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
October 14, 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 - Regular Meeting - July 22, 2024
4. UNFINISHED BUSINESS
5. NEW BUSINESS
5.1 California Employer’s Benefit Trust (CERBT) for the Period Ending June 30, 2024
Staff Report by Candace Daniels, Finance Division Manager
5.2 Quarterly Investment Report for the Period Ending September 30, 2024 Staff Report by Miaoxia Joe, Financial Analyst
5.3 PARS Pension Stabilization Trust Statement for the Period Ending June 30, 2024 Staff Report by Candace Daniels, Finance Division
5.4 General Fund Reserve Policy and Alternatives Discussion Staff Report by Scott Koll, Deputy City Manager
2 Finance Committee Meeting – October 14, 2024
6. COMMITTEE MEMBER COMMENTS
7. ADJOURNMENT
The next Finance Committee Meeting is scheduled for November 12, 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: October 11, 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
July 22, 2024
1. CALL TO ORDER
The meeting was called to order at 4:03 PM.
Attendee Name Title Status Arrived
Scott Perkins Chair Present 3:50 PM
Sridhar Verose Vice Chair Present 3:51 PM
Also in attendance: Cindy Yee, Senior Planner; Miaoxia Joe, Financial Analyst; Steven Spedowfski, City Manager; Scott Koll, Deputy City Manager; Debbie Chamberlain, Community Development Director; Nicki MacPherson, Accounting Specialist
2. PUBLIC COMMENT
There were no public comments.
3. APPROVAL OF MINUTES
3.1 Finance Committee - Regular Meeting - Jun 10, 2024 4:00 PM RESULT: ACCEPTED [UNANIMOUS]
AYES: Perkins, Verose
4. UNFINISHED BUSINESS
There was no unfinished business to discuss.
5. NEW BUSINESS
5.1 Quarterly Investment Report for the Period Ending June 30, 2024 Staff Report by Miaoxia Joe, Financial Analyst
RESULT: REPORT RECEIVED
5.2 Nexus Fee Study Allocation- Fund 201
Staff Report by Cindy Yee, Senior Planner
The Finance Committee recommended the item to be forwarded on to the City Council for approval.
RESULT: RECOMMENDED Next: 7/23/2024 7:00 PM
3.1 Packet Pg. 3
Minutes Acceptance: Minutes of Jul 22, 2024 4:00 PM (APPROVAL OF MINUTES) 2 Finance Committee Meeting – July 22, 2024
6. COMMITTEE MEMBER COMMENTS
Committee members had nothing additional to report.
7. ADJOURNMENT
The meeting adjourned at 4:20 PM. The next Finance Committee Meeting is scheduled for August 12, 2024.
3.1 Packet Pg. 4
Minutes Acceptance: Minutes of Jul 22, 2024 4:00 PM (APPROVAL OF MINUTES)
FINANCE COMMITTEE STAFF REPORT
DATE: October 14, 2024
TO: Finance Committee/City Manager
FROM: Scott Koll, Deputy City Manager
By: Candace Daniels, Finance Division Manager
SUBJECT: California Employer’s Benefit Trust (CERBT) for the Period Ending June 30, 2024
RECOMMENDED ACTION
Staff recommends that the Finance Committee review and accept the CERBT Statement for the period ending June 30, 2024.
BACKGROUND/DISCUSSION
On November 14, 2014, the City Council approved participation in CERBT for purposes of prefunding the City’s long-term obligation for health benefits accrued to retired City employees.
Assets in this Trust can only be used for payment of these benefits and may not be used for other governmental purposes.
At the start of April 2024, the CERBT had a balance of $36,581,919. During this quarter, the trust had investment gains of $135,235, expenses of $7,641, and a withdrawal of $1,834,145 leaving an ending balance of $34,875,368 at June 30, 2024. As of the most recent actuarial valuation, which has a measurement date of June 30, 2023, the OPEB liability measured $44,977,406 and was 76% funded. With the current ending balance, the funding status of the OPEB liability is 78%.
FISCAL ANALYSIS
This item is for informational purposes only-there is no fiscal impact.
STEPS FOLLOWING APPROVAL
None.
ATTACHMENT
A: California Employer's Benefit Trust Statement (CERBT) for the Period Ending June 30, 2024
5.1 Packet Pg. 5
City of San Ramon
Please note the Grand Total is your actual fund account balance at the end of the period, including all contributions per GASB 74 paragraph 22 and accrued disbursements. Please review your statement promptly. All information contained in your statement will be considered true and accurate unless you contact us within 30 days of receipt of this statement. If you have questions about the validity of this information, please contact [email protected]. 1,731,976.212 1,731,976.212
$36,709,513.75 $34,930,881.84
Period Ending Unit Value 21.195160 21.195160
Period Beginning Unit Value 21.121490 19.597055
(91,905.819)
0.000
1,823,882.031
0.000
0.000
1,731,976.212
Current Period Year to Date
Ending Units
Unit Sales for Withdrawals
Unit Purchases from Contributions
Beginning Units
Market Value Summary: Unit Value Summary:
Grand Total $34,875,368.31 $34,875,368.31
(1,778,631.91)
(17,050.13)
0.00 2,774,945.59
0.00 $33,964,084.69
0.00 (4,413.63)
0.00 135,235.30
0.00 $36,581,919.18
Current Period Year to Date
Ending Balance
Disbursement
Administrative Expenses
Other
Investment Earnings
Contribution
Beginning Balance
QTD Fiscal QTD Fiscal
FY End Contrib per GASB 74 Para 22 0.00 0.00
Transfer In
Transfer Out
0.00 0.00
0.00 0.00
Unit Transfer In
Unit Transfer Out
0.000
0.000
0.000
0.000
Investment Expense (3,227.10) (12,466.40)
CERBT Strategy 2
Entity #: SKB7-4889155551-001
Quarter Ended June 30, 2024
FY End Disbursement Accrual (1,834,145.44) (55,513.53)
5.1.a
Packet Pg. 6
Attachment: A: California Employer's Benefit Trust Statement (CERBT) for the Period Ending June 30, Statement of Transaction Detail for the Quarter Ending 06/30/2024 City of San Ramon
Entity #: SKB7-4889155551-001
Date Description Amount Unit Value Units Check/Wire Notes 06/28/2024 FY 23-24 Disbursement
Accrual
($1,834,145.44)
If you have any questions or comments regarding the new statement format please contact [email protected] Client Contact:
5.1.a
Packet Pg. 7
Attachment: A: California Employer's Benefit Trust Statement (CERBT) for the Period Ending June 30,
FINANCE COMMITTEE STAFF REPORT
DATE: October 14, 2024
TO: Finance Committee/City Manager
FROM: Scott Koll, Deputy City Manager
By: Miaoxia Joe, Administraive Analyst
SUBJECT: Quarterly Investment Report for the Period Ending September 30, 2024
RECOMMENDED ACTION
Staff recommends that the Finance Committee review and accept the Quarterly Investment Report for the period ending September 30, 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, for the period ending September 30, 2024, the Investments Held by Trustees, and the Summary of Cash and Investments are attached for your review.
The September 30, 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 $10.2 million as of September 30, 2024. This account is used for the daily City operations.
Total funds managed by Meeder Public Funds equaled $74.8 million at book value as of September 30, 2024. The portfolio consists of $22.3 million in federal agency securities, $37.3 million in treasury securities, $5.1 million in supranationals, $6.7 million in corporate notes, and
5.2 Packet Pg. 8
$3.4 million in FDIC insured CD’s. The weighted average yield to maturity on investments is
3.01% and the weighted average days to maturity is 674 days, which is 10 days shorter than last quarter. Interest rates are 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 $3.6 million and makes up 4.59% of the portfolio as of September 30, 2024. The current rate is 4.84%. 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 4.58% and makes up 0.82% 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 $3.9 million. The 2019 Certificates of Participation (COP) investments managed by Meeder Public Funds total $0.1 million and are available for designated capital projects. The remaining $3.8 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 the City Council for review and acceptance at the October 22, 2024, City Council meeting.
