 0.0 0.0 0.0 0.0 22.84 23.3 23.3 23.3 23. 3 23.3 23.3 23.3 23.3 CAS
H FLOW
Beginning Balance $0 $0 $1,320,081 $1,013,505 $0 $0 $0 $0 $559,286 $592,640 $610,419 $628,732 $628,732 $628,732 $628,732 $628,732 $628,732 Revenues
LA Fee Revenue - Land $13,750 per dev acre $56,884,098 $39,582,702 $229,301 $506, 875 $618,159 $618,159 $618,159 $641,528 $641,528 $641,528 $641,528 $641,528 $641,528 $641,528 $641,528 $ 641,528 $641,528 LA Fee Revenue - Transaction/Contingency $500 per dev acre $4,042,852 $27,041 $0 $0 $149,857 $149,857 $149,857 $155,522 $155,522 $155,522 $155,522 $155,522 $155,522 $155,522 $155,522 $155,522 $155,522 Land Trade/Sale Proceeds $2,463,924 $2,463,924 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 r Legal Settlement $62,067 $62,067 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 City Line of Credit $2,000,000 $2,000,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Miscellaneous $593,767 $593,767 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Interest Earnings 3% of beg. balance $1,819,242 $1,702,252 $54,120 $10, 000 $0 $0 $0 $0 $16,779 $17,779 $18,313 $0 $0 $0 $0 $0 $0 Total Revenues $67,865,950 $46,431, 753 $283,421 $516,875 $768,015 $768,015 $768,015 $797,050 $813,829 $814,829 $815,363 $797,050 $797,050 $79 7,050 $797,050 $797,050 $797,050 Pct. Interest Earnings
Costs
Land Cost $27,500 per habitat acre ($52,502,708) ($39,271,834) $0 $0 $0 $0 $0 $0 ($628,187) ($641,528) ($641,528) ($641,528) ($641,528) ($641,528) ($641,528) ($641,528) ($641,528 ) Transaction and Contingency Costs $1,000 per habitat acre ($4,031,028) ($823,543) $0 $0 $0 $0 $0 $0 ($152,288) ($155,522) ($155,522) ($155,522) ($155,522) ($155,522) ($155,522) ($155,522) ($155,522) City Line of Credit Repayment ($2,000,000) ($533,998) ( $479,301) ($321,250) ($356,875) ($308,576) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Expenditures ($58,533,736) ($40, 629,375) ($479,301) ($321,250) ($356,875) ($308,576) $0 $0 ($780,475) ($797,050) ($797,050) ($797,050) ($797,050) ($797,050) ($797,050) ($797,050) ($797,050) Transfers/Adjustments
Transfer to/from O&M ($7,005,640) ($7,005,640) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Transfer to/from R&E ($899,586) ($899,586) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Transfer to/from Endowment ($1,653,732) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Sup. Endowment Loan to LA $0 $3,196,186 ($110,695) ($1,209,130) ($411,140) ($459,440) ( $768,015) ($237,765) $0 $0 $0 $0 $0 $0 $0 $0 $0 Adjustment to bal to end bal (2001 and 2021) $226,743 $226,743 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Transfers/Adjustments ($9,332,214) ($4,482,297) ($110,695) ($1,209, 130) ($411,140) ($459,440) ($768,015) ($237,765) $0 $0 $0 $0 $0 $0 $0 $0 $0 Ending Balance [1] $0 $1,320,081 $1,013,505 $0 $0 $0 $0 $559,286 $592,640 $610,419 $628,732 $628,732 $628,732 $628,732 $628,732 $628,732 $628,73 2 [1] The fund balance is transferred to the Endowment Fund after development ends. (for years 2026+)
See Table A-5
Assumptions
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Table A-6
2025 NBHCP Fee Update
Land Acquisition Cash Flow
TOTAL
Item 1996-2053
Developed Acres
Annual Developed Acreage 16,625.0
Cumulative Acres Developed 16,625.0
Annual LA Fee Paying Acres (2024 +)
15% 1,241.9
Mitigation Lands
In-Basin Lands 8,309.5
Cumulative Acres Acquired 8,309.5
Annual Non-Dedicated Acres (2024 +) 15% 481.1

CASH FLOW
Beginning Balance $0
Revenues
LA Fee Revenue - Land $13,750 per dev acre $56,884,098
LA Fee Revenue - Transaction/Contingency $500 per dev acre $4,042,852 Land Trade/Sale Proceeds $2,463,924
r Legal Settlement $62,067
City Line of Credit $2,000,000
Miscellaneous $593,767
Interest Earnings 3% of beg. balance $1,819,242
Total Revenues $67,865,950
Pct. Interest Earnings
Costs
Land Cost $27,500 per habitat acre ($52,502,708)
Transaction and Contingency Costs $1,000 per habitat acre ($4,031,028) City Line of Credit Repayment ($2,000,000)
Total Expenditures ($58,533,736)
Transfers/Adjustments
Transfer to/from O&M ($7,005,640)
Transfer to/from R&E ($899,586)
Transfer to/from Endowment ($1,653,732)
Sup. Endowment Loan to LA $0
Adjustment to bal to end bal (2001 and 2021) $226,743
Total Transfers/Adjustments ($9,332,214)
Ending Balance [1] $0
[1] The fund balance is transferred to the Endowment Fund after development ends. (for years 2026+)
See Table A-5
Assumptions
43 44 45 46 47 48 49 50 51 52 53 54 55 56 57
2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 311.0 311.0 311.0 311.0 311.0 311.0 294.1 266.0 266.0 266.0 266.0 266.0 266.0 266.0 0.0 12,914.0 13,225.0 13,536.1 13,847.1 14,158.2 14,469.2 14,763.3 15,029.3 15,295.2 15,561.2 15,827.1 16,093. 1 16,359.0 16,625.0 1 6,625.0

46.7 46.7 46.7 46.7 46.7 46.7 44.1 39.9 39.9 39.9 39.9 39.9 39.9 39.9 0.0 155.5 155.5 155.5 155.5 155.5 155.5 147.0 133.0 133.0 133.0 133.0 133.0 66.0 0.0 0.0 6,654.0 6,809.5 6,965.0 7,120.5 7,276.0 7,431.6 7,578.6 7,711.6 7,844.6 7,977.5 8,110.5 8,243.5 8,309.5 8,309.5 8,309.5

23.3 23.3 23.3 23.3 23.3 23.3 22.1 19.9 19.9 19.9 19.9 19.9 9.9 0.0 0.0 $628,732 $628,732
$628,732 $628,732 $628,732 $628,732 $628,732 $628,732 $628,732 $628,732 $628,732 $628,732 $628,732 $972,219 $0 $641,528 $641,528 $641,528 $641,528 $641,528 $641,528 $606,551 $548,534 $548,534 $548,534 $548,534 $548,534 $548,534 $548,534 $0 $155,522 $155,522 $155,522 $155,522 $155,522 $155,522 $147,043 $132,978 $132,978 $132,978 $132,978 $132,978 $132,978 $132,978 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$797,050 $797,050 $797,050 $797,050 $797,050 $797,050 $753,594 $681,512 $681,512 $681,512 $681,512 $681,512 $681,512 $681,512 $0 ($641,528) ($641,528) ($641,528) ($641,528) ($641,528) ($641,528) ($606,551) ($548,534) ($548,534) ($548,534) ($548,534) ($548,534) ($272,0 69) $0 $0 ($155,522) ($155,522) ($155,522) ($155,522) ($155,522) ($155,522) ($147,043) ($132,978) ($132,978) ($132,978) ($132,978) ($132,978) ($65,95 6) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
($797,050) ($797,050) ($797,050) ($797,050) ($797,050) ($797,050) ($753,594) ($681,512) ($681,512) ($681,512) ($681,512) ($681,512) ($338,0 25) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($1,653,732) $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($1,653,732) $0
$628,732 $628,732 $628,732 $628,732 $628,732 $628,732 $628,732 $628,732 $628,732 $628,732 $628,732 $628,732 $972,219 $0 $0 Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx A-13

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Table A-7
2025 NBHCP Fee Update
Historical Land Acquisition Cash Flow
TOTAL 123456789 1 0 1 1 1 2 1 3
Item 1996-2022 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Developed Acres
Annual Developed Acreage 8,345.7 30.4 104.9 1,380.4 1,466.5 598.1 242.6 777.8 1,041.9 347.7 678.4 132.2 103.2 19.1 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 5,990.2 6,668.6 6,800.8 6,903.9 6,923.0 Annual LA Fee Paying Acres (2024 +) 0.0
Mitigation Lands
In-Basin Lands 4,912.4 0.0 0.0 0.0 1,317.7 92.6
141.2 692.5 413.8 148.0 395.0 760.0 -4.7 0.0
Cumu
lative Acres Acquired 1,317.7 1,410.3 1,551.5 2,244.1 2,657.9 2,805.8 3,200.8 3,960.8 3,956.1 3,956.1 Annual Non-Dedicated Acres (2024 +) 0.0

CASH FLOW
Beginning Balance $0 $55,641 $247,608 $2,773,665 $750,754 $563,113 $2,225,278 $1,775 $80,655 $418,988 $1,300,626 $2,943,551 $5,364,276 Revenues
LA Fee Revenue - Land $39,582,702 $55,641 $191,966 $2,526,057 $2,698,708 $1,220,119 $3,131,119 $2,557,628 $9,013,687 $465,549 $956,202 $3,1 29,303 $2,188,925 $392,570 LA Fee Revenue - Transaction/Contingency $27,041 $22,057 $4,984 $0 $0 Land Trade/Sale Proceeds $2,463,924 $155,844 $0 $0
Legal Settlement $62,067 $62,067 $0
City Line of Credit $2,000,000
Miscellaneous $593,767
Interest Earnings $1,702,252 $0 $0 $0 $0 $67,352 $66,951 $11,451 $59,159 $4,015 $23,751 $127,921 $187,655 $222,557 Total Revenues $46,431,753 $55,641 $191,966 $2,526,057 $2,698,708 $1,287,471 $3,198,070 $2,569,079 $9,072,846 $469,564 $1,002,010 $3,418,05 2 $2,438,647 $615,127 Pct. Interest Earnings 9.0% 11.9% 0.5% 3,332.9% 5.0% 5.7% 9.8% 6.4% 4.1% Costs
Land Cost ($39,271,834) $0 $0 $0 ($4,759,525) ($1,475,112) ($1,535,905) ($8,854,102) ($6,362,501) $0 ($170,214) ($325,146) $0 $0 Transaction and Contingency Costs ($823,543) $0 $0 $0 ($165,474) $0 $0 $0 ($49,465) ($81,231) ($50,572) ($20,461) ($17,922) ($21,832) City Line of Credit Repayment ($533,998)
Total Expenditures ($40,629,375) $0 $0 $0 ($4,924,998) ($1,475,112) ($1,535,905) ($8,854,102) ($6,411,966) ($81,231) ($220,786) ($345,607) ($17,922) ($21,832) Transfers/Adjustments
Transfer to/from O&M ($7,005,640) $0 $0 $0 $0 $0 $0 $3,908,020 ($2,428,500) ($50,000) $0 ($1,429,520) $0 $0 Transfer to/from R&E ($899,586) $0 $0 $0 $0 $0 $0 $153,500 ($153,500) $0 $100,414 $0 $0 $0 Transfer to/from Endowment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Sup. Endowment Loan to LA $3,196,186 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Adjustment to bal to end bal $226,743 $0 $0 $0 $203,379 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Transfers/Adjustments ($4,482,297) $0 $0 $0 $203,379 $0 $0 $4,061,520 ($2,582,000) ($50,000) $100,414 ($1,429,520) $0 $0 Ending Balance [1] $1,320,081 $55,641 $247,608 $2,773,665 $750, 754 $563,113 $2,225,278 $1,775 $80,655 $418,988 $1,300,626 $2,943,551 $5,364,276 $5,957,571 Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx A-14

Page 2 of 2 ends

Table A-7
2025 NBHCP Fee Update
Historical Land Acquisition Cash Flow
TOTAL
Item 1996-2022
Developed Acres
Annual Developed Acreage 8,345.7
Cumulative Acres Developed
Annual LA Fee Paying Acres (2024 +) 0.0
Mitigation Lands
In-Basin Lands 4,912.4
Cumulative Acres Acquired
Annual Non-Dedicated Acres (2024 +) 0.0

CASH FLOW
Beginning Balance
Revenues
LA Fee Revenue - Land $39,582,702
LA Fee Revenue - Transaction/Contingency $27,041
Land Trade/Sale Proceeds $2,463,924
Legal Settlement $62,067
City Line of Credit $2,000,000
Miscellaneous $593,767
Interest Earnings $1,702,252
Total Revenues $46,431,753
Pct. Interest Earnings
Costs
Land Cost ($39,271,834)
Transaction and Contingency Costs ($823,543)
City Line of Credit Repayment ($533,998)
Total Expenditures ($40,629,375)
Transfers/Adjustments
Transfer to/from O&M ($7,005,640)
Transfer to/from R&E ($899,586)
Transfer to/from Endowment $0
Sup. Endowment Loan to LA $3,196,186
Adjustment to bal to end bal $226,743
Total Transfers/Adjustments ($4,482,297)
Ending Balance [1] $1,320,081
14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

21.1 0.3 50.0 80.1 0.0 0.0 5.7 65.5 0.0 34.8 100.4 218.1 56.4 647.5 142.8 6,944.1 6,944.4 6,994.4 7,074.6 7,074.6 7,074.6 7,080.3 7,145.8 7,145.8 7,180.6 7,280.9 7,499.1 7,555.4 8,203.0 8,345.7 -30.0 0.0 -62.3 29.1 0.0 0.0 0.1 -5.2 -28.0 14.5 0.0 513.3 287.6 234.1 3.0
3,926.1
3,926.1 3,863.8 3,893.0 3,893.0 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 $5,957,571 $7,519,534
$7,695,627 $9,135,400 $2,513,603 $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 $1,341,843 $450,333 $35,970 $125,000 $1,295,393 $436 $0 $67,800 $910,200 $672,000 $87,058 $1,579,161 $3,551,144 $906,410 $1,221,598 $152,724 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$1,039,920 $0 $1,268,160 $0 $0 $0 $0 $0 $0 $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
$2,498 $0 $0 $110,817 $279,010 $8,742 $192,700
$159,911 $140,123 $73,613 $108,287 $25,182 $14,662 $11,823 $22,391 $33,987 $70,255 $145,884 $55,760 $2,837 $2,686 $64,039 $1,650,164 $176,093 $1,466,773 $1,403,680 $25,618 $14,662 $79,623 $932,591 $708,485 $157,313 $1,725,045 $5,717,721 $1,188,257 $1,233,026 $409,463

2.7% 1.9% 1.0% 1.2% 1.0% 0.6% 0.5% 0.9% 1.0% 1.7% 3.4% 0.9% 1.2% 0.2% 4.8% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($71,685) ($12,704,569) $0 ($3,013,075) $0 ($88,201) $0 ($27,000) ($25,477) $0 ($15,353) ($21,143) ($24,835) ($24,596) ($47,828) ($46,964) ($1,672) ($57,110) ($36,305) ($102) $0 ($69,456) ($57,110) ($61,540) ($345,893)
($88,201) $0 ($27,000) ($25,477) $0 ($15,353) ($21,143) ($24,835) ( $24,596) ($47,828) ($118,649) ($12,775,697) ($114,220) ($3,110,920) ($345,995) $0 $0 $0 ($7,000,000) ($5,640) $0 $0 $0 $0 $0 $0 $0 $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 $0 $0 $1,400,000 $0 $1,853,017 ($56,831) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $51,763 ($28,399) $0 $0 $0 ($8,000,000) ($5,640) $0 $0 $0 $0 $0 $0 $1,400,000 $0 $1,904,780 ($85,230) $7,519,534 $7,695,627 $9,135,400 $2,513,603 $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 $1,341,843 $1,320,081 Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx A-15

APPENDIX B:

Restoration and Enhancement Fund

Restoration and Enhancement Fund Technical Notes ..................... B-1 Table B-1 Restoration and Enhancement Inputs ..................... B-4 Table B-2 Habitat Composition Assumptions .......................... B-5 Table B-3 Habitat Status (2 pages) ...................................... B-6 Table B-4 Land Development, Habitat Acquisition, and
Conversion Schedule (2 pages) ............................. B-8 Table B-5 Historical Land Development, Habitat
Acquisition, and Conversion Schedule (2 pages) .... B-10 Table B-6 Restoration and Enhancement
Cash Flow (2 pages) .......................................... B-12 Table B-7 Historical Restoration and Enhancement
Cash Flow (2 pages) .......................................... B-14

Appendix B
November 2024
Economic & Planning Systems, Inc. (EPS) B-1
Restoration and Enhancement Fund
Technical Notes
The tables in this appendix detail the Restoration and Enhancement (R&E) fee calculation and the cash flow analysis. These notes detail the methodology and assumptions used in the analysis.

Assumptions and Fee Calculation
Table B-1 summarizes the cost and revenue assumptions needed to calculate the fee and prepare the cash flow analysis. It also shows the calculation of the fee.

Table B-1 provides further detail on the costs and revenues summarized in Chapter 3.

R&E Conversion Costs
Table B-1 shows the conversion costs for each converted acre and each acquired habitat acre. These two costs differ because only a portion of each acquired habitat acre must be converted to marsh or upland to achieve the required habitat percentages shown below:
• 50 percent rice
• 25 percent marsh
• 25 percent upland (or “Other”)
Table B-2 provides the backup for the assumed percentages of each acquired habitat acre that must be converted to marsh and upland to achieve the above required habitat percentages. These conversion percentages are dependent on the assumed initial uses of acquired habitat. The conversion costs per acre are multiplied by the assumed conversion percentage to estimate the conversion costs 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, is based on a total cost per habitat acquisition divided by 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.

Appendix B
November 2024
Economic & Planning Systems, Inc. (EPS) B-2
The Conservancy 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 acquisition.

Habitat Status
Table B-3 shows the current habitat status, including the current number of rice, marsh, and upland acres and the division between NBHCP mitigation and supplemental mitigation. It also shows the habitat status for the prior year and the anticipated status for the next year. The allocation of habitat acres between rice, marsh, and upland acres for the previous and current year has been reconciled with the Conservancy’s current inventory of acres.

Land Development, Habitat Acquisition, and Conversion Schedule Table B-4 details the projected habitat conversion schedule for converting habitat acres to upland and marsh. It includes a summary through the last completed year and provides annual details of habitat acquisition and conversion for all years from the current year through the completion of the NBHCP in 2053. The Conservancy provided the number of acres converted to marsh and upland in the current year and planned to be converted in the next year. Beginning in 2026, 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 by the NBHCP will be achieved by 2036 and maintained thereafter. 1996 through 2023
The schedule for this time period shown in Table B-4 reflects actual annual revenues and expenses summed over the entire time period. Table B-5 provides a historical annual cash flow for this time period that shows the actual development activity, habitat acquisition, and conversion in each year. 2024-2053
The annual schedule in Table B-4 for each of these years shows the projected development, habitat acquisition, and habitat conversion based on assumptions presented earlier in this report.

Cash Flow Analysis
Table B-6 summarizes the R&E Fund cash flow through the last completed year and provides annual details of development, revenues, costs, and fund balances for all years from the current year through the completion of the NBHCP in 2053.

Appendix B
November 2024
Economic & Planning Systems, Inc. (EPS) B-3
1996 through 2023
The cash flow summary for this time period shown in Table B-6 reflects actual annual revenues and expenses summed over the entire time period. Table B-7 provides a historical annual cash flow for this time period that shows the actual development activity, costs, revenues, and fund balances in each year. For each year, the account activity has been reconciled to the Conservancy’s end-of-year audited financial statements for the corresponding year. 2024-2053
The annual balances, revenues, and expenses in Table B-7 for each of these years incorporate the development, habitat acquisition and conversion, revenue, and expense, assumptions presented in the previous tables in this appendix, as well as transfers to and from funds needed to ensure positive fund balances in all years. It is assumed that any remaining funds after all development has occurred and after all habitat has been acquired will be transferred to the O&M Endowment Fund for use in operating and maintaining the habitat.

Annual Investment Earnings
As shown in Table B-1, annual investment income is estimated differently for the current year, the budget year, and all other future years. For the current year, the annual investment income is estimated as equal to the investment income in the September Profit and Loss Statement. For the budget year, annual income is estimated as 1 percent of the total investments on the September balance sheet, and for all other future years, it is estimated as 3 percent of the year’s beginning balance.

Table B-1
2025 NBHCP Fee Update
Restoration and Enhancement Inputs (2025$)
Item Pct.

Per Habitat
Acquisition
Per Converted
Acre
Per Acquired
Acre Notes
Biological Site Assessment and Pre-Construction Survey Required by the Final HCP -- April 2003.

Acres per Acquisition 100
NBHCP Biological Site Assessment $15,000 $150 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 Formal pre-construction site survey for restoration and enhancement, including:
-Assessment of Swainsons Hawk nest disturbance
-Assessment of Other Avian Species nest disturbance
-Assessment of Valley Elderberry Longhorn Beetle
Subtotal $27,000 $270
Conversion Costs [1]
pct. of acres
converted
Rice Converted to Marsh 25% $18,500 $4,625 Cost based on estimate from Westervelt Ecological Services.

Rice Converted to Upland/Other 15% $1,000 $150 Note [5] Subtotal $4,775
Total Cost per Acquired Acre $5,045
Contingency 10% $505
Total Cost per Acquired Acre with Contingency $5,550
Fund Annual Earnings Rate Assumptions
Current Year (2024) income to date Realized and unrealized investment income on September Profit and Loss Statement Budget Year (2025) 1.00% Pct. of total investments on September balance sheet Future Years (2026+) 3.00% Pct. of beginning fund balance R&E Fee per Developed Acre Formula
Fee Calculation
Habitat Acres Required for Each Acre of Development A 0.5 Cost per Habitat Acre B $5,550
R&E Fee per Acre A*B $2,775
Source: Natomas Basin Conservancy
[1] See Table B-2 for percentage of acres converted calculation.

