Agenda packet — City Council Finance Committee, February 18, 2026

City of San Ramon

FINANCE COMMITTEE
AGENDA
Robert Jweinat, Chair • Mark Armstrong, Vice Chair
City Hall - Training Room, First Floor
7000 Bollinger Canyon Road
Regular Meeting
4:00 PM
February 18, 2026
AGENDA QUESTIONS: PLEASE CALL THE FINANCE 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 - December 18, 2025

4. UNFINISHED BUSINESS

5. NEW BUSINESS

5.1 California Employers’ Benefit Trust (CERBT) Statement for the Quarter Ended December 31, 2025
Staff Report by Jennifer Wakeman, Finance Director

5.2 PARS Pension Stabilization Trust Statements for the Quarter Ended December 31, 2025
Staff Report by Jennifer Wakeman, Finance Director

5.3 FY25 Memorandum on Internal Control
Recommendation: Review and Accept the FY25 Memorandum on Internal Control.

Staff Report by Jennifer Wakeman, Finance Director
2 Finance Committee Meeting – February 18, 2026

5.4 Reserve Workshop Preview
Recommendation: Review the Attached Draft City Council Report, Receive the Planned Presentation, and Provide Feedback on Both.

Staff Report by Jennifer Wakeman, Finance Director

5.5 City of San Ramon Quarterly Investment Report (Period Ending December 31, 2025)
Staff Report by Elaine Huang, Accountant

5.6 FY26 Budget to Actual Analyses: July - December 2025 Recommendation: Staff Recommends the Finance Committee Review the Budget to Actual Analyses for Quarters 1 and 2 of FY 2025-26 and 1) Provide Feedback on the Content of the Information Provided and 2) Ask Any Questions.

Staff Report by Yuliya Elbo, Budget Manager

6. COMMITTEE MEMBER COMMENTS

7. ADJOURNMENT
The next Finance Committee Meeting is scheduled for March 18, 2026.

I hereby certify the agenda was posted 72 hours before the noted meeting. This agenda is posted in accordance with Government Code Section 54954.2(a). To make a request for disabilityrelated 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: February 13, 2026
3 Finance Committee Meeting – February 18, 2026

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
December 18, 2025

1. CALL TO ORDER
Attendee Name Title Status Arrived
Sridhar Verose Chair Present 4:25 PM
Marisol Rubio Vice Chair Present 4:28 PM
Also in attendance: Jennifer Wakeman, Finance Director; Yuliya Elbo, Budget Manager, Debra Auker, Audit Consultant; Jon Bell, Public Services Division Manager; Matt Ramirez, Senior Administrative Analyst; Rod Wui, City Engineer; Amy Amiri, Senior CIP Analyst; Nicki MacPherson, Accounting Specialist

2. PUBLIC COMMENT
There were no public comments.

3. APPROVAL OF MINUTES

3.1 Finance Committee - Regular Meeting - Nov 13, 2025 4:30 PM RESULT: ACCEPTED [UNANIMOUS]
AYES: Verose, Rubio

4. NEW BUSINESS

4.1 Request for Amendments to the FY25 Adopted Budget
Public comments made by Greg Carr and Susie Ferris.

RESULT: RECOMMENDED Next: 1/13/2026 7:00 PM

4.2 FY26 Mid-Year Budget Preview
Committee members provided direction and recommended to Council.

Public comments made by Greg Carr and Susie Ferris.

RESULT: RECOMMENDED Next: 1/13/2026 7:00 PM

5. COMMITTEE MEMBER COMMENTS
Committee was thankful for the reports, information and hard work put into the FY25 Budget.

6. ADJOURNMENT

3.1 Packet Pg. 3
Minutes Acceptance: Minutes of Dec 18, 2025 4:30 PM (APPROVAL OF MINUTES) 2 Finance Committee Meeting – December 18, 2025
The meeting adjourned at 5:41 PM. The next Finance Committee Meeting is scheduled for January 15, 2026.

3.1 Packet Pg. 4
Minutes Acceptance: Minutes of Dec 18, 2025 4:30 PM (APPROVAL OF MINUTES)

FINANCE COMMITTEE STAFF REPORT
DATE: February 18, 2026
TO: Finance Committee/City Manager
FROM: Jennifer Wakeman, Finance Director
By: Jennifer Wakeman, Finance Director
SUBJECT: California Employers’ Benefit Trust (CERBT) Statement for the Quarter Ended December 31, 2025

EXECUTIVE SUMMARY
The City maintains a trust for post-employment benefits to address this long-term liability. These balances are reviewed on a quarterly basis and factored into the City's budgets and audits.

RECOMMENDED ACTION
Staff recommends that the Finance Committee review and accept the CERBT Statement for the quarter ended December 31, 2025.

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 October 2025, the CERBT had a balance of $40,456,136. During this quarter, the trust had investment gains of $572,850, and expenses of $7,213 leaving an ending balance of $41,021,773 on December 31, 2025.

As of the most recent actuarial valuation, which has a measurement date of June 30, 2024, the OPEB liability measured $44,515,123 and was 78% funded.

FISCAL IMPLICATIONS
This item is for informational purposes only - there is no fiscal impact.

ATTACHMENT(S)
A: City of San Ramon - CERBT Statement at 12.31.2025

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]. 1,646,409.850 1,646,409.850
$41,021,772.97 $41,021,772.97
Period Ending Unit Value 24.915894 24.915894
Period Beginning Unit Value 24.572336 23.428483

0.000

0.000
1,646,409.850

0.000

0.000
1,646,409.850
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 $41,021,772.97 $41,021,772.97

0.00 (5,459.69)

0.00 2,463,042.47

0.00 $38,572,885.28

0.00 (2,782.24)

0.00 572,849.83

0.00 $40,456,136.39
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
Investment Expense (4,431.01) (8,695.09)
CERBT Strategy 2
Entity #: SKB7-4889155551-001
Quarter Ended December 31, 2025
FY End Disbursement Accrual 0.00 0.00

Page 1 of 2 ends

5.1.a
Packet Pg. 6
Attachment: A: City of San Ramon - CERBT Statement at 12.31.2025 (4929 : California Employers’ Benefit Statement of Transaction Detail for the Quarter Ending 12/31/2025 City of San Ramon
Entity #: SKB7-4889155551-001
Date Description Amount Unit Value Units Check/Wire Notes If you have any questions or comments regarding the new statement format please contact [email protected] Client Contact:

[email protected]

Page 2 of 2 ends

5.1.a
Packet Pg. 7
Attachment: A: City of San Ramon - CERBT Statement at 12.31.2025 (4929 : California Employers’ Benefit

FINANCE COMMITTEE STAFF REPORT
DATE: February 18, 2026
TO: Finance Committee/City Manager
FROM: Jennifer Wakeman, Finance Director
By: Jennifer Wakeman, Finance Director
SUBJECT: PARS Pension Stabilization Trust Statements for the Quarter Ended December 31, 2025

EXECUTIVE SUMMARY
The City maintains a pension trust to address unfunded liabilities and large variances in annual pension contributions. These balances are reviewed on a quarterly basis and factored into the City's budgets and audits.

RECOMMENDED ACTION
Staff recommends that the Finance Committee review and accept the PARS Pension Stabilization Trust Statements for the quarter ended December 31, 2025.

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 is 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 and investment restrictions as the current CalPERS contributions and would not necessarily improve the plan’s overall funded status in the long run. Pre-funding the pension obligations through the PARS Trust versus CalPERS offers the following benefits:
• Provides 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
• Offers potential for higher investment returns
• Acts as a reserve fund to help the City pay for increasing CalPERS annual contribution requirements and helps mitigate General Fund budget spiking

5.2 Packet Pg. 8
On October 1, 2025, the PARS Trust had a balance of $1,899,832. During this quarter, there were investment gains of $17,171 and expenses of $1,191, which left an ending balance of $1,915,812 at December 31, 2025.

The trust balance is reviewed quarterly by the Finance Committee.

FISCAL IMPLICATIONS
This item is for informational purposes only - no fiscal impact.

ATTACHMENT(S)
A: PARS Statement - Dec 2025
B: PARS Statement - Nov 2025
C: PARS Statement - Oct 2025

5.2 Packet Pg. 9

CITY OF SAN RAMON
PARS Post-Employment Benefits Trust 12/1/2025 to 12/31/2025 Steven Spedowfski
City Manager
City of San Ramon
7000 Bollinger Canyon Rd.

San Ramon, CA 94583
Account Summary
Source 12/1/2025 Contributions Earnings Expenses Distributions Transfers 12/31/2025 PENSION 1002 $1,910,964.84 $0.00 $5,245.53 $398.12 $0.00 $0.00 $1,915,812.25 Totals $1,910,964.84 $0.00 $5,245.53 $398.12 $0.00 $0.00 $1,915,812.25 Investment Selection
Source

PENSION
Investment Objective
Source

PENSION
Investment Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years PENSION 0.27% 0.89% 4.05% 7.75% 3.15% - 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 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
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

5.2.a
Packet Pg. 10
Attachment: A: PARS Statement - Dec 2025 (4928 : PARS Pension Stabilization Trust Statements for the Quarter Ended December 31, 2025)

CITY OF SAN RAMON
PARS Post-Employment Benefits Trust 11/1/2025 to 11/30/2025 Steven Spedowfski
City Manager
City of San Ramon
7000 Bollinger Canyon Rd.

San Ramon, CA 94583
Account Summary
Source 11/1/2025 Contributions Earnings Expenses Distributions Transfers 11/30/2025 PENSION 1002 $1,905,563.92 $0.00 $5,797.91 $396.99 $0.00 $0.00 $1,910,964.84 Totals $1,905,563.92 $0.00 $5,797.91 $396.99 $0.00 $0.00 $1,910,964.84 Investment Selection
Source

PENSION
Investment Objective
Source

PENSION
Investment Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years PENSION 0.30% 0.95% 4.16% 6.69% 3.61% - 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.

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

5.2.b
Packet Pg. 11
Attachment: B: PARS Statement - Nov 2025 (4928 : PARS Pension Stabilization Trust Statements for the Quarter Ended December 31, 2025)

CITY OF SAN RAMON
PARS Post-Employment Benefits Trust 10/1/2025 to 10/31/2025 Steven Spedowfski
City Manager
City of San Ramon
7000 Bollinger Canyon Rd.

San Ramon, CA 94583
Account Summary
Source 10/1/2025 Contributions Earnings Expenses Distributions Transfers 10/31/2025 PENSION 1002 $1,899,832.02 $0.00 $6,127.70 $395.80 $0.00 $0.00 $1,905,563.92 Totals $1,899,832.02 $0.00 $6,127.70 $395.80 $0.00 $0.00 $1,905,563.92 Investment Selection
Source

PENSION
Investment Objective
Source

PENSION
Investment Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years PENSION 0.32% 1.01% 4.20% 8.16% 4.80% - 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.

Plan's Inception Date

5.2.c
Packet Pg. 12
Attachment: C: PARS Statement - Oct 2025 (4928 : PARS Pension Stabilization Trust Statements for the Quarter Ended December 31, 2025)

RECOMMENDED ACTION
Review and accept the FY25 Memorandum on Internal Control.

BACKGROUND/DISCUSSION
While the audit process is primarily about testing processes and validating financials, it is also about developing a partnership with the auditors in which they advise the City on opportunities for improvement related to internal controls. These recommendations are documented in an annual Memorandum on Internal Control. Often, this report includes the recommendations that meet a certain level of criteria thus meriting mention while lesser items are issued in a Management Letter. In the current environment of accountability and transparency, the Finance Department requested that any and all items identified for improvement be included in the Memorandum of Internal Control. Under normal circumstances the Memorandum on Internal Control would be shared at the same time as the audited Annual Comprehensive Financial Report. Since this was not possible this year, the presentation is being made to the Finance Committee.

The Memorandum on Internal Control describes findings under 3 classifications as described below:
-Material Weakness- a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the City’s financial statement will not be prevented or detected and corrected on a timely basis. -Significant Deficiency- a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
-Other Matters- recommendations not meeting the above definitions that the auditors believe are opportunities for strengthening internal controls and operating efficiency.

The City of San Ramon’s FY25 Memorandum on Internal Control identifies 3 Significant Deficiencies and 2 Other Matters which are addressed individually and in detail.

5.3 Packet Pg. 13
Significant Deficiencies
2025-01: Timely Bank Reconciliations
Management Action: Management agrees with this observation and has set a target of 45 days from the last day of the month for month-end close. As an example, accounting activity for the month of January 2026 (bank reconciliations, cash receipts, journal entries, etc.) would be entered and posted by March 15.
2025-02: Year-End Closing and Posting of Prior Year Adjustments Management Action: Management agrees with this observation and is working with the consultant who assisted the Department with the FY25 audit to develop the first draft of a yearend checklist by mid-February 2026. This checklist will be implemented right away as we begin preparing for interim FY26 audit in April 2026, and we expect it to continually evolve as we work in it further.
2025-03: Tracking of Grant Funding and Compliance Audit Requirements Management Action: Management agrees with this comment and is in discussion with the Public Works Department on how to establish better processes and accountability around grant revenue and related expenditures. Once established, this framework will be used as a model to expand out to other departments utilizing grant funding.

Other Matters
2025-04: Timely Review and Posting of Journal Entries
Management Action: The Accounting Manager will be developing a month-end checklist that outlines clear tasks, responsible parties, and timelines that will facilitate the 45 day month-end close referenced under 2025-01.
2025-05: Cash Receipt Deposit Log Reviews
Management Action: Management agrees with the criteria, but disagrees with the condition, as current cash receipt procedures involve review and/or approval by individuals who are not the preparer. For example, Finance cash receipts are prepared by the Accountant and reviewed and approved by the Accounting Manager. This is also the case for Recreation, Theater, Police, and Permit cash receipts, which also have a third party review because bank reconciliation is conducted by another separate individual.

While the staff constraints and turnover experienced within the Finance Department over the last 18 months have been challenging, these circumstances also provided the opportunity for external perspectives and the promise of more efficient and secure processes. Management is grateful for the partnership with Maze & Associates and looks forward to demonstrating our continued

5.3 Packet Pg. 14
commitment to strong fiscal stewardship.

FISCAL ANALYSIS
There is no fiscal analysis associated with review and acceptance of this report.

STEPS FOLLOWING APPROVAL
Staff will continue to develop and implement the process improvements as outlined above with the intention of having these resolved for the FY26 audit.

ATTACHMENT
A. Memorandum on Internal Control for the Year Ended June 30, 2025

5.3 Packet Pg. 15

CITY OF SAN RAMON

MEMORANDUM ON INTERNAL CONTROL
FOR THE YEAR ENDED JUNE 30, 2025

5.3.a
Packet Pg. 16
Attachment: A: San Ramon FY25 MOIC (4933 : FY25 Memorandum on Internal Control) This Page Left Intentionally Blank

5.3.a
Packet Pg. 17
Attachment: A: San Ramon FY25 MOIC (4933 : FY25 Memorandum on Internal Control)

CITY OF SAN RAMON

MEMORANDUM ON INTERNAL CONTROL
For The Year Ended June 30, 2025
Table of Contents
Page
Memorandum on Internal Control .................................................................................................. 1 Schedule of Significant Deficiencies ...................................................................................... 3 Schedule of Other Matters ...................................................................................................... 5

5.3.a
Packet Pg. 18
Attachment: A: San Ramon FY25 MOIC (4933 : FY25 Memorandum on Internal Control) This Page Left Intentionally Blank

5.3.a
Packet Pg. 19
Attachment: A: San Ramon FY25 MOIC (4933 : FY25 Memorandum on Internal Control)

MEMORANDUM ON INTERNAL CONTROL
To the City Council of
the City of San Ramon, California
In planning and performing our audit of the basic financial statements of the City of San Ramon (City) as of and for the year ended June 30, 2025, in accordance with auditing standards generally accepted in the United States of America, we considered the City’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control.

Our consideration of internal control was for the limited purpose described in the preceding paragraph and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and therefore material weaknesses or significant deficiencies may exist that were not identified. In addition, because of inherent limitations in internal control, including the possibility of management override of controls, misstatements due to error or fraud may occur and not be detected by such controls. However, as discussed below, we identified deficiencies in internal control that we consider to be significant deficiencies.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the City’s financial statements will not be prevented, or detected and corrected on a timely basis. We did not identify any deficiencies in internal control that we consider to be material weaknesses.

A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. We consider the deficiencies in internal control included on the Schedule of Significant Deficiencies to be significant deficiencies.

Included in the Schedule of Other Matters are recommendations not meeting the above definitions that we believe are opportunities for strengthening internal controls and operating efficiency.

Government Auditing Standards require the auditor to perform limited procedures on the City’s response to the findings identified in our audit and described in the accompanying Schedule of Significant Deficiencies and Schedule of Other Matters. The City’s response was not subjected to the other auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on the response.

This communication is intended solely for the information and use of management, City Council, others within the organization, and agencies and pass-through entities requiring compliance with Government Auditing Standards, and is not intended to be and should not be used by anyone other than these specified parties.

Pleasant Hill, California
January 12, 2026
1 5.3.a
Packet Pg. 20
Attachment: A: San Ramon FY25 MOIC (4933 : FY25 Memorandum on Internal Control) This Page Left Intentionally Blank

5.3.a
Packet Pg. 21
Attachment: A: San Ramon FY25 MOIC (4933 : FY25 Memorandum on Internal Control)

CITY OF SAN RAMON

MEMORANDUM ON INTERNAL CONTROL

SCHEDULE OF SIGNIFICANT DEFICIENCIES
2025-01: Timely Bank Reconciliations
Criteria: Bank reconciliations are an important function in the City’s internal control structure, as they can be used to detect errors and irregular activities. In order for them to be effective, they should be prepared and reviewed in a timely matter, within 30 to 45 days after receipt of the respective month’s bank statement.

Condition: The City was significantly behind on preparing and reviewing bank reconciliations throughout the fiscal year. When we conducted our interim audit work in June of 2025, the bank statements had not been fully reconciled since October of 2024.

Cause: The delays were due to staff constraints and turnover.

Effect: Without timely preparation and review of bank reconciliations, there is an increased risk that errors, unauthorized transactions, or irregular activities are not detected.

Recommendation: We recommend that the City develop procedures to ensure that bank reconciliations are prepared and reviewed in a timely manner, within 30 to 45 days after receipt of the respective month’s bank statement. This function should be made a priority throughout the fiscal year, and not just at year-end.

Management’s Response: We agree and are in the process of developing a procedure. 2025-02: Year-End Closing and Posting of Prior Year Adjustments Criteria: The City should have practices to ensure that the financial statements are reasonably closed within a timely manner at year end, prior to the audit commencing. This includes ensuring that prior year audit adjusting entries were accurately posted to the general ledger, all accounts have been reconciled and analyzed and all current year closing entries have been posted.

Condition: The year-end trial balance provided for audit was incomplete. We noted that the audit adjustments provided for the prior year June 30, 2024 financial statements had not been posted, and several closing entries had not been posted, including accruals of investment income and payroll, transfers between funds, adjustments to leases receivable and related deferred inflows, and capital assets.

Cause: There was significant turnover within the Finance Department, and the remaining staff did not have documentation of steps to follow to properly close the general ledger.

Effect: Interim financial statements were not accurate, and ultimately this caused a delay in the audit of the financial statements
Recommendation: We recommend that the Finance Department develop a month-end closing process that includes preparation and review of bank statements and journal entries, and analysis of significant accounts. In addition, Finance should review, prepare and document a detailed checklist of the closing steps for year-end, and perform analytical review of its general ledger prior to the audit.

Management’s Response: We agree and are in the process of developing a procedure. 3 5.3.a
Packet Pg. 22
Attachment: A: San Ramon FY25 MOIC (4933 : FY25 Memorandum on Internal Control)

CITY OF SAN RAMON

MEMORANDUM ON INTERNAL CONTROL

SCHEDULE OF SIGNIFICANT DEFICIENCIES
2025-03: Tracking of Grant Funding and Compliance Audit Requirements Criteria: The City should have practices in place to track grant funding and compliance audit requirements. Tracking should include grants awarded, type of funding (federal, state, other), expenditures incurred during the fiscal year, and reimbursements filed and received. The Finance Department should communicate with other departments to ensure they are aware of all grants to ensure grant schedules are updated. The program managers in charge of the grants should make sure they are aware of all compliance requirements related to the funding.

Condition: The City has not had a formal process for tracking grants, and subsequent to year-end, the Finance Department determined federal expenditures were incurred for both fiscal years ended June 30, 2024 and 2025 that exceed the $750,000 threshold that requires a Single Audit. The Single Audit for fiscal year ended June 30, 2024 was not completed by the deadline of March 31, 2025, and therefore, will be submitted late.

Cause: City staff did not have adequate procedures or communications around grant funding and tracking of construction project expenditures.

Effect: Without proper tracking of grant funding and related expenditures, the City may miss compliance audit requirements and deadlines, which could potentially impact funding received in the future.

Recommendation: The Finance Department should develop formal procedures for tracking all grant funding awarded to the City, which would include regular communications with other departments that apply for funding. Finance should track all grants awarded, expenditures incurred each fiscal year, reimbursements filed and amounts received, and any specific compliance reporting and audit requirements related to the grant. Program managers in other departments should be aware of all compliance requirements surrounding the grants.

Management’s Response: We agree and are in the process of developing a procedure. 4 5.3.a
Packet Pg. 23
Attachment: A: San Ramon FY25 MOIC (4933 : FY25 Memorandum on Internal Control)

CITY OF SAN RAMON

MEMORANDUM ON INTERNAL CONTROL

SCHEDULE OF OTHER MATTERS
2025-04: Timely Review and Posting of Journal Entries
Criteria: Journal entries should be prepared, reviewed and posted in a timely manner throughout the fiscal year, to ensure that internal reporting is accurate and can be relied upon for budget management.

Timely interim reporting also assists in reducing time needed for year-end closing.

Condition: During our interim tests, we noted that City staff were significantly behind on review of journal entries. Of 40 journal entries selected for testing, we noted 3 were posted over two months after the effective entry date.

Cause: The delays were due to staff constraints and turnover.

Effect: When journal entries are not prepared, reviewed or posted into the accounting system timely, interim reports can be inaccurate, and errors or irregularities may not be detected. This can also lead to a difficult year-end close and cause delays in the audit and financial reporting.

Recommendation: As discussed in comment #2025-02, we recommend the Finance Department develop a month-end closing process that includes preparation, review and posting of journal entries shortly after month-end.

Management’s Response: We agree and are in the process of developing a procedure. 2025-05: Cash Receipt Deposit Log Reviews
Criteria: The City should ensure that the Finance daily deposit logs are reviewed and prepared by separate personnel to ensure proper segregation of duties.

Condition: During our review of procedures over cash receipts, we noted only one person was responsible for preparing and depositing receipts.

Cause: Staff constraints.

Effect: Without a second reviewer of the deposit log and deposits, there is a higher risk that errors or irregular activities may not be detected.

Recommendation: We recommend that the City develop a procedure that ensures that two separate personnel are involved when handling cash receipts.

Management’s Response: We agree with the recommendation and believe that we currently have two separate personnel involved when handling cash receipts. 5 5.3.a
Packet Pg. 24
Attachment: A: San Ramon FY25 MOIC (4933 : FY25 Memorandum on Internal Control)

CITY OF SAN RAMON

MEMORANDUM ON INTERNAL CONTROL

SCHEDULE OF OTHER MATTERS

NEW GASB PRONOUNCEMENTS OR PRONOUNCEMENTS NOT YET EFFECTIVE The following comment represents new pronouncements taking affect in the next few years. We cite them here to keep you informed of developments:

EFFECTIVE FISCAL YEAR 2025/26:

GASB 103 - Financial Reporting Model Improvements
The objective of this Statement is to improve key components of the financial reporting model to enhance its effectiveness in providing information that is essential for decision making and assessing a government’s accountability. This Statement also addresses certain application issues.

Management’s Discussion and Analysis
This Statement continues the requirement that the basic financial statements be preceded by management’s discussion and analysis (MD&A), which is presented as required supplementary information (RSI). MD&A provides an objective and easily readable analysis of the government’s financial activities based on currently known facts, decisions, or conditions and presents comparisons between the current year and the prior year. This Statement requires that the information presented in MD&A be limited to the related topics discussed in five sections: (1) Overview of the Financial Statements, (2) Financial Summary, (3) Detailed Analyses, (4) Significant Capital Asset and Long-Term Financing Activity, and (5) Currently Known Facts, Decisions, or Conditions. Furthermore, this Statement stresses that the detailed analyses should explain why balances and results of operations changed rather than simply presenting the amounts or percentages by which they changed. This Statement emphasizes that the analysis provided in MD&A should avoid unnecessary duplication by not repeating explanations that may be relevant to multiple sections and that “boilerplate” discussions should be avoided by presenting only the most relevant information, focused on the primary government. In addition, this Statement continues the requirement that information included in MD&A distinguish between that of the primary government and its discretely presented component units.

