Agenda packet — City Council and Authorities Concurrent, February 25, 2025 (part 2 of 7)

6:00 PM02/11/2025
02/11/2025Meeting Minutes
6:00 PM CLOSED SESSION
Call to Order in the Council Chambers
Mayor Gillmor called the Closed Session to order at 6:00 PM.

Confirmation of Quorum
Deputy City Clerk Nguyen confirmed a quorum.

1. 25-656 Conference with Legal Counsel-Existing Litigation (CC) Pursuant to Gov. Code § 54956.9(d)(1)
William Kelly v. City of Santa Clara, Workers Compensation Appeals Board Case Number ADJ16898646
Public Comment
None.

Convene to Closed Session (Council Conference Room)
Mayor Gillmor adjourned into Closed Session at 6:02 PM. 7:00 PM JOINT CITY COUNCIL/STADIUM AUTHORITY BOARD MEETING Call to Order in the Council Chambers
Mayor/Chair Gillmor called the regular meeting to order at 7:00 PM.

Pledge of Allegiance and Statement of Values
Council/Board recited the Pledge of Allegiance.

Council/Boardmember Hardy recited the Statement of Values.

Roll Call
Deputy City Clerk Nguyen recited the AB23 announcement and Statement of Behavioral Standards.

Deputy City Clerk Nguyen also noted that any registered Lobbyist speaking during the Public Meeting will need to identify themselves and whom they represent.

Council/Boardmember Albert Gonzalez, Council/Boardmember Raj Chahal, Council/Boardmember Karen Hardy, Council/Boardmember Kevin Park, Council/Boardmember Suds Jain, Vice Mayor/Chair Kelly Cox, and Mayor/Chair Lisa M. Gillmor

Present: 7 -

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REPORTS OF ACTION TAKEN IN CLOSED SESSION MATTERS
City Attorney Googins reported that in the case of William Kelly v. City of Santa Clara the Council approved 6-0 with Councilmember Park absent a final settlement payment of $160,000 to Blue Shield.

CONTINUANCES/EXCEPTIONS/RECONSIDERATIONS
Public Comment: Brian Doyle requested a continuance of Item 6 regarding the FIFA World Cup contracts.

2. 25-180 Reconsideration of the Council Action on Appointments of the City’s representative(s) on the Cities Association of Santa Clara County Councilmember Jain requested that Councilmember Park be the Alternate on the Cities Association of Santa Clara County's Board of Directors and Legislative Action Committee.

Council discussion ensued.

A motion was made by Councilmember Jain, seconded by
Councilmember Chahal, to appoint Councilmember Park as the Alternate on the Cities Association of Santa Clara County's Board of Directors and Legislative Action Committee.

The motion failed.

Aye: Councilmember Chahal, Councilmember Park, and Councilmember Jain
3 -
Nay: Councilmember Gonzalez, Councilmember Hardy, Vice Mayor Cox, and Mayor Gillmor
4 -

SPECIAL ORDER OF BUSINESS

3.A 25-114 Recognition of Wilcox High School Varsity Football Team for Winning the Central Coast Section Division II Football Championship Title and Recognition of Brayden Rosa as the Santa Clara County Player of the Year Mayor Gillmor, on behalf of the Council, recognized the Wilcox High School Varsity Football Team for winning the Central Coast Section Division II Football Championship and Brayden Rosa as the Santa Clara County Player of the Year.

Paul Rosa (Coach, Wilcox High School Varsity Football Team) provided some remarks.

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3.B 24-1244 Proclamation of Black History Month
Mayor Gillmor, on behalf of the Council, proclaimed the month of February 2025 as Black History Month.

Lavere Foster (Associate Director, African American Community Service Agency) provided some remarks.

3.C 25-173 Santa Clara Women's League Presents Showtime 2025 on March 1 and March 2, 2025
Mayor Gillmor introduced the Santa Clara Women's League and highlighted their upcoming Showtime 2025 productions.

Sharon Andrzejewski (Boardmember, Santa Clara Women's
League) provided some remarks.

CONSENT CALENDAR
A motion was made by Councilmember Gonzalez, seconded by Councilmember Hardy, to approve the Consent Calendar.

Aye: Councilmember Gonzalez, Councilmember Chahal, Councilmember Hardy, Councilmember Park, Councilmember Jain, Vice Mayor Cox, and Mayor Gillmor
7 -

4.A 25-193
Action on the January 28, 2025 Joint Council and Authorities Concurrent & Stadium Authority Meeting Minutes.

Recommendation:

Approve the meeting minutes of the January 28, 2025 Joint Council and Authorities Concurrent & Stadium Authority Meeting.

A motion was made by Councilmember Gonzalez, seconded by Councilmember Hardy, to approve the meeting minutes of the January 28, 2025 Joint Council and Authorities Concurrent & Stadium Authority Meeting.

Aye: Councilmember Gonzalez, Councilmember Chahal, Councilmember Hardy, Councilmember Park, Councilmember Jain, Vice Mayor Cox, and Mayor Gillmor
7 -

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4.B 25-03 Board, Commissions and Committee Minutes
Recommendation: Note and file the Minutes of:

Historical and Landmarks Commission - September 5, 2024 Bicycle and Pedestrian Advisory Committee - October 28, 2024 Cultural Commission - January 6, 2025
A motion was made by Councilmember Gonzalez, seconded by Councilmember Hardy, to note and file the minutes of: Historical and Landmarks Commission - September 5, 2024; Bicycle and Pedestrian Advisory Committee - October 28, 2024; and Cultural Commission - January 6, 2025.

Aye: Councilmember Gonzalez, Councilmember Chahal, Councilmember Hardy, Councilmember Park, Councilmember Jain, Vice Mayor Cox, and Mayor Gillmor
7 -

4.C 25-94
Action on City Bills and Claims Report for the period December 7, 2024 - January 10, 2025
Recommendation:

Approve the list of Bills and Claims for December 7, 2024 - January 10, 2025.

A motion was made by Councilmember Gonzalez, seconded by Councilmember Hardy, to approve the list of Bills and Claims for December 7, 2024 - January 10, 2025.

Aye: Councilmember Gonzalez, Councilmember Chahal, Councilmember Hardy, Councilmember Park, Councilmember Jain, Vice Mayor Cox, and Mayor Gillmor
7 -

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4.D 25-1264 Action to Authorize the City Manager to Issue Purchase Orders to Cresco Equipment Rentals for the Rental of Equipment and Related Services for Use and Funded by Silicon Valley Power
Recommendation:

1. Determine that the proposed actions are exempt from CEQA pursuant to Section 15301 (Existing Facilities) of Title 14 of the California Code of Regulations;

2. Authorize the City Manager or designee to issue Purchase Orders to Cresco Equipment Rentals for the rental of equipment and related services for Silicon Valley Power under the Sourcewell cooperative purchasing agreement, through August 27, 2025, with a total maximum compensation of up to $400,000, subject to the appropriation of funds and review and approval as to form by the City Attorney; and

3. Authorize the City Manager or designee to take any actions as necessary to implement and administer the Purchase Orders.

A motion was made by Councilmember Gonzalez, seconded by Councilmember Hardy, to: (1) determine that the proposed actions are exempt from CEQA pursuant to Section 15301 (Existing Facilities) of Title 14 of the California Code of Regulations; (2) authorize the City Manager or designee to issue Purchase Orders to Cresco Equipment Rentals for the rental of equipment and related services for Silicon Valley Power under the Sourcewell cooperative purchasing agreement, through August 27, 2025, with a total maximum compensation of up to $400,000, subject to the
appropriation of funds and review and approval as to form by the City Attorney; and (3) authorize the City Manager or designee to take any actions as necessary to implement and administer the Purchase Orders.

Aye: Councilmember Gonzalez, Councilmember Chahal, Councilmember Hardy, Councilmember Park, Councilmember Jain, Vice Mayor Cox, and Mayor Gillmor
7 -

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4.E 25-1234 Action on Amendments to the Promissory Note and Covenants with Klamath Associates, L.P. and South Drive, L.L.C. to Modify Existing Terms and Extend the Affordable Housing Requirements for Two Santa Clara County Housing Authority Projects, Klamath Gardens and Bracher Gardens Recommendation:

1. Klamath Gardens: Authorize amendments consistent with the term sheet to the Promissory Note and Covenants with Klamath Associates, a California limited partnership, an affiliate of the Santa Clara County Housing Authority to modify the terms of the City Loan and extend the term of affordable housing requirements for 17 rental units within the project located at 2051 Klamath Avenue.

2. Bracher Gardens: Authorize amendments consistent with the term sheet to the Promissory Note and Covenants with South Drive, LLC, a California limited liability company, an affiliate of the Santa Clara County Housing Authority to extend the maturity date of the City Loan and extend the term of affordable housing requirements for 72 rental units within the project located at 2665 South Drive.

A motion was made by Councilmember Gonzalez, seconded by Councilmember Hardy, to (1) authorize amendments consistent with the term sheet to the Promissory Note and Covenants with Klamath Associates, a California limited partnership, an affiliate of the Santa Clara County Housing Authority to modify the terms of the City Loan and extend the term of affordable housing requirements for 17 rental units within the project located at 2051 Klamath Avenue; and (2) authorize amendments consistent with the term sheet to the Promissory Note and Covenants with South Drive, LLC, a California limited liability company, an affiliate of the Santa Clara County Housing Authority to extend the maturity date of the City Loan and extend the term of affordable housing requirements for 72 rental units within the project located at 2665 South Drive.

Aye: Councilmember Gonzalez, Councilmember Chahal, Councilmember Hardy, Councilmember Park, Councilmember Jain, Vice Mayor Cox, and Mayor Gillmor
7 -

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4.F 25-29 Action on Authorizing the City Manager to Negotiate and Execute Amendment No. 1 to the Substation Agreement with 651 Walsh Partners, LLC for Laurelwood Junction Substation
Recommendation:

1. Authorize the City Manager or designee to negotiate and execute Amendment No. 1 to the Substation Agreement with 651 Walsh Partners, LLC for Laurelwood Junction Substation, to modify the schedule for 24 MVA from 2032 through 2027, subject to the review and approval as to form by the City Attorney; and

2. Authorize the City Manager or designee to take any actions as necessary to implement and administer the Agreement and to negotiate and execute amendments to the Agreement to make any additional modifications that do not result in total capacity exceeding 24 MVA, subject to the review and approval as to form by the City Attorney.

A motion was made by Councilmember Gonzalez, seconded by Councilmember Hardy, to: (1) authorize the City Manager or designee to negotiate and execute Amendment No. 1 to the Substation Agreement with 651 Walsh Partners, LLC for
Laurelwood Junction Substation, to modify the schedule for 24 MVA from 2032 through 2027, subject to the review and approval as to form by the City Attorney; and (2) authorize the City Manager or designee to take any actions as necessary to implement and administer the Agreement and to negotiate and execute
amendments to the Agreement to make any additional modifications that do not result in total capacity exceeding 24 MVA, subject to the review and approval as to form by the City Attorney.

Aye: Councilmember Gonzalez, Councilmember Chahal, Councilmember Hardy, Councilmember Park, Councilmember Jain, Vice Mayor Cox, and Mayor Gillmor
7 -

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4.G 25-53 Action on (1) Delegation of Authority to the City Manager to Negotiate and Execute a Lease Agreement with Gahrahmat Family Limited Partnership I, LP, A California Limited Partnership for the Commercial Space Located at 831 - 851 Martin Avenue, Santa Clara, for SVP Staff, (2) Authorize the City Manager to Negotiate and Execute Amendment(s) to the Lease Agreement at 881 Martin Avenue to Extend the Term, If Needed, and (3) Increase Current Authorization for City Manager to Issue Purchase Orders with Pivot Interiors, Inc. and Other Suppliers/Authorized Dealers for the Purchase of and Installation of Cubicles, Office Furniture and Related Products and Services at City Facilities.

Recommendation:

1. Determine that the proposed actions are exempt from CEQA pursuant to Section 15301 of Title 14 of the California Code of Regulations;

2. Delegate Authority to the City Manager to Negotiate and Execute a Lease Agreement with Gahrahmat Family Limited Partnership I, LP, A California Limited Partnership for the commercial space located at 831 - 851 Martin Avenue, Santa Clara, for SVP staff for an amount not to exceed $6 million over a 36-month term beginning on or around September 1, 2025, subject to the appropriation of funds and the review and approval as to form by the City Attorney;

3. Authorize the City Manager to negotiate and execute amendment(s) to the lease agreement with Gahrahmat Family Limited Partnership I, LP, A California Limited Partnership for the property at 881 Martin Avenue to extend the term, if needed to facilitate the transition to new premises;

4. Authorize the City Manager to take any actions as necessary to implement and administer the lease agreements;

5. Authorize the City Manager or designee to execute additional Purchase Orders and related documents with Pivot Interiors, Inc., other suppliers, and/or their authorized dealers for the purchase and installation of office cubicles and furniture under cooperative purchasing agreements with a total aggregate maximum compensation of $1,200,000 (increasing previous authorization of $600,000), subject to (1) Purchasing Division Manager’s determination pursuant to Section 2.105.270(c) of the Santa Clara City Code, (2) the appropriation of funds, and (3) the review and approval as to form by the City Attorney; and

6. Authorize the City Manager or designee to take any actions as necessary to implement and administer the Purchase Orders in alignment with the associated cooperative purchase agreements.

A motion was made by Councilmember Gonzalez, seconded by Councilmember Hardy, to: (1) determine that the proposed actions are exempt from CEQA pursuant to Section 15301 of Title 14 of the California Code of Regulations; (2) delegate Authority to the City Manager to Negotiate and Execute a Lease Agreement with Gahrahmat Family Limited Partnership I, LP, A California Limited Partnership for the commercial space located at 831 - 851 Martin

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Avenue, Santa Clara, for SVP staff for an amount not to exceed $6 million over a 36-month term beginning on or around September 1, 2025, subject to the appropriation of funds and the review and approval as to form by the City Attorney; (3) authorize the City Manager to negotiate and execute amendment(s) to the lease agreement with Gahrahmat Family Limited Partnership I, LP, A California Limited Partnership for the property at 881 Martin Avenue to extend the term, if needed to facilitate the transition to new premises; (4) authorize the City Manager to take any actions as necessary to implement and administer the lease agreements; (5) authorize the City Manager or designee to execute additional Purchase Orders and related documents with Pivot Interiors, Inc., other suppliers, and/or their authorized dealers for the purchase and installation of office cubicles and furniture under cooperative purchasing agreements with a total aggregate maximum
compensation of $1,200,000 (increasing previous authorization of $600,000), subject to (1) Purchasing Division Manager’s determination pursuant to Section 2.105.270(c) of the Santa Clara City Code, (2) the appropriation of funds, and (3) the review and approval as to form by the City Attorney; and (6) authorize the City Manager or designee to take any actions as necessary to implement and administer the Purchase Orders in alignment with the associated cooperative purchase agreements.

Aye: Councilmember Gonzalez, Councilmember Chahal, Councilmember Hardy, Councilmember Park, Councilmember Jain, Vice Mayor Cox, and Mayor Gillmor
7 -

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4.H 25-70 Action on Authorizing the City Manager to Negotiate and Execute Amendment(s) to the Agreement with Rosendin Electric, Inc. for As-Needed Specialized Electrical Maintenance and Repair Services for Silicon Valley Power
Recommendation:

1. Determine that the proposed actions are exempt from CEQA pursuant to Section 15301 (Existing Facilities) of Title 14 of the California Code of Regulations;

2. Authorize the City Manager to negotiate and execute an amendment to the Agreement for Services with Rosendin Electric to increase the maximum compensation up to $2,750,000 for a total maximum compensation of $3,000,000, subject to the appropriation of funds and the review and approval as to form by the City Attorney; and

3. Authorize the City Manager or designee to take any actions as necessary to implement and administer the agreement with Rosendin Electric, Inc. for as-needed specialized electrical maintenance and repair services with a five-year term ending on May 31, 2029, and to negotiate and execute future amendments to the agreement to (a) exercise a one-year option to extend the term of the agreement through May 31, 2030, (b) add or delete services consistent with the scope of services, and (c) make other amendments that do not increase the maximum compensation with all costs to be funded by the Silicon Valley Power Operating or Capital Fund as applicable and subject to the appropriation of funds and the review and approval as to form by the City Attorney.

A motion was made by Councilmember Gonzalez, seconded by Councilmember Hardy, to (1) determine that the proposed actions are exempt from CEQA pursuant to Section 15301 (Existing Facilities) of Title 14 of the California Code of Regulations; (2) authorize the City Manager to negotiate and execute an amendment to the Agreement for Services with Rosendin Electric to increase the maximum compensation up to $2,750,000 for a total maximum compensation of $3,000,000, subject to the appropriation of funds and the review and approval as to form by the City Attorney; and (3) authorize the City Manager or designee to take any actions as necessary to implement and administer the agreement with Rosendin Electric, Inc. for as-needed specialized electrical maintenance and repair services with a five-year term ending on May 31, 2029, and to negotiate and execute future amendments to the agreement to (a) exercise a one-year option to extend the term of the agreement through May 31, 2030, (b) add or delete services consistent with the scope of services, and (c) make other amendments that do not increase the maximum compensation with all costs to be funded by the Silicon Valley Power Operating or

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Capital Fund as applicable and subject to the appropriation of funds and the review and approval as to form by the City Attorney.

Aye: Councilmember Gonzalez, Councilmember Chahal, Councilmember Hardy, Councilmember Park, Councilmember Jain, Vice Mayor Cox, and Mayor Gillmor
7 -

4.I 25-736
Action on Amendment No. 1 to the Service Agreement with Lyngsoe Systems, Inc. for Repair, Maintenance, and Subscription Services for the Automated Materials Handling System at Central Park Library Recommendation:

1. Authorize the City Manager or designee to execute Amendment No. 1 to the Agreement with Lyngsoe Systems, Inc. for the automated materials handling system at the Central Library, including repair, maintenance and software subscription services, to extend the term through June 23, 2029 and increase the maximum compensation by $87,515.00 for a revised not-to-exceed maximum compensation amount of $412,246.95, subject to the appropriation of funds and the review and approval as to form by the City Attorney.

2. Authorize the City Manager or designee to take any actions as necessary to implement and administer the Agreement with Lyngsoe Systems, Inc. and negotiate and execute amendments to (a) add or delete services consistent with the scope of services and (b) increase the maximum compensation by an additional $21,878.75 for a total aggregate maximum compensation not to exceed $434,125.70 for the extended term, subject to the appropriation of funds, and in a final form approved by the City Attorney.

A motion was made by Councilmember Gonzalez, seconded by Councilmember Hardy, to (1) authorize the City Manager or designee to execute Amendment No. 1 to the Agreement with Lyngsoe Systems, Inc. for the automated materials handling system at the Central Library, including repair, maintenance and software subscription services, to extend the term through June 23, 2029 and increase the maximum compensation by $87,515.00 for a revised not-to-exceed maximum compensation amount of $412,246.95, subject to the appropriation of funds and the review and approval as to form by the City Attorney; and (2) authorize the City Manager or designee to take any actions as necessary to implement and administer the Agreement with Lyngsoe Systems, Inc. and negotiate and execute amendments to (a) add or delete services consistent with the scope of services and (b) increase the maximum compensation by an additional $21,878.75 for a total aggregate maximum compensation not to exceed $434,125.70 for the extended term, subject to the appropriation of funds, and in a final form approved by the City Attorney.

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Aye: Councilmember Gonzalez, Councilmember Chahal, Councilmember Hardy, Councilmember Park, Councilmember Jain, Vice Mayor Cox, and Mayor Gillmor
7 -

4.J 25-1229
Action on Amendment No. 1 to the Agreement with Superion, LLC, for Residential and Business Alarm Management Software and Related Services
Recommendation:

1. Authorize the City Manager or designee to execute Amendment No. 1 to the Agreement with Superion, LLC for residential and business alarm management software and related professional services to add up to five additional one-year periods to extend the term of the agreement through February 20, 2030, in a final form approved by the City Attorney; and

2. Authorize the City Manager or designee to take any actions as necessary to implement and administer the Agreement with Superion, LLC and negotiate and execute amendments to add or delete services consistent with the scope of services, in a final form approved by the City Attorney.

A motion was made by Councilmember Gonzalez, seconded by Councilmember Hardy, to: (1) authorize the City Manager or designee to execute Amendment No. 1 to the Agreement with Superion, LLC for residential and business alarm management software and related professional services to add up to five additional one-year periods to extend the term of the agreement through February 20, 2030, in a final form approved by the City Attorney; and (2) authorize the City Manager or designee to take any actions as necessary to implement and administer the Agreement with Superion, LLC and negotiate and execute amendments to add or delete services consistent with the scope of services, in a final form approved by the City Attorney.

Aye: Councilmember Gonzalez, Councilmember Chahal, Councilmember Hardy, Councilmember Park, Councilmember Jain, Vice Mayor Cox, and Mayor Gillmor
7 -

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4.K 25-73 Action on Authorizing the City Manager to Negotiate and Execute Amendment No. 3 to the Agreement with Electrical Consultants, Inc. for System Expansion Planning Services for Silicon Valley Power Recommendation:

1. Authorize the City Manager or designee to negotiate and execute Amendment No. 3 to the Agreement with Electrical Consultants, Inc. for System Expansion Planning to extend the term through December 31, 2030, and increase the maximum compensation by $1,500,000 for a total compensation amount not to exceed $3,000,000, subject to the review and approval as to form by City Attorney; and

2. Authorize the City Manager or designee to take any necessary actions to implement and administer the Agreement and to negotiate and execute amendments to the agreement to add or delete services consistent with the scope of services, subject to no price increases, the appropriation of funds, and the review and approval as to form by City Attorney.

A motion was made by Councilmember Gonzalez, seconded by Councilmember Hardy, to (1) authorize the City Manager or designee to negotiate and execute Amendment No. 3 to the Agreement with Electrical Consultants, Inc. for System Expansion Planning to extend the term through December 31, 2030, and increase the maximum compensation by $1,500,000 for a total compensation amount not to exceed $3,000,000, subject to the review and approval as to form by City Attorney; and (2) authorize the City Manager or designee to take any necessary actions to implement and administer the Agreement and to negotiate and execute amendments to the agreement to add or delete services consistent with the scope of services, subject to no price increases, the appropriation of funds, and the review and approval as to form by City Attorney.

Aye: Councilmember Gonzalez, Councilmember Chahal, Councilmember Hardy, Councilmember Park, Councilmember Jain, Vice Mayor Cox, and Mayor Gillmor
7 -

PUBLIC PRESENTATIONS
25-259
Ron Steffel expressed concerns regarding the lack of parking at Kifer Senior Apartments.

Jerry Wrobleski advocated for additional parking at Kifer Senior Apartments.

Post Meeting Material

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CONSENT ITEMS PULLED FOR DISCUSSION
None.

PUBLIC HEARING/GENERAL BUSINESS (COUNCIL/STADIUM)

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6. 25-99 Action on the Proposed FIFA World Cup 2026 Assignment and Assumption Agreement with Bay Area Host Committee and Forty Niners Stadium Management Company LLC (ManCo), Proposed “Field Improvements” Required by FIFA in Connection with the Event, a Guaranty of Certain 2026 FIFA World Cup Obligations Executed by Forty Niners Football Company LLC (TeamCo) in favor of the City and Stadium Authority, and Related Actions
Recommendation:

1. City Council and Stadium Authority Board approve the proposed FIFA World Cup 2026 Assignment and Assumption Agreement and
Guaranty of Certain 2026 FIFA World Cup Obligations (collectively, the “World Cup Agreements”) on the terms, and substantially in the forms presented, and authorize the City Manager/Executive Director to execute such agreements in final forms approved by the City Attorney/Agency Counsel;

2. Stadium Authority Board approve the “Field Improvements” on the terms presented; and

3. Authorize and direct the City Manager/Executive Director to take such other actions as are necessary and appropriate to implement the terms of the World Cup Agreements.

City Manager/Executive Director Grogan and City Attorney/Stadium Authority Counsel Googins provided a Powerpoint presentation on the proposed FIFA World Cup 2026 Assignment and Assumption Agreement.

Mayor Gillmor called for a recess at 9:21 PM and reconvened the meeting at 9:30 PM.

Public Comments: Jared Shawlee
Steve Kelly
Doug Bloch
Shea Salinas
Brian Doyle
Brandi Chastain
Kevin
Marley Wilson
Wanda Buck
Council comments and questions ensued.

City Manager/Executive Director Grogan, City Attorney/Stadium Authority Counsel Googins, Director of Finance/Treasurer Kenn Lee, Mohammad Walizadeh (Partner, Hanson Bridgett), and Jihad Beauchman (Executive Vice President, San Francisco 49ers) addressed Council questions.

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Public Comment: Brian Doyle
Council comments and questions followed.

City Manager/Executive Director Grogan addressed Council questions.

A motion was made by Council/Boardmember Hardy, seconded by Council/Boardmember Chahal, to: (1) approve the proposed FIFA World Cup 2026 Assignment and Assumption Agreement and
Guaranty of Certain 2026 FIFA World Cup Obligations (collectively, the “World Cup Agreements”) on the terms, and substantially in the forms presented, and authorize the City Manager/Executive Director to execute such agreements in final forms approved by the City Attorney/Stadium Authority Counsel; (2) approve the “Field Improvements” on the terms presented; and (3) authorize and direct the City Manager/Executive Director to take such other actions as are necessary and appropriate to implement the terms of the World Cup Agreements.

Aye: Councilmember Gonzalez, Councilmember Chahal, Councilmember Hardy, Councilmember Park, and Councilmember Jain
5 -
Nay: Vice Mayor Cox, and Mayor Gillmor2 -

7. 25-55
Public Hearing: Action on Proposed Update to the City’s Citizen Participation Plan for the Use of Federal Housing and Urban Development (HUD) Grant Funds
Recommendation:

1. Approve the updated Citizen Participation Plan and direct staff to submit the Citizen Participation Plan to HUD for acceptance.

2. Allow the City Attorney to make any minor edits to the Citizen Participation Plan if requested by HUD prior to acceptance of the Plan.

City Manager Grogan made some opening remarks and introduced Director of Community Development Hamid who provided a
Powerpoint presentation on the Citizen Participation Plan.

Council comments and questions followed.

Director of Community Development Hamid and Housing &
Community Services Division Manager Marcus addressed Council questions.

A motion was made by Councilmember Gonzalez, seconded by Councilmember Chahal, to close the Public Hearing.

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Aye: Councilmember Gonzalez, Councilmember Chahal, Councilmember Hardy, Councilmember Park, Councilmember Jain, Vice Mayor Cox, and Mayor Gillmor
7 -
A motion was made by Councilmember Gonzalez, seconded by Councilmember Hardy, to: (1) approve the updated Citizen Participation Plan and direct staff to submit the Citizen Participation Plan to HUD for acceptance; and (2) allow the City Attorney to make any minor edits to the Citizen Participation Plan if requested by HUD prior to acceptance of the Plan.

Aye: Councilmember Gonzalez, Councilmember Chahal, Councilmember Hardy, Councilmember Jain, Vice Mayor Cox, and Mayor Gillmor 6 -
Nay: Councilmember Park1 -
REPORTS OF MEMBERS, SPECIAL COMMITTEES AND COUNCILMEMBER 030

REQUESTS
Councilmember Chahal reported that he attended the Northern California Power Agency's Capital Day in Sacramento on February 3, 2025.

Vice Mayor Cox reported that she attended the Cities Association of Santa Clara County Board of Directors meeting and noted that the Board's priorities include housing, mental health, governance and ethics, child care, elderly care and response to the federal administration.

CITY MANAGER/EXECUTIVE DIRECTOR REPORT
City Manager Grogan reported that a memorandum on priority setting will be attached on an upcoming agenda and there will be a Special City Council Meeting on Thursday, February 13, 2025 at the Convention Center regarding the City of Santa Clara's real estate and development market.

City Attorney Googins noted that an AB1234 training is scheduled for March 17, 2025.

ADJOURNMENT
A motion was made by Council/Boardmember Chahal, seconded by Vice Mayor/Chair Cox, to adjourn the meeting.

Aye: Council/Boardmember Albert Gonzalez, Council/Boardmember Raj Chahal, Council/Boardmember Karen Hardy, Council/Boardmember Kevin Park, Council/Boardmember Suds Jain, Vice Mayor/Chair Kelly Cox, and Mayor/Chair Lisa M. Gillmor
7 -
The next scheduled special meeting is on Thursday, February 13, 2025 at the Santa Clara Convention Center.

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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.

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.

Page 19 ends

Joint City Council and Authorities Concurrent &
Santa Clara Stadium Authority Board Meeting
City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-04 Agenda Date: 2/25/2025

REPORT TO COUNCIL

SUBJECT
Board, Commissions and Committee Minutes

COUNCIL PILLAR
Enhance Community Engagement and Transparency

RECOMMENDATION
Note and file the Minutes of:

Historical and Landmarks Commission - October 3, 2024
Parks & Recreation Commission - January 13, 2025
Senior Advisory Commission - January 13, 2025
Youth Commission - January 14, 2025
Planning Commission - January 15, 2025
City of Santa Clara Printed on 2/21/2025Page 1 of 1
powered by Legistar™
City of Santa Clara
Meeting Minutes
Historical & Landmarks Commission
Draft
6:00 PM Hybrid Meeting
City Hall Council
Chambers/Virtual
1500 Warburton Avenue
Santa Clara, CA 95050
10/03/2024
The City of Santa Clara is conducting the Historical and Landmarks Commission meeting in a hybrid manner (in-person and methods for the public to participate remotely) • Via Zoom:
o https://santaclaraca.zoom.us/j/97233262035 or
o Phone: 1 (669) 900-6833
Webinar ID: 972 3326 2035
Public Comments prior to meeting may be submitted via email to [email protected] no later than noon on the day of the meeting.

Clearly indicate the project address, meeting body, and meeting date in the email.

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, you may leave the meeting.

CALL TO ORDER AND ROLL CALL
Chair Leung called the meeting to order at 6:06 p.m.

Commissioner Michael Celso , Commissioner Amy Kirby, Chair Patricia Leung, and Commissioner Yvonne Inciarte
Present 4 -

Page 1 ends

10/03/2024Historical & Landmarks Commission Meeting Minutes Commissioner Kathleen Romano, Commissioner Ed Stocks, and Vice Chair Ana Vargas-Smith
Absent 3 -
A motion was made by Commissioner Inciarte, seconded by Commissioner Celso to excuse Commissioner Romano,
Commissioner Vargas-Smith, and Commissioner Stocks.

Aye: Commissioner Celso, Commissioner Kirby, Chair Leung, and Commissioner Inciarte
4 -
Excused: Commissioner Romano, Commissioner Stocks, and Vice Chair Vargas-Smith
3 -

STUDY SESSION
24-977 Study Session on the Library Facilities Master Plan: Community Input Recommendation: There is no recommendation. The purpose of this report is to support a Study Session on this topic and to receive input from the Historical and Landmarks Commission on the development of the City’s Library Facilities Master Plan.

Jeff Davis and Kristilyn Vercruysse from MSR Design and Mila Rianto, Assistant Librarian provided a presentation.

CONSENT CALENDAR

1. 24-975 Historical and Landmarks Commission Meeting Minutes of September 5, 2024
Recommendation: Approve the Historical and Landmarks Commission Meeting Minutes of the September 5, 2024 Meeting.

Commissioner Celso provided some corrections to the minutes- Commissioner Stocks Voted Chair Vargas-Smith for Chair. Chair Vargas-Smith voted Commissioner Celso for Chair but he declined.

Motion to approve this item was made by Commissioner Inciarte, seconded by Commissioner Celso.

Aye: Commissioner Celso, Commissioner Kirby, Chair Leung, and Commissioner Inciarte
4 -
Excused: Commissioner Romano, Commissioner Stocks, and Vice Chair Vargas-Smith
3 -

Page 2 ends

10/03/2024Historical & Landmarks Commission Meeting Minutes

PUBLIC PRESENTATIONS

GENERAL BUSINESS

2. 24-883 Consideration of a Historical Preservation Agreement (Mills Act Contract) (PLN24-00423) for 1309 Alviso Street.

Recommendation: Staff recommends that the Historical and Landmarks Commission find that the Mills Act Application and associated 10-Year Plan for restoration and maintenance accomplish the intent of preserving and maintaining the historical significance of the property; and therefore, recommend City Council approve of the City entering into a Mills Act Contract with the property owner, and the adoption of a 10-Year Restoration and Maintenance Plan associated with the Historical Preservation Agreement for the property located at 1309 Alviso Street.

Motion to close public hearing was made by Commissioner Inciarte, seconded by Commissioner Celso.

Motion to approve this item was made by Commissioner Celso, seconded by Commissioner Inciarte, with the condition for applicant to get clarification if the railing on the front porch was a historical feature and to approve a bronze plaque with a date of 1890.

Aye: Commissioner Celso, Commissioner Kirby, Chair Leung, and Commissioner Inciarte
4 -
Excused: Commissioner Romano, Commissioner Stocks, and Vice Chair Vargas-Smith
3 -

3. 24-927
Consideration of a Historical Preservation Agreement (Mills Act Contract) (File No. PLN24-00431) for 811 Monroe Street
Recommendation:

Staff recommends that the Historical and Landmarks Commission determine the project to be exempt from CEQA pursuant to CEQA Section 1561(b)(3) and find that the Mills Act Application and associated 10-Year Plan for restoration and maintenance accomplish the intent of preserving and maintaining the historical significance of the property; and therefore, recommend City Council approval of a Mills Act Contract, and the adoption of a 10-Year Restoration and Maintenance Plan associated with the Historical Preservation Agreement for the property located at 811 Monroe Street.

Motion to close public hearing was made by Commissioner Inciarte, seconded by Commissioner Celso.

Motion to approve this item was made by Commissioner Celso, seconded by Commissioner Inciarte, to approve a bronze plaque with a date of 1903.

Page 3 ends

10/03/2024Historical & Landmarks Commission Meeting Minutes

Aye: Commissioner Celso, Commissioner Kirby, Chair Leung, and Commissioner Inciarte
4 -
Excused: Commissioner Romano, Commissioner Stocks, and Vice Chair Vargas-Smith
3 -

STAFF REPORT

1. Historic Preservation Update

2. Historic Repair Report

3. Training and Travel Request

4. Budget Update
Senior Planner Nimisha Agrawal provided updates. The HLC drafted a memo that was presented to the commission and will be part of the minutes. Staff will prepare a cover memo for the presentation to the Council in the coming months and will update the commission on the Council date. Commissioner Celso pointed out that on page 16 of the memo the word "however" is used twice.

Staff shared the Historic Preservation Ordinance (HPO) Matrix that will be posted on the Historic Preservation page on The City's website.

Staff provided an update on the budget.

COMMISSIONERS REPORT
Subcommittee Reporting - 20 minutes
Board/Committee Lead/Alternate Santa Clara Arts and Historic Consortium Vargas-Smith / Romano Historic Preservation Society of Santa Clara Vargas-Smith / Leung Old Quad Residents Association Leung Development Review Hearing Romano /Vargas-Smith BART/ High Speed Rail/ VTA BRT Committee Vargas-Smith/ Leung El Camino Real Specific Plan Community Advisory Committee Leung Downtown Precise Plan Vargas-Smith/Stocks Santa Clara Station Area Task Force Leung/Stocks Park Court Neighborhood

ADJOURNMENT
Motion to adjourn was made by Commissioner Inciarte, seconded by Commissioner Celso to adjourn the meeting at 8:08 p.m. The next regular scheduled meeting is November 7, 2024.

Page 4 ends

10/03/2024Historical & Landmarks Commission Meeting Minutes

Aye: Commissioner Celso, Commissioner Kirby, Chair Leung, and Commissioner Inciarte
4 -
Excused: Commissioner Romano, Commissioner Stocks, and Vice Chair Vargas-Smith
3 -

MEETING DISCLOSURES

Page 5 ends

10/03/2024Historical & Landmarks Commission Meeting Minutes 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.

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.

Page 6 ends

City of Santa Clara
Meeting Minutes
Parks & Recreation Commission
Draft
7:00 PM Hybrid Meeting
Cafeteria - City Hall East Wing
1500 Warburton Avenue
Santa Clara, CA 95050
01/13/2025
The City of Santa Clara is conducting the Parks & Recreation Commission meeting in a hybrid manner (in-person and a method for the public to participate remotely).

Join Zoom Meeting
https://santaclaraca.zoom.us/j/89140287145?pwd=vxTpbZL37PSa9tyNRsapnbNKFauJJP.1

Meeting ID: 891 4028 7145
Passcode: 863597

CALL TO ORDER AND ROLL CALL
Chair Hai called to order the Parks & Recreation Commission meeting of January 13, 2025 to order at 7:02 P.M.

Commissioner Dana Caldwell, Vice Chair Maureen Chu,
Commissioner Eversley Forte, Commissioner Derek DeMarco, Chair Sajid Hai, and Commissioner Vikas Gupta
Present 6 -
Commissioner Brittany RickettsAbsent 1 -

CONSENT CALENDAR
25-59 Action on the Parks & Recreation Commission Minutes of the November 25, 2024, Meeting
Commissioner DeMarco made a motion, seconded by
Commissioner Chu to approve the Parks & Recreation Minutes of the November 25, 2024, meeting.

Aye: Commissioner Caldwell, Vice Chair Chu, Commissioner Forte, Commissioner DeMarco, Chair Hai, and Commissioner Gupta 6 -

Absent: Commissioner Ricketts1 -

PUBLIC PRESENTATIONS

GENERAL BUSINESS

Page 1 ends

01/13/2025Parks & Recreation Commission Meeting Minutes 25-61 Status Update on the Progress Made on the FY 2024/25 Parks & Recreation Commission’s Work Plan Goals
Goal A: Review park site and facility condition assessments and recommend priorities given existing and anticipated service levels and available resources-
-No Update.

Goal B.1.: Review and solicit community input on the existing City park rehabilitation projects based on the current Capital Improvement Program (CIP) Budget and schedule--the Commission discussed and provided feedback regarding park site visitation data provided by Deputy Director Seale and how it may be used for enhancing community input.

Goal B.2.: Review residential developer proposed schematic designs for new neighborhood parks that serve new residential development-- No update.

Goal C.1.: Host and develop recommendations for the annual Santa Clara Art & Wine Festival 2024--Work plan completed.

Goal C.2.: Participate in Citywide Special events--Commissioners attended and participated in the 2024 Holiday Tree Lighting Event.