Estimated Cost
Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx B-4
Table B-2
2025 NBHCP Fee Update
Habitat Composition Assumptions (2024$)
Item
Initial
Use
Rice
Conversion
Required
Final Use
Habitat Composition
Rice 90% (40%) 50%
Marsh 0% 25% 25%
Other/Upland 10% 15% 25%
Percentage of Uses
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2025 NBHCP Fee Update
Habitat Status
Total
Year 2024
Habitat Properties Acquired Acres County Rice [1] Marsh Other Total Rice [1] Marsh Other Total Rice [1] Marsh Other Total NBHCP Mitigation
Betts/Kismat/Silva 1999 335.3 Sacramento 0.0 174.4 160.8 335.3 0.0 174.4 160.8 335.3 0.0 174.4 160.8 335.3 Lucich North 1999 268.0 Sutter 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 1999 351.9 Sutter 310.7 20.8 20.4 351.9 310.7 20.8 20.4 351.9 310.7 20.8 20.4 351.9 Bennett North 1999 226.7 Sutter 116.8 92.8 17.0 226.7 116.8 92.8 17.0 226.7 87.8 121.8 17.0 226.7 Bennett South 1999 132.5 Sutter 79.7 31.8 21.0 132.5 79.7 31.8 21.0 132.5 79.7 31.8 21.0 132.5 F
razer North 2000 92.6 Sutter 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 2001 40.0 Sacramento 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 2001 55.3 Sacramento 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 Sacramento 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 2002 56.4 Sacramento 0.0 42.3 14.1 56.4 0.0 42.3 14.1 56.4 0.0 42.3 14.1 56.4 Alleghany 2002 30.4 Sacramento 0.0 0.0 3 0.4 30.4 0.0 0.0 30.4 30.4 0.0 0.0 30.4 30.4 Atkinson 2003 181.6 Sutter 139.8 0.0 41.8 181.6 139.8 0.0 41.8 181.6 139.8 0.0 41.8 181.6 Ruby Ranch 2003 91.1 Sutter 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 Sutter 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 Sacramento 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 Sutter 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 Sutter 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 2005 99.1 Sacramento 0.0 0.4 105.9 106.3 0.0 0.4 98.7 99.1 0.0 0.4 98.7 99.1 Rosa Central 2005 95.1 Sacramento 0.0 1.1 99.0 100.0 0.0 1.1 94.1 95.1 0.0 1.1 94.1 95.1 Vestal South 2005 95.0 Sutter 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 Sutter 215.5 3.5 14.2 233.2 215.5 3.5 14.2 233.2 112.5 106.5 1 4.2 233.2 Bolen West 2006 131.8 Sutter 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 Sacramento 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 Sacramento 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 Sacramento 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 Sacramento 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 Sacramento 80.8 0 .0 0.0 80.8 77.2 0.4 3.2 80.8 77.2 0.4 3.2 80.8 Lauppe South 2020 171.8 Sutter 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 Sutter 108.2 0.0 0.0 108.2 98.8 8.1 1.3 108.2 98.8 8.1 1.3 108.2 Paulsen South 2020 52.5 Sacramento 52.5 0.0 0.0 52.5 48.2 0.5 3.8 52.5 48.2 0.5 3.8 52.5 Elverta 2021 287.7 Sacramento 287.7 0.0 0.0 287.7 287.7 0.0 0.0 287.7 287.7 0.0 0.0 287.7 Lauppe North 2022 185.4 Sutter 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 Sacramento 48.7 0.0 0.0 48.7 44.1 0.8 3.8 48.7 44.1 0.8 3.8 48.7 Anne Rudin Preserve 2023 53.3 Sacramento 0.0 40.4 13.0 53.3 0.0 40.4 13.0 53.3 0.0 40.4 13.0 53.3 Paulsen North 2024 202.6 Sacramento 0.0 0.0 0.0 0.0 202.6 0.0 0.0 202.6 202.6 0.0 0.0 202.6 Lauppe North In-Holding 2024 2.0 Sutter 0.0 0.0 0.0 0.0 0.0 0.0 2.0 2.0 0.0 0.0 2.0 2.0 2023 (end of year) 2024 (end of year) 2025 (end of year) Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx B-6

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2025 NBHCP Fee Update
Habitat Status
Total
Year 2024
Habitat Properties Acquired Acres County Rice [1] Marsh Other Total Rice [1] Marsh Other Total Rice [1] Marsh Other Total 2023 (end of year) 2024 (end of year) 2025 (end of year) Easements
Sills South-West Border 2005 12.6 Sacramento 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 Sacramento 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 Sacramento 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 Sutter 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 1.1 1.1 0.0 0.0 1.1 1.1 0.0 0.0 1.1 1.1 Verona [2] 2018/20 116.6 Sutter 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 5,172.6 3,132.2 840.1 1,007.8 4,980.0 3,313.0 849.8 1,009.9 5,172.6 3,181.0 981.8 1,009.9 5,172.6 Less Supplemental Acres [3] (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 5,105.0 3,064.6 840.1 1,007.8 4,912.4 3,245.3 849.8 1,009.9 5,105.0 3,113.3 981.8 1,009.9 5,105.0 Supplemental Mitigation
Metro Air Park Mitigation
Huffman East 2003 19.0 Sutter 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 Sutter 0.0 0.0 157.8 157.8 0.1 0.0 157.7 157.8 0.1 0.0 157.7 157.8 Bolen West 2006 23.2 Sutter 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 [3] 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 Sutter 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 Sutter 0.0 0.0 1.1 1.1 0.0 0.0 1.1 1.1 0.0 0.0 1.1 1.1 Lauppe North In-Holding 2024 12.0 Sutter 0.0 0.0 0.0 0.0 0.0 0.0 12.0 12.0 0.0 0.0 12.0 12.0 Subtotal 285.4 90.9 0.0 182.5 273.4 91.0 0.0 194.4 285.4 91.0 0.0 194.4 285.4

TOTAL MITIGATION
Sacramento County 2,450.5 45.5% 1,375.0 319.9 565.1 2,260.0 1,565.1 321.6 563.8 2,450.5 1,565.1 321.6 563.8 2,450.5 Sutter County 2,938.8 54.5% 1,780.5 520.2 624.1 2,924.8 1,771.2 528.3 639.4 2,938. 8 1,639.2 660.3 639.4 2,938.8 Unknown Supp/Easements 1.1 0.0% 0.0 0.0 1.1 1.1 0.0 0.0 1.1 1.1 0.0 0.0 1.1 1.1 Total 5,390.4 100.0% 3,155.4 840.1 1,190.3 5,185.8 3,336.3 849.8 1,204.3 5,390.4 3,204.3 981.8 1,204.3 5,390.4 [1] Fallowed rice is included in the rice column.
[2] Verona property was acquired as an easement in 2018. In 2020, the property converted to standard NBHCP mitigation acres. Total acres are included in the easement total. [3] Supplemental acres in addition to Metro Air Park mitigation and easements, which are not included in the Regular Mitigation section.

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Table B-4
2025 NBHCP Fee Update
Land Development, Habitat Acquisition, and Conversion Schedule Total 1996- 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 Item Assumptions 1996-2053 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Development
Annual Developed Acreage 16,625 8,345.7 72.6 175.0 299.7 299.7 299.7 311.0 311.0 311.0 311.0 311.0 311.0 311.0 311.0 311.0 311.0 Cumulative Developed Acreage 8,345.7 8,418.4 8,593.4 8,893.1 9,192.8 9,492.5 9,803.6 10,114.6 10,425.6 10,736.7 11,047.7 11,358. 8 11,669.8 11,980.9 12,291.9 12,603.0 Habitat Acreage (excluding supplemental habitat)
Mitigation Requirement
Annual Mitigation Requirement 50% 8,312.5 4,172.9 36.3 87.5 149.9 149.9 149.9 155.5 155.5 155.5 155.5 155.5 155.5 155.5 155.5 155.5 155.5 Cumulative Mitigation Requirement 8,312.5 4,172.9 4,209.2 4,296.7 4,446.5 4,596.4 4,746.3 4,901.8 5,057.3 5,212.8 5,368.3 5,523.9 5,679.4 5,834.9 5,990.4 6,146.0 6,301.5 Habitat Acquired [1] 8,312.5 4,912.4 192.6 0.0 0.0 0.0 0.0 0.0 152.3 155.5 155.5 155.5 155.5 155.5 155.5 155.5 155.5 Cumulative Habitat Acreage 8,312.5 4,912.4 5,105.0 5,105.0 5,105.0 5,105.0 5,105.0 5,105.0 5,257.3 5,412.8 5,568.3 5,723.9 5,879.4 6,034.9 6,190.4 6,346.0 6,501.5 Surplus/Shortfall 0.0 739.5 895.8 808.3 658.5 508.6 358.8 203.2 200.0 200.0 200.0 200.0 200.0 200.0 200.0 200.0 200.0 Habitat Composition and Conversion
Initial Use of Acquired Acres
Marsh 0% N /A 0 .0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Rice 90% N/A 202.6 0.0 0.0 0.0 0.0 0.0 137.1 140.0 140.0 140.0 140.0 140.0 140.0 140.0 140.0 Other 10% N/A (10.0) 0.0 0.0 0.0 0.0 0.0 15.2 15.6 15.6 15.6 15.6 15.6 15.6 15.6 15.6 Subtotal N/A 192.6 0.0 0.0 0.0 0.0 0.0 152.3 155.5 155.5 155.5 155.5 155.5 155.5 155.5 155.5 Conversion of Existing Acres [2]
Marsh N/A 0.0 132.0 27.7 27.7 27.7 27.7 27.7 27.7 27.7 27.7 27.7 27.7 27.7 0.0 0.0 Rice N/A 0.0 (132.0) (53.0) (53.0) (53.0) (53.0) (53.0) (53.0) (53.0) (53.0) (53.0) (53.0) (53.0) 0.0 0.0 Other N/A 0.0 0.0 25.3 25.3 25.3 25.3 25.3 25.3 25.3 25.3 25.3 25.3 25.3 0.0 0.0 Subtotal N/A 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Conversion of Annual Acquired Acres [2]
Marsh 25% N/A 0.0 0.0 0.0 0.0 0.0 0.0 38.1 38.9 38.9 38.9 38.9 38.9 38.9 38.9 38.9 Rice 50% N/A 0.0 0.0 0.0 0.0 0.0 0.0 (60.9) (62.2) (62.2) (62.2) (62.2) (62.2) (62.2) (62.2) (62.2) Other 25% N/A 0.0 0.0 0.0 0.0 0.0 0.0 22.8 23.3 23.3 23.3 23.3 23.3 23.3 23.3 23.3 Subtotal N/A 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total Acres Conversion [2]
Marsh N/A 0.0 132.0 27.7 27.7 27.7 27.7 65.7 66.5 66.5 66.5 66.5 66.5 66.5 38.9 38.9 Rice N/A 0.0 (132.0) (53.0) (53.0) (53.0) (53.0) (113.9) (115.2) (115.2) (115.2) (115.2) (115.2) (115.2) (62.2) (62.2) Other N/A 0.0 0.0 25.3 25.3 25.3 25.3 48.2 48.6 48.6 48.6 48.6 48.6 48.6 23.3 23.3 Subtotal N/A 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cumulative Habitat
Marsh 2,078.1 840.1 840.1 972.1 999.7 1,027.4 1,055.0 1,082.7 1,148.4 1,214.9 1,281.5 1,348.0 1,414.5 1,481.1 1,547.6 1,586.5 1,625.4 Rice 4,156.3 3,064.6 3,267.1 3,135.1 3,082.2 3,029.2 2,976.2 2,923.3 2,946.4 2,971.2 2,996.0 3,020.8 3,045.6 3,070.4 3,095.2 3,173.0 3,250.7 Other 2,078.1 1,007.8 997.8 997.8 1,023.1 1,048.4 1,073.7 1,099.1 1,162.4 1,226.6 1,290.8 1,355.0 1,419.2 1,483.4 1,547.6 1,586.5 1,625.4 Subtotal 8,312.5 4,912.4 5,105.0 5,105.0 5,105.0 5,105.0 5,105.0 5,105.0 5,257.3 5,412.8 5,568.3 5,723.9 5,879.4 6,034.9 6,190.4 6,346.0 6,501.5 Cumulative Acreage Percentage
Marsh 25% 16% 16% 19% 20% 20% 21% 21% 22% 22% 23% 24% 24% 25% 25% 25% 25% Rice 50% 62% 64% 61% 60% 59% 58% 57% 56% 55% 54% 53% 52% 51% 50% 50% 50% Other 25% 21% 20% 20% 20% 21% 21% 22% 22% 23% 23% 24% 24% 25% 25% 25% 25% Subtotal
Source: Natomas Basin Conservancy; EPS
[1] NBHCP habitat only. Supplemental mitigation excluded. Beginning in 2003, 200 surplus acres are needed.
[2] Acres of rice converted to marsh through 2024 are provided by the Conservancy.

In all other years, acres converted are estimated as the number of acres needed to reach and maintain the specified percentage of marsh.

Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx B-8

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Table B-4
2025 NBHCP Fee Update
Land Development, Habitat Acquisition, and Conversion Schedule Total
Item Assumptions 1996-2053
Development
Annual Developed Acreage 16,625
Cumulative Developed Acreage
Habitat Acreage (excluding supplemental habitat)
Mitigation Requirement
Annual Mitigation Requirement 50% 8,312.5
Cumulative Mitigation Requirement 8,312.5
Habitat Acquired [1] 8,312.5
Cumulative Habitat Acreage 8,312.5
Surplus/Shortfall 0.0
Habitat Composition and Conversion
Initial Use of Acquired Acres
Marsh 0%
Rice 90%
Other 10%
Subtotal
Conversion of Existing Acres [2]
Marsh
Rice
Other
Subtotal
Conversion of Annual Acquired Acres [2]
Marsh 25%
Rice 50%
Other 25%
Subtotal
Total Acres Conversion [2]
Marsh
Rice
Other
Subtotal
Cumulative Habitat
Marsh 2,078.1
Rice 4,156.3
Other 2,078.1
Subtotal 8,312.5
Cumulative Acreage Percentage
Marsh 25%
Rice 50%
Other 25%
Subtotal
Source: Natomas Basin Conservancy; EPS
[1] NBHCP habitat only. Supplemental mitigation excluded. Beginning in 2003, 200 surplus acres are needed.
[2] Acres of rice converted to marsh through 2024 are provided by the Conservancy.

In all other years, acres converted are estimated as the number of acres needed to reach and maintain the specified percentage of marsh. 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57
2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 311.0 311.0 311.0 311.0 311.0 311.0 294.1 266.0 266.0 266.0 266.0 266.0 266.0 266.0 0.0 12,914.0 13,225.0 13,536.1 13,847.1 14,158.2 14,469.2 14,763.3 15,029.3 15,295.2 15,561.2 15,827.1 16,093.1 16,359.0 16,625.0 1 6,625.0 155.5 155.5 155.5 155.5 155.5 155.5 147.0 133.0 133.0 133.0 133.0 133.0 133.0 133.0 0.0 6,457.0 6,612.5 6,768.0 6,923.6 7,079.1 7,234.6 7,381.7 7,514.6 7,647.6 7,780.6 7,913.6 8,046.5 8,179.5 8,312.5 8,312.5 155.5 155.5 155.5 155.5 155.5 155.5 147.0 133.0 133.0 133.0 133.0 133.0 66.0 0.0 6,657.0 6,812.5 6,968.0 7,123.6 7,279.1 7,434.6 7,581.7 7,714.6 7,847.6 7,980.6 8,113.6 8,246.5 8,312.5 8,312.5 8,312.5 200.0 200.0 200.0 200.0 200.0 200.0 200.0 200.0 200.0 200.0 200.0 200.0 133.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 140.0 140.0 140.0 140.0 140.0 140.0 132.3 119.7 119.7 119.7 119.7 119.7 59.4 0.0 0.0

15.6 15.6 15.6 15.6 15.6 15.6 14.7 13.3 13.3 13.3 13.3 13.3 6.6 0.0 0.0 155.5 155.5 155.5 155.5 155.5 155.5 147.0 133.0 133.0 133.0 133.0 133.0 66.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

38.9 38.9 38.9 38.9 38.9 38.9 36.8 33.2 33.2 33.2 33.2 33.2 16.5 0.0 0.0 (62.2) (62.2) (62.2) (62.2) (62.2) (62.2) (58.8) (53.2) (53.2) (53.2) (53.2) (53.2) (26.4) 0.0 0.0

23.3 23.3 23.3 23.3 23.3 23.3 22.1 19.9 19.9 19.9 19.9 19.9 9.9 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

38.9 38.9 38.9 38.9 38.9 38.9 36.8 33.2 33.2 33.2 33.2 33.2 16.5 0.0 0.0 (62.2) (62.2) (62.2) (62.2) (62.2) (62.2) (58.8) (53.2) (53.2) (53.2) (53.2) (53.2) (26.4) 0.0 0.0

23.3 23.3 23.3 23.3 23.3 23.3 22.1 19.9 19.9 19.9 19.9 19.9 9.9 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1,664.3 1,703.1 1,742.0 1,780.9 1,819.8 1,858.7 1,895.4 1,928.7 1,961.9 1,995.1 2,028.4 2,061.6 2,078.1 2,078.1 2,078.1 3,328.5 3,406.3 3,484.0 3,561.8 3,639.5 3,717.3 3,790.8 3,857.3 3,923.8 3,990.3 4,056.8 4,123.3 4,156.3 4,156.3 4,156.3 1,664.3 1,703.1 1,742.0 1,780.9 1,819.8 1,858.7 1,895.4 1,928.7 1,961.9 1,995.1 2,028.4 2,061.6 2,078.1 2,078.1 2,078.1 6,657.0 6,812.5 6,968.0 7,123.6 7,279.1 7,434.6 7,581.7 7,714.6 7,847.6 7,980.6 8,113.6 8,246.5 8,312.5 8,312.5 8,312.5 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx B-9

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Table B-5
2025 NBHCP Fee Update
Historical Land Development, Habitat Acquisition, and Conversion Schedule T o t a l 123456789 10 1 1 1 2 1 3 1 4
Item Assumptions 1996-2023 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Development
Annual Developed Acreage 8,345.7 30.4 104.9 1,380.4 1,466.5 598.1 242.6 777.8 1,041.9 347.7 678.4 132.2 103.2 19.1 21.1 Cumulative Developed Acreage 30.4 135.3 1,515. 7 2,982.1 3,580.2 3,822.8 4,600.6 5,642.5 5,990.2 6,668.6 6,800.8 6,903.9 6,923.0 6,944.1 Habitat Acreage (excluding supplemental habitat)
Mitigation Requirement
Annual Mitigation Requirement 50% 4,172.9 15.2 52.4 690.2 733. 2 299.0 121.3 388.9 520.9 173.9 339.2 66.1 51.6 9.6 10.5 Cumulative Mitigation 15.2 67.7 757.8 1, 491.1 1,790.1 1,911.4 2,300.3 2,821.2 2,995.1 3,334.3 3,400.4 3,452.0 3,461.5 3,472.1 Habitat Acquired [1] 4,912.4 0.0 0.0 0.0 1,317.7 92.6 141.2 692. 5 413.8 148.0 395.0 760.0 (4.7) 0.0 (30.0) Cumulative Habitat Acreage 0.0 0.0 0.0 1,317.7 1,410.3 1,551. 5 2,244.1 2,657.9 2,805.8 3,200.8 3,960.8 3,956.1 3,956.1 3,926.1 Surplus/Shortfall (15.2) (67.7) (757.8) (173.4) ( 379.8) (359.9) (56.2) (163.4) (189. 3) (133.5) 560.4 504.1 494.6 454.0 Habitat Composition and Conversion
Initial Use of Acquired Land
Marsh 0% 40.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Rice 90% 3,754.9 988.3 69.5 105.9 519.4 310.3 111.0 296.1 570.0 (3.5) 0.0 (22.5) Other 10% 1,117.2 329.4 23.2 35.3 173.1 103.4 37.0 98.9 190.0 (1.2) 0.0 (7.5) Subtotal 4,912.4 0.0 0.0 0.0 1,317.7 92.6 141.2 692.5 413.8 148.0 395.0 760.0 (4.7) 0.0 (30.0) Conv of Acres/Adjustments for Sup Acres Recon.

Marsh 799.7 0.0 0.0 209.0 35.8 372.8 0.0 40.0 61.1 (5.4) 1.0 0.0 Rice (690.3) 0.0 0.0 (434.2) (55.7) ( 307.3) 72.7 (339.6) 277.5 (111.7) 255.0 (1.4) Other (109.4) 0.0 0.0 225.3 19.9 (65.5) (72.7) 299.6 (338.6) 117.0 (256.0) 1.4 Subtotal 0.0 0.0 0.0 0.0 0.0 0.0 0. 0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cumu
lative Habitat
Marsh 840.1 0.0 0.0 209.0 244.7 617.5 617.5 657.5 718.7 713.3 714.3 714.3 Rice 3,064.6 988.3 1,057.7 729.4 1,193.2 1,196.2 1 ,379.8 1,336.4 2,183.8 2,068.6 2,323.6 2,299.7 Other 1,007.8 329.4 352.6 613.1 806.2 844.2 808.4 1,206.9 1,058.3 1,174.2 918.2 912.1 Subtotal 4,912.4 0.0 0.0 0.0 1,317.7 1,410.3 1,551.5 2,244. 1 2,657.9 2,805.8 3,200.8 3,960.8 3,956.1 3,956.1 3,926.1 Cumulative Acreage Percentage
Marsh 25% 0% 0% 13% 11% 23% 22% 21% 18% 18% 18% 18%
Rice 50% 75% 75% 47% 53% 45% 49% 42% 55% 52% 59% 59%
Other 25% 25% 25% 40% 36% 32% 29% 38% 27% 30% 23% 23%
Subtotal
Source: Natomas Basin Conservancy; EPS
[1] NB HCP habitat only. Supplemental mitigation excluded. Beginning in 2003, 200 surplus acres needed.

Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx B-10

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Table B-5
2025 NBHCP Fee Update
Historical Land Development, Habitat Acquisition, and Conversion Schedule Total
Item Assumptions 1996-2023
Development
Annual Developed Acreage 8,345.7
Cumulative Developed Acreage
Habitat Acreage (excluding supplemental habitat)
Mitigation Requirement
Annual Mitigation Requirement 50% 4,172.9
Cumulative Mitigation
Habitat Acquired [1] 4,912.4
Cumulative Habitat Acreage
Surplus/Shortfall
Habitat Composition and Conversion
Initial Use of Acquired Land
Marsh 0% 40.4
Rice 90% 3,754.9
Other 10% 1,117.2
Subtotal 4,912.4
Conv of Acres/Adjustments for Sup Acres Recon.

