Agenda packet — City Council and Authorities Concurrent, June 25, 2024 (part 1 of 7)

City of Santa Clara
Joint Meeting Agenda of the
City Council and Authorities Concurrent &
Santa Clara Stadium Authority Board
Hybrid Meeting
City Hall Council Chambers/Virtual
1500 Warburton Avenue
Santa Clara, CA 95050
Tuesday, June 25, 2024 5:00 PM
The City of Santa Clara is conducting City Council meetings in a hybrid manner (in-person and continues to have methods for the public to participate remotely).

Via Zoom:
o https://santaclaraca.zoom.us/j/99706759306
Meeting ID: 997-0675-9306
o Phone 1(669) 900-6833
How to Submit Written Public Comment Before City Council Meeting:

1. Use the eComment tab located on the City Council Agenda page https://santaclara.legistar.com/Calendar.aspx). eComments are directly sent to the iLegislate application used by City Council and staff, and become part of the public record. eComment closes 15 minutes before the start of a meeting.

2. By email to [email protected] by 12 p.m. the day of the meeting. Those emails will be forwarded to the Council and will be uploaded to the City Council Agenda as supplemental meeting material. Emails received after the 12 p.m. cutoff time up through the end of the meeting will form part of the meeting record. Please identify the Agenda Item Number in the subject line of your email.

NOTE: Please note eComments and Emails received as public comment will not be read aloud during the meeting.

Agendas, Staff Reports and some associated documents for City Council items may be viewed on the Internet at https://santaclara.legistar.com/Calendar.aspx All public records relating to an open session item on this agenda, which are not exempt from disclosure pursuant to the California Public Records Act, that are distributed to a majority of the legislative body will be available for public inspection at the Office of the City Clerk at Sana Clara City Hall, 1500 Warburton Avenue, Santa Clara, CA 95050 at the same time that the public records are distributed or made available to the legislative body. Any draft contracts, ordinances and resolutions posted on the Internet site or distributed in advance of the Council meeting may not be the final documents approved by the City Council. For the final document, you many contact the Office of the City Clerk at (408) 615-2220 or [email protected].

City of Santa Clara Page 1 of 19 Printed on 6/21/2024
Councilmember Hardy will participate remotely from the following location:

La Posada Pintada, 239 N 7th E Navajo Twins Dr. Room 6, Bluff, UT 84512 Joint Council and Authorities Concurrent
& Stadium Authority Board Meeting
Meeting Agenda June 25, 2024
Closed Session - 5:00 PM | Regular Meeting - 7:00 PM
5:00 PM CLOSED SESSION
Call to Order in the Council Chambers
Confirmation of Quorum

1.A Conference with Real Property Negotiators (CC)
Pursuant to Gov. Code § 54956.8
Property: East of Loyalton and West of Cold Springs in Sierra and Lassen Counties, APN: 147-040-02-11, 147-050-02-11, 147-050-03-11, 147-05-19-11, 147-070-04-11, 147-070-05-11, 147-080-01-11, 147-080-03-11, 147-080-11-11, 147-080-14-11, 147-080-15-11, 021-010-003, 021-020-001, 016-100-004, 016, 090, 059, 021-010-006, 021-010-012, 016-100-005,
016-080-008, 016-070-012, 016-090-011, 021-010-013,
016-100-001, 016-100-006 and 016-080-007
City/Authority Negotiator: Jōvan D. Grogan, City Manager (or designee), Manuel Pineda, Glen R. Googins, City Attorney (or designee)
Negotiating Parties: Washoe Tribe of Nevada and California; Feather River Land Trust
Under Negotiation: Purchase and Sale of Real Property
(provisions, price and terms of payment)
24-605

1.B Conference with Legal Counsel-Existing Litigation (CC) Pursuant to Gov. Code § 54956.9(d)(1)
Melissa Lin Silva v. City of Santa Clara, et al., United States District Court, Northern District of California, Case No. 5:23-cv-02269
24-196

1.C Conference with Legal Counsel-Anticipated Litigation Initiation of litigation pursuant to paragraph (4) of subdivision (d) of Section 54956.9: Number of potential cases - 1
24-632
Public Comment
The public may provide comments regarding the Closed Session item(s) just prior to the Council beginning the Closed Session. Closed Sessions are not open to the public.

Convene to Closed Session (Sparacino Conference Room)
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Joint Council and Authorities Concurrent
& Stadium Authority Board Meeting
Meeting Agenda June 25, 2024
7:00 PM JOINT CITY COUNCIL/STADIUM AUTHORITY BOARD MEETING Call to Order in the Council Chambers
Pledge of Allegiance and Statement of Values
Roll Call

REPORTS OF ACTION TAKEN IN CLOSED SESSION MATTERS

CONTINUANCES/EXCEPTIONS/RECONSIDERATIONS

SPECIAL ORDER OF BUSINESS

2.A Recognition of Funds Raised to Benefit Local Programs from the 2023 Santa Clara Historic Home Tour
24-331

2.B Proclamation of June 2024 as Portuguese National Heritage Month
24-133

2.C 24-134 Proclamation of July 2024 as Parks & Recreation Month

CONSENT CALENDAR
[Items listed on the CONSENT CALENDAR are considered routine and will be adopted by one motion. There will be no separate discussion of the items on the CONSENT CALENDAR unless discussion is requested by a member of the Council, staff, or public. If so requested, that item will be removed from the CONSENT CALENDAR and considered under CONSENT ITEMS PULLED FOR DISCUSSION.]

3.A 24-11 Board, Commissions and Committee Minutes
Note and file the Minutes of:

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& Stadium Authority Board Meeting
Meeting Agenda June 25, 2024

3.B Action on Monthly Financial Status and Investment Reports for March and April 2024 and Approval of Related Budget
Amendments
24-483

1. Note and file the Monthly Financial Status and
Monthly Investment Reports for March and April
2024 as presented; and

2. Approve the FY 2023/24 Budget Amendments in
the following funds (as detailed in Attachment 5):
a. In the General Fund, with a net impact of
$5,315,610;
b. In the Cemetery Fund, with a net impact of
$26,970;
c. In the Electric Utility Capital Fund, with a net
impact of ($272,065,000);
d. In the Electric Utility Debt Service Fund,
with a net impact of ($321,927,014);
e. In the Electric Utility Fund, with a net impact
of $40,000,000;
f. In the Endowment Care Fund, with a net
impact of $26,500;
g. In the Engineering Operating Grant Trust
Fund, with a net impact of $279,147;
h. In the Expendable Trust Fund, with a net
impact of $46,000;
i. In the Fire Department Capital Fund, with a
net impact of $0;
j. In the Fire Development Services Fund,
with a net impact of $133,027;
k. In the Fire Operating Grant Trust Fund, with
a net impact of $95,113;
l. In the Fleet Maintenance and Operations
Fund, with a net impact of $0;
m. In the Housing and Urban Development
Fund, with a net impact of $13,012;
n. In the Parks and Recreation Capital Fund,
with a net impact of $2,242,802;
o. In the Parks and Recreation Operating
Grant Trust Fund, with a net impact of
$5,000;
p. In the Patrick Henry Drive Infrastructure
Improvement Fund, with a net impact of
($69,205);
q. In the Perpetual Care Fund, with a net
impact of $470;
Recommendation:

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& Stadium Authority Board Meeting
Meeting Agenda June 25, 2024
r. In the Police Operating Grant Trust Fund,
with a net impact of $41,000;
s. In the Prefunded Plan Review Fund, with a
net impact of $62,000;
t. In the Public Buildings Capital Fund, with a
net impact of $24,000;
u. In the Public Donations Fund, with a net
impact of $14,620;
v. In the Recycled Water Fund, with a net
impact of $0;
w. In the Related Santa Clara Developer Fund,
with a net impact of $0;
x. In the Sewer Utility Capital Fund, with a net
impact of $0;
y. In the Solid Waste Capital Fund, with a net
impact of ($244,000);
z. In the Solid Waste Fund, with a net impact
of $0;
aa. In the Streets and Highways Capital Fund,
with a net impact of $104,938; and
bb. In the Water Utility Capital Fund, with a net
impact of $0.

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& Stadium Authority Board Meeting
Meeting Agenda June 25, 2024

3.C Action to Approve Payments to Shape, Inc., PAC Machine Company, and TrueBlue Automation Services for Lick Mill Storm Pump Station Emergency Pump Repairs and Rental Services, Related Budget Amendments, and Accept this Post-Emergency Report
24-452

1. Approve estimated payment of $155,000 to
TrueBlue Automation Services to diagnose and
repair the pump controls at the Lick Mill SDPS;

2. Approve estimated payment of $325,000 to Shape,
Inc. for emergency removal, diagnostics and repairs
to pumps 2 and 3 at the Lick Mill SDPS;

3. Approve estimated payment of $205,000 to PAC
Machine Company to supply temporary pumping
capacity at the Lick Mill SDPS;

4. Approve the following FY 2023/24 budget
amendments:

A. In the General Fund, establish a transfer to the
Storm Drain Capital Fund and decrease the
Budget Stabilization Reserve in the amount of
$685,000 (five affirmative Council votes
required for the use of unused balances) and
B. In the Storm Drain Capital Fund, recognize a
transfer from the General Fund - Budget
Stabilization Reserve and increase the Storm
Pump Motor and Control Replacement Project
in the amount of $685,000 (five affirmative
Council votes required to appropriate
additional revenue).

5. Note and file this Post-Emergency Report pursuant
to Santa Clara City Code Section 2.105.260(c).

Recommendation:

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& Stadium Authority Board Meeting
Meeting Agenda June 25, 2024

3.D Action on the Appropriation of $166,774 in Asset Forfeiture Funds for FY 2024/25 and to Approve the Related Budget
Amendment
24-912

1. Approve the appropriation of Asset Forfeiture
Funds in the amount of $166,774 pursuant to State
and federal Regulations; and,

2. Approve the FY 2024/25 budget amendment in the
Police Operating Grant Trust Fund to recognize
seized asset funding in the amount of $166,774
and appropriate that funding to the Seized Asset
Funding program in the amount of $166,774 (five
affirmative Council votes required to appropriate
additional revenue).

Recommendation:

3.E Action to Partner with the County of Santa Clara on an Award of Funding from the California Department of Justice to Combat Tobacco Related Challenges in the Community Not to Exceed $27,680 and Approve the Related Budget Amendment
24-1587

1. Authorize the City Manager and/or Finance Director
to sign any and all documents required to partner
with the County of Santa Clara on a FY 2023/24
Tobacco Grant from the California Department of
Justice in final forms approved by the City Attorney;
and

2. Approve a FY 2023/24 budget amendment in the
Police Operating Grant Trust Fund to recognize
grant funding in the amount of $27,680 and
establish grant appropriations for the Tobacco
Grant Program in the amount of $27,680 (five
affirmative Council votes required to appropriate
additional revenue).

Recommendation:

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& Stadium Authority Board Meeting
Meeting Agenda June 25, 2024

3.F Action on a Contract Between the County of Santa Clara and the City of Santa Clara to Provide a Senior Nutrition Congregate Meals Program and Related Budget Amendments
24-372

1. Approve and authorize the City Manager to execute
the Contract Between the County of Santa Clara
and City of Santa Clara for the Senior Nutrition
Congregate Meals Program in an amount not to
exceed $139,872 for FY 2024/25 in a final form
approved by the City Attorney; and

3. Approve the related FY 2024/25 budget
amendments in the Parks and Recreation
Operating Grant Trust Fund to increase the Other
Agencies Revenue estimate by $14,954, decrease
the Transfer from the General Fund by $5,594 and
increase the Senior Nutrition Program
appropriation by $9,360 (five affirmative Council
votes required to appropriate additional
revenue).

4. Approve the related FY 2024/25 budget
amendments in the General Fund to decrease the
Transfer to the Parks & Recreation Operating Grant
Trust Fund and increase the General Fund Budget
Stabilization Reserve by $5,594 (majority
affirmative Council votes required).

Recommendation:

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& Stadium Authority Board Meeting
Meeting Agenda June 25, 2024

3.G Urgency Declaration and Action to Approve Expenditures of $563,103 and Ratify an Agreement with C2R Engineering for the Emergency Pavement Repair Project on Las Palmas Drive, Loyola Drive, Buchanan Drive, and Encina Way
24-519
Deem the Emergency Pavement Repair Project at
Las Palmas Drive, Loyola Drive, Buchanan Drive, and
Encina Way an urgent necessity under section 1310
of the City Charter, because these roadways
encounter frequent vehicular, bicycle, and pedestrian
traffic and further delay in permanent repairs to the
pavement along these streets would pose public
health consequences and a threat to safety of
residents and property, and ratify the agreement with
C2R Engineering in the amount of $467,875 plus
change orders in the amount of $68,228 for a total
not-to-exceed amount of $536,103.

Recommendation:

3.H Action on Amendments to Ten (10) Vendor Agreements for Recreational Programming Services in the Parks & Recreation Department for a revised not-to-exceed aggregate maximum compensation amount of $6,206,130, subject to budget
appropriations, in final forms approved by the City Attorney. 24-472
Authorize the City Manager to execute Amendments
to the Agreements with the following ten (10) vendors
to provide recreational programming services, in the
respective not-to-exceed amounts and amended
terms noted in this report, for a revised not-to-exceed aggregate maximum compensation amount of
$6,206,130, subject to budget appropriations, in final
forms approved by the City Attorney: 1) Kimberly
Davey; 2) Guru’s Educational Services; 3) Joyful
Melodies; 4) North American Youth Activities; 5)
Anthony Janovich; 6) Nanogan Science & Services; 7)
Sean Mendelson; 8) Josh Rubietta; 9) Linnea Sheehy;
and 10) Southbay Youth Sports, Inc.

Recommendation:

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Meeting Agenda June 25, 2024

3.I Action on Amendment No. 2 to the Agreement with Accela, Inc. to Purchase Additional Licenses for Land Management Software and Increase the Maximum Compensation by $235,872.25 for a Maximum Contract Compensation of $2,875,172.25 and
Approve the Related Budget Amendment
24-1141

1. Authorize the City Manager, or his designee, to
execute Amendment No. 2 to the Agreement with
Accela, Inc. to purchase additional licenses for
Land Management Software and increase the
maximum compensation by $235,872.25 for a
maximum contract compensation of
$2,875,172.25 in a final form approved by the City
Attorney; and

2. Approve the FY 2024/25 budget amendment in the
General Fund to increase the Non-Departmental
appropriation in the amount of $76,045 and
decrease the Technology Fee Reserve in the
amount of $76,045 (five affirmative Council
votes required for the use of unused
balances).

Recommendation:

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& Stadium Authority Board Meeting
Meeting Agenda June 25, 2024

3.J Action on Amendment No. 2 to the Agreement with NUVIS Landscape Architecture, Inc. for Design Professional Services for the Central Park New Entrance, Access, and Parking
Improvements Project and Related Budget Amendments
24-396

1. Approve and Authorize the City Manager to execute
Amendment No. 2 to the Agreement with NUVIS
Landscape Architecture, Inc. for the Central Park
New Entrance, Access, and Parking Improvements
Project in the amount not-to-exceed $576,727, in a
final form approved by the City Attorney;

2. Authorize the City Manager to make minor
modifications to the agreement, including time
extensions, if needed; and

3. Approve the following FY 2023/24 budget
amendments:

A. In the Parks and Recreation Capital Fund,
increase the Central Park New Entrance,
Access, and Parking Improvements Project by
$172,727 and decrease the Mitigation Fee Act
fund balance by the same amount (five
affirmative Council votes required for the
use of unused balances).

Recommendation:

3.K Action on a Standard Agreement with the California Highway Patrol for Traffic Management and Law Enforcement Services Related to Levi’s Stadium Events
24-191
Authorize City Manager to execute the Standard
Agreement with the California Highway Patrol for
traffic management and law enforcement services for
Levi’s Stadium events, in an amount not to exceed
$5,000,000 over a four-year term (July 1, 2024 - June
30, 2028).

Recommendation:

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3.L Action on Authorizing the Use of City Electric Forces for Public Works Projects at Various Locations
24-528

1. Determine the proposed action is exempt from
CEQA pursuant to Section 15303 (Class 3 - New
Construction or Conversion of Small Structures) of
Title 14 of the California Code of Regulations; and

2. Declare and determine in accordance with Section
1310 of the City Charter that the public works
located at Winchester Boulevard at Market Street
and Bellomy Street, Benton Street at Monroe
Street, and Monroe Street to Bellomy Street are
better performed by the City with its own employees
based on the information set forth in this Report to
Council and authorize the performance of these
public works consistent with this authorization.

Recommendation:

3.M Adopt a Resolution Accepting the California Department of Alcoholic Beverage Control Grant and Authorizing the City Manager to Execute Grant Related Documents and Approve the Related Budget Amendment
24-563

1. Adopt the Resolution accepting the California
Department of Alcoholic Beverage Control Grant to
be utilized to fund a variety of overtime assignments
to curb alcohol-related challenges in our
community, and authorizing the City Manager to
execute all grant-related documents; and

2. Approve the FY 2024/25 budget amendment in the
Police Operating Grant Trust Fund to recognize
grant funding in the amount of $75,381 and
establish an Alcohol Policing Grant Partnership
Grant 2024/25 appropriation in the amount of
75,381 (five affirmative Council votes required to
appropriate additional revenue).

Recommendation:

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3.N Action to Adopt a Resolution Approving and Adopting the Updated Classified Salary Plan Effective July 7, 2024, to reflect the negotiated and City Council approved general wage
increase for classifications represented by The Engineers of the City of Santa Clara.
24-620

1. Adopt a Resolution to Approve the revised
classified salary plan, to satisfy the
requirements of California Code of Regulations
Section 570.5, effective July 7, 2024.

Recommendation:

3.O Adoption of a Resolution Calling and Giving Notice of a General Municipal Election to be held on Tuesday, November 5, 2024 for the Election of Four Councilmembers one for each Council District 1, 4, 5 and 6, Chief of Police and one City Clerk; and Requesting the Consolidation and Performance of Services from the County of Santa Clara Registrar of Voters of the Municipal Election with the Statewide Election; and Adopt Regulations for Candidate Statements of Qualifications Submitted to the Voters and Levying a Share of the Cost of the Candidates’ Statements 24-621
Adopt a Resolution Calling and Giving Notice of a of a
General Municipal Election to be held on Tuesday,
November 5, 2024 for the Election of Four
Councilmembers one for each Council District 1, 4, 5
and 6, one Chief of Police and one City Clerk;
Requesting the Consolidation and Performance of
Services from the County of Santa Clara Registrar of
Voters of the Municipal Election with the Statewide
Election; and Adopt Regulations for Candidate
Statements of Qualifications Submitted to the Voters
and Levying a Share of the Cost of the Candidates’
Statements
Recommendation:

3.P Action on a Resolution Revising the Regular Meeting Date for the Parks & Recreation Commission to the Second Monday of the Month at 7:00 p.m.
24-623
Adopt a Resolution revising the Parks & Recreation
Commission regular meeting date and time to the
second Monday of each month at 7 p.m.

Recommendation:

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Meeting Agenda June 25, 2024

3.Q Action on Renewal of Friendship City Memorandum of
Understanding between City of Santa Clara and Icheon City, Republic of Korea
24-624
Approve a three-year Friendship City Relationship
Memorandum of Understanding (MOU) with Icheon
City, Republic of Korea, and authorize the Mayor to
sign the MOU on behalf of the City of Santa Clara
Recommendation:

3.R Informational Report Regarding Bi-Annual Project Status Report of the GIS Services Program
24-455
Note and file the Bi-annual Status Report on the GIS
Service Program.

Recommendation:

SANTA CLARA STADIUM AUTHORITY BOARD CONSENT CALENDAR

4. Action on Stadium Authority Bills and Claims for the Month of April 2024
24-616
Approve the list of Stadium Authority Bills and Claims
for April 2024.

Recommendation:

PUBLIC PRESENTATIONS
[This item is reserved for persons to address the Council or authorities on any matter not on the agenda that is within the subject matter jurisdiction of the City or Authorities. The law does not permit action on, or extended discussion of, any item not on the agenda except under special circumstances. The governing body, or staff, may briefly respond to statements made or questions posed, and appropriate body may request staff to report back at a subsequent meeting. Although not required, please submit to the City Clerk your name and subject matter on the speaker card available in the Council Chambers.]

CONSENT ITEMS PULLED FOR DISCUSSION

PUBLIC HEARING/GENERAL BUSINESS
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5. Action and Direction on the Re-opening of the George F. Haines International Swim Center (ISC) for Temporary Use with a Maximum Occupancy of 200 people
24-120
It is recommended that the City Council:

1. Remove from further consideration the option
for a temporary, modular pool solution; and

2. Direct staff to continue the closure of the ISC
and authorize the City Manager to take all
necessary steps to ensure the safety and
security of the site, including draining and
covering the pools, pending the development of
a permanent, new facility.

Recommendation:

6. FISCAL YEAR 2024/25 AND FY 2025/26 BUDGET ACTION ITEMS:

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6.A Public Hearing: Action on Adoption of the Proposed FY 2024/25 & FY 2025/26 Biennial Capital Improvement Program Budget, Approval of FY 2024/25 Operating Budget Amendments, and Adoption of the FY 2024/2025 Housing Authority Budget, and Sports and Open Space Authority Budget
24-322
That the City Council, and the City Council acting as
the Governing Boards of the Housing Authority and the
Sports and Open Space Authority take the following
actions:

1. Approve the Proposed FY 2024/25 and FY
2025/26 Biennial Capital Budget, including the
recommended revisions, as detailed in Attachment
2;

2. Approve the FY 2024/25 Operating Budget
changes included in the recommended revisions,
as detailed in Attachment 2;

3. Approve the Appropriation Schedule for capital
funds totaling $567,807,159 in FY 2024/25 and
$358,945,656 in FY 2025/26 and the FY 2024/25
Appropriation Schedule for operating funds totaling
$1,494,223,189, as detailed in Attachment 3;

4. Approve the Housing Authority FY 2024/25
expenditure budget of $468,931 as presented in
the Proposed Budget; and

5. Approve the Sports and Open Space Authority FY
2024/25 expenditure budget of $10,200 as
presented in the Proposed Budget.

Recommendation:

6.B Action Establishing the City's Fiscal Year 2024/25
Appropriations Limit of $651,370,972 Pursuant to Article XIIIB of the California State Constitution
24-484
Adopt a Resolution Establishing the City's Fiscal Year
2024/25 Appropriations Limit of $651,370,972
Pursuant to Article XIIIB of the California State
Constitution.

Recommendation:

City of Santa Clara Page 16 of 19 Printed on 6/21/2024
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Meeting Agenda June 25, 2024

7. Action Authorizing the City Manager to Negotiate and Execute Agreements with Westlands Grape, LLC to Purchase Resource Adequacy Capacity up to $34 Million Annually from the
Westlands Grape Battery Storage Project for Silicon Valley Power’s Compliance Obligations
24-537

1. Authorize the City Manager or designee to
negotiate and execute an agreement (Agreement)
with Westlands Grape, LLC for the purchase of
resource adequacy capacity on the terms
presented subject to review and approval as to
form by the City Attorney;

2. Authorize the City Manager or designee to execute
all documents, agreements, and certificates as may
be required under the terms of the Agreement,
subject to the review and approval as to form of the
City Attorney, including, but not limited to, collateral assignment agreements, estoppel certificates, and
performance security documentation, and take any
and all actions as are necessary or advisable to
implement and administer the Agreement; and

3. Authorize the City Manager or designee to (a)
execute any amendments so long as there is no
change to price or length of the Agreement; and (b)
exercise an option for additional resource
adequacy capacity in accordance with the terms of
the Agreement and subsequently amend the
Agreement to reflect the adjusted contract quantity,
subject to appropriation of funds and review and
approval as to form of the City Attorney.

Recommendation:

REPORTS OF MEMBERS, SPECIAL COMMITTEES AND COUNCILMEMBER 030

REQUESTS

8. Action on a Council Written Request (Council Policy 030) Submitted by Mayor Gillmor and Councilmember Watanabe
Requesting to Place on the Agenda at a Future Council Meeting the Santa Clara County Civil Grand Jury Report Titled
“Irreconcilable Differences: Santa Clara City Council” for a Public Discussion, the Findings, and possible Council Action 24-642
Recommendation: Staff makes no recommendation.

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CITY MANAGER/EXECUTIVE DIRECTOR REPORT

ADJOURNMENT
The next regular scheduled meeting is on Tuesday, July 9, 2024 in the City Hall Council Chambers.

City of Santa Clara Page 18 of 19 Printed on 6/21/2024
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The time limit within which to commence any lawsuit or legal challenge to any quasi-adjudicative decision made by the City is governed by Section 1094.6 of the Code of Civil Procedure, unless a shorter limitation period is specified by any other provision. Under Section 1094.6, any lawsuit or legal challenge to any quasi-adjudicative decision made by the City must be filed no later than the 90th day following the date on which such decision becomes final. Any lawsuit or legal challenge, which is not filed within that 90-day period, will be barred. If a person wishes to challenge the nature of the above section in court, they may be limited to raising only those issues they or someone else raised at the meeting described in this notice, or in written correspondence delivered to the City of Santa Clara, at or prior to the meeting. In addition, judicial challenge may be limited or barred where the interested party has not sought and exhausted all available administrative remedies.

STREAMING SERVICES: As always, the public may view the meetings on SantaClaraCA.gov, Santa Clara City Television (Comcast cable channel 15 or AT&T U-verse channel 99), or the livestream on the City’s YouTube channel or Facebook page.

Note: The public cannot participate in the meeting through these livestreaming methods; livestreaming capabilities may be disrupted at times, viewers may always view and participate in meetings in-person and via Zoom as noted on the agenda.

AB23 ANNOUNCEMENT: Members of the Santa Clara Stadium Authority, Sports and Open Space Authority and Housing Authority are entitled to receive $30 for each attended meeting.

Note: The City Council and its associated Authorities meet as separate agencies but in a concurrent manner. Actions taken should be considered actions of only the identified policy body.

LEGEND: City Council (CC); Stadium Authority (SA); Sports and Open Space Authority (SOSA); Housing Authority (HA); Successor Agency to the City of Santa Clara Redevelopment Agency (SARDA); Bayshore North Project Enhancement Authority (BNPEA); Public Facilities Financing Corporation (PFFC) Public contact was made by posting the Council agenda on the City’s official-notice bulletin board outside City Hall Council Chambers. A complete agenda packet is available on the City’s website and in the City Clerk’s Office at least 72 hours prior to a Regular Meeting and 24 hours prior to a Special Meeting. A hard copy of any agenda report may be requested by contacting the City Clerk’s Office at (408) 615-2220, email [email protected] <mailto:[email protected]> or at the public information desk at any City of Santa Clara public library.

If a member of the public submits a speaker card for any agenda items, their name will appear in the Minutes. If no speaker card is submitted, the Minutes will reflect "Public Speaker." In accordance with the requirements of Title II of the Americans with Disabilities Act of 1990 ("ADA"), the City of Santa Clara will not discriminate against qualified individuals with disabilities on the basis of disability in its services, programs, or activities, and will ensure that all existing facilities will be made accessible to the maximum extent feasible. The City of Santa Clara will generally, upon request, provide appropriate aids and services leading to effective communication for qualified persons with disabilities including those with speech, hearing, or vision impairments so they can participate equally in the City’s programs, services, and activities. The City of Santa Clara will make all reasonable modifications to policies and programs to ensure that people with disabilities have an equal opportunity to enjoy all of its programs, services, and activities.

Agendas and other written materials distributed during a public meeting that are public record will be made available by the City in an appropriate alternative format. Contact the City Clerk’s Office at 1 408-615-2220 with your request for an alternative format copy of the agenda or other written materials.

Individuals who require an auxiliary aid or service for effective communication, or any other disability-related modification of policies or procedures, or other accommodation, in order to participate in a program, service, or activity of the City of Santa Clara, should contact the City’s ADA Coordinator at 408-615-3000 as soon as possible but no later than 48 hours before the scheduled event.

City of Santa Clara Page 19 of 19 Printed on 6/21/2024

MEETING DISCLOSURES
City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
24-605 Agenda Date: 6/25/2024

SUBJECT
Conference with Real Property Negotiators (CC)
Pursuant to Gov. Code § 54956.8
Property: East of Loyalton and West of Cold Springs in Sierra and Lassen Counties, APN: 147-040- 02-11, 147-050-02-11, 147-050-03-11, 147-05-19-11, 147-070-04-11, 147-070-05-11, 147-080-01-11, 147-080-03-11, 147-080-11-11, 147-080-14-11, 147-080-15-11, 021-010-003, 021-020-001, 016-100- 004, 016, 090, 059, 021-010-006, 021-010-012, 016-100-005, 016-080-008, 016-070-012, 016-090- 011, 021-010-013, 016-100-001, 016-100-006 and 016-080-007 City/Authority Negotiator: Jōvan D. Grogan, City Manager (or designee), Manuel Pineda, Glen R.

Googins, City Attorney (or designee)
Negotiating Parties: Washoe Tribe of Nevada and California; Feather River Land Trust Under Negotiation: Purchase and Sale of Real Property (provisions, price and terms of payment) City of Santa Clara Page 1 of 1 Printed on 6/21/2024
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City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
24-196 Agenda Date: 6/25/2024

SUBJECT
Conference with Legal Counsel-Existing Litigation (CC)
Pursuant to Gov. Code § 54956.9(d)(1)
Melissa Lin Silva v. City of Santa Clara, et al., United States District Court, Northern District of California, Case No. 5:23-cv-02269
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City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
24-632 Agenda Date: 6/25/2024

SUBJECT
Conference with Legal Counsel-Anticipated Litigation
Initiation of litigation pursuant to paragraph (4) of subdivision (d) of Section 54956.9: Number of potential cases - 1
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City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
24-331 Agenda Date: 6/25/2024

REPORT TO COUNCIL

SUBJECT
Recognition of Funds Raised to Benefit Local Programs from the 2023 Santa Clara Historic Home Tour

BACKGROUND
The Santa Clara Historic Home Tour began in 1978 to showcase unique homes in Santa Clara and to benefit local nonprofits. A few years later, the tour became an annual holiday event sponsored by the Historic Preservation Society of Santa Clara, with assistance from the Old Quad Residents’ Association. The proceeds from the tour are awarded to organizations that either promote historic preservation in Santa Clara or have supported the Santa Clara Historic Home Tour.

DISCUSSION
During the June 25, 2024 City Council meeting, the City Council will recognize the efforts of the Santa Clara Historic Home Tour and acknowledge their commitment to giving back to the local community.

Representative Janet Stevenson from the Santa Clara Historic Home Tour will present checks to the following recipients during the meeting:

1. Historic Preservation Society of Santa Clara for the Harris Lass Museum

2. Santa Clara Woman's Club for projects to preserve their Adobe clubhouse

3. Old Quad Residents' Association for their projects to preserve and promote the Old Quad neighborhood

4. Santa Clara County Historical & Genealogical Society for their efforts to assist the Library in preserving and maintaining the collections in the Central Park Library Heritage Pavilion or towards one of their historic preservation and digitization project

5. South Bay Historical Railroad Society for their Museum in the Santa Clara Railroad depot

6. Santa Clara Senior Center for the Health & Wellness/Nutrition program

7. Santa Clara Fire Museum on Walsh Avenue

ENVIRONMENTAL REVIEW
The action being considered does not constitute a “project” within the meaning of the California Environmental Quality Act (“CEQA”) pursuant to CEQA Guidelines section 15378(b)(5) in that it is a governmental organizational or administrative activity that will not result in direct or indirect changes in the environment.

FISCAL IMPACT
The City of Santa Clara will receive a $500.00 donation for the Santa Clara Senior Center for the Health & Wellness/Nutrition program.

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24-331 Agenda Date: 6/25/2024

PUBLIC CONTACT
Public contact was made by posting the Council agenda on the City’s official-notice bulletin board outside City Hall Council Chambers. A complete agenda packet is available on the City’s website and in the City Clerk’s Office at least 72 hours prior to a Regular Meeting and 24 hours prior to a Special Meeting. A hard copy of any agenda report may be requested by contacting the City Clerk’s Office at (408) 615-2220, email [email protected] <mailto:[email protected]> or at the public information desk at any City of Santa Clara public library.

Reviewed by: Fiona Kirby, Management Analyst, City Manager’s Office Approved by: Jovan D. Grogan, City Manager
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City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
24-133 Agenda Date: 6/25/2024

REPORT TO COUNCIL

SUBJECT
Proclamation of June 2024 as Portuguese National Heritage Month

BACKGROUND
On June 4, 2021, Congressman Jim Costa (CA-21) and Congressman David G. Valadao (CA-22) introduced a resolution to the United States Congress designating the month of June as “Portuguese National Heritage Month.” The resolution celebrates the historic, cultural, and significant contributions Portuguese Americans have made to the United States. The month of June was selected to coincide with the Day of Portugal, which is celebrated on June 10th and commemorates the death in 1580 of Luis de Camões, a poet and Portuguese literary icon.

The City of Santa Clara has a rich history of Portuguese culture. Immigrants from Portugal began coming to the Santa Clara Valley in the mid-1800s, and immigration peaked in the first years of the 1900s. Then, in the late 1950s and 1960s, a series of earthquakes and volcanic eruption in the Azores led to another wave of immigration. Following the Azorean Refugees Act, almost 5,000 Portuguese people came to the United States, with a significant population putting down roots throughout California and in the Santa Clara region. The City of Santa Clara established a Sister City with Coimbra, Portugal on August 4, 1972 and continues strengthening relations with Coimbra through the Santa Clara Sister Cities organization.

DISCUSSION
At the June 25, 2024 City Council meeting, the City Council will proclaim Portuguese National Heritage Month for June 2024 in Santa Clara. A representative from S.E.S Portuguese Hall of Santa Clara will be present to accept the proclamation.

ENVIRONMENTAL REVIEW
This is an informative report only and no action is being taken by the City Council and no environmental review under the California Environmental Quality Act ("CEQA") is required.

FISCAL IMPACT
There is no fiscal impact to the City other than staff time.

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24-133 Agenda Date: 6/25/2024
Reviewed by: Fiona Kirby, Management Analyst, City Manager’s Office Approved by: Jovan D. Grogan, City Manager

ATTACHMENTS

1. Draft Proclamation of Portuguese National Heritage Month City of Santa Clara Page 2 of 2 Printed on 6/21/2024
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Draft Proclamation
City of SantaClara
WHEREAS, the United States as a whole, and specifically the State of California and the Santa Clara region, have a rich history of immigration from Portugal; and WHEREAS, some of the first Portuguese immigrants came to California in the 19th century, followed by subsequent waves of immigration in the early 20th century and again in the mid-20th century, when a series of catastrophic volcanic eruption prompted more than 175,000 Azorean people to emigrate to the United States between 1960 and 1980; and WHEREAS, by the 1970s, roughly half of all dairy farms in California’s San Joaquin Valley were owned and operated by Portuguese-Americans and contributed to making California the number one dairy producing State in the Nation, and today Portuguese Californians continue to play an important role in agriculture and dairying as proprietors and innovators; and
WHEREAS, the City of Santa Clara has a rich history of Portuguese culture and roots; the City of Santa Clara established its Sister City with Coimbra, Portugal, on August 4, 1972, and continues to strengthen relations with Coimbra through the Santa Clara Sister Cities organization; and
WHEREAS, Portuguese Americans have made substantial contributions to every facet of life in Santa Clara, maintaining the Portuguese American experience in Santa Clara, and serving as bridges to our multicultural City.

NOW, THEREFORE, I, LISA M. GILLMOR, by virtue of the authority vested in me as Mayor, and on behalf of the entire City Council, do hereby proclaim the month of June 2024 as Portuguese National Heritage Month
in the City of Santa Clara, and do hereby recognize the rich history, cultural diversity, and significant contributions of Portuguese Americans to the community and City of Santa Clara.

Given under my hand and the Seal of the City of Santa Clara, California, this 25th day of June 2024.

LISA M. GILLMOR
MAYOR City of Santa Clara
Proclamation
City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
24-134 Agenda Date: 6/25/2024

REPORT TO COUNCIL

SUBJECT
Proclamation of July 2024 as Parks & Recreation Month

BACKGROUND
For nearly 40 years, the National Recreation and Park Association (NRPA) has celebrated Parks and Recreation Month in the month of July to promote building strong, vibrant, and resilient communities through the power of parks and recreation. This month is dedicated to recognizing and celebrating the more than 160,000 full-time park and recreation professionals - along with hundreds of thousands of part-time and seasonal workers and volunteers - who maintain our country’s local, state and community parks.

This year's theme - “Where You Belong,” - celebrates the many ways park and recreation professionals across the country foster a sense of belonging in their community by providing welcoming and inclusive programs, essential services for all ages and abilities, as well as safe, accessible spaces to build meaningful connections.

In proclaiming July as Parks and Recreation month, the City of Santa Clara will be uniting with cities across America to reflect on the value and quality of life that comes from access to, and use of, parks and recreational programs - programs that make us all more resilient, connected and healthy as a community.

DISCUSSION
The Santa Clara Parks & Recreation Department is responsible for the design, development, operations, and maintenance of over 350 acres of community, neighborhood and mini parks, open space, community centers, recreation facilities, joint use facilities and athletic fields that promote the physical, social, emotional and cognitive health and wellness of the community. These parks and recreation programs enrich the lives of Santa Clara residents and visitors.

At the June 25, 2024 City Council meeting, the Mayor and Council will proclaim July as Parks & Recreation Month in Santa Clara. Residents are encouraged to celebrate Parks & Recreation Month by visiting a park or participating in one of the exciting programs and events the Parks & Recreation Department is showcasing during July.

A “Where You Belong” calendar of events and activities has been developed and will be distributed at the June 25, 2024 Council meeting. Following the meeting, it will be posted on the City’s website, along with a complete listing of our Parks, Playgrounds, and Trails. The Parks & Recreation Department believes everyone in our community can find a place or activity that speaks to their heart and makes them feel more connected to the Santa Clara community - a place where we all belong.

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24-134 Agenda Date: 6/25/2024

ENVIRONMENTAL REVIEW
This is an information report only and no action is being taken by the City Council and no environmental review under the California Environmental Quality Act (“CEQA”) is required.

FISCAL IMPACT
There is no fiscal impact to the City other than staff time.

Prepared by: Tamra Orlando, Management Analyst, Parks & Recreation Department Reviewed by: Cynthia Bojorquez, Assistant City Manager and Acting Director - Parks & Recreation Approved by: Jovan D. Grogan, City Manager

ATTACHMENTS

1. Draft Proclamation - July 2024 Parks & Recreation Month City of Santa Clara Page 2 of 2 Printed on 6/21/2024
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Draft Proclamation

City of SantaClara
WHEREAS, parks and recreation are an integral part of communities throughout the country, including the City of Santa Clara, and the U.S. House of Representatives has designated July as Parks & Recreation Month; and
WHEREAS, parks and recreation promote health and wellness by improving the physical and mental health of people who live near and use parks by providing parkland and recreational facilities that enable active lifestyles, non-competitive and competitive team sports, and time spent in nature; and
WHEREAS, parks and recreation facilities, programs and services support the positive development of children through supervised after school programs, summer camps, arts and theater, instructional sports, social and cultural activities, led by professional adult role models; and
WHEREAS, parks and recreation facilities, programs and services engage persons of all ages and abilities including seniors and persons with special needs, connecting individuals with community resources, nature and the outdoors, improving their quality of life; and WHEREAS, parks and recreation is a leading community provider of healthy meals, nutrition services, community gardens, and environmental education; and WHEREAS, parks and recreation increases a community’s economic prosperity through increased property values, attraction and retention of businesses, and reduction of crime; and WHEREAS, parks and recreation is a growing and adaptable green infrastructure, providing a natural habitat for plants and animals, that make our communities resilient in the face of natural disasters and climate change; and
WHEREAS, the City of Santa Clara recognizes the benefits derived from parks and recreation resources, and that together they create a place of community “Where You Belong!” NOW, THEREFORE, I, LISA M. GILLMOR, by virtue of the authority vested in me as Mayor, and on behalf of the Santa Clara City Council, do hereby proclaim July 2024 as

PARKS & RECREATION MONTH
in the City of Santa Clara, and urge all residents to enjoy our parks, trails, open space, recreational programs and facilities.

Given under my hand and the Seal of the City of Santa Clara, California, this June 25, 2024.

LISA M. GILLMOR
MAYOR
City of Santa Clara
Proclamation
City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
24-11 Agenda Date: 6/25/2024

REPORT TO COUNCIL

SUBJECT
Board, Commissions and Committee Minutes

COUNCIL PILLAR
Enhance Community Engagement and Transparency

RECOMMENDATION
Note and file the Minutes of:

Governance and Ethics Committee - March 4, 2024
Board of Library Trustees - May 6, 2024
Cultural Commission - May 6, 2024
Planning Commission - May 22, 2024
Planning Commission - May 24, 2023
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City of Santa Clara
Meeting Minutes
Governance and Ethics Committee
Draft
1:00 PM City Hall – Council Chambers / Hybrid
1500 Warburton Avenue
Santa Clara, CA 95050
03/04/2024

CALL TO ORDER AND ROLL CALL
Chair Chahal called the meeting to order at 1:01 p.m.