Unusual or Infrequent Items
This Statement describes unusual or infrequent items as transactions and other events that are either unusual in nature or infrequent in occurrence. Furthermore, governments are required to display the inflows and outflows related to each unusual or infrequent item separately as the last presented flow(s) of resources prior to the net change in resource flows in the government-wide, governmental fund, and proprietary fund statements of resource flows.

Presentation of the Proprietary Fund Statement of Revenues, Expenses, and Changes in Fund Net Position
This Statement requires that the proprietary fund statement of revenues, expenses, and changes in fund net position continue to distinguish between operating and nonoperating revenues and expenses.

Operating revenues and expenses are defined as revenues and expenses other than nonoperating revenues and expenses. Nonoperating revenues and expenses are defined as (1) subsidies received and provided, (2) contributions to permanent and term endowments, (3) revenues and expenses related to financing, (4) resources from the disposal of capital assets and inventory, and (5) investment income and expenses. 6 5.3.a
Packet Pg. 25
Attachment: A: San Ramon FY25 MOIC (4933 : FY25 Memorandum on Internal Control)

CITY OF SAN RAMON

MEMORANDUM ON INTERNAL CONTROL

SCHEDULE OF OTHER MATTERS
GASB 103 - Financial Reporting Model Improvements (Continued) In addition to the subtotals currently required in a proprietary fund statement of revenues, expenses, and changes in fund net position, this Statement requires that a subtotal for operating income (loss) and noncapital subsidies be presented before reporting other nonoperating revenues and expenses. Subsidies are defined as (1) resources received from another party or fund (a) for which the proprietary fund does not provide goods and services to the other party or fund and (b) that directly or indirectly keep the proprietary fund’s current or future fees and charges lower than they would be otherwise, (2) resources provided to another party or fund (a) for which the other party or fund does not provide goods and services to the proprietary fund and (b) that are recoverable through the proprietary fund’s current or future pricing policies, and (3) all other transfers.

Major Component Unit Information
This Statement requires governments to present each major component unit separately in the reporting entity’s statement of net position and statement of activities if it does not reduce the readability of the statements. If the readability of those statements would be reduced, combining statements of major component units should be presented after the fund financial statements.

Budgetary Comparison Information
This Statement requires governments to present budgetary comparison information using a single method of communication—RSI. Governments also are required to present (1) variances between original and final budget amounts and (2) variances between final budget and actual amounts. An explanation of significant variances is required to be presented in notes to RSI.

Effective Date and Transition
The requirements of this Statement are effective for fiscal years beginning after June 15, 2025, and all reporting periods thereafter. Earlier application is encouraged.

How the Changes in This Statement Will Improve Financial Reporting The requirements for MD&A will improve the quality of the analysis of changes from the prior year, which will enhance the relevance of that information. They also will provide clarity regarding what information should be presented in MD&A.

The requirements for the separate presentation of unusual or infrequent items will provide clarity regarding which items should be reported separately from other inflows and outflows of resources.

The definitions of operating revenues and expenses and of nonoperating revenues and expenses will replace accounting policies that vary from government to government, thereby improving comparability.

The addition of a subtotal for operating income (loss) and noncapital subsidies will improve the relevance of information provided in the proprietary fund statement of revenues, expenses, and changes in fund net position.

The requirement for presentation of major component unit information will improve comparability. 7 5.3.a
Packet Pg. 26
Attachment: A: San Ramon FY25 MOIC (4933 : FY25 Memorandum on Internal Control)

CITY OF SAN RAMON

MEMORANDUM ON INTERNAL CONTROL

SCHEDULE OF OTHER MATTERS
GASB 103 - Financial Reporting Model Improvements (Continued) The requirement that budgetary comparison information be presented as RSI will improve comparability, and the inclusion of the specified variances and the explanations of significant variances will provide more useful information for making decisions and assessing accountability.

How the Board Considered Costs and Benefits in the Development of This Statement One of the principles guiding the Board’s setting of standards for accounting and financial reporting is the assessment of expected benefits and perceived costs. The Board strives to determine that its standards address significant user needs and that the costs incurred through the application of its standards, compared with possible alternatives, are justified when compared to the expected overall public benefit.

The Board believes that the expected benefits that will result from the implementation of this Statement— more comparable, consistent, relevant, reliable, and understandable information—are significant and justify the perceived costs of implementation and ongoing compliance.

Certain decisions made by the Board to not require additional information that some stakeholders requested are intended to mitigate the costs associated with implementing this Statement. For example, this Statement does not require presentation of a schedule of government-wide expenses by natural classification, nor does it include additional requirements for either the presentation or disclosure of debt service fund information or the presentation of a government-wide or governmental fund statement of cash flows. Furthermore, changes to the recognition of elements in and presentation of governmental fund financial statements were not included in this Statement because the desired benefit of conceptual consistency could not be achieved without a reduction in the value of the information provided in the statements.
8 5.3.a
Packet Pg. 27
Attachment: A: San Ramon FY25 MOIC (4933 : FY25 Memorandum on Internal Control)

CITY OF SAN RAMON

MEMORANDUM ON INTERNAL CONTROL

SCHEDULE OF OTHER MATTERS
EFFECTIVE FISCAL YEAR 2026/27:

GASB 104 - Certain Risk Disclosures
GASB 104, effective for fiscal years beginning after June 15, 2025, establishes new disclosure requirements designed to improve transparency regarding the risks that could impact a government’s financial position or service capacity.

Under this standard, governments must provide qualitative and quantitative information about their exposure to concentrations and constraints that make them vulnerable to severe financial stress. • Concentrations are exposures to a single or limited number of counterparties, activities, or conditions (for example, dependence on one employer, industry, or revenue source). • Constraints are limitations that hinder a government’s ability to adjust to potential financial stress (for example, legal or contractual restrictions, or limited revenue-raising capacity).

The disclosure should describe the nature of the concentration or constraint, the possible effect on the government’s finances or operations, and any actions taken to mitigate the risk. The statement does not require governments to quantify potential losses—only to disclose conditions that make the government more vulnerable to severe financial stress.

Implementation is required for the fiscal year ending June 30, 2026 financial statements for most entities, though early adoption is permitted. Management should begin identifying potential concentrations or constraints and considering whether additional disclosures will be necessary. 9 5.3.a
Packet Pg. 28
Attachment: A: San Ramon FY25 MOIC (4933 : FY25 Memorandum on Internal Control) This Page Left Intentionally Blank

5.3.a
Packet Pg. 29
Attachment: A: San Ramon FY25 MOIC (4933 : FY25 Memorandum on Internal Control)

RECOMMENDED ACTION
Review the attached draft City Council report, receive the planned presentation, and provide feedback on both.

BACKGROUND/DISCUSSION
At the City Council’s meeting on October 28, 2025, staff outlined a fiscal resilience framework as shown below:

Proposed Framework
• Reserves and policy update
• Current debt and commitments
o Including policy updates for OPEB and pension funding • Establish model for forecasting
• City facilities & infrastructure
• Department operations
• Revenue options
The Fiscal Resilience Framework was designed to anchor discussions about the City’s long-term financial stability around its reserve policy-specifically, what constitutes a reasonable target for reserves. This approach aligns with one of Council’s 2026 financial objectives: to review the current reserve requirement of 36% and evaluate potential alternatives. While a dedicated workshop on this topic is being scheduled, early input from the Finance Committee would be valuable. Feedback on any gaps, questions, or additional information needed in the draft report and presentation will help ensure the upcoming policy discussion is well-informed and comprehensive.

To support this discussion, several reference documents have been included as attachments.

These materials provide historical context on the evolution of the City’s General Fund Reserve Policy, including versions adopted in 2004, 2010, 2017, 2020, and 2021, as well as the

5.4 Packet Pg. 30
Management Partners report reviewing reserve levels and best practices. Additionally, a recently revised Reserve Policy from the City of Pleasanton (Council Meeting, May 16, 2023) is provided as an example for consideration. Together, these resources offer a comprehensive foundation for evaluating policy alternatives and aligning the City’s approach with contemporary fiscal resilience strategies.

FISCAL ANALYSIS
This item is for informational purposes only; to receive feedback in advance of the City Council workshop.

STEPS FOLLOWING APPROVAL
Informational purposes only.

Staff will incorporate feedback received into a staff report and presentation at the City Council workshop on the reserve policy.

ATTACHMENT
A. Draft City Council staff report with all attachments B. General Fund Reserve Policy 2004
C: General Fund Reserve Policy 2010
D: General Fund Reserve Policy and Reso 2017-016
E: General Fund Reserve Policy and Reso 2020-043
F: Mgmt Partners- GF Reserve Policy & Reserve Level Review Report G: General Fund Reserve Policy and Reso 2021-037
H: City of Pleasanton- Reserve Policy - Council Meeting 5-16-23

5.4 Packet Pg. 31

DRAFT CITY COUNCIL STAFF REPORT
DATE: XXX XX, 2025
TO: City Council / City Manager
FROM: Jennifer Wakeman, Finance Director
By: Jennifer Wakeman, Finance Director
SUBJECT: Reserve Standard Discussion

RECOMMENDED ACTION
Staff recommends that the City Council discuss the materials presented and provide feedback on:
-additional resources requested and
-the suggested revisions.

BACKGROUND/DISCUSSION
2004 Policy
The City’s Statement of General Fund Reserve Policy was originally adopted with Resolution No. 2004-030 on February 24, 2004 and made effective March 1, 2004. This policy was intended to promote sound financial management practices.

Calculation: 50% of the General Fund expenditure budget Location of General Fund Reserves: Fund balance in the General Fund 2010 Policy
The 2004 policy was revised with Resolution No. 2010-078 approved on June 30, 2010 and effective July 1, 2010 to reflect a significant change in the location of the General Fund reserve amount. The 2010 policy moved the reserve to three funds outside the General Fund; the Dougherty Valley Fund to support future funding needs, the Certificates of Participation (COP) Debt Service Fund to offset General Fund liability for future COP principal payments, and the Healthcare Liability Fund to cover unfunded retiree health care liability. The revised policy dictated that the reserve amounts in these three funds, combined with the General Fund unallocated reserve, would be added together to measure compliance with the overall General Fund 50% reserve target. Additionally, a provision was made that the General Fund portion would never make up less than one-fifth of the target amount.

Calculation: 50% of prior year General Fund operating expenditures

5.4.a
Packet Pg. 32
Attachment: A: DRAFT CC Workshop on Reserves XX.XX.25-2 (4931 : Reserve Workshop Preview) Location of General Fund Reserves: Unallocated General Fund reserves (Fund 101), Dougherty Valley Fund reserves (Fund 343), Certificate of Participation Debt Fund reserves (Fund 511/2/3), and Healthcare Fund reserves (Fund 611). General Fund portion to be no less than one-fifth of the 50% reserve target.
2017 Policy
As part of their goals, in 2016 Council reviewed the reserve policy utilizing the Government Finance Officers’ Association (GFOA) Risk Factor Assessment which recommended a General Fund target reserve amount of between 26-35% of General Fund expenditures. The evaluation also considered the policies of five surrounding municipalities and eleven AAA-rated California municipalities, concluding that reserve policies are a reflection of each agency’s unique circumstances. Based on discussions and the assessment tool results, at the February 14, 2017 City Council meeting, the General Fund Reserve Policy was revised with Resolution No. 2017- 016 to reflect the following substantive changes:

Calculation: 40% of prior year General Fund operating expenditures Location of General Fund Reserves: Unallocated General Fund reserves (Fund 101), Dougherty Valley Fund reserves (Fund 343), Certificate of Participation Debt Fund reserves (Fund 511/2/3), and Healthcare Fund reserves (Fund 611).
2020 Policy
In April 2020, Management Partners, a consultant of the City, concluded their work with the “San Ramon General Fund Reserve Policy and Reserve Level Review Report” which specifically considered two aspects of the 2017 General Fund Reserve Policy: 1) Adequacy of setting the reserve at 40% of the prior year actual General Fund expenditures and 2) Adequacy of a contingency reserve of $24.9 million to meet the unanticipated needs of the City. Management Partners’ report outlined three observations and six recommendations. 3 Observations
• “Worst case scenario” calculations used in the Risk Factor Assessment were overly conservative.
• Including reserves from the Dougherty Valley and Certificate of Participation Debt Service funds is appropriate, but the policy should take into consideration the prior year expenses of the Dougherty Valley Fund.
• The Risk Factor Assessment called for an allocation of reserves specifically for unanticipated expenditures and potential revenue volatility; currently all General Fund reserves are held as unassigned.
6 Recommendations
• Adjust the minimum General Fund reserve amount from 40% to 35%

5.4.a
Packet Pg. 33
Attachment: A: DRAFT CC Workshop on Reserves XX.XX.25-2 (4931 : Reserve Workshop Preview) • Incorporate the transfer payment of the Dougherty Valley Fund to reflect the annual General Fund contribution to this fund, for inclusion into the calculation of prior year General Fund operating expenditures. (This recommendation is the basis for adjusting the General Fund target reserve by an additional 1%, from 35% to 36%.) • Reallocate $10.7 million in unassigned General Fund reserve to the “committed” designation to address future revenue stabilization concerns and $4 million in unassigned General Fund reserve to the “assigned” designation to address expenditure volatility issues in the future.
• Insert clarification language in future ACFRs (current reference used here) to indicate that for calculation purposes the General Fund reserves shall consist of a combination of the following three reserves: General Fund reserves, Dougherty Valley Fund reserves, and Debt Service Fund.
• Revise the General Fund Reserve Policy and remove any reference to the Healthcare Fund since it is no longer used in calculating reserves.
• Modify the General Fund Reserve Policy and replace the word “actual” with “estimated” before ethe wording “General Fund Operating Expenditures” when describing the minimum reserve level calculation.

On June 9, 2020 the City Council adopted a Statement of General Fund Reserve Policy with Resolution No. 2020-043 which established a target minimum General Fund reserve to ensure adequate levels of funding to stabilize the fiscal base, provided for non-recurring, unanticipated expenditures, or provided for innovative opportunities for the betterment of the community. The reserve amount is calculated and presented to the City Council with the audit report, with the midyear budget update, and with the budget adoption. The only recommendation not captured in the policy revision adopted by this resolution was the third bullet, which allocates portions of the reserve to “committed” and “assigned” designations”.

Calculation: 36% of General Fund Operating Expenditures, plus the annual transfer amount from the General Fund to the Dougherty Valley Fund
Location of General Fund Reserves: Of the 36% General Fund reserve amount, all of which will be in the Fund Balance of the General Fund, the full amount will be recorded in Unassigned Fund Balance.
2021 Policy Evaluation
The decision was made to include the third recommendation in the Management Partners report:

Reallocate $10.7 million in unassigned General Fund reserve to the “committed” designation to address future revenue stabilization concerns and $4 million in unassigned General Fund reserve to the “assigned” designation to address expenditure volatility issues in the future.

On March 23, 2021 the City Council adopted its current Statement of General Fund Reserve Policy with Resolution No. 2021-037 which included language for the apportionment of reserve funds to the categories of “committed” and “assigned” consistent with the recommendation from Management Partners.

5.4.a
Packet Pg. 34
Attachment: A: DRAFT CC Workshop on Reserves XX.XX.25-2 (4931 : Reserve Workshop Preview) Calculation: 36% of General Fund Operating Expenditures, plus the annual transfer amount from the General Fund to the Dougherty Valley Fund
Location of General Fund Reserves: Of the 36% General Fund reserve amount, all of which will be in the Fund Balance of the General Fund, $10.7 million will be recorded as Committed Fund Balance for the purpose of future revenue stabilization, $4 million will be recorded as Assigned Fund Balance for the purpose of future expenditure volatility, and the balance will be recorded in Unassigned Fund Balance.
2026 Policy Evaluation
At this time the City Council has requested that this policy be reviewed for potential updates. In addition to the provision of the reserve policy history, included for reference are the best practice recommendation from the Government Finance Officers’ Association and reserve policy information from neighboring agencies.

Government Finance Officers’ Association (GFOA)
The GFOA’s mission is to advance excellence in public finance and as such, they research, communicate, and educate their members on best practices and upcoming changes in the field of municipal finance. As stated in San Ramon’s policy, the GFOA recommends, at a minimum, that general-purpose governments, regardless of size, maintain unrestricted budgetary fund balance in their general fund of no less than two months of regular general fund operating revenues or regular general fund operating expenditures. This is the equivalent of 16.67%.

Note that this is a singular measure and GFOA advises that each agency’s particular circumstance must be taken into consideration when setting a target reserve amount.

Neighboring Agencies
For reference, reserve policies have been collected from several of San Ramon’s neighboring agencies and the full documents are included as attachments. In addition, these policies have been summarized in a table below Table Notes.

Table Notes
Accounting standards define fund balance (similar to equity) in five categories:
-nonspendable- resources that cannot be spent because they are not in spendable form (prepaid items, permanent endowments, etc.),
-restricted- resources subject to externally enforceable legal restrictions, -committed- resources constrained by limitations that the government imposes upon itself at the highest level of decision making and that remain binding unless removed in the same manner, -assigned- resources that reflect the government’s intended use of resources, can be designated by highest level of decision making or a designee, and
-unassigned- resources that do not fall into one of the above categories.

5.4.a
Packet Pg. 35
Attachment: A: DRAFT CC Workshop on Reserves XX.XX.25-2 (4931 : Reserve Workshop Preview) Agency
Year of
Policy
Danville
(1998)
Dublin (2015;
addt’l 2024)
Livermore
(2016)
Pleasanton
(2023)
San Ramon
(2021)
General
Fund
Operational
continuity
CommittedOperating
reserveMinimum
20% of the
fiscal year
operating
budget
($16m)
CommittedContingency
($881k)
UnassignedNo less than

16.7%, no
more than

33.3%
($50.5m)
CommittedEconomic
Stability ($8m)
CommittedService
Continuity
Obligationsno more than
125% of
Building &
Safety Division
budget ($3.2m)
UnassignedEconomic
Uncertainty13.5% of
budgeted
expenditures and
debt service
transfers
($19.9m)
Unassigned1.5% of
budgeted
expenditures and
debt service
transfers ($6.7m)
CommittedFinancial
stabilization
(plus pension
trust)- 15% of
budgeted
expenditures and
debt service
transfers
($22.2m total;
$15.4m without
trust)
UnassignedTarget 20% of
operating
expenditures (not
incl transfers out
and significant
one-time
expenditures);
range 16.7-25%.
($37.7m)
CommittedEmergency
Reserve- $0.5m
UnassignedTarget 36% of
General Fund
expenditures
and transfer out
to Dougherty
Valley
(includes Future
Revenue
Stabilization &
Expenditure
Volatility
amounts)
($14.3m)
UnassignedExpenditure
Volatility- $4m
CommittedFuture
Revenue
Stabilization-
$10.7m
Total Reserve
: GF Expend.
$17m:$27.7m
(61%)
$61.7m :
$102m (60%)
$42m : $137m
(31%)
$38.2m :
$166.6m (23%)
$29m:$61.4m
(47%)

5.4.a
Packet Pg. 36
Attachment: A: DRAFT CC Workshop on Reserves XX.XX.25-2 (4931 : Reserve Workshop Preview) Other Funds
Infrastructure
Maintenance
Fund
CommittedVarious line
items
($164.9m)
AssignedVarious line
items ($6.2m)
Existing Asset
Maint. & Repair
and New and
Replacement
Asset Reserves
(2023)- $39.1m
Target 35% of
the prior year’s
expenditures;
range 30-40%
Vehicle and
Equipment
Replacement
Funds
Various line
items- $195k
Target 15% of
the prior year’s
expenditures;
range 10-20%
Capital
Improvement
Program Fund
Committed in
General Fund-
$18.6m
Assigned in
General Fund-
$31m
Committed in
General FundCapital Reserve-
$6.6m
*Figures taken from FY25 Annual Comprehensive Financial Reports Recommendations

1. Consider reducing the reserve standard from 36% to 25%: The General Fund reserve is intended to provide short-term resources due to uncontrollable/unforeseen circumstances or to continue services during an emergency while the City determines long-term service provision solutions. Based on analysis of the City’s primary revenue streams, revenues have only declined once in the past 10 years and that was during the pandemic. As a result, 25% is a reasonable reserve standard.

2. Consider revising the Committed portion from $10.7 million to 15% of the total reserve standard and the Assigned portion from $4 million to 5% of the total reserve: Provides variability to the specific uses based on how the total reserve changes over time.

3. Revise the monitoring periods from three to two; once at budget adoption and once at presentation of the audit: It is recommended that evaluation at the mid-year budget be removed as it is a time for minor adjustments and not significant operational changes. A reserve evaluation may be done at this time but would not be required by policy.

4. Revise the language for what is required when the reserve is determined to fall below the standard: It is proposed that the policy language be revised to say that when it is anticipated that the reserve will fall below the standard, rather than just at one of the monitoring periods, the City Manager will bring a plan to the Council in the most timely manner possible. A 30-day reference assumes a known start and is unnecessary in its specificity.

5. Revisit reserves topic after infrastructure assessment discussion: After the assessment of infrastructure and equipment maintenance and replacement has been done, discuss the

5.4.a
Packet Pg. 37
Attachment: A: DRAFT CC Workshop on Reserves XX.XX.25-2 (4931 : Reserve Workshop Preview) potential need for reserves in the Infrastructure Maintenance Fund, Vehicle and Equipment Replacement Fund, and/or Capital Improvement Program Fund

FISCAL ANALYSIS
Implementation of recommendation #1 as applied to the Adopted FY26 Budget, would revise the reserve standard of 36%, or $27.3m, to 25%, or $19m. This potentially frees up $8.3m for onetime allocation by the City Council.

Revision in accordance with recommendation number 2 would result in the following changes:

Committed portion for future revenue stabilization changes from $10.7 million to 15% Reserve standard of 36%- $4.1m
Reserve standard of 25%- $2.8m
Assigned portion for future expenditure volatility changes from $4 million to 5% Reserve standard of 36%- $1.4m
Reserve standard of 25%- $949k
There are no fiscal impacts related to recommendations 3 and 4.

STEPS FOLLOWING APPROVAL
Approval is not sought at this time; only feedback.

ATTACHMENTS
A: City of San Ramon Reserve Policy (effective March 1, 2004) B: City of San Ramon Reserve Policy (effective July 1, 2010) C: City of San Ramon Reserve Policy (effective February 15, 2017) D: Management Partners- San Ramon General Fund Reserve Policy and Reserve Level Review Report
E: City of San Ramon Reserve Policy (adopted June 9, 2020) F: City of San Ramon Reserve Policy (adopted March 23, 2021) G: Town of Danville Reserve Resolution (adopted February 17, 1998) H: City of Dublin Fund Balance and Reserve Policy (adopted June 16, 2015) I: City of Livermore Reserve Policy (adopted June 6, 2023) J: City of Pleasanton Reserve Policy (adopted May 16, 2023)

5.4.a
Packet Pg. 38
Attachment: A: DRAFT CC Workshop on Reserves XX.XX.25-2 (4931 : Reserve Workshop Preview)

CITY OF SAN RAMON

CITY COUNCIL POLICY
Resolution No. 2004-30 Approved by City Council: February 24, 2004 Subject: Statement of General Fund Reserve Policy

POLICY PURPOSE
There are several reasons for the City to maintain General Fund Reserve funds: 1) to protect the City in the event that revenues fall short of projections; 2) to have funds available for use in emergencies or disaster; and 3) to cover unanticipated costs. The reserve policy is a integral part of the City’s multi-year financial business plan.

BACKGROUND
Formal adopted General Fund Reserve Polices are common for California municipalities. Municipalities have created Reserve Policies in part to provide a reserve cushion to be drawn upon during tough budget years. Section 2.4-I-18 for the General Plan states that the City shall “seek to maintain an operating reserve of not less than 50 percent of projected operating expenses for the following fiscal year to assure that sufficient financial resources will be available in the event of sudden economic dislocations or general economic slowdowns.” Although a statement of a target is a positive step, the General Plan target does not substitute for the adoption of a formal reserve policy. The Policy Statement that follows is intended to implement a key element of sound City financial planning.

POLICY STATEMENT
The City will continue to maintain reserve funds to:
a) stabilize the fiscal base by anticipating fluctuations in revenues and expenditures; b) provide for non-recurring, unanticipated expenditures; and c) provide for innovative opportunities for the betterment of the community.

The General Plan provides for a target of 50 percent reserves. The 50 percent target represents 50 percent of the General Fund operating expenditures. To meet this target the City will establish a Contingency Reserve at 50 percent, and a Operational Reserve for Fund Balance in excess of 50 percent. Use of these reserves would be restricted unless approved by resolution of the full Council.