Marsh 799.7
Rice (690.3)
Other (109.4)
Subtotal 0.0
Cumulative Habitat
Marsh 840.1
Rice 3,064.6
Other 1,007.8
Subtotal 4,912.4
Cumulative Acreage Percentage
Marsh 25%
Rice 50%
Other 25%
Subtotal
Source: Natomas Basin Conservancy; EPS
[1] NB HCP habitat only. Supplemental mitigation excluded. Beginning in 2003, 200 surplus acres needed.
15 16 17 18 19 20 21 22 23 24 25 26 27 28
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

0.3 50.0 80.1 0.0 0.0 5.7 65.5 0.0 34.8 100.4 218.1 56.4 647.5 142.8 6,944.4 6,994.4 7,074.6 7,074.6 7,074.6 7,080.3 7,145.8 7,145.8 7,180.6 7,280.9 7,499.1 7,555.4 8,203.0 8,345.7

0.2 25.0 40.1 0.0 0.0 2.8 32.8 0.0 17.4 50.2 109.1 28.2 323.8 71.4 3,472.2 3,497.2 3,537.3 3,537.3 3,537.3 3,540.1 3,572.9 3,572.9 3,590.3 3,640.5 3,749.5 3,777.7 4,101.5 4,172.9

0.0 (62.3) 29.1 0.0 0.0 0.0584 (5.2) (28.0) 14.5 0.0 513.3 287.6 234.1 3.0 3,926.1 3,863.8 3,893.0 3,893.0 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 4,912.4 453.9 366.6 355.7 355.7 355.7 352.9 315.0 287.0 284.1 233.9 638.1 897.5 807.9 739.5

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 40.36

0.0 (46.7) 29.1 0.0 0.0 0.0 (3.9) (28.0) 14.5 0.0 422.9 287.6 134.9 0.00

0.0 (15.6) 0.0 0.0 0.0 0.1 (1.3) 0.0 0.0 0.0 90.4 0.0 99.2 (37.31)

0.0 (62.3) 29.1 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 0.0 0.0 0.0 85.4 0.0 (245.0) 81.4 153.0 0.0 0.0 0.0 125.4 0.0 0.0 0.0 0.0 0.0 (160.4) 0.0 245.0 (81.4) (153.0) 0.0 0.0 0.0 (125.4) 0.0 0.0 0.0 0.0 0.0 74.9 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0 .0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 714.3 714.3 714.3 714.3 714.3 714.3 714.3 714.3 714.3 714.3 714.3 714.3 799.7 840.1 2,054.7 2,089.4 2,271.5 2,271.5 2,271.5 2,271.5 2,393.0 2,365.0 2,379.5 2,379.5 2,802.4 3,090.0 3,064.6 3,064.6 1,157.1 1,060.1 907.1 907.1 907.1 907.2 780.5 780.5 780.5 780.5 870.9 870.9 1,045.1 1,007.8 3,926.1 3,863.8 3,893.0 3,893.0 3,893.0 3,893.0 3,887.84 3,859.8 3,874.4 3,874.4 4,387.6 4,675.2 4,909.4 4,912.4 18% 18% 18% 18% 18% 18% 18% 19% 18% 18% 16% 15% 16% 17% 52% 54% 58% 58% 58% 58% 62% 61% 61% 61% 64% 66% 62% 62% 29% 27% 23% 23% 23% 23% 20% 20% 20% 20% 20% 19% 21% 21% Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx B-11

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Table B-6
2025 NBHCP Fee Update
Restoration and Enhancement Cash Flow
Assumptions TOTAL 1996- 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 Item 1996-2053 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Developed Acres
Annual Developed Acreage 16,625.0 8,345.7 72.6 175.0 299.7 299.7 299.7 311.0 311.0 311.0 311.0 311.0 311.0 311.0 311.0 311.0 311.0 Habitat Acres Acquired
Marsh 40.4 40.4 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 Rice 6,844.2 3,754.9 202.6 0.0 0.0 0.0 0.0 0.0 137.1 140.0 140.0 140.0 140.0 140.0 140.0 140.0 140.0 Other 1,428.0 1,117.2 (10.0) 0.0 0.0 0.0 0.0 0.0 15.2 15.6 15.6 15.6 15.6 15.6 15.6 15.6 15.6 Subtotal 8,312.5 4,912.4 192.60 0.00 0.00 0.00 0.00 0.00 152.29 155.52 155.52 155.52 155.52 155.52 155.52 155.52 155.52 Cumulative Acreage 4,912.4 5,105.0 5,105.0 5,105.0 5,105.0 5,105.0 5,105.0 5,257.3 5,412.8 5,568.3 5,723.9 5,879.4 6,034.9 6,190.4 6,346.0 6,501.5 Rice/Other Converted to Marsh 2,037.8 799.7 0.00 132.00 27.65 27.65 27.65 27.65 65.72 66.53 66.53 66.53 66.53 66.53 66.53 38.88 38.88 Cumulative Converted to Marsh 2,037.8 799.7 799.7 931.7 959.4 987.0 1,014.7 1,042.3 1,108.1 1,174.6 1,241.1 1,307.7 1,374.2 1,440.7 1,507.2 1,546.1 1,585.0 Percentage of Year End Total 15.7% 18.3% 18.8% 19.3% 19.9% 20.4% 21.1% 21.7% 22.3% 22.8% 23.4% 23.9% 24.3% 24.4% 24.4% Rice Converted to Other 759.6 - - 25.3 25.3 25.3 25.3 48.2 48.6 48.6 48.6 48.6 48.6 48.6 23.3 23.3

CASH FLO
W
Beginning Balance $0 $3,989,186 $4,004,352 $1,498,177 $1,837,947 $2,187,911 $2,548,373 $2,951,093 $2,597,602 $2,217,189 $1,825,364 $1,421,785 $1,006,098 $577, 940 $136,938 $219,585 Revenues
R&E Fee Revenue $2,523 per dev acre $26,859,561 $5,963,379 $146,775 $485,625 $756,177 $756,177 $756,177 $784,764 $784,764 $784,764 $784,764 $784,764 $784,764 $784,764 $784,764 $7 84,764 $784,764 Contingency Fee Revenue $252 per dev acre $2,023,969 $0 $0 $0 $75,528 $75,528 $75,528 $78,383 $78,383 $78,383 $78,383 $78,383 $78,383 $78,383 $78,383 $78,383 $78,383 Interest Earnings 3% of beg. balance $1,908,884 $674,508 $163,391 $40,000 $44,945 $55,138 $65,637 $76,451 $88,533 $77,928 $66,516 $54,761 $42,654 $30,183 $17,338 $4,108 $6,588 Total Revenues $30,792,414 $6,637,887 $310,166 $525,625 $876,650 $886,843 $897,342 $939,598 $951,680 $941,075 $929,663 $917,908 $905,801 $893 ,330 $880,485 $867,255 $869,735 Costs
Development Costs
Rice/Other Converted to Marsh $18,500 per conv. Acre ($27,476,527) ($3,687,895) ($295,000) ($3,031,800) ($511,565) ($511,565) ($511,565) ($511,565) ($1,215,896) ($1,230,854) ($1,230,854) ($1,230,854) ($1,230,854) ($1,230,854) ($1,230,854) ($719,289) ($719,289) Rice Converted to Other $1,000 per conv.. acre ($779,475) ($19,897) $0 $0 ($25,314) ($25,314) ($25,314) ($25,314) ($48,157) ($48,642) ($48,642) ($48,642) ($48,642) ($48,642) ($48,642) ($23,328) ($23,328) Biological Site Assessment $270 per hab. acre ($1,084,955) ($218,934) $0 $0 $0 $0 $0 $0 ($41,118) ($41,991) ($41,991) ($41,991) ($41,991) ($41,991) ($41,991) ($41,991) ($41,991) Total Expenditures ($29,340,957) ($3,926,726) ($295,000) ($3,031,800) ($536,879) ($536,879) ($536,879) ($536,879) ($1,305,171) ($1,321,48 8) ($1,321,488) ($1,321,488) ($1,321,488) ($1,321,488) ($1,321,488) ($784,609) ($784,609) Transfers/Adjustments
Transfer to/from O&M/Admin. Fund $589,515 $589,515 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Transfer to/from Land Acquisition Fund $899,586 $899,586 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Transfer to/from Supplemental Endowment Fund $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Transfer to/from Endowment Fund ($2,729,481) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Adjustment (to bal. to 2000 and 2022 end bal) ($211,076) ($211,076) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Transfers/Adjustments ($1,451,457) $1,278,025 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Ending Balance [1] $0 $3,989,186 $4,004,352 $1,498,177 $1,837,947 $2,187,911 $2,548,373 $2,951,093 $2,597,602 $2,217,189 $1,825,364 $1,421, 785 $1,006,098 $577,940 $136,938 $219,585 $304,711 [1] The fund balance is transferred to the Endowment Fund after development ends. (for years 2025+)
Prepared by EPS .11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx B-12

Page 2 of 2 ends

Table B-6
2025 NBHCP Fee Update
Restoration and Enhancement Cash Flow
Assumptions TOTAL
Item 1996-2053
Developed Acres
Annual Developed Acreage 16,625.0
Habitat Acres Acquired
Marsh 40.4
Rice 6,844.2
Other 1,428.0
Subtotal 8,312.5
Cumulative Acreage
Rice/Other Converted to Marsh 2,037.8
Cumulative Converted to Marsh 2,037.8
Percentage of Year End Total
Rice Converted to Other 759.6

CASH FLO
W
Beginning Balance
Revenues
R&E Fee Revenue $2,523
per dev acre $26,859,561
Contingency Fee Revenue $252 per dev acre $2,023,969
Interest Earnings 3% of beg. balance $1,908,884
Total Revenues $30,792,414
Costs
Development Costs
Rice/Other Converted to Marsh $18,500 per conv. Acre ($27,476,527) Rice Converted to Other $1,000 per conv.. acre ($779,475) Biological Site Assessment $270 per hab. acre ($1,084,955) Total Expenditures ($29,340,957)
Transfers/Adjustments
Transfer to/from O&M/Admin. Fund $589,515
Transfer to/from Land Acquisition Fund $899,586
Transfer to/from Supplemental Endowment Fund $0
Transfer to/from Endowment Fund ($2,729,481)
Adjustment (to bal. to 2000 and 2022 end bal) ($211,076) Total Transfers/Adjustments ($1,451,457)
Ending Balance [1] $0
[1] The fund balance is transferred to the Endowment Fund after development ends. (for years 2025+)
43 44 45 46 47 48 49 50 51 52 53 54 55 56 57
2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 [1]
311.0 311.0 311.0 311.0 311.0 311.0 294.1 266.0 266.0 266.0 266.0 266.0 266.0 266.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 140.0 140.0 140.0 140.0 140.0 140.0 132.3 119.7 119.7 119.7 119.7 119.7 59.4 0.0 0.0

15.6 15.6 15.6 15.6 15.6 15.6 14.7 13.3 13.3 13.3 13.3 13.3 6.6 0.0 0.0 155.52 155.52 155.52 155.52 155.52 155.52 147.04 132.98 132.98 132.98 132.98 132.98 65.96 0.00 0.00 6,657.0 6,812.5 6,968.0 7,123.6 7,279.1 7,434.6 7,581.7 7,714.6 7,847.6 7,980.6 8,113.6 8,246.5 8,312.5 8,312.5 8,312.5

38.88 38.88 38.88 38.88 38.88 38.88 36.76 33.24 33.24 33.24 33.24 33.24 16.49 0.00 0.00 1,623.9 1,662.8 1,701.7 1,740.5 1,779.4 1,818.3 1,855.1 1,888.3 1,921.5 1,954.8 1,988.0 2,021.3 2,037.8 2,037.8 2,037.8

24.4% 24.4% 24.4% 24.4% 24.4% 24.5% 24.5% 24.5% 24.5% 24.5% 24.5% 24.5% 24.5% 24.5% 24.5%

23.3 23.3 23.3 23.3 23.3 23.3 22.1 19.9 19.9 19.9 19.9 19.9 9.9 - - $304,711 $392,391 $482,701 $575,721 $671,531 $770,216 $871,861 $972,273 $1,068,595 $1,167,807 $1,269,995 $1,375,249 $1,483,660 $1,933,450 $0 $784,764 $784,764 $784,764 $784,764 $784,764 $784,764 $741,977 $671,007 $671,007 $671,007 $671,007 $671,007 $671,007 $671,007 $0 $78,383 $78,383 $78,383 $78,383 $78,383 $78,383 $74,110 $67,021 $67,021 $67,021 $67,021 $67,021 $67,021 $67,021 $0 $9,141 $11,772 $14,481 $17,272 $20,146 $23,106 $26,156 $29,168 $32,058 $35,034 $38,100 $41,257 $44,510 $58,003 $0 $872,288 $874,919 $877,628 $880,419 $883,293 $886,254 $842,243 $767,196 $770,086 $773,062 $776,128 $779,286 $782,538 $796,032 $0 ($719,289) ($719,289) ($719,289) ($719,289) ($719,289) ($719,289) ($680,072) ($615,023) ($615,023) ($615,023) ($615,023) ($615,023) ($305,047) $0 $0 ($23,328) ($23,328) ($23,328) ($23,328) ($23,328) ($23,328) ($22,056) ($19,947) ($19,947) ($19,947) ($19,947) ($19,947) ($9,893) $0 $0 ($41,991) ($41,991) ($41,991) ($41,991) ($41,991) ($41,991) ($39,702) ($35,904) ($35,904) ($35,904) ($35,904) ($35,904) ($17,808) $0 $0 ($784,609) ($784,609) ($784,609) ($784,609) ($784,609) ($784,609) ($741,830) ($670,874) ($670,874) ($670,874) ($670,874) ($670,874) ($332,748) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($2,729,481) $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($2,729,481) $0
$392,391 $482,701 $575,721 $671,531 $770,216 $871,861 $972,273 $1,068,595 $1,167,807 $1,269,995 $1,375,249 $1,483,660 $1,933,450 $0 $0 Prepared by EPS .11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx B-13

Page 1 of 2 ends

Table B-7
2025 NBHCP Fee Update
Historical Restoration and Enhancement Cash Flow
T O T A L 123456789 1 0 1 1 1 2 1 3 1 4
Item 1996-2022 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Developed Acres
Annual Developed Acreage 8,345.7 30.4 104.9 1,380.4 1,466.5 598.1 242.6 777.8 1,041.9 347.7 678.4 132.2 103.2 19.1 21.1 Habitat Acres
Marsh 40. 4 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 Rice 3,754.9 0. 00 0.00 0.00 988.27 69.45 105.93 519.41 310.34 110.96 296.10 569.98 (3.51) 0.00 (22.51) Other 1,117.2 0. 00 0.00 0.00 329.42 23.15 35.31 173.14 103.45 36.99 98.90 189.99 (1.17) 0.00 (7.50) Subtotal 4,912.4 0. 00 0.00 0.00 1,317.69 92.60 141.24 692.55 413.79 147.95 395.00 759.97 (4.68) 0.00 (30.01) Cumulative Acreage 1,317.7 1,410.3 1,551.5 2,244.1 2,657.9 2,805.8 3,200.8 3,960.8 3,956.1 3,956.1 3,926.1 Rice/Other Converted to Marsh 799.7 0.00 0.00 0.00 0.00 0.00 208.96 35.78 372.80 0.00 40.00 61.14 (5.38) 1.00 0.00 Cumulative Converted to Marsh 209.0 244.7 617.5 617.5 657.5 718.7 713.3 714.3 714.3 Percentage of Year End Total 13.5% 10.9% 23.2% 22.0% 20.5% 18.1% 18.0% 18.1% 18.2% Rice Converted to Other 757.9 - 19.9 - - 299.6 - 117.0 - 1.4

CASH FLO
W
Beginning Balance $0 $4,257 $19,070 $292,954 $592,246 $582,058 $268,280 ($12,244) $384,545 ($20,841) $481,611 $683,244 $351,236 $338,827 Revenues
R&E Fee Revenue [1] $5,963,379 $4,257 $14,686 $273,311 $290,504 $132,758 $117,416 $353,639 $1,111,045 $326,875 $643,751 $178,841 $146,005 $24 ,153 $28,146 Contingency Fee Revenue $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Interest Earnings $674,508 $0 $128 $572 $8,789 $17,767 $29,228 $9,378 $12,426 $7,525 $9,944 $23,272 $119,600 $13,072 $8,537 Total Revenues $6,637,887 $4,257 $14,814 $273,883 $299,292 $150,525 $146,644 $363,017 $1,123,471 $334,400 $653,695 $202,113 $265,605 $37,225 $ 36,683 Costs
Development Costs
Rice/Other Converted to Marsh ($3,687,895) $0 $0 $0 $0 $0 ($909,712) ($470,144) ($880,182) ($739,786) ($40,344) ($480) ($597,613) ($49,634) $0 Rice Converted to Other ($19,897) $0 $0 $0 $0 $0 $0 ($19,897) $0 $0 $0 $0 $0 $0 $0 Biological Site Assessment ($218,934) $0 $0 $0 $0 $0 ($150,710) $0 $0 $0 $0 $0 $0 $0 $0 Total Expenditures ($3,926,726) $0 $0 $0 $0 $0 ($1,060,422) ($490,041) ($880,182) ($739,786) ($40,344) ($480) ($597,613) ($49,634) $0 Transfers/Adjustments
Transfer to/from O&M/Admin. Fund $589,515 $0 $0 $0 $0 $0 $600,000 $0 $0 $0 ($10,485) $0 $0 $0 $0 Transfer to/from Land Acquisition Fund $899,586 $0 $0 $0 $0 $0 $0 ($153,500) $153,500 $0 ($100,414) $0 $0 $0 $0 Transfer to/from Supplemental Endowment Fund $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Transfer to/from Endowment Fund $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Adjustment (to bal. to end bal) ($211,076) $0 $0 $0 $0 ($160,713) $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Transfers/Adjustments $1,278,025 $0 $0 $0 $0 ($160,713) $600,000 ($153,500) $153,500 $0 ($110,899) $0 $0 $0 $0 Ending Balance [2] $3,989,186 $4,257 $19,070 $292,954 $592,246 $582,058 $268,280 ($12,244) $384,545 ($20,841) $481,611 $683,244 $351,236 $338 ,827 $375,510 [1] The 2013 amount represents Metro Air Park catch-up fees from 2006.

Prepared by EPS .11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx B-14

Page 2 of 2 ends

Table B-7
2025 NBHCP Fee Update
Historical Restoration and Enhancement Cash Flow
TOTAL
Item 1996-2022
Developed Acres
Annual Developed Acreage 8,345.7
Habitat Acres
Marsh 40.4
Rice 3,754.9
Other 1,117.2
Subtotal 4,912.4
Cumulative Acreage
Rice/Other Converted to Marsh 799.7
Cumulative Converted to Marsh
Percentage of Year End Total
Rice Converted to Other 757.9

CASH FLO
W
Beginning Balance
Revenues
R&E Fee Revenue [1] $5,963,379
Contingency Fee Revenue $0
Interest Earnings $674,508
Total Revenues $6,637,887
Costs
Development Costs
Rice/Other Converted to Marsh ($3,687,895)
Rice Converted to Other ($19,897)
Biological Site Assessment ($218,934)
Total Expenditures ($3,926,726)
Transfers/Adjustments
Transfer to/from O&M/Admin. Fund $589,515
Transfer to/from Land Acquisition Fund $899,586
Transfer to/from Supplemental Endowment Fund $0
Transfer to/from Endowment Fund $0
Adjustment (to bal. to end bal) ($211,076)
Total Transfers/Adjustments $1,278,025
Ending Balance [2] $3,989,186
[1] The 2013 amount represents Metro Air Park catch-up fees from 2006. 15 16 17 18 19 20 21 22 23 24 25 26 27 28
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

0.3 50.0 80.1 0.0 0.0 5.7 65.5 0.0 34.8 100.4 218.1 56.4 647.5 142.8

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 40.36

0.00 (46.70) 29.12 0.00 0.00 0.00 (3.88) (28.00) 14.51 0.00 422.89 287.60 134.90 0.00

0.00 (15.57) 0.00 0.00 0.00 0.06 (1.29) 0.00 0.00 0.00 90.40 0.00 99.22 (37.31)

0.00 (62.27) 29.12 0.00 0.00 0.06 (5.17) (28.00) 14.51 0.00 513.29 287.60 234.12 3.05 3,926.1 3,863.8 3,893.0 3,893.0 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

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 85.41 0.00 714.3 714.3 714.3 714.3 714.3 714.3 714.3 714.3 714.3 714.3 714.3 714.3 799.7 799.7

18.2% 18.5% 18.3% 18.3% 18.3% 18.3% 18.4% 18.5% 18.4% 18.4% 16.3% 15.3% 16.3% 16.3% 245.0 - - - - - - - - - - - 74.9 - $375,510 $385,187 $409,628 $1,615,601 $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 $3,582,394 $2,457 $21,150 $189,842 $71,482 $0 $7,272 $97,620 $73,416 $48,288 $131,596 $307,188 $79,563 $1,025,410 $262,709 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$7,220 $3,291 $16,131 $14,715 $19,027 $14,695 $16,832 $22,671 $43,370 $51,800 $37,610 $1,627 ($12,634) $177,915 $9,677 $24,441 $205,973 $86,197 $19,027 $21,967 $114,452 $96,087 $91,658 $183,396 $344,798 $81,190 $1,012,776 $440,624 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($68,224) $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($68,224) $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $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 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($16,530) ($33,833) $0 $0 $1,000,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($16,530) ($33,833) $385,187 $409,628 $1,615,601 $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 $3,582,394 $3,989,186 Prepared by EPS .11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx B-15

APPENDIX C:

Supplemental Endowment Fund

Supplemental Endowment Fund Technical Notes ........................... C-1 Table C-1 Supplemental Endowment Fee
Assumptions and Calculation ................................. C-3 Table C-2 Supplemental Endowment Fund
Cash Flow (2 pages) ............................................ C-4 Table C-3 Historical Supplemental Endowment Fund
Cash Flow (2 pages) ............................................ C-6

Appendix C
November 2024
Economic & Planning Systems, Inc. (EPS) C-1
Supplemental Endowment Fund
Technical Notes
The tables in this appendix detail the Supplemental Endowment fee calculation and the cash flow analysis. These notes detail the methodology and assumptions used in the analysis.

Assumptions and Fee Calculation
Table C-1 summarizes the development and cost assumptions needed to calculate the fee and shows the calculation of the fee. Table C-1 provides further detail on the costs summarized in Chapter 4. It includes the costs for both the 200-Acre Reserve and the Changed Circumstance subcomponents of the fee. The Supplemental Endowment fee is calculated as the amount of revenue needed to purchase 200 acres of land plus the fee to fund the Changed Circumstance component, which is a fixed amount per acre.

As shown in Table C-1, the amount of revenue needed to purchase 200 acres of land is equal to the revenue needed in addition to the existing Supplemental Endowment Fund revenue. The existing revenue is equal to the estimated balance in the Supplemental Endowment Fund at the end of the current year plus the amount owed to the Supplemental Endowment Fund from other funds.

Cash Flow Analysis
Table C-2 summarizes the Supplemental Endowment Fund cash flow through the last completed year and provides annual details of development, revenues, costs, and fund balances for all years from the current year through the completion of the NBHCP in 2053.
1996 through 2023
The cash flow summary for this time period shown in Table C-2 reflects actual annual revenues and expenses summed over the entire time period. Table C-3 provides a historical annual cash flow for this time period that shows the actual development activity, costs, revenues, and fund balances in each year. For each year, the account activity has been reconciled to the Conservancy’s end-of-year audited financial statements for the corresponding year. 2024-2053
The annual balances, revenues, and expenses in Table C-3 for each of these years incorporate the development, revenue, and expense assumptions presented in the previous tables in this appendix, as well as transfers to and from funds Appendix C
November 2024
Economic & Planning Systems, Inc. (EPS) C-2
needed to ensure positive fund balances in all years. It is assumed that any remaining funds from the 200-Acre reserve component of the fee after all development has occurred and after all habitat has been acquired will be transferred to the O&M Endowment Fund for use in operating and maintaining the habitat. The funds in the Changed Circumstance Contingency component will be retained in the Supplemental Endowment Fund to be used in case of unforeseen circumstances.

Annual Investment Earnings
As shown in Table C-1, annual investment income is estimated differently for the current year, the budget year, and all other future years. For the current year, the annual investment income is estimated as equal to the investment income in the September Profit and Loss Statement. For the budget year, annual income is estimated as 3 percent of the total investments on the September balance sheet, and for all other future years, it is estimated as 3 percent of the year’s beginning balance.

Table C-1
2025 NBHCP Fee Update
Supplemental Endowment Fee Assumptions and Calculation
Item Formula Amount Source/Notes
200-Acre Reserve or Purchase of Final 200 Acres
Total Cost per Acre A $28,000 Land cost and transactions costs; excludes contingency.