Goal
D.: Partner with at least one other commission to build upon/expand at least one existing Parks & Recreation event by adding one extra element for patrons to interact with during the event- -No update
Goal E.: Participate in the Parks & Recreation Master Plan Process- -Commissioners participated in focus groups for the Parks & Recreation Master Plan and provided feedback to the Consultant (WRT).

Goal F.: Consider the annual budget of the Parks & Recreation Department during the budget preparation process and make recommendations with respect to the City Manager and City Council- -the Commission will receive the updated draft of the Wade Brummal Scholarship Fund at the February or March 2025 regular meeting.

Page 2 ends

01/13/2025Parks & Recreation Commission Meeting Minutes

STAFF REPORT
Deputy Director Seale
Henry Schmidt Park is in the final stages of plan review by city departments prior to the bid process. The Department has already provided final comments. The Central Park Entrance project will combine the improvements of the pavilion parking with Central Park entrance based on accessibility to the western side of Central Park, including connectivity to the Magical Bridge All-Inclusive Playground and the Community Recreation Center. The entire project will provide a net gain of 25-30 parking spaces.

Work preparation for the International Swim center (ISC) is continuing. The racing and training pools have been drained and the contractor is onsite and has started the re-plastering project. City staff meet frequently to review all project components. Unfortunately the ISC has been experiencing frequent break-ins and vandalism. Santa Clara PD is aware and has been assisting the Department by providing guidance, and follow up.

Recreation Manager Castro
The Senior Center natatorium re-plastering project has been completed.

The Department has contacted county officials for scheduling an inspection for facility compliance prior to re-opening. The Arbor picnic area that was closed during the construction of the Magical Bridge All-Inclusive Playground is back online and available for rental starting in January.

Winter programming classes have started this week. Winter activity guides will be mailed to residents at the end of February and registration will be available shortly after. Show time, a Santa Clara Women’s League production, will be showing as a fundraiser for the Santa Clara Health & Wellness Program at the Senior Center the first weekend in March.

Page 3 ends

01/13/2025Parks & Recreation Commission Meeting Minutes

COMMISSIONERS REPORT
Chair Hai
Chair Hai visited Jenny Strand and Westwood Oaks Parks and recently spent time traveling to Virginia.

Commissioner Caldwell
The Commissioner attended the Tree Lighting Ceremony and had a great time at the event. He mentioned the holiday tree lights didn't turn a couple of nights after the event. Staff explained that there were technical issues that Parks Division staff worked through to resolve. Under normal circumstances the tree would remain lighted until January 9. Commissioner Caldwell spoke with Deputy Director Seale regarding security fencing being raised on Cupertino School District property that borders Maywood Park. Commissioner Caldwell has been keeping a close eye on Maywood Park and mentioned it being quite the battle keeping the picnic area clean after park patrons use it on weekends.

Commissioner Forte
The Commissioner attended the Tree Lighting Ceremony “It was a good event!” He also mentioned the Magical Bridge Playground area during the Tree Lighting event was a major attraction itself with all the kids and families enjoying both.

Commissioner Gupta
The Commissioner attended the Tree Lighting Ceremony. “It was a wonderful ceremony!” The Commissioner was amazed at the energy and professionalism of the younger performers. Commissioner Gupta was happy to be in attendance and participate in the ceremony. He noted the popularity and attendance at the Magical Bridge Playground and is very proud of the public reception of the Magical Bridge Playground.

Commissioner Gupta visited Maywood Park for his frequent park walks.

He noted the aging conditions of a few of the park amenities and made the suggestion of creating a public volunteering effort led by the Department's staff to assist in improving the appearance of the aging facilities; he proposed a facility painting event as an example.

Commissioner DeMarco
He attended the Tree Lighting Ceremony. “It was great, lovely, so much fun!” The Commissioner DeMarco visited a handful of parks over the past month. The Commissioner’s daughter started a dance class instructed by the city’s Recreation Staff.

Commissioner Chu
The Commissioner attended the Tree Lighting Ceremony. “It was great to

Page 4 ends

01/13/2025Parks & Recreation Commission Meeting Minutes see all the dance classes. Good to see Santa Clara showcased”. She attended the Nutcracker production produced by the Recreation staff. She walked her dog around Live Oak Park and met with the Girl Scout Troop at Lick Mill Park building and noted that It could use a coat of paint.The Commissioner’s daughter started her ballet session at the Community Recreation Center at Henry Schmidt Park. Commissioner Chu shared her appreciation of the Parks & Recreation staff for all their hard work with programming.

ADJOURNMENT
Commissioner DeMarco made a motion, seconded by
Commissioner Chu to adjourn the Parks & Recreation Commission meeting at 8:22 PM until the next regular meeting on Monday, February 10, 2025 at the Sparacino Room across the lobby from Council Chambers.

Aye: Commissioner Caldwell, Vice Chair Chu, Commissioner Forte, Commissioner DeMarco, Chair Hai, and Commissioner Gupta 6 -

Absent: Commissioner Ricketts1 -

MEETING DISCLOSURES

Page 5 ends

01/13/2025Parks & Recreation Commission Meeting Minutes 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.

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.

Page 6 ends

City of Santa Clara
Meeting Minutes
Senior Advisory Commission
Draft
5:00 PM Hybrid Meeting
Santa Clara Senior Center
Room 205
1303 Fremont Street
Santa Clara, CA 95050
01/13/2025
Special Meeting
The City of Santa Clara is conducting the Senior Advisory Commission meeting in a hybrid manner (in-person and a method for the public to participate remotely).

Via Zoom:
https://santaclaraca.zoom.us/j/97590069803
Meeting ID: 975 9006 9803
Or join by phone: 669-900-6833

CALL TO ORDER AND ROLL CALL
The regular meeting was called to order by Chair Drozek at 5:02 p.m.

Chair Edmund Drozek, Commissioner Veena Sterling,
Commissioner Rick Andrews, Commissioner Maria Vaz (arrived at 5:25 p.m., and Commissioner Srinivasan Manivannan
Present 5 -
Absent 1 - Vice Chair Tom Freitas
A motion was made by Commissioner Andrews, seconded by
Commissioner Sterling, to excuse Commissioner Freitas. The motion carried with the following vote.

Aye: Chair Drozek, Commissioner Sterling, Commissioner Andrews, and Commissioner Manivannan
4 -

Absent: 2 - Vice Chair Freitas, and Commissioner Vaz

Page 1 ends

01/13/2025Senior Advisory Commission Meeting Minutes

1. 25-30 Review and Approve the Senior Advisory Commission Minutes of November 18, 2024
Recommendation: Approve the Senior Advisory Commission Minutes of November 18, 2024 A motion was made by Commissioner Andrews, seconded by
Commissioner Sterling, to approve the minutes of November 18, 2024. The motion carried with the following vote.

Aye: Chair Drozek, Commissioner Sterling, Commissioner Andrews, and Commissioner Manivannan
4 -
Excused: Vice Chair Freitas1 -

Absent: Commissioner Vaz1 -

PUBLIC PRESENTATIONS

GENERAL BUSINESS

Page 2 ends

CONSENT CALENDAR

2. 24-1263
Member of the public Martin Gross expressed concern about ADA requirements for Senior Housing in Santa Clara.

Heart of the Valley - Executive Director, Alma Soto introduced herself to the Commission and expressed an interest in partnering with the Commission in the future.

Discussion and Review of Subcommittee Updates on the Status of FY2024/25 Senior Advisory Commission Work Plan & Goals
Goal 1.a. Provide update on low-income housing project educational presentation at Senior Center.
- No Update
Goal 1.b. Report out on latest Community Meeting related to Senior Housing developments in Santa Clara.
- No Update
Goal 2.a. Report out on last meeting with City staff regarding pickleball updates.
- No Update
Goal 2.b. Report out on last meeting with City staff regarding Lawn Bowl. - No Update
Goal 2.c. Report out on latest Community Meeting related to outdoor activities for older adults.
- No Update
01/13/2025Senior Advisory Commission Meeting Minutes

Page 3 ends

STAFF REPORT
Goal 3.a. Report out on latest Community Meeting related to transportation and street improvement projects, and; provide update on transportation resources presentation at the Senior Center.
- No Update
Goal 3.b. Report out on the Bicycle & Pedestrian Advisory Committee meeting.
- Commissioner Drozek informed the Commission that he attended the October 28, 2024 meeting.

Goal 4.a. Provide update on the implementation of Senior Needs Assessment survey and outreach plan.
- No Update
Goal 4.b. Report out on latest Community meetings related to Age-Friendly accessibility in the build environment in Santa Clara.
- No Update
Public Comment - A member of the public Martin Gross, shared additional questions that he'd like to see on the Senior Needs Assessment. City Staff asked to meet with him after the meeting to understand his questions.

Recreation Manager Castro provided the following updates:
- Winter recreation classes and activities begin January 13. - The Parks & Recreation Department is beginning to plan for 2025 Special Events
- The Parks & Recreation Department welcomes new Parks & Recreation Director, Damon Sparacino.
- Santa Clara Women's League is proud to announce Showtime, "The Saga of the Sarsaparilla Saloon," or "Tale of the Tainted Tonic." Show dates are March 1 at 7 p.m., and March 2 at 2 p.m.
-
The Natatorium Pool Resurfacing Project is almost complete and the Natatorium is scheduled to reopen on January 21.
01/13/2025Senior Advisory Commission Meeting Minutes
Recreation Supervisor Herb provided the following updates:
- On January 1, 2025, California’s new statewide “Daylighting Law” went into effect. This was created to enhance pedestrian safety by prohibiting vehicles from parking within 20 feet of marked and unmarked crosswalks, and within 15 feet of crosswalks that have curb extensions. These parking restrictions are designed to improve the visibility of both moving vehicles and pedestrians, thereby helping to reduce collisions.
- The January Senior Center Newsletter is out. Please be sure to check out the new classes, activities, workshops and resources offered during the month of January.

Page 4 ends

COMMISSIONERS REPORT
Commissioner Andrews shared that he utilized the HICAP monthly appointments available at the Senior Center and found it super helpful.

HICAP provides counselors who educate and answer questions about:
- Original Medicare (Part A & B)
- Medicare Advantage Plans (Part C)
- Prescription Drug Coverage (Part D)
- Supplemental Insurance (Medigap)
- Limited Income Programs for Medicare
- Medicare and Medi-Cal Options
- Tips for Avoiding Medicare Fraud
Individuals can call the Senior Center for more information.

Commissioner Drozek shared that he attended the Bicycle & Pedestrian Advisory Committee (BPAC) on October 28 as well as the Sunnyvale BPAC meeting.

Commissioner Vaz shared concerns about living conditions at Valley Village.

Commissioner Sterling shared concerns about the structure of the Senior Advisory Commission as well as concerns about a fellow Commissioner and informed the Commission that she was resigning from the Senior Advisory Commission.
01/13/2025Senior Advisory Commission Meeting Minutes

ADJOURNMENT
A motion was made by Commissioner Andrews, seconded by
Commissioner Vaz that the meeting be adjourned at 5:59 p.m.

Aye: Chair Drozek, Commissioner Sterling, Commissioner Andrews, Commissioner Vaz, and Commissioner Manivannan
5 -
Excused: Vice Chair Freitas1 -

MEETING DISCLOSURES

Page 5 ends

01/13/2025Senior Advisory Commission Meeting Minutes
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.

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.

Page 6 ends

City of Santa Clara
Meeting Minutes
Youth Commission
Draft
6:00 PM Youth & Teen Center
2446 Cabrillo Avenue
Santa Clara, CA 95051
01/14/2025

CALL TO ORDER AND ROLL CALL
This meeting was called to order by Chair Liang at 6:09 p.m.

Commissioner Allysa Domensino, Commissioner Simren Garg, Commissioner Namita Gaidhani, Commissioner Srikha Gopisetti, Commissioner Julianna Arias Hernandez, Commissioner Neha Israni, Commissioner Maryam Ismail, Commissioner Ryan Kim,
Commissioner Rebecca Kunze, Commissioner Kira Liang,
Commissioner Malia Martin, Commissioner Samaira Mehta,
Commissioner Hiranya Parekh, Commissioner Brian Rong, and Commissioner Samarth Suresh
Present 15 -

CONSENT CALENDAR
24-1228 Action on the Youth Commission Meeting Minutes of December 10, 2024 A motion was made by Commissioner Suresh, seconded by
Commissioner Martin that this item be recommended for approval.

The motion was carried by the following votes:

Aye: Commissioner Domensino, Commissioner Garg, Commissioner Gaidhani, Commissioner Gopisetti, Commissioner Arias Hernandez, Commissioner Israni, Commissioner Ismail, Commissioner Kim, Commissioner Kunze, Commissioner Liang, Commissioner Martin, Commissioner Mehta, Commissioner Parekh, Commissioner Rong, and Commissioner Suresh
15 -

PUBLIC PRESENTATIONS
None

GENERAL BUSINESS
24-1231 Discussion and Possible Action on Youth Commission FY 2024/25 Work Plan & Goals

Page 1 ends

01/14/2025Youth Commission Meeting Minutes

STAFF REPORT
Commissioners continued to develop activities and events for the FY 2024/25 Work Plan themes: youth empowerment, public outreach and education, and community building. Tentative plans for spring include a hackathon, multicultural high school fair, new resident welcome resources, and an education reform podcast. The committees will update progress at the next Youth Commission monthly meeting in February 2025.

Gayle Ichiho, Recreation Supervisor discussed the application process for the Youth Commission’s upcoming FY
2025/26 term. Applications will
be available on Monday, Feb. 3. Interested youth ages12-19, who reside within the City of Santa Clara, are encouraged to apply.

COMMISSIONERS REPORT
None

ADJOURNMENT
A motion was made by commissioner Suresh, secounded by
Commissioner Gaidhani that this meeting be adjourned at 6:18 p.m.

The motion was carried by the following votes:

MEETING DISCLOSURES

Page 2 ends

01/14/2025Youth Commission Meeting Minutes
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.

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.

Page 3 ends

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
01/15/2025
Revised Agenda: Public Hearing Item has been moved to Continuances 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:
https://santaclaraca.zoom.us/j/91729202898
Webinar ID: 917 2920 2898 or
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 Saleme called the meeting to order at 6:00 p.m.

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01/15/2025Planning Commission Meeting Minutes
Pledge of Allegiance and Statement of Values
Secretary Crutchlow read the Statement of Values.

Roll Call
Commissioner Nancy A. Biagini, Commissioner Priya Cherukuru, Commissioner Qian Huang, Vice Chair Mario Bouza, Chair Lance Saleme, and Commissioner Eric Crutchlow
Present 6 -
Commissioner Yashraj BhatnagarAbsent 1 -
A motion was made by Commissioner Biagini, seconded by
Commissioner Cherukuru to excuse Commissioner Bhatnagar.

Aye: Commissioner Biagini, Commissioner Cherukuru, Commissioner Huang, Vice Chair Bouza, Chair Saleme, and Commissioner Crutchlow
6 -
Excused: Commissioner Bhatnagar1 -

DECLARATION OF COMMISSION PROCEDURES
Secretary Crutchlow read the Declaration of Commission Procedures.

CONTINUANCES/EXCEPTIONS

1. 24-1118 Public Hearing: Continuance for Action on a Variance (PLN24-00514) to Locate a Six-Foot Wrought Iron Fence Within the 10-Foot Street Side Setback and Within the 20-Foot Front Setback Proposed at 572 Woodhams Road
Recommendation:

Staff recommends that the Planning Commission continue the request to a date uncertain, for which will be noticed by mail to property owners within 300 feet of the project site.

A motion was made by Commissioner Crutchlow, seconded by Commissioner Bouza to approve the continuance to date to be determined and renotice the item at that time.

Aye: Commissioner Biagini, Commissioner Cherukuru, Commissioner Huang, Vice Chair Bouza, Chair Saleme, and Commissioner Crutchlow
6 -
Excused: Commissioner Bhatnagar1 -

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01/15/2025Planning Commission Meeting Minutes

CONSENT CALENDAR
A motion was made by Commissioner Biagini, seconded by
Commissioner Bouza to approve this item.

Commissioner Cherukuru abstained from voting on Item 1.B due to her absence at that meeting.

Aye: Commissioner Biagini, Commissioner Cherukuru, Commissioner Huang, Vice Chair Bouza, Chair Saleme, and Commissioner Crutchlow
6 -
Excused: Commissioner Bhatnagar1 -

1.A 25-008
Planning Commission Meeting Minutes of November 6, 2024 Recommendation: Approve the Planning Commission Meeting Minutes of the November 6, 2024 Meeting.

1.B 25-68 Planning Commission Meeting Minutes of December 4, 2024 Recommendation: Approve the Planning Commission Meeting Minutes of the December 4, 2024 Meeting.

PUBLIC PRESENTATIONS
None.

PUBLIC HEARING

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01/15/2025Planning Commission Meeting Minutes

2. 24-1256 Public Hearing Continuance: Action on Conditional Use Permit (PLN23-00148) for a New Unmanned AT&T Telecommunication Facility with the Installation of a 60-Foot-Tall Monotree or an Alternative Design with Three 42’-6” Monopoles Located in the Parking Lot at 3111 Benton Street
Recommendation:

1. Determine that the project is categorically exempt from formal environmental review per Section 15303(d), New Construction of Utility Extensions, of the CEQA Guidelines; and

2. Adopt a Resolution to approve a Conditional Use Permit for a new unmanned AT&T wireless telecommunication facility with the installation of a 60-foot-tall monotree at 3111 Benton Street, subject to findings and conditions of approval.

Planning Manager Lesley Xavier provided the staff presentation and stated this was the fourth time this item has been heard by the Planning Commission due to several continuance.and that this project is being reviewed under the "classic code".

Commissioners inquired upon several items including why the City was recommending the monotree design; impact to neighboring properties and the impact to the value of the neighboring properties.

Steve Proo, representing AT&T provided the Applicant presentation.

Radio Frequency Engineer Enrico Cornejo was in attendance.

Mr.Proo stated the applicant had done a thorough search for the location of the monopine and done their due diligence.

Public Speakers:

Yongli Wen
Ken Kratz
Lee Benton
Nicholas Rossi
Alexandra
Vignesh
Sherry
Linda
Diane Harrison
Public Speaker
Commissioner Crutchlow requested that the City have a master plan for cell towers.

Assistant City Attorney Alexander Abbe provided clarification on the parameters of the Shot Clock.

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01/15/2025Planning Commission Meeting Minutes
A motion was made by Commissioner Crutchlow, seconded by Commissioner Biagini to close public hearing.

Aye: Commissioner Biagini, Commissioner Cherukuru, Commissioner Huang, Vice Chair Bouza, Chair Saleme, and Commissioner Crutchlow
6 -
Excused: Commissioner Bhatnagar1 -
A motion was made by Commissioner Biagini, seconded by
Commissioner Cherukuru to approve staff recommendation 1.

Aye: Commissioner Biagini, Commissioner Cherukuru, Commissioner Huang, Vice Chair Bouza, and Chair Saleme
5 -
Nay: Commissioner Crutchlow1 -
Excused: Commissioner Bhatnagar1 -
A motion was made by Commissioner Biagini, seconded by
Commissioner Cherukuru to adopt Staff Alternative 2.

Aye: Commissioner Biagini, Commissioner Cherukuru, Commissioner Huang, and Chair Saleme
4 -
Nay: Vice Chair Bouza, and Commissioner Crutchlow2 -
Excused: Commissioner Bhatnagar1 -

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01/15/2025Planning Commission Meeting Minutes

3. 24-1216 Public Hearing: Action on a Conditional Use Permit and Variances (PLN23-00513) to Allow Expansion of an Existing Service Station by Removing a Portion of the Fuel Canopy and Two Fuel Dispensers, and by Adding a 1,605 square foot Convenience Store and Self-Service Carwash within the Rear Setback for the Store at 2455 Lawrence Expressway Recommendation:

1. Adopt a Resolution Denying a Conditional Use Permit to allow expansion of an existing service station for removing a portion of fuel canopy and two fuel dispensers, and adding a 1,605 square foot convenience store and a self-service carwash within the rear setbacks at 2455 Lawrence Expressway.

2. Adopt a Resolution Denying a Variance to allow reduced rear setbacks, reduced landscaping planter depth along the street frontages, reduced required landscape screening depth, reduced required tree planter depth, and reduced required shrub planter depth in connection with a proposed expansion of an existing service station at 2455 Lawrence Expressway.

Associate Planner Daniel Sobczak provided the staff presentation.

Chair Saleme announced he had an email correspondence with the Applicant.

Architect Muthana Ibrahim provided a sketch to Planners of an alternate plan for the project.

Applicant/Owner Surjait Baines stated he had a traffic report and had met with a traffic engineer for the project.

Commissioners inquired upon several items including noise mitigation for the proposed car wash and design aspects.

Public Speakers:

Nick
Bhopinder Singh
Fateh Sing
Avee Patel
Iknoor Singh
Jaspreet Singh
Jesse Singh
Linda
Dil
Sunny
Assistant City Attorney Alexander Abbe stated that the project does not comply with city code.

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01/15/2025Planning Commission Meeting Minutes
The meeting went into recess at 9:50 p.m. and reconvened at 10:04 p.m.

A motion was made by Commissioner Biagini, seconded by
Commissioner Crutchlow to close public hearing.

Aye: Commissioner Biagini, Commissioner Cherukuru, Commissioner Huang, Vice Chair Bouza, Chair Saleme, and Commissioner Crutchlow
6 -
Excused: Commissioner Bhatnagar1 -

4. 24-1240
Study Session: 2024 State Housing Legislation Update
A motion was made by Chair Saleme to extend the meeting past 10 pm

Aye: Commissioner Biagini, Commissioner Cherukuru, Commissioner Huang, Vice Chair Bouza, Chair Saleme, and Commissioner Crutchlow
6 -
Excused: Commissioner Bhatnagar1 -

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01/15/2025Planning Commission Meeting Minutes
Study Session: 2024 State Housing Legislation Update
Assistant City Attorney Alexander Abbe provided the staff presentation.

Commissioners inquired on several aspects of the presentation.

Director of Community Development Afshan Hamid provided additional input on the presentation.

REPORTS OF COMMISSION/BOARD LIAISON AND COMMITTEE:

1. Announcements/Other Items

2. Commissioner Travel and Training Reports, Requests to attend Trainings A motion was made by Commissioner Cherukuru, seconded by Commissioner Huang to expend funds for Commissioners
Cherukuru, Huang and Crutchlow to attend the Joint Venture Silicon Valley (JVSV) State of the Valley event taking place on March 7, 2025.

Aye: Commissioner Biagini, Commissioner Cherukuru, Commissioner Huang, Vice Chair Bouza, Chair Saleme, and Commissioner Crutchlow
6 -
Excused: Commissioner Bhatnagar1 -
Joint Venture State of the Valley Conference - March 7, 2025 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 staff updates.

ADJOURNMENT:

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01/15/2025Planning Commission Meeting Minutes
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.

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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01/15/2025Planning Commission Meeting Minutes
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.

Page 10 ends

City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-100 Agenda Date: 2/25/2025

REPORT TO COUNCIL

SUBJECT
Action on Monthly Financial Status and Investment Reports for November and December 2024 and Approve the 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 November 2024 and December 2024 are submitted for your information. The financial reviews as of November 30 and December 31, 2024, provide a year-to-date financial update to the City Council for fiscal year 2024/25. The analysis of the revenues collected and all expenditures measures the level of adherence to the established resource allocation plan and allows the City to monitor and project revenues and expenditures throughout the year.

The Adopted Budget incorporates the estimated revenues and planned expenditures for all funds.

The attached Financial Status Reports provide the budget to actual revenue and expenditure summaries for the General Fund, Special Revenue Funds and Enterprise Operating Funds, as well as expenditure summaries 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, included in these reports are monthly activity and annual summary of donations received by department. Although the requirement of the policy is to report quarterly, the City will include this information monthly in the financial status report.

DISCUSSION
Monthly Financial Status Report (Attachments 1 and 3)
The attached Monthly Financial Status Reports summarize the City’s financial performance as of November 30, 2024 (Attachment 1) and December 31, 2024 (Attachment 3). This reports provided financial analysis for the General Fund, select Special Revenue Funds, Enterprise Operating Funds, and Capital Improvement Funds.

Attachment 1 shows that General Fund revenues (excluding transfers) at 30.7% of the budget through November 2024, while Attachment 3 shows General Fund revenues at 38.8% through December 2024. In both cases, revenues are tracking below par due to the timing of payments. In certain categories, such as property tax, most payments are scheduled to occur later in the fiscal City of Santa Clara Printed on 2/21/2025Page 1 of 4
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year. General Fund revenues are currently tracking within estimated levels.

As shown in Attachments 1 and 3, General Fund expenditures (excluding transfers) were at 39.2% and 47% of budget through November and December 2024, respectively. Overall, expenditures are tracking within budgeted levels.

As shown in Attachment 1, total revenues for Enterprise Funds (Electric, Water, Sewer, Cemetery, Solid Waste, and Water Recycling) were at 45.8% of the budget through November 30, 2024, while total expenses were at 34.6%. In Attachment 3, total revenues for these funds were at 54.4% of the budget and total expenses were at 42.2%, through December 31, 2024.

In the months of November and December donations of $933 and $200 were received, respectively, bringing total donations to $26,424.

The winter 2024 UCLA Anderson Forecast points to uncertainty regarding the U.S. economic outlook for 2025 and 2026 given the potential impacts of policies regarding tariffs and deportations. The UCLA Forecast for California assumes the state’s economy will grow at about the same rate as the U.S. in 2025 and 2026.

On a national level, the unemployment rate changed little from 4.2% in November to 4.1% in December 2024. The number of unemployed persons decreased slightly from 7.1 million in November 2024 to 6.9 million in December 2024. In the third estimate for the third quarter 2024, the Gross Domestic Product (GDP) increased at an annual rate of 3.1%, following a GDP increase of

3.0% in the second quarter.

The California unemployment rate increased slightly from 5.4% in November 2024 to 5.5% in December 2024. The unadjusted unemployment rate in the San José-Sunnyvale-Santa Clara Metropolitan Statistical Area (MSA) was 3.9% in December 2024, down slightly from a revised 4.1% in November 2024, and below the December 2023 level of 4.0%.

Staff will continue to closely monitor the General Fund revenues and the City’s overall financial performance as the fiscal year progresses.

Monthly Investment Report (Attachments 2 and 4)
All securities held by the City of Santa Clara as of November 30 and December 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 City’s investment strategy for November and December 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 form the date of purchase. This strategy ensures safety of the City’s funds, provides liquidity to meet the City’s cash needs, and with a reasonable portfolio return of

3.78% in November and 3.93% in December.

The Monthly Investment Report also now includes a Statement of Transactions, following the Investment Inventory, in accordance with California Municipal Treasurers Association investment City of Santa Clara Printed on 2/21/2025Page 2 of 4
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25-100 Agenda Date: 2/25/2025
policy guidelines.

ENVIRONMENTAL REVIEW
The actions being considered do not constitute “projects” within the meaning of the California Environmental Quality Act (“CEQA”) pursuant to section 15378(b)(4) of Title 14 of the California Code of Regulations in that they are fiscal activities that do not involve the commitment to a specific project which may result in a potentially significant physical impact on the environment.

FISCAL IMPACT
From time to time, adjustments to the budget are required to reflect new information, align budgets with actual revenues and expenses, and correct for inadvertent errors. The recommended budget adjustments are described in Attachment 5 and summarized below:
· General Fund
- budget actions include recognizing and appropriating miscellaneous charges for services for a reimbursement agreement, recognizing and appropriating wildland reimbursements to the Fire Department, and a transfer to the Streets and Highways Capital Fund to return interest earned on a refunded developer fee; · Fleet Management Fund
- adds funding to repair a fire engine damaged in an accident, funded by a combination of insurance reimbursements and the use of unrestricted ending fund balance;
· Information Technology Services Fund
- appropriates additional funding from available
unrestricted fund balance for the network replacement project and computer replacement program;
· Prefunded Plan Review
- increases the developer contribution estimate and appropriates funding for the Kylii/Democracy Way project to cover costs associated with an additional hearing and an economic consultant agreement;
· Public, Educational, and Governmental Fee Fund
- increases the capital outlay appropriation
to cover costs associated with the citywide upgrade of audio visual systems and related equipment to facilitate public meetings, offset by the use of unrestricted ending fund balance; · Special Liability Insurance Fund
- appropriates funding from the Reserve for Future Claims to the claims payments budget for a settlement agreement related to the Sewer Utility; and · Streets and Highways Capital Fund - recognizes and appropriates Transportation Development Act funding to the Annual Curb Ramp Installation project, recognizes a transfer from the General Fund to the Developer Reimbursement project to return interest earned on a recently refunded developer contribution to the developer, and corrects errors in the budget.

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]
or at the public information desk at any City of Santa
Clara public library.

City of Santa Clara Printed on 2/21/2025Page 3 of 4
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RECOMMENDATION

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

2. Approve the FY 2024/25 Budget Amendments in the following funds (as detailed in the Fiscal Impact Section of the staff report and Attachment 5 to the staff report):
a. In the General Fund, with a net impact of $357,940;
b. In the Fleet Management Fund, with a net impact of $153,950; c. In the Information Technology Services Fund, with a net impact of $0; d. In the Prefunded Plan Review Fund, with a net impact of $135,600; e. In the Public, Educational, and Governmental Fee Fund, with a net impact of $0; f. In the Special Liability Insurance Fund, with a net impact of $0; and g. In the Streets and Highways Capital Fund, with a net impact of $706,676.

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

ATTACHMENTS

1. Monthly Financial Status Report - November 2024

2. Monthly Investment Report - November 2024

3. Monthly Financial Status Report - December 2024

4. Monthly Investment Report - December 2024

5. FY 2024/25 Budget Amendments
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_____________________________________________________________________

MONTHLY FINANCIAL STATUS REPORT

November 2024

City of
Santa Clara
The Center of What 's Possible

1 City of Santa Clara
Financial Status Report as of November 30, 2024

This report summarizes the City’s financial performance for the month ended November 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
In its Winter 2024 Forecast, the UCLA Anderson Forecast points to uncertainty regarding the U.S. economic outlook for 2025 and 2026 given the potential impacts of policies regarding tariffs and deportations. “With real GDP growth above two percent, the U.S. economy continues to outshine its global peers. The incoming tariff and deportation policies will put upward pressure on costs and downward pressure on consumption, leading to lower GDP growth, dipping below two percent (SAAR) in the second half of 2025. We expect GDP growth to partially recover by the end of 2026 as the economy adjusts to the tariffs and the changing composition and size of the labor force.”1 U.S. Quarterly Real GDP Growth Forecast (UCLA Winter 2024 Economic Forecast)

1 UCLA Anderson Forecast Winter 2024 Economic Forecast, “Cloudy with a Chance of Inflation”, Clement Bohr 4 "O 3 QJ
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Source : Bureau of Economic Analysis and UCLA Anderson Forecast

2 City of Santa Clara
Financial Status Report as of November 30, 2024

On a national level, the unemployment rate changed little from 4.1% in October to 4.2% in November 2024, but is up from 3.7% in November 2023. In November, the number of unemployed persons totaled 7.1 million, a slight increase from 7.0 million in October.2

In the third quarter 2024 third estimate, the Gross Domestic Product (GDP) increased by 3.1%, following a GDP increase of 3.0% in the second quarter. The increase in real GDP primarily reflected increases in consumer spending, exports, nonresidential fixed investment, and federal government spending.3

2 https://www.bls.gov/news.release/pdf/empsit.pdf
3 https://www.bea.gov/sites/default/files/2024-12/tech3q24-3rd.pdf Chart 1. Unem ployment rate seasonally adjusmd,
Nl)lff!ffiber 2022 - November 2024
Perce nt

5.5 5.0

4.5 4.0
l.O

2.5 •Chart 2. Nonfarm payroll emp toyment ow r-llh~ monih change , saasonally adjusted, No/it.ember 2022 - No!it.enrber 2024 Thousands
600
SOD
400
300
200
'100
0 -'100
Nm,0 2'2 Feb-23 Ma-y-2'.3 Alug,23 Nm,.23 eb,211 May-24 Alug,24 Nm,,2i Real GDP: Percent change from preceding quarter
8 6
4 2
0 -2
Q4 Ql
2020
Q2 Q3
2021
U.S. Bureau of Econom ic Analysis
Q4 Ql Q2 Q3
2022
Q4 Ql Q2 Q3
2023
Q4 Ql Q2 Q3
2024
Seasonally adjusted annual rates

3 City of Santa Clara
Financial Status Report as of November 30, 2024

At the state level, the California unemployment rate remained unchanged at 5.4% between October and November 2024. This rate is higher compared to the 5.1% rate in November 2023. Over the past year, California employers have added 167,000 nonfarm jobs.4 The winter 2024 UCLA Anderson Forecast for California assumes the state’s economy will grow at about the same rate as the U.S. in 2025 and 2026. “The unemployment rate for the 4th quarter of this year is expected to average 5.3%, and the average for 2025 and 2026 is expected to be 5.5% and

5.0% respectively. Our forecast for 2025 and 2026 is for total employment growth rates to be -0.7% and

1.6%. Non-farm payroll jobs are expected to grow at a 1.5% and 1.3% rate during the same two years.

Real personal income is forecast to grow by 2.3% in 2025 and 2.6% in 2026. In spite of the higher interest rates, the continued demand for a limited housing stock coupled with state policies inducing new homebuilding should result in the beginning of a recovery this year followed by slow but solid growth in new home production thereafter.”
5 The unadjusted unemployment rate in the San José-Sunnyvale-Santa Clara Metropolitan Statistical Area (MSA) was 4.1% in November 2024, down slightly from a revised 4.2% in October 2024, but above the November 2023 estimate of 4.0%. Between November 2023 and November 2024, employment in this region increased by 6,100 jobs, or 0.5%. The largest increases were in private education and health services (up 12,300 jobs) and professional and business services (up 2,800 jobs).

Notable employment reductions were in information (down 5,700 jobs) and manufacturing (down 5,400 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 2024/25 was $310.7 million. The amended budget for revenues and expenditures was adjusted to $317.9 million to reflect carryover encumbrances from fiscal year 2023/24 and various budget amendments approved by the City Council through November 2024.

General Fund revenues and expenditures are tracking within estimated levels.

4 https://edd.ca.gov/es/about_edd/news_releases_and_announcements/unemployment-november-2024/ 5 UCLA Anderson Forecast Winter 2024 Economic Forecast, “California After the Election”, Jerry Nickelsburg 6 https://labormarketinfo.edd.ca.gov/file/lfmonth/sjos$pds.pdf

4 City of Santa Clara
Financial Status Report as of November 30, 2024

General Fund Revenues
As of November 30, 2024, $90.8 million or 30.7% of the General Fund estimated revenue (excluding transfers) was received. Collections are tracking below par through November due to the timing of payments. In some categories, such as property tax, most payments are scheduled to occur later in the fiscal year. Transfers and use of reserves of $22.1 million have occurred as budgeted.

Adopted Budget
Amended
Budget
Actual Through
11/30/2024
Percentage
Received
Actual Through
11/30/2023
$
Change From
Prior Year
Percentage
Change
TAXES
Sales Tax 62,900,000$ 62,900,000$ 19,387,391$ 30.82% 15,323,471$ 4,063,920$ 26.52% Property Tax 94,391,000 94,391,000 16,778,801 17.78% 13,496,133 3,282,668 24.32% Transient Occupancy Tax 22,850,000 22,850,000 7,497,570 32.81% 5,717,965 1,779,605 31.12% Other Taxes 6,950,000 6,950,000 1,708,158 24.58% 1,794,102 (85,944) -4.79% Total Taxes 187,091,000 187,091,000 45,371,920 24.25% 36,331,671 9,040,249 24.88%

LICENSES & PERMITS
Business Licenses 6,000,000 6,000,000 2,970,394 49.51% 2,178,351 792,043 36.36% Fire Operation Permits 2,010,000 2,010,000 954,340 47.48% 666,745 287,595 43.13% Miscellaneous Permits 55,000 55,000 213,409 388.02% 2,461 210,948 8571.64% Total Licenses & Permits 8,065,000 8,065,000 4,138,143 51.31% 2,847,557 1,290,586 45.32% FINES & PENALTIES 1,452,000 1,452,000 549,361 37.83% 1,037,160 (487,799) -47.03% INTERGOVERNMENTAL 970,000 970,000 512,214 52.81% 148,252 363,962 245.50% CHARGES FOR SERVICES 30,829,954 30,829,954 14,687,810 47.64% 12,810,495 1,877,315 14.65% SILICON VALLEY POWER TRANSFER 34,500,000 34,500,000 14,777,125 42.83% 13,712,604 1,064,521 7.76%

USE OF MONEY & PROPERTY
Interest 6,212,000 6,212,000 925,644 14.90% 16,106 909,538 5647.20% Rent 13,028,187 13,028,187 5,341,057 41.00% 5,243,300 97,757 1.86% Total Use of Money & Property 19,240,187 19,240,187 6,266,701 32.57% 5,259,406 1,007,295 19.15% MISCELLANEOUS REVENUES 215,550 215,550 305,763 141.85% 137,475 168,288 122.41%

LAND PROCEED - - - N/A - - N/A

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 6,964,827 13,895,239 13,895,239 100.00% 8,012,113 5,883,126 73.43% Operating Transfer In - Fund Balances(1) 6,162,369 6,162,369 6,162,369 100.00% 4,759,683 1,402,686 29.47% Operating Transfer In - Miscellaneous 575,821 575,821 575,821 100.00% 746,044 (170,223) -22.82% Total Other Financing Sources 15,157,017 22,087,429 22,087,429 100.00% 14,971,840 7,115,589 47.53%

STADIUM OPERATION
Charges for Services 11,705,481 12,023,104 4,114,224 34.22% 895,270 3,218,954 359.55% Rent and Licensing 1,472,000 1,472,000 121,612 8.26% 69,313 52,299 75.45% Total Stadium Operation 13,177,481 13,495,104 4,235,836 31.39% 964,583 3,271,253 339.14% TOTAL GENERAL FUND 310,698,189$ 317,946,224$ 112,932,302$ 35.52% 88,221,042$ 24,711,259$ 28.01% (1) The Operating Transfer In - Fund Balances includes the carryover encumbrances of open purchase orders as of June 30, 2024 and mid year budget amendment from reserves.