ATTACHMENT
A: Summary of Cash and Investments at September 30, 2024 B: Investment Portfolio Information for City of San Ramon for the Month Ending September 30, 2024
5.2 Packet Pg. 9
Demand deposits held with JP Morgan Chase Bank $ 10,194,685 Investment Portfolio:
Investments held with US Bank (Meeder Public Funds) 74,824,823 Fidelity US Government Money Market Funds held with US Bank 3,630,655 Investments held with Local Agency Investment Fund (LAIF) 649,083 Total Investment Portfolio 79,104,560
Investments held with Trustee 3,886,787
Total Cash and Investments $ 93,186,033
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:
Candace Daniels, Finance Division Manager
Summary of Cash and Investments
For the Period September 30, 2024
5.2.a
Packet Pg. 10
Attachment: A: Summary of Cash and Investments at September 30, 2024 (4481 : Quarterly Investment Report) Monthly Investment Report
City of San Ramon
September 2024
10655 Park Run Drive, Suite 120 | Las Vegas, NV 89144 | Phone 702.575.6600 | www.meederpublicfunds.com
5.2.b
Packet Pg. 11
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Run Date: 10/2/2024 - 11:37 AM
Amortizing Page 2
Portfolio Summary
City of San Ramon 9/30/2024
SECTOR ALLOCATION MATURITY DISTRIBUTION CREDIT QUALITY (MOODY'S)
ACCOUNT SUMMARY MONTH-END PORTFOLIO BOOK YIELD TOP ISSUERS 9/30/24 8/31/24 Issuer % Portfolio
Market Value $78,937,850 $78,249,946 U.S. Treasury 47.2% Book Value $79,104,560 $78,810,929 FHLB 11.6%
Variance -$166,710 -$560,983 FFCB 8.9%
Fidelity Govt MMF 4.6%
Par Value $79,497,737 $79,210,478 IBRD 2.6%
IADB 2.5%
Net Asset Value $99.79 $99.29 TVA 2.5%
FNMA 2.5%
Book Yield 3.01% 2.95% FHLMC 2.5%
MetLife 1.5%
Market Yield 4.02% 4.29% Bank of New York Mellon 1.4%
IFC 1.3%
Years to Maturity 1.85 1.84 National Securities Clearing 1.3% New York Life 1.3%
Effective Duration 1.71 1.69 Toyota 1.2% Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24
2.00%
2.20%
2.40%
2.60%
2.80%
3.00%
3.20%
0.8%
4.4%
4.6%
6.5%
8.4%
28.1%
47.2%
LAIF
CD
MMF
SUPRA
CORP
AGY
TSY
0% 25% 50% 75% 100%
34.2%
20.2%
16.9% 15.7%
13.0%
0-1Y 1-2Y 2-3Y 3-4Y 4-5Y+
0%
10%
20%
30%
40%
50%
60%
5.2%
0.6%
3.8%
1.5%
81.2%
7.7%
NR
A3
A2
A1
Aa3
Aa2
Aa1
Aaa
P-1
0% 25% 50% 75% 100%
2 5.2.b
Packet Pg. 12
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Run Date: 10/2/2024 - 11:37 AM
Amortizing Page 3
Investment Policy Compliance
City of San Ramon 9/30/2024
Category Book Value % of Portfolio % Allowed by Policy In Compliance Reserved row US Treasuries 37,313,068.39 47.17% 100% Yes
US Federal Agencies 22,265,345.59 28.15% 100% Yes
Supranational Obligations 5,103,007.31 6.45% 30% Yes
LAIF 649,082.62 0.82% 15% Yes
Commercial Paper 0.00 0.00% 25% Yes
Money Market Funds 3,630,654.61 4.59% 20% Yes
Negotiable Certificates of Deposit 3,468,739.21 4.39% 30% Yes Corporate Obligations 6,674,662.57 8.44% 30% Yes
State and Local Governments 0.00 0.00% 3% Yes
Total 79,104,560.30 100.00%
Other Metrics Portfolio Metric In Compliance
Weighted Average Maturity 1.85 Less than 2.5 Years Yes
Liquidity 34.17% 30% Under 365 Days Yes
Ratings Yes
3 5.2.b
Packet Pg. 13
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Run Date: 10/2/2024 - 11:37 AM
Amortizing Page 4
Historical Book Values
City of San Ramon 9/30/2024
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
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 $75.1 $78.0 $83.5 FY24 Fiscal Year 2025 $83.6 $82.3 $78.9 FY25
Average Daily BalanceJul-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
Jul-24
$50
$60
$70
$80
$90
Millions
4 5.2.b
Packet Pg. 14
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Run Date: 10/2/2024 - 11:37 AM
Amortizing Page 5
Historical Book Values Per Fiscal Year
City of San Ramon 9/30/2024
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
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 $75.1 $78.0 $83.5 FY24 Fiscal Year 2025 $83.6 $82.3 $78.9 FY25
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 2021 Fiscal Year 2022 Fiscal Year 2023 Fiscal Year 2024 Fiscal Year 2025 5 5.2.b
Packet Pg. 15
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Run Date: 10/2/2024 - 11:37 AM
Amortizing Page 6
Historical Weighted Average Maturity
City of San Ramon 9/30/2024 Don
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
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 1.84 1.90 1.87 Fiscal Year 2025 1.79 1.84 1.85 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
Jul-24
0.00 0.50
1.00 1.50
2.00 2.50
Average Years To Maturity
6 5.2.b
Packet Pg. 16
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Run Date: 10/2/2024 - 11:37 AM
Amortizing Page 7
Next Twelve Months Cash Flow
City of San Ramon 9/30/2024
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Maturities $10.4 $5.1 $2.1 $1.0 $2.0 $2.0 $0.5 $2.0 $0.0 $0.0 $0.0 $2.0 1 Par Value in Millions; Assumes Securities Are Held To Maturity $10.4
$5.1
$2.1
$1.0
$2.0 $2.0
$0.5
$2.0
$0.0 $0.0 $0.0
$2.0
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 $0
$2
$4
$6
$8
$10
$12
Millions
7 5.2.b
Packet Pg. 17
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Run Date: 10/2/2024 - 11:37 AM
Amortizing Page 8
Yield At Cost Per 6-Month Maturity Intervals
City of San Ramon 9/30/2024
Years Yield At Cost % of Portfolio
0 to .5 2.98% 28.49%
.5 to 1.0 0.83% 5.69%
1.0 to 1.5 1.08% 14.89%
1.5 to 2.0 2.17% 4.05%
2.0 to 2.5 2.67% 11.63%
2.5 to 3.0 4.43% 6.54%
3.0 to 3.5 4.45% 11.00%
3.5 to 4.0 4.62% 4.69%
4.0 to 4.5 4.42% 8.60%
4.5 to 5.0 4.05% 4.42%
5.0+ 0.00% 0.00%
Total 3.01% 100.0%
2.98%
0.83%
1.08%
2.17%
2.67%
4.43%
4.45% 4.62% 4.42%
4.05%
-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 5.2.b
Packet Pg. 18
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Run Date: 10/2/2024 - 11:37 AM
Amortizing Page 9
Historical Sector Allocation
City of San Ramon 9/30/2024
Sector Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 TSY 38.7% 37.3% 37.1% 34.4% 39.7% 39.7% 41.9% 40.1% 42.8% 42.7% 45.4% 47.2% AGY 32.7% 33.0% 33.8% 33.8% 33.7% 33.7% 33.5% 32.7% 31.4% 31.4% 30.8% 28.1% CORP 4.5% 4.5% 7.6% 7.6% 7.6% 7.6% 7.5% 6.8% 8.0% 8.0% 8.5% 8.4% Supra 3.9% 3.9% 4.2% 4.2% 4.1% 4.1% 4.1% 6.1% 6.1% 6.1% 6.5% 6.5% MMF 9.2% 9.4% 4.6% 9.0% 6.0% 3.2% 2.9% 5.2% 2.6% 4.2% 1.7% 4.6% CD 4.1% 5.0% 5.3% 5.3% 4.6% 4.3% 4.3% 3.9% 3.9% 3.8% 4.7% 4.4% LAIF 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.9% 0.8% 0.8% 0.8% 0.8% 0.8% CP 6.2% 6.2% 6.6% 5.0% 3.3% 6.6% 4.9% 4.4% 4.5% 3.0% 1.6% 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% Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
TSY
AGY
CORP
Supra
MMF
CD
LAIF
CP
9 5.2.b
Packet Pg. 19
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Run Date: 10/2/2024 - 11:37 AM
Amortizing Page 10
Issuer Allocation
City of San Ramon 9/30/2024
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%
0.3%
0.6%
0.8%
1.2%
1.2%
1.3%
1.3%
1.3%
1.4%
1.5%
2.5%
2.5%
2.5%
2.5%
2.6%
4.6%
8.9%
11.6%
47.2%
Wells Fargo
UBS Bank USA
Morgan Stanley Private Bank
CIBC Bank USA
Discover Bank
Customers Bank
Bridgewater Bank/Bloomington MN
Stearns Bank NA
American Express National Bank
Ally Bank
Sallie Mae Bank
United Fidelity Bank FSB
First National Bank of Michigan
Bank Five Nine
Home Depot
LAIF
Bank of America
Toyota
New York Life
National Securities Clearing
IFC
Bank of New York Mellon
MetLife
FHLMC
FNMA
TVA