Contingency Reserve
The 50 percent Contingency Reserve would be used in times of natural disasters or severe economic downturns and to respond to unplanned or unforeseen projects or service demands. The purpose of this reserve is to protect the General Fund against unpredictable fluctuations in the major revenues.

5.4.b
Packet Pg. 39
Attachment: B: General Fund Reserve Policy 2004 (4931 : Reserve Workshop Preview) Operational Reserve
Any surplus beyond the required Contingency reserve would be included in the Operational Reserve fund.

These funds would be used to fund items such as replacement of capital equipment.

Monitoring and Maintenance of Reserves
1) General Fund Reserve Levels are to be monitored at three different time periods during the fiscal year as follows:
a) Actual Reserve Levels as of the end of each fiscal year are to be reported to the City Council at the time that audited financial statements are published.
b) Budgeted Reserve Levels are to be projected as part of the annual budget adoption process and projected ending reserve levels shall be measured against the reserve policy thresholds. c) Estimated Reserve Levels are to be projected as part of the annual mid-year financial review presented to the City Council and projected ending reserve levels shall be measured against the reserve policy. 2) If at any of the three monitoring time periods, total ending reserves for both categories combined actually fall below, or are estimated to fall below 60 percent, the City Manager is required to report the amount of reserves remaining above the 50 percent level to the City Council. This report shall be presented to the City Council within 30 days of determining that the total combined reserve level is estimated to be below 60 percent.
3) If at any of the three monitoring time periods, total ending reserves for both categories combined actually fall below, or are estimated to fall below 50 percent, the City Manager is required to prepare an action plan to restore reserves to greater than 50 percent. This action plan shall be presented to the City Council within 30 days of determining that the 50 percent threshold is projected to be breached. The City Council will then consider the City Manager’s recommended corrective actions.

5.4.b
Packet Pg. 40
Attachment: B: General Fund Reserve Policy 2004 (4931 : Reserve Workshop Preview)

5.4.c
Packet Pg. 41
Attachment: C: General Fund Reserve Policy 2010 (4931 : Reserve Workshop Preview)

5.4.c
Packet Pg. 42
Attachment: C: General Fund Reserve Policy 2010 (4931 : Reserve Workshop Preview)

5.4.c
Packet Pg. 43
Attachment: C: General Fund Reserve Policy 2010 (4931 : Reserve Workshop Preview)

5.4.c
Packet Pg. 44
Attachment: C: General Fund Reserve Policy 2010 (4931 : Reserve Workshop Preview) RESOLUTION NO. 2017-016

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAMON

APPROVING A STATEMENT OF THE GENERAL FUND RESERVE POLICY WHEREAS, the City Council adopted Resolution 2004 -30 to establish a General Fund Reserve Policy to promote sound financial management practices in the City; and WHEREAS, the City Council adopted Resolution 2010 -078 approving modifications to the General Fund Reserve Policy and reallocation of General Fund Reserves to the Dougherty Valley Fund, Certificate of Participation Debt Service Funds; and the Healthcare Fund; and WHEREAS, it is appropriate to review the Reserve Policy periodically and consider making changes when appropriate; and
NOW, THEREFORE BE IT RESOLVED, that the City Council approves a modified Statement of General Fund Reserve Policy that is attached as Exhibit 1.

PASSED, APPROVED AND ADOPTED at the meeting of February 14, 2017 by the following votes:

AYES: Cm. O' Loane, Perkins, Sachs, and Mayor Clarkson
ABSENT: Cm. Hudson
ABSTAIN:

Bill Clarkson, Mayor
ATTEST:
mumi
Renee Beck, City Clerk
Exhibit 1: Statement of General Fund Reserve Policy

5.4.d
Packet Pg. 45
Attachment: D: General Fund Reserve Policy and Reso 2017-016 (4931 : Reserve Workshop Preview)

5.4.d
Packet Pg. 46
Attachment: D: General Fund Reserve Policy and Reso 2017-016 (4931 : Reserve Workshop Preview)

5.4.d
Packet Pg. 47
Attachment: D: General Fund Reserve Policy and Reso 2017-016 (4931 : Reserve Workshop Preview)

5.4.d
Packet Pg. 48
Attachment: D: General Fund Reserve Policy and Reso 2017-016 (4931 : Reserve Workshop Preview)

5.4.d
Packet Pg. 49
Attachment: D: General Fund Reserve Policy and Reso 2017-016 (4931 : Reserve Workshop Preview) RESOLUTION NO. 2020-043

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAMON

APPROVING THE STATEMENT OF THE GENERAL FUND RESERVE POLICY WHEREAS, the City Council adopted Resolution 2004-30 to establish a General Fund Reserve Policy (“Policy”) to promote sound financial management practices in the City; and WHEREAS, it is appropriate to review the Policy periodically and consider making changes when appropriate; and
WHEREAS, on February 14, 2017, the City Council approved Resolution No. 2017-16 modifying the Policy reserve level from 50% to 40%; and WHEREAS, as part of the Fiscal Year 2019-2020 Council goals, staff engaged the services of Management Partners to review the adequacy of setting the General Fund reserve level at 40% of prior year actual General Fund expenditures and validate the adequacy of the contingency reserves to meet the City’s financial commitments and address unanticipated financial needs in the future; and
WHEREAS, on May 12, 2020, at a Special City Council meeting, Management Partners presented their final analysis report recommending changing the Policy reserve level from 40% to 36% and a minor cleanup language; and
WHEREAS, on May 26, 2020, at a Special City Council meeting, the City Council reviewed and accepted the proposed Statement of General Fund Reserve Policy incorporating the recommendations from Management Partners.

NOW, THEREFORE BE IT RESOLVED, that the City Council approve the Statement of the General Fund Reserve Policy attached as Exhibit 1.

PASSED, APPROVED AND ADOPTED at the meeting of June 9, 2020 by the following votes:

AYES: Cm. O’Loane, Perkins, and Zafar
NOES: Cm. Hudson and Mayor Clarkson
ABSENT:

ABSTAIN:
________________________
Bill Clarkson, Mayor
ATTEST:

Exhibit 1: Statement of the General Fund Reserve Policy

5.4.e
Packet Pg. 50
Attachment: E: General Fund Reserve Policy and Reso 2020-043 (4931 : Reserve Workshop Preview) 1 of 3

CITY OF SAN RAMON

STATEMENT OF GENERAL FUND RESERVE POLICY
Purpose
To provide guidelines to the City Council and staff for establishing, maintaining, and the annual review of a minimum target General Fund reserve for the City of San Ramon. This policy is developed to consider the minimum level necessary to maintain the City’s creditworthiness and to adequately provide for:
• Economic uncertainties and other financial hardships or downturns in the local or national economy
• Extreme events
• Future debt or capital obligations
• Cash flow requirements
• Legal requirements
The General Reserve Policy is an integral part of the City's multi-year financial business plan.

The City General Fund Reserve Policy was approved by City Council Resolution No. 2020- TBD.

Introduction
One of the key components of a financially stable organization is the adherence to a policy of maintaining an appropriate level of reserves. Establishing a target minimum General Fund reserve is a mechanism that governments can implement to help ensure adequate levels of fund balance are available to help mitigate current and future risks. A minimum General Fund reserve is generally considered a prudent and conservative fiscal policy to deal with unforeseen situations. Some examples of unforeseen situations include, but are not limited to:
• Extreme Events
• Economic Downturns
• Reduced Revenues
• Federal/State/County Budget Cuts
• Unfunded Legislative or Judicial Mandates
• Cash Flow Requirements
• Capital Obligations
• One-Time City Council Approved Expenditures
• Innovative Opportunities for the Betterment of the Community

5.4.e
Packet Pg. 51
Attachment: E: General Fund Reserve Policy and Reso 2020-043 (4931 : Reserve Workshop Preview) 2 of 3
The Government Finance Officers Association (GFOA), an international organization that promotes the professional management of governments for the public interest, recommends, at a minimum, that general-purpose governments, regardless of size, maintain unrestricted fund balance in their General Fund of no less than two months of operating revenues or operating expenditures, or a minimum of approximately 16.67% of General Fund operating expenditures. The GFOA further recommends that reserve levels be directly related to the degree of uncertainty the local government faces, specifically, the greater the uncertainty, the greater the financial resources necessary.

Most cities choose General Fund Operating Expenditures as the basis for reserve. Typically, there is less fluctuation and risk in forecasting future expenditures. The General Fund Operating Expenditures methodology is also typically considered the more conservative basis for establishing a General Fund reserve.

There are additional benefits to establishing a minimum General Fund reserve. Credit rating agencies carefully monitor levels of fund balance and unreserved fund balance in a government’s General Fund to evaluate a government’s continued creditworthiness. Finally, fund balance levels are a crucial consideration in long-term financial planning.

Policy
For purposes of this policy, the term “reserve” includes undesignated, unreserved fund balance. It is the policy of the City of San Ramon to maintain a minimum target reserve for unforeseen situations that impact the City, and whenever fiscally possible and financially prudent to maintain a greater target reserve. The City will continue to maintain reserve funds to:
a) Stabilize the fiscal base by anticipating fluctuations in revenues and expenditures; and
b) Provide for non-recurring, unanticipated expenditures; and c) Provide for innovative opportunities for the betterment of the community.

The minimum target reserve of the General Fund reserves will be maintained at thirty-six percent (36%) of General Fund Operating Expenditures, plus the annual transfer amount from the General Fund to the Dougherty Valley Fund.

The minimum reserve level will be calculated annually using the prior fiscal year’s estimated General Fund Operating Expenditures and estimated annual transfer amount from the General Fund to the Dougherty Valley Fund. General Fund reserves levels will be evaluated at three different time periods during the fiscal year as described below. Staff recommendations will be made to City Council on the available funds and the appropriate reserve levels. In the event the General Fund reserve balance drops below the minimum reserve level, a response plan will be developed to return the General Fund reserves back to the minimum reserve level.

5.4.e
Packet Pg. 52
Attachment: E: General Fund Reserve Policy and Reso 2020-043 (4931 : Reserve Workshop Preview) 3 of 3
The minimum General Fund Reserve Policy is intended to be a prudent and conservative fiscal policy, which should help contribute to the fiscal security of the City. Nothing in this policy shall prohibit the City Council from maintaining a higher level of reserves than the established minimum General Fund reserve target of thirty-six percent (36%).

Monitoring and Maintenance of Reserves
1) General Fund Reserve Levels are to be monitored at three (3) different time periods during the fiscal year as follows:
a) Actual Reserve Levels as of the end of each fiscal year are to be reported to the City Council at the time that audited financial statements are published. b) Estimated Reserve Levels are to be projected as part of the annual mid-year financial review presented to the City Council and projected ending reserve levels shall be measured against the Reserve Policy.
c) Budgeted Reserve Levels are to be projected as part of the annual budget adoption process and projected ending reserve levels shall be measured against the Reserve Policy thresholds.
2) If, at any of the three (3) monitoring time periods, total ending reserves fall below, or are estimated to fall below thirty-six percent (36%), the City Manager shall report the amount of reserves remaining below the thirty-six percent (36%) level to the City Council. This report shall be presented to the City Council within thirty (30) days of determining the total combined reserve level is estimated to be below thirty-six percent (36%).
3) If, at any of the three (3) monitoring time periods, total ending reserves actually fall below, or are estimated to fall below thirty-six percent (36%), the City Manager shall prepare an action plan to restore reserves to the thirty-six percent (36%). This action plan shall be presented to the City Council within thirty (30) days of determining that the thirty-six percent (36%) threshold is projected to be breached. The City Council will consider the City Manager's recommended corrective actions.

5.4.e
Packet Pg. 53
Attachment: E: General Fund Reserve Policy and Reso 2020-043 (4931 : Reserve Workshop Preview) 1730 MADISON ROAD • CINCINNATI, OH 45206 • 513 861 5400 • FAX 513 861 3480 MANAGEMENTPARTNERS.COM 2107 NORTH FIRST STREET, SUITE 470 • SAN JOSE, CALIFORNIA 95131 • 408 437 5400 • FAX 408 453 6191 3152 RED HILL AVENUE, SUITE 210 • COSTA MESA, CALIFORNIA 92626 • 949 222 1082 • FAX 408 453 6191 To: Mr. Joe Gorton, City Manager
Ms. Eva Phelps, Administrative Services Director
City of San Ramon
From: Andy Belknap, Senior Vice President
Rick Haydon, Special Advisor
Subject: San Ramon General Fund Reserve Policy and Reserve Level Review Report Date: April 29, 2020
Executive Summary
The City of San Ramon engaged Management Partners to assist in reviewing the General Fund Reserve Policy and provide policy recommendations and analysis to determine the adequacy of existing reserve amounts. City leaders were specifically interested in ensuring that the current reserve policy and level of General Fund reserves represent an adequate strategy to meet the City’s financial commitments and address unanticipated financial needs in the future.

Cities carry reserves for a good reason. Tax revenues can vary while service demands tend to remain fixed and a reserve is used to buffer services from short-term cuts during normal economic cycles. Setting a reserve policy is always a balancing act. City leaders do not want to set it too low so that it is exhausted quickly, causing vital services to be disrupted. Likewise, if the level is set too high, services might have to be cut simply to fund the reserve requirement.

San Ramon’s current reserve policy was developed by City staff using the Government Finance Officers Association (GFOA) Risk Factor Assessment in determining a minimum target reserve amount in the General Fund. It was adopted in February 2017 by the San Ramon City Council.

This memorandum provides our analysis of the current policy, potential adjustments to it, and the financial impact of implementing those changes. Our analysis was done prior to the recent COVID-19 pandemic, and associated emergency actions and declarations. Consequently, we did not assess the financial impact this event has had or will have on the City’s General Fund or on reserves.

Management Partners has recently developed an emergency fiscal diagnostic tool for cities, which on a general basis, allows us to gauge financial impact on different sized cities. Because of the substantial economic impact on many types of revenues associated with the COVID-19 recession our forecast indicates that a typical city carrying GFOA-recommended levels of

5.4.f
Packet Pg. 54
Attachment: F: Mgmt Partners- GF Reserve Policy & Reserve Level Review Report (4931 : Reserve Workshop Preview) San Ramon General Fund Reserve Policy and Reserve Level Review Page 2 General Fund reserves (approximately 17% of General Fund spending) will exhaust its General Fund reserves by approximately August 2020 absent any corrective actions. Staff will, of course, need to perform their own analysis of the financial impact the COVID-19 pandemic on City finances and reserves. Nonetheless, we believe our framework and analysis will serve to inform any such evaluation. Clearly, at this time, it is a good thing that San Ramon carries a reserve significantly higher than the GFOA-recommended minimum.

Our analysis was specifically sought regarding following two tenets of the current reserve policy:

1. Adequacy of setting the reserve at 40% of the prior year actual General Fund expenditures. The current policy calls for the minimum target reserve of the General Fund reserves to be maintained at 40% of prior year General Fund operating expenditures. As written, the General Fund reserves consist of a combination of unallocated General Fund reserves, Dougherty Valley Fund reserves, Certificate of Participation Debt Fund reserves, and Healthcare Fund reserves.

As a basis for determining the prior operating expenditures, the audited prior fiscal year’s actual General Fund expenditures are used. In addition, the requirement for a 40% reserve amount is a relatively high standard for a municipality. GFOA recommends that municipalities set aside no less than approximately 17% in their fund balance for cashflow purposes. Many local governments typically keep General Fund reserve amounts at 20% to 25% and more depending on their size and characteristics.

Neighboring jurisdictions (Danville, Dublin, Livermore, Pleasanton and Walnut Creek) have written General Fund reserve policies that call for reserve amounts ranging from 20% to 26.5%; although later in this report it is noted that their reserve amounts are higher than required.

According to the results of the City’s Risk Factor Assessment, San Ramon should have a reserve amount between 26% to 35%, which is what the City has done. However, our analysis indicated that the 40% goal is relatively high and as discussed later in this report, we recommend considering reducing it.

2. Adequacy of a contingency reserve of $24.9 million to meet the unanticipated needs of the City. The audited reserves in the combined General Fund, Dougherty Valley Fund, and Debt Service Fund, as of June 30, 2019, are $24.9 million. Based on last year’s General Fund operating expenditures being $46.4 million, the 40% minimum General Fund reserve amount would have required a target goal of $18.6 million. Table 1 shows the actual fund reserves as of June 30, 2019 and the goal.

5.4.f
Packet Pg. 55
Attachment: F: Mgmt Partners- GF Reserve Policy & Reserve Level Review Report (4931 : Reserve Workshop Preview) San Ramon General Fund Reserve Policy and Reserve Level Review Page 3 Table 1. Combined Actual General Fund Reserve Amount and Target Goal – June 30, 2019 Actual Goal
General Fund Balance $13,888,558 $18,567,378
Dougherty Valley Fund $ 470,903 -
Debt Service Fund $10,563,736 -
TOTAL $24,923,197 $18,567,378
Consequently, the current reserve amount of $24.9 million is more than adequate to meet the unanticipated needs of the City based on the Risk Factor Assessment model. In fact, the adequacy of this contingency reserve has been more than sufficient to meet the minimum 40% target amount since the policy was approved in February 2017. Figure 1 illustrates the percentage of General Fund reserves compared with General Fund expenditures for FY 2015-16 through FY 2018-19.

Figure 1. General Fund Reserves as a Percent of Total General Fund Expenditures Our analysis resulted in the following major observations regarding the City’s General Fund Reserve Policy.

1. Based on calculations when conducting the Risk Factor Assessment, City staff identified a “worst case scenario” revenue loss which our independent review concluded was higher than necessary based on actual experience in the Great Recession, thereby increasing the minimum target reserve.

2. While utilizing reserves from the Dougherty Valley and Debt Service Funds is appropriate given the fact that resources in those funds are related to the General Fund, the policy does not take into consideration prior year’s expenditures in the Dougherty Valley Fund and it should.
0%
10%
20%
30%
40%
50%
60%
70%
80%
2015-16 2016-17 2017-18 2018-19

5.4.f
Packet Pg. 56
Attachment: F: Mgmt Partners- GF Reserve Policy & Reserve Level Review Report (4931 : Reserve Workshop Preview) San Ramon General Fund Reserve Policy and Reserve Level Review Page 4

3. The City’s Risk Factor Assessment calls for setting aside reserves due to unanticipated expenditures and potential revenue volatility. However, there are no reserves designated for these purposes in the fund balance, as more than half of the General Fund reserves ($13.8 million) are categorized as unassigned.

We have provided six preliminary recommendations in this project report. Our major recommendations for consideration by the City are to:

1. Adjust the Revenue Source Stability amount downward in the City’s Risk Factor Assessment from $12.3 million to $10.7 million. Making this adjustment in the Risk Factor Assessment will reduce the amount of reserves needed in the General Fund from 40% to 35%.

2. Modify the current General Fund Reserve Policy and require a minimum target reserve of $2 million for Dougherty Valley Fund operating expenditures. This would increase the target reserve amount.

Taken together these two options would reduce the reserve target to approximately 36% of General Fund expenditures.

Following a review and discussion of our analysis and preliminary recommendations with you and others you may designate, Management Partners will finalize the project report.

Project Approach
As part of this engagement, we:
• Interviewed City Manager Joe Gorton and Administrative Services Director Eva Phelps • Reviewed the City’s General Fund Reserve Policy and the results of the GFOA Risk Factor Assessment analysis (the basis for the City’s General Fund Reserve Policy) • Reviewed current and previous (FY 2015-16, FY 2016-17, and FY 2017-18) Comprehensive Annual Financial Reports (CAFRs) and Citywide budget documents covering the same period
• Performed peer agency research related to General Fund Reserves and previous CAFRs in Danville, Dublin, Livermore, Pleasanton and Walnut Creek • Reviewed relevant GFOA documents pertaining specifically to fund balance-related information and data
• Reviewed the City’s General Fund Five-year Financial Forecast and Projections As previously mentioned, we reviewed relevant GFOA fund balance-related documents. The GFOA is designed to advance excellence in public finance through best management practices and represents public finance officials throughout the United States and Canada. As such, one best management practice is for municipalities to maintain adequate levels of reserves to help mitigate current and future risks (e.g., revenue shortfalls and/or unanticipated expenditures).

Accordingly, GFOA recommends, at a minimum, that municipalities, regardless of their size,

5.4.f
Packet Pg. 57
Attachment: F: Mgmt Partners- GF Reserve Policy & Reserve Level Review Report (4931 : Reserve Workshop Preview) San Ramon General Fund Reserve Policy and Reserve Level Review Page 5 maintain an unrestricted budgetary fund balance in their General Fund of no less than two months of general fund operating revenues or general fund operating expenses. However, it should be noted that unrestricted fund balance levels may vary and be in excess of the aforementioned minimum level based on a municipality’s particular situation; thus, warranting a Risk Factor Assessment to determine the appropriate level of reserves.

Existing General Fund Reserve Policy
In 2016, City staff conducted an internal risk factor analysis using the GFOA Risk Factor Assessment instrument and determined that a reserve greater than 35% in the General Fund was warranted based on the assessment results. The Risk Factor Assessment took into consideration a multitude of potential financial risk concerns as outlined by GFOA, including vulnerability to extreme events (such as earthquakes, floods, etc.), revenue source stability (potential revenue loss), expenditure volatility (potential lawsuits or increased operating costs), unfunded liabilities (potential increase in pension costs), liquidity risks (cash flow issues), other fund dependency issues, (i.e. Dougherty Valley), growth concerns, and unfunded capital projects.

In developing the Risk Factor Assessment, staff attributed certain monetary amounts to specific risk factors. These were $4 million to the Vulnerability to Extreme Events factor and $12.3 million to the Revenue Source Stability factor. Combined, these two risk factors resulted in the need to have at least $16.3 million in General Fund reserves. At the time the report was drafted, prior year General Fund operating expenditures were $42 million. Accordingly, the identified $16.3 million needed in reserve funds equated to 39% of prior year General Fund operating expenditures.

When the General Fund Reserve Policy was brought before the City Council for their consideration, the Council chose to have General Fund reserves be maintained at 40% of General Fund operating expenditures (using prior fiscal year’s actual General Fund expenditures as a basis for operating expenditures). General Fund reserves were then calculated using reserves in the General Fund, Dougherty Valley Fund, Debt Service Fund, and Healthcare Fund.

Accordingly, as of June 30, 2019, the combined General Fund reserve amount was $24.9 million which more than met the desired 40% reserve goal. Figure 2 illustrates that the current General Fund reserve amount is more than sufficient to meet its reserve goal of $18.6 million.

5.4.f
Packet Pg. 58
Attachment: F: Mgmt Partners- GF Reserve Policy & Reserve Level Review Report (4931 : Reserve Workshop Preview) San Ramon General Fund Reserve Policy and Reserve Level Review Page 6 Figure 2. Combined General Fund Reserve Balance
Major Observations
Our major observations regarding the City’s current written reserve policy are provided below. • After the Great Recession, the City’s three main economy-related revenue sources in the General Fund, property tax, sales tax and transient occupancy tax plummeted as demonstrated in Figures 3, 4 and 5.

Figure 3. Property Tax Actual Revenue FY 2008 through FY 2014 (in millions) $-
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
Actual Goal
General Fund Balance Dougherty Valley Fund Debt Service Fund $14.35 $14.53
$13.93 $14.04 $13.91 $13.72
$14.63
$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
2008 2009 2010 2011 2012 2013 2014

5.4.f
Packet Pg. 59
Attachment: F: Mgmt Partners- GF Reserve Policy & Reserve Level Review Report (4931 : Reserve Workshop Preview) San Ramon General Fund Reserve Policy and Reserve Level Review Page 7 Figure 4. Transient Occupancy Tax Actual Revenues FY 2008 through FY 2014 (in millions) Figure 5. Sales and Use Tax Actual Revenues FY 2008 through FY 2014 (in millions) According to the City’s Risk Factor Assessment, Revenue Source Stability was a major risk factor that was taken into consideration during the drafting of the policy. Essentially, in developing the revenue volatility estimate, the staff took the revenue decline between FY 2009 and FY 2010 $1.98
$1.57
$1.25
$1.50
$1.74
$2.10
$2.25
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
2008 2009 2010 2011 2012 2013 2014
$9.24 $9.01
$6.66
$7.58
$8.20 $8.34
$9.70
$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
2008 2009 2010 2011 2012 2013 2014

5.4.f
Packet Pg. 60
Attachment: F: Mgmt Partners- GF Reserve Policy & Reserve Level Review Report (4931 : Reserve Workshop Preview) San Ramon General Fund Reserve Policy and Reserve Level Review Page 8 which amounted to revenue loss of $4.1 million in one year, and assumed a decline of this magnitude over a three year period resulting in a “worst case scenario” revenue loss of $12.3 million over three years.