Present 3 - Chair Raj Chahal, Member Suds Jain, and Member Kevin Park

CONSENT CALENDAR

1. 24-240 Approval of the December 4, 2023 Governance and Ethics Committee Meeting Minutes
Recommendation: Approve the minutes of the December 4, 2023 Governance and Ethics Committee meeting
Committee member Jain motioned to approve the minutes of the Dec. 4, 2023 Governance and Ethics Committee meeting.

Committee member Jain motioned and seconded by Committee Member Park to approve the December 4, 2023 minutes.

Aye: 3 - Chair Chahal, Member Jain, and Member Park

PUBLIC PRESENTATIONS
No public presentations were made.

GENERAL BUSINESS
City of Santa Clara Page 1 Printed on 05/28/2024
Governance and Ethics Committee Meeting Minutes 03/04/2024

2. 24-988 Review and Discussion on Email Retention Policy Recommendation: Consider and Direct Staff to Develop Possible Modifications to the City’s Email Retention Policy for City Council and Potentially other forms of City Council communications, for ultimate Consideration for Approval by the City Council
Staff presented the current email retention policy for City emails is 90 days. The Committee discussed options to move from 90 days to two year retention policy for City Councilmembers. Committee Member Jain also brought up text messaging retention and storage. Staff shall return to a future Committee meeting with additional information in regards to text messaging.

The Committee directed staff to bring forth to the full Council the recommendation to change email retention for City
Councilmemebers from 90 days to two years.

3. 24-1267 Report and Request for Direction on Proposed Amendments to SCSC Chapter 2.155 (“Regulation of Lobbying Activities”) and SCSC Chapter

2.160 (“Calendars of Certain City Officials”) to Better Align the Requirements
Recommendation: Provide direction on the proposed amendments to SCSC Chapter 2.155 (“Regulation of Lobbying Activities”) and SCSC Chapter 2.160 (“Calendars of Certain City Officials”).

Staff presented regarding proposed amendments to SCSC Chapter 2.155 and SCSC Chapter 2.160. The Committee had a discussion on the staffing needs for regulation and enforcement of the Lobbying Ordinance. Staff will return to a future Committee meeting with a staffing analysis and conduct benchmarking to review other jurisdiction's ordinances.

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Governance and Ethics Committee Meeting Minutes 03/04/2024

4. 24-24 Review and Discussion on Council Policy 020 (“Proclamations, Commendations and Certificates of Recognition”) and Council Policy 009 (“City Representation at Meetings, Ceremonies and Special Events”) Recommendation: Make Recommendations, if any, to amend Council Policy 020 (“Proclamations, Commendations and Certificates of Recognition”) and amend Council Policy 009 (“City Representation at Meetings, Ceremonies and Special Events”), for further development by staff if necessary/appropriate, for the ultimate consideration by City Council Staff presented the current procedures for Council Policy 020 (“Proclamations, Commendations and Certificates of Recognition”) and Council Policy 009 (“City Representation at Meetings, Ceremonies and Special Events”) including benchmarking of from nearby cities. The Committee discussed options to amending the policy to include District recognition from City Councilmembers and the addition of City Councilmembers' signatures on recognition items.

Staff presented the current procedures for Council Policy 009 (“City Representation at Meetings, Ceremonies and Special Events”). The Committee discussed options to allow City Councilmembers to address the public as a speaker, in addition to the Mayor for ceremonial events.

Based on the Committee feedback, staff will return to a future Committee meeting with options for further review and discussion on amending Council Policy 020 and Council Policy 009.

5. 24-233 Action on the 2024 Governance and Ethics Committee Workplan Recommendation: Approve the 2024 Governance and Ethics Committee Workplan with any additional amendments.

Staff presented the tentative Governance and Ethics Committee workplan for 2024. Committee members brought forth additional items for consideration for the workplan. Member of the public Tom Shanks noted the workplan should include an item on Ethics. Staff will return to the next Committee meeting with a revised workplan based on feedback.

Committee member Jain motioned and Chair Chahal seconded the motion to approve recommended Governance and Ethics Workplan.

Aye: 2 - Chair Chahal, and Member Jain
Excused: 1 - Member Park
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Governance and Ethics Committee Meeting Minutes 03/04/2024

6. 24-258 Discussion Regarding the Start Time of City Council/Stadium Authority, Special and Closed Session Meetings
Recommendation: Discuss current practices for scheduling closed sessions or special meetings, and provide feedback on potential changes, if any, to the process for consideration by the City Council.

Staff provided information on the process to determine start times for City Council meetings and Closed sessions, including procedures to poll the City Councilmembers for availability. The Committee made no action on this item.

STAFF REPORT
None.

COMMITTEE MEMBER REPORTS / FUTURE REFERRALS FOR CONSIDERATION None.

ADJOURNMENT
Chair Chahal adjourned the meeting at 3:01 p.m.

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Governance and Ethics Committee Meeting Minutes 03/04/2024

MEETING DISCLOSURES
The time limit within which to commence any lawsuit or legal challenge to any quasi-adjudicative decision made by the City is governed by Section 1094.6 of the Code of Civil Procedure, unless a shorter limitation period is specified by any other provision. Under Section 1094.6, any lawsuit or legal challenge to any quasi-adjudicative decision made by the City must be filed no later than the 90th day following the date on which such decision becomes final. Any lawsuit or legal challenge, which is not filed within that 90-day period, will be barred. If a person wishes to challenge the nature of the above section in court, they may be limited to raising only those issues they or someone else raised at the meeting described in this notice, or in written correspondence delivered to the City of Santa Clara, at or prior to the meeting. In addition, judicial challenge may be limited or barred where the interested party has not sought and exhausted all available administrative remedies.

If a member of the public submits a speaker card for any agenda items, their name will appear in the Minutes. If no speaker card is submitted, the Minutes will reflect "Public Speaker."
In accordance with the requirements of Title II of the Americans with Disabilities Act of 1990 ("ADA"), the City of Santa Clara will not discriminate against qualified individuals with disabilities on the basis of disability in its services, programs, or activities, and will ensure that all existing facilities will be made accessible to the maximum extent feasible. The City of Santa Clara will generally, upon request, provide appropriate aids and services leading to effective communication for qualified persons with disabilities including those with speech, hearing, or vision impairments so they can participate equally in the City’s programs, services, and activities. The City of Santa Clara will make all reasonable modifications to policies and programs to ensure that people with disabilities have an equal opportunity to enjoy all of its programs, services, and activities.

Individuals who require an auxiliary aid or service for effective communication, or any other disabilityrelated modification of policies or procedures, or other accommodation, in order to participate in a program, service, or activity of the City of Santa Clara, should contact the City’s ADA Coordinator at 408-615-3000 as soon as possible but no later than 48 hours before the scheduled event.

City of Santa Clara Page 5 Printed on 05/28/2024
City of Santa Clara
Meeting Minutes
Board of Library Trustees
Board
Approved
6:00 PM Hybrid Meeting, Edinger Room
Central Park Library,
2635 Homestead Rd, Santa Clara, CA 95051
05/06/2024
The City of Santa Clara is conducting the Board of Library Trustees meeting in a hybrid manner (inperson and continues to have methods for the public to participate remotely). • Via Zoom:
o https://santaclaraca-gov.zoom.us/j/85864257230
Meeting ID: 858 6425 7230 or
o Phone: 1(669) 900-6833
PUBLIC PARTICIPATION IN ZOOM WEBINAR: Please follow the guidelines below when participating in a Zoom Webinar:
- The meeting will be recorded so you must choose 'continue' to accept and stay in the meeting. - If there is an option to change the phone number to your name when you enter the meeting, please do so as your name will be visible online and will be used to notify you that it is your turn to speak. - Mute all other audio before speaking. Using multiple devices can cause an audio feedback. - Use the raise your hand feature in Zoom when you would like to speak on an item and lower when finished speaking. Press *9 to raise your hand if you are calling in by phone only. - Identify yourself by name before speaking on an item. - Unmute when called on to speak and mute when done speaking. If there is background noise coming from a participant, they will be muted by the host. Press *6 if you are participating by phone to unmute. - If you no longer wish to stay in the meeting once your item has been heard, please exit the meeting.

CALL TO ORDER AND ROLL CALL
A motion was made by Trustee Broughman, seconded by Trustee Tryforos, to approve Vice Chair Hintermeister participating remotely under the provision of AB2449.

Aye: 4 - Trustee Broughman, Trustee Tryforos, Trustee Ricossa, and Chair Evans City of Santa Clara Page 1 Printed on 05/15/2024
DRAFT
Chair Evans called the meeting to order at 6:00 PM.

Board of Library Trustees Meeting Minutes 05/06/2024
Abstained: 1 - Vice Chair Hintermeister

CONSENT CALENDAR
A motion was made by Trustee Broughman, seconded by Trustee Tryforos to approve the Consent Calendar.

Aye: Trustee Broughman, Trustee Tryforos, Vice Chair Hintermeister, Trustee Ricossa, and Chair Evans
5 -

1.A 24-399 Action on the Board of Library Trustees Meeting Minutes of April 1, 2024 Recommendation: Approve the Board of Library Trustees Meeting Minutes of April 1, 2024

1.B 24-400 Action to Recommend City Council Acceptance of the FY 2024/25 and 2025/26 California Library Literacy Services (CLLS) English as a Second Language (ESL) Grant Awards for Read Santa Clara for a Total Amount of $126,327 and the Related Budget Amendments
Recommendation: That the Board of Library Trustees recommend that the City Council accept the FY 2024/25 and 2025/26 California Library Literacy Services (CLLS) English as a Second Language (ESL) Grant Awards for Read Santa Clara for a Total Amount of $126,327, including $61,618 for FY 2024/25 and $64,709 for FY 2025/26, and the Related Budget Amendments as described in this Report

PUBLIC PRESENTATIONS

GENERAL BUSINESS
24-443 Discussion and Possible Action on Santa Clara City Library Draft Strategic Plan Recommendation: Review and discuss the vision and mission statements and project updates on the Santa Clara City Library Draft Strategic Plan.

The Board received a presentation on the status and progress of the draft Library Strategic Plan, presented by Cindy Fesemyer of Fast Forward Libraries, the consultants engaged to produce the Strategic Plan.

Discussion was held on the draft Strategic Plan, and the Board recommended some edits. City Librarian Wong informed the Board that staff will be working on the implementation planning component of the Strategic Plan, and will bring back updates to share with the Board.

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DRAFT
Board of Library Trustees Meeting Minutes 05/06/2024

STAFF REPORT
City Librarian Wong introduced the Board to Michelle Templeton, Assistant to the City Manager, who attended the meeting remotely.

Librarian Rachel Hughes provided an informational presentation to the Board about electronic resources (e-resources) at the Library. The presentation reviewed the types of e-resources provided by the Library, usage of eresources, how they fit into the overall Library materials collection and budget, and how the COVID pandemic affected e-resource use.

City Librarian Wong informed the Board that staff had looked into a prior question from the Board whether a Trustee should be assigned to take notes at regular Board meetings. Staff and the City Attorney's Office reviewed the Board's bylaws, which do not require a secretary. The Board agreed to agendize a review of the bylaws at the next regular meeting, and directed staff to review and revise the bylaws with the assistance of the City Attorney's Office.

On the subject of board and commission workplans, the Board was updated that the City Manager's Office is looking into systematizing this process, and updates will be provided when available.

City Librarian Wong updated the Board on elements in the proposed city budget impacting the Library, including capital improvement projects, and a proposal to provide funding for Sunday open hours at Central Park Library.

Dates scheduled for City Council study sessions on the budget were shared with the Board.

City Librarian Wong informed the Board that Trustee Tryforos had connected with the staff liaison for the City Youth Commission regarding attending their regular board meetings, scheduled to resume in September. The Board were informed of the new Tell Your Story program at the Library, which allows patrons to record oral histories for the Local History collection at Santa Clara City Library. The Board were also informed of the volunteer recognition that had taken place for literacy volunteers at the Library, and their 27 year history of supporting literacy in Santa Clara.

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DRAFT
Board of Library Trustees Meeting Minutes 05/06/2024

TRUSTEES REPORT

ADJOURNMENT
Trustee Broughman inquired about the Library cafe status. City Librarian Wong informed the Board that a small committee is tasked to gather information and present options regarding the reopening of the Library cafe as well as the cafeteria at City Hall, and that this work is in progress.

Trustee Ricossa shared that the Santa Clara City Library Foundation and Friends would no longer be operating the cafe, and reminded the Board of the Librarypalooza fundraiser scheduled for May 11, 2024 at the Triton Museum.

The meeting was adjourned at 7:52 PM.

A motion was made by Trustee Broughman, seconded by Trustee Ricossa to adjourn the meeting.

Aye: Trustee Broughman, Trustee Tryforos, Vice Chair Hintermeister, Trustee Ricossa, and Chair Evans
5 -
The Board of Library Trustees Meeting is adjourned to June 3, 2024, at 6:00 PM.

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DRAFT
Board of Library Trustees Meeting Minutes 05/06/2024
The time limit within which to commence any lawsuit or legal challenge to any quasiadjudicative decision made by the City is governed by Section 1094.6 of the Code of Civil Procedure, unless a shorter limitation period is specified by any other provision. Under Section 1094.6, any lawsuit or legal challenge to any quasi-adjudicative decision made by the City must be filed no later than the 90th day following the date on which such decision becomes final. Any lawsuit or legal challenge, which is not filed within that 90-day period, will be barred. If a person wishes to challenge the nature of the above section in court, they may be limited to raising only those issues they or someone else raised at the meeting described in this notice, or in written correspondence delivered to the City of Santa Clara, at or prior to the meeting. In addition, judicial challenge may be limited or barred where the interested party has not sought and exhausted all available administrative remedies.

If a member of the public submits a speaker card for any agenda items, their name will appear in the Minutes. If no speaker card is submitted, the Minutes will reflect "Public Speaker."
In accordance with the requirements of Title II of the Americans with Disabilities Act of 1990 ("ADA"), the City of Santa Clara will not discriminate against qualified individuals with disabilities on the basis of disability in its services, programs, or activities, and will ensure that all existing facilities will be made accessible to the maximum extent feasible. The City of Santa Clara will generally, upon request, provide appropriate aids and services leading to effective communication for qualified persons with disabilities including those with speech, hearing, or vision impairments so they can participate equally in the City’s programs, services, and activities. The City of Santa Clara will make all reasonable modifications to policies and programs to ensure that people with disabilities have an equal opportunity to enjoy all of its programs, services, and activities.

City of Santa Clara Page 5 Printed on 05/15/2024

MEETING DISCLOSURES
DRAFT
City of Santa Clara
Meeting Minutes
Cultural Commission
Draft
7:00 PM Hybrid Meeting
Santa Clara Senior Center
Room 205
1303 Fremont Street
Santa Clara, CA 95050
05/06/2024
The City of Santa Clara is conducting the Cultural Commission meeting in a hybrid manner (in-person and a method for the public to participate remotely).

Via Zoom:
https://santaclaraca.zoom.us/j/98272283531
Meeting ID:98272283531
Or join by phone: 669-900-6833

CALL TO ORDER AND ROLL CALL
Chair Diaz called the meeting to order at 7:04 p.m.

Commissioner Louis Samara, Vice Chair Debra von Huene, Chair Candida Diaz, Commissioner Jonathan Marinaro, and Commissioner Neetu Garg
Present 5 -
Absent 1 - Commissioner Paul McNamara

CONSENT CALENDAR

1. 24-381 Action on Cultural Commission Regular Minutes of April 1, 2024 Recommendation: Approve the Cultural Commission Regular Meeting Minutes of April 1, 2024
A motion was made by Commissioner Samara, seconded by
Commissioner Marinaro, that the consent calendar be approved.

The motion passed with the following vote:

Aye: Commissioner Samara, Vice Chair von Huene, Chair Diaz, Commissioner Marinaro, and Commissioner Garg
5 -

Absent: 1 - Commissioner McNamara
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PUBLIC PRESENTATIONS
Two members of the public presented at the meeting:

Kaushal Varshney spoke in favor of an event in Santa Clara celebrating Diwali (Multicultural Festival) at Central Park and the Community Recreation Center. Proposed date is October 19-20, 2024. The event will feature food, entertainment and booths. They are requesting permission to host the event and event space.

Ashish Garg also spoke in favor of an event in Santa Clara celebrating Diwali. He mentioned that the City of Sunnyvale sponsors the event and would like the City of Santa Clara to do something similar.

Commissioners will continue to discuss this event during the Work Plan FY 2024/25.

GENERAL BUSINESS
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2. 24-380 Discussion on Progress Made Towards the Cultural Commission’s Work Plan Goals and Activities for FY 2023/24
Commissioners reported the following on the Cultural Commission Work Plan Goals and Activities for FY 2023/24:

GOAL #1: Host and enhance multicultural events to encourage and acquaint Santa Clara residents with cultural diversity.

Plan for Summer Concerts in FY 2023/24- Commissioner Samara reported there was no update to the following schedule: There will be five (5) Concerts- Four (4) at Central Park and one (1) at Live Oak Park:

June 14 @ Live Oak Park-Houserockers
June 28 @ Central Park-The Peelers
July 12 @ Central Park-The Megatones
July 26 @ Central Park-Orquesta Borinquen
Aug.16 @ Central Park-Pop Fiction
Street Dance- Date: Aug. 2, 2024. Recreation Manager Castro met with Public Works-Traffic Engineering regarding closing Monroe St. They suggested to keep Monroe Street open. The subcommittee will visit the businesses and inform them of the event and secure their contacts.

Plan and Host Friday Night Live Events- There was no update on this topic.

Secure sponsors for Cultural Commission special events in FY 2023/2024- The sponsors for the Street Dance and the Concerts are outlined in the Work Plan. Chair Diaz invited the commissioners to share the sponsorship packet with businesses or organizations.

GOAL #2: Develop and encourage interactive art opportunities to provide temporary, performing, cultural, and public art in the City.

Advise and recommend public art to City Council- The subcommittee will meet on May 16 and report to the Commission in June.

Identify available Utility Boxes in the City for Artist Utility Box Program (alternate years with Sculpture Exhibition)- No updates. This project is on hold.

Host Sculpture Exhibition- Judges met and selected ten (10) City of Santa Clara Page 3 Printed on 05/13/2024
Cultural Commission Meeting Minutes 05/06/2024
semifinalists. One (1) artist withdrew their application, making a total of nine (9). Artist applications have been sent out and there are many questions from the artists about insurance. Recreation Manager Castro is checking with the City Attorney's Office to clarify the requirements.

Installation may occur once the contracting process is completed. Vice Chair von Huene will contact the Triton Museum to secure a date for the June reception.

Host Halloween Home & Holiday Home Decorating Contest and Recognition- The sub-committee will determine the dates of the contests and report at the June meeting.

Update and maintain City interactive web-based public art map- No updates.

GOAL #3: Raise the visibility of commemorative months.

Update Coloring Book to honor Commemorative Months according to Federal Calendar- No updates.

Promote monthly commemorative months through Social Media and Special Events to raise awareness and cultural competency- Vice Chair von Huene posted the May Coloring Book Page on social media.

GOAL #4: Enhance communication and media strategy to increase community awareness of the Cultural Commission.

Commissioners to attend the Americans for the Arts Conference- No update.

Present regularly to City Council- The Commission presented to Council on March 19 at the Joint Dinner.

Develop, maintain, and grow partnerships and collaborations with external organizations-The Commissioners discussed the proposed Diwali event. Commissioner Garg will follow up with community members Kaushal Varshney and Ashish Garg for an event proposal/PowerPoint slides and encourage them to apply for a community grant.

GOAL #5: Prepare for Citywide Arts Master Plan Process.

Develop private/public partnerships to invest and promote the Arts City of Santa Clara Page 4 Printed on 05/13/2024
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STAFF REPORT
in Santa Clara- The item is on hold so the subcommittee can focus on the Arts Master Plan.

Develop, promote, and implement Citywide Arts Master Plan alongside the City Council- The subcommittee met twice this month to outline their priorities. The sub-committee will present the Arts Master Plan Proposal to the Commission at the June meeting prior to sending it to Cynthia Bojorquez, Assistant City Manager/Acting Parks & Recreation Director.

GOAL #6: Identify and expand on Arts Education in the City of Santa Clara.

Identify potential partnerships with schools/local organizations to expand arts and art education- Commissioner Marinaro reported that Commissioner McNamara added goals on this item to the Citywide Arts Master Plan.

Recreation Manager Castro reported that at the June meeting the Commission will vote for a new Chair and Vice Chair and the new chair will lead the July meeting. The Commission will also begin brainstorming goals and activities for FY 2024/25. Four (4) applications have been received for the vacant position on the Cultural Commission. She also mentioned that the staff liaison and Recreation Supervisor, Susan Diatte, will be retiring on May 17. The Commission thanked her for her service.

COMMISSIONERS REPORT
Commissioner Marinaro saw Florence and the Amazons--the last San Jose Opera of the season. He took a trip to Napa and also went to see a band play.

Vice Chair von Huene reported that the Santa Clara Chorale has their final concert of the season on May 11 at the Santa Clara Mission, and will be joined by Santa Clara University. She encouraged the Commission to attend.

Chair Diaz went to a conference in Seattle, Washington and saw the Space Needle. She enjoyed all the artwork around the City and was inspired by it.

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ADJOURNMENT
A motion was made by Vice Chair von Huene, seconded by
Commissioner Samara, that the meeting be adjourned at 7:55 p.m.

The motion passed with the following vote:

Aye: Commissioner Samara, Vice Chair von Huene, Chair Diaz, Commissioner Marinaro, and Commissioner Garg
5 -

Absent: 1 - Commissioner McNamara

MEETING DISCLOSURES
City of Santa Clara Page 6 Printed on 05/13/2024
Cultural Commission Meeting Minutes 05/06/2024
The time limit within which to commence any lawsuit or legal challenge to any quasi-adjudicative decision made by the City is governed by Section 1094.6 of the Code of Civil Procedure, unless a shorter limitation period is specified by any other provision. Under Section 1094.6, any lawsuit or legal challenge to any quasi-adjudicative decision made by the City must be filed no later than the 90th day following the date on which such decision becomes final. Any lawsuit or legal challenge, which is not filed within that 90-day period, will be barred. If a person wishes to challenge the nature of the above section in court, they may be limited to raising only those issues they or someone else raised at the meeting described in this notice, or in written correspondence delivered to the City of Santa Clara, at or prior to the meeting. In addition, judicial challenge may be limited or barred where the interested party has not sought and exhausted all available administrative remedies.

If a member of the public submits a speaker card for any agenda items, their name will appear in the Minutes. If no speaker card is submitted, the Minutes will reflect "Public Speaker."
In accordance with the requirements of Title II of the Americans with Disabilities Act of 1990 ("ADA"), the City of Santa Clara will not discriminate against qualified individuals with disabilities on the basis of disability in its services, programs, or activities, and will ensure that all existing facilities will be made accessible to the maximum extent feasible. The City of Santa Clara will generally, upon request, provide appropriate aids and services leading to effective communication for qualified persons with disabilities including those with speech, hearing, or vision impairments so they can participate equally in the City’s programs, services, and activities. The City of Santa Clara will make all reasonable modifications to policies and programs to ensure that people with disabilities have an equal opportunity to enjoy all of its programs, services, and activities.

Agendas and other written materials distributed during a public meeting that are public record will be made available by the City in an appropriate alternative format.

Contact the City Clerk’s Office at 1 408-615-2220 with your request for an alternative format copy of the agenda or other written materials.

City of Santa Clara Page 7 Printed on 05/13/2024
City of Santa Clara
Meeting Minutes
Planning Commission
Draft
6:00 PM Hybrid Meeting
City Hall Council
Chambers/Virtual
1500 Warburton Avenue
Santa Clara, CA 95050
05/22/2024
The City of Santa Clara is conducting Planning Commission meetings in a hybrid manner (in-person and continues to have methods for the public to participate remotely).
• Via Zoom:
o https://santaclaraca.zoom.us/j/91729202898 Webinar ID: 917 2920 2898 or o Phone: 1(669) 900-6833
• Via the City’s eComment
The public may view the meetings on SantaClaraCA.gov, Santa Clara City Television (Comcast cable channel 15 or AT&T U-verse channel 99), or the livestream on the City’s YouTube channel or Facebook page.

Public Comments prior to meeting may be submitted via email to [email protected] no later than noon on the day of the meeting;
(Comments received after 12:00 PM on the day of the meeting will be made part of the public record but will not be read out loud during the meeting) and also before and during the meeting via eComment. Clearly indicate the project address, meeting body, and meeting date in the email.

Agendas, Staff Reports and associated documents for Planning Commission items may be viewed on the City's website at https://santaclara.legistar.com/Calendar.aspx 6:00 PM REGULAR MEETING
Call to Order
Chair Cherukuru called the meeting to order at 6:09 pm (the meeting started late due to technical difficulties).

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Planning Commission Meeting Minutes 05/22/2024
Pledge of Allegiance and Statement of Values
Vice Chair Bhatnagar read the Statement of Values.

Roll Call
Vice Chair Yashraj Bhatnagar, Commissioner Nancy A. Biagini, Chair Priya Cherukuru, Commissioner Qian Huang, Commissioner Mario Bouza, Commissioner Lance Saleme, and Commissioner Eric Crutchlow
Present 7 -

DECLARATION OF COMMISSION PROCEDURES
Secretary Bouza read the Declaration of Procedures.

CONTINUANCES/EXCEPTIONS
None.

CONSENT CALENDAR
A motion was made by Commissioner Bouza, seconded by
Commissioner Bhatnagar to approve consent calendar.

Commissioners Huang and Crutchlow abstained from voting on Item 1.B.

Aye: Vice Chair Bhatnagar, Commissioner Biagini, Chair Cherukuru, Commissioner Huang, Commissioner Bouza, Commissioner Saleme, and Commissioner Crutchlow
7 -

1.A 24-539 Planning Commission Meeting Minutes of June 14, 2023 Recommendation: Approve the Planning Commission Meeting Minutes of the June 14, 2023 Meeting

1.B 24-538 Planning Commission Meeting Minutes of March 6, 2024 Recommendation: Approve the Planning Commission Meeting Minutes of the March 6, 2024 Meeting
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1.C 24-534 Planning Commission Special Meeting Minutes of April 17, 2024 Recommendation: Approve the Planning Commission Special Meeting Minutes of the April 17, 2024 Meeting

PUBLIC PRESENTATIONS
None.

PUBLIC HEARING

2. 24-182 Recommendations related to the adoption of the Zoning Map, including:

General Plan Amendments to Change the Residential Land Use Designations on Identified Properties to Preserve Residential Capacity, per State Law; adoption of the Zoning Code Cleanup Ordinance; and adoption of the Zoning Map, consistent with the City’s General Plan Land Use Diagram
Recommendation: 1. Adopt a Resolution recommending that the City Council adopt General Plan Amendments to maintain residential densities consistent with state law.

2. Adopt a Resolution recommending that the City Council adopt the Zoning Code cleanup ordinance, including changes to single-family setbacks to be consistent with the City’s adopted Residential Design Guidelines

3. Adopt a Resolution recommending that the City Council adopt the Zoning Code Map consistent with the City’s General Plan land use diagram.

Principal Planner John Davidson provided the staff presentation.

Commissioners asked questions and provided comments on step back requirements and side corner setback requirements. Staff and Assistant City Attorney Xander Abbe provided information.

Public Speaker:

Nagaraj Annaiah
A motion was made by Commissioner Biagini, seconded by
Commissioner Crutchlow to close public comment.

Aye: Vice Chair Bhatnagar, Commissioner Biagini, Chair Cherukuru, Commissioner Huang, Commissioner Bouza, Commissioner Saleme, and Commissioner Crutchlow
7 -
A motion was made by Commissioner Haung, seconded by Chair Cherukuru to approve staff recommendation 2 and delete section 3 from the resolution.

The motion did not pass.

Aye: 2 - Chair Cherukuru, and Commissioner Huang
Nay: Vice Chair Bhatnagar, Commissioner Biagini, Commissioner Bouza, Commissioner Saleme, and Commissioner Crutchlow
5 -
A motion was made by Commissioner Crutchlow, seconded by Commissioner Bouza, to approve Staff Recommendation 2.

Aye: Vice Chair Bhatnagar, Commissioner Biagini, Commissioner Bouza, Commissioner Saleme, and Commissioner Crutchlow
5 -
Nay: 2 - Chair Cherukuru, and Commissioner Huang
A motion was made by Commissioner Crutchlow, seconded by Commissioner Bouza to approve Staff Recommendation 3.

Aye: Vice Chair Bhatnagar, Commissioner Biagini, Chair Cherukuru, Commissioner Huang, Commissioner Bouza, Commissioner Saleme, and Commissioner Crutchlow
7 -

3. 24-535 STUDY SESSION: Assembly Bill 1033 (2023), Regulating Sales of Accessory Dwelling Units Separate from Primary Dwellings Meeting went into Recess at 7:50 pm and reconvened at 8:00 pm Assistant City Attorney Alexander Abbe provided the staff presentation.

Commissioners provided input on the topic.

A motion was made by Commissioner Saleme, seconded by
Commissioner Biagini to recommend to City Council to not adopt an ordinance pursuant to AB1033.

Aye: Vice Chair Bhatnagar, Commissioner Biagini, Chair Cherukuru, Commissioner Bouza, Commissioner Saleme, and Commissioner Crutchlow
6 -
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Nay: 1 - Commissioner Huang
REPORTS OF COMMISSION/BOARD LIAISON AND COMMITTEE:

1. Announcements/Other Items
Commissioner Saleme provided updates on the virtual APA Conference that he attended.

2. Commissioner Travel and Training Reports, Requests to attend Trainings DIRECTOR OF COMMUNITY DEVELOPMENT REPORTS:

1. Planning Commission Budget Update
Staff Aide II Elizabeth Elliott provided budget updates.

2. Upcoming Agenda Items
Planning Manager Lesley Xavier provided updates.

3. City Council Actions
Planning Manager Lesley Xavier provided updates.

ADJOURNMENT:

Chair Cherukuru adjourned the meeting at 8:46 pm. The next regular scheduled meeting is June 12, 2024.

Aye: Vice Chair Bhatnagar, Commissioner Biagini, Chair Cherukuru, Commissioner Huang, Commissioner Bouza, Commissioner Saleme, and Commissioner Crutchlow
7 -
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The time limit within which to commence any lawsuit or legal challenge to any quasi-adjudicative decision made by the City is governed by Section 1094.6 of the Code of Civil Procedure, unless a shorter limitation period is specified by any other provision. Under Section 1094.6, any lawsuit or legal challenge to any quasi-adjudicative decision made by the City must be filed no later than the 90th day following the date on which such decision becomes final. Any lawsuit or legal challenge, which is not filed within that 90-day period, will be barred. If a person wishes to challenge the nature of the above section in court, they may be limited to raising only those issues they or someone else raised at the meeting described in this notice, or in written correspondence delivered to the City of Santa Clara, at or prior to the meeting. In addition, judicial challenge may be limited or barred where the interested party has not sought and exhausted all available administrative remedies.

If a member of the public submits a speaker card for any agenda items, their name will appear in the Minutes. If no speaker card is submitted, the Minutes will reflect "Public Speaker."
In accordance with the requirements of Title II of the Americans with Disabilities Act of 1990 ("ADA"), the City of Santa Clara will not discriminate against qualified individuals with disabilities on the basis of disability in its services, programs, or activities, and will ensure that all existing facilities will be made accessible to the maximum extent feasible. The City of Santa Clara will generally, upon request, provide appropriate aids and services leading to effective communication for qualified persons with disabilities including those with speech, hearing, or vision impairments so they can participate equally in the City’s programs, services, and activities. The City of Santa Clara will make all reasonable modifications to policies and programs to ensure that people with disabilities have an equal opportunity to enjoy all of its programs, services, and activities.

Agendas and other written materials distributed during a public meeting that are public record will be made available by the City in an appropriate alternative format.

Contact the City Clerk’s Office at 1 408-615-2220 with your request for an alternative format copy of the agenda or other written materials.

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Planning Commission Meeting Minutes 05/22/2024
Individuals who require an auxiliary aid or service for effective communication, or any other disability-related modification of policies or procedures, or other accommodation, in order to participate in a program, service, or activity of the City of Santa Clara, should contact the City’s ADA Coordinator at 408-615-3000 as soon as possible but no later than 48 hours before the scheduled event.

City of Santa Clara Page 7 Printed on 05/31/2024
City of Santa Clara
Meeting Minutes
Planning Commission
Draft
6:00 PM Hybrid Meeting
City Hall Council
Chambers/Virtual
1500 Warburton Avenue
Santa Clara, CA 95050
05/24/2023
Revised Agenda reflects the addition of Item 4 under Continuances/Exceptions Planning Commissioner Saleme may be attending remotely from the following location: 886 Pepper Tree Court, Santa Clara, CA 95051
Voluntary Disclosure by Commissioner Lance Saleme: Commissioner Saleme has chosen to disclose that the reason for his remote participation is because a member of his household recently tested positive for COVID-19. Although all persons have a right to attend the meeting from Mr. Saleme’s residence under the Brown Act, Government Code § 54953(b)(2)(D), the City strongly recommends that all persons interested in attending the meeting do so from the City Hall chambers to avoid any risk to themselves.

City of Santa Clara Page 1 Printed on 06/04/2024
Planning Commission Meeting Minutes 05/24/2023
The City of Santa Clara is conducting Planning Commission meetings in a hybrid manner (in-person and continues to have methods for the public to participate remotely). • Via Zoom:
o https://santaclaraca.zoom.us/j/91729202898 Webinar ID: 917 2920 2898 or o Phone: 1(669) 900-6833
• Via the City’s eComment (available during the meeting) The public may view the meetings on SantaClaraCA.gov, Santa Clara City Television (Comcast cable channel 15 or AT&T U-verse channel 99), or the livestream on the City’s YouTube channel or Facebook page.

Public Comments prior to meeting may be submitted via email to [email protected] no later than noon on the day of the meeting; (Comments received after 12:00 PM on the day of the meeting will be made part of the public record but will not be read out loud during the meeting) and also before and during the meeting via eComment. Clearly indicate the project address, meeting body, and meeting date in the email.

Pledge of Allegiance and Statement of Values
Commissioner Bouza read the Statement of Values.

Roll Call
Commissioner Saleme attended in person.

Chair Priya Cherukuru, Commissioner Qian Huang, Commissioner Mario Bouza, and Commissioner Lance Saleme
Present 4 -
Absent 2 - Vice Chair Yashraj Bhatnagar, and Commissioner Nancy A. Biagini

DECLARATION OF COMMISSION PROCEDURES
Commissioner Bouza read the Declaration of Procedures.

CONTINUANCES/EXCEPTIONS
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1. 23-548 Continuance of a Rezone to Planned Development for the First- and Second-story Addition at 1485 Bellomy Street
Recommendation: Staff recommends that the Planning Commission open the public hearing on this item and then immediately continue the proposed project to June 14, 2023.

A motion was made by Commissioner Saleme, seconded by
Commissioner Huang to approve Staff Recommendation.

Aye: Chair Cherukuru, Commissioner Huang, Commissioner Bouza, and Commissioner Saleme
4 -
Excused: 2 - Vice Chair Bhatnagar, and Commissioner Biagini

2. 23-685 Continuance of Amendment to the City of Santa Clara General Plan Re-Adopting the 2023-2031 Housing Element with Revisions Recommendation: Staff recommends that the Planning Commission open the public hearing on this item and then immediately continue the item to the June 14, 2023 Planning Commission hearing.

A motion was made by Commissioner Huang, seconded by
Commissioner Bouza to approve to approve Staff
Recommendation.

Aye: Chair Cherukuru, Commissioner Huang, Commissioner Bouza, and Commissioner Saleme
4 -
Excused: 2 - Vice Chair Bhatnagar, and Commissioner Biagini

3. 23-714 Continuance of an Environmental Impact Report, General Plan Amendment, Rezone, and Tentative Subdivision Map for the Property Located at 906-950 Monroe Street and 1341 Homestead Road (CEQA:

An Environmental Impact Report (EIR) was Prepared for the Project) Recommendation: That the Planning Commission continue the review of the 950 Monroe Street Mixed-use Project to the June 14, 2023 Planning Commission meeting.

A motion was made by Commissioner Saleme, seconded by
Commissioner Huang to approve Staff Recommendation.

Aye: Chair Cherukuru, Commissioner Huang, Commissioner Bouza, and Commissioner Saleme
4 -
Excused: 2 - Vice Chair Bhatnagar, and Commissioner Biagini City of Santa Clara Page 3 Printed on 06/04/2024
Planning Commission Meeting Minutes 05/24/2023

4. 23-723 Continuance of a variance to construct a 10-foot tall monitored, electrified perimeter security fence to be located within the front 15-foot setback and the 15-feet street side setback, as well as a variance to the materials proposed (CEQA: Statutory Exemption Section 15270, Projects Which Are Disapproved).

Recommendation: Staff recommends that the Planning Commission continue the proposed project to June 14, 2023.

A motion was made by Commissioner Huang, seconded by
Commissioner Bouza to approve to approve Staff
Recommendation.

Aye: Chair Cherukuru, Commissioner Huang, Commissioner Bouza, and Commissioner Saleme
4 -
Excused: 2 - Vice Chair Bhatnagar, and Commissioner Biagini

CONSENT CALENDAR
A motion was made by Commissioner Huang, seconded by
Commissioner Saleme to approve the Consent Calendar.

Aye: Chair Cherukuru, Commissioner Huang, Commissioner Bouza, and Commissioner Saleme
4 -
Excused: 2 - Vice Chair Bhatnagar, and Commissioner Biagini

1.A 23-493 Action on Conditional Use Permit to intensify the existing legal non-conforming single-family use from three bedroom, one bath to four bedroom, two bath at 1095 Madison Street (APN: 269-20-074) (CEQA:

Class I Categorical Exemption per Section 15301, Existing Facilities) Recommendation: Adopt the Class I Categorical Exemption per Section 15301, Existing Facilities of the CEQA Guidelines and a resolution to intensify the existing non-conforming single-family use from three bedrooms one bath to four bedrooms and two bathrooms at 1095 Madison Street, subject to conditions of approval.

1.B 23-583 Three-Year Review of a Use Permit to allow a K-12 grade school (Live Oak Academy) to operate indefinitely on the existing church site located at 2499 Homestead Road (CEQA: Mitigated Negative Declaration
CEQ2011-01117).

Recommendation: Note and file the three-year review of a Use Permit allowing a K-12 grade school (Live Oak Academy) to operate indefinitely on the existing church site located at 2499 Homestead Road.

PUBLIC PRESENTATIONS
None.

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PUBLIC HEARING

2. 23-541 Public Hearing: Action on Use Permit and Mitigated Negative Declaration to allow the conversion of an industrial building to a data center requiring the installation of backup generators, cooling towers, equipment yard and on- and off-site improvements at 3060 Raymond Street; and public hearing on the modification of two mitigation measures related to tribal cultural resources.

Recommendation: 1. Adopt a Resolution to adopt the Mitigated Negative Declaration and Mitigation Monitoring and Reporting Program for the 3060 Raymond Street Data Center; and

2. Adopt a Resolution to approve a Use Permit to allow conversion of an industrial building to a data center requiring the installation of backup generators, cooling towers, equipment yard and on- and off-site improvements, at 3060 Raymond Street, subject to conditions.

Planning Manager Lesley Xavier provided the staff presentation.

Commissioners had questions on impacts of sound from the data center upon neighboring properties, economic impacts to the city, power useage by the applicant, proximity to nearby schools, and expressed concerns of the number of data centers in the City of Santa Clara.

Chair Cherukuru requested that a presentation be made to the Planning Commission by Silicon Valley Power (SVP).

Public Speakers:

Applicant Dean Rubinson was called to speak
Evan Sokolosky - Architect
A motion was made by Commissioner Huang, seconded by
Commissioner Bouza to close Public Hearing.

Aye: Chair Cherukuru, Commissioner Huang, Commissioner Bouza, and Commissioner Saleme
4 -
Excused: 2 - Vice Chair Bhatnagar, and Commissioner Biagini A motion was made by Commissioner Huang, seconded by
Commissioner Saleme to approve Staff Recommendation 1.

