City of San Ramon
FINANCE COMMITTEE
AGENDA
Scott Perkins, Chair • Sridhar Verose, Vice Chair
City Hall - Training Room, First Floor
7000 Bollinger Canyon Road
Regular Meeting
4:00 PM
April 22, 2024
AGENDA QUESTIONS:
PLEASE CALL THE ADMINISTRATIVE SERVICES DIRECTOR AT (925) 973-2576
1. CALL TO ORDER
2. PUBLIC COMMENT
At this time, members of the public are encouraged to address the Committee on any item not already included on the agenda. Comments should not exceed three (3) minutes. No Committee action can be taken at this meeting on issues raised during public comment.
3. APPROVAL OF MINUTES
3.1 Finance Committee - Special Meeting – February 22, 2024
4. UNFINISHED BUSINESS
5. NEW BUSINESS
5.1 City of San Ramon Quarterly Investment Report (Period Ending March 31, 2024) Staff Report by Candace Daniels, Finance Division Manager
5.2 Stormwater Program Budget
Staff Report by Kerry Parker, Public Services Program Manager
5.3 Northwest San Ramon Geologic Hazard Abatement District (NWSR GHAD) Fiscal Year 2024/25 Draft Budget, Engineer’s Report, and Assessment to be Levied
Staff Report by Shane Hsieh, Senior Civil Engineer
2 Finance Committee Meeting – April 22, 2024
5.4 PARS Pension Stabilization Trust Statement for the Period Ending March 31, 2024
Staff Report by Candace Daniels, Finance Division Manager
6. COMMITTEE MEMBER COMMENTS
7. ADJOURNMENT
7.1 The next Finance Committee Meeting is scheduled for May 13, 2024 I hereby certify that the attached Finance Committee Meeting Agenda was posted 72 hours before the noted meeting. To make a request for disability-related accommodation to participate in the meeting, please contact the City Clerk’s Office 48 hours in advance of the meeting at 925-973-2539 or [email protected].
Dated: April 19, 2024
ATTENDEE CONDUCT
There will be zero tolerance for any person addressing the Committee making profane, offensive and disruptive remarks, or engaging in loud, boisterous, or other disorderly conduct, that disrupts the orderly conduct of the public meeting. Specifically, it is important for all speakers to adhere to the following guidelines for participation in this meeting:
a. No profanity or obscenity
b. Refrain from personal threats or attacks.
c. Refrain from hateful epithets and demeaning language based on any person’s race, religion, sexual orientation, ethnicity, gender, or disability.
d. Respect all people that are present.
At the discretion of the Committee Chair, a speaker may forfeit speaking time for any of the following reasons:
a. Exceeding the allotted time to speak;
b. Yelling, screaming, or other behavior that renders this Committee unable to continue the meeting;
c. Excessive profanity or slander; Specific threats or “fighting words” that incite violence; or d. Speech that is outside the subject matter jurisdiction of the Committee or the specific agenda item in which you are speaking.
While the City of San Ramon ensures the First Amendment rights of its citizens, we do not accept nor endorse any offensive or hateful comments made during our meetings. The City of San Ramon celebrates the diversity of our community, and we strive to be a welcoming and open community for all.
MINUTES OF THE
CITY OF SAN RAMON FINANCE COMMITTEE
February 22, 2024
1. CALL TO ORDER
The meeting was called to order at 4:07 PM.
Attendee Name Title Status Arrived
Scott Perkins Chair Present
Sridhar Verose Councilmember Present
Amy Amiri, Engineering Senior Administrative Analyst
Lauren Barr, Planning Division Manager
Robin Bartlett, District Engineering Division Manager
Jon Bell, Public Service Division Manager
Denton Carlson, Police Chief
Debbie Chamberlain, Community Development Director
Candace Daniels, Finance Division Manager
Mike Dodds, Public Services Maintenance Supervisor
Maria Fierner, Public Works Director
Darin Fitzpatrick, Public Services Program Manager
Jonette Fuentes, Public Services Administrative Analyst Vivian Gong, Finance Program Manager
Kathi Heimann, Parks and Community Services Director
Scott Koll, Deputy City Manager
Nicki MacPherson, Accounting Specialist
Gary Manuel, Landscape Maintenance Program Manager
Mae Mlyniec, Parks and Community Administrative Analyst Brad Morris, Parks and Community Division Manager
Adolfo Navarro, Accounting Specialist
Kerry Parker, Solid Waste Program Manager
Vance Phillips, Building Division Manager
Matt Ramirez, Public Services Senior Analyst
Brent Scroggs, Parks Maintenance Program Manager
Kelly Sessions, Administrative Services Director
Steven Spedowfski, City Manager
Chris Weeks, Transportation Division Manager
Roderick Wui, Senior Civil Engineer
2. PUBLIC COMMENT
There were no public comments.
3. APPROVAL OF MINUTES
3.1 Finance Committee - Regular Meeting - Jan 16, 2024 4:00 PM
3.1 Packet Pg. 3
Minutes Acceptance: Minutes of Feb 22, 2024 4:00 PM (APPROVAL OF MINUTES) 2 Finance Committee Meeting – February 22, 2024
RESULT: ACCEPTED [UNANIMOUS]
AYES: Perkins, Verose
4. UNFINISHED BUSINESS
No unfinished business.
5. NEW BUSINESS
5.1 California Employer’s Benefit Trust (CERBT) for the Period Ending December 31, 2023
Staff Report by Candace Daniels, Finance Division Manager RESULT: REPORT RECEIVED
5.2 PARS Pension Stabilization Trust Statement for the Period Ending December 31, 2023
Staff Report by Candace Daniels, Finance Division Manager RESULT: REPORT RECEIVED
5.3 Mid-Year Financial Report FY 23-24
Staff Report by Kelly Sessions, Administrative Services Director The Finance Committee recommended a few clarifications to the report, accepted it and recommended it to be forwarded to the City Council for approval.
RESULT: APPROVED [UNANIMOUS]
AYES: Perkins, Verose
6. COMMITTEE MEMBER COMMENTS
Committee members had nothing additional to report.
7. ADJOURNMENT
The meeting adjourned at 5:35 PM. The next Finance Committee Meetings is scheduled for March 11, 2024.
3.1 Packet Pg. 4
Minutes Acceptance: Minutes of Feb 22, 2024 4:00 PM (APPROVAL OF MINUTES)
FINANCE COMMITTEE STAFF REPORT
DATE: April 22, 2024
TO: Finance Committee/City Manager
FROM: Kelly Sessions, Administrative Services Director
By: Miaoxia Joe, Administraive Analyst
SUBJECT: City of San Ramon Quarterly Investment Report (Period Ending March 31, 2024)
RECOMMENDED ACTION
Staff recommends that the Finance Committee review and accept the Quarterly Investment Report for the period ending March 31, 2024 and forward it to the City Council for review.
BACKGROUND/DISCUSSION
State law requires that City Council review the City Investment Report at least quarterly. Copies of the Investment Report prepared by Meeder Public Funds, formerly known as FHN FinancialMain Street Advisors (FHN Financial), for the period ending March 31, 2024, the Investments Held by Trustees, and the Summary of Cash and Investments are attached for your review.
The March 31, 2024 Investment Report was prepared by Meeder Public Funds. The Investment Report is maintained on a daily basis to track investment yield, maturities, call dates, and market values. The Investments Held by Trustees and the Summary of Cash and Investments were prepared by staff.
The City’s investments are carried at fair value, as required by generally accepted accounting principles (GAAP). In accordance with GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and for External Pools, the City adjusts the carrying value of its investments to reflect their fair value at each fiscal year end and includes the effects of these adjustments in income for that fiscal year.
FISCAL ANALYSIS
The balance of the City’s demand deposit accounts held with JP Morgan Chase Bank totaled $13.5 million as of March 31, 2024. This account is used for the daily City operations.
Total funds managed by Meeder Public Funds equaled $71.9 million at book value as of March 31, 2024. The portfolio consists of $25.2 million in federal agency securities, $29.8 million in
5.1 Packet Pg. 5
treasury securities, $3.1 million in supranationals, $5.7 million in corporate notes, $3.2 million in FDIC insured CD’s, and $4.9 million in commercial paper. The weighted average yield to maturity on investments is 2.66% and the weighted average days to maturity is 658 days, which is 34 days shorter than last quarter. Interest rates remain the same as the previous quarter.
The overall objectives in managing the City’s investment portfolio are listed as follows in the order of importance: first, safeguarding principal; second, maintaining appropriate liquidity; and third, generating favorable long-term results relative to the City’s benchmark, the ICE BofAML 30-month average (MMA). To accomplish these objectives, Meeder Public Funds is directed to maintain a strategy designed to keep the portfolio’s results in line with the established benchmark, while actively managing the portfolio’s duration relative to the benchmark, sector allocation and yield curve placement to enhance performance.
The balance of the City’s Fidelity U.S. Government Money Market account held with US Bank totals $2.4 million and makes up 3.22 % of the portfolio as of March 31, 2024. The current rate is 5.21%. This account is available on a daily basis for immediate cash flow requirements.
The City of San Ramon has $0.6 million invested with the State Treasurer’s Office (Local Agency Investment Fund). The current interest rate is 4.25% and makes up 0.85% of the portfolio. This account is available on a daily basis for immediate cash flow requirements.
The “Investments Held by Trustees” report was prepared by staff and is required supplementary information in the quarterly report to the City Council. Funds held by the trustee total $3.4 million. The 2019 Certificates of Participation (COP) investments managed by Meeder Public Funds total $0.3 million and are available for designated capital projects. The remaining $3.1 million of investments managed by the trustee pertain to City pension obligation bonds and are not available for general City purposes.
This investment portfolio is in conformity with the City of San Ramon’s adopted “Investment Policy.” The Treasurer’s cash management program provides sufficient liquidity to meet estimated future expenditures for a period of six months. Meeder Public Funds provides market values for securities under their management, while market prices of securities held in trust are obtained from the trustees’ monthly account statements.
FISCAL IMPLICATIONS
This report is for informational purposes only; there is no fiscal impact.
STEPS FOLLOWING APPROVAL
The report will be presented to City Council for review and acceptance at the April 23, 2024, City Council meeting.
ATTACHMENT
A: Summary of Cash and Investments at March 31, 2024
5.1 Packet Pg. 6
B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, 2024
C: Quarterly Economic and Market Update at March 31, 2024 D: Investments Held by Trustees at March 31, 2024
E: Investment Terminology
5.1 Packet Pg. 7
Demand deposits held with JP Morgan Chase Bank $ 13,544,264 Investment Portfolio:
Investments held with US Bank (Meeder Public Funds, formerly Known as FHN Financial) 71,891,229 Fidelity US Government Money Market Funds held with US Bank 2,409,953 Investments held with Local Agency Investment Fund (LAIF) 635,056 Total Investment Portfolio 74,936,238
Investments held with Trustee 3,385,994
Total Cash and Investments $ 91,866,496
This investment portfolio is in conformity with the City of San Ramon's adopted investment policy. The Treasurer's cash management program provides sufficient liquidity to meet estimated future expenditures for a period of six months.
Prepared and approved by:
Miaoxia Joe, Finance Analyst
Approved by:
Kelly Sessions, Administrative Services Director
Summary of Cash and Investments
For the Period March 31, 2024
5.1.a
Packet Pg. 8
Attachment: A: Summary of Cash and Investments at March 31, 2024 (4324 : Quarterly Investment Report) Monthly Investment Report
City of San Ramon
March 2024
10655 Park Run Drive, Suite 120 | Las Vegas, NV 89144 | Phone 702.575.6600 | www.meederpublicfunds.com
5.1.b
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Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Run Date: 4/2/2024 - 1:41 PM
Amortizing Page 2
Portfolio Summary
City of San Ramon 3/31/2024
SECTOR ALLOCATION MATURITY DISTRIBUTION CREDIT QUALITY (MOODY'S)
ACCOUNT SUMMARY MONTH-END PORTFOLIO BOOK YIELD TOP ISSUERS 3/31/24 2/29/24 Issuer % Portfolio
Market Value $72,996,301 $72,784,373 U.S. Treasury 39.7% Book Value $74,936,238 $74,812,062 FFCB 13.4%
Variance -$1,939,937 -$2,027,689 FHLB 12.3%
Fidelity Govt MMF 3.2%
Par Value $75,409,008 $75,261,441 IBRD 2.7%
TVA 2.7%
Net Asset Value $97.41 $97.29 FNMA 2.7%
FHLMC 2.7%
Book Yield 2.66% 2.64% MUFG Bank 1.7%
PepsiCo 1.6%
Market Yield 4.77% 4.83% ING US Funding 1.6%
John Deere 1.6%
Years to Maturity 1.80 1.87 MetLife 1.5%
Bank of New York Mellon 1.4%
Effective Duration 1.73 1.73 IFC 1.4% Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24
2.00%
2.10%
2.20%
2.30%
2.40%
2.50%
2.60%
2.70%
2.80%
2.90%
0.8%
3.2%
4.1%
4.3%
6.6%
7.6%
33.7%
39.7%
LAIF
MMF
SUPRA
CD
CP
CORP
AGY
TSY
0% 25% 50% 75% 100%
39.3%
21.7%
16.5%
14.1%
8.4%
0-1Y 1-2Y 2-3Y 3-4Y 4-5Y+
0%
10%
20%
30%
40%
50%
60%
5.1%
0.7%
2.7%
1.5%
80.7%
9.2%
NR
A3
A2
A1
Aa3
Aa2
Aa1
Aaa
P-1
0% 25% 50% 75% 100%
2 5.1.b
Packet Pg. 10
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Run Date: 4/2/2024 - 1:41 PM
Amortizing Page 3
Investment Policy Compliance
City of San Ramon 3/31/2024
Category Book Value % of Portfolio % Allowed by Policy In Compliance Reserved row US Treasuries 29,744,437.68 39.69% 100% Yes
US Federal Agencies 25,229,284.78 33.67% 100% Yes
Supranational Obligations 3,100,352.68 4.14% 30% Yes
LAIF 635,055.34 0.85% 15% Yes
Commercial Paper 4,924,414.68 6.57% 25% Yes
Money Market Funds 2,409,953.06 3.22% 20% Yes
Negotiable Certificates of Deposit 3,220,909.26 4.30% 30% Yes Corporate Obligations 5,671,830.28 7.57% 30% Yes
State and Local Governments 0.00 0.00% 3% Yes
Total 74,936,237.76 100.00%
Other Metrics Portfolio Metric In Compliance
Weighted Average Maturity 1.80 Less than 2.5 Years Yes
Liquidity 39.28% 30% Under 365 Days Yes
Ratings Yes
3 5.1.b
Packet Pg. 11
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Run Date: 4/2/2024 - 1:41 PM
Amortizing Page 4
Historical Book Values
City of San Ramon 3/31/2024
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Fiscal Year 2020 $83.8 $82.9 $83.1 $74.8 $70.8 $70.8 $77.9 $82.0 $78.4 $78.8 $86.0 $87.0 FY20 Fiscal Year 2021 $85.5 $84.8 $85.7 $81.6 $76.1 $73.2 $75.4 $77.3 $77.4 $83.6 $85.3 $85.2 FY21 Fiscal Year 2022 $84.7 $80.5 $80.6 $78.6 $74.7 $71.3 $70.6 $80.3 $81.7 $81.8 $81.9 $82.0 FY22 Fiscal Year 2023 $76.8 $76.2 $76.3 $75.2 $74.6 $71.7 $70.8 $80.5 $81.0 $81.1 $81.4 $81.6 FY23 Fiscal Year 2024 $81.7 $80.8 $78.9 $79.1 $79.4 $76.0 $74.7 $74.8 $74.9 FY24 Average Daily BalanceJul-09
Nov-09
Mar-10
Jul-10
Nov-10
Mar-11
Jul-11
Nov-11
Mar-12
Jul-12
Nov-12
Mar-13
Jul-13
Nov-13
Mar-14
Jul-14
Nov-14
Mar-15
Jul-15
Nov-15
Mar-16
Jul-16
Nov-16
Mar-17
Jul-17
Nov-17
Mar-18
Jul-18
Nov-18
Mar-19
Jul-19
Nov-19
Mar-20
Jul-20
Nov-20
Mar-21
Jul-21
Nov-21
Mar-22
Jul-22
Nov-22
Mar-23
Jul-23
Nov-23
Mar-24
$50
$60
$70
$80
$90
Millions
4 5.1.b
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Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Run Date: 4/2/2024 - 1:41 PM
Amortizing Page 5
Historical Book Values Per Fiscal Year
City of San Ramon 3/31/2024
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Fiscal Year 2020 $83.8 $82.9 $83.1 $74.8 $70.8 $70.8 $77.9 $82.0 $78.4 $78.8 $86.0 $87.0 FY20 Fiscal Year 2021 $85.5 $84.8 $85.7 $81.6 $76.1 $73.2 $75.4 $77.3 $77.4 $83.6 $85.3 $85.2 FY21 Fiscal Year 2022 $84.7 $80.5 $80.6 $78.6 $74.7 $71.3 $70.6 $80.3 $81.7 $81.8 $81.9 $82.0 FY22 Fiscal Year 2023 $76.8 $76.2 $76.3 $75.2 $74.6 $71.7 $70.8 $80.5 $81.0 $81.1 $81.4 $81.6 FY23 Fiscal Year 2024 $81.7 $80.8 $78.9 $79.1 $79.4 $76.0 $74.7 $74.8 $74.9 FY24 Figures in Millions, Average Daily Balance
Chart Title
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
$65
$70
$75
$80
$85
$90
Millions
Fiscal Year 2020 Fiscal Year 2021 Fiscal Year 2022 Fiscal Year 2023 Fiscal Year 2024 5 5.1.b
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Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Run Date: 4/2/2024 - 1:41 PM
Amortizing Page 6
Historical Weighted Average Maturity
City of San Ramon 3/31/2024 Don
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Fiscal Year 2020 1.59 1.58 1.64 1.83 1.88 1.89 1.60 1.70 1.78 1.71 1.87 1.82 Fiscal Year 2021 1.93 1.76 1.72 1.88 1.87 1.88 1.83 1.91 1.96 1.90 1.83 1.76 Fiscal Year 2022 1.98 2.04 1.86 1.98 2.01 2.01 1.93 1.96 2.02 1.94 1.86 1.91 Fiscal Year 2023 1.96 1.88 1.82 1.80 1.72 1.76 1.71 1.87 1.86 1.80 1.72 1.65 Fiscal Year 2024 1.68 1.65 1.58 1.60 1.75 1.90 1.81 1.87 1.80 Jul-09 Nov-09 Mar-10 Jul-10 Nov-10 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 Nov-12 Mar-13 Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 Mar-19 Jul-19 Nov-19 Mar-20 Jul-20 Nov-20
Mar-21
Jul-21
Nov-21
Mar-22
Jul-22
Nov-22
Mar-23
Jul-23
Nov-23
Mar-24
0.00 0.50
1.00 1.50
2.00 2.50
Average Years To Maturity
6 5.1.b
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Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Run Date: 4/2/2024 - 1:41 PM
Amortizing Page 7
Next Twelve Months Cash Flow
City of San Ramon 3/31/2024
Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Maturities $6.3 $2.0 $1.0 $1.3 $3.3 $3.5 $4.1 $3.0 $0.0 $1.0 $2.0 $2.0 1 Par Value in Millions; Assumes Securities Are Held To Maturity $6.3
$2.0
$1.0
$1.3
$3.3
$3.5
$4.1
$3.0
$0.0
$1.0
$2.0 $2.0
Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 $0
$1
$2
$3
$4
$5
$6
$7
Millions
7 5.1.b
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Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Run Date: 4/2/2024 - 1:41 PM
Amortizing Page 8
Yield At Cost Per 6-Month Maturity Intervals
City of San Ramon 3/31/2024
Years Yield At Cost % of Portfolio
0 to .5 3.66% 22.97%
.5 to 1.0 1.26% 13.64%
1.0 to 1.5 0.74% 8.67%
1.5 to 2.0 1.08% 15.72%
2.0 to 2.5 2.17% 4.26%
2.5 to 3.0 2.67% 12.27%
3.0 to 3.5 3.88% 2.55%
3.5 to 4.0 4.45% 11.57%
4.0 to 4.5 4.86% 1.96%
4.5 to 5.0 4.42% 6.40%
5.0+ 0.00% 0.00%
Total 2.66% 100.0%
3.66%
1.26%
0.74%
1.08%
2.17%
2.67%
3.88%
4.45% 4.86%
4.42%
-0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Maturity Intervals
Yield At Cost
Bubble Size = Maturity's % of Portfolio
8 5.1.b
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Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Run Date: 4/2/2024 - 1:41 PM
Amortizing Page 9
Historical Sector Allocation
City of San Ramon 3/31/2024
Sector Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 TSY 30.6% 32.9% 35.0% 40.0% 41.5% 38.9% 38.7% 37.3% 37.1% 34.4% 39.7% 39.7% AGY 40.6% 38.1% 35.6% 33.1% 31.7% 31.7% 32.7% 33.0% 33.8% 33.8% 33.7% 33.7% CORP 5.6% 5.6% 5.6% 5.6% 4.5% 4.5% 4.5% 4.5% 7.6% 7.6% 7.6% 7.6% CP 8.2% 8.2% 9.7% 8.5% 10.4% 6.0% 6.2% 6.2% 6.6% 5.0% 3.3% 6.6% CD 4.9% 4.9% 4.6% 4.5% 4.7% 4.4% 4.1% 5.0% 5.3% 5.3% 4.6% 4.3% Supra 3.8% 3.8% 3.8% 3.8% 3.9% 3.9% 3.9% 3.9% 4.2% 4.2% 4.1% 4.1% MMF 4.3% 4.6% 3.8% 2.5% 1.2% 8.5% 9.2% 9.4% 4.6% 9.0% 6.0% 3.2% LAIF 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% Muni 1.2% 1.2% 1.2% 1.2% 1.3% 1.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
TSY
AGY
CORP
CP
CD
Supra
MMF
LAIF
Muni
9 5.1.b
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Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Run Date: 4/2/2024 - 1:41 PM
Amortizing Page 10
Issuer Allocation
City of San Ramon 3/31/2024
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.7%
0.8%
1.3%
1.3%
1.3%
1.4%
1.4%
1.5%
1.6%
1.6%
1.6%
1.7%
2.7%
2.7%
2.7%
2.7%
3.2%
12.3%
13.4%
39.7%
Wells Fargo
UBS Bank USA
Morgan Stanley Private Bank
CIBC Bank USA
Discover Bank
Bridgewater Bank/Bloomington MN
American Express National Bank
Ally Bank
Sallie Mae Bank
United Fidelity Bank FSB
First National Bank of Michigan
First Missouri State Bank
Bank Five Nine
Home Depot
LAIF
Bank of America
New York Life
National Securities Clearing
IFC
Bank of New York Mellon
MetLife
John Deere
ING US Funding
PepsiCo
MUFG Bank
FHLMC
FNMA
TVA
IBRD
Fidelity Govt MMF
FHLB
FFCB
U.S. Treasury
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
10 5.1.b
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Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Run Date: 4/2/2024 - 1:41 PM
Amortizing Page 11
Historical Earnings & Book Return Performance
City of San Ramon 3/31/2024
Fiscal YTD ($K) Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun FY 2022 $89.499 $177.452 $260.506 $341.752 $413.503 $484.482 $558.270 $632.320 $713.196 $786.938 $879.582 $966.358 FY 2023 $87.417 $182.231 $276.317 $378.276 $484.915 $591.766 $696.990 $838.507 $1,005.944 $1,107.974 $1,325.697 $1,489.898 FY 2024 $176.662 $349.586 $506.842 $690.272 $871.345 $1,042.147 $1,215.942 $1,373.604 $1,487.533 Fiscal YTD Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Book Return 2.55% 2.53% 2.50% 2.56% 2.60% 2.61% 2.62% 2.63% 2.54% Fiscal Year-To-Date Earnings
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
Thousands
FY 2022
FY 2023
FY 2024
Fiscal Year-To-Date Book Return
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
2.20%
2.30%
2.40%
2.50%
2.60%
2.70%
11 5.1.b
Packet Pg. 19
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Run Date: 4/2/2024 - 1:41 PM
Amortizing Page 12
Historical Yield At Cost vs Benchmark
City of San Ramon 3/31/2024
Month-End Yield At Cost vs Benchmark
Jul-09
Dec-09
May-10
Oct-10
Mar-11
Aug-11
Jan-12
Jun-12
Nov-12
Apr-13
Sep-13Feb-14
Jul-14
Dec-14
May-15
Oct-15
Mar-16
Aug-16
Jan-17
Jun-17
Nov-17
Apr-18
Sep-18Feb-19
Jul-19
Dec-19
May-20
Oct-20
Mar-21
Aug-21
Jan-22
Jun-22
Nov-22
Apr-23
Sep-23Feb-24
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5% Portfolio
Benchmark
Trailing 12 Months: Month End Yield At Cost vs Benchmark Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
Portfolio
Benchmark
Benchmark: Custom Benchmark (see disclosure)
12 5.1.b
Packet Pg. 20
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Run Date: 4/2/2024 - 1:41 PM
Amortizing Page 13
Investment Activity
City of San Ramon 3/31/2024
Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Positions 65 65 65 65 64 59 58 60 60 58 57 58
Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Purchases 1 1 2 3 1 0 7 6 3 0 2 2
Redemptions 1 1 2 3 2 5 8 4 3 2 3 1
Total 2 2 4 6 3 5 15 10 6 2 5 3
Number of Positions at Month End
Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 50 52
54 56
58 60
62 64
66 Positions
Purchases and Redemptions* (Excluding MMF/LGIP)
Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 0 2
4 6
8 10
Number of Transactions
Purchases
Redemptions
*Redemptions include maturities, calls, and sells
13 5.1.b
Packet Pg. 21
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Portfolio Summary
City of San Ramon March 31, 2024
Investments Par Value Book Value
% of
Portfolio Maturity YTM
Days to
Market Value
Book
Certificates of Deposit 3,224,000.00 3,238,314.56 3,220,909.26 4.30 1,155 4.41 Commercial Paper 5,000,000.00 4,923,200.00 4,924,414.68 6.57 102 5.51 Corporate Bonds 5,737,000.00 5,558,018.29 5,671,830.28 7.57 730 3.27 LAIF 635,055.34 635,055.34 635,055.34 0.85 1 4.25
Money Market Funds 2,409,953.06 2,409,953.06 2,409,953.06 3.22 1 5.21 Supranational Securities 3,095,000.00 2,941,422.75 3,100,352.68 4.14 446 0.46 U.S. Agencies 25,308,000.00 24,508,336.70 25,229,284.78 33.67 706 2.19 U.S. Treasuries 30,000,000.00 28,782,000.00 29,744,437.68 39.69 732 2.26 75,409,008.40 72,996,300.70 74,936,237.76 100.00 658 2.66 Investments
Total Earnings March 31 Month Ending Fiscal Year To Date Current Year 113,929.29 1,487,533.38
Average Daily Balance 74,891,835.49 77,821,178.72
Book Rate of Return 1.79% 2.54%
Run Date: 4/2/2024 - 1:41 PM
Amortizing
14 5.1.b
Packet Pg. 22
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Holdings Report
City of San Ramon March 31, 2024
Call Date
Maturity Date
Par Value
Settle Date
Book Value
Original Value
Mkt YTM
Mkt Price
Gain/Loss
% of Port
Fitch
Moody/S&P
Eff. Dur.