Acres B 200 Table A-1
Total Estimated Acquisition Cost C=A*B $5,600,000
Supplemental Endowment Funds Available
2024 Ending Fund Balance D $88,972 Table C-2
Plus Amount Owed from Other Funds through 2024 E $3,085,490 Table C-2 Less Amount Owed to Changed Circumstance through 2024 F $0 Table C-2 Total Funds Available G=D+E+F $3,174,462
Remaining Cost for 200-Acre Reserve H=C-G $2,425,538
Remaining Development (2025+) I 8,207 Table A-2
Cost per Developed Acre J=H/I $296
Cost per Habitat Acre K=J*2 $592
Changed Circumstance Contingency Cost
Cost per Habitat Acre L $750
Cost per Developed Acre L/2 $375
Total Cost per Habitat Acre M=K+L $1,342
Total Fee per Developed Acre (1/2 of cost per habitat acre) M/2 $671 Fund Annual Earnings Rate Assumptions
Current Year (2024) income to date Realized and unrealized investment income on September Profit and Loss Statement Budget Year (2025) 3.00% Pct. of total investments on September balance sheet Future Years (2026+) 3.00% Pct. of beginning fund balance Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx C-3

Page 1 of 2 ends

Table C-2
2025 NBHCP Fee Update
Supplemental Endowment Fund Cash Flow
TOTAL 1996- 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 1996-2053 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Annual Developed Acreage for Fee Calculation 16,625.0 8,345.7 72.6 175.0 299.7 299.7 299.7 311.0 311.0 311.0 311.0 311.0 311.0 311.0 311.0 311. 0 311.0 Beginning Balance $0 $0 $3,468 $88,972 $1,345,395 $1,870,417 $2,456,943 $3,366,858 $3,773,239 $3,951,835 $4,134,353 $4,320,870 $4,511,468 $4,706,230 $4,905,239 $5,108,580 $5,316,340 Revenues
Fee Revenue [1] $671 per dev acre $8,045,616 $2,490,265 $48,708 $117,425 $201,108 $201,108 $201,108 $208,711 $208,711 $208,711 $208,711 $208 ,711 $208,711 $208,711 $208,711 $208,711 $208,711 Interest Earnings 3% of beg. bal. $13,445,953 $3,365,822 $317,151 $80,000 $130,247 $152,066 $175,912 $209,648 $228,598 $240,917 $253,562 $266,543 $279,868 $293,54 6 $307,586 $321,998 $336,792 Costs
Fees and Taxes [2] 0.35% of beg. bal. ($1,333,395) ($190,374) ($6,413) ($6,927) ($15,195) ($17,741) ($20,523) ($24,459) ($26,670) ($28,107) ($29,582) ($31,097) ($32,651) ($34,247) ($35,885) ($37,566) ($39,292) 200-Acre Acquisition $0 per acq. acre $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Changed Circumstances Contingency [3] $375 per dev acre ($4,038,180) ($942,536) ($18,161) ($65,625) ($112,392) ($112,392) ($112,392) ($11 6,642) ($116,642) ($116,642) ($116,642) ($116,642) ($116,642) ($116,642) ($116,642) ($116,642) ($116,642) Changed Circumstances Interest [4] ($7,199,276) ($1,573,294) ($316,706) ($77,581) ($89,885) ($95,954) ($102,204) ($108,642) ($115,400) ($ 122,362) ($129,532) ($136,917) ($144,524) ($152,359) ($160,429) ($168,741) ($177,302) Changed Circumstance Loan/Repayment $0 $49,771 ($49,771) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Land Acquisition Loan/Repayment $0 ($3,196,186) $110,695 $1,209,130 $411,140 $459,440 $768,015 $237,765 $0 $0 $0 $0 $0 $0 $0 $0 $0 R&E Loan/Repayment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Transfer to Endowment ($8,920,718) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Drawdown $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Adjustment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Ending Balance $0 $3,468 $88,972 $1,345,395 $1,870,417 $2,456,943 $3,366,858 $3,773,239 $3,951,835 $4,134,353 $4,320,870 $4,511,468 $4,706,230 $4,905,239 $5,108,580 $5,316,340 $5,528,607 [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 $2,468,332 $2,852,970 $2,996,175 $3,198,453 $3,406,799 $3,621,396 $3,846,679 $4,078,721 $4,317,724 $4,563,897 $4,817,456 $5,078,621 $5,347,621 $5,624,691 $5,910,073 Revenues $4,038,180 $942,536 $18,161 $65,625 $112,392 $112,392 $112,392 $116,642 $116,642 $116,642 $116,642 $116,642 $116,642 $116,642 $116,642 $116,642 $116,642 Interest Earnings 3% of beg. bal. $7,536,468 $1,573,294 $316,706 $77,581 $89,885 $95,954 $102,204 $108,642 $115,400 $122,362 $129,532 $136,91 7 $144,524 $152,359 $160,429 $168,741 $177,302 Management Fees [6] 0.35% of beg. bal. ($39,339) $0 $0 $0 $0 $0 $0 $0 $0 $0 $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 $0 $0 $0 $0 $0 $0 $0 $0 $0 Loan/Repayment to Supplemental Endowment $0 ($49,771) $49,771 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Transfer to Endowment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Adjustment (Restatement of Assets based on 2021 Financial Audit) $2,273 $2,273 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Ending Balance $11,537,582 $2,468,332 $2,852,970 $2,996,175 $3,198,453 $3,406,799 $3,621,396 $3,846,679 $4,078,721 $4,317,724 $4,563,897 $4,817,456 $5,078,621 $5,347,621 $5,624,691 $5,910,073 $6,204,017 [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
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Table C-2
2025 NBHCP Fee Update
Supplemental Endowment Fund Cash Flow
TOTAL
1996-2053
Annual Developed Acreage for Fee Calculation 16,625.0
Beginning Balance $0
Revenues
Fee Revenue [1] $671 per dev acre $8,045,616
Interest Earnings 3% of beg. bal. $13,445,953
Costs
Fees and Taxes [2] 0.35% of beg. bal. ($1,333,395)
200-Acre Acquisition $0 per acq. acre $0
Changed Circumstances Contingency [3] $375 per dev acre ($4,038,180) Changed Circumstances Interest [4] ($7,199,276)
Changed Circumstance Loan/Repayment $0
Land Acquisition Loan/Repayment $0
R&E Loan/Repayment $0
Transfer to Endowment ($8,920,718)
Drawdown $0
Adjustment $0
Ending Balance $0
[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
Revenues $4,038,180
Interest Earnings 3% of beg. bal. $7,536,468
Management Fees [6] 0.35% of beg. bal. ($39,339)
Income Tax After All Mitigation Revenues 1.50% of Int Earnings $0 Loan/Repayment to Supplemental Endowment $0
Transfer to Endowment $0
Adjustment (Restatement of Assets based on 2021 Financial Audit) $2,273 Ending Balance $11,537,582
[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 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 311.0 311.0 311.0 311.0 311.0 311.0 294.1 266.0 266.0 266.0 266.0 266.0 266.0 266.0 0.0 $5,528,607 $5,745,470 $5,967,020 $6,193,350 $6,424,554 $6,660,726 $6,901,964 $7,143,347 $7,381,557 $7,624,837 $7,873,282 $8,126,993 $8,386,068 $8,650,609 $0 $208,711 $208,711 $208,711 $208,711 $208,711 $208,711 $197,331 $178,457 $178,457 $178,457 $178,457 $178,457 $178,457 $178,457 $0 $351,979 $367,567 $383,569 $399,995 $416,856 $434,164 $451,931 $469,827 $487,631 $505,907 $524,667 $543,925 $563,693 $583,984 $0 ($41,064) ($42,883) ($44,750) ($46,666) ($48,633) ($50,653) ($52,725) ($54,813) ($56,890) ($59,023) ($61,211) ($63,458) ($65,764) ($68,131) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
($116,642) ($116,642) ($116,642) ($116,642) ($116,642) ($116,642) ($110,282) ($99,734) ($99,734) ($99,734) ($99,734) ($99,734) ($99,734) ($9 9,734) $0 ($186,121) ($195,203) ($204,559) ($214,195) ($224,120) ($234,343) ($244,872) ($255,527) ($266,185) ($277,162) ($288,469) ($300,115) ($312,111) ($324,466) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($8,920,718) $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$5,745,470 $5,967,020 $6,193,350 $6,424,554 $6,660,726 $6,901,964 $7,143,347 $7,381,557 $7,624,837 $7,873,282 $8,126,993 $8,386,068 $8,650,609 $0 $0 $6,204,017 $6,506,779 $6,818,624 $7,139,824 $7,470,660 $7,811,422 $8,162,406 $8,517,560 $8,872,820 $9,238,738 $9,615,634 $10,003,837 $10,403,685 $10,815,529 $11,239,729 $116,642 $116,642 $116,642 $116,642 $116,642 $116,642 $110,282 $99,734 $99,734 $99,734 $99,734 $99,734 $99,734 $99,734 $0 $186,121 $195,203 $204,559 $214,195 $224,120 $234,343 $244,872 $255,527 $266,185 $277,162 $288,469 $300,115 $312,111 $324,466 $337,192 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($39,339)
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$6,506,779 $6,818,624 $7,139,824 $7,470,660 $7,811,422 $8,162,406 $8,517,560 $8,872,820 $9,238,738 $9,615,634 $10,003,837 $10,403,685 $10,815,529 $11,239,729 $11,537,582 Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx C-5

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Table C-3
2025 NBHCP Fee Update
Historical Supplemental Endowment Fund Cash Flow
TOTAL 123456789 1 0 1 1 1 2 1 3 1 4
1996-2022 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Annual Developed Acreage for Fee Calculation 8,345.7 30.4 104.9 1,380.4 1,466.5 598.1 242.6 777.8 1,041.9 347.7 678.4 132.2 103.2 19.1 21.1 Beginning Balance $0 $0 $0 $0 $0 $0 $0 $36,390 $183,710 $456,279 $558,116 $784,582 $980,519 $1,103,939 $780,438 Revenues
Fee Revenue [1] $2,490,265 $0 $0 $0 $0 $0 $36,390 $146,228 $448,003 $164,314 $361,478 $141,638 $96,517 $17,116 $18,764 Interest Earnings $3,365,822 $0 $0 $0 $0 $0 $0 $1,092 $85,034 $38,420 $81,658 $171,986 $95,797 ($544,080) $342,529 Costs
Fees and Taxes ($190,374) ($14,981) ($12,781) ($4,290) ($8,788) ($6,825) 200-Acre Acquisition $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Changed Circumstances Contingency [2] ($942,536) $0 $0 $0 $0 $0 $0 $0 ($260,467) ($86,935) ($169,597) ($33,048) ($25,788) ($4,778) ($5,270) Changed Circumstances Interest [3] ($1,573,294) $0 $0 $0 $0 $0 $0 $0 $0 ($13,962) ($32,092) ($71,857) ($38,817) $217,028 ($137,015) Changed Circumstance Loan/Repayment $49,771 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Land Acquisition Loan/Repayment ($3,196,186) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 R&E Loan/Repayment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Transfer to Endowment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Drawdown $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Adjustment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Ending Balance $3,468 $0 $0 $0 $0 $0 $36,390 $183,710 $456,279 $558,116 $784,582 $980,519 $1,103,939 $780,438 $992,621 [1] 2013 amount reflects Metro Air Park catch up fees from 2006. [2] The balance on the Changed Circumstances Fund is estimated below. [3] Portion of annual interest earnings to transfer to Changed Circumstance Contingency Fund.

Changed Circumstances Contingency Fund [4]
Beginning Balance $0 $0 $0 $0 $0 $0 $0 $0 $0 $260,467 $361,364 $563,053 $667,959 $732,563 $520,312 Revenues $942,536 $0 $0 $0 $0 $0 $0 $0 $260,467 $86,935 $169,597 $33,048 $25,788 $4,778 $5,270 Interest Earnings $1,573,294 $0 $0 $0 $0 $0 $0 $0 $0 $13,962 $32,092 $71,857 $38,817 ($217,028) $137,015 Management Fees $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Income Tax After All Mitigation Revenues $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Loan/Repayment to Supplemental Endowment ($49,771) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Transfer to Endowment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Adjustment (Restatement of Assets based on 2021 Financial Audit) $2,273 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Ending Balance $2,468,332 $0 $0 $0 $0 $0 $0 $0 $260,467 $361,364 $563,053 $667,959 $732,563 $520,312 $662,597 [4] This fund provides for adaptive management or changed circumstances of the NBHCP.

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Table C-3
2025 NBHCP Fee Update
Historical Supplemental Endowment Fund Cash Flow
TOTAL
1996-2022
Annual Developed Acreage for Fee Calculation 8,345.7
Beginning Balance $0
Revenues
Fee Revenue [1] $2,490,265
Interest Earnings $3,365,822
Costs
Fees and Taxes ($190,374)
200-Acre Acquisition $0
Changed Circumstances Contingency [2] ($942,536)
Changed Circumstances Interest [3] ($1,573,294)
Changed Circumstance Loan/Repayment $49,771
Land Acquisition Loan/Repayment ($3,196,186)
R&E Loan/Repayment $0
Transfer to Endowment $0
Drawdown $0
Adjustment $0
Ending Balance $3,468
[1] 2013 amount reflects Metro Air Park catch up fees from 2006. [2] The balance on the Changed Circumstances Fund is estimated below. [3] Portion of annual interest earnings to transfer to Changed Circumstance Contingency Fund.

Changed Circumstances Contingency Fund [4]
Beginning Balance $0
Revenues $942,536
Interest Earnings $1,573,294
Management Fees $0
Income Tax After All Mitigation Revenues $0
Loan/Repayment to Supplemental Endowment ($49,771)
Transfer to Endowment $0
Adjustment (Restatement of Assets based on 2021 Financial Audit) $2,273 Ending Balance $2,468,332
[4] This fund provides for adaptive management or changed circumstances of the NBHCP. 15 16 17 18 19 20 21 22 23 24 25 26 27 28
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

0.3 50.0 80.1 0.0 0.0 5.7 65.5 0.0 34.8 100.4 218.1 56.4 647.5 142.8 $992,621 $1,120,982 $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 $1,247,680 $1,385,10 4$ 0 $4,153 $0 $92,194 $31,686 $0 $3,108 $41,718 $28,784 $17,975 $48,984 $139,354 $36,258 $525,082 $90,521 $223,905 ($16,465) $227,060 $374,347 $137,685 $25,630 $199,965 $451,381 ($108,145) $651,591 $359,669 $329,050 ($102,511) $340,225 ($9,986) ($7,617) ($8,316) ($9,339) ($10,273) ($10,529) ($10,972) ($12,364) ($13,035) ($14,207) ($12,115) ($12,171) ($3,595) ($8,190) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
($80) ($12,500) ($20,030) ($11) $0 ($1,413) ($16,378) $0 ($8,698) ($25,095) ($54,530) ($20,347) ($161,879) ($35,693) ($89,631) $6,612 ($93,097) ($150,998) ($55,052) ($10,287) ($80,589) ($182,519) $43,518 ($263,530) ($146,460) ($195,366) $61,045 ($340,225) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $149,771 ($100,000) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($1,400,000) $0 ($1,853,017) $56,831 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$1,120,982 $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 $1,247,680 $1,385,104 $0 $3,46 8 $662,597 $752,308 $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 $1,823,365 $2,039,078 $1,991,842 $80 $12,500 $20,030 $11 $0 $1,413 $16,378 $0 $8,698 $25,095 $54,530 $20,347 $161,879 $35,693 $89,631 ($6,612) $93,097 $150,998 $55,052 $10,287 $80,589 $182,519 ($43,518) $263,530 $146,460 $195,366 ($61,045) $340,225 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($149,771) $100,000 $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 $1,702 $571
$752,308 $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 $1,823,365 $2,039,078 $1,991,842 $2,468,332 Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx C-7

APPENDIX D:

Administration/Operations and
Maintenance Fund

Administration /Operations and Maintenance Fund
Technical Notes ...................................................................... D-1 Table D-1 Admin/O&M and O&M Endowment Fees Calculation .... D-8 Table D-2 Admin./Operations and Maintenance Assumptions ..... D-9 Table D-3 Estimated Conservancy Operations and Maintenance Annual Costs (3 pages) ......................................... D-10 Table D-4 Estimated Conservancy Fixed Asset Replacement Annual Costs (8 pages) ......................................... D-13 Table D-5 NCMWC Cost Estimate .......................................... D-21 Table D-6 Actual and Estimated Property Taxes: Past,
Current, and Budget Year ...................................... D-22 Table D-7 Estimated Property Taxes ..................................... D-23 Table D-8 Species and Habitat Monitoring Cost Assumptions .... D-24 Table D-9 Estimated Administrative Costs .............................. D-25 Table D-10 Estimated Contract Costs for 2026-2053 ................. D-26 Table D-11 Administration/Operations and Maintenance
Cash Flow (2 pages) ............................................. D-27 Table D-12 Historical Administration/Operations and
Maintenance Cash Flow (2 pages) .......................... D-29 Appendix D
November 2024
Economic & Planning Systems, Inc. (EPS) D-1
Administration/Operations and
Maintenance Fund Technical Notes
The tables in this appendix detail the Administration/Operations and Maintenance (Admin/O&M) fee calculation and the cash flow analysis. These notes detail the methodology and assumptions used in the analysis.

Fee Calculation
Table D-1 details the calculation of the Admin/O&M and O&M Endowment Fund fees. As described in Chapters 5 and 6, the Admin/O&M and O&M Endowment fees are established to together provide habitat operations and maintenance funding in perpetuity. The two fees are set to provide enough funding so that the Admin/O&M Fund provides sufficient funding for habitat maintenance through 2052, and the O&M Endowment Fund will have built up sufficient earnings by 2053 to fund the required revenue after that time.

Admin/O&M Assumptions
Table D-2 summarizes the Admin/O&M assumptions that are used to establish the cash flow analysis and estimate the fee. Tables D-3 through D-10 provide additional detail on the cost assumptions.

O&M Costs
O&M costs are divided into the following categories:
• O&M costs included in the habitat land management contract for managing the marsh portion of the mitigation land.
• Annual O&M costs that are not part of the habitat land management contract. ‒ O&M costs incurred by the Conservancy.
‒ Estimated Conservancy costs for replacing fixed assets.

As shown in Table D-2, the O&M land maintenance cost per acre is estimated as the current habitat 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.

Appendix D
November 2024
Economic & Planning Systems, Inc. (EPS) D-2
Table D-3 shows the ongoing O&M costs that are not part of the O&M habitat land management contract. These costs were updated based on estimates from the Conservancy. Table D-4 includes an accounting of the Conservancy’s fixed assets for which replacement costs are estimated. This table shows the original fixed asset costs, as well as the costs updated to current dollars, using a 3 percent annual cost inflation, and an estimate of the total estimated annual replacement cost habitat acre. Table D-4 also shows the current estimated accrued replacement fund for fixed assets.

Special Assessments
Special assessments consist of Natomas Central Mutual Water Company (NCMWC), Bureau of Reclamation (Bureau), and Reclamation District 1000 (RD-1000) costs. The Bureau costs are not included in the Model, as they only incurred for two properties and are negligible.

NCMWC Costs
Table D-5 details the NCMWC cost estimate per habitat acre. The current assumptions concerning the NCMWC rates and the entity that is responsible for the payments are summarized below:
• The rates are based on the NCMWC 2024 published rates. It is anticipated there will be a rate increase in 2025, so the 2024 rates for all NCMWC components have been increased by 3 percent to estimate the rates in 2025 dollars. In addition, it is assumed that 15 percent of the acres will be excluded from NCMWC assessments.
2 • For rice acreage, it is assumed that the Conservancy 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

2 The Conservancy’s Finance Model now contemplates that 15 percent of the Conservancy’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 the Conservancy 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 Conservancy 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 Conservancy 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.

Appendix D
November 2024
Economic & Planning Systems, Inc. (EPS) D-3
winter water charges directly to NCMWC. The Conservancy is required, as stated in the 2003 NBHCP, to ensure that rice is produced on certain mitigation land. For this purpose, the Conservancy has included an allowance to fund farmer defaults on NCMWC payments, estimated at 5 percent of all farmer-paid costs.
• For uplands acreage, it is assumed that the Conservancy 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.
• The Conservancy pays the full cost of water applied to managed-marsh complexes.

RD-1000 Costs
Table D-6 details the RD-1000 annual cost per acre for 2023, 2024, and 2025.

The 2023 and 2024 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, resulting in a higher assessment.

For the purposes of estimating annual costs in future years, the 2025 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 used to project property taxes for future habitat as described below and detailed in Table D-6 and Table D-7. • Existing Habitat Properties. The property taxes for existing habitat properties are detailed in Table D-6. The 2024 property taxes are based on the actual property taxes reported on the Fiscal Year 2023-2024 and 2024- 2025 tax rolls. The 2025 property taxes for existing habitat are composed of the following two components:
‒ Property taxes on the Fiscal Year 2024-2025 tax roll. Note that acquisitions and trades of properties occurred in 2024, (see Table A-4), resulting in a small increase in Fiscal Year 2024-2025 property taxes. ‒ A 3 percent contingency to address the uncertainty of maintaining reduced property tax levels for Williamson Act properties. 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 Appendix D
November 2024
Economic & Planning Systems, Inc. (EPS) D-4
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 D-7 details the estimated property taxes for 2025 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 current estimated land acquisition cost per acre from Table A-1.

In light of the loss of state funding for Williamson Act contracts, Conservancy 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.

For future years, 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. The Conservancy 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.

Site Specific Management Plan Costs
Site Specific Management Plans must be prepared when habitat is acquired.

Additionally annual updates are required. Table D-2 includes estimated Site Specific Management Plan preparation and update costs.

Mitigation Monitoring and Adaptive Management Costs
Table D-8 shows the mitigation monitoring and adaptive management costs, which are divided into categories, as summarized below:
• Biological Effectiveness Monitoring Costs: Costs from the 2025 biological effectiveness–monitoring contract.3

3 Beginning in 2025, GEI will be conducting all the biological effectiveness monitoring on behalf of the Conservancy.

Appendix D
November 2024
Economic & Planning Systems, Inc. (EPS) D-5
• Other Costs: Connectivity and adaptive management review costs. • Midpoint Program Review: Costs associated with support for the required City, County, and Metro Air Park midpoint program reviews when development reaches the half-way point of 8,750 acres, currently projected in 2026. • End of Plan Program Review: Costs associated with the required Conservancy 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 the Conservancy (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 D-2 and discussed below), all mitigation monitoring costs are inflated by 3 percent every 5 years 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.

Administrative Costs
Table D-9 details the annual administrative costs and summarizes the annual contract costs for the current, budget, and future years. Annual administrative costs were revised for the budget and future years based on the Conservancy’s current budget estimates. The costs, including contract costs, include a 5 percent contingency for the current and all future years. It is assumed that the total annual administrative and contract costs for all future years will remain constant.

Table D-10 details the contract costs for future years. These costs were estimated by the Conservancy based on expected ongoing contracts. The Conservancy added a 5 percent contingency on all contracts.

Endowment and Supplemental Endowment Fund Management Fees As summarized on Table D-2, the Conservancy’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 2053, as detailed in the O&M Endowment and Supplemental Endowment cash flow tables.