Function

CITY OF SANTA CLARA

GENERAL FUND

REVENUE OVERVIEW AND COMPARISON BY TYPE
FISCAL YEAR 2024/25 PY REVENUE COMPARISON

5 City of Santa Clara
Financial Status Report as of November 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 November 30, 2024, $19.4 million has been collected, which is 26.5% higher than prior year collection levels. Given the timing of payments, the sales tax payments through November are for the months of July through September 2024. In November, the City received the true-up payment for the first quarter of FY 2024/25 (July – September activity) that brought collections to $19.2 million for that quarter. This collection level is well above prior year receipts of $15.1 million for the first quarter of FY 2023/24. This increase was primarily the result of a 44% increase in the Business-to-Business category, much of which is one time in nature. Growth was also realized in the construction (up 7.5%) and food products (up 1.3%) categories, partially offset by reductions in the general retail (down 4.9%) and transportation (down 9.8%) categories. The County pool receipts were also up 38.6% over the first quarter of FY 2023/24 based on the City’s strong sales tax performance; these collection represent approximately 20% of the City’s sales tax receipts. In addition, $0.2 million was received for the Proposition 172 Public Safety Sales Tax, which is consistent with the prior fiscal year.

Given the strong performance in the first quarter, collections can drop approximately 7% in each of the remaining three quarters of FY 2024/25 and still meet the budget estimate of $62.0 million. It is important to note that sales tax receipts can vary significantly from quarter to quarter.

Property Tax: $16.8 million in property tax receipts were received through November 2024. The majority of property tax revenue is collected in February and April each year. Based on initial information from the County of Santa Clara, property tax receipts are projected to end the year at $95.9 million, slightly above the Adopted Budget estimate of $94.4 million.

Transient Occupancy Tax (TOT): TOT is calculated as a percentage of City hotel/motel room charges. The City’s TOT rate was 12.5% in November 2024 and increased to 13.5% effective January 1, 2025. Through November 30, 2024, approximately $7.5 million was received, or 32.8% of the budget. This collection level was 31% above the $5.7 million received through November of the prior fiscal year due. Receipts are currently tracking to exceed the budget estimate of $22.9 million.

Other Taxes: Includes franchise tax and documentary transfer tax. The City has collected approximately $1.7 million through November, including $1.4 million in franchise taxes and $0.3 million in documentary transfer taxes. This collection level is 4.8% below last fiscal year due to lower franchise tax receipts recorded to date.

Licenses & Permits: Includes business licenses, fire operation permits, and miscellaneous permits and fees. Revenue collections are tracking above par with receipts totaling $4.1 million, or 51.3% of the $8.1 million budget. This reflects strong growth in all categories with the largest collections in the business license tax category. Effective FY 2023/24, the City implemented a new Business License Tax methodology which is reflected in the receipts recorded this fiscal year totaling $3.0 million, or 49.5% of the budget. This collection level is above the prior year level of $2.2 million due, in part, to the timing of payments; last year, collections at the beginning of the year were delayed with the implementation of the new tax structure.

6 City of Santa Clara
Financial Status Report as of November 30, 2024

Fines & Penalties: Includes vehicle, parking, court fines, and miscellaneous penalty fines. Through November, revenue in this category totaled $0.5 million, which was below the prior year level of $1.0 million due primarily to lower municipal fines and collection charges.

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 November, approximately $0.5 million has been collected, or 52.8% of the $1.0 million budget.

Charges for Services: Includes various plan check and zoning-related fees, engineering fees, administrative fees, and community service revenue from various recreational activities. Through November, collections totaled approximately $14.7 million or 47.6% of the budget. This reflects a 14.7% increase compared to last year’s collections, primarily due to higher receipts from engineering fees, planning and zoning fees, Emergency Medical Services (EMS) transport fees, and interdepartmental charges.

Silicon Valley Power Transfer: In accordance with the City’s charter, Silicon Valley Power pays 5.0% of gross revenues to the General Fund. 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 November, $6.3 million has been collected, compared to $5.3 million last fiscal year. This increase is due to higher interest and higher rents, specifically right-of-way, collected in the current year.

Miscellaneous Revenues: Includes developer fees, donations, damage recovery, sale of surplus, and one-time miscellaneous revenues. Through November, collections totaled $0.3 million, exceeding the budgeted estimate of $0.2 million and the prior year collection level of $0.1 million.

Stadium Operation: Through November, approximately $4.2 million has been collected through charges for services and rent.

7 City of Santa Clara
Financial Status Report as of November 30, 2024

General Fund Expenditures
As of November 30, 2024, $135.5 million or 42.6% of the General Fund operating budget had been expended, which is higher than prior year expenditure levels. Excluding transfers, expenditures totaled $117.4 million, or 39.2% of the budget, which is slightly below par. Transfers of $18.0 million have occurred as budgeted. Overall, expenditures in the General Fund are at budgeted levels through November.

Adopted Budget
Amended
Budget
Actual Through
11/30/2024
Percentage
Used
Actual Through
11/30/2023
$
Change From
Prior Year
Percentage
Change

GENERAL GOVERNMENT
Non-Departmental 17,622,136$ 17,841,022$ 7,005,199$ 39.26% 4,316,021$ 2,689,178$ 62.31% City Council 1,196,923 1,196,923 451,401 37.71% 468,262 (16,861) -3.60% City Clerk 2,102,267 2,104,267 801,407 38.08% 670,951 130,456 19.44% City Manager 8,222,051 9,030,316 1,714,688 18.99% 1,369,305 345,383 25.22% City Attorney 3,357,661 3,440,037 1,199,668 34.87% 1,135,878 63,790 5.62% Human Resources 4,845,256 5,034,027 1,563,500 31.06% 1,323,766 239,734 18.11% Finance 21,008,682 21,922,775 8,523,846 38.88% 6,891,409 1,632,437 23.69% Total General Government 58,354,976 60,569,367 21,259,709 35.10% 16,175,592 5,084,117 31.43% PUBLIC WORKS 26,347,463 28,132,690 10,235,717 36.38% 9,699,755 535,962 5.53% COMMUNITY DEVELOPMENT 5,575,313 5,636,381 1,990,015 35.31% 2,063,937 (73,922) -3.58% PARKS AND RECREATION 23,172,047 23,931,989 8,917,822 37.26% 8,954,437 (36,615) -0.41%

PUBLIC SAFETY
Fire 66,292,191 66,954,133 28,633,502 42.77% 27,510,759 1,122,743 4.08% Police 92,074,298 92,973,019 36,648,595 39.42% 35,188,038 1,460,557 4.15% Total Public Safety 158,366,489 159,927,152 65,282,097 40.82% 62,698,797 2,583,300 4.12% LIBRARY 11,732,505 12,212,058 4,863,041 39.82% 4,155,351 707,690 17.03% DEPARTMENTAL TOTAL 283,548,793 290,409,637 112,548,401 38.76% 103,747,869 8,800,532 8.48%

OTHER FINANCING USES
Operating Transfer Out - Miscellaneous 626,778 626,778 626,778 100.00% 1,198,809 (572,031) -47.72% Operating Transfer Out - Debt Services 1,405,940 1,405,940 1,405,940 100.00% 1,402,440 3,500 0.25% Operating Transfer Out - Maintenance Dtrct 977,546 977,546 977,546 100.00% 942,413 35,133 3.73% Operating Transfer Out - Cemetery 823,000 823,000 823,000 100.00% 796,000 27,000 3.39% Operating Transfer Out - CIP 14,204,882 14,204,882 14,204,882 100.00% 7,305,499 6,899,383 94.44% Total Other Financing Uses 18,038,146 18,038,146 18,038,146 100.00% 11,645,161 6,392,985 54.90% STADIUM OPERATION 9,111,250 9,498,441 4,875,121 51.33% 4,941,465 (66,344) -1.34% TOTAL GENERAL FUND 310,698,189$ 317,946,224$ 135,461,668$ 42.61% 120,334,495$ 15,127,173$ 12.57% Function

CITY OF SANTA CLARA

GENERAL FUND

EXPENDITURES OVERVIEW AND COMPARISON BY FUNCTION
FISCAL YEAR 2024/25 PY EXPENDITURES COMPARISON

8 City of Santa Clara
Financial Status Report as of November 30, 2024

General Fund Expenditures
Below is an explanation of certain budget to actual expenditure variances by program.

Non-Departmental: Includes expenditures that are not attributable to a single department, but a function of the City in general. Through November, expenditures totaled $7.0 million, or 39.3% of the budget. These expenditures are slightly below par of 41.7%, but significantly higher than prior year levels. This increase is primarily due to the timing of the insurance payment; last fiscal year, these expenditures were not reflected until later in the fiscal year.

City Attorney: Actual expenditures through November totaled approximately $1.2 million, which is

34.9% of the budget, which is below par. Spending is 5.6% higher than the total expenditures through the same time last fiscal year due primarily to increases in the salaries and benefits categories and the outside legal services category.

City Clerk: Through November, actual expenditures were tracking at $0.8 million or approximately

38.1% of the budget. This expenditure level reflects a 19.4% increase compared to last fiscal year due to one-time Granicus costs that are paid every other year.

City Council: Through November, expenditures of $0.5 million were at 37.7% of budget, which is below par. Compared to the same period through last fiscal year, this reflects a slight decrease in expenditures due to lower as-needed and operating supplies spend.

City Manager: The actual expenditures through November totaled $1.7 million, or 19% of the budget, which is below par for this time of the year. Expenditures are 25.2% higher compared with the spending level through the same period last fiscal year. The increase is attributable to higher spend in the salaries and benefits, advertising, and miscellaneous services and supplies categories.

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 November, departmental expenditures for the Planning and Housing and Community Services divisions totaled $2.0 million, or 35.3% of the budget, which is below par of 41.7%. This expenditure level is slightly lower than prior year spend.

Finance Department: Through November, the Department’s expenditures totaled $8.5 million, or

38.9% of the budget, which is slightly below par. This expenditure level was approximately 23.7% higher than through the same period last year. The current year spend reflects higher salaries and benefits and contractual services costs, primarily related to PeopleSoft and the Questica Budget System.

Fire Department: Through November, actual expenditures totaled $28.6 million, or 42.8% of the budget, which is slightly above par. These expenditures also reflect a 4.1% increase from last fiscal year due to higher expenditures across the salaries and benefits and non-personnel categories including contractual services and capital outlay. Overtime expenditures are tracking over budget at

9 City of Santa Clara
Financial Status Report as of November 30, 2024

217% due, in part, to overtime expenditures related to mutual aid deployment efforts. These costs are reimbursable, and budget actions will be brought forward for City Council approval to recognize the reimbursements and adjust the Department overtime budget as reimbursements are received.

Excluding mutual aid-related costs, the overtime budget is 119% expended through November.

Overtime is used to backfill for shift absences and vacant shift positions to maintain daily minimum staffing. It is anticipated that overtime expenditures will exceed the overtime budget as the current absence rate exceeds the estimate used in the development of the budget.

Through November, absences are down 6% (from 36,695 to 34,598 hours) when compared with the prior fiscal year but remain above historical levels. Absences are trending high in the areas of family sick leave, sick leave, and vacation usage. 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 November, the compensatory time payouts total $745,854, which is above historical levels but 46.2% below the payouts of $1,385,610 experienced through November of last fiscal year. The Department will continue to monitor expenditures throughout the fiscal year and bring forth budget recommendations, as needed.

Library Department: Through November, actual expenditures totaled $4.9 million, or 39.8% of the budget, which is below par, and 17% higher than expenditure levels last fiscal year. The higher spending is primarily in the salaries and benefits and maintenance categories.

Parks and Recreation Department: Through November, actual expenditures totaled $8.9 million, or

37.3% of the budget, which is below par and slightly below the prior year spend.

Police Department: Expenditures through November are tracking at expected levels at $36.6 million, or 39.4% of the budget; this is approximately 4% higher than prior year spending. The higher spend is primarily in the salaries and benefits and as-needed categories.

Stadium Operation: Stadium operating expenditures are incurred first and billed on a reimbursement basis creating a timing difference in revenue recognition. Stadium expenditures totaled $4.9 million through November, which is consistent with the prior year. The Stadium hosted four ticketed Non-NFL events and seven NFL games through November. Fewer ticketed Non-NFL events in the current year resulted in lower as needed and overtime spend for Non-NFL events, however that decrease was offset by wage increases, the timing of third-party public safety invoices, and planning costs associated with Super Bowl LX and FIFA World Cup 2026. These costs are fully reimbursed by the Bay Area Host Committee or the Stadium Authority.

10 City of Santa Clara
Financial Status Report as of November 30, 2024

Special Revenue Funds
The table below is a summary of revenues and expenditures of select Special Revenue Funds as of November 30, 2024. The amended budget reflects carryover encumbrances from fiscal year 2023/24 and budget amendments approved by the City Council through November 2024.

Revenues totaled approximately $10.9 million, while expenditures totaled approximately $9.2 million through the end of November. While revenue is tracking above par, expenditures are tracking below par of 41.7%. In the Building Development Services Fee Fund and Fire Development Services Fee Fund, development-related fees and expenditures are tracking above prior year levels. In the City Affordable Housing Fund and Housing Successor Agency Fund, higher interest earnings have been collected when compared to prior year levels. However, there have been lower interest collections in the Housing Authority Fund. Higher spend has been recorded in the Housing and Urban Development Fund, which reflects activity in CDBG and HOME grant funded projects.

Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 11/30/2024 Received 11/30/2023 Prior Year Change Building Development Services Fee
Fund
16,164,000$ 16,164,000$ 7,735,865$ 47.86% 6,444,061$ 1,291,804$ 20.05% City Affordable Housing Fund 1,168,177 1,168,177 329,099 28.17% 147,785 181,314 122.69% Fire Development Services Fee
Fund
3,277,500 3,277,500 1,891,344 57.71% 1,512,435 378,909 25.05% Housing and Urban Development 2,532,068 3,375,068 515,314 15.27% 473,858 41,456 8.75% Housing Authority Fund 252,496 252,496 23,770 9.41% 71,966 (48,196) -66.97% Housing Successor Fund 1,306,326 1,306,326 391,167 29.94% 287,450 103,717 36.08% TOTAL 24,700,567$ 25,543,567$ 10,886,559$ 42.62% 8,937,555$ 1,949,004$ 21.81% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 11/30/2024 Use d 11/30/2023 Prior Year Change Building Development Services Fee
Fund
15,044,148$ 15,852,488$ 6,071,677$ 38.30% 5,635,570$ 436,107$ 7.74% City Affordable Housing Fund 1,593,647 7,207,792 327,610 4.55% 396,981 (69,371) -17.47% Fire Development Services Fee
Fund
3,387,922 3,387,922 1,472,131 43.45% 1,280,439 191,692 14.97% Housing and Urban Development 2,532,068 4,071,407 988,524 24.28% 548,622 439,902 80.18% Housing Authority Fund 468,931 511,389 69,620 13.61% 71,294 (1,674) -2.35% Housing Successor Fund 902,579 1,012,590 270,536 26.72% 394,349 (123,813) -31.40% TOTAL 23,929,295$ 32,043,588$ 9,200,098$ 28.71% 8,327,255$ 872,843$ 10.48%

PRIOR YEAR EXPENDITURE COMPARISON

CITY OF SANTA CLARA

SPECIAL REVENUE FUNDS

REVENUE AND EXPENDITURES - OVERVIEW AND COMPARISON BY FUND REVENUE - FISCAL YEAR 2024/25 PRIOR YEAR REVENUE COMPARISON EXPENDITURES - FISCAL YEAR 2024/25

11 City of Santa Clara
Financial Status Report as of November 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 November 2024. As of November 30, 2024, the capital fund revenue totaled $6.5 million. In the City Affordable Housing Capital Fund, revenue collected reflects housing impact fees. In the Streets and Highways Capital Fund, the majority of the revenue collected reflects revenue from other agencies, vehicle registration fees, as well as VTA Measure B funds.

REVENUE - FISCAL YEAR 2024/25
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 11/30/2024 Use d City Affordable Housing Capital Fund -$ -$ -$ 816,847$ NA Parks & Recreation - 3,349,489 3,349,489 678,261 20.25% Related Santa Clara Developer 795,344 - 795,344 145,344 18.27% Storm Drain 1,454,000 3,000,000 4,454,000 617,306 13.86% Streets & Highways 6,098,308 22,490,903 28,589,211 4,120,916 14.41% Tasman East Specific Infrastructure
Improvement Fund
3,734,932 - 3,734,932 85,854 2.30% TOTAL 12,082,584$ 28,840,392$ 40,922,976$ 6,464,528$ 15.80%

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 November 2024. As of November 30, 2024, capital fund expenditures totaled $13.6 million, or 8.1% of the amended budget.

As part of the adoption of the FY 2024/25 and FY 2025/26 biennial capital improvement program budget, some capital funds were carried over for projects that were not anticipated to be completed by June 30, 2024. Necessary additional adjustments to the capital carryover amounts were included as part of the FY 2023/24 Budget Year End Report approved on December 3, 2024 and will be reflected in a future monthly financial report.

12 City of Santa Clara
Financial Status Report as of November 30, 2024

EXPENDITURES - FISCAL YEAR 2024/25
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 11/30/2024 Use d Fire 1,473,700$ 1,247,874 2,721,574$ 340,472$ 12.51% General Gov't - Other 2,390,820 9,127,697 11,518,517 667,708 5.80% Library 471,848 248,407 720,255 9,344 1.30% Parks & Recreation 7,654,966 25,525,570 33,180,536 1,732,442 5.22% Public Buildings 1,792,207 5,442,248 7,234,455 538,336 7.44% Related Santa Clara Developer 795,344 393,992 1,189,336 133,118 11.19% Storm Drain 2,161,450 7,135,999 9,297,449 705,658 7.59% Streets & Highways 21,441,923 77,468,474 98,910,397 9,446,306 9.55% Tasman East Specific Infrastructure
Improvement Fund
1,432,193 1,433,994 2,866,187 7,787 0.27% TOTAL 39,614,451$ 128,024,255$ 167,638,706$ 13,581,171$ 8.10%

CITY OF SANTA CLARA

SUMMARY OF EXPENDITURES

GOVERNMENTAL CAPITAL IMPROVEMENT FUNDS

13 City of Santa Clara
Financial Status Report as of November 30, 2024

Enterprise Funds
The table below is a summary of revenues and expenses for the Enterprise Operating Funds as of November 30, 2024. Overall, revenues are tracking above budgeted estimates, while expenditures are tracking below budgeted levels.

Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 11/30/2024 Received 11/30/2023 Prior Year Change Cemetery Fund 750,000$ 750,000$ 282,102$ 37.61% 190,860$ 91,242$ 47.81% Electric Utility Fund 893,397,959 893,397,959 413,634,462 46.30% 265,710,082 147,924,380 55.67% Sewer Utility Fund 46,989,803 46,989,803 21,045,043 44.79% 30,732,634 (9,687,591) -31.52% Solid Waste Utility Fund 41,561,372 41,561,372 15,028,904 36.16% 14,272,756 756,148 5.30% Water Recycling Fund 8,507,338 8,507,338 4,836,711 56.85% 3,484,523 1,352,188 38.81% Water Utility Fund 64,096,935 64,096,935 28,157,410 43.93% 23,734,164 4,423,246 18.64% TOTAL REVENUE 1,055,303,407$ 1,055,303,407$ 482,984,632$ 45.77% 338,125,019$ 144,859,613$ 42.84% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 11/30/2024 Use d 11/30/2023 Prior Year Change Cemetery Fund 1,628,800$ 1,628,800$ 496,312$ 30.47% 450,224$ 46,088$ 10.24% Electric Utility Fund 649,513,582 667,335,619 223,427,201 33.48% 232,110,390 (8,683,189) -3.74% Sewer Utility Fund 38,762,083 39,278,049 17,965,330 45.74% 16,615,937 1,349,393 8.12% Solid Waste Utility Fund 40,775,942 43,928,485 15,556,606 35.41% 13,002,913 2,553,693 19.64% Water Recycling Fund 9,307,289 9,332,389 4,986,756 53.43% 588,187 4,398,569 747.82% Water Utility Fund 57,614,177 58,830,207 21,354,808 36.30% 17,788,870 3,565,938 20.05% TOTAL - Operating
Appropriations
797,601,873$ 820,333,549$ 283,787,013$ 34.59% 280,556,521$ 3,230,492$ 1.15% PRIOR YEAR EXPENSE COMPARISONEXPENSES - FISCAL YEAR 2024/25

CITY OF SANTA CLARA

ENTERPRISE OPERATING FUNDS

REVENUE AND EXPENSES - OVERVIEW AND COMPARISON BY FUND
REVENUE - FISCAL YEAR 2024/25 PRIOR YEAR REVENUE COMPARISON

While revenues are tracking slightly higher than prior years, expenditures are consistent with prior year levels. Revenue in the Electric Utility Fund is tracking above the prior year due primarily to bond proceeds of $130.6 million received in FY 2024/25. In the Sewer Utility Fund, revenue is tracking below the prior year due to the issuance of debt in FY 2023/24. In the Water Recycling Fund, a payment for the 4th quarter of last fiscal year was recorded in the current fiscal year due to the timing of receipt of the invoice. A budget adjustment to carryover the budget from FY 2023/24 to FY 2024/25 was included in the FY 2023/24 Budgetary Year-End Report for that payment, which will be reflected in a future monthly financial report.

14 City of Santa Clara
Financial Status Report as of November 30, 2024

resource and production costs on the expenditure side for these funds. The lower the revenue from customer service charges, the lower the expenditures in the resource and production category.

A summary of revenue and expenses in the Enterprise Capital Improvement Funds is detailed in the table below. Actual revenue through November 30, 2024, totaled $6.2 million, consisting primarily of developer contributions and load development fees in the Electric Utility Fund and sewer fees in the Sewer Utility Fund. Enterprise capital fund expenses totaled $24.8 million, or 5.0% of the amended budget. Similar to the general government capital funds, capital funds were carried over from FY 2023/24 as part of the FY 2024/25 and FY 2025/26 budget adoption process for those projects that were not expected to be completed by June 30, 2024. Necessary additional adjustments to the capital carryover amounts were included as part of the FY 2023/24 Budget Year End Report approved on December 3, 2024 and will be reflected in a future monthly financial report.

15 City of Santa Clara
Financial Status Report as of November 30, 2024

Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 11/30/2024 Use d Convention Center Capital
Fund
550,000$ -$ 550,000$ -$ 0.00% Electric Utility Fund 25,299,629 26,213,951 51,513,580 5,467,348 10.61% Sewer Utility Fund - - - 681,867 N/A Solid Waste Utility Fund 258,000 - 258,000 5,356 2.08% Street Lighting (1) - - - 837 N/A Water Recycling Fund - - - - N/A Water Utility Fund - - - 30,684 N/A TOTAL - Revenue 26,107,629$ 26,213,951$ 52,321,580$ 6,186,092$ 11.82% Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 11/30/2024 Use d Cemetery Fund 4,689$ 17,835$ 22,524$ 1,953$ 8.67% Convention Center Capital
Fund
2,700,000 1,726,973 4,426,973 314,228 7.10% Electric Utility Fund 220,973,144 198,533,383 419,506,527 17,111,284 4.08% Sewer Utility Fund 20,325,410 28,269,938 48,595,348 4,602,035 9.47% Solid Waste Utility Fund 788,000 119,873 907,873 376,228 41.44% Street Lighting (1) 5,365,000 3,405,462 8,770,462 46,599 0.53% Water Recycling Fund 400,000 - 400,000 - 0.00% Water Utility Fund 5,795,000 6,127,745 11,922,745 2,358,957 19.79%

TOTAL - CIP
Appropriations
256,351,242$ 238,201,210$ 494,552,452$ 24,811,284$ 5.02% EXPENDITURES - FISCAL YEAR 2024/25

CITY OF SANTA CLARA

ENTERPRISE CAPITAL IMPROVEMENT FUNDS

REVENUE AND EXPENSES - OVERVIEW AND COMPARISON BY SELECTED FUND REVENUE - FISCAL YEAR 2024/25

(1) Street Lighting fund is part of Electric Capital Improvement Funds

16 City of Santa Clara
Financial Status Report as of November 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 2024/25, the City Council approved an exception to the policy to allow the Reserve to drop 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 ensures 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.

17 City of Santa Clara
Financial Status Report as of November 30, 2024

DETAIL OF SELECTED FUND RESERVE BALANCES:

GENERAL

FUND ELECTRIC WATER
Budget Stabilization Reserve 53,131,576$
Capital Projects Reserve 7,769,117
Land Sale Reserve 18,481,036
Technology Fee Reserve 2,488,729
Electric Rate Stabilization Fund Reserve 66,000,000$
Electric Operations and Maintenance Reserve 195,000,000 Replacement & Improvement 303,090$
TOTALS 81,870,458$ 261,000,000$ 303,090$

CITY OF SANTA CLARA

RESERVE BALANCES
November 30, 2024

Donations to the City of Santa Clara
Donations received by department during the month of November 2024 and for fiscal year 2024/25 are shown in the table below.

Department Nov-24
Fis cal Year
2024/25
Year To Date Designated Use
City Manager's Office - 2 Help Your Neighbor Parks & Recreation - 2,500 Case Management Parks & Recreation - 632 Reed/Grant Park Soccer Equipment Par
ks & Recreation 933 3,715 Roberta Jones Jr. Theatre Parks & Recreation - 19,375 Wade Brummal TOTALS 933$ 26,224$

_____________________________________________________________________

MONTHLY INVESTMENT REPORT

November 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 5 Attachment B: Statement of Transactions 12
1 CITY OF SANTA CLARA

SUMMARY OF INVESTMENT PORTFOLIO

All securities held by the City of Santa Clara as of November 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 November 30, 2024.

On November 30, 2024 the cost value and market value of the City's unrestricted pooled investment portfolio were $1,243,008,106 and $1,234,529,392 respectively.

Investment Strategy and Market Update
The Federal Open Market Committee (FOMC) continued its interest rate normalization by cutting the target range for the federal funds rate by 25 basis points (bps) to 4.50-4.75% after its November meeting. Federal Reserve (Fed) Chair Jerome Powell was noncommittal during the press conference regarding the size and cadence of future cuts, but did confirm the Fed still views policy as restrictive. As such, the Fed expects to continue gradually lowering rates if warranted by the labor and inflation data.

Inflation readings ticked modestly higher in November as the year-over-year change in both the Consumer Price Index (CPI)and Personal Consumption Expenditures Index (PCE) increased to 2.6% and 2.3%, respectively. This is not expected to deter the Fed as it has previously noted it expects the path towards its 2%target to be bumpy at times.

The employment report showed a return to strength with 227,000 new jobs created during the month of November. This represented a reversal from the weak print in November, which was impacted by large-scale strikes and hurricanes in the Southeast. The unemployment rate ticked up to 4.2%. The return to strong job creation and a historically low unemployment rate is a testament to the labor market strength that will continue to support the consumer.

U.S. Treasury yields drifted higher during the first few weeks of the month before falling after the nomination of Scott Bessent to Treasury Secretary. Bessent is generally viewed as a market friendly centrist pick.

Yields on benchmark 2-, 5-, and 10-year U.S. Treasuries ended the month at 4.15%, 4.05%, and 4.17%, reflecting declines of 2, 11, and 12 bps, respectively.

COST VALUE PERCENTAGE
City $1,239,425,337 99.90%
SOSA 12,439

0.00%
HA 1,172,143 0.10% Unrestricted $1,240,609,919 100.00%
Restricted Bond Proceeds 2,398,187

Total Investments $1,243,008,106
2 The City's investment strategy for November 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 November 30, 2024, 53.68% of the City’s portfolio consists of U.S. Treasury Notes, 16.66% consists of investment grade Corporate Notes, 16.03% consists of California Asset Management Program (CAMP), 4.81% consists of investment grade Asset- Back Securities, 4.62% consists of investment grade Mortgage- Backed Securities, 2.85% consists of Federal Agencies, 0.60% consists of Negotiable Certificates of Deposit, and 0.49% consists of Local Agency Investment Fund (LAIF). 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

53.68%
Federal Agency Notes

2.85%
Corporate Notes

16.66%
Asset-Backed Securities

4.81%
Negotiable Certificates of
Deposit

0.60%
Mortgage-Backed Securities

4.62% Money Market Fund

0.07% Local Agency Investment Fund
(LAIF)

0.49%
California Asset Management
Program (CAMP)

16.03%
Mutual Fund - Traffic Mitigation
Bond Proceeds

0.19%
3 The City’s securities portfolio is benchmarked against the ICE BAML 1-5 US Treasury Index.

3.78%

4.42%

4.57%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00%
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) 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
11/30/2024
Investment Yield
Liquidity Portfolio1 4.79%
LAIF average monthly yield 4.48%

Securities Portfolio2 3.78%
ICE BAML 1-5 US Treasury Index (24-month rolling average market yield) 4.42% ICE BAML 1-5 AAA-A US Corporate & Government Index (24-month rolling average market yield) 4.57%

City Portfolio (Liquidity + Securities) 3.95%

Investment Total Return*
Securities Portfolio 0.45%
ICE BAML 1-5 US Treasury Index 0.38%
ICE BAML 1-5 AAA-A US Corporate & Government Index 0.41%

Average Maturity of Investments (in years)
Liquidity Portfolio1 0.09
Securities Portfolio2 2.87
City Portfolio (Liquidity + Securities) 2.43
ICE BAML 1-5 US Treasury Index 2.75
ICE BAML 1-5 AAA-A US Corporate & Government Index 2.77

Cash Interest Income Current Month3 $ 2,002,975
Cash Interest Income Fiscal Year-To-Date3 $ 16,119,884

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 NOVEMBER 30, 2024
PER
COST % OF INVESTMENT

INVESTMENT TYPE VALUE PORTFOLIO POLICY
U.S. Treasury Notes 667,125,225 53.68% No Limit Federal Agency Notes 35,483,167 2.85% 80%
Corporate Notes 207,121,947 16.66% 25%
Asset-Backed Securities 59,828,152 4.81% 10%
Negotiable Certificates of Deposit 7,500,000 0.60% 30% Mortgage-Backed Securities 57,430,013 4.62% 15%
Money Market Fund 827,463 0.07% 10% Per Fund
Local Agency Investment Fund (LAIF) 6,072,654 0.49% $75 M California Asset Management Program (CAMP) 199,221,298 16.03% No Limit Mutual Fund - Traffic Mitigation Bond Proceeds 2,398,187 0.19% 10% Per Fund TOTAL INVESTMENTS $ 1,243,008,106 100.00%
6 INVESTMENT MATURITY DISTRIBUTION
AS OF NOVEMBER 30, 2024

UNRESTRICTED POOLED PORTFOLIO

MATURITY NUMBER OF
(IN MONTHS) COST VALUE INVESTMENTS DISTRIBUTION

DEMAND (a) $ 166,121,415 (a) 3 13.39%
0 TO 6 108,990,693 18 8.79%
7 TO 12 63,155,977 12 5.09%
13 TO 18 57,697,558 10 4.65%
19 TO 24 99,780,984 10 8.04%
25 TO 30 65,498,915 11 5.28%
31 TO 36 160,333,636 17 12.92%
37 TO 42 144,843,122 26 11.68%
43 TO 48 142,873,520 25 11.52%
49 TO 54 112,329,161 19 9.05%
55 TO 60 118,984,938 17 9.59%

TOTAL $ 1,240,609,919 168 100.00%

Average Maturity of Unrestricted Pool: 2.43 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 NOVEMBER 30, 2024
City of Santa Clara Monthly Report
11/30/2024
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/L UNITED 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 ,975,000.00 -263,671.88 UNITED 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% 1,940,250.00 -72,896.48 UNITED 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% 6,173,774.00 -676,983.82 UNITED STATES TREASURY 8/31/2020 0.250% 8/31/2025 91282CAJ 0 4,120,000.00 AA+ 8/2/2021 4,075,581.25 0.52% 3,994,463.60 -81,117.65 UNITED STATES TREASURY 4/30/2024 4.875% 4/30/2026 91282CKK6 18,735,000.00 AA+ 11/21/2024 18,875,512.50 4.33% 18,885,067.35 9,554.85 UNITED STATES TREASURY 5/31/2024 4.875% 5/31/2026 91282CKS9 15,790,000.00 AA+ 11/21/2024 15,912,125.78 4.34% 15,925,636.10 13,510.32 UNITED 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% 5,112, 620.50 79,231.83 UNITED STATES TREASURY 9/15/2023 4.625% 9/15/2026 91282CHY0 19,355,000.00 AA+ 11/21/2024 19,456,311.33 4.32% 19,486,614.00 30,302.67 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% 10,068,000.00 137,531.25 UNITED STATES TREASURY 11/15/2023 4.625% 11/15/2026 91282CJK8 24,250,000.00 AA+ 11/20/ 2024 24,413,876.95 4.27% 24,439,392.50 25,515.55 UNITED STATES TREASURY 11/15/2023 4.625% 11/15/2026 91282CJK8 13,925,000.00 AA+ 10/16/ 2024 14,115,380.86 3.93% 14,033,754.25 -81,626.61 UNITED STATES TREASURY 4/15/2024 4.500% 4/15/2027 91282CKJ 9 21,925,000.00 AA+ 11/20/2024 22,050,041.02 4.25% 22,092,945.50 42,904.48 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% 5,178,492.00 -70,054.88 UNITED STATES TREASURY 5/15/2024 4.500% 5/15/2027 91282CKR 1 2,200,000.00 AA+ 9/17/2024 2,257,492.19 3.46% 2,217,622.00 -39,870.19 UNITED STATES TREASURY 6/17/2024 4.625% 6/15/2027 91282CKV2 27,665,000.00 AA+ 9/27/2024 28, 426,868.16 3.55% 27, 989,233.80 -437,634.36 UNITED STATES TREASURY 6/17/2024 4.625% 6/15/2027 91282CKV2 5,020,000.00 AA+ 10/22/2024 5,102,947.66 3.96% 5,078,834.40 -24,113.26 UNITED STATES TREASURY 6/17/2024 4.625% 6/15/2027 91282CKV2 10,000,000.00 AA+ 10/16/2024 10, 188,671.88 3.87% 10,117,200.00 -71,471.88 UNITED STATES TREASURY 8/1/2022 2.750% 7/31/2027 91282CFB 2 10,800,000.00 AA+ 9/14/2022 10,392,046.88 3.60% 10,423,296.00 31,249.12 UNITED 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% 9,937, 624.80 24,572.46 UNITED 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% 10,587,926.70 49,951.50 UNITED STATES TREASURY 9/30/2022 4.125% 9/30/2027 91282CFM8 7,495,000.00 AA+ 10/11/2024 7,546,528.13 3.88% 7,495,899.40 -50,628.73 UNITED 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% 3,785,454.20 25,145.41 UNITED STATES TREASURY 10/31/2022 4.125% 10/31/2027 91282CFU 0 18,960,000.00 AA+ 10/11/2024 19, 088,128.13 3.89% 18, 967,394.40 -120,733.73 UNITED STATES TREASURY 10/31/2022 4.125% 10/31/2027 91282CFU 0 4,750,000.00 AA+ 1/31/2023 4,833,310.55 3.72% 4,751,852.50 -81,458.05 UNITED STATES TREASURY 10/31/2022 4.125% 10/31/2027 91282CFU 0 5,100,000.00 AA+ 12/13/2022 5,165,343.75 3.83% 5,101,989.00 -63,354.75 UNITED STATES TREASURY 10/31/2022 4.125% 10/31/2027 91282CFU 0 10,930,000.00 AA+ 12/8/2022 11, 081,995.31 3.81% 10, 934,262.70 -147,732.61 UNITED STATES TREASURY 10/31/2022 4.125% 10/31/2027 91282CFU 0 16,115,000.00 AA+ 9/17/2024 16, 442,335.94 3.43% 16, 121,284.85 -321,051.09 UNITED STATES TREASURY 11/17/1997 6.125% 11/15/2027 912810FB9 3,100,000.00 AA+ 7/ 24/2024 3,288,058.59 4.14% 3 ,274,747.00 -13,311.59 UNITED STATES TREASURY 11/30/2022 3.875% 11/30/2027 91282CFZ9 7,130,000.00 AA+ 9/5/2024 7,182,917.97 3.63% 7,081,516.00 -101,401.97 UNITED STATES TREASURY 1/3/2023 3.875% 12/31/2027 91282CGC9 8,255,000.00 AA+ 1/31/ 2023 8,320,459.57 3.70% 8,198,535.80 -121,923.77 UNITED STATES TREASURY 1/3/2023 3.875% 12/31/2027 91282CGC9 7,325,000.00 AA+ 2/8/ 2023 7,333,583.98 3.85% 7,274,897.00 -58,686.98 UNITED STATES TREASURY 1/3/2023 3.875% 12/31/2027 91282CGC9 4,850,000.00 AA+ 2/2/ 2023 4,906,078.13 3.62% 4,816,826.00 -89,252.13 UNITED STATES TREASURY 1/3/2023 3.875% 12/31/2027 91282CGC9 7,175,000.00 AA+ 9/27/ 2024 7,247,030.27 3.54% 7,125,923.00 -121,107.27 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% 7,366,908.00 -141,609.97 UNITED 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% 8,049,053.60 -14,533.90 UNITED 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% 7,331,811.20 -200,688.80 UNITED 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% 6,574,722.00 47,940.75 UNITED STATES TREASURY 2/28/2023 4.000% 2/29/2028 91282CGP0 5,215,000.00 AA+ 10/11/2024 5,230,685.74 3.90% 5 ,195,026.55 -35,659.19 UNITED 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% 5,302,776.60 66,368.01 UNITED 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% 4,983,881.10 71,351.02 UNITED 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% 5,676,507.25 -140,062.48 UNITED 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% 4,952,789.50 -70,923.00 UNITED STATES TREASURY 5/1/2023 3.500% 4/30/2028 91282CHA2 5 ,075,000.00 AA+ 5/2/ 2023 5,042,488.28 3.64% 4,975,276.25 -67,212.03 UNITED 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% 11,547,005.30 -148,572.43 UNITED 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% 8,152,274.30 3,200.08 UNITED 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% 11,256,269.00 138,569.78 12/17/2024 3:04 PM 1 of 5
Attachment A
City of Santa Clara Monthly Report
11/30/2024
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/L UNITED 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% 1,693,421.00 6,237.41 UNITED 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 ,950,198.00 28,235.11 UNITED 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% 8 ,007,013.60 -47,123.90 UNITED 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 ,749,643.40 6,917.23 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% 6,059,005.00 -81,834.84 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% 5,299,062.00 -56,655.19 UNITED STATES TREASURY 11/16/1998 5.250% 11/15/2028 912810FF0 11,160,000.00 AA+ 9/17/2024 11, 969,100.00 3.37% 11, 628,162.00 -340,938.00 UNITED STATES TREASURY 11/30/2023 4.375% 11/30/2028 91282CJN2 8,025,000.00 AA+ 1/26/ 2024 8,150,704.10 4.01% 8,100,836.25 -49,867.85 UNITED STATES TREASURY 1/2/2024 3.750% 12/31/2028 91282CJR 3 14,950,000.00 AA+ 1/19/2024 14,770,132.81 4.02% 14,745,035.50 -25,097.31 UNITED STATES TREASURY 1/2/2024 3.750% 12/31/2028 91282CJR 3 6,250,000.00 AA+ 1/4/2024 6,202,148.44 3.92% 6,164,312.50 -37,835.94 UNITED STATES TREASURY 1/31/2024 4.000% 1/31/2029 91282CJW 2 6,400,000.00 AA+ 2/13/2024 6,367,750.00 4.11% 6,371,520.00 3,770.00 UNITED STATES TREASURY 1/31/2024 4.000% 1/31/2029 91282CJW 2 5,030,000.00 AA+ 2/14/2024 4,968,107.42 4.28% 5,007,616.50 39,509.08 UNITED STATES TREASURY 1/31/2024 4.000% 1/31/2029 91282CJW 2 4,735,000.00 AA+ 9/5/2024 4,814,348.24 3.58% 4,713,929.25 -100,418.99 UNITED STATES TREASURY 2/16/1999 5.250% 2/15/2029 912810FG8 8,610,000.00 AA+ 7/24/2024 9,040,500.00 4.04% 9 ,018,975.00 -21,525.00 UNITED STATES TREASURY 2/29/2024 4.250% 2/28/2029 91282CKD 2 4,375,000.00 AA+ 9/27/2024 4,498,046.88 3.56% 4, 397,881.25 -100,165.63 UNITED STATES TREASURY 2/29/2024 4.250% 2/28/2029 91282CKD 2 2,850,000.00 AA+ 3/7/2024 2,867,923.83 4.11% 2,864,905.50 -3,018.33 UNITED STATES TREASURY 4/1/2024 4.125% 3/31/2029 91282CKG 5 10,050,000.00 AA+ 4/11/2024 9,938,900.39 4.37% 10,053,919.50 115,019.11 UNITED 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% 16,764,340.50 352,172.53 UNITED STATES TREASURY 4/30/2024 4.625% 4/30/2029 91282CKP5 5,625,000.00 AA+ 8/2/2024 5,809,570.31 3.86% 5,741,212.50 -68,357.81 UNITED STATES TREASURY 5/31/2024 4.500% 5/31/2029 91282CKT 7 4,950,000.00 AA+ 6/7/2024 4,993,892.58 4.30% 5,031,031.50 37,138.92 UNITED STATES TREASURY 7/1/2024 4.250% 6/30/2029 91282CKX 8 24,360,000.00 AA+ 9/5/2024 25, 072,406.07 3.58% 24, 503,724.00 -568,682.07 UNITED STATES TREASURY 7/1/2024 4.250% 6/30/2029 91282CKX 8 1,100,000.00 AA+ 8/15/2024 1,128,316.41 3.67% 1,106,490.00 -21,826.41 UNITED STATES TREASURY 7/1/2024 4.250% 6/30/2029 91282CKX 8 7,590,000.00 AA+ 7/3/2024 7,538,411.72 4.40% 7,634,781.00 96,369.28 UNITED STATES TREASURY 7/1/2024 4.250% 6/30/2029 91282CKX 8 16,955,000.00 AA+ 7/3/2024 16,858,965.82 4.38% 17,055,034.50 196,068.68 UNITED STATES TREASURY 7/31/2024 4.000% 7/31/2029 91282CLC3 9,575,000.00 AA+ 9/17/2024 9,819,237.30 3.43% 9 ,534,593.50 -284,643.80 UNITED STATES TREASURY 8/31/2022 3.125% 8/31/2029 91282CFJ5 10,650,000.00 AA+ 9/27/2024 10, 429,095.70 3.59% 10, 201,102.50 -227,993.20 UNITED STATES TREASURY 9/3/2024 3.625% 8/31/2029 91282CLK5 12,700,000.00 AA+ 9/5/ 2024 12,736,214.84 3.56% 12,447,016.00 -289,198.84 UNITED STATES TREASURY 9/3/2024 3.625% 8/31/2029 91282CLK5 1,870,000.00 AA+ 9/3/ 2024 1,864,156.25 3.69% 1,832,749.60 -31,406.65 UNITED STATES TREASURY 9/30/2024 3.500% 9/30/2029 91282CLN9 5,575,000.00 AA+ 10/10/ 2024 5,481,792.97 3.87% 5,430,830.50 -50,962.47 UNITED STATES TREASURY 9/30/2024 3.500% 9/30/2029 91282CLN9 5,185,000.00 AA+ 10/8/2024 5,101,756.45 3.86% 5 ,050,915.90 -50,840.55 UNITED STATES TREASURY 10/31/2024 4.125% 10/31/2029 91282CLR0 3,175,000.00 AA+ 10/31/ 2024 3,172,395.51 4.14% 3,179,699.00 7,303.49 UNITED STATES TREASURY 10/31/2024 4.125% 10/31/2029 91282CLR0 1,140,000.00 AA+ 11/15/ 2024 1,131,539.06 4.29% 1,141,687.20 10,148.14 U.S. Treasury Bond / Note Subtotal 663,095,000.00 667,125,224.65 662,433,274.45 -4,691,950.20 FANNIE MAE 1/10/2020 1.625% 1/7/2025 3135G 0X24 225,000.00 AA+ 1/22/2020 224,97 0.75 1.63% 224,331.75 -639.00 FANNIE 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 ,794,230.40 -70,698.60 FNMA Medium Term Note Subtotal 2,085,000.00 2,089,899.75 2,018,562.15 -71,337.60 FEDERAL FARM CREDIT BANK 1/23/2020 1.650% 1/23/2025 3133ELJM7 7,320,000.00 AA+ 5/18/ 2020 7,689,367.20 0.56% 7,288,597.20 -400,770.00 FFCB Medium Term Note Subtotal 7,320,000.00 7,689,367.20 7,288,597.20 -400,770.00 FEDERAL FARM CREDIT BANK 7/2/2020 0.500% 7/2/2025 3133ELR71 10,000,000.00 AA+ 7/14/ 2020 10,017,640.00 0.46% 9,779,300.00 -238,340.00 FFCB Coupon Note Subtotal 10,000,000.00 10,017,640.00 9,779,300.00 -238,340.00 FEDERAL HOME LOAN BANK 11/6/2014 2.750% 12/13/2024 3130A3GE8 5,000,000.00 AA+ 3/12/ 2020 5,461,300.00 0.77% 4,996,950.00 -464,350.00 FHLB Medium Term Note Subtotal 5,000,000.00 5,461,300.00 4,996,950.00 -464,350.00 12/17/2024 3:04 PM 2 of 5
Attachment A
City of Santa Clara Monthly Report
11/30/2024
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/L FREDDIE 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, 970,250.00 -256,710.00 FREDDIE 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 ,984,700.00 -13,300.00 FHLMC Medium Term Note Subtotal 10,000,000.00 10,224,960.00 9,954,950.00 -270,010.00 FANNIE MAE-ACES 7/1/2023 4.190% 7/1/2028 3136BQDE6 8,361,027.71 AA+ 11/30/ 2023 8,036,711.12 5.14% 8,248,321.02 211,609.90 FANNIE MAE-ACES 7/1/2023 4.190% 7/1/2028 3136BQDE6 7,262,149.71 AA+ 7/31/ 2023 7,139,033.58 4.58% 7,164,255.97 25,222.39