WAM
Accrued Int.
Market Value
CUSIP Coupon Rate
Issuer
Book Yield
Remaining
Certificates of Deposit
32100LCB9 First Missouri State Bank 09/13/2024 248,000.00 09/13/2019 248,000.00 98.40 244,024.56 0.33% NR/NR 0.45
1.850% 1.85% 248,000.00 5.49% 238.83 -3,975.44 NR 0.53
02589AEN8 American Express National Bank 03/23/2026 248,000.00 03/22/2023 247,752.00 100.25 248,624.96 0.33% NR/NR 1.98
5.000% 5.04% 247,836.78 4.86% 339.73 788.18 NR 1.90
02007GM42 Ally Bank 03/23/2026 248,000.00 03/23/2023 247,752.00 100.33 248,825.84 0.33% NR/NR 1.98
5.050% 5.09% 247,836.63 4.87% 308.81 989.21 NR 1.90
910286GB3 United Fidelity Bank FSB 03/30/2026 248,000.00 03/30/2023 248,000.00 100.31 248,761.36 0.33% NR/NR 2.00
5.000% 5.00% 248,000.00 4.84% 101.92 761.36 NR 1.92
795451AK9 Sallie Mae Bank 08/11/2026 248,000.00 08/11/2021 248,000.00 91.85 227,792.96 0.33% NR/NR 2.36
1.100% 1.10% 248,000.00 4.78% 373.70 -20,207.04 NR 2.41 108622PJ4 Bridgewater Bank/Bloomington MN 11/03/2026 248,000.00 11/06/2023 247,628.00 100.93 250,306.40 0.33% NR/NR 2.59
5.100% 5.15% 247,677.69 4.72% 1,004.91 2,628.71 NR 2.44 32114VCH8 First National Bank of Michigan 03/15/2028 248,000.00 03/15/2023 248,000.00 100.90 250,219.60 0.33% NR/NR 3.96
4.600% 4.60% 248,000.00 4.35% 531.33 2,219.60 NR 3.58
062119BK7 Bank Five Nine 03/20/2028 248,000.00 03/20/2023 248,000.00 101.09 250,713.12 0.33% NR/NR 3.97
4.650% 4.65% 248,000.00 4.35% 379.13 2,713.12 NR 3.59
2546732U9 Discover Bank 03/21/2028 248,000.00 03/22/2023 247,456.88 102.34 253,808.16 0.33% NR/NR 3.98
5.000% 5.05% 247,568.42 4.35% 339.73 6,239.74 NR 3.56
12547CAX6 CIBC Bank USA 04/13/2028 248,000.00 04/14/2023 247,380.00 100.40 248,994.48 0.33% NR/NR 4.04
4.450% 4.51% 247,499.52 4.34% 5,140.05 1,494.96 NR 3.67 949764HK3 Wells Fargo Bank NA 11/07/2028 248,000.00 11/07/2023 247,451.92 103.07 255,618.56 0.33% NR/NR 4.61
5.050% 5.10% 247,495.42 4.31% 857.81 8,123.14 NR 4.07
61768EE82 Morgan Stanley Private Bank 11/08/2028 248,000.00 11/08/2023 247,456.88 103.03 255,516.88 0.33% NR/NR 4.61
5.050% 5.10% 247,499.69 4.32% 4,975.29 8,017.19 NR 4.07 90355GHQ2 UBS Bank USA 11/08/2028 248,000.00 11/08/2023 247,451.92 102.87 255,107.68 0.33% NR/NR 4.61
5.000% 5.05% 247,495.12 4.31% 815.34 7,612.56 NR 4.08
3,220,329.60 3,238,314.56 4.30% 3.16
Total Certificates of Deposit 3,224,000.00 4.41% 3,220,909.26 4.61% 15,406.58 17,405.29 2.90 Commercial Paper
62479LD10 MUFG Bank, NY 04/01/2024 1,250,000.00 12/05/2023 1,227,588.20 100.00 1,250,000.00 1.67% P-1/A-1 0.00
0.000% 5.57% 1,250,000.00 0.00% 0.00 0.00 F1 0.09
45685QGS2 ING US Funding LLC 07/26/2024 1,250,000.00 10/31/2023 1,197,227.43 98.24 1,228,050.00 1.64% P-1/A-1 0.32
0.000% 5.90% 1,226,986.40 5.59% 0.00 1,063.60 NR 0.41
71344TH21 PepsiCo 08/02/2024 1,250,000.00 03/28/2024 1,227,201.74 98.14 1,226,762.50 1.64% P-1/NR 0.34
0.000% 5.27% 1,227,753.31 5.59% 0.00 -990.81 NR 0.00
Run Date: 4/2/2024 - 1:41 PM
Amortizing
15 5.1.b
Packet Pg. 23
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Holdings Report
City of San Ramon March 31, 2024
Call Date
Maturity Date
Par Value
Settle Date
Book Value
Original Value
Mkt YTM
Mkt Price
Gain/Loss
% of Port
Fitch
Moody/S&P
Eff. Dur.
WAM
Accrued Int.
Market Value
CUSIP Coupon Rate
Issuer
Book Yield
Remaining
Commercial Paper
24422LJG9 John Deere 09/16/2024 1,250,000.00 03/28/2024 1,219,123.61 97.47 1,218,387.50 1.63% P-1/NR 0.46
0.000% 5.30% 1,219,674.98 5.62% 0.00 -1,287.48 F1 0.00
4,871,140.98 4,923,200.00 6.57% 0.28
Total Commercial Paper 5,000,000.00 5.51% 4,924,414.68 4.18% 0.00 -1,214.69 0.12 Corporate Bonds
06406RAL1 Bank of New York Mellon 10/24/2024 1,079,000.00 06/28/2022 1,044,137.51 98.07 1,058,186.09 1.43% A1/A 0.57
2.100% 3.56% 1,070,534.59 5.62% 9,881.84 -12,348.50 AA- 0.62 64952WDL4 New York Life 01/22/2025 1,000,000.00 01/22/2020 996,410.00 97.43 974,310.00 1.33% Aaa/AA+ 0.81
2.000% 2.08% 999,419.62 5.28% 3,833.33 -25,109.62 AAA 0.86 437076CM2 Home Depot 04/15/2025 500,000.00 03/28/2022 499,125.00 97.50 487,510.00 0.67% A2/A 1.04
2.700% 2.76% 499,701.69 5.20% 6,225.00 -12,191.69 A 1.06 637639AE5 National Securities Clearing 12/07/2025 1,000,000.00 01/07/2021 1,004,130.00 93.09 930,910.00 1.34% Aaa/AA+ 1.69
0.750% 11/07/2025 0.66% 1,001,414.00 5.08% 2,375.00 -70,504.00 NR 1.70 06051GGA1 Bank of America 10/21/2027 1,000,000.00 12/08/2023 939,580.00 94.81 948,060.00 1.26% A1/A- 3.56
3.248% 4.98% 944,481.26 4.86% 14,435.56 3,578.74 AA- 3.16 592179KF1 MetLife 01/06/2028 1,158,000.00 12/08/2023 1,156,135.62 100.09 1,159,042.20 1.54% Aa3/AA- 3.77
5.050% 5.09% 1,156,279.13 5.02% 13,807.54 2,763.07 AA- 3.41 5,639,518.13 5,558,018.29 7.57% 2.00
Total Corporate Bonds 5,737,000.00 3.27% 5,671,830.28 5.18% 50,558.27 -113,812.00 1.88 LAIF
9807828 LAIF 04/01/2024 635,055.34 01/12/2024 635,055.34 1.00 635,055.34 0.85% NR/NR 0.00
4.250% 4.25% 635,055.34 4.25% 0.00 0.00 NR 0.00
635,055.34 635,055.34 0.85% 0.00
Total LAIF 635,055.34 4.25% 635,055.34 4.25% 0.00 0.00 0.00 Money Market Funds
FIGXX Fidelity Govt MMF 04/01/2024 2,409,953.06 2,409,953.06 0.00 2,409,953.06 3.22% Aaa/AAA 0.00
5.210% 5.21% 2,409,953.06 5.21% 19,060.75 0.00 NR 0.00
Run Date: 4/2/2024 - 1:41 PM
Amortizing
16 5.1.b
Packet Pg. 24
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Holdings Report
City of San Ramon March 31, 2024
Call Date
Maturity Date
Par Value
Settle Date
Book Value
Original Value
Mkt YTM
Mkt Price
Gain/Loss
% of Port
Fitch
Moody/S&P
Eff. Dur.
WAM
Accrued Int.
Market Value
CUSIP Coupon Rate
Issuer
Book Yield
Remaining
2,409,953.06 2,409,953.06 3.22% 0.00
Total Money Market Funds 2,409,953.06 5.21% 2,409,953.06 5.21% 19,060.75 0.00 0.00 Supranational Securities
45950KCR9 IFC 10/16/2024 1,060,000.00 01/21/2021 1,100,216.40 97.93 1,038,026.20 1.42% Aaa/AAA 0.55
1.375% 0.35% 1,065,860.53 5.29% 6,680.21 -27,834.33 AAA 0.60 459058JL8 IBRD 10/28/2025 2,035,000.00 02/04/2021 2,033,473.75 93.53 1,903,396.55 2.71% Aaa/AAA 1.58
0.500% 0.52% 2,034,492.15 4.81% 4,324.38 -131,095.60 AAA 1.60 3,133,690.15 2,941,422.75 4.14% 1.22
Total Supranational Securities 3,095,000.00 0.46% 3,100,352.68 4.98% 11,004.59 -158,929.93 1.26 U.S. Agencies
3133EKQU3 FFCB 06/13/2024 1,000,000.00 06/20/2019 998,320.00 99.32 993,170.00 1.33% Aaa/AA+ 0.20
1.950% 1.99% 999,932.54 5.30% 5,850.00 -6,762.54 AA+ 0.28 3133EKA63 FFCB 08/16/2024 2,000,000.00 08/16/2019 1,993,680.00 98.66 1,973,220.00 2.67% Aaa/AA+ 0.38
1.600% 1.67% 1,999,526.00 5.19% 4,000.00 -26,306.00 AA+ 0.45 3133EKP75 FFCB 09/17/2024 2,000,000.00 09/17/2019 1,997,420.00 98.25 1,965,040.00 2.67% Aaa/AA+ 0.47
1.600% 1.63% 1,999,762.07 5.45% 1,244.44 -34,722.07 AA+ 0.53 3133EK4Y9 FFCB 11/01/2024 1,043,000.00 05/07/2020 1,090,612.96 98.02 1,022,348.60 1.40% Aaa/AA+ 0.59
1.650% 0.62% 1,049,194.99 5.14% 7,170.62 -26,846.39 AA+ 0.65 3130AQXY4 FHLB 02/28/2025 2,000,000.00 02/28/2022 2,000,000.00 97.30 1,945,940.00 2.67% Aaa/AA+ 0.92
2.000% 04/28/2024 2.00% 2,000,000.00 5.06% 3,666.67 -54,060.00 AA+ 0.97 880591EW8 TVA 05/15/2025 2,000,000.00 05/11/2020 2,002,840.00 95.40 1,908,080.00 2.67% Aaa/AA+ 1.12
0.750% 0.72% 2,000,636.01 5.01% 5,666.67 -92,556.01 AA+ 1.17 3137EAEX3 FHLMC 09/23/2025 2,000,000.00 10/06/2020 1,991,000.00 93.67 1,873,400.00 2.67% Aaa/AA+ 1.48
0.375% 0.47% 1,997,320.65 4.87% 166.67 -123,920.65 AA+ 1.52 3135G06G3 FNMA 11/07/2025 2,000,000.00 01/20/2021 2,000,620.00 93.47 1,869,460.00 2.67% Aaa/AA+ 1.61
0.500% 0.49% 2,000,206.79 4.79% 4,000.00 -130,746.79 AA+ 1.64 3130AL7M0 FHLB 02/24/2026 2,000,000.00 02/24/2021 2,000,000.00 92.39 1,847,800.00 2.67% Aaa/AA+ 1.90
0.625% 05/24/2024 0.63% 2,000,000.00 4.87% 1,284.72 -152,200.00 AA+ 1.92 3133EN7A2 FFCB 10/26/2026 2,000,000.00 02/07/2023 1,972,388.00 97.72 1,954,440.00 2.64% Aaa/AA+ 2.57
3.625% 4.03% 1,980,925.24 4.57% 31,215.28 -26,485.24 AA+ 2.45 3130AXU63 FHLB 11/17/2026 1,000,000.00 11/17/2023 998,230.00 100.26 1,002,570.00 1.33% Aaa/AA+ 2.63
4.625% 4.69% 998,449.61 4.52% 17,215.28 4,120.39 AA+ 2.49 3130AQW66 FHLB 02/25/2027 1,000,000.00 02/25/2022 1,000,000.00 93.09 930,880.00 1.33% Aaa/AA+ 2.91
2.080% 05/25/2024 2.08% 1,000,000.00 4.65% 2,080.00 -69,120.00 AA+ 2.81 Run Date: 4/2/2024 - 1:41 PM
Amortizing
17 5.1.b
Packet Pg. 25
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Holdings Report
City of San Ramon March 31, 2024
Call Date
Maturity Date
Par Value
Settle Date
Book Value
Original Value
Mkt YTM
Mkt Price
Gain/Loss
% of Port
Fitch
Moody/S&P
Eff. Dur.
WAM
Accrued Int.