In examining data from the Great Recession, we note that while revenues declined over a fiveyear period, they slowly grew from FY 2010 forward, and the total revenue loss was much less than $12.3 million. As Table 2 shows, actual revenue loss in San Ramon’s property tax, sales tax, and transient occupancy tax receipts during the last recessionary period was closer to $10.7 million. Consequently, had City staff used a more conservative amount like $10.7 million, their recommended General Fund reserve amount would have been closer to 35% rather than 40%.

Since the Great Recession was the worst economic contraction since the Great Depression in the 1930s, we conclude that the City’s “worst case” $12.3 million potential revenue loss scenario appears to have been slightly larger than justified by the actual data.

Table 2. Actual Property Tax, Sales Tax and TOT loss (FY 2008 through FY 2013) 2008 Actuals 2009 Actuals 2010 Actuals 2011 Actuals 2012 Actuals 2013 Actuals Property Tax $14,345,904 $14,525,239 $13,930,189 $14,038,722 $13,912,217 $13,720,279 Sales and Use Tax $9,241,599 $9,013,866 $6,657,222 $7,580,028 $8,198,736 $8,336,061 Transient Occupancy Tax $1,979,708 $1,566,201 $1,247,315 $1,500,987 $1,740,663 $2,095,975 Property Transfer Tax $664,267 $438,874 $537,645 $469,732 $439,705 $518,437 Total $26,231,478 $25,544,180 $22,372,371 $23,589,469 $24,291,321 $24,670,752 Loss $(687,298) $(3,859,107) $(2,642,009) $(1,940,157) $(1,560,726) TOTAL LOSS $(10,689,297)
Of course, given current circumstances this is a good thing, and the COVID-19 pandemic we are now experiencing may cause the industry to fundamentally reset guidance on reserve levels.

However, based on existing guidance the City’s reserve levels are somewhat higher than would be recommended. Lending additional credence to this is the fact that in reviewing the revenue loss in neighboring jurisdictions during the last recessionary period, the average combined cumulative loss in those agencies (Danville, Dublin, Livermore, Pleasanton and Walnut Creek) was approximately $3.2 million.
• The City’s General Fund Reserve Policy states:

The minimum target reserve of General Fund reserves will be maintained at forty percent (40%) of General Fund Operating Expenditures. The General Fund reserves shall consist of a combination of unallocated General Fund reserves, Dougherty Valley Fund reserves, Certificate of Participation Debt Fund reserves, and Healthcare Fund reserves...with the minimum reserve level calculated annually using the prior fiscal year’s actual General Fund Expenditures.

5.4.f
Packet Pg. 61
Attachment: F: Mgmt Partners- GF Reserve Policy & Reserve Level Review Report (4931 : Reserve Workshop Preview) San Ramon General Fund Reserve Policy and Reserve Level Review Page 9 As written, the policy does not take into consideration prior year’s expenditures in the Dougherty Valley Fund it should, as expenditures in this fund is substantial and should also be used in the calculation of prior year expenditures due to the financial obligations this fund has in relation to the General Fund.

In addition, the policy is written to require the use of the “prior fiscal year’s actual General Fund Expenditures,” which is not the most efficient way of calculating General Fund reserves. This is because it requires the use of audited financial data which is not readily available at the time the budget is being compiled. Rather, the use of the prior fiscal year’s estimated General Fund expenditures would be simpler to implement and more consistent with other cities.
• Since one of the key components of the City’s Risk Factor Assessment addressed the concern for potential revenue loss, it would be prudent to set aside funds in the reserves and designate them as “committed” funds for Economic Stabilization or Revenue Source Stability to help bridge the financial gap in the General Fund during the next recession period.
• In addition to the previously mentioned revenue source stability issue, the City’s Risk Factor Assessment also identified two other areas of concern dealing with expenditures:
vulnerability to extreme events and expenditure volatility. Such expenditure risk factors take into consideration the potential exposure for increased pension-related expenses, unanticipated lawsuits, as well as catastrophic events such as earthquakes and floods.

And as with the need to designate reserve funds to address revenue source stability concerns, it would also be wise to set aside funds and designate them as “assigned” funds to help mitigate unexpected future catastrophic events. • There is no mention in the annual CAFR of the makeup of the General Fund reserves.

Therefore, for clarification and full disclosure purposes, the annual CAFR should indicate which funds are included in calculating the General Fund reserve amount. • The existing written reserve policy also references the use of Healthcare Fund reserves in the calculation of the General Fund reserves. In practice, the City no longer uses this fund in the calculation; therefore, the Healthcare Fund should no longer be referenced in this policy.

Preliminary Recommendations
The following recommendations were developed prior to the onset of the recent COVID-19 pandemic.

One of the critical factors used in determining the City’s targeted General Fund reserve amount when it was formulated in 2016 was revenue volatility and as noted, our analysis indicates that the City’s “worst case scenario” of revenue volatility appears to be slightly overstated. In fact, a

5.4.f
Packet Pg. 62
Attachment: F: Mgmt Partners- GF Reserve Policy & Reserve Level Review Report (4931 : Reserve Workshop Preview) San Ramon General Fund Reserve Policy and Reserve Level Review Page 10 review of actual revenue loss during the last recession in property taxes, sales taxes and transient occupancy taxes totaled only $10.7 million. Consequently, had City staff used a $10.7 million revenue loss in determining their Risk Factor Assessment, as opposed to the $12.3 million figure, the targeted reserve amount would have been closer to 35% rather than 40%.

Recommendation 1. Adjust the minimum General Fund reserve amount from 40% to 35%.

The Dougherty Valley Fund provides several General Fund-related municipal services to a County service area within the City’s limits. The City is then reimbursed for said services by Contra Costa County on a semi-annual basis. This creates a liquidity concern as the City’s General Fund assumes various costs for providing services before being reimbursed by the County. Because the General Fund annually contributes (transfers out) approximately $2 million to the Dougherty Valley Fund, it is recommended that this amount be included in the calculation of prior year General Fund operating expenditures.

Recommendation 2. Incorporate the transfer payment to the Dougherty Valley Fund (approximately $2 million) to reflect the annual General Fund contribution to this fund, for inclusion into the calculation of prior year General Fund operating expenditures.

This recommendation warrants adjusting the minimum General Fund target reserve to 36% of prior year operating expenditures.

The City’s Risk Factor Assessment identified significant risk factors associated with the potential for substantial revenue loss in the future (i.e., Revenue Source Stability) and the exposure to future expenditure volatility (i.e., Vulnerability to Extreme Events). However, there are no reserve funds designated as either “committed” or “assigned” to address the potential for substantial revenue loss or to deal with expenditure volatility. In fact, of the current $24.9 million in combined reserves, over $11.1 million are designated as either “non spendable” or “restricted,” leaving more than half of the reserve funds ($13.8 million) categorized as unassigned. To that end, it would be prudent to designate a portion of the $13.8 million in unassigned reserves to address future revenue stabilization and expenditure volatility. In addition, a re-designation of some restricted funds may also be in order since there are sufficient funds in the Debt Service Fund to pay for current and future debt service obligations; thereby allowing those remaining funds to be designated as unassigned.

It should also be noted that the neighboring jurisdictions such as Danville, Dublin, Livermore and Walnut Creek all designate portions of their reserve funds as either committed or assigned to address revenue stabilization and expenditure volatility concerns, as shown in Table 3.

5.4.f
Packet Pg. 63
Attachment: F: Mgmt Partners- GF Reserve Policy & Reserve Level Review Report (4931 : Reserve Workshop Preview) San Ramon General Fund Reserve Policy and Reserve Level Review Page 11 Table 3. General Fund Reserve Designation Comparison by Jurisdiction City Nonspendable Restricted Committed Assigned Unassigned Danville $7,325,019 $820,547 $19,005,310 $117,735 $0
Dublin $2,818 $1,938,000 $47,267,326 $60,771,810 $61,235,819 Livermore $5,712,441 $0 $15,954,446 $22,359,001 $21,015,747 Pleasanton $524,566 $0 $0 $0 $29,077,433
San Ramon (current) $170,326 $11,026,271 $0 $0 $13,726,600 San Ramon (proposed) $170,326 $4,621,275 $10,700,000 $4,000,000 $5,431,596 Walnut Creek $896,338 $17,618,718 $24,410,360 $18,759,479 $6,794,320 Recommendation 3. Reallocate $10.7 million in unassigned General Fund reserves to the “committed” designation to address future revenue stabilization concerns and $4 million in unassigned General Fund reserves to the “assigned” designation to address expenditure volatility issues in the future.

Should City leaders conclude that the recommended action does not meet their criteria for committing or assigning fund balance reserve amounts, in the alternative, at a minimum, notes to the financial statements in the annual CAFR should disclose such revenue stabilization and expenditure volatility information. Such clarification language could be incorporated in Section 9 Net Position and Fund Balances, Subsection C.

As a matter of practice, the City uses a combination of General Fund reserves, Dougherty Valley Funds reserves and the Debt Service Fund reserves as a basis for establishing their General Fund reserve amount. However, aside from the General Fund Reserve Policy, there is no mention of this practice in the annual CAFR and there should be for purposes of clarification and full disclosure.

Recommendation 4. Insert clarification language in future CAFRs to indicate that for calculation purposes the General Fund reserves shall consist of a combination of the following three reserves: General Fund reserves, Dougherty Valley Fund reserves, and Debt Service Fund. Specifically, this language can be incorporated in the Notes to the Financial Statements, Section 9 Net Position and Fund Balances, Subsection (C).

Since the Healthcare Fund is no longer used in the calculation for determining the General Fund reserve amount, the City should change the policy and remove any reference to the Healthcare Fund.

Recommendation 5. Revise the General Fund Reserve Policy and remove any reference to the Healthcare Fund since it is no longer used in calculating reserves.

5.4.f
Packet Pg. 64
Attachment: F: Mgmt Partners- GF Reserve Policy & Reserve Level Review Report (4931 : Reserve Workshop Preview) San Ramon General Fund Reserve Policy and Reserve Level Review Page 12 Finally, as written, the existing policy’s requirement to use prior fiscal year’s “actual” General Fund Expenditures is difficult to put into practice because it requires the use of audited financial data which City staff does not have readily available at the time the budget is being compiled. Accordingly, the policy should be slightly modified to use the prior fiscal year’s estimated General Fund Expenditures.

Recommendation 6. Modify the General Fund Reserve Policy and replace the word “actual” with “estimated” before the wording “General Fund Operating Expenditures” when describing the minimum reserve level calculation.

Conclusion
A healthy and appropriately constructed reserve policy is an industry-wide best management practice and is also an integral part and key attribute of a City’s financial stability and sustainability. Strong reserve funds enable cities to weather significant economic downturns more effectively as well as successfully address unexpected financial emergencies when they arise and help bring the financial gap between one budget year to the next.

The City of San Ramon is to be commended for undertaking the GFOA’s Risk Factor Assessment and constructing a formalized General Reserve Policy designed to help mitigate various risks, meet future financial commitments, and address unexpected future events in a fiscally prudent manner. As previously noted, this work product was performed prior to the recent COVID-19 pandemic. Consequently, the financial impacts associated with this unfortunate event were not analyzed as part of this engagement.

5.4.f
Packet Pg. 65
Attachment: F: Mgmt Partners- GF Reserve Policy & Reserve Level Review Report (4931 : Reserve Workshop Preview) RESOLUTION NO. 2021- 037

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAMON

APPROVING THE STATEMENT OF THE GENERAL FUND RESERVE POLICY WHEREAS, the City Council adopted Resolution No. 2004- 030 to establish a General Fund Reserve Policy (" Policy") to promote sound financial management practices in the City; and
WHEREAS, it is appropriate to review the Policy periodically and consider malting changes when appropriate; and
WHEREAS, on June 30, 2010, the City Council approved Resolution No. 2010-078 modifying the Policy and reallocating General Reserves to the Debt Service Fund, the Dougherty Valley Fund and the Healthcare Fund; and
WHEREAS, on February 14, 2017, the City Council approved Resolution No. 2017- 016 modifying the Policy reserve level from 50% to 40%; and WHEREAS, on June 9, 2020, the City Council approved Resolution No. 2020-043 modifying the Policy to incorporate recommendations from Management Partners as follows:

1. Adjusted the minimum General Fund reserve amount from 40% to 36%

2. Included the annual payment to the Dougherty Valley Fund into the calculation of prior year General Fund operating expenditures

3. Removed any reference to General Fund reserves allocated in the Debt Service Fund, Dougherty Valley Fund and Healthcare Fund, since these funds no longer have allocated General Fund reserves

4. Replaced the word " actual' with " estimate" before the wording " General Fund Operating Expenditures" when describing the minimum reserve Ievel calculation.

NOW, THEREFORE BE IT RESOLVED, that the City Council approve the Statement of the General Fund Reserve Policy attached as Exhibit 1.

Signatures on following page.

5.4.g
Packet Pg. 66
Attachment: G: General Fund Reserve Policy and Reso 2021-037 (4931 : Reserve Workshop Preview) PASSED, APPROVED AND ADOPTED at the meeting of March 23, 2021 by the following votes:

AYES: On. Armstrong, Perkins, Verose, Zafar, and Mayor Hudson NOES:

ABSENT:

ABSTAIN:

REST:

Christina Franco, Ci Clerk
Exhibit 1: Statement of the General Fund Reserve Policy C
14 David E. Hudson, Mayor
Resolution No. 2021- 037

Page 2 of 2 ends

5.4.g
Packet Pg. 67
Attachment: G: General Fund Reserve Policy and Reso 2021-037 (4931 : Reserve Workshop Preview) A
San Ramon

CALIFORNIA

CITY OF SAN RAMON

Economic uncertainties and other financial hardships or downturns in the local or national economy
Extreme events
Future debt or capital obligations
Cash flow requirements
Legal requirements
The General Reserve Policy is an integral part of the City's multi -year financial business plan.

The City General Fund Reserve Policy was approved by City Council Resolution No. TBD.

Extreme Events
Economic Downturns
Reduced Revenues
Federal/ State/County Budget Cuts
Unfunded Legislative or Judicial Mandates
Cash Flow Requirements
Capital Obligations
One -Time City Council Approved Expenditures
Innovative Opportunities for the Betterment of the Community 1 EXHIBIT I

5.4.g
Packet Pg. 68
Attachment: G: General Fund Reserve Policy and Reso 2021-037 (4931 : Reserve Workshop Preview) The Government Finance Officers Association ( GFOA), an international organization that promotes the professional management of governments for the public interest, recommends, at a minimum, that general- purpose governments, regardless of size, maintain unrestricted fund balance in their General Fund of no less than two months of operating revenues or operating expenditures, or a minimum of approximately 16. 67% of General Fund operating expenditures. The GFOA further recommends that reserve levels be directly related to the degree of uncertainty the local government faces, specifically, the greater the uncertainty, the greater the financial resources necessary.

There are additional benefits to establishing a minimum General Fund reserve. Credit rating agencies carefully monitor levels of fund balance and unreserved fund balance in a government' s General Fund to evaluate a government' s continued creditworthiness. Finally, fund balance levels are a crucial consideration in long-term financial planning.

Policy
For purposes of this policy, the term " reserve" includes undesignated, unreserved fund balance. It is the policy of the City of San Ramon to maintain a minimum target reserve for unforeseen situations that impact the City, and whenever fiscally possible and financially prudent to maintain a greater target reserve. The City will continue to maintain reserve funds to:
a) Stabilize the fiscal base by anticipating fluctuations in revenues and expenditures; and
b) Provide for non -recurring, unanticipated expenditures; and c) Provide for innovative opportunities for the betterment of the community.

The minimum target reserve of the General Fund reserves will be maintained at thirty- six percent ( 36%) of General Fund Operating Expenditures, plus the annual transfer amount from the General Fund to the Dougherty Valley Fund.

The minimum reserve level will be calculated annually using the prior fiscal year' s estimated General Fund Operating Expenditures and estimated annual transfer amount from the General Fund to the Dougherty Valley Fund. General Fund reserves levels will be evaluated at three different time periods during the fiscal year as described below. Staff recommendations will be made to City Council on the available funds and the appropriate reserve levels. In the event the General Fund reserve balance drops below the minimum reserve level, a response plan will be developed to return the General Fund reserves back to the minimum reserve level. 1 5.4.g
Packet Pg. 69
Attachment: G: General Fund Reserve Policy and Reso 2021-037 (4931 : Reserve Workshop Preview) The minimum General Fund Reserve Policy is intended to be a prudent and conservative fiscal policy, which should help contribute to the fiscal security of the City. Nothing in this policy shall prohibit the City Council from maintaining a higher level of reserves than the established minimum General Fund reserve target of thirty- six percent ( 36%).

Designation of General Fund Reserves
1) Committed - $ 10. 7 million of General Fund reserves are identified and allocated as committed" to address future revenue stabilization concerns 2) Assigned - $ 4 million of General Fund reserves are identified and allocated as assigned" to address expenditure volatility issues in the future Monitoring and Maintenance of Reserves
1) General Fund Reserve Levels are to be monitored at three ( 3) different time periods during the fiscal year as follows:
a) Actual Reserve Levels as of the end of each fiscal year are to be reported to the City Council at the time that audited financial statements are published. b) Estimated Reserve Levels are to be projected as part of the annual mid -year financial review presented to the City Council and projected ending reserve levels shall be measured against the Reserve Policy.
c) Budgeted Reserve Levels are to be projected as part of the annual budget adoption process and projected ending reserve levels shall be measured against the Reserve Policy thresholds.
2) If, at any of the three ( 3) monitoring time periods, total ending reserves fall below, or are estimated to fall below thirty- six percent ( 36%), the City Manager shall report the amount of reserves remaining below the thirty-six percent ( 36%) level to the City Council. This report shall be presented to the City Council within thirty ( 30) days of determining the total combined reserve level is estimated to be below thirty- six percent ( 36%).
3) If, at any of the three ( 3) monitoring time periods, total ending reserves actually fall below, or are estimated to fall below thirty- six percent ( 36%), the City Manager shall prepare an action plan to restore reserves to the thirty-six percent ( 36%). This action plan shall be presented to the City Council within thirty ( 30) days of determining that the thirty- six percent ( 36%) threshold is projected to be breached. The City Council will consider the City Manager's recommended corrective actions.

5.4.g
Packet Pg. 70
Attachment: G: General Fund Reserve Policy and Reso 2021-037 (4931 : Reserve Workshop Preview) City of Pleasanton Reserve Policy 1

RESERVE POLICY
Purpose
The purpose of this policy is to establish a target level of reserve for the General Fund as well as specified Enterprise Funds and Internal Service Funds. Designating funds to reserves supports the City Council’s goal of ensuring fiscal stability. For the purpose of this policy, the General Fund does not include any sub-funds of the General Fund such as the Rainy Day Fund.

This reserve policy meets the following objectives of the City:
• Ensure financial stability;
• Maintain operations in the event of economic uncertainty or emergency; and • Make necessary repairs and replacements in the event of one-time, large-scale capital breakdown.

Reserve Levels and Establishment

1. General Fund Reserves
Unassigned Fund Balance: The City shall maintain an unassigned fund balance of between 16.7% to 25.0% of annual General Fund operating expenditures excluding transfers to other funds and significant one-time expenditures. The target level for the reserve is 20.0%. The reserve shall be calculated using next fiscal year’s budget or the current fiscal year budget if next fiscal year’s budget is not available.

Should the Unassigned Fund Balance fall below 16.7%, one-time revenues/contributions should be evaluated for the reserve. For example, it may be necessary to make a one-time contribution from the Rainy Day Fund.

Restricted Fund Balance - PARS 115 Pension Trust: The City Council has implemented proactive measures to pay down the City’s unfunded pension obligation. A pension trust has been established and funds in the trust account can only be used for pension contributions. Funds can be withdrawn during challenging times in accordance with the PARS Trust Withdrawal Policy adopted by the City Council in February 2020.

Committed and Assigned Fund Balance: Program reserves such as Crisis Response approved by the City Council or City Manager shall not be counted toward the General Fund reserve level stated above.

5.4.h
Packet Pg. 71
Attachment: H: City of Pleasanton- Reserve Policy - Council Meeting 5-16-23 (4931 : Reserve Workshop Preview) City of Pleasanton Reserve Policy 2

2. Enterprise Fund Reserves: The following enterprise funds shall maintain a reserve of between 30.0% and 40.0% of the operating expenditures for each fund: Water and Sewer. The target level for these reserves is 35.0%.

3. Internal Service Fund Reserves - Facility and Infrastructure Replacement and Renovation: If financial resources are available, the following Internal Service Funds shall strive to maintain a reserve of between 30.0% and 40.0% of the previous year's expenditures with a target of 35.0% for each fund:
• Streetlight Replacement
• Traffic Signal Replacement
• Facilities Renovation
• Park & Median Renovation

4. Internal Service Fund Reserves - Equipment Replacement: If financial resources are available, the following Internal Service Funds shall strive to maintain a reserve of between 10.0% and 20.0% of the previous year's operating expenditures with a target of 15.0% for each fund:
• Equipment Replacement
• Fire Apparatus Replacement
• Police Vehicle Replacement

5. An appropriated fund/reserve (e.g., a reserve made for the purpose of repairing, replacing, and procuring City assets) may be created and developed as necessary by the City Manager or their designee.

Use of Reserve Funds

1. Economic Uncertainty: For use to mitigate annual revenue shortfalls (actual revenues less than projected revenues) due to a temporary slowdown in general economic conditions as well as a short-term reduction in revenues caused by actions of the State or Federal government.

If any unanticipated reductions in revenue are deemed to be recurring, adjustments should be made to the budget to reflect the new revenue expectations.

2. Emergency: For use to mitigate costs associated with unforeseen emergencies, including natural disasters.

3. Enterprise Fund and Internal Service Fund Reserves shall only be used for unexpected expenses that would normally be paid by that fund. For example, the Streetlight Replacement reserve may only be used in the event of an unexpected streetlight malfunction.

5.4.h
Packet Pg. 72
Attachment: H: City of Pleasanton- Reserve Policy - Council Meeting 5-16-23 (4931 : Reserve Workshop Preview) City of Pleasanton Reserve Policy 3

4. The use of reserves shall be approved by the City Council through a resolution or budget adoption. The City Manager shall have the authority to approve the appropriation of Reserve Funds to respond to an emergency situation. The City Manager will then take a resolution to the City Council at its next regularly scheduled meeting confirming the nature of the emergency and formally authorizing the appropriation of reserve funds.

Replenishment of Reserves
If the General Fund reserve level falls below 16.7%, the goal is to replenish the reserve within three fiscal years. For the Water and Sewer Enterprise Fund reserves, if either reserve level falls below 30.0%, a rate study will be required to be completed in 12 months or less that provides a roadmap to replenish the impacted reserve over the next three fiscal years.

Excess Fund Balance
If actual reserve balances exceed the level required by the reserve policy at year end, the surplus funds shall remain in the reserve until allocation by the City Council for the following purposes:

1. Use of General Fund excess balance shall not be used for new recurring expenses.

2. Transfer to the CIP Fund for general capital needs and/or extensive capital maintenance or improvement projects. For example, funding major replacement or renovation projects to maintain or enhance city infrastructure.

3. Re-appropriation within the subsequent year's operating budget to fund any onetime expenditures/projects based on City Council direction. For example, prefunding the City's pension and retiree health liabilities and setting aside funds for a pilot program.

Annual Reporting and Periodic Review
The Finance Director shall report the year-end budgetary fund balance to the City Council as part of the annual budget report. The reserve policy shall be reviewed annually, and modifications are subject to Council approval.

5.4.h
Packet Pg. 73
Attachment: H: City of Pleasanton- Reserve Policy - Council Meeting 5-16-23 (4931 : Reserve Workshop Preview)

FINANCE COMMITTEE STAFF REPORT
DATE: February 18, 2026
TO: Finance Committee/City Manager
FROM: Jennifer Wakeman, Finance Director
By: Jennifer Wakeman, Finance Director
SUBJECT: City of San Ramon Quarterly Investment Report (Period Ending December 31, 2025)

RECOMMENDED ACTION
Staff recommends that the Finance Committee review and accept the Quarterly Investment Report for the period ending December 31, 2025, and forward it to the City Council for review.

BACKGROUND/DISCUSSION
State law requires that the City Council review the City Investment Report at least quarterly.

Copies of the Investment Report prepared by Meeder Public Funds, for the period ending December 31, 2025, the Investments Held by Trustees, and the Summary of Cash and Investments are attached for your review.

The December 31, 2025 Investment Report was prepared by Meeder Public Funds. The Investment Report is maintained on a daily basis to track investment yields, 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 $4.5 million as of December 31, 2025. This account is used for the City’s daily operations.