IADB
IBRD
Fidelity Govt MMF
FFCB
FHLB
U.S. Treasury
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
10 5.2.b
Packet Pg. 20
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Run Date: 10/2/2024 - 11:37 AM
Amortizing Page 11
Historical Earnings & Book Return Performance
City of San Ramon 9/30/2024
Fiscal YTD ($K) Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 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 $1,707.644 $1,887.911 $2,090.230 FY 2025 $211.841 $373.566 $609.195
Fiscal YTD Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Book Return 2.98% 2.65% 2.96%
Fiscal Year-To-Date Earnings
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
$0
$500
$1,000
$1,500
$2,000
$2,500
Thousands
FY 2023
FY 2024
FY 2025
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%
2.80%
2.90%
3.00%
3.10%
11 5.2.b
Packet Pg. 21
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Run Date: 10/2/2024 - 11:37 AM
Amortizing Page 12
Historical Yield At Cost vs Benchmark
City of San Ramon 9/30/2024
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
Jul-24
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0% Portfolio
Benchmark
Trailing 12 Months: Month End Yield At Cost vs Benchmark Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
Portfolio
Benchmark
Benchmark: Custom Benchmark (see disclosure)
12 5.2.b
Packet Pg. 22
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Run Date: 10/2/2024 - 11:37 AM
Amortizing Page 13
Investment Activity
City of San Ramon 9/30/2024
Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Positions 58 60 60 58 57 58 58 61 62 61 61 59
Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Purchases 7 6 3 0 2 2 2 4 3 0 2 1
Redemptions 8 4 3 2 3 1 2 1 2 1 2 3
Total 15 10 6 2 5 3 4 5 5 1 4 4
Number of Positions at Month End
Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 50 52
54 56
58 60
62 64
Positions
Purchases and Redemptions* (Excluding MMF/LGIP)
Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 0 2
4 6
8 10
Number of Transactions
Purchases
Redemptions
*Redemptions include maturities, calls, and sells
13 5.2.b
Packet Pg. 23
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Portfolio Summary
City of San Ramon September 30, 2024
Investments Par Value Book Value
% of
Portfolio Maturity YTM
Days to
Market Value
Book
Certificates of Deposit 3,472,000.00 3,557,877.44 3,468,739.21 4.39 1,080 4.54 Corporate Bonds 6,737,000.00 6,704,525.63 6,674,662.57 8.44 627 3.53 LAIF 649,082.62 649,082.62 649,082.62 0.82 1 4.58
Money Market Funds 3,630,654.61 3,630,654.61 3,630,654.61 4.59 1 4.84 Supranational Securities 5,095,000.00 5,080,873.60 5,103,007.31 6.45 562 2.13 U.S. Agencies 22,308,000.00 22,169,335.70 22,265,345.59 28.15 756 2.50 U.S. Treasuries 37,606,000.00 37,145,500.88 37,313,068.39 47.17 688 2.99 79,497,737.23 78,937,850.48 79,104,560.30 100.00 674 3.01 Investments
Total Earnings September 30 Month Ending Fiscal Year To Date Current Year 235,629.55 609,195.28
Average Daily Balance 78,943,200.01 81,628,137.63
Book Rate of Return 3.63% 2.96%
Run Date: 10/2/2024 - 11:37 AM
Amortizing
14 5.2.b
Packet Pg. 24
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Holdings Report
City of San Ramon September 30, 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
02589AEN8 American Express National Bank 03/23/2026 248,000.00 03/22/2023 247,752.00 101.60 251,968.00 0.31% NR/NR 1.48
5.000% 5.04% 247,878.15 3.88% 305.75 4,089.85 NR 1.41
02007GM42 Ally Bank 03/23/2026 248,000.00 03/23/2023 247,752.00 101.66 252,111.84 0.31% NR/NR 1.48
5.050% 5.09% 247,878.04 3.89% 274.50 4,233.80 NR 1.41
910286GB3 United Fidelity Bank FSB 03/30/2026 248,000.00 03/30/2023 248,000.00 101.64 252,057.28 0.31% NR/NR 1.50
5.000% 5.00% 248,000.00 3.87% 67.95 4,057.28 NR 1.43
795451AK9 Sallie Mae Bank 08/11/2026 248,000.00 08/11/2021 248,000.00 95.12 235,887.68 0.31% NR/NR 1.86
1.100% 1.10% 248,000.00 3.84% 381.17 -12,112.32 NR 1.84 108622PJ4 Bridgewater Bank/Bloomington MN 11/03/2026 248,000.00 11/06/2023 247,628.00 102.61 254,472.80 0.31% NR/NR 2.09
5.100% 5.15% 247,739.97 3.80% 970.26 6,732.83 NR 1.92
23204HQA9 Customers Bank 08/13/2027 248,000.00 08/14/2024 247,628.00 100.64 249,579.76 0.31% NR/NR 2.87
4.050% 4.10% 247,643.98 3.81% 1,320.85 1,935.78 NR 2.67 32114VCH8 First National Bank of Michigan 03/15/2028 248,000.00 03/15/2023 248,000.00 102.97 255,353.20 0.31% NR/NR 3.46
4.600% 4.60% 248,000.00 3.68% 500.08 7,353.20 NR 3.16
062119BK7 Bank Five Nine 03/20/2028 248,000.00 03/20/2023 248,000.00 103.15 255,812.00 0.31% NR/NR 3.47
4.650% 4.65% 248,000.00 3.68% 347.54 7,812.00 NR 3.17
2546732U9 Discover Bank 03/21/2028 248,000.00 03/22/2023 247,456.88 104.28 258,606.96 0.31% NR/NR 3.47
5.000% 5.05% 247,622.85 3.68% 305.75 10,984.11 NR 3.15
12547CAX6 CIBC Bank USA 04/13/2028 248,000.00 04/14/2023 247,380.00 102.57 254,381.04 0.31% NR/NR 3.54
4.450% 4.51% 247,561.65 3.67% 5,140.05 6,819.39 NR 3.17 857894Q77 Stearns Bank NA 08/14/2028 248,000.00 08/13/2024 247,752.00 101.66 252,104.40 0.31% NR/NR 3.87
4.050% 4.08% 247,760.14 3.59% 1,348.37 4,344.26 NR 3.53 949764HK3 Wells Fargo Bank NA 11/07/2028 248,000.00 11/07/2023 247,451.92 105.68 262,078.96 0.31% NR/NR 4.11
5.050% 5.10% 247,550.32 3.56% 823.50 14,528.64 NR 3.59
61768EE82 Morgan Stanley Private Bank 11/08/2028 248,000.00 11/08/2023 247,456.88 105.59 261,850.80 0.31% NR/NR 4.11
5.050% 5.10% 247,554.09 3.57% 5,009.60 14,296.71 NR 3.60 90355GHQ2 UBS Bank USA 11/08/2028 248,000.00 11/08/2023 247,451.92 105.49 261,612.72 0.31% NR/NR 4.11
5.000% 5.05% 247,550.02 3.56% 781.37 14,062.70 NR 3.60
3,467,709.60 3,557,877.44 4.38% 2.96
Total Certificates of Deposit 3,472,000.00 4.54% 3,468,739.21 3.72% 17,576.74 89,138.23 2.69 Corporate Bonds
06406RAL1 Bank of New York Mellon 10/24/2024 1,079,000.00 06/28/2022 1,044,137.51 99.82 1,077,003.85 1.36% A1/A 0.07
2.100% 3.56% 1,077,999.16 4.84% 9,881.84 -995.31 AA- 0.06 64952WDL4 New York Life 01/22/2025 1,000,000.00 01/22/2020 996,410.00 99.12 991,200.00 1.26% Aaa/AA+ 0.31
2.000% 2.08% 999,776.62 4.85% 3,833.33 -8,576.62 AAA 0.30 Run Date: 10/2/2024 - 11:37 AM
Amortizing
15 5.2.b
Packet Pg. 25
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Holdings Report
City of San Ramon September 30, 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
Corporate Bonds
437076CM2 Home Depot 04/15/2025 500,000.00 03/28/2022 499,125.00 98.94 494,715.00 0.63% A2/A 0.54
2.700% 2.76% 499,844.46 4.70% 6,225.00 -5,129.46 A 0.52 637639AE5 National Securities Clearing 12/07/2025 1,000,000.00 01/07/2021 1,004,130.00 96.18 961,830.00 1.27% Aaa/AA+ 1.19
0.750% 11/07/2025 0.66% 1,000,996.33 4.08% 2,375.00 -39,166.33 NR 1.15 89236TKJ3 Toyota Motor Credit 09/20/2027 1,000,000.00 06/11/2024 986,000.00 101.61 1,016,090.00 1.25% A1/A+ 2.97
4.550% 5.02% 987,294.32 3.97% 1,390.28 28,795.68 A+ 2.75 06051GGA1 Bank of America 10/21/2027 1,000,000.00 12/08/2023 939,580.00 97.74 977,420.00 1.20% A1/A- 3.06
3.248% 4.98% 952,245.21 4.04% 14,435.56 25,174.79 AA- 2.55 592179KF1 MetLife 01/06/2028 1,158,000.00 12/08/2023 1,156,135.62 102.44 1,186,266.78 1.46% Aa3/AA- 3.27
5.050% 5.09% 1,156,506.46 4.24% 13,807.54 29,760.32 AA- 2.95 6,625,518.13 6,704,525.63 8.44% 1.72
Total Corporate Bonds 6,737,000.00 3.53% 6,674,662.57 4.37% 51,948.55 29,863.07 1.55 LAIF