Market Value
CUSIP Coupon Rate
Issuer
Book Yield
Remaining
U.S. Agencies
3130AUSN5 FHLB 10/01/2027 2,000,000.00 02/07/2023 1,967,600.00 97.10 1,941,900.00 2.64% Aaa/AA+ 3.50
3.500% 3.89% 1,975,612.90 4.40% 35,000.00 -33,712.90 AA+ 3.26 3130A07B0 FHLB 09/01/2028 1,265,000.00 10/31/2023 1,214,564.45 98.95 1,251,768.10 1.63% Aaa/AA+ 4.42
4.000% 4.94% 1,218,909.84 4.26% 4,216.67 32,858.26 AA+ 4.06 3133EPC45 FFCB 11/13/2028 2,000,000.00 11/28/2023 2,009,460.00 101.42 2,028,320.00 2.68% Aaa/AA+ 4.62
4.625% 4.52% 2,008,808.13 4.28% 35,458.33 19,511.87 AA+ 4.11 25,236,735.41 24,508,336.70 33.67% 1.93
Total U.S. Agencies 25,308,000.00 2.19% 25,229,284.78 4.83% 158,235.35 -720,948.07 1.87 U.S. Treasuries
912797JM0 U.S. Treasury 04/09/2024 2,000,000.00 02/13/2024 1,983,608.18 99.88 1,997,680.00 2.67% P-1/A-1+ 0.02
0.000% 5.40% 1,997,658.31 4.72% 0.00 21.69 F1+ 0.11
91282CCC3 U.S. Treasury 05/15/2024 2,000,000.00 08/17/2021 1,993,671.88 99.39 1,987,760.00 2.67% Aaa/AA+ 0.12
0.250% 0.37% 1,999,715.80 5.23% 1,895.60 -11,955.80 AA+ 0.20 912828YM6 U.S. Treasury 10/31/2024 2,000,000.00 04/06/2021 2,067,656.26 97.86 1,957,180.00 2.68% Aaa/AA+ 0.59
1.500% 0.54% 2,011,103.10 5.28% 12,609.89 -53,923.10 AA+ 0.65 912828G38 U.S. Treasury 11/15/2024 2,000,000.00 07/23/2021 2,118,750.00 98.19 1,963,760.00 2.70% Aaa/AA+ 0.63
2.250% 0.44% 2,022,455.62 5.24% 17,060.44 -58,695.62 AA+ 0.69 912828ZF0 U.S. Treasury 03/31/2025 2,000,000.00 07/23/2021 1,998,359.38 95.64 1,912,720.00 2.67% Aaa/AA+ 1.00
0.500% 0.52% 1,999,555.43 5.03% 5,027.32 -86,835.43 AA+ 1.05 91282CAT8 U.S. Treasury 10/31/2025 2,000,000.00 04/06/2021 1,946,875.00 93.15 1,862,960.00 2.64% Aaa/AA+ 1.59
0.250% 0.84% 1,981,570.18 4.80% 2,101.65 -118,610.18 AA+ 1.62 912828M56 U.S. Treasury 11/15/2025 2,000,000.00 02/07/2022 2,041,015.62 96.06 1,921,180.00 2.69% Aaa/AA+ 1.63
2.250% 1.69% 2,017,693.01 4.80% 17,060.44 -96,513.01 AA+ 1.63 912828R36 U.S. Treasury 05/15/2026 2,000,000.00 06/07/2022 1,897,500.00 93.99 1,879,760.00 2.60% Aaa/AA+ 2.12
1.625% 3.01% 1,944,758.34 4.63% 12,321.43 -64,998.34 AA+ 2.11 91282CCW9 U.S. Treasury 08/31/2026 1,000,000.00 08/31/2021 997,798.42 91.41 914,100.00 1.33% Aaa/AA+ 2.42
0.750% 0.80% 998,935.38 4.54% 652.17 -84,835.38 AA+ 2.42 91282CCZ2 U.S. Treasury 09/30/2026 1,000,000.00 10/13/2021 990,351.56 91.52 915,200.00 1.33% Aaa/AA+ 2.50
0.875% 1.08% 995,141.19 4.50% 23.91 -79,941.19 AA+ 2.48 91282CDG3 U.S. Treasury 10/31/2026 2,000,000.00 02/07/2022 1,941,093.76 91.84 1,836,880.00 2.63% Aaa/AA+ 2.59
1.125% 1.78% 1,967,801.10 4.51% 9,457.42 -130,921.10 AA+ 2.56 912828U24 U.S. Treasury 11/15/2026 2,000,000.00 03/14/2022 2,003,593.76 93.88 1,877,500.00 2.67% Aaa/AA+ 2.63
2.000% 1.96% 2,002,018.98 4.50% 15,164.84 -124,518.98 AA+ 2.57 912828X88 U.S. Treasury 05/15/2027 2,000,000.00 02/07/2023 1,882,421.88 94.10 1,882,040.00 2.55% Aaa/AA+ 3.12
2.375% 3.88% 1,913,967.23 4.42% 18,008.24 -31,927.23 AA+ 3.00 Run Date: 4/2/2024 - 1:41 PM
Amortizing
18 5.1.b
Packet Pg. 26
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Holdings Report
City of San Ramon March 31, 2024
Call Date
Maturity Date
Par Value
Settle Date
Book Value
Original Value
Mkt YTM
Mkt Price
Gain/Loss
% of Port
Fitch
Moody/S&P
Eff. Dur.
WAM
Accrued Int.
Market Value
CUSIP Coupon Rate
Issuer
Book Yield
Remaining
U.S. Treasuries
91282CFU0 U.S. Treasury 10/31/2027 2,000,000.00 02/23/2023 1,992,109.38 99.21 1,984,140.00 2.66% Aaa/AA+ 3.59
4.125% 4.22% 1,993,963.28 4.37% 34,677.20 -9,823.28 AA+ 3.31 9128283F5 U.S. Treasury 11/15/2027 2,000,000.00 07/07/2023 1,823,750.00 93.02 1,860,320.00 2.47% Aaa/AA+ 3.63
2.250% 4.50% 1,853,420.23 4.35% 17,060.44 6,899.77 AA+ 3.46 91282CJA0 U.S. Treasury 09/30/2028 2,000,000.00 02/08/2024 2,046,093.76 101.44 2,028,820.00 2.73% Aaa/AA+ 4.50
4.625% 4.07% 2,044,680.50 4.27% 252.73 -15,860.50 AA+ 4.01 29,724,648.84 28,782,000.00 39.69% 2.00
Total U.S. Treasuries 30,000,000.00 2.26% 29,744,437.68 4.71% 163,373.72 -962,437.68 1.95 74,871,071.51 72,996,300.70 100.00% 1.80
TOTAL PORTFOLIO 75,409,008.40 2.66% 74,936,237.76 4.77% 417,639.26 -1,939,937.08 1.73 TOTAL MARKET VALUE PLUS ACCRUED INTEREST 73,413,939.96
Run Date: 4/2/2024 - 1:41 PM
Amortizing
19 5.1.b
Packet Pg. 27
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Maturity Report
City of San Ramon March 31, 2024
CUSIP Date
Purchase
Value
Book
Rate
Coupon
Date
Maturity
Par
Remaining
Term Value
Market
Issuer YTM
Days to
Maturity
Book
FIGXX Fidelity Govt MMF 2,409,953.06 5.210% 04/01/2024 2,409,953.06 1 2,409,953.06 5.21% 1 9807828 LAIF 06/16/2021 635,055.34 4.250% 04/01/2024 635,055.34 1 635,055.34 4.25% 1 62479LD10 MUFG Bank, NY 12/05/2023 1,250,000.00 0.000% 04/01/2024 1,250,000.00 117 1,250,000.00 5.57% 1 912797JM0 U.S. Treasury 02/13/2024 1,997,658.31 0.000% 04/09/2024 2,000,000.00 47 1,997,680.00 5.40% 9 91282CCC3 U.S. Treasury 08/17/2021 1,999,715.80 0.250% 05/15/2024 2,000,000.00 957 1,987,760.00 0.37% 45 3133EKQU3 FFCB 06/20/2019 999,932.54 1.950% 06/13/2024 1,000,000.00 1,746 993,170.00 1.99% 74 45685QGS2 ING US Funding LLC 10/31/2023 1,226,986.40 0.000% 07/26/2024 1,250,000.00 152 1,228,050.00 5.90% 117 71344TH21 PepsiCo 03/28/2024 1,227,753.31 0.000% 08/02/2024 1,250,000.00 3 1,226,762.50 5.27% 124 3133EKA63 FFCB 08/16/2019 1,999,526.00 1.600% 08/16/2024 2,000,000.00 1,689 1,973,220.00 1.67% 138 32100LCB9 First Missouri State Bank 09/13/2019 248,000.00 1.850% 09/13/2024 248,000.00 1,661 244,024.56 1.85% 166 24422LJG9 John Deere 03/28/2024 1,219,674.98 0.000% 09/16/2024 1,250,000.00 3 1,218,387.50 5.30% 169 3133EKP75 FFCB 09/17/2019 1,999,762.07 1.600% 09/17/2024 2,000,000.00 1,657 1,965,040.00 1.63% 170 45950KCR9 IFC 01/21/2021 1,065,860.53 1.375% 10/16/2024 1,060,000.00 1,165 1,038,026.20 0.35% 199 06406RAL1 Bank of New York Mellon 06/28/2022 1,070,534.59 2.100% 10/24/2024 1,079,000.00 642 1,058,186.09 3.56% 207 912828YM6 U.S. Treasury 04/06/2021 2,011,103.10 1.500% 10/31/2024 2,000,000.00 1,090 1,957,180.00 0.54% 214 3133EK4Y9 FFCB 05/07/2020 1,049,194.99 1.650% 11/01/2024 1,043,000.00 1,424 1,022,348.60 0.62% 215 912828G38 U.S. Treasury 07/23/2021 2,022,455.62 2.250% 11/15/2024 2,000,000.00 982 1,963,760.00 0.44% 229 64952WDL4 New York Life 01/22/2020 999,419.62 2.000% 01/22/2025 1,000,000.00 1,530 974,310.00 2.08% 297 3130AQXY4 FHLB 02/28/2022 2,000,000.00 2.000% 02/28/2025 2,000,000.00 762 1,945,940.00 2.00% 334 912828ZF0 U.S. Treasury 07/23/2021 1,999,555.43 0.500% 03/31/2025 2,000,000.00 982 1,912,720.00 0.52% 365 437076CM2 Home Depot 03/28/2022 499,701.69 2.700% 04/15/2025 500,000.00 734 487,510.00 2.76% 380 880591EW8 TVA 05/11/2020 2,000,636.01 0.750% 05/15/2025 2,000,000.00 1,420 1,908,080.00 0.72% 410 3137EAEX3 FHLMC 10/06/2020 1,997,320.65 0.375% 09/23/2025 2,000,000.00 1,272 1,873,400.00 0.47% 541 459058JL8 IBRD 02/04/2021 2,034,492.15 0.500% 10/28/2025 2,035,000.00 1,151 1,903,396.55 0.52% 576 91282CAT8 U.S. Treasury 04/06/2021 1,981,570.18 0.250% 10/31/2025 2,000,000.00 1,090 1,862,960.00 0.84% 579 3135G06G3 FNMA 01/20/2021 2,000,206.79 0.500% 11/07/2025 2,000,000.00 1,166 1,869,460.00 0.49% 586 912828M56 U.S. Treasury 02/07/2022 2,017,693.01 2.250% 11/15/2025 2,000,000.00 783 1,921,180.00 1.69% 594 637639AE5 National Securities Clearing 01/07/2021 1,001,414.00 0.750% 12/07/2025 1,000,000.00 1,179 930,910.00 0.66% 616 3130AL7M0 FHLB 02/24/2021 2,000,000.00 0.625% 02/24/2026 2,000,000.00 1,131 1,847,800.00 0.63% 695 02589AEN8 American Express National Bank 03/22/2023 247,836.78 5.000% 03/23/2026 248,000.00 375 248,624.96 5.04% 722 02007GM42 Ally Bank 03/23/2023 247,836.63 5.050% 03/23/2026 248,000.00 374 248,825.84 5.09% 722 910286GB3 United Fidelity Bank FSB 03/30/2023 248,000.00 5.000% 03/30/2026 248,000.00 367 248,761.36 5.00% 729 912828R36 U.S. Treasury 06/07/2022 1,944,758.34 1.625% 05/15/2026 2,000,000.00 663 1,879,760.00 3.01% 775 795451AK9 Sallie Mae Bank 08/11/2021 248,000.00 1.100% 08/11/2026 248,000.00 963 227,792.96 1.10% 863 91282CCW9 U.S. Treasury 08/31/2021 998,935.38 0.750% 08/31/2026 1,000,000.00 943 914,100.00 0.80% 883 91282CCZ2 U.S. Treasury 10/13/2021 995,141.19 0.875% 09/30/2026 1,000,000.00 900 915,200.00 1.08% 913 Run Date: 4/2/2024 - 1:41 PM
Amortizing
20 5.1.b
Packet Pg. 28
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Maturity Report
City of San Ramon March 31, 2024
CUSIP Date
Purchase
Value
Book
Rate
Coupon
Date
Maturity
Par
Remaining
Term Value
Market
Issuer YTM
Days to
Maturity
Book
3133EN7A2 FFCB 02/07/2023 1,980,925.24 3.625% 10/26/2026 2,000,000.00 418 1,954,440.00 4.03% 939 91282CDG3 U.S. Treasury 02/07/2022 1,967,801.10 1.125% 10/31/2026 2,000,000.00 783 1,836,880.00 1.78% 944 108622PJ4 Bridgewater Bank/Bloomington MN 11/06/2023 247,677.69 5.100% 11/03/2026 248,000.00 146 250,306.40 5.15% 947 912828U24 U.S. Treasury 03/14/2022 2,002,018.98 2.000% 11/15/2026 2,000,000.00 748 1,877,500.00 1.96% 959 3130AXU63 FHLB 11/17/2023 998,449.61 4.625% 11/17/2026 1,000,000.00 135 1,002,570.00 4.69% 961 3130AQW66 FHLB 02/25/2022 1,000,000.00 2.080% 02/25/2027 1,000,000.00 765 930,880.00 2.08% 1,061 912828X88 U.S. Treasury 02/07/2023 1,913,967.23 2.375% 05/15/2027 2,000,000.00 418 1,882,040.00 3.88% 1,140 3130AUSN5 FHLB 02/07/2023 1,975,612.90 3.500% 10/01/2027 2,000,000.00 418 1,941,900.00 3.89% 1,279 06051GGA1 Bank of America 12/08/2023 944,481.26 3.248% 10/21/2027 1,000,000.00 114 948,060.00 4.98% 1,299 91282CFU0 U.S. Treasury 02/23/2023 1,993,963.28 4.125% 10/31/2027 2,000,000.00 402 1,984,140.00 4.22% 1,309 9128283F5 U.S. Treasury 07/07/2023 1,853,420.23 2.250% 11/15/2027 2,000,000.00 268 1,860,320.00 4.50% 1,324 592179KF1 MetLife 12/08/2023 1,156,279.13 5.050% 01/06/2028 1,158,000.00 114 1,159,042.20 5.09% 1,376 32114VCH8 First National Bank of Michigan 03/15/2023 248,000.00 4.600% 03/15/2028 248,000.00 382 250,219.60 4.60% 1,445 062119BK7 Bank Five Nine 03/20/2023 248,000.00 4.650% 03/20/2028 248,000.00 377 250,713.12 4.65% 1,450 2546732U9 Discover Bank 03/22/2023 247,568.42 5.000% 03/21/2028 248,000.00 375 253,808.16 5.05% 1,451 12547CAX6 CIBC Bank USA 04/14/2023 247,499.52 4.450% 04/13/2028 248,000.00 352 248,994.48 4.51% 1,474 3130A07B0 FHLB 10/31/2023 1,218,909.84 4.000% 09/01/2028 1,265,000.00 152 1,251,768.10 4.94% 1,615 91282CJA0 U.S. Treasury 02/08/2024 2,044,680.50 4.625% 09/30/2028 2,000,000.00 52 2,028,820.00 4.07% 1,644 949764HK3 Wells Fargo Bank NA 11/07/2023 247,495.42 5.050% 11/07/2028 248,000.00 145 255,618.56 5.10% 1,682 61768EE82 Morgan Stanley Private Bank 11/08/2023 247,499.69 5.050% 11/08/2028 248,000.00 144 255,516.88 5.10% 1,683 90355GHQ2 UBS Bank USA 11/08/2023 247,495.12 5.000% 11/08/2028 248,000.00 144 255,107.68 5.05% 1,683 3133EPC45 FFCB 11/28/2023 2,008,808.13 4.625% 11/13/2028 2,000,000.00 124 2,028,320.00 4.52% 1,688 Net Maturities and Averages 74,936,237.76 75,409,008.40 72,996,300.70 2.66% 658 Run Date: 4/2/2024 - 1:41 PM
Amortizing
21 5.1.b
Packet Pg. 29
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Summary by Issuer
City of San Ramon March 31, 2024
Issuer Investments
Number of Par
Value
Book
Value
% of
Portfolio YTM Maturity
Book Days to
U.S. Treasury 16 30,000,000.00 29,744,437.68 39.69 2.26 732 FFCB 6 10,043,000.00 10,038,148.98 13.40 2.62 614
FHLB 6 9,265,000.00 9,192,972.36 12.27 2.80 933
Fidelity Govt MMF 1 2,409,953.06 2,409,953.06 3.22 5.21 1 IBRD 1 2,035,000.00 2,034,492.15 2.71 0.52 576
TVA 1 2,000,000.00 2,000,636.01 2.67 0.72 410
FNMA 1 2,000,000.00 2,000,206.79 2.67 0.49 586
FHLMC 1 2,000,000.00 1,997,320.65 2.67 0.47 541
MUFG Bank 1 1,250,000.00 1,250,000.00 1.67 5.57 1
PepsiCo 1 1,250,000.00 1,227,753.31 1.64 5.27 124
ING US Funding 1 1,250,000.00 1,226,986.40 1.64 5.90 117 John Deere 1 1,250,000.00 1,219,674.98 1.63 5.30 169
MetLife 1 1,158,000.00 1,156,279.13 1.54 5.09 1,376
Bank of New York Mellon 1 1,079,000.00 1,070,534.59 1.43 3.56 207 IFC 1 1,060,000.00 1,065,860.53 1.42 0.35 199
National Securities Clearing 1 1,000,000.00 1,001,414.00 1.34 0.66 616 New York Life 1 1,000,000.00 999,419.62 1.33 2.08 297
Bank of America 1 1,000,000.00 944,481.26 1.26 4.98 1,299 LAIF 1 635,055.34 635,055.34 0.85 4.25 1
Home Depot 1 500,000.00 499,701.69 0.67 2.76 380
First Missouri State Bank 1 248,000.00 248,000.00 0.33 1.85 166 First National Bank of Michigan 1 248,000.00 248,000.00 0.33 4.60 1,445 Bank Five Nine 1 248,000.00 248,000.00 0.33 4.65 1,450
Sallie Mae Bank 1 248,000.00 248,000.00 0.33 1.10 863
United Fidelity Bank FSB 1 248,000.00 248,000.00 0.33 5.00 729 Ally Bank 1 248,000.00 247,836.63 0.33 5.09 722
American Express National Bank 1 248,000.00 247,836.78 0.33 5.04 722 Bridgewater Bank/Bloomington MN 1 248,000.00 247,677.69 0.33 5.15 947 Discover Bank 1 248,000.00 247,568.42 0.33 5.05 1,451
Morgan Stanley Private Bank 1 248,000.00 247,499.69 0.33 5.10 1,683 Wells Fargo 1 248,000.00 247,495.42 0.33 5.10 1,682
UBS Bank USA 1 248,000.00 247,495.12 0.33 5.05 1,683
CIBC Bank USA 1 248,000.00 247,499.52 0.33 4.51 1,474
Total and Average 58 75,409,008.40 74,936,237.76 100.00% 2.66 658 Run Date: 4/2/2024 - 1:41 PM
Amortizing
22 5.1.b
Packet Pg. 30
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Income Earned Summary
City of San Ramon March 31, 2024
March 31 Month End Fiscal Year To Date
Interest
Interest Received/Purchased
Plus Accrued Interest at End of Period
Less Accrued Interest at Beginning of Period
Interest Earned During Period
Total Adjustments for Amortization/Accretion
Total Capital Gains or Losses
Total Earnings During Period
93,893.16 874,722.64
417,639.26 417,639.26
-427,885.58 -229,378.33
83,646.84 1,062,983.57
30,282.45 424,549.81
0.00 0.00
113,929.29 1,487,533.38
Run Date: 4/2/2024 - 1:41 PM
Amortizing
23 5.1.b
Packet Pg. 31
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Income Earned
City of San Ramon March 01, 2024 - March 31, 2024
CUSIP Value
Ending Par
Date
Maturity
Book Value
Beginning
Value
Ending Book
Accrued
Beginning
/Purchased
Int.Received
Accrued
Ending
Issuer Earned
Interest Amortization/
Accretion Earned
Net Income
Certificates of Deposit
05465DAK4 Axos Bank 03/26/2024 0.00 248,000.00 0.00 44.84 325.12 0.00 280.28 0.00 280.28 32100LCB9 First Missouri State Bank 09/13/2024 248,000.00 248,000.00 248,000.00 2,136.88 2,287.72 238.83 389.67 0.00 389.67 02007GM42 Ally Bank 03/23/2026 248,000.00 247,829.61 247,836.63 5,489.97 6,244.84 308.81 1,063.68 7.01 1,070.69 02589AEN8 American Express National Bank 03/23/2026 248,000.00 247,829.77 247,836.78 5,469.59 6,183.01 339.73 1,053.15 7.01 1,060.16 910286GB3 United Fidelity Bank FSB 03/30/2026 248,000.00 248,000.00 248,000.00 33.97 0.00 101.92 67.95 0.00 67.95 795451AK9 Sallie Mae Bank 08/11/2026 248,000.00 248,000.00 248,000.00 142.01 0.00 373.70 231.69 0.00 231.69 108622PJ4 Bridgewater Bank/Bloomington MN 11/03/2026 248,000.00 247,667.14 247,677.69 935.61 1,004.91 1,004.91 1,074.21 10.55 1,084.76 32114VCH8 First National Bank of Michigan 03/15/2028 248,000.00 248,000.00 248,000.00 468.82 906.39 531.33 968.90 0.00 968.90 062119BK7 Bank Five Nine 03/20/2028 248,000.00 248,000.00 248,000.00 315.95 916.24 379.13 979.42 0.00 979.42 2546732U9 Discover Bank 03/21/2028 248,000.00 247,559.20 247,568.42 5,469.59 6,183.01 339.73 1,053.15 9.22 1,062.37 12547CAX6 CIBC Bank USA 04/13/2028 248,000.00 247,488.99 247,499.52 4,202.75 0.00 5,140.05 937.30 10.53 947.83 949764HK3 Wells Fargo Bank NA 11/07/2028 248,000.00 247,486.12 247,495.42 789.18 995.06 857.81 1,063.69 9.30 1,072.99 90355GHQ2 UBS Bank USA 11/08/2028 248,000.00 247,485.82 247,495.12 747.40 985.21 815.34 1,053.15 9.30 1,062.45 61768EE82 Morgan Stanley Private Bank 11/08/2028 248,000.00 247,490.47 247,499.69 3,911.61 0.00 4,975.29 1,063.68 9.22 1,072.90 Certificates of Deposit - Sub Total 3,224,000.00 3,468,837.12 3,220,909.26 30,158.17 26,031.51 15,406.58 11,279.92 72.13 11,352.05 Commercial Paper
62479LD10 MUFG Bank, NY 04/01/2024 1,250,000.00 1,243,817.43 1,250,000.00 0.00 0.00 0.00 0.00 6,182.57 6,182.57 45685QGS2 ING US Funding LLC 07/26/2024 1,250,000.00 1,220,836.21 1,226,986.40 0.00 0.00 0.00 0.00 6,150.19 6,150.19 71344TH21 PepsiCo 08/02/2024 1,250,000.00 0.00 1,227,753.31 0.00 0.00 0.00 0.00 551.57 551.57 24422LJG9 John Deere 09/16/2024 1,250,000.00 0.00 1,219,674.98 0.00 0.00 0.00 0.00 551.36 551.36 Commercial Paper - Sub Total 5,000,000.00 2,464,653.64 4,924,414.68 0.00 0.00 0.00 0.00 13,435.69 13,435.69 Corporate Bonds