Aye: 3 - Chair Cherukuru, Commissioner Huang, and Commissioner Saleme Nay: 1 - Commissioner Bouza
Excused: 2 - Vice Chair Bhatnagar, and Commissioner Biagini City of Santa Clara Page 5 Printed on 06/04/2024
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A motion was made by Commissioner Saleme, seconded
byCommissioner Huang to continue the item to
June 14, 2023

Aye: Chair Cherukuru, Commissioner Huang, Commissioner Bouza, and Commissioner Saleme
4 -
Excused: 2 - Vice Chair Bhatnagar, and Commissioner Biagini REPORTS OF COMMISSION/BOARD LIAISON AND COMMITTEE:

1. Announcements/Other Items
None.

2. Commissioner Travel and Training Reports, Requests to attend Trainings

1. 23-721 APA California 2023 Conference: “Planning at the Crossroads” and Celebrate 75 Years of APA California Chapter
Recommendation: Staff has no recommendation. A vote should take place to expend funds if Commissioners would like to attend the conference.

Staff Aide II Elizabeth Elliott provided updates on the upcoming conference and details on the cost.

DIRECTOR OF COMMUNITY DEVELOPMENT REPORTS:

Planning Manager Lesley Xavier provided updates.

1. Planning Commission Budget Update
Staff Aide II Elizabeth Elliott provided updates.

2. Upcoming Agenda Items
Planning Manager Lesley Xavier provided updates.

3. City Council Actions
Planning Manager Lesley Xavier provided updates.

ADJOURNMENT:

Chair Cherukuru adjourned the meeting at 7:09 pm. The next meeting is the June 14, 2023 Special Meeting at 6 pm.

Aye: Chair Cherukuru, Commissioner Huang, Commissioner Bouza, and Commissioner Saleme
4 -
Excused: 2 - Vice Chair Bhatnagar, and Commissioner Biagini City of Santa Clara Page 6 Printed on 06/04/2024
Planning Commission Meeting Minutes 05/24/2023
The time limit within which to commence any lawsuit or legal challenge to any quasi-adjudicative decision made by the City is governed by Section 1094.6 of the Code of Civil Procedure, unless a shorter limitation period is specified by any other provision. Under Section 1094.6, any lawsuit or legal challenge to any quasi-adjudicative decision made by the City must be filed no later than the 90th day following the date on which such decision becomes final. Any lawsuit or legal challenge, which is not filed within that 90-day period, will be barred. If a person wishes to challenge the nature of the above section in court, they may be limited to raising only those issues they or someone else raised at the meeting described in this notice, or in written correspondence delivered to the City of Santa Clara, at or prior to the meeting. In addition, judicial challenge may be limited or barred where the interested party has not sought and exhausted all available administrative remedies.

If a member of the public submits a speaker card for any agenda items, their name will appear in the Minutes. If no speaker card is submitted, the Minutes will reflect "Public Speaker."
In accordance with the requirements of Title II of the Americans with Disabilities Act of 1990 ("ADA"), the City of Santa Clara will not discriminate against qualified individuals with disabilities on the basis of disability in its services, programs, or activities, and will ensure that all existing facilities will be made accessible to the maximum extent feasible. The City of Santa Clara will generally, upon request, provide appropriate aids and services leading to effective communication for qualified persons with disabilities including those with speech, hearing, or vision impairments so they can participate equally in the City’s programs, services, and activities. The City of Santa Clara will make all reasonable modifications to policies and programs to ensure that people with disabilities have an equal opportunity to enjoy all of its programs, services, and activities.

Agendas and other written materials distributed during a public meeting that are public record will be made available by the City in an appropriate alternative format.

Contact the City Clerk’s Office at 1 408-615-2220 with your request for an alternative format copy of the agenda or other written materials.

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Planning Commission Meeting Minutes 05/24/2023
Individuals who require an auxiliary aid or service for effective communication, or any other disability-related modification of policies or procedures, or other accommodation, in order to participate in a program, service, or activity of the City of Santa Clara, should contact the City’s ADA Coordinator at 408-615-3000 as soon as possible but no later than 48 hours before the scheduled event.

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City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
24-483 Agenda Date: 6/25/2024

REPORT TO COUNCIL

SUBJECT
Action on Monthly Financial Status and Investment Reports for March and April 2024 and Approval of Related Budget Amendments

COUNCIL PILLAR
Enhance Community Engagement and Transparency

BACKGROUND
In compliance with the Charter of the City of Santa Clara and the adopted Investment Policy, the monthly financial reports and monthly investment reports for March 2024 and April 2024 are submitted for your information. The financial review as of March 31 and April 30, 2024 provide a yearto-date financial update to the City Council for fiscal year 2023/24. The revenue/expenditure analysis measures the level of adherence to the established budget and allows the City to monitor and project revenues and expenditures throughout the year.

The FY 2023/24 Budget incorporates the estimated revenues and planned expenditures for all funds.

The attached Financial Status Reports provide the actual revenue and expenditure summaries for the General Fund, Special Revenue Funds, and Enterprise Operating Funds. The Reports also include an expenditure summary for Capital Improvement Funds and Fund Reserve Balances. Any significant variances are explained in the reports.

In accordance with City Council Policy 051 (Donations to the City), these reports include monthly activity and annual summary of donations received by each department. Although the requirement of the policy is to report quarterly, the City will provide this information monthly in the Financial Status Report.

DISCUSSION
Monthly Financial Status Reports (Attachments 1 and 3)
The attached reports summarize the City’s financial performance as of March 31 and April 30, 2024 (Attachments 1 and 3). These reports contain financial analysis for the General Fund, select Special Revenue Funds, Enterprise Operating Funds, and Capital Improvement Program Funds.

Attachment 1 shows that General Fund revenues (excluding transfers) are at 66.6% of the budget through March 2024, while Attachment 3 shows General Fund revenues at 82.2% through April 2024.

While General Fund revenues appear to be below the year-to-date par level, this is primarily due to the timing of payments. Overall, revenues are tracking within estimated levels through March and April. As shown in Attachments 1 and 3, General Fund expenditures, excluding transfers, were at 71% and 78.3% of budget through March and April 2024, respectively. With the exception of the Fire City of Santa Clara Page 1 of 6 Printed on 6/21/2024
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Department, City departments are tracking at or below the par level through both months. The Fire Department is tracking above budget due to higher overtime expenditures related to the backfill for absences as well as higher compensatory time off payments. Budget adjustments totaling $1.75 million are included in this report to address the Fire Department’s projected overage, a portion of which is offset by ambulance transport revenues and wildland reimbursement revenue.

As shown in Attachment 1, total revenues for Enterprise Funds (Electric, Water, Sewer, Cemetery, Solid Waste, and Water Recycling) were at 54.9% of budget through March. Total expenses were at

62.5% in March, which are within budgeted levels. In Attachment 3, the total revenues in the Enterprise Funds are tracking at 61.1% of budget, while total expenses are tracking at 67.5% of budget through April 30, 2024.

In the months of March and April, donations of $460 and $2,284 were received, respectively, bringing total donations to $121,566.

While there are varying forecasts, economic growth continues but is expected to be constrained in 2024. The March 2024 UCLA Anderson Forecast assumes no recession but does expect slower growth in 2024 as a result of the impact of higher interest rates on consumption, housing and business investment. In its May 2024 update to its forecast, The Conference Board also predicts no recession, but it expects consumer spending growth to cool and for overall GDP growth to slow to under 1% in the second and third quarters of 2024.

On a national level, the unemployment rate increased slightly from 3.8% in March 2024 to 3.9% in April 2024. In April, the number of unemployed persons totaled 6.5 million, a slight increase from 6.4 million in March. In the first quarter 2024, the Gross Domestic Product (GDP) increased at an annual rate of 1.3% according to the “second” estimate released by the Bureau of Economic Analysis. This follows a GDP increase of 3.4% in the fourth quarter 2023.

The California unemployment rate remained unchanged at 5.3% between March and April 2024 but was up from 4.5% in April 2023. The unadjusted unemployment rate in the San José-SunnyvaleSanta Clara Metropolitan Statistical Area (MSA) decreased slightly from 4.2% in March to 3.9% in April 2024 but remains above the April 2023 level of 2.9%.

Monthly Investment Reports (Attachments 2 and 4)
All securities held by the City of Santa Clara as of March 31 and April 30, 2024 were in compliance with the City’s Investment Policy Statement in terms of current market strategy and long-term goals and objectives. All securities held are rated “A” or higher by two nationally recognized rating agencies. There is adequate cash flow and maturity of investments to meet the City’s needs for the next six months.

The City’s investment strategy for March and April 2024 was to invest funds not required to meet current obligations in securities listed in the prevailing Investment Policy Statement. This strategy ensures safety of the City’s funds, provides liquidity to meet the City’s cash needs, and has a reasonable portfolio return of 3.11% in March and 3.22% in April.

ENVIRONMENTAL REVIEW
The actions being considered do not constitute a “project” within the meaning of the California Environmental Quality Act (“CEQA”) pursuant to section 15378(b)(4) of Title 14 of the California Code City of Santa Clara Page 2 of 6 Printed on 6/21/2024
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of Regulations in that they are fiscal activities that do not involve any commitment to any specific project which may result in a potential significant physical impact on the environment.

FISCAL IMPACT
From time to time, budget adjustments are necessary to reflect new information, align budgets with actual revenues and expenses, and correct errors. The recommended budget adjustments are described in Attachment 5 and summarized below:
· General Fund - Increases various revenue estimates, including the Silicon Valley Power (SVP) Transfer, fines and penalties, and a transfer from the Engineering Operating Grant Trust Fund, partially offset by the elimination of a transfer from the Patrick Henry Drive Infrastructure Improvement Fund. Revenue actions with associated expenditure adjustments are recommended to account for stadium-related activity as well as Fire ambulance transport revenues and wildland reimbursements that offset higher Fire Department expenditures.

Actions to address anticipated expenditure overages and technical adjustments include a transfer to the Public Building Capital Fund for the Triton Museum Repair and Modifications project, a transfer to the Related Santa Clara Developer Fund to cover prior year ineligible expenditures, and increases to the Fire Department and Mayor and Council budgets to address potential overages. Funding is also recommended for employee recognition. In addition, a shift of the funds budgeted for employee separation payouts to a new Accrued Liability Reserve is recommended. Amendments are included to replenish the Budget Stabilization Reserve and increase the Unrestricted Fund Balance to the levels assumed in the development of the FY 2024/25 Budget.
· Cemetery Fund/Perpetual Care Fund/Endowment Care Fund - increases the interest earnings revenue estimates in the Perpetual Care Fund and Endowment Care Fund and transfers those additional funds to the Cemetery Fund.
· Electric Utility Debt Service Fund/Electric Utility Capital Fund/Electric Utility Fund - eliminates bond proceeds that were budgeted in FY 2023/24 and several related transactions to align the project budgets with the updated debt service schedule and project timelines as well as updated funding sources. The addition of three new capital projects is also recommended.

Additionally, Attachment 5 includes adjustments to the Electric Utility Fund revenue and expenditure estimates and Electric Utility reserves.
· Engineering Operating Grant Trust Fund - establishes a transfer to the General Fund to return funds that had previously been transferred to the Engineering Operating Grant Trust Fund for One Bay Area Grant (OBAG) expenditures that were not expected to be reimbursed. The City subsequently received OBAG reimbursements in FY 2023/24. · Expendable Trust Fund - recognizes and appropriates reimbursements from the Silicon Valley Animal Control Agency for services provided by the Information Technology and Public Works Departments. A technical correction is also included to align seized asset funding to the proper source.
· Fire Department Capital Fund - reallocates funding from the Diesel Exhaust Removal Systems project to establish a higher priority Fire Station 2 Window Seismic Upgrades project.

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· Fire Development Services Fund - increases the development-related fees for services revenue estimate and appropriates it to the overtime budget. · Fire Operating Grant Trust Fund - recognizes various grant and reimbursement revenue and appropriates them to the corresponding grant program.
· Fleet Maintenance and Operations Fund - increases the materials, services, and supplies budget offset by a decrease to the unrestricted ending fund balance to cover higher costs for fuel, parts and contractual services, including costs to repair a fire engine involved in a traffic accident.
· Housing and Urban Development Fund - Recognizes additional program income received for CDBG and appropriates the funding to the CDBG Administration project to account for additional staff time spent on CDBG services.
· Parks and Recreation Capital Fund - recognizes Mitigation and Quimby Act revenue, appropriates a portion of this revenue to the Park Impact Fees Monitoring Project and Parkland Acquisition Project, and appropriates the remainder to unrestricted ending fund balance.
· Parks and Recreation Operating Grant Trust Fund - recognizes and appropriates a grant from the County of Santa Clara for fireworks display events to be held on July 4, 2024. · Patrick Henry Drive Infrastructure Improvement Fund - reduces the impact fee revenue estimate and eliminates a corresponding transfer to the General Fund to reimburse for administrative costs as work is not anticipated and fees will not be received in FY 2023/24. · Police Operating Grant Trust Fund - implements a technical correction to the seized asset appropriation to align the program with the corresponding funding source. · Prefunded Plan Review Fund - recognizes developer contributions and appropriates it to the Kylli Project (3005 Democracy Way).
· Public Buildings Capital Fund - recognizes a transfer from the General Fund and appropriates the funding to the Triton Museum Repair and Modifications Project. · Public Donations Fund - recognizes and appropriates donations received to the Senior Center’s Health and Wellness Case Management Program.
· Recycled Water Fund - increases the resource/production appropriation to align with increased activity for recycled water usage and decreases the Operations and Maintenance City of Santa Clara Page 4 of 6 Printed on 6/21/2024
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ending fund balance reserve.
· Related Santa Clara Developer Fund - transfers funding from the General Fund to cover prior year personnel costs that are not eligible for developer reimbursement. · Sewer Utility Capital Fund - increases the San José - Santa Clara Regional Wastewater Facility project to align with the latest expenditure estimates from the City of San José and decreases the unrestricted ending fund balance.
· Solid Waste Capital Fund - eliminates the developer contributions revenue estimate as discussions with Related regarding reimbursement of landfill costs are ongoing. A transfer from the Solid Waste Fund and the use of unrestricted ending fund balance are recommended to offset the reduction in revenue. An action is also included to increase the Ending Fund Balance - Landfill Corrective Action Costs to reflect an updated inflation factor from CalRecycle.
· Solid Waste Fund - establishes a transfer to the Solid Waste Capital Fund to offset the reduction in developer contribution revenue and reallocates funding from the unrestricted ending fund balance to the Ending Fund Balance - Operations and Maintenance Reserve. · Streets and Highways Capital Fund - recognizes a Transportation Development Act Article 3 allocation and appropriates the funding to the Annual Curb Ramp Installation Project. · Water Utility Capital Fund - increases the SCADA Improvements Project to replenish project funding that was reallocated to another project in the Electric Utility Capital Fund and decreases the unrestricted ending fund balance.

COORDINATION
This report has been coordinated with the City Attorney’s Office.

PUBLIC CONTACT
Public contact was made by posting the Council agenda on the City’s official-notice bulletin board outside City Hall Council Chambers. A complete agenda packet is available on the City’s website and in the City Clerk’s Office at least 72 hours prior to a Regular Meeting and 24 hours prior to a Special Meeting. A hard copy of any agenda report may be requested by contacting the City Clerk’s Office at (408) 615-2220, email [email protected] mailto:[email protected] or at the public information desk at any City of Santa Clara public library.

RECOMMENDATION

1. Note and file the Monthly Financial Status and Monthly Investment Reports for March and April 2024 as presented; and

2. Approve the FY 2023/24 Budget Amendments in the following funds (as detailed in Attachment 5):
a. In the General Fund, with a net impact of $5,315,610; b. In the Cemetery Fund, with a net impact of $26,970;
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c. In the Electric Utility Capital Fund, with a net impact of ($272,065,000); d. In the Electric Utility Debt Service Fund, with a net impact of ($321,927,014); e. In the Electric Utility Fund, with a net impact of $40,000,000; f. In the Endowment Care Fund, with a net impact of $26,500; g. In the Engineering Operating Grant Trust Fund, with a net impact of $279,147; h. In the Expendable Trust Fund, with a net impact of $46,000; i. In the Fire Department Capital Fund, with a net impact of $0; j. In the Fire Development Services Fund, with a net impact of $133,027; k. In the Fire Operating Grant Trust Fund, with a net impact of $95,113; l. In the Fleet Maintenance and Operations Fund, with a net impact of $0; m. In the Housing and Urban Development Fund, with a net impact of $13,012; n. In the Parks and Recreation Capital Fund, with a net impact of $2,242,802; o. In the Parks and Recreation Operating Grant Trust Fund, with a net impact of $5,000; p. In the Patrick Henry Drive Infrastructure Improvement Fund, with a net impact of ($69,205);
q. In the Perpetual Care Fund, with a net impact of $470; r. In the Police Operating Grant Trust Fund, with a net impact of $41,000; s. In the Prefunded Plan Review Fund, with a net impact of $62,000; t. In the Public Buildings Capital Fund, with a net impact of $24,000; u. In the Public Donations Fund, with a net impact of $14,620; v. In the Recycled Water Fund, with a net impact of $0; w. In the Related Santa Clara Developer Fund, with a net impact of $0; x. In the Sewer Utility Capital Fund, with a net impact of $0; y. In the Solid Waste Capital Fund, with a net impact of ($244,000); z. In the Solid Waste Fund, with a net impact of $0;
aa. In the Streets and Highways Capital Fund, with a net impact of $104,938; and bb. In the Water Utility Capital Fund, with a net impact of $0.

Reviewed by: Kenn Lee, Director of Finance
Approved by: Jovan D. Grogan, City Manager

ATTACHMENTS

1. Monthly Financial Status Report - March 2024

2. Monthly Investment Report - March 2024

3. Monthly Financial Status Report - April 2024

4. Monthly Investment Report - April 2024

5. FY 2023/24 Budget Amendments
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MONTHLY FINANCIAL STATUS REPORT
March 2024
City of
Santa Clara
The Center of What's Possible
1 City of Santa Clara
Financial Status Report as of March 31, 2024
This report summarizes the City’s financial performance for the month ended March 31, 2024. Financial analysis for the report is provided for the General Fund, select Special Revenue Funds, Enterprise Operating Funds, and Capital Improvement Funds. Financial information included in this report is unaudited.

Economic Outlook
While there are varying forecasts, economic growth continues but is expected to be constrained in 2024. The March 2024 UCLA Anderson Forecast assumes no recession but does expect slower growth in 2024 as a result of the impact of higher interest rates on consumption, housing and business investment. The UCLA Forecast also identified risks to the Forecast, including the potential shutdown of the government, the impact of geopolitical events, and the impact of the election of national economic policies.1
Quarterly Real GDP Growth, Seasonally Adjusted Annual Rates The Conference Board Economic Forecast for the US Economy also no longer forecasts a recession for 2024 but does expect consumer spending growth to cool further and for the overall GDP growth to slow to under 1% over the second and third quarters of 2024. After that point, inflation is expected to gradually normalize to the Fed’s 2-perent target in 2025. In late 2024, interest rates are expected to fall but may stabilize at levels exceeding the pre-pandemic average. 2 1 UCLA Anderson Forecast, March 2024, The U.S. Economic Outlook and the 2024 Consumer Sentiment Consumption Disconnect
2 https:///www.conference-board.org/research/us-forecast, The Conference Board Economic Forecast for the US Economy, Updated May 16, 2024
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Source: UCLA Anderson Forecast and US. Bureau of Economic Analysis 2 City of Santa Clara
Financial Status Report as of March 31, 2024
On a national level, the unemployment rate slightly increased from 3.8% in March 2024 to 3.9% in April 2024. In April, the number of unemployed persons was 6.5 million, a slight increase from 6.4 in March 2024.
3 In the first quarter 2024, the Gross Domestic Product (GDP) increased at an annual rate of 1.3% according to the “second estimate released by the Bureau of Economic Analysis. This follows a GDP increase of 3.4% in the fourth quarter 2023. The GDP increase primarily reflected increases in consumer spending, state and local government spending, nonresidential fixed investment, and residential fixed investment that were partially offset by a decrease in private inventory investment.

Compared to the fourth quarter, the GDP deceleration in the fourth quarter primarily reflected slowdowns in consumer spending, exports, state and local government spending, and federal government spending.
4 3 https://www.bls.gov/news.release/pdf/empsit.pdf 4 https://www.bea.gov/sites/default/files/2024-05/tech1q24-2nd.pdf Chart 1. Unemployment rate, seasonally adjusted,
April 2022 - April 2024
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2.5 Apr-22 JLll-22 Oct-22 Jan-23 Apr-23 JLll-23 Ocl-23 Jan-24 Apf-24 Chan 2. Nonrann payroll employment over-the-month change, seasonally adjust.~ April 2022 - April 2024
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Apt-22 JLll-22 Oct-22 Jan-23 .Apr-23 JLll-23 Oct-23 Jan-24 .Apr-24 Real GOP: Percent change from preceding quarter
40 30
20 10
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-30
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Q2 Q3 Q4 Ql
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U.S. Bureau of Ec.onomic Analy5j5
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Q1 Q2 Q3
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Seawna lly adj usted annual rates
3 City of Santa Clara
Financial Status Report as of March 31, 2024
At the state level, the California unemployment remained unchanged at 5.3% between February and March 2024. This rate is higher compared to the 4.5% rate in March 2023. From March 2023 to March 2024, California added 217,700 nonfarm jobs, an increase of 1.2%.5 The unadjusted unemployment rate in the San José-Sunnyvale-Santa Clara Metropolitan Statistical Area (MSA) was 4.2% in March 2024, down slightly from a revised 4.5% in February 2024, but above the March 2023 level of 3.2%. Between March 2023 and March 2024, employment in this region increased by 3,100 jobs, or 0.3%. Notable employment increases were in private education and health services (up 11,900 jobs), government (up 3,600 jobs), and leisure and hospitality (up 1,900 jobs), while information was down 7,400 jobs and manufacturing was down 3,900 jobs. 6 General Fund
The General Fund is the major operating fund for the City and includes multiple programs, services, and activities for the residents and businesses of the City. The adopted budget for operating revenues and expenditures for fiscal year 2023/24 was $281.8 million. The amended budget for revenues and expenditures was adjusted to $290.4 million to reflect carryover encumbrances from fiscal year 2022/23 and various budget amendments approved by the City Council through March 2024. This budget also accounts for items approved by the City Council on December 12, 2023, as part of the FY 2022/23 Budget Year-End Report.
5 https://edd.ca.gov/en/about_edd/news_releases_and_announcements/unemployment-march-2024/ 6 https://labormarketinfo.edd.ca.gov/file/lfmonth/sjos$pds.pdf 4 City of Santa Clara
Financial Status Report as of March 31, 2024
General Fund Revenues
As of March 31, 2024, $183.5 million or 66.6% of the General Fund estimated revenue (excluding transfers) was received. Transfers and use of reserves of $15.1 million have occurred as budgeted.

Adopted Budget
Amended
Budget
Actual Through
03/31/2024
Percentage
Received
Actual Through
03/31/2023
$
Change From
Prior Year
Percentage
Change
TAXES
Sales Tax $ 60,524,000 $ 60,524,000 $ 35,119,146 58.03% $ 36,836,004 $ (1,716,858) -4.66% Property Tax 85,800,000 87,143,000 54,025,391 62.00% 50,521,029 3,504,362 6.94% Transient Occupancy Tax 21,275,000 21,275,000 11,806,174 55.49% 11,219,932 586,242 5.23% Other Taxes 6,750,000 6,750,000 3,398,587 50.35% 3,407,398 (8,811) -0.26% Total Taxes 174,349,000 175,692,000 104,349,298 59.39% 101,984,363 2,364,935 2.32%

LICENSES & PERMITS
Business Licenses 6,000,000 6,000,000 3,429,759 57.16% 640,064 2,789,695 435.85% Fire Operation Permits 2,000,000 2,000,000 1,402,858 70.14% 1,450,474 (47,616) -3.28% Miscellaneous Permits 69,000 69,000 17,347 25.14% 40,719 (23,372) -57.40% Total Licenses & Permits 8,069,000 8,069,000 4,849,964 60.11% 2,131,257 2,718,707 127.56% FINES & PENALTIES 1,225,000 1,225,000 1,851,760 151.16% 283,587 1,568,173 552.98% INTERGOVERNMENTAL 520,000 587,306 510,432 86.91% 1,030,603 (520,171) -50.47% CHARGES FOR SERVICES 29,314,768 30,179,768 24,616,800 81.57% 24,388,202 228,598 0.94% SILICON VALLEY POWER TRANSFER 32,000,000 32,000,000 24,682,688 77.13% 21,482,915 3,199,773 14.89%

USE OF MONEY & PROPERTY
Interest 3,500,000 3,500,000 1,715,277 49.01% 1,772,376 (57,099) -3.22% Rent 12,397,660 13,431,960 9,214,619 68.60% 8,970,385 244,234 2.72% Total Use of Money & Property 15,897,660 16,931,960 10,929,896 64.55% 10,742,761 187,135 1.74% MISCELLANEOUS REVENUES 180,000 180,000 271,489 150.83% 2,648,833 (2,377,344) -89.75%

OTHER FINANCING SOURCES
Operating Transfer In - Storm Drain 1,454,000 1,454,000 1,454,000 100.00% 1,454,000 - 0.00% Operating Transfer In - Reserves 2,772,275 8,097,132 8,097,132 100.00% 36,719,079 (28,621,947) -77.95% Operating Transfer In - Fund Balances(1) 4,759,683 4,759,683 4,759,683 100.00% 4,484,726 274,957 6.13% Operating Transfer In - Miscellaneous 746,044 746,044 746,044 100.00% 7,968,589 (7,222,545) -90.64% Total Other Financing Sources 9,732,002 15,056,859 15,056,859 100.00% 50,626,394 (35,569,535) -70.26%

STADIUM OPERATION
Charges for Services 9,278,128 9,278,128 11,143,793 120.11% 8,857,315 2,286,478 25.81% Rent and Licensing 1,230,000 1,230,000 250,000 20.33% 710,000 (460,000) -64.79% Total Stadium Operation 10,508,128 10,508,128 11,393,793 108.43% 9,567,315 1,826,478 19.09% TOTAL GENERAL FUND $ 281,795,558 $ 290,430,021 $ 198,512,978 68.35% $ 224,886,230 $ (26,373,252) -11.73% (1) The Operating Transfer In - Fund Balances includes the carryover encumbrances of open purchase orders as of June 30, 2023 and mid year budget amendment from reserves.

Function

CITY OF SANTA CLARA

GENERAL FUND

REVENUES OVERVIEW AND COMPARISON BY TYPE
FISCAL YEAR 2023/24 PY REVENUE COMPARISON
5 City of Santa Clara
Financial Status Report as of March 31, 2024
General Fund Revenues
Sales Tax: The City of Santa Clara sales tax rate is 9.125%, of which the City receives 1.0%. As of March 31, 2024, approximately $35.1 million has been collected, which is 4.7% lower than prior year collection levels.

While not yet fully reflected in the cash receipts through March, sales tax collections through three quarters of FY 2023/24 were down 7% compared to the prior fiscal year. Receipts were down 6.2% in the third quarter 2023, down 10.6% in the fourth quarter 2023, and down 4.5% in the first quarter 2024 when compared to the same quarters last fiscal year. The declines in the last three quarters follow four quarters of growth experienced in FY 2022/23. Given the strong performance last fiscal year, receipts can decline by 4% in the remaining quarter of FY 2023/24 and still meet the budgeted estimate of $59.6 million. Internet sales represents a sizeable amount of the City’s sales tax revenue. The County pool, which includes internet sales, accounts for approximately 15%-20% of the sales tax the City receives.

The allocation from the County pool in the four quarter of 2023 was down 5.3% from the first quarter 2023.

Property Tax: Property tax receipts totaling $54 million were received through March 2024, which is

6.9% higher than prior year collection levels. The majority of property tax revenue is collected in February and April each year. Based on the latest information from the County of Santa Clara, property tax receipts are projected to end the year at $90.7 million, which is $3.6 million above the Amended Budget estimate of $87.1 million.

Transient Occupancy Tax (TOT): TOT is calculated as a percentage of City hotel/motel room charges. The City’s TOT rate increased from 11.5% to 12.5% effective January 1, 2024. This rate increase was factored into the development of the FY 2023/24 Adopted Budget. Through March 31, 2024, approximately $11.8 million was received, which is 5.2% above prior year receipts. Collections in the second half of the year are expected to be higher as a result of the rate increase. Growth of 12% from the prior year is needed to meet the budgeted estimate of $21.3 million.

Other Taxes: Includes franchise tax and documentary transfer tax. The City has collected $3.4 million through March, which is on par with last fiscal year’s collection levels. Growth of 6% from the prior year is needed to meet the budgeted estimate of $6.75 million. Receipts through March reflect franchise tax collections of $2.7 million and approximately $0.7 million in documentary transfer tax revenue. The documentary transfer tax is tracking to end the year below budget, which reflects the drop in the number of property sales. In calendar year 2023, the number of single-family residence sales was down approximately 26% from calendar year 2022.

Licenses & Permits: Includes business license tax, fire operation permits, and miscellaneous permits and fees. Licenses and permits revenue collections total $4.8 million, or 60.1% of the $8.1 million budget. This represents a nearly 127.6% increase compared to prior year collection levels, primarily in the business tax category. Business tax receipts total $3.4 million through March, which is up from $0.6 million in the prior year. The updated business license tax is being implemented this fiscal year with the new methodology. This transition has necessitated the re-registration of every business that establishes 6 City of Santa Clara
Financial Status Report as of March 31, 2024
the amount of taxes due. After the first full year of implementation, the City will have a baseline for this tax. Based on collections through March, receipts may end the year below the budgeted estimate of $6.0 million.

Fines & Penalties: Includes vehicle, parking, court fines, and miscellaneous penalty fines. The revenue collected in this category through March was $1.9 million, which exceeds the budgeted estimate of $1.2 million. Collections in this category are tracking above prior year levels due to the resumption of the assessment of late fees that had previously been waived due to COVID-19.

Intergovernmental: Includes motor vehicle fees, state homeowner tax relief, state mandated reimbursement and redistribution of land sale proceeds and ground leases from the Successor Agency.

Through March 31, 2024, $0.5 million was collected in this category, which is lower than prior year collection levels. Revenues are projected to slightly exceed the budgeted estimate of $0.6 million.

Charges for Services: Includes various plan check and zoning-related fees, engineering fees, administrative fees, and community service revenue from various recreational activities. Through March, collections of approximately $24.6 million are tracking slightly above par at 81.6% of the budget and are expected to slightly exceed the budgeted estimate by year-end. Revenues in this category are consistent with last year’s collections through the same period of $24.4 million. While collections in EMS transport and miscellaneous charges are higher than prior years, collections in planning and zoning fees and the technology fee are lower. Additionally, effective July 1, 2023, the Fire Development Services Fund was established and fire construction permitting fees are now booked in that fund, instead of the General Fund.

Silicon Valley Power Transfer: In accordance with the City’s charter, Silicon Valley Power pays 5.0% of gross revenues to the General Fund. Through March, $24.7 million has been transferred. Transfers throughout the year are based on the budgeted estimate and will be trued up at the end of the fiscal year based on actual performance.

Use of Money & Property: Includes realized investment income and rental income. Through March, $10.9 million has been collected, compared to $10.7 million last fiscal year. This increase is primarily due to higher rental income revenues, including right-of-way and Related lease payments.

Miscellaneous Revenues: Includes developer fees, donations, damage recovery, sale of surplus, and one-time miscellaneous revenues. Through March 31, 2024, collections of $0.3 million have exceeded the budgeted estimate of $0.2 million but are significantly lower than prior year levels. This lower collection level is attributable to the one-time settlement between the City, the Santa Clara Stadium Authority, and the Forty-Niners SC Stadium Company LLC and Forty Niners Stadium Management Company LLC (collectively, the Forty-Niners) recorded last fiscal year.

Stadium Operation: Through March 2024, revenues of $11.4 million have exceeded the revenue estimate of $10.5 million largely due to the receipt of reimbursements for General and Administrative and public safety overhead costs above estimates. This reflects large reimbursements received in March for public safety costs related to both NFL and non-NFL events. Reimbursements can take 7 City of Santa Clara
Financial Status Report as of March 31, 2024
between three to six months from the event date due to the timing of third-party invoices and payment from the Stadium Manager, however all reimbursements not received by year end are accrued. The original budget included estimates based on ten NFL games and eight non-NFL Events. Since the San Francisco 49ers made it into the playoffs, a total of 12 NFL games were held. Additionally, a total of ten non-NFL events were held in the current fiscal year. Therefore, a budget amendment is recommended as part of this report to recognize reimbursements for two additional NFL games and two additional non-NFL events, offset by an increase to the Stadium Operation appropriation. 8 City of Santa Clara
Financial Status Report as of March 31, 2024
General Fund Expenditures
As of March 31, 2024, $209.7 million or 72.2% of the General Fund operating budget had been expended. Overall, expenditures in the General Fund are within budgeted levels through March.

Excluding transfers, expenditures totaled $197.9 million, or 71% of the budget, which is below the par level of 75% of the budget. Transfers of $11.8 million have occurred as budgeted.

Adopted Budget
Amended
Budget
Actual Through
03/31/2024
Percentage
Used
Actual Through
03/31/2023
$
Change From
Prior Year
Percentage
Change

GENERAL GOVERNMENT
Non-Departmental $ 15,123,531 $ 15,990,480 $ 9,693,189 60.62% $ 3,287,596 $ 6,405,593 194.84% City Council 1,124,281 1,131,037 846,899 74.88% 498,049 348,850 70.04% City Clerk 1,947,261 2,121,865 1,130,810 53.29% 1,549,525 (418,715) -27.02% City Manager 5,410,204 7,709,087 3,165,401 41.06% 3,951,745 (786,344) -19.90% City Attorney 3,076,516 3,196,951 2,128,357 66.57% 2,423,876 (295,519) -12.19% City Auditor 948,445 1,087,660 510,058 46.89% 518,213 (8,155) -1.57% Human Resources 4,300,090 4,464,113 2,462,154 55.15% 2,739,764 (277,610) -10.13% Finance 18,192,257 19,102,116 12,230,079 64.02% 12,424,905 (194,826) -1.57% Total General Government 50,122,585 54,803,309 32,166,947 58.70% 27,393,673 4,773,274 17.42% PUBLIC WORKS 24,857,521 26,270,541 18,199,396 69.28% 16,297,109 1,902,287 11.67% COMMUNITY DEVELOPMENT 5,121,256 5,227,061 3,731,971 71.40% 3,313,742 418,229 12.62% PARKS AND RECREATION 21,933,152 22,711,221 15,699,110 69.12% 14,762,998 936,112 6.34%

PUBLIC SAFETY
Fire 62,616,032 63,647,842 48,881,234 76.80% 50,231,876 (1,350,642) -2.69% Police 85,598,562 85,946,468 63,456,633 73.83% 60,505,486 2,951,147 4.88% Total Public Safety 148,214,594 149,594,310 112,337,867 75.10% 110,737,362 1,600,505 1.45% LIBRARY 11,135,937 11,229,696 7,635,195 67.99% 7,689,722 (54,527) -0.71% DEPARTMENTAL TOTAL 261,385,045 269,836,138 189,770,486 70.33% 180,194,605 9,575,880 5.31%

OTHER FINANCING USES
Operating Transfer Out - Miscellaneous 1,198,809 1,353,809 1,353,809 100.00% 38,809 1,315,000 3388.39% Operating Transfer Out - Debt Services 1,402,440 1,402,440 1,402,440 100.00% 1,402,275 165 0.01% Operating Transfer Out - Maintenance Dtrct 942,413 942,413 942,413 100.00% 842,700 99,713 11.83% Operating Transfer Out - Cemetery 796,000 796,000 796,000 100.00% 870,000 (74,000) -8.51% Operating Transfer Out - CIP 7,305,499 7,305,499 7,305,499 100.00% 8,817,613 (1,512,114) -17.15% Operating Transfer Out - Reserves - - - N/A 5,598,215 (5,598,215) -100.00% Total Other Financing Uses 11,645,161 11,800,161 11,800,161 100.00% 17,569,612 (5,769,451) -32.84% STADIUM OPERATION 8,765,352 8,793,722 8,157,364 92.76% 7,164,127 993,237 13.86% TOTAL GENERAL FUND $ 281,795,558 $ 290,430,021 $ 209,728,011 72.21% 204,928,344 $ $ 4,799,666 2.34% Function

CITY OF SANTA CLARA

GENERAL FUND

EXPENDITURES OVERVIEW AND COMPARISON BY FUNCTION
FISCAL YEAR 2023/24 PY EXPENDITURES COMPARISON
9 City of Santa Clara
Financial Status Report as of March 31, 2024
General Fund Expenditures
Below is an explanation of certain budget to actual expenditure variances by department.

Non-Departmental: Includes expenditures that are not attributable to a single department, but a function of the City in general. Through March 31, 2024, expenditures totaled $9.7 million, or 60.6% of the budget. These expenditures are below the par level of 75%, but significantly above prior year levels.

This is a result of higher property insurance costs that have been directly budgeted under NonDepartmental, as opposed to allocated out amongst the departments citywide.

City Attorney: Actual expenditures through March totaled approximately $2.1 million, which is 66.6% of the budget, which is below par. Spending is 12.2% below the prior fiscal year due to lower outside legal counsel services costs.

City Clerk: Through March, actual expenditures were tracking below budget at $1.1 million or approximately 53.3% of the budget. This expenditure level reflects a 27% decrease in spending compared to last fiscal year due to one-time Granicus costs that are paid every other year.

City Council: Through March, expenditures were at 74.9% of budget, which is at par. This expenditure level is significantly above the prior year due to the reallocation of 1.0 Assistant to the City Manager position from the City Manager’s Office as approved as part of the FY 2023/24 and FY 2024/25 Adopted Operating Budget.

City Manager: Expenditures through March 31, 2024 totaled $3.2 million, or 41.1% of the budget, which is below par for this time of the year. Expenditures are approximately 20% lower compared with the spending level through the same period last fiscal year. This is a result of vacancy savings within the department and the reallocation of 1.0 Assistant to the City Manager position to the City Council as mentioned above, partially offset with higher spend in miscellaneous supplies and services.

Community Development Department: This department consists of three divisions: Planning, Building, and Housing and Community Services. The Building Division of this department is reflected in the Building Development Services Fund, which falls under the special revenue section of this report.

Through March, departmental expenditures for the Planning and Housing and Community Services divisions totaled $3.7 million, or 71.4% of the budget, which is below par. This expenditure level is

12.6% above the prior year is a result of higher salaries and benefits costs, separation payouts, and higher contractual services spending in the current year.

Finance Department: Through March, the Department’s expenditures totaled $12.2 million, or 64% of the budget, which is below par. This expenditure level is consistent with prior year levels.

Fire Department: Through March 31, 2024, actual expenditures totaled $48.9 million, or 76.8% of the budget, which is above par. These expenditures reflect a 2.7% decrease from expenditures through the same period last fiscal year. This is primarily because, as approved as part of the FY 2023/24 and FY 2024/25 Adopted Operating Budget, approximately 9.0 FTE were reallocated to the newly established 10 City of Santa Clara
Financial Status Report as of March 31, 2024
Fire Development Services Fee Fund. These charges are reflected under the special revenue section of this report.

Expenditures are tracking over budget primarily due to higher overtime that totals 90.8% of the budget through March as well as compensatory time payout expenditures. Overtime is used to backfill for shift absences and vacant shift positions to maintain daily minimum staffing. When the budget was developed, it was assumed that overtime costs would be higher in the first half of the year while firefighters in the recruit academy were in training. These newly trained firefighters began providing relief staffing effective December 8, 2023. With these relief positions, overtime costs are expected to be lower in the second half of the fiscal year. However, it is anticipated that overtime expenditures will exceed the budget as the current absence rate exceeds the estimate used in the development of the budget.

When compared to the prior fiscal year, absences are up 32% through March (from 49,025 to 64,858 hours). This reflects increases in workers’ compensation/injury leave, modified duty, Family Medical Leave Act leave, sick leave, and compensatory time used. It is important to note that employees can elect for compensatory time over overtime pay when backfilling shift absences, which increases the need to backfill when the compensatory time is used. Through March, the compensatory time payouts are also up 39% from the prior year and significantly above historical levels.

Expenditures are currently tracking to end the year approximately $1.25 million to $1.75 million above budget. A budget amendment of $1.75 million is included in this report to conservatively address the projected year-end overage.

Library Department: Through March, actual expenditures totaled $7.6 million, or 68% of the budget, which is below par, but consistent with expenditure levels last fiscal year. The Library continues to hire staff and fill vacancies to restore library hours, with higher spend in the as-needed and contractual services categories.

Parks and Recreation Department: Through March, actual expenditures totaled $15.7 million, or

69.1% of the budget, which is below par but higher than prior year actuals of $14.8 million. This is primarily due to higher spend in the salaries and benefits, contractual services, advertising and maintenance categories.