9807828 LAIF 10/01/2024 649,082.62 07/15/2024 649,082.62 1.00 649,082.62 0.82% NR/NR 0.00
4.580% 4.58% 649,082.62 4.58% 0.00 0.00 NR 0.00
649,082.62 649,082.62 0.82% 0.00
Total LAIF 649,082.62 4.58% 649,082.62 4.58% 0.00 0.00 0.00 Money Market Funds
FIGXX Fidelity Govt MMF 10/01/2024 3,630,654.61 3,630,654.61 0.00 3,630,654.61 4.59% Aaa/AAA 0.00
4.840% 4.84% 3,630,654.61 4.84% 12,740.99 0.00 NR 0.00
3,630,654.61 3,630,654.61 4.59% 0.00
Total Money Market Funds 3,630,654.61 4.84% 3,630,654.61 4.84% 12,740.99 0.00 0.00 Supranational Securities
45950KCR9 IFC 10/16/2024 1,060,000.00 01/21/2021 1,100,216.40 99.85 1,058,410.00 1.34% Aaa/AAA 0.04
1.375% 0.35% 1,060,478.41 4.73% 6,680.21 -2,068.41 AAA 0.04 459058JL8 IBRD 10/28/2025 2,035,000.00 02/04/2021 2,033,473.75 96.30 1,959,623.60 2.57% Aaa/AAA 1.08
0.500% 0.52% 2,034,652.47 4.05% 4,324.38 -75,028.87 AAA 1.05 45818WFN1 IADB 07/19/2027 2,000,000.00 05/24/2024 2,008,860.00 103.14 2,062,840.00 2.54% Aaa/AAA 2.80
4.850% 4.70% 2,007,876.42 3.66% 19,400.00 54,963.58 AAA 2.57 Run Date: 10/2/2024 - 11:37 AM
Amortizing
16 5.2.b
Packet Pg. 26
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Holdings Report
City of San Ramon September 30, 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
5,142,550.15 5,080,873.60 6.45% 1.54
Total Supranational Securities 5,095,000.00 2.13% 5,103,007.31 4.04% 30,404.59 -22,133.70 1.44 U.S. Agencies
3133EK4Y9 FFCB 11/01/2024 1,043,000.00 05/07/2020 1,090,612.96 99.73 1,040,131.75 1.32% Aaa/AA+ 0.09
1.650% 0.62% 1,043,914.50 4.82% 7,170.62 -3,782.75 AA+ 0.08 3130AQXY4 FHLB 02/28/2025 2,000,000.00 02/28/2022 2,000,000.00 98.96 1,979,100.00 2.53% Aaa/AA+ 0.41
2.000% 10/28/2024 2.00% 2,000,000.00 4.61% 3,666.67 -20,900.00 AA+ 0.40 880591EW8 TVA 05/15/2025 2,000,000.00 05/11/2020 2,002,840.00 97.82 1,956,480.00 2.53% Aaa/AA+ 0.62
0.750% 0.72% 2,000,354.21 4.31% 5,666.67 -43,874.21 AA+ 0.60 3137EAEX3 FHLMC 09/23/2025 2,000,000.00 10/06/2020 1,991,000.00 96.53 1,930,660.00 2.53% Aaa/AA+ 0.98
0.375% 0.47% 1,998,222.16 4.02% 166.67 -67,562.16 AA+ 0.96 3135G06G3 FNMA 11/07/2025 2,000,000.00 01/20/2021 2,000,620.00 96.23 1,924,540.00 2.53% Aaa/AA+ 1.10
0.500% 0.49% 2,000,142.52 4.03% 4,000.00 -75,602.52 AA+ 1.07 3130AL7M0 FHLB 02/24/2026 2,000,000.00 02/24/2021 2,000,000.00 95.53 1,910,500.00 2.53% Aaa/AA+ 1.40
0.625% 11/24/2024 0.63% 2,000,000.00 3.94% 1,284.72 -89,500.00 AA+ 1.37 3133EN7A2 FFCB 10/26/2026 2,000,000.00 02/07/2023 1,972,388.00 99.86 1,997,220.00 2.51% Aaa/AA+ 2.07
3.625% 4.03% 1,984,616.47 3.69% 31,215.28 12,603.53 AA+ 1.94 3130AXU63 FHLB 11/17/2026 1,000,000.00 11/17/2023 998,230.00 102.01 1,020,140.00 1.26% Aaa/AA+ 2.13
4.625% 4.69% 998,742.97 3.63% 17,215.28 21,397.03 AA+ 1.98 3130AQW66 FHLB 02/25/2027 1,000,000.00 02/25/2022 1,000,000.00 96.15 961,470.00 1.26% Aaa/AA+ 2.41
2.080% 11/25/2024 2.08% 1,000,000.00 3.77% 2,080.00 -38,530.00 AA+ 2.25 3130AUSN5 FHLB 10/01/2027 2,000,000.00 02/07/2023 1,967,600.00 99.63 1,992,540.00 2.50% Aaa/AA+ 3.00
3.500% 3.89% 1,979,077.42 3.63% 35,000.00 13,462.58 AA+ 2.81 3130A07B0 FHLB 09/01/2028 1,265,000.00 10/31/2023 1,214,564.45 101.44 1,283,253.95 1.55% Aaa/AA+ 3.92
4.000% 4.94% 1,224,124.32 3.60% 4,216.67 59,129.63 AA+ 3.58 3133EPC45 FFCB 11/13/2028 2,000,000.00 11/28/2023 2,009,460.00 103.87 2,077,320.00 2.54% Aaa/AA+ 4.12
4.625% 4.52% 2,007,859.48 3.61% 35,458.33 69,460.52 AA+ 3.66 3133ERDH1 FFCB 04/30/2029 2,000,000.00 05/17/2024 2,030,572.00 104.80 2,095,980.00 2.56% Aaa/AA+ 4.58
4.750% 4.40% 2,028,291.53 3.60% 39,847.22 67,688.47 AA+ 4.02 22,277,887.41 22,169,335.70 28.15% 2.07
Total U.S. Agencies 22,308,000.00 2.50% 22,265,345.59 3.94% 186,988.13 -96,009.88 1.91 U.S. Treasuries
912797LS4 U.S. Treasury 10/08/2024 2,000,000.00 06/11/2024 1,965,390.84 99.91 1,998,180.00 2.53% P-1/A-1+ 0.02
0.000% 5.40% 1,997,633.56 4.17% 0.00 546.44 F1+ 0.02
Run Date: 10/2/2024 - 11:37 AM
Amortizing
17 5.2.b
Packet Pg. 27
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Holdings Report
City of San Ramon September 30, 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
912828YM6 U.S. Treasury 10/31/2024 2,000,000.00 04/06/2021 2,067,656.26 99.72 1,994,440.00 2.53% Aaa/AA+ 0.08
1.500% 0.54% 2,001,608.39 4.78% 12,554.35 -7,168.39 AA+ 0.08 912828G38 U.S. Treasury 11/15/2024 2,000,000.00 07/23/2021 2,118,750.00 99.68 1,993,600.00 2.53% Aaa/AA+ 0.13
2.250% 0.44% 2,004,510.73 4.78% 16,997.28 -10,910.73 AA+ 0.12 912797LE5 U.S. Treasury 11/21/2024 2,054,000.00 05/23/2024 2,000,392.02 99.34 2,040,525.76 2.58% P-1/A-1+ 0.14
0.000% 5.37% 2,038,640.41 4.65% 0.00 1,885.35 F1+ 0.14
912797LP0 U.S. Treasury 12/12/2024 2,052,000.00 06/20/2024 2,000,663.66 99.11 2,033,655.12 2.57% P-1/A-1+ 0.20
0.000% 5.35% 2,030,510.37 4.52% 0.00 3,144.75 F1+ 0.20
912828ZF0 U.S. Treasury 03/31/2025 2,000,000.00 07/23/2021 1,998,359.38 98.11 1,962,180.00 2.53% Aaa/AA+ 0.50
0.500% 0.52% 1,999,778.33 4.36% 27.47 -37,598.33 AA+ 0.49 91282CAT8 U.S. Treasury 10/31/2025 2,000,000.00 04/06/2021 1,946,875.00 96.13 1,922,580.00 2.51% Aaa/AA+ 1.08
0.250% 0.84% 1,987,395.15 3.93% 2,092.39 -64,815.15 AA+ 1.06 912828M56 U.S. Treasury 11/15/2025 2,000,000.00 02/07/2022 2,041,015.62 98.22 1,964,300.00 2.54% Aaa/AA+ 1.13
2.250% 1.69% 2,012,242.13 3.89% 16,997.28 -47,942.13 AA+ 1.08 912828R36 U.S. Treasury 05/15/2026 2,000,000.00 06/07/2022 1,897,500.00 96.72 1,934,300.00 2.47% Aaa/AA+ 1.62
1.625% 3.01% 1,957,802.50 3.73% 12,275.82 -23,502.50 AA+ 1.56 91282CCW9 U.S. Treasury 08/31/2026 1,000,000.00 08/31/2021 997,798.42 94.65 946,520.00 1.26% Aaa/AA+ 1.92
0.750% 0.80% 999,156.02 3.66% 642.27 -52,636.02 AA+ 1.86 91282CCZ2 U.S. Treasury 09/30/2026 1,000,000.00 10/13/2021 990,351.56 94.73 947,270.00 1.26% Aaa/AA+ 2.00
0.875% 1.08% 996,115.08 3.63% 24.04 -48,845.08 AA+ 1.94 91282CDG3 U.S. Treasury 10/31/2026 2,000,000.00 02/07/2022 1,941,093.76 94.98 1,899,620.00 2.50% Aaa/AA+ 2.08
1.125% 1.78% 1,974,043.05 3.65% 9,415.76 -74,423.05 AA+ 2.01 912828U24 U.S. Treasury 11/15/2026 2,000,000.00 03/14/2022 2,003,593.76 96.68 1,933,600.00 2.53% Aaa/AA+ 2.13
2.000% 1.96% 2,001,633.71 3.64% 15,108.70 -68,033.71 AA+ 2.03 912828X88 U.S. Treasury 05/15/2027 2,000,000.00 02/07/2023 1,882,421.88 96.97 1,939,300.00 2.44% Aaa/AA+ 2.62
2.375% 3.88% 1,927,777.75 3.60% 17,941.58 11,522.25 AA+ 2.48 91282CFU0 U.S. Treasury 10/31/2027 2,000,000.00 02/23/2023 1,992,109.38 101.58 2,031,640.00 2.52% Aaa/AA+ 3.08
4.125% 4.22% 1,994,807.22 3.58% 34,524.46 36,832.78 AA+ 2.82 9128283F5 U.S. Treasury 11/15/2027 2,000,000.00 07/07/2023 1,823,750.00 96.10 1,921,960.00 2.37% Aaa/AA+ 3.13
2.250% 4.50% 1,873,680.12 3.58% 16,997.28 48,279.88 AA+ 2.95 91282CHX2 U.S. Treasury 08/31/2028 2,000,000.00 05/23/2024 1,989,687.50 102.89 2,057,740.00 2.52% Aaa/AA+ 3.92
4.375% 4.51% 1,990,546.32 3.58% 7,493.09 67,193.68 AA+ 3.56 91282CJA0 U.S. Treasury 09/30/2028 2,000,000.00 02/08/2024 2,046,093.76 103.88 2,077,660.00 2.58% Aaa/AA+ 4.00
4.625% 4.07% 2,039,706.94 3.57% 254.12 37,953.06 AA+ 3.63 91282CJA0 U.S. Treasury 09/30/2028 2,000,000.00 04/10/2024 2,015,937.50 103.88 2,077,660.00 2.55% Aaa/AA+ 4.00
4.625% 4.43% 2,014,250.11 3.57% 254.12 63,409.89 AA+ 3.63 91282CFJ5 U.S. Treasury 08/31/2029 1,500,000.00 09/30/2024 1,471,230.47 97.92 1,468,770.00 1.86% Aaa/AA+ 4.92
3.125% 3.55% 1,471,230.47 3.59% 4,014.16 -2,460.47 AA+ 4.49 Run Date: 10/2/2024 - 11:37 AM
Amortizing