06406RAL1 Bank of New York Mellon 10/24/2024 1,079,000.00 1,069,200.14 1,070,534.59 7,993.59 0.00 9,881.84 1,888.25 1,334.45 3,222.70 64952WDL4 New York Life 01/22/2025 1,000,000.00 999,355.79 999,419.62 2,166.67 0.00 3,833.33 1,666.66 63.82 1,730.48 437076CM2 Home Depot 04/15/2025 500,000.00 499,676.16 499,701.69 5,100.00 0.00 6,225.00 1,125.00 25.52 1,150.52 637639AE5 National Securities Clearing 12/07/2025 1,000,000.00 1,001,488.67 1,001,414.00 1,750.00 0.00 2,375.00 625.00 -74.67 550.33 06051GGA1 Bank of America 10/21/2027 1,000,000.00 943,093.30 944,481.26 11,728.89 0.00 14,435.56 2,706.67 1,387.97 4,094.64 592179KF1 MetLife 01/06/2028 1,158,000.00 1,156,238.49 1,156,279.13 8,934.29 0.00 13,807.54 4,873.25 40.64 4,913.89 Corporate Bonds - Sub Total 5,737,000.00 5,669,052.55 5,671,830.28 37,673.44 0.00 50,558.27 12,884.83 2,777.74 15,662.57 LAIF
9807828 LAIF 04/01/2024 635,055.34 635,055.34 635,055.34 0.00 0.00 0.00 0.00 0.00 0.00 Run Date: 4/2/2024 - 1:42 PM
Amortizing
24 5.1.b
Packet Pg. 32
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Income Earned
City of San Ramon March 01, 2024 - March 31, 2024
CUSIP Value
Ending Par
Date
Maturity
Book Value
Beginning
Value
Ending Book
Accrued
Beginning
/Purchased
Int.Received
Accrued
Ending
Issuer Earned
Interest Amortization/
Accretion Earned
Net Income
LAIF - Sub Total 635,055.34 635,055.34 635,055.34 0.00 0.00 0.00 0.00 0.00 0.00 Money Market Funds
FIGXX Fidelity Govt MMF 04/01/2024 2,409,953.06 4,514,385.25 2,409,953.06 22,811.65 22,811.65 19,060.75 19,060.75 0.00 19,060.75 Money Market Funds - Sub Total 2,409,953.06 4,514,385.25 2,409,953.06 22,811.65 22,811.65 19,060.75 19,060.75 0.00 19,060.75 Supranational Securities
45950KCR9 IFC 10/16/2024 1,060,000.00 1,066,787.45 1,065,860.53 5,465.62 0.00 6,680.21 1,214.59 -926.92 287.67 459058JL8 IBRD 10/28/2025 2,035,000.00 2,034,463.48 2,034,492.15 3,476.46 0.00 4,324.38 847.92 28.66 876.58 Supranational Securities - Sub Total 3,095,000.00 3,101,250.94 3,100,352.68 8,942.08 0.00 11,004.59 2,062.51 -898.26 1,164.25 U.S. Agencies
3133EKQU3 FFCB 06/13/2024 1,000,000.00 999,902.55 999,932.54 4,225.00 0.00 5,850.00 1,625.00 29.98 1,654.98 3133EKA63 FFCB 08/16/2024 2,000,000.00 1,999,413.64 1,999,526.00 1,333.33 0.00 4,000.00 2,666.67 112.36 2,779.03 3133EKP75 FFCB 09/17/2024 2,000,000.00 1,999,716.20 1,999,762.07 14,577.78 16,000.00 1,244.44 2,666.66 45.87 2,712.53 3133EK4Y9 FFCB 11/01/2024 1,043,000.00 1,050,138.99 1,049,194.99 5,736.50 0.00 7,170.62 1,434.12 -944.00 490.12 3130AQXY4 FHLB 02/28/2025 2,000,000.00 2,000,000.00 2,000,000.00 333.33 0.00 3,666.67 3,333.34 0.00 3,333.34 880591EW8 TVA 05/15/2025 2,000,000.00 2,000,686.39 2,000,636.01 4,416.67 0.00 5,666.67 1,250.00 -50.38 1,199.62 3137EAEX3 FHLMC 09/23/2025 2,000,000.00 1,997,159.49 1,997,320.65 3,291.67 3,750.00 166.67 625.00 161.16 786.16 3135G06G3 FNMA 11/07/2025 2,000,000.00 2,000,218.27 2,000,206.79 3,166.67 0.00 4,000.00 833.33 -11.49 821.84 3130AL7M0 FHLB 02/24/2026 2,000,000.00 2,000,000.00 2,000,000.00 243.06 0.00 1,284.72 1,041.66 0.00 1,041.66 3133EN7A2 FFCB 10/26/2026 2,000,000.00 1,980,265.36 1,980,925.24 25,173.61 0.00 31,215.28 6,041.67 659.88 6,701.55 3130AXU63 FHLB 11/17/2026 1,000,000.00 998,397.17 998,449.61 13,361.11 0.00 17,215.28 3,854.17 52.44 3,906.61 3130AQW66 FHLB 02/25/2027 1,000,000.00 1,000,000.00 1,000,000.00 346.67 0.00 2,080.00 1,733.33 0.00 1,733.33 3130AUSN5 FHLB 10/01/2027 2,000,000.00 1,974,993.55 1,975,612.90 29,166.67 0.00 35,000.00 5,833.33 619.35 6,452.68 3130A07B0 FHLB 09/01/2028 1,265,000.00 1,218,011.80 1,218,909.84 25,300.00 25,300.00 4,216.67 4,216.67 898.05 5,114.72 3133EPC45 FFCB 11/13/2028 2,000,000.00 2,008,977.73 2,008,808.13 27,750.00 0.00 35,458.33 7,708.33 -169.59 7,538.74 U.S. Agencies - Sub Total 25,308,000.00 25,227,881.13 25,229,284.78 158,422.07 45,050.00 158,235.35 44,863.28 1,403.65 46,266.93 U.S. Treasuries
912797JM0 U.S. Treasury 04/09/2024 2,000,000.00 1,988,291.56 1,997,658.31 0.00 0.00 0.00 0.00 9,366.76 9,366.76 91282CCC3 U.S. Treasury 05/15/2024 2,000,000.00 1,999,520.02 1,999,715.80 1,469.78 0.00 1,895.60 425.82 195.78 621.60 912828YM6 U.S. Treasury 10/31/2024 2,000,000.00 2,012,711.49 2,011,103.10 10,054.95 0.00 12,609.89 2,554.94 -1,608.39 946.55 912828G38 U.S. Treasury 11/15/2024 2,000,000.00 2,025,495.46 2,022,455.62 13,228.02 0.00 17,060.44 3,832.42 -3,039.84 792.58 912828ZF0 U.S. Treasury 03/31/2025 2,000,000.00 1,999,517.68 1,999,555.43 4,180.33 0.00 5,027.32 846.99 37.76 884.75 Run Date: 4/2/2024 - 1:42 PM
Amortizing
25 5.1.b
Packet Pg. 33
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Income Earned
City of San Ramon March 01, 2024 - March 31, 2024
CUSIP Value
Ending Par
Date
Maturity
Book Value
Beginning
Value
Ending Book
Accrued
Beginning
/Purchased
Int.Received
Accrued
Ending
Issuer Earned
Interest Amortization/
Accretion Earned
Net Income
U.S. Treasuries
91282CAT8 U.S. Treasury 10/31/2025 2,000,000.00 1,980,583.43 1,981,570.18 1,675.82 0.00 2,101.65 425.83 986.74 1,412.57 912828M56 U.S. Treasury 11/15/2025 2,000,000.00 2,018,616.39 2,017,693.01 13,228.02 0.00 17,060.44 3,832.42 -923.37 2,909.05 912828R36 U.S. Treasury 05/15/2026 2,000,000.00 1,942,548.68 1,944,758.34 9,553.57 0.00 12,321.43 2,767.86 2,209.67 4,977.53 91282CCW9 U.S. Treasury 08/31/2026 1,000,000.00 998,898.00 998,935.38 20.38 0.00 652.17 631.79 37.38 669.17 91282CCZ2 U.S. Treasury 09/30/2026 1,000,000.00 994,976.21 995,141.19 3,657.79 0.00 23.91 -3,633.88 164.98 -3,468.90 91282CDG3 U.S. Treasury 10/31/2026 2,000,000.00 1,966,743.72 1,967,801.10 7,541.21 0.00 9,457.42 1,916.21 1,057.38 2,973.59 912828U24 U.S. Treasury 11/15/2026 2,000,000.00 2,002,084.25 2,002,018.98 11,758.24 0.00 15,164.84 3,406.60 -65.26 3,341.34 912828X88 U.S. Treasury 05/15/2027 2,000,000.00 1,911,627.74 1,913,967.23 13,962.91 0.00 18,008.24 4,045.33 2,339.49 6,384.82 91282CFU0 U.S. Treasury 10/31/2027 2,000,000.00 1,993,820.32 1,993,963.28 27,651.10 0.00 34,677.20 7,026.10 142.96 7,169.06 9128283F5 U.S. Treasury 11/15/2027 2,000,000.00 1,849,988.22 1,853,420.23 13,228.02 0.00 17,060.44 3,832.42 3,432.00 7,264.42 91282CJA0 U.S. Treasury 09/30/2028 2,000,000.00 2,045,523.01 2,044,680.50 38,668.03 0.00 252.73 -38,415.30 -842.52 -39,257.82 U.S. Treasuries - Sub Total 30,000,000.00 29,730,946.18 29,744,437.68 169,878.17 0.00 163,373.72 -6,504.45 13,491.50 6,987.05 Grand Total 75,409,008.40 74,812,062.16 74,936,237.76 427,885.58 93,893.16 417,639.26 83,646.84 30,282.45 113,929.29 Run Date: 4/2/2024 - 1:42 PM
Amortizing
26 5.1.b
Packet Pg. 34
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Realized Gains and Losses
City of San Ramon March 01, 2024 - March 31, 2024
CUSIP Par Value Sale Date Days Held Maturity/Sales Realized Issuer Purchase Date Coupon Rate Maturity Date Term Book Value Proceeds Gain/Loss Certificates of Deposit
05465DAK4 03/26/2020 248,000.00 03/26/2024 1,461 248,000.00 248,000.00 0.00 Axos Bank 1.650% 03/26/2024 1,461
Total Certificates of Deposit 248,000.00 248,000.00 0.00 Grand Total 248,000.00 248,000.00 0.00
Run Date: 4/2/2024 - 1:42 PM
Amortizing
27 5.1.b
Packet Pg. 35
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Transaction Report
City of San Ramon March 01, 2024 - March 31, 2024
Transaction Transaction Security Security Maturity
Date Type ID Description Date Purchases Redemptions Interest Deposits Withdrawals 03/01/2024 Interest 3130A07B0 FHLB 4 09/01/28 09/01/2028 - - 25,300.00 - - 03/04/2024 Interest 108622PJ4 BRIDWA 5.1 11/03/26 11/03/2026 - - 1,004.91 - - 03/04/2024 Interest FIGXX Fidelity Govt MMF - - 22,811.65 - - 03/07/2024 Interest 949764HK3 WFC 5.05 11/07/28 11/07/2028 - - 995.06 - - 03/08/2024 Interest 90355GHQ2 UBS 5 11/08/28 11/08/2028 - - 985.21 - - 03/13/2024 Interest 32100LCB9 FMOSTB 1.85 09/13/24 09/13/2024 - - 2,287.72 - - 03/15/2024 Interest 32114VCH8 FNBMIC 4.6 03/15/28 03/15/2028 - - 906.39 - - 03/18/2024 Interest 3133EKP75 FFCB 1.6 09/17/24 09/17/2024 - - 16,000.00 - - 03/20/2024 Interest 062119BK7 FBFCEN 4.65 03/20/28 03/20/2028 - - 916.24 - - 03/22/2024 Interest 2546732U9 DFS 5 03/21/28 03/21/2028 - - 6,183.01 - - 03/22/2024 Interest 02589AEN8 AXP 5 03/23/26 03/23/2026 - - 6,183.01 - - 03/25/2024 Interest 02007GM42 GMATBK 5.05 03/23/26 03/23/2026 - - 6,244.84 - - 03/25/2024 Interest 3137EAEX3 FHLMC 0 3/8 09/23/25 09/23/2025 - - 3,750.00 - - 03/26/2024 Maturity 05465DAK4 BOFI 1.65 03/26/24 03/26/2024 - 248,000.00 - - - 03/26/2024 Interest 05465DAK4 BOFI 1.65 03/26/24 03/26/2024 - - 325.12 - - 03/28/2024 Purchase 71344TH21 PEPSICO INC 08/02/2024 -1,227,201.74 - - - - 03/28/2024 Purchase 24422LJG9 JOHN DEERE CAP 09/16/2024 -1,219,123.61 - - - - Grand Total: -2,446,325.35 248,000.00 93,893.16 0.00 0.00 Run Date: 4/2/2024 - 1:42 PM
Amortizing
28 5.1.b
Packet Pg. 36
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Disclosure
Discolure
Custom Benchmark: 24 Month Moving Average of the ICE BofA 0-3Yr Treasury Index Meeder Public Funds, Inc., is a registered investment adviser with the Securities and Exchange Commission (SEC) under the Investment Advisers Act of 1940. Registration with the SEC does not imply a certain level of skill or training. The opinions expressed in this presentation are those of Meeder Public Funds, Inc. The material presented has been derived from sources considered to be reliable, but the accuracy and completeness cannot be guaranteed.
Meeder provides monthly statements for its investment management clients to provide information about the investment portfolio. The information should not be used for audit or confirmation purposes. Please review your custodial statements and report any inaccuracies or discrepancies.
Certain information and data have been supplied by unaffiliated third parties. Although Meeder believes the information is reliable, it cannot warrant the accuracy of information offered by third parties. Market value may reflect prices received from pricing vendors when current market quotations are not available. Prices may not reflect firm bids or offers and may differ from the value at which the security can be sold.
Statements may include positions from unmanaged accounts provided for reporting purposes. Unmanaged accounts are managed directly by the client and are not included in the accounts managed by the investment adviser. This information is provided as a client convenience and the investment adviser assumes no responsibility for performance of these accounts or the accuracy of the data reported.
Investing involves risk. Past performance is no guarantee of future results. Debt and fixed income securities are subject to credit and interest rate risk. The investment return and principal value of an investment will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
Investment advisory services are provided through Meeder Public Funds, Inc. Please contact us if you would like to receive a copy of our current ADV disclosure brochure or privacy policy.
Source: ICE Data Indices, LLC ("ICE"), is used with permission. ICE, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND
REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES OR THEIR RESPECTIVE THIRD PARTY PROVIDERS
SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE QUALITY, ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND SUBSCRIBER'S USE IS AT SUBSCRIBER'S OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY DO NOT SPONSOR, ENDORSE, OR RECOMMEND MEEDER PUBLIC FUNDS, INC., OR ANY OF ITS PRODUCTS OR SERVICES.
Run Date: 4/2/2024 - 1:42 PM
Amortizing
29 5.1.b
Packet Pg. 37
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending March 31, Quarterly Economic and Market Update
March 2024
5.1.c
Packet Pg. 38
Attachment: C: Quarterly Economic and Market Update at March 31, 2024 (4324 : Quarterly Investment Economic and Market Update
*Estimates for the current quarter/month, some data are lagged Sources: Meeder Public Funds and Bloomberg 3/31/2024
Item 3/31/2024 12/31/2023 Change
U.S. Payrolls Monthly Change 303,000 290,000 13,000
Unemployment Rate 3.8% 3.7% 0.1%
Labor Force Participation 62.7% 62.5% 0.2%
Effective Fed Funds Rate 5.33% 5.33% 0.00%
2 Year T-Note 4.62% 4.25% 0.37%
3 Month T-Bill 5.37% 5.34% 0.03%
3 Year T-Note 4.41% 4.01% 0.40%
5 Year T-Note 4.21% 3.85% 0.37%
10 Year T-Note 4.20% 3.88% 0.32%
U.S. Fed Debt Avg Yield* 3.26% 3.17% 0.09%
30 Year Mortgage Rate 7.24% 5.83% 1.41%
1-5 Yr Agency Spread 0.04% 0.01% 0.03%
1-5 Yr A-AAA Corporate Spread 0.50% 0.57% (0.07%)
Dow Jones 39,807 37,690 5.6%
S&P 500 5,254 4,770 10.2%
Consumer Price Index YOY* 3.0% 3.4% (0.4%)
U.S. Avg Regular Unleaded $3.54 $3.11 $0.43
Retail Sales YOY* 2.8% 5.0% (2.2%)
Case-Shiller Home Prices YOY* 6.6% 6.2% 0.4%
Consumer Confidence 106.7 108.0 (1.3)
Gold (per ounce) $2,229.87 $2,062.98 $166.89
Dollar Index 104.55 101.33 3.21
2 5.1.c
Packet Pg. 39
Attachment: C: Quarterly Economic and Market Update at March 31, 2024 (4324 : Quarterly Investment Economic and Market Update
* Real Rate (Inflation Adjusted)
Source: Bureau of Economic Analysis
Estimate: Bloomberg's Survey of Economists
3/31/2024
3/31/2024
2.5 1.6
0.7 2.3
1.3 2.9
2.2 2.0
2.3 3.2
4.6 3.3
2.1 2.5
0.6 2.2
3.4 4.6
2.6 -5.3
-28.0
34.8 4.2
5.2 6.2
3.3 7.0
-2.0
-0.6
2.7 2.6
2.2 2.1
4.9 3.4
2.0 1.4
1.2 1.5
-40
-30
-20
-10
0 10
20 30
40 Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Q2 2018Q3 2018Q4 2018Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024 Percent
U.S. GDP (Quarter over Quarter Annualized)*
Estimates
3 5.1.c
Packet Pg. 40
Attachment: C: Quarterly Economic and Market Update at March 31, 2024 (4324 : Quarterly Investment Economic and Market Update
* Real Rate (Inflation Adjusted)
Source: Bureau of Economic Analysis
3/31/2024
Estimate: Bloomberg's Survey of Economists
3/31/2024
8.7 8.0
4.1 4.7
-0.6
7.1 2.12.1
-0.7
6.9 2.62.6
6.1 4.4
5.8 6.5
6.6 2.7
4.9 3.1
0.2 3.3
5.3 5.6
-0.5
-0.2
5.4 4.6
5.5 3.2
-0.3
2.5 -1.8
4.6 7.2
4.2 3.53.5
4.2 3.7
1.9 -0.1
3.5 2.8
4.0 2.7
3.8 4.4
4.5 4.8
4.1 1.0
1.7 2.8
3.8 3.5
2.8 2.0
0.1 -2.6
2.7 1.6
2.3 2.1
2.5 2.9
1.8 2.5
3.0 2.5
-2.2
5.8 1.9
2.5 2.2
-10
-9
-8
-7
-6
-5
-4
-3
-2
-1
0 1
2 3
4 5
6 7
8 9
10 19501952195419561958196019621964196619681970197219741976197819801982198419861988199019921994199619982000200220042006200820102012201420162018202020222024 Percent
U.S. Annual GDP *
1950s 4.2% 1960s 4.5% 1970s 3.3% 1980s 3.2% 1990s 3.2% 2000s 1.9% 2010s 2.3% 4 5.1.c
Packet Pg. 41
Attachment: C: Quarterly Economic and Market Update at March 31, 2024 (4324 : Quarterly Investment Economic and Market Update
Source: Bureau of Labor Statistics
12 Month Average Job Change 243,917
3/31/2024
-25.0
-20.0
-15.0
-10.0
-5.0
0.0 5.0
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Millions
U.S. Monthly Non-Farm Payrolls Change
-25.0
-20.0
-15.0
-10.0
-5.0
0.0 5.0
10.0 15.0
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Millions
U.S. Monthly Non-Farm Payrolls YOY Change
5 5.1.c
Packet Pg. 42
Attachment: C: Quarterly Economic and Market Update at March 31, 2024 (4324 : Quarterly Investment Economic and Market Update
Source: Bureau of Labor Statistics
3/31/2024
27 12
17 22
27 32
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
Percent
Unemployment Rates
U.S.A Nevada California Idaho Washington Hawaii Oregon Utah 6 5.1.c
Packet Pg. 43
Attachment: C: Quarterly Economic and Market Update at March 31, 2024 (4324 : Quarterly Investment Economic and Market Update
Source: Bureau of Labor Statistics
3/31/2024
128
130
132
134
136
138
140
142
144
146
148
150
152
154
156
158
160
Mar-14
Oct-14
May-15
Dec-15
Jul-16
Feb-17Sep-17
Apr-18
Nov-18
Jun-19
Jan-20
Aug-20
Mar-21
Oct-21
May-22
Dec-22
Jul-23
Feb-24
Millions
U.S. Number of Employed
Full-Time and Part-Time
60.0 60.5
61.0 61.5
62.0 62.5
63.0 63.5
Mar-14
Oct-14
May-15
Dec-15
Jul-16
Feb-17Sep-17
Apr-18
Nov-18
Jun-19
Jan-20
Aug-20
Mar-21
Oct-21
May-22
Dec-22
Jul-23
Feb-24
Percent
U.S. Labor Force Participation Rate
7 5.1.c
Packet Pg. 44
Attachment: C: Quarterly Economic and Market Update at March 31, 2024 (4324 : Quarterly Investment Economic and Market Update
Source: Department of Labor and Bloomberg
3/31/2024
Weekly Initial Jobless Claims is the actual number of people who have filed for Unemployment benefits for the first time. The following five eligibility criteria must be met in order to file for unemployment benefits: 1. Meet the requirements of time worked during a 1 year period (full time or not). 2. Become unemployed through no fault of your own (cannot be fired). 3. Must be able to work; no physical or mental holdbacks. 4. Must be available for work. 5. Must be actively seeking work.