FHLMC MULTIFAMILY
STRUCTURED PASS THROU 1/1/2017 3.347% 11/1/2026 3137BTU M1 5,231,234.55 AA+ 5/24/2023 5,070,210.62 4.29% 5,112,067.03 41,856.41

FHLMC MULTIFAMILY
STRUCTURED PASS THROU 5/1/2017 3.224% 3/1/2027 3137BXQY1 8,000,000.00 AA+ 8/18/ 2023 7,546,250.00 4.94% 7,792,560.00 246,310.00

FHLMC MULTIFAMILY
STRUCTURED PASS THROU 7/1/2017 3.243% 4/1/2027 3137F1G44 4,545,000.00 AA+ 8/18/ 2023 4,285,260.35 4.93% 4,419,285.30 134,024.95

FHLMC MULTIFAMILY
STRUCTURED PASS THROU 8/1/2017 3.117% 6/1/2027 3137F2LJ3 6,525,000.00 AA+ 8/22/ 2023 6,101,894.53 4.97% 6,317,961.75 216,067.22

FHLMC MULTIFAMILY
STRUCTURED PASS THROU 7/1/2023 4.819% 6/1/2028 3137HAC X2 7,500,000.00 AA+ 7/20/2023 7,574,910.00 4.59% 7,563,750.00 -11,160.00

FHLMC MULTIFAMILY
STRUCTURED PASS THROU 7/1/2023 4.777% 6/1/2028 3137HAD 45 6,052,025.81 AA+ 7/27/2023 6,051,874.52 4.78% 6,053,417.78 1,543.26

FHLMC MULTIFAMILY
STRUCTURED PASS THROU 10/1/2023 4.740% 8/1/2028 3137HAQ 74 5,750,000.00 AA+ 10/19/2023 5, 623,868.00 5.25% 5,788,065.00 164,197.00 Federal Agency Commercial
Mortgage-Backed Security Subtotal 59,226,437.78 57,430, 012.72 58,459,683.85 1,029,671.13 ADOBE INC 1/26/2015 3.250% 2/1/2025 00724FAC5 4,000,000.00 A+ 1/26/ 2022 4,183,680.00 1.68% 3,988,000.00 -195,680.00 ADOBE INC 4/4/2024 4.800% 4/4/2029 00724PAF 6 1,635,000.00 A+ 4/4/2024 1,632,563.85 4.83% 1,659,966.45 27,402.60 ADOBE INC 4/4/2024 4.800% 4/4/2029 00724PAF 6 1,340,000.00 A+ 4/4/2024 1,337,762.20 4.84% 1,360,461.80 22,699.60 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% 5,521,650.40 167,263.60 AMAZON.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, 561,898.00 -111,066.10 APPLE 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, 988,950.00 -366,250.00 APPLE INC 11/13/2017 2.750% 1/13/2025 037833DF4 5,000,000.00 AA+ 3/9/2021 5,340,100.00 0.94% 4,988,950.00 -351,150.00 BANK OF NY MELLON CORP 1/28/2021 0.750% 1/28/2026 06406RAQ 0 9,000,000.00 A 2/10/2021 9,025,920.00 0.69% 8, 625,870.00 -400,050.00 BLACKROCK INC 3/28/2017 3.200% 3/15/2027 09247XAN1 4,140,000.00 AA- 5/18/2022 4,086,055.80 3.50% 4,036,210.20 -49,845.60 BLACKROCK INC 3/28/2017 3.200% 3/15/2027 09247XAN1 4,140,000.00 AA- 5/18/2022 4,085,352.00 3.50% 4,036,210.20 -49,141.80 BLACKROCK INC 3/14/2024 4.700% 3/14/2029 09290DAA9 2,924,000.00 AA- 4/11/2024 2,911,222.12 4.80% 2,956,193.24 44,971.12 BLACKROCK INC 3/14/2024 4.700% 3/14/2029 09290DAA9 350,000.00 AA- 3/14/2024 349,366.50 4.74% 353,853.50 4,487.00 BOFA SECURITIES INC. 3/22/2022 3.384% 4/2/2026 06051GKM0 5,000,000.00 A- 3/22/2022 5,005,100.00 3.36% 4,974,250.00 -30,850.00 BOFA SECURITIES INC. 8/18/2023 5.526% 8/18/2026 06428CAA2 4,000,000.00 A+ 8/18/2023 3,998,360.00 5.54% 4,064,400.00 66,040.00 BOFA SECURITIES INC. 4/22/2021 1.734% 7/22/2027 06051GJS 9 1,420,000.00 A- 8/10/2022 1,281,251.80 3.92% 1 ,351,399.80 70,148.00 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 ,526,800.50 -145,873.00 CITIBANK NA 9/29/2023 5.803% 9/29/2028 17325FBB3 11,225,000.00 A+ 9/ 29/2023 11,225,000.00 5.80% 11,690,276.25 465,276.25 ELI LILLY & COMPANY 3/5/2015 2.750% 6/1/2025 532457BH0 5,415,000.00 A+ 2/ 10/2022 5,559,255.60 1.91% 5 ,362,149.60 -197,106.00 ELI LILLY & COMPANY 8/14/2024 4.200% 8/14/2029 532457CQ9 1,555,000.00 A+ 8/14/2024 1,557,643.50 4.16% 1,541,222.70 -16,420.80 ELI LILLY & COMPANY 8/14/2024 4.200% 8/14/ 2029 532457CQ9 445,000.00 A+ 8/14/ 2024 444,025.45 4.25% 441,057.30 -2,968.15 HERSHEY CO/THE 8/21/2015 3.200% 8/21/2025 427866AU2 3,000,000.00 A 3/30/2022 3,014,040.00 3.05% 2 ,971,680.00 -42,360.00

HONEYWELL INTERNATIONAL
INC 5/18/2020 1.350% 6/1/2025 438516CB0 5,000,000.00 A 9/8/2021 5,097,900.00 0.82% 4, 917,150.00 -180,750.00 12/17/2024 3:04 PM 3 of 5
Attachment A
City of Santa Clara Monthly Report
11/30/2024
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/L

HONEYWELL INTERNATIONAL
INC 5/18/2020 1.350% 6/1/2025 438516CB0 2,255,000.00 A 3/22/2022 2,181,960.55 2.41% 2,217,634.65 35,674.10 JOHN DEERE CAPITAL CORP 6/17/2021 1.050% 6/17/2026 24422EVR 7 5,000,000.00 A 12/8/2021 4, 908,600.00 1.47% 4, 749,750.00 -158,850.00 JOHN DEERE CAPITAL CORP 7/14/2023 4.950% 7/14/ 2028 24422EXB0 605,000.00 A 7/ 18/2023 610,874.55 4.73% 615,587.50 4,712.95 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% 513,837.50 9,589.95 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% 4,854,300.00 -169,250.00

JPMORGAN CHASE FINANCIAL
CO LLC 3/13/2020 2.005% 3/13/2026 46647PBH 8 2,800,000.00 A 3/22/2022 2,712,500.00 2.84% 2 ,778,020.00 65,520.00

JPMORGAN CHASE FINANCIAL
CO LLC 4/22/2021 1.578% 4/22/2027 46647PCB0 4,100,000.00 A 8/10/ 2022 3,710,746.00 3.80% 3,923,126.00 212,380.00

JPMORGAN CHASE FINANCIAL
CO LLC 2/24/2022 2.947% 2/24/2028 46647PCW4 2,925,000.00 A 9/18/ 2023 2,674,532.25 5.13% 2,814,786.00 140,253.75

JPMORGAN CHASE FINANCIAL
CO LLC 4/22/2024 5.571% 4/22/2028 46647PEE2 5,000,000.00 A 8/9/2024 5,103,350.00 4.95% 5,093,950.00 -9,400.00 MASTERCARD INC 12/3/2019 2.000% 3/3/2025 57636QAN 4 5,000,000.00 A+ 3/9/2021 5,213,450.00 0.91% 4,965,800.00 -247,650.00 MASTERCARD INC 12/3/2019 2.000% 3/3/2025 57636QAN 4 5,000,000.00 A+ 3/10/2022 4,990,800.00 2.06% 4,965,800.00 -25,000.00 MASTERCARD INC 5/31/2019 2.950% 6/1/2029 57636QAM6 7,500,000.00 A+ 6/27/2024 6,889,875.00 4.82% 7,054,650.00 164,775.00 META PLATFORMS INC 8/9/2024 4.300% 8/15/2029 30303M8S4 5,370,000.00 AA- 8/14/ 2024 5,385,895.20 4.23% 5,348,842.20 -37,053.00 MICROSOFT CORP 2/12/2015 2.700% 2/12/2025 594918BB9 5,000,000.00 AAA 3/9/2021 5,341,700.00 0.92% 4,978,600.00 -363,100.00 MORGAN STANLEY BANK NA 5/30/2024 5.504% 5/26/2028 61690U8B9 6,105,000.00 A+ 5/31/2024 6,117,881.55 5.45% 6 ,210,738.60 92,857.05 MORGAN STANLEY BANK NA 5/30/2024 5.504% 5/26/2028 61690U8B9 3,145,000.00 A+ 5/30/2024 3,145,000.00 5.50% 3 ,199,471.40 54,471.40

NOVARTIS FINANCE
CORPORATION 11/20/2015 3.000% 11/20/2025 66989HAJ 7 10,000,000.00 AA- 1/31/2023 9,638,600.00 4.38% 9,855,900.00 217,300.00 PACCAR FINANCIAL CORP 1/31/2024 4.600% 1/31/2029 69371RS8 0 7,000,000.00 A+ 7/30/2024 6,996,080.00 4.61% 7 ,045,360.00 49,280.00 PEPSICO INC 7/17/2024 4.500% 7/17/2029 713448FX1 4,380,000.00 A+ 7/17/2024 4,373,211.00 4.53% 4,411, 141.80 37,930.80 QUALCOMM INC 5/20/2015 3.450% 5/20/2025 747525AF0 5,850,000.00 A 5/19/2022 5,860,588.50 3.39% 5,815,192.50 -45,396.00 STATE 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% 1,108,031.25 -6,968.75
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 ,222,162.50 -53,210.00 TARGET CORP 1/24/2022 1.950% 1/15/2027 87612EBM 7 4,595,000.00 A 2/1/2022 4,567,889.50 2.08% 4, 376,002.30 -191,887.20 TARGET CORP 1/24/2022 1.950% 1/15/ 2027 87612EBM7 990,000.00 A 1/24/ 2022 988,317.00 1.99% 942,816.60 -45,500.40 TOYOTA 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% 5,743,696.00 153,440.00 WALMART INC. 6/27/2018 3.550% 6/26/2025 931142ED1 5,700,000.00 AA 2/ 8/2022 6,011,847.00 1.87% 5,668,764.00 -343,083.00 Corporate Note Subtotal 207,559,000.00 207,121,947.37 205,392,560.74 -1,729,386.63

AMERICAN EXPRESS CREDIT
TRUST 2023-1 9/19/2023 5.230% 9/15/2028 02582JKD1 6,170,000.00 AAA 9/19/ 2023 6,169,724.20 5.24% 6,250,148.30 80,424.10 BA CREDIT CARD TRUST 12/14/2023 4.980% 11/15/2028 05522RDH8 3,045,000.00 NR* 12/14/2023 3,044,591.06 4.98% 3,074,658.30 30,067.24 BOFA AUTO TRUST 2024-1 7/31/2023 5.530% 2/15/2028 06428AAC2 3,120,000.00 NR* 7/31/2023 3,119,881.75 5.53% 3,149,078.40 29,196.65 BOFA AUTO TRUST 2024-1 11/21/2023 5.740% 6/15/2028 06054YAC 1 6,595,000.00 NR* 11/21/2023 6,594,880.63 5.76% 6,693,793.10 98,912.47 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 ,119,958.00 76,633.67 CHASE ISSUANCE TRUST 1/31/2024 4.600% 1/16/2029 161571HV9 7,605,000.00 AAA 1/31/2024 7,603,841.76 4.60% 7,636,484.70 32,642.94

CITIBANK CREDIT CARD
ISSUANCE TRUST 12/11/2023 5.230% 12/8/2027 17305EGW9 1,855,000.00 AAA 12/11/ 2023 1,854,767.38 5.23% 1,867,669.65 12,902.27 FIFTH THIRD AUTO TRUST 8/23/2023 5.530% 8/15/2028 31680EAD 3 5,270,000.00 AAA 8/23/2023 5,269,673.26 5.53% 5,328,286.20 58,612.94

GM FINANCIAL SECURITIZED
TERM AUTO RECE 1/17/2024 4.850% 12/18/ 2028 36268GAD7 815,000.00 NR* 1/ 17/2024 814,836.10 4.85% 819,800.35 4,964.25

HONDA AUTO RECEIVABLES
OWNER TRUST 2024 11/24/2021 0.880% 1/21/ 2026 43815GAC3 312,750.58 NR* 11/ 24/2021 312,684.65 0.89 % 309,713.77 -2,970.88 12/17/2024 3:04 PM 4 of 5
Attachment A
City of Santa Clara Monthly Report
11/30/2024
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/L

HONDA AUTO RECEIVABLES
OWNER TRUST 2024 8/22/2023 5.410% 2/18/2028 43815QAC1 4,825,000.00 AAA 8/22/2023 4,824,005.09 5.42% 4,874,215.00 50,209.91

HYUNDAI AUTO RECEIVABLES
TRUST 2024-C 11/17/2021 0.740% 5/15/2026 44935FAD6 182,919.56 AAA 11/17/2021 182,878.74 0.75 % 181,820.21 -1,058.53

HYUNDAI AUTO RECEIVABLES
TRUST 2024-C 11/13/2023 5.540% 10/16/2028 44918CAD 4 2,530,000.00 AAA 11/13/2023 2,529,667.31 5.54% 2 ,569,417.40 39,750.09

KUBOTA CREDIT OWNER TRUST
2024-2A 7/26/2023 5.280% 1/18/2028 500945AC4 1,925,000.00 NR* 7/26/2023 1,924,513.75 5.29% 1,944, 577.25 20,063.50

TOYOTA AUTO RECEIVABLES
OWNER TRUST COM 9/27/2021 0.430% 1/15/ 2026 89239BAC5 280,486.00 AAA 9/27/2021 280,463.65 0.43% 279,027.47 -1,436.18

TOYOTA AUTO RECEIVABLES
OWNER TRUST COM 8/15/2023 5.160% 4/17/2028 89231FAD2 1,505,000.00 AAA 8/15/ 2023 1,504,659.57 5.17% 1,516,257.40 11,597.83

TOYOTA AUTO RECEIVABLES
OWNER TRUST COM 11/14/2023 5.540% 8/15/2028 89239FAD4 1,725,000.00 AAA 11/14/ 2023 1,724,814.05 5.54% 1,752,048.00 27,233.95 USAA AUTO OWNER TRUST 2024
-
A 9/15/2023 5.580% 5/15/2028 90291VAC 4 6,030,000.00 AAA 9/15/2023 6,028,944.75 5.58% 6,085,295.10 56,350.35 Asset-Backed Security Subtotal 59,836,156.13 59,828, 152.03 60,452,248.60 624,096.57 COOPERAT RABOBANK UA/NY 7/20/2023 5.080% 7/17/2026 21684LGS5 7,500,000.00 A+ 7/20/2023 7,500,000.00 5.08% 7,631,850.00 131,850.00 Certificate of Deposit Subtotal 7,500,000.00 7,500,000.00 7,631,850.00 131,850.00

PRINCIPAL PUBLIC DEPOSIT
SWEEP PROGRAM 2.400% 12/1/2024 992995944 827,463.29 9/1/2020 827,463.29 827,463.29 -

LOCAL AGENCY INVESTMENT
FUND 4.477% 12/1/2024 6,072,654.05 9/30/1997 6,072,654.05 6,072,654.05 -

CALIFORNIA ASSET
MANAGEMENT PROGRAM 4.870% 12/1/2024 159,221,297.78 10/4/2022 159,221,297.78 159,221,297.78 -

CALIFORNIA ASSET

MANAGEMENT PROGRAM -
TERM 4.690% 12/5/2024 10,000,000.00 10/2/2024 10,000,000.00 10,000,000.00 -

CALIFORNIA ASSET

MANAGEMENT PROGRAM -
TERM 4.660% 1/8/2025 10,000,000.00 10/3/2024 10,000,000.00 10,000,000.00 -

CALIFORNIA ASSET

MANAGEMENT PROGRAM -
TERM 4.580% 2/3/2025 10,000,000.00 10/2/2024 10,000,000.00 10,000,000.00 -

CALIFORNIA ASSET

MANAGEMENT PROGRAM -
TERM 4.480% 3/3/2025 10,000,000.00 10/2/2024 10,000,000.00 10,000,000.00 -

DREYFUS TREASUR
Y 5.220% 12/1/2024 2,398,187.15 10/31/1997 2,398,187.15 2,398,187.15 - Cash Equivalent Subtotal 208,519,602.27 208,519,602.27 208,519,602.27 - Grand Total Count 169 1,240,141,196.18 1,243,008,105.99 1,236,927,579.26 (6,080,526.73) *NR = Not Rated by S&P Global. These Asset Backed Securities are rated by Moody's Ratings as Aaa. 12/17/2024 3:04 PM 5 of 5
Attachment A
PAGE 20

STATEMENT OF TRANSACTIONS CITY OF SANTA CLARA- CUSTODY
FOR THE PERIOD NOVEMBER 1, 2024 THROUGH NOVEMBER 30, 2024 ACCOUNT NUMBER XXXXXX ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

CASH EQUIVALENTS
11/01/24 INTEREST RECEIVED 1,736.83

PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
INTEREST FROM 10/1/24 TO 10/31/24
11/30/24 854,706.44 CASH SWEEP PURCHASES FOR STMT PERIOD 854,706.44- 854,706.44

PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
10 TRANSACTIONS
11/30/24 36,083.94- CASH SWEEP SALES FOR STMT PERIOD 36,083.94 36,083.94-

PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
1 TRANSACTIONS

BONDS & NOTES
11/15/24 INTEREST RECEIVED 26,890.91
AMERICAN EXPRES ABS 5.230% 9/15/28
CUSIP 02582JKD1
$0.00436/PV ON 6,170,000.00 PV
DUE 11/15/24
11/15/24 INTEREST RECEIVED 14,378.00
BANK OF AMERICA ABS 5.530% 2/15/28
CUSIP 06428AAC2
$0.00461/PV ON 3,120,000.00 PV
DUE 11/15/24
11/15/24 INTEREST RECEIVED 31,546.08
BANK OF AMERICA ABS 5.740% 6/15/28
CUSIP 06054YAC1
$0.00478/PV ON 6,595,000.00 PV
DUE 11/15/24
Attachment B
PAGE 21

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 11/15/24 INTEREST RECEIVED 12,636.75
BK OF AMERICA ABS 4.980% 11/15/28
CUSIP 05522RDH8
$0.00415/PV ON 3,045,000.00 PV
DUE 11/15/24
11/13/24 INTEREST RECEIVED 21,468.75
BRISTOL-MYERS SQUIBB 0.750% 11/13/25
CUSIP 110122DN5
INTEREST ON 5,725,000.000 UNITS
11/15/24 INTEREST RECEIVED 33.16
CARMAX AUTO OWNER TR 0.520% 2/17/26
CUSIP 14314QAC8
$0.00001/PV ON 76,536.15 PV
DUE 11/15/24
11/15/24 76,536.15- PAID DOWN 76,536.15 76,519.66- 16.49 CARMAX AUTO OWNER TR 0.520% 2/17/26
CUSIP 14314QAC8
11/15/24 INTEREST RECEIVED 29,152.50
CHASE ISSUANCE ABS 4.600% 1/16/29
CUSIP 161571HV9
$0.00383/PV ON 7,605,000.00 PV
DUE 11/15/24
11/15/24 INTEREST RECEIVED 25,993.50
CHASE ISSUANCE ABS 5.160% 9/15/28
CUSIP 161571HT4
$0.00430/PV ON 6,045,000.00 PV
DUE 11/15/24
11/14/24 INTEREST RECEIVED 25,000.00
FED FARM CREDIT BK 0.500% 5/14/25
CUSIP 3133ELZM9
INTEREST ON 10,000,000.000 UNITS
Attachment B
PAGE 22

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 11/21/24 10,000,000- SOLD 9,812,900.00 9,982,800.00- 169,900.00- FED FARM CREDIT BK 0.500% 5/14/25
CUSIP 3133ELZM9
AT $98.1290 ON TRADE DATE 11/20/2024
TO SETTLE ON 11/21/2024

PERSHING LLC
11/21/24 ACCRUED INTEREST ON SALE 972.22
FED FARM CREDIT BK 0.500% 5/14/25
CUSIP 3133ELZM9
11/21/24 10,000,000- SOLD 9,787,300.00 9,997,540.00- 210,240.00- FED FARM CREDIT BK 0.500% 6/09/25
CUSIP 3133ELH23
AT $97.8730 ON TRADE DATE 11/20/2024
TO SETTLE ON 11/21/2024
PNC SECURITIES CORP.
11/21/24 ACCRUED INTEREST ON SALE 22,500.00
FED FARM CREDIT BK 0.500% 6/09/25
CUSIP 3133ELH23
11/21/24 9,390,000- SOLD 9,081,632.40 9,361,736.10- 280,103.70- FED HOME LN MTG CORP 0.375% 9/23/25
CUSIP 3137EAEX3
AT $96.7160 ON TRADE DATE 11/20/2024
TO SETTLE ON 11/21/2024
WACHOVIA CAPITAL MARKETS, LLC.
11/21/24 ACCRUED INTEREST ON SALE 5,673.13
FED HOME LN MTG CORP 0.375% 9/23/25
CUSIP 3137EAEX3
11/25/24 INTEREST RECEIVED 16,948.69
FED HOME LN MTG CORP 3.117% 6/25/27
CUSIP 3137F2LJ3
$0.00260/PV ON 6,525,000.00 PV
DUE 11/25/24
Attachment B
PAGE 23

STATEMENT OF TRANSACTIONS

REALIZED

PERSHING LLC
11/21/24 ACCRUED INTEREST ON SALE 5,034.72
FED NATL MTG ASSN 0.625% 4/22/25
CUSIP 3135G03U5
11/25/24 INTEREST RECEIVED 14,619.43
FHLMC K061 CMO V-M 3.347% 11/25/26
CUSIP 3137BTUM1
$0.00273/PV ON 5,241,505.61 PV
DUE 11/25/24
11/25/24 10,271.06- PAID DOWN 10,271.06 9,954.90- 316.16 FHLMC K061 CMO V-M 3.347% 11/25/26
CUSIP 3137BTUM1
11/25/24 INTEREST RECEIVED 22,712.50
FHLMC K508 CMO V-M 4.740% 8/25/28
CUSIP 3137HAQ74
$0.00395/PV ON 5,750,000.00 PV
DUE 11/25/24
11/25/24 INTEREST RECEIVED 12,282.86
FHLMC MULTIFAMILY ST 3.243% 4/25/27
CUSIP 3137F1G44
$0.00270/PV ON 4,545,000.00 PV
DUE 11/25/24
Attachment B
PAGE 24

STATEMENT OF TRANSACTIONS

REALIZED

TO BALANCE WITH CUSTODIAN
11/12/24 0.08 SHARE ADJUSTMENT
FNMA SER M6 CMO V-M 4.181% 7/25/28
CUSIP 3136BQDE6

TO BALANCE WITH CUSTODIAN
11/25/24 INTEREST RECEIVED 54,551.24
FNMA SER M6 CMO V-M 4.190% 7/25/28
CUSIP 3136BQDE6
$0.00349/PV ON 15,623,265.88 PV
DUE 11/25/24
Attachment B
PAGE 25

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 11/25/24 88.46- PAID DOWN 88.46 85.92- 2.54
FNMA SER M6 CMO V-M 4.190% 7/25/28
CUSIP 3136BQDE6
11/18/24 INTEREST RECEIVED 3,293.96
GM FINANCIAL ABS 4.850% 12/18/28
CUSIP 36268GAD7
$0.00404/PV ON 815,000.00 PV
DUE 11/16/24
11/18/24 INTEREST RECEIVED 21,752.71
HONDA AUTO ABS 5.410% 2/18/28
CUSIP 43815QAC1
$0.00451/PV ON 4,825,000.00 PV
DUE 11/18/24
11/21/24 INTEREST RECEIVED 275.51
HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
$0.00017/PV ON 375,697.18 PV
DUE 11/21/24
11/21/24 62,946.6- PAID DOWN 62,946.60 62,933.33- 13.27 HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
11/15/24 INTEREST RECEIVED 11,680.17
HYUNDAI AUTO REC ABS 5.540% 10/16/28
CUSIP 44918CAD4
$0.00462/PV ON 2,530,000.00 PV
DUE 11/15/24
11/15/24 INTEREST RECEIVED 147.03
HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
$0.00012/PV ON 238,431.30 PV
DUE 11/15/24
Attachment B
PAGE 26

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 11/15/24 55,511.74- PAID DOWN 55,511.74 55,499.35- 12.39 HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
AT $218.0486 ON TRADE DATE 11/15/2024
11/15/24 INTEREST RECEIVED 8,470.00
KUBOTA CREDIT ABS 5.280% 1/18/28
CUSIP 500945AC4
$0.00440/PV ON 1,925,000.00 PV
DUE 11/15/24
11/26/24 INTEREST RECEIVED 248,903.11
MORGAN STAN BK V-D 5.504% 5/26/28
CUSIP 61690U8B9
INTEREST ON 9,250,000.000 UNITS
11/20/24 INTEREST RECEIVED 150,000.00
NOVARTIS CAPITAL COR 3.000% 11/20/25
CUSIP 66989HAJ7
INTEREST ON 10,000,000.000 UNITS
11/20/24 INTEREST RECEIVED 100,912.50
QUALCOMM INC 3.450% 5/20/25
CUSIP 747525AF0
INTEREST ON 5,850,000.000 UNITS
11/15/24 INTEREST RECEIVED 6,471.50
TOYOTA AUTO REC ABS 5.160% 4/17/28
CUSIP 89231FAD2
$0.00430/PV ON 1,505,000.00 PV
DUE 11/15/24
11/15/24 INTEREST RECEIVED 7,963.75
TOYOTA AUTO REC ABS 5.540% 8/15/28
CUSIP 89239FAD4
$0.00462/PV ON 1,725,000.00 PV
DUE 11/15/24
Attachment B
PAGE 27

STATEMENT OF TRANSACTIONS

REALIZED

BMOCM/BONDS
11/20/24 ACCRUED INTEREST ON SALE 3,292.58
U.S TREASURY NOTES 2.500% 3/31/27
CUSIP 91282CEF4
11/15/24 1,140,000 PURCHASED 1,131,539.06- 1,131,539.06 U.S. TREASURY NOTES 4.125% 10/31/29
CUSIP 91282CLR0
AT $99.2578 ON TRADE DATE 11/14/2024
TO SETTLE ON 11/15/2024

TORONTO DOMINION SECURITIES (U
11/15/24 ACCRUED INTEREST ON PURCHASE 1,948.55-
U.S. TREASURY NOTES 4.125% 10/31/29
CUSIP 91282CLR0
11/20/24 21,925,000 PURCHASED 22,050,041.02- 22,050,041.02 U.S. TREASURY NOTES 4.500% 4/15/27
CUSIP 91282CKJ9
AT $100.5703 ON TRADE DATE 11/19/2024
TO SETTLE ON 11/20/2024
RBC DAIN RAUSCHER INC.