Total funds managed by Meeder Public Funds equaled $67.8 million at book value as of December 31, 2025. The portfolio consists of $14.9 million in federal agency securities, $34.3 million in treasury securities, $3.5 million in supranationals, $8.9 million in corporate bonds, $3.5 million in negotiable CD’s, and $2.7 million in FDIC insured CD’s. The weighted average yield to maturity on investments is 3.84% and the weighted average days to maturity is 627 days,

5.5 Packet Pg. 74
which is 136 days shorter than last quarter. The weighted average yield to maturity is 24 basis points higher than 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 $23.9 million and makes up 25.67% of the portfolio as of December 31, 2025. The current rate is 3.66%. This account is available on a daily basis for immediate cash flow requirements.

The City of San Ramon has $0.7 million invested with the State Treasurer’s Office (Local Agency Investment Fund). The current interest rate is 4.03% and makes up 0.74% 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 $3.6 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 $3.5 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 its 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 February 24, 2026, City Council meeting.

ATTACHMENTS
Attachment A: Summary of Cash and Investments as of December 31, 2025 Attachment B: Investment Portfolio Information for City of San Ramon for the Month Ending December 31, 2025
Attachment C: Investments Held by Trustees as of December 31, 2025 Attachment D: Investment Terminology

5.5 Packet Pg. 75

5.5 Packet Pg. 76
Demand deposits held with JP Morgan Chase Bank $ 4,485,629 Investment Portfolio:

Investments held with US Bank (Meeder Public Funds) 67,817,470 Fidelity US Government Money Market Funds held with US Bank 23,882,970 Investments held with Local Agency Investment Fund (LAIF) 686,518 Total Investment Portfolio 92,386,958
Investments held with Trustee 3,655,303
Total Cash and Investments $ 100,527,890
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:

Elaine Huang, Accountant
Approved by:

Jennifer Wakeman, Finance Director
Summary of Cash and Investments
For the Period December 31, 2025

5.5.a
Packet Pg. 77
Attachment: A: Summary of Cash and Investments at Dec 31, 2025 (4930 : City of San Ramon Quarterly Investment Report (Period Ending December 31, Investment
Report&LW\RI6ơQƝơPRQ$VRI'HFHPEHU

5.5.b
Packet Pg. 78
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December

OBSERVATIONS AND EXPECTATIONS
• Interest rates across the yield curve were lower for 2025, except for the 30- Yr T-Bond
• Softening of the labor market was the primary catalyst for lower rates • GDP continued to grow strongly in Q3 2025, posting a 4.3% rate• The futures market is projecting the Fed Funds rate to bottom out around 3% in 2026-27
• Inflation remains sticky and above the Fed 2 percent target rate • The Fed Funds futures market is
expecting two .25% rate cuts during 2026.
• The Federal Reserve’s median
Dot Plot shows only one cut for 2026.
2 SOURCES: BLOOMBERG
0 1
2 3
4 5
6 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Percent
Fed Funds
Actual Futures

5.5.b
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December
• Economists surveyed by Bloomberg are
expecting a slowing of GDP for Q4 2025 due to the federal government shutdown. • Consumer spending, which comprises
about 70% of U.S. economic activity, is projected to remain positive for 2026, especially spending by those in the upper-half of income levels. • Inflation remains above the Fed’s 2% target
on a year-over-year basis.
• Bloomberg’s survey of economists predicts
inflation will climb in the first part of 2026.

SOURCES: BLOOMBERG
SOURCES: BLOOMBERG 3

2.9%

2.5%

4.7%

3.4%

0.8%

3.6%

3.3%

1.9%
-0.6%

3.8%

4.3%

1.0%

2.1% 2.0%2.0%2.0%
-1%
0%
1%
2%
3%
4%
5%
Q1 23
Q2 23
Q3 23
Q4 23
Q1 24
Q2 24
Q3 24
Q4 24
Q1 25
Q2 25
Q3 25
Q4 25
Q1 26
Q2 26
Q3 26
Q4 26
Real GDP QoQ
Bloomberg
Survey
Estimates

9.1 8.5

8.3 8.2

7.7 7.1

6.5 6.4

6.0 5.0

4.9 4.0

3.0 3.2

3.7 3.7

3.2 3.1

3.4 3.1

3.2 3.5

3.4 3.3

3.0 2.9

2.5 2.4

2.6 2.7

2.9 3.0

2.8 2.4

2.3 2.4

2.7 2.7

2.9 3.0

3.0 2.7

2.6 2.9
0 1
2 3
4 5
6 7
8 9
10 CPI YoY Percent

5.5.b
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December 4 SOURCES: BLOOMBERG 4

3.40 3.60

3.80 4.00

4.20 4.40

4.60 4.80

5.00 3M 6M 1Y 2Y 3Yr 5Y 7Y 10Y 20Y 30Y
Percent
U.S. Treasury Yield Curve Change
12/31/25 12/31/24
(69) (66) (68)
(77) (73)
(66)
(54)
(40)
(7)
6 -100
-80
-60
-40
-20
0 20
3M 6M 1Y 2Y 3Yr 5Y 7Y 10Y 20Y 30Y
Basis Points
Basis Point Change

5.5.b
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ

Portfolio Summary 6Portfolio Overview 7Credit Quality 8Position Statement 9Amortization Schedule 13Accrued Interest Schedule 16Earnings by Fund 19Transaction Statement 22Income/Dividend Received 23Contribution/Withdrawals and Expenses 24Projected Cash Flows 25 Contents

5.5.b
Packet Pg. 82
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December 6 3ortIoOLo 6Xmmơr\
Par Value $92,864,488Principal Cost $91,846,504Book Value $92,386,958Market Value $93,037,158Unrealized Gain/Loss $650,201Accrued Interest $585,229Portfolio PositionMơturit\ 'istriEution 6ector Allocơtion • 1 U.S. Treasuries 37.25%• 1 Money Market Funds 25.67%• 1 U.S. Agencies 16.16%• 1 Corporate Bonds 9.75%• 1 Supranational 3.80%• 1 Negotiable CD's 3.74%• 1 Commercial Paper 2.89%• 1 LGIP 0.74% Weighted Average Yield to MaturityWeighted Average Maturity (Years)Portfolio EƉective Duration (Years)Weighted Average Life (Years)AA+Average Credit Rating CITY OF SAN RAMON'(&(0%(5ǆǄǅǃǅǈ

5.5.b
Packet Pg. 83
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ

Portfolio Overview

SECURITY TYPE PAR VALUE MARKET VALUE BOOK VALUE
Ǎ O)

PORT)OLIO
'AYS TO

MATURITY YIEL'
LGIP 686,518.39 686,518.39 686,518.39 0.74% 1 4.03Money Market Funds 23,882,969.59 23,882,969.59 23,882,969.59 25.67% 1 3.66Commercial Paper 2,700,000.00 2,686,896.00 2,686,896.00 2.89% 42 4.42U.S. Treasuries 34,550,000.00 34,659,386.80 34,338,788.01 37.25% 923 3.66U.S. Agencies 14,915,000.00 15,031,414.65 14,889,303.22 16.16% 759 3.66Negotiable CD's 3,472,000.00 3,481,240.53 3,470,036.78 3.74% 624 4.55Corporate Bonds 9,158,000.00 9,070,242.14 8,951,417.75 9.75% 1,033 4.53Supranational 3,500,000.00 3,538,490.00 3,481,027.83 3.80% 915 4.54 TOTAL 92,864,487.98 93,037,158.10 92,386,957.58 100.00% 627 3.84CAS+ A1' ACCRUE' I1TEREST Purchased Accrued Interest 1,953.65 1,953.65
TOTAL CAS+ A1' I1VESTME1TS 92,864,487.98 93,039,111.75 92,388,911.23 627 3.84TOTAL EARNINGS

CURRENT MONTH
272,088.52

5.5.b
Packet Pg. 84
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December
Credit 4uơlit\Allocơtion E\ ƝơtinJ
ƝơtinJ 'istriEution

MARKET VALUE ALLOCATION
AAA 23,882,969.59 25.67%A-1 2,686,896.00 2.89%NA 686,518.39 0.74% TOTAL 27,256,383.98 29.30%
6+2577(50021(<0$5.(7)81'6 /*,365$7,1*6

MARKET VALUE ALLOCATION
AAA 3,538,490.00 3.80%AA+ 51,207,286.45 55.04%AA 2,876,070.00 3.09%AA- 1,181,542.14 1.27%A+ 1,012,290.00 1.09%A 1,492,815.00 1.60%A- 991,040.00 1.07%NA 3,481,240.53 3.74% TOTAL 65,780,774.12 70.70%GRAN' TOTAL 93,037,158.10 100.00% /21*7(505$7,1*6
Report reƋects ratings issued by Standard Poors
• 1 AAA 29.47%• 1 AA+ 55.04%• 1 AA 3.09%
• 1 AA- 1.27%• 1 A+ 1.09%• 1 A 1.60%• 1 A- 1.07%• 1 A-1 2.89%• 1 NA 4.48% &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ 5.5.b
Packet Pg. 85
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ
9 CUSIP 'ESCRIPTION

TRA'E 'ATE
SETTLE
'ATE PAR VALUE

PRINCIPAL COST

PURCHASE'

INTEREST TOTAL COST

YIEL' TO

MATURITY

MATURITY
'ATE
'AYS TO

MATURITY

MARKET PRICE

MARKET VALUE
UNREALI=E'

GAIN/LOSS

BOOK VALUE
Ǎ O)
MV
MOO'Y
S
S&P
RATING

CITY O) SAN RAMON, CALGIP
CALAIF California LAIF 12/31/2025 12/31/2025 686,518.39 686,518.39 0.00 686,518.39 4.03 1 1.00 686,518.39 0.00 686,518.39 0.74 NA LGIP TOTAL 686,518.39 686,518.39 0.00 686,518.39 4.03 1 1.00 686,518.39 0.00 686,518.39 0.74 NAMONEY MARKET )UN'S 316175108 FIDELITY IM- M:GOVT;I 12/31/2025 12/31/2025 23,882,969.59 23,882,969.59 0.00 23,882,969.59 3.66 1 1.00 23,882,969.59 0.00 23,882,969.59 25.67 Aaa AAA MONEY MARKET )UN'S TOTAL 23,882,969.59 23,882,969.59 0.00 23,882,969.59 3.66 1 1.00 23,882,969.59 0.00 23,882,969.59 25.67 AAA

COMMERCIAL PAPER
53948BB99 LLOYDS BK NY BR 02/09/26 05/19/2025 05/20/2025 1,500,000.00 1,452,741.67 0.00 1,452,741.67 4.42 02/09/2026 40 99.54 1,493,045.00 (0.00) 1,493,045.00 1.60 P-1 A-1 62479MBD4 MUFG BANK NY 02/13/26 05/21/2025 05/21/2025 1,200,000.00 1,161,676.00 0.00 1,161,676.00 4.43 02/13/2026 44 99.49 1,193,851.00 0.00 1,193,851.00 1.28 P-1 A-1 COMMERCIAL PAPER TOTAL 2,700,000.00 2,614,417.67 0.00 2,614,417.67 4.42 42 99.51 2,686,896.00 (0.00) 2,686,896.00 2.89 A-1 U.S. TREASURIES
912828R36 US TREASURY 1.625 05/15/26 06/07/2022 06/07/2022 2,000,000.00 1,897,500.00 0.00 1,897,500.00 3.02 05/15/2026 135 99.29 1,985,859.38 (4,572.10) 1,990,431.48 2.13 Aa1 AA+91282CCW9 US TREASURY 0.750 08/31/26 08/31/2021 08/31/2021 1,000,000.00 997,798.42 0.00 997,798.42 0.80 08/31/2026 243 98.17 981,679.69 (18,028.10) 999,707.79 1.06 Aa1 AA+91282CCZ2 US TREASURY 0.875 09/30/26 10/13/2021 10/13/2021 1,000,000.00 990,351.56 0.00 990,351.56 1.08 09/30/2026 273 98.02 980,234.38 (18,316.02) 998,550.40 1.05 Aa1 AA+ 91282CDG3 US TREASURY 1.125 10/31/26 02/07/2022 02/07/2022 2,000,000.00 1,941,093.76 0.00 1,941,093.76 1.78 10/31/2026 304 97.99 1,959,765.62 (29,885.18) 1,989,650.80 2.11 Aa1 AA+ 912828U24 US TREASURY 2.000 11/15/26 03/14/2022 03/14/2022 2,000,000.00 2,003,593.76 0.00 2,003,593.76 1.96 11/15/2026 319 98.68 1,973,593.76 (27,076.63) 2,000,670.39 2.12 Aa1 AA+ 912828X88 US TREASURY 2.375 05/15/27 02/07/2023 02/07/2023 2,000,000.00 1,882,421.88 0.00 1,882,421.88 3.88 05/15/2027 500 98.48 1,969,609.38 7,308.30 1,962,301.08 2.12 Aa1 AA+91282CFU0 US TREASURY 4.125 10/31/27 02/23/2023 02/23/2023 2,000,000.00 1,992,109.38 0.00 1,992,109.38 4.22 10/31/2027 669 101.11 2,022,187.50 25,270.93 1,996,916.57 2.17 Aa1 AA+ 9128283F5 US TREASURY 2.250 11/15/27 07/07/2023 07/07/2023 2,000,000.00 1,823,750.00 0.00 1,823,750.00 4.50 11/15/2027 684 97.78 1,955,546.88 31,229.86 1,924,317.02 2.10 Aa1 AA+ 91282CHX2 US TREASURY 4.375 08/31/28 05/23/2024 05/23/2024 2,000,000.00 1,989,687.50 0.00 1,989,687.50 4.51 08/31/2028 974 102.12 2,042,343.76 48,776.33 1,993,567.43 2.20 Aa1 AA+ 91282CJA0 US TREASURY 4.625 09/30/28 04/10/2024 04/10/2024 2,000,000.00 2,015,937.50 0.00 2,015,937.50 4.43 09/30/2028 1,004 102.83 2,056,562.50 46,772.72 2,009,789.78 2.21 Aa1 AA+ 91282CJA0 US TREASURY 4.625 09/30/28 02/08/2024 02/08/2024 2,000,000.00 2,046,093.76 0.00 2,046,093.76 4.07 09/30/2028 1,004 102.83 2,056,562.50 29,283.97 2,027,278.53 2.21 Aa1 AA+ Position Stơtement

5.5.b
Packet Pg. 86
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ

CUSIP 'ESCRIPTION

TRA'E 'ATE
SETTLE
'ATE PAR VALUE

PRINCIPAL COST

PURCHASE'

INTEREST TOTAL COST

YIEL' TO

MATURITY

MATURITY
'ATE
'AYS TO

MATURITY

MARKET PRICE

MARKET VALUE
UNREALI=E'

GAIN/LOSS

BOOK VALUE
Ǎ O)
MV
MOO'Y
S
S&P
RATING
91282CJR3 US TREASURY 3.750 12/31/28 10/29/2024 10/30/2024 1,150,000.00 1,132,525.39 0.00 1,132,525.39 4.15 12/31/2028 1,096 100.57 1,156,558.60 19,130.68 1,137,427.92 1.24 Aa1 AA+ 91282CJW2 US TREASURY 4.000 01/31/29 10/29/2024 10/30/2024 1,200,000.00 1,192,921.88 0.00 1,192,921.88 4.15 01/31/2029 1,127 101.28 1,215,375.00 20,506.98 1,194,868.02 1.31 Aa1 AA+ 91282CLC3 US TREASURY 4.000 07/31/29 10/29/2024 10/30/2024 1,500,000.00 1,490,449.22 0.00 1,490,449.22 4.15 07/31/2029 1,308 101.30 1,519,570.32 26,769.21 1,492,801.11 1.63 Aa1 AA+ 91282CFJ5 US TREASURY 3.125 08/31/29 09/27/2024 09/30/2024 1,500,000.00 1,471,230.47 0.00 1,471,230.47 3.55 08/31/2029 1,339 98.31 1,474,687.50 (3,867.37) 1,478,554.87 1.59 Aa1 AA+ 91282CFL0 US TREASURY 3.875 09/30/29 11/06/2024 11/07/2024 1,600,000.00 1,571,750.00 0.00 1,571,750.00 4.28 09/30/2029 1,369 100.85 1,613,625.01 35,239.10 1,578,385.91 1.73 Aa1 AA+ 91282CLR0 US TREASURY 4.125 10/31/29 11/06/2024 11/07/2024 1,600,000.00 1,590,125.00 0.00 1,590,125.00 4.26 10/31/2029 1,400 101.72 1,627,500.00 35,094.90 1,592,405.10 1.75 Aa1 AA+91282CFY2 US TREASURY 3.875 11/30/29 05/13/2025 05/14/2025 2,000,000.00 1,982,812.50 0.00 1,982,812.50 4.08 11/30/2029 1,430 100.84 2,016,718.76 31,505.60 1,985,213.16 2.17 Aa1 AA+ 91282CGQ8 US TREASURY 4.000 02/28/30 05/13/2025 05/14/2025 2,000,000.00 1,992,578.13 0.00 1,992,578.13 4.08 02/28/2030 1,520 101.28 2,025,625.00 32,063.50 1,993,561.50 2.18 Aa1 AA+ 91282CMU2 US TREASURY 4.000 03/31/30 05/13/2025 05/14/2025 2,000,000.00 1,991,250.00 0.00 1,991,250.00 4.10 03/31/2030 1,551 101.29 2,025,781.26 33,392.09 1,992,389.17 2.18 Aa1 AA+ U.S. TREASURIES TOTAL 34,550,000.00 33,995,980.11 0.00 33,995,980.11 3.66 923 100.34 34,659,386.80 320,598.79 34,338,788.01 37.25 AA+ U.S. AGENCIES
3130AL7M0 FHLBANKS 0.625 02/24/26 '25 02/24/2021 02/24/2021 2,000,000.00 2,000,000.00 0.00 2,000,000.00 0.63 02/24/2026 55 99.53 1,990,540.00 (9,460.00) 2,000,000.00 2.14 Aa1 AA+ 3133EN7A2
FED FARM CR BNKS 3.625 10/26/26
02/07/202302/07/2023 2,000,000.00 1,972,388.00 0.00 1,972,388.00 4.03 10/26/2026 299 99.97 1,999,460.00 5,528.77 1,993,931.23 2.15 Aa1 AA+ 3130AXU63 FHLBANKS 4.625 11/17/26 11/17/2023 11/17/2023 1,000,000.00 998,230.00 0.00 998,230.00 4.69 11/17/2026 321 100.87 1,008,660.00 9,177.41 999,482.59 1.08 Aa1 AA+ 3130AQW66 FHLBANKS 2.080 02/25/27 '25 02/25/2022 02/25/2022 1,000,000.00 1,000,000.00 0.00 1,000,000.00 2.08 02/25/2027 421 98.04 980,400.00 (19,600.00) 1,000,000.00 1.05 Aa1 AA+3130AUSN5 FHLBANKS 3.500 10/01/27 02/07/2023 02/07/2023 2,000,000.00 1,967,600.00 0.00 1,967,600.00 3.89 10/01/2027 639 99.83 1,996,600.00 8,785.91 1,987,814.09 2.15 Aa1 AA+ 3130A07B0 FHLBANKS 4.000 09/01/28 10/31/2023 10/31/2023 1,265,000.00 1,214,564.45 0.00 1,214,564.45 4.94 09/01/2028 975 100.99 1,277,536.15 40,369.31 1,237,166.84 1.37 Aa1 AA+3133EPC45 FED FARM CR BNKS 4.625 11/13/28
11/28/2023
11/28/2023 2,000,000.00 2,009,460.00 0.00 2,009,460.00 4.52 11/13/2028 1,048 102.68 2,053,620.00 48,150.30 2,005,469.70 2.21 Aa1 AA+ 3133ERDH1
FED FARM CR BNKS 4.750 04/30/29
05/17/202405/17/2024 2,000,000.00 2,030,572.00 0.00 2,030,572.00 4.40 04/30/2029 1,216 103.41 2,068,180.00 47,626.44 2,020,553.56 2.22 Aa1 AA+ 880591FE7 TVA 3.875 08/01/30 08/18/2025 08/19/2025 1,650,000.00 1,644,472.50 1,953.65 1,646,426.15 3.95 08/01/2030 1,674 100.39 1,656,418.50 11,533.27 1,644,885.23 1.78 Aa1 AA+ U.S. AGENCIES TOTAL 14,915,000.00 14,837,286.95 1,953.65 14,839,240.60 3.66 759 100.80 15,031,414.65 142,111.43 14,889,303.22 16.16 AA+

NEGOTIABLE C'
S
Position Stơtement

5.5.b
Packet Pg. 87
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ

CUSIP 'ESCRIPTION

TRA'E 'ATE
SETTLE
'ATE PAR VALUE

PRINCIPAL COST

PURCHASE'

INTEREST TOTAL COST

YIEL' TO

MATURITY

MATURITY
'ATE
'AYS TO

MATURITY

MARKET PRICE

MARKET VALUE
UNREALI=E'

GAIN/LOSS

BOOK VALUE
Ǎ O)
MV
MOO'Y
S
S&P
RATING
02007GM42 ALLY BANK 5.050 03/23/26 03/23/2023 03/23/2023 248,000.00 247,752.00 0.00 247,752.00 5.09 03/23/2026 82 99.98 247,953.50 (28.13) 247,981.64 0.27 NANA 02589AEN8 AM EX BK 5.000 03/23/26 03/22/2023 03/22/2023 248,000.00 247,752.00 0.00 247,752.00 5.04 03/23/2026 82 100.26 248,644.80 663.15 247,981.65 0.27 NANA 910286GB3 UNITED FIDELITY 5.000 03/30/26 03/30/2023 03/30/2023 248,000.00 248,000.00 0.00 248,000.00 5.00 03/30/2026 89 100.30 248,731.60 731.60 248,000.00 0.27 NANA 795451AK9 SALLIE MAE BNK 1.100 08/11/26 08/11/2021 08/11/2021 248,000.00 248,000.00 0.00 248,000.00 1.10 08/11/2026 223 98.48 244,218.00 (3,782.00) 248,000.00 0.26 NANA 108622PJ4
BRIDGEWATER BANK 5.100 11/03/26
11/06/202311/06/2023 248,000.00 247,628.00 0.00 247,628.00 5.15 11/03/2026 307 100.09 248,224.41 328.70 247,895.71 0.27 NANA 23204HQA9
CUSTOMERS BANK 4.050 08/13/27
08/05/2024
08/14/2024 248,000.00 247,628.00 0.00 247,628.00 4.10 08/13/2027 590 100.79 249,951.76 2,152.24 247,799.52 0.27 NANA 32114VCH8 FIRST BK MCH 4.600 03/15/28 03/15/2023 03/15/2023 248,000.00 248,000.00 0.00 248,000.00 4.60 03/15/2028 805 99.60 247,004.48 (995.52) 248,000.00 0.27 NANA 062119BK7 BANK FIVE 4.650 03/20/28 03/20/2023 03/20/2023 248,000.00 248,000.00 0.00 248,000.00 4.65 03/20/2028 810 102.35 253,820.56 5,820.56 248,000.00 0.27 NANA 2546732U9 CAPITL ONE NA 5.000 03/21/28 03/22/2023 03/22/2023 248,000.00 247,456.88 0.00 247,456.88 5.05 03/21/2028 811 100.39 248,969.72 1,210.83 247,758.88 0.27 NANA12547CAX6 CIBC BANK 4.450 04/13/28 04/14/2023 04/14/2023 248,000.00 247,380.00 0.00 247,380.00 4.51 04/13/2028 834 99.30 246,255.81 (1,461.13) 247,716.94 0.26 NANA 857894Q77 STEARNS BANK 4.050 08/14/28 08/02/2024 08/13/2024 248,000.00 247,752.00 0.00 247,752.00 4.08 08/14/2028 957 99.93 247,837.83 0.12 247,837.72 0.27 NANA 949764HK3
WELLS FARGO BANK 5.050 11/07/28
11/07/202311/07/2023 248,000.00 247,451.92 0.00 247,451.92 5.10 11/07/2028 1,042 100.81 250,008.33 2,320.83 247,687.50 0.27 NANA 90355GHQ2 UBS USA 5.000 11/08/28 11/08/2023 11/08/2023 248,000.00 247,451.92 0.00 247,451.92 5.05 11/08/2028 1,043 100.68 249,693.56 2,006.36 247,687.20 0.27 NANA 61768EE82
MORGAN PVT BNK 5.050 11/08/28
11/08/202311/08/2023 248,000.00 247,456.88 0.00 247,456.88 5.05 11/08/2028 1,043 100.78 249,926.17 2,236.14 247,690.03 0.27 NANA