18 5.2.b
Packet Pg. 28
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Holdings Report
City of San Ramon September 30, 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
37,190,670.76 37,145,500.88 47.17% 1.89
Total U.S. Treasuries 37,606,000.00 2.99% 37,313,068.39 3.95% 167,614.17 -167,567.48 1.76 78,984,073.28 78,937,850.48 100.00% 1.85
TOTAL PORTFOLIO 79,497,737.23 3.01% 79,104,560.30 4.02% 467,273.17 -166,709.76 1.71 TOTAL MARKET VALUE PLUS ACCRUED INTEREST 79,405,123.65
Run Date: 10/2/2024 - 11:37 AM
Amortizing
19 5.2.b
Packet Pg. 29
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Maturity Report
City of San Ramon September 30, 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 3,630,654.61 4.840% 10/01/2024 3,630,654.61 1 3,630,654.61 4.84% 1 9807828 LAIF 06/16/2021 649,082.62 4.580% 10/01/2024 649,082.62 1 649,082.62 4.58% 1 912797LS4 U.S. Treasury 06/11/2024 1,997,633.56 0.000% 10/08/2024 2,000,000.00 111 1,998,180.00 5.40% 8 45950KCR9 IFC 01/21/2021 1,060,478.41 1.375% 10/16/2024 1,060,000.00 1,348 1,058,410.00 0.35% 16 06406RAL1 Bank of New York Mellon 06/28/2022 1,077,999.16 2.100% 10/24/2024 1,079,000.00 825 1,077,003.85 3.56% 24 912828YM6 U.S. Treasury 04/06/2021 2,001,608.39 1.500% 10/31/2024 2,000,000.00 1,273 1,994,440.00 0.54% 31 3133EK4Y9 FFCB 05/07/2020 1,043,914.50 1.650% 11/01/2024 1,043,000.00 1,607 1,040,131.75 0.62% 32 912828G38 U.S. Treasury 07/23/2021 2,004,510.73 2.250% 11/15/2024 2,000,000.00 1,165 1,993,600.00 0.44% 46 912797LE5 U.S. Treasury 05/23/2024 2,038,640.41 0.000% 11/21/2024 2,054,000.00 130 2,040,525.76 5.37% 52 912797LP0 U.S. Treasury 06/20/2024 2,030,510.37 0.000% 12/12/2024 2,052,000.00 102 2,033,655.12 5.35% 73 64952WDL4 New York Life 01/22/2020 999,776.62 2.000% 01/22/2025 1,000,000.00 1,713 991,200.00 2.08% 114 3130AQXY4 FHLB 02/28/2022 2,000,000.00 2.000% 02/28/2025 2,000,000.00 945 1,979,100.00 2.00% 151 912828ZF0 U.S. Treasury 07/23/2021 1,999,778.33 0.500% 03/31/2025 2,000,000.00 1,165 1,962,180.00 0.52% 182 437076CM2 Home Depot 03/28/2022 499,844.46 2.700% 04/15/2025 500,000.00 917 494,715.00 2.76% 197 880591EW8 TVA 05/11/2020 2,000,354.21 0.750% 05/15/2025 2,000,000.00 1,603 1,956,480.00 0.72% 227 3137EAEX3 FHLMC 10/06/2020 1,998,222.16 0.375% 09/23/2025 2,000,000.00 1,455 1,930,660.00 0.47% 358 459058JL8 IBRD 02/04/2021 2,034,652.47 0.500% 10/28/2025 2,035,000.00 1,334 1,959,623.60 0.52% 393 91282CAT8 U.S. Treasury 04/06/2021 1,987,395.15 0.250% 10/31/2025 2,000,000.00 1,273 1,922,580.00 0.84% 396 3135G06G3 FNMA 01/20/2021 2,000,142.52 0.500% 11/07/2025 2,000,000.00 1,349 1,924,540.00 0.49% 403 912828M56 U.S. Treasury 02/07/2022 2,012,242.13 2.250% 11/15/2025 2,000,000.00 966 1,964,300.00 1.69% 411 637639AE5 National Securities Clearing 01/07/2021 1,000,996.33 0.750% 12/07/2025 1,000,000.00 1,362 961,830.00 0.66% 433 3130AL7M0 FHLB 02/24/2021 2,000,000.00 0.625% 02/24/2026 2,000,000.00 1,314 1,910,500.00 0.63% 512 02589AEN8 American Express National Bank 03/22/2023 247,878.15 5.000% 03/23/2026 248,000.00 558 251,968.00 5.04% 539 02007GM42 Ally Bank 03/23/2023 247,878.04 5.050% 03/23/2026 248,000.00 557 252,111.84 5.09% 539 910286GB3 United Fidelity Bank FSB 03/30/2023 248,000.00 5.000% 03/30/2026 248,000.00 550 252,057.28 5.00% 546 912828R36 U.S. Treasury 06/07/2022 1,957,802.50 1.625% 05/15/2026 2,000,000.00 846 1,934,300.00 3.01% 592 795451AK9 Sallie Mae Bank 08/11/2021 248,000.00 1.100% 08/11/2026 248,000.00 1,146 235,887.68 1.10% 680 91282CCW9 U.S. Treasury 08/31/2021 999,156.02 0.750% 08/31/2026 1,000,000.00 1,126 946,520.00 0.80% 700 91282CCZ2 U.S. Treasury 10/13/2021 996,115.08 0.875% 09/30/2026 1,000,000.00 1,083 947,270.00 1.08% 730 3133EN7A2 FFCB 02/07/2023 1,984,616.47 3.625% 10/26/2026 2,000,000.00 601 1,997,220.00 4.03% 756 91282CDG3 U.S. Treasury 02/07/2022 1,974,043.05 1.125% 10/31/2026 2,000,000.00 966 1,899,620.00 1.78% 761 108622PJ4 Bridgewater Bank/Bloomington MN 11/06/2023 247,739.97 5.100% 11/03/2026 248,000.00 329 254,472.80 5.15% 764 912828U24 U.S. Treasury 03/14/2022 2,001,633.71 2.000% 11/15/2026 2,000,000.00 931 1,933,600.00 1.96% 776 3130AXU63 FHLB 11/17/2023 998,742.97 4.625% 11/17/2026 1,000,000.00 318 1,020,140.00 4.69% 778 3130AQW66 FHLB 02/25/2022 1,000,000.00 2.080% 02/25/2027 1,000,000.00 948 961,470.00 2.08% 878 912828X88 U.S. Treasury 02/07/2023 1,927,777.75 2.375% 05/15/2027 2,000,000.00 601 1,939,300.00 3.88% 957 Run Date: 10/2/2024 - 11:37 AM
Amortizing
20 5.2.b
Packet Pg. 30
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Maturity Report
City of San Ramon September 30, 2024
CUSIP Date
Purchase
Value
Book
Rate
Coupon
Date
Maturity
Par
Remaining
Term Value
Market
Issuer YTM
Days to
Maturity
Book
45818WFN1 IADB 05/24/2024 2,007,876.42 4.850% 07/19/2027 2,000,000.00 129 2,062,840.00 4.70% 1,022 23204HQA9 Customers Bank 08/14/2024 247,643.98 4.050% 08/13/2027 248,000.00 47 249,579.76 4.10% 1,047 89236TKJ3 Toyota Motor Credit 06/11/2024 987,294.32 4.550% 09/20/2027 1,000,000.00 111 1,016,090.00 5.02% 1,085 3130AUSN5 FHLB 02/07/2023 1,979,077.42 3.500% 10/01/2027 2,000,000.00 601 1,992,540.00 3.89% 1,096 06051GGA1 Bank of America 12/08/2023 952,245.21 3.248% 10/21/2027 1,000,000.00 297 977,420.00 4.98% 1,116 91282CFU0 U.S. Treasury 02/23/2023 1,994,807.22 4.125% 10/31/2027 2,000,000.00 585 2,031,640.00 4.22% 1,126 9128283F5 U.S. Treasury 07/07/2023 1,873,680.12 2.250% 11/15/2027 2,000,000.00 451 1,921,960.00 4.50% 1,141 592179KF1 MetLife 12/08/2023 1,156,506.46 5.050% 01/06/2028 1,158,000.00 297 1,186,266.78 5.09% 1,193 32114VCH8 First National Bank of Michigan 03/15/2023 248,000.00 4.600% 03/15/2028 248,000.00 565 255,353.20 4.60% 1,262 062119BK7 Bank Five Nine 03/20/2023 248,000.00 4.650% 03/20/2028 248,000.00 560 255,812.00 4.65% 1,267 2546732U9 Discover Bank 03/22/2023 247,622.85 5.000% 03/21/2028 248,000.00 558 258,606.96 5.05% 1,268 12547CAX6 CIBC Bank USA 04/14/2023 247,561.65 4.450% 04/13/2028 248,000.00 535 254,381.04 4.51% 1,291 857894Q77 Stearns Bank NA 08/13/2024 247,760.14 4.050% 08/14/2028 248,000.00 48 252,104.40 4.08% 1,414 91282CHX2 U.S. Treasury 05/23/2024 1,990,546.32 4.375% 08/31/2028 2,000,000.00 130 2,057,740.00 4.51% 1,431 3130A07B0 FHLB 10/31/2023 1,224,124.32 4.000% 09/01/2028 1,265,000.00 335 1,283,253.95 4.94% 1,432 91282CJA0 U.S. Treasury 02/08/2024 2,039,706.94 4.625% 09/30/2028 2,000,000.00 235 2,077,660.00 4.07% 1,461 91282CJA0 U.S. Treasury 02/08/2024 2,014,250.11 4.625% 09/30/2028 2,000,000.00 235 2,077,660.00 4.43% 1,461 949764HK3 Wells Fargo Bank NA 11/07/2023 247,550.32 5.050% 11/07/2028 248,000.00 328 262,078.96 5.10% 1,499 61768EE82 Morgan Stanley Private Bank 11/08/2023 247,554.09 5.050% 11/08/2028 248,000.00 327 261,850.80 5.10% 1,500 90355GHQ2 UBS Bank USA 11/08/2023 247,550.02 5.000% 11/08/2028 248,000.00 327 261,612.72 5.05% 1,500 3133EPC45 FFCB 11/28/2023 2,007,859.48 4.625% 11/13/2028 2,000,000.00 307 2,077,320.00 4.52% 1,505 3133ERDH1 FFCB 05/17/2024 2,028,291.53 4.750% 04/30/2029 2,000,000.00 136 2,095,980.00 4.40% 1,673 91282CFJ5 U.S. Treasury 09/30/2024 1,471,230.47 3.125% 08/31/2029 1,500,000.00 0 1,468,770.00 3.55% 1,796 Net Maturities and Averages 79,104,560.30 79,497,737.23 78,937,850.48 3.01% 674 Run Date: 10/2/2024 - 11:37 AM
Amortizing
21 5.2.b
Packet Pg. 31
