Robert Jweinat, Chair
Mark Armstrong, Vice Chair
City of San Ramon
Finance Committee
Agenda
San Ramon City Hall
Training Room, First Floor
7000 Bollinger Canyon Road
March 4, 2026
4:00 PM
Regular Meeting
Agenda Questions: Please contact the City Clerk's Office at (925) 973-2539 or [email protected].
Please refer to the end of the agenda to review options for participation in the meeting.
This agenda is posted in accordance with Government Code Section 54954.2(a).
1. Call to Order/Roll Call
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 3 minutes. No Committee action can be taken at this meeting on issues raised during Public Comment.
3. Approval of Minutes
3.1. February 18, 2026 Finance Committee Meeting
Recommendation: Approve Minutes
4. Unfinished Business
4.1. City of San Ramon Quarterly Investment Report (Period Ending December 31, 2025)
Recommendation: Receive Report
Staff Report by Jennifer Wakeman, Finance Director
4.2. FY26 Budget to Actual Analyses: July - December 2025 Recommendation: Receive Report
Staff Report by Yuliya Elbo, Budget Manager
5. New Business
6. Committee Member Comments
7. Adjournment
Finance Committee Meeting
March 4, 2026
How to View or Participate in the Meeting
The public is invited to participate in the meeting using any of the following methods:
In Person:
Members of the public can provide in-person comments at the meeting. To make a request for disability-related accommodation to participate in the meeting, please contact the City Clerk’s Office 48 hours in advance of the meeting at [email protected].
Written Communication by Email:
Public comments may be submitted via e-mail to [email protected] at least 2 hours prior to the start time of the meeting. Please include “Public Comment” in the subject line. In the body of the email please include your name and the item you wish to comment on. Written public comment will not be read aloud during the meeting.
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 or watching.
At the discretion of the 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;
d. Specific threats or “fighting words” that incite violence; or e. Speech that is outside the subject matter jurisdiction of the Committee or the specific agenda item in which you are speaking.
While the City of San Ramon ensures the First Amendment rights of its citizens, we do not accept nor endorse any offensive or hateful comments made during our meetings. The City of San Ramon celebrates the diversity of our community, and we strive to be a welcoming and open community for all.
MINUTES OF THE
CITY OF SAN RAMON FINANCE COMMITTEE
February 18, 2026
1. CALL TO ORDER
Attendee Name Title Status Arrived
Robert Jweinat Chair Present 4:00 PM
Mark Armstrong Vice Chair Present 4:00 PM
Also in attendance: Steven Spedowfski, City Manager; Scott Koll, Assistant City Manager; Jennifer Wakeman, Finance Director; Yuliya Elbo, Budget Manager; Michelle Joe, Financial Analyst; Jon Bell, Public Services Division Manager; Matt Ramirez, Senior Administrative Analyst; Nicki MacPherson, Accounting Specialist
2. PUBLIC COMMENT
There were no public comments on items not on the agenda.
3. APPROVAL OF MINUTES
3.1 Finance Committee - Special Meeting - Dec 18, 2025 4:30 PM RESULT: ACCEPTED [UNANIMOUS]
AYES: Jweinat, Armstrong
4. UNFINISHED BUSINESS
There was no unfinished business to discuss.
5. NEW BUSINESS
5.1 California Employers’ Benefit Trust (CERBT) Statement for the Quarter Ended December 31, 2025
Recommendation: Staff recommends that the Finance Committee review and accept the CERBG Statement for the quarter ending December 31, 2025.
RESULT: ACCEPTED
5.2 PARS Pension Stabilization Trust Statements for the Quarter Ended December 31, 2025
Recommendation: Staff recommends that the Finance Committee review and accept the PARS Pension Stabilization Trust Statements for the quarter ending December 31, 2025.
Public comment was made by Japanese Taiwanese American.
2 Finance Committee Meeting – February 18, 2026
RESULT: ACCEPTED
5.3 FY25 Memorandum on Internal Control
Recommendation: Review and Accept the FY25 Memorandum on Internal Control.
Public comment was submitted via email by Brian Swanson. Public comments were made in person by Brian Swanson, Susie Ferris Inderkum, and Japanese Taiwanese American.
RESULT: ACCEPTED AND DIRECTION PROVIDED
5.4 Reserve Workshop Preview
Recommendation: Review the Attached Draft City Council Report, Receive the Planned Presentation, and Provide Feedback on Both.
Public comment was made by Japanese Taiwanese American.
RESULT: ACCEPTED AND DIRECTION PROVIDED
5.5 City of San Ramon Quarterly Investment Report (Period Ending December 31, 2025)
Recommendation: Staff recommends 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.
The agenda item was deferred to the next Finance Committee Meeting due to time constraints with committee members.
RESULT: CONTINUED
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.
The agenda item was deferred to the next Finance Committee Meeting due to time constraints with committee members.
RESULT: CONTINUED
6. COMMITTEE MEMBER COMMENTS
Committee members had nothing additional to report.
7. ADJOURNMENT
The meeting adjourned at 5:16 PM.
Finance Committee Staff Report
Item No. 4.1.
Date: March 4, 2026
To: San Ramon Finance Committee
From: Jennifer Wakeman, Department Director
Subject: City of San Ramon Quarterly Investment Report (Period Ending December 31, 2025)
Executive Summary:
State law requires, and best practices for fiscal stewardship recommend, that the City Council review the City investment portfolio via an investment report at least quarterly.
The City contracts with Meeder Public Funds for investment advisory services with the Accounting Manager providing treasury and investment oversight. This report is reviewed preliminarily by the Finance Committee for recommendation to the City Council consent agenda.
Recommendation:
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:
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, 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 Impact:
This report is for informational purposes only; there is no fiscal impact.
Alternative Option(s):
The Finance Committee can provide direction at any time to present this information in a
different format or to include/exclude different information.
Next Steps:
The report will be presented to the City Council for review and acceptance at the February 24, 2026, City Council meeting.
Attachment(s):
A. Summary of Cash and Investments at Dec 31 2025
B. Investment Portfolio Information for City of San Ramon for the Month Ending December 31 2025
C. Investments Held by Trustees at Dec 31 2025
D. Investment Terminology
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
ATTACHMENT A
Investment
Report&LW\RI6ơQƝơPRQ$VRI'HFHPEHU
ATTACHMENT B
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
• 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
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
&,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
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
&,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
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
&,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
&,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
&,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
&,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
&,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
&,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)
&,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)
&,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
&,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
&,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
&,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
&,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
&,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
&,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
&,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
&,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
&,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
&,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
&,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
&,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
&,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
&,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
&,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
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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
ATTACHMENT C
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.
ATTACHMENT D
Finance Committee Staff Report
Item No. 4.2.
Date: March 4, 2026
To: San Ramon Finance Committee
From: Jennifer Wakeman, Department Director
Yuliya Elbo, Budget Program Manager
Subject: FY26 Budget to Actual Analyses: July - December 2025 Executive Summary:
The purpose of this report is to re-establish the practice of presenting up-to-date financial data and analyses to the governmental body in order to ensure transparency and to support informed decision -making.
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.
Background:
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, ongoing 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 decisionmaking and promote responsible fiscal oversight.
From a governance and accountability perspective, the budget-to-actuals 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.
• 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), 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 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.
Fiscal Impact:
There is no financial impact.
Alternative Option(s):
The report is for information purposes only. Staff is seeking feedback from the Finance
Committee regarding the content of the information provided.
Next Steps:
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.
Attachment(s):
A. Budget-to-Actuals Report Jul-Dec 2025
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
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