NEGOTIABLE C'
S TOTAL 3,472,000.00 3,467,709.60 0.00 3,467,709.60 4.55 624 100.27 3,481,240.53 11,203.75 3,470,036.78 3.74 NA

CORPORATE BON'S
857477AW3 STATE STREET 2.650 05/19/26 05/19/2025 05/20/2025 1,500,000.00 1,476,600.00 0.00 1,476,600.00 4.26 05/19/2026 139 99.52 1,492,815.00 1,686.43 1,491,128.57 1.60 Aa3A 89236TKJ3
TOYOTA MOTOR CRD 4.550 09/20/27 MTN
06/10/2024
06/11/2024 1,000,000.00 986,000.00 0.00 986,000.00 5.02 09/20/2027 628 101.23 1,012,290.00 19,636.30 992,653.70 1.09 A1 A+ 06051GGA1 BOFAML 3.248 10/21/27 '26 MTN 12/08/2023 12/08/2023 1,000,000.00 939,580.00 0.00 939,580.00 4.98 10/21/2027 659 99.10 991,040.00 19,211.50 971,828.50 1.07 A1 A592179KF1 METLIFE GBL FDG 5.050 01/06/28 MTN
12/08/202312/08/2023 1,158,000.00 1,156,135.62 0.00 1,156,135.62 5.09 01/06/2028 736 102.03 1,181,542.14 24,462.74 1,157,079.40 1.27 Aa3 AAPosition Stơtement

5.5.b
Packet Pg. 88
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ

CUSIP 'ESCRIPTION

TRA'E 'ATE
SETTLE
'ATE PAR VALUE

PRINCIPAL COST

PURCHASE'

INTEREST TOTAL COST

YIEL' TO

MATURITY

MATURITY
'ATE
'AYS TO

MATURITY

MARKET PRICE

MARKET VALUE
UNREALI=E'

GAIN/LOSS

BOOK VALUE
Ǎ O)
MV
MOO'Y
S
S&P
RATING
931142FN8 WALMART 4.350 04/28/30 '30 05/13/2025 05/14/2025 1,500,000.00 1,501,425.00 0.00 1,501,425.00 4.33 04/28/2030 1,579 101.63 1,524,480.00 23,240.83 1,501,239.17 1.64 Aa2 AA 037833EZ9 APPLE 4.200 05/12/30 '30 05/13/2025 05/14/2025 1,500,000.00 1,488,735.00 0.00 1,488,735.00 4.37 05/12/2030 1,593 101.10 1,516,485.00 26,317.17 1,490,167.83 1.63 Aaa AA+023135BS4 AMAZON.COM 1.500 06/03/30 '30 08/18/2025 08/19/2025 1,500,000.00 1,334,550.00 0.00 1,334,550.00 4.06 06/03/2030 1,615 90.11 1,351,590.00 4,269.42 1,347,320.58 1.45 A1 AA CORPORATE BON'S TOTAL 9,158,000.00 8,883,025.62 0.00 8,883,025.62 4.53 1,033 99.21 9,070,242.14 118,824.39 8,951,417.75 9.75 A+

SUPRANATIONAL
45818WFN1 IDB 4.850 07/19/27 MTN 05/24/2024 05/24/2024 2,000,000.00 2,008,860.00 0.00 2,008,860.00 4.70 07/19/2027 565 101.35 2,027,000.00 22,650.69 2,004,349.31 2.18 Aaa AAA 459058LN1 IBRD 3.875 10/16/29 MTN 11/14/2024 11/15/2024 1,500,000.00 1,469,736.00 0.00 1,469,736.00 4.33 10/16/2029 1,385 100.77 1,511,490.00 34,811.48 1,476,678.52 1.62 Aaa AAA SUPRANATIONAL TOTAL 3,500,000.00 3,478,596.00 0.00 3,478,596.00 4.54 915 101.10 3,538,490.00 57,462.17 3,481,027.83 3.80 AAA CITY OF SAN 5$021&$727$/ 92,864,487.98 91,846,503.93 1,953.65 91,848,457.58 3.84 627 93,037,158.10 650,200.52 92,386,957.58 100.00 AA+GRAN' TOTAL 92,864,487.98 91,846,503.93 1,953.65 91,848,457.58 3.84 627 93,037,158.10 650,200.52 92,386,957.58 100.00 AA+ Position Stơtement

5.5.b
Packet Pg. 89
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ

Amortizơtion ScKedule

CUSIP 'ESCRIPTION PAR VALUE

PRINCIPAL
COST

ORIGINAL

PREMIUM OR
'ISCOUNT

BEGINNING

BOOK VALUE

CURRENT

PERIO' AMORT

EN'ING BOOK
VALUE
TOTAL

AMORTIZATION

UNAMORTIZE'

BALANCE

CITY O) SAN RAMON, CA
02007GM42 ALLY BANK 5.050 03/23/26 248,000.00 247,752.00 (248.00) 247,974.61 7.03 247,981.64 229.64 (18.36)02589AEN8 AM EX BK 5.000 03/23/26 248,000.00 247,752.00 (248.00) 247,974.63 7.02 247,981.65 229.65 (18.35)023135BS4 AMAZON.COM 1.500 06/03/30 '30 1,500,000.00 1,334,550.00 (165,450.00) 1,344,388.08 2,932.50 1,347,320.58 12,770.58 (152,679.42)037833EZ9 APPLE 4.200 05/12/30 '30 1,500,000.00 1,488,735.00 (11,265.00) 1,489,976.37 191.46 1,490,167.83 1,432.83 (9,832.17) 062119BK7 BANK FIVE 4.650 03/20/28 248,000.00 248,000.00 0.00 248,000.00 0.00 248,000.00 0.00 0.0006051GGA1 BOFAML 3.248 10/21/27 '26 MTN 1,000,000.00 939,580.00 (60,420.00) 970,501.27 1,327.23 971,828.50 32,248.50 (28,171.50)108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 248,000.00 247,628.00 (372.00) 247,885.15 10.57 247,895.71 267.71 (104.29)2546732U9 CAPITL ONE NA 5.000 03/21/28 248,000.00 247,456.88 (543.12) 247,749.65 9.23 247,758.88 302.00 (241.12)12547CAX6 CIBC BANK 4.450 04/13/28 248,000.00 247,380.00 (620.00) 247,706.40 10.53 247,716.94 336.94 (283.06)23204HQA9 CUSTOMERS BANK 4.050 08/13/27 248,000.00 247,628.00 (372.00) 247,788.97 10.55 247,799.52 171.52 (200.48)22533TZS8 Credit Agricole Corporate And Investment Bank, New 0.0 12/26/2025 1,250,000.00 1,211,568.06 (38,431.94) 1,246,414.93 3,585.07 0.00 38,431.94 0.003133EN7A2 FED FARM CR BNKS 3.625 10/26/26 2,000,000.00 1,972,388.00 (27,612.00) 1,993,299.91 631.32 1,993,931.23 21,543.23 (6,068.77)3133EPC45 FED FARM CR BNKS 4.625 11/13/28 2,000,000.00 2,009,460.00 9,460.00 2,005,631.65 (161.95) 2,005,469.70 (3,990.30) 5,469.703133ERDH1 FED FARM CR BNKS 4.750 04/30/29 2,000,000.00 2,030,572.00 30,572.00 2,021,077.97 (524.41) 2,020,553.56 (10,018.44) 20,553.563130AL7M0 FHLBANKS 0.625 02/24/26 '25 2,000,000.00 2,000,000.00 0.00 2,000,000.00 0.00 2,000,000.00 0.00 0.003130AQW66 FHLBANKS 2.080 02/25/27 '25 1,000,000.00 1,000,000.00 0.00 1,000,000.00 0.00 1,000,000.00 0.00 0.003130AUSN5 FHLBANKS 3.500 10/01/27 2,000,000.00 1,967,600.00 (32,400.00) 1,987,221.99 592.11 1,987,814.09 20,214.09 (12,185.91)3130A07B0 FHLBANKS 4.000 09/01/28 1,265,000.00 1,214,564.45 (50,435.55) 1,236,280.98 885.86 1,237,166.84 22,602.39 (27,833.16)3130AXU63 FHLBANKS 4.625 11/17/26 1,000,000.00 998,230.00 (1,770.00) 999,432.46 50.12 999,482.59 1,252.59 (517.41)32114VCH8 FIRST BK MCH 4.600 03/15/28 248,000.00 248,000.00 0.00 248,000.00 0.00 248,000.00 0.00 0.00459058LN1 IBRD 3.875 10/16/29 MTN 1,500,000.00 1,469,736.00 (30,264.00) 1,476,156.15 522.37 1,476,678.52 6,942.52 (23,321.48)45818WFN1 IDB 4.850 07/19/27 MTN 2,000,000.00 2,008,860.00 8,860.00 2,004,588.37 (239.06) 2,004,349.31 (4,510.69) 4,349.3153948BB99 LLOYDS BK NY BR 02/09/26 1,500,000.00 1,452,741.67 (47,258.33) 1,487,516.67 5,528.33 1,493,045.00 40,303.33 (6,955.00)592179KF1 METLIFE GBL FDG 5.050 01/06/28 MTN 1,158,000.00 1,156,135.62 (1,864.38) 1,157,040.57 38.83 1,157,079.40 943.78 (920.60)61768EE82 MORGAN PVT BNK 5.050 11/08/28 248,000.00 247,456.88 (543.12) 247,680.80 9.22 247,690.03 233.15 (309.97)62479MBD4 MUFG BANK NY 02/13/26 1,200,000.00 1,161,676.00 (38,324.00) 1,189,418.00 4,433.00 1,193,851.00 32,175.00 (6,149.00)637639AE5 NATIONAL SECURITIES CLEARING CORP 0.75 12/07/2025 1,000,000.00 1,004,130.00 4,130.00 1,000,000.00 0.00 0.00 (4,130.00) 0.00

5.5.b
Packet Pg. 90
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ

Amortizơtion ScKedule

CUSIP 'ESCRIPTION PAR VALUE

PRINCIPAL
COST

ORIGINAL

PREMIUM OR
'ISCOUNT

BEGINNING

BOOK VALUE

CURRENT

PERIO' AMORT

EN'ING BOOK
VALUE
TOTAL

AMORTIZATION

UNAMORTIZE'

BALANCE
795451AK9 SALLIE MAE BNK 1.100 08/11/26 248,000.00 248,000.00 0.00 248,000.00 0.00 248,000.00 0.00 0.00857477AW3 STATE STREET 2.650 05/19/26 1,500,000.00 1,476,600.00 (23,400.00) 1,489,135.71 1,992.86 1,491,128.57 14,528.57 (8,871.43)857894Q77 STEARNS BANK 4.050 08/14/28 248,000.00 247,752.00 (248.00) 247,832.45 5.26 247,837.72 85.72 (162.28)89236TKJ3 TOYOTA MOTOR CRD 4.550 09/20/27 MTN 1,000,000.00 986,000.00 (14,000.00) 992,290.48 363.21 992,653.70 6,653.70 (7,346.30)880591FE7 TVA 3.875 08/01/30 1,650,000.00 1,644,472.50 (5,527.50) 1,644,790.45 94.77 1,644,885.23 412.73 (5,114.77)90355GHQ2 UBS USA 5.000 11/08/28 248,000.00 247,451.92 (548.08) 247,677.90 9.31 247,687.20 235.28 (312.80)910286GB3 UNITED FIDELITY 5.000 03/30/26 248,000.00 248,000.00 0.00 248,000.00 0.00 248,000.00 0.00 0.0091282CCW9 US TREASURY 0.750 08/31/26 1,000,000.00 997,798.42 (2,201.58) 999,670.36 37.43 999,707.79 1,909.37 (292.21)91282CCZ2 US TREASURY 0.875 09/30/26 1,000,000.00 990,351.56 (9,648.44) 998,385.18 165.21 998,550.40 8,198.84 (1,449.60)91282CDG3 US TREASURY 1.125 10/31/26 2,000,000.00 1,941,093.76 (58,906.24) 1,988,591.97 1,058.83 1,989,650.80 48,557.04 (10,349.20)912828R36 US TREASURY 1.625 05/15/26 2,000,000.00 1,897,500.00 (102,500.00) 1,988,217.87 2,213.61 1,990,431.48 92,931.48 (9,568.52)912828U24 US TREASURY 2.000 11/15/26 2,000,000.00 2,003,593.76 3,593.76 2,000,735.74 (65.35) 2,000,670.39 (2,923.37) 670.399128283F5 US TREASURY 2.250 11/15/27 2,000,000.00 1,823,750.00 (176,250.00) 1,920,881.92 3,435.10 1,924,317.02 100,567.02 (75,682.98)912828X88 US TREASURY 2.375 05/15/27 2,000,000.00 1,882,421.88 (117,578.12) 1,959,959.07 2,342.02 1,962,301.08 79,879.20 (37,698.92)91282CFJ5 US TREASURY 3.125 08/31/29 1,500,000.00 1,471,230.47 (28,769.53) 1,478,058.01 496.86 1,478,554.87 7,324.40 (21,445.13)91282CJR3 US TREASURY 3.750 12/31/28 1,150,000.00 1,132,525.39 (17,474.61) 1,137,072.00 355.92 1,137,427.92 4,902.53 (12,572.08)91282CFL0 US TREASURY 3.875 09/30/29 1,600,000.00 1,571,750.00 (28,250.00) 1,577,896.11 489.79 1,578,385.91 6,635.91 (21,614.09)91282CFY2 US TREASURY 3.875 11/30/29 2,000,000.00 1,982,812.50 (17,187.50) 1,984,892.38 320.78 1,985,213.16 2,400.66 (14,786.84) 91282CJW2 US TREASURY 4.000 01/31/29 1,200,000.00 1,192,921.88 (7,078.12) 1,194,726.73 141.29 1,194,868.02 1,946.14 (5,131.98)91282CGQ8 US TREASURY 4.000 02/28/30 2,000,000.00 1,992,578.13 (7,421.87) 1,993,430.10 131.40 1,993,561.50 983.37 (6,438.50)91282CMU2 US TREASURY 4.000 03/31/30 2,000,000.00 1,991,250.00 (8,750.00) 1,992,236.95 152.22 1,992,389.17 1,139.17 (7,610.83)91282CLC3 US TREASURY 4.000 07/31/29 1,500,000.00 1,490,449.22 (9,550.78) 1,492,630.36 170.75 1,492,801.11 2,351.89 (7,198.89)91282CFU0 US TREASURY 4.125 10/31/27 2,000,000.00 1,992,109.38 (7,890.62) 1,996,773.48 143.09 1,996,916.57 4,807.19 (3,083.43)91282CLR0 US TREASURY 4.125 10/31/29 1,600,000.00 1,590,125.00 (9,875.00) 1,592,236.81 168.29 1,592,405.10 2,280.10 (7,594.90)91282CHX2 US TREASURY 4.375 08/31/28 2,000,000.00 1,989,687.50 (10,312.50) 1,993,362.49 204.94 1,993,567.43 3,879.93 (6,432.57)91282CJA0 US TREASURY 4.625 09/30/28 2,000,000.00 2,046,093.76 46,093.76 2,028,121.63 (843.11) 2,027,278.53 (18,815.23) 27,278.5391282CJA0 US TREASURY 4.625 09/30/28 2,000,000.00 2,015,937.50 15,937.50 2,010,092.35 (302.58) 2,009,789.78 (6,147.72) 9,789.78931142FN8 WALMART 4.350 04/28/30 '30 1,500,000.00 1,501,425.00 1,425.00 1,501,264.00 (24.83) 1,501,239.17 (185.83) 1,239.17949764HK3 WELLS FARGO BANK 5.050 11/07/28 248,000.00 247,451.92 (548.08) 247,678.20 9.31 247,687.50 235.58 (312.50)

5.5.b
Packet Pg. 91
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ

Amortizơtion ScKedule

CUSIP 'ESCRIPTION PAR VALUE

PRINCIPAL
COST

ORIGINAL

PREMIUM OR
'ISCOUNT

BEGINNING

BOOK VALUE

CURRENT

PERIO' AMORT

EN'ING BOOK
VALUE
TOTAL

AMORTIZATION

UNAMORTIZE'

BALANCE
TOTAL 70,545,000.00 69,492,714.01 (1,056,415.99) 70,034,346.28 33,123.32 67,817,469.60 574,755.59 (477,530.40)GRAN' TOTAL 70,545,000.00 69,492,714.01 (1,056,415.99) 70,034,346.28 33,123.32 67,817,469.60 574,755.59 (477,530.40)

5.5.b
Packet Pg. 92
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ

Accrued Interest ScKedule

I'ENTI)IER 'ESCRIPTION SETTLE 'ATE PAR VALUE

PRINCIPAL
COST

BEGINNING

ACCRUE'

INTEREST

PURCHASE'

INTEREST

CURRENT
PERIO'

ACCRUAL

INTEREST

RECEIVE'
EN'ING

ACCRUE'

INTEREST

CITY O) SAN RAMON, CA
02007GM42 ALLY BANK 5.050 03/23/26 2023-03-23 248,000.00 247,752.00 2,367.55 0.00 1,063.68 0.00 3,431.2302589AEN8 AM EX BK 5.000 03/23/26 2023-03-22 248,000.00 247,752.00 2,344.11 0.00 1,053.15 0.00 3,397.26023135BS4 AMAZON.COM 1.500 06/03/30 '30 2025-08-19 1,500,000.00 1,334,550.00 11,125.00 0.00 1,875.00 11,250.00 1,750.00037833EZ9 APPLE 4.200 05/12/30 '30 2025-05-14 1,500,000.00 1,488,735.00 3,325.00 0.00 5,250.00 0.00 8,575.00062119BK7 BANK FIVE 4.650 03/20/28 2023-03-20 248,000.00 248,000.00 347.54 0.00 979.43 947.84 379.1306051GGA1 BOFAML 3.248 10/21/27 '26 MTN 2023-12-08 1,000,000.00 939,580.00 3,608.89 0.00 2,706.67 0.00 6,315.56108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 2023-11-06 248,000.00 247,628.00 970.26 0.00 1,074.21 1,039.56 1,004.912546732U9 CAPITL ONE NA 5.000 03/21/28 2023-03-22 248,000.00 247,456.88 2,378.08 0.00 1,053.15 0.00 3,431.2312547CAX6 CIBC BANK 4.450 04/13/28 2023-04-14 248,000.00 247,380.00 1,451.31 0.00 937.30 0.00 2,388.6123204HQA9 CUSTOMERS BANK 4.050 08/13/27 2024-08-14 248,000.00 247,628.00 2,999.44 0.00 853.05 0.00 3,852.49CALAIF California LAIF 2025-12-31 686,518.39 686,518.39 0.00 0.00 0.00 0.00 0.003133EN7A2 FED FARM CR BNKS 3.625 10/26/26 2023-02-07 2,000,000.00 1,972,388.00 7,048.61 0.00 6,041.67 0.00 13,090.283133EPC45 FED FARM CR BNKS 4.625 11/13/28 2023-11-28 2,000,000.00 2,009,460.00 4,625.00 0.00 7,708.33 0.00 12,333.333133ERDH1 FED FARM CR BNKS 4.750 04/30/29 2024-05-17 2,000,000.00 2,030,572.00 8,180.56 0.00 7,916.67 0.00 16,097.223130AL7M0 FHLBANKS 0.625 02/24/26 '25 2021-02-24 2,000,000.00 2,000,000.00 3,368.06 0.00 1,041.67 0.00 4,409.723130AQW66 FHLBANKS 2.080 02/25/27 '25 2022-02-25 1,000,000.00 1,000,000.00 5,546.67 0.00 1,733.33 0.00 7,280.003130AUSN5 FHLBANKS 3.500 10/01/27 2023-02-07 2,000,000.00 1,967,600.00 11,666.67 0.00 5,833.33 0.00 17,500.003130A07B0 FHLBANKS 4.000 09/01/28 2023-10-31 1,265,000.00 1,214,564.45 12,650.00 0.00 4,216.67 0.00 16,866.673130AXU63 FHLBANKS 4.625 11/17/26 2023-11-17 1,000,000.00 998,230.00 1,798.61 0.00 3,854.17 0.00 5,652.78316175108 FIDELITY IMM:GOVT;I 2025-12-31 23,882,969.59 23,882,969.59 26,002.18 0.00 45,989.25 26,002.18 45,989.2532114VCH8 FIRST BK MCH 4.600 03/15/28 2023-03-15 248,000.00 248,000.00 500.08 0.00 968.89 937.64 531.33459058LN1 IBRD 3.875 10/16/29 MTN 2024-11-15 1,500,000.00 1,469,736.00 7,260.00 0.00 4,845.00 0.00 12,105.0045818WFN1 IDB 4.850 07/19/27 MTN 2024-05-24 2,000,000.00 2,008,860.00 35,566.67 0.00 8,083.33 0.00 43,650.0053948BB99 LLOYDS BK NY BR 02/09/26 2025-05-20 1,500,000.00 1,452,741.67 0.00 0.00 0.00 0.00 0.00592179KF1 METLIFE GBL FDG 5.050 01/06/28 MTN 2023-12-08 1,158,000.00 1,156,135.62 23,554.04 0.00 4,873.25 0.00 28,427.2961768EE82 MORGAN PVT BNK 5.050 11/08/28 2023-11-08 248,000.00 247,456.88 789.18 0.00 1,063.68 0.00 1,852.8762479MBD4 MUFG BANK NY 02/13/26 2025-05-21 1,200,000.00 1,161,676.00 0.00 0.00 0.00 0.00 0.00

5.5.b
Packet Pg. 93
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ

Accrued Interest ScKedule

I'ENTI)IER 'ESCRIPTION SETTLE 'ATE PAR VALUE

PRINCIPAL
COST

BEGINNING

ACCRUE'

INTEREST

PURCHASE'

INTEREST

CURRENT
PERIO'

ACCRUAL

INTEREST

RECEIVE'
EN'ING

ACCRUE'

INTEREST
637639AE5 NATIONAL SECURITIES CLEARING CORP 0.75 12/07/2025 2021-01-07 0.00 0.00 3,625.00 0.00 125.00 3,750.00 0.00795451AK9 SALLIE MAE BNK 1.100 08/11/26 2021-08-11 248,000.00 248,000.00 837.08 0.00 231.69 0.00 1,068.78857477AW3 STATE STREET 2.650 05/19/26 2025-05-20 1,500,000.00 1,476,600.00 1,325.00 0.00 3,312.50 0.00 4,637.50857894Q77 STEARNS BANK 4.050 08/14/28 2024-08-13 248,000.00 247,752.00 3,026.96 0.00 853.05 0.00 3,880.0189236TKJ3 TOYOTA MOTOR CRD 4.550 09/20/27 MTN 2024-06-11 1,000,000.00 986,000.00 8,973.61 0.00 3,791.67 0.00 12,765.28880591FE7 TVA 3.875 08/01/30 2025-08-19 1,650,000.00 1,644,472.50 20,069.27 0.00 5,328.13 0.00 25,397.4090355GHQ2 UBS USA 5.000 11/08/28 2023-11-08 248,000.00 247,451.92 781.37 0.00 1,053.15 1,019.18 815.34910286GB3 UNITED FIDELITY 5.000 03/30/26 2023-03-30 248,000.00 248,000.00 1,087.12 0.00 1,053.15 2,072.33 67.9591282CCW9 US TREASURY 0.750 08/31/26 2021-08-31 1,000,000.00 997,798.42 1,906.08 0.00 642.27 0.00 2,548.3491282CCZ2 US TREASURY 0.875 09/30/26 2021-10-13 1,000,000.00 990,351.56 1,490.38 0.00 745.19 0.00 2,235.5891282CDG3 US TREASURY 1.125 10/31/26 2022-02-07 2,000,000.00 1,941,093.76 1,926.80 0.00 1,926.80 0.00 3,853.59912828R36 US TREASURY 1.625 05/15/26 2022-06-07 2,000,000.00 1,897,500.00 1,436.46 0.00 2,783.15 0.00 4,219.61912828U24 US TREASURY 2.000 11/15/26 2022-03-14 2,000,000.00 2,003,593.76 1,767.96 0.00 3,425.41 0.00 5,193.379128283F5 US TREASURY 2.250 11/15/27 2023-07-07 2,000,000.00 1,823,750.00 1,988.95 0.00 3,853.59 0.00 5,842.54912828X88 US TREASURY 2.375 05/15/27 2023-02-07 2,000,000.00 1,882,421.88 2,099.45 0.00 4,067.68 0.00 6,167.1391282CFJ5 US TREASURY 3.125 08/31/29 2024-09-30 1,500,000.00 1,471,230.47 11,912.98 0.00 4,014.16 0.00 15,927.1491282CJR3 US TREASURY 3.750 12/31/28 2024-10-30 1,150,000.00 1,132,525.39 18,046.88 0.00 3,634.75 21,562.50 119.1391282CFL0 US TREASURY 3.875 09/30/29 2024-11-07 1,600,000.00 1,571,750.00 10,560.44 0.00 5,280.22 0.00 15,840.6691282CFY2 US TREASURY 3.875 11/30/29 2025-05-14 2,000,000.00 1,982,812.50 38,962.91 0.00 6,600.27 38,750.00 6,813.1991282CJW2 US TREASURY 4.000 01/31/29 2024-10-30 1,200,000.00 1,192,921.88 16,043.48 0.00 4,043.48 0.00 20,086.96 91282CGQ8 US TREASURY 4.000 02/28/30 2025-05-14 2,000,000.00 1,992,578.13 20,331.49 0.00 6,850.83 0.00 27,182.3291282CMU2 US TREASURY 4.000 03/31/30 2025-05-14 2,000,000.00 1,991,250.00 13,626.37 0.00 6,813.19 0.00 20,439.5691282CLC3 US TREASURY 4.000 07/31/29 2024-10-30 1,500,000.00 1,490,449.22 20,054.35 0.00 5,054.35 0.00 25,108.7091282CFU0 US TREASURY 4.125 10/31/27 2023-02-23 2,000,000.00 1,992,109.38 7,064.92 0.00 7,064.92 0.00 14,129.8391282CLR0 US TREASURY 4.125 10/31/29 2024-11-07 1,600,000.00 1,590,125.00 5,651.93 0.00 5,651.93 0.00 11,303.8791282CHX2 US TREASURY 4.375 08/31/28 2024-05-23 2,000,000.00 1,989,687.50 22,237.57 0.00 7,493.09 0.00 29,730.6691282CJA0 US TREASURY 4.625 09/30/28 2024-04-10 2,000,000.00 2,015,937.50 15,755.49 0.00 7,877.75 0.00 23,633.2491282CJA0 US TREASURY 4.625 09/30/28 2024-02-08 2,000,000.00 2,046,093.76 15,755.49 0.00 7,877.75 0.00 23,633.24