Appendix D
November 2024
Economic & Planning Systems, Inc. (EPS) D-6
Excise Tax
Based on a letter provided from Gilbert CPAs, dated August 11, 2023, the Conservancy currently qualifies as a tax exempt 501(c)(3) publicly supported foundation because more than 10 percent of all Conservancy revenues come from public support in the form of mitigation fees. In 2052, when no mitigation fees are being collected, the Conservancy will no longer pass the fee revenue public support test. While there are additional ways to qualify for tax exempt 501(c)(3) status that could apply to the Conservancy, 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 the Conservancy earns each year after all habitat has been acquired (2053 and beyond).

Rice and Other Crop Revenue Estimates
Table D-2 shows the revenue per acre assumptions for rice and other crop land lease revenue and for miscellaneous revenue.

Rice Lease 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.4 Other Crop Lease 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 current lease rate assumption on Table D-2 is based on the Conservancy’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 generate less revenue than conventional farming arrangements.

Miscellaneous Revenues
Miscellaneous revenues can include contract payments, various reimbursements, and hunting revenues. The estimated annual miscellaneous revenue shown on Table D-2 is based on the Conservancy’s knowledge of realized and expected revenue.

Cash Flow Analysis
Table D-11 summarizes the Admin/O&M cash flow through the last completed year and provides annual details of development, revenues, costs, and fund

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

Appendix D
November 2024
Economic & Planning Systems, Inc. (EPS) D-7
balances for all years from the current year through the completion of the NBHCP in 2053.
1996 through 2023
The cash flow summary for this time period shown in Table D-11 reflects actual annual revenues and expenses summed over the entire time period. Table D-12 provides a historical annual cash flow for this time period that shows the actual development activity, costs, revenues, and fund balances in each year. For each year, the account activity has been reconciled to the Conservancy’s end-of-year audited financial statements for the corresponding year. 2024-2053
The annual balances, revenues, and expenses in Table D-11 for each of these years incorporate the development, habitat acquisition and conversion, revenue, and expense, assumptions presented in the previous tables in this appendix, as well as transfers to and from funds needed to ensure positive fund balances in all years. In 2053, after all development has occurred and habitat has been acquired, the Admin/O&M Fund will be supplemented by O&M Endowment Fund investment earnings in the form of drawdowns on the O&M Endowment Fund to provide funding for the required habitat operations and maintenance functions.

Annual Investment Earnings
As shown in Table D-2, annual investment income is estimated differently for the current year, the budget year, and all other future years. For the current year, the annual investment income is estimated as equal to the investment income in the September Profit and Loss Statement. For the budget year, annual income is estimated as 1 percent of the total investments on the September balance sheet, and for all other future years, it is estimated as 3 percent of the year’s beginning balance.

Table D-1
2025 NBHCP Fee Update
Admin/O&M and O&M Endowment Fees Calculation
Item Formula Amount
Assumptions
Endowment Fund Annual Earnings Rate (2025+) A 3%
O&M Endowment Fee as Pct. of Admin/O&M Fee B 60%
Required Annual Revenue After All Habitat Acquired
Admin/O&M Net Cost / Endowment Fund Drawdown $7,037,893 Endowment Management Fees $957,911
Subtotal C $7,995,804
Required Endowment Fund Beginning Balance in 2053 C/A $266,526,796 Estimated Fees Needed to Result in Endowment Fund 2053 Balance Admin/O&M Fee per Acre D $17,758
O&M Endowment Fee per Acre D*60% $10,655
Source: Natomas Basin Conservancy
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Table D-2
2025 NBHCP Fee Update
Admin./Operations and Maintenance Assumptions (2025$)
(Assumptions for 2026 and beyond)
Item Source/Notes
Operations and Maintenance Costs
Marsh Operations and Maintenance
Land Maintenance $668.25 per marsh acre Cost per acre esitmated as land management contract amount of $567,894 (including a 10% contin
gency) divided by the 2024 estimated 850 marsh acres (including supplemental mitigation).

All Habitat Operations and Maintenance
Conservancy Costs $95.11 per habitat acre Table D-3
Fixed Assets $17.24 per habitat acre Table D-4
Subtotal All Habitat Acres $112.35 per habitat acre
Select Special Assessments
NCMWC $93.24 per habitat acre Table D-5
Bureau of Reclamation [1] Water service for Huffman West, Lauppe South, and Lauppe North Reclamation District #1000 $18.84 per habitat acre Table D-6 Subtotal $112.07 per habitat acre
$92.55 per habitat acre Table D-6
Preparation of Site Specific Management Plan $160 per acquired acre Based on information from contracts regarding cost of SSMPs prepared to date.

Update of Site Specific Management Plan $25,000 per year Based on expected costs.

Mitigation Monitoring and Adaptive Management Table D-8 One-Time/Fixed Costs $150,000 one-time Ongoing monitoring costs increase by 3% every 5 years until habitat buildout beginning On-Going Monitoring $340,994 per year in 2028. Amount shown is for 2027. 2025 and 2026 amounts are less. See Table D-8.

Administrative Costs $2,138,706 per year Table D-9
Includes contracts.

Endowment Fund Management Fees
First $5 Million of Fund Balance 0.50% of $5 M illion Applies to Endowment and Supplemental Endowment Remaining Fund Balance 0.35% of remaining fund bal. combined fund balances.

Excise Tax After End of NBHCP 1.39% annually Payable if nonprofit status lost.

Operations and Maintenance Revenues
Crop Land Leases
Planted Rice Base Acreage $350 per 90% of rice acres Estimate of average revenue per rice acre.

Other Crops $75 per 25% of other acres Estimate of average revenue per upland/other acre.

Miscellaneous Revenue $25,000 per year
Fund Annual Earnings Rate Assumptions
Current Year (2024)
income to date Realized and unrealized investment income on September Profit and Loss Statement Budget Year (2025) 1.00% Pct. of total investments on September balance sheet Future Years (2026+) 3.00% Pct. of beginning fund balance Source: Natomas Basin Conservancy
Amount
Property Taxes for Existing Habitat
[1] Bureau of Reclamation provides water service to the Huffman West, Lauppe South, and Lauppe North properties at a cost of approximately $20,000 annually.

As this cost allocated to all acres is negligible, it has been excluded from this analysis.

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2025 NBHCP Fee Update
Estimated Conservancy Operations and Maintenance Annual Costs (2025$) Task Table Comments
Expenditure
Type
Cost
/
Item Items
Total
Cost
Recurence
Interval
Total
Annual Cost
(years)
Costs Not in Other Tables
Water Management
electricity/fuel for wells annual $5,250 20 $105,000 1 $105,000 channel and outlet siltation control accrued $1,100,000 12 $91,667 Vegetation Management
crop protection materials annual $20,000 1 $20,000
Agriculture Management (rice and alfalfa farming)
field leveling and cleanup Paid by Farmer annual $0 200 acres $0 2 $0 Miscellaneous
mosquito and vector control [1] annual $10 2,433 acres $24,300 3 $8,100 silva barn security upgrades accrued $2,523 1 $2,500 15 $167 building repair annual $10,000 1 $10,000
trash clean-up annual $5,000 1 $5,000
access gate and fence maintenance annual $5,000 1 $5,000 fence maintenance accrued $25,000 1 $25,000 1 $25,000 signage annual $1,000 1 $1,000
burrowing owl boxes/habitat accrued $360 1 $360 3 $120 winter bird management annual $5,000 5 $1,000
road maintenance annual $35,000 1 $35,000 1 $35,000
weeds, seeds annual $70,000 1 $70,000 1 $70,000
weed control experiments annual $50,000 1 $50,000 1 $50,000 tree irrigation annual $24,000 1 $24,000 1 $24,000
tree maintenance (tree timming, removal) annual $15,000 1 $15,000 1 $15,000 Subtotal All Costs $466,053
Contingency 10% $46,605
Total Costs $512,659
Acres Allocation 5,390
Estimated Cost per Acre $95.11
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2025 NBHCP Fee Update
Estimated Conservancy Operations and Maintenance Annual Costs (2025$) Task Table Comments
Expenditure
Type
Cost
/
Item Items
Total
Cost
Recurence
Interval
Total
Annual Cost
(years)
Costs Included in Other Tables
Water Management
berm maintenance Table D-2 Habitat Land Management Contract annual water-control structure maintenance/repair Table D-2 Habitat Land Management Contract annual water-control structure replacement Table D-2 Habitat Land Management Contract annual pump maintenance
lift pump Table D-2 Habitat Land Management Contract annual well pump Table D-2 Habitat Land Management Contract annual water management operation
water cost Table D-5 NCMWC
summer water Table D-5 NCMWC annual
winter water - farm Table D-5 NCMWC annual
winter water - marsh Table D-5 NCMWC annual
reclamation district fee Table D-6 RD-1000 annual
Subtotal Water Management
Vegetation Management
marsh-plant management
labor Table D-2 Habitat Land Management Contract annual marsh water level management labor Table D-2 Habitat Land Management Contract annual upland-plant management
mowing perimeter Table D-2 Habitat Land Management Contract annual vegetation management advisor Table D-10 Miscellaneous Contract annual Subtotal Vegetation Management
Pest Management
pest management (beaver/muskrat/mosquito) Table D-10 Miscellaneous Contract annual muskrat traps Table D-2 Habitat Land Management Contract annual beaver traps Table D-2 Habitat Land Management Contract annual labor for beaver and muskrat control Table D-2 Habitat Land Management Contract annual cottonwood/willow protection Table D-2 Habitat Land Management Contract annual Subtotal Pest Management
Agriculture Management (rice and alfalfa farming)
coordination with farmers and grazing tenants Table D-10 Miscellaneous Contract annual Subtotal Agricultural Management
Hunting Management
manage hunting program Table D-10 Miscellaneous Contract annual coordinate with Sacramento Int. Airport Table D-10 Miscellaneous Contract annual Subtotal Hunting Management
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2025 NBHCP Fee Update
Estimated Conservancy Operations and Maintenance Annual Costs (2025$) Task Table Comments
Expenditure
Type
Cost
/
Item Items
Total
Cost
Recurence
Interval
Total
Annual Cost
(years)
Public Access and Interpretation
provide guided tours Table D-10 Miscellaneous Contract annual prepare handbooks and misc. interpretive
material Table D-10 Miscellaneous Contract
Subtotal Public Access and Interpret.

Monitoring
general field-monitoring of veg. and wildlife Table D-8 Monitoring Contract annual site-specific multispecies wildlife survey Table D-8 Monitoring Contract accrued waterfowl activities Table D-8 Monitoring Contract annual prepare reports Table D-8 Monitoring Contract annual
general agency coordination Table D-8 Monitoring Contract annual Subtotal Monitoring
Adaptive Management
labor to implement changes to various
management practices
Table D-8 Monitoring Contract
annual
Subtotal Adaptive Management
Miscellaneous
site security Table D-10 Miscellaneous Contract annual
truck Table D-2 Habitat Land Management Contract
atv Table D-2 Habitat Land Management Contract
trailer for atv Table D-2 Habitat Land Management Contract hand tools Table D-2 Habitat Land Management Contract
backpack sprayer Table D-2 Habitat Land Management Contract weed eater Table D-2 Habitat Land Management Contract
fuels and oils Table D-2 Habitat Land Management Contract misc. equipment maintenance Table D-2 Habitat Land Management Contract road maintenance Table D-2 Habitat Land Management Contract insurance Table D-9 Administration Cost annual
project management/administration/misc.
project coordination (10% of work year) Table D-2 Habitat Land Management Contract annual Subtotal Miscellaneous
Source: Natomas Basin Conservancy
[1] Estimated as $10 per acre on all Sacramento County acres.

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Table D-4
2025 NBHCP Fee Update
Estimated Conservancy Fixed Asset Replacement Annual Costs (2025$) Total Annual Accumulated
Year Recurrence Years Cost Cost Cost Replacement
Property Descripti on Acquired Interval [1] Rem. Per It em Items Total Co st (2025$) (2025$) Fund [3] 3% annual inflation
Property: All
Farm Tractor/Mower 2016 10 1 $13, 381 1 $13,381 $17,459 $1,746 $1,746 $15,713 Farm Cultivator 2008 7 0 $3,488 1 $3,488 $5,765 $824 $0 $5,765 Farm 340 CC 4" Trash Pumps 2011 7 0 $2,697 2 $5,394 $8,159 $1,166 $0 $8,159 Farm 340CC 4" Trash Pump 2016 7 0 $3,157 1 $3,157 $4,120 $589 $0 $4,120 General Duck Blind 2 of 4 2008 15 0 $1,714 1 $1,714 $2,832 $189 $0 $2,832 General Duck Blind 3 of 4 2008 15 0 $1,714 1 $1,714 $2,832 $189 $0 $2,832 General Duck Blind 4 of 4 2008 15 0 $1,717 1 $1,717 $2,838 $189 $0 $2,838 Admin Office Fireproof Filing Cabi net 2005 5 0 $1,487 2 $2,974 $5,371 $1,074 $0 $5,371 Admin Office Map Cabinet 2006 5 0 $2,618 1 $2,618 $4,590 $918 $0 $4,590 Admin Office Konica Minolta Copi er 2016 5 0 $8,680 1 $8,680 $11,326 $2,265 $0 $11,326 Admin Office Office Chairs 2017 5 0 $4,502 1 $4,502 $5,703 $1,141 $0 $5,703 Admin Office Network Server 2017 5 0 $2,931 1 $2,931 $3,713 $743 $0 $3,713 Admin Office MacMini with Filema ker 2017 5 0 $4,953 1 $4,953 $6,275 $1,255 $0 $6,275 Admin Office Office Furniture 2019 5 0 $269 1 $269 $321 $64 $0 $321 Admin Office Computers - Zoom Room 2020 5 0 $4,276 1 $4,276 $4,957 $991 $0 $4,957 Admin Office Headsets for Phone System 2020 5 0 $260 1 $260 $301 $60 $0 $301 Admin Office Office Phones 2020 5 0 $2,482 1 $2,482 $2,877 $575 $0 $2,877 Admin Office Macbook Pro 2022 5 2 $3,181 2 $6,361 $6,951 $1,390 $1,390 $4,171 Admin Office Office Furniture (J S) 2022 10 7 $3,088 1 $3,088 $3,375 $337 $337 $1,012 Admin Office Office Furniture (Fireproof) 2022 20 17 $3,804 1 $3,804 $4,157 $208 $208 $624 Admin Office Macbook Air (BB) 2022 5 2 $2,275 1 $2,275 $2,486 $497 $497 $1,492 Admin Office Macbook Air (MB) 2022 5 2 $2,275 1 $2,275 $2,486 $497 $497 $1,492 Admin Office Office Workstations 2022 5 2 $5,797 3 $17,390 $19,002 $3,800 $3,800 $11,401 Admin Office Konica Minolta Copi er 2023 5 3 $8,228 1 $8,228 $8,730 $1,746 $1,746 $3,492 Admin Office 14" Macbook Pro 2023 5 3 $5,863 1 $5,863 $6,220 $1,244 $1,244 $2,488 Admin Office 14" Macbook Pro 2023 5 3 $3,213 1 $3,213 $3,408 $682 $682 $1,363 Admin Office 14" Macbook Pro 2023 5 3 $3,393 1 $3,393 $3,599 $720 $720 $1,440 Admin Office Server Rack & Installa tion 2024 5 4 $7,248 1 $7,248 $7,465 $1,493 $1,493 $1,493 Admin Office Novo Workstation 2024 5 4 $5,660 1 $5,660 $5, 830 $1,166 $1,166 $1,166 Admin Office Maverick Bookcases 2024 5 4 $2,760 3 $8,280 $8, 528 $1,706 $1,706 $1,706 Fencing Fencing on Multiple Properties 2024 15 14 $2,076 1 $2,076 $2,138 $143 $143 $143 All Total $143,664 $173,817 $29,607 $17,375 $121,176
Property: Alleghany
ALG Risers Pipes & Fencing 2006 15 0 $1,506 1 $1,506 $2,641 $176 $0 $2,641 ALG Fencing 2007 15 0 $776 1 $776 $1,321 $88 $0 $1,321
ALG Total $2,283 $3,963 $264 $0 $3,963
Current and
Future Annual
Cost [2]
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Table D-4
2025 NBHCP Fee Update
Estimated Conservancy Fixed Asset Replacement Annual Costs (2025$) Total Annual Accumulated
Year Recurrence Years Cost Cost Cost Replacement
Property Descripti on Acquired Interval [1] Rem. Per It em Items Total Co st (2025$) (2025$) Fund [3] 3% annual inflation
Current and
Future Annual
Cost [2]
Property: Atkinson
ATK Fencing 2007 15 0 $776 1 $776 $1,321 $88 $0 $1,321
ATK Flow Meters 2015 15 5 $777 1 $777 $1,044 $70 $70 $696 ATK Fencing 2018 15 8 $13,500 1 $13,500 $16,603 $1,107 $1,107 $7,748 ATK Post and cable fencing 2019 20 14 $9,580 1 $9,580 $11,439 $572 $572 $3,432 ATK Pump Repair/Upgrade 2019 15 9 $27,443 1 $27,443 $32,768 $2,185 $2,185 $13,107 ATK Slant Pump Pipe Repairs 2019 15 9 $5,500 1 $5,500 $6,567 $438 $438 $2,627 ATK Pump Motor Installation 2021 10 6 $5,510 1 $5,510 $6,202 $620 $620 $2,481 ATK Well Repair 2021 5 1 $11,750 1 $11,750 $13,225 $2,645 $2,645 $10,580 ATK Total $74,836 $89,170 $7,724 $7,636 $41,992
Property: Anne Rudin Preserve
ARP Total $0 $0 $0 $0 $0
Property: Bennett North
BENN Well 2006 15 0 $47,160 1 $47,160 $82,695 $5,513 $0 $82,695 BENN Risers Pipes & Fencing 2006 15 0 $1,506 1 $1,506 $2,641 $176 $0 $2,641 BENN Fencing 2007 15 0 $776 1 $776 $1,321 $88 $0 $1,321 BENN Pump 2007 15 0 $55,665 1 $55,665 $94,766 $6,318 $0 $94,766 BENN Fencing 2008 15 0 $4,880 1 $4,880 $8,067 $538 $0 $8,067 BENN Fencing 2008 15 0 $49,634 1 $49,634 $82,037 $5,469 $0 $82,037 BENN Fencing 2008 15 0 $1,481 1 $1,481 $2,447 $163 $0 $2,447 BENN Well Extension 2014 20 9 $12,545 1 $12,545 $17,365 $868 $868 $9,551 BENN Flow Meter 2015 15 5 $1,822 1 $1,822 $2,448 $163 $163 $1,632 BENN Replace T-Posts 2022 15 12 $8,776 1 $8,776 $9,589 $639 $639 $1,918 BENN Well Repair 2022 15 12 $21,370 1 $21,370 $23,352 $1,557 $1,557 $4,670 BENN Well Repair 2022 15 12 $7,650 1 $7,650 $8,359 $557 $557 $1,672 BENN Total $213,265 $335,090 $22,050 $3,785 $293,419
Property: Bennett South
BENS Well 2004 15 0 $47,160 1 $47,160 $87,731 $5,849 $0 $87,731 BENS Risers Pipes & Fencing 2006 15 0 $1,506 1 $1,506 $2,641 $176 $0 $2,641 BENS Fencing 2006 15 0 $776 1 $776 $1,361 $91 $0 $1,361 BENS Pump 2007 15 0 $55,665 1 $55,665 $94,766 $6,318 $0 $94,766 BENS Replace T-Posts 2022 15 12 $9,728 1 $9,728 $10,630 $709 $709 $2,126 BENS Total $114,836 $197,130 $13,142 $709 $188,626
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Table D-4
2025 NBHCP Fee Update
Estimated Conservancy Fixed Asset Replacement Annual Costs (2025$) Total Annual Accumulated
Year Recurrence Years Cost Cost Cost Replacement
Property Descripti on Acquired Interval [1] Rem. Per It em Items Total Co st (2025$) (2025$) Fund [3] 3% annual inflation
Current and
Future Annual
Cost [2]
Property: Betts
BTS Barn 2012 50 37 $25,900 1 $25,900 $38,035 $761 $761 $9,889 BTS CCTV Cameras 2021 5 1 $5,825 1 $5,825 $6,556 $1,311 $1,311 $5,245 BTS CCTV Computer 2021 5 1 $1,565 1 $1,565 $1,762 $352 $352 $1,409 BTS Risers Pipes & Fencing 2006 15 0 $1,506 1 $1,506 $2,641 $176 $0 $2,641 BTS Irrigation Materials 2006 15 0 $4,987 1 $4,987 $8,745 $583 $0 $8,745 BTS Fencing 2007 15 0 $16,416 1 $16,416 $27,947 $1,863 $0 $27,947 BTS Fencing 2007 15 0 $776 1 $776 $1,321 $88 $0 $1,321
BTS Gate 2008 15 0 $4,330 1 $4,330 $7,157 $477 $0 $7,157 BTS Fencing 2009 15 0 $5,945 1 $5,945 $9,539 $636 $0 $9,539 BTS Electric Fencing 2009 15 0 $2,567 1 $2,567 $4,119 $275 $0 $4,119 BTS Gates and Fencing 2009 15 0 $4,298 1 $4,298 $6,896 $460 $0 $6,896 BTS Well and Pump 2010 20 5 $11,497 1 $11,497 $17,911 $896 $896 $13,434 BTS Boxcar Bottoms 2011 15 1 $27, 000 3 $81,000 $122,520 $8,168 $8,168 $114,352 BTS Meter on Well 2015 15 5 $3,858 1 $3,858 $5,185 $346 $346 $3,457 BTS Post and Cable Fencing 2019 20 14 $3,780 1 $3,780 $4,514 $226 $226 $1,354 BTS Pedro House Electric 2024 15 14 $7,500 1 $7,500 $7,725 $515 $515 $515 BTS Total $181,750 $272,574 $17,132 $12,574 $218,021
Property: Bianchi West
BIAW Fencing 2007 15 0 $776 1 $776 $1,321 $88 $0 $1,321 BIAW Total $776 $1,321 $88 $0 $1,321
Property: Bolen North
BOLN Fencing 2007 15 0 $776 1 $776 $1,321 $88 $0 $1,321 BOLN Security Gate 2009 15 0 $2,740 1 $2,740 $4,397 $293 $0 $4,397 BOLN Total $3,516 $5,718 $381 $0 $5,718
Property: Bolen South
BOLS Fencing 2007 15 0 $776 1 $776 $1,321 $88 $0 $1,321 BOLS Propane Pump 2016 15 6 $17,768 1 $17,768 $23,183 $1,546 $1,546 $13,910 BOLS Pump Repair 2021 5 1 $2,600 1 $2,600 $2,926 $585 $585 $2,341 BOLS Total $21,144 $27,430 $2,219 $2,131 $17,572
Property: Bolen West
BOLW Fencing 2007 15 0 $776 1 $776 $1,321 $88 $0 $1,321 BOLW Total $776 $1,321 $88 $0 $1,321
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Table D-4
2025 NBHCP Fee Update
Estimated Conservancy Fixed Asset Replacement Annual Costs (2025$) Total Annual Accumulated
Year Recurrence Years Cost Cost Cost Replacement
Property Descripti on Acquired Interval [1] Rem. Per It em Items Total Co st (2025$) (2025$) Fund [3] 3% annual inflation
Current and
Future Annual
Cost [2]
Lauppe North
LPPN Wellhead Handrail Replacement 2022 20 17 $6,300 1 $6,300 $6,884 $344 $344 $1,033 LPPN Well/Pump Repair 2023 15 13 $20,620 1 $20,620 $21,876 $1,458 $1,458 $2,917 LPPN Total $26,920 $28,760 $1,803 $1,803 $3,949
Lauppe South
LPPS Total $0 $0 $0 $0 $0
Property: Lucich North
LUCN Well & pump (75 hp) 2004 20 0 $95,000 1 $95,000 $176,728 $8,836 $0 $176,728 LUCN RV electrical hook-up 2008 20 3 $1,240 1 $1,240 $2,050 $102 $102 $1,742 LUCN Pump (Fire Repair) 2005 15 0 $8,204 1 $8,204 $14,817 $988 $0 $14,817 LUCN Risers Pipes & Fencing 2006 15 0 $1,506 1 $1,506 $2,641 $176 $0 $2,641 LUCN Fencing 2007 15 0 $776 1 $776 $1,321 $88 $0 $1,321 LUCN Fencing 2008 15 0 $2,539 1 $2,539 $4,197 $280 $0 $4,197 LUCN Electrical Upgrades 2008 20 3 $3,448 1 $3,448 $5,698 $285 $285 $4,843 LUCN Flow Meters 2008 15 0 $3,034 1 $3,034 $5,015 $334 $0 $5,015 LUCN Pump Control Panel 2021 15 11 $3,100 1 $3,100 $3,489 $233 $233 $930 LUCN Total $118,847 $215,957 $11,323 $620 $212,236
Property: Lucich South
LUCS Risers Pipes & Fencing 2006 15 0 $1,506 1 $1,506 $2,641 $176 $0 $2,641 LUCS Fencing 2007 15 0 $776 1 $776 $1,321 $88 $0 $1,321 LUCS Total $2,282 $3,963 $264 $0 $3,963
Property: Natomas Farms
NAF Water Control Structures and Gr ates 2002 50 27 $19,505 1 $19,505 $38,495 $770 $770 $17,708 NAF Fencing 2005 15 0 $35,821 1 $35,821 $64,697 $4,313 $0 $64,697 NAF Risers Pipes & Fencing 2006 15 0 $1,506 1 $1,506 $2,641 $176 $0 $2,641 NAF Fenci ng 2012 15 2 $23,914 1 $23,914 $35,119 $2,341 $2,341 $30,436 NAF Flow Meters 2015 15 5 $2,653 1 $2,653 $3,566 $238 $238 $2,377 NAF Pump Repair 2017 15 7 $18,228 1 $18,228 $23,090 $1,539 $1,539 $12,315 NAF Well Repair 2022 15 12 $27,534 1 $27,534 $30,087 $2,006 $2,006 $6,017 NAF Total $129,161 $197,695 $11,383 $6,894 $136,191
Property: Nestor
NEST Fencing 2007 15 0 $776 1 $776 $1,321 $88 $0 $1,321 NEST Duck Blind 2008 15 0 $1,714 1 $1,714 $2,832 $189 $0 $2,832 NEST Total $2,490 $4,154 $277 $0 $4,154
Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx D-17