Police Department: Expenditures through March 31, 2024 are tracking slightly below par at $63.5 million, or 73.8% of the budget. This expenditure level is 4.9% above the prior year, primarily due to higher personnel costs, contractual services, and operating supplies costs.

Stadium Operation: Stadium operating expenditures are incurred first and billed on a reimbursement basis. Stadium expenditures totaled $8.2 million through March 31, 2024, which is higher than prior year levels. This is primarily due to higher personnel spend, particularly in overtime. The original budget included estimates based on ten NFL games and eight non-NFL Events. Since the San Francisco 49ers made it into the playoffs, a total of 12 NFL games were held in the current fiscal year.

Additionally, a total of ten non-NFL events were held in the current Fiscal Year. Therefore, a budget 11 City of Santa Clara
Financial Status Report as of March 31, 2024
amendment is recommended as part of this report to increase the Stadium Operation appropriation which covers the costs associated with two additional NFL games and two additional non-NFL events, offset by an increase to the revenue estimate for Stadium reimbursements. 12 City of Santa Clara
Financial Status Report as of March 31, 2024
Special Revenue Funds
The table below is a summary of revenues and expenditures of select Special Revenue Funds as of March 31, 2024. The amended budget reflects carryover encumbrances from fiscal year 2022/23 and budget amendments approved by the City Council through March 2024. Effective July 1, 2023, development related services in the Fire Department have been reallocated from the General Fund to the newly established Fire Development Services Fund, reflected below.

Revenues totaled approximately $16.1 million, while expenditures totaled $17.8 million through the end of March. Overall, both revenues and expenditures are tracking below the par level of 75%. The Building Development Services Fee Fund has seen a large decrease on the revenue side due to lower activity levels in the permitting categories. Expenditures; however, are tracking higher when compared to last year due to the filling of vacancies in the Building Division. In the Housing Successor Fund, the expenditures are significantly lower compared to last fiscal year due to a one-time special disbursement for a housing loan that occurred in July 2022. The drop in revenue and expenditures in the City Affordable Housing Fund are due to a one-time developer loan being disbursed in full.

Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 3/31/2024 Received 3/31/2023 Prior Year Change Housing Authority Fund $ 252,495 $ 252,495 $ 391,568 155.08% $ 80,839 $ 310,729 384.38% City Affordable Housing Fund 1,166,720 1,166,720 522,892 44.82% 6,276,241 (5,753,349) -91.67% Housing Successor Fund 1,306,326 1,306,326 368,471 28.21% 496,001 (127,530) -25.71% Housing and Urban Development 3,106,041 5,712,147 840,254 14.71% 791,496 48,758 6.16% Building Development Services Fee
Fund
15,611,000 15,611,000 11,203,058 71.76% 15,212,076 (4,009,018) -26.35% Fire Development Services Fee
Fund
2,935,000 3,073,827 2,767,327 90.03% - 2,767,327 N/A
TOTAL $ 24,377,582 $ 27,122,515 $ 16,093,570 59.34% 22,856,653 $ $ (6,763,083) -29.59% Actual Actual $
Fund Adopted Amended through Percentage through Change From Percent Description Budget Budget 3/31/2024 Used 3/31/2023 Prior Year Change Housing Authority Fund $ 457,193 $ 518,659 $ 124,759 24.05% $ 168,988 $ (44,229) -26.17% City Affordable Housing Fund 6,683,926 15,379,987 3,081,150 20.03% 6,720,953 (3,639,803) -54.16% Housing Successor Fund 873,227 1,216,887 604,151 49.65% 5,412,530 (4,808,379) -88.84% Housing and Urban Development 3,993,723 6,673,020 906,269 13.58% 1,288,596 (382,327) -29.67% Building Development Services Fee
Fund
13,689,592 17,218,230 10,814,545 62.81% 9,883,700 930,845 9.42% Fire Development Services Fee
Fund
3,109,073 3,247,900 2,313,415 71.23% - 2,313,415 N/A
TOTAL $ 28,806,734 $ 44,254,683 $ 17,844,289 40.32% 23,474,767 $ $ (5,630,478) -23.99%

PRIOR YEAR EXPENDITURE COMPARISON

CITY OF SANTA CLARA

SPECIAL REVENUE FUNDS

REVENUE AND EXPENDITURE - OVERVIEW AND COMPARISON BY FUND REVENUES - FISCAL YEAR 2023/24 PRIOR YEAR REVENUE COMPARISON EXPENDITURES - FISCAL YEAR 2023/24
13 City of Santa Clara
Financial Status Report as of March 31, 2024
Governmental Capital Improvement Funds
The table below lists the revenue for selected capital improvement funds. The amended budget reflects current year appropriations, prior year carryover, and budget amendments approved through March 2024. As of March 31, 2024, the capital fund revenue totaled $17.1 million. In the Parks and Recreation Capital Fund, $3.3 million has been collected, which includes approximately $2.1 million in Mitigation Fee Act revenue.

REVENUES - FISCAL YEAR 2023/24
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 3/31/2024 Received Parks & Recreation $ - $ 4,189,995 $ 4,189,995 $ 3,335,645 79.61% Streets & Highways 15,684,432 17,422,990 33,107,422 10,421,148 31.48% Storm Drain 4,454,000 - 4,454,000 1,092,723 24.53%
Related Santa Clara Developer 977,582 1,707,737 2,685,319 2,137,720 79.61% Patrick Henry Drive Infrastructure
Improvement Fund
140,486 - 140,486 - 0.00%
Tasman East Specific Infrastructure
Improvement Fund
- - - 94,397 N/A
TOTAL $ 21,256,500 $ 23,320,722 $ 44,577,222 $ 17,081,487 38.32%

CITY OF SANTA CLARA

GOVERNMENTAL CAPITAL IMPROVEMENT FUNDS

REVENUE - OVERVIEW AND COMPARISON BY SELECTED FUND
The table below lists the total amended budgeted amounts for expenditures in the Capital Improvement Funds. Similar to the revenue table, the amended expenditure budgets consist of current year appropriations, prior year carryover encumbrance balances in Governmental Capital Improvement Funds, and budget amendments approved through March 2024. As of March 31, 2024, capital fund expenditures totaled $33.1 million, or 19.7% of the amended budget, well below par of 75%.

As part of the adoption of the FY 2023/24 and FY 2024/25 biennial operating budget, some capital funds were carried over for projects that were not anticipated to be completed by June 30, 2023.

Necessary additional adjustments to the capital carryover amounts were included as part of the Budgetary Year-End Report for FY 2022/23 approved by the City Council approval on December 12, 2023. These adjustments are reflected in the tables referenced. 14 City of Santa Clara
Financial Status Report as of March 31, 2024
EXPENDITURES - FISCAL YEAR 2023/24
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 3/31/2024 Used Parks & Recreation $ 15,799,144 $ 24,181,336 $ 39,980,480 $ 9,911,528 24.79% Streets & Highways 51,126,802 43,717,468 94,844,270 18,445,809 19.45% Storm Drain 5,433,900 3,134,592 8,568,492 1,008,202 11.77% Fire 1,251,428 482,826 1,734,254 485,018 27.97%
Library 49,658 251,447 301,105 33,677 11.18%
Public Buildings 5,803,976 3,047,706 8,851,682 1,302,984 14.72% General Gov't - Other 4,403,201 6,651,782 11,054,983 1,416,888 12.82% City Affordable Housing Capital Fund - 1,600,000 - - NA Related Santa Clara Developer 1,500,691 - 1,500,691 476,005 31.72% Patrick Henry Drive Infrastructure
Improvement Fund
71,281 - 71,281 11,888 16.68%
Tasman East Specific Infrastructure
Improvement Fund
27,330 1,423,145 1,450,475 12,481 0.86%
TOTAL $ 85,467,411 $ 84,490,302 $ 168,357,713 $ 33,104,480 19.66%

CITY OF SANTA CLARA

SUMMARY OF EXPENDITURES

GOVERNMENTAL CAPITAL IMPROVEMENT FUNDS
15 City of Santa Clara
Financial Status Report as of March 31, 2024
Enterprise Funds
The table below is a summary of revenues and expenses for the Enterprise Operating Funds as of March 31, 2024. Overall, revenues and expenditures are tracking below budgeted levels.

Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 3/31/2024 Received 3/31/2023 Prior Year Change Electric Utility Fund $ 1,008,222,211 $ 1,008,222,211 $ 512,086,225 50.79% 435,036,034 $ $ 77,050,191 17.71% Water Utility Fund 60,726,490 60,726,490 40,034,157 65.93% 35,056,719 4,977,438 14.20% Sewer Utility Fund 73,500,825 78,500,825 71,076,031 90.54% 33,832,442 37,243,589 110.08% Cemetery Fund 750,000 750,000 431,644 57.55% 437,160 (5,516) -1.26% Solid Waste Utility Fund 39,577,957 39,577,957 27,145,225 68.59% 25,273,560 1,871,665 7.41% Water Recycling Fund 7,668,868 7,668,868 5,297,662 69.08% 4,438,177 859,485 19.37% TOTAL REVENUE $ 1,190,446,351 $ 1,195,446,351 $ 656,070,944 54.88% 534,074,092 $ $ 121,996,852 22.84% Actual Actual $
Fund Adopted Amended through Percentage through Change From Percent Description Budget Budget 3/31/2024 Used 3/31/2023 Prior Year Change Electric Utility Fund $ 681,590,706 $ 687,147,483 $ 414,388,570 60.31% 438,653,367 $ $ (24,264,797) -5.53% Water Utility Fund 54,015,131 56,447,989 39,416,639 69.83% 33,606,516 5,810,123 17.29% Sewer Utility Fund 53,980,961 55,447,527 46,749,346 84.31% 22,814,066 23,935,280 104.91% Cemetery Fund 1,534,349 1,534,349 720,960 46.99% 1,073,226 (352,266) -32.82% Solid Waste Utility Fund 38,782,622 42,490,732 25,205,643 59.32% 22,618,086 2,587,557 11.44% Water Recycling Fund 8,234,584 8,234,584 5,565,596 67.59% 5,418,891 146,705 2.71% TOTAL - Operating
Appropriations
$ 838,138,353 $ 851,302,664 $ 532,046,754 62.50% 524,184,152 $ $ 7,862,602 1.50%

CITY OF SANTA CLARA

ENTERPRISE OPERATING FUNDS

REVENUES AND EXPENSES - OVERVIEW AND COMPARISON BY FUND REVENUES - FISCAL YEAR 2023/24 PRIOR YEAR REVENUE COMPARISON EXPENSES - FISCAL YEAR 2023/24 PRIOR YEAR EXPENSE COMPARISON Overall, revenues and expenditures are tracking above the prior year. Revenues in the electric (which also includes the Electric Debt Service Fund), water, and sewer utility (which also includes the Sewer Debt Service Fund) and water recycling funds are primarily from customer service charges. The activity levels for these customer service charges also impact the resource and production costs on the expenditure side for these funds.

In the Electric Utility Fund, revenues from customer service charges, interest, greenhouse gases, renewable energy, and wholesale power collections are tracking above the prior year. On the expenditure side, maintenance and generation and pumping expenses are lower than prior year levels.

The garbage collection expenditures in the Solid Waste Fund are higher than prior year levels. In the Sewer Utility Fund, costs related to the operations and maintenance of the Regional Wastewater Facility, co-owned with the City of San Jose, and debt retirement costs are tracking higher than prior year levels, while the high revenue collection is due to the bond proceeds collected in the debt service fund. Revenue and expenditures are tracking higher than prior year levels in the Water Utility Fund due to activity levels.
16 City of Santa Clara
Financial Status Report as of March 31, 2024
A summary of revenue and expenses in the Enterprise Capital Improvement Funds is detailed in the table below. Actual revenue through March 31, 2024 totaled $30.6 million, consisting primarily of developer contributions in the Electric Utility Fund and sewer fees in the Sewer Utility Fund. Enterprise capital fund expenses totaled $64.7 million, or 10.8% of the amended budget. Similar to the general government capital funds, capital funds were carried over from FY 2022/23 as part of the FY 2023/24 and FY 2024/25 budget adoption process for those projects that were not expected to be completed by June 30, 2023. Additional necessary adjustments to the capital carryover amounts based on actual year-end expenditures were brought forward as part of the budgetary year-end report for FY 2022/23 approved by the City Council on December 12, 2023. These adjustments are reflected in the tables below.

Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 3/31/2024 Received Electric Utility Fund $ 39,900,092 $ 10,071,673 $ 49,971,765 $ 29,136,075 58.31% Water Utility Fund - - - 55,605 N/A
Sewer Utility Fund - - - 1,412,507 N/A
Solid Waste Utility Fund 258,000 430,000 688,000 9,152 1.33% Convention Center Capital
Fund
- -
-
6,032 N/A
TOTAL - Revenue $ 40,158,092 $ 10,501,673 $ 50,659,765 $ 30,619,371 60.44% Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 3/31/2024 Used Electric Utility Fund $ 395,133,333 $ 135,149,829 $ 530,283,162 $ 45,920,364 8.66% Street Lighting (1) 139,007 3,527,530 3,666,537 71,194 1.94% Water Utility Fund 9,671,923 2,839,914 12,511,837 2,553,177 20.41% Sewer Utility Fund 22,879,160 24,967,761 47,846,921 14,543,657 30.40% Cemetery Fund 23,835 228,809 252,644 6,000 2.37%
Solid Waste Utility Fund 1,389,757 15,085 1,404,842 1,023,046 72.82% Water Recycling Fund 50,000 - 50,000 28,200 56.40%
Convention Center Capital
Fund
215,000 2,141,755 2,356,755 508,324 21.57%

TOTAL - CIP
Appropriations
$ 429,502,015 $ 168,870,683 $ 598,372,698 $ 64,653,962 10.80%

CITY OF SANTA CLARA

ENTERPRISE CAPITAL IMPROVEMENT FUNDS

SUMMARY OF EXPENSES
EXPENSES - FISCAL YEAR 2023/24

CITY OF SANTA CLARA

ENTERPRISE CAPITAL IMPROVEMENT FUNDS

REVENUE - OVERVIEW AND COMPARISON BY SELECTED FUND
REVENUES - FISCAL YEAR 2023/24
(1) Street Lighting fund is part of Electric Capital Improvement Funds 17 City of Santa Clara
Financial Status Report as of March 31, 2024
Fund Reserves
By policy, City Council established the City’s General Contingency Reserve, under which reserves for Budget Stabilization and Capital Projects were established. • Budget Stabilization Reserve is set aside for weathering economic downturns, emergency financial crisis, or disaster situations. The reserve target is equal to the expenditures of the City’s General Fund operations for three months (90-day or 25% General Fund Adopted Operating Budget). In FY 2023/24, the City Council approved an exception to the policy to allow the Reserve to a minimum of 15% of expenditures.
• Capital Projects Reserve earmarks funds for the Capital Improvement Program.

Other General Reserves and Enterprise Fund Reserves included in this report are highlighted as follows:
• Technology Fee Reserve is set aside to update and/or replace the City’s aging technology and to ensure internal controls are in compliance with current business standard and legal requirements.
• Land Sale Reserve is net proceeds from the sale of City-owned land, with interest earned on these funds available to be appropriated for General Fund operating expenditures. This reserve is available for appropriation by City Council action.
• The Electric Utility Rate Stabilization Reserve and Operations and Maintenance Reserve assures sufficient operating cash is available to cover day-to-day expenses, address unforeseen cost increases or revenue shortfalls, and ensure debt service coverage. • The Replacement and Improvement Reserve in the Water and Sewer Utility Funds is for future capital improvement.

The table below summarizes select reserve balances.
18 City of Santa Clara
Financial Status Report as of March 31, 2024
DETAIL OF SELECTED FUND RESERVE BALANCES:

GENERAL

FUND ELECTRIC WATER
Budget Stabilization Reserve $ 54,299,298
Capital Projects Reserve 23,860,843
Reserve for Programmed Capital Projects 986,657
Land Sale Reserve 18,481,037
Technology Fee Reserve 2,581,146
Electric Rate Stabilization Fund Reserve $ 56,776,613
Electric Operations and Maintenance Reserve 150,765,556 Replacement & Improvement $ 303,090
TOTALS $ 100,208,981 $ 207,542,169 $ 303,090

CITY OF SANTA CLARA

RESERVE BALANCES
March 31, 2024
Donations to the City of Santa Clara
Donations totaling $460 were received in March 2024. The total donations of $119,281 for fiscal year 2023/24 are shown in the table below.

Department Mar-24
Fiscal Year
2023/24
Year To Date Designated Use
City Manager's Office 50 301 Help Your Neighbor
Parks & Recreation 20 6,420 Case Management
Parks & Recreation 50 50 Community Garden
Parks & Recreation 340 2,660 Roberta Jones Jr. Theatre
Parks & Recreation - 4,350 Senior Nutrition Donation
Parks & Recreation - 30,500 Wade Brummal
Police - 75,000 TEAM 200
TOTALS $ 460 $ 119,281
_____________________________________________________________________

MONTHLY INVESTMENT REPORT
March 2024
City of
Santa Clara
The Center of What's Possible
City of Santa Clara
Monthly Investment Report

TABLE OF CONTENTS
Page #
1 Summary of Investment Portfolio 1
2 Summary of Investments 5
3 Investment Maturity Distribution Schedule 6
4 Attachment A: Investment Inventory With Market Value 7 1 CITY OF SANTA CLARA

SUMMARY OF INVESTMENT PORTFOLIO
All securities held by the City of Santa Clara as of March 31, 2024 were in compliance with the City's Investment Policy Statement regarding current market strategy and long-term goals and objectives. All securities held are rated A or higher by two nationally recognized rating agencies. There is adequate cash flow and maturity of investments to meet the City’s needs for the next six months.

The following table provides the breakdown of the total portfolio among the City, the Sports and Open Space Authority (SOSA), and the Housing Authority (HA) as of March 31, 2024.

On March 31, 2024 the cost value and market value of the City's unrestricted pooled investment portfolio were $1,102,973,817 and $1,083,955,504 respectively.

Investment Strategy and Market Update
As expected, the Federal Reserve (Fed) left the target range for the federal funds rate unchanged at the March FOMC meeting (5.25% to 5.50%). The Fed also released the quarterly update to its Summary of Economic Projections, which continued to show three rate cuts in calendar year 2024, but one less cut in 2025. During the press conference, Fed Chair Jerome Powell reiterated that the Fed needs greater confidence that inflation is moving sustainably down toward its 2% target before reducing rates. It would also like to see the labor market move into better balance. Stubborn inflation and stronger fundamental economic data will likely delay any rate cuts until later in the year.

Inflation readings released in March were mixed: the year-over-year (YoY) change in the Consumer Price Index (CPI) fell by 0.1% to

3.8%, while the Personal Consumption Expenditures Price Index (PCE) rose slightly to 2.5% in February. In a reversal of recent trends, PCE goods prices rose faster than prices in the services sector largely due to rising energy prices. Housing and utilities inflation remained elevated. The YoY change in Core PCE (which excludes volatile food and energy components) fell slightly to

2.8%, marking the fourteenth consecutive month of declines.

Job growth in March came in at 303,000, well above expectations. The unemployment rate ticked back down to 3.8% from 3.9%, while wage growth continued to outpace inflation.

The yields on benchmark 2-, 5-, and 10-year U.S. Treasuries ended the month at 4.62%, 4.21%, and 4.20%, respectively, representing changes of 0, -3, and -5 bps for the month, respectively.

COST VALUE PERCENTAGE
City $1,101,773,281 99.89%
SOSA 9,994 0.00%
HA 1,190,542 0.11%
Unrestricted $1,102,973,817 100.00%
Restricted Bond Proceeds 2,319,146
Total Investments $1,105,292,963
2 The City's investment strategy for March 2024 was to invest funds not required to meet current obligations, in securities listed in the prevailing Investment Policy Statement, with maturities not to exceed five years from date of purchase. This strategy ensures safety of the City’s funds, provides liquidity to meet the City’s cash needs, and earns a reasonable portfolio return. PFM Asset Management LLC began actively managing the City’s securities portfolio on September 1, 2020.

As of March 31, 2024, 43.12% of the City’s portfolio consists of U.S. Treasury Notes, 16.14% consists of investment grade Corporate Notes, 16.00% consists of California Asset Management Program (CAMP), 10.13% consists of Federal Agencies, 5.86% consists of investment grade Asset-Back Securities, 5.27% consists of investment grade Mortgage-Backed Securities, 1.34% consists of Negotiable Certificates of Deposit, 1.00% consists of investment grade Supranational Obligations, 0.53% consists of Local Agency Investment Fund (LAIF), and 0.25% consists of investment grade Municipal Bonds. In addition, City bond proceeds are invested in separate funds and are not included in the calculation of the City’s portfolio yield.

U.S. Treasury Notes

43.12% Federal Agency Notes

10.13%
Corporate Notes

16.14%
Municipal Bonds

0.25%
Supranational Obligations

1.00%
Asset-Backed Securities

5.86%
Negotiable Certificates
of Deposit

1.34%
Mortgage-Backed
Securities

5.27%
Money Market Fund

0.15% Local Agency Investment Fund
(LAIF)

0.53%
California Asset Management
Program (CAMP)

16.00%
Mutual Fund - Traffic Mitigation
Bond Proceeds

0.21%
3 The City’s securities portfolio is benchmarked against the ICE BAML 1-5 US Treasury Index.

3.11%

4.14%

4.29%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

T T T T T T T
4 The following table summarizes the investment yields other information of the City’s investment portfolio components, along with comparable-maturity market indices. Also shown are the monthly interest income and aggregate year-to-date income.

Current Month
3/31/2024
Investment Yield
Liquidity Portfolio1

5.34%
LAIF average monthly yield 4.23%
Securities Portfolio2

3.11%
ICE BAML 1-5 US Treasury Index (24-month rolling average market yield) 4.14% ICE BAML 1-5 AAA-A US Corporate & Government Index (24-month rolling average market yield) 4.29%
City Portfolio (Liquidity + Securities) 3.49%
Investment Total Return*
Securities Portfolio 0.42%
ICE BAML 1-5 US Treasury Index 0.36%
ICE BAML 1-5 AAA-A US Corporate & Government Index 0.41% Average Maturity of Investments (in years)
Liquidity Portfolio1

0.16 Securities Portfolio2

2.67 City Portfolio (Liquidity + Securities) 2.23
ICE BAML 1-5 US Treasury Index 2.77
ICE BAML 1-5 AAA-A US Corporate & Government Index 2.77 Interest Income Current Month3
$ 2,108,987
Interest Income Fiscal Year-To-Date3
$ 20,800,235

1. Consists of CAMP Pool, LAIF, Dreyfus Traffic Mitigation Fund, & Principal Sweep Account

2. Core long term portfolio managed by PFM Asset Management

3. Cash basis
* Total rate of return including earnings, distributions, and capital appreciation/depreciation of all portfolio assets 5 CITY OF SANTA CLARA
SUMMARY OF INVESTMENTS MARCH 31, 2024
PER
COST % OF INVESTMENT

INVESTMENT TYPE VALUE PORTFOLIO POLICY
U.S. Treasury Notes 476,476,606 43.12% No Limit
Federal Agency Notes 112,154,487 10.13% 80%
Corporate Notes 178,384,755 16.14% 25%
Municipal Bonds 2,715,000 0.25% 20%
Supranational Obligations 11,056,812 1.00% 20%
Asset-Backed Securities 64,787,654 5.86% 10%
Negotiable Certificates of Deposit 14,770,000 1.34% 30% Mortgage-Backed Securities 58,247,432 5.27% 15%
Money Market Fund 1,667,960 0.15% 10% Per Fund
Local Agency Investment Fund (LAIF) 5,871,785 0.53% $75 M California Asset Management Program (CAMP) 176,841,325 16.00% No Limit Mutual Fund - Traffic Mitigation Bond Proceeds 2,319,147 0.21% 10% Per Fund TOTAL INVESTMENTS $ 1,105,292,963 100.00%

6 INVESTMENT MATURITY DISTRIBUTION
AS OF MARCH 31, 2024

UNRESTRICTED POOLED PORTFOLIO

MATURITY NUMBER OF
(IN MONTHS) COST VALUE INVESTMENTS DISTRIBUTION
DEMAND $ 144,381,070 (a) 3 13.09%
0 TO 6 77,993,557 10 7.07%
7 TO 12 120,354,386 20 10.91%
13 TO 18 99,047,984 18 8.98%
19 TO 24 111,115,038 23 10.07%
25 TO 30 66,369,534 12 6.02%
31 TO 36 68,557,524 14 6.22%
37 TO 42 80,566,368 13 7.30%
43 TO 48 129,961,239 21 11.79%
49 TO 54 138,840,332 24 12.59%
55 TO 60 65,786,785 13 5.96%
TOTAL $ 1,102,973,817 171 100.00%
Average Maturity of Unrestricted Pool: 2.23 Years
(a) $20 million is earmarked for the City's Electric Utility power-trading. 0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
22%
24%

INVESTMENT MATURITY DISTRIBUTION

UNRESTRICTED POOLED PORTFOLIO
AS OF MARCH 31, 2024
City of Santa Clara Monthly Report
3/31/2024
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/LUNITED STATES TREASURY 7/15/2021 0.375% 7/15/2024 91282CCL3 2,910,000.00 AA+ 9/10/2021 2,908,181.25 0.40% 2,868,823.50 -39,357.75UNITED STATES TREASURY 7/31/2017 2.125% 7/31/2024 9128282N9 5,000,000.00 AA+ 9/10/2019 5,133,315.75 1.56% 4,947,150.00 -186,165.75UNITED STATES TREASURY 8/31/2017 1.875% 8/31/2024 9128282U3 2,985,000.00 AA+ 3/10/2020 3,149,640.66 0.62% 2,942,732.40 -206,908.26UNITED STATES TREASURY 8/31/2019 1.250% 8/31/2024 912828YE4 4,750,000.00 AA+ 1/5/2021 4,928,867.19 0.21% 4,671,387.50 -257,479.69UNITED STATES TREASURY 10/31/2017 2.250% 10/31/2024 9128283D0 10,000,000.00 AA+ 11/18/2019 10,290,625.00 1.64% 9,830,700.00 -459,925.00UNITED STATES TREASURY 11/30/2017 2.125% 11/30/2024 9128283J7 5,000,000.00 AA+ 1/6/2020 5,118,945.31 1.62% 4,898,950.00 -219,995.31UNITED STATES TREASURY 1/2/2018 2.250% 12/31/2024 9128283P3 10,000,000.00 AA+ 1/7/2020 10,300,781.25 1.62% 9,788,900.00 -511,881.25 UNITED STATES TREASURY 1/15/2022 1.125% 1/15/2025 91282CDS7 2,095,000.00 AA+ 4/12/2022 2,007,026.37 2.71% 2,030,809.20 23,782.83UNITED STATES TREASURY 1/31/2020 1.375% 1/31/2025 912828Z52 5,000,000.00 AA+ 4/22/2020 5,238,671.88 0.37% 4,848,450.00 -390,221.88UNITED STATES TREASURY 1/31/2020 1.375% 1/31/2025 912828Z52 1,950,000.00 AA+ 5/7/2021 2,013,146.48 0.50% 1,890,895.50 -122,250.98UNITED STATES TREASURY 2/28/2018 2.750% 2/28/2025 9128283Z1 6,200,000.00 AA+ 3/6/2020 6,850,757.82 0.61% 6,072,218.00 -778,539.82UNITED STATES TREASURY 8/31/2020 0.250% 8/31/2025 91282CAJ0 4,120,000.00 AA+ 8/2/2021 4,075,581.25 0.52% 3,862,829.60 -212,751.65UNITED STATES TREASURY 10/31/2020 0.250% 10/31/2025 91282CAT8 5,510,000.00 AA+ 6/7/2022 5,024,216.04 3.00% 5,132,454.80 108,238.76UNITED STATES TREASURY 10/31/2020 0.250% 10/31/2025 91282CAT8 5,400,000.00 AA+ 10/7/2021 5,285,882.81 0.78% 5,029,992.00 -255,890.81UNITED STATES TREASURY 11/30/2020 0.375% 11/30/2025 91282CAZ4 4,450,000.00 AA+ 11/4/2021 4,327,625.00 1.07% 4,140,057.50 -187,567.50 UNITED STATES TREASURY 12/31/2020 0.375% 12/31/2025 91282CBC4 3,820,000.00 AA+ 5/3/2021 3,751,956.25 0.76% 3,543,050.00 -208,906.25UNITED STATES TREASURY 1/31/2019 2.625% 1/31/2026 9128286A3 10,490,000.00 AA+ 10/5/2023 9,948,699.61 5.01% 10,112,150.20 163,450.59 UNITED STATES TREASURY 1/31/2021 0.375% 1/31/2026 91282CBH3 8,710,000.00 AA+ 5/3/2022 7,905,345.70 3.00% 8,053,004.70 147,659.00UNITED STATES TREASURY 1/31/2021 0.375% 1/31/2026 91282CBH3 7,735,000.00 AA+ 2/25/2022 7,305,949.22 1.84% 7,151,548.95 -154,400.27UNITED STATES TREASURY 1/31/2021 0.375% 1/31/2026 91282CBH3 4,050,000.00 AA+ 1/6/2022 3,906,351.56 1.27% 3,744,508.50 -161,843.06UNITED STATES TREASURY 1/31/2021 0.375% 1/31/2026 91282CBH3 8,025,000.00 AA+ 11/30/2021 7,817,478.52 1.01% 7,419,674.25 -397,804.27UNITED STATES TREASURY 2/15/2023 4.000% 2/15/2026 91282CGL9 5,300,000.00 AA+ 12/18/2023 5,260,250.00 4.37% 5,234,174.00 -26,076.00UNITED STATES TREASURY 2/28/2021 0.500% 2/28/2026 91282CBQ3 5,175,000.00 AA+ 12/7/2021 5,067,214.15 1.15% 4,783,045.50 -284,168.65UNITED STATES TREASURY 2/28/2021 0.500% 2/28/2026 91282CBQ3 3,575,000.00 AA+ 8/31/2021 3,542,880.86 0.70% 3,304,229.50 -238,651.36UNITED STATES TREASURY 5/31/2021 0.750% 5/31/2026 91282CCF6 9,250,000.00 AA+ 6/8/2022 8,477,480.47 2.99% 8,521,932.50 44,452.03 UNITED STATES TREASURY 5/31/2021 0.750% 5/31/2026 91282CCF6 5,860,000.00 AA+ 3/21/2022 5,520,989.84 2.20% 5,398,759.40 -122,230.44UNITED STATES TREASURY 8/15/2016 1.500% 8/15/2026 9128282A7 5,350,000.00 AA+ 8/15/2022 5,033,388.67 3.08% 4,985,932.50 -47,456.17 UNITED STATES TREASURY 9/15/2023 4.625% 9/15/2026 91282CHY0 10,000,000.00 AA+ 10/3/2023 9,930,468.75 4.88% 10,021,900.00 91,431.25 UNITED STATES TREASURY 9/30/2021 0.875% 9/30/2026 91282CCZ2 8,500,000.00 AA+ 4/5/2022 7,878,769.53 2.61% 7,779,200.00 -99,569.53 UNITED STATES TREASURY 10/31/2021 1.125% 10/31/2026 91282CDG3 5,700,000.00 AA+ 8/8/2022 5,267,601.56 3.05% 5,235,108.00 -32,493.56UNITED STATES TREASURY 11/15/2016 2.000% 11/15/2026 912828U24 8,840,000.00 AA+ 6/8/2022 8,472,242.19 3.01% 8,298,550.00 -173,692.19 UNITED STATES TREASURY 12/31/2021 1.250% 12/31/2026 91282CDQ1 5,340,000.00 AA+ 4/14/2022 5,000,617.97 2.69% 4,902,387.00 -98,230.97UNITED STATES TREASURY 2/15/2017 2.250% 2/15/2027 912828V98 7,910,000.00 AA+ 7/7/2022 7,705,452.34 2.85% 7,446,553.10 -258,899.24 UNITED STATES TREASURY 2/15/2017 2.250% 2/15/2027 912828V98 5,400,000.00 AA+ 6/13/2022 5,159,109.38 3.29% 5,083,614.00 -75,495.38 UNITED STATES TREASURY 2/15/2017 2.250% 2/15/2027 912828V98 2,100,000.00 AA+ 4/20/2022 2,040,691.41 2.88% 1,976,961.00 -63,730.41 UNITED STATES TREASURY 3/31/2022 2.500% 3/31/2027 91282CEF4 940,000.00 AA+ 11/30/2022 883,159.38 4.03% 889,992.00 6,832.62 UNITED STATES TREASURY 4/30/2020 0.500% 4/30/2027 912828ZN3 7,000,000.00 AA+ 8/3/2022 6,262,812.50 2.89% 6,218,240.00 -44,572.50 UNITED STATES TREASURY 5/15/2017 2.375% 5/15/2027 912828X88 5,400,000.00 AA+ 8/8/2022 5,248,546.88 3.01% 5,081,508.00 -167,038.88 UNITED STATES TREASURY 6/30/2020 0.500% 6/30/2027 912828ZV5 5,675,000.00 AA+ 8/15/2022 5,034,789.06 3.00% 5,013,522.00 -21,267.06UNITED STATES TREASURY 7/31/2022 2.750% 7/31/2027 91282CFB2 10,800,000.00 AA+ 9/14/2022 10,392,046.88 3.60% 10,256,652.00 -135,394.88UNITED STATES TREASURY 8/15/1997 6.375% 8/15/2027 912810FA1 9,390,000.00 AA+ 10/5/2023 9,913,052.34 4.78% 9,968,799.60 55,747.26UNITED STATES TREASURY 8/15/2017 2.250% 8/15/2027 9128282R0 11,115,000.00 AA+ 9/6/2022 10,537,975.20 3.40% 10,378,186.65 -159,788.55UNITED STATES TREASURY 9/30/2022 4.125% 9/30/2027 91282CFM8 3,785,000.00 AA+ 11/3/2022 3,760,308.79 4.27% 3,755,590.55 -4,718.24 4/16/2024 10:10 AM 1 of 6
Attachment A
City of Santa Clara Monthly Report
3/31/2024
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/LUNITED STATES TREASURY 10/31/2020 0.500% 10/31/2027 91282CAU5 21,480,000.00 AA+ 1/6/2023 18,292,401.56 3.91% 18,757,195.20 464,793.64UNITED STATES TREASURY 10/31/2022 4.125% 10/31/2027 91282CFU0 10,930,000.00 AA+ 12/8/2022 11,081,995.31 3.81% 10,843,325.10 -238,670.21UNITED STATES TREASURY 10/31/2022 4.125% 10/31/2027 91282CFU0 4,750,000.00 AA+ 1/31/2023 4,833,310.55 3.72% 4,712,332.50 -120,978.05UNITED STATES TREASURY 10/31/2022 4.125% 10/31/2027 91282CFU0 5,100,000.00 AA+ 12/13/2022 5,165,343.75 3.83% 5,059,557.00 -105,786.75UNITED STATES TREASURY 12/31/2022 3.875% 12/31/2027 91282CGC9 8,255,000.00 AA+ 1/31/2023 8,320,459.57 3.70% 8,121,846.85 -198,612.72UNITED STATES TREASURY 12/31/2022 3.875% 12/31/2027 91282CGC9 7,325,000.00 AA+ 2/8/2023 7,333,583.98 3.85% 7,206,847.75 -126,736.23UNITED STATES TREASURY 12/31/2022 3.875% 12/31/2027 91282CGC9 4,850,000.00 AA+ 2/2/2023 4,906,078.13 3.62% 4,771,769.50 -134,308.63UNITED STATES TREASURY 1/31/2021 0.750% 1/31/2028 91282CBJ9 5,815,000.00 AA+ 2/7/2023 5,009,758.79 3.83% 5,087,659.80 77,901.01 UNITED STATES TREASURY 1/31/2023 3.500% 1/31/2028 91282CGH8 7,505,000.00 AA+ 5/16/2023 7,508,517.97 3.49% 7,285,403.70 -223,114.27UNITED STATES TREASURY 2/28/2023 4.000% 2/29/2028 91282CGP0 8,080,000.00 AA+ 1/26/2024 8,063,587.50 4.05% 7,985,625.60 -77,961.90UNITED STATES TREASURY 2/28/2023 4.000% 2/29/2028 91282CGP0 7,360,000.00 AA+ 5/16/2023 7,532,500.00 3.46% 7,274,035.20 -258,464.80UNITED STATES TREASURY 2/28/2023 4.000% 2/29/2028 91282CGP0 6,600,000.00 AA+ 3/7/2023 6,526,781.25 4.25% 6,522,912.00 -3,869.25UNITED STATES TREASURY 3/31/2021 1.250% 3/31/2028 91282CBS9 5,820,000.00 AA+ 5/9/2023 5,236,408.59 3.50% 5,170,953.60 -65,454.99UNITED STATES TREASURY 3/31/2021 1.250% 3/31/2028 91282CBS9 5,470,000.00 AA+ 5/10/2023 4,912,530.08 3.54% 4,859,985.60 -52,544.48UNITED STATES TREASURY 3/31/2023 3.625% 3/31/2028 91282CGT2 5,765,000.00 AA+ 5/4/2023 5,816,569.73 3.42% 5,619,952.60 -196,617.13UNITED STATES TREASURY 3/31/2023 3.625% 3/31/2028 91282CGT2 5,030,000.00 AA+ 5/2/2023 5,023,712.50 3.65% 4,903,445.20 -120,267.30UNITED STATES TREASURY 4/30/2023 3.500% 4/30/2028 91282CHA2 5,075,000.00 AA+ 5/2/2023 5,042,488.28 3.64% 4,922,953.00 -119,535.28UNITED STATES TREASURY 5/31/2023 3.625% 5/31/2028 91282CHE4 11,735,000.00 AA+ 6/5/2023 11,695,577.73 3.70% 11,437,517.75 -258,059.98UNITED STATES TREASURY 5/31/2023 3.625% 5/31/2028 91282CHE4 8,285,000.00 AA+ 1/26/2024 8,149,074.22 4.04% 8,074,975.25 -74,098.97UNITED STATES TREASURY 6/30/2023 4.000% 6/30/2028 91282CHK0 11,300,000.00 AA+ 7/10/2023 11,117,699.22 4.36% 11,174,683.00 56,983.78UNITED STATES TREASURY 6/30/2023 4.000% 6/30/2028 91282CHK0 1,700,000.00 AA+ 7/3/2023 1,687,183.59 4.17% 1,681,147.00 -6,036.59UNITED STATES TREASURY 7/31/2023 4.125% 7/31/2028 91282CHQ7 4,950,000.00 AA+ 8/2/2023 4,921,962.89 4.25% 4,919,062.50 -2,900.39UNITED STATES TREASURY 8/31/2023 4.375% 8/31/2028 91282CHX2 7,940,000.00 AA+ 1/26/2024 8,054,137.50 4.03% 7,972,554.00 -81,583.50UNITED STATES TREASURY 8/31/2023 4.375% 8/31/2028 91282CHX2 1,735,000.00 AA+ 8/31/2023 1,742,726.17 4.28% 1,742,113.50 -612.67 UNITED STATES TREASURY 10/31/2023 4.875% 10/31/2028 91282CJF9 5,900,000.00 AA+ 1/4/2024 6,140,839.84 3.94% 6,048,208.00 -92,631.84 UNITED STATES TREASURY 10/31/2023 4.875% 10/31/2028 91282CJF9 5,160,000.00 AA+ 1/8/2024 5,355,717.19 4.00% 5,289,619.20 -66,097.99UNITED STATES TREASURY 11/30/2023 4.375% 11/30/2028 91282CJN2 8,025,000.00 AA+ 1/26/2024 8,150,704.10 4.02% 8,067,291.75 -83,412.35 UNITED STATES TREASURY 12/31/2023 3.750% 12/31/2028 91282CJR3 14,950,000.00 AA+ 1/19/2024 14,770,132.81 4.02% 14,631,116.50 -139,016.31UNITED STATES TREASURY 12/31/2023 3.750% 12/31/2028 91282CJR3 6,250,000.00 AA+ 1/4/2024 6,202,148.44 3.92% 6,116,687.50 -85,460.94 UNITED STATES TREASURY 1/31/2024 4.000% 1/31/2029 91282CJW2 6,400,000.00 AA+ 2/13/2024 6,367,750.00 4.11% 6,334,016.00 -33,734.00UNITED STATES TREASURY 1/31/2024 4.000% 1/31/2029 91282CJW2 5,030,000.00 AA+ 2/14/2024 4,968,107.42 4.28% 4,978,140.70 10,033.28UNITED STATES TREASURY 2/29/2024 4.250% 2/28/2029 91282CKD2 2,850,000.00 AA+ 3/7/2024 2,867,923.83 4.11% 2,853,790.50 -14,133.33 U.S. Treasury Bond / Note Subtotal 488,025,000.00 476,476,605.56 467,941,847.25 -8,534,758.31 FANNIE MAE 7/8/2019 1.750% 7/2/2024 3135G0V75 15,000,000.00 AA+ 12/18/2019 15,566,089.75 0.90% 14,863,200.00 -702,889.75FANNIE MAE 1/10/2020 1.625% 1/7/2025 3135G0X24 7,500,000.00 AA+ 1/22/2020 7,499,025.00 1.63% 7,302,000.00 -197,025.00 FANNIE MAE 4/24/2020 0.625% 4/22/2025 3135G03U5 10,000,000.00 AA+ 5/7/2020 10,050,600.00 0.52% 9,548,100.00 -502,500.00FANNIE MAE 11/12/2020 0.500% 11/7/2025 3135G06G3 1,860,000.00 AA+ 12/29/2020 1,864,929.00 0.44% 1,738,597.80 -126,331.20FNMA Medium Term Note Subtotal 34,360,000.00 34,980,643.75 33,451,897.80 -1,528,745.95 FEDERAL FARM CREDIT BANKS 4/22/2019 2.450% 7/22/2024 3133EKHV1 5,000,000.00 AA+ 9/4/2019 5,250,650.00 1.38% 4,960,350.00 -290,300.00FEDERAL FARM CREDIT BANKS 11/1/2019 1.650% 11/1/2024 3133EK4Y9 5,000,000.00 AA+ 11/8/2019 4,962,850.00 1.81% 4,901,000.00 -61,850.00 FEDERAL FARM CREDIT BANKS 1/23/2020 1.650% 1/23/2025 3133ELJM7 7,320,000.00 AA+ 5/18/2020 7,689,367.20 0.56% 7,121,408.40 -567,958.80FEDERAL FARM CREDIT BANKS 5/14/2020 0.500% 5/14/2025 3133ELZM9 10,000,000.00 AA+ 5/15/2020 9,982,800.00 0.53% 9,528,000.00 -454,800.00FEDERAL FARM CREDIT BANKS 6/9/2020 0.500% 6/9/2025 3133ELH23 10,000,000.00 AA+ 6/12/2020 9,997,540.00 0.50% 9,498,900.00 -498,640.00FFCB Medium Term Note Subtotal 37,320,000.00 37,883,207.20 36,009,658.40 -1,873,548.80 4/16/2024 10:10 AM 2 of 6
Attachment A
City of Santa Clara Monthly Report
3/31/2024
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/LFEDERAL FARM CREDIT BANKS 7/2/2020 0.500% 7/2/2025 3133ELR71 10,000,000.00 AA+ 7/14/2020 10,017,640.00 0.46% 9,469,100.00 -548,540.00FFCB Coupon Note Subtotal 10,000,000.00 10,017,640.00 9,469,100.00 -548,540.00FEDERAL HOME LOAN BANKS 11/6/2014 2.750% 12/13/2024 3130A3GE8 5,000,000.00 AA+ 3/12/2020 5,461,300.00 0.77% 4,916,150.00 -545,150.00FHLB Medium Term Note Subtotal 5,000,000.00 5,461,300.00 4,916,150.00 -545,150.00FREDDIE MAC 2/14/2020 1.500% 2/12/2025 3137EAEP0 5,000,000.00 AA+ 5/20/2020 5,226,960.00 0.53% 4,845,550.00 -381,410.00FREDDIE MAC 8/30/2022 4.050% 8/28/2025 3134GXS54 5,000,000.00 AA+ 8/30/2022 4,998,000.00 4.06% 4,939,550.00 -58,450.00FREDDIE MAC 9/25/2020 0.375% 9/23/2025 3137EAEX3 9,390,000.00 AA+ 9/25/2020 9,361,736.10 0.44% 8,795,613.00 -566,123.10FREDDIE MAC 10/10/2023 6.000% 10/10/2028 3134H1FT5 4,225,000.00 AA+ 10/10/2023 4,225,000.00 6.00% 4,228,802.50 3,802.50 FHLMC Medium Term Note Subtotal 23,615,000.00 23,811,696.10 22,809,515.50 -1,002,180.60 FANNIEMAE-ACES 7/1/2023 4.190% 7/1/2028 3136BQDE6 8,750,000.00 AA+ 11/30/2023 8,410,595.70 5.14% 8,524,801.25 114,205.55FANNIEMAE-ACES 7/1/2023 4.190% 7/1/2028 3136BQDE6 7,600,000.00 AA+ 7/31/2023 7,471,156.25 4.58% 7,404,398.80 -66,757.45FHLMC MULTIFAMILY STRUCTURED P 1/30/2017 3.347% 11/1/2026 3137BTUM1 5,314,531.92 AA+ 5/24/2023 5,150,943.99 4.31% 5,113,430.03 -37,513.96FHLMC MULTIFAMILY STRUCTURED P 5/15/2017 3.224% 3/1/2027 3137BXQY1 8,000,000.00 AA+ 8/18/2023 7,546,250.00 4.98% 7,681,360.00 135,110.00FHLMC MULTIFAMILY STRUCTURED P 7/1/2017 3.243% 4/1/2027 3137F1G44 4,545,000.00 AA+ 8/18/2023 4,285,260.35 4.97% 4,360,245.75 74,985.40FHLMC MULTIFAMILY STRUCTURED P 8/1/2017 3.117% 6/1/2027 3137F2LJ3 6,525,000.00 AA+ 8/22/2023 6,101,894.53 5.01% 6,231,766.50 129,871.97FHLMC MULTIFAMILY STRUCTURED P 7/1/2023 4.819% 6/1/2028 3137HACX2 7,500,000.00 AA+ 7/20/2023 7,574,910.00 4.59% 7,517,475.00 -57,435.00FHLMC MULTIFAMILY STRUCTURED P 7/1/2023 4.777% 6/1/2028 3137HAD45 6,082,705.47 AA+ 7/27/2023 6,082,553.40 4.78% 6,036,537.74 -46,015.66