0.0 1.0
2.0 3.0
4.0 5.0
6.0 199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023 Millions
Weekly Initial Jobless Claims
(4 Week Moving Average)
8 5.1.c
Packet Pg. 45
Attachment: C: Quarterly Economic and Market Update at March 31, 2024 (4324 : Quarterly Investment Economic and Market Update
*Real: Inflation Adjusted
Source: U.S. Census Bureau Source: Conference Board
3/31/2024
-30
-20
-10
0 10
20 30
40 50
60 Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Percent
U.S. Real* Retail Sales YOY % Change
40 50
60 70
80 90
100
110
120
130
140
Sep-13
Mar-14
Sep-14
Mar-15
Sep-15
Mar-16
Sep-16
Mar-17
Sep-17
Mar-18
Sep-18
Mar-19
Sep-19
Mar-20
Sep-20
Mar-21
Sep-21
Mar-22
Sep-22
Mar-23
Sep-23
Mar-24
Index Value
U.S. Consumer Confidence
9 5.1.c
Packet Pg. 46
Attachment: C: Quarterly Economic and Market Update at March 31, 2024 (4324 : Quarterly Investment Economic and Market Update
CPIX: Consumer Price Index, excluding food and energy PCEC: Personal Consumption Expenditure Core Source: Bureau of Labor Statistics and Bureau of Economic Analysis 3/31/2024
0.0 1.0
2.0 3.0
4.0 5.0
6.0 7.0
8.0 9.0
10.0 Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Percent
CPI and CPIX YOY % Change
CPI CPIX
0.0 1.0
2.0 3.0
4.0 5.0
6.0 7.0
8.0 Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Percent
PCE and PCEC YOY % Change
PCE PCEC
10 5.1.c
Packet Pg. 47
Attachment: C: Quarterly Economic and Market Update at March 31, 2024 (4324 : Quarterly Investment Economic and Market Update
Sources: New (U.S. Census Bureau),Existing (National Assoc. of Realtors) Source: Case-Shiller Seasonally Adjusted Annual Rate
3/31/2024
-4
-2
0 2
4 6
8 10
12 14
16 18
20 22
24 Oct-15
Mar-16
Aug-16
Jan-17
Jun-17
Nov-17
Apr-18
Sep-18Feb-19
Jul-19
Dec-19
May-20
Oct-20
Mar-21
Aug-21
Jan-22
Jun-22
Nov-22
Apr-23
Sep-23
YOY Percent
Case-Shiller 20 City U.S. Home Price Index
YOY % Increase
200
300
400
500
600
700
800
900
1,000
1,100
3.0 3.5
4.0 4.5
5.0 5.5
6.0 6.5
7.0 Sep-15
Mar-16
Sep-16
Mar-17
Sep-17
Mar-18
Sep-18
Mar-19
Sep-19
Mar-20
Sep-20
Mar-21
Sep-21
Mar-22
Sep-22
Mar-23
Sep-23
New-Thousands
Existing-Millions
U.S. New and Existing Home Sales
Existing-Left
New-Right
11 5.1.c
Packet Pg. 48
Attachment: C: Quarterly Economic and Market Update at March 31, 2024 (4324 : Quarterly Investment Economic and Market Update
Source: U.S. Treasury
3/31/2024
$12
$13
$14
$15
$16
$17
$18
$19
$20
$21
$22
$23
$24
$25
$26
$27
$28
$29
$30
$31
$32
$33
$34
$35
$36
Mar-14
Sep-14
Mar-15
Sep-15
Mar-16
Sep-16
Mar-17
Sep-17
Mar-18
Sep-18
Mar-19
Sep-19
Mar-20
Sep-20
Mar-21
Sep-21
Mar-22
Sep-22
Mar-23
Sep-23
Mar-24
Trillions
U.S. Federal Debt Outstanding
1.3 1.8
2.3 2.8
3.3 3.8
Mar-14
Sep-14
Mar-15
Sep-15
Mar-16
Sep-16
Mar-17
Sep-17
Mar-18
Sep-18
Mar-19
Sep-19
Mar-20
Sep-20
Mar-21
Sep-21
Mar-22
Sep-22
Mar-23
Sep-23
Mar-24
Percent
U.S. Treasury Interest Bearing Debt Avg Rate
12 5.1.c
Packet Pg. 49
Attachment: C: Quarterly Economic and Market Update at March 31, 2024 (4324 : Quarterly Investment Economic and Market Update
Fed Funds Anticipated Rate from the January 31, 2024 FOMC Meeting Source: Bloomberg
3/31/2024
2.00 2.50
3.00 3.50
4.00 4.50
5.00 5.50
Mar-2024
Apr-2024
May-2024
Jun-2024
Jul-2024
Aug-2024
Sep-2024
Oct-2024
Nov-2024
Dec-2024
Jan-2025
Feb-2025
Mar-2025
Apr-2025
May-2025
Jun-2025
Jul-2025
Aug-2025
Sep-2025
Oct-2025
Nov-2025
Dec-2025
Jan-2026
Feb-2026
Mar-2026
Apr-2026
May-2026
Jun-2026
Jul-2026
Aug-2026
Sep-2026
Oct-2026
Nov-2026
Dec-2026
Jan-2027
Feb-2027
Mar-2027
Apr-2027
Percent
Fed Funds Futures Fed's Anticipated Rates
Fed Funds Futures
13 5.1.c
Packet Pg. 50
Attachment: C: Quarterly Economic and Market Update at March 31, 2024 (4324 : Quarterly Investment Economic and Market Update
Source: Bloomberg
Figures may not total due to rounding
3M
Maturity
2Y 4.62 4.25 0.37
1Y 5.03 4.77 0.26
6M 5.32 5.26 0.07
5.37 5.34 0.03
4.20 3.88 0.32
3/29/24 12/29/23 Change
3/31/2024
3Y 4.41 4.01 0.40
30Y 4.34 4.03 0.32
5Y 4.21 3.85 0.37
10Y
3.0 3.5
4.0 4.5
5.0 5.5
3M 6M 1Y 2Y 3Yr 5Y 10Y 30Y
Percent
U.S. Treasury Yield Curve Change
3/29/24
12/29/23
0 5
10 15
20 25
30 35
40 45
3M6M
1Y2Y
3Yr
5Y
10Y30Y
Basis Points
Basis Point Change
14 5.1.c
Packet Pg. 51
Attachment: C: Quarterly Economic and Market Update at March 31, 2024 (4324 : Quarterly Investment Economic and Market Update
Source: Bloomberg
3/31/2024
0.00 0.25
0.50 0.75
1.00 1.25
1.50 1.75
2.00 2.25
2.50 2.75
3.00 3.25
3.50 3.75
4.00 4.25
4.50 4.75
5.00 5.25
5.50 5.75
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Percent
U.S. Treasury Yields: 3M and 1Y
1Y
3M
0.00 0.25
0.50 0.75
1.00 1.25
1.50 1.75
2.00 2.25
2.50 2.75
3.00 3.25
3.50 3.75
4.00 4.25
4.50 4.75
5.00 5.25
5.50 Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Percent
U.S. Treasury Yields: 2Y and 5Y
5Y
2Y
15 5.1.c
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Attachment: C: Quarterly Economic and Market Update at March 31, 2024 (4324 : Quarterly Investment Economic and Market Update
Source: Bloomberg
3/31/2024
0123456789
10 11
12 13
14 15
16 17
18 19
20 21
Jan-54Jan-56Jan-58Jan-60Jan-62Jan-64Jan-66Jan-68Jan-70Jan-72Jan-74Jan-76Jan-78Jan-80Jan-82Jan-84Jan-86Jan-88Jan-90Jan-92Jan-94Jan-96Jan-98Jan-00Jan-02Jan-04Jan-06Jan-08Jan-10Jan-12Jan-14Jan-16Jan-18Jan-20Jan-22Jan-24 Percent
U.S. Treasury Yields 2Yr and 5Yr - Fed Funds Target Rate 5Yr
2Yr
Fed Funds
16 5.1.c
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Attachment: C: Quarterly Economic and Market Update at March 31, 2024 (4324 : Quarterly Investment Economic and Market Update
Source: Bloomberg
3/31/2024
Global Treasury Rates
2 Year Yields 5 Year Yields 10 Year Yields
0.19%
0.85%
2.72%
2.83%
2.85%
3.01%
3.42%
3.76%
4.16%
4.18%
4.62%
0.0% 2.0% 4.0% 6.0%
Japan
Switzlnd
Portugal
France
Germany
Spain
Italy
Australia
England
Canada
USA
0.35%
0.69%
2.32%
2.58%
2.65%
2.83%
3.22%
3.53%
3.61%
3.82%
4.21%
0.0% 2.0% 4.0% 6.0%
Japan
Switzlnd
Germany
Portugal
France
Spain
Italy
Canada
Australia
England
USA
0.63%
0.71%
2.30%
2.81%
2.99%
3.16%
3.47%
3.68%
3.93%
3.96%
4.20%
0.0% 1.0% 2.0% 3.0% 4.0% 5.0%
Switzlnd
Japan
Germany
France
Portugal
Spain
Canada
Italy
England
Australia
USA
17 5.1.c
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Attachment: C: Quarterly Economic and Market Update at March 31, 2024 (4324 : Quarterly Investment Economic and Market Update
ICE BofAML Index (option adjusted spread vs. Treasury) ICE BofAML Index (option adjusted spread vs. Treasury) 1-5Yr Non-Callable Agency (GVPB) Corporate A-AAA Excluding Yankee (CVAC) Source: ICE BofAML Indices
3/31/2024
Current Spread is 4 Current Spread is 50
-20
0 20
40 Feb-10Feb-11Feb-12Feb-13Feb-14Feb-15Feb-16Feb-17Feb-18Feb-19Feb-20Feb-21Feb-22Feb-23Feb-24 Basis Points
Spread: 1-5Yr Agency vs Treasury
0 50
100
150
200
250
Feb-10Feb-11Feb-12Feb-13Feb-14Feb-15Feb-16Feb-17Feb-18Feb-19Feb-20Feb-21Feb-22Feb-23Feb-24 Basis Points
Spread: 1-5Yr A-AAA Corporate vs Treasury
18 5.1.c
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Attachment: C: Quarterly Economic and Market Update at March 31, 2024 (4324 : Quarterly Investment Economic and Market Update
*ICE BofAML Index (option adjusted spread vs. Treasury) *ICE BofAML Index (option adjusted spread vs. Treasury) AAA Rated ABS (R0A1) CMO Agency 0-3Yr PAC (CM1P)
Source: ICE BofAML Indices
3/31/2024
Current Spread is 64 Current Spread is 82
0 50
100
150
200
250
300
Feb-10Feb-11Feb-12Feb-13Feb-14Feb-15Feb-16Feb-17Feb-18Feb-19Feb-20Feb-21Feb-22Feb-23Feb-24 Basis Points
Spread: AAA Asset Backed vs Treasury
-150
-100
-50
0 50
100
150
Feb-10Feb-11Feb-12Feb-13Feb-14Feb-15Feb-16Feb-17Feb-18Feb-19Feb-20Feb-21Feb-22Feb-23Feb-24 Basis Points
Spread: 0-3Yr Agency CMO vs Treasury
19 5.1.c
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Attachment: C: Quarterly Economic and Market Update at March 31, 2024 (4324 : Quarterly Investment Economic and Market Update
Source: Bloomberg
3/31/2024
-3.7
-1.3
-1.3
-0.7
-0.1
0.3 0.6 1.2 1.6 1.7 2.3 2.3 2.4
4.7 4.7
6.0 6.0
7.6 8.6
9.9 10.4
18.1 (5) 05
10 15
20 Percent
Selected Sector Monthly Total Returns
20 5.1.c
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Attachment: C: Quarterly Economic and Market Update at March 31, 2024 (4324 : Quarterly Investment Economic and Market Update
Source: Bloomberg
3/31/2024
-7.8
-1.6
-1.6
0.1 1.6 2.8
5.0 5.1
7.2 8.3 8.6 9.6 9.7
12.4 15.2 15.9 17.4 18.5
21.9 23.2
29.6 39.3
(20)
(10) 0
10 20
30 40
50 Percent
Selected Sector Year-Over-Year Total Returns
21 5.1.c
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Attachment: C: Quarterly Economic and Market Update at March 31, 2024 (4324 : Quarterly Investment Economic and Market Update
Sources: Bloomberg, Meeder Public Funds
3/31/2024
3.70 3.80
3.90 4.00
4.10 4.20
4.30 4.40
12/31/23
1/3/241/6/241/9/24
1/12/241/15/241/18/241/21/241/24/241/27/241/30/24
2/2/242/5/242/8/24
2/11/242/14/242/17/242/20/242/23/242/26/242/29/24
3/3/243/6/243/9/24
3/12/243/15/243/18/243/21/243/24/243/27/243/30/24
Percent
5 Year Treasury Note Yield
Fed Chair Powell
Expects The Federal
Reserve To Cut Rates
This Year
Treasury Yields End Month
Higher As Investors Push Rate
Cut Forecasts Out To June
Weekly Initial Jobless-Benefit
Claims Fall To Five-Week Low,
Signaling That The Labor Market
Remains Strong
January CPI YoY At 3.1%,
Higher Than Expected
ISM Services Index Beats
Estimates, Further
Lowering Odds Of March
Rate Cut
Stronger-Than-Anticipated January
Employment Data Strengthens Case
For Fed To Defer Rate Cuts PIMCO Believes US Yields
May Fall Further As Fed Rate
Cut Likely In June
Dec Retail Sales
Unexpectedly
Jump 0.6%
Dec YoY CPI Higher
Than Expected At
3.4%
US Adds 216,000
New Jobs In Dec,
Beating
Expectations
February CPI YoY At
3.2%, Higher Than
Expected
The Fed Leaves Rates
Unchanged, but Leaves
Three Quarter-Point Rate
Cuts In Play For This Year
22 5.1.c
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Attachment: C: Quarterly Economic and Market Update at March 31, 2024 (4324 : Quarterly Investment Economic and Market Update
Sources: Bloomberg, Meeder Public Funds
3/31/2024
37,000
37,500
38,000
38,500
39,000
39,500
40,000
12/31/23
1/3/241/6/241/9/24
1/12/241/15/241/18/241/21/241/24/241/27/241/30/24
2/2/242/5/242/8/24
2/11/242/14/242/17/242/20/242/23/242/26/242/29/24
3/3/243/6/243/9/24
3/12/243/15/243/18/243/21/243/24/243/27/243/30/24
Dow Jones Industrial Average
All Three Leading Stock Indexes
Finish At Record After Fed
Officials Sustain Their Outlook
For Interest Rate Cuts This Year
Stocks Rise Even
Though Inflation Is
Higher-ThanExpected
Stocks Increase After
Powell Lifts Hopes For
Rate Cuts
Record Jump In Nvidia Turbocharges Excitment About
Artificial Intelligence, And Powers Major Indexes On
Three Continents To All-Time Highs
Higher-Than-Expected
January Inflation Sends
Stocks Tumbling
Fed Chair Powell Indicates That
Central Bank Officials Aren't In A
Rush To Lower Interest Rates
Fed Leaves Rates Unchanged, And
Powell Pushes Back On March Cut
Strong Retail Sales Data Report
Causes Investors To Scale Back
Hopes For Sharp Rate Cuts
Stocks Finish Flat After Dec
CPI Shows Inflation Rose
More Than Expected
US Stocks Post Material Loss After
Fed Minutes Note "Unusually
Elevated Degree Of Uncertainty"
About Policy Path
23 5.1.c
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Attachment: C: Quarterly Economic and Market Update at March 31, 2024 (4324 : Quarterly Investment Disclosure
Meeder Public Funds, Inc., is a registered investment adviser with the Securities and Exchange Commission (SEC) under the Investment Advisers Act of 1940.
Registration with the SEC does not imply a certain level of skill or training. The opinions expressed in this presentation are those of Meeder Public Funds, Inc. The material presented has been derived from sources considered to be reliable, but the accuracy and completeness cannot be guaranteed.
Meeder provides monthly statements for its investment management clients to provide information about the investment portfolio. The information should not be used for audit or confirmation purposes. Please review your custodial statements and report any inaccuracies or discrepancies.
Certain information and data have been supplied by unaffiliated third parties. Although Meeder believes the information is reliable, it cannot warrant the accuracy of information offered by third parties. Market value may reflect prices received from pricing vendors when current market quotations are not available. Prices may not reflect firm bids or offers and may differ from the value at which the security can be sold.
Statements may include positions from unmanaged accounts provided for reporting purposes. Unmanaged accounts are managed directly by the client and are not included in the accounts managed by the investment adviser. This information is provided as a client convenience and the investment adviser assumes no responsibility for performance of these accounts or the accuracy of the data reported.
Investing involves risk. Past performance is no guarantee of future results. Debt and fixed income securities are subject to credit and interest rate risk. The investment return and principal value of an investment will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
Investment advisory services are provided through Meeder Public Funds, Inc. Please contact us if you would like to receive a copy of our current ADV disclosure brochure or privacy policy.
Source: ICE Data Indices, LLC ("ICE"), is used with permission. ICE, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES
AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES OR THEIR RESPECTIVE THIRD PARTY
PROVIDERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE QUALITY, ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND SUBSCRIBER'S USE IS AT SUBSCRIBER'S OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY DO NOT SPONSOR, ENDORSE, OR RECOMMEND MEEDER PUBLIC FUNDS, INC., OR ANY OF ITS PRODUCTS OR SERVICES. 24 5.1.c
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Attachment: C: Quarterly Economic and Market Update at March 31, 2024 (4324 : Quarterly Investment City of San Ramon
Investment Report - Supplementary Information
Investments Held by Trustees at March 31, 2024
Maturity
Description CUSIP Rate Date Cost Market Issue
AMBAC Assurance 1.00 1.00 06(A) TA
Computershare Money Market 0.74 0.74 2010 POB
Computershare Money Market 2,939,884.28 2,939,883.28 2010 POB Computershare Money Market 138.85 138.85 2010 POB
Computershare Money Market 105,748.21 105,748.21 2010 POB Computershare Money Market 429.22 429.22 2010 POB
Dreyfus Govt Cash Mgmt X9USDYRUT 5.10% n/a 339,786.59 339,786.59 2019 COP Dreyfus Govt Cash Mgmt X9USDYRUT 5.13% 5.46 5.46 2019 COP $ 3,385,993.35 3,385,994.35 $
Note: Computershare is formerly known
as Wells Fargo.
5.1.d
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Attachment: D: Investments Held by Trustees at March 31, 2024 (4324 : Quarterly Investment Report)
INVESTMENT TERMINOLOGY
Basis Points – A standard measure for interest rates that represents one-hundredth of one percent. As an example, the difference between a security yielding 2.00% and 2.25% is 25 basis points.
Book Value – The price paid for the financial instrument as recorded on the balance sheet. Book value never changes as long as the instrument is owned.
Call Date – The day on which the issuer has the right to redeem a callable bond at par, or at a small premium to par, prior to the stated maturity date.
Carrying Value – The original cost of an asset, less the accumulated amount of any depreciation or amortization, less the accumulated amount of any asset impairments.
Certificate of Deposit (CD’s) – A debt instrument issued by financial institutions that will pay interest, periodically or at maturity, and principal when it reaches maturity. Maturities range from a few weeks to several years.
Commercial Paper – An unsecured short term promissory note issued by corporations, with maturities typically ranging from 1 to 270 days, and usually transacts at a discount with no coupon payments.