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Summary by Issuer
City of San Ramon September 30, 2024
Issuer Investments
Number of Par
Value
Book
Value
% of
Portfolio YTM Maturity
Book Days to
U.S. Treasury 20 37,606,000.00 37,313,068.39 47.17 2.99 688 FHLB 6 9,265,000.00 9,201,944.71 11.63 2.80 750
FFCB 4 7,043,000.00 7,064,681.98 8.93 3.77 1,125
Fidelity Govt MMF 1 3,630,654.61 3,630,654.61 4.59 4.84 1 IBRD 1 2,035,000.00 2,034,652.47 2.57 0.52 393
IADB 1 2,000,000.00 2,007,876.42 2.54 4.70 1,022
TVA 1 2,000,000.00 2,000,354.21 2.53 0.72 227
FNMA 1 2,000,000.00 2,000,142.52 2.53 0.49 403
FHLMC 1 2,000,000.00 1,998,222.16 2.53 0.47 358
MetLife 1 1,158,000.00 1,156,506.46 1.46 5.09 1,193
Bank of New York Mellon 1 1,079,000.00 1,077,999.16 1.36 3.56 24 IFC 1 1,060,000.00 1,060,478.41 1.34 0.35 16
National Securities Clearing 1 1,000,000.00 1,000,996.33 1.27 0.66 433 New York Life 1 1,000,000.00 999,776.62 1.26 2.08 114
Toyota 1 1,000,000.00 987,294.32 1.25 5.02 1,085
Bank of America 1 1,000,000.00 952,245.21 1.20 4.98 1,116 LAIF 1 649,082.62 649,082.62 0.82 4.58 1
Home Depot 1 500,000.00 499,844.46 0.63 2.76 197
First National Bank of Michigan 1 248,000.00 248,000.00 0.31 4.60 1,262 Bank Five Nine 1 248,000.00 248,000.00 0.31 4.65 1,267
Sallie Mae Bank 1 248,000.00 248,000.00 0.31 1.10 680
United Fidelity Bank FSB 1 248,000.00 248,000.00 0.31 5.00 546 Ally Bank 1 248,000.00 247,878.04 0.31 5.09 539
American Express National Bank 1 248,000.00 247,878.15 0.31 5.04 539 Stearns Bank NA 1 248,000.00 247,760.14 0.31 4.08 1,414 Bridgewater Bank/Bloomington MN 1 248,000.00 247,739.97 0.31 5.15 764 Customers Bank 1 248,000.00 247,643.98 0.31 4.10 1,047
Discover Bank 1 248,000.00 247,622.85 0.31 5.05 1,268
CIBC Bank USA 1 248,000.00 247,561.65 0.31 4.51 1,291
Morgan Stanley Private Bank 1 248,000.00 247,554.09 0.31 5.10 1,500 Wells Fargo 1 248,000.00 247,550.32 0.31 5.10 1,499
UBS Bank USA 1 248,000.00 247,550.02 0.31 5.05 1,500
Total and Average 59 79,497,737.23 79,104,560.30 100.00% 3.01 674 Run Date: 10/2/2024 - 11:37 AM
Amortizing
22 5.2.b
Packet Pg. 32
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Income Earned Summary
City of San Ramon September 30, 2024
September 30 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
258,489.48 422,307.16
467,273.17 467,273.17
-525,275.03 -406,245.26
200,487.62 483,335.07
35,141.93 125,860.21
0.00 0.00
235,629.55 609,195.28
Run Date: 10/2/2024 - 11:37 AM
Amortizing
23 5.2.b
Packet Pg. 33
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Income Earned
City of San Ramon September 01, 2024 - September 30, 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
32100LCB9 First Missouri State Bank 09/13/2024 0.00 248,000.00 0.00 2,162.02 2,312.85 0.00 150.83 0.00 150.83 02007GM42 Ally Bank 03/23/2026 248,000.00 247,871.25 247,878.04 5,558.60 6,313.47 274.50 1,029.37 6.79 1,036.16 02589AEN8 American Express National Bank 03/23/2026 248,000.00 247,871.37 247,878.15 5,537.53 6,250.96 305.75 1,019.18 6.78 1,025.96 910286GB3 United Fidelity Bank FSB 03/30/2026 248,000.00 248,000.00 248,000.00 101.92 1,053.15 67.95 1,019.18 0.00 1,019.18 795451AK9 Sallie Mae Bank 08/11/2026 248,000.00 248,000.00 248,000.00 156.95 0.00 381.17 224.22 0.00 224.22 108622PJ4 Bridgewater Bank/Bloomington MN 11/03/2026 248,000.00 247,729.76 247,739.97 1,004.91 1,074.21 970.26 1,039.56 10.21 1,049.77 23204HQA9 Customers Bank 08/13/2027 248,000.00 247,633.78 247,643.98 495.32 0.00 1,320.85 825.53 10.20 835.73 32114VCH8 First National Bank of Michigan 03/15/2028 248,000.00 248,000.00 248,000.00 531.33 968.90 500.08 937.65 0.00 937.65 062119BK7 Bank Five Nine 03/20/2028 248,000.00 248,000.00 248,000.00 379.13 979.43 347.54 947.84 0.00 947.84 2546732U9 Discover Bank 03/21/2028 248,000.00 247,613.93 247,622.85 5,537.53 6,250.96 305.75 1,019.18 8.92 1,028.10 12547CAX6 CIBC Bank USA 04/13/2028 248,000.00 247,551.47 247,561.65 4,232.99 0.00 5,140.05 907.06 10.19 917.25 857894Q77 Stearns Bank NA 08/14/2028 248,000.00 247,755.05 247,760.14 522.84 0.00 1,348.37 825.53 5.09 830.62 949764HK3 Wells Fargo Bank NA 11/07/2028 248,000.00 247,541.32 247,550.32 857.81 1,063.68 823.50 1,029.37 9.00 1,038.37 90355GHQ2 UBS Bank USA 11/08/2028 248,000.00 247,541.02 247,550.02 815.34 1,053.15 781.37 1,019.18 9.00 1,028.18 61768EE82 Morgan Stanley Private Bank 11/08/2028 248,000.00 247,545.17 247,554.09 3,980.23 0.00 5,009.60 1,029.37 8.92 1,038.29 Certificates of Deposit - Sub Total 3,472,000.00 3,716,654.11 3,468,739.21 31,874.45 27,320.76 17,576.74 13,023.05 85.10 13,108.15 Commercial Paper
24422LJG9 John Deere 09/16/2024 0.00 1,247,243.18 0.00 0.00 0.00 0.00 0.00 2,756.82 2,756.82 Commercial Paper - Sub Total 0.00 1,247,243.18 0.00 0.00 0.00 0.00 0.00 2,756.82 2,756.82 Corporate Bonds
06406RAL1 Bank of New York Mellon 10/24/2024 1,079,000.00 1,076,789.82 1,077,999.16 7,993.59 0.00 9,881.84 1,888.25 1,209.34 3,097.59 64952WDL4 New York Life 01/22/2025 1,000,000.00 999,718.78 999,776.62 2,166.67 0.00 3,833.33 1,666.66 57.84 1,724.50 437076CM2 Home Depot 04/15/2025 500,000.00 499,821.33 499,844.46 5,100.00 0.00 6,225.00 1,125.00 23.13 1,148.13 637639AE5 National Securities Clearing 12/07/2025 1,000,000.00 1,001,064.00 1,000,996.33 1,750.00 0.00 2,375.00 625.00 -67.67 557.33 89236TKJ3 Toyota Motor Credit 09/20/2027 1,000,000.00 986,949.96 987,294.32 20,348.61 22,750.00 1,390.28 3,791.67 344.36 4,136.03 06051GGA1 Bank of America 10/21/2027 1,000,000.00 950,987.37 952,245.21 11,728.89 0.00 14,435.56 2,706.67 1,257.85 3,964.52 592179KF1 MetLife 01/06/2028 1,158,000.00 1,156,469.63 1,156,506.46 8,934.29 0.00 13,807.54 4,873.25 36.83 4,910.08 Corporate Bonds - Sub Total 6,737,000.00 6,671,800.89 6,674,662.57 58,022.05 22,750.00 51,948.55 16,676.50 2,861.68 19,538.18 LAIF
9807828 LAIF 10/01/2024 649,082.62 649,082.62 649,082.62 0.00 0.00 0.00 0.00 0.00 0.00 Run Date: 10/2/2024 - 11:38 AM
Amortizing
24 5.2.b
Packet Pg. 34
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Income Earned
City of San Ramon September 01, 2024 - September 30, 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 649,082.62 649,082.62 649,082.62 0.00 0.00 0.00 0.00 0.00 0.00 Money Market Funds
FIGXX Fidelity Govt MMF 10/01/2024 3,630,654.61 1,345,395.60 3,630,654.61 17,878.39 17,878.39 12,740.99 12,740.99 0.00 12,740.99 Money Market Funds - Sub Total 3,630,654.61 1,345,395.60 3,630,654.61 17,878.39 17,878.39 12,740.99 12,740.99 0.00 12,740.99 Supranational Securities
45950KCR9 IFC 10/16/2024 1,060,000.00 1,061,375.43 1,060,478.41 5,465.62 0.00 6,680.21 1,214.59 -897.02 317.57 459058JL8 IBRD 10/28/2025 2,035,000.00 2,034,626.50 2,034,652.47 3,476.46 0.00 4,324.38 847.92 25.97 873.89 45818WFN1 IADB 07/19/2027 2,000,000.00 2,008,102.80 2,007,876.42 11,316.67 0.00 19,400.00 8,083.33 -226.38 7,856.95 Supranational Securities - Sub Total 5,095,000.00 5,104,104.73 5,103,007.31 20,258.75 0.00 30,404.59 10,145.84 -1,097.42 9,048.42 U.S. Agencies