Attachment B
PAGE 28

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 11/20/24 ACCRUED INTEREST ON PURCHASE 97,578.30-
U.S. TREASURY NOTES 4.500% 4/15/27
CUSIP 91282CKJ9
11/15/24 INTEREST RECEIVED 49,500.00
U.S. TREASURY NOTES 4.500% 5/15/27
CUSIP 91282CKR1
INTEREST ON 2,200,000.000 UNITS
11/21/24 19,355,000 PURCHASED 19,456,311.33- 19,456,311.33 U.S. TREASURY NOTES 4.625% 9/15/26
CUSIP 91282CHY0
AT $100.5234 ON TRADE DATE 11/20/2024
TO SETTLE ON 11/21/2024
J.P. MORGAN SECURITIES INC., -
11/21/24 ACCRUED INTEREST ON PURCHASE 165,680.40-
U.S. TREASURY NOTES 4.625% 9/15/26
CUSIP 91282CHY0
11/15/24 INTEREST RECEIVED 322,015.63
U.S. TREASURY NOTES 4.625% 11/15/26
CUSIP 91282CJK8
INTEREST ON 13,925,000.000 UNITS
11/20/24 24,250,000 PURCHASED 24,413,876.95- 24,413,876.95 U.S. TREASURY NOTES 4.625% 11/15/26
CUSIP 91282CJK8
AT $100.6758 ON TRADE DATE 11/19/2024
TO SETTLE ON 11/20/2024

CITIGROUP GBL MKTS/SALOMON BRO
11/20/24 ACCRUED INTEREST ON PURCHASE 15,491.19-
U.S. TREASURY NOTES 4.625% 11/15/26
CUSIP 91282CJK8
Attachment B
PAGE 29

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 11/21/24 18,735,000 PURCHASED 18,875,512.50- 18,875,512.50 U.S. TREASURY NOTES 4.875% 4/30/26
CUSIP 91282CKK6
AT $100.7500 ON TRADE DATE 11/20/2024
TO SETTLE ON 11/21/2024

CITIGROUP GBL MKTS/SALOMON BRO
11/21/24 ACCRUED INTEREST ON PURCHASE 52,983.30-
U.S. TREASURY NOTES 4.875% 4/30/26
CUSIP 91282CKK6
11/21/24 15,790,000 PURCHASED 15,912,125.78- 15,912,125.78 U.S. TREASURY NOTES 4.875% 5/31/26
CUSIP 91282CKS9
AT $100.7734 ON TRADE DATE 11/20/2024
TO SETTLE ON 11/21/2024

BNP PARIBAS SECURITIES CORP/BO
11/21/24 ACCRUED INTEREST ON PURCHASE 365,952.66-
U.S. TREASURY NOTES 4.875% 5/31/26
CUSIP 91282CKS9
11/15/24 INTEREST RECEIVED 292,950.00
US TREASURY BOND 5.250% 11/15/28
CUSIP 912810FF0
INTEREST ON 11,160,000.000 UNITS
11/15/24 INTEREST RECEIVED 94,937.50
US TREASURY BOND 6.125% 11/15/27
CUSIP 912810FB9
INTEREST ON 3,100,000.000 UNITS
11/21/24 4,450,000- SOLD 4,272,173.83 4,327,625.00- 55,451.17- US TREASURY NOTE 0.375% 11/30/25
CUSIP 91282CAZ4
AT $96.0039 ON TRADE DATE 11/20/2024
TO SETTLE ON 11/21/2024
BARCLAYS CAPITAL INC. FIXED IN
Attachment B
PAGE 30

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 11/21/24 ACCRUED INTEREST ON SALE 7,933.40
US TREASURY NOTE 0.375% 11/30/25
CUSIP 91282CAZ4
11/21/24 3,820,000- SOLD 3,655,113.28 3,751,956.25- 96,842.97- US TREASURY NOTE 0.375% 12/31/25
CUSIP 91282CBC4
AT $95.6836 ON TRADE DATE 11/20/2024
TO SETTLE ON 11/21/2024
MORGAN STANLEY & CO.
11/21/24 ACCRUED INTEREST ON SALE 5,605.43
US TREASURY NOTE 0.375% 12/31/25
CUSIP 91282CBC4
11/21/24 8,750,000- SOLD 8,333,691.41 8,610,095.01- 276,403.60- US TREASURY NOTE 0.500% 2/28/26
CUSIP 91282CBQ3
AT $95.2422 ON TRADE DATE 11/20/2024
TO SETTLE ON 11/21/2024
MORGAN STANLEY & CO.
11/21/24 ACCRUED INTEREST ON SALE 9,910.22
US TREASURY NOTE 0.500% 2/28/26
CUSIP 91282CBQ3
11/20/24 7,000,000- SOLD 6,396,796.88 6,262,812.50- 133,984.38 US TREASURY NOTE 0.500% 4/30/27
CUSIP 912828ZN3
AT $91.3828 ON TRADE DATE 11/19/2024
TO SETTLE ON 11/20/2024
NOMURA SECURITIES INTL. INC.
11/20/24 ACCRUED INTEREST ON SALE 1,933.70
US TREASURY NOTE 0.500% 4/30/27
CUSIP 912828ZN3
Attachment B
PAGE 31

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 11/20/24 5,585,000- SOLD 5,247,063.87 5,176,815.04- 70,248.83 US TREASURY NOTE 0.875% 9/30/26
CUSIP 91282CCZ2
AT $93.9492 ON TRADE DATE 11/19/2024
TO SETTLE ON 11/20/2024
NOMURA SECURITIES INTL. INC.
11/20/24 ACCRUED INTEREST ON SALE 6,847.00
US TREASURY NOTE 0.875% 9/30/26
CUSIP 91282CCZ2
11/20/24 5,700,000- SOLD 5,368,242.19 5,267,601.56- 100,640.63 US TREASURY NOTE 1.125% 10/31/26
CUSIP 91282CDG3
AT $94.1797 ON TRADE DATE 11/19/2024
TO SETTLE ON 11/20/2024

CITIGROUP GBL MKTS/SALOMON BRO
11/20/24 ACCRUED INTEREST ON SALE 3,542.82
US TREASURY NOTE 1.125% 10/31/26
CUSIP 91282CDG3
11/20/24 5,340,000- SOLD 5,019,182.81 5,000,617.97- 18,564.84 US TREASURY NOTE 1.250% 12/31/26
CUSIP 91282CDQ1
AT $93.9922 ON TRADE DATE 11/19/2024
TO SETTLE ON 11/20/2024

CITIGROUP GBL MKTS/SALOMON BRO
11/20/24 ACCRUED INTEREST ON SALE 25,938.18
US TREASURY NOTE 1.250% 12/31/26
CUSIP 91282CDQ1
11/15/24 INTEREST RECEIVED 88,400.00
US TREASURY NOTE 2.000% 11/15/26
CUSIP 912828U24
INTEREST ON 8,840,000.000 UNITS
Attachment B
INVESTMENT AND INSURANCE PRODUCTS ARE:• NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY• NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE• SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED PAGE 32

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 11/20/24 8,840,000- SOLD 8,463,954.69 8,472,242.19- 8,287.50- US TREASURY NOTE 2.000% 11/15/26
CUSIP 912828U24
AT $95.7461 ON TRADE DATE 11/19/2024
TO SETTLE ON 11/20/2024

CITIGROUP GBL MKTS/SALOMON BRO
11/20/24 ACCRUED INTEREST ON SALE 2,441.99
US TREASURY NOTE 2.000% 11/15/26
CUSIP 912828U24
11/20/24 15,410,000- SOLD 14,755,676.96 14,905,253.13- 149,576.17- US TREASURY NOTE 2.250% 2/15/27
CUSIP 912828V98
AT $95.7539 ON TRADE DATE 11/19/2024
TO SETTLE ON 11/20/2024
NOMURA SECURITIES INTL. INC.
11/20/24 ACCRUED INTEREST ON SALE 91,392.19
US TREASURY NOTE 2.250% 2/15/27
CUSIP 912828V98
11/15/24 INTEREST RECEIVED 64,125.00
US TREASURY NOTE 2.375% 5/15/27
CUSIP 912828X88
INTEREST ON 5,400,000.000 UNITS
11/15/24 INTEREST RECEIVED 28,039.50
USAA AUTO OWNER ABS 5.580% 5/15/28
CUSIP 90291VAC4
$0.00465/PV ON 6,030,000.00 PV
DUE 11/15/24
11/25/24 INTEREST RECEIVED 21,493.34
VR FHLMC MULTIFAMI 3.224% 3/25/27
CUSIP 3137BXQY1
$0.00269/PV ON 8,000,000.00 PV
DUE 11/25/24
================================================================================================================= ENDING BALANCE 0.00 1,035,315,967.01
¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
Attachment B"Principal® I Custody
V Solutions

_____________________________________________________________________

MONTHLY FINANCIAL STATUS REPORT

December 2024

City of
Santa Clara
The Center of What 's Possible

1 City of Santa Clara
Financial Status Report as of December 31, 2024

This report summarizes the City’s financial performance for the month ended December 31, 2024.

2 City of Santa Clara
Financial Status Report as of December 31, 2024

On a national level, the unemployment rate changed little from 4.2% in November 2024 to 4.1% in December 2024. In December, the number of unemployed persons totaled 6.9 million, a decrease from 7.1 million in November.2

2 https://www.bls.gov/news.release/pdf/empsit.pdf
3 https://www.bea.gov/sites/default/files/2024-12/tech3q24-3rd.pdf Chart . Unemplo ynrent rate, season a'lly adjusted,
December 2022 - December 2024
P'erce nt

5.5 5.0

4.0 3.0
Chart 2. Nonfann payroll employme nt over -the-month change , seasonally adjusted, Dece1nber 2022 - Dece1nber 2024
Thousan d s
600
500
400
300
200
100
0 I
I
I
I
I - I

I I I I I I

2.5 ~~~~~~~~~~~~~~~~~ -100
Dec-22 Mar-23 Jur>-23 Sep-23 Deo-23 Mar-24 J,m-24 Sep-24 Dec-24 Deo-22 Mar-23 Jun-23 ~p-23 Deo-23 Mar-24 Jun-24 Sep-24 Deo-24 Real GDP: Percent change from preceding quarter
8 6
4 2
0 -2
Q4 Ql Q2 Q3 Q4 Ql
2020 2021
U.S. Bureau of Economi c Analysis
Q2 Q3
2022
Q4 Ql Q2 Q3 Q4 Ql Q2 Q3
2023 2024
Seasonally adjusted annual rates

3 City of Santa Clara
Financial Status Report as of December 31, 2024

At the state level, the California unemployment rate increased slightly from 5.4% in November 2024 to

5.5% in December 2024. This rate is higher compared to the 5.1% rate in December 2023. Over the past year, California employers have added 180,500 nonfarm jobs.4 The winter 2024 UCLA Anderson Forecast for California assumes the state’s economy will grow at about the same rate as the U.S. in 2025 and 2026. “The unemployment rate for the 4th quarter of this year is expected to average 5.3%, and the average for 2025 and 2026 is expected to be 5.5% and

5.0% respectively. Our forecast for 2025 and 2026 is for total employment growth rates to be -0.7% and

1.6%. Non-farm payroll jobs are expected to grow at a 1.5% and 1.3% rate during the same two years.

Real personal income is forecast to grow by 2.3% in 2025 and 2.6% in 2026. In spite of the higher interest rates, the continued demand for a limited housing stock coupled with state policies inducing new homebuilding should result in the beginning of a recovery this year followed by slow but solid growth in new home production thereafter.”
5 The unadjusted unemployment rate in the San José-Sunnyvale-Santa Clara Metropolitan Statistical Area (MSA) was 3.9% in December 2024, down slightly from a revised 4.1% in November 2024, and below the December 2023 estimate of 4.0%. Between December 2023 and December 2024, employment in this region increased by 3,000 jobs, or 0.3%. The largest increases were in private education and health services (up 9,500 jobs), leisure and hospitality (up 3,300 jobs), and professional and business services (up 2,800 jobs). Notable employment reductions were in manufacturing (down 6,200 jobs) and information (down 5,300 jobs).6
San Jose-Sunnyvale-Santa Clara Metropolitan Statistical Area unnyvale-Santa Clara Metropolitan Statistical Area

4 https://edd.ca.gov/es/about_edd/news_releases_and_announcements/unemployment-december-2024/ 5 UCLA Anderson Forecast Winter 2024 Economic Forecast, “California After the Election”, Jerry Nickelsburg 6 https://labormarketinfo.edd.ca.gov/file/lfmonth/sjos$pds.pdf Unemployment Rate Historical Trend

5.0% ..-----------------------------------------

4.5% t--------------------- --... - ~ ----- -:--:..-...-11111111~------

4.0% +==========~t='.t~~~~~~~=~=~=~===~~~~;~~~~====~~=~~~:~ 3.5% +

3.0% .µ~~~~~.,~~ --------------------------------

2.5% +-----------------------------------------

2.0% +---~-~----~---------~-~------~---------~-

4 City of Santa Clara
Financial Status Report as of December 31, 2024

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 2024/25 was $310.7 million. The amended budget for revenues and expenditures was adjusted to $327.1 million to reflect carryover encumbrances from fiscal year 2023/24 and various budget amendments approved by the City Council through December 2024. Amendments approved by the City Council as part of the FY 2023/24 Budget Year-End Report, are also reflected in the tables of this report.

General Fund revenues and expenditures are tracking within estimated levels.

5 City of Santa Clara
Financial Status Report as of December 31, 2024

General Fund Revenues
As of December 31, 2024, $117.8 million or 38.8% of the General Fund estimated revenue (excluding transfers) was received. Collections are tracking below par through December due to the timing of payments. In some categories, such as property tax, most payments are scheduled to occur later in the fiscal year. Transfers and use of reserves of $23.7 million have occurred as budgeted.

Adopted Budget
Amended
Budget
Actual Through
12/31/2024
Percentage
Received
Actual Through
12/31/2023
$
Change From
Prior Year
Percentage
Change
TAXES
Sales Tax 62,900,000$ 62,900,000$ 24,119,462$ 38.35% 19,961,470$ 4,157,992$ 20.83% Property Tax 94,391,000 94,391,000 28,517,469 30.21% 26,990,697 1,526,772 5.66% Transient Occupancy Tax 22,850,000 22,850,000 7,710,140 33.74% 6,208,270 1,501,870 24.19% Other Taxes 6,950,000 6,950,000 1,996,086 28.72% 1,946,435 49,651 2.55% Total Taxes 187,091,000 187,091,000 62,343,157 33.32% 55,106,872 7,236,285 13.13%

LICENSES & PERMITS
Business Licenses 6,000,000 6,000,000 3,461,966 57.70% 2,499,506 962,460 38.51% Fire Operation Permits 2,010,000 2,010,000 1,090,586 54.26% 809,905 280,681 34.66% Miscellaneous Permits 55,000 55,000 244,550 444.64% 3,200 241,350 7542.19% Total Licenses & Permits 8,065,000 8,065,000 4,797,102 59.48% 3,312,611 1,484,491 44.81% FINES & PENALTIES 1,452,000 1,452,000 747,597 51.49% 1,215,516 (467,919) -38.50% INTERGOVERNMENTAL 970,000 1,118,785 781,331 69.84% 208,153 573,178 275.36% CHARGES FOR SERVICES 30,829,954 30,829,954 17,137,464 55.59% 15,546,311 1,591,153 10.23% SILICON VALLEY POWER TRANSFER 34,500,000 34,500,000 17,732,550 51.40% 16,455,125 1,277,425 7.76%

USE OF MONEY & PROPERTY
Interest 6,212,000 6,212,000 1,669,078 26.87% 283,276 1,385,802 489.21% Rent 13,028,187 13,028,187 6,264,642 48.09% 6,134,222 130,420 2.13% Total Use of Money & Property 19,240,187 19,240,187 7,933,720 41.24% 6,417,498 1,516,222 23.63% MISCELLANEOUS REVENUES 215,550 7,540,272 323,813 4.29% 177,749 146,064 82.17%

LAND PROCEED - - - N/A - - N/A

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 6,964,827 13,906,439 13,906,439 100.00% 8,097,132 5,809,307 71.75% Operating Transfer In - Fund Balances(1) 6,162,369 6,162,369 6,162,369 100.00% 4,759,683 1,402,686 29.47% Operating Transfer In - Miscellaneous 575,821 2,201,534 2,201,534 100.00% 746,044 1,455,490 195.09% Total Other Financing Sources 15,157,017 23,724,342 23,724,342 100.00% 15,056,859 8,667,483 57.57%

STADIUM OPERATION
Charges for Services 11,705,481 12,023,104 5,813,945 48.36% 1,375,924 4,438,021 322.55% Rent and Licensing 1,472,000 1,472,000 170,489 11.58% 69,313 101,176 145.97% Total Stadium Operation 13,177,481 13,495,104 5,984,434 44.35% 1,445,237 4,539,197 314.08% TOTAL GENERAL FUND 310,698,189$ 327,056,644$ 141,505,510$ 43.27% 114,941,931$ 26,563,579$ 23.11% (1) The Operating Transfer In - Fund Balances includes the carryover encumbrances of open purchase orders as of June 30, 2024 and mid year budget amendment from reserves.

Function

CITY OF SANTA CLARA

GENERAL FUND

REVENUE OVERVIEW AND COMPARISON BY TYPE
FISCAL YEAR 2024/25 PY REVENUE COMPARISON

6 City of Santa Clara
Financial Status Report as of December 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 December 31, 2024, $24.1 million has been collected, which is 20.8% higher than prior year collection levels. Given the timing of payments, the sales tax payments through December account for actual activity in the first quarter of FY 2024/25 (July through September 2024) totaling $19.2 million and an advance payment for October 2024 totaling $4.6 million. In addition, $0.3 million has been received for the Proposition 172 Public Safety Sales Tax, which is consistent with the prior fiscal year.

In the first quarter of FY 2024/25 (July – September activity) receipts totaled $19.2 million. This collection level was well above prior year receipts of $15.1 million for the first quarter of FY 2023/24.

This increase was primarily the result of a 44% increase in the Business-to-Business category, much of which is one time in nature. Growth was also realized in the construction (up 7.5%) and food products (up 1.3%) categories, partially offset by reductions in the general retail (down 4.9%) and transportation (down 9.8%) categories. The County pool receipts in the first quarter of FY 2024/25 were also up

38.6% over the first quarter of FY 2023/24 based on the City’s strong sales tax performance; these collection represent approximately 20% of the City’s sales tax receipts.

Property Tax: $28.5 million in property tax receipts were received through December 2024. The majority of property tax revenue is collected in February and April each year. Based on initial information from the County of Santa Clara, property tax receipts are projected to end the year at $95.9 million, slightly above the Adopted Budget estimate of $94.4 million.

Transient Occupancy Tax (TOT): TOT is calculated as a percentage of City hotel/motel room charges. The City’s TOT rate was 12.5% in December 2024 and increased to 13.5% effective January 1, 2025. Through December 31, 2024, approximately $7.7 million was received, or 33.7% of the budget. This collection level was 24% above the $6.2 million received through December of the prior fiscal year. Receipts are currently tracking to exceed the budget estimate of $22.9 million.

Other Taxes: Includes franchise tax and documentary transfer tax. The City has collected approximately $2.0 million through December, including $1.5 million in franchise taxes and $0.5 million in documentary transfer taxes. This collection level is 2.6% higher than last fiscal year levels due to higher documentary transfer tax receipts.

Licenses & Permits: Includes business licenses, fire operation permits, and miscellaneous permits and fees. Revenue collections are tracking above par with receipts totaling $4.8 million, or 59.5% of the $8.1 million budget. This reflects strong growth in all categories with the largest collections in the business license tax category. Effective FY 2023/24, the City implemented a new Business License Tax methodology which is reflected in the receipts recorded this fiscal year totaling $3.5 million, or 57.7% of the budget. This collection level is above the prior year level of $2.5 million due, in part, to the timing of

7 City of Santa Clara
Financial Status Report as of December 31, 2024

payments; last year, collections at the beginning of the year were delayed with the implementation of the new tax structure.

Fines & Penalties: Includes vehicle, parking, court fines, and miscellaneous penalty fines. Through December, revenue in this category totaled $0.75 million which was below the prior year level of $1.2 million due primarily to lower municipal fines and collection charges.

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 December, approximately $0.8 million has been collected, or 69.8% of the $1.0 million budget.

Charges for Services: Includes various plan check and zoning-related fees, engineering fees, administrative fees, and community service revenue from various recreational activities. Through December, collections totaled approximately $17.1 million or 55.6% of the budget. This reflects a 10.2% increase compared to last year’s collections, primarily due to higher receipts from engineering fees and interdepartmental charges.

Use of Money & Property: Includes realized investment income and rental income. Through December, $7.9 million has been collected, compared to $6.4 million last fiscal year. This increase is due to higher interest and higher rents, specifically right-of-way, collected in the current year.

Miscellaneous Revenues: Includes developer fees, donations, damage recovery, sale of surplus, and one-time miscellaneous revenues. Through December, collections total $0.3 million, compared to $0.2 million collected in the prior year.

Stadium Operation: Through December, approximately $6.0 million has been collected through charges for services and rent.

8 City of Santa Clara
Financial Status Report as of December 31, 2024

General Fund Expenditures
As of December 31, 2024, $167.8 million or 51.3% of the General Fund operating budget had been expended, which is higher than prior year expenditure levels. Excluding transfers, expenditures totaled $141.3 million, or 47% of the budget, which is slightly below par. Transfers of $26.5.0 million have occurred as budgeted. Overall, expenditures in the General Fund are at budgeted levels through December.

Adopted Budget
Amended
Budget
Actual Through
12/31/2024
Percentage
Use d
Actual Through
12/31/2023
$
Change From
Prior Year
Percentage
Change

GENERAL GOVERNMENT
Non-Departmental 17,622,136$ 18,852,222$ 8,140,060$ 43.18% 6, 967,611$ 1,172,449$ 16.83% City Council 1,196,923 1,196,923 537,978 44.95% 546,010 (8,032) -1.47% City Clerk 2,102,267 2,186,267 923,222 42.23% 784,133 139,089 17.74% City Manager 8,222,051 8,030,316 2,054,177 25.58% 1,820,152 234,025 12.86% City Attorney 3,357,661 3,440,037 1,443,361 41.96% 1,371,355 72,006 5.25% Human Resources 4,845,256 5,377,027 1,906,800 35.46% 1,631,559 275,241 16.87% Finance 21,008,682 21,922,775 10,341,912 47.17% 8,305,455 2,036,457 24.52% Total General Government 58,354,976 61,005,567 25,347,510 41.55% 21,426,275 3,921,235 18.30% PUBLIC WORKS 26,347,463 28,226,582 12,437,660 44.06% 11,718,068 719,592 6.14% COMMUNITY DEVELOPMENT 5,575,313 5,636,381 2,379,157 42.21% 2,484,993 (105,836) -4.26% PARKS AND RECREATION 23,172,047 23,931,989 10,682,449 44.64% 10,725,288 (42,839) -0.40%

PUBLIC SAFETY
Fire 66,292,191 67,102,918 34,155,652 50.90% 32,561,337 1,594,315 4.90% Police 92,074,298 92,973,019 44,440,608 47.80% 41,755,415 2,685,193 6.43% Total Public Safety 158,366,489 160,075,937 78,596,260 49.10% 74,316,752 4,279,508 5.76% LIBRARY 11,732,505 12,212,058 5,908,177 48.38% 4,968,393 939,784 18.92% DEPARTMENTAL TOTAL 283,548,793 291,088,514 135,351,213 46.50% 125,639,769 9,711,444 7.73%

OTHER FINANCING USES
Operating Transfer Out - Miscellaneous 626,778 7,408,161 7,408,161 100.00% 1,198,809 6,209,352 517.96% Operating Transfer Out - Debt Services 1,405,940 1,405,940 1,405,940 100.00% 1,402,440 3,500 0.25% Operating Transfer Out - Maintenance Dtrct 977,546 977,546 977,546 100.00% 942,413 35,133 3.73% Operating Transfer Out - Cemetery 823,000 823,000 823,000 100.00% 796,000 27,000 3.39% Operating Transfer Out - CIP 14,204,882 15,855,042 15,855,042 100.00% 7,305,499 8,549,543 117.03% Total Other Financing Uses 18,038,146 26,469,689 26,469,689 100.00% 11,645,161 14,824,528 127.30% STADIUM OPERATION 9,111,250 9,498, 441 5,938,132 62.52% 5,819,461 118,671 2.04% TOTAL GENERAL FUND 310,698,189$ 327,056,644$ 167,759,034$ 51.29% 143,104,391$ 24,654,644$ 17.23% Function

CITY OF SANTA CLARA

GENERAL FUND

EXPENDITURES OVERVIEW AND COMPARISON BY FUNCTION
FISCAL YEAR 2024/25 PY EXPENDITURES COMPARISON

9 City of Santa Clara
Financial Status Report as of December 31, 2024

General Fund Expenditures
Below is an explanation of certain budget to actual expenditure variances by program.

Non-Departmental: Includes expenditures that are not attributable to a single department, but a function of the City in general. Through December, expenditures totaled $8.1 million, or 43.2% of the budget. These expenditures are below par of 50%, but higher than prior year levels. This increase is primarily due to higher spend in the salaries and benefits categories and the timing of payments made to the Silicon Valley Animal Control Authority.

City Attorney: Actual expenditures through December totaled approximately $1.4 million, which is 42% of the budget, which is below par. Spending is 5.3% higher than the total expenditures through the same time last fiscal year due primarily to increases in the salaries and benefits categories and the outside legal services category.

City Clerk: Through December, actual expenditures were tracking at $0.9 million or approximately

42.2% of the budget. This expenditure level reflects a 17.7% increase compared to last fiscal year due to one-time Granicus costs that are paid every other year.

City Council: Through December, expenditures of $0.5 million were at 45% of budget, which is below par. Expenditures are on par with the prior fiscal year levels.

City Manager: The actual expenditures through December totaled $2.1million, or 25.6% of the budget, which is below par for this time of the year. Expenditures are 12.9% higher compared with the spending level through the same period last fiscal year. The increase is attributable to higher spend in the salaries and benefits, advertising, and contractual services categories.

Through December, departmental expenditures for the Planning and Housing and Community Services divisions totaled $2.4 million, or 42.2% of the budget, which is below par of 50%. This expenditure level is slightly lower than prior year spend.

Finance Department: Through December, the Department’s expenditures totaled $10.3 million, or

47.2% of the budget, which is slightly below par. This expenditure level was approximately 24.5% higher than through the same period last year. The current year spend reflects higher salaries and benefits and contractual services costs, primarily related to PeopleSoft and the Questica Budget System.

Fire Department: Through December, actual expenditures totaled $34.2 million, or 50.9% of the budget, which is slightly above par. These expenditures also reflect a 4.9% increase from last fiscal year due to higher expenditures across the salaries and benefits and non-personnel categories including contractual services and capital outlay. Overtime expenditures are tracking over budget at 159.4% due, in part, to overtime expenditures related to mutual aid deployment efforts. These costs are

10 City of Santa Clara
Financial Status Report as of December 31, 2024

reimbursable, and a budget action was approved by the City Council on December 3, 2024, to recognize reimbursements received to date and increase the Department’s overtime budget. A budget action is included in this report to recognize additional reimbursements that have been received.

Further actions will be brought forward for City Council approval to recognize reimbursements and adjust the Department overtime budget as additional reimbursements are received. Excluding mutual aid-related costs, the overtime budget is 96.8% expended through December. Overtime is used to backfill for shift absences and vacant shift positions to maintain daily minimum staffing. It is anticipated that overtime expenditures will exceed the overtime budget as the current absence rate exceeds the estimate used in the development of the budget.

Through December, absences are down 6% (from 45,249 to 42,344 hours) when compared with the prior fiscal year but remain above historical levels. Absences are trending high in the areas of family sick leave, sick leave, and vacation usage. 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 December, the compensatory time payouts total $864,390, which is above historical levels but 41.3% below the payouts of $1,472,115 experienced through December of last fiscal year. The Department will continue to monitor expenditures throughout the fiscal year and bring forth budget recommendations, as needed.

Library Department: Through December, actual expenditures totaled $5.9 million, or 48.4% of the budget, which is slightly below par, but 18.9% higher than expenditure levels last fiscal year. The higher spending is primarily in the salaries and benefits and maintenance categories.

Parks and Recreation Department: Through December, actual expenditures totaled $10.7 million, or

44.6% of the budget, which is below par, and consistent with last fiscal year spend.

Police Department: Expenditures through December are tracking at expected levels at $44.4 million, or 47.8% of the budget; this is approximately 6.4% higher than prior year spending. The higher spend is primarily in the salaries and benefits, as-needed and IT subscription services categories.

Stadium Operation: Stadium operating expenditures are incurred first and billed on a reimbursement basis creating a timing difference in revenue recognition. Stadium expenditures totaled $5.9 million through December, which is consistent with the prior year. The Stadium hosted four ticketed Non-NFL events and ten NFL games through December. Fewer ticketed Non-NFL events in the current year resulted in lower as needed and overtime spend for Non-NFL events, however that decrease was offset by wage increases and planning costs associated with Super Bowl LX and FIFA World Cup 2026.

These costs are fully reimbursed by the Bay Area Host Committee or the Stadium Authority.

11 City of Santa Clara
Financial Status Report as of December 31, 2024

Special Revenue Funds
The table below is a summary of revenues and expenditures of select Special Revenue Funds as of December 31, 2024. The amended budget reflects carryover encumbrances from fiscal year 2023/24 and budget amendments approved by the City Council through December 2024.

Revenues totaled approximately $12.5 million, while expenditures totaled approximately $11.0 million through the end of December. Both revenue and expenditures are tracking below par of 50%. In the Building Development Services Fee Fund and Fire Development Services Fee Fund, development- related fees and expenditures are tracking above par and prior year levels. In the City Affordable Housing Fund and Housing Successor Agency Fund, higher interest earnings have been collected when compared to prior year levels. However, there have been lower interest collections in the Housing Authority Fund. Higher spend has been recorded in the Housing and Urban Development Fund, which reflects activity in CDBG and HOME grant funded projects.

Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 12/31/2024 Received 12/31/2023 Prior Year Change Building Development Services Fee
Fund
16,164,000$ 16,164,000$ 8,742,312$ 54.09% 7,589,080$ 1,153,232$ 15.20% City Affordable Housing Fund 1,168,177 1,168,177 444,574 38.06% 195,136 249,438 127.83% Fire Development Services Fee
Fund
3,277,500 3,277,500 2,276,438 69.46% 1,770,623 505,815 28.57% Housing and Urban Development 2,532,068 7,023,563 570,398 8.12% 604,649 (34,251) -5.66% Housing Authority Fund 252,496 252,496 29,294 11.60% 74,947 (45,653) -60.91% Housing Successor Fund 1,306,326 1,306,326 443,592 33.96% 305,876 137,716 45.02% TOTAL 24,700,567$ 29,192,062$ 12,506,608$ 42.84% 10,540,311$ 1,966,297$ 18.66% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 12/31/2024 Use d 12/31/2023 Prior Year Change Building Development Services Fee
Fund
15,044,148$ 17,302,488$ 7,210,418$ 41.67% 6,654,852$ 555,566$ 8.35% City Affordable Housing Fund 1,593,647 12,152,276 382,963 3.15% 2,805,562 (2,422,599) -86.35% Fire Development Services Fee
Fund
3,387,922 3,387,922 1,760,892 51.98% 1,512,706 248,186 16.41% Housing and Urban Development 2,532,068 7,968,912 1,205,730 15.13% 607,732 597,998 98.40% Housing Authority Fund 468,931 511,389 80,293 15.70% 80,941 (648) -0.80% Housing Successor Fund 902,579 1,012,590 337,313 33.31% 450,455 (113,142) -25.12% TOTAL 23,929,295$ 42,335,577$ 10,977,609$ 25.93% 12,112,248$ (1,134,639)$ -9.37%

PRIOR YEAR EXPENDITURE COMPARISON

CITY OF SANTA CLARA

SPECIAL REVENUE FUNDS

REVENUE AND EXPENDITURES - OVERVIEW AND COMPARISON BY FUND REVENUE - FISCAL YEAR 2024/25 PRIOR YEAR REVENUE COMPARISON EXPENDITURES - FISCAL YEAR 2024/25

12 City of Santa Clara
Financial Status Report as of December 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 December 2024. As of December 31, 2024, the capital fund revenue totaled $11.0 million. In the City Affordable Housing Capital Fund, revenue collected reflects housing impact fees. In the Streets and Highways Capital Fund, the majority of the revenue collected reflects revenue from other agencies, vehicle registration fees, as well as VTA Measure B funds. The Parks and Recreation Capital Fund total reflects $1.5 million collected in Mitigation Fee Act revenue as well as interest earnings.

REVENUE - FISCAL YEAR 2024/25
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 12/31/2024 Use d City Affordable Housing Capital Fund -$ -$ -$ 3,300,526$ NA Parks & Recreation - 3,349,489 3,349,489 2,360,345 70.47% Related Santa Clara Developer 795,344 - 795,344 145,344 18.27% Storm Drain 1,121,098 3,000,000 4,121,098 742,570 18.02% Streets & Highways 9,055,028 22,490,903 31,545,931 4,308,378 13.66% Tasman East Specific Infrastructure
Improvement Fund
3,734,932 - 3,734,932 107,440 2.88% TOTAL 14,706,402$ 28,840,392$ 43,546,794$ 10,964,603$ 25.18%

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 December 2024. As of December 31, 2024, capital fund expenditures totaled $17.1 million, or 9.6% of the amended budget.

13 City of Santa Clara
Financial Status Report as of December 31, 2024

EXPENDITURES - FISCAL YEAR 2024/25
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 12/31/2024 Use d Fire 1,662,559$ 1,247,874$ 2,910,433$ 369,652$ 12.70% General Gov't - Other 4,456,611 9,127,697 13,584,308 728,976 5.37% Library 488,711 248,407 737,118 10,964 1.49% Parks & Recreation 9,085,289 25,525,570 34,610,859 2,019,924 5.84% Public Buildings 4,296,884 5,442,248 9,739,132 599,310 6.15% Related Santa Clara Developer 815,172 393,992 1,209,164 225,523 18.65% Storm Drain 3,342,908 7,135,999 10,478,907 829,510 7.92% Streets & Highways 24,835,146 77,468,474 102,303,620 12,306,914 12.03% Tasman East Specific Infrastructure
Improvement Fund
1,422,414 1,433,994 2,856,408 8,545 0.30% TOTAL 50,405,694$ 128,024,255$ 178,429,949$ 17,099,318$ 9.58%

CITY OF SANTA CLARA

SUMMARY OF EXPENDITURES

GOVERNMENTAL CAPITAL IMPROVEMENT FUNDS

14 City of Santa Clara
Financial Status Report as of December 31, 2024

Enterprise Funds
The table below is a summary of revenues and expenses for the Enterprise Operating Funds as of December 31, 2024. Overall, revenues are tracking above budgeted estimates, while expenditures are tracking below budgeted levels.

Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 12/31/2024 Received 12/31/2023 Prior Year Change Cemetery Fund 750,000$ 750,000$ 318,008$ 42.40% 225,552$ 92,456$ 40.99% Electric Utility Fund 893,397,959 893,397,959 490,727,966 54.93% 327,579,687 163,148,279 49.80% Sewer Utility Fund 46,989,803 46,989,803 25,331,409 53.91% 35,766,202 (10,434,793) -29.18% Solid Waste Utility Fund 41,561,372 41,561,372 18,406,241 44.29% 17,450,271 955,970 5.48% Water Recycling Fund 8,507,338 8,507,338 5,756,937 67.67% 4,171,682 1,585,255 38.00% Water Utility Fund 64,096,935 64,096,935 32,973,364 51.44% 28,102,569 4,870,795 17.33% TOTAL REVENUE 1,055,303,407$ 1,055,303,407$ 573,513,925$ 54.35% 413,295,963$ 160,217,962$ 38.77% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 12/31/2024 Use d 12/31/2023 Prior Year Change Cemetery Fund 1,628,800$ 1,628,800$ 573,056$ 35.18% 516,791$ 56,265$ 10.89% Electric Utility Fund 649,513,582 677,835,619 279,312,796 41.21% 276,519,821 2,792,975 1.01% Sewer Utility Fund 38,762,083 39,278,049 18,791,266 47.84% 17,429,638 1,361,628 7.81% Solid Waste Utility Fund 40,775,942 43,928,485 18,313,636 41.69% 15,987,066 2,326,570 14.55% Water Recycling Fund 9,307,289 10,982,389 5,103,452 46.47% 3,114,862 1,988,590 63.84% Water Utility Fund 57,614,177 58,830,207 28,980,234 49.26% 25,804,911 3,175,323 12.31% TOTAL - Operating
Appropriations
797,601,873$ 832,483,549$ 351,074,440$ 42.17% 339,373,089$ 11,701,351$ 3.45%

CITY OF SANTA CLARA

ENTERPRISE OPERATING FUNDS

REVENUE AND EXPENSES - OVERVIEW AND COMPARISON BY FUND
REVENUE - FISCAL YEAR 2024/25 PRIOR YEAR REVENUE COMPARISON PRIOR YEAR EXPENSE COMPARISONEXPENSES - FISCAL YEAR 2024/25

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 lower the revenue from customer service charges, the lower the expenditures in the resource and production category.

15 City of Santa Clara
Financial Status Report as of December 31, 2024

A summary of revenue and expenses in the Enterprise Capital Improvement Funds is detailed in the table below. Actual revenue through December 31, 2024, totaled $23.7 million, consisting primarily of developer contributions and load development fees in the Electric Utility Fund and sewer fees in the Sewer Utility Fund. Enterprise capital fund expenses totaled $26.9 million, or 5.2% of the amended budget. Similar to the general government capital funds, capital funds were carried over from FY 2023/24 as part of the FY 2024/25 and FY 2025/26 budget adoption process for those projects that were not expected to be completed by June 30, 2024. Necessary additional adjustments to the capital carryover amounts were included as part of the FY 2023/24 Budget Year End Report approved on December 31, 2024 and are reflected below.

Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 12/31/2024 Use d Convention Center Capital
Fund
550,000$ -$ 550,000$ 550,000$ 100.00% Electric Utility Fund 25,465,588 26,213,951 51,679,539 22,226,620 43.01% Sewer Utility Fund - - - 904,164 N/A Solid Waste Utility Fund 258,000 - 258,000 5,356 2.08% Street Lighting (1) - - - 837 N/A Water Recycling Fund - - - - N/A Water Utility Fund - - - 30,684 N/A TOTAL - Revenue 26,273,588$ 26,213,951$ 52,487,539$ 23,717,661$ 45.19% Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 12/31/2024 Use d Cemetery Fund 257,333$ 17,835$ 275,168$ 2,344$ 0.85% Convention Center Capital
Fund
2,696,177 1,726,973 4,423,150 314,228 7.10% Electric Utility Fund 244,834,145 198,533,383 443,367,528 18,731,299 4.22% Sewer Utility Fund 20,365,166 28,269,938 48,635,104 4,723,713 9.71% Solid Waste Utility Fund 812,569 119,873 932,442 454,001 48.69% Street Lighting (1) 5,494,250 3,405,462 8,899,712 115,845 1.30% Water Recycling Fund 400,000 - 400,000 238 0.06% Water Utility Fund 5,296,872 6,127,745 11,424,617 2,555,816 22.37%

TOTAL - CIP
Appropriations
280,156,511$ 238,201,210$ 518,357,721$ 26,897,484$ 5.19% EXPENDITURES - FISCAL YEAR 2024/25

CITY OF SANTA CLARA

ENTERPRISE CAPITAL IMPROVEMENT FUNDS

REVENUE AND EXPENSES - OVERVIEW AND COMPARISON BY SELECTED FUND REVENUE - FISCAL YEAR 2024/25

(1) Street Lighting fund is part of Electric Capital Improvement Funds

16 City of Santa Clara
Financial Status Report as of December 31, 2024

The table below summarizes select reserve balances.

17 City of Santa Clara
Financial Status Report as of December 31, 2024

DETAIL OF SELECTED FUND RESERVE BALANCES:

GENERAL

FUND ELECTRIC WATER
Budget Stabilization Reserve 69,337,874$
Capital Projects Reserve 7,867,572
Land Sale Reserve 18,481,036
Technology Fee Reserve 2,564,774
Electric Rate Stabilization Fund Reserve 70,000,000$
Electric Operations and Maintenance Reserve 257,000,000 Replacement & Improvement 303,090$
TOTALS 98,251,256$ 327,000,000$ 303,090$

CITY OF SANTA CLARA

RESERVE BALANCES
December 31, 2024

Donations to the City of Santa Clara
Donations received by department during the month of December 2024 and for fiscal year 2024/25 are shown in the table below.

Department Dec-24
Fis cal Year
2024/25
Year
To Date Designated Use
City Manager's Office - 2 H elp Your Neighbor Parks & Recreation - 2,500 Case Management Parks & Recreation - 632 Reed/Grant Park Soccer Equipment Parks & Recreation 200 3,915 Roberta Jones Jr. Theatre Parks & Recreation - 19,375 Wade Brummal TOTALS 200$ 26,424$

_____________________________________________________________________

MONTHLY INVESTMENT REPORT

December 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 December 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 December 31, 2024.

On December 31, 2024 the cost value and market value of the City's unrestricted pooled investment portfolio were $1,285,214,281 and $1,276,153,564 respectively.

Investment Strategy and Market Update
The FOMC’s updated Summary of Economic Projections (SEP) showed a higher median expectation for inflation in calendar years 2025 and 2026, in line with recent upticks in various inflation metrics. Projections for gross domestic product(GDP) were also revised higher while the unemployment rate projection was lowered. Chair Powell noted that some FOMC members began to consider the implications of the new administration’s proposed policies when formulating their individual projections.

The Consumer Price Index (CPI) and Personal Consumption Expenditures Index (PCE) both increased marginally on a year-over- year (YoY) basis and remain above the Fed’s 2% target.

Nonfarm payrolls for December grew 256,000, beating consensus expectations by nearly 100,000. The unemployment rate ticked down slightly from 4.2% to 4.1%, while wage growth fell slightly to a still robust 3.9% YoY.

The U.S. Treasury yield curve twisted and steepened throughout December as short-term yields declined while longer-term yields drifted higher. Policy uncertainty combined with the “higher for longer” rate sentiment sent yields 2 years and longer higher while the December Fed rate cut sent shorter term yields lower.