Corporate Notes – A type of debt security issued by a corporation and sold to investors.
Federal Agency Securities – Securities issued by corporations and agencies created by the US government, such as the Federal Home Loan Bank Board and Ginnie Mae.
Liquidity – The amount of a portfolio or an asset that can be converted easily and quickly into cash. Cash is the most liquid asset, followed by cash equivalents, such as money market funds.
Market Value – Also known as fair value. Market value is the price that buyers and sellers of a financial instrument would agree upon if the instrument was sold in the market today.
Maturity – The date on which payment of a financial obligation is due. The final stated maturity is the date on which the issuer must retire a bond and pay the face value to the bondholder.
Par Value – Value of the instrument at the time of issuance, also known as face value (when financial instruments were printed on paper, it was the value printed on the face of the paper document).
Safety – Also known as Margin of Safety. Margin of safety is a principle of investing in which an investor only purchases securities when their market price is significantly below their intrinsic value.
Supranational – A supranational entity is formed by two or more central governments with the purpose of promoting economic development for the member countries. Supranational institutions finance their activities by issuing debt, such as supranational bonds. The three U.S.
5.1.e
Packet Pg. 63
Attachment: E: Investment Terminology (4324 : Quarterly Investment Report) based supranationals are International Bank for Reconstruction and Development, the International Finance Corporation, and the Inter-American Development Bank.
Treasury Securities – Government bonds from the United States Treasury Department.
Examples include U.S. Treasury Bills, U.S. Treasury Notes, and U.S. Treasury Bonds.
Weighted Average Days to Maturity – The average length of time until all the investments in the portfolio will mature.
Weighted Average Yield to Maturity – The average return anticipated on the investment instruments as a whole if all are held to maturity.
Yield – The current rate of return on an investment security, generally expressed as a percentage of the security's current price. Examples of yield include interest rate earned and dividend rate received from holding a particular security.
5.1.e
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Attachment: E: Investment Terminology (4324 : Quarterly Investment Report)
FINANCE COMMITTEE STAFF REPORT
DATE: April 22, 2024
TO: Finance Committee/City Manager
FROM: Maria Fierner, Interim Public Works Director
By: Kerry Parker, Public Works Program Manager
SUBJECT: Stormwater Program Budget
EXECUTIVE SUMMARY
The Stormwater Program continues to operate under the maximum allowable assessment rate of $35 per Equivalent Runoff Unit (ERU) while continuing to meet new requirements imposed by the Municipal Regional Stormwater Permit (MRP). An updated MRP (MRP 3.0) went into effect on July 1, 2022, and includes a broader set of requirements that increases the City’s annual operational costs. The City’s Stormwater Fund is expected to be fully depleted at the end of FY 2024/25, requiring a small General Fund contribution of $677. The Stormwater Program budget will require steadily increasing contributions from the General Fund beginning in FY 2025/26.
This underlines the urgent need for increased or additional Stormwater assessments from property owners to pay for this program.
Based on a review of the services completed under the Stormwater Fund, certain catch basin cleaning previously completed under activities has been transferred to the General Fund. These activities are related to trash removal and are associated with the Solid Waste Franchise Fee. The impacts of this transfer are cost-neutral to the General Fund, as the Stormwater Fund would otherwise require a General Fund subsidy equal to the transfer.
RECOMMENDED ACTION
Staff recommends that the Finance Committee review the proposed Stormwater Program Budget for FY 2024/25 and provide comments to staff.
BACKGROUND
Urban stormwater runoff has been identified as a major source of pollutants to the waters of the United States including San Francisco Bay. As a result, the Federal Environmental Protection Agency established regulations governing stormwater pollution that became effective on November 16, 1990. In California, the Regional Water Quality Control Board (RWQCB) enforces the federal regulations through its nine (9) regional boards. The San Francisco Bay Regional Water Quality Control Board (RWQCB) requires that Contra Costa County and the
5.2 Packet Pg. 65
cities within the County submit a joint application for a stormwater permit on an annual basis through an MRP. Permit requirements are typically updated every five (5) years.
In order to maintain stormwater facilities and meet the requirements of the MRP, the City Council adopted Resolution No. 93-15, authorizing the Contra Costa County Board of Supervisors to direct the Contra Costa Flood Control District (District) to form a Stormwater Utility Area (SUA) for San Ramon and establish a $23 per ERU annual assessment for FY 1993/94. In addition, a maximum limit of $35 per ERU was set.
The City Council then adopted Resolution No. 93-116, approving the formation of the SUA within San Ramon, and establishing a Program Group Costs Payment Agreement with the District. This Agreement allows the District to collect the annual assessment from San Ramon properties through the County Assessor's Office and for the disbursement of funds. Per this Agreement, the City must determine annually by May 1st the assessment per ERU for the forthcoming fiscal year and, by City Council Resolution, requests that the District adopt stormwater utility assessments based on the unit assessments. The County Board of Supervisors conducts the Countywide public hearing for the adoption of stormwater assessments in June. The County then collects the established stormwater assessment on the County property tax rolls.
In May 2012, the Contra Costa Clean Water Program (CCCWP) sponsored an initiative to create a property-related fee to fund stormwater activities Countywide. Based on a $22 per parcel fee, an estimated $616,489 would have been generated annually in San Ramon; however, this measure failed.
The City’s Stormwater Program is comprised of two components: the Countywide Program (CCCWP) and the San Ramon Stormwater Program. The Stormwater Program originally focused on storm drain and creek cleaning, street sweeping, public education, and inspection of private development construction sites. The CCCWP fulfills some of the RWQCB requirements on behalf of the members providing a cost savings for each participating municipality. Starting in FY 1996/97, the Program expanded into a Business Inspection Program, as required by the RWQCB. On February 19, 2003, the RWQCB amended the Contra Costa Countywide Stormwater Permit to include treatment of stormwater runoff from new development and significant redevelopment projects.
DISCUSSION
Municipal Regional Permit (MRP)
On November 19, 2015, MRP 2.0 was formally adopted. Some of the significant actions mandated by the RWQCB in MRP 2.0 include:
• Monitoring and abatement of PCBs and mercury.
• Increased administration.
• Development of Trash Management Plans.
• Development and implementation of Green Infrastructure projects.
5.2 Packet Pg. 66
MRP 3.0 was adopted by the RWQCB on May 11, 2022, and became effective July 1, 2022.
New and revised provisions that are expected to impact San Ramon include:
• New updates to the Green Infrastructure requirements, including provisions that a minimum of five (5) acres of impervious surface be treated by San Ramon. • Requires storm drain system maps be updated.
• Requires trash interception on private property or prior to discharge of stormwater into the municipal storm drain system or receiving waters.
• Reduction of the triggering threshold to require C.3 (bioswale) treatment devices to 5,000 square feet for all projects.
• Added utility trenching to road reconstruction requirements. o One (1) acre threshold of contiguous impervious surfaces o Large utility projects (e.g. one (1) acre is a one (1) mile trench about 8-feet wide) o Permittees are responsible for requiring utility compliance • New monitoring and reporting requirements, including cost reporting. • Firefighting foam discharge reporting.
• Additional trash monitoring requirements.
• Additional pollutant monitoring to be done at the County Program level.
These and other provisions will have varying impacts on the City and the City’s finances. Some items will be taken care of through the CCCWP in a relatively efficient manner but with impacts to the City’s contribution to the Program. Others may result in increased demands on staff time.
The City has already engaged in an effort to improve mapping of the City’s storm drain infrastructure through a combination of a PTAP grant, Citywide Drainage Infrastructure Projects (CIP 915548), and City GIS staff, which is substantially complete but will require continual updates and maintenance.
As noted above, MRP 3.0 includes stricter provisions for treating stormwater from existing City improvements such as streets. These provisions require that the City treat stormwater runoff when pavement reconstruction is undertaken. Pavement reconstruction is defined as removing the pavement surface to the aggregate base layer. The Permit requires that San Ramon treat a minimum of five (5) acres of impervious surface. The treatment methods are described in the City’s Green Infrastructure Plan (GI Plan). The cost for these improvements is difficult to estimate, and staff hopes to maximize compliance with Green Infrastructure requirements in conjunction with redevelopment. This, in conjunction with other concepts that have been evaluated by staff, will likely result in some increased costs to the City during this permit cycle, as potential pavement reconstruction will increase costs.
There are no new funding mechanisms from the state or federal governments to provide for implementation of the GI Plan.
Equivalent Runoff Unit Methodology
The Stormwater Program is funded through assessments based on ERUs (Attachment A). The Chief Engineer of the Contra Costa County Flood Control and Water Conservation District is the
5.2 Packet Pg. 67
Engineer of Work for the Stormwater Assessments. The methodology for assessments is based on impervious surface area, which in turn is related to parcel size and land use designation.
Impervious surfaces such as rooftops, patios, walkways, sidewalks, driveways, and parking areas are designed to channel stormwater to run off into the storm drain system. Stormwater washes pollutants that have accumulated on impervious surfaces into the system.
The ERU assessment is used to fund a diverse range of stormwater management and maintenance activities. These include:
• storm drain and catch basin maintenance and cleaning; • maintenance of flood control channels;
• maintenance of the stormwater quality ponds in the Dougherty Valley; • other trash load reduction efforts;
• participation in the Contra Costa Clean Water Program (CCCWP); and • compliance with various other requirements for monitoring and reporting that are contained in the City’s Municipal Regional Permit (MRP) issued by the Regional Water Quality Control Board (RWQCB), some of which are conducted jointly with other members of CCCWP.
Due to the increasing costs in providing these services, increasing requirements imposed on the City by the RWQCB through the MRP, and the failure of the 2012 Proposition 218 compliant vote to increase the ERU, the Stormwater Program Reserve Fund has been steadily decreasing.
In addition, CCCWP will experience increased costs in implementing collective provisions of MRP 3.0. This is projected to result in the Program’s financial reserves being depleted in approximately 3.5 years (FY 2027-28).
The City Council reaffirmed the maximum ERU rate of $35 on March 26, 2024 for FY 2024/25, Resolution No. 2024-037.
Funding Options
The maximum ERU rate has been in place for approximately 30 years. Two options for generating additional revenue to cover Stormwater Program costs are: 1) legislative action allowing local municipalities to treat stormwater programs as a utility similar to water, sewer, and waste management; or 2) a ballot initiative through the Proposition 218 process.
Another option is to support legislation to provide more options for municipalities to fund stormwater. On October 6, 2017, then Governor Brown signed SB-231 (Hertzberg) amending Section 53750 of the Government Code to define stormwater collection systems as a sewer under Proposition 218 subject to certain provisions. Key to the success of this approach was the need to pass judicial review that it was consistent with Proposition 218 requirements. It was contemplated at the time that a local jurisdiction would attempt to implement a fee under this provision and seek judicial review to confirm their ability to implement it. A case has been heard related to this issue (Department of Finance v. Commission on State Mandates), and the Court rejected the revised definition of a sewer.
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As mentioned above, in May 2012, the CCCWP sponsored an initiative to create a propertyrelated fee to fund stormwater activities Countywide. Based on a $22 per parcel fee, an estimated $616,489 would have been generated annually in San Ramon; however, this measure failed.
CCCWP is again contemplating a Countywide campaign to augment this funding and is presently conducting meetings with all Permittees to determine our willingness to move forward with another attempt. If there is a consensus to move forward with a countywide funding measure, the next steps for CCCWP will be:
• to retain a consultant team to lead this effort (Fall 2024) • conduct polling and public opinion surveys as well as public outreach (2025) • mail-in ballots will be sent to property owners (2026) This sort of process is an expensive multi-year project, and there is no assurance that this initiative will be successful.
Lastly, staff is considering the value in independently taking an increased SUA to a ballot vote for all San Ramon property owners. As was the case in 2012, increased assessments across the County may not gain property owner approval given the economic diversity of Contra Costa County. However, San Ramon moving alone toward such an adjustment may have an increased chance of passing given the generally high concern for the environment in San Ramon and that the funding would go directly to the City. The timing of such a balloting process may be dependent on the health of the overall City budget in the next couple of years, and other potential revenue increasing measures.
FISCAL ANALYSIS
The proposed FY 2024/25 Stormwater Program Budget for the City of San Ramon is shown in Attachment B.
San Ramon is estimating approximately 35,700 ERUs for FY 2024/25 compared to 35,500 for FY 2023/24. At the maximum rate of $35/ERU, the estimated revenue generated in FY 2024/25 will be $1,249,500. This is the 21st year that the City has assessed the maximum rate.
The current projection indicates that the Fund is anticipated to be negative in FY 2024/25 and will require a $677 contribution from the General Fund. As in past years, the Stormwater Fund will not contribute to City overhead. In addition, based on a review of the services completed under the Stormwater Fund, certain catch basin cleaning previously completed under activities has been transferred to the General Fund. These activities are related to trash removal and are associated with the Solid Waste Franchise Fee. The impacts of this transfer are cost-neutral to the General Fund as the Stormwater Fund would otherwise require a General Fund subsidy equal to the transfer.
Budget Projection
The five-year budget projection for the Stormwater Program is summarized in Attachment C and indicates a growing need for General Fund subsidies increasing from $677 in FY 2024/25 to
5.2 Packet Pg. 69
$162,760 in FY 2028/29. Redevelopment within the City Walk area and other areas may modestly affect the assessments collected, but it is not expected to significantly change the need for General Fund contributions.
NEXT STEPS
1. The Stormwater Program Budget will be incorporated into the FY 2024/25 Budget as part of the annual budget adoption process.
2. The Contra Costa County Board of Supervisors will conduct the Countywide Public Hearing for the adoption of the stormwater assessments in June 2024.
ATTACHMENT
A: Equivalent Runoff Unit Methodology
B: Draft FY 2024/25 Stormwater Program Budget
C: Stormwater Program Five-Year Projection
D: Stormwater FY 24-25 Budget Presentation
5.2 Packet Pg. 70
EQUIVALENT RUNOFF UNIT (ERU)
This is defined as a single-family residential use on a parcel that ranges from 5,000 to 20,000 square feet. One residential parcel of such size would be assigned one ERU. Using this methodology, the following ERU values were established (the land use types listed are only those applicable to San Ramon):
Classification Land Use ERU
Group A Residential (5,000 s.f. to 20,000 s.f.) 1.0 ERU/unit Group B Residential (less than 5,000 s.f. and all multi-family residential parcels)
0.7 ERU/unit
Group C Residential (greater than 20,000 s.f.) 1.7 ERU/unit Group D Golf courses and cemeteries 0.2 ERU/acre
Group G Community centers, churches, schools, and cultural facilities
7 ERU/acre
Group H Office buildings 9 ERU/acre
Group I Hotels, motels, and mobile home parks 10 ERU/acre Group J Industrial, commercial, and entertainment parcels (including corporation yards, theatres, shopping centers, restaurants, service stations)
12 ERU/acre
Group L Vacant land, agricultural land, government-owned properties used for public purposes
exempt
ATTACHMENT A
5.2.a
Packet Pg. 71
Attachment: A: Equivalent Runoff Unit Methodology (4322 : Stormwater Program Budget) Current Projected
REVENUE FY 23/24 FY 24/25
Total ERU's 35,500 35,700
ERU Rate $35 $35
Total Assessment Revenue $1,242,500 $1,249,500
Assessors Fee -$25,000 -$25,000
Beginning Reserve Fund $107,425 $54,966
Total Available Funds $1,324,925 $1,279,466
EXPENDITURES
County and State
County Group Costs $253,658 $288,833
Group Inspection and San Ramon Inspection $39,506 $40,691 State Permit Fee $35,333 $35,500
$328,497 $365,024
Engineering
Program Implementation and MRP Compliance $283,077 $296,213 $283,077 $296,213
Public Services
Creek Maintenance $303,984 $317,198
Storm Drain Maintenance $158,508 $96,370
DV Water Quality Control Pond Maintenance $195,893 $205,338 $658,385 $618,906
Administrative Overhead $0 $0
General Fund Contribution $0 -$677
TOTAL EXPENDITURES $1,269,959 $1,280,143
ENDING FUND BALANCE $54,966 $0
San Ramon FY 24-25 Stormwater Program Budget
ATTACHMENT B
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Attachment: B: Draft FY 2024/25 Stormwater Program Budget (4322 : Stormwater Program Budget) Current Projected Projected Projected Projected Projected REVENUE FY 23/24 FY 24/25 FY 25/26 FY 26/27 FY 27/28 FY 28/29 Total ERU's 35,500 35,700 35,900 36,100 36,300 36,500
ERU Rate $35 $35 $35 $35 $35 $35
Total Assessment Revenue $1,242,500 $1,249,500 $1,256,500 $1,263,500 $1,270,500 $1,277,500 Assessors Fee -$25,000 -$25,000 -$25,000 -$25,000 -$25,000 -$25,000 Beginning Reserve Fund $107,425 $54,966 $0 $0 $0 $0
Total Available Funds $1,324,925 $1,279,466 $1,231,500 $1,238,500 $1,245,500 $1,252,500
EXPENDITURES
County and State
County Group Costs $253,658 $288,833 $291,721 $300,473 $309,487 $318,771 Group Inspection and San Ramon Inspection $39,506 $40,691 $41,912 $43,169 $44,464 $45,798 State Permit Fee $35,333 $35,500 $35,500 $35,500 $35,500 $35,500 $328,497 $365,024 $369,133 $379,142 $389,451 $400,070
Engineering
Program Implementation and MRP Compliance $283,077 $296,213 $300,316 $309,326 $318,606 $318,606 $283,077 $296,213 $300,316 $309,326 $318,606 $318,606
Public Services
Creek Maintenance $303,984 $317,198 $326,714 $336,515 $346,611 $357,009 Storm Drain Maintenance $158,508 $96,370 $99,261 $102,239 $105,306 $108,465 DV Water Quality Control Pond Maintenance $195,893 $205,338 $211,498 $217,843 $224,378 $231,110 $658,385 $618,906 $637,473 $656,597 $676,295 $696,584
Administrative Overhead $0 $0 $0 $0 $0 $0
General Fund Contribution $0 -$677 -$75,422 -$106,565 -$138,852 -$162,760 TOTAL EXPENDITURES $1,269,959 $1,280,143 $1,306,922 $1,345,065 $1,384,352 $1,415,260 ENDING FUND BALANCE $54,966 $0 $0 $0 $0 $0
5-Year Projection, Stormwater Program Budget
ATTACHMENT C
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Attachment: C: Stormwater Program Five-Year Projection (4322 : Stormwater Program Budget) Finance Committee Presentation
April 22, 2024
STORMWATER
FY 2024/25 BUDGET
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Attachment: D: Stormwater FY 24-25 Budget Presentation (4322 : Stormwater Program Budget)
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Attachment: D: Stormwater FY 24-25 Budget Presentation (4322 : Stormwater Program Budget) 3 Catch basins and v-ditches
~150 miles of storm drain 3-1/2 miles of flood control channels 10 detention basins 12 water quality control ponds Creeks and other natural drainages
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Attachment: D: Stormwater FY 24-25 Budget Presentation (4322 : Stormwater Program Budget) Municipal Regional Stormwater Permit (MRP)
4 2.0 → 3.0 Regulations
1/1/16 to 6/30/22
• Sidewalk wash water and mobile cleaning
• Corporation yard operations
• Storm drain inlet marking
• Inspection of private businesses
• Tracking of illicit discharges and spills
• Mapping of the stormwater system and facilities
• Construction site control
• Public outreach
• Water quality monitoring
• Installation of trash capture devices
• Tracking trash on streets and private businesses
• PCB source control in old industrial areas
• Stormwater treatment for new development over 10,000 ft.2 7/1/22 to TBD
• Development or redevelopment of structures and roads
greater than 5,000 ft.2 impervious surface require
stormwater treatment (public and private)
• Storm drain system maps to be updated
• Updated Hydromodification Management Standards
(erosion control)
• Additional monitoring and (new) cost reporting
• Stormwater treatment for road widening and
reconstruction > 1 acre
• Assessment and tracking of PCBs
• Annual submission of Corporation yard operations
• Discharges from homeless persons and fire fighting
• Credits for trash-reduction programs (like single-use bans) have been removed
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Attachment: D: Stormwater FY 24-25 Budget Presentation (4322 : Stormwater Program Budget) 5 Current and Proposed
Budgets
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Attachment: D: Stormwater FY 24-25 Budget Presentation (4322 : Stormwater Program Budget) 5 -Year Projected Budget
6 5.2.d
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Attachment: D: Stormwater FY 24-25 Budget Presentation (4322 : Stormwater Program Budget) Clean Water Program and NPDES Permit
7 National Pollutant Discharge Elimination System
Created in 1972 by the Clean Water Act
San Ramon is named as Permittee in the Municipal Regional Stormwater Permit (MRP) issued by the California Regional Water Quality Control Board for the San Francisco Bay Region (RWQCB).
The purpose of the Stormwater Program is to efficiently utilize available assessment funding to reduce pollution of the stormwater as it enters into our creeks and the bay, and to maintain public storm drain facilities.