3133EKP75 FFCB 09/17/2024 0.00 1,999,799.29 0.00 14,577.78 16,000.00 0.00 1,422.22 200.71 1,622.93 3133EK4Y9 FFCB 11/01/2024 1,043,000.00 1,044,770.00 1,043,914.50 5,736.50 0.00 7,170.62 1,434.12 -855.50 578.62 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 2,000,399.87 2,000,354.21 4,416.67 0.00 5,666.67 1,250.00 -45.65 1,204.35 3137EAEX3 FHLMC 09/23/2025 2,000,000.00 1,998,076.11 1,998,222.16 3,291.67 3,750.00 166.67 625.00 146.05 771.05 3135G06G3 FNMA 11/07/2025 2,000,000.00 2,000,152.94 2,000,142.52 3,166.67 0.00 4,000.00 833.33 -10.41 822.92 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 1,984,018.45 1,984,616.47 25,173.61 0.00 31,215.28 6,041.67 598.02 6,639.69 3130AXU63 FHLB 11/17/2026 1,000,000.00 998,695.44 998,742.97 13,361.11 0.00 17,215.28 3,854.17 47.53 3,901.70 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 1,978,516.13 1,979,077.42 29,166.67 0.00 35,000.00 5,833.33 561.29 6,394.62 3130A07B0 FHLB 09/01/2028 1,265,000.00 1,223,255.24 1,224,124.32 25,300.00 25,300.00 4,216.67 4,216.67 869.08 5,085.75 3133EPC45 FFCB 11/13/2028 2,000,000.00 2,008,013.18 2,007,859.48 27,750.00 0.00 35,458.33 7,708.33 -153.69 7,554.64 3133ERDH1 FFCB 04/30/2029 2,000,000.00 2,028,788.78 2,028,291.53 31,930.56 0.00 39,847.22 7,916.66 -497.25 7,419.41 U.S. Agencies - Sub Total 22,308,000.00 24,264,485.41 22,265,345.59 184,794.30 45,050.00 186,988.13 47,243.83 860.18 48,104.01 U.S. Treasuries
912797LS4 U.S. Treasury 10/08/2024 2,000,000.00 1,989,055.22 1,997,633.56 0.00 0.00 0.00 0.00 8,578.34 8,578.34 912828YM6 U.S. Treasury 10/31/2024 2,000,000.00 2,003,164.90 2,001,608.39 10,108.70 0.00 12,554.35 2,445.65 -1,556.51 889.14 912828G38 U.S. Treasury 11/15/2024 2,000,000.00 2,007,452.52 2,004,510.73 13,328.80 0.00 16,997.28 3,668.48 -2,941.78 726.70 912797LE5 U.S. Treasury 11/21/2024 2,054,000.00 2,029,906.53 2,038,640.41 0.00 0.00 0.00 0.00 8,733.88 8,733.88 912797LP0 U.S. Treasury 12/12/2024 2,052,000.00 2,021,854.83 2,030,510.37 0.00 0.00 0.00 0.00 8,655.55 8,655.55 Run Date: 10/2/2024 - 11:38 AM
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Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Income Earned
City of San Ramon September 01, 2024 - September 30, 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
912828ZF0 U.S. Treasury 03/31/2025 2,000,000.00 1,999,741.79 1,999,778.33 4,207.65 5,000.00 27.47 819.82 36.54 856.36 91282CAT8 U.S. Treasury 10/31/2025 2,000,000.00 1,986,440.23 1,987,395.15 1,684.78 0.00 2,092.39 407.61 954.91 1,362.52 912828M56 U.S. Treasury 11/15/2025 2,000,000.00 2,013,135.72 2,012,242.13 13,328.80 0.00 16,997.28 3,668.48 -893.59 2,774.89 912828R36 U.S. Treasury 05/15/2026 2,000,000.00 1,955,664.12 1,957,802.50 9,626.36 0.00 12,275.82 2,649.46 2,138.39 4,787.85 91282CCW9 U.S. Treasury 08/31/2026 1,000,000.00 999,119.85 999,156.02 3,770.72 3,750.00 642.27 621.55 36.17 657.72 91282CCZ2 U.S. Treasury 09/30/2026 1,000,000.00 995,955.43 996,115.08 3,681.69 4,375.00 24.04 717.35 159.65 877.00 91282CDG3 U.S. Treasury 10/31/2026 2,000,000.00 1,973,019.78 1,974,043.05 7,581.52 0.00 9,415.76 1,834.24 1,023.27 2,857.51 912828U24 U.S. Treasury 11/15/2026 2,000,000.00 2,001,696.87 2,001,633.71 11,847.83 0.00 15,108.70 3,260.87 -63.16 3,197.71 912828X88 U.S. Treasury 05/15/2027 2,000,000.00 1,925,513.73 1,927,777.75 14,069.29 0.00 17,941.58 3,872.29 2,264.02 6,136.31 91282CFU0 U.S. Treasury 10/31/2027 2,000,000.00 1,994,668.87 1,994,807.22 27,798.91 0.00 34,524.46 6,725.55 138.35 6,863.90 9128283F5 U.S. Treasury 11/15/2027 2,000,000.00 1,870,358.83 1,873,680.12 13,328.80 0.00 16,997.28 3,668.48 3,321.29 6,989.77 91282CHX2 U.S. Treasury 08/31/2028 2,000,000.00 1,990,348.13 1,990,546.32 241.71 43,750.00 7,493.09 51,001.38 198.19 51,199.57 91282CJA0 U.S. Treasury 09/30/2028 4,000,000.00 4,055,065.00 4,053,957.05 77,841.53 92,500.00 508.24 15,166.71 -1,107.95 14,058.76 91282CFJ5 U.S. Treasury 08/31/2029 1,500,000.00 0.00 1,471,230.47 0.00 -3,884.67 4,014.16 129.49 0.00 129.49 U.S. Treasuries - Sub Total 37,606,000.00 35,812,162.35 37,313,068.39 212,447.09 145,490.33 167,614.17 100,657.41 29,675.57 130,332.98 Grand Total 79,497,737.23 78,810,928.88 79,104,560.30 525,275.03 258,489.48 467,273.17 200,487.62 35,141.93 235,629.55 Run Date: 10/2/2024 - 11:38 AM
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Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Realized Gains and Losses
City of San Ramon September 01, 2024 - September 30, 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
32100LCB9 09/13/2019 248,000.00 09/13/2024 1,827 248,000.00 248,000.00 0.00 First Missouri State Bank 1.850% 09/13/2024 1,827
Total Certificates of Deposit 248,000.00 248,000.00 0.00 Commercial Paper
24422LJG9 03/28/2024 1,250,000.00 09/16/2024 172 1,250,000.00 1,250,000.00 0.00 John Deere 0.000% 09/16/2024 172
Total Commercial Paper 1,250,000.00 1,250,000.00 0.00
U.S. Agencies
3133EKP75 09/17/2019 2,000,000.00 09/17/2024 1,827 2,000,000.00 2,000,000.00 0.00 FFCB 1.600% 09/17/2024 1,827
Total U.S. Agencies 2,000,000.00 2,000,000.00 0.00
Grand Total 3,498,000.00 3,498,000.00 0.00
Run Date: 10/2/2024 - 11:38 AM
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Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September Transaction Report
City of San Ramon September 01, 2024 - September 30, 2024 Transaction Transaction Security Security Maturity
Date Type ID Description Date Purchases Redemptions Interest Deposits Withdrawals 09/03/2024 Interest 3130A07B0 FHLB 4 09/01/28 09/01/2028 - - 25,300.00 - - 09/03/2024 Interest 108622PJ4 BRIDWA 5.1 11/03/26 11/03/2026 - - 1,074.21 - - 09/03/2024 Interest 91282CHX2 T 4 3/8 08/31/28 08/31/2028 - - 43,750.00 - - 09/03/2024 Interest 91282CCW9 T 0 3/4 08/31/26 08/31/2026 - - 3,750.00 - - 09/04/2024 Interest FIGXX Fidelity Govt MMF - - 17,878.39 - - 09/09/2024 Interest 949764HK3 WFC 5.05 11/07/28 11/07/2028 - - 1,063.68 - - 09/09/2024 Interest 90355GHQ2 UBS 5 11/08/28 11/08/2028 - - 1,053.15 - - 09/13/2024 Interest 32100LCB9 FMOSTB 1.85 09/13/24 09/13/2024 - - 2,312.85 - - 09/13/2024 Maturity 32100LCB9 FMOSTB 1.85 09/13/24 09/13/2024 - 248,000.00 - - - 09/16/2024 Interest 32114VCH8 FNBMIC 4.6 03/15/28 03/15/2028 - - 968.90 - - 09/16/2024 Maturity 24422LJG9 JOHN DEERE CAP 09/16/2024 - 1,250,000.00 - - - 09/17/2024 Interest 3133EKP75 FFCB 1.6 09/17/24 09/17/2024 - - 16,000.00 - - 09/17/2024 Maturity 3133EKP75 FFCB 1.6 09/17/24 09/17/2024 - 2,000,000.00 - - - 09/20/2024 Interest 89236TKJ3 TOYOTA 4.55 09/20/27 09/20/2027 - - 22,750.00 - - 09/20/2024 Interest 062119BK7 FBFCEN 4.65 03/20/28 03/20/2028 - - 979.43 - - 09/23/2024 Interest 3137EAEX3 FHLMC 0 3/8 09/23/25 09/23/2025 - - 3,750.00 - - 09/23/2024 Interest 2546732U9 DFS 5 03/21/28 03/21/2028 - - 6,250.96 - - 09/23/2024 Interest 02589AEN8 AXP 5 03/23/26 03/23/2026 - - 6,250.96 - - 09/23/2024 Interest 02007GM42 GMATBK 5.05 03/23/26 03/23/2026 - - 6,313.47 - - 09/30/2024 Purchase 91282CFJ5 T 3 1/8 08/31/29 08/31/2029 -1,471,230.47 - -3,884.67 - - 09/30/2024 Interest 910286GB3 FFED 5 03/30/26 03/30/2026 - - 1,053.15 - - 09/30/2024 Interest 91282CJA0 T 4 5/8 09/30/28 09/30/2028 - - 92,500.00 - - 09/30/2024 Interest 912828ZF0 T 0 1/2 03/31/25 03/31/2025 - - 5,000.00 - - 09/30/2024 Interest 91282CCZ2 T 0 7/8 09/30/26 09/30/2026 - - 4,375.00 - - Grand Total: -1,471,230.47 3,498,000.00 258,489.48 0.00 0.00 Run Date: 10/2/2024 - 11:38 AM
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Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September 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: 10/2/2024 - 11:38 AM
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Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending September