Yields on 3-month, 2-year, and 10-year U.S. Treasuries ended the month at 4.31%, 4.24%, and 4.57%, reflecting changes of -17, +9, and +40 bps, respectively. The 10-yearTreasury is now outyielding the 3-month security for the first time in over two years.

COST VALUE PERCENTAGE
City $1,284,036,010 99.91%
SOSA 11,277

0.00%
HA 1,166,994 0.09% Unrestricted $1,285,214,281 100.00%
Restricted Bond Proceeds 2,407,174

Total Investments $1,287,621,455
2 The City's investment strategy for December 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 December 31, 2024, 54.38% of the City’s portfolio consists of U.S. Treasury Notes, 18.65% consists of California Asset Management Program (CAMP), 16.09% consists of investment grade Corporate Notes, 4.63% consists of investment grade Asset- Back Securities, 4.46% consists of investment grade Mortgage- Backed Securities, 0.58% consists of Negotiable Certificates of Deposit, 0.55% consists of Federal Agencies, and 0.47% consists of Local Agency Investment Fund (LAIF). 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

54.38%
Federal Agency Notes

0.55%
Corporate Notes

16.09%
Asset-Backed Securities

4.63%
Negotiable Certificates of
Deposit

0.58%
Mortgage-Backed Securities

4.46% Money Market Fund

0.00%
Local Agency Investment
Fund (LAIF)

0.47%
California Asset Management
Program (CAMP)

18.65%
Mutual Fund - Traffic Mitigation
Bond Proceeds

0.19%
3 The City’s securities portfolio is benchmarked against the ICE BAML 1-5 US Treasury Index.

3.93%

4.42%

4.56%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

Current Month
12/31/2024
Investment Yield
Liquidity Portfolio1 4.69%
LAIF average monthly yield 4.43%

Securities Portfolio2 3.93%
ICE BAML 1-5 US Treasury Index (24-month rolling average market yield) 4.42% ICE BAML 1-5 AAA-A US Corporate & Government Index (24-month rolling average market yield) 4.56%

City Portfolio (Liquidity + Securities) 4.08%

Investment Total Return*
Securities Portfolio -0.11%
ICE BAML 1-5 US Treasury Index -0.07%
ICE BAML 1-5 AAA-A US Corporate & Government Index -0.08%

Average Maturity of Investments (in years)
Liquidity Portfolio1 0.09
Securities Portfolio2 2.90
City Portfolio (Liquidity + Securities) 2.38
ICE BAML 1-5 US Treasury Index 2.73
ICE BAML 1-5 AAA-A US Corporate & Government Index 2.74

Cash Interest Income Current Month3 $ 6,139,849
Cash Interest Income Fiscal Year-To-Date3 $ 22,259,734

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 SUMMARY OF INVESTMENTS DECEMBER 31, 2024

PER
COST % OF INVESTMENT

INVESTMENT TYPE VALUE PORTFOLIO POLICY

U.S. Treasury Notes 700,281,739 54.38% No Limit Federal Agency Notes 7,087,900 0.55% 80% Corporate Notes 207,121,947 16.09% 25%
Asset-Backed Securities 59,619,913 4.63% 10% Negotiable Certificates of Deposit 7,500,000 0.58% 30% Mortgage-Backed Securities 57,414,305 4.46% 15% Money Market Fund 34,732 0.00% 10% Per Fund Local Agency Investment Fund (LAIF) 6,072,654 0.47% $75 M California Asset Management Program (CAMP) 240,081,091 18.65% No Limit Mutual Fund - Traffic Mitigation Bond Proceeds 2,407,174 0.19% 10% Per Fund TOTAL INVESTMENTS $ 1,287,621,455 100.00%

6 INVESTMENT MATURITY DISTRIBUTION
AS OF DECEMBER 31, 2024

UNRESTRICTED POOLED PORTFOLIO

MATURITY NUMBER OF
(IN MONTHS) COST VALUE INVESTMENTS DISTRIBUTION

DEMAND (a) $ 206,188,477 (a) 3 16.04%
0 TO 6 102,212,210 17 7.95%
7 TO 12 30,211,792 6 2.35%
13 TO 18 62,397,919 11 4.86%
19 TO 24 100,967,043 9 7.86%
25 TO 30 142,872,618 17 11.12%
31 TO 36 140,175,173 18 10.91%
37 TO 42 138,053,796 24 10.74%
43 TO 48 131,633,993 23 10.24%
49 TO 54 148,029,382 21 11.52%
55 TO 60 82,471,878 15 6.41%

TOTAL $ 1,285,214,281 164 100.00%

Average Maturity of Unrestricted Pool: 2.38 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 DECEMBER 31, 2024
City of Santa Clara Monthly Report
12/31/2024
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/L UNITED 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% 6,184,376.00 -666,381.82 UNITED STATES TREASURY 4/30/2024 4.875% 4/30/2026 91282CKK6 18,735,000.00 AA+ 11/21/2024 18,875,512.50 4.33% 18,880,570.95 5,058.45 UNITED STATES TREASURY 5/31/2024 4.875% 5/31/2026 91282CKS9 15,790,000.00 AA+ 11/21/2024 15,912,125.78 4.34% 15,920,741.20 8,615.42 UNITED STATES TREASURY 9/15/2023 4.625% 9/15/2026 91282CHY0 19,355,000.00 AA+ 11/21/2024 19,456,311.33 4.32% 19,470,355.80 14,044.47 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% 10,059,600.00 129,131.25 UNITED STATES TREASURY 11/15/2023 4.625% 11/15/2026 91282CJK8 24,250,000.00 AA+ 11/20/ 2024 24,413,876.95 4.27% 24,408,110.00 -5,766.95 UNITED STATES TREASURY 11/15/2023 4.625% 11/15/2026 91282CJK8 13,925,000.00 AA+ 10/16/ 2024 14,115,380.86 3.93% 14,015,791.00 -99,589.86 UNITED STATES TREASURY 12/15/2023 4.375% 12/15/2026 91282CJP7 11,110,000.00 AA+ 12/18/ 2024 11,138,642.97 4.24% 11,135,219.70 -3,423.27 UNITED STATES TREASURY 2/15/2024 4.125% 2/15/2027 91282CKA8 12,205,000.00 AA+ 12/19/2024 12,180,208.59 4.22% 12,171,802.40 -8,406.19 UNITED STATES TREASURY 4/15/2024 4.500% 4/15/2027 91282CKJ 9 21,925,000.00 AA+ 11/20/2024 22, 050,041.02 4.25% 22,035,063.50 -14,977.52 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% 5,171,418.00 -77,128.88 UNITED STATES TREASURY 5/15/2024 4.500% 5/15/2027 91282CKR 1 15,280,000.00 AA+ 12/18/2024 15, 373,112.50 4.23% 15,356,094.40 -17,018.10 UNITED STATES TREASURY 5/15/2024 4.500% 5/15/2027 91282CKR 1 2,200,000.00 AA+ 9/17/2024 2,257,492.19 3.46% 2,210,956.00 -46,536.19 UNITED STATES TREASURY 6/17/2024 4.625% 6/15/2027 91282CKV2 27,665,000.00 AA+ 9/27/2024 28, 426,868.16 3.55% 27, 896,832.70 -530,035.46 UNITED STATES TREASURY 6/17/2024 4.625% 6/15/2027 91282CKV2 5,020,000.00 AA+ 10/22/2024 5,102,947.66 3.96% 5,062,067.60 -40,880.06 UNITED STATES TREASURY 6/17/2024 4.625% 6/15/2027 91282CKV2 10,000,000.00 AA+ 10/16/2024 10, 188,671.88 3.87% 10, 083,800.00 -104,871.88 UNITED STATES TREASURY 8/1/2022 2.750% 7/31/2027 91282CFB 2 10,800,000.00 AA+ 9/14/2022 10,392,046.88 3.60% 10,401,156.00 9,109.12 UNITED 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% 9,887,012.70 -26,039.64 UNITED 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% 10,565,252.10 27,276.90 UNITED STATES TREASURY 9/30/2022 4.125% 9/30/2027 91282CFM8 7,495,000.00 AA+ 10/11/2024 7,546,528.13 3.88% 7,465,394.75 -81,133.38 UNITED 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% 3,770,049.25 9,740.46 UNITED STATES TREASURY 10/31/2022 4.125% 10/31/2027 91282CFU 0 18,960,000.00 AA+ 10/11/2024 19, 088,128.13 3.89% 18, 885,108.00 -203,020.13 UNITED STATES TREASURY 10/31/2022 4.125% 10/31/2027 91282CFU 0 4,750,000.00 AA+ 1/31/2023 4,833,310.55 3.72% 4,731,237.50 -102,073.05 UNITED STATES TREASURY 10/31/2022 4.125% 10/31/2027 91282CFU 0 5,100,000.00 AA+ 12/13/2022 5,165,343.75 3.83% 5,079,855.00 -85,488.75 UNITED STATES TREASURY 10/31/2022 4.125% 10/31/2027 91282CFU 0 10,930,000.00 AA+ 12/8/2022 11, 081,995.31 3.81% 10, 886,826.50 -195,168.81 UNITED STATES TREASURY 10/31/2022 4.125% 10/31/2027 91282CFU 0 16,115,000.00 AA+ 9/17/2024 16, 442,335.94 3.43% 16, 051,345.75 -390,990.19 UNITED STATES TREASURY 11/17/1997 6.125% 11/15/2027 912810FB9 3,100,000.00 AA+ 7/ 24/2024 3,288,058.59 4.14% 3 ,255,992.00 -32,066.59 UNITED STATES TREASURY 11/30/2022 3.875% 11/30/2027 91282CFZ9 7,130,000.00 AA+ 9/5/2024 7,182,917.97 3.63% 7,049,502.30 -133,415.67 UNITED STATES TREASURY 1/3/2023 3.875% 12/31/2027 91282CGC9 8,255,000.00 AA+ 1/31/ 2023 8,320,459.57 3.70% 8,160,232.60 -160,226.97 UNITED STATES TREASURY 1/3/2023 3.875% 12/31/2027 91282CGC9 7,325,000.00 AA+ 2/8/ 2023 7,333,583.98 3.85% 7,240,909.00 -92,674.98 UNITED STATES TREASURY 1/3/2023 3.875% 12/31/2027 91282CGC9 4,850,000.00 AA+ 2/2/ 2023 4,906,078.13 3.62% 4,794,322.00 -111,756.13 UNITED STATES TREASURY 1/3/2023 3.875% 12/31/2027 91282CGC9 7,175,000.00 AA+ 9/27/ 2024 7,247,030.27 3.54% 7,092,631.00 -154,399.27 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% 7,332,985.40 -175,532.57 UNITED 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% 8,006,552.80 -57,034.70 UNITED 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% 7,293,097.60 -239,402.40 UNITED 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% 6,540,006.00 13,224.75 UNITED STATES TREASURY 2/28/2023 4.000% 2/29/2028 91282CGP0 5,215,000.00 AA+ 10/11/2024 5,230,685.74 3.90% 5 ,167,595.65 -63,090.09 UNITED 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% 5,646,356.30 -170,213.43 UNITED 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% 4,926,482.60 -97,229.90 UNITED STATES TREASURY 5/1/2023 3.500% 4/30/2028 91282CHA2 5,075,000.00 AA+ 5/2/ 2023 5,042,488.28 3.64% 4,947,008.50 -95,479.78 UNITED 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% 11,478,003.50 -217,574.23 UNITED 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% 8,103,558.50 -45,515.72 UNITED 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% 11,183,158.00 65,458.78 UNITED 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% 1,682,422.00 -4,761.59 UNITED 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 ,915,845.00 -6,117.89 UNITED 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 ,946,352.00 -107,785.50 1/15/2025 11:50 AM 1 of 5
Attachment A
City of Santa Clara Monthly Report
12/31/2024
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/L UNITED 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 ,736,388.00 -6,338.17 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% 6,006,082.00 -134,757.84 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% 5,252,776.80 -102,940.39 UNITED STATES TREASURY 11/16/1998 5.250% 11/15/2028 912810FF0 11,160,000.00 AA+ 9/17/2024 11, 969,100.00 3.37% 11, 511,540.00 -457,560.00 UNITED STATES TREASURY 11/30/2023 4.375% 11/30/2028 91282CJN2 8,025,000.00 AA+ 1/26/ 2024 8,150,704.10 4.01% 8,028,290.25 -122,413.85 UNITED STATES TREASURY 1/2/2024 3.750% 12/31/2028 91282CJR 3 14,950,000.00 AA+ 1/19/2024 14, 770,132.81 4.02% 14, 614,372.50 -155,760.31 UNITED STATES TREASURY 1/2/2024 3.750% 12/31/2028 91282CJR 3 6,250,000.00 AA+ 1/4/2024 6,202,148.44 3.92% 6,109,687.50 -92,460.94 UNITED STATES TREASURY 1/31/2024 4.000% 1/31/2029 91282CJW 2 6,400,000.00 AA+ 2/13/2024 6,367,750.00 4.11% 6,312,320.00 -55,430.00 UNITED STATES TREASURY 1/31/2024 4.000% 1/31/2029 91282CJW 2 5,030,000.00 AA+ 2/14/2024 4,968,107.42 4.28% 4,961,089.00 -7,018.42 UNITED STATES TREASURY 1/31/2024 4.000% 1/31/2029 91282CJW 2 4,735,000.00 AA+ 9/5/2024 4,814,348.24 3.58% 4,670,130.50 -144,217.74 UNITED STATES TREASURY 2/16/1999 5.250% 2/15/2029 912810FG8 8,610,000.00 AA+ 7/24/2024 9,040,500.00 4.04% 8 ,924,609.40 -115,890.60 UNITED STATES TREASURY 2/29/2024 4.250% 2/28/2029 91282CKD 2 4,375,000.00 AA+ 9/27/2024 4,498,046.88 3.56% 4, 354,568.75 -143,478.13 UNITED STATES TREASURY 2/29/2024 4.250% 2/28/2029 91282CKD 2 2,850,000.00 AA+ 3/7/2024 2,867,923.83 4.11% 2,836,690.50 -31,233.33 UNITED STATES TREASURY 4/1/2024 4.125% 3/31/2029 91282CKG 5 10,050,000.00 AA+ 4/11/2024 9,938,900.39 4.37% 9 ,951,208.50 12,308.11 UNITED 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% 16,582,351.50 170,183.53 UNITED STATES TREASURY 4/30/2024 4.625% 4/30/2029 91282CKP5 5,625,000.00 AA+ 8/2/2024 5,809,570.31 3.86% 5,678,887.50 -130,682.81 UNITED STATES TREASURY 5/31/2024 4.500% 5/31/2029 91282CKT 7 4,950,000.00 AA+ 6/7/2024 4,993,892.58 4.30% 4,973,661.00 -20,231.58 UNITED STATES TREASURY 7/1/2024 4.250% 6/30/2029 91282CKX 8 24,360,000.00 AA+ 9/5/2024 25, 072,406.07 3.58% 24, 225,045.60 -847,360.47 UNITED STATES TREASURY 7/1/2024 4.250% 6/30/2029 91282CKX 8 1,100,000.00 AA+ 8/15/2024 1,128,316.41 3.67% 1,093,906.00 -34,410.41 UNITED STATES TREASURY 7/1/2024 4.250% 6/30/2029 91282CKX 8 7,590,000.00 AA+ 7/3/2024 7,538,411.72 4.40% 7,547,951.40 9,539.68 UNITED STATES TREASURY 7/1/2024 4.250% 6/30/2029 91282CKX 8 16,955,000.00 AA+ 7/3/2024 16,858,965.82 4.38% 16,861,069.30 2,103.48 UNITED STATES TREASURY 7/31/2024 4.000% 7/31/2029 91282CLC3 9,575,000.00 AA+ 9/17/2024 9,819,237.30 3.43% 9 ,423,236.25 -396,001.05 UNITED STATES TREASURY 8/31/2022 3.125% 8/31/2029 91282CFJ5 10,650,000.00 AA+ 9/27/2024 10, 429,095.70 3.59% 10, 087,573.50 -341,522.20 UNITED STATES TREASURY 9/3/2024 3.625% 8/31/2029 91282CLK5 12,700,000.00 AA+ 9/5/ 2024 12,736,214.84 3.56% 12,296,775.00 -439,439.84 UNITED STATES TREASURY 9/3/2024 3.625% 8/31/2029 91282CLK5 1,870,000.00 AA+ 9/3/ 2024 1,864,156.25 3.69% 1,810,627.50 -53,528.75 UNITED STATES TREASURY 9/30/2024 3.500% 9/30/2029 91282CLN9 5,575,000.00 AA+ 10/10/ 2024 5,481,792.97 3.87% 5,364,209.25 -117,583.72 UNITED STATES TREASURY 9/30/2024 3.500% 9/30/2029 91282CLN9 5,185,000.00 AA+ 10/8/2024 5,101,756.45 3.86% 4 ,988,955.15 -112,801.30 UNITED STATES TREASURY 10/31/2024 4.125% 10/31/2029 91282CLR0 3,175,000.00 AA+ 10/31/ 2024 3,172,395.51 4.14% 3,138,424.00 -33,971.51 UNITED STATES TREASURY 10/31/2024 4.125% 10/31/2029 91282CLR0 1,140,000.00 AA+ 11/15/ 2024 1,131,539.06 4.29% 1,126,867.20 -4,671.86 UNITED STATES TREASURY 12/2/2024 4.125% 11/30/2029 91282CMA6 13,100,000.00 AA+ 12/6/2024 13, 123,539.06 4.08% 12, 951,184.00 -172,355.06 UNITED STATES TREASURY 12/2/2024 4.125% 11/30/2029 91282CMA6 2,700,000.00 AA+ 12/31/2024 2,672,472.66 4.36% 2 ,669,328.00 -3,144.66 UNITED STATES TREASURY 12/2/2024 4.125% 11/30/2029 91282CMA6 5,200,000.00 AA+ 12/13/2024 5,178,265.63 4.22% 5,140,928.00 -37,337.63 U.S. Treasury Bond / Note Subtotal 694,980,000.00 700,281,739.11 691,779,783.40 -8,501,955.71 FANNIE MAE 1/10/2020 1.625% 1/7/2025 3135G 0X24 225,000.00 AA+ 1/22/2020 224,97 0.75 1.63% 224,928.00 -42.75 FANNIE 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 ,801,912.20 -63,016.80 FNMA Medium Term Note Subtotal 2,085,000.00 2,089,899.75 2,026,840.20 -63,059.55 FREDDIE 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 ,992,000.00 -6,000.00 FHLMC Medium Term Note Subtotal 5,000,000.00 4,998,000.00 4,992,000.00 -6,000.00 FANNIE MAE-ACES 7/1/2023 4.181% 7/1/2028 3136BQDE6 8,360,974.07 AA+ 11/30/ 2023 8,036,659.70 5.14% 8,196,597.37 159,937.67 FANNIE MAE-ACES 7/1/2023 4.181% 7/1/2028 3136BQDE6 7,262,103.30 AA+ 7/31/ 2023 7,138,987.96 4.58% 7,119,330.30 -19,657.66

FHLMC MULTIFAMILY
STRUCTURED PASS THROU 1/1/2017 3.347% 11/1/2026 3137BTU M1 5,220,302.59 AA+ 5/24/2023 5,059,615.16 4.29% 5,094,910.92 35,295.76 1/15/2025 11:50 AM 2 of 5
Attachment A
City of Santa Clara Monthly Report
12/31/2024
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/L

FHLMC MULTIFAMILY
STRUCTURED PASS THROU 5/1/2017 3.224% 3/1/2027 3137BXQY1 8,000,000.00 AA+ 8/18/ 2023 7,546,250.00 4.94% 7,781,440.00 235,190.00

FHLMC MULTIFAMILY
STRUCTURED PASS THROU 7/1/2017 3.243% 4/1/2027 3137F1G44 4,545,000.00 AA+ 8/18/ 2023 4,285,260.35 4.93% 4,412,695.05 127,434.70

FHLMC MULTIFAMILY
STRUCTURED PASS THROU 8/1/2017 3.117% 6/1/2027 3137F2LJ3 6,525,000.00 AA+ 8/22/ 2023 6,101,894.53 4.97% 6,310,327.50 208,432.97

FHLMC MULTIFAMILY
STRUCTURED PASS THROU 7/1/2023 4.819% 6/1/2028 3137HAC X2 7,500,000.00 AA+ 7/20/2023 7,574,910.00 4.59% 7,518,000.00 -56,910.00

FHLMC MULTIFAMILY
STRUCTURED PASS THROU 7/1/2023 4.777% 6/1/2028 3137HAD 45 6,047,010.23 AA+ 7/27/2023 6,046,859.07 4.78% 6,030,139.07 -16,720.00

FHLMC MULTIFAMILY
STRUCTURED PASS THROU 10/1/2023 4.740% 8/1/2028 3137HAQ 74 5,750,000.00 AA+ 10/19/2023 5, 623,868.00 5.25% 5,749,080.00 125,212.00 Federal Agency Commercial
Mortgage-Backed Security Subtotal 59,210,390.19 57,414, 304.77 58,212,520.21 798,215.44 ADOBE INC 1/26/2015 3.250% 2/1/2025 00724FAC5 4,000,000.00 A+ 1/26/ 2022 4,183,680.00 1.68% 3,994,520.00 -189,160.00 ADOBE INC 4/4/2024 4.800% 4/4/2029 00724PAF 6 1,635,000.00 A+ 4/4/2024 1,632,563.85 4.83% 1,643,256.75 10,692.90 ADOBE INC 4/4/2024 4.800% 4/4/2029 00724PAF 6 1,340,000.00 A+ 4/4/2024 1,337,762.20 4.84% 1,346,767.00 9,004.80 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% 5,525,840.60 171,453.80 AMAZON.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, 553,571.40 -119,392.70 APPLE 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, 997,200.00 -358,000.00 APPLE INC 11/13/2017 2.750% 1/13/2025 037833DF4 5,000,000.00 AA+ 3/9/2021 5,340,100.00 0.94% 4,997,200.00 -342,900.00 BANK OF NY MELLON CORP 1/28/2021 0.750% 1/28/2026 06406RAQ 0 9,000,000.00 A 2/10/2021 9,025,920.00 0.69% 8, 645,760.00 -380,160.00 BLACKROCK INC 3/28/2017 3.200% 3/15/2027 09247XAN1 4,140,000.00 AA- 5/18/2022 4,086,055.80 3.50% 4,032,649.80 -53,406.00 BLACKROCK INC 3/28/2017 3.200% 3/15/2027 09247XAN1 4,140,000.00 AA- 5/18/2022 4,085,352.00 3.50% 4,032,649.80 -52,702.20 BLACKROCK INC 3/14/2024 4.700% 3/14/2029 09290DAA9 2,924,000.00 AA- 4/11/2024 2,911,222.12 4.80% 2,926,163.76 14,941.64 BLACKROCK INC 3/14/2024 4.700% 3/14/2029 09290DAA9 350,000.00 AA- 3/14/2024 349,366.50 4.74% 350,259.00 892.50 BOFA SECURITIES INC. 3/22/2022 3.384% 4/2/2026 06051GKM0 5,000,000.00 A- 3/22/2022 5,005,100.00 3.36% 4,980,650.00 -24,450.00 BOFA SECURITIES INC. 8/18/2023 5.526% 8/18/2026 06428CAA2 4,000,000.00 A+ 8/18/2023 3,998,360.00 5.54% 4,052,800.00 54,440.00 BOFA SECURITIES INC. 4/22/2021 1.734% 7/22/2027 06051GJS 9 1,420,000.00 A- 8/10/2022 1,281,251.80 3.92% 1 ,353,728.60 72,476.80 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 ,546,036.50 -126,637.00 CITIBANK NA 9/29/2023 5.803% 9/29/2028 17325FBB3 11,225,000.00 A+ 9/ 29/2023 11,225,000.00 5.80% 11,575,444.50 350,444.50 ELI LILLY & COMPANY 3/5/2015 2.750% 6/1/2025 532457BH0 5,415,000.00 A+ 2/ 10/2022 5,559,255.60 1.91% 5 ,371,463.40 -187,792.20 ELI LILLY & COMPANY 8/14/2024 4.200% 8/14/2029 532457CQ9 1,555,000.00 A+ 8/14/2024 1,557,643.50 4.16% 1,522,438.30 -35,205.20 ELI LILLY & COMPANY 8/14/2024 4.200% 8/14/ 2029 532457CQ9 445,000.00 A+ 8/14/ 2024 444,025.45 4.25% 435,681.70 -8,343.75 HERSHEY CO/THE 8/21/2015 3.200% 8/21/2025 427866AU2 3,000,000.00 A 3/30/2022 3,014,040.00 3.05% 2 ,972,820.00 -41,220.00

HONEYWELL INTERNATIONAL
INC 5/18/2020 1.350% 6/1/2025 438516CB0 5,000,000.00 A 9/8/2021 5,097,900.00 0.82% 4, 934,900.00 -163,000.00

HONEYWELL INTERNATIONAL
INC 5/18/2020 1.350% 6/1/2025 438516CB0 2,255,000.00 A 3/22/2022 2,181,960.55 2.41% 2,225,639.90 43,679.35 JOHN DEERE CAPITAL CORP 6/17/2021 1.050% 6/17/2026 24422EVR 7 5,000,000.00 A 12/8/2021 4, 908,600.00 1.47% 4, 760,900.00 -147,700.00 JOHN DEERE CAPITAL CORP 7/14/2023 4.950% 7/14/ 2028 24422EXB0 605,000.00 A 7/18/2023 610, 874.55 4.73% 610,826.15 -48.40 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% 509,863.15 5,615.60 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% 4,875,200.00 -148,350.00

JPMORGAN CHASE FINANCIAL
CO LLC 3/13/2020 2.005% 3/13/2026 46647PBH 8 2,800,000.00 A 3/22/2022 2,712,500.00 2.84% 2 ,783,816.00 71,316.00

JPMORGAN CHASE FINANCIAL
CO LLC 4/22/2021 1.578% 4/22/2027 46647PCB0 4,100,000.00 A 8/10/ 2022 3,710,746.00 3.80% 3,936,943.00 226,197.00 1/15/2025 11:50 AM 3 of 5
Attachment A
City of Santa Clara Monthly Report
12/31/2024
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/L

JPMORGAN CHASE FINANCIAL
CO LLC 2/24/2022 2.947% 2/24/2028 46647PCW4 2,925,000.00 A 9/18/ 2023 2,674,532.25 5.13% 2,813,674.50 139,142.25

JPMORGAN CHASE FINANCIAL
CO LLC 4/22/2024 5.571% 4/22/2028 46647PEE2 5,000,000.00 A 8/9/2024 5,103,350.00 4.95% 5,084,950.00 -18,400.00 MASTERCARD INC 12/3/2019 2.000% 3/3/2025 57636QAN 4 5,000,000.00 A+ 3/9/2021 5,213,450.00 0.91% 4,978,000.00 -235,450.00 MASTERCARD INC 12/3/2019 2.000% 3/3/2025 57636QAN 4 5,000,000.00 A+ 3/10/2022 4,990,800.00 2.06% 4,978,000.00 -12,800.00 MASTERCARD INC 5/31/2019 2.950% 6/1/2029 57636QAM6 7,500,000.00 A+ 6/27/2024 6,889,875.00 4.82% 6,997,950.00 108,075.00 META PLATFORMS INC 8/9/2024 4.300% 8/15/2029 30303M8S4 5,370,000.00 AA- 8/14/ 2024 5,385,895.20 4.23% 5,302,606.50 -83,288.70 MICROSOFT CORP 2/12/2015 2.700% 2/12/2025 594918BB9 5,000,000.00 AAA 3/9/2021 5,341,700.00 0.92% 4,989,600.00 -352,100.00 MORGAN STANLEY BANK NA 5/30/2024 5.504% 5/26/2028 61690U8B9 6,105,000.00 A+ 5/31/2024 6,117,881.55 5.45% 6 ,190,042.65 72,161.10 MORGAN STANLEY BANK NA 5/30/2024 5.504% 5/26/2028 61690U8B9 3,145,000.00 A+ 5/30/2024 3,145,000.00 5.50% 3 ,188,809.85 43,809.85

NOVARTIS FINANCE
CORPORATION 11/20/2015 3.000% 11/20/2025 66989HAJ 7 10,000,000.00 AA- 1/31/2023 9,638,600.00 4.38% 9,873,200.00 234,600.00 PACCAR FINANCIAL CORP 1/31/2024 4.600% 1/31/2029 69371RS8 0 7,000,000.00 A+ 7/30/2024 6,996,080.00 4.61% 6,982,640.00 -13,440.00 PEPSICO INC 7/17/2024 4.500% 7/17/2029 713448FX1 4,380,000.00 A+ 7/17/2024 4,373,211.00 4.53% 4,371, 678.00 -1,533.00 QUALCOMM INC 5/20/2015 3.450% 5/20/2025 747525AF0 5,850,000.00 A 5/19/2022 5,860,588.50 3.39% 5,825,898.00 -34,690.50 STATE 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% 1,111,365.10 -3,634.90 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 ,228,707.50 -46,665.00 TARGET CORP 1/24/2022 1.950% 1/15/2027 87612EBM 7 4,595,000.00 A 2/1/2022 4,567,889.50 2.08% 4, 371,728.95 -196,160.55 TARGET CORP 1/24/2022 1.950% 1/15/ 2027 87612EBM7 990,000.00 A 1/24/ 2022 988,317.00 1.99% 941,895.90 -46,421.10 TOYOTA 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% 5,678,512.00 88,256.00 WALMART INC. 6/27/2018 3.550% 6/26/2025 931142ED1 5,700,000.00 AA 2/ 8/2022 6,011,847.00 1.87% 5,676,972.00 -334,875.00 Corporate Note Subtotal 207,559,000.00 207,121,947.37 205,081,220.26 -2,040,727.11

AMERICAN EXPRESS CREDIT
ACCOUNT MASTER 9/19/2023 5.230% 9/15/2028 02582JKD1 6,170,000.00 AAA 9/19/ 2023 6,169,724.20 5.23% 6,248,852.60 79,128.40 BA CREDIT CARD TRUST 12/14/2023

4.980% 11/15/2028 05522RDH8 3,045,000.00 NR 12/14/2023 3,044,591.06 4.98% 3,074,536.50 29,945.44 BOFA AUTO TRUST 2024-1 7/31/2023 5.530% 2/15/2028 06428AAC 2 3,120,000.00 NR 7/31/2023 3,119,881.75 5.53% 3,151,044.00 31,162.25 BOFA AUTO TRUST 2024-1 11/21/2023 5.740% 6/15/2028 06054YAC 1 6,595,000.00 NR 11/21/2023 6,594,880.63 5.74% 6,692,803.85 97,923.22 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 ,116,149.65 72,825.32 CHASE ISSUANCE TRUST 1/31/2024 4.600% 1/16/2029 161571HV9 7,605,000.00 AAA 1/31/2024 7,603,841.76 4.60% 7,624,696.95 20,855.19

CITIBANK CREDIT CARD
ISSUANCE TRUST 12/11/2023 5.230% 12/8/2027 17305EGW9 1,855,000.00 AAA 12/11/ 2023 1,854,767.38 5.23% 1,867,057.50 12,290.12 FIFTH THIRD AUTO TRUST 8/23/2023 5.530% 8/15/2028 31680EAD 3 5,270,000.00 AAA 8/23/2023 5,269,673.26 5.53% 5,327,864.60 58,191.34

GM FINANCIAL SECURITIZED
TERM AUTO RECE 1/17/2024 4.850% 12/18/ 2028 36268GAD7 815,000.00 NR 1/ 17/2024 814,836.10 4.85% 819,197.25 4,361.15

HONDA AUTO RECEIVABLES
OWNER TRUST 2024 11/24/2021 0.880% 1/21/ 2026 43815GAC3 253,349.15 NR 11/ 24/2021 253,295.74 0.89 % 251,378.09 -1,917.65

HONDA AUTO RECEIVABLES
OWNER TRUST 2024 8/22/2023 5.410% 2/18/2028 43815QAC1 4,825,000.00 AAA 8/22/2023 4,824,005.09 5.42% 4,873,153.50 49,148.41

HYUNDAI AUTO RECEIVABLES
TRUST 2024-C 11/17/2021 0.740% 5/15/2026 44935FAD6 130,095.01 AAA 11/17/2021 130, 065.98 0.75% 129,573.33 -492.65

HYUNDAI AUTO RECEIVABLES
TRUST 2024-C 11/13/2023 5.540% 10/16/2028 44918CAD 4 2,530,000.00 AAA 11/13/2023 2,529,667.31 5.54% 2 ,567,292.20 37,624.89

KUBOTA CREDIT OWNER TRUST
2024-2A 7/26/2023 5.280% 1/18/2028 500945AC4 1,925,000.00 NR 7/26/2023 1,924,513.75 5.29% 1,945, 058.50 20,544.75

TOYOTA AUTO RECEIVABLES
OWNER TRUST COM 9/27/2021 0.430% 1/15/2026 89239BAC5 184,441.24 AAA 9/27/2021 184,426. 54 0.43% 183,839.96 -586.58 1/15/2025 11:50 AM 4 of 5
Attachment A
City of Santa Clara Monthly Report
12/31/2024
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/L

TOYOTA AUTO RECEIVABLES
OWNER TRUST COM 8/15/2023 5.160% 4/17/2028 89231FAD2 1,505,000.00 AAA 8/15/ 2023 1,504,659.57 5.17% 1,516,769.10 12,109.53

TOYOTA AUTO RECEIVABLES
OWNER TRUST COM 11/14/2023 5.540% 8/15/2028 89239FAD4 1,725,000.00 AAA 11/14/ 2023 1,724,814.05 5.54% 1,750,340.25 25,526.20 USAA AUTO OWNER TRUST 2024
-
A 9/15/2023 5.580% 5/15/2028 90291VAC 4 6,030,000.00 AAA 9/15/2023 6,028,944.75 5.58% 6,087,465.90 58,521.15 Asset-Backed Security Subtotal 59,627,885.40 59,619, 913.25 60,227,073.73 607,160.48 COOPERAT RABOBANK UA/NY 7/20/2023 5.080% 7/17/2026 21684LGS5 7,500,000.00 A+ 7/20/2023 7,500,000.00 5.08% 7,645,650.00 145,650.00 Certificate of Deposit Subtotal 7,500,000.00 7,500,000.00 7,645,650.00 145,650.00

PRINCIPAL PUBLIC DEPOSIT
SWEEP PROGRAM 2.400% 1/1/2025 992995944 34,732.24 9/1/2020 34,732.24 34,732.24 -

LOCAL AGENCY INVESTMENT
FUND 4.477% 1/1/2025 6,072,654.05 9/30/1997 6,072,654.05 6,072,654.05 -

CALIFORNIA ASSET
MANAGEMENT PROGRAM 4.870% 1/1/2025 200,081,090.42 10/4/2022 200,081,090.42 200,081,090.42 -

CALIFORNIA ASSET

MANAGEMENT PROGRAM -
TERM 4.660% 1/8/2025 10,000,000.00 10/3/2024 10,000,000.00 10,000,000.00 -

CALIFORNIA ASSET

MANAGEMENT PROGRAM -
TERM 4.580% 2/3/2025 10,000,000.00 10/2/2024 10,000,000.00 10,000,000.00 -

CALIFORNIA ASSET

MANAGEMENT PROGRAM -
TERM 4.480% 3/3/2025 10,000,000.00 10/2/2024 10,000,000.00 10,000,000.00 -

CALIFORNIA ASSET

MANAGEMENT PROGRAM -
TERM 4.470% 4/4/2025 10,000,000.00 10/2/2024 10,000,000.00 10,000,000.00 -

DREYFUS TREASUR
Y 5.220% 1/1/2025 2,407,173.76 10/31/1997 2,407,173.76 2,407,173.76 - Cash Equivalent Subtotal 248,595,650.47 248,595,650.47 248,595,650.47 - Grand Total Count 165 1,284,557,926.06 1,287,621,454.72 1,278,560,738.27 (9,060,716.45) *NR = Not Rated by S&P Global. These Asset Backed Securities are rated by Moody's Ratings as Aaa. 1/15/2025 11:50 AM 5 of 5
Attachment A
PAGE 19

STATEMENT OF TRANSACTIONS CITY OF SANTA CLARA- CUSTODY
FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER XXXXXXXXX ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

CASH EQUIVALENTS
12/02/24 INTEREST RECEIVED 544.78

PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
INTEREST FROM 11/1/24 TO 11/30/24
12/31/24 3,279,077.02 CASH SWEEP PURCHASES FOR STMT PERIOD 3,279,077.02- 3,279,077.02

PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
9 TRANSACTIONS
12/31/24 4,071,808.07- CASH SWEEP SALES FOR STMT PERIOD 4,071,808.07 4,071,808.07-

PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
4 TRANSACTIONS

BONDS & NOTES
12/16/24 INTEREST RECEIVED 26,890.91
AMERICAN EXPRES ABS 5.230% 9/15/28
CUSIP 02582JKD1
12/16/24 INTEREST RECEIVED 14,378.00
BANK OF AMERICA ABS 5.530% 2/15/28
CUSIP 06428AAC2
$0.00461/PV ON 3,120,000.00 PV
DUE 12/15/24
12/16/24 INTEREST RECEIVED 31,546.08
BANK OF AMERICA ABS 5.740% 6/15/28
CUSIP 06054YAC1
$0.00478/PV ON 6,595,000.00 PV
DUE 12/15/24
12/16/24 INTEREST RECEIVED 12,636.75
BK OF AMERICA ABS 4.980% 11/15/28
CUSIP 05522RDH8
$0.00415/PV ON 3,045,000.00 PV
DUE 12/15/24
Attachment B
PAGE 20

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/16/24 INTEREST RECEIVED 29,152.50
CHASE ISSUANCE ABS 4.600% 1/16/29
CUSIP 161571HV9
$0.00383/PV ON 7,605,000.00 PV
DUE 12/15/24
12/16/24 INTEREST RECEIVED 25,993.50
CHASE ISSUANCE ABS 5.160% 9/15/28
CUSIP 161571HT4
$0.00430/PV ON 6,045,000.00 PV
DUE 12/15/24
12/09/24 INTEREST RECEIVED 48,508.25
CITIBANK CREDIT ABS 5.230% 12/08/27
CUSIP 17305EGW9
$0.02615/PV ON 1,855,000.00 PV
DUE 12/ 8/24
12/02/24 INTEREST RECEIVED 74,456.25
ELI LILLY & CO 2.750% 6/01/25
CUSIP 532457BH0
INTEREST ON 5,415,000.000 UNITS
12/18/24 10,000,000- SOLD 9,799,200.00 10,017,640.00- 218,440.00- FED FARM CREDIT BK 0.500% 7/02/25
CUSIP 3133ELR71
AT $97.9920 ON TRADE DATE 12/17/2024
TO SETTLE ON 12/18/2024
NOMURA SECURITIES INTL. INC.
12/18/24 ACCRUED INTEREST ON SALE 23,055.56
FED FARM CREDIT BK 0.500% 7/02/25
CUSIP 3133ELR71
12/19/24 7,320,000- SOLD 7,300,675.20 7,689,367.20- 388,692.00- FED FARM CREDIT BK 1.650% 1/23/25
CUSIP 3133ELJM7
AT $99.7360 ON TRADE DATE 12/18/2024
TO SETTLE ON 12/19/2024
NOMURA SECURITIES INTL. INC.