5.5.b
Packet Pg. 94
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ

Accrued Interest ScKedule

I'ENTI)IER 'ESCRIPTION SETTLE 'ATE PAR VALUE

PRINCIPAL
COST

BEGINNING

ACCRUE'

INTEREST

PURCHASE'

INTEREST

CURRENT
PERIO'

ACCRUAL

INTEREST

RECEIVE'
EN'ING

ACCRUE'

INTEREST
931142FN8 WALMART 4.350 04/28/30 '30 2025-05-14 1,500,000.00 1,501,425.00 5,981.25 0.00 5,437.50 0.00 11,418.75949764HK3 WELLS FARGO BANK 5.050 11/07/28 2023-11-07 248,000.00 247,451.92 823.50 0.00 1,063.68 1,029.37 857.81 TOTAL 92,864,487.98 91,846,503.93 454,624.04 0.00 238,965.20 108,360.60 585,228.64 GRAN' TOTAL 92,864,487.98 91,846,503.93 454,624.04 0.00 238,965.20 108,360.60 585,228.64

5.5.b
Packet Pg. 95
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ

EơrninJs E\ )und

CUSIP 'ESCRIPTION

EN'ING PAR
VALUE

BEGINNING

BOOK VALUE

EN'ING BOOK
VALUE
)INAL

MATURITY
COUPON

RATE YIEL'

INTEREST
EARNE'
NET

AMORTIZATION/

ACCRETION
INCOME

NET REALIZE'

GAIN/LOSS

A'-USTE'

INTEREST

EARNINGS

CITY O) SAN RAMON, CA
02007GM42 ALLY BANK 5.050 03/23/26 248,000.00 247,974.61 247,981.64 03/23/2026 5.05 5.09 1,063.68 7.03 0.00 1,070.71023135BS4 AMAZON.COM 1.500 06/03/30 '30 1,500,000.00 1,344,388.08 1,347,320.58 06/03/2030 1.50 4.06 1,875.00 2,932.50 0.00 4,807.5002589AEN8 AM EX BK 5.000 03/23/26 248,000.00 247,974.63 247,981.65 03/23/2026 5.00 5.04 1,053.15 7.02 0.00 1,060.17037833EZ9 APPLE 4.200 05/12/30 '30 1,500,000.00 1,489,976.37 1,490,167.83 05/12/2030 4.20 4.37 5,250.00 191.46 0.00 5,441.4606051GGA1 BOFAML 3.248 10/21/27 '26 MTN 1,000,000.00 970,501.27 971,828.50 10/21/2027 3.25 4.98 2,706.67 1,327.23 0.00 4,033.90062119BK7 BANK FIVE 4.650 03/20/28 248,000.00 248,000.00 248,000.00 03/20/2028 4.65 4.65 979.43 0.00 0.00 979.43108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 248,000.00 247,885.15 247,895.71 11/03/2026 5.10 5.15 1,074.21 10.57 0.00 1,084.7812547CAX6 CIBC BANK 4.450 04/13/28 248,000.00 247,706.40 247,716.94 04/13/2028 4.45 4.51 937.30 10.53 0.00 947.8422533TZS8 Credit Agricole Corporate And Investment Bank, New 0.0 12/26/2025

0.00 1,246,414.93 0.00 12/26/2025 0.00 4.26 0.00 3,585.07 0.00 3,585.07 23204HQA9 CUSTOMERS BANK 4.050 08/13/27 248,000.00 247,788.97 247,799.52 08/13/2027 4.05 4.10 853.05 10.55 0.00 863.602546732U9 CAPITL ONE NA 5.000 03/21/28 248,000.00 247,749.65 247,758.88 03/21/2028 5.00 5.05 1,053.15 9.23 0.00 1,062.383130A07B0 FHLBANKS 4.000 09/01/28 1,265,000.00 1,236,280.98 1,237,166.84 09/01/2028 4.00 4.94 4,216.67 885.86 0.00 5,102.533130AL7M0 FHLBANKS 0.625 02/24/26 '25 2,000,000.00 2,000,000.00 2,000,000.00 02/24/2026 0.63 0.63 1,041.67 0.00 0.00 1,041.673130AQW66 FHLBANKS 2.080 02/25/27 '25 1,000,000.00 1,000,000.00 1,000,000.00 02/25/2027 2.08 2.08 1,733.33 0.00 0.00 1,733.333130AUSN5 FHLBANKS 3.500 10/01/27 2,000,000.00 1,987,221.99 1,987,814.09 10/01/2027 3.50 3.89 5,833.33 592.11 0.00 6,425.443130AXU63 FHLBANKS 4.625 11/17/26 1,000,000.00 999,432.46 999,482.59 11/17/2026 4.63 4.69 3,854.17 50.12 0.00 3,904.293133EN7A2 FED FARM CR BNKS 3.625 10/26/26 2,000,000.00 1,993,299.91 1,993,931.23 10/26/2026 3.63 4.03 6,041.67 631.32 0.00 6,672.983133EPC45 FED FARM CR BNKS 4.625 11/13/28 2,000,000.00 2,005,631.65 2,005,469.70 11/13/2028 4.63 4.52 7,708.33 (161.95) 0.00 7,546.383133ERDH1 FED FARM CR BNKS 4.750 04/30/29 2,000,000.00 2,021,077.97 2,020,553.56 04/30/2029 4.75 4.40 7,916.67 (524.41) 0.00 7,392.25316175108 FIDELITY IMM:GOVT;I 23,882,969.59 10,524,608.99 23,882,969.59 12/31/2025 3.68 3.66 45,989.25 0.00 0.00 45,989.2532114VCH8 FIRST BK MCH 4.600 03/15/28 248,000.00 248,000.00 248,000.00 03/15/2028 4.60 4.60 968.89 0.00 0.00 968.8945818WFN1 IDB 4.850 07/19/27 MTN 2,000,000.00 2,004,588.37 2,004,349.31 07/19/2027 4.85 4.70 8,083.33 (239.06) 0.00 7,844.28459058LN1 IBRD 3.875 10/16/29 MTN 1,500,000.00 1,476,156.15 1,476,678.52 10/16/2029 3.88 4.33 4,845.00 522.37 0.00 5,367.3753948BB99 LLOYDS BK NY BR 02/09/26 1,500,000.00 1,487,516.67 1,493,045.00 02/09/2026 0.00 4.42 0.00 5,528.33 0.00 5,528.33592179KF1 METLIFE GBL FDG 5.050 01/06/28 MTN 1,158,000.00 1,157,040.57 1,157,079.40 01/06/2028 5.05 5.09 4,873.25 38.83 0.00 4,912.08

5.5.b
Packet Pg. 96
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ

EơrninJs E\ )und

CUSIP 'ESCRIPTION

EN'ING PAR
VALUE

BEGINNING

BOOK VALUE

EN'ING BOOK
VALUE
)INAL

MATURITY
COUPON

RATE YIEL'

INTEREST
EARNE'
NET

AMORTIZATION/

ACCRETION
INCOME

NET REALIZE'

GAIN/LOSS

A'-USTE'

INTEREST

EARNINGS
61768EE82 MORGAN PVT BNK 5.050 11/08/28 248,000.00 247,680.80 247,690.03 11/08/2028 5.05 5.05 1,063.68 9.22 0.00 1,072.9062479MBD4 MUFG BANK NY 02/13/26 1,200,000.00 1,189,418.00 1,193,851.00 02/13/2026 0.00 4.43 0.00 4,433.00 0.00 4,433.00637639AE5 NATIONAL SECURITIES CLEAR- ING CORP 0.75 12/07/2025 0.00 1,000,000.00 0.00 12/07/2025 0.75 0.66 125.00 0.00 0.00 125.00795451AK9 SALLIE MAE BNK 1.100 08/11/26 248,000.00 248,000.00 248,000.00 08/11/2026 1.10 1.10 231.69 0.00 0.00 231.69857477AW3 STATE STREET 2.650 05/19/26 1,500,000.00 1,489,135.71 1,491,128.57 05/19/2026 2.65 4.26 3,312.50 1,992.86 0.00 5,305.36857894Q77 STEARNS BANK 4.050 08/14/28 248,000.00 247,832.45 247,837.72 08/14/2028 4.05 4.08 853.05 5.26 0.00 858.31880591FE7 TVA 3.875 08/01/30 1,650,000.00 1,644,790.45 1,644,885.23 08/01/2030 3.88 3.95 5,328.13 94.77 0.00 5,422.9089236TKJ3 TOYOTA MOTOR CRD 4.550 09/20/27 MTN 1,000,000.00 992,290.48 992,653.70 09/20/2027 4.55 5.02 3,791.67 363.21 0.00 4,154.8890355GHQ2 UBS USA 5.000 11/08/28 248,000.00 247,677.90 247,687.20 11/08/2028 5.00 5.05 1,053.15 9.31 0.00 1,062.46910286GB3 UNITED FIDELITY 5.000 03/30/26 248,000.00 248,000.00 248,000.00 03/30/2026 5.00 5.00 1,053.15 0.00 0.00 1,053.159128283F5 US TREASURY 2.250 11/15/27 2,000,000.00 1,920,881.92 1,924,317.02 11/15/2027 2.25 4.50 3,853.59 3,435.10 0.00 7,288.69912828R36 US TREASURY 1.625 05/15/26 2,000,000.00 1,988,217.87 1,990,431.48 05/15/2026 1.63 3.02 2,783.15 2,213.61 0.00 4,996.76912828U24 US TREASURY 2.000 11/15/26 2,000,000.00 2,000,735.74 2,000,670.39 11/15/2026 2.00 1.96 3,425.41 (65.35) 0.00 3,360.06912828X88 US TREASURY 2.375 05/15/27 2,000,000.00 1,959,959.07 1,962,301.08 05/15/2027 2.38 3.88 4,067.68 2,342.02 0.00 6,409.7091282CCW9 US TREASURY 0.750 08/31/26 1,000,000.00 999,670.36 999,707.79 08/31/2026 0.75 0.80 642.27 37.43 0.00 679.7091282CCZ2 US TREASURY 0.875 09/30/26 1,000,000.00 998,385.18 998,550.40 09/30/2026 0.88 1.08 745.19 165.21 0.00 910.4091282CDG3 US TREASURY 1.125 10/31/26 2,000,000.00 1,988,591.97 1,989,650.80 10/31/2026 1.13 1.78 1,926.80 1,058.83 0.00 2,985.6391282CFJ5 US TREASURY 3.125 08/31/29 1,500,000.00 1,478,058.01 1,478,554.87 08/31/2029 3.13 3.55 4,014.16 496.86 0.00 4,511.0291282CFL0 US TREASURY 3.875 09/30/29 1,600,000.00 1,577,896.11 1,578,385.91 09/30/2029 3.88 4.28 5,280.22 489.79 0.00 5,770.0191282CFU0 US TREASURY 4.125 10/31/27 2,000,000.00 1,996,773.48 1,996,916.57 10/31/2027 4.13 4.22 7,064.92 143.09 0.00 7,208.0191282CFY2 US TREASURY 3.875 11/30/29 2,000,000.00 1,984,892.38 1,985,213.16 11/30/2029 3.88 4.08 6,600.27 320.78 0.00 6,921.0591282CGQ8 US TREASURY 4.000 02/28/30 2,000,000.00 1,993,430.10 1,993,561.50 02/28/2030 4.00 4.08 6,850.83 131.40 0.00 6,982.2391282CHX2 US TREASURY 4.375 08/31/28 2,000,000.00 1,993,362.49 1,993,567.43 08/31/2028 4.38 4.51 7,493.09 204.94 0.00 7,698.0491282CJA0 US TREASURY 4.625 09/30/28 2,000,000.00 2,028,121.63 2,027,278.53 09/30/2028 4.63 4.07 7,877.75 (843.11) 0.00 7,034.6491282CJA0 US TREASURY 4.625 09/30/28 2,000,000.00 2,010,092.35 2,009,789.78 09/30/2028 4.63 4.43 7,877.75 (302.58) 0.00 7,575.1791282CJR3 US TREASURY 3.750 12/31/28 1,150,000.00 1,137,072.00 1,137,427.92 12/31/2028 3.75 4.15 3,634.75 355.92 0.00 3,990.6891282CJW2 US TREASURY 4.000 01/31/29 1,200,000.00 1,194,726.73 1,194,868.02 01/31/2029 4.00 4.15 4,043.48 141.29 0.00 4,184.77

5.5.b
Packet Pg. 97
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ

EơrninJs E\ )und

CUSIP 'ESCRIPTION

EN'ING PAR
VALUE

BEGINNING

BOOK VALUE

EN'ING BOOK
VALUE
)INAL

MATURITY
COUPON

RATE YIEL'

INTEREST
EARNE'
NET

AMORTIZATION/

ACCRETION
INCOME

NET REALIZE'

GAIN/LOSS

A'-USTE'

INTEREST

EARNINGS
91282CLC3 US TREASURY 4.000 07/31/29 1,500,000.00 1,492,630.36 1,492,801.11 07/31/2029 4.00 4.15 5,054.35 170.75 0.00 5,225.0991282CLR0 US TREASURY 4.125 10/31/29 1,600,000.00 1,592,236.81 1,592,405.10 10/31/2029 4.13 4.26 5,651.93 168.29 0.00 5,820.2391282CMU2 US TREASURY 4.000 03/31/30 2,000,000.00 1,992,236.95 1,992,389.17 03/31/2030 4.00 4.10 6,813.19 152.22 0.00 6,965.40931142FN8 WALMART 4.350 04/28/30 '30 1,500,000.00 1,501,264.00 1,501,239.17 04/28/2030 4.35 4.33 5,437.50 (24.83) 0.00 5,412.67949764HK3 WELLS FARGO BANK 5.050 11/07/28 248,000.00 247,678.20 247,687.50 11/07/2028 5.05 5.10 1,063.68 9.31 0.00 1,072.99CALAIF California LAIF 686,518.39 686,518.39 686,518.39 12/31/2025 0.00 4.03 0.00 0.00 0.00 0.00 TOTAL 92,864,487.98 81,245,473.66 92,386,957.58 3.43 3.84 238,965.20 33,123.32 0.00 272,088.52GRAN' TOTAL 92,864,487.98 81,245,473.66 92,386,957.58 3.43 3.84 238,965.20 33,123.32 0.00 272,088.52

5.5.b
Packet Pg. 98
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ

Trơnsơction Stơtement

CITY O) SAN RAMON, CA

TRA'E 'ATE SETTLE 'ATE CUSIP 'ESCRIPTION PAR VALUE BOOK VALUE TOTAL NET

REALIZE'

GAIN/LOSS

MATURITY
12/07/2025 12/08/2025 637639AE5 NATIONAL SECURITIES CLEARING CORP 0.75 12/07/2025 (1,000,000.00) 1,000,000.00 1,000,000.00 0.00 12/26/2025 12/26/2025 22533TZS8 Credit Agricole Corporate And Investment Bank, New 0.0 12/26/2025 (1,250,000.00) 1,250,000.00 1,250,000.00 0.00 MATURITY TOTAL (2,250,000.00) 2,250,000.00 2,250,000.00 0.00

5.5.b
Packet Pg. 99
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ

Income/'ividend Ɲeceived

I'ENTI)IER 'ESCRIPTION PAYMENT 'ATE POST 'ATE

INTEREST/'IVI'EN'S

RECEIVE'

US BANK
316175108 FIDELITY IMM:GOVT;I 11/28/2025 12/01/2025 26,002.1891282CFY2 US TREASURY 3.875 11/30/29 11/30/2025 12/01/2025 38,750.00910286GB3 UNITED FIDELITY 5.000 03/30/26 11/30/2025 12/01/2025 1,053.15108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 12/03/2025 12/03/2025 1,039.56023135BS4 AMAZON.COM 1.500 06/03/30 '30 12/03/2025 12/03/2025 11,250.00637639AE5 NATIONAL SECURITIES CLEARING CORP 0.75 12/07/2025 12/07/2025 12/08/2025 3,750.0090355GHQ2 UBS USA 5.000 11/08/28 12/08/2025 12/08/2025 1,019.18949764HK3 WELLS FARGO BANK 5.050 11/07/28 12/07/2025 12/08/2025 1,029.3732114VCH8 FIRST BK MCH 4.600 03/15/28 12/15/2025 12/15/2025 937.64062119BK7 BANK FIVE 4.650 03/20/28 12/20/2025 12/22/2025 947.84910286GB3 UNITED FIDELITY 5.000 03/30/26 12/30/2025 12/30/2025 1,019.1891282CJR3 US TREASURY 3.750 12/31/28 12/31/2025 12/31/2025 21,562.50 US BANK Ư TOTAL 108,360.60
TOTAL 108,360.60

5.5.b
Packet Pg. 100
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ

ContriEution/:itKdrơwơls ơnd E[penses

POST 'ATE PAR VALUE TOTAL
CITY O) SAN RAMON, CA:ITH'RA:AL
12/11/2025 (4,000,000.00) (4,000,000.00)
:ITH'RA:AL TOTAL (4,000,000.00) (4,000,000.00)CONTRIBUTION 12/19/2025 10,000,000.00 10,000,000.00
12/22/2025 3,000,000.00 3,000,000.00
12/23/2025 2,000,000.00 2,000,000.00
CONTRIBUTION TOTAL 15,000,000.00 15,000,000.00

5.5.b
Packet Pg. 101
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ

CUSIP 'ESCRIPTION POST 'ATE AMOUNT
108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 01/05/2026 1,074.21592179KF1 METLIFE GBL FDG 5.050 01/06/28 MTN 01/06/2026 29,239.50949764HK3 WELLS FARGO BANK 5.050 11/07/28 01/07/2026 1,063.6890355GHQ2 UBS USA 5.000 11/08/28 01/08/2026 1,053.1532114VCH8 FIRST BK MCH 4.600 03/15/28 01/15/2026 968.90062119BK7 BANK FIVE 4.650 03/20/28 01/20/2026 979.4345818WFN1 IDB 4.850 07/19/27 MTN 01/20/2026 48,500.00910286GB3 UNITED FIDELITY 5.000 03/30/26 01/30/2026 1,053.15 -AN ǅǃǅǉ TOTAL 83,932.02
880591FE7 TVA 3.875 08/01/30 02/02/2026 30,725.5291282CJW2 US TREASURY 4.000 01/31/29 02/02/2026 24,000.0091282CLC3 US TREASURY 4.000 07/31/29 02/02/2026 30,000.00108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 02/03/2026 1,074.21949764HK3 WELLS FARGO BANK 5.050 11/07/28 02/09/2026 1,063.6853948BB99 LLOYDS BK NY BR 02/09/26 02/09/2026 6,955.0090355GHQ2 UBS USA 5.000 11/08/28 02/09/2026 1,053.15795451AK9 SALLIE MAE BNK 1.100 08/11/26 02/11/2026 1,375.2162479MBD4 MUFG BANK NY 02/13/26 02/13/2026 6,149.00857894Q77 STEARNS BANK 4.050 08/14/28 02/13/2026 5,063.2832114VCH8 FIRST BK MCH 4.600 03/15/28 02/17/2026 968.9023204HQA9 CUSTOMERS BANK 4.050 08/13/27 02/17/2026 5,063.28062119BK7 BANK FIVE 4.650 03/20/28 02/20/2026 979.433130AL7M0 FHLBANKS 0.625 02/24/26 '25 02/24/2026 6,250.003130AQW66 FHLBANKS 2.080 02/25/27 '25 02/25/2026 10,400.00 )EB ǅǃǅǉ TOTAL 131,120.66
3130A07B0 FHLBANKS 4.000 09/01/28 03/02/2026 25,300.0091282CHX2 US TREASURY 4.375 08/31/28 03/02/2026 43,750.0091282CCW9 US TREASURY 0.750 08/31/26 03/02/2026 3,750.00 ProMected CơsK )lowsFor the Period Jơnuơry 01, 2026 to December 31, 2026

5.5.b
Packet Pg. 102
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ

CUSIP 'ESCRIPTION POST 'ATE AMOUNT
910286GB3 UNITED FIDELITY 5.000 03/30/26 03/02/2026 985.2191282CGQ8 US TREASURY 4.000 02/28/30 03/02/2026 40,000.0091282CFJ5 US TREASURY 3.125 08/31/29 03/02/2026 23,437.50108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 03/03/2026 970.2690355GHQ2 UBS USA 5.000 11/08/28 03/09/2026 951.23949764HK3 WELLS FARGO BANK 5.050 11/07/28 03/09/2026 960.7532114VCH8 FIRST BK MCH 4.600 03/15/28 03/16/2026 875.13062119BK7 BANK FIVE 4.650 03/20/28 03/20/2026 884.6589236TKJ3 TOYOTA MOTOR CRD 4.550 09/20/27 MTN 03/20/2026 22,750.0002589AEN8 AM EX BK 5.000 03/23/26 03/23/2026 18.352546732U9 CAPITL ONE NA 5.000 03/21/28 03/23/2026 6,149.0402589AEN8 AM EX BK 5.000 03/23/26 03/23/2026 6,149.0402007GM42 ALLY BANK 5.050 03/23/26 03/23/2026 18.3602007GM42 ALLY BANK 5.050 03/23/26 03/23/2026 6,210.53910286GB3 UNITED FIDELITY 5.000 03/30/26 03/30/2026 1,019.1891282CFL0 US TREASURY 3.875 09/30/29 03/31/2026 31,000.0091282CCZ2 US TREASURY 0.875 09/30/26 03/31/2026 4,375.0091282CMU2 US TREASURY 4.000 03/31/30 03/31/2026 40,000.0091282CJA0 US TREASURY 4.625 09/30/28 03/31/2026 92,500.00 MAR ǅǃǅǉ TOTAL 352,054.23
3130AUSN5 FHLBANKS 3.500 10/01/27 04/01/2026 35,000.00108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 04/03/2026 1,074.21949764HK3 WELLS FARGO BANK 5.050 11/07/28 04/07/2026 1,063.6890355GHQ2 UBS USA 5.000 11/08/28 04/08/2026 1,053.1512547CAX6 CIBC BANK 4.450 04/13/28 04/14/2026 5,502.8832114VCH8 FIRST BK MCH 4.600 03/15/28 04/15/2026 968.90459058LN1 IBRD 3.875 10/16/29 MTN 04/16/2026 29,062.50062119BK7 BANK FIVE 4.650 03/20/28 04/20/2026 979.43 ProMected CơsK )lowsFor the Period Jơnuơry 01, 2026 to December 31, 2026