FINANCE COMMITTEE STAFF REPORT
DATE: October 14, 2024
TO: Finance Committee/City Manager
FROM: Scott Koll, Deputy City Manager
By: Candace Daniels, Finance Division Manager
SUBJECT: PARS Pension Stabilization Trust Statement for the Period Ending June 30, 2024
RECOMMENDED ACTION
Staff recommends that the Finance Committee review and accept the PARS Pension Stabilization Trust Statement for the period ending June 30, 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 April 30, 2024, the PARS Trust had a balance of $1,798,336. During this quarter, there were investment gains of $7,370 and expenses of $873, which left an ending balance of $1,804,834 at June 30 2024.
FISCAL ANALYSIS
This item is for informational purposes only--no fiscal impact.
STEPS FOLLOWING APPROVAL
None
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ATTACHMENT
A: PARS Pension Stabilization Trust for the period ending June 30, 2024
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CITY OF SAN RAMON
PARS Post-Employment Benefits Trust 6/1/2024 to 6/30/2024 Steven Spedowfski
City Manager
City of San Ramon
7000 Bollinger Canyon Rd.
San Ramon, CA 94583
Account Summary
Source 6/1/2024 Contributions Earnings Expenses Distributions Transfers 6/30/2024 PENSION 1002 $1,798,336.09 $0.00 $7,370.04 $872.62 $0.00 $0.00 $1,804,833.51 Totals $1,798,336.09 $0.00 $7,370.04 $872.62 $0.00 $0.00 $1,804,833.51 Investment Selection
Source
PENSION
Investment Objective
Source
PENSION
Investment Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years PENSION 0.41% -1.01% 9.33% 0.75% 4.64% - 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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Attachment: A: PARS Pension Stabilization Trust for the period ending June 30, 2024 (4479 : PARS Trust)
FINANCE COMMITTEE STAFF REPORT
DATE: October 14, 2024
TO: Finance Committee/City Manager
FROM: Scott Koll, Deputy City Manager
By: Christina Franco, City Clerk
SUBJECT: General Fund Reserve Policy and Alternatives Discussion
RECOMMENDED ACTION
No action required. Discuss with the Finance Committee alternatives for calculating the City’s undesignated funding reserve levels (i.e. “reserves”; “reserve funding”) to ensure financial stability and address potential risks. The report outlines five potential formulas, each designed to meet different priorities.
BACKGROUND/DISCUSSION
A robust reserve funding ensures that the City can respond to unforeseen emergencies, economic downturns, or fluctuations in revenue. Establishing an appropriate reserve formula is critical to maintaining financial health while balancing current operational needs. At Council’s request, staff has evaluated several options for calculating the reserve fund based on operating expenses, revenues, and risk factors.
The Government Finance Officers Association (GFOA) recommends municipalities set a fixed percentage of reserves at a minimum of two months of General Fund (undesignated funding) expenditures-or 16.67%. Cities typically experience less fluctuation and risk in forecasting future expenditures. The GFOA revised their position to recommend a “floor” of two months, but also now encourage local governments to directly correlate their reserve limits with the degree of risk and uncertainty. If a municipality consistently sets aside revenues today for future obligations like equipment maintenance or pension liabilities, it leverages resources today to hedge against future financial headwind.
Also, credit agencies carefully monitor fund balance levels and undesignated balances in a city’s General Fund to evaluate creditworthiness.
The City’s current policy sets minimum reserves at 36% of $66.2 million, or $23.8 million in reserves for Fiscal Year 2024-25. Staff calculate that reserve limit by summing the $63.2 million in General Fund Operating Expenditures (Fund 101) and the $3 million transfer from the General Fund to Dougherty Valley Fund (Fund 343).
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The options below provide alternative options to consider if the Council elects to replace its current reserve limit policy in light of the City’s unique financial circumstances.
Option 1: Fixed Percentage of Operating Expenses Formula This option sets aside a fixed percentage of annual operating expenses • Formula: Reserve Fund = Operating General Fund Expenditures * Reserve Percentage • Pros: Simplified and predictable
• Cons: May not fully account for economic volatility or risks. • Current: 36% * $66.2 million = $23.8 million
• Alternative: 25% * $66.2 million = $16.5 million (operationalize $7.25 million) Option 2: Per Capita Reserve Formula
This option calculates the reserve fund by multiplying the city’s population by a fixed per capita amount. • Formula: Reserve Fund = Population * Per Capita Amount • Pros: Scales with population growth; easy to adjust based on demographic changes. • Cons: May not accurately reflect the city’s revenue generation or expenditure patterns. • Alternative: 82,525 population * $200 = $16.5 million (operationalize $6.2 million) Option 3: Revenue-Based Reserve Formula
This approach allocates a percentage of the city’s annual revenue to reserves. • Formula: Reserve Fund = Annual General Fund Revenues * Reserve Percentage • Pros: Ties reserves directly to the city’s revenue capacity; flexible with changing revenues. • Cons: Risk of inadequate reserves during economic downturns when revenues decline. • Alternative: $66.2 million * 20% = $13.2 million (operationalize $10.6 million) Option 4: Economic Cycle Reserve Formula
This formula sets reserves based on the difference between peak and trough revenues, factoring in economic cycles over a specified period.
• Formula: Reserve Fund = (Peak Revenue - Trough Revenue) * Economic Stability Factor • Pros: Accounts for revenue volatility over time; stabilizes reserves during economic fluctuations. • Cons: Requires careful analysis of revenue trends; may not be responsive to sudden shifts. • Alternative: ($68M - $63M) = $5 million * 3.5 (stability factor) = $15 million (operationalize $8.8 million)
Option 5: Fixed Amount + Percentage Basis
This formula combines a fixed reserve amount for expenditures up to fixed amount as set by Council and applies a percentage basis for any expenditures exceeding that threshold. • Formula: Reserve Fund = Fixed Amount + Expenditures Exceeding Cap * Percentage
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• Pros: Operationalizes more funding; allows greater flexibility for Council to set thresholds • Cons: Requires careful monitoring of all budget trends to control expenses; more nuanced reserve limit calculation
Expenditures > $50 million:
If the city’s annual expenditures are $63 million, the reserve fund would be calculated as follows:
• Reserve Fund = $15 million + 0.15 x ($63 million - $50 million) • Reserve Fund = $15 million + 0.15 x $13 million
• Reserve Fund = $15 million + $1.9 million
• Reserve Fund = $16.9 million (operationalize $6.9 million) Note: for illustrative purposes; Councils must adjust set formulaic values by resolution
STEPS FOLLOWING APPROVAL
Discuss alternatives and provide direction to staff for full Council consideration.
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