Attachment B
PAGE 21

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/19/24 ACCRUED INTEREST ON SALE 48,983.00
FED FARM CREDIT BK 1.650% 1/23/25
CUSIP 3133ELJM7
12/13/24 5,000,000- MATURED 5,000,000.00 5,461,300.00- 461,300.00- FED HOME LN BK 2.750% 12/13/24
CUSIP 3130A3GE8
AT $100.0000 ON TRADE DATE 12/13/2024
12/13/24 INTEREST RECEIVED 68,750.00
FED HOME LN BK 2.750% 12/13/24
CUSIP 3130A3GE8
INTEREST ON 68,750.000 UNITS
$0.01375/PV ON 5,000,000.00 PV
DUE 12/13/24
12/19/24 5,000,000- SOLD 4,978,350.00 5,226,960.00- 248,610.00- FED HOME LN MTG CORP 1.500% 2/12/25
CUSIP 3137EAEP0
AT $99.5670 ON TRADE DATE 12/18/2024
TO SETTLE ON 12/19/2024
NOMURA SECURITIES INTL. INC.
12/19/24 ACCRUED INTEREST ON SALE 26,458.33
FED HOME LN MTG CORP 1.500% 2/12/25
CUSIP 3137EAEP0
12/26/24 INTEREST RECEIVED 16,948.69
FED HOME LN MTG CORP 3.117% 6/25/27
CUSIP 3137F2LJ3
$0.00260/PV ON 6,525,000.00 PV
DUE 12/25/24
12/26/24 INTEREST RECEIVED 14,590.79
FHLMC K061 CMO V-M 3.347% 11/25/26
CUSIP 3137BTUM1
$0.00273/PV ON 5,231,234.55 PV
DUE 12/25/24
Attachment B
PAGE 22

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/26/24 10,931.96- PAID DOWN 10,931.96 10,595.46- 336.50 FHLMC K061 CMO V-M 3.347% 11/25/26
CUSIP 3137BTUM1
AT $280.1941 ON TRADE DATE 12/25/2024
TO SETTLE ON 12/26/2024
12/26/24 INTEREST RECEIVED 22,712.50
FHLMC K508 CMO V-M 4.740% 8/25/28
CUSIP 3137HAQ74
$0.00395/PV ON 5,750,000.00 PV
DUE 12/25/24
12/26/24 INTEREST RECEIVED 12,282.86
FHLMC MULTIFAMILY ST 3.243% 4/25/27
CUSIP 3137F1G44
$0.00270/PV ON 4,545,000.00 PV
DUE 12/25/24
12/26/24 INTEREST RECEIVED 24,092.11
FHLMC SER KJ46 CMO 4.777% 6/25/28
CUSIP 3137HAD45
$0.00394/PV ON 6,052,025.81 PV
DUE 12/25/24
12/26/24 5,015.58- PAID DOWN 5,015.58 5,015.45- 0.13
FHLMC SER KJ46 CMO 4.777% 6/25/28
CUSIP 3137HAD45
AT $610.7112 ON TRADE DATE 12/25/2024
TO SETTLE ON 12/26/2024
12/26/24 INTEREST RECEIVED 30,118.75
FHLMC SER K505 CMO 4.819% 6/25/28
CUSIP 3137HACX2
$0.00402/PV ON 7,500,000.00 PV
DUE 12/25/24
Attachment B
PAGE 23

STATEMENT OF TRANSACTIONS

REALIZED

BALANCE TO CUSTODIAN
12/04/24 0.08- SHARE ADJUSTMENT
FNMA SER M6 CMO V-M 4.190% 7/25/28
CUSIP 3136BQDE6

BALANCE TO CUSTODIAN
12/16/24 INTEREST RECEIVED 3,293.96
GM FINANCIAL ABS 4.850% 12/18/28
CUSIP 36268GAD7
$0.00404/PV ON 815,000.00 PV
DUE 12/16/24
12/18/24 INTEREST RECEIVED 21,752.71
HONDA AUTO ABS 5.410% 2/18/28
CUSIP 43815QAC1
$0.00451/PV ON 4,825,000.00 PV
DUE 12/18/24
Attachment B
PAGE 24

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/23/24 INTEREST RECEIVED 229.35
HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
$0.00014/PV ON 312,750.58 PV
DUE 12/21/24
12/23/24 59,401.43- PAID DOWN 59,401.43 59,388.91- 12.52 HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
TO SETTLE ON 12/23/2024
12/02/24 INTEREST RECEIVED 48,971.25
HONEYWELL INTERNATIO 1.350% 6/01/25
CUSIP 438516CB0
INTEREST ON 7,255,000.000 UNITS
12/16/24 INTEREST RECEIVED 11,680.17
HYUNDAI AUTO REC ABS 5.540% 10/16/28
CUSIP 44918CAD4
$0.00462/PV ON 2,530,000.00 PV
DUE 12/15/24
12/16/24 INTEREST RECEIVED 112.80
HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
$0.00009/PV ON 182,919.56 PV
DUE 12/15/24
12/16/24 52,824.55- PAID DOWN 52,824.55 52,812.76- 11.79 HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
AT $127.1895 ON TRADE DATE 12/15/2024
TO SETTLE ON 12/16/2024
12/17/24 INTEREST RECEIVED 26,250.00
JOHN DEERE CAPITAL 1.050% 6/17/26
CUSIP 24422EVR7
INTEREST ON 5,000,000.000 UNITS
Attachment B
PAGE 25

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/16/24 INTEREST RECEIVED 8,470.00
KUBOTA CREDIT ABS 5.280% 1/18/28
CUSIP 500945AC4
$0.00440/PV ON 1,925,000.00 PV
DUE 12/15/24
12/02/24 INTEREST RECEIVED 110,625.00
MASTERCARD INC 2.950% 6/01/29
CUSIP 57636QAM6
INTEREST ON 7,500,000.000 UNITS
12/16/24 INTEREST RECEIVED 6,471.50
TOYOTA AUTO REC ABS 5.160% 4/17/28
CUSIP 89231FAD2
$0.00430/PV ON 1,505,000.00 PV
DUE 12/15/24
12/16/24 INTEREST RECEIVED 7,963.75
TOYOTA AUTO REC ABS 5.540% 8/15/28
CUSIP 89239FAD4
$0.00462/PV ON 1,725,000.00 PV
DUE 12/15/24
12/16/24 INTEREST RECEIVED 100.51
TOYOTA AUTO RECEIVAB 0.430% 1/15/26
CUSIP 89239BAC5
$0.00004/PV ON 280,486.00 PV
DUE 12/15/24
12/16/24 96,044.76- PAID DOWN 96,044.76 96,037.11- 7.65 TOYOTA AUTO RECEIVAB 0.430% 1/15/26
CUSIP 89239BAC5
AT $69.9542 ON TRADE DATE 12/15/2024
TO SETTLE ON 12/16/2024
Attachment B
PAGE 26

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/06/24 13,100,000 PURCHASED 13,123,539.06- 13,123,539.06 U.S. TREASURY BONDS 4.125% 11/30/29
CUSIP 91282CMA6
AT $100.1797 ON TRADE DATE 12/05/2024
TO SETTLE ON 12/06/2024
WACHOVIA CAPITAL MARKETS, LLC.
12/06/24 ACCRUED INTEREST ON PURCHASE 8,907.28-
U.S. TREASURY BONDS 4.125% 11/30/29
CUSIP 91282CMA6
12/13/24 5,200,000 PURCHASED 5,178,265.63- 5,178,265.63 U.S. TREASURY BONDS 4.125% 11/30/29
CUSIP 91282CMA6
AT $99.5820 ON TRADE DATE 12/13/2024

TORONTO DOMINION SECURITIES (U
12/13/24 ACCRUED INTEREST ON PURCHASE 7,660.71-
U.S. TREASURY BONDS 4.125% 11/30/29
CUSIP 91282CMA6
12/31/24 2,700,000 PURCHASED 2,672,472.66- 2,672,472.66 U.S. TREASURY BONDS 4.125% 11/30/29
CUSIP 91282CMA6
AT $98.9805 ON TRADE DATE 12/30/2024
TO SETTLE ON 12/31/2024
WACHOVIA CAPITAL MARKETS, LLC.
12/31/24 ACCRUED INTEREST ON PURCHASE 9,485.23-
U.S. TREASURY BONDS 4.125% 11/30/29
CUSIP 91282CMA6
12/02/24 INTEREST RECEIVED 362,862.50
U.S. TREASURY NOTES 3.625% 5/31/28
CUSIP 91282CHE4
INTEREST ON 20,020,000.000 UNITS
Attachment B
PAGE 27

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/31/24 INTEREST RECEIVED 397,500.00
U.S. TREASURY NOTES 3.750% 12/31/28
CUSIP 91282CJR3
INTEREST ON 21,200,000.000 UNITS
12/02/24 INTEREST RECEIVED 138,143.75
U.S. TREASURY NOTES 3.875% 11/30/27
CUSIP 91282CFZ9
INTEREST ON 7,130,000.000 UNITS
12/31/24 INTEREST RECEIVED 534,846.88
U.S. TREASURY NOTES 3.875% 12/31/27
CUSIP 91282CGC9
INTEREST ON 27,605,000.000 UNITS
12/31/24 INTEREST RECEIVED 260,000.00
U.S. TREASURY NOTES 4.000% 6/30/28
CUSIP 91282CHK0
INTEREST ON 13,000,000.000 UNITS
12/19/24 12,205,000 PURCHASED 12,180,208.59- 12,180,208.59 U.S. TREASURY NOTES 4.125% 2/15/27
CUSIP 91282CKA8
AT $99.7969 ON TRADE DATE 12/18/2024
TO SETTLE ON 12/19/2024

CITIGROUP GBL MKTS/SALOMON BRO
12/19/24 ACCRUED INTEREST ON PURCHASE 172,379.04-
U.S. TREASURY NOTES 4.125% 2/15/27
CUSIP 91282CKA8
12/31/24 INTEREST RECEIVED 1,062,606.25
U.S. TREASURY NOTES 4.250% 6/30/29
CUSIP 91282CKX8
INTEREST ON 50,005,000.000 UNITS
PAGE 28

STATEMENT OF TRANSACTIONS

REALIZED

BANC OF AMERICA SECURITIES LLC
12/18/24 ACCRUED INTEREST ON PURCHASE 4,006.01-
U.S. TREASURY NOTES 4.375% 12/15/26
CUSIP 91282CJP7
12/18/24 15,280,000 PURCHASED 15,373,112.50- 15,373,112.50 U.S. TREASURY NOTES 4.500% 5/15/27
CUSIP 91282CKR1
AT $100.6094 ON TRADE DATE 12/17/2024
TO SETTLE ON 12/18/2024
HSBC SECURITIES, INC.
12/18/24 ACCRUED INTEREST ON PURCHASE 62,681.77-
U.S. TREASURY NOTES 4.500% 5/15/27
CUSIP 91282CKR1
12/02/24 INTEREST RECEIVED 111,375.00
U.S. TREASURY NOTES 4.500% 5/31/29
CUSIP 91282CKT7
INTEREST ON 4,950,000.000 UNITS
12/16/24 INTEREST RECEIVED 987,090.63
U.S. TREASURY NOTES 4.625% 6/15/27
CUSIP 91282CKV2
INTEREST ON 42,685,000.000 UNITS
Attachment B
PAGE 29

STATEMENT OF TRANSACTIONS

REALIZED

BMOCM/BONDS
12/06/24 ACCRUED INTEREST ON SALE 2,759.94
US TREASURY NOTE 0.250% 8/31/25
CUSIP 91282CAJ0
12/18/24 11,290,000- SOLD 10,267,725.78 10,148,938.67- 118,787.11 US TREASURY NOTE 1.250% 3/31/28
CUSIP 91282CBS9
AT $90.9453 ON TRADE DATE 12/17/2024
TO SETTLE ON 12/18/2024

RBS/EQUITY FINANCE
12/18/24 ACCRUED INTEREST ON SALE 30,628.78
US TREASURY NOTE 1.250% 3/31/28
CUSIP 91282CBS9
12/06/24 6,950,000- SOLD 6,917,693.36 7,251,818.36- 334,125.00- US TREASURY NOTE 1.375% 1/31/25
CUSIP 912828Z52
AT $99.5352 ON TRADE DATE 12/05/2024
TO SETTLE ON 12/06/2024
WACHOVIA CAPITAL MARKETS, LLC.
12/06/24 ACCRUED INTEREST ON SALE 33,239.13
US TREASURY NOTE 1.375% 1/31/25
CUSIP 912828Z52
Attachment B
PAGE 30

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/18/24 5,350,000- SOLD 5,116,146.48 5,033,388.67- 82,757.81 US TREASURY NOTE 1.500% 8/15/26
CUSIP 9128282A7
AT $95.6289 ON TRADE DATE 12/17/2024
TO SETTLE ON 12/18/2024

CITIGROUP GBL MKTS/SALOMON BRO
12/18/24 ACCRUED INTEREST ON SALE 27,258.83
US TREASURY NOTE 1.500% 8/15/26
CUSIP 9128282A7
12/16/24 INTEREST RECEIVED 28,039.50
USAA AUTO OWNER ABS 5.580% 5/15/28
CUSIP 90291VAC4
$0.00465/PV ON 6,030,000.00 PV
DUE 12/15/24
12/26/24 INTEREST RECEIVED 21,493.34
VR FHLMC MULTIFAMI 3.224% 3/25/27
CUSIP 3137BXQY1
$0.00269/PV ON 8,000,000.00 PV
DUE 12/25/24
12/26/24 INTEREST RECEIVED 101,175.00
WALMART INC 3.550% 6/26/25
CUSIP 931142ED1
INTEREST ON 5,700,000.000 UNITS
================================================================================================================= ENDING BALANCE 0.00 1,039,060,536.49
¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
Attachment B
INVESTMENT AND INSURANCE PRODUCTS ARE:• NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY• NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE• SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED PAGE 31

PENDING TRADES SCHEDULE CITY OF SANTA CLARA- CUSTODY
FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER XXXXXXXXX ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯

PENDING TRADES SCHEDULE

TRADE SETTLE ACCRUED DUE TO/FROM MONTH END

PAR VALUE/SHARES DESCRIPTION DATE DATE INTEREST BROKER MARKET VALUE ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯

PENDING SALES
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,115,000- VR STATE STREET CORP 1.746% 2/06/26 02/06/25 02/06/25 0.00 1,115,000.00 1,111,365.10- PRICE: 100.0000
CUSIP 857477BR3
==================================================================================================================================== TOTAL PENDING SALES 0.00 1,115,000.00 1,111,365.10-
____________________________________________________________________________________________________________________________________ NET PENDING TRADES 0.00 1,115,000.00 1,111,365.10-
Attachment B
"Principal® I Custody
V Solutions
Attachment 5
Department/Item
Source of
Funds
Use of
Funds Explanation
Miscellaneous Charges for
Services / City Manager's
Office
50,000 50,000 Increases the miscellaneous charges for services revenue estimate to recognize developer funding
and increases the City Manager's Office
appropriation to provide funding for a
reimbursement agreement for a potential
development within the City (five affirmative
Council votes required to appropriate additional
revenue).

Other Agencies Revenue
(Wildland Deployment
Reimbursements) / Fire
Department
307,940 307,940 Recognizes Cal OES reimbursements for wildland deployments in 2024 for the Shelley and Hill fires as
well as OES Preposition incidents, 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 Streets and
Highways Capital Fund
199,106 Establishes a transfer from the General Fund
Budget Stabilization Reserve to the Streets and
Highways Capital Fund to return interest earned on
a developer fee that was reimbursed to the
developer on September 30, 2024 (five affirmative
Council votes required for the use of unused
balances).

Budget Stabilization Reserve (199,106) Decreases the Budget Stabilization Reserve to offset the transfer to the Streets and Highways
Capital Fund above (five affirmative Council
votes required for the use of unused balances).
357,940 357,940
General Fund (001)
FY2024/25 Budget Amendments
1 Attachment 5
FY2024/25 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Other Revenue / Contractual
Services
153,950 178,950 Increases the Other Revenue estimate to fund repairs to a Fire Engine that was in an accident,
including recognizing insurance reimbursements of
$153,950 and increasing the Contractual Services
budget by $178,950 to cover the repair costs. The
variance between the insurance reimbursement and
the cost of repair will be offset by a decrease to the
ending fund balance. Funding for the fire engine
repairs was originally appropriated in the prior fiscal year on June 25, 2024 as part of the March Monthly
Financial Report, however payment for the repairs
took place in this fiscal year (five affirmative
Council votes required to appropriate additional
revenue).

Unrestricted Ending Fund
Balance
(25,000) Decreases the Unrestricted Fund Balance to cover a portion of the fire engine repair costs described
above (five affirmative Council votes required
for the use of unused balances).
153,950 153,950
Department/Item
Source of
Funds
Use of
Funds Explanation
Materials/Services/Supplies 438,000 Increases the Materials/Services/Supplies appropriation provide additional funding for the
network replacement project (five affirmative
Council votes required for the use of unused
balances).

Capital Outlay 78,000 Increases the Capital Outlay appropriation to provide additional funding for computer
replacements citywide (five affirmative Council
votes required for the use of unused balances).

Unrestricted Ending Fund
Balance
(516,000) Decreases the Unrestricted Fund Balance to offset the action above (five affirmative Council votes
required for the use of unused balances).
- -
Fleet Management Fund (053)
Information Technology Services Fund (045)
2 Attachment 5
FY2024/25 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Developer Contributions / Kylii
Project / Democracy Way
135,600 135,600 Increases the developer contributions revenue estimate and increases the Kylii Project on
Democracy Way. Of the amount requested,
$30,000 will be allocated to the City Attorney's
Office, as the Kylii Developer has requested an
additional hearing for the project and the increase is
expected to cover additional legal expenses related
to the hearing, and a contingency for future items
that may arise after development begins. The
remaining $105,600 will be allocated to the City
Manager's Office for an economic consultant to
review and provide a community benefit, peer
review fiscal impact analysis and conduct
negotiations on behalf of City staff for the
development agreement for the Kylii Development
(five affirmative Council votes required to
appropriate additional revenue).
135,600 135,600
Department/Item
Source of
Funds
Use of
Funds Explanation
Capital Outlay 760,000 Increases the Capital Outlay appropriation to provide funding for various projects to update audio
visual systems and related equipment to facilitate
public meetings (five affirmative Council votes
required for the use of unused balances).

Unrestricted Ending Fund
Balance
(760,000) Decreases the Unrestricted Fund Balance to offset the action above (five affirmative Council votes
required for the use of unused balances).
- -
Prefunded Plan Review Fund (157)
Public, Educational and Governmental Fee Fund (221)
3 Attachment 5
FY2024/25 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Claims Payments 4,300,000 Increases the Claims Payments appropriation to account for a settlement agreement related to the
Sewer Utility. Reimbursement to the Special Liability
Fund from the Sewer Utility Fund will be brought to
forward for City Council approval at a later date
(five affirmative Council votes required for the
use of unused balances).

Reserve for Future Claims (4,300,000) Decreases the Reserve for Future Claims to offset the action recommended above (five affirmative
Council votes required for the use of unused
balances).
- -
Department/Item
Source of
Funds
Use of
Funds Explanation
Other Agencies Revenue /
Annual Curb Ramp Installation
Project
191,822 191,822 Increases the Other Agencies Revenue estimate by $191,822 to recognize funding from the FY 2024/25
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 24-289 on June 4, 2024, Council
approved the filing of an application for allocation of funding for FY 2024/25. On November 20, 2024, the
MTC approved an allocation of TDA funds. T his
action also appropriates the funding to 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).

Transfer from the General
Fund - Budget Stabilization
Reserve / Developer
Reimbursement Project
199,106 199,106 Establishes a transfer from the General Fund Budget Stabilization Reserve and increases the
Developer Reimbursement project budget to return
interest earned on a recently refunded developer
contribution. The interest was retained in the
General Fund, and per State law, the City is
required to provide the developer the $199,106
interest earned along with the refunded contribution
(five affirmative Council votes required to
appropriate additional revenue).

Streets and Highways Capital Fund (533)
Special Liability Insurance Fund (082)
4 Attachment 5
FY2024/25 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Other Agencies Revenue /
Unrestricted Ending Fund
Balance Technical Adjustment
810 810 Increases the Other Agencies Revenue estimate by $810 as a technical adjustment to correct the
revenue carryover amount from FY 2023/24 to FY
2024/25. The revenue carryovers included in the
Adopted Budget Source and Use Statement were
slightly understated from the carryovers approved
by Council as part of the budget adoption process.

The offset is an increase to the Unrestricted Ending
Fund Balance (five affirmative Council votes
required to appropriate additional revenue).

Transfer from the General
Fund - Capital Projects
Reserve / Unrestricted Ending
Fund Balance Technical
Adjustment
100,000 100,000 Increases the Transfer from the General Fund - Capital Project Reserve by $100,000 as a technical
adjustment to correct an error on the FY 2024/25
Adopted Budget Source and Use statement and
bring this transfer into alignment with the General
Fund budget. As part of the final adoption of the FY
2024/25 budget, additional funding of $100,000
from the General Fund Capital Projects Reserve
was allocated to this fund but not reflected in the
Streets and Highways Source and Use Statement.

This action corrects the error, and is offset by an
increase to the Unrestricted Ending Fund Balance
(five affirmative Council votes required to
appropriate additional revenue).

Other Agencies Revenue /
Unrestricted Ending Fund
Balance
214,938 214,938 Increases the Other Agencies Revenue estimate by $214,938 to correct erroneous negative carryover
adjustments for Developer Contributions ($214,285)
and Street Tree in Lieu fees ($653) included the FY
2023/24 Year-End Report approved by Council on
December 3, 2024. The offset is an increase to the
Unrestricted Ending Fund Balance
(five affirmative
Council votes required to appropriate additional
revenue).
706,676 706,676
Streets and Highways Capital Fund (533) (Cont'd.)
5 City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-1102 Agenda Date: 2/25/2025

REPORT TO COUNCIL

SUBJECT
Action on the Santa Clara Convention Center FY 2024/25 1st Quarter Financial Status Report

COUNCIL PILLARS
Promote and Enhance Economic, Housing and Transportation Development Enhance Community Engagement and Transparency
Promote Sustainability and Environmental Protection

BACKGROUND
On February 5, 2019, the City of Santa Clara approved an agreement with Global Spectrum L.P. dba Spectra Venue Management (Spectra) to operate the Santa Clara Convention Center (SCCC).

Spectra began management of the SCCC on March 18, 2019. In November 2021, Spectra merged with Oak View Group (OVG) but continues to operate under the same legal entity.

Staff is transmitting OVG’s SCCC status report to City Council for compliance with agreement terms.

DISCUSSION
This Report to Council transmits OVG’s SCCC Financial Status Report for the 1st quarter ending September 30, 2024 (attached). This report is unaudited and, therefore, subject to change.

OVG’s report provides an overview of the SCCC’s financial, operational, and strategic performance for the first quarter for FY 2024/25.

The financial summary of the report indicates that OVG exceeded net income goals by $131,248, netting $13,007 rather than the projected loss of $118,241. This was a result of implementing operational cost control measures, and an increase in other revenue (i.e. partnership funds from the new AV provider, cancellation fees and interest). Gross revenues and total events hosted were lower than projected due to event cancellations, and the rescheduling of an event to a future date which impacted the timing of the revenue recording (these revenues fell outside of the projected quarter).

The Q1 results are not atypical, in that historically, July, August, and September are the slowest months for event bookings at the SCCC.

The rolling forecast included in the report is the Q1 estimate of financial results for the fiscal year and is based solely on the number of ‘definite’ events. Definite events (definites) are booked events with an executed license agreement for use of the SCCC (inclusive of services such as food & beverage, IT support, audio/video [AV], etc.) and an executed hotel agreement for room nights, as applicable.

While the forecast currently demonstrates a loss at the end of the fiscal year, it only provides a financial snapshot of a specific point in time. The forecast regularly fluctuates depending on daily sales activity including but not limited to, changes in the number of incoming leads, the number of City of Santa Clara Printed on 2/21/2025Page 1 of 3
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new short-term bookings (events that can book within a six to nine-month window), and the number of cancellations or rescheduled events.

In comparison to the same reporting period in previous fiscal years, OVG forecasted a year-end loss of $235,180 for FY 2022/23 and a year-end loss of $354,651 for FY 2023/24. Each fiscal year closed with net incomes of $2.4M and $2.5M respectively. While OVG’s current estimate of $1M represents a larger deficit compared to previous years, the projected loss is proportionate to OVG’s increased gross revenue target ($2.5 increase from FY 2023/24) and is a first quarter trend consistent with historical activity.

OVG expects a steadily improving financial outlook over the next three quarters with Q3 and Q4 projected to be the busiest and most profitable periods of the year. In Q1, 35 events took place, the SCCC converted 49 prospects into definites including 12 new business opportunities and conducted 30 site tours with prospective clients. Ending Q1, there were 134 events in the sales pipeline, some of which are highly likely to book a future date at the SCCC. Historically, the conversion rate of leads to definites has been around 40%.

As mentioned previously, the current forecast only includes definite events. To provide a more accurate forecast moving forward, OVG will also include events in the sales pipeline in the financial year-end estimate.

In collaboration with Levy and Discover Santa Clara® (DSC), OVG is refining its current booking strategy to streamline processes, maximize revenue potential, and position all sales teams to attract high-value events to Santa Clara. In addition, the teams are exploring innovative ways to drive additional revenue and enhance the overall client experience, i.e. developing initiatives like dynamic packaging that bundles venue space, catering, and AV or IT set-ups. In Q2, OVG will also focus on amplifying its marketing efforts, leveraging digital and social media platforms, and engaging new partnerships to make sure SCCC stays top-of-mind for event planners.

Financial Summary
Quarter Ended September 30, 2024 Quarter Ended September 30, 2023 Budget Actual Overage
(Underage)
Budget Actual Overage
(Underage)
Gross
Revenue
$3,882,511 $3,099,835 ($782,676) $3,329,549 $3,560,256 $230,707 Total
Expense
$4,000,752 $3,086,828 ($913,924) $3,462,739 $3,237,447 ($225,292) Net
Income
($118,241) $13,007 $131,248 ($133,190) $322,809 $455,999 In summary, for the 1st quarter ending September 30, 2024, OVG reported a net operating gain of $13,007, compared to a net operating gain of $322,809 for the 1st quarter of FY 2023/24.

Total revenues for FY 2024/25 1st quarter were $3,099,835, or $782,676 less than the budgeted revenues of $3,882,511. Total expenses for FY 2024/25 1st quarter were $3,086,828 or $913,924 less than the budgeted amount of $4,002,752. Additionally, OVG recognized $150,687 of other st
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revenue in the 1st quarter primarily from cancellation fees and interest income.

FY 2024/25 experienced a reduction of 22 fewer events compared to 1st quarter ending September 30, 2023. Expenses in the 1st quarter 2024/25 were lower than 1st quarter 2023/24. Net income for the quarter was $13,007, compared to $322,809 in the previous year.

ENVIRONMENTAL REVIEW
There is no discretionary action being considered under this Report to Council; therefore, there is no “project” within the meaning of the California Environmental Quality Act (“CEQA”) and no further environmental review is required pursuant to section 15060 (c) of Title 14 of the California Code of Regulations.

FISCAL IMPACT
The net operating gain incurred by the Convention Center for the 1st quarter FY 2024/25 is $13,007.

This amount does not include any fiscal impact related to TOT, TID, and/or sales tax activity. Any funds generated from operations are allocated and programmed in the Convention Center Enterprise Fund for operations and capital improvement projects as part of the annual budget process.

RECOMMENDATION
Note and file the Santa Clara Convention Center Financial Status Report for the 1st Quarter ending September 30, 2024, as submitted by OVG.

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

ATTACHMENTS

1. SCCC Activity Report for 1st Quarter FY 2024/25
City of Santa Clara Printed on 2/21/2025Page 3 of 3
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FY 2024/25 QUARTERLY REPORT – 1st Quarter Ended September 30, 2024 October 25, 2024
@VG

OAK VIEW GROUP

Santa Clara Convention Center FY 2024/25 1st Quarter Report Page 1 of 18

Table of Contents

1st Quarter Highlights ................................................................................................ 2 Strategic Highlights ............................................................................................... 2 Financial Highlights .............................................................................................. 3 Event Highlights .................................................................................................... 3 Operational Highlights .......................................................................................... 4 Other Noteworthy Highlights ................................................................................. 4 Financial Summary .................................................................................................. 6 Financial Results .................................................................................................. 6 Event Statistics ..................................................................................................... 8 Event Revenue ...................................................................................................... 8 Partners ............................................................................................................... 8 Indirect Expenses ................................................................................................. 9 Previous Year Comparison…………………………………………………………………………… 10 Other Activities ...................................................................................................... 11 Key Performance Indicators (KPIs) .......................................................................... 12 Forecast ................................................................................................................ 13 FY 2024/25 Capital Improvement Projects (CIP) ....................................................... 15 Community Involvement ........................................................................................ 17

Santa Clara Convention Center is strategically located in the heart of Silicon Valley. The Convention Center offers a prime setting for conventions, trade shows, and exhibitions. The venue is just minutes from hotels, restaurants, Levi’s® Stadium, California’s Great America, and some of the world’s leading technology companies. With convenient access to major freeways and the Norman Y. Mineta San Jose International Airport, it is also only 45 miles south of San Francisco.

The Convention Center features 100,000 square feet of exhibit space, a 22,400-square- foot ballroom, 31 breakout rooms, and a 607-seat theater, attracting over 300,000 visitors annually. As a key economic driver for the region, it contributes significantly to the local economy through attendee spending and supports over 500 local jobs.

For more information, visit www.santaclaraconventioncenter.com.

Santa Clara Convention Center FY 2024/25 1st Quarter Report Page 2 of 18

1st Quarter Highlights

This quarterly report covers fiscal operations of the Santa Clara Convention Center for the first quarter ended September 30, 2024. This report is unaudited and, therefore, subject to change.

52,600
Total Attendance

35 Total Events

$3,099,835
Total Revenue

Strategic Highlights

Oak View Group (OVG) continues to be actively involved with the City and its partners at the Silicon Valley/Santa Clara DMO, Inc dba Discover Santa Clara®. In collaboration with the City of Santa Clara and Discover Santa Clara (DMO), OVG conducted high-level meetings to prepare the venue for its role in global events, including Super Bowl 60 and the 2026 FIFA World Cup. The Santa Clara Convention Center secured a key partnership with Pinnacle Live by awarding them the preferred Audio-Visual Services contract, aimed at enhancing event production capabilities and financial commissions.

OVG stayed very involved in many activities, including partner meetings, reviewing contracts, and handling union negotiations. OVG continued labor discussions with both Local 2785 – Teamsters and Local 39 - Operating Engineers. The OVG GM updated and submitted proposals to the Bay Area Host Committee, positioning the Convention Center as a primary site for hospitality events tied to Super Bowl 60 and the 2026 FIFA World Cup.

Additionally, as Vice-chair and Treasurer of the DMO, the OVG GM requested additional funding from the City to support Discover Santa Clara’s® expanding needs. OVG, along with Levy, Smart City, and its new preferred Audio-Visual provider, Pinnacle Live, continued utilizing the booking policy and actively sought new business opportunities aimed at attracting impactful events to the facility. The dedicated sales efforts of the Center team resulted in the booking of 49 events in the quarter, with 12 of them classified as new business.

The OVG GM continued to monitor event load and potential revenue throughout the quarter and made strategic decisions on labor levels based on event load.

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Santa Clara Convention Center FY 2024/25 1st Quarter Report Page 3 of 18

Financial Highlights
After a challenging July and August, business trends improved significantly in September.

Gross revenue for Q1 reached $3,099,835, or 79.8% of the budgeted $3,882,511, reflecting a shortfall of $782,676. Conversely, expenses were well-controlled, totaling $3,086,828, which is 77.2% of the budgeted expenses of $4,000,752, resulting in a savings of $913,924.

Overall, the net income for Q1 was a profit of $13,007, surpassing the projected loss of $118,241 by $131,248.

Event Highlights

Thirty-five events took place during the quarter, 23 fewer than the budgeted 58. This decrease resulted primarily from a strict adherence to the booking policy and the fact that several DMO events on hold for Q1 did not come to fruition. Additional contributing factors include ongoing challenges in forecasting event schedules two years in advance and increased competition from other Bay Area venues, which impacted event volume at the center in July, August, and September. In Q1, one event canceled its date due to internal organizational issues. One event has reserved future dates but did not hold its planned event in Q1. A total of 26 clients did not move forward with their proposal.

In July, San Jose Made introduced a new event to the center calendar, the "Summer Fair," featuring over 300 artists, designers, and small businesses from the area. These vendors set up booths to showcase and sell their creations, attracting attendance of around 10,000 over the weekend following Independence Day. In August, the Flash Memory Summit (FMS) returned to the Center for its 36
th annual event, continuing to be one of the largest
gatherings focused on digital storage technologies. The event saw strong attendance and attendee engagement. September was marked by the Golden State International Wushu Championships, one of the largest Wushu competitions in the United States. Seventy-one teams from 15 countries and regions participated, with nearly 1,800 athletes, and the total number of participants exceeded 4,000 over two days of live competition.

SJ Made Summer Craft Fair

Santa Clara Convention Center FY 2024/25 1st Quarter Report Page 4 of 18

Operational Highlights

 As mentioned above, 35 events took place in the first quarter. Eight in July, nine in August, and 18 in September.
 The OVG GM managed staffing and event load throughout the quarter, adjusting workforce levels based on event volume, which led to the temporary layoff of three employees in July and August. OVG did fill additional part-time openings within the Operations Department, therefore, employee levels varied from 35 to 37 throughout the quarter.
 The OVG GM ensured the Convention Center’s compliance with California’s safety laws by hosting two workplace violence prevention training sessions, reflecting a commitment to a safe work environment for all employees.  The OVG GM and the negotiation team successfully concluded their review of the Local 39 International Union of Operating Engineers (IUOE) collective bargaining agreement, securing terms that benefit both the union and management, setting a positive precedent for future labor relations.
 The OVG GM facilitated an introduction meeting between Pinnacle Live's sales team and the sales and marketing employees from the Convention Center. This introductory meeting was used to help establish strong working relationships and ensure a smooth transition of services.
 The OVG GM worked closely with OVG Global Partnerships to compile and submit all requested information related to Santa Clara and the Convention Center, enabling the organization to explore potential sponsorship and partnership opportunities.

Other Noteworthy Highlights

 In Q1, OVG hosted 30 site tours for potential future events at the Convention Center. 36th Annual Flash Memory Summit
Golden State International
Wushu Championships

Santa Clara Convention Center FY 2024/25 1st Quarter Report Page 5 of 18

 In an effort to ensure the clarity and alignment of leadership roles, the OVG GM drafted a detailed job description for the Director of Operations position and submitted it to corporate for approval, ensuring that the role reflects the operational and strategic needs of the Convention Center.
 A comprehensive review and update of the Santa Clara Convention Center’s Facility Guide was conducted by the OVG GM and the Events Department, resulting in a more accurate and up-to-date resource for clients and visitors, enhancing the overall experience of using the venue.
 The OVG GM played a key role in the selection process for the DMO’s Business & Operations Manager, conducting multiple rounds of interviews and facilitating scoring discussions that ultimately led to a formal recommendation to the CEO.  During a meeting with the DMO’s legal team, the OVG GM contributed to discussions about how compensation matters must be addressed in public meetings, ensuring that these issues are handled in accordance with legal and transparency standards.  In a collaborative effort, the OVG GM participated in a KPI review meeting with representatives from the City, Levy Food & Beverage, and Discover Santa Clara®, ensuring that performance metrics were aligned with the long-term goals of the Convention Center and its stakeholders.

Santa Clara Convention Center FY 2024/25 1st Quarter Report Page 6 of 18

Financial Summary

Financial Results

Historically, the first quarter tends to be the slowest period of the fiscal year. While revenues were sluggish in July and August, business conditions improved notably in September. During this quarter, the Center welcomed the return of several annual clients, leading to slight increases in budgeted audio-visual and electrical commissions. OVG and its partners generated $3,099,835 in gross revenue, which fell short of the budgeted amount of $3,882,511 by $782,676, primarily due to 23 fewer events than expected. Net income for Q1 was $13,007, surpassing the budgeted loss of $118,241 by $131,248. This positive variance was driven by lower-than-anticipated event expenses and cost-saving measures implemented by OVG.

Financial Summary – 1
st Quarter Ended September 30, 2024
Projected in Budget Actual Difference
Gross Revenue $3,882,511 $3,099,835 ($782,676) Total Expense 4,000,752 3,086,828 913,924 Net Income ($118,241) $13,007 $131,248

Total expenses for the quarter were $3,086,828 or $913,924 less than the budgeted amount of $4,000,752. There was $150,687 of other revenue recognized in Q1 primarily from cancelation fees and interest income.