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Attachment: D: Stormwater FY 24-25 Budget Presentation (4322 : Stormwater Program Budget) Stormwater Funding
8 All San Ramon parcels
are subject to a
Stormwater Utility
Assessment (SUA) as
authorized by a 1993
City Council Resolution
No. 93-15 establishing
this assessment, and is
currently at the
maximum annual limit of
$35
This assessment has not
changed in 31 years, yet
MRP mandated
activities have
experienced sharp
increases to costs of
program
The assessment could be
increased, but is under
Proposition 218
protections
An increase must be
approved by a majority
of San Ramon property
owners
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Attachment: D: Stormwater FY 24-25 Budget Presentation (4322 : Stormwater Program Budget)
THANK YOU
9 5.2.d
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Attachment: D: Stormwater FY 24-25 Budget Presentation (4322 : Stormwater Program Budget) QUESTIONS?
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Attachment: D: Stormwater FY 24-25 Budget Presentation (4322 : Stormwater Program Budget)
FINANCE COMMITTEE STAFF REPORT
DATE: April 22, 2024
TO: Finance Committee/City Manager
FROM: Maria Fierner, Interim Public Works Director
By: Chen Hsieh, Senior Civil Engineer
SUBJECT: Northwest San Ramon Geologic Hazard Abatement District (NWSR GHAD) Fiscal Year 2024/25 Draft Budget, Engineer’s Report, and Assessment to be Levied
EXECUTIVE SUMMARY
The purpose of this staff report is to provide a review of the Northwest San Ramon Geologic Hazard Abatement District (NWSR GHAD) Budget and Engineer’s Report for FY 2024/25.
Staff has reviewed the NWSR GHAD budget and reserves and analyzed four alternatives:
A) Maximum Levy Assessment
B) A lower assessment based on debt financing
C) An assessment level between A and B
D) Same assessment as FY 2023/24, only elevated with inflation The amounts of assessment are summarized on the table below:
Option Assessment per Residential Unit Assessment per non-residential square foot
A $1,765.38 $0.1237
B $1,410.00 $0.0988
C $1,575.00 $0.1103
D $1,225.87 $0.0854
The NWSR GHAD Board may select any of these options or choose to levy the assessment at any other level below the maximum.
RECOMMENDED ACTION
District staff recommends that the Finance Committee review the Northwest San Ramon Geologic Hazard Abatement District (NWSR GHAD) Budget and NWSR GHAD Engineer’s Report for FY 2024/25 and consider the assessment rate to be levied.
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BACKGROUND
Pursuant to the Public Resources Code of the State of California, Section 26500, Resolution No. 2017-108, adopted by the City Council on October 10, 2017, ordered the formation of the Northwest San Ramon Geologic Hazard Abatement District, and designated the City Council as the Board of Directors. The NWSR GHAD was formed in response to a Condition of Approval of The Preserve Development and encompasses the entire area of that project. This was the first year that assessments were levied. Details of the maintenance responsibilities and geologic hazards within the NWSR GHAD are described in detail in the Plan of Control for the NWSR GHAD, dated September 29, 2017.
DISCUSSION
The purpose of forming the NWSR GHAD is to provide a funding mechanism to prevent, mitigate, abate, or control a geologic hazard; and to mitigate or abate structural hazards that are partly or wholly caused by geologic hazards. A geologic hazard, as defined by the Public Resources Code, is an actual or threatened landslide, land subsidence, soil erosion, earthquake, fault movement, or any other natural or unnatural movement of land or earth.
Pending turnover of land and responsibilities, The Preserve Developer is responsible for all NWSR GHAD maintenance activities. Pursuant to the schedule set forth in the Funding and Acceptance of Responsibility by the District (Exhibit D of the Plan of Control), the responsibility for NWSR GHAD activities may transfer to the NWSR GHAD after the Reserve reaches a minimum of $1,000,000. The NWSR GHAD reserve exceeded this threshold during FY 2022/23.
Therefore, the Developers began the process of transferring the maintenance responsibility to the NWSR GHAD during FY 2023/24. It is anticipated that the NWSR GHAD will complete the process and take on all maintenance and monitoring activities in FY 2024/25. The actual magnitude of those costs will depend, amongst other things, on the timing of any turnover of land and responsibilities.
FY 2024/25 Activities
The following activities are anticipated to occur in FY 2024/25:
• Prepare the annual Engineer’s Report;
• Levy the assessments;
• Monitor construction activities or issues that may be of concern to the NWSR GHAD; • Conduct annual monitoring and perform maintenance activities in accordance with the NWSR GHAD Plan of Control; and
• Accept full responsibility for the NWSR GHAD improvements offered by the Developer if all conditions are met.
Compliance with the “Right to Vote on Taxes Act” (Proposition 218)
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As part of the formation process of the NWSR GHAD, a mailed ballot election processes was conducted to form the NWSR GHAD and to adopt an initial assessment limit of $1,428 per residential unit per year and $0.10 per square feet of habitable non-residential property per year.
These initial assessment limits will be adjusted annually to reflect the percentage change in the San Francisco-Oakland-San Jose Consumer Price Index (CPI) for All Urban Consumers using an initial date of June 2017. Each subsequent annual adjustment will be calculated using the 12- month period from June to June. There was a majority voter approval to confirm these assessment limits. The applicable inflation from June 2022 to June 2023 is 2.88%; therefore, the assessment limit can be adjusted to $1,765.38 per residential unit and $0.1237 per square feet of habitable non-residential property.
Section 53753.5 (a) of the California Government Code states:
“If an agency has complied with the notice, protest, and hearing requirements of Section 53753, or if an agency is not required to comply with those requirements because the assessment is exempt from the procedures and approval process set forth in Section 4 of Article XIIID of the California Constitution, then those requirements shall not apply in subsequent fiscal years unless the assessment methodology is changed to increase the assessment, or the amount of that assessment is proposed to exceed an assessment formula or range of assessments adopted by an agency in accordance with Article XIIID of the California Constitution.”
NWSR GHAD Budget and Reserves
Operating Budget
The NWSR GHAD budget is comprised of two main parts – the operating budget and the reserves. The operating budget is based on the actual funds that staff anticipates spending in a given year on administration and routine maintenance activities. Such maintenance activities include inspections, cleaning and repair of v-ditches, minor erosion repairs, cleaning of stormwater pollution prevention devices, and other activities or repair of minor damage. Unused funds from the operating budget are returned to the reserve. This year’s operating budget is $163,404 as summarized below. Normal operating costs are anticipated to be approximately $200,000 to $230,000 per year. Operating costs are expected to increase in future years with inflation.
Proposed Budget
Staff $45,720
Consultants $18,025
Maintenance, Permits $99,159
Office and Miscellaneous $500
Total Expenses (not including revenue) $163,404
It should be noted that full operating costs are not well known at this point in the life of the NWSR GHAD and contracts for external services have only been recently executed. If costs are
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greater than expected, then staff may need to request a mid-year adjustment, which could reduce reserve contributions.
The reserve is composed of two main elements – long-term replacement funds/deferred maintenance and a reserve to respond to damage caused by geologic hazards (such as landslides or large-scale settlements).
Replacement/Deferred Maintenance Reserve
The required replacement fund was determined during the formation of the NWSR GHAD and is based on the current year estimated replacement costs, the estimated lives of the improvements that the GHAD is responsible for, and the number of years that those improvements have been in service. The magnitude of what this reserve will need to be will vary as components are replaced; however, 2024 full replacement cost of the GHAD’s assets is approximately $7.8M.
For the purpose of determining appropriate assessment levels to be levied, staff assumed that this obligation would be fully met.
Large Repair Reserve
One of the primary functions of the NWSR GHAD is to respond to large scale damage due to geologic hazards that are beyond the means normally available to homeowners or homeowners’ associations, such as landslides or large-scale settlements. The original assessment calculations included an assumption that the NWSR GHAD would need to repair major damage costing $1 million (2019) every 20 years. The frequency and magnitude of repairs that will actually be required is difficult to determine. However, based on recent experience with the large landslide in the Dougherty Valley area and the costs associated with the necessary repairs, staff proposes to have a $5M reserve to respond to future large events to protect the safety of the residents.
Maximum Assessment Level
The initial Engineer’s Report and subsequent GHAD Board action established an annual assessment limit of $1,428 per residential unit and an annual assessment limit of $0.10 per square foot of habitable non-residential space in FY 2017/18 dollars. The proposed initial assessment limits will be adjusted annually to reflect the percentage change in the San FranciscoOakland-San Jose Consumer Price Index (CPI) for All Urban Consumers. The assessment limit will be adjusted annually using an initial date of June 2017 for the CPI for both the residential and non-residential assessment limits. Each subsequent annual adjustment will be calculated using the 12-month period from June to June. The residential and non-residential assessments are to be levied beginning in the first assessment cycle following the issuance of a building permit for the assessed parcel. The assessment limit for FY 2023/24 was $1,715.97 per residential unit and $0.1202 per square foot of habitable non-residential property.
The applicable inflation from June 2022 to June 2023 is 2.88%; therefore, the assessment limit can be adjusted to $1,765.38 per residential unit and $0.1237 per square feet of habitable nonresidential property. Based on an assumed assessment of 363.1 equivalent residential units and
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no non-residential property, it is estimated that the total assessment could be $641,010 at the maximum rate.
Assessment to Be Levied
The NWSR GHAD may levy any assessment up to the maximum limit. During the Board meeting on May 23, 2023, concerns were raised about the high cost of fire insurance significantly impacting homeowners’ association (HOA) dues and thus the property owners’ budgets this year. For example, the Hillcrest and Ridgeview HOA in Neighborhood 4 had its insurance renewal declined due to wildfire risks, and the new insurance policy resulted in an HOA dues increase of $1,261 per month. The Board requested that staff review options to reduce the assessment for FY 2023/24. At the Boad meeting on June 13, 2023, the Board selected to levy the assessment of $1,191.56 per residential assessment unit and $0.083 per square feet of habitable non-residential property.
In order to ensure future flexibility in determining assessments and maximum financial stability for the NWSR GHAD, staff recommends that the Board considers the following options for the assessment to be levied in FY 2024/25:
Option A – Maximum Levy Assessment at $1,765.38 per Residential Assessment Unit Levy the maximum assessment of $1,765.38 per residential assessment unit and $0.1237 per square foot of non-residential property. This approach is to maximize the accumulation of the reserve in order to meet the aforementioned “Large Event Reserve” goal as soon as possible.
Even with the maximum assessment, it is estimated that the Large Event Reserve goal will not be met until 2047.
Option B – Levy below the Maximum Assessment at $1,410.00 per Residential Assessment Unit As an alternative, the NWSR GHAD could consider levying an assessment at a lower rate below the maximum allowable and rely on debt financing to supplement the reserve to respond to large events. This would allow the Large Event Reserve goal to be lowered by the amount of loans that the NWSR GHAD is willing and able to obtain. The NWSR GHAD’s ability to obtain bank loans or bonds depends on its maximum assessment capacity, and the annual operating costs..
Considering a typical 10-year loan, the loan limit of any given year can be roughly estimated as the total maximum assessment, subtracting the total operating costs and estimated total interest payment over the life of the loan which has assumed to be 10 years.
Based on an assessment of $1,410.00 per residential assessment unit and $0.0988 per square feet of habitable non-residential property and a loan capacity of up to $3M, the NWSR GHAD would still be able to reach the Large Event Reserve goal around 2047. It should be noted that there are disadvantages associated with debt financing: 1) the interest costs, depending on the interest rates, could result in less capacity than anticipated; 2) the debt commitment extending over many years could reduce the District’s fiscal flexibility; and 3) it could increase the administrative costs for legal and regulatory compliance, paperwork, monitoring, and reporting. In addition,
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having less funds in reserve would limit the NWSR GHAD’s ability to respond to multiple events or events larger than anticipated.
Option C – Levy below the Maximum Assessment at $1,575.00 per Residential Assessment Unit As an additional alternative, the NWSR GHAD may levy an assessment at a rate between Option A and Option B. An assessment of $1,575.00 per residential assessment unit and $0.1103 per square feet of habitable non-residential property would meet a larger portion of the Large Event Reserve goal, allowing the NWSR GHAD the ability to respond to most geologic events, but still rely on debt financing for a portion of the most extreme events.
Option D – Levy below the Maximum Assessment at $1,225,87 per Residential Assessment Unit The NWSR GHAD could limit the assessment by increasing the current levy by inflation. This would result in an assessment of $1,225.87 per residential unit and $0.085 per square feet of habitable non-residential property. This assessment level is sufficient for the operating budget and the reserve for replacement/deferred maintenance but will not allow the accumulation to reach the Large Event Reserve goal even considering debt financing. Staff does not recommend this option.
The assessments discussed above are “per residential assessment unit”. The apportionment of the assessments is not uniform with the NWSR GHAD but is instead based on the type of unit in each neighborhood. A comparison of the assessments to be levied on the actual units based on the four options is shown below:
Unit Type Assessment
Ratio
Actual Assessment Based on Housing Type
Option A Option B Option C Option D
N1 1 $1,765.38 $1,410.00 $1,575.00 $1,225.87
N2 0.7 $1,235.77 $987.00 $1,102.50 $858.11
N3 0.6 $1,059.23 $846.00 $945.00 $735.52
Townhome N4 0.5 $882.69 $705.00 $787.50 $612.93
Flat N4 0.45 $794.42 $634.50 $708.75 $551.64
Single Family N5 0.45 $794.42 $634.50 $708.75 $551.64
Condo N5 0.4 $706.15 $564.00 $630.00 $490.35
N = Neighborhood
The anticipated budget and reserves are summarized below.
Item Option A Option B Option C Option D
FY 2023/24 - End of FY Balance $1,840,205 $1,840,205 $1,840,205 $1,840,205 FY 2024/25 - Assessment $641,010 $511,971 $571,883 $445,113 FY 2024/25 - Costs ($163,404) ($163,404) ($163,404) ($163,404) FY 2024/25 - Reserve Fund Contribution $488,307 $359,268 $419,180 $292,410
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FY 2024/25 - Interest $9,201 $9,201 $9,201 $9,201
FY 2024/25 - End of FY Large Event Reserve $1,441,076 $1,312,037 $1,371,949 $1,245,179 Since all four options for the FY 2024/25 assessment falls within the assessment limits established with the formation of the NWSR GHAD, a mailed ballot election process is not required.
However, a mailing is required by Public Resources Code Section 26652, Geologic Hazard Abatement Districts, for annually noticing property owners within the NWSR GHAD. This code section states the following:
“The board of directors shall cause a notice of the adoption of the Resolution described in Section 26651 to be mailed by first class mail to each owner of real property within the district as shown on the last equalized assessment roll of the county.” Subsequent to this action, if approved by the NWSR GHAD Board, District staff will mail the Public Hearing notice to all property owners within the NWSR GHAD a minimum of 14 days prior to the Public Hearing.
FISCAL ANALYSIS
Based on the proposed assessment rate for Options A, B, C, or D, which will be applied to 363.1 equivalent units, it is estimated that the total assessment will be $641,010, $511,971, $571,883, or $445,113, respectively, for FY 2024/25. These funds will be used to defray operating costs and build up the reserve for deferred maintenance, with the remainder applied to the accumulation of the Large Event Reserve, which will be available for major repairs following the turnover of responsibilities for maintenance to the NWSR GHAD. The budget may be adjusted based on the timing and extent of the acceptances, if necessary. Details of the fiscal analysis are presented in the Engineer’s Report (Attachment A). The Reserve for the NWSR GHAD is projected to be approximately $2.0 to $2.2M by the end of the FY 2024/25.
In subsequent years, as the reserve fund grows, actual maintenance costs are tracked, and as a history of the performance of the improvements in the NWSR GHAD is obtained, staff will undertake periodic Reserve Fund updates to track the financial health of the NWSR GHAD.
STEPS FOLLOWING APPROVAL
May 14, 2024 NWSR GHAD Board of Directors considers approval of FY 2024/25 Engineer’s Report and proposes Resolution of Intention to order assessments and set a Public Hearing for June 11, 2024.
May 17, 2024 NWSR GHAD staff mails Notice of Public Hearing for the proposed NWSR GHAD budget for FY 2024/25 to property owners within the NWSR GHAD.
June 11, 2024 NWSR GHAD Board of Directors conducts a Public Hearing and adopts a Resolution levying the assessments for FY 2024/25.
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ATTACHMENT
A: DRAFT NWSR GHAD Engineer’s Report for FY 2024/25
5.3 Packet Pg. 91
DRAFT
ENGINEER’S REPORT
for the
NORTHWEST SAN RAMON
GEOLOGIC HAZARD ABATEMENT
DISTRICT
SAN RAMON, CALIFORNIA
FISCAL YEAR 2024/25
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Attachment: A: DRAFT NWSR GHAD Engineer’s Report for FY 2024/25 (4323 : NWSR GHAD FY 24/25 Draft Budget)
TABLE OF CONTENTS
Page
CERTIFICATION OF FILING ......................................................................................................1 I. INTRODUCTION .................................................................................................................3 II. BACKGROUND ...................................................................................................................3 III. GEOLOGIC HAZARD ABATEMENT DISTRICT BOUNDARIES ................................3 IV. SERVICE LEVELS..............................................................................................................3 V. DESCRIPTION OF THE IMPROVEMENTS MAINTAINED BY THE GHAD .............4 VI. ASSESSMENT METHOD ..................................................................................................4 VII. BUDGET and ASSESSMENT...........................................................................................5 VIII. PROPERTY OWNER OR DEVELOPER RESPONSIBILITIES...................................9 EXHIBIT A – Assessment Diagram
EXHIBIT B – Plat
EXHIBIT C – Northwest San Ramon GHAD Budget FY 2024/25
EXHIBIT D – Northwest San Ramon GHAD Reserve Fund Study
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Attachment: A: DRAFT NWSR GHAD Engineer’s Report for FY 2024/25 (4323 : NWSR GHAD FY 24/25 Draft Budget) -1-
ENGINEER’S REPORT
NORTHWEST SAN RAMON
GEOLOGIC HAZARD ABATEMENT DISTRICT
(Pursuant to the Public Resources Code of the State of California, Section 26500 et seq.)
CERTIFICATION OF FILING
The Northwest San Ramon Geologic Hazard Abatement District (“GHAD”) was formed to provide monitoring and maintenance of improvements related to geologic hazard management and other responsibilities as a landowner, within The Preserve Development in the Northwest San Ramon GHAD and levy and collect assessments in order to perform its activities.
The GHAD responsibilities, which are the subject of this report and the Plan of Control, are defined as any activity necessary or incidental to the prevention, mitigation, abatement, or control of a geologic hazard, construction, maintenance, repair, or operation of improvement; or the issuance and servicing of bonds issued to finance any of the foregoing (Section 26505).
This report consists of eight parts, as follows:
I. INTRODUCTION
II. BACKGROUND
III. GEOLOGIC HAZARD ABATEMENT DISTRICT DIAGRAM
IV. SERVICE LEVELS
V. DESCRIPTION OF GHAD-MAINTAINED IMPROVEMENTS
VI. ASSESSMENT METHOD
VII. BUDGET AND ASSESSMENT
VIII. DEVELOPER RESPONSIBILITIES
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Attachment: A: DRAFT NWSR GHAD Engineer’s Report for FY 2024/25 (4323 : NWSR GHAD FY 24/25 Draft Budget) -2-
The undersigned respectfully submits the enclosed Engineer's Report as directed by the Northwest San Ramon Geologic Hazard Abatement District Board of Directors.
Date: By:
Robin Bartlett, P.E., G.E.,
District Engineer
I HEREBY CERTIFY that the enclosed Engineer's Report, together with the Assessment Diagram thereto attached was filed with me on the __________ day of _______ 2024.
Christina Franco, District Clerk
Northwest San Ramon Geologic Hazard Abatement District
Contra Costa County, California
I HEREBY CERTIFY that the enclosed Engineer's Report, together with the Assessment Roll and Assessment Diagram thereto attached was approved and confirmed by the NWSR GHAD Board of Directors, the City Council of the City of San Ramon, California, on the ____day of _________ 2024.
Christina Franco, District Clerk
Northwest San Ramon Geologic Hazard Abatement District
Contra Costa County, California
I HEREBY CERTIFY that the enclosed Engineer’s Report, together with the Assessment Roll and Assessment Diagram thereto attached was filed with the County Auditor of the County of Contra Costa on the __________ day of _________ 2024.
Christina Franco, District Clerk
Northwest San Ramon Geologic Hazard Abatement District
Contra Costa County, California
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Attachment: A: DRAFT NWSR GHAD Engineer’s Report for FY 2024/25 (4323 : NWSR GHAD FY 24/25 Draft Budget) -3-
ENGINEER’S REPORT
for
NORTHWEST SAN RAMON GEOLOGIC HAZARD ABATEMENT DISTRICT
SAN RAMON, CALIFORNIA
for the
ANNUAL ASSESSMENT LIMIT
I. INTRODUCTION
The San Ramon City Council formed the Northwest San Ramon Geologic Hazard Abatement District (“GHAD” or “District”) on October 10, 2017 (Resolution No. 2017-108), under the authority of the California Public Resources Code, Division 17, Section 26500 et seq. Members of the San Ramon City Council act as the Board of Directors of the GHAD.
II. BACKGROUND
The developer of The Preserve development (“Project”) submitted the Northwest San Ramon GHAD Plan of Control – Faria Preserve Development (“Plan of Control”) that describes the GHAD’s responsibilities to permanently monitor and maintain GHAD improvements within the GHAD. This Engineer’s Report describes the assessment to fund GHAD activities necessary or incidental to geologic hazard mitigation, abatement, and control.