5.5.b
Packet Pg. 103
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ

CUSIP 'ESCRIPTION POST 'ATE AMOUNT
06051GGA1 BOFAML 3.248 10/21/27 '26 MTN 04/21/2026 16,240.003133EN7A2 FED FARM CR BNKS 3.625 10/26/26 04/27/2026 36,250.00931142FN8 WALMART 4.350 04/28/30 '30 04/28/2026 32,625.0091282CFU0 US TREASURY 4.125 10/31/27 04/30/2026 41,250.0091282CDG3 US TREASURY 1.125 10/31/26 04/30/2026 11,250.0091282CLR0 US TREASURY 4.125 10/31/29 04/30/2026 33,000.003133ERDH1 FED FARM CR BNKS 4.750 04/30/29 04/30/2026 47,500.00 APR ǅǃǅǉ TOTAL 292,819.76
108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 05/04/2026 1,039.56949764HK3 WELLS FARGO BANK 5.050 11/07/28 05/07/2026 1,029.3790355GHQ2 UBS USA 5.000 11/08/28 05/08/2026 1,019.1861768EE82 MORGAN PVT BNK 5.050 11/08/28 05/08/2026 6,210.53037833EZ9 APPLE 4.200 05/12/30 '30 05/12/2026 31,500.003133EPC45 FED FARM CR BNKS 4.625 11/13/28 05/13/2026 46,250.0032114VCH8 FIRST BK MCH 4.600 03/15/28 05/15/2026 937.64912828X88 US TREASURY 2.375 05/15/27 05/15/2026 23,750.009128283F5 US TREASURY 2.250 11/15/27 05/15/2026 22,500.00912828R36 US TREASURY 1.625 05/15/26 05/15/2026 9,568.52912828R36 US TREASURY 1.625 05/15/26 05/15/2026 16,250.00912828U24 US TREASURY 2.000 11/15/26 05/15/2026 20,000.003130AXU63 FHLBANKS 4.625 11/17/26 05/18/2026 23,125.00857477AW3 STATE STREET 2.650 05/19/26 05/19/2026 8,871.43857477AW3 STATE STREET 2.650 05/19/26 05/19/2026 19,875.00062119BK7 BANK FIVE 4.650 03/20/28 05/20/2026 947.84 MAY ǅǃǅǉ TOTAL 232,874.07
91282CFY2 US TREASURY 3.875 11/30/29 06/01/2026 38,750.00108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 06/03/2026 1,074.21023135BS4 AMAZON.COM 1.500 06/03/30 '30 06/03/2026 11,250.00 ProMected CơsK )lowsFor the Period Jơnuơry 01, 2026 to December 31, 2026

5.5.b
Packet Pg. 104
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ

CUSIP 'ESCRIPTION POST 'ATE AMOUNT
90355GHQ2 UBS USA 5.000 11/08/28 06/08/2026 1,053.15949764HK3 WELLS FARGO BANK 5.050 11/07/28 06/08/2026 1,063.6832114VCH8 FIRST BK MCH 4.600 03/15/28 06/15/2026 968.90062119BK7 BANK FIVE 4.650 03/20/28 06/22/2026 979.4391282CJR3 US TREASURY 3.750 12/31/28 06/30/2026 21,562.50 -UN ǅǃǅǉ TOTAL 76,701.88
108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 07/03/2026 1,039.56592179KF1 METLIFE GBL FDG 5.050 01/06/28 MTN 07/06/2026 29,239.50949764HK3 WELLS FARGO BANK 5.050 11/07/28 07/07/2026 1,029.3790355GHQ2 UBS USA 5.000 11/08/28 07/08/2026 1,019.1832114VCH8 FIRST BK MCH 4.600 03/15/28 07/15/2026 937.64062119BK7 BANK FIVE 4.650 03/20/28 07/20/2026 947.8445818WFN1 IDB 4.850 07/19/27 MTN 07/20/2026 48,500.0091282CJW2 US TREASURY 4.000 01/31/29 07/31/2026 24,000.0091282CLC3 US TREASURY 4.000 07/31/29 07/31/2026 30,000.00 -UL ǅǃǅǉ TOTAL 136,713.09
108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 08/03/2026 1,074.21880591FE7 TVA 3.875 08/01/30 08/03/2026 31,968.75949764HK3 WELLS FARGO BANK 5.050 11/07/28 08/07/2026 1,063.6890355GHQ2 UBS USA 5.000 11/08/28 08/10/2026 1,053.15795451AK9 SALLIE MAE BNK 1.100 08/11/26 08/11/2026 1,352.79857894Q77 STEARNS BANK 4.050 08/14/28 08/13/2026 4,980.7223204HQA9 CUSTOMERS BANK 4.050 08/13/27 08/14/2026 4,980.7232114VCH8 FIRST BK MCH 4.600 03/15/28 08/17/2026 968.90062119BK7 BANK FIVE 4.650 03/20/28 08/20/2026 979.433130AQW66 FHLBANKS 2.080 02/25/27 '25 08/25/2026 10,400.0091282CGQ8 US TREASURY 4.000 02/28/30 08/31/2026 40,000.0091282CFJ5 US TREASURY 3.125 08/31/29 08/31/2026 23,437.50 ProMected CơsK )lowsFor the Period Jơnuơry 01, 2026 to December 31, 2026

5.5.b
Packet Pg. 105
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ

CUSIP 'ESCRIPTION POST 'ATE AMOUNT
91282CCW9 US TREASURY 0.750 08/31/26 08/31/2026 3,750.0091282CHX2 US TREASURY 4.375 08/31/28 08/31/2026 43,750.0091282CCW9 US TREASURY 0.750 08/31/26 08/31/2026 292.21 AUG ǅǃǅǉ TOTAL 170,052.07
3130A07B0 FHLBANKS 4.000 09/01/28 09/01/2026 25,300.00108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 09/03/2026 1,074.2190355GHQ2 UBS USA 5.000 11/08/28 09/08/2026 1,053.15949764HK3 WELLS FARGO BANK 5.050 11/07/28 09/08/2026 1,063.6832114VCH8 FIRST BK MCH 4.600 03/15/28 09/15/2026 968.90062119BK7 BANK FIVE 4.650 03/20/28 09/21/2026 979.4389236TKJ3 TOYOTA MOTOR CRD 4.550 09/20/27 MTN 09/21/2026 22,750.002546732U9 CAPITL ONE NA 5.000 03/21/28 09/22/2026 6,250.9691282CCZ2 US TREASURY 0.875 09/30/26 09/30/2026 1,449.6091282CFL0 US TREASURY 3.875 09/30/29 09/30/2026 31,000.0091282CCZ2 US TREASURY 0.875 09/30/26 09/30/2026 4,375.0091282CMU2 US TREASURY 4.000 03/31/30 09/30/2026 40,000.0091282CJA0 US TREASURY 4.625 09/30/28 09/30/2026 92,500.00 SEP ǅǃǅǉ TOTAL 228,764.94
3130AUSN5 FHLBANKS 3.500 10/01/27 10/01/2026 35,000.00108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 10/05/2026 1,039.56949764HK3 WELLS FARGO BANK 5.050 11/07/28 10/07/2026 1,029.3790355GHQ2 UBS USA 5.000 11/08/28 10/08/2026 1,019.1812547CAX6 CIBC BANK 4.450 04/13/28 10/14/2026 5,533.1232114VCH8 FIRST BK MCH 4.600 03/15/28 10/15/2026 937.64459058LN1 IBRD 3.875 10/16/29 MTN 10/16/2026 29,062.50062119BK7 BANK FIVE 4.650 03/20/28 10/20/2026 947.8406051GGA1 BOFAML 3.248 10/21/27 '26 MTN 10/21/2026 16,240.003133EN7A2 FED FARM CR BNKS 3.625 10/26/26 10/26/2026 36,250.00 ProMected CơsK )lowsFor the Period Jơnuơry 01, 2026 to December 31, 2026

5.5.b
Packet Pg. 106
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ

CUSIP 'ESCRIPTION POST 'ATE AMOUNT
3133EN7A2 FED FARM CR BNKS 3.625 10/26/26 10/26/2026 6,068.77931142FN8 WALMART 4.350 04/28/30 '30 10/28/2026 32,625.003133ERDH1 FED FARM CR BNKS 4.750 04/30/29 10/30/2026 47,500.0091282CDG3 US TREASURY 1.125 10/31/26 10/31/2026 10,349.20 OCT ǅǃǅǉ TOTAL 223,602.18
91282CFU0 US TREASURY 4.125 10/31/27 11/02/2026 41,250.0091282CDG3 US TREASURY 1.125 10/31/26 11/02/2026 11,250.0091282CLR0 US TREASURY 4.125 10/31/29 11/02/2026 33,000.00108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 11/03/2026 104.29108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 11/03/2026 1,074.21949764HK3 WELLS FARGO BANK 5.050 11/07/28 11/09/2026 1,063.6861768EE82 MORGAN PVT BNK 5.050 11/08/28 11/09/2026 6,313.4790355GHQ2 UBS USA 5.000 11/08/28 11/09/2026 1,053.15037833EZ9 APPLE 4.200 05/12/30 '30 11/12/2026 31,500.003133EPC45 FED FARM CR BNKS 4.625 11/13/28 11/13/2026 46,250.00912828U24 US TREASURY 2.000 11/15/26 11/15/2026 (670.39)912828X88 US TREASURY 2.375 05/15/27 11/16/2026 23,750.009128283F5 US TREASURY 2.250 11/15/27 11/16/2026 22,500.00912828U24 US TREASURY 2.000 11/15/26 11/16/2026 20,000.0032114VCH8 FIRST BK MCH 4.600 03/15/28 11/16/2026 968.903130AXU63 FHLBANKS 4.625 11/17/26 11/17/2026 23,125.003130AXU63 FHLBANKS 4.625 11/17/26 11/17/2026 517.41062119BK7 BANK FIVE 4.650 03/20/28 11/20/2026 979.4391282CFY2 US TREASURY 3.875 11/30/29 11/30/2026 38,750.00 NOV ǅǃǅǉ TOTAL 302,779.16
023135BS4 AMAZON.COM 1.500 06/03/30 '30 12/03/2026 11,250.00949764HK3 WELLS FARGO BANK 5.050 11/07/28 12/07/2026 1,029.3790355GHQ2 UBS USA 5.000 11/08/28 12/08/2026 1,019.18 ProMected CơsK )lowsFor the Period Jơnuơry 01, 2026 to December 31, 2026

5.5.b
Packet Pg. 107
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December &,7<2)6$15$021_'(&(0%(5ǆǄǅǃǅǈ

CUSIP 'ESCRIPTION POST 'ATE AMOUNT
32114VCH8 FIRST BK MCH 4.600 03/15/28 12/15/2026 937.64062119BK7 BANK FIVE 4.650 03/20/28 12/21/2026 947.8491282CJR3 US TREASURY 3.750 12/31/28 12/31/2026 21,562.50 'EC ǅǃǅǉ TOTAL 36,746.53
GRAN' TOTAL 2,268,160.57
ProMected CơsK )lowsFor the Period Jơnuơry 01, 2026 to December 31, 2026

5.5.b
Packet Pg. 108
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December 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 conƊrmation purposes. Please review your custodial statements and report any inaccuracies or discrepancies.Certain information and data has been supplied by una ƌliated third parties. Although Meeder believes the information is reliable, it cannot warrant the accuracy of information oƉered by third parties. Market value may reƋect prices received from pricing vendors when current market Tuotations are not available. Prices may not reƋect Ɗrm bids or oƉers and may diƉer 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 Meeder. This information is provided as a client convenience and Meeder assumes no responsibility for performance of these accounts or the accuracy of the data reported.

InvestinJ involves risk. Past performance is no Juarantee of future results. 'eEt and Ɗ[ed income securities are suEMect to credit and interest rate risk. TKe investment return and principal value of an investment will Ƌuctuate so tKat an investors sKares, wKen redeemed, ma\ Ee wortK more or less tKan tKeir oriJinal cost. Current performance ma\ Ee lower or KiJKer tKan tKe performance data Tuoted.

Investment advisory services provided by Meeder Public Funds, Inc. Please contact us if you would like to receive a copy of our current ADV disclosure brochure or privacy policy.© 2024 Meeder Investment Managementmeederpublicfunds.com | 866.633.3371'isclosure

5.5.b
Packet Pg. 109
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending December City of San Ramon
Investment Report - Supplementary Information
Investments Held by Trustees at December 31, 2025
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 3,074,026.11 3,074,025.11 2010 POB Computershare Money Market 1,085.45 1,085.45 2010 POB
Computershare Money Market 183,790.00 183,790.00 2010 POB Computershare Money Market 248,792.39 248,792.39 2010 POB Computershare Money Market 496.24 496.24 2010 POB
Dreyfus Govt Cash Mgmt X9USDYRUT 3.57% n/a 147,108.98 147,108.98 2019 COP Dreyfus Govt Cash Mgmt X9USDYRUT 3.49% n/a 2.58 2.58 2019 COP $ 3,655,303.49 $ 3,655,302.49

5.5.c
Packet Pg. 110 Attachment: C: Investments Held by Trustees at Dec 31, 2025 (4930 : City of San Ramon Quarterly

INVESTMENT TERMINOLOGY
Basis Points – A standard measure for interest rates that represents one one-hundredth of one percent.

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.

Fair Value – Also known as market value, fair value is the price that buyers and sellers of a financial instrument would agree upon if the instrument was sold in the market today.

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).

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.

5.5.d
Packet Pg. 111 Attachment: D: Investment Terminology (4930 : City of San Ramon Quarterly Investment Report (Period Ending December 31, 2025))

FINANCE COMMITTEE STAFF REPORT
DATE: February 18, 2026
TO: Finance Committee/City Manager
FROM: Jennifer Wakeman, Finance Director
By: Yuliya Elbo, Budget Manager
SUBJECT: FY26 Budget to Actual Analyses: July - December 2025

RECOMMENDED ACTION
Staff recommends the Finance Committee review the budget to actual analyses for Quarters 1 and 2 of FY 2025-26 and 1) provide feedback on the content of the information provided and 2) ask any questions.

BACKGROUND/DISCUSSION
The Finance Department was created to be a single source of accountability and communication for the City’s finances within the organization and the community. As part of this effort, the Finance Department committed to ownership and communication, which staff believe can be achieved in part with the development of a series of tools to allow for regular, on-going monitoring of the City’s financial position.

Regularly scheduled budget-to-actual reports are part of the essential financial management tools used to evaluate how actual revenues and expenditures perform compared to the approved budget over a defined reporting period. The goal of developing and presenting financial results and explanatory analysis is to support informed decision-making and promote responsible fiscal oversight.

From a governance and accountability perspective, the budget-to-actual report enhances financial transparency and demonstrates stewardship of resources. Regular analyses of financial performance are essential in helping government bodies to fulfill their fiduciary responsibilities by monitoring compliance with approved budgets, policies, and funding restrictions. In addition, it helps management monitor trends, identify variances faster, and take corrective action as needed, while ensuring transparency, accountability, and alignment with approved financial plans.

Revenue Analyses:

Most of the general revenue receipts are on track with the budget. However, there are some factors that might affect the FY2025-26 revenue collections, as well as revenue inflows in future years.

5.6 Packet Pg. 112
• The City’s sales tax consultant, HdL, advised the City that Measure N (sales tax) revenues are trending lower than originally budgeted for FY 2025-26. This is primarily due to the decline in automobile sales following the expiration of federal electric vehicle tax credits on September 30, 2025. In October, the California New Car Dealers Association projected that sales would remain under pressure through 2026, as higher prices-driven in part by tariffs filtering through the supply chain-and prolonged elevated costs contribute to buyer fatigue. Since Measure N is a destination-based tax, a reduction in new vehicles registered within the City drives down these revenue projections. • The revenue inflow associated with the Fuel/Service station sales for the fiscal year is trending at a modest growth of 1.9%. While oil barrel prices held fairly steady, softer statewide demand pushed revenue lower. From FY 2018-19 to FY 2024-25, consumption of motor vehicle gallons decreased by 13% while average fuel prices increased roughly 14%. For Quarter 3 of 2025 (Q3-2025) the revenues declined 3.8%, reflecting lower average fuel prices relative to Q3-2024 and a sharper-than-anticipated price correction at the pumps. Additionally, California’s new Low Carbon Fuel Standards rules resulted in the shutdown of Phillips 66 Valero’s Benicia refineries, as well as a refinery in the Los Angeles area. These closures are expected to reduce the availability of California blend fuel and will likely drive up future fuel costs. While this helps the City’s sales tax revenue, it will be offset by increases in police and public works operational costs. • On November 25, 2025, The City Council approved resolution 2025-116 setting franchise fees with the Alameda County Industries of San Ramon to be $1,934,678. This fee is roughly 48.5% lower than they were for Calendar Year 2025, reducing overall expected revenue collection for this line item in FY 2025-26 by about $942,463.

Expenditure Analyses
Overall, the expenditures are tracking in accordance with the budget, with Personnel expenditures aligned with the same period for FY25 and other expenditures being about 3% lower (compared to Budget) than the same period of CY2025.

STEPS FOLLOWING REVIEW
Staff is looking for recommendations on potential report improvements to further support City Council in making informed financial decisions. Staff will continue to revise this report and attachments to improve financial planning and transparency.

ATTACHMENTS
A. Budget to Actual Revenue and Expenditure reports, July-December 2025.

5.6 Packet Pg. 113
Budget to Actuals: July-December 2024 and 2025: Revenue Attachment A
Period (Multiple Items)Account Type Revenue
Column Labels
2025 2026
Row Labels Segment 4 Revised Budget Actual % of Budget Used Revised Budget Actual % of Budget Used 101 - GENERAL FUND
00 - NON DEPARTMENTAL 00 - NON-DEPARTMENTAL ($56,761,210.00) ($6,535,998.31) 11.51 ($70,059,149.00) ($10,799,687.64) 15.4210 - GENERAL GOVERNMENT 12 - CITY MANAGER $0.00 $0.00 0 $0.00 $0.00 0 14 - CITY CLERK ($2,750.00) ($6,753.00) 245.56 ($2,725.00) ($15.00) 0.55 21 - FINANCE ($72,000.00) ($2,460.12) 3.42 ($72,000.00) ($3,464.46) 4.8122 - HUMAN RESOURCES $0.00 $0.00 0 $0.00 $0.00 0 20 - COMMUNITY DEVELOPMENT 31 - PLANNING ($1,102,783.00) ($670,109.59) 60.77 ($1,238,824.00) ($722,161.46) 58.29 32 - BUILDING ($4,741,250.00) ($1,668,166.71) 35.18 ($4,728,750.00) ($2,697,618.83) 57.05 30 - POLICE SERVICES 41 - PD SUPPORT SERVICES ($125,250.00) ($263,650.26) 210.5 ($119,650.00) ($52,896.88) 44.21 42 - PD OPERATIONS ($2,012,015.00) ($201,612.64) 10.02 ($2,262,304.00) ($540,780.34) 23.9 40 - PUBLIC WORKS 51 - TRANSPORTATION ($38,735.00) $0.00 0 ($48,735.00) $0.00 0 52 - ENGINEERING ($1,265,806.00) ($149,319.50) 11.8 ($1,361,820.00) ($806,910.74) 59.2553 - PUBLIC SERVICES ($1,539,021.00) ($438,347.37) 28.48 ($1,056,085.00) ($307,020.70) 29.07 50 - PARKS AND COMMUNITY SERVICES 60 - PARKS AND COMMUNITY SERVICES ($5,515,218.00) ($2,477,983.18) 44.93 ($5,344,631.00) ($2,396,012.54) 44.83 101 - GENERAL FUND Total ($73,176,038.00) ($12,414,400.68) 16.97 ($86,294,673.00) ($18,326,568.59) 21.24 343 - DOUGHERTY VALLEY
00 - NON DEPARTMENTAL 00 - NON-DEPARTMENTAL ($24,466,916.00) ($3,779,858.62) 15.45 ($27,375,399.00) ($9,770.04) 0.0430 - POLICE SERVICES 41 - PD SUPPORT SERVICES $0.00 $0.00 0 $0.00 $0.00 0 42 - PD OPERATIONS $0.00 $0.00 0 $0.00 $0.00 0
40 - PUBLIC WORKS 53 - PUBLIC SERVICES ($650.00) $1,717.56 -264.24 ($650.00) ($8,047.75) 1238.12 343 - DOUGHERTY VALLEY Total ($24,467,566.00) ($3,778,141.06) 15.44 ($27,376,049.00) ($17,817.79) 0.07Grand Total ($97,643,604.00) ($16,192,541.74) 16.58 ($113,670,722.00) ($18,344,386.38) 16.14

Page 1 of 2 ends

5.6.a
Packet Pg. 114
Attachment: A: Budget-to-Actuals Rpt Jul-Dec 2025 (4932 : Budget to Actuals Report: July-December Budget to Actuals: July - December 2024 and 2025. Expenditures Attachment A
Period (Multiple Items)Account Type Expense
Column Labels
2025 2026
Row Labels Segment 4 Revised Budget Actual % of Budget Used Revised Budget Actual % of Budget Used 101 - GENERAL FUND
00 - NON DEPARTMENTAL 00 - NON-DEPARTMENTAL $9,521,283.00 ($348,869.98) -3.66 $11,526,103.00 ($667,888.13) -5.79 10 - GENERAL GOVERNMENT 12 - CITY MANAGER $1,375,015.78 $521,581.50 37.93 $1,835,758.00 $779,169.85 42.44 13 - CITY ATTORNEY $1,060,888.11 $385,664.37 36.35 $1,252,480.54 $493,493.75 39.4 14 - CITY CLERK $912,332.45 $273,928.91 30.03 $1,122,511.00 $251,549.05 22.41 15 - HUMAN RESOURCES $0.00 $0.00 0 $1,681,105.80 $587,260.92 34.9316 - INFORMATION TECHNOLOGY $0.00 $0.00 0 $3,247,882.00 $1,087,740.85 33.49 21 - FINANCE $2,143,522.50 $771,322.22 35.98 $2,213,756.00 $846,648.87 38.24 22 - HUMAN RESOURCES $1,799,109.63 $934,405.54 51.94 $0.00 $3,762.00 0 23 - INFORMATION TECHNOLOGY $2,927,142.26 $1,121,170.24 38.3 $0.00 $5,623.75 0 20 - COMMUNITY DEVELOPMENT 31 - PLANNING $1,492,188.00 $495,773.60 33.22 $1,524,134.40 $574,430.14 37.69 32 - BUILDING $4,303,177.00 $1,461,046.98 33.95 $5,097,948.00 $2,059,654.98 40.4 30 - POLICE SERVICES 41 - PD SUPPORT SERVICES $8,059,411.43 $2,583,165.49 32.05 $8,474,495.00 $2,637,836.71 31.13 42 - PD OPERATIONS $11,546,974.00 $4,762,853.34 41.25 $14,632,233.00 $5,859,020.63 40.04 40 - PUBLIC WORKS 51 - TRANSPORTATION $611,776.14 $173,004.73 28.28 $491,480.00 $179,937.37 36.61 52 - ENGINEERING $4,151,731.65 $1,316,670.49 31.71 $4,391,254.00 $1,570,664.41 35.77 53 - PUBLIC SERVICES $13,556,788.14 $4,702,105.61 34.68 $15,008,143.00 $5,360,001.55 35.71 50 - PARKS AND COMMUNITY SERVICES 60 - PARKS AND COMMUNITY SERVICES $8,818,064.11 $3,356,607.56 38.07 $10,346,598.00 $4,104,102.30 39.67 101 - GENERAL FUND Total $72,279,404.20 $22,510,430.60 31.14 $82,845,881.74 $25,733,009.00 31.06 343 - DOUGHERTY VALLEY
00 - NON DEPARTMENTAL 00 - NON-DEPARTMENTAL $97,273.00 ($102,918.10) -105.8 $146,850.00 ($201,208.06) -137.02 30 - POLICE SERVICES 41 - PD SUPPORT SERVICES $4,733,300.57 $1,502,491.40 31.74 $5,016,930.00 $1,535,857.73 30.61 42 - PD OPERATIONS $5,906,368.00 $2,383,991.36 40.36 $7,473,612.00 $2,894,238.94 38.73 40 - PUBLIC WORKS 53 - PUBLIC SERVICES $13,730,625.00 $4,999,549.35 36.41 $14,738,656.00 $5,460,238.98 37.05 343 - DOUGHERTY VALLEY Total $24,467,566.57 $8,783,114.01 35.9 $27,376,048.00 $9,689,127.59 35.39 Grand Total $96,746,970.77 $31,293,544.61 32.35 $110,221,929.74 $35,422,136.59 32.14

Page 2 of 2 ends

5.6.a
Packet Pg. 115
Attachment: A: Budget-to-Actuals Rpt Jul-Dec 2025 (4932 : Budget to Actuals Report: July-December

City Council Finance CommitteeFebruary 18, 2026

City Council Finance Committee
February 18, 2026