Santa Clara Convention Center FY 2024/25 1st Quarter Report Page 7 of 18

Income Statement

SANTA CLARA CONVENTION CENTER

QUARTERLY GROSS INCOME STATEMENT
For the Three Months Ending September 30, 2024
QUARTER 1 YEAR TO DATE

BUDGET ACTUAL VARIANCE BUDGET ACTUAL VARIANCE

Number of Events 58 35 (23) 58 35 (23) Number of Event Days 133 84 (49) 133 84 (49) Attendance 60,876 52,600 (8,276) 60,876 52,600 (8,276)

Event Revenue

Rental 943,150 678,718 (264,432) 943,150 678,718 (264,432) Services 55,027 76,192 21,165 55,027 76,192 21,165 IT/Telecom 336,189 203,916 (132,273) 336,189 203,916 (132,273) Food & Beverage 2,070,701 1,338,704 (731,997) 2,070,701 1,338,704 (731,997) Electrical 203,201 304,628 101,427 203,201 304,628 101,427 Audio Visual 226,060 346,990 120,930 226,060 346,990 120,930

Total Event Revenue 3,834,328 2,949,148 (885,180) 3,834,328 2,949,148 (885,180)

Event Expenses

Services - 9,025 (9,025) - 9,025 (9,025) IT/Telecom 248,780 138,663 110,117 248,780 138,663 110,117 Food & Beverage 1,798,453 1,254,663 543,790 1,798,453 1,254,663 543,790 Electrical 144,770 217,856 (73,086) 144,770 217,856 (73,086) Audio Visual 151,460 248,262 (96,802) 151,460 248,262 (96,802)

Total Event Expenses 2,343,463 1,868,469 474,994 2,343,463 1,868,469 474,994

Net Event Income (Loss) 1,490,865 1,080,679 (410,186) 1,490,865 1,080,679 (410,186)

Other Revenue 48,183 150,687 102,504 48,183 150,687 102,504

Total Net Event & Other Revenue 1,539,048 1,231,366 (307,682) 1,539,048 1,231,366 (307,682)

Indirect Expenses

Executive 131,019 92,010 39,009 131,019 92,010 39,009 Finance 134,966 96,104 38,862 134,966 96,104 38,862 Event Services 134,684 113,252 21,432 134,684 113,252 21,432 Sales/Marketing 130,558 109,732 20,826 130,558 109,732 20,826 Operations 832,834 574,057 258,777 832,834 574,057 258,777 Overhead 293,228 233,204 60,024 293,228 233,204 60,024 Transition Costs

Total Indirect Expenses 1,657,289 1,218,359 438,930 1,657,289 1,218,359 438,930

Net Operating Income (118,241) 13,007 131,248 (118,241) 13,007 131,248

Other Income/(Expense)

Net Income (118,241) 13,007 131,248 (118,241) 13,007 131,248

Santa Clara Convention Center FY 2024/25 1st Quarter Report Page 8 of 18

Event Statistics

There were 35 events scheduled in Q1 with $2,949,148 in revenue and $1,868,469 in expenses. ‘Trade shows’ and ‘Conventions’ generated the largest amount of revenue in the quarter.

Event Revenue

Event Net Revenue – 1st Quarter Ended September 30, 2024 Event Types Gross Revenue Cost of Sales Net Revenue
Banquets $199,101 $141,010 $58,091
Meetings 615,138 379,734 235,404
Consumer Shows 243,625 208,337 35,288
Trade Shows 956,293 570,563 385,730
Conventions 771,528 537,383 234,145
Special Events 63,161 24,934 38,227
Miscellaneous Events - - -
Sporting Events 100,301 6,507 93,794
Totals $2,949,148 $1,868,469 $1,080,679

This quarter, there was a profit of $1,080,679. Revenues generated were higher than anticipated due to increased audio-visual and electrical activity. Event expenses were lower versus budget due to the decrease in events during the quarter.

Partners
Partner Revenue – 1st Quarter Ended September 30, 2024
Partner Gross Revenue Cost of Sales Net Revenue
Levy Restaurants $1,338,704 $1,254,663 $84,041
Smart City (IT services) 203,916 138,663 65,253
ENCORE-AV (AV services) 346,990 248,262 98,728
Electrical 304,628 217,856 86,772
Totals $2,194,238 $1,859,444 $334,794

Partner revenue for Q1 was $2,194,238. The cost of sales was $1,859,444 for a net profit of $344,794.

Santa Clara Convention Center FY 2024/25 1st Quarter Report Page 9 of 18

Indirect Expenses

OVG effectively managed costs, resulting in indirect expenses totaling $1,218,359 for the quarter, with significant savings achieved in Operations and Overhead.

Departments Expense Description Indirect Cost
Executive Senior personnel $92,010
Marketing Sales and marketing related 109,732
Finance Finance and Human Resources 96,104
Events Staffing to manage events 113,252
Operations Engineering, building services, security, and all other related expenses to operate the building 574,057
Overhead Non-departmental expenses 233,204
Totals $1,218,359

Santa Clara Convention Center FY 2024/25 1st Quarter Report Page 10 of 18

Previous Fiscal Year Comparison

Gross Revenue for Q1 of FY 2024/25 totaled $3,099,835, which is $460,421 below the Q1 amount of $3,560,256 in FY 2023/24. This difference is due primarily to hosting 22 fewer events this quarter and a higher top-line revenue target for FY 2024/25, which is approximately $2.5 million more than FY 2023/24, underscoring the shortfall. However, the per-event revenue has increased by over $25,000 compared to 2023, indicating that OVG and its partners are booking higher-quality, more profitable business.

Total Expenses for Q1 of FY 2024/25 were $3,086,828, a decrease of $150,619 from the $3,237,447 at the same time last year. This reduction helped counter some of the revenue drop, though it wasn’t enough to match last year’s overall financial performance. As a result, Net Income for Q1 of FY 2024/25 is at $13,007, which, while positive, trails the Net Income of $322,809 from FY 2023/24 by $309,802.

Quarter 1 Comparison
Quarter ended September 30, 2024 Quarter ended September 30, 2023

Projected in
Budget
Actual Budgeted
Overage /
(Underage)
Projected in
Budget
Actual Budgeted
Overage /
(Underage)
Number of Events 58 35 (23) 51 57 6
Number of Event
Days 133 84 (49) 136 133 (3)
Attendance 60,876 52,600 (8,276) 65,864 72,030 6,166

Gross Revenue $3,882,511 $3,099,835 ($782,676) $3,329,549 $3,560,256 $230,707 Total Expense 4,000,752 3,086,828 913,924 3,462,739 3,237,447 225,292 Net Income ($118,241) $13,007 $131,248 ($133,190) $322,809 $455,999

YTD Comparison
YTD ended September 30, 2024 YTD ended September 30, 2023

Santa Clara Convention Center FY 2024/25 1st Quarter Report Page 11 of 18

Other Activities

During the month of September, the OVG GM, along with the negotiation team, engaged in nine intensive sessions with Teamsters Local 2785. These efforts were aimed at addressing key labor issues and fostering a cooperative relationship with the unionized workforce. Parallel to these negotiations, the OVG GM and Human Resources team were diligently working to fill the Director of Operations position. Over the course of the month, nine interviews were conducted, leading to an offer being extended to a top candidate, strengthening the leadership team with experienced talent.

In addition to staffing efforts, the OVG GM facilitated crucial meetings with Pinnacle AV's new regional team and AV sales employees to ensure a smooth transition of services at the venue. The OVG GM was also instrumental in solidifying major event partnerships, engaging in multiple calls with the Made Hoops client to finalize event contracts and hotel agreements. These partnerships promise to bring significant business to both the Convention Center and local businesses. Furthermore, the OVG GM hosted a site visit for FIFA World Cup representatives, positioning the Convention Center as a prime venue for hosting FIFA-related activities during the 2026 tournament.

The Santa Clara Convention Center is also actively planning for Super Bowl 60 and future FIFA World Cup events. The OVG GM met with members of the Bay Area Host Committee to explore potential uses of the venue during these prestigious international events. In collaboration with Levy, the DMO, and the City, the sales team reconfirmed its prospect goals for FY 2024/25. By the end of the first quarter, OVG’s sales team is actively working on 120 sales prospects, with a focus on converting Priority 3 business from tentative to definite bookings. Efforts are also ongoing to differentiate the Convention Center from its competitors, exploring various strategies to enhance its appeal.

Lastly, OVG completed and submitted the Building Condition and Maintenance report to the City, detailing the previous year’s maintenance activities. This report is a key component of ensuring the ongoing upkeep and operational efficiency of the Convention Center, further highlighting the management's commitment to maintaining a state-of-the- art venue for future events and clients.

Santa Clara Convention Center FY 2024/25 1st Quarter Report Page 12 of 18

Key Performance Indicators (KPIs)

Gross revenue was $3,099,835 and net income was $13,007 for Q1. Through the first quarter, the event mix shows the Convention Center hosted one P2, four P3s, two P4s and 28 P5s. The sales team engaged with 117 to 126 active prospects throughout the quarter, successfully converting 49 events into confirmed bookings, including 12 classified as new business. KPI Q1 and YTD results are reported below.

• Priority 1 (P1) Event: Large, multi-day convention or conference using the entire venue, extensive services (food & beverage, A/V, IT), and attracting significant out -of-town visitors staying across multiple hotels. Booking window: 18+ months.
• Priority 2 (P2) Event: La rge, multi-day convention or conference utilizing most venue space and services with out-of-town visitors staying in multiple hotels. Booking window: 12 –18 months. • Priority 3 (P3) Event: Si ngle or multi-day event with fewer attendees and visitors than P1 or P2 events (e.g., trade shows, smaller conferences). Booking window: 9 –12 months. • Priority 4 (P4) Event: One- or two-day event with mostly local attendees (e.g., graduations, smaller meetings). Booking window: 6–9 months.
• Priority 5 (P5) Event: Single-day event (e.g., banquets, galas, meetings). Booking window: 0 –6 months.

Performance Measures
2024/25
Target YTD NOTES
$18,193,013 $3,099,835

2. Net Income* $425,803 $13,007
32,738 2,834

4. Economic Impact $27,181,657 $10,081,925
85% - Reported at year-end. There is no survey
mechanism in place as of May 2024

1.0% 0.00%
2 0

2.0% 0.00%
4 1

15.0% 11.43%
39 4

20.0% 5.71%
50 2

62.0% 80.00%
160 28
Total Events 255 35

7. Community Benefit
2 0
60% 0% Reported at year-end
20% 0% Reported at year-end
220 121 Aver age for the year of P3, P4, P5
*City Council approved a budget amendment in June 2024. The net income target increased from $425,803 to $555,632

5. Customer Service Survey Results (overall satisfaction)

3. Number of Room Nights Consumed

1. Convention Center Gross Revenue
OVG Venue Management – Santa Clara Convention Center

8. Number of Prospects (active) (non-cumulative)
Percent of Center employees that volunteer in the community Percent of small, local and M/WBE businesses/vendors
Number of collaborative, community-based events hosted at the Center Percent of P5 Events
Number of P5 Events

6. Event Mix at the Convention Center (consumed)
Percent of P1 Events
Number of P1 Events
Percent of P4 Events
Number of P4 Events
Percent of P3 Events
Number of P3 Events
Percent of P2 Events
Number of P2 Events

Santa Clara Convention Center FY 2024/25 1st Quarter Report Page 13 of 18

Forecast

SANTA CLARA CONVENTION CENTER

ROLLING FORECAST
FY 2024/2025

ACTUAL YTD PROJECTION TOTAL ORIGINAL

JUL - SEP OCT - JUN FINAL BUDGET VARIANCE
FY 2025 FY 2025 FYE 6/30/25 FYE 6/30/25

# OF EVENTS 35 110 145 255 (110)

DIRECT EVENT INCOME $ 811,138 $ 2,739,387 $ 3,550,525 $ 4,876,950 $ (1,326,425) ANCILLARY INCOME 269,541 985,237 1,254,778 2,404,268 (1,149,490) TOTAL NET EVENT INCOME 1,080,679 3,724,624 4,805,303 7,281,218 (2,475,915)

OTHER INCOME 150,687 150,000 300,687 193,014 107,673

EXECUTIVE 92,010 366,700 458,710 551,746 93,036 MARKETING 96,104 395,347 491,451 572,630 81,179 FINANCE 113,252 417,507 530,759 562,508 31,749 EVENTS OPERATIONS 109,732 395,773 505,505 560,396 54,891 OPERATIONS 574,057 2,313,523 2,887,580 3,498,406 610,826 OVERHEAD 233,204 1,077,347 1,310,551 1,172,914 (137,637)

INDIRECT EXPENSES 1,218,359 4,966,197 6,184,556 6,918,601 734,044

OPERATING NET INCOME (LOSS) 13,007 (1,091,573) (1,078,566) 555,631 (1,634,197)

NET INCOME (LOSS) $ 13,007 $ (1,091,573) $ (1,078,566) $ 555,631 $ (1,634,197)

While the forecast currently demonstrates a loss at the end of the fiscal year, it only provides a financial snapshot of a specific point in time and solely includes ‘definite’ events. ‘Definite’ events are booked events with an executed license agreement for use of the SCCC (inclusive of services such as food & beverage, IT, AV, etc.) and an executed hotel agreement for room nights, as applicable. Moving forwarded, to provide a more accurate year-end estimate, events in the sales pipeline (highly likely to book a future date at the SCCC) will also be included in the rolling forecast.

The Center operated at a profit of $13,007 through Q1 driven by higher-than-anticipated Other Revenue and OVG’s expense management, which included reducing staff during the first two months due to a lack of events. For the remainder of FY 2024/25, revenues are projected to result in a $1,091,573 loss, leading to an overall projected loss of $1,078,566 for the fiscal year. If these projections hold, the Center will miss its budgeted profit of $555,632 by $1,634,198. These figures are subject to change, and with a strong pipeline of 134 sales leads, OVG expects the projected deficit to shrink in the coming months, supported by new business bookings scheduled throughout the year.

Santa Clara Convention Center FY 2024/25 1st Quarter Report Page 14 of 18

However, the financial landscape for FY 2024/25 presents challenges for the Santa Clara Convention Center, particularly with a slower-than-expected start, as evidenced by only 35 events held in the first quarter compared to a budgeted 58. Economic uncertainty, alongside changing client preferences, is impacting event bookings. This issue is compounded by a regional downturn in group business, particularly as large hotels, SF Travel®, and San Francisco’s DMO, are absorbing self-contained groups which are traditionally a good fit for Santa Clara. With San Francisco expected to host fewer citywide groups in 2024, competition for events is heightened, making it crucial for the Santa Clara Convention Center to continue to make updates to the Center and become more flexible in its approach to sales strategies. There are some key points attributing to the potential challenges, please see below:

Key Points:

 Demand for Modern Facilities: As the competition intensifies, clients are showing a preference for updated, modern facilities. OVG continues to work with the City and SCCC partners to explore revenue growth opportunities that could support future CIP projects.
 Increased Competition for Group Business: The downturn in group bookings at San Francisco's Moscone Center, with just 25 citywide groups projected in 2024, is spilling over into the broader Bay Area. This has led large hotels and tourism organizations in San Francisco to absorb business that would typically fit well at the Santa Clara Convention Center, increasing competitive pressure.
 Corporate Event Hesitancy, Cost Pressures, and Event Pricing: Santa Clara's slower booking pace mirrors a broader trend of cautious corporate spending, further amplified by a reduction in citywide events in San Francisco. Additionally, operational costs are increasing as the number of events are slightly decreasing. To mitigate this, OVG is working with Levy and the DMO to refine the current booking strategy to streamline processes, maximize revenue potential and position all sales team to attract high-value events to Santa Clara. In addition, the teams are exploring innovative ways to drive additional revenue and enhance the overall client experience, i.e. developing initiatives like dynamic packaging that bundles venue space, catering, and AV or IT set-ups.  Travel and Tourism Recovery Delays: The slow recovery in business travel, coupled with the shortfall in event numbers, suggests that the anticipated boost in large-scale conventions may take longer to materialize. For example, the DMO currently solely focuses on securing P1 and P2 events. P1 and P2 events typically book in the year for future years 12 months or more in advance. As noted above, refining the current booking strategy will provide additional sales opportunities for the DMO to prospect new P3 leads and book events within a shorter booking window.

Santa Clara Convention Center FY 2024/25 1st Quarter Report Page 15 of 18

FY 2024/25 Capital Improvement Projects (CIP)

CIP Project Updates

 The OVG GM coordinated a call with Skyline Engineering to discuss the next steps for the Roof Assessment project, later issuing a change order to proceed with the roof repair evaluation, ensuring the project remains on track.  The OVG GM oversaw vendor meetings to update restroom stall measurements and sent photos to the City for final selection, while also reworking the painting and flooring schedule with the Operations Manager to minimize disruptions to the Convention Center’s business. Painting and flooring are complete in seven of the 12 restrooms and the remaining five are in progress. Planned work on the stalls should occur in Q2.  As part of the Kitchen renovation project, the OVG GM collaborated with Levy to send updated equipment tear sheets and held a strategic meeting with the Levy GM to outline next steps for the Kitchen refresh, Tech Café, and Stand B capital improvement projects.
 The OVG GM took critical steps in finalizing the Grand Ballroom Air Wall project by issuing a Notice to Proceed letter, reviewing vendor agreement redlines, and finalizing an agreement with BT Mancini to ensure the project’s timely execution.  The OVG GM reviewed Cupertino Electric’s report and assessment for the Digital Signage project, ensuring all technical aspects were addressed before moving forward with next steps in modernizing the facility’s signage.
 To advance the Outdoor Sign project, the OVG General Manager sent a follow-up email to the City requesting additional regulations and information. A meeting with the City has been scheduled during the second quarter to discuss project feasibility, current sign/billboard policies, and potential procurement requirements.  The OVG GM reprioritized and completed the 5-Year Capital Plan, working with 6th Dimension to review pricing, and submitted the finalized plan to both OVG Corporate Operations and the City by the October 1, 2024, deadline.  To address an urgent issue, the OVG GM issued a memo to the City requesting emergency funds for the replacement of the Elevator Key-switch in the Great America Wing. It was determined there were sufficient funds in the CIP budget to absorb the costs for the repair which has now been scheduled.

Santa Clara Convention Center FY 2024/25 1st Quarter Report Page 16 of 18

CIP Project Budget

*Council Action 06/25/2024 - addition of $1,750,000 for Air Wall Replacement and $400,000 for Restroom Refresh

Proj. # Project Name Phase CITY/OVG 360

REV ISED BUDGET
L EV Y TOTAL BUDGET Actual Exp. Balance
003 Convention Center HVAC - BMS System Upgrade Completed FY 2019/20 $ 20,450 $ - $ 20,450 $ 20,450 $ - 004 Convention Center HVAC Portable A/C Units Completed FY 2020/21 $ 75,350 $ - $ 75,350 $ 75,350 $ - 005 Convention Center Security System Completed FY 2021/22 $ 172,831 $ - $ 172,831 $ 172,831 $ - 006 Convention Center Lobby Roof (Glass Pyramids)
Assessment and R epair
Completed FY 2021/22 $ 479,300 $ - $ 479,300 $ 479,300 $ - 008 Convention Center Interior Digital Signage and
Display System
Implementation $ 1,160,386 $ - $ 1,160,386 $ 833,775 $ 326,611 009 Convention Center Interior Paint Completed FY 2021/22 $ 648,052 $ - $ 648,052 $ 648,052 $ - 012 Convention Center Riding Vacuum Purchase Completed FY 2019/20 $ 31,238 $ - $ 31,238 $ 31,238 $ - 013 Convention Center Carpet Replacement Completed FY 2021/22 $ 1,509,869 $ 241,856 $ 1,751,725 $ 1,618,382 $ 133,343 014 B alance - Contingency (E lectrical Assessment) Implementation $ 143,556 $ - $ 143,556 $ 92,940 $ 50,616 015 Kitche n/Tech Café /Stand B Implementation $ - $ 1,997,944 $ 1,997,944 $ 833,997 $ 1,163,947 016 R oof Assessment Implementation $ 90,000 $ - $ 90,000 $ 17,500 $ 72,500 017 R estroom R efresh Implementation $ 600,000 $ - $ 600,000 $ 106,495 $ 493,505 018 Air Wall Replacement Planning $ 1,750,000 $ - $ 1,750,000 $ - $ 1,750,000 TOTAL $ 6,681,032 $ 2,239,800 $ 8,920,832 $ 4,930,310 $ 3,990,522

Santa Clara Convention Center FY 2024/25 1st Quarter Report Page 17 of 18

Community Involvement

In Q1, the OVG team met to discuss and strategize its Community Involvement plan for FY 2024/25. Throughout the year, OVG intends be involved in the following community activities:

• OVG employees will continue to volunteer for
the Academy of Travel & Tourism program at
Milpitas High School as mentors and judges -
A small learning community that focuses on
Hospitality, Tourism, and Recreation in
partnership with local businesses. Teachers
will integrate class subjects and projects.

• The OVG team has implemented strategic
initiatives to engage with the community and
fulfill its obligations under the Community
Benefit KPI. This KPI measures the impact
OVG has by collaborating with various
partners within the Santa Clara community,
particularly those holding their events at the
Center. At the end of the year, these events
are totaled to provide a comprehensive
annual count.

• OVG employees will conduct a Creek Trail
clean up behind the Convention Center – The
SCCC team will volunteer to pick up trash
along the Creek Trail behind the Convention
Center from Tasman to Great America
Parkway.

• OVG employees joined the Santa Clara
County volunteer website and attended the
Coastal Cleanup Day on September 21,
2024. There will also be future opportunities
for the team to volunteer within the
community.

Santa Clara Convention Center FY 2024/25 1st Quarter Report Page 18 of 18

Santa Clara Convention Center
5001 Great America Parkway
Santa Clara, CA 95054
Tel: (408) 748-7000
www.santaclaraconventioncenter.com
General Manager: Kelly Carr
City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-92 Agenda Date: 2/25/2025

REPORT TO COUNCIL

SUBJECT
Action to Authorize the City Manager to Execute an Agreement with Santa Clara Pacific Associates L.P. (“Developer”) for the Installation and Operation of Private Recreational Amenity Improvements to Satisfy a Portion of Developer’s Parkland Obligations for the 200 Affordable Unit Apartment Project located at 80 Saratoga Avenue, such Improvements to be Funded at Developer’s Sole Cost

COUNCIL PILLAR
Enhance Community Sports, Recreational and Arts Assets
Enhance Community Engagement and Transparency
Deliver and Enhance High Quality Efficient Services and Infrastructure

BACKGROUND
In July 2014, the City Council adopted Ordinance No.1937, adding Chapter 17.35 “Park and Recreational Land” to the Santa Clara City Code (SCCC). The purpose of City Code Chapter 17.35 is to help mitigate the impacts of new housing development growth on existing parkland and recreational facilities pursuant to the provisions of the State of California Quimby Act (Quimby) and/or the California Mitigation Fee Act (MFA). New residential developments are required to dedicate developed park and recreational land and/or pay a fee in-lieu of parkland dedication. Under SCCC

17.35.070, developers that provide eligible private recreational space may obtain a fifty percent (50%) credit against the developer’s overall land dedication requirement. The amount of the credit is established by determining the total acreage of proposed private active recreational amenity space and dividing such total acreage by fifty percent (50%). The value of the resulting acreage is determined in accordance with the City’s annual land valuation appraisal resolution and applied as a credit against the developer’s overall land dedication requirement.

On September 14, 2022, the Architectural Review Committee approved a 100% affordable housing development application located at 80 Saratoga Avenue to construct a six-story mixed use development with 200 affordable residential apartment units, parking, landscaping, and site improvements (Project).

The Project will meet its parkland dedication requirements of 1.0608 acres as follows:

1. Installation and maintenance of 0.8077 acres of private recreational amenity improvements which entitles developer to a fifty percent (50%) credit of $2,067,629 against its total parkland dedication requirement; and

2. Payment of $4,639,551 in Mitigation Fee Act parkland in-lieu fees in accordance with City Code Chapter 17.35.

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25-92 Agenda Date: 2/25/2025
This item requests Council consideration and approval of the Private Recreational Amenity Agreement (Attachment 1) necessary to implement the Project’s overall park and recreational land requirements.

DISCUSSION
In conformance with the City Code, the City and Santa Clara Pacific Associates L.P. (Developer) negotiated the terms and conditions for the construction and the completion of the private recreational amenity improvements of the Private Recreational Amenity Agreement (Agreement). Key provisions of the Agreement include:

1. The Developer will construct and install the private recreational amenity improvements onsite for which credit will be provided in the amount of $2,067,629.

2. The Developer is not eligible for credit for any private recreational improvements which are not completed prior to occupancy and will be required to pay any additional equivalent park in-lieu fees for such improvements.

3. The Developer shall maintain, repair, and replace the private recreational amenity improvements to preserve them from failure or deterioration.

4. The Developer shall submit payment in the amount of $4,639,551 for Mitigation Fee Act in-lieu fees in accordance with City Code Chapter 17.35.

5. The Developer agrees to restrict the use of private recreational improvements for active recreational uses for the benefit of future owners/renters of the residential units.

6. The Agreement includes covenants running with the land and shall be binding upon Developer and Developer’s successors and assigns during the term of their respective ownership of the private recreational improvements.

7. Developer shall furnish a performance security to ensure completion of the private recreational improvements for which Developer will be receiving credit.

As noted above, the Agreement contains provisions that restrict use of the private recreational improvements for recreational purposes only. Such requirement will run with the land and bind Developer and future owners of the property.

ENVIRONMENTAL REVIEW
California Senate Bill 35 (“SB 35”), requires cities to streamline the review and approval of certain qualifying housing projects (Section 65913.4) through a ministerial approval process, exempting such projects from environmental review under the California Environmental Quality Act (“CEQA”).

Accordingly, this project is not subject to CEQA review.

FISCAL IMPACT
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25-92 Agenda Date: 2/25/2025
There is no cost to the City for consideration of the Private Recreational Amenity Agreement with Santa Clara Pacific Associates L.P. The Developer will meet its parkland dedication requirement of

1.0608, or the equivalent fee due in lieu of parkland dedication in the amount of $6,707,180 (includes a 15% credit of $1,183,620 for 100% affordable housing projects), by installing and maintaining private recreational amenity improvements onsite, for which credit will be provided in the amount of $2,067,629, and by submitting Mitigation Fee Act in-lieu fees in the amount of $4,639,551 to be allocated to the Parks and Recreation Capital Fund.

COORDINATION
This report has been coordinated with the City Attorney’s Office, the Community Development Department, the Finance Department, and the City Manager’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] or at the public information desk at any City of Santa Clara public library.

RECOMMENDATION
Authorize the City Manager to negotiate and execute the agreement with Santa Clara Pacific Associates L.P. for the installation of Private Recreational Amenity Improvements at 80 Saratoga Avenue at the Developer’s Sole Cost on substantially the terms and in the forms presented, with such minor, non-substantive changes and amendments that may be necessary to implement the parkland dedication requirements for this project, in final forms approved by the City Attorney.

Prepared by: Gina Saporito, Staff Analyst
Reviewed by: Damon Sparacino, Director, Parks and Recreation Approved by: Jovan Grogan, City Manager

ATTACHMENTS

1. Private Recreational Amenity Agreement with Santa Clara Pacific Associates L.P.

City of Santa Clara Printed on 2/21/2025Page 3 of 3
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Parkland Agreement/Santa Clara Pacific Associates Page 1 of 31 Rev: January 2023
3 01553768v4 1/14/2025 1:14 PM

RECORD WITHOUT FEE
PURSUANT TO GOVERNMENT CODE § 6103

RECORDING REQUESTED BY:

Office of the City Attorney
C
ity of Santa Clara, California

WHEN RECORDED, MAIL TO:

City of Santa Clara
C
ity Clerk’s Office
1500 Warburton Avenue
Santa Clara, California 95050

Form per Gov’t Code Section 27361.6 SPACE ABOVE THIS LINE FOR RECORDER’S USE ONLY The undersigned declares that this document is recorded at the request of and for the benefit of the City of Santa Clara and therefore is exempt from the payment of the recording fee pursuant to Government Code §6103 and 27383 and from the payment of the Documentary Transfer Tax pursuant to Revenue and Taxation Code §11922.

EBIX Insurance No. *S200005555

RKLAND AGREEMENT

BETWEEN

THE CITY OF SANTA CLARA,
a chartered California municipal corporation,
AND

SANTA CLARA PACIFIC ASSOCIATES
a California Limited Partnership

AND COVENANTS AND RESTRICTIONS FOR

PRIVATE RECREATIONAL AMENITIES

Parkland Agreement/Santa Clara Pacific Associates Page 2 of 31 Rev: January 2023

PREAMBLE
Th
is PARKLAND AGREEMENT (“Agreement”) is entered into between the CITY OF SANTA CLARA, a chartered California municipal corporation (“City”) and Santa Clara Pacific Associates, a California Limited Partnership (“Developer”). City and Developer may be referred to individually as a “Party” or collectively as the “Parties” or the “Parties to this Agreement.”

RECITALS
City and Developer enter into this Agreement on the basis of the following facts, understandings and intentions, and the following recitals are a substantive part of this Agreement.

A. Developer intends to construct a six-story mixed use development with 200 affordable residential apartment units (including 2 manager’s units) (“Development”), subject to conditions, on certain real property located at 80 Saratoga Avenue (APN 294-38-016), in the City of Santa Clara, County of Santa Clara, State of California.

B. Under the provisions of Santa Clara City Code ("SCCC'') Chapter 17.35 (“Park and Recreational Land Dedication Ordinance”), every person who constructs or causes to be constructed a dwelling unit or dwelling units or who subdivides residential property shall dedicate land for neighborhood and community parks, pay a fee in lieu thereof, or provide a combination of such dedication and fee, at the discretion of the City (“Parkland Dedication Requirement”). A developer that provides private active recreational amenity space may request to receive credit against the amount of parkland dedication or the amount of the parkland in-lieu fee (“Parkland Fees”).

C. Developer has agreed to build private recreation amenities pursuant and subject to the Conditions of Approval and architectural review approved at the Development Review Hearing on September 14, 2022, described in Exhibit D (“Conditions of Approval”).

D. 80 Saratoga Ground Owner LP, a Delaware limited partnership (“Owner”), is the fee title owner of that certain real property located in the City and more particularly described on Exhibit A attached hereto (the “Development Project Site”), and Owner has leased the Project Site to Developer pursuant to a ground lease (the “Ground Lease”) between Owner and Developer, a memorandum of which was recorded pursuant to that certain Memorandum of Ground Lease dated as of November 13, 2023 and recorded on November 13, 2023 in the Official Records of the Santa Clara County as Instrument No. 25558307.

E. In order for Developer to satisfy Developer’s Parkland Dedication Requirement for the residential units identified in the Project approved at the Development Review Hearing on September 14, 2022, Developer and City desire to enter into this Agreement pursuant to which Developer shall satisfy Project’s Parkland Dedication Requirement as follows:
i. Install private recreational amenity improvements as described in Exhibit B (“Private Improvements”) within the Development in conjunction with the construction of the Development in accordance with the requirements of the Conditions of Approval and for which Developer is also eligible to receive credit Parkland Agreement/Santa Clara Pacific Associates Page 3 of 31 Rev: January 2023

against its Parkland Dedication Requirement as set forth in the Park and R
ecreational Land Ordinance and this Agreement.
ii. Pay City Mitigation Fee Act (“MFA”) Parkland Fees in the amount of Four Million, Six Hundred Thirty Nine Thousand Five Hundred One and NO/100 Dollars ($4,639,551).

City’s Director of Parks & Recreation (“Director”), or designee, is charged with the administration of this Agreement. The Director or their designee is responsible for the review, inspection, approval, and acceptance on behalf of the City of the Private Improvements.

AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants set forth in this Agreement, the Parties hereby agree as follows:

1. AGREEMENT DOCUMENTS

The documents forming the entire Agreement between City and Developer shall consist of these Terms and Conditions and the following Exhibits, which are hereby incorporated into this Agreement by this reference:

Exhibit A – Development Project Site
Exhibit B – Private Recreational Amenity Improvements Plan Exhibit C – Parkland Requirements, Fees and Credit Summary Exhibit D – Conditions of Approval
Exhibit F – Insurance Requirements

This Agreement, including the Exhibits set forth above, contains all the agreements, representations, and understandings of the Parties, and supersedes and replaces any previous agreements, representations and understandings, whether oral or written. In the event of any inconsistency between the provisions of any of the Exhibits and the Terms and Conditions, the Terms and Conditions shall govern and control.

2. TERM OF AGREEMENT
Effective Date. The term (“Term”) of this Agreement shall commence on the Effective Date and shall continue for a period of five (5) years, unless sooner terminated or extended as hereinafter provided.

Expiration. Following expiration of the Term or any extension, or if sooner terminated, this Agreement shall have no force and effect, subject, however, to post-termination obligations of Developer and City.

3. REPRESENTATIONS AND WARRANTY

Developer represents and warrants to City that the following facts are true and correct:

Parkland Agreement/Santa Clara Pacific Associates Page 4 of 31 Rev: January 2023

A. Th e documents approved at the Development Review Hearing on September 14, 2022, as subsequently updated by Developer and approved by City, remain true and correct in all material respects.

B. Any and all documents provided to City pursuant to the terms of this Agreement, or in connection with the execution of this Agreement, are now in full force and effect and contain no material inaccuracies or misstatements of fact. Developer covenants that if Developer has knowledge that any of these documents contain material inaccuracies, material misstatements or have become obsolete, Developer shall notify City and provide City with the information required to render the documents accurate, complete and current.

C. Developer has the legal ability to enter into this Agreement and Developer's signatories to this Agreement is (are) duly authorized to sign this Agreement on its behalf.

4. CREDIT FOR PRIVATE RECREATIONAL IMPROVEMENTS

A. The Development is eligible to receive credit for private recreational improvements pursuant to the Park and Recreational Land Ordinance. The itemized inventory and description of the private recreational improvements to be included in the Development by Developer that will receive credit pursuant to Chapter 17.35 is set forth in Exhibit C and Exhibit D. Developer shall complete the installation of the private recreational improvements described in Exhibit C and Exhibit D on or before the issuance of certificate of occupancy for the Development (including any temporary certificate of residential occupancy). The final certificate of occupancy for the Development shall not be issued, unless and until, all private recreational improvements have been constructed, accepted at City’s discretion which shall not be unreasonably withheld, conditioned or delayed, and in full compliance with this Agreement, and all applicable Parkland Fees are paid.

B. With respect to any credit for private recreational improvements which have not been completed pursuant to Section 5A of this Agreement, Developer shall be ineligible for credit and shall be required to pay all applicable Parkland Fees in accordance with the fee rate in effect at the time of this Agreement or the amount of the credit received, whichever is greater, as set forth in the Park and Recreational Land Dedication Ordinance.

C. Developer acknowledges and agrees that use of the private recreational improvements shall be restricted for active recreational uses by this recorded covenant which runs with the land in favor of the future owners/renters of the residential units located within the Development and which expressly cannot be defeated or eliminated without the consent of the City.

D. Developer shall provide maintenance and repair of the private recreational improvements for the life of the development, keeping such property in good condition and repair. “Maintenance” or to “maintain” shall mean the act of caring for Parkland Agreement/Santa Clara Pacific Associates Page 5 of 31 Rev: January 2023

property and keeping it in its existing state, preserving it from failure or deterioration, i
ncluding painting, cleaning, and minor, non-structural upkeep, or replacement when the improvement has significantly deteriorated and has reached the end of its useful life. In the case of landscaping, “maintenance” or to “maintain” shall mean regular fertilizing, irrigation, pruning, and other garden management practices necessary to promote healthy plant growth free of weeds or dead or dying plants.

E. Developer acknowledges and agrees that Developer shall not receive any credit for eligible private recreational improvements pursuant to Park and Recreational Land Dedication Ordinance except those private recreational improvements that are set forth in Exhibit C and Exhibit D and constructed in full compliance with this Agreement.

5. COMPLIANCE WITH THE PARKLAND DEDICATION ORDINANCE

A. City acknowledges and agrees that Developer’s performance of this Agreement shall satisfy Developer’s obligations under the City’s Park and Recreational Land Ordinance for the residential units identified in the Development Review Hearing approval on September 14, 2022 for the Development. Provided that Developer is not in material default hereunder, and provided further that Developer satisfies all other terms, conditions, and requirements associated with the Development and this Agreement, City shall issue all building permits necessary for the residential units identified in the Development Review Hearing on September 14, 2022.

B. The Parties acknowledge and agree that the calculation of the Developer’s Parkland Dedication Requirement is accurately set forth in Exhibit C, including the parkland dedicated, the calculation of the Parkland Fees, the credits for the Private Recreational Improvements (“Credits), and any other fees, charges, or reimbursements. Developer shall pay to City the Parkland Fees specified in accordance with the payment instructions set forth in Exhibit C.

C. In the event there is an increase in the number of residential units to be built, a change in the dwelling unit type, or any change to the private amenity area calculations, Developer agrees to immediately notify the Director and to provide additional parkland and/or pay such additional Parkland Fees as required by the Park and Recreational Land Ordinance. Where Developer makes such a notification to the Director, and additional Parkland Fees are owed, the fee in effect at the time of the notification shall apply to the additional residential units, the units affected by change in unit type, and/or the reduction/elimination of recreational amenity space that received credit against the project’s parkland dedication requirement.

For example: Developer submitted an application to City to amend its project. In the event there is a change in the number of residential units to be built, a change in dwelling unit type, and/or the reduction/elimination of recreational amenity space that received credit against the project’s parkland dedication requirement, City will prepare an amendment to this Agreement to change the amount of parkland that must be dedicated, or the Parkland Fees to be paid to City in accordance with the number Parkland Agreement/Santa Clara Pacific Associates Page 6 of 31 Rev: January 2023

and type of residential units identified on the new or amended project application or r
equest for this Development.

6. REVIEW FOR FEES AND CHARGES RELATED TO PARK & PRIVATE

IMPROVEMENTS

A. Developer shall pay to City a fee for review and approval of the Project Specifications for the Private Improvements and the inspection of the Private Improvements (collectively, “Review Fee”). City's Review Fee shall be based on:
i. The 2% Administrative Fee portion of the applicable in lieu fee schedule in effect when the project was deemed complete by the City Planning Department.
ii. Developer shall pay all applicable Parkland Fees to the City prior to the date of final occupancy, or prior to the date the certificate of occupancy is issued, whichever occurs first.

7. BONDS AND SECURITY

Developer shall furnish to City the following security prior to the issuance of a notice to proceed and commencement of any work under this Agreement and for the purposes, in the amounts, and under the conditions that follow:

A. Type and Amounts.

i. Performance Security. To assure the Developer’s faithful performance of this Agreement to complete Private Improvements for credit towards the total Parkland Fees owed to City, Developer shall furnish a performance security in an amount of One Hundred Percent (100%) of the estimated credit of the Private Improvements (hereinafter “Performance Security”).

B. Conditions.

i. Developer shall provide the required security on forms approved by City and from sureties authorized by the California Insurance Commissioner to transact the business of insurance.
ii. Director may require Developer to furnish new security guaranteeing performance of this Agreement, as extended, in an increased amount to compensate for any adjustments in Parkland Fees owed based on changes to Development plans.
iii. If Developer seeks to replace any security with another security, the replacement shall: (1) comply with all the requirements for security in this Agreement; (2) be provided by Developer to Director; and (3) upon its written acceptance by Director, be deemed to be a part of this Agreement. Upon Parkland Agreement/Santa Clara Pacific Associates Page 7