FHLMC MULTIFAMILY
STRUCTURED P 10/1/2023 4.740% 8/1/2028 3137HAQ74 5,750,000.00 AA+ 10/19/2023 5,623,868.00 5.26% 5,747,125.00 123,257.00Federal Agency Commercial Mortgage-Backed Security Subtotal 60,067,237.39 58,247,432.22 58,617,140.07 369,707.85 INTER-AMERICAN DEVELOPMENT BANK 9/23/2021 0.500% 9/23/2024 4581X0DZ8 11,065,000.00 AAA 9/23/2021 11,056,811.90 0.52% 10,811,279.55 -245,532.35Supranational Subtotal 11,065,000.00 11,056,811.90 10,811,279.55 -245,532.35LOS ANGELES COMMUNITY COLLEGE DISTRICT C 11/10/2020 0.773% 8/1/2025 54438CYK2 2,715,000.00 AA+ 11/10/2020 2,715,000.00 0.77% 2,570,806.35 -144,193.65Municipals Subtotal 2,715,000.00 2,715,000.00 2,570,806.35 -144,193.653M COMPANY 3/27/2020 2.650% 4/15/2025 88579YBM2 2,560,000.00 BBB+ 4/25/2022 2,511,616.00 3.32% 2,485,248.00 -26,368.00ADOBE INC 1/26/2015 3.250% 2/1/2025 00724FAC5 4,000,000.00 A+ 1/26/2022 4,183,680.00 1.68% 3,933,200.00 -250,480.00 ALPHABET INC 8/9/2016 1.998% 8/15/2026 02079KAC1 5,740,000.00 AA+ 1/30/2023 5,354,386.80 4.05% 5,402,488.00 48,101.20AMAZON.COM INC 4/13/2022 3.300% 4/13/2027 023135CF1 6,715,000.00 AA 4/25/2022 6,672,964.10 3.44% 6,458,688.45 -214,275.65 4/16/2024 10:10 AM 3 of 6
Attachment A
City of Santa Clara Monthly Report
3/31/2024
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/LAPPLE INC 11/13/2017 2.750% 1/13/2025 037833DF4 5,000,000.00 AA+ 3/29/2021 5,355,200.00 0.84% 4,903,750.00 -451,450.00APPLE INC 11/13/2017 2.750% 1/13/2025 037833DF4 5,000,000.00 AA+ 3/9/2021 5,340,100.00 0.94% 4,903,750.00 -436,350.00BANK OF AMERICA CORP 3/22/2022 3.384% 4/2/2026 06051GKM0 5,000,000.00 A- 3/22/2022 5,005,100.00 3.36% 4,890,350.00 -114,750.00BANK OF AMERICA CORP 8/18/2023 5.526% 8/18/2026 06428CAA2 4,000,000.00 A+ 8/18/2023 3,998,360.00 5.54% 4,040,560.00 42,200.00BANK OF AMERICA CORP 4/22/2021 1.734% 7/22/2027 06051GJS9 1,420,000.00 A- 8/10/2022 1,281,251.80 3.92% 1,309,169.00 27,917.20 BANK OF NY MELLON CORP 1/28/2021 0.750% 1/28/2026 06406RAQ0 9,000,000.00 A 2/10/2021 9,025,920.00 0.69% 8,317,080.00 -708,840.00BLACKROCK INC 3/28/2017 3.200% 3/15/2027 09247XAN1 4,140,000.00 AA- 5/18/2022 4,086,055.80 3.50% 3,979,657.80 -106,398.00BLACKROCK INC 3/28/2017 3.200% 3/15/2027 09247XAN1 4,140,000.00 AA- 5/18/2022 4,085,352.00 3.50% 3,979,657.80 -105,694.20BLACKROCK INC 3/14/2024 4.700% 3/14/2029 09290DAA9 350,000.00 AA- 3/14/2024 349,366.50 4.74% 350,231.00 864.50 BRISTOL-MYERS SQUIBB CO 11/13/2020 0.750% 11/13/2025 110122DN5 5,725,000.00 A 6/30/2021 5,672,673.50 0.96% 5,349,726.25 -322,947.25CITIGROUP INC 9/29/2023 5.803% 9/29/2028 17325FBB3 11,225,000.00 A+ 9/29/2023 11,225,000.00 5.80% 11,619,783.25 394,783.25ELI LILLY & CO 3/5/2015 2.750% 6/1/2025 532457BH0 5,415,000.00 A+ 2/10/2022 5,559,255.60 1.91% 5,272,747.95 -286,507.65HERSHEY COMPANY 8/21/2015 3.200% 8/21/2025 427866AU2 3,000,000.00 A 3/30/2022 3,014,040.00 3.05% 2,930,790.00 -83,250.00 HOME DEPOT INC 9/14/2017 2.800% 9/14/2027 437076BT8 7,805,000.00 A 1/27/2023 7,364,719.95 4.15% 7,352,700.25 -12,019.70 HONEYWELL INTERNATIONAL 5/18/2020 1.350% 6/1/2025 438516CB0 5,000,000.00 A 9/8/2021 5,097,900.00 0.82% 4,791,550.00 -306,350.00HONEYWELL INTERNATIONAL 5/18/2020 1.350% 6/1/2025 438516CB0 2,255,000.00 A 3/22/2022 2,181,960.55 2.41% 2,160,989.05 -20,971.50JOHN DEERE CAPITAL CORP 6/17/2021 1.050% 6/17/2026 24422EVR7 5,000,000.00 A 12/8/2021 4,908,600.00 1.47% 4,603,100.00 -305,500.00JOHN DEERE CAPITAL CORP 7/14/2023 4.950% 7/14/2028 24422EXB0 605,000.00 A 7/18/2023 610,874.55 4.73% 609,561.69 -1,312.86 JOHN DEERE CAPITAL CORP 7/14/2023 4.950% 7/14/2028 24422EXB0 505,000.00 A 7/14/2023 504,247.55 4.98% 508,807.71 4,560.16JOHNSON & JOHNSON 8/25/2020 0.550% 9/1/2025 478160CN2 5,000,000.00 AAA 9/3/2020 5,023,550.00 0.45% 4,702,800.00 -320,750.00 JPMORGAN CHASE & CO 8/10/2021 0.768% 8/9/2025 46647PCM6 2,340,000.00 A- 8/10/2021 2,340,000.00 0.77% 2,295,820.80 -44,179.20JPMORGAN CHASE & CO 3/13/2020 2.005% 3/13/2026 46647PBH8 2,800,000.00 A- 3/22/2022 2,712,500.00 2.84% 2,706,956.00 -5,544.00JPMORGAN CHASE & CO 4/22/2021 1.578% 4/22/2027 46647PCB0 4,100,000.00 A- 8/10/2022 3,710,746.00 3.80% 3,801,192.00 90,446.00JPMORGAN CHASE & CO 2/24/2022 2.947% 2/24/2028 46647PCW4 2,925,000.00 A- 9/18/2023 2,674,532.25 5.13% 2,748,300.75 73,768.50MASTERCARD INC 12/3/2019 2.000% 3/3/2025 57636QAN4 5,000,000.00 A+ 3/10/2022 4,990,800.00 2.06% 4,855,450.00 -135,350.00MASTERCARD INC 12/3/2019 2.000% 3/3/2025 57636QAN4 5,000,000.00 A+ 3/9/2021 5,213,450.00 0.91% 4,855,450.00 -358,000.00MICROSOFT CORP 2/12/2015 2.700% 2/12/2025 594918BB9 5,000,000.00 AAA 3/9/2021 5,341,700.00 0.92% 4,897,800.00 -443,900.00 MICROSOFT CORP 11/3/2015 3.125% 11/3/2025 594918BJ2 5,100,000.00 AAA 1/25/2023 4,940,982.00 4.33% 4,967,451.00 26,469.00NOVARTIS CAPITAL CORP 11/20/2015 3.000% 11/20/2025 66989HAJ7 10,000,000.00 AA- 1/31/2023 9,638,600.00 4.38% 9,712,700.00 74,100.00QUALCOMM INC 5/20/2015 3.450% 5/20/2025 747525AF0 5,850,000.00 A 5/19/2022 5,860,588.50 3.39% 5,740,897.50 -119,691.00STATE STREET BANK & TR 2/7/2022 1.746% 2/6/2026 857477BR3 1,115,000.00 A 2/7/2022 1,115,000.00 1.75% 1,077,736.70 -37,263.30 STATE STREET BANK & TR 10/29/2020 2.901% 3/30/2026 857477BM4 4,250,000.00 A 3/14/2022 4,275,372.50 2.74% 4,138,055.00 -137,317.50TARGET CORP 1/24/2022 1.950% 1/15/2027 87612EBM7 4,595,000.00 A 2/1/2022 4,567,889.50 2.08% 4,271,190.35 -296,699.15TARGET CORP 1/24/2022 1.950% 1/15/2027 87612EBM7 990,000.00 A 1/24/2022 988,317.00 1.99% 920,234.70 -68,082.30TOYOTA MOTOR CREDIT CORP 9/11/2023 5.250% 9/11/2028 89236TLB9 5,600,000.00 A+ 9/11/2023 5,590,256.00 5.29% 5,696,600.00 106,344.00 WAL-MART STORES INC 6/27/2018 3.550% 6/26/2025 931142ED1 5,700,000.00 AA 2/8/2022 6,011,847.00 1.87% 5,604,753.00 -407,094.00 Corporate Note Subtotal 178,965,000.00 178,384,755.45 173,146,974.00 -5,237,781.45 AMERICAN EXPRESS CREDIT ACCOUN 9/19/2023 5.230% 9/15/2028 02582JKD1 6,170,000.00 AAA 9/19/2023 6,169,724.20 5.23% 6,212,326.20 42,602.00 BANK OF AMERICA AUTO TRUST 7/31/2023 5.530% 2/15/2028 06428AAC2 3,120,000.00 NR 7/31/2023 3,119,881.75 5.53% 3,134,788.80 14,907.05 BANK OF AMERICA AUTO TRUST 11/21/2023 5.740% 6/15/2028 06054YAC1 6,595,000.00 NR 11/21/2023 6,594,880.63 5.74% 6,671,897.70 77,017.07 4/16/2024 10:10 AM 4 of 6
Attachment A
City of Santa Clara Monthly Report
3/31/2024
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/LBANK OF AMERICA CREDIT CARD TR 12/14/2023 4.980% 11/15/2028 05522RDH8 3,045,000.00 NR 12/14/2023 3,044,591.06 4.98% 3,052,308.00 7,716.94CARMAX AUTO OWNER TRUST 4/21/2021 0.520% 2/17/2026 14314QAC8 670,190.92 AAA 4/21/2021 670,046.50 0.52% 659,199.79 -10,846.71CHASE ISSUANCE TRUST 1/31/2024 4.600% 1/15/2027 161571HV9 7,605,000.00 AAA 1/31/2024 7,603,841.76 4.61% 7,562,183.85 -41,657.91 CHASE ISSUANCE TRUST 9/15/2023 5.160% 9/15/2028 161571HT4 6,045,000.00 AAA 9/15/2023 6,043,324.33 5.17% 6,075,829.50 32,505.17CITIBANK CREDIT CARD ISSUANCE 12/1/2023 5.230% 12/1/2027 17305EGW9 1,855,000.00 AAA 12/11/2023 1,854,767.38 5.23% 1,855,463.75 696.37 DISCOVER CARD EXECUTION NOTE TRUST 9/27/2021 0.580% 9/15/2026 254683CP8 2,100,000.00 AAA 9/27/2021 2,099,550.39 0.58% 2,052,687.00 -46,863.39 FIFTH THIRD AUTO TRUST 8/23/2023 5.530% 8/15/2028 31680EAD3 5,270,000.00 AAA 8/23/2023 5,269,673.26 5.53% 5,303,938.80 34,265.54GM FINANCIAL SECURITIZED TERM 1/17/2024 4.850% 12/18/2028 36268GAD7 815,000.00 NR 1/17/2024 814,836.10 4.85% 812,758.75 -2,077.35 HONDA AUTO RECEIVABLES OWNER T 11/24/2021 0.880% 1/21/2026 43815GAC3 877,507.70 NR 11/24/2021 877,322.72 0.89% 856,122.84 -21,199.88HONDA AUTO RECEIVABLES OWNER T 8/22/2023 5.410% 2/18/2028 43815QAC1 4,825,000.00 AAA 8/22/2023 4,824,005.09 5.42% 4,848,160.00 24,154.91HYUNDAI AUTO RECEIVABLES TRUST 4/28/2021 0.380% 9/15/2025 44933LAC7 248,354.96 AAA 4/28/2021 248,328.83 0.38% 246,320.93 -2,007.90HYUNDAI AUTO RECEIVABLES TRUST 11/17/2021 0.740% 5/15/2026 44935FAD6 662,587.11 AAA 11/17/2021 662,439.23 0.75% 647,804.79 -14,634.44 HYUNDAI AUTO RECEIVABLES TRUST 11/13/2023 5.540% 10/16/2028 44918CAD4 2,530,000.00 AAA 11/13/2023 2,529,667.31 5.54% 2,557,602.30 27,934.99KUBOTA CREDIT OWNER TRUST 7/26/2023 5.280% 1/18/2028 500945AC4 1,925,000.00 NR 7/26/2023 1,924,513.75 5.29% 1,928,984.75 4,471.00 TOYOTA AUTO RECEIVABLES OWNERS 9/27/2021 0.430% 1/15/2026 89239BAC5 1,177,935.58 AAA 9/27/2021 1,177,841.70 0.43% 1,152,668.86 -25,172.84TOYOTA AUTO RECEIVABLES OWNERS 8/15/2023 5.160% 4/17/2028 89231FAD2 1,505,000.00 AAA 8/15/2023 1,504,659.57 5.17% 1,506,369.55 1,709.98 TOYOTA AUTO RECEIVABLES OWNERS 11/14/2023 5.540% 8/15/2028 89239FAD4 1,725,000.00 AAA 11/14/2023 1,724,814.05 5.54% 1,743,336.75 18,522.70USAA AUTO OWNER TRUST 9/15/2023 5.580% 5/15/2028 90291VAC4 6,030,000.00 AAA 9/15/2023 6,028,944.75 5.58% 6,074,199.90 45,255.15Asset-Backed Security Subtotal 64,796,576.27 64,787,654.36 64,954,952.81 167,298.45 COOPERATIEVE RABOBANK U.A. 7/20/2023 5.080% 7/17/2026 21684LGS5 7,500,000.00 A+ 7/20/2023 7,500,000.00 5.08% 7,599,150.00 99,150.00TORONTO DOMINION BANK NY 10/31/2022 5.470% 10/25/2024 89115B6F2 7,270,000.00 A 10/31/2022 7,270,000.00 5.44% 7,275,961.40 5,961.40 Certificate of Deposit Subtotal 14,770,000.00 14,770,000.00 14,875,111.40 105,111.40PRINCIPAL PUBLIC DEPOSIT SWEEP PROGRAM 2.950% 4/1/2024 992995944 1,667,960.47 9/1/2020 1,667,960.47 1,667,960.47 - LOCAL AGENCY INVESTMENT FUND 4.232% 4/1/2024 5,871,785.21 9/30/1997 5,871,785.21 5,871,785.21 - CALIFORNIA ASSET MANAGEMENT PROGRAM 5.480% 4/1/2024 136,841,325.46 10/4/2022 136,841,325.46 136,841,325.46 -CALIFORNIA ASSET MANAGEMENT PROGRAM - TERM 5.220% 7/26/2024 10,000,000.00 1/25/2024 10,000,000.00 10,000,000.00 - 4/16/2024 10:10 AM 5 of 6
Attachment A
City of Santa Clara Monthly Report
3/31/2024
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/LCALIFORNIA ASSET MANAGEMENT PROGRAM - TERM 5.120% 8/23/2024 10,000,000.00 1/25/2024 10,000,000.00 10,000,000.00 - CALIFORNIA ASSET MANAGEMENT PROGRAM - TERM 5.120% 9/25/2024 10,000,000.00 1/25/2024 10,000,000.00 10,000,000.00 - CALIFORNIA ASSET MANAGEMENT PROGRAM - TERM 5.120% 10/21/2024 10,000,000.00 1/25/2024 10,000,000.00 10,000,000.00 - DREYFUS TREASURY 5.190% 4/1/2024 2,319,145.70 10/31/1997 2,319,145.70 2,319,145.70 - Cash Equivalent Subtotal 186,700,216.84 186,700,216.84 186,700,216.84 - Grand Total Count 172 1,117,399,030.50 1,105,292,963.38 1,086,274,649.97 (19,018,313.41) 4/16/2024 10:10 AM 6 of 6
Attachment A
_____________________________________________________________________

MONTHLY FINANCIAL STATUS REPORT
April 2024
City of
Santa Clara
The Center of What's Possible
1 City of Santa Clara
Financial Status Report as of April 30, 2024
This report summarizes the City’s financial performance for the month ended April 30, 2024. Financial analysis for the report is provided for the General Fund, select Special Revenue Funds, Enterprise Operating Funds, and Capital Improvement Funds. Financial information included in this report is unaudited.

Economic Outlook
While there are varying forecasts, economic growth continues but is expected to be constrained in 2024. The March 2024 UCLA Anderson Forecast assumes no recession but does expect slower growth in 2024 as a result of the impact of higher interest rates on consumption, housing and business investment. The UCLA Forecast also identified risks to the Forecast, including the potential shutdown of the government, the impact of geopolitical events, and the impact of the election of national economic policies.1
Quarterly Real GDP Growth, Seasonally Adjusted Annual Rates The Conference Board Economic Forecast for the US Economy also no longer forecasts a recession for 2024 but does expect consumer spending growth to cool further and for the overall GDP growth to slow to under 1% over the second and third quarters of 2024. After that point, inflation is expected to gradually normalize to the Fed’s 2-perent target in 2025. In late 2024, interest rates are expected to fall but may stabilize at levels exceeding the pre-pandemic average. 2 1 UCLA Anderson Forecast, March 2024, The U.S. Economic Outlook and the 2024 Consumer Sentiment Consumption Disconnect 2 https:///www.conference-board.org/research/us-forecast, The Conference Board Economic Forecast for the US Economy, Updated May 16, 2024
¾
7_5
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il
lil
fl!.
5 2.5
0 -2.5
2021 2022 2023 2024 2025 2026
Source: UCLA Anderson Forecast and US. Bureau of Economic Analysis 2 City of Santa Clara
Financial Status Report as of April 30, 2024
On a national level, the unemployment rate slightly increased from 3.8% in March 2024 to 3.9% in April 2024. In April, the number of unemployed persons was 6.5 million, a slight increase from 6.4 in March 2024.
3 In the first quarter 2024, the Gross Domestic Product (GDP) increased at an annual rate of 1.3% according to the second estimate released by the Bureau of Economic Analysis. This follows a GDP increase of 3.4% in the fourth quarter 2023. The GDP increase primarily reflected increases in consumer spending, state and local government spending, nonresidential fixed investment, and residential fixed investment that were partially offset by a decrease in private inventory investment.

5.5 5.0

4.5 4.0

3.5 3.0

2.5 Chan 2. Nonrarm payroll employment over-the-month change, seasonally adjusted, ~ Iii 2.022 - April 2.024
Thousaros
800
700
600
500
400
300
200
100
0 -100
•
I

I I I I I

I I I I I
I
I
Apr-22 Jl.11-22 Oc:t-22 Ja11-23 Apr-23 Jl.11-23 Ocl-23 Jan-24 Apl"-24 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jl.11-23 Oct-23 Jan-24 Apr-24 Real GDP: Percent change from preceding quarter
40 30
20 10
0 -10
-20
-30
-40
Q2 Q3 Q4
2020
U.S. Bureau of Ernnomic Analysis
Ql Q2 Q3
2021
Q4 Ql Q2 Q3 Q4 Ql Q2 Q3 Q4 Ql
2022 2023 2024
Sea_,;ona lly adj usted annual rates
3 City of Santa Clara
Financial Status Report as of April 30, 2024
At the state level, the California unemployment remained unchanged at 5.3% between March and April 2024. This rate is higher compared to the 4.5% rate in April 2023. From April 2023 to April 2024, California added 206,500 nonfarm jobs, an increase of 1.8%.5 The unadjusted unemployment rate in the San José-Sunnyvale-Santa Clara Metropolitan Statistical Area (MSA) was 3.9% in April 2024, down slightly from a revised 4.2% in March 2024, but above the April 2023 level of 2.9%. Between April 2023 and April 2024, employment in this region increased by 1,200 jobs, or 0.1%. Notable employment increases were in private education and health services (up 11,200 jobs), and leisure and hospitality (up 2,200 jobs), while information was down 6,500 jobs and manufacturing was down 5,200 jobs.
6 General Fund
The General Fund is the major operating fund for the City and includes multiple programs, services, and activities for the residents and businesses of the City. The adopted budget for operating revenues and expenditures for fiscal year 2023/24 was $281.8 million. The amended budget for revenues and expenditures was adjusted to $290.4 million to reflect carryover encumbrances from fiscal year 2022/23 and various budget amendments approved by the City Council through April 2024. This budget also accounts for items approved by the City Council on December 12, 2023, as part of the FY 2022/23 Budget Year-End Report.
5 https://edd.ca.gov/en/about_edd/news_releases_and_announcements/unemployment-april-2024/ 6 https://labormarketinfo.edd.ca.gov/file/lfmonth/sjos$pds.pdf 4 City of Santa Clara
Financial Status Report as of April 30, 2024
General Fund Revenues
As of April 30, 2024, $226.3 million or 82.2% of the General Fund estimated revenue (excluding transfers) was received. Transfers and use of reserves of $15.1 million have occurred as budgeted.

Adopted Budget
Amended
Budget
Actual Through
04/30/2024
Percentage
Received
Actual Through
04/30/2023
$
Change From
Prior Year
Percentage
Change
TAXES
Sales Tax $ 60,524,000 $ 60,524,000 $ 39,772,451 65.71% $ 40,966,901 $ (1,194,450) -2.92% Property Tax 85,800,000 87,143,000 78,272,203 89.82% 72,706,598 5,565,605 7.65% Transient Occupancy Tax 21,275,000 21,275,000 16,169,243 76.00% 13,084,947 3,084,296 23.57% Other Taxes 6,750,000 6,750,000 4,636,976 68.70% 4,743,025 (106,049) -2.24% Total Taxes 174,349,000 175,692,000 138,850,873 79.03% 131,501,471 7,349,402 5.59%

LICENSES & PERMITS
Business Licenses 6,000,000 6,000,000 3,918,700 65.31% 701,261 3,217,439 458.81% Fire Operation Permits 2,000,000 2,000,000 1,482,991 74.15% 1,567,554 (84,563) -5.39% Miscellaneous Permits 69,000 69,000 18,210 26.39% 40,719 (22,509) -55.28% Total Licenses & Permits 8,069,000 8,069,000 5,419,901 67.17% 2,309,534 3,110,367 134.68% FINES & PENALTIES 1,225,000 1,225,000 2,101,618 171.56% 569,706 1,531,912 268.90% INTERGOVERNMENTAL 520,000 587,306 597,356 101.71% 1,112,320 (514,964) -46.30% CHARGES FOR SERVICES 29,314,768 30,179,768 27,302,279 90.47% 26,727,974 574,306 2.15% SILICON VALLEY POWER TRANSFER 32,000,000 32,000,000 27,425,209 85.70% 23,869,906 3,555,303 14.89%

USE OF MONEY & PROPERTY
Interest 3,500,000 3,500,000 2,195,628 62.73% 2,091,994 103,634 4.95% Rent 12,397,660 13,431,960 10,216,907 76.06% 9,813,484 403,423 4.11% Total Use of Money & Property 15,897,660 16,931,960 12,412,535 73.31% 11,905,478 507,057 4.26% MISCELLANEOUS REVENUES 180,000 180,000 530,923 294.96% 2,672,294 (2,141,371) -80.13%

STADIUM OPERATION
Charges for Services 9,278,128 9,278,128 11,410,102 122.98% 8,888,626 2,521,476 28.37% Rent and Licensing 1,230,000 1,230,000 250,000 20.33% 710,000 (460,000) -64.79% Total Stadium Operation 10,508,128 10,508,128 11,660,102 110.96% 9,598,626 2,061,476 21.48% TOTAL GENERAL FUND $ 281,795,558 $ 290,430,021 $ 241,357,654 83.10% $ 260,893,703 $ (19,536,048) -7.49% (1) The Operating Transfer In - Fund Balances includes the carryover encumbrances of open purchase orders as of June 30, 2023 and mid year budget amendment from reserves.

Function

CITY OF SANTA CLARA

GENERAL FUND

REVENUES OVERVIEW AND COMPARISON BY TYPE
FISCAL YEAR 2023/24 PY REVENUE COMPARISON
5 City of Santa Clara
Financial Status Report as of April 30, 2024
General Fund Revenues
Sales Tax: The City of Santa Clara sales tax rate is 9.125%, of which the City receives 1.0%. As of April 30, 2024, approximately $39.8 million has been collected, which is 2.9% lower than prior year collection levels.

The allocation from the County pool in the four quarter of 2023 was down 5.3% from the first quarter 2023.

Property Tax: Property tax receipts totaling $78.3 million were received through April 2024, which is

7.6% higher than prior year collection levels. The majority of property tax revenue is collected in February and April each year. Based on the latest information from the County of Santa Clara, property tax receipts are projected to end the year at $90.7 million, which is $3.6 million above the Amended Budget estimate of $87.1 million.

Transient Occupancy Tax (TOT): TOT is calculated as a percentage of City hotel/motel room charges. The City’s TOT rate increased from 11.5% to 12.5% effective January 1, 2024. This rate increase was factored into the development of the FY 2023/24 Adopted Budget. Through April 30, 2024, approximately $16.2 million was received, which is 23.6% above prior year receipts. Collections in the second half of the year are expected to be higher as a result of the rate increase. Growth of 12% from the prior year is needed to meet the budgeted estimate of $21.3 million.

Other Taxes: Includes franchise tax and documentary transfer tax. The City has collected $4.6 million through April, which is 2.2% below last fiscal year’s collection levels. Growth of 6% from the prior year is needed to meet the budgeted estimate of $6.75 million. Receipts through April reflect franchise tax collections of $3.8 million and approximately $0.8 million in documentary transfer tax revenue. The documentary transfer tax is tracking to end the year below budget, which reflects the drop in the number of property sales. In calendar year 2023, the number of single-family residence sales was down approximately 26% from calendar year 2022.

Licenses & Permits: Includes business licenses, fire operation permits, and miscellaneous permits and fees. Licenses and permits revenue collections total $5.4 million, or 67.2% of the $8.1 million budget. This represents a nearly 134.7% increase compared to prior year collection levels, primarily in the business tax category. Business tax receipts total $3.9 million through April, which is up from $0.7 million in the prior year. The updated Business License Tax is being implemented this fiscal year with the new methodology. This transition has necessitated the re-registration of every business that 6 City of Santa Clara
Financial Status Report as of April 30, 2024
establishes the amount of taxes due. After the first full year of implementation, the City will have a baseline for this tax. Based on collections through April, receipts may end the year below the budgeted estimate of $6.0 million.

Fines & Penalties: Includes vehicle, parking, court fines, and miscellaneous penalty fines. The revenue collected in this category through April was $2.1 million, which exceeds the budgeted estimate of $1.2 million. Collections in this category are tracking above prior year levels due to the resumption of the assessment of late fees that had previously been waived due to COVID-19.

Intergovernmental: Includes motor vehicle fees, state homeowner tax relief, state mandated reimbursement and redistribution of land sale proceeds and ground leases from the Successor Agency.

Through April 30, 2024, $0.6 million was collected in this category, which is lower than prior year collection levels. Revenues have slightly exceeded the budgeted estimate of $0.6 million.

Charges for Services: Includes various plan check and zoning-related fees, engineering fees, administrative fees, and community service revenue from various recreational activities. Through April, collections of approximately $27.3 million are tracking above par at 90.5% of the budget and are expected to slightly exceed the budgeted estimate by year-end. Revenues in this category are consistent with last year’s collections through the same period of $26.7 million. While collections in EMS transport and engineering fees are higher than prior years, collections in the technology fee are lower. Additionally, effective July 1, 2023, the Fire Development Services Fund was established and fire construction permitting fees are now booked in that fund, instead of the General Fund.

Silicon Valley Power Transfer: In accordance with the City’s charter, Silicon Valley Power pays 5.0% of gross revenues to the General Fund. Through April, $27.4 million has been transferred. Transfers throughout the year are based on the budgeted estimate and will be trued up at the end of the fiscal year based on actual performance.

Use of Money & Property: Includes realized investment income and rental income. Through April, $12.4 million has been collected, compared to $11.9 million last fiscal year. This increase is primarily due to higher rental income revenues, including right-of-way and Related lease payments.

Miscellaneous Revenues: Includes developer fees, donations, damage recovery, sale of surplus, and one-time miscellaneous revenues. Through April 30, 2024, collections of $0.5 million have exceeded the budgeted estimate of $0.2 million but are significantly lower than prior year levels. This lower collection level is attributable to the one-time settlement between the City, the Santa Clara Stadium Authority, and the Forty-Niners SC Stadium Company LLC and Forty Niners Stadium Management Company LLC (collectively, the Forty-Niners) recorded last fiscal year.

Stadium Operation: Through April 2024, revenues of $11.7 million have exceeded the revenue estimate of $10.5 million largely due to the receipt of reimbursements for General and Administrative and public safety overhead costs above estimates. This reflects large reimbursements received in March for public safety costs related to both NFL and non-NFL events. Reimbursements can take between three to six months from the event date due to the timing of third-party invoices and payment 7 City of Santa Clara
Financial Status Report as of April 30, 2024
from the Stadium Manager, however all reimbursements not received by year end are accrued. The original budget included estimates based on ten NFL games and eight non-NFL Events. Since the San Francisco 49ers made it into the playoffs, a total of 12 NFL games were held. Additionally, a total of ten non-NFL events were held in the current fiscal year. Therefore, a budget amendment is recommended as part of this report to recognize reimbursements for two additional NFL games and two additional non-NFL events, offset by an increase to the Stadium Operation appropriation. 8 City of Santa Clara
Financial Status Report as of April 30, 2024
General Fund Expenditures
As of April 30, 2024, $230.1 million or 79.2% of the General Fund operating budget had been expended. Overall, expenditures in the General Fund are within budgeted levels through April.

Excluding transfers, expenditures totaled $218.3 million, or 78.3% of the budget, which is below the par level of 83.3% of the budget. Transfers of $11.8 million have occurred as budgeted.

Adopted Budget
Amended
Budget
Actual Through
04/30/2024
Percentage
Used
Actual Through
04/30/2023
$
Change From
Prior Year
Percentage
Change

GENERAL GOVERNMENT
Non-Departmental $ 15,123,531 $ 15,990,480 $ 10,416,504 65.14% $ 3,815,202 $ 6,601,302 173.03% City Council 1,124,281 1,131,037 937,748 82.91% 553,351 384,397 69.47% City Clerk 1,947,261 2,121,865 1,235,820 58.24% 1,655,618 (419,798) -25.36% City Manager 5,410,204 7,709,087 3,573,767 46.36% 4,262,582 (688,815) -16.16% City Attorney 3,076,516 3,196,951 2,365,821 74.00% 2,661,949 (296,128) -11.12% City Auditor 948,445 1,087,660 635,518 58.43% 573,754 61,764 10.76% Human Resources 4,300,090 4,464,113 2,808,608 62.92% 3,020,325 (211,717) -7.01% Finance 18,192,257 19,102,116 13,966,463 73.11% 14,239,007 (272,544) -1.91% Total General Government 50,122,585 54,803,309 35,940,249 65.58% 30,781,788 5,158,461 16.76% PUBLIC WORKS 24,857,521 26,270,541 20,038,010 76.28% 17,999,915 2,038,094 11.32% COMMUNITY DEVELOPMENT 5,121,256 5,227,061 4,086,107 78.17% 3,698,027 388,080 10.49% PARKS AND RECREATION 21,933,152 22,711,221 17,354,552 76.41% 16,437,472 917,080 5.58%

PUBLIC SAFETY
Fire 62,616,032 63,647,842 53,820,617 84.56% 55,688,674 (1,868,057) -3.35% Police 85,598,562 85,946,468 70,136,982 81.61% 67,015,288 3,121,694 4.66% Total Public Safety 148,214,594 149,594,310 123,957,599 82.86% 122,703,962 1,253,637 1.02% LIBRARY 11,135,937 11,229,696 8,451,127 75.26% 8,582,377 (131,250) -1.53% DEPARTMENTAL TOTAL 261,385,045 269,836,138 209,827,643 77.76% 200,203,541 9,624,103 4.81%

OTHER FINANCING USES
Operating Transfer Out - Miscellaneous 1,198,809 1,353,809 1,353,809 100.00% 38,809 1,315,000 3388.39% Operating Transfer Out - Debt Services 1,402,440 1,402,440 1,402,440 100.00% 1,402,275 165 0.01% Operating Transfer Out - Maintenance Dtrct 942,413 942,413 942,413 100.00% 842,700 99,713 11.83% Operating Transfer Out - Cemetery 796,000 796,000 796,000 100.00% 870,000 (74,000) -8.51% Operating Transfer Out - CIP 7,305,499 7,305,499 7,305,499 100.00% 8,817,613 (1,512,114) -17.15% Operating Transfer Out - Reserves - - - N/A 5,598,215 (5,598,215) -100.00% Total Other Financing Uses 11,645,161 11,800,161 11,800,161 100.00% 17,569,612 (5,769,451) -32.84% STADIUM OPERATION 8,765,352 8,793,722 8,425,751 95.82% 7,393,974 1,031,777 13.95% TOTAL GENERAL FUND $ 281,795,558 $ 290,430,021 $ 230,053,555 79.21% 225,167,127 $ $ 4,886,428 2.17% Function

CITY OF SANTA CLARA

GENERAL FUND

EXPENDITURES OVERVIEW AND COMPARISON BY FUNCTION
FISCAL YEAR 2023/24 PY EXPENDITURES COMPARISON
9 City of Santa Clara
Financial Status Report as of April 30, 2024
General Fund Expenditures
Below is an explanation of certain budget to actual expenditure variances by department.

Non-Departmental: Includes expenditures that are not attributable to a single department, but a function of the City in general. Through April 30 2024, expenditures totaled $10.4 million, or 65.1% of the budget. These expenditures are below the par level of 83.3%, but significantly above prior year levels. This is a result of higher property insurance costs that have been directly budgeted under NonDepartmental, as opposed to allocated out amongst the departments citywide.

City Attorney: Actual expenditures through April totaled approximately $2.4 million, which is 74% of the budget, which is below par. Spending is 11.1% below the prior fiscal year due to lower outside legal counsel services costs.

City Clerk: Through April, actual expenditures were tracking below budget at $1.2 million or approximately 58.2% of the budget. This expenditure level reflects a 25.4% decrease in spending compared to last fiscal year due to one-time Granicus costs that are paid every other year.