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Table D-4
2025 NBHCP Fee Update
Estimated Conservancy Fixed Asset Replacement Annual Costs (2025$) Total Annual Accumulated
Year Recurrence Years Cost Cost Cost Replacement
Property Descripti on Acquired Interval [1] Rem. Per It em Items Total Co st (2025$) (2025$) Fund [3] 3% annual inflation
Current and
Future Annual
Cost [2]
Property: Silva
SLV Silva Grove - Sprinklers 2007 15 0 $2,880 1 $2,880 $4,903 $327 $0 $4,903 SLV Pump House Repair 2019 15 9 $3,965 1 $3,965 $4,734 $316 $316 $1,894 SLV CCTV Camera 2021 5 1 $5,825 1 $5,825 $6,556 $1,311 $1,311 $5,245 SLV CCTY Camera Computer 2021 5 1 $2,565 1 $2,565 $2,887 $577 $577 $2,310 SLV Well & Pump (Northern barn - new we ll & pump) 2006 15 0 $78,563 1 $78,563 $137,762 $9,184 $0 $137,762 SLV Risers Pipes & Fencing 2006 15 0 $1,506 1 $1,506 $2,641 $176 $0 $2,641 SLV Fencing 2007 15 0 $19,252 1 $19,252 $32,776 $2,185 $0 $32,776 SLV Fencing 2007 15 0 $776 1 $776 $1,321 $88 $0 $1,321
SLV Ayala culvert crossing - Pipes & risers 2008 15 0 $7,748 1 $7,748 $12,806 $854 $0 $12,806 SLV Ayala Bridge 2008 15 0 $10,000 1 $10,000 $16,528 $1,102 $0 $16,528 SLV Gate (Dbl Wide) 2008 15 0 $5,227 1 $5,227 $8,639 $576 $0 $8,639 SLV Electric Gate 2008 15 0 $8,069 1 $8,069 $13,336 $889 $0 $13,336 SLV Box Car bridge 2008 15 0 $9,065 1 $9,065 $14,983 $999 $0 $14,983 SLV Box Car bridge 2009 15 0 $8,069 1 $8,069 $12,948 $863 $0 $12,948 SLV Fencing 2009 15 0 $6,809 1 $6,809 $10,926 $728 $0 $10,926 SLV Foundation Abutment 2009 15 0 $9,000 1 $9,000 $14,442 $963 $0 $14,442 SLV Box car bridge 2009 15 0 $9,750 1 $9,750 $15,646 $1,043 $0 $15,646 SLV Box car bridge 2009 15 0 $9,750 1 $9,750 $15,646 $1,043 $0 $15,646 SLV Electric Fence 2009 15 0 $2,940 1 $2,940 $4,718 $315 $0 $4,718 SLV Hand rails for bridges 2009 15 0 $3,109 1 $3,109 $4,988 $333 $0 $4,988 SLV Concrete Aprons 2009 15 0 $7,000 1 $7,000 $11,233 $749 $0 $11,233 SLV Electric Panel 2014 5 0 $2,808 1 $2,808 $3,886 $777 $0 $3,886 SLV Flow Meters 2015 15 5 $1,819 1 $1,819 $2,445 $163 $163 $1,630 SLV Residential Pump 2017 15 7 $8,599 1 $8,599 $10,892 $726 $726 $5,809 SLV Pump (South Line) 2018 15 8 $38, 000 1 $38,000 $46,735 $3,116 $3,116 $21,810 SLV Pool Q and R culvert 2019 15 9 $8,175 1 $8,175 $9,761 $651 $651 $3,905 SLV Well Pump Install 2019 15 9 $3,707 1 $3,707 $4,426 $295 $295 $1,771 SLV Monitoring Well 2019 5 0 $56,015 1 $56,015 $66,885 $13,377 $0 $66,885 SLV Pump Control Panel 2021 15 11 $2,900 1 $2,900 $3,264 $218 $218 $870 SLV Fencing Repairs 2021 15 11 $3,200 1 $3,200 $3,602 $240 $240 $960 SLV Pond R Pipeline 2022 15 12 $8,742 1 $8,742 $9,552 $637 $637 $1,910 SLV GGS Feature 2022 15 12 $44, 240 1 $44,240 $48,342 $3,223 $3,223 $9,668 SLV Fencing 2023 15 13 $7,100 1 $7,100 $7,532 $502 $502 $1,004 SLV Total $397,172 $567,745 $48,545 $11,974 $465,801
Property: Silva South
SLVS Total $0 $0 $0 $0 $0
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VERONA Total $0 $0 $0 $0 $0
Property: Vestal South
VES Fencing 2007 15 0 $776 2 $1,552 $2,643 $176 $0 $2,643 VES Total $1,552 $2,643 $176 $0 $2,643
Property: Willey Tract
WLLY CCTV Cameras 2022 15 12 $13,700 1 $13,700 $14,970 $998 $998 $2,994 WLLY Camera Enclosure 2022 15 12 $5,449 1 $5,449 $5,954 $397 $397 $1,191 WLLY Camera Wiring 2022 15 12 $3,440 1 $3,440 $3,759 $251 $251 $752 WLLY Total $22,589 $24,684 $1,646 $1,646 $4,937
ALL PROPERTIES $1,969,944 $2,813,720 $208, 781 $92,945 $2,056,944 Habitat Acres (end of 2024) 5,390
Cost per Habitat Acre $17.24
Source: Natomas Basin Conservancy; EPS.
[1] Represents the anticipated useful of each asset and the assumed time of replacement. [2] Current and future annual cost is the estimate of all revenues collected to fund fixed asset replacement in the current year. It is assumed that future years will collect similar levels of revenues. [3] The Accumulated Replacement Fund is the amount of revenue collected to date for each asset. At the time an asset has reached the end of its recurrence interval the full replacement cost, including inflation, will have been collected from fee payers and the asset will no longer contribute to the current and future annual cost estimated.

Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx D-20
Table D-5
2025 NBHCP Fee Update
NCMWC Cost Estimate (2025$)
Item Formula Percent Rice Marsh Uplands Total
Percentage of Acres a 50% 25% 25%
NCMWC Rate per Acre [1]
Administration Fee per Acre b $31.51 $31.51 $31.51
Standby Service Charge per Acre c $50.89 $50.89 $50.89
Annual Water Toll per Acre d [2] $79.10 [2]
Winter Water (Reflooding) Rate per Acre e [2] $21.09 [2] Total f = b + c + d + e $82.40 $182.60 $82.40
Weighted Average Cost per Acre g = f * a $41.20 $45.65 $20.60 $107.45 Protection Against Farmer Default
Direct Farmer Paid Costs - Non-Conservancy Costs
Annual Water Toll per Acre [1] [2] h $68.56 - -
Winter Water Rate [1] [2] i $21.09 - -
Total j = h + i $89.65 - -
Assumed Farmer Default k = j * 5% 5% $4.48 - -
Weighted Average Default Cost per Acre l = k * a $2.24 - - $2.24 Total Weighted Average NCMWC Cost per Acre m = g + l $43.44 $45.65 $20.60 $109.69 Net Weighted Average Cost per Habitat Acre
Percentage of Acres in NCMWC n 85%
Net Weighted Average Cost per Acre o = m * n $36.93 $38.80 $17.51 $93.24 Source: NCMWC; Natomas Basin Conservancy
[1] R ates based on an estimated 3 percent increase from NCMWC 2024 rates. Annual administration and standby charges for all pr operties divided into 2 equal annual payments. Annual water toll divided into 3 equal annual payments. Winter water (reflooding) c harges paid once per year.
[2] Water toll and winter water rates vary by land usage. It is assumed that the farmer pays the full rate directly for both r ice and uplands acreage. Winter water rates reflect NCMWC rice straw decomp rates. [3] Includes supplemental mitigation ac res. Excludes easements (156.7 acres).

Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx D-21
Table D-6
2025 NBHCP Fee Update
Actual and Estimated Property Taxes: Past, Current, and Budget Yea r
Item
General
Property Tax
(1%)
Other
Taxes and
Assessments Subtotal RD-1000 [1] Total
(excl. RD-1000)
2023 TAXES - Actual
2022-23 Taxes $403,333 $89,935 $493,268 $72,161 $565,429 2023-24 Taxes $385,351 $90,695 $476,046 $101,071 $577,117 Total $788,684 $180,630 $969,314 $173,232 $1,142,545
Total Amount Paid in 2023 (half of total) $394,342 $90,315 $484,657 $86,616 $571,273 2024 TAXES - Actual
2023-24 Taxes $385,351 $90,695 $476,046 $101,071 $577,117 2024-25 Taxes [2] $404,698 $86,798 $491,496 $101,533 $593,029 Total $790,049 $177,493 $967,542 $202,604 $1,170,146
Total Amount Paid in 2024 (half of total) $395,024 $88,747 $483,771 $101,302 $585,073 2025 TAXES - Estimated
2024-25 Taxes $404,698 $86,798 $491,496 $101,533 $593,029 Increase/Contingency (3% on all taxes except RD-1000) [3] $6,070 $1,302 $7,372 $0 $7,372 Total Estimated 2025 Taxes $410,769 $88,100 $498,869 $101,533 $600,402 Existing Taxed Habitat Acres (2024) 5,390 5,390 5,390
2025 Taxes per Acre $92.55 $18.84 $111.38
[1] Includes RD1000 storm water assessment, added in 2023. [2] Adjusted to include estimated Paulsen North taxes of $12,318 based on escrow closing statement from 10/9/24 and estimted R D-1000 and SAFCA assessments.
[3] Increase on second annual payment only; first payment is determined. Assumes no increase on RD-1000 rate.

Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx D-22
Table D-7
2025 NBHCP Fee Update
Estimated Property Taxes (2025-2053)
Existing Habitat
Year
Acquired Acres [1]
Value
per Acre
Annual Taxes
(2025$) [2]
New Taxes
(2025$)
Annual Taxes
(2025$)
3% annual increase 1.3% of total value [3]
1999-2024 5,390.4
2025 0.0 $27,500 $498,869 $0 $0 $498,869
2026 0.0 $28,325 $498,869 $0 $0 $498,869
2027 0.0 $29,175 $498,869 $0 $0 $498,869
2028 0.0 $30,050 $498,869 $0 $0 $498,869
2029 0.0 $30,951 $498,869 $0 $0 $498,869
2030 152.3 $31,880 $498,869 $63,114 $63,114 $561,983
2031 155.5 $32,836 $498,869 $66,388 $129,502 $628,371
2032 155.5 $33,822 $498,869 $68,380 $197,882 $696,751
2033 155.5 $34,836 $498,869 $70,431 $268,314 $767,182
2034 155.5 $35,881 $498,869 $72,544 $340,858 $839,726
2035 155.5 $36,958 $498,869 $74,721 $415,578 $914,447
2036 155.5 $38,066 $498,869 $76,962 $492,541 $991,409
2037 155.5 $39,208 $498,869 $79,271 $571,812 $1,070,680 2038 155.5 $40,385 $498,869 $81,649 $653,461 $1,152,329 2039 155.5 $41,596 $498,869 $84,099 $737,560 $1,236,428 2040 155.5 $42,844 $498,869 $86,622 $824,181 $1,323,050 2041 155.5 $44,129 $498,869 $89,220 $913,401 $1,412,270 2042 155.5 $45,453 $498,869 $91,897 $1,005,298 $1,504,167 2043 155.5 $46,817 $498,869 $94,654 $1,099,952 $1,598,821 2044 155.5 $48,221 $498,869 $97,493 $1,197,445 $1,696,314 2045 147.0 $49,668 $498,869 $94,943 $1,292,389 $1,791,257 2046 133.0 $51,158 $498,869 $88,438 $1,380,826 $1,879,695 2047 133.0 $52,693 $498,869 $91,091 $1,471,917 $1,970,786 2048 133.0 $54,274 $498,869 $93,824 $1,565,741 $2,064,609 2049 133.0 $55,902 $498,869 $96,638 $1,662,379 $2,161,248 2050 133.0 $57,579 $498,869 $99,537 $1,761,917 $2,260,785 2051 66.0 $59,306 $498,869 $50,851 $1,812,768 $2,311,636 2052 0.0 $61,085 $498,869 $0 $1,812,768 $2,311,636
2053+ 0.0 $62,918 $498,869 $0 $1,812,768 $2,311,636
Total 8,597.9 $14,467,189 $23,484,372 $37,951,561
[1] Includes supplemental mitigation acres and taxes.
[3] Includes 1% of value for property taxes and 0.3% for other taxes and assessments on the property tax bill (excl. RD-1000).
[2] See Table D-6. Excludes RD-1000 assessment.

Future Habitat Total
Annual Taxes
(2025$)
Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx D-23
Table D-8
2025 NBHCP Fee Update
Species and Habitat Monitoring Cost Assumptions (2025$) Task Amount
Biological Effectiveness Monitoring (GEI 2025-2027 contract costs) Habitat Mapping and Botanical Survey and Monitoring Support $74,112 Wildlife Survey and Monitoring Support $85,649
Prepare Annual BEMP Report $47,218
Project Administration and Management $17,184
Other Direct Costs
Equipment Rental/Use $2,000
Printing and Reproduction $200
Travel $5,000
Subcontractor 1 - Cramer Fish Sciences $25,000
Subcontractor 2 - Conservation Science Partners $35,000 Administration Fee (4% of Subcontractor Costs) $2,400
Total Year 1 $293,763
Total Year 2 (5% increase) $308,451
Total Year 3 (5% increase) $323,874
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
Total Year 1 - 2025 $310,883
Total Year 2 (5% increase) - 2026 $325,571
Total Year 3 (5% increase) - 2027 $340,994
Midpoint Program Review Support [1] $25,000
End of Plan Review [2] $125,000
Source: GEI, Natomas Basin Conservancy
[1] Inc ludes overall Conservancy program review and support for the Sutter County midpoint review.

Midpoint review is required when development reaches 8,750 acres, which is projected in 2025. [2] W hile the Conservancy is not required to perform an independent midpoint review, it will be required to perform an overall review of the program at the end of the Plan.Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx D-24
Table D-9
2025 NBHCP Fee Update
Estimated Administrative Costs
Item Percentage 2024 Estimated 2025 Budgeted 2026 - 2053 Administrative Expenses
Staff $669,000 $751,000 $751,000
Benefits and Charges $261,000 $323,000 $323,000
Board Expense $8,000 $8,000 $8,000
Subtotal $938,000 $1,082,000 $1,082,000
Office Expenses
Rent $83,000 $86,000 $86,000
Telecommunications $90,000 $70,000 $70,000
Copying and Printing $30,000 $35,000 $35,000
Office Supplies $25,000 $30,000 $30,000
Postage $2,500 $2,500 $2,500
Equipment $62,700 $60,000 $60,000
Auto Expense $136,000 $41,000 $41,000
Subtotal $429,200 $324,500 $324,500
Miscellaneous Expenses
Insurance $96,000 $111,000 $111,000
Accounting $60,000 $60,000 $60,000
Legal $100,000 $100,000 $100,000
Fees and Taxes $59,367 $64,125 $64,125
Subtotal $315,367 $335,125 $335,125
Subtotal Administrative Costs (Excl. Contracts) $1,682,567 $1,741,625 $1,741,625 Contingency 5% - $87,081 $87,081
Contract Work
Contract Work, Public Education, and Publications [2] $364,475 $310,000 $310,000 Total Administrative Costs $2,047,042 $2,138,706 $2,138,706 Source: Conservancy FY 2025 proposed budget
[1] For details pertaining to the annual cost values, refer to Table F-1. [2] 2025-2053 contract costs, including contingency, are detailed in Table D-10. Excludes land management and monitoring contracts, which are accounting for separately.

Annual Cost [1]
Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx D-25
Table D-10
2025 NBHCP Fee Update
Estimated Contract Costs for 2026-2053
Item [1] Amount
Clean Water Act compliance $15,000
Pest control $15,000
Security $61,600
Finance model update and misc. analysis $22,500
Annual Tree Inventory $20,000
Surveying $30,000
FSA assistance $6,000
Miscellaneous contracts $125,000
Subtotal $295,100
Contingency (5%) $14,755
Total Contract Costs (Rounded) $310,000
Source: Conservancy FY 2025 proposed budget.
[1] Excludes monitoring and marsh land maintenance contracts.

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Table D-11
2025 NBHCP Fee Update
Administration/Operations and Maintenance Cash Flow
Assumptions TOTAL 1996- 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 Item (2025+) 1996-2053 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Developed Acres
Annual Developed Acreage 16,625.0 8,345.7 72.6 175.0 299.7 299.7 299.7 311.0 311.0 311.0 311.0 311.0 311.0 311.0 311.0 311.0 311.0 Habitat Land
Rice 4,247.2 3,155.4 3,336.3 3,204.3 3,173.1 3,120.2 3,067.2 3,014.2 3,037.4 3,062.2 3,087.0 3,111.8 3,136.6 3,161.4 3,186.2 3,263.9 3,341.7 Marsh 2,078.1 840.1 849.8 981.8 999.7 1,027.4 1,055.0 1,082.7 1,148.4 1,214.9 1,281.5 1,348.0 1,414.5 1,481.1 1,547.6 1,586.5 1,625.4 Other 2,272.5 1,190.3 1,204.3 1,204.3 1,217.5 1,242.8 1,268.2 1,293.5 1,356.9 1,421.0 1,485.2 1,549.4 1,613.6 1,677.8 1,742.0 1,780.9 1,819.8 Total 8,597.9 5,185.8 5,390.4 5,390.4 5,390.4 5,390.4 5,390.4 5,390.4 5,542.7 5,698.2 5,853.7 6,009.2 6,164.8 6,320.3 6,475.8 6,631.3 6,786.9 Leased Land Assumptions
Rice 90% 3,822.5 2,839.9 3,002.7 2,883.9 2,855.8 2,808.1 2,760.5 2,712.8 2,733.7 2,756.0 2,778.3 2,800.6 2,822.9 2,845.2 2,867.6 2,937.5 3,007.5 Other (for other crops) 25% 568.1 297.6 301.1 301.1 304.4 310.7 317.0 323.4 339.2 355.3 371.3 387.4 403.4 419.5 435.5 445.2 454.9 Beginning Balance $0 $0 $12,534,348 $10,326,782 $8,648,649 $10,386,840 $12,152,066 $13,925,330 $15,918,316 $17,814,003 $19,629,305 $21,360, 338 $22,991,985 $24,529,687 $25,968,451 $27,303,067 $28,562,789 Revenues
Rice Base Land Lease $350 $999,536 $982,851 $966,167 $949,483 $956,784 $964,594 $972,404 $980,215 $988,025 $995,835 $1,003,646 $1,028,140 $1, 052,635 Other Crop Land Lease $75 $22,829 $23,303 $23,778 $24,253 $25,441 $26,645 $27,848 $29,052 $30,256 $31,459 $32,663 $33,392 $34,121 Subtotal $46,917,339 $12,734,313 $928,988 $961,813 $1,022,364 $1,006,155 $989,945 $973,735 $982,225 $991,239 $1,000,253 $1,009,267 $1,018,281 $1,027,295 $1,036,309 $1,061,532 $1,086,756 Admin/O&M Fee Revenue $17,758 $185,005,313 $37,938,047 $1,334,073 $3,107,650 $5,322,308 $5,322,308 $5,322,308 $5,523,520 $5,523,520 $5,523 ,520 $5,523,520 $5,523,520 $5,523,520 $5,523,520 $5,523,520 $5,523,520 $5,523,520 Miscellaneous Revenue $25,000 $4,815,229 $4,015,229 $50,000 $50,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $2 5,000 $25,000 $25,000 $25,000 Interest/Other Earned 3% $29,363,534 $7,984,762 $54,120 $120,000 $259,459 $311,605 $364,562 $417,760 $477,549 $534,420 $588,879 $640,810 $689 ,760 $735,891 $779,054 $819,092 $856,884 Total Admin/O&M Revenues $266,101,416 $62,672,351 $2,367,181 $4,239,463 $6,629,132 $6,665,068 $6,701,815 $6,940,015 $7,008,294 $7,074,178 $7,137,651 $7,198,596 $7,256,560 $7,311,705 $7,363,882 $7,429,144 $7,492,159 Costs
Marsh Acres O&M Costs (Land Mgmt) $668.25 ($31,516,025) $0 ($551,353) ($567,894) ($668,073) ($686,552) ($705,030) ($723,509) ($767,429) ($ 811,890) ($856,350) ($900,811) ($945,271) ($989,732) ($1,034,192) ($1,060,174) ($1,086,156) All Acres O&M Costs (Prop Maint) $112.35 ($41,012,891) ($16,593,994) ($707,050) ($1,689,000) ($605,604) ($605,604) ($605,604) ($605,604) ($622,713) ($640,186) ($657,659) ($675,132) ($692,604) ($710,077) ($727,550) ($745,023) ($762,495) Property Taxes (See Table 12) ($43,586,426) ($5,151,094) ($483,771) ($498,869) ($498,869) (498,869) (498,869) (498,869) (561,983) (628,371) (696,751) (767,182) (839,726) (914,447) (991,409) (1,070,680) (1,152,329) Special Assessments (RD 1000+NCMWC) $112.07 ($30,850,305) ($7,892,336) ($479,030) ($510,128) ($604,118) ($604,118) ($604,118) ($604,118) ($621,186) ($638,615) ($656,045) ($673,475) ($690,905) ($708,335) ($725,765) ($743,195) ($760,624) SSMPs (Preparation & Update) [1] $160.00 ($1,742,754) ($529,556) $0 $0 ($25,000) ($25,000) ($25,000) ($25,000) ($49,366) ($49,884) ($49,884 ) ($49,884) ($49,884) ($49,884) ($49,884) ($49,884) ($49,884) Administration $2,138,706 ($84,828,583) ($20,759,066) ($2,047,042) ($2,138,706) ($2,138,706) ($2,138,706) ($2,138,706) ($2,138,706) ($2,138,706) ($2,138,706) ($2,138,706) ($2,138,706) ($2,138,706) ($2,138,706) ($2,138,706) ($2,138,706) ($2,138,706) Monitoring One-time/Fixed Costs [2] ($150,000) $0 $0 $0 ($25,000) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Monitoring Ongoing Costs [3] 3% ($16,900,495) ($5,695,649) ($306,501) ($513,000) ($325,571) ($340,994) ($351,224) ($351,224) ($351,224) ($ 351,224) ($351,224) ($361,761) ($361,761) ($361,761) ($361,761) ($361,761) ($372,613) Excise Tax After All Mitigation Revenues 1.39% ($135,456) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Admin/O&M Costs ($250,722,936) ($56,621,695) ($4,574,747) ($5,917,596) ($4,890,941) ($4,899,842) ($4,928,551) ($4,947,029) ($5,112 ,607) ($5,258,876) ($5,406,619) ($5,566,950) ($5,718,857) ($5,872,941) ($6,029,266) ($6,169,422) ($6,322,808) Transfers/Adjustments
Transfer to/from RE Fund ($605,025) ($605,025) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Transfer to/from Land Acquisition Fund $6,875,000 $6,875,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Transfer to/from Endowment Fund ($28,709,766) ($9,500) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Loan for 200-acre Reserve $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Drawdown on Endowment Fund $7,037,893 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Fund Balance Adjustment $223,217 $223,217 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Transfers/Adjustments ($15,178,682) $6,483,692 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Ending Balance $199,798 $12,534,348 $10,326,782 $8,648,649 $10,386,840 $12,152,066 $13,925,330 $15,918,316 $17,814,003 $19,629,305 $21,360 ,338 $22,991,985 $24,529,687 $25,968,451 $27,303,067 $28,562,789 $29,732,140 Undesignated $0 $12,334,550 $10,126,984 $8,448,851 $10,187,042 $11,952,268 $13,725,532 $15,718,518 $17,614,205 $19,429,507 $21,160,540 $22,792,187 $24,329,889 $25,768,653 $27,103,269 $28,362,991 $29,532,342 Designated $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 [1] 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 D-2. [2] Represents Midpoint Program Review, assumed to occur in 2026. [3] Monitoring costs assumed to increase by 3% every 5 years.Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx D-27