III. GEOLOGIC HAZARD ABATEMENT DISTRICT BOUNDARIES
The boundaries for the GHAD are shown on the attached Assessment Diagram (Exhibit A) and plat (Exhibit B).
IV. SERVICE LEVELS
The GHAD’s activities are those that are necessary or incidental to the prevention, mitigation, abatement, or control of geologic hazards including construction, maintenance, repair, or operation of any improvement; and the issuance and servicing of bonds issued to finance any of the foregoing.
The GHAD provides for the administration and review of facilities within the budgeted limits, and described in the Plan of Control and including the following services:
1. Oversight of GHAD operations, including reporting to the GHAD Board of Directors.
2. Setting the annual levying of assessments on the property tax rolls.
3. Engagement of technical professionals to perform the monitoring duties as described in the Plan of Control.
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Attachment: A: DRAFT NWSR GHAD Engineer’s Report for FY 2024/25 (4323 : NWSR GHAD FY 24/25 Draft Budget) -4-
4. Performance of GHAD maintenance activities in accordance with the Plan of Control. These maintenance activities include:
• Slopes
• Detention Basin
• Bioretention cells, vegetated bio-swales, and associated improvements • Debris benches
• Maintenance roads (excluding those servicing EBMUD water tank sites) • San Ramon Valley Fire Protection District trails
• Fencing
• Concrete-lined drainage ditches and drainage swales
• Open Space storm drain system improvements including downstream (offsite) pipelines
• Publicly owned retaining walls
• Subdrains and subdrain outlets
• Fuel management
5. Preparation of annual GHAD budgets and other documents and reports for consideration by the GHAD Board of Directors.
V. DESCRIPTION OF THE IMPROVEMENTS MAINTAINED BY THE GHAD The GHAD-maintained improvements are described in the Plan of Control. In general, these improvements include water quality facilities; drainage systems, including earthen and concrete-lined ditches in developed areas and open space; open-space storm drain inlets and outlets; subdrains and their outlets; retaining walls; and access roadways.
VI. ASSESSMENT METHOD
The improvements and GHAD responsibilities described in Section V are distributed within the limits of the GHAD or easements dedicated to and accepted by the GHAD. The improvements described in this document will confer the following special benefits to the assessed parcels:
1. Protection from slope instability
2. Protection from erosion due to uncontrolled surface water
3. Protection of water quality
4. Protection from wild land fires associated with unmanaged vegetation The improvements and responsibilities listed in Section V provide specific benefits to the properties within the GHAD and the improvements are constructed for the benefit of those assessed and not the general public. The subject parcels are only being assessed for the reasonable costs of the proportional specific benefits conferred on the parcels. As a result, the GHAD assessment is distributed among all owners of parcels, which are buildable with habitable space. Habitable square footage is space “used or intended for supporting or sheltering any use or occupancy, which is expected to have a human occupancy rate of more than 2,000 person-hours per year” (Adapted from California Code of Regulations, Title 14, Division 2, Section 3601).
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The Engineer hereby finds that residential properties within the GHAD receive substantially equal special benefit based on the average lot size for each detached residential product type and on the average lot size divided by the number units for the attached residential product types:
Product Type Assessment Ratio Number of Units
Single Family, detached Neighborhood 1 1.0 121
Single Family, detached Neighborhood 2 0.7 72
Cluster, Neighborhood 3 0.6 63
Townhomes, Neighborhood 4 0.5 104
Flats, Neighborhood 4 0.45 78
Single Family, detached Neighborhood 5 0.45 40
Condominiums, Neighborhood 5 0.4 122
Total Units 600
The non-residential properties within the GHAD also receive substantially equal special benefit based on the habitable space.
A financial analysis was performed to provide a framework for an operating budget for the on-going abatement, mitigation, prevention, and control of geologic hazards within the GHAD. In preparation of the budget, several factors were considered including:
• Site geology
• Remedial grading
• Proximity of geologic hazards to proposed residences
• Improvements or structures
• Site access considerations
• Elements requiring routine maintenance, including:
1. Surface drainage facilities
2. Graded slopes
3. Retaining walls
4. Detention and sedimentation basin facilities
5. Fire breaks
VII. BUDGET AND ASSESSMENT
Operating Budget
During the initial phase of development in the NWSR GHAD area, the developer was responsible for all GHAD monitoring and maintenance activities. Expenditures by the GHAD for preparing the reports and levying the assessment were minor.
Pursuant to the schedule set forth in the Funding and Acceptance of Responsibility by the District (Exhibit D of the Plan of Control), the GHAD reserve at the time of transfer will be a minimum of $1,000,000. The GHAD reserve exceeded this threshold during FY 2022/23.
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Therefore, the developer began the process of transferring the maintenance responsibility to the GHAD during FY 22/23. It is anticipated that the NWSR GHAD will incur full costs for maintenance and monitoring of the NWSR GHAD during FY 2024/25. The actual magnitude of those costs will depend amongst other things on the timing of any turnover of land and responsibilities.
The NWSR GHAD budget is comprised of two main parts – the operating budget and the reserves. The operating budget is based on the actual funds that staff anticipates spending in a given year on administration and routine maintenance activities. Such maintenance activities include inspections, cleaning and repair of v-ditches, minor erosion repairs, cleaning of stormwater pollution prevention devices, and other activities or repair of minor damage. Unused funds from the operating budget are returned to the reserve. This year’s operating budget is $163,404 as summarized below. Normal operating costs are anticipated to be approximately $200,000 to $230,000 per year. Operating costs are expected to increase in future years with inflation.
Proposed Budget
Staff $45,720
Consultants $18,025
Maintenance, Permits $99,159
Office and Miscellaneous $500
Total Expenses (Not including revenue) $163,404
It should be noted that full operating costs are not well known at this point in the life of the NWSR GHAD and contracts for external services have only been recently executed. If costs are greater than expected, staff may need to request a mid-year adjustment, which could reduce reserve contributions.
The reserve is composed of two main elements – long-term replacement funds/deferred maintenance and a reserve to respond to damage caused by geologic hazards (such as landslides or large-scale settlements).
Replacement/Deferred Maintenance Reserve
The required replacement fund was determined during the formation of the NWSR GHAD and is based on the current year estimated replacement costs, the estimated lives of the improvements that the NWSR GHAD is responsible for, and the number of years that those improvements have been in service. The magnitude of what this reserve will need to be will vary as components are replaced; however, 2024 full replacement cost of the GHAD’s assets is approximately $7.8 million. For the purpose of determining appropriate assessment levels to be levied, staff assumed that this obligation would be fully met.
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Large Repair Reserve
One of the primary functions of the NWSR GHAD is to respond to large scale damage due to geologic hazards that are beyond the means normally available to homeowners or homeowner’s associations. This is most commonly caused by landslides or large-scale settlements. The original assessment calculations included an assumption that the NWSR GHAD would need to repair major damage from a Large Event costing $1 million (2019) every 20 years. The frequency and magnitude of repairs that will actually be required is difficult to determine.
However, based on recent experience with the large landslide in the Dougherty Valley area and the costs associated with the necessary repairs, staff propose to have a $5M reserve to respond to future large events to protect the safety of the residents.
Maximum Assessment
The initial Engineer’s Report and subsequent GHAD Board action established an annual assessment limit of $1,428 per residential unit and an annual assessment limit of $0.10 per square foot of habitable non-residential space in FY 2017/18 dollars. The proposed initial assessment limits will be adjusted annually to reflect the percentage change in the San Francisco-Oakland-San Jose Consumer Price Index (CPI) for All Urban Consumers. The assessment limit will be adjusted annually using an initial date of June 2017 for the CPI for both the residential and non-residential assessment limit. Each subsequent annual adjustment will be calculated using the 12-month period from June to June. The residential and non-residential assessments are to be levied beginning in the first assessment cycle following the issuance of a building permit for the assessed parcel. The assessment limit for FY 2023/24 was $1,715.97 per residential unit and $0.1202 per square foot of habitable non-residential property.
The applicable inflation from June 2022 to June 2023 was 2.88%; therefore, the assessment limit can be adjusted to $1,765.38 per residential unit and $0.1237 per square feet of habitable non-residential property. Based on an assumed assessment of 363.1 equivalent residential units and no non-residential property, it is estimated that the total assessment could be $641,010 at the maximum rate.
Assessment to be Levied
The NWSR GHAD may levy any assessment up to the maximum limit. During the Board meeting on May 23, 2023, concerns were raised about the high cost of fire insurance impacting the property owners’ budgets, in particular for property owners living in affordable housing units.
The Board requested that staff review options to reduce the assessment for FY 2023/24. On the Boad meeting on June 13, 2023, the Board selected to levy the assessment of $1,191.56 per residential assessment unit and $0.083 per square feet of habitable non-residential property.
Staff has reviewed assessment options for FY 2024/25, and developed four options that are discussed below and shown on the attached graph, included with Exhibit D.
Option A – Maximum Levy Assessment at $1,765.38 per Residential Assessment Unit Option A is to levy the maximum assessment of $1,765.38 per residential assessment unit and $0.1237 per square foot of non-residential property. This approach is to maximize the accumulation of the reserve in order to meet the aforementioned “Large Event Reserve” goal as
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soon as possible. Even with the maximum assessment, it is estimated that the Large Event Reserve goal will not be met until 2047.
Option B – Levy below the Maximum Assessment at $1,410.00 per Residential Assessment Unit
As an alternative, the NWSR GHAD could consider levying an assessment at a lower rate below the maximum allowable and rely on debt financing to supplement the reserve to respond to large events. This would allow the Large Event Reserve goal to be lowered by the amount of loans that the NWSR GHAD is willing and able to obtain. The NWSR GHAD’s ability to obtain bank loans or bonds depends on its maximum assessment capacity and the annual operating costs. Considering a typical 10-year loan, the loan limit of any given year can be roughly estimated as the total maximum assessment, subtracting the total operating costs and estimated total interest payment over the following 10 years.
Based on an assessment of $1,410.00 per residential assessment unit and $0.0988 per square feet of habitable non-residential property and a loan capacity of less than $3M, the NWSR GHAD would still be able to reach the Large Event reserve goal around 2047. Note that there are disadvantages associated with debt financing: 1) the interest costs, depending on the interest rates, could result in less capacity than anticipated; 2) the debt commitment extending over many years could reduce the District’s fiscal flexibility; and 3) it could increase the administrative costs for legal and regulatory compliance, paperwork, monitoring, and reporting.
In addition, having less funds in reserve would limit the NWSR GHAD’s ability to respond to multiple events or events larger than anticipated.
Option C – Levy below the Maximum Assessment at $1,575.00 per Residential Assessment Unit
As an additional alternative, the NWSR GHAD may levy an assessment at a rate between Option A and Option B. An assessment of $1,575.00 per residential assessment unit and $0.1103 per square feet of habitable non-residential property would meet a larger portion of the Large Event Reserve goal, allowing the NWSR GHAD the ability to respond to most geologic events, but still rely on debt financing for a portion of the most extreme events.
Option D – Levy below the Maximum Assessment at $1,225,87 per Residential Assessment Unit
The NWSR GHAD could limit the assessment to increasing the current levy by inflation. This would result in an assessment of $1,225.87 per residential unit and $0.085 per square feet of habitable non-residential property. This assessment level is sufficient for the operating budget and the reserve for replacement/deferred maintenance but will not allow the accumulation to reach the Large Event reserve goal even considering debt financing. Staff does not recommend this option.
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The assessments discussed above are “per residential assessment unit”. The apportionment of the assessments is not uniform with the NWSR GHAD but is instead based on the type of unit in each neighborhood. A comparison of the assessments to be levied on the actual units based on the four options is shown below:
Unit Type Assessment
Ratio
Actual Assessment Based on Housing Type
Option A Option B Option C Option D
N1 1 $1,765.38 $1,410.00 $1,575.00 $1,225.87
N2 0.7 $1,235.77 $987.00 $1,102.50 $858.11
N3 0.6 $1,059.23 $846.00 $945.00 $735.52
Townhome N4 0.5 $882.69 $705.00 $787.50 $612.93
Flat N4 0.45 $794.42 $634.50 $708.75 $551.64
Single Family N5 0.45 $794.42 $634.50 $708.75 $551.64
Condo N5 0.4 $706.15 $564.00 $630.00 $490.35
N = Neighborhood
The anticipated budget and reserves are summarized below.
Item Option A Option B Option C Option D
FY 2023/24 - End of FY Balance $1,840,205 $1,840,205 $1,840,205 $1,840,205 FY 2024/25 - Assessment $641,010 $511,971 $571,883 $445,113 FY 2024/25 - Costs ($163,404) ($163,404) ($163,404) ($163,404) FY 2024/25 - Reserve Fund Contribution $488,307 $359,268 $419,180 $292,410 FY 2024/25 - Interests $9,201 $9,201 $9,201 $9,201
FY 2024/25 - End of FY Large Event Reserve $1,441,076 $1,312,037 $1,371,949 $1,245,179 VIII. PROPERTY OWNER OR DEVELOPER RESPONSIBILITIES
The property owner or developer of the Project is responsible for managing and maintaining The Preserve portion of the NWSR GHAD until the NWSR GHAD accepts responsibility for the GHAD Improvements as set forth in the Plan of Control. In addition, the property owner or developer is responsible for funding any necessary GHAD functions or business undertaken for the GHAD that the GHAD Officers or Board of Directors determine are necessary before the NWSR GHAD accepts the GHAD Improvements. If the property owner or developer fails to fund all or a portion of these costs, these costs shall be covered by the funds generated by and for the NWSR GHAD (i.e., through the assessment) and the developer shall be required to reimburse the NWSR GHAD for such costs before the GHAD can accept monitoring and maintenance responsibilities for the GHAD Improvements.
The NWSR GHAD may utilize funds generated by or for the GHAD to conduct any necessary GHAD functions or business for the GHAD before the NWSR GHAD accepts the GHAD improvements. Such functions and business can include periodic reporting to the NWSR GHAD Board of Directors and work performed by NWSR GHAD Officers to verify the maintenance is implemented in accordance with the Plan of Control and GHAD Law. Such an undertaking does
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not render the GHAD liable or responsible for the GHAD improvements during this period of time. The NWSR GHAD only becomes responsible for maintenance once the GHAD improvements are accepted by the GHAD in accordance with the requirements set forth in the Plan of Control.
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EXHIBIT A
Assessment Diagram
(Legal Description for Subdivision 9342)
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ASSESSMENT DIAGRAM
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Attachment: A: DRAFT NWSR GHAD Engineer’s Report for FY 2024/25 (4323 : NWSR GHAD FY 24/25 Draft Budget)
EXHIBIT B
Plat
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EXHIBIT C
Northwest San Ramon GHAD Budget
FY 2024/25
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EXHIBIT C
Northwest San Ramon Geologic Hazard Abatement District
The Preserve Development
ASSUMPTIONS
Total Number of Residential Units (Actual) 600
Total Number of Residential Units (Equivalent) 361.1
Maximum Annual Assessment per Unit (FY 2024/25) $1765.38 Approximate Total Habitable Non-Residential Building Area (square feet) 0 Annual Assessment - Nonresidential (square feet) $0.1237 Annual Adjustment in Maximum Assessment (estimated) 2.88% Inflation (estimated) 2.88%
Investment Earnings (estimated) 0.5%
Frequency of Large-Scale Repair (years) 20
Cost of Large-Scale Repair (current $) $5,000,000
TYPICAL ESTIMATED ANNUAL EXPENSES AND ANNUALIZED REPLACEMENT AND LARGE REPAIR COSTS FOR FY 2024/25
Administration and Management
Additional GHAD Staff, Memberships, Assessment Roll, and Budget Site Monitoring Program
Sediment/Debris Removal – Drainage Improvements
Water Quality/Detention/Bioretention Basins
Subdrain Outlets
Vegetation Control/Fencing/Trails– Open Space
Slope and Creek Bank Stabilization (including minor landsliding) Water Quality/Detention Basin Replacement
Open Space Storm Drain Replacement
Bioretention Cell Replacement
Retaining Wall/Fence Replacement/Trails
Concrete Ditch Replacement
Major Repair (Annualized)
Misc. & Contingency (7%)
Total
$29,669
$20,732
$18,543
$10,075
$46,604
$1,112
$47,594
$37,086
$2,472
$22,013
$52,451
$77,615
$9,065
$61,810
$26,252
$463,095
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Northwest San Ramon GHAD Reserve Fund Study
FY 2024/25
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$1 $2 $3 $4 $5 $6 $7 $8 $9
$10 $11 $12 $13 $14 $15 $16 $17 $18 $19 $20
2020 2025 2030 2035 2040 2045 2050
$ (Millions)
NWSR GHAD
FY 2024/25 Reserve Fund Study
Figure 1 - Large Event Reserve
Large Event Reserve Goal - $5MLarge Evnet Reserve Goal - considering loan limitOption A - Maximum AssessmentOption B - lowOption C - midOption D - Assessment Inflated Only "LOAN CAPACITY"
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1011121314151617181920
2020 2025 2030 2035 2040 2045 2050
$ (Millions)
NWSR GHAD
FY 2024/25 Reserve Fund Study
Figure 2a - Reserve Balances - Option A
Deferred Maintenance Balance, End of FYLarge Event Reserve Balance, End of FYTotal Balance, End of FY
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1011121314151617181920
2020 2025 2030 2035 2040 2045 2050
$ (Millions)
NWSR GHAD
FY 2024/25 Reserve Fund Study
Figure 2b - Reserve Balances - Option B
Deferred Maintenance Balance, End of FYLarge Event Reserve Balance, End of FYTotal Balance, End of FY
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1011121314151617181920
2020 2025 2030 2035 2040 2045 2050
$ (Millions)
NWSR GHAD
FY 2024/25 Reserve Fund Study
Figure 2c - Reserve Balances - Option C
Deferred Maintenance Balance, End of FYLarge Event Reserve Balance, End of FYTotal Balance, End of FY
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1011121314151617181920
2020 2025 2030 2035 2040 2045 2050
$ (Millions)
NWSR GHAD
FY 2024/25 Reserve Fund Study
Figure 2d - Reserve Balances - Option D
Deferred Maintenance Balance, End of FYLarge Event Reserve Balance, End of FYTotal Balance, End of FY
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FINANCE COMMITTEE STAFF REPORT
DATE: April 22, 2024
TO: Finance Committee/City Manager
FROM: Kelly Sessions, Administrative Services Director
By: Miaoxia Joe, Administraive Analyst
SUBJECT: PARS Pension Stabilization Trust Statement for the Period Ending March 31, 2024
RECOMMENDED ACTION
Staff recommends that the Finance Committee review and accept the PARS Pension Stabilization Trust Statement for the period ending March 31, 2024.
BACKGROUND/DISCUSSION
Participation in the PARS Pension Stabilization Trust (PARS Trust) was approved by City Council on November 28, 2017 by Resolution No. 2017-128. The purpose of the PARS Trust was to pre-fund pension obligations to address unfunded liabilities and large variances in annual pension contributions. Before the PARS Trust was established, the City’s only option for reducing the unfunded pension liability was to commit additional funds to CalPERS.
Unfortunately, these additional funds would be subject to the same market volatility risk as the CalPERS investment rate of return. Pre-funding the pension obligations through the PARS Trust verses CalPERS offered the following benefits:
• Provided local control and more flexibility in investment allocations compared to maintaining funds in a City-invested reserve or giving money to CalPERS to pay down unfunded liability
• Offered potential for higher investment returns
• Acted as a reserve fund to help the City pay for increasing CalPERS annual contribution requirements and helped mitigate General Fund budget spiking At the start of January 2024, the PARS Trust had a balance of $1,756,166. During this quarter, there were investment gains of $72,219 and expenses of 2,572, which left an ending balance of $1,825,813 at March 31, 2024.
FISCAL ANALYSIS
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This item is for informational purposes only--no fiscal impact.
STEPS FOLLOWING APPROVAL
None
ATTACHMENT
A: PARS Pension Stabilization Trust Statement for the Period Ending March 31, 2024
5.4 Packet Pg. 117
CITY OF SAN RAMON
PARS Post-Employment Benefits Trust 3/1/2024 to 3/31/2024 Steven Spedowfski
City Manager
City of San Ramon
7000 Bollinger Canyon Rd.
San Ramon, CA 94583
Account Summary
Source 3/1/2024 Contributions Earnings Expenses Distributions Transfers 3/31/2024 PENSION 1002 $1,787,919.36 $0.00 $38,758.27 $864.44 $0.00 $0.00 $1,825,813.19 Totals $1,787,919.36 $0.00 $38,758.27 $864.44 $0.00 $0.00 $1,825,813.19 Investment Selection
Source
PENSION
Investment Objective
Source
PENSION
Investment Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years PENSION 2.17% 4.12% 13.82% 2.67% 5.50% - 3/14/2018
Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value Headquarters - 4350 Von Karman Ave., Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949.250.1250 www.pars.org Account balances are inclusive of Trust Administration, Trustee and Investment Management fees Annualized Return
Investment Return: Annualized rate of return is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year return.
Past performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns. Information is deemed reliable but may be subject to change.
Account Report for the Period
Balance as of
Moderate - Strategic Blend
Balance as of
The dual goals of the Moderate Strategy are growth of principal and income. It is expected that dividend and interest income will comprise a significant portion of total return, although growth through capital appreciation is equally important. The portfolio will be allocated between equity and fixed income investments.
Plan's Inception Date
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