City Council: Through April , expenditures were at 82.9% of budget, which is at par. This expenditure level is significantly above the prior year due to the reallocation of 1.0 Assistant to the City Manager position from the City Manager’s Office as approved as part of the FY 2023/24 and FY 2024/25 Adopted Operating Budget. While expenditures are currently tracking at par, a small budget adjustment is recommended as part of this report to increase the City Council budget to ensure that the expenditures remain within the budgeted level. This adjustment addresses slightly higher than anticipated personnel costs and additional conference costs expected by year-end.

City Manager: Expenditures through April 30, 2024 totaled $3.6 million, or 46.4% of the budget, which is below par for this time of the year. Expenditures are approximately 16.2% lower compared with the spending level through the same period last fiscal year. This is a result of vacancy savings within the department and the reallocation of 1.0 Assistant to the City Manager position to the City Council as mentioned above and lower spend in the maintenance category, partially offset with higher spend in miscellaneous supplies and services.

Through April, departmental expenditures for the Planning and Housing and Community Services divisions totaled $4.1 million, or 78.2% of the budget, which is below par. This expenditure level is

10.5% above the prior year is a result of higher salaries and benefits costs, separation payouts, and higher contractual services spending in the current year.

Finance Department: Through April, the Department’s expenditures totaled $14 million, or 73.1% of the budget, which is below par. This expenditure level is consistent with prior year levels. 10 City of Santa Clara
Financial Status Report as of April 30, 2024
Fire Department: Through April 30, 2024, actual expenditures totaled $53.8 million, or 84.6% of the budget, which is above par. These expenditures reflect a 3.4% decrease from expenditures through the same period last fiscal year. This is primarily because, as approved as part of the FY 2023/24 and FY 2024/25 Adopted Operating Budget, approximately 9.0 FTE were reallocated to the newly established Fire Development Services Fee Fund. These charges are reflected under the special revenue section of this report.

Expenditures are tracking over budget primarily due to higher overtime that totals 95.3% of the budget through April as well as compensatory time payout expenditures. Overtime is used to backfill for shift absences and vacant shift positions to maintain daily minimum staffing. When the budget was developed, it was assumed that overtime costs would be higher in the first half of the year while firefighters in the recruit academy were in training. These newly trained firefighters began providing relief staffing effective December 8, 2023. With these relief positions, overtime costs are expected to be lower in the second half of the fiscal year. However, it is anticipated that overtime expenditures will exceed the budget as the current absence rate exceeds the estimate used in the development of the budget.

When compared to the prior fiscal year, absences are up 31% through April (from 54,241 to 71,001 hours). This reflects increases in workers’ compensation/injury leave, modified duty, Family Medical Leave Act leave, sick leave, and compensatory time used. It is important to note that employees can elect for compensatory time over overtime pay when backfilling shift absences, which increases the need to backfill when the compensatory time is used. Through April, the compensatory time payouts are also up 24% from the prior year and significantly above historical levels.

Library Department: Through April, actual expenditures totaled $8.5 million, or 75.3% of the budget, which is below par, but consistent with expenditure levels last fiscal year. The Library continues to hire staff and fill vacancies to restore library hours, with higher spend in the as-needed and contractual services categories.

Parks and Recreation Department: Through April, actual expenditures totaled $17.4 million, or

76.4% of the budget, which is below par but higher than prior year actuals of $16.4 million. This is primarily due to higher spend in the salaries and benefits, contractual services, advertising and maintenance categories.

Police Department: Expenditures through April 30, 2024 are tracking slightly below par at $70.1 million, or 81.6% of the budget. This expenditure level is 4.7% above the prior year, primarily due to higher personnel costs, contractual services, and operating supplies costs.

Stadium Operation: Stadium operating expenditures are incurred first and billed on a reimbursement basis. Stadium expenditures totaled $8.4 million through April 30, 2024, which is higher than prior year 11 City of Santa Clara
Financial Status Report as of April 30, 2024
levels. This is primarily due to higher personnel spend, particularly in overtime. The original budget included estimates based on ten NFL games and eight non-NFL Events. Since the San Francisco 49ers made it into the playoffs, a total of 12 NFL games were held in the current fiscal year.

Additionally, a total of ten non-NFL events were held in the current Fiscal Year. Therefore, a budget amendment is recommended as part of this report to increase the Stadium Operation appropriation which covers the costs associated with two additional NFL games and two additional non-NFL events, offset by an increase to the revenue estimate for Stadium reimbursements. 12 City of Santa Clara
Financial Status Report as of April 30, 2024
Special Revenue Funds
The table below is a summary of revenues and expenditures of select Special Revenue Funds as of April 30, 2024. The amended budget reflects carryover encumbrances from fiscal year 2022/23 and budget amendments approved by the City Council through April 2024. Effective July 1, 2023, development related services in the Fire Department have been reallocated from the General Fund to the newly established Fire Development Services Fund, reflected below.

Revenues totaled approximately $18.5 million, while expenditures totaled $19.4 million through the end of April. Overall, both revenues and expenditures are tracking below the par level of 83.3%. The Building Development Services Fee Fund has seen a large decrease on the revenue side due to lower activity levels in the permitting categories. Expenditures; however, are tracking higher when compared to last year due to the filling of vacancies in the Building Division. In the Housing Successor Fund, the expenditures are significantly lower compared to last fiscal year due to a one-time special disbursement for a housing loan that occurred in July 2022. The drop in revenue and expenditures in the City Affordable Housing Fund are due to a one-time developer loan being disbursed in full.

Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 4/302024 Received 4/30/2023 Prior Year Change Housing Authority Fund $ 252,495 $ 252,495 $ 394,757 156.34% $ 390,403 $ 4,354 1.12% City Affordable Housing Fund 1,166,720 1,166,720 551,399 47.26% 6,290,674 (5,739,275) -91.23% Housing Successor Fund 1,306,326 1,306,326 385,983 29.55% 619,706 (233,723) -37.72% Housing and Urban Development 3,106,041 5,712,147 846,589 14.82% 964,270 (117,681) -12.20% Building Development Services
Fee Fund
15,611,000 15,611,000 13,346,362 85.49% 16,098,227 (2,751,865) -17.09% Fire Development Services Fee
Fund
2,935,000 3,073,827 3,016,329 98.13% - 3,016,329 N/A
TOTAL $ 24,377,582 $ 27,122,515 $ 18,541,419 68.36% 24,363,280 $ $ (5,821,861) -23.90% Actual Actual $
Fund Adopted Amended through Percentage through Change From Percent Description Budget Budget 4/302024 Used 4/30/2023 Prior Year Change Housing Authority Fund $ 457,193 $ 518,659 $ 140,684 27.12% $ 183,604 $ (42,920) -23.38% City Affordable Housing Fund 6,683,926 15,379,987 3,150,331 20.48% 6,777,826 (3,627,495) -53.52% Housing Successor Fund 873,227 1,216,887 648,689 53.31% 5,432,420 (4,783,731) -88.06% Housing and Urban Development 3,993,723 6,673,020 1,020,466 15.29% 1,495,705 (475,239) -31.77% Building Development Services
Fee Fund
13,689,592 17,218,230 11,896,804 69.09% 11,059,318 837,486 7.57% Fire Development Services Fee
Fund
3,109,073 3,247,900 2,567,182 79.04% - 2,567,182 N/A
TOTAL $ 28,806,734 $ 44,254,683 $ 19,424,156 43.89% 24,948,873 $ $ (5,524,717) -22.14%

PRIOR YEAR EXPENDITURE COMPARISON

CITY OF SANTA CLARA

SPECIAL REVENUE FUNDS

REVENUE AND EXPENDITURE - OVERVIEW AND COMPARISON BY FUND REVENUES - FISCAL YEAR 2023/24 PRIOR YEAR REVENUE COMPARISON EXPENDITURES - FISCAL YEAR 2023/24
13 City of Santa Clara
Financial Status Report as of April 30, 2024
Governmental Capital Improvement Funds
The table below lists the revenue for selected capital improvement funds. The amended budget reflects current year appropriations, prior year carryover, and budget amendments approved through April 2024. As of April 30, 2024, the capital fund revenue totaled $17.7 million. In the Parks and Recreation Capital Fund, $3.4 million has been collected, which includes approximately $2.1 million in Mitigation Fee Act revenue.

REVENUES - FISCAL YEAR 2023/24
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 4/302024 Received Parks & Recreation $ - $ 4,189,995 $ 4,189,995 $ 3,420,178 81.63% Streets & Highways 15,684,432 17,422,990 33,107,422 10,881,928 32.87% Storm Drain 4,454,000 - 4,454,000 1,217,789 27.34%
Related Santa Clara Developer 977,582 1,707,737 2,685,319 2,137,720 79.61% Patrick Henry Drive Infrastructure
Improvement Fund
140,486 - 140,486 - 0.00%
Tasman East Specific Infrastructure
Improvement Fund
- - - (6,269) N/A
TOTAL $ 21,256,500 $ 23,320,722 $ 44,577,222 $ 17,651,200 39.60%

CITY OF SANTA CLARA

GOVERNMENTAL CAPITAL IMPROVEMENT FUNDS

REVENUE - OVERVIEW AND COMPARISON BY SELECTED FUND
The table below lists the total amended budgeted amounts for expenditures in the Capital Improvement Funds. Similar to the revenue table, the amended expenditure budgets consist of current year appropriations, prior year carryover encumbrance balances in Governmental Capital Improvement Funds, and budget amendments approved through April 2024. As of April 30, 2024, capital fund expenditures totaled $36.0 million, or 21.4% of the amended budget, well below par of 83.3%.

As part of the adoption of the FY 2023/24 and FY 2024/25 biennial operating budget, some capital funds were carried over for projects that were not anticipated to be completed by June 30, 2023.

Necessary additional adjustments to the capital carryover amounts were included as part of the Budgetary Year-End Report for FY 2022/23 approved by the City Council approval on December 12, 2023. These adjustments are reflected in the tables referenced. 14 City of Santa Clara
Financial Status Report as of April 30, 2024
EXPENDITURES - FISCAL YEAR 2023/24
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 4/302024 Used Parks & Recreation $ 16,074,144 $ 24,181,336 $ 40,255,480 $ 11,240,537 27.92% Streets & Highways 51,126,802 43,717,468 94,844,270 19,680,720 20.75% Storm Drain 5,433,900 3,134,592 8,568,492 1,160,116 13.54% Fire 1,251,428 482,826 1,734,254 501,204 28.90%
Library 49,658 251,447 301,105 33,677 11.18%
Public Buildings 5,803,976 3,047,706 8,851,682 1,348,179 15.23% General Gov't - Other 4,403,201 6,651,782 11,054,983 1,565,851 14.16% City Affordable Housing Capital Fund - 1,600,000 - - NA Related Santa Clara Developer 1,500,691 - 1,500,691 493,022 32.85% Patrick Henry Drive Infrastructure
Improvement Fund 71,281
- 71,281 4,266 5.98%
Tasman East Specific Infrastructure
Improvement Fund 27,330
1,423,145 1,450,475 22,052 1.52%
TOTAL $ 85,742,411 $ 84,490,302 $ 168,632,713 $ 36,049,624 21.38%

CITY OF SANTA CLARA

SUMMARY OF EXPENDITURES

GOVERNMENTAL CAPITAL IMPROVEMENT FUNDS
15 City of Santa Clara
Financial Status Report as of April 30, 2024
Enterprise Funds
The table below is a summary of revenues and expenses for the Enterprise Operating Funds as of April 30, 2024. Overall, revenues and expenditures are tracking below budgeted levels.

Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 4/302024 Received 4/30/2023 Prior Year Change Electric Utility Fund $ 1,008,222,211 $ 1,008,222,211 $ 575,009,435 57.03% 487,337,579 $ $ 87,671,856 17.99% Water Utility Fund 60,726,490 60,726,490 44,195,305 72.78% 38,696,918 5,498,387 14.21% Sewer Utility Fund 73,500,825 78,500,825 74,681,145 95.13% 37,232,331 37,448,814 100.58% Cemetery Fund 750,000 750,000 480,836 64.11% 515,690 (34,854) -6.76% Solid Waste Utility Fund 39,577,957 39,577,957 30,390,912 76.79% 28,323,184 2,067,728 7.30% Water Recycling Fund 7,668,868 7,668,868 5,731,530 74.74% 4,888,206 843,324 17.25% TOTAL REVENUE $ 1,190,446,351 $ 1,195,446,351 $ 730,489,163 61.11% 596,993,908 $ $ 133,495,255 22.36% Actual Actual $
Fund Adopted Amended through Percentage through Change From Percent Description Budget Budget 4/302024 Used 4/30/2023 Prior Year Change Electric Utility Fund $ 681,590,706 $ 687,147,483 $ 449,695,751 65.44% 474,903,194 $ $ (25,207,443) -5.31% Water Utility Fund 54,015,131 56,447,989 43,331,121 76.76% 36,979,737 6,351,384 17.18% Sewer Utility Fund 53,980,961 55,447,527 47,490,411 85.65% 23,870,779 23,619,632 98.95% Cemetery Fund 1,534,349 1,534,349 801,770 52.25% 1,276,193 (474,423) -37.17% Solid Waste Utility Fund 38,782,622 42,490,732 27,948,742 65.78% 26,137,141 1,811,601 6.93% Water Recycling Fund 8,234,584 8,234,584 5,722,377 69.49% 5,498,838 223,539 4.07% TOTAL - Operating
Appropriations
$ 838,138,353 $ 851,302,664 $ 574,990,172 67.54% 568,665,882 $ $ 6,324,290 1.11% EXPENSES - FISCAL YEAR 2023/24 PRIOR YEAR EXPENSE COMPARISON

CITY OF SANTA CLARA

ENTERPRISE OPERATING FUNDS

REVENUES AND EXPENSES - OVERVIEW AND COMPARISON BY FUND REVENUES - FISCAL YEAR 2023/24 PRIOR YEAR REVENUE COMPARISON

Overall, revenues and expenditures are tracking above the prior year. Revenues in the electric (which also includes the Electric Debt Service Fund), water, and sewer utility (which also includes the Sewer Debt Service Fund) and water recycling funds are primarily from customer service charges. The activity levels for these customer service charges also impact the resource and production costs on the expenditure side for these funds.

The garbage collection expenditures in the Solid Waste Fund are higher than prior year levels. In the Sewer Utility Fund, costs related to the operations and maintenance of the Regional Wastewater Facility, co-owned with the City of San Jose, and debt retirement costs are tracking higher than prior year levels, while the high revenue collection is due to the bond proceeds collected in the debt service 16 City of Santa Clara
Financial Status Report as of April 30, 2024
fund. Revenue and expenditures are tracking higher than prior year levels in the Water Utility Fund due to activity levels.
17 City of Santa Clara
Financial Status Report as of April 30, 2024
A summary of revenue and expenses in the Enterprise Capital Improvement Funds is detailed in the table below. Actual revenue through April 30, 2024 totaled $30.6 million, consisting primarily of developer contributions in the Electric Utility Fund and sewer fees in the Sewer Utility Fund. The slight drop in revenue in the Sewer Utility Fund is due to a booking correction. Enterprise capital fund expenses totaled $71.2 million, or 11.9% of the amended budget. Similar to the general government capital funds, capital funds were carried over from FY 2022/23 as part of the FY 2023/24 and FY 2024/25 budget adoption process for those projects that were not expected to be completed by June 30, 2023. Additional necessary adjustments to the capital carryover amounts based on actual year-end expenditures were brought forward as part of the budgetary year-end report for FY 2022/23 approved by the City Council on December 12, 2023. These adjustments are reflected in the tables below.

Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 4/302024 Received Electric Utility Fund $ 40,400,092 $ 10,071,673 $ 50,471,765 $ 29,181,342 57.82% Water Utility Fund - - - 55,605 N/A
Sewer Utility Fund - - - 1,348,228 N/A
Solid Waste Utility Fund 258,000 430,000 688,000 9,152 1.33% Convention Center Capital
Fund
- -
-
6,032 N/A
TOTAL - Revenue $ 40,658,092 $ 10,501,673 $ 51,159,765 $ 30,600,359 59.81% Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 4/302024 Used Electric Utility Fund $ 395,633,333 $ 135,149,829 $ 530,783,162 $ 51,794,714 9.76% Street Lighting (1) 139,007 3,527,530 3,666,537 77,019 2.10% Water Utility Fund 9,671,923 2,839,914 12,511,837 2,960,010 23.66% Sewer Utility Fund 22,879,160 24,967,761 47,846,921 14,650,053 30.62% Cemetery Fund 23,835 228,809 252,644 6,000 2.37%
Solid Waste Utility Fund 1,389,757 15,085 1,404,842 1,160,614 82.62% Water Recycling Fund 50,000 - 50,000 28,200 56.40%
Convention Center Capital
Fund
215,000 2,141,755 2,356,755 509,985 21.64%

TOTAL - CIP
Appropriations
$ 430,002,015 $ 168,870,683 $ 598,872,698 $ 71,186,595 11.89%

CITY OF SANTA CLARA

ENTERPRISE CAPITAL IMPROVEMENT FUNDS

SUMMARY OF EXPENSES
EXPENSES - FISCAL YEAR 2023/24

CITY OF SANTA CLARA

ENTERPRISE CAPITAL IMPROVEMENT FUNDS

REVENUE - OVERVIEW AND COMPARISON BY SELECTED FUND
REVENUES - FISCAL YEAR 2023/24
(1) Street Lighting fund is part of Electric Capital Improvement Funds 18 City of Santa Clara
Financial Status Report as of April 30, 2024
Fund Reserves
By policy, City Council established the City’s General Contingency Reserve, under which reserves for Budget Stabilization and Capital Projects were established. • Budget Stabilization Reserve is set aside for weathering economic downturns, emergency financial crisis, or disaster situations. The reserve target is equal to the expenditures of the City’s General Fund operations for three months (90-day or 25% General Fund Adopted Operating Budget). In FY 2023/24, the City Council approved an exception to the policy to allow the Reserve to a minimum of 15% of expenditures.
• Capital Projects Reserve earmarks funds for the Capital Improvement Program.

The table below summarizes select reserve balances.
19 City of Santa Clara
Financial Status Report as of April 30, 2024
DETAIL OF SELECTED FUND RESERVE BALANCES:

GENERAL

CITY OF SANTA CLARA

RESERVE BALANCES
April 30, 2024
Donations to the City of Santa Clara
Donations totaling $2,284 were received in April 2024. The total donations of $121,566 for fiscal year 2023/24 are shown in the table below.

Department Apr-24
Fiscal Year
2023/24
Year To Date Designated Use
City Manager's Office - 301 Help Your Neighbor
Parks & Recreation - 6,420 Case Management
Parks & Recreation - 50 Community Garden
Parks & Recreation 2,284 4,945 Roberta Jones Jr. Theatre Parks & Recreation - 4,350 Senior Nutrition Donation
Parks & Recreation - 30,500 Wade Brummal
Police - 75,000 TEAM 200
TOTALS $ 2,284 $ 121,566
_____________________________________________________________________

MONTHLY INVESTMENT REPORT
April 2024
City of
Santa Clara
The Center of What's Possible
City of Santa Clara
Monthly Investment Report

SUMMARY OF INVESTMENT PORTFOLIO
All securities held by the City of Santa Clara as of April 30, 2024 were in compliance with the City's Investment Policy Statement regarding current market strategy and long-term goals and objectives. All securities held are rated A or higher by two nationally recognized rating agencies. There is adequate cash flow and maturity of investments to meet the City’s needs for the next six months.

The following table provides the breakdown of the total portfolio among the City, the Sports and Open Space Authority (SOSA), and the Housing Authority (HA) as of April 30, 2024.

On April 30, 2024 the cost value and market value of the City's unrestricted pooled investment portfolio were $1,134,976,686 and $1,109,843,860 respectively.

Investment Strategy and Market Update
The market’s expectations for the number of rate cuts from the Federal Reserve (Fed) fell during April due to inflation readings coming in above expectations and hawkish Fed commentary. After the May Federal Open Market Committee (FOMC) meeting — during which the Fed left the range for the overnight target rate unchanged at 5.25% to 5.50% — Fed Chair Jerome Powell noted that it is likely going to take longer than previously expected for the Fed to gain greater confidence that inflation is moving sustainably lower towards its 2% target. The market reaction was tempered by the fact that Chair Powell indicated an additional rate hike was unlikely.

The trend of hotter-than-expected inflation readings continued in April. The Consumer Price Index (CPI) exceeded estimates for the third consecutive month as the year-over-year (YoY) change rose to 3.5%, the highest level since September. PCE also rose for the first time in five months, increasing to 2.7%. The YoY change in Core PCE (which excludes volatile food and energy components) was unchanged from the prior month at 2.8%, ending the recent run of 14 consecutive monthly declines.

The April jobs report pointed to the labor market continuing to settle into equilibrium. The nonfarm payrolls report came in below expectations and fell to 175,000 but is still above the level necessary to keep pace with population growth. The unemployment rate also ticked up to 3.9% but has remained below 4% for 27 consecutive months, which is the longest such streak since the 1960s.

Yields declined on the news as the market interpreted the data as evidence that the hot labor market may be starting to normalize.

The yields on benchmark 2-, 5-, and 10-year U.S. Treasuries ended the month at 5.04%, 4.72%, and 4.68%, respectively, representing changes of +42, +50, and +48 bps for the month, respectively.

COST VALUE PERCENTAGE
City $1,133,789,536 99.90%
SOSA 9,994 0.00%
HA 1,177,689 0.10%
Unrestricted $1,134,976,686 100.00%
Restricted Bond Proceeds 2,329,015
Total Investments $1,137,305,701
2 The City's investment strategy for April 2024 was to invest funds not required to meet current obligations, in securities listed in the prevailing Investment Policy Statement, with maturities not to exceed five years from date of purchase. This strategy ensures safety of the City’s funds, provides liquidity to meet the City’s cash needs, and earns a reasonable portfolio return. PFM Asset Management LLC began actively managing the City’s securities portfolio on September 1, 2020.

As of April 30, 2024, 43.52% of the City’s portfolio consists of U.S. Treasury Notes, 18.24% consists of California Asset Management Program (CAMP), 16.20% consists of investment grade Corporate Notes, 8.03% consists of Federal Agencies, 5.66% consists of investment grade Asset-Back Securities, 5.12% consists of investment grade Mortgage-Backed Securities, 1.30% consists of Negotiable Certificates of Deposit, 0.97% consists of investment grade Supranational Obligations, 0.52% consists of Local Agency Investment Fund (LAIF), and 0.24% consists of investment grade Municipal Bonds. In addition, City bond proceeds are invested in separate funds and are not included in the calculation of the City’s portfolio yield.

U.S. Treasury Notes

43.52%
Federal Agency Notes

8.03%
Corporate Notes

16.20%
Municipal Bonds

0.24%
Supranational Obligations

0.97%
Asset-Backed Securities

5.66%
Negotiable Certificates
of Deposit

1.30%
Mortgage-Backed
Securities

5.12% Money Market Fund

0.00%
Local Agency Investment Fund
(LAIF)

0.52%
California Asset Management
Program (CAMP)

18.24%
Mutual Fund - Traffic Mitigation
Bond Proceeds

0.20%
3 The City’s securities portfolio is benchmarked against the ICE BAML 1-5 US Treasury Index.

3.22%

4.23%

4.38%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00%
Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Securities Portfolio Yield at Cost vs Index 24-Month Average of Yield at Market Securities Portfolio (yield at cost)
City's Benchmark Index (24-month rolling average market yield) BofA 1-5 AAA-A Corp & Gov't Index (24-month rolling average market yield) T T T
4 The following table summarizes the investment yields other information of the City’s investment portfolio components, along with comparable-maturity market indices. Also shown are the monthly interest income and aggregate year-to-date income.

Current Month
4/30/2024
Investment Yield
Liquidity Portfolio1

5.35%
LAIF average monthly yield 4.27%
Securities Portfolio2

3.22%
ICE BAML 1-5 US Treasury Index (24-month rolling average market yield) 4.23% ICE BAML 1-5 AAA-A US Corporate & Government Index (24-month rolling average market yield) 4.38%
City Portfolio (Liquidity + Securities) 3.63%
Investment Total Return*
Securities Portfolio -0.59%
ICE BAML 1-5 US Treasury Index -0.76%
ICE BAML 1-5 AAA-A US Corporate & Government Index -0.72% Average Maturity of Investments (in years)
Liquidity Portfolio1

0.13 Securities Portfolio2

2.73 City Portfolio (Liquidity + Securities) 2.22
ICE BAML 1-5 US Treasury Index 2.75
ICE BAML 1-5 AAA-A US Corporate & Government Index 2.76 Cash Interest Income Current Month3
$ 3,186,329
Cash Interest Income Fiscal Year-To-Date3
$ 23,986,565

1. Consists of CAMP Pool, LAIF, Dreyfus Traffic Mitigation Fund, & Principal Sweep Account

2. Core long term portfolio managed by PFM Asset Management

INVESTMENT TYPE VALUE PORTFOLIO POLICY
U.S. Treasury Notes 494,786,177 43.52% No Limit
Federal Agency Notes 91,337,747 8.03% 80%
Corporate Notes 184,266,304 16.20% 25%
Municipal Bonds 2,715,000 0.24% 20%
Supranational Obligations 11,056,812 0.97% 20%
Asset-Backed Securities 64,356,089 5.66% 10%
Negotiable Certificates of Deposit 14,770,000 1.30% 30% Mortgage-Backed Securities 58,234,418 5.12% 15%
Money Market Fund 27,695 0.00% 10% Per Fund
Local Agency Investment Fund (LAIF) 5,934,524 0.52% $75 M California Asset Management Program (CAMP) 207,491,920 18.24% No Limit Mutual Fund - Traffic Mitigation Bond Proceeds 2,329,015 0.20% 10% Per Fund TOTAL INVESTMENTS $ 1,137,305,701 100.00%

6 INVESTMENT MATURITY DISTRIBUTION
AS OF APRIL 30, 2024

UNRESTRICTED POOLED PORTFOLIO

MATURITY NUMBER OF
(IN MONTHS) COST VALUE INVESTMENTS DISTRIBUTION
DEMAND $ 173,454,139 3 15.28%
0 TO 6 76,695,945 9 6.76%
7 TO 12 105,355,977 19 9.28%
13 TO 18 96,727,367 18 8.52%
19 TO 24 105,514,398 22 9.30%
25 TO 30 66,564,610 12 5.86%
31 TO 36 84,211,887 17 7.42%
37 TO 42 99,007,637 13 8.72%
43 TO 48 97,135,336 19 8.57%
49 TO 54 150,541,213 26 13.26%
55 TO 60 79,768,177 14 7.03%
TOTAL $ 1,134,976,686 172 100.00%
Average Maturity of Unrestricted Pool: 2.21 Years
(a) $20 million is earmarked for the City's Electric Utility power-trading. 0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
22%
24%

INVESTMENT MATURITY DISTRIBUTION

UNRESTRICTED POOLED PORTFOLIO
AS OF APRIL 30, 2024
City of Santa Clara Monthly Report
4/30/2024
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/LUNITED STATES TREASURY 8/31/2017 1.875% 8/31/2024 9128282U3 2,985,000.00 AA+ 3/10/2020 3,149,640.66 0.62% 2,950,612.80 -199,027.86UNITED STATES TREASURY 8/31/2019 1.250% 8/31/2024 912828YE4 4,750,000.00 AA+ 1/5/2021 4,928,867.19 0.21% 4,685,447.50 -243,419.69UNITED STATES TREASURY 10/31/2017 2.250% 10/31/2024 9128283D0 10,000,000.00 AA+ 11/18/2019 10,290,625.00 1.64% 9,847,300.00 -443,325.00UNITED STATES TREASURY 11/30/2017 2.125% 11/30/2024 9128283J7 5,000,000.00 AA+ 1/6/2020 5,118,945.31 1.62% 4,907,000.00 -211,945.31UNITED STATES TREASURY 1/2/2018 2.250% 12/31/2024 9128283P3 10,000,000.00 AA+ 1/7/2020 10,300,781.25 1.62% 9,799,700.00 -501,081.25 UNITED STATES TREASURY 1/15/2022 1.125% 1/15/2025 91282CDS7 2,095,000.00 AA+ 4/12/2022 2,007,026.37 2.71% 2,034,538.30 27,511.93UNITED STATES TREASURY 1/31/2020 1.375% 1/31/2025 912828Z52 5,000,000.00 AA+ 4/22/2020 5,238,671.88 0.37% 4,856,200.00 -382,471.88UNITED STATES TREASURY 1/31/2020 1.375% 1/31/2025 912828Z52 1,950,000.00 AA+ 5/7/2021 2,013,146.48 0.50% 1,893,918.00 -119,228.48UNITED STATES TREASURY 2/28/2018 2.750% 2/28/2025 9128283Z1 6,200,000.00 AA+ 3/6/2020 6,850,757.82 0.61% 6,072,218.00 -778,539.82UNITED STATES TREASURY 8/31/2020 0.250% 8/31/2025 91282CAJ0 4,120,000.00 AA+ 8/2/2021 4,075,581.25 0.52% 3,860,728.40 -214,852.85UNITED STATES TREASURY 10/31/2020 0.250% 10/31/2025 91282CAT8 5,510,000.00 AA+ 6/7/2022 5,024,216.04 3.00% 5,123,859.20 99,643.16UNITED STATES TREASURY 10/31/2020 0.250% 10/31/2025 91282CAT8 5,400,000.00 AA+ 10/7/2021 5,285,882.81 0.78% 5,021,568.00 -264,314.81UNITED STATES TREASURY 11/30/2020 0.375% 11/30/2025 91282CAZ4 4,450,000.00 AA+ 11/4/2021 4,327,625.00 1.07% 4,130,846.00 -196,779.00 UNITED STATES TREASURY 12/31/2020 0.375% 12/31/2025 91282CBC4 3,820,000.00 AA+ 5/3/2021 3,751,956.25 0.76% 3,533,194.40 -218,761.85UNITED STATES TREASURY 1/31/2019 2.625% 1/31/2026 9128286A3 10,490,000.00 AA+ 10/5/2023 9,948,699.61 5.01% 10,057,287.50 108,587.89 UNITED STATES TREASURY 1/31/2021 0.375% 1/31/2026 91282CBH3 8,710,000.00 AA+ 5/3/2022 7,905,345.70 3.00% 8,025,829.50 120,483.80UNITED STATES TREASURY 1/31/2021 0.375% 1/31/2026 91282CBH3 4,050,000.00 AA+ 1/6/2022 3,906,351.56 1.27% 3,731,872.50 -174,479.06UNITED STATES TREASURY 1/31/2021 0.375% 1/31/2026 91282CBH3 7,735,000.00 AA+ 2/25/2022 7,305,949.22 1.84% 7,127,415.75 -178,533.47UNITED STATES TREASURY 1/31/2021 0.375% 1/31/2026 91282CBH3 8,025,000.00 AA+ 11/30/2021 7,817,478.52 1.01% 7,394,636.25 -422,842.27UNITED STATES TREASURY 2/15/2023 4.000% 2/15/2026 91282CGL9 5,300,000.00 AA+ 12/18/2023 5,260,250.00 4.37% 5,201,685.00 -58,565.00UNITED STATES TREASURY 2/28/2021 0.500% 2/28/2026 91282CBQ3 5,175,000.00 AA+ 12/7/2021 5,067,214.15 1.15% 4,763,846.25 -303,367.90UNITED STATES TREASURY 2/28/2021 0.500% 2/28/2026 91282CBQ3 3,575,000.00 AA+ 8/31/2021 3,542,880.86 0.70% 3,290,966.25 -251,914.61UNITED STATES TREASURY 5/31/2021 0.750% 5/31/2026 91282CCF6 9,250,000.00 AA+ 6/8/2022 8,477,480.47 2.99% 8,474,942.50 -2,537.97 UNITED STATES TREASURY 5/31/2021 0.750% 5/31/2026 91282CCF6 5,860,000.00 AA+ 3/21/2022 5,520,989.84 2.20% 5,368,990.60 -151,999.24UNITED STATES TREASURY 8/15/2016 1.500% 8/15/2026 9128282A7 5,350,000.00 AA+ 8/15/2022 5,033,388.67 3.08% 4,949,606.00 -83,782.67 UNITED STATES TREASURY 9/15/2023 4.625% 9/15/2026 91282CHY0 10,000,000.00 AA+ 10/3/2023 9,930,468.75 4.88% 9,921,500.00 -8,968.75 UNITED STATES TREASURY 9/30/2021 0.875% 9/30/2026 91282CCZ2 8,500,000.00 AA+ 4/5/2022 7,878,769.53 2.61% 7,719,360.00 -159,409.53 UNITED STATES TREASURY 10/31/2021 1.125% 10/31/2026 91282CDG3 5,700,000.00 AA+ 8/8/2022 5,267,601.56 3.05% 5,193,042.00 -74,559.56UNITED STATES TREASURY 11/15/2016 2.000% 11/15/2026 912828U24 8,840,000.00 AA+ 6/8/2022 8,472,242.19 3.01% 8,226,062.00 -246,180.19 UNITED STATES TREASURY 12/31/2021 1.250% 12/31/2026 91282CDQ1 5,340,000.00 AA+ 4/14/2022 5,000,617.97 2.69% 4,856,676.60 -143,941.37UNITED STATES TREASURY 2/15/2017 2.250% 2/15/2027 912828V98 7,910,000.00 AA+ 7/7/2022 7,705,452.34 2.85% 7,369,588.80 -335,863.54 UNITED STATES TREASURY 2/15/2017 2.250% 2/15/2027 912828V98 2,100,000.00 AA+ 4/20/2022 2,040,691.41 2.88% 1,956,528.00 -84,163.41 UNITED STATES TREASURY 2/15/2017 2.250% 2/15/2027 912828V98 5,400,000.00 AA+ 6/13/2022 5,159,109.38 3.29% 5,031,072.00 -128,037.38UNITED STATES TREASURY 3/31/2022 2.500% 3/31/2027 91282CEF4 940,000.00 AA+ 11/30/2022 883,159.38 4.03% 880,037.40 -3,121.98 UNITED STATES TREASURY 4/30/2020 0.500% 4/30/2027 912828ZN3 7,000,000.00 AA+ 8/3/2022 6,262,812.50 2.89% 6,155,100.00 -107,712.50 UNITED STATES TREASURY 5/15/2017 2.375% 5/15/2027 912828X88 5,400,000.00 AA+ 8/8/2022 5,248,546.88 3.01% 5,022,864.00 -225,682.88 UNITED STATES TREASURY 6/30/2020 0.500% 6/30/2027 912828ZV5 5,675,000.00 AA+ 8/15/2022 5,034,789.06 3.00% 4,957,623.25 -77,165.81UNITED STATES TREASURY 7/31/2022 2.750% 7/31/2027 91282CFB2 10,800,000.00 AA+ 9/14/2022 10,392,046.88 3.60% 10,123,272.00 -268,774.88UNITED STATES TREASURY 8/15/1997 6.375% 8/15/2027 912810FA1 9,390,000.00 AA+ 10/5/2023 9,913,052.34 4.78% 9,827,574.00 -85,478.34UNITED STATES TREASURY 8/15/2017 2.250% 8/15/2027 9128282R0 11,115,000.00 AA+ 9/6/2022 10,537,975.20 3.40% 10,242,250.20 -295,725.00UNITED STATES TREASURY 9/30/2022 4.125% 9/30/2027 91282CFM8 3,785,000.00 AA+ 11/3/2022 3,760,308.79 4.27% 3,700,859.45 -59,449.34 UNITED STATES TREASURY 10/31/2020 0.500% 10/31/2027 91282CAU5 21,480,000.00 AA+ 1/6/2023 18,292,401.56 3.91% 18,512,323.20 219,921.64UNITED STATES TREASURY 10/31/2022 4.125% 10/31/2027 91282CFU0 10,930,000.00 AA+ 12/8/2022 11,081,995.31 3.81% 10,679,375.10 -402,620.21 5/14/2024 2:39 PM 1 of 6
Attachment A
City of Santa Clara Monthly Report
4/30/2024
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/LUNITED STATES TREASURY 10/31/2022 4.125% 10/31/2027 91282CFU0 5,100,000.00 AA+ 12/13/2022 5,165,343.75 3.83% 4,983,057.00 -182,286.75UNITED STATES TREASURY 10/31/2022 4.125% 10/31/2027 91282CFU0 4,750,000.00 AA+ 1/31/2023 4,833,310.55 3.72% 4,641,082.50 -192,228.05UNITED STATES TREASURY 12/31/2022 3.875% 12/31/2027 91282CGC9 8,255,000.00 AA+ 1/31/2023 8,320,459.57 3.70% 7,993,811.80 -326,647.77UNITED STATES TREASURY 12/31/2022 3.875% 12/31/2027 91282CGC9 7,325,000.00 AA+ 2/8/2023 7,333,583.98 3.85% 7,093,237.00 -240,346.98UNITED STATES TREASURY 12/31/2022 3.875% 12/31/2027 91282CGC9 4,850,000.00 AA+ 2/2/2023 4,906,078.13 3.62% 4,696,546.00 -209,532.13UNITED STATES TREASURY 1/31/2021 0.750% 1/31/2028 91282CBJ9 5,815,000.00 AA+ 2/7/2023 5,009,758.79 3.83% 5,012,006.65 2,247.86 UNITED STATES TREASURY 1/31/2023 3.500% 1/31/2028 91282CGH8 7,505,000.00 AA+ 5/16/2023 7,508,517.97 3.49% 7,167,575.20 -340,942.77UNITED STATES TREASURY 2/28/2023 4.000% 2/29/2028 91282CGP0 8,080,000.00 AA+ 1/26/2024 8,063,587.50 4.05% 7,852,790.40 -210,797.10UNITED STATES TREASURY 2/28/2023 4.000% 2/29/2028 91282CGP0 7,360,000.00 AA+ 5/16/2023 7,532,500.00 3.46% 7,153,036.80 -379,463.20UNITED STATES TREASURY 2/28/2023 4.000% 2/29/2028 91282CGP0 6,600,000.00 AA+ 3/7/2023 6,526,781.25 4.25% 6,414,408.00 -112,373.25UNITED STATES TREASURY 3/31/2021 1.250% 3/31/2028 91282CBS9 5,820,000.00 AA+ 5/9/2023 5,236,408.59 3.50% 5,089,531.80 -146,876.79UNITED STATES TREASURY 3/31/2021 1.250% 3/31/2028 91282CBS9 5,470,000.00 AA+ 5/10/2023 4,912,530.08 3.54% 4,783,460.30 -129,069.78UNITED STATES TREASURY 3/31/2023 3.625% 3/31/2028 91282CGT2 5,765,000.00 AA+ 5/4/2023 5,816,569.73 3.42% 5,524,945.40 -291,624.33UNITED STATES TREASURY 3/31/2023 3.625% 3/31/2028 91282CGT2 5,030,000.00 AA+ 5/2/2023 5,023,712.50 3.65% 4,820,550.80 -203,161.70UNITED STATES TREASURY 4/30/2023 3.500% 4/30/2028 91282CHA2 5,075,000.00 AA+ 5/2/2023 5,042,488.28 3.64% 4,838,099.00 -204,389.28UNITED STATES TREASURY 5/31/2023 3.625% 5/31/2028 91282CHE4 11,735,000.00 AA+ 6/5/2023 11,695,577.73 3.70% 11,234,854.30 -460,723.43UNITED STATES TREASURY 5/31/2023 3.625% 5/31/2028 91282CHE4 8,285,000.00 AA+ 1/26/2024 8,149,074.22 4.04% 7,931,893.30 -217,180.92UNITED STATES TREASURY 6/30/2023 4.000% 6/30/2028 91282CHK0 11,300,000.00 AA+ 7/10/2023 11,117,699.22 4.36% 10,969,814.00 -147,885.22UNITED STATES TREASURY 6/30/2023 4.000% 6/30/2028 91282CHK0 1,700,000.00 AA+ 7/3/2023 1,687,183.59 4.17% 1,650,326.00 -36,857.59UNITED STATES TREASURY 7/31/2023 4.125% 7/31/2028 91282CHQ7 4,950,000.00 AA+ 8/2/2023 4,921,962.89 4.25% 4,827,586.50 -94,376.39UNITED STATES TREASURY 8/31/2023 4.375% 8/31/2028 91282CHX2 7,940,000.00 AA+ 1/26/2024 8,054,137.50 4.03% 7,818,438.60 -235,698.90UNITED STATES TREASURY 8/31/2023 4.375% 8/31/2028 91282CHX2 1,735,000.00 AA+ 8/31/2023 1,742,726.17 4.28% 1,708,437.15 -34,289.02UNITED STATES TREASURY 10/31/2023 4.875% 10/31/2028 91282CJF9 5,900,000.00 AA+ 1/4/2024 6,140,839.84 3.94% 5,926,963.00 -213,876.84UNITED STATES TREASURY 10/31/2023 4.875% 10/31/2028 91282CJF9 5,160,000.00 AA+ 1/8/2024 5,355,717.19 4.00% 5,183,581.20 -172,135.99UNITED STATES TREASURY 11/30/2023 4.375% 11/30/2028 91282CJN2 8,025,000.00 AA+ 1/26/2024 8,150,704.10 4.02% 7,903,341.00 -247,363.10 UNITED STATES TREASURY 12/31/2023 3.750% 12/31/2028 91282CJR3 14,950,000.00 AA+ 1/19/2024 14,770,132.81 4.02% 14,332,116.50 -438,016.31UNITED STATES TREASURY 12/31/2023 3.750% 12/31/2028 91282CJR3 6,250,000.00 AA+ 1/4/2024 6,202,148.44 3.92% 5,991,687.50 -210,460.94 UNITED STATES TREASURY 1/31/2024 4.000% 1/31/2029 91282CJW2 6,400,000.00 AA+ 2/13/2024 6,367,750.00 4.11% 6,201,280.00 -166,470.00UNITED STATES TREASURY 1/31/2024 4.000% 1/31/2029 91282CJW2 5,030,000.00 AA+ 2/14/2024 4,968,107.42 4.28% 4,873,818.50 -94,288.92UNITED STATES TREASURY 2/29/2024 4.250% 2/28/2029 91282CKD2 2,850,000.00 AA+ 3/7/2024 2,867,923.83 4.11% 2,791,888.50 -76,035.33UNITED STATES TREASURY 3/31/2024 4.125% 3/31/2029 91282CKG5 10,050,000.00 AA+ 4/11/2024 9,938,900.39 4.37% 9,787,795.50 -151,104.89UNITED STATES TREASURY 4/30/2024 4.625% 4/30/2029 91282CKP5 16,425,000.00 AA+ 4/30/2024 16,412,167.97 4.64% 16,362,092.25 -50,075.72 U.S. Treasury Bond / Note Subtotal 506,590,000.00 494,786,176.92 481,039,369.15 -13,746,807.77 FANNIE MAE 1/10/2020 1.625% 1/7/2025 3135G0X24 7,500,000.00 AA+ 1/22/2020 7,499,025.00 1.63% 7,315,125.00 -183,900.00 FANNIE MAE 4/24/2020 0.625% 4/22/2025 3135G03U5 10,000,000.00 AA+ 5/7/2020 10,050,600.00 0.52% 9,565,200.00 -485,400.00FANNIE MAE 11/12/2020 0.500% 11/7/2025 3135G06G3 1,860,000.00 AA+ 12/29/2020 1,864,929.00 0.44% 1,734,766.20 -130,162.80FNMA Medium Term Note Subtotal 19,360,000.00 19,414,554.00 18,615,091.20 -799,462.80 FEDERAL FARM CREDIT BANKS 11/1/2019 1.650% 11/1/2024 3133EK4Y9 5,000,000.00 AA+ 11/8/2019 4,962,850.00 1.81% 4,908,600.00 -54,250.00 FEDERAL FARM CREDIT BANKS 1/23/2020 1.650% 1/23/2025 3133ELJM7 7,320,000.00 AA+ 5/18/2020 7,689,367.20 0.56% 7,134,950.40 -554,416.80FEDERAL FARM CREDIT BANKS 5/14/2020 0.500% 5/14/2025 3133ELZM9 10,000,000.00 AA+ 5/15/2020 9,982,800.00 0.53% 9,520,600.00 -462,200.00FEDERAL FARM CREDIT BANKS 6/9/2020 0.500% 6/9/2025 3133ELH23 10,000,000.00 AA+ 6/12/2020 9,997,540.00 0.50% 9,489,100.00 -508,440.00FFCB Medium Term Note Subtotal 32,320,000.00 32,632,557.20 31,053,250.40 -1,579,306.80 5/14/2024 2:39 PM 2 of 6
Attachment A
City of Santa Clara Monthly Report
4/30/2024
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/LFEDERAL FARM CREDIT BANKS 7/2/2020 0.500% 7/2/2025 3133ELR71 10,000,000.00 AA+ 7/14/2020 10,017,640.00 0.46% 9,468,600.00 -549,040.00FFCB Coupon Note Subtotal 10,000,000.00 10,017,640.00 9,468,600.00 -549,040.00FEDERAL HOME LOAN BANKS 11/6/2014 2.750% 12/13/2024 3130A3GE8 5,000,000.00 AA+ 3/12/2020 5,461,300.00 0.77% 4,919,800.00 -541,500.00FHLB Medium Term Note Subtotal 5,000,000.00 5,461,300.00 4,919,800.00 -541,500.00FREDDIE MAC 2/14/2020 1.500% 2/12/2025 3137EAEP0 5,000,000.00 AA+ 5/20/2020 5,226,960.00 0.53% 4,855,000.00 -371,960.00FREDDIE MAC 8/30/2022 4.050% 8/28/2025 3134GXS54 5,000,000.00 AA+ 8/30/2022 4,998,000.00 4.06% 4,922,950.00 -75,050.00FREDDIE MAC 9/25/2020 0.375% 9/23/2025 3137EAEX3 9,390,000.00 AA+ 9/25/2020 9,361,736.10 0.44% 8,788,570.50 -573,165.60FREDDIE MAC 10/10/2023 6.000% 10/10/2028 3134H1FT5 4,225,000.00 AA+ 10/10/2023 4,225,000.00 6.00% 4,212,874.25 -12,125.75 FHLMC Medium Term Note Subtotal 23,615,000.00 23,811,696.10 22,779,394.75 -1,032,301.35 FANNIEMAE-ACES 7/1/2023 4.190% 7/1/2028 3136BQDE6 8,750,000.00 AA+ 11/30/2023 8,410,595.70 5.14% 8,550,430.00 139,834.30FANNIEMAE-ACES 7/1/2023 4.190% 7/1/2028 3136BQDE6 7,600,000.00 AA+ 7/31/2023 7,471,156.25 4.58% 7,426,659.20 -44,497.05FHLMC MULTIFAMILY STRUCTURED P 1/30/2017 3.347% 11/1/2026 3137BTUM1 5,304,401.08 AA+ 5/24/2023 5,141,124.99 4.31% 5,047,137.63 -93,987.36FHLMC MULTIFAMILY STRUCTURED P 5/15/2017 3.224% 3/1/2027 3137BXQY1 8,000,000.00 AA+ 8/18/2023 7,546,250.00 4.98% 7,582,640.00 36,390.00FHLMC MULTIFAMILY STRUCTURED P 7/1/2017 3.243% 4/1/2027 3137F1G44 4,545,000.00 AA+ 8/18/2023 4,285,260.35 4.97% 4,300,797.15 15,536.80FHLMC MULTIFAMILY STRUCTURED P 8/1/2017 3.117% 6/1/2027 3137F2LJ3 6,525,000.00 AA+ 8/22/2023 6,101,894.53 5.01% 6,142,896.00 41,001.47FHLMC MULTIFAMILY STRUCTURED P 7/1/2023 4.819% 6/1/2028 3137HACX2 7,500,000.00 AA+ 7/20/2023 7,574,910.00 4.59% 7,395,300.00 -179,610.00FHLMC MULTIFAMILY STRUCTURED P 7/1/2023 4.777% 6/1/2028 3137HAD45 6,079,509.94 AA+ 7/27/2023 6,079,357.95 4.78% 5,963,634.48 -115,723.47