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Table D-11
2025 NBHCP Fee Update
Administration/Operations and Maintenance Cash Flow
Assumptions TOTAL
Item (2025+) 1996-2053
Developed Acres
Annual Developed Acreage 16,625.0
Habitat Land
Rice 4,247.2
Marsh 2,078.1
Other 2,272.5
Total 8,597.9
Leased Land Assumptions
Rice 90% 3,822.5
Other (for other crops) 25% 568.1
Beginning Balance $0
Revenues
Rice Base Land Lease $350
Other Crop Land Lease $75
Subtotal $46,917,339
Admin/O&M Fee Revenue $17,758 $185,005,313
Miscellaneous Revenue $25,000 $4,815,229
Interest/Other Earned 3% $29,363,534
Total Admin/O&M Revenues $266,101,416
Costs
Marsh Acres O&M Costs (Land Mgmt) $668.25 ($31,516,025) All Acres O&M Costs (Prop Maint) $112.35 ($41,012,891)
Property Taxes (See Table 12) ($43,586,426)
Special Assessments (RD 1000+NCMWC) $112.07 ($30,850,305) SSMPs (Preparation & Update) [1] $160.00 ($1,742,754)
Administration $2,138,706 ($84,828,583)
Monitoring One-time/Fixed Costs [2] ($150,000)
Monitoring Ongoing Costs [3] 3% ($16,900,495)
Excise Tax After All Mitigation Revenues 1.39% ($135,456) Total Admin/O&M Costs ($250,722,936)
Transfers/Adjustments
Transfer to/from RE Fund ($605,025)
Transfer to/from Land Acquisition Fund $6,875,000
Transfer to/from Endowment Fund ($28,709,766)
Loan for 200-acre Reserve $0
Drawdown on Endowment Fund $7,037,893
Fund Balance Adjustment $223,217
Total Transfers/Adjustments ($15,178,682)
Ending Balance $199,798
Undesignated $0
Designated $199,798
[1] 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 D-2. [2] Represents Midpoint Program Review, assumed to occur in 2026. [3] Monitoring costs assumed to increase by 3% every 5 years. 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57
2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 311.0 311.0 311.0 311.0 311.0 311.0 294.1 266.0 266.0 266.0 266.0 266.0 266.0 266.0 0.0 3,419.5 3,497.2 3,575.0 3,652.7 3,730.5 3,808.3 3,881.8 3,948.3 4,014.8 4,081.3 4,147.7 4,214.2 4,247.2 4,247.2 4,247.2 1,664.3 1,703.1 1,742.0 1,780.9 1,819.8 1,858.7 1,895.4 1,928.7 1,961.9 1,995.1 2,028.4 2,061.6 2,078.1 2,078.1 2,078.1 1,858.7 1,897.5 1,936.4 1,975.3 2,014.2 2,053.1 2,089.8 2,123.1 2,156.3 2,189.6 2,222.8 2,256.0 2,272.5 2,272.5 2,272.5 6,942.4 7,097.9 7,253.4 7,408.9 7,564.5 7,720.0 7,867.0 8,000.0 8,133.0 8,266.0 8,398.9 8,531.9 8,597.9 8,597.9 8,597.9 3,077.5 3,147.5 3,217.5 3,287.5 3,357.5 3,427.4 3,493.6 3,553.4 3,613.3 3,673.1 3,733.0 3,792.8 3,822.5 3,822.5 3,822.5 464.7 474.4 484.1 493.8 503.5 513.3 522.5 530.8 539.1 547.4 555.7 564.0 568.1 568.1 568.1 $29,732,140 $30,816,812 $31,811,742 $32,711,639 $33,510,974 $34,192,797 $34,761,921 $34,919,664 $34,465,940 $33,877,022 $33,134,607 $32,242,790 $31,194,190 $30,058,880 $199,798 $1,077,130 $1,101,625 $1,126,119 $1,150,614 $1,175,109 $1,199,603 $1,222,763 $1,243,707 $1,264,651 $1,285,595 $1,306,539 $1,327,483 $1,337,871 $1,337,871 $1,337,871 $34,850 $35,579 $36,308 $37,037 $37,766 $38,495 $39,184 $39,808 $40,431 $41,054 $41,678 $42,301 $42,610 $42,610 $42,610 $1,111,980 $1,137,204 $1,162,427 $1,187,651 $1,212,875 $1,238,098 $1,261,947 $1,283,514 $1,305,082 $1,326,649 $1,348,216 $1,369,784 $1,380,481 $1,380,481 $1,380,481 $5,523,520 $5,523,520 $5,523,520 $5,523,520 $5,523,520 $5,523,520 $5,222,369 $4,722,848 $4,722,848 $4,722,848 $4,722,848 $4,722,848 $4,722,848 $4,722,848 $0 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $891,964 $924,504 $954,352 $981,349 $1,005,329 $1,025,784 $1,042,858 $1,047,590 $1,033,978 $1,016,311 $994,038 $967,284 $935,826 $901,766 $5,994 $7,552,464 $7,610,227 $7,665,299 $7,717,520 $7,766,724 $7,812,402 $7,552,173 $7,078,952 $7,086,908 $7,090,808 $7,090,103 $7,084,916 $7,064,155 $7,030,096 $1,411,475 ($1,112,138) ($1,138,120) ($1,164,102) ($1,190,084) ($1,216,066) ($1,242,048) ($1,266,614) ($1,288,829) ($1,311,045) ($1,333,261) ($1,355,476) ($1,377,692) ($1,388,711) ($1,388,711) ($1,388,711) ($779,968) ($797,441) ($814,913) ($832,386) ($849,859) ($867,332) ($883,852) ($898,792) ($913,732) ($928,671) ($943,611) ($958,551) ($965,961) ($965,961) ($965,961) (1,236,428) (1,323,050) ($1,412,270) ($1,504,167) ($1,598,821) ($1,696,314) ($1,791,257) ($1,879,695) ($1,970,786) ($2,064,609) ($2,161,248) ($2,260,785) ($2 ,311,636) ($2,311,636) ($2,311,636) ($778,054) ($795,484) ($812,914) ($830,344) ($847,774) ($865,203) ($881,683) ($896,586) ($911,490) ($926,393) ($941,296) ($956,199) ($963,591) ($963,591) ($963,591) ($49,884) ($49,884) ($49,884) ($49,884) ($49,884) ($49,884) ($48,527) ($46,276) ($46,276) ($46,276) ($46,276) ($46,276) ($35,553) ($25,000) ( $25,000) ($2,138,706) ($2,138,706) ($2,138,706) ($2,138,706) ($2,138,706) ($2,138,706) ($2,138,706) ($2,138,706) ($2,138,706) ($2,138,706) ($2,138,706) ($2,138,706) ($2,138,706) ($2,138,706) ($2,138,706) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($125,000)
($372,613) ($372,613) ($372,613) ($372,613) ($383,792) ($383,792) ($383,792) ($383,792) ($383,792) ($395,306) ($395,306) ($395,306) ($395,306) ($395,306) ($395,306) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($135,456)
($6,467,792) ($6,615,298) ($6,765,402) ($6,918,184) ($7,084,901) ($7,243,279) ($7,394,430) ($7,532,676) ($7,675,826) ($7,833,222) ($7,981,920) ($8,133,516) ($8,199,464) ($8,188,911) ($8,449,368) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($28,700,266) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $7,037,893
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($28,700,266) $7,037,893 $30,816,812 $31,811,742 $32,711,639 $33,510,974 $34,192,797 $34,761,921 $34,919,664 $34,465,940 $33,877,022 $33,134,607 $32,242,790 $31,194,190 $30,058,880 $199,798 $199,798 $30,617,014 $31,611,944 $32,511,841 $33,311,176 $33,992,999 $34,562,123 $34,719,866 $34,266,142 $33,677,224 $32,934,809 $32,042,992 $30,994,392 $29,859,082 $0 $0 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 $199,798 Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx D-28

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Table D-12
2025 NBHCP Fee Update
Historical Administration/Operations and Maintenance Cash Flow TOTAL 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Item 1996-2023 123456789 1 0 1 1 1 2 1 3 1 4
Developed Acres
Annual Developed Acreage 8,345.7 30.4 104.9 1,380.4 1,466.5 598.1 242.6 777.8 1,041.9 347.7 678.4 132.2 103.2 19.1 21.1 Habitat Land
Rice 0.0 0.0 0.0 988.3 1,057.7 729.4 1,193.2 1,196.2 1,379.8 1,336.4 2,183.8 2,068.6 2,323.6 2,299.7 Marsh 0.0 0.0 0.0 0.0 0.0 209.0 244.7 617.5 617.5 657.5 718.7 713.3 714.3 714.3 Other 0.0 0.0 0.0 329.4 352.6 613.1 806.2 1,050.0 1,014.3 1,413.6 1,275.5 1,391.3 1,135.3 1,129.2 Total 0.0 0.0 0.0 1,317.7 1,410.3 1,551.5 2,244.1 2,863.7 3,011.7 3,407.6 4,178.0 4,173.3 4,173.3 4,143.3 Beginning Balance $0 $0 $4,561 $70,261 $621,109 $1,154,631 $1,549,539 $1,154,659 $106,719 $2,924,393 $3,443,813 $5,681,309 $7,156,348 $8,778,358 $7,129,750 Revenues
Rice Base Land Lease
Other Crop Land Lease
Subtotal $12,734,313 $0 $0 $0 $0 $0 $174,438 $232,305 $207,682 $335,319 $223,860 $221,388 $312,085 $314,154 $526,400 Admin/O&M Portion of Mitigation Fees $37,938,047 $4,561 $65,563 $655,671 $720,394 $474,774 $502,013 $1,375,463 $3,640,781 $1,555,230 $3,78 1,296 $1,599,566 $1,055,354 $193,118 $281,458 Miscellaneous Revenue $4,015,229 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Interest/Other Earned $7,984,762 $0 $137 $2,108 $18,633 $34,639 $139,824 $16,634 $101,461 $317,393 $112,700 $345,929 $3,626,006 $554,757 $278,189 Total Admin/O&M Revenues $62,672,351 $4,561 $65,700 $657,778 $739,027 $509,413 $816,275 $1,624,402 $3,949,924 $2,207,942 $4,117,856 $2,166, 883 $4,993,445 $1,062,029 $1,086,047 Costs
Marsh Acres O&M Costs (Land Mgmt) $0
All Acres O&M Costs (Prop Maint) ($16,593,994) ($390,048) ($560,788) ($1,224,234) ($2,039,132) ($1,372,933) ($1,190,133) Property Taxes (See Table 12) ($5,151,094) $0 $0 $0 $0 ($234,137) ($259,210) ($281,999) ($294,932) ($194,093) ($160,850) Special Assessments (RD 1000+NCMWC) ($7,892,336) ($139,164) ($273,906) ($261,021) ($467,700) ($467,700) ($359,410) SSMPs (Preparation & Update) ($529,556) $0 $0
Administration ($20,759,066) $0 $0 ($106,930) ($205,505) ($388,815) ($611,155) ($876,281) ($1,448,791) ($779,494) ($527,173) ($354,110) ($348,451) ($385,222) ($698,882) Monitoring One-time/Fixed Costs $0 $0 $0
Monitoring Ongoing Costs ($5,695,649) ($195,679) ($269,768) ($221,220) ($290,689) ($319,853) Excise Tax After All Mitigation Revenues $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Admin/O&M Costs ($56,621,695) $0 $0 ($106,930) ($205,505) ($388,815) ($611,155) ($876,281) ($1,448,791) ($1,738,522) ($1,890,845) ($2 ,121,364) ($3,371,435) ($2,710,637) ($2,729,128) Transfers/Adjustments
Transfer to/from RE Fund ($605,025) $0 $0 $0 $0 $0 ($600,000) $0 $0 $0 $10,485 $0 $0 $0 $0 Transfer to/from Land Acquisition Fund $6,875,000 $0 $0 $0 $0 $0 $0 ($3,908,020) $2,428,500 $50,000 $0 $1,429,520 $0 $0 $0 Transfer to/from Endowment Fund ($9,500) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Loan for 200-acre Reserve $0 $0 $0 $0 $0 $0 $0 $2,111,959 ($2,111,959) $0 $0 $0 $0 $0 $0 Drawdown on Endowment Fund $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Fund Balance Adjustment $223,217 $0 $0 $0 $0 $274,310 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Transfers/Adjustments $6,483,692 $0 $0 $0 $0 $274,310 ($600,000) ($1,796,061) $316,541 $50,000 $10,485 $1,429,520 $0 $0 $0 Ending Balance $12,534,348 $4,561 $70,261 $621,109 $1,154,631 $1,549,539 $1,154,659 $106,719 $2,924,393 $3,443,813 $5,681,309 $7,156,348 $8, 778,358 $7,129,750 $5,486,669 Undesignated $12,334,550 $4,561 $70,261 $621,109 $1,154,631 $1,549,539 $1,154,659 $106,719 $2,924,393 $3,443,813 $5,414,053 $6,656,423 $8,458,985 $6,798,870 $5,352,838 Designated $199,798 $0 $0 $0 $0 $0 $0 $0 $0 $0 $267,256 $499,925 $319,373 $330,880 $133,831 t
Subtotals only for actual amounts Subtotals only for actual amountSubtotals only for actual amounts Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx D-29

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Table D-12
2025 NBHCP Fee Update
Historical Administration/Operations and Maintenance Cash Flow TOTAL
Item 1996-2023
Developed Acres
Annual Developed Acreage 8,345.7
Habitat Land
Rice
Marsh
Other
Total
Beginning Balance $0
Revenues
Rice Base Land Lease
Other Crop Land Lease
Subtotal $12,734,313
Admin/O&M Portion of Mitigation Fees $37,938,047
Miscellaneous Revenue $4,015,229
Interest/Other Earned $7,984,762
Total Admin/O&M Revenues $62,672,351
Costs
Marsh Acres O&M Costs (Land Mgmt) $0
All Acres O&M Costs (Prop Maint) ($16,593,994)
Property Taxes (See Table 12) ($5,151,094)
Special Assessments (RD 1000+NCMWC) ($7,892,336)
SSMPs (Preparation & Update) ($529,556)
Administration ($20,759,066)
Monitoring One-time/Fixed Costs $0
Monitoring Ongoing Costs ($5,695,649)
Excise Tax After All Mitigation Revenues $0
Total Admin/O&M Costs ($56,621,695)
Transfers/Adjustments
Transfer to/from RE Fund ($605,025)
Transfer to/from Land Acquisition Fund $6,875,000
Transfer to/from Endowment Fund ($9,500)
Loan for 200-acre Reserve $0
Drawdown on Endowment Fund $0
Fund Balance Adjustment $223,217
Total Transfers/Adjustments $6,483,692
Ending Balance $12,534,348
Undesignated $12,334,550
Designated $199,798
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 15 16 17 18 19 20 21 22 23 24 25 26 27 28

0.3 50.0 80.1 0.0 0.0 5.7 65.5 0.0 34.8 100.4 218.1 56.4 647.5 142.8 2,054.7 2,089.4 2,271.5 2,271.5 2,271.5 2,271.6 2,393.0 2,365.0 2,379.0 2,379.0 2,799.9 3,087.5 0.0 3,155.4 714.3 714.3 714.3 714.3 714.3 714.3 714.3 714.3 714.3 714.3 714.3 714.3 0.0 840.1 1,374.3 1,298.3 1,145.3 1,145.3 1,145.3 1,145.3 1,023.8 1,051.8 1,053.8 1,053.8 872.9 1,146.3 0.0 1,190.3 4,143.3 4,102.0 4,131.1 4,131.1 4,131.1 4,131.2 4,131.2 4,131.2 4,147.2 4,147.2 4,387.1 4,948.1 0.0 5,185.8 $5,486,669 $4,145,745 $1,800,177 $9,099,193 $7,467,851 $6,009,811 $5,900,712 $5,448,979 $4,318,388 $3,091,918 $2,771,627 $4,802,413 $4,700,539 $12,073,737 $556,505 $403,690 $607,269 $636,801 $745,602 $803,328 $787,647 $495,231 $676,652 $1,109,399 $889,699 $971,200 $566,080 $937,579 $75,623 $0 $1,954,520 $272,578 $0 $62,748 $891,151 $635,152 $450,937 $1,234,434 $3,079,722 $799,979 $10,155,323 $2,420,639 $44,665 $144,897 $195,949 $90,568 $0 $1,113,995 $0 $229,187 $244,727 $64,108 $667,426 $1,050,445 $122,838 $46,424 $235,129 $5,758 $77,409 $161,070 $166,764 $335,931 $354,303 $57,355 $50,189 $69,767 $27,795 $2,604 $271,605 $620,673 $911,922 $554,345 $2,835,147 $1,161,017 $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 $4,025,315 ($710,038) ($956,484) ($930,400) ($866,388) ($481,663) ($606,899) ($626,227) ($650,178) ($576,175) ($548,286) ($539,704) ($644,409) ($938,458) ($741,417) ($164,495) ($189,169) ($417,315) ($201,526) ($207,949) ($217,850) ($202,654) ($189,291) ($196,132) ($204,389) ($316,565) ($316,565) ($417,315) ($484,657) ($437,630) ($328,374) ($369,737) ($383,683) ($414,897) ($446,139) ($456,600) ($456,600) ($456,600) ($456,600) ($411,230) ($411,230) ($425,222) ($468,893) $0 $0 $0 $0 ($50,000) ($111,699) $0 $0 $0 $0 ($135,864) ($135,864) ($56,304) ($39,825) ($644,754) ($954,920) ($478,108) ($1,031,086) ($917,701) ($744,317) ($901,157) ($935,622) ($1,104,242) ($1,272,897) ($929,704) ($1,117,245) ($1,543,197) ($1,453,308) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
($295,929) ($315,316) ($340,572) ($315,316) ($298,196) ($298,196) ($298,196) ($315,826) ($315,826) ($315,826) ($300,789) ($300,789) ($315,826) ($371,838) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
($2,252,846) ($2,744,263) ($2,536,131) ($2,797,999) ($2,370,406) ($2,425,101) ($2,484,834) ($2,547,516) ($2,648,975) ($2,797,999) ($2,633,856) ($2,926,102) ($3,696,321) ($3,559,938) $0 ($21,150) $0 $5,640 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 ($125,000) $7,000,000 $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 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($46,327) ($4,766)
$0 ($155,650) $7,000,000 $5,640 $0 $0 $0 $0 $0 $0 $0 $0 ($46,327) ($4,766) $4,145,745 $1,800,177 $9,099,193 $7,467,851 $6,009,811 $5,900,712 $5,448,979 $4,318,388 $3,091,918 $2,771,627 $4,802,413 $4,700,539 $12,073,737 $12,534,348 $3,401,308 $1,666,346 $8,965,362 $7,334,020 $5,875,980 $5,766,881 $5,315,148 $4,182,643 $2,954,986 $2,634,695 $4,663,543 $4,500,741 $11,873,939 $12,334,550 $744,437 $133,831 $133,831 $133,831 $133,831 $133,831 $133,831 $135,745 $136,932 $136,932 $138,870 $199,798 $199,798 $199,798 ts Subtotals only for actual amounts Subtot. only for actual amts Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx D-30

APPENDIX E:

Operations and Maintenance Endowment Fund

Operations and Maintenance Endowment Fund Technical Notes ...... E-1 Table E-1 O&M Endowment Fund Cash Flow (2 pages) ............ E-3 Table E-2 Historical O&M Endowment Fund
Cash Flow (2 pages) ............................................ E-5

Appendix E
November 2024
Economic & Planning Systems, Inc. (EPS) E-1
Operations and Maintenance Endowment
Fund Technical Notes
The tables in this appendix detail the Operations and Maintenance Endowment (O&M Endowment) Fund cash flow analysis. These notes detail the methodology and assumptions used in the analysis.

Cash Flow Analysis
Table E-1 summarizes the O&M Endowment Fund cash flow through the last completed year and provides annual details of development, revenues, costs, and fund balances for all years from the current year through the completion of the NBHCP in 2053.
1996 through 2023
The cash flow summary for this time period shown in Table E-1 reflects actual annual revenues and expenses summed over the entire time period. Table E-2 provides a historical annual cash flow for this time period that shows the actual development activity, costs, revenues, and fund balances in each year. For each year, the account activity has been reconciled to the Conservancy’s end-of-year audited financial statements for the corresponding year. 2024-2053
The annual balances, revenues, and expenses in Table E-1 for each of these years incorporate the development and O&M Endowment revenue and expense assumptions presented in Chapter 6. Beginning in 2053, after all fee-paying development has occurred and all habitat has been acquired, accumulated investment income in the O&M Endowment Fund will provide funding to the Admin/O&M Fund for the required habitat operations and maintenance functions.

As detailed previously, the O&M Endowment Fund fee has been estimated to ensure that the O&M Endowment Fund will have accumulated a large enough fund balance by 2053 to ensure that there is sufficient funding available for the ongoing habitat operations and maintenance functions in perpetuity.

Annual Investment Earnings
The annual interest earnings assumptions are summarized in Chapter 6. For the current year, the budget year, and the first future year after the budget year, the annual investment income is estimated as the prior year’s ending balance multiplied by the average investment earnings rate for the past 10 years. For all other future years, the annual investment income is estimated as 3 percent of the year’s beginning balance. The rationale for these rates is detailed below.

Appendix E
November 2024
Economic & Planning Systems, Inc. (EPS) E-2
Average Rate for Current Year, Budget Year, and First Future Year Because of the significant and growing size of the O&M Endowment Fund, there is the potential for shifts in the O&M 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 O&M Endowment Fund experienced a significant decrease due to investment losses and recovered within 4 years.

Because of this dynamic, the Finance Model was revised in recent years 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. At the Conservancy’s request, EPS incorporated a modeling change to estimate the investment earnings for the near-term (current year, budget year, and first future year after the budget year) based on the average annual returns for the O&M Endowment Fund realized by the Conservancy for the past 10 years. This adjusted methodology accounts for the long-term nature of the O&M Endowment Fund investments and is responsive to requests from the City Council and the the Conservancy Board of Directors to ensure that the annual Fee update is not dependent on temporary upturns or downturns in financial markets.

All Other Future Years
While the 3 percent rate may not be 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.

Page 1 of 2 ends

Table E-1
2025 NBHCP Fee Update
O&M Endowment Fund Cash Flow
TOTAL 1996- 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Item 1996-2053 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Annual Developed Acreage for Fee Estimate 16,625.0 8,345.7 72.6 175.0 299.7 299.7 299.7 311.0 311.0 311.0 311.0 311.0 311.0 311.0 311.0 311.0 31 1.0 Beginning Balance $0 $0 $40,371,496 $43,692,516 $48,484,193 $54,700,399 $59,318,405 $64,058,787 $69,045,519 $74,164,399 $79,418,930 $84,812 ,706 $90,349,416 $96,032,850 $101,866,894 $107,855,541 $114,002,886 Revenue
Endowment Fund Fee Revenue [1] $10,655
per dev acre $108,879,151 $20,676,525 $761,069 $1,864,625 $3,193,445 $3,193,445 $3,193,445 $3,314,174 $3,314,174 $3,314,174 $3,314,174 $3,314,174 $3,314,174 $3,314,174 $3,314,174 $3,314,174 $3,314,174 Other Revenue $261,347 $261,347 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Interest Earnings [2] 3.00% of beg bal. $137,758,796 $21,113,018 $2,664,519 $3,040,000 $3,199,957 $1,641,012 $1,779,552 $1,921,764 $2,071,366 $2,224,932 $2,382,568 $2,544,381 $2,710,482 $2,880,985 $3,056,007 $3,235,666 $3,420,087 Transfer from Administration/Operations $28,690,766 ($9,500) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Transfer from Land Acquisition $1,653,732 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Transfer from Restoration and Enhancement $2,729,481 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Transfer from Supplemental Endowment $8,920,718 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Adjustment (to balance to 1999 and 2021 ending bal) ($192,663) ($192,663) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total $288,701,329 $41,848,727 $3,425,588 $4,904,625 $6,393,402 $4,834,457 $4,972,997 $5,235,938 $5,385,540 $5,539,106 $5,696,742 $5,858,555 $6,024,656 $6,195,159 $6,370,181 $6,549,840 $6,734,261 Expenses
Management Fees 0.50% of $5 M ($15,116,761) ($1,477,231) ($104,568) ($112,948) ($177,195) ($216,451) ($232,614) ($249,206) ($266,659) ($284 ,575) ($302,966) ($321,844) ($341,223) ($361,115) ($381,534) ($402,494) ($424,010)

0.35% of rem. bal.

Drawdown from Admin/O&M ($7,037,893) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total ($22,154,653) ($1,477,231) ($104,568) ($112,948) ($177,195) ($216,451) ($232,614) ($249,206) ($266,659) ($284,575) ($302,966) ($321,844) ($341,223) ($361,115) ($381,534) ($402,494) ($424,010) Ending Balance $266,546,676 $40,371,496 $43,692,516 $48,484,193 $54,700,399 $59,318,405 $64,058,787 $69,045,519 $74,164,399 $79,418,930 $8 4,812,706 $90,349,416 $96,032,850 $101,866,894 $107,855,541 $114,002,886 $120,313,137 [1] T he 2013 amount represents Metro Airpark catch-up fees from 2006. [2] Ear nings pct. for current year and following 2 years differ from pct. for all other future years. Calculation shown below:

Year
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Annual Average
Assumptions
(for years 2025+)
Invest. Earnings Pct.

0.93%

7.40%

15.33%
(3.16%)

19.50%
for 2024-2026

14.85%

11.08%
(20.13%)

7.19%

6.60%

12.66%
Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx E-3

Page 2 of 2 ends

Table E-1
2025 NBHCP Fee Update
O&M Endowment Fund Cash Flow
TOTAL
Item 1996-2053
Annual Developed Acreage for Fee Estimate 16,625.0
Beginning Balance $0
Revenue
Endowment Fund Fee Revenue [1] $10,655
per dev acre $108,879,151
Other Revenue $261,347
Interest Earnings [2] 3.00% of beg bal. $137,758,796
Transfer from Administration/Operations $28,690,766
Transfer from Land Acquisition $1,653,732
Transfer from Restoration and Enhancement $2,729,481
Transfer from Supplemental Endowment $8,920,718
Adjustment (to balance to 1999 and 2021 ending bal) ($192,663) Total $288,701,329
Expenses
Management Fees 0.50% of $5 M ($15,116,761)

0.35% of rem. bal.

Drawdown from Admin/O&M ($7,037,893)
Total ($22,154,653)
Ending Balance $266,546,676
[1] T he 2013 amount represents Metro Airpark catch-up fees from 2006. [2] Ear nings pct. for current year and following 2 years differ from pct. for all other future years. Calculation shown below:

Year
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Annual Average

0.93%

7.40%

15.33%
(3.16%)

19.50%
for 2024-2026

14.85%

11.08%
(20.13%)

7.19%

6.60%

12.66%
Assumptions
(for years 2025+)
Invest. Earnings Pct.
38 39 40 41 42 43 44 45 46 47 48 49 50 51 52
2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 311.0 311.0 311.0 311.0 311.0 311.0 294.1 266.0 266.0 266.0 266.0 266.0 266.0 266.0 0.0 $120,313,137 $126,790,609 $133,439,734 $140,265,061 $147,271,259 $154,463,121 $161,845,568 $169,242,955 $176,536,656 $184,023,639 $191,709,028 $199,598,079 $207,696,190 $216,008,901 $266,546,097 $3,314,174 $3,314,174 $3,314,174 $3,314,174 $3,314,174 $3,314,174 $3,133,480 $2,833,762 $2,833,762 $2,833,762 $2,833,762 $2,833,762 $2,833,762 $2,833,762 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$3,609,394 $3,803,718 $4,003,192 $4,207,952 $4,418,138 $4,633,894 $4,855,367 $5,077,289 $5,296,100 $5,520,709 $5,751,271 $5,987,942 $6,230,886 $6,480,267 $7,996,383 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $28,700,266 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,653,732 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,729,481 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $8,920,718 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$6,923,568 $7,117,892 $7,317,366 $7,522,126 $7,732,312 $7,948,068 $7,988,847 $7,911,051 $8,129,862 $8,354,471 $8,585,033 $8,821,704 $9,064,648 $51,318,227 $7,996,383 ($446,096) ($468,767) ($492,039) ($515,928) ($540,449) ($565,621) ($591,459) ($617,350) ($642,878) ($669,083) ($695,982) ($723,593) ($751,937) ($781,031) ($957,911) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($7,037,893)
($446,096) ($468,767) ($492,039) ($515,928) ($540,449) ($565,621) ($591,459) ($617,350) ($642,878) ($669,083) ($695,982) ($723,593) ($751,937) ($781,031) ($7,995,804) $126,790,609 $133,439,734 $140,265,061 $147,271,259 $154,463,121 $161,845,568 $169,242,955 $176,536,656 $184,023,639 $191,709,028 $199,598,079 $207,696,190 $216,008,901 $266,546,097 $266,546,676 Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx E-4

Page 1 of 2 ends

Table E-2
2025 NBHCP Fee Update
Historical O&M Endowment Fund Cash Flow
TOTAL 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Item 1996-2023 123456789 1 0 1 1 1 2 1 3 1 4
Annual Developed Acreage for Fee Estimate 8,345.7 30.4 104.9 1,380.4 1,466.5 598.1 242.6 777.8 1,041.9 347.7 678.4 132.2 103.2 19.1 21.1 Beginning Balance $0 $0 $2,280 $12,770 $275,038 $323,846 $463,981 $966,676 $1,730,724 $4,424,499 $5,803,065 $8,148,581 $9,926,631 $10,959,532 $7,575,335 Revenue
Endowment Fund Fee Revenue [1] $20,676,525 $2,280 $10,490 $262,268 $278,626 $113,645 $209,651 $685,154 $2,169,320 $860,660 $1,964,462 $763, 735 $584,703 $107,222 $159,493 Other Revenue $261,347 $0 $0 $0 $0 $0 $257,219 $4,128 $0 $0 $0 $0 $0 $0 $0 Interest Earnings [2] $21,113,018 $0 $0 $0 $0 $26,490 $35,825 $74,766 $549,125 $517,906 $473,588 $1,105,207 $501,993 ($3,438,653) $1,897,090 Transfer from Administration/Operations ($9,500) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Transfer from Land Acquisition $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Transfer from Restoration and Enhancement $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Transfer from Supplemental Endowment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Adjustment (to balance to ending bal) ($192,663) $0 $0 $0 ($229,818) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total $41,848,727 $2,280 $10,490 $262,268 $48,808 $140,135 $502,695 $764,048 $2,718,446 $1,378,566 $2,438,050 $1,868,942 $1,086,696 ($3,331,431) $2,056,583 Expenses
Management Fees [3] ($1,477,231) $0 $0 $0 $0 $0 $0.0 $0 ($24,671) $0 ($92,534) ($90,892) ($53,795) ($52,766) ($40,066) Drawdown from Admin/O&M $0$ 0$ 0$ 0$ 0$ 0$ 0$ 0$ 0$ 0$ 0$ 0$ 0$ 0$ 0 Total ($1,477,231) $0 $0 $0 $0 $0 $0 $0 ($24,671) $0 ($92,534) ($90,892) ($53,795) ($52,766) ($40,066) Ending Balance $40,371,496 $2,280 $12,770 $275,038 $323,846 $463,981 $966,676 $1,730,724 $4,424,499 $5,803,065 $8,148,581 $9,926,631 $10,959 ,532 $7,575,335 $9,591,852 Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx E-5

Page 2 of 2 ends

Table E-2
2025 NBHCP Fee Update
Historical O&M Endowment Fund Cash Flow
TOTAL
Item 1996-2023
Annual Developed Acreage for Fee Estimate 8,345.7
Beginning Balance $0
Revenue
Endowment Fund Fee Revenue [1] $20,676,525
Other Revenue $261,347
Interest Earnings [2] $21,113,018
Transfer from Administration/Operations ($9,500)
Transfer from Land Acquisition $0
Transfer from Restoration and Enhancement $0
Transfer from Supplemental Endowment $0
Adjustment (to balance to ending bal) ($192,663)
Total $41,848,727
Expenses
Management Fees [3] ($1,477,231)
Drawdown from Admin/O&M $0
Total ($1,477,231)
Ending Balance $40,371,496
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 15 16 17 18 19 20 21 22 23 24 25 26 27 28

0.3 50.0 80.1 0.0 0.0 5.7 65.5 0.0 34.8 100.4 218.1 56.4 647.5 142.8 $9,591,852 $10,914,484 $10,778,015 $13,175,111 $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 $42,734 $9,500 $1,113,409 $140,188 $0 $37,691 $505,994 $360,248 $257,500 $701,743 $1,747,826 $453,418 $5,758,625 $1,375,941 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$1,337,968 ($92,131) $1,333,505 $2,266,258 $848,704 $152,493 $1,226,222 $2,799,040 ($675,424) $4,075,121 $3,933,536 $3,425,282 ($6,987,292) $5,726,398 $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 $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 $6,561
$1,380,702 ($92,131) $2,446,914 $2,406,446 $848,704 $190,184 $1,732,216 $3,159,288 ($417,924) $4,776,864 $5,681,362 $3,878,700 ($1,198,073) $7,108,899 ($58,070) ($44,338) ($49,818) ($56,921) ($62,454) ($64,009) ($67,250) ($76,729) ($81,252) ($89,452) ($98,104) ($122,727) ($115,169) ($136,214) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
($58,070) ($44,338) ($49,818) ($56,921) ($62,454) ($64,009) ($67,250) ($76,729) ($81,252) ($89,452) ($98,104) ($122,727) ($115,169) ($136,214) $10,914,484 $10,778,015 $13,175,111 $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 $40,371,496 Prepared by EPS 11/26/2024 Z:\Shared\Projects\SAC\242000\242051 NBHCP Fee Update\Models\242051 NBHCP Fee Update 11.25.24.xlsx E-6

APPENDIX F:

Conservancy Budget

Conservancy Budget Technical Notes .......................................... F-1 Table F-1 Conservancy 2024 Budget Proposal (7 pages) ......... F-2 Table F-2 2024 and 2025 Estimated Fee Revenue .................. F-9 Table F-3 2024 and 2025 Estimated Investment Income ....... F-10

Appendix F
November 2024
Economic & Planning Systems, Inc. (EPS) F-1
Conservancy Budget Technical Notes
The tables in this appendix detail the Conservancy 2025 budget.

Table F-1 shows the revenues and expenses in the Conservancy’s proposed 2025 budget. For comparison purposes, this budget table also shows the estimated 2024 revenues and expenditures, as well as the source of the 2024 estimates.

Both the 2024 and 2025 amounts from Table F-1 are reflected in the cash flow tables for each of the funds. The budget amounts are based on a variety of factors, including Model assumptions, experience by the Conservancy with particular activities, expected development and habitat acquisition, and the Conservancy’s knowledge of other expected activities in the coming year. The 2025 Budget contains a discussion of the source of each revenue and cost estimate.

Table F-2 provides the backup for the 2024 and 2025 fee revenue in Table F-1.

The 2024 fee revenue is shown by fund and is based on the fee revenue collected thus far in 2024, as reflected on the the Conservancy September profit and loss statement. The 2025 fee revenue is shown by jurisdiction (City of Sacramento, Metro Air Park, Sutter County) and fund and is based on the proposed fees and estimated acres of fee-paying development to occur in 2025.

Table F-3 provides the backup for the projected 2024 and 2025 investment income included in the budget. The earnings assumptions summarized in Table F-3 were detailed in the previous appendices.

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2025 NBHCP Fee Update
Conservancy 2025 Budget Proposal
2024 Est.

Amount
2025
Budget Amt Line item
Notes on 2025
Budget Amount
Table in NBHCP Fee
Update Model for 2026+
Source of 2024
Estimated Amount
All referenced documents
are for 2024.

I. Revenue
$2,519,927 $230,545 Mitigation fees-
Sacramento
Assumes 5 acres of development. The budgeted
amount is calculated based on the proposed fee
per acre. Includes a reduction of 2% to account
for the fee program administration share.

Table 1-1 Fee Summary and
Comparison.

Table A-2 Development
Projections.

Estimated year-end
budget provided by the
Conservancy
- - Mitigation fees-
Sutter County
Assumes 0 acres of development. The budgeted
amount is calculated based on the proposed fee
per acre. Includes a reduction of 2% to account
for the fee program administration share.

Table 1-1 Fee Summary and
Comparison.

Table A-2 Development
Projections.

Estimated year-end
budget provided by the
Conservancy
- $5,851,655 Mitigation fees-Met ro
Air Park
Assumes 170 acres of development. The
budgeted amount is calculated based on the
proposed fee per acre. Includes a reduction of 2%
to account for the fee program administration
share.

Table 1-1 Fee Summary and
Comparison.

Table A-2 Development
Projections.

Estimated year-end
budget provided by the
Conservancy
$0 $0 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.

No additional fees projected. Estimated year-end
budget provided by the
Conservancy
$54,120 $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.

Assumes 1.00% of prior year estimated fund
ending balance.

Table 2-4 September Statement
of Activities
$54,120 $120,000 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.

Assumes 1.00% of prior year estimated fund
ending balance.

Table 5-4 September Statement
of Activities
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2025 NBHCP Fee Update
Conservancy 2025 Budget Proposal
2024 Est.

Amount
2025
Budget Amt Line item
Notes on 2025
Budget Amount
Table in NBHCP Fee
Update Model for 2026+
Source of 2024
Estimated Amount
All referenced documents
are for 2024.
$163,391 $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.

Assumes 1.00% of prior year estimated fund
ending balance.

Table 3-4 September Statement
of Activities
$2,664,519 $3,040,000 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.

Estimate based on annual investment earning
returns for last 10 years.

Table 6-3 Estimated based on
average annual
investment earning
returns for past 10
years.
$317,151 $80,000 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.

Assumes 3.00% of prior year estimated fund
ending balance.

Table 4-4 September Statement
of Activities; multiplied
by 12/9 to include est.
for Oct. - Dec.
$928,988 $961,813 Farm rent Projected cash rent for farms currently under contract. Includes hunting revenue. Provided by
the Conservancy.

Table 5-4 Conservancy estimate
based on actual and
projected revenue for
year.
$50,000 $50,000 Miscellaneous
income
Donations and various reimbursements. Table 5-4 Conservancy estimate based on actual and
projected revenue for
year.
$6,752,215 $10,384,013 Total Revenue
Prepared by EPS 11/26/2024
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2025 NBHCP Fee Update
Conservancy 2025 Budget Proposal
2024 Est.

Amount
2025
Budget Amt Line item
Notes on 2025
Budget Amount
Table in NBHCP Fee
Update Model for 2026+
Source of 2024
Estimated Amount
All referenced documents
are for 2024.

II. Expenditures
Administ
ration
Administrative
$669,000 $751,000 Staff Includes eight full time staff members and one part time staff member, including potential salary
adjustments of 3%.

Table D-9 Conservancy estimate
based on actual and
projected cost for year
$261,000 $323,000 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 (including spouse and dependent coverage
of 50%; employer-sponsored high deductible
health insurance plan with a health savings
account; annual out-of-pocket maximum is
approximately $6,500 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 $1,500
per year. Includes 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 D-9 Conservancy estimate
based on actual and
projected cost for year
$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 D-9 Conservancy estimate
based on actual and
projected cost for year
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2025 NBHCP Fee Update
Conservancy 2025 Budget Proposal
2024 Est.

Amount
2025
Budget Amt Line item
Notes on 2025
Budget Amount
Table in NBHCP Fee
Update Model for 2026+
Source of 2024
Estimated Amount
All referenced documents
are for 2024.

Office expense
$83,000 $86,000 Office Rent Includes basic office space at 2150 River Plaza Drive, Suite 460 (approx. $7,100 per month
including expense recoveries for 2,806 square
feet).

Table D-9 Estimated year-end
budget provided by the
Conservancy
$90,000 $70,000 Telecommunications For basic telecommunications service, including telephone, internet connection, email, updates to
website for ADA compliance and webhosting.

Table D-9 Estimated year-end
budget provided by the
Conservancy
$30,000 $35,000 Copying & printing For oversize photocopying, surveys, aerial photos, associated printing, electronic media, archives
and copies.

Table D-9 Estimated year-end
budget provided by the
Conservancy
$25,000 $30,000 Office supplies Essential and common office supplies, including publications, subscriptions and membership dues.

Table D-9 Estimated year-end
budget provided by the
Conservancy
$2,500 $2,500 Postage General postage. Table D-9 Estimated year-end budget provided by the
Conservancy
$62,700 $60,000 Equipment Basic office equipment, furniture, hardware and software, including furniture for new employees.

Table D-9 Estimated year-end
budget provided by the
Conservancy
$136,000 $41,000 Vehicle expense Vehicle allowance, mileage expenses, and routine maintenance on two Conservancy-owned trucks.

Table D-9 Estimated year-end
budget provided by the
Conservancy
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2025 NBHCP Fee Update
Conservancy 2025 Budget Proposal
2024 Est.

Amount
2025
Budget Amt Line item
Notes on 2025
Budget Amount
Table in NBHCP Fee
Update Model for 2026+
Source of 2024
Estimated Amount
All referenced documents
are for 2024.

Miscellaneous expense
$96,000 $111,000 Insurance Basic business insurance which includes; Directors & Officers (D&O), general liability, crime,
non-owned/hired auto, cyber, pollution, umbrella
and flood insurance on one residential property.

This item also anticipates vehicle insurance for
two new Conservancy vehicles.

Table D-9 Estimated year-end
budget provided by the
Conservancy
$60,000 $60,000 Accounting General accounting work and fiscal year-end audit.

Table D-9 Estimated year-end
budget provided by the
Conservancy
$100,000 $100,000 Legal General legal work. Table D-9 Estimated year-end budget provided by the
Conservancy
$59,367 $64,125 Fees- Administration
Fund
General corporation fees and investment
management fees.

Table D-9 September Statement
of Activities; multiplied
by 4/3 to include est. for
one additional quarterly
payment.
$104,568 $112,948 Fees - Endowment
Fund
General corporation fees and investment
management fees.

Table E-1 September Statement
of Activities; multiplied
by 4/3 to include est. for
one additional quarterly
payment.
$6,413 $6,927 Fees - Supp.

Endowment Fund
General corporation fees and investment
management fees.

Table C-2 September Statement
of Activities; multiplied
by 4/3 to include est. for
one additional quarterly
payment.

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Sacramento City CouncilFebruary 25, 2025

Sacramento City Council
February 25, 2025