FHLMC MULTIFAMILY
STRUCTURED P 10/1/2023 4.740% 8/1/2028 3137HAQ74 5,750,000.00 AA+ 10/19/2023 5,623,868.00 5.26% 5,653,400.00 29,532.00Federal Agency Commercial Mortgage-Backed Security Subtotal 60,053,911.02 58,234,417.77 58,062,894.46 -171,523.31 INTER-AMERICAN DEVELOPMENT BANK 9/23/2021 0.500% 9/23/2024 4581X0DZ8 11,065,000.00 AAA 9/23/2021 11,056,811.90 0.52% 10,852,109.40 -204,702.50Supranational Subtotal 11,065,000.00 11,056,811.90 10,852,109.40 -204,702.50LOS ANGELES COMMUNITY COLLEGE DISTRICT C 11/10/2020 0.773% 8/1/2025 54438CYK2 2,715,000.00 AA+ 11/10/2020 2,715,000.00 0.77% 2,569,828.95 -145,171.05Municipals Subtotal 2,715,000.00 2,715,000.00 2,569,828.95 -145,171.053M COMPANY 3/27/2020 2.650% 4/15/2025 88579YBM2 2,560,000.00 BBB+ 4/25/2022 2,511,616.00 3.32% 2,486,988.80 -24,627.20ADOBE INC 1/26/2015 3.250% 2/1/2025 00724FAC5 4,000,000.00 A+ 1/26/2022 4,183,680.00 1.68% 3,933,600.00 -250,080.00 ADOBE INC 4/4/2024 4.800% 4/4/2029 00724PAF6 1,635,000.00 A+ 4/4/2024 1,632,563.85 4.83% 1,617,391.05 -15,172.80 ADOBE INC 4/4/2024 4.800% 4/4/2029 00724PAF6 1,340,000.00 A+ 4/4/2024 1,337,762.20 4.84% 1,325,568.20 -12,194.00 ALPHABET INC 8/9/2016 1.998% 8/15/2026 02079KAC1 5,740,000.00 AA+ 1/30/2023 5,354,386.80 4.05% 5,365,924.20 11,537.40AMAZON.COM INC 4/13/2022 3.300% 4/13/2027 023135CF1 6,715,000.00 AA 4/25/2022 6,672,964.10 3.44% 6,384,890.60 -288,073.50APPLE INC 11/13/2017 2.750% 1/13/2025 037833DF4 5,000,000.00 AA+ 3/9/2021 5,340,100.00 0.94% 4,909,750.00 -430,350.00 5/14/2024 2:39 PM 3 of 6
Attachment A
City of Santa Clara Monthly Report
4/30/2024
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/LAPPLE INC 11/13/2017 2.750% 1/13/2025 037833DF4 5,000,000.00 AA+ 3/29/2021 5,355,200.00 0.84% 4,909,750.00 -445,450.00BANK OF AMERICA CORP 3/22/2022 3.384% 4/2/2026 06051GKM0 5,000,000.00 A- 3/22/2022 5,005,100.00 3.36% 4,886,250.00 -118,850.00BANK OF AMERICA CORP 8/18/2023 5.526% 8/18/2026 06428CAA2 4,000,000.00 A+ 8/18/2023 3,998,360.00 5.54% 4,009,880.00 11,520.00BANK OF AMERICA CORP 4/22/2021 1.734% 7/22/2027 06051GJS9 1,420,000.00 A- 8/10/2022 1,281,251.80 3.92% 1,302,764.80 21,513.00 BANK OF NY MELLON CORP 1/28/2021 0.750% 1/28/2026 06406RAQ0 9,000,000.00 A 2/10/2021 9,025,920.00 0.69% 8,304,750.00 -721,170.00BLACKROCK INC 3/28/2017 3.200% 3/15/2027 09247XAN1 4,140,000.00 AA- 5/18/2022 4,085,352.00 3.50% 3,937,595.40 -147,756.60BLACKROCK INC 3/28/2017 3.200% 3/15/2027 09247XAN1 4,140,000.00 AA- 5/18/2022 4,086,055.80 3.50% 3,937,595.40 -148,460.40BLACKROCK INC 3/14/2024 4.700% 3/14/2029 09290DAA9 2,924,000.00 AA- 4/11/2024 2,911,222.12 4.80% 2,868,268.56 -42,953.56BLACKROCK INC 3/14/2024 4.700% 3/14/2029 09290DAA9 350,000.00 AA- 3/14/2024 349,366.50 4.74% 343,329.00 -6,037.50 BRISTOL-MYERS SQUIBB CO 11/13/2020 0.750% 11/13/2025 110122DN5 5,725,000.00 A 6/30/2021 5,672,673.50 0.96% 5,338,963.25 -333,710.25CITIGROUP INC 9/29/2023 5.803% 9/29/2028 17325FBB3 11,225,000.00 A+ 9/29/2023 11,225,000.00 5.80% 11,430,529.75 205,529.75ELI LILLY & CO 3/5/2015 2.750% 6/1/2025 532457BH0 5,415,000.00 A+ 2/10/2022 5,559,255.60 1.91% 5,270,202.90 -289,052.70HERSHEY COMPANY 8/21/2015 3.200% 8/21/2025 427866AU2 3,000,000.00 A 3/30/2022 3,014,040.00 3.05% 2,917,920.00 -96,120.00 HOME DEPOT INC 9/14/2017 2.800% 9/14/2027 437076BT8 7,805,000.00 A 1/27/2023 7,364,719.95 4.15% 7,245,069.30 -119,650.65 HONEYWELL INTERNATIONAL 5/18/2020 1.350% 6/1/2025 438516CB0 5,000,000.00 A 9/8/2021 5,097,900.00 0.82% 4,792,250.00 -305,650.00HONEYWELL INTERNATIONAL 5/18/2020 1.350% 6/1/2025 438516CB0 2,255,000.00 A 3/22/2022 2,181,960.55 2.41% 2,161,304.75 -20,655.80JOHN DEERE CAPITAL CORP 6/17/2021 1.050% 6/17/2026 24422EVR7 5,000,000.00 A 12/8/2021 4,908,600.00 1.47% 4,578,750.00 -329,850.00JOHN DEERE CAPITAL CORP 7/14/2023 4.950% 7/14/2028 24422EXB0 605,000.00 A 7/18/2023 610,874.55 4.73% 599,978.50 -10,896.05 JOHN DEERE CAPITAL CORP 7/14/2023 4.950% 7/14/2028 24422EXB0 505,000.00 A 7/14/2023 504,247.55 4.98% 500,808.50 -3,439.05 JOHNSON & JOHNSON 8/25/2020 0.550% 9/1/2025 478160CN2 5,000,000.00 AAA 9/3/2020 5,023,550.00 0.45% 4,706,400.00 -317,150.00 JPMORGAN CHASE & CO 8/10/2021 0.768% 8/9/2025 46647PCM6 2,340,000.00 A- 8/10/2021 2,340,000.00 0.77% 2,306,233.80 -33,766.20JPMORGAN CHASE & CO 3/13/2020 2.005% 3/13/2026 46647PBH8 2,800,000.00 A- 3/22/2022 2,712,500.00 2.84% 2,708,636.00 -3,864.00JPMORGAN CHASE & CO 4/22/2021 1.578% 4/22/2027 46647PCB0 4,100,000.00 A- 8/10/2022 3,710,746.00 3.80% 3,783,439.00 72,693.00JPMORGAN CHASE & CO 2/24/2022 2.947% 2/24/2028 46647PCW4 2,925,000.00 A- 9/18/2023 2,674,532.25 5.13% 2,722,619.25 48,087.00MASTERCARD INC 12/3/2019 2.000% 3/3/2025 57636QAN4 5,000,000.00 A+ 3/9/2021 5,213,450.00 0.91% 4,860,550.00 -352,900.00MASTERCARD INC 12/3/2019 2.000% 3/3/2025 57636QAN4 5,000,000.00 A+ 3/10/2022 4,990,800.00 2.06% 4,860,550.00 -130,250.00MICROSOFT CORP 2/12/2015 2.700% 2/12/2025 594918BB9 5,000,000.00 AAA 3/9/2021 5,341,700.00 0.92% 4,897,350.00 -444,350.00 MICROSOFT CORP 11/3/2015 3.125% 11/3/2025 594918BJ2 5,100,000.00 AAA 1/25/2023 4,940,982.00 4.33% 4,947,561.00 6,579.00NOVARTIS CAPITAL CORP 11/20/2015 3.000% 11/20/2025 66989HAJ7 10,000,000.00 AA- 1/31/2023 9,638,600.00 4.38% 9,686,100.00 47,500.00QUALCOMM INC 5/20/2015 3.450% 5/20/2025 747525AF0 5,850,000.00 A 5/19/2022 5,860,588.50 3.39% 5,742,945.00 -117,643.50STATE STREET BANK & TR 2/7/2022 1.746% 2/6/2026 857477BR3 1,115,000.00 A 2/7/2022 1,115,000.00 1.75% 1,078,729.05 -36,270.95 STATE STREET BANK & TR 10/29/2020 2.901% 3/30/2026 857477BM4 4,250,000.00 A 3/14/2022 4,275,372.50 2.74% 4,134,697.50 -140,675.00TARGET CORP 1/24/2022 1.950% 1/15/2027 87612EBM7 4,595,000.00 A 2/1/2022 4,567,889.50 2.08% 4,240,633.60 -327,255.90TARGET CORP 1/24/2022 1.950% 1/15/2027 87612EBM7 990,000.00 A 1/24/2022 988,317.00 1.99% 913,651.20 -74,665.80TOYOTA MOTOR CREDIT CORP 9/11/2023 5.250% 9/11/2028 89236TLB9 5,600,000.00 A+ 9/11/2023 5,590,256.00 5.29% 5,603,080.00 12,824.00 WAL-MART STORES INC 6/27/2018 3.550% 6/26/2025 931142ED1 5,700,000.00 AA 2/8/2022 6,011,847.00 1.87% 5,591,016.00 -420,831.00 Corporate Note Subtotal 184,864,000.00 184,266,303.62 178,144,264.36 -6,122,039.26 AMERICAN EXPRESS CREDIT ACCOUN 9/19/2023 5.230% 9/15/2028 02582JKD1 6,170,000.00 AAA 9/19/2023 6,169,724.20 5.23% 6,152,724.00 -17,000.20 BANK OF AMERICA AUTO TRUST 7/31/2023 5.530% 2/15/2028 06428AAC2 3,120,000.00 NR 7/31/2023 3,119,881.75 5.53% 3,116,880.00 -3,001.75BANK OF AMERICA AUTO TRUST 11/21/2023 5.740% 6/15/2028 06054YAC1 6,595,000.00 NR 11/21/2023 6,594,880.63 5.74% 6,620,720.50 25,839.87 5/14/2024 2:39 PM 4 of 6
Attachment A
City of Santa Clara Monthly Report
4/30/2024
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/LBANK OF AMERICA CREDIT CARD TR 12/14/2023 4.980% 11/15/2028 05522RDH8 3,045,000.00 NR 12/14/2023 3,044,591.06 4.98% 3,019,269.75 -25,321.31CARMAX AUTO OWNER TRUST 4/21/2021 0.520% 2/17/2026 14314QAC8 576,349.38 AAA 4/21/2021 576,225.18 0.52% 568,136.40 -8,088.78CHASE ISSUANCE TRUST 1/31/2024 4.600% 1/15/2027 161571HV9 7,605,000.00 AAA 1/31/2024 7,603,841.76 4.61% 7,477,464.15 -126,377.61 CHASE ISSUANCE TRUST 9/15/2023 5.160% 9/15/2028 161571HT4 6,045,000.00 AAA 9/15/2023 6,043,324.33 5.17% 6,004,982.10 -38,342.23CITIBANK CREDIT CARD ISSUANCE 12/11/2023 5.230% 12/8/2027 17305EGW9 1,855,000.00 AAA 12/11/2023 1,854,767.38 5.23% 1,846,522.65 -8,244.73DISCOVER CARD EXECUTION NOTE TRUST 9/27/2021 0.580% 9/15/2026 254683CP8 2,100,000.00 AAA 9/27/2021 2,099,550.39 0.58% 2,061,192.00 -38,358.39 FIFTH THIRD AUTO TRUST 8/23/2023 5.530% 8/15/2028 31680EAD3 5,270,000.00 AAA 8/23/2023 5,269,673.26 5.53% 5,270,421.60 748.34 GM FINANCIAL SECURITIZED TERM 1/17/2024 4.850% 12/18/2028 36268GAD7 815,000.00 NR 1/17/2024 814,836.10 4.85% 805,154.80 -9,681.30 HONDA AUTO RECEIVABLES OWNER T 11/24/2021 0.880% 1/21/2026 43815GAC3 798,438.64 NR 11/24/2021 798,270.33 0.89% 779,491.69 -18,778.64HONDA AUTO RECEIVABLES OWNER T 8/22/2023 5.410% 2/18/2028 43815QAC1 4,825,000.00 AAA 8/22/2023 4,824,005.09 5.42% 4,817,183.50 -6,821.59HYUNDAI AUTO RECEIVABLES TRUST 4/28/2021 0.380% 9/15/2025 44933LAC7 179,848.20 AAA 4/28/2021 179,829.28 0.38% 178,781.70 -1,047.58HYUNDAI AUTO RECEIVABLES TRUST 11/17/2021 0.740% 5/15/2026 44935FAD6 595,146.93 AAA 11/17/2021 595,014.10 0.75% 583,059.50 -11,954.60 HYUNDAI AUTO RECEIVABLES TRUST 11/13/2023 5.540% 10/16/2028 44918CAD4 2,530,000.00 AAA 11/13/2023 2,529,667.31 5.54% 2,535,920.20 6,252.89KUBOTA CREDIT OWNER TRUST 7/26/2023 5.280% 1/18/2028 500945AC4 1,925,000.00 NR 7/26/2023 1,924,513.75 5.29% 1,914,932.25 -9,581.50 TOYOTA AUTO RECEIVABLES OWNERS 9/27/2021 0.430% 1/15/2026 89239BAC5 1,055,159.24 AAA 9/27/2021 1,055,075.15 0.43% 1,035,047.90 -20,027.25TOYOTA AUTO RECEIVABLES OWNERS 8/15/2023 5.160% 4/17/2028 89231FAD2 1,505,000.00 AAA 8/15/2023 1,504,659.57 5.17% 1,496,541.90 -8,117.67 TOYOTA AUTO RECEIVABLES OWNERS 11/14/2023 5.540% 8/15/2028 89239FAD4 1,725,000.00 AAA 11/14/2023 1,724,814.05 5.54% 1,728,812.25 3,998.20USAA AUTO OWNER TRUST 9/15/2023 5.580% 5/15/2028 90291VAC4 6,030,000.00 AAA 9/15/2023 6,028,944.75 5.58% 6,029,276.40 331.65 Asset-Backed Security Subtotal 64,364,942.39 64,356,089.42 64,042,515.24 -313,574.18COOPERATIEVE RABOBANK U.A. 7/20/2023 5.080% 7/17/2026 21684LGS5 7,500,000.00 A+ 7/20/2023 7,500,000.00 5.08% 7,570,350.00 70,350.00TORONTO DOMINION BANK NY 10/31/2022 5.470% 10/25/2024 89115B6F2 7,270,000.00 A 10/31/2022 7,270,000.00 5.44% 7,272,253.70 2,253.70 Certificate of Deposit Subtotal 14,770,000.00 14,770,000.00 14,842,603.70 72,603.70PRINCIPAL PUBLIC DEPOSIT SWEEP PROGRAM 2.950% 5/1/2024 992995944 27,695.20 9/1/2020 27,695.20 27,695.20 - LOCAL AGENCY INVESTMENT FUND 4.272% 5/1/2024 5,934,523.78 9/30/1997 5,934,523.78 5,934,523.78 - CALIFORNIA ASSET MANAGEMENT PROGRAM 5.440% 5/1/2024 167,491,919.96 10/4/2022 167,491,919.96 167,491,919.96 -CALIFORNIA ASSET MANAGEMENT PROGRAM - TERM 5.220% 7/26/2024 10,000,000.00 1/25/2024 10,000,000.00 10,000,000.00 - 5/14/2024 2:39 PM 5 of 6
Attachment A
City of Santa Clara Monthly Report
4/30/2024
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/LCALIFORNIA ASSET MANAGEMENT PROGRAM - TERM 5.120% 8/23/2024 10,000,000.00 1/25/2024 10,000,000.00 10,000,000.00 - CALIFORNIA ASSET MANAGEMENT PROGRAM - TERM 5.120% 9/25/2024 10,000,000.00 1/25/2024 10,000,000.00 10,000,000.00 - CALIFORNIA ASSET MANAGEMENT PROGRAM - TERM 5.120% 10/21/2024 10,000,000.00 1/25/2024 10,000,000.00 10,000,000.00 - DREYFUS TREASURY 5.170% 5/1/2024 2,329,014.76 10/31/1997 2,329,014.76 2,329,014.76 - Cash Equivalent Subtotal 215,783,153.70 215,783,153.70 215,783,153.70 - Grand Total Count 173 1,150,501,007.11 1,137,305,700.63 1,112,172,875.31 (25,132,825.32) 5/14/2024 2:39 PM 6 of 6
Attachment A
Attachment 5
Department/Item
Source of
Funds
Use of
Funds Explanation
Transfer from the
Engineering Operating Grant
Trust Fund
279,147 As part of the FY 2021/22 and FY 2022/23
Budgetary Year-End Reports, funds were
transferred from the General Fund to the
Engineering Operating Grant Trust Fund to cover
expenditures not expected to be reimbursed by the
One Bay Area Grant FY 2015/16 (OBAG 16)
allocation. However, in FY 2023/24,
reimbursements were received for the majority of
these OBAG 16 expenditures. This action
recognizes a transfer back from the Engineering
Operating Grant Trust Fund to recoup the majority
of the grant expenditures that were subsidized (five
affirmative Council votes required to
appropriate additional revenue).

Transfer from the Patrick
Henry Drive Infrastructure
Improvement Fund
(69,205) Eliminates the transfer from the Patrick Henry Drive Infrastructure Improvement Fund as work is not
anticipated and impact fees will not be received in
FY 2023/24. These funds were anticipated to
reimburse for prior year adminstrative costs
(majority affirmative Council votes required).

Fines and Penalties 1,098,589 Increase the Fines and Penalties revenue estimate (from $1,125,000 to $2,223,589) based on higher
actual collection charges (five affirmative Council
votes required to appropriate additional
revenue).

Silicon Valley Power (SVP)
Transfer
1,000,000 Increases the revenue estimate for the SVP
Transfer (from $32.0 million to $33.0 million) based
on the higher than anticipated SVP revenues in FY
2023/24, of which 5% is transferred to the General
Fund (five affirmative Council votes required to
appropriate additional revenue).

FY 2023/24 Budget Amendments
General Fund (001)
1 Attachment 5
FY 2023/24 Budget Amendments
Stadium Reimbursements /
Stadium Operations
2,382,558 1,813,012 Increases the revenue estimate for Stadium reimbursements and the appropriations for Stadium
Operations. The adopted budget included estimates
based on ten NFL games and eight non-NFL
events; however, there were two additional NFL
games and two additional non-NFL events that
occurred this fiscal year. This amendment accounts
for the reimbursements and costs associated with
these four additional events (five affirmative
Council votes required to appropriate additional
revenue).
2 Attachment 5
FY 2023/24 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Non-Departmental - NonPersonnel 200,000 Increases the Non-Departmental non-personnel budget by $200,000 to provide funding for citywide
employee recognition (five affirmative Council
votes required to appropriate additional
revenue).

Mayor and City Council
Offices
10,000 Increases the Mayor and City Council Offices
budget to account for higher than anticipated salary
and as-needed costs (five affirmative Council
votes required to appropriate additional
revenue).

Fire Department / Salaries
and Benefits
1,212,700 Increases the Fire Department budget for salaries and benefits by $1,212,700. This action funds the
Department's projected overages, including
approximately $1 million due to Field Operations
overtime and compensatory time payout costs as
well as $0.2 million from separation payouts. Fire
Department absences are up 31% through April
when compared to the prior fiscal year (from 54,241
to 71,001 hours). Through April, the compensatory
time payouts are also up 24% from the prior year
and significantly above historical levels (five
affirmative Council votes required to
appropriate additional revenue).

Fire Department - Other
Fees for Services
(Ambulance Transport
Revenue) /
Overtime/Materials/
Services/ Supplies
560,801 560,801 Recognizes revenue for ambulance transport payments received from public healthcare providers
and patients for Fire Department ambulance
transports to hospitals. Ambulance transports
began in March 2023 under the current Santa Clara
County dispatch orders, allowing agencies with
ambulances to transport patients to hospitals in
conjunction with County contracted ambulance
services.

These funds will be used to help offset $537,301 in
increased overtime expenditures in the Field
Operations Division due to increased absence
rates, as well as $23,500 for painting and installing
Fire Department decals on the ambulance
apparatus purchased in May 2023 (five affirmative
Council votes required to appropriate additional
revenue).

General Fund (001) ( Cont'd.)
3 Attachment 5
FY 2023/24 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Other Agencies Revenue
(Wildland Deployment
Reimbursements) / Fire
Department
63,720 63,720 Recognizes Cal OES reimbursements for wildland deployments in 2023 and appropriates the funding
to the Fire Department to cover the associated
costs (five affirmative Council votes required to
appropriate additional revenue).

Transfer to the Public
Buildings Capital Fund
(Triton Museum Repair and
Modifications project)
24,000 This action transfers funds from the General Fund to the Public Buildings Capital Fund for the Triton
Museum Repair and Modifications project to cover
unforeseen costs, including HVAC and alarm
repairs and Fire Marshall fines at the Triton
Museum (five affirmative Council votes required
to appropriate additional revenue).

Non-Departmental (1,882,000) Reduces the Non-Departmental budget by $1.9 million that had been set aside for separation
payouts that occur during the year that cannot be
absorbed by departments and reallocates those
funds to a new Accrued Liability Reserve to account
for liabilities earned against the City but not yet paid (majority affirmative Council votes required).

Accrued Liability Reserve 1,882,000 Establishes a new Accrued Liability Reserve of $1.9 million to account for liabilities against the City
earned but not yet paid. These are future costs that
are expected to be paid by the City for items such
as separation payouts. This addition is offset by a
reduction to the Non-Departmental budget of $1.9
million that had been set aside for separation
payouts (majority affirmative Council votes
required).

Transfer to the Related
Santa Clara Developer Fund
54,376 Establishes a transfer to the Related Santa Clara Developer Fund to cover prior year personnel costs
from the Fire, Public Works, and Community
Development Departments booked in that fund that
were determined not eligible to be reimbursed by
the developer (five affirmative Council votes
required to appropriate additional revenue).

General Fund (001) ( Cont'd.)
4 Attachment 5
FY 2023/24 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Budget Stabilization Reserve 915,402 Increases the Budget Stabilization Reserve (BSR) to offset the use of the BSR to address emergency
storm-related expenses brought forward in RTC 24-
302 ($230,402) on May 7, 2024 and RTC 24-452
($685,000) on June 25, 2024. This restores the
BSR to the level assumed in the development of the
FY 2024/25 Proposed Budget (five affirmative
Council votes required to appropriate additional
revenue).

Unrestricted Ending Fund
Balance
461,599 Aligns the unrestricted ending fund balance to the estimate assumed in the development of the FY
2024/25 General Fund budget. This fund balance is
assumed to support budget actions in FY 2024/25
(five affirmative Council votes required to
appropriate additional revenue).
5,315,610 5,315,610
Department/Item
Source of
Funds
Use of
Funds Explanation
Transfer from the Perpetual
Care Fund
470 This action increases the transfer from the
Perpetual Care Fund to the Cemetery Fund based
on the higher estimated interest earnings in the
Perpetual Care Fund that are transferred to the
Cemetery Fund (five affirmative Council votes
required to appropriate additional revenue).

Transfer from the
Endowment Care Fund
26,500 This action increases the transfer from the
Endowment Care Fund to the Cemetery Fund
based on the higher estimated interest earnings in
the Endowment Care Fund that are transferred to
the Cemetery Fund (five affirmative Council
votes required to appropriate additional
revenue).

Ending Fund Balance - 26,970 Increases the ending fund balance to offset the actions recommended above (five affirmative
Council votes required to appropriate additional
revenue).
26,970 26,970
Cemetery Fund (093)
General Fund (001) ( Cont'd.)
5 Attachment 5
FY 2023/24 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Transfer from Electric Utility
Debt Service Fund
(305,250,000) Eliminates the debt financing assumed for the Receiving Station Projects (SRS, KRS, and NRS) in
FY 2023/24 based on the revised timing for the
capital projects and funding plan. A debt issuance is
now assumed in FY 2024/25 as presented in the FY
2024/25 and FY 2025/26 Biennial Capital Budget.

Associated actions are recommended to offset the
reduction in the debt financing, including reducing
project budgets to align with revised schedules,
shifting project funding to customer service
charges, and/or shifting funding from other projects
(majority affirmative Council votes required).

Other Agencies Revenue /
Renewable Energy Microgrid
Project
(500,000) (500,000) Decreases the Other Agencies Revenue estimate and the Renewable Energy Microgrid project that
was appropriated in RTC 24-1624 approved by
Council on February 20, 2024. Because Federal
funding is not yet executed, this action reduces the
revenue estimate and the associated project
appropriation. Once funding is received, a budget
action will be brought forward to appropriate the
funds (majority affirmative Council votes
required).

Transfer from Electric Utility
Fund
33,685,000 Recognizes a transfer from the Electric Utility Fund to fund the NRS-KRS 115kV Line ($9.7 million),
Substation Control and Communication System
Replacement ($5.0 million), and the Northwest Loop
Capacity Upgrade ($10.0 million) project. The
transfer also funds the establishment of the
Northwestern - Zeno 60kV Reconductor ($3.0
million), Palm Substation Expansion ($3.0 million),
and the Agnew Rebuild and Expansion ($3.0
million) projects (five affirmative Council votes
required to appropriate additional revenue).

Electric Utility Capital Fund (591)
6 Attachment 5
FY 2023/24 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Esperanca Substation (16,000,000) Decreases the Esperanca Substation project by $16.0 million, from $26.9 million to $10.9 million, to
align with the project schedule and offset a portion
of the debt funding not anticipated to be received in
FY 2023/24 for the Receiving Station projects. The
$16.0 million is shifted out to FY 2024/25 as part of
the FY 2024/25 CIP budget process (majority
affirmative Council votes required).

KRS Rebuild and
Replacement
(74,447,723) Decreases the KRS Rebuild and Replacement
project by $74.4 million, from $86.4 million to $12.0
million, to align with the project schedule and offset
a portion of the debt funding not anticipated to be
received in FY 2023/24 for the project.

Appropriations are being reduced in other capital
projects to support current expenses in FY 2023/24.

Future year appropriations are included in the FiveYear CIP budget in alignment with the debt service and project schedule (majority affirmative Council
votes required).

NRS Transformer and
Breaker Upgrades
(75,099,335) Decreases the NRS Transformer and Breaker
Upgrades project by $75.1 million, from $88.1
million to $13.0 million, to align with the project
schedule and offset a portion of the debt funding not
anticipated to be received in FY 2023/24 for the
project. Appropriations are being reduced in other
capital projects to support current expenses in FY
2023/24. Future year appropriations are included in
the Five-Year CIP budget in alignment with the debt
service and project schedule (majority affirmative
Council votes required).

NRS-KRS 115kV Line (21,947,018) Decreases the NRS-KRS 115kV Line project by $21.9 million, from $31.6 million to $9.7 million, to
align with the project schedule and offset a portion
of the debt funding not anticipated to be received in
FY 2023/24. The current charges are
recommended to be funded from Customer Service
Charges transferred from the Electric Utility Fund
rather than Debt Proceeds. Future year
appropriations are included in the Five-Year CIP
budget in alignment with the debt service and
project schedule (majority affirmative Council
votes required).

Electric Utility Capital Fund (591) (Cont'd.)
7 Attachment 5
FY 2023/24 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
SRS Rebuild and
Replacement
(78,552,753) Decreases the SRS Rebuild and Replacement
project by $78.6 million, from $90.6 million to $12.0
million, to align with the project schedule and offset
a portion of the debt funding not anticipated to be
received in FY 2023/24 for the project.

Appropriations are being reduced in other capital
projects to support current expenses in FY 2023/24.

Future year appropriations are included in the FiveYear CIP budget in alignment with the debt service and project schedule (majority affirmative Council
votes required).

Grizzly Tap Line Repairs (3,000,000) Decreases the Grizzly Tap Line Repairs project by $3.0 million, from $25.0 million to $22.0 million, to
align with the project schedule and offset a portion
of the debt funding not anticipated to be received in
FY 2023/24 for the Receiving Station projects. The
$3.0 million is shifted out to FY 2024/25 as part of
the FY 2024/25 CIP budget process (majority
affirmative Council votes required).

South Loop Reconductor (18,000,000) Decreases the South Loop Reconductor project by $18.0 million, from $18.6 million to $0.6 million, to
align with the project schedule and offset a portion
of the debt funding not anticipated to be received in
FY 2023/24 for the Receiving Station projects. The
$18.0 million is shifted out to FY 2024/25 as part of
the FY 2024/25 CIP budget process (majority
affirmative Council votes required).

Substation Control and
Communication System
Replacement
5,000,000 Increases the Substation Control and
Communication System Replacement budget by
$5.0 million, from $0.1 million to $5.1 million, to
prepare design work for the replacement of SVP's
communication system. Funding is provided by
Customer Service Charges transferred from the
Electric Utility Fund (five affirmative Council votes
required to appropriate additional revenue).

Electric Utility Capital Fund (591) (Cont'd.)
8 Attachment 5
FY 2023/24 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Northwest Loop Capacity
Upgrade
10,000,000 Increases the Northwest Loop Capacity Upgrade project by $10.0 million, from $4.8 million to $14.8
million, to prepare design work for the underground
replacement of a transmission line. Funding is
provided by Customer Service Charges transferred
from the Electric Utility Fund (five affirmative
Council votes required to appropriate additional
revenue).

Northwestern – Zeno 60kV
Reconductor
3,000,000 Establishes the Northwestern - Zeno 60kV
Reconductor project in the amount of $3.0 million to
replace 1.49 miles of an existing 60kV transmission
line to a new transmission line rated at 3000A.

These funds are requested to start design work.

Funding is provided by Customer Service Charges
transferred from the Electric Utility Fund (five
affirmative Council votes required to
appropriate additional revenue).

Palm Substation Expansion 3,000,000 Establishes the Palm Substation Expansion project in the amount of $3.0 million to expand an existing
substation and add a third transformer. The Palm
Substation was constructed and energized in 2010
consisting of two transformer banks. To provide
future capacity load growth, this Palm Substation
Expansion project will install of a third power
transformer bank and outdoor metal clad
switchgear and expanded 12 kV distribution
feeders. Full buildout and operation of the Palm
Substation will also enable SVP to reliably serve
customer load increases in Santa Clara north of
Highway 101. These funds are requested to start
design work. Funding is provided by Customer
Service Charges transferred from the Electric Utility
Fund (five affirmative Council votes required to
appropriate additional revenue).

Electric Utility Capital Fund (591) (Cont'd.)
9 Attachment 5
FY 2023/24 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Agnew Rebuild and
Expansion
3,000,000 Establishes the Agnew Rebuild and Expansion
project in the amount of $3.0 million to rebuild and
expand the existing substation. Agnew Substation
was originally constructed in 1979. Equipment has
become obsolete and the load growth in the service
is projected to exceed the current capacity of the
substation. The scope of the project is to rebuild
Agnew Substation at the existing site to continue to
provide service to customers, to meet future load
growth, and improve service reliability. Funding is
provided by Customer Service Charges transferred
from the Electric Utility Fund (five affirmative
Council votes required to appropriate additional
revenue).

Unrestricted Ending Fund
Balance
(8,518,171) Decreases the unrestricted ending fund balance to offset the actions recommended above (five
affirmative Council votes required for the use of
unused balances).
(272,065,000) (272,065,000)
Department/Item
Source of
Funds
Use of
Funds Explanation
Bond Proceeds / Transfer to
the Electric Utility Capital
Fund
(305,250,000) (305,250,000) Eliminates the debt financing assumed for the Receiving Station Projects (SRS, KRS, and NRS) in
FY 2023/24 and the associated transfer to the
Electric Utility Capital Fund based on the revised
timing for the capital projects and funding plan. A
debt issuance is now assumed in FY 2024/25 as
presented in the FY 2024/25 and FY 2025/26
Biennial Capital Budget. (majority affirmative
Council votes required).

Transfer from Electric Utility
Fund / Debt Service
(16,677,014) (16,677,014) Decreases the transfer from the Electric Utility Fund and the debt service costs to align with the revised
debt service schedule (majority affirmative
Council votes required).
(321,927,014) (321,927,014)
Electric Utility Debt Service Fund (491)
Electric Utility Capital Fund (591) (Cont'd.)
10 Attachment 5
FY 2023/24 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Transfer to Electric Utility
Debt Service Fund
(16,677,014) Decreases the transfer to the Electric Utility Debt Service Fund to align with the revised debt service
schedule (majority affirmative Council votes
required).

Transfer to the Electric Utility
Capital Fund
33,685,000 Establishes a transfer to the Electric Utility Capital Fund to support CIP funding for several projects
(five affirmative Council votes required for the
use of unused balances).

Charges for Services 15,000,000 Increases the Charges for Services revenue estimate to recognize additional revenue due to
higher than anticipated energy sales revenue (five
affirmative Council votes required to
appropriate additional revenue).

Other Revenue 25,000,000 Increases the Other Revenue estimate to recognize additional wholesale revenue from the sale of
power, resource adequacy, renewable energy
credits, and congestion revenue rights (five
affirmative Council votes required to
appropriate additional revenue).

Electric Department -
Resource and Production
(48,500,000) Decreases the Resource and Production expense budget due to anticipated savings of $26.5 million
for transmission charges and net energy purchases
of $22.0 million. Transmission rates and energy
(market) prices are 23% and 44% lower than
budgeted, respectively (majority affirmative
Council votes required).

Ending Fund Balance -
Infrastructure Reserve
40,000,000 Increases the Infrastructure Reserve by $40.0 million, from $10.0 million to $50.0 million. This
reserve is set to equal the replacement of some
critical infrastructure in the event of an unscheduled
or higher than anticipated replacement cost (five
affirmative Council votes required for the use of
unused balances).

Electric Utility Fund (091)
11 Attachment 5
FY 2023/24 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Ending Fund Balance -
Operations and Maintenance
Reserve
53,864,287 Increases the Operations and Maintenance
Reserve by $53.9 million, from $141.1 million to
$195.0 million. At $195.0 million, the reserve covers
approximately 129 days of operations. Due to large
fluctuations and variability in the energy market, the
Electric Utility Operations and Maintenance Reserve
has a target ranging from 90 to 180 days of
operations (five affirmative Council votes
required for the use of unused balances).

Ending Fund Balance - Rate
Stabilization Reserve
2,122,708 Increases the Rate Stabilization Reserve by $2.1 million, from $63.9 million to $66.0 million. The
minimum reserve target is a balance equal to 10%
of current year rate payer revenue. At $66.0 million,
this accounts for approximately 10% of rate payer
revenue (five affirmative Council votes required
for the use of unused balances).

Unrestricted Ending Fund
Balance
(24,494,981) This action decreases the unrestricted ending fund balance to offset the actions recommended above
(five affirmative Council votes required for the
use of unused balances).
40,000,000 40,000,000
Department/Item
Source of
Funds
Use of
Funds Explanation
Interest Earnings / Transfer
to Cemetery Fund
26,500 26,500 This action increases the interest earnings revenue estimate in the Endowment Care Fund and
increases the transfer of these funds to the
Cemetery Fund based on estimated earnings
through the end of the fiscal year (five affirmative
Council votes required to appropriate additional
revenue).
26,500 26,500
Endowment Care Fund (077)
Electric Utility Fund (091) (Cont'd.)
12 Attachment 5
FY 2023/24 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Revenue from Other
Agencies / Transfer to the
General Fund
279,147 279,147 As part of the FY 2021/22 and FY 2022/23 Budgetary Year-End Reports, funds were
transferred from the General Fund to the
Engineering Operating Grant Trust Fund to cover
expenditures not expected to be reimbursed by the
One Bay Area Grant FY 2015/16 (OBAG 16)
allocation. However, in FY 2023/24,
reimbursements were received for the majority of
these OBAG 16 expenditures. This action
recognizes the receipt of revenue and establishes a
transfer back to the General Fund to recoup the
majority of the grant expenditures that were
subsidized (majority affirmative Council votes
required).
279,147 279,147
Department/Item
Source of
Funds
Use of
Funds Explanation
Revenue From Other
Agencies / Silicon Valley
Animal Control Authority
(SVACA) Billing - Public
Works
40,000 40,000 Recognizes revenue from other agencies and appropriates the funding to the SVACA billing
program for work the Department of Public Works'
Facility Services Division provides to SVACA (five
affirmative Council votes required to
appropriate additional revenue).

Revenue From Other
Agencies / Silicon Valley
Animal Control Authority
(SVACA) Billing - Information
Technology
6,000 6,000 Recognizes revenue from other agencies and
appropriates the funding to the SVACA billing
program for website design work the Information
Technology Department provided to SVACA (five
affirmative Council votes required to
appropriate additional revenue).

Transfer to the Police
Operating Grant Trust Fund
41,000 Establishes a transfer to the Police Operating Grant Trust Fund for the seized asset funding received
from the State. The Police Department receives
seized asset funding from three sources: federal,
State and local agencies, with each seized asset
allocation coded by source. This is a technical
correction to reconcile the seized asset funds to the
proper source (majority affirmative Council votes
required).

Expendable Trust Fund (079)
Engineering Operating Grant Trust Fund (144)
13 Attachment 5
FY 2023/24 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Seized Assets - State (41,000) Decreases the Seized Assets - State allocation in the Expendable Trust Fund and transfers the
amount to the Police Operating Grant Trust Fund.

This is a technical correction to reconcile the seized
asset funds to the proper source (majority
affirmative Council votes required).
46,000 46,000
Department/Item
Source of
Funds
Use of
Funds Explanation
Diesel Exhaust Removal
Systems
(40,000) Reduces the Diesel Exhaust Removal Systems
funding and reallocates the funds to a new project
identified by the Fire Department as higher priority
(majority affirmative Council votes required).

Fire Station 2 Window
Seismic Upgrades
40,000 Establishes a Fire Station 2 Window Seismic
Upgrades project for the repair of the bank of
second floor windows in the front of the Training
Center. These windows have been identified as
being a hazard in the event of an earthquake
(majority affirmative Council votes required).
- -
Department/Item
Source of
Funds
Use of
Funds Explanation
Fire Department - Other
Fees for Services / Overtime
Budget
133,027 133,027 Recognizes revenue received for fire plan review and inspection fees and allocates these funds to the
Fire Department overtime budget. Fees are related
to expedited plan review and fire permit inspection
services conducted by the Community Risk
Reduction Division (five affirmative Council votes
required to appropriate additional revenue).
133,027 133,027
Fire Department Capital Fund (536)
Fire Development Services Fund (158)
Expendable Trust Fund (079) (Cont'd.)
14 Attachment 5
FY 2023/24 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Other Agencies Revenue /
USAR Training
Reimbursement
34,025 34,025 Recognizes Urban Search and Rescue training reimbursement from the Menlo Park Fire Protection
District. Reimbursement received for the Search
Dog Foundation Training, Mobex Training, Swift
Water Rescue Training, and Medical Specialist
Training activities (five affirmative Council votes
required to appropriate additional revenue).

Other Agencies Revenue /
2020 Assistance to
Firefighters Covid
Supplemental Grant Fund
3,558 3,558 Recognizes additional grant funding of $3,558 for the 2020 Assistance to Firefighters Covid
Supplemental Grant award and increases the grant
appropriation (from $3,736 to $7,294) for
reimbursement of COVID-19 medical supplies (five
affirmative Council votes required to
appropriate additional revenue).

Other Agencies Revenue /
2023 State Homeland
Security Grant Program
3,530 3,530 Recognizes and appropriates $3,530 in grant funding for the Santa Clara County State Homeland
Security Grant Program Grant. Grant funds will
cover attendance costs for the 2024 National
Homeland Security Conference city's Emergency
Services Officer (five affirmative Council votes
required to appropriate additional revenue).

Other Agencies Revenue /
2023 Emergency
Management Preparedness
Grant
54,000 54,000 Recognizes and appropriates $54,000 in grant funding for the Santa Clara County Emergency
Management Performance Grant. Grant funds will
cover attendance costs for the California
Emergency Services Association (CESA) 2024
Annual Conference and International Association of
Emergency Managers (IAEM) 2024 Annual
Conference for the city's Emergency Services
Officer, as well as EOC Technology expenditures
(five affirmative Council votes required to
appropriate additional revenue).
95,113 95,113
Fire Operating Grant Trust Fund (178)
15 Attachment 5
FY 2023/24 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Materials/Services/Supplies 350,000 Increases the Materials/Services/Supplies budget to cover expenditures for increasing cost in fuel, parts,
and contractual services. Over half of the amount
requested would cover the costs to repair a fire
engine involved in a traffic accident (five
affirmative Council votes required for the use of
unused balances).

Unrestricted Ending Fund
Balance
(350,000) Adjusts the Unrestricted ending fund balance to offset the action above (five affirmative Council
votes required for the use of unused balances).
- -
Department/Item Source of Use of Explanation
CDBG Program Income /
CDBG Administration
13,012 13,012 Recognizes additional program income received for CDBG and appropriates the funding to the CDBG
Administration project to account for additional staff
time spent on CDBG services (five affirmative
Council votes required to appropriate additional
revenue).
13,012 13,012
Department/Item
Source of
Funds
Use of
Funds Explanation
Mitigation Fee Act Revenue 2,177,539 - Increases the Mitigation Fee Act revenue estimate by $2,084,268 based on revenue received year-todate (five affirmative Council votes required to appropriate additional revenue).

Quimby Act Revenue 65,263 - Increases the Quimby Act revenue estimate by $65,263 based on revenue received year-to-date
(five affirmative Council votes required to
appropriate additional revenue).

Park Impact Fees Monitoring
Project
- 44,856 Increases the Park Impact Fees Monitoring Project appropriation based on Mitigation Fee Act (MFA)
and Quimby Act revenue received year-to-date. The
appropriation is based on a calculation of two
percent (2%) of actual Quimby and MFA fees
received which are transferred to this project
annually (City Chapter 17.35 of the City Code) to
support staff and studies related to the park in-lieu
program (five affirmative Council votes required
to appropriate additional revenue).

Fleet Maintenance and Operations Fund (053)
Parks and Recreation Capital Fund (532)
Housing and Urban Development Fund (562)
16 Attachment 5
FY 2023/24 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Parkland Acquisition Project - 549,487 Increases the Parkland Acquisition Project appropriation by $526,636 (from $9,976,073 to
$10,502,709) based on Mitigation Fee Act and
Quimby Act revenue received year-to-date. The
appropriation is based on 25% of total Park In-Lieu
Fees received, after two percent (2%) is allocated to
the Park Impact Fees Monitoring Project (five
affirmative Council votes required to
appropriate additional revenue).

Ending Fund Balance - 1,648,459 Increases the Unrestricted Ending Fund Balance to offset the actions above (five affirmative Council
votes required to appropriate additional
revenue).
2,242,802 2,242,802
Department/Item
Source of
Funds
Use of
Funds Explanation
Santa Clara County
Fireworks Grant FY 2023/24
5,000 5,000 Recognizes and appropriates a grant from the County of Santa Clara for fireworks display events
to be held on July 4, 2024. The grant provides
partial funding for the City's fireworks display, in
partnership with Great America, and picnic to be
held at Mission College and includes a Public/Fire
Safety education component (five affirmative
Council votes required to appropriate additional
revenue).
5,000 5,000
Department/Item
Source of
Funds
Use of
Funds Explanation
Patrick Henry Infrastructure
Impact Fee / Transfer to the
General Fund
(69,205) (69,205) Decreases the impact fee revenue estimate and the transfer to the General Fund as work is not
anticipated and fees will not be received in FY
2023/24. The transfer to the General Fund was
intended to reimburse for administrative costs
(majority affirmative Council votes required).
(69,205) (69,205)
Parks and Recreation Capital Fund (532) (Cont'd.)
Parks & Recreation Operating Grant Trust Fund (111)
Patrick Henry Drive Infrastructure Improvement Fund (542) 17 Attachment 5
FY 2023/24 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Interest Earnings / Transfer
to Cemetery Fund
470 470 This action increases the interest earnings revenue estimate in the Perpetual Care Fund and increases
the transfer of these funds to the Cemetery Fund
based on estimated earnings through the end of the
fiscal year (five affirmative Council votes
required to appropriate additional revenue).
470 470
Department/Item
Source of
Funds
Use of
Funds Explanation
Transfer from the
Expendable Trust Fund /
Seized Assets
41,000 41,000 Establishes a transfer from the Expendable Trust Fund for the seized asset funding received from the
State. The Police Department receives seized asset
funding from three sources: federal, State and local
agencies and these allocations are coded by
source. This action corrects the balance to tie to the
proper source (majority affirmative Council votes
required).
41,000 41,000
Department/Item
Source of
Funds
Use of
Funds Explanation
Developer Contributions /
Kylli Project - 3005
Democracy Way
62,000 62,000 Recognizes developer contributions and
appropriates the funding to the Kylli Project at 3005
Democracy Way (five affirmative Council votes
required to appropriate additional revenue).
62,000 62,000
Perpetual Care Fund (076)
Police Operating Grant Trust Fund (177)
Prefunded Plan Review Fund (157)
18 Attachment 5
FY 2023/24 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Transfer from the General
Fund / Triton Museum
Repair and Modifications
24,000 24,000 Establishes a transfer from the General Fund and increases the Triton Museum Repair and
Modifications project to cover unforeseen costs,
including Fire Marshall fines, HVAC and alarm
repairs at the Triton Museum (five affirmative
Council votes required to appropriate additional
revenue).
24,000 24,000
Department/Item
Source of
Funds
Use of
Funds Explanation
Other Revenue / Senior
Center’s Health & Wellness
Case Management Program
14,620 14,620 Recognizes and appropriates donations to support the following Senior Program activities: Senior
Center activities ($20 from an anonymous donor),
Bingo program ($100 from Theta Baltazar),
Woodshop program ($1,000 from Sara Ann
Holman, on behalf of Richard Anthony Lacks Living
Trust), and the Senior Center Health & Wellness
program ($1,500 from Kaiser Permanente and
$12,000 from the Santa Clara Women's League). A
separate item will be brought to Council at a later
date to recognize the Santa Clara Women's
League's donation (five affirmative Council votes
required to appropriate additional revenue).
14,620 14,620
Department/Item
Source of
Funds
Use of
Funds Explanation
Resource / Production 1,200,000 Increases the Resources / Production category to account for higher than anticipated recycled water
sales (five affirmative Council votes required for
the use of unused balances).

Ending Fund Balance -
Operations and Maintenance
Reserve
(1,200,000) Decreases the ending fund balance - operations and maintenance reserve to offset the action
recommended above (five affirmative Council
votes required for the use of unused balances).
- -
Public Buildings Capital Fund (538)
Recycled Water Fund (097)
Public Donations Fund (067)
19 Attachment 5
FY 2023/24 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Transfer from General Fund 54,376 Establishes a transfer from the General Fund to the Related Santa Clara Developer Fund to cover prior
year personnel costs that are ineligible to be
reimbursed by the developer (five affirmative
Council votes required to appropriate additional
revenue).

Developer Contributions (54,376) Decreases the developer contributions revenue estimate to account for personnel costs that are not
eligible to be reimbursed by the developer (majority
affirmative Council votes required).
- -
Department/Item
Source of
Funds
Use of
Funds Explanation
S.J.-S.C. Regional
Wastewater Facility
670,000 Increases the S.J. - S.C. Regional Wastewater
Facility project based on the fourth quarter invoice
billed by the City of San Jose (five affirmative
Council votes required for the use of unused
balances).

Ending Fund Balance -
Unrestricted
(670,000) Adjusts the Unrestricted ending fund balance to offset the action above (five affirmative Council
votes required for the use of unused balances).
- -
Sewer Utility Capital Fund (594)
Related Santa Clara Developer Fund (540)
20 Attachment 5
FY 2023/24 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Developer Contributions (674,000) Eliminates the Developer Contributions revenue estimate as discussions with Related for
reimbursement of landfill costs are ongoing and
reimbursements are not anticipated to be received
in FY 2023/24 to fund project costs (majority
affirmative Council votes required).

Transfer from Solid Waste
Fund
430,000 Establishes a transfer from the Solid Waste Fund to fund expenditures in the Sanitary Landfill
Development - Post Closure as developer
contributions are not anticipated to be received in
FY 2023/24 (five affirmative Council votes
required to appropriate additional revenue).

Ending Fund Balance -
Landfill Corrective Action
Costs
6,008 Increases the Landfill Corrective Action Costs
Reserve Ending Fund Balance based on the
updated inflation factor from CalRecycle (five
affirmative Council votes required for the use of
unused balances).

Ending Fund Balance -
Unrestricted
(250,008) Adjusts the Unrestricted ending fund balance to offset the actions above (five affirmative Council
votes required for the use of unused balances).
(244,000) (244,000)
Solid Waste Capital Fund (596)
21 Attachment 5
FY 2023/24 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Transfer to Solid Waste
Capital Fund
430,000 Establishes a transfer to the Solid Waste Capital Fund to fund expenditures in the Sanitary Landfill
Development - Post Closure as developer
contributions are not anticipated to be received in
FY 2023/24 to fund project costs (five affirmative
Council votes required for the use of unused
balances).

Ending Fund Balance -
Operations and Maintenance
Reserve
535,483 Increases the Operations and Maintenance
Reserve Ending Fund Balance based on FY
2023/24 activity (five affirmative Council votes
required for the use of unused balances).

Ending Fund Balance -
Unrestricted
(965,483) Adjusts the Unrestricted ending fund balance to offset the action above (five affirmative Council
votes required for the use of unused balances).
- -
Department/Item
Source of
Funds
Use of
Funds Explanation
Other Agencies Revenue
(TDA Article 3) / Annual
Curb Ramp Installation
104,938 104,938 Increases the Other Agencies Revenue estimate by $104,938 to recognize funding from the FY 2023/24
Metropolitan Transportation Commission (MTC)
Transportation Development Act (TDA) Article 3
allocation administered through the Santa Clara
Valley Transportation Authority (VTA) which is the
County of Santa Clara Congestion Management
Agency. In RTC 23-331 on May 9, 2023, Council
approved the filing of an application for allocation of funding for FY 2023/24. On November 15, 2023, the
MTC approved an allocation of TDA funds. This
action appropriates $104,938 of FY 2023/24 TDA
Article 3 funds into the Annual Curb Ramp
Installation Project (Project 533-1250). This project
installs curb ramps within the City that do not
comply with the current Americans with Disabilities
Act (ADA) guidelines (five affirmative Council
votes required to appropriate additional
revenue).
104,938 104,938
Solid Waste Fund (096)
Streets and Highways Capital Fund (533)
22 Attachment 5
FY 2023/24 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
SCADA Improvements 191,500 This action replenishes SCADA Improvements project funds (increase from $308,500 to $500,000)
that were previously reallocated to the Fiber
Development, Design, and Expansion Project in the
Electric Utility Capital Fund. These funds, however,
are needed for the SCADA Improvements Project to
cover contract costs associated with the upgrades
to the core software and hardware of the SCADA
system (five affirmative Council votes required
for the use of unused balances).

Unrestricted Ending Fund
Balance
(191,500) Decreases the unrestricted ending fund balance to offset the action recommended above (five
affirmative Council votes required for the use of
unused balances).
- -
Water Utility Capital Fund (592)
23 City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
24-452 Agenda Date: 6/25/2024

REPORT TO COUNCIL

SUBJECT
Action to Approve Payments to Shape, Inc., PAC Machine Company, and TrueBlue Automation Services for Lick Mill Storm Pump Station Emergency Pump Repairs and Rental Services, Related Budget Amendments, and Accept this Post-Emergency Report

COUNCIL PILLAR
Deliver and Enhance High Quality Efficient Services and Infrastructure

BACKGROUND
The Department of Public Works (DPW) and Water and Sewer Utility Department (WSUD) operate and maintain 21 storm drain pump stations (SDPS) located mainly in the northern portion of the City.

The SDPS are critical infrastructure for providing flood protection by moving water more efficiently than gravity alone and enabling water to be moved from lower to higher levels. Each pump station has one or more pumps installed in a wet well that are engineered to discharge stormwater collected through a series of catch basin inlets and underground storm drain pipelines to a water body.

The Lick Mill SDPS located at 449 Montague Expressway collects stormwater from 620 acres of land area and drains into the Guadalupe River. It has the capacity to move 105,500 gallons per minute (gpm) of storm water into the Guadalupe River through a series of 48-inch reinforced concrete pipes with three submersible pumps.

DISCUSSION
Overview of the Emergency Event
During a storm event on January 22, 2024 the WSUD received an emergency alert for a high-water level alarm in the wet well at Lick Mill SDPS. After some investigation it was discovered that the contractor replacing the emergency generator at the site disconnected electrical components to the pump controls which resulted in the pumps not starting and minor flooding on Lick Mill Boulevard.

During this event only two of the three pumps were in service, Pump 1 was previously not working and had been removed for repairs. The electrical contractor responded and reconnected Pumps 2 and 3, but when the pumps were turned on they ran in reverse direction because the electrical contractor did not reconnect the pumps properly. This caused the power cables and access cable to become twisted in the pump shaft resulting in damage to Pumps 2 and 3 requiring them to be removed and repaired. Pump 2 was removed first and is in the process of being rebuilt. Pump 3 will be removed and repaired once Pump 2 is installed and operational.

Because this event happened during the rainy season, it was imperative that staff act quickly to get the problem resolved prior to the next set of storms. The City contacted TrueBlue Automation Services to diagnose and repair the pump controls and Shape, Inc. to remove, diagnose, and repair City of Santa Clara Page 1 of 4 Printed on 6/21/2024
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24-452 Agenda Date: 6/25/2024
pumps 2 and 3. These pumps are very large and require a crane to remove them so they can be trucked to Shape’s facilities for the necessary assessment and repair. Taking into consideration the storm events forecasted at the time of the incident, the length of time required to remove and repair the pumps, and flooding potential, it was necessary to install temporary pumps to discharge storm water from the pump station into the Guadalupe River. Staff reached out to several companies and PAC Machine Company was able to quickly respond and provide the temporary pumps and piping systems necessary to mitigate the risk of flooding. Two 12-inch above ground pumps and one 10- inch submersible pump were placed on site to keep the pump station in operation. The City also obtained an emergency permit from Valley Water to install temporary piping up and over the levee so the storm water could be discharged into the Guadalupe River.

City staff has logged over 470 labor hours at Lick Mill SDPS since January 22, 2024 working to diagnose, repair, and keep the site operational. The temporary pumps have logged over 350 run hours since being installed and have maintained the specified wet well water levels, successfully mitigating any potential flooding.

Emergency Purchase
Given the risk of flooding in the Lick Mill SDPS catchment area, staff determined that the situation met the definition of an “emergency purchase” under Section 2.105.260(a) of the Santa Clara City Code (City Code). The City Code states “In the case of an emergency involving the threatening of lives, property or welfare of the people of the City or the property of the City, the City Manager and/or his/her designee may purchase supplies, materials or equipment without formal bidding, as formal bids would be an “idle act” in such an emergency and may contract for general services which the City Manager and/or his/her designee deems necessary for the purpose of meeting such emergency.” DPW, WSUD, the City Manager’s Office (CMO) and the Finance Department (FIN) coordinated to obtain the necessary equipment and resources on an emergency basis. Through this process the City authorized Shape, Inc., PAC Machine Company, and TrueBlue Automation Services to dispatch crews and equipment to install a temporary pumping solution and repair the damaged pumps and electric controls on a time and material basis. TrueBlue Automation Services was already under contract with WSUD for pump control repair services, but the City did not have agreements in place with the other two vendors so emergency purchase orders were put in place. The CMO provided updates to the Council on the status of the emergency and on February 17, 2024, an email was also distributed to the City Council describing the efforts that were being undertaken to mitigate the situation. The following is a summary of estimated expenditures to be paid to each contractor for services provided:
· $155,000 -TrueBlue Automation Services for pump controls diagnosis and repairs · $325,000 -Shape, Inc. for emergency removal, diagnostics and pump repairs · $205,000 to PAC Machine Company for temporary pumps and discharge piping Pursuant to City Code Section 2.105.260(c), the City Manager and/or his/her designee shall provide a post-emergency report to the City Council on the use of any reserve amounts expended for the emergency purchase. DPW does not have available funding in its operating budget to cover this unplanned emergency expense, so a Budget Amendment is requested to allocate the necessary funds to pay the contractors listed above.

For the Council’s information, a separate agenda item concerns a declaration of “urgent necessity” City of Santa Clara Page 2 of 4 Printed on 6/21/2024
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24-452 Agenda Date: 6/25/2024
for the emergency repair of pavement on four City streets. Street replacement and repair work qualifies as a “public works” contract subject to Charter Section 1310, which requires the Council to make an “urgent necessity” declaration after the work has been performed. However, the emergency repair and replacement of water pumps at the Lick Mill storm drain pump station do not qualify as “public works” under the Charter, and so instead of utilizing the “urgent necessity” provisions of the Charter, this item provides a “post-emergency report” to the Council pursuant to the procurement ordinance.

Cost Recovery Efforts
DPW is coordinating with the City Attorney’s Office (CAO) to explore avenues for cost recovery including reimbursement by the electrical contractor. However, any cost recovery that can be obtained will not occur prior to the commencement of FY 2024/25 so a FY 2023/24 Budget Amendment is necessary to prevent overspending during the current fiscal year.

ENVIRONMENTAL REVIEW
The actions being considered are subject to a statutory exemption from the California Environmental Quality Act (“CEQA”) pursuant to California Public Resources Code section 21080(b) because they involve emergency repairs to public service facilities necessary to maintain service.

FISCAL IMPACT
The costs paid to Shape, Inc. and TrueBlue Automation Services for emergency repairs and PAC Machine Company for temporary pumps has not been finalized as work is still ongoing. The estimated cost for these services is projected to be $685,000. The budget amendment below allocates funding from the General Fund Budget Stabilization Reserve to the Storm Pump Motor and Control Replacement Project in the Storm Drain Capital Fund for the emergency services as DPW did not allocate budget for this emergency work in the project budget. Any funds recovered from the contractor will be used to replenish the Budget Stabilization Reserve (BSR). Any unused funds will be returned to the BSR after invoices are finalized.

Budget Amendment
FY 2023/24
Current Increase/
(Decrease)
Revised
General Fund (001)
Transfers To
Storm Drain Capital Fund $0 $685,000 $685,000
Ending Fund Balance
Budget Stabilization Reserve $54,299,297 ($685,000) $53,614,297 Storm Drain Capital Fund (535)
Transfers From
General Fund - Budget Stabilization
Reserve
$0 $685,000 $685,000
Expenditures
Storm Pump Motor and Control
Replacement Project
$763,961 $685,000 $1,448,961
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24-452 Agenda Date: 6/25/2024
StoaCaptaud (535)
Transfers From
General Fund - Budget Stabilization
Reserve
$0 $685,000 $685,000
Expenditures
Storm Pump Motor and Control
Replacement Project
$763,961 $685,000 $1,448,961

COORDINATION
This report has been coordinated with the Finance Department, Water Sewer Utility Department and City Attorney’s Office.

RECOMMENDATION

1. Approve estimated payment of $155,000 to TrueBlue Automation Services to diagnose and repair the pump controls at the Lick Mill SDPS;

2. Approve estimated payment of $325,000 to Shape, Inc. for emergency removal, diagnostics and repairs to pumps 2 and 3 at the Lick Mill SDPS;

3. Approve estimated payment of $205,000 to PAC Machine Company to supply temporary pumping capacity at the Lick Mill SDPS;

4. Approve the following FY 2023/24 budget amendments:

A. In the General Fund, establish a transfer to the Storm Drain Capital Fund and decrease the Budget Stabilization Reserve in the amount of $685,000 (five affirmative Council votes required for the use of unused balances) and
B. In the Storm Drain Capital Fund, recognize a transfer from the General Fund - Budget Stabilization Reserve and increase the Storm Pump Motor and Control Replacement Project in the amount of $685,000 (five affirmative Council votes required to appropriate additional revenue) .

5. Note and file this Post-Emergency Report pursuant to Santa Clara City Code Section 2.105.260(c).

Reviewed by: Craig Mobeck, Director of Public Works
Approved by: Jovan D. Grogan, City Manager
City of Santa Clara Page 4 of 4 Printed on 6/21/2024
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City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
24-912 Agenda Date: 6/25/2024

REPORT TO COUNCIL

SUBJECT
Action on the Appropriation of $166,774 in Asset Forfeiture Funds for FY 2024/25 and to Approve the Related Budget Amendment

COUNCIL PILLAR
Deliver and Enhance High Quality Efficient Services and Infrastructure

BACKGROUND
Both state and federal narcotics and other criminal convictions can result in the state or federal government seizing cash and property, such as vehicles or boats, that are ultimately disposed of by auction sale, resulting in receipt of some sale proceeds. These proceeds are referred to as “asset forfeiture funds” and are used by the state and federal governments for a variety of purposes, such as training their personnel or safe destruction of hazardous materials (including controlled substances). Recognizing that local public safety departments provide assistance to the state or federal enforcement agency in the investigation of the crimes resulting in asset forfeiture, the funds are shared with the local law enforcement agencies pursuant to California Health and Safety Code Section 11469, et seq., and various federal statutes (e.g., 28 U.S.C. 524, et seq.. and 21 U.S.C. 881).

The Police Department submits a request annually to share in the distribution of funds seized pursuant to judicial and/or administrative actions. These monies may only be used for specific purposes.

Federal regulations do not allow agencies to budget anticipated Forfeiture Funds. Therefore, the City Council must allocate the use of Asset Forfeiture Funds after the money has been received. This report seeks City Council authority to spend $166,774 that has been received from seizure activities that occurred in 2023.

In regard to prior allocations of Asset Forfeiture Funds, at the time of writing this report, the City’s Asset Forfeiture Fund Balance from prior seizures was $201,307 (Federal) and $269,713 (State).

These funds were allocated to equipment purchase purchases to enhance our ability to apprehend criminal offenders, attend training and networking opportunities, and increase employee safety to enhance the way we serve the Santa Clara community. Pandemic induced staffing levels City-wide (e.g., ability to obtain quotes, coordinate the acquisitions, implement the inventory of Police Department policies and procedures, conduct the corresponding training, etc.), combined with supply chain issues impacted the ability to spend the entirety of the previously Council approved Asset Forfeiture funded items to date. Staff from various departments will coordinate a work plan to spend the prior allocations over the 2024/25 Fiscal Year.

DISCUSSION
In 2023, a total of 26 criminal cases were initiated by joint state-federal action and processed under federal law. The total value of the assets seized in adoptions and joint adjudicated cases totals City of Santa Clara Page 1 of 3 Printed on 6/21/2024
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24-912 Agenda Date: 6/25/2024
federal law. The total value of the assets seized in adoptions and joint adjudicated cases totals $1,200,288. A total of 102 suspects were charged with a controlled substance violation in connection with these cases, and there were 111 alleged offenses under state or federal law. The City has the opportunity to continue to enhance Police Department programs and services with its portion of the funding from these cases, totaling $200,288. At the writing of this report, $166,774 has been received; the timing of the remaining $33,514 is unknown.

Asset Forfeiture funds may only be issued for law enforcement-specific expenditures such as:
funding operations and investigations; training and education; facilities improvements; purchase of materials, supplies and equipment; vendor services that are necessary support for law enforcement such as translator services; awards and memorials; awareness campaigns (such as PSAs regarding drugs or gangs). There are a number of limitations on the use of the funds including salaries; litigation related purposes; creation of endowments or scholarships; or supplanting other funding sources for the Police Department. The uses set forth in this report are compliant with these requirements and limitations.

The Police Department is requesting City Council approval for an FY 2024/25 budget amendment of $166,774 for purchases as detailed in the table below. The Police Department will return to Council with a spend plan and an additional budget amendment upon receipt of the balance of the funds ($33,514). As necessary, corresponding updates to policies in connection with the new equipment and required training will be implemented accordingly. None of the equipment being recommended for purchase would be categorized as “military equipment” per Assembly Bill 481.

Program Area Brief Description of Anticipated Purchase Amount Requested
Cell Phone Upgrade /
Replacement and
Accessories *
As funding is available, replace up to 189 of
the existing 196 Department issued cell
phones (minus 7 Android units utilized by
CSO for parking enforcement with Data
Ticket) Corresponding cell phone
accessories (e.g., durable waterproof case,
screen protector, wall charger, car charger,
car mount, headphones, etc.)
$160,000
Community Policing,
Awards and Meetings
Funds to support law enforcement awards
and recognition items (e.g., annual awards
program, etc.)
$5,000
Volunteer Program On-going expenses associated with the program (e.g., apparel, recognition items)
$1,774
Subtotal $166,774
Balance of Asset Forfeiture Funds Yet to be
Received
$33,514
Total $200,288
*The above purchase replaces the Police Department’s cell phones (e.g., iPhone 6s, XR, XS, XS Max, 11, 14 ProMax, and Samsung Galaxy On5), most of which were purchased in early-2020 or later via COP grant funding.

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24-912 Agenda Date: 6/25/2024

ENVIRONMENTAL REVIEW
The action being considered does not constitute a “project” within the meaning of the California Environmental Quality Act (“CEQA”) pursuant to CEQA Guidelines section 15378 (b)(4) in that it is a fiscal activity that does not involve commitment to a specific project which may result in potential significant impact on the environment.

FISCAL IMPACT
Approval of this request will provide $166,774 to support enforcement, other programs, and needs in the Police Department without using General Fund monies. The table below details the budget action for FY 2024/25, which is subject to the approval of the FY 2024/25 operating budget.

Budget Amendment
FY 2024/25
Current Increase/
(Decrease)
Revised
Police Operating Grant Trust Fund
Revenue
Other Agencies Revenue $0 $166,774 $166,774
Expenditures
Seized Asset Funding $0 $166,774 $166,774

COORDINATION
The report was coordinated with the Finance and Police Departments and City Attorney’s Office.

RECOMMENDATION

1. Approve the appropriation of Asset Forfeiture Funds in the amount of $166,774 pursuant to State and federal Regulations; and,

2. Approve the FY 2024/25 budget amendment in the Police Operating Grant Trust Fund to recognize seized asset funding in the amount of $166,774 and appropriate that funding to the Seized Asset Funding program in the amount of $166,774 (five affirmative Council votes required to appropriate additional revenue) .

Reviewed by: Pat Nikolai, Chief of Police
Approved by: Jovan D. Grogan, City Manager
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City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
24-1587 Agenda Date: 6/25/2024

REPORT TO COUNCIL

SUBJECT
Action to Partner with the County of Santa Clara on an Award of Funding from the California Department of Justice to Combat Tobacco Related Challenges in the Community Not to Exceed $27,680 and Approve the Related Budget Amendment

COUNCIL PILLAR
Deliver and Enhance High Quality Efficient Services and Infrastructure

BACKGROUND
Approved by voters in 2016, the California Healthcare, Research and Prevention Tobacco Tax Act of 2016 (Prop. 56) increased taxes on cigarettes and other tobacco products by $2.00 and established a Tobacco Enforcement Grant Program, administered by the California Department of Justice (DOJ).

The Office of the Attorney General established the California Department of Justice Tobacco Grant program in 2017 to provide annual funds to local enforcement agencies throughout California.

Activities associated with the Tobacco Grant were funded by Prop. 56.

In FY 2018/19, the Police Department was awarded $441,510 in DOJ funding during the inaugural Memorandum of Understanding period, June 1, 2018 through June 30, 2020. The Police Department’s application included a number of education and enforcement initiatives in an effort to combat tobacco related challenges in our community.

The grant period overlapped with the COVID-19 pandemic with the Police Department discontinuing all county-wide traffic enforcement details, special enforcement activities and grant initiatives as a result of the County of Santa Clara Public Health Department’s (PHD) Health Orders. Grant activity did not resume during the grant period which expired on June 30, 2020.

Despite the halt to grant related enforcement action, it should be noted over this grant cycle, the City of Santa Clara adopted a Smoking and Tobacco Regulations Ordinance expanding smoking restrictions in many public areas and multi-unit residences. In addition, the Police Department conducted inspections and enforcement operations, disseminated community messages and conducted in-person meetings on the dangers of tobacco products and purchased equipment to support this initiative.

DISCUSSION
Since FY 2018/19, the Tobacco Grant program has distributed approximately $170 million in grant funding through a competitive process. In March 2023, DOJ issued the eligibility criteria and application information regarding DOJ Tobacco Grant program funding for FY 2023/24.

The PHD submitted a joint proposal in partnership with multiple enforcement agencies from across City of Santa Clara Page 1 of 4 Printed on 6/21/2024
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24-1587 Agenda Date: 6/25/2024
the county, including the County of Santa Clara Department of Environmental Health (DEH), County Sheriff’s Office, and the cities of Campbell, Mountain View, Palo Alto, San Jose, Sunnyvale, and Santa Clara; all jurisdictions in the county were approached to participate in the joint proposal. The scope of work on the PHD submitted grant application included the following project goals:
· To reduce youth access to tobacco products by conducting regular compliance checks at stores selling tobacco products to ensure compliance with laws and requirements, including prevention of tobacco sales to underage individuals;
· To convene a tobacco prevention task force to serve as a capacity building and learning collaborative for best practices in increasing compliance with tobacco laws and preventing youth tobacco use; and
· To increase compliance with local, state, and federal tobacco retailing laws by providing educational resources to tobacco retailers.

In October 2023, PHD received an award letter (Attachment 1) from the California Department of Justice Tobacco Grant Program for Proposition 56 funds in the amount of $1,216,296 for November 1, 2023 through June 30, 2027. In December 2023, PHD received the agreement from DOJ with a retroactive date of November 1, 2023, which precluded PHD from bringing the agreement to the Board prior to its effective date. The County of Santa Clara Board of Supervisors approved acceptance of this award at their March 12, 2024 meeting (Attachment 2).

The Police Department agreed to fulfill the following grant objectives to achieve the grant goals between April 1, 2024 through June 30, 2026 along with the Service Agreement (Attachment 3):
· Obtain a list of tobacco retailers operating in the jurisdiction, from either the local tobacco retail permit/license administration or through the California Department of Tax and Fee Administration on a semi-annual basis
· Provide training for tobacco decoy operation participants prior to conducting compliance operations to ensure they are properly trained on protocols, including safety · Conduct semi-annual compliance checks (decoy operations) with at least 10-20 tobacco retailers, to ensure that tobacco retailers are in compliance with laws for selling tobacco · Provide educational resources to tobacco retailers during decoy operations. These resources will be developed by the Public Health Department and will include information about state and local tobacco retail requirements
· Participate in quarterly Tobacco Prevention Task Force Meetings · Prepare semi-annual reports, including invoicing for reimbursement NOTE: Each partner agency established a unique set of objectives.

The City will be reimbursed a flat rate of $260 per store, per decoy operation up to $26,000 over the grant cycle. An additional $1,680 is built into the estimate for underage decoys as a stipend; details on who is eligible for a stipend and how this will be paid is still being determined. The total reimbursable amount to the City is $27,680, based on the estimated number of operations the Police Department would be able to complete.

Collectively, enforcement agencies contracted to partner with PHD aim to conduct 480 tobacco compliance checks annually at the point of sale (tobacco retail locations). In total, there are an estimated 900 tobacco retailers located within these jurisdictions.

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24-1587 Agenda Date: 6/25/2024

ENVIRONMENTAL REVIEW
This action being considered does not constitute a “project” within the meaning of the California Environmental Quality Act (“CEQA”) pursuant to CEQA Guidelines section 15378(b)(4) in that it is a fiscal activity that does not involve any commitment to any specific project which may result in a potential significant impact on the environment.

FISCAL IMPACT
The Tobacco Grant funded under the California Healthcare, Research and Prevention Tobacco Tax Act of 2016, approved by the voters as Proposition 56, provides funding to address tobacco related challenges in communities throughout the state. Partnering with the County of Santa Clara on this grant will allow the Police Department to participate in quarterly Tobacco Prevention Task Force meeting and conduct reimbursable compliance checks (decoy operations) on tobacco retailers to ensure that these retailers are in compliance with local, state and federal laws. The City of Santa Clara will be reimbursed up to $27,680 for this initiative. The budget amendment below recommends recognizing and appropriating the reimbursable amount.

Budget Amendment
FY 2023/24
Current Increase/
(Decrease)
Revised
Police Operating Grant Trust Fund
Revenue
Grant Funding $471,493 $27,680 $499,173
Expenditure
Tobacco Grant Program $0 $27,680 $27,680

COORDINATION
This report was coordinated between the Police Department and City Attorney’s Office.

RECOMMENDATION

1. Authorize the City Manager and/or Finance Director to sign any and all documents required to partner with the County of Santa Clara on a FY 2023/24 Tobacco Grant from the California Department of Justice in final forms approved by the City Attorney; and

2. Approve a FY 2023/24 budget amendment in the Police Operating Grant Trust Fund to recognize grant funding in the amount of $27,680 and establish grant appropriations for the Tobacco Grant Program in the amount of $27,680 (five affirmative Council City of Santa Clara Page 3 of 4 Printed on 6/21/2024
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24-1587 Agenda Date: 6/25/2024
votes required to appropriate additional revenue) .

Reviewed by: Pat Nikolai, Chief of Police
Approved by: Jovan D. Grogan, City Manager

ATTACHMENTS

1. Tobacco Grant Program Memorandum of Understanding with PHD

2. PHD Memorandum to Board of Supervisors #24-4393 (Item No. 22, March 12, 2024)

3. County of Santa Clara Service Agreement, including Attachment A: Scope of Work and Performance Standards
City of Santa Clara Page 4 of 4 Printed on 6/21/2024
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Tobacco Grant Program
Grant Services Branch Local Assistance
Division of Operations
Santa Clara County Department of Public Health DOJ-PROP56-2023-24-1-029

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City Council and Authorities ConcurrentJune 25, 2024

City Council and Authorities Concurrent
June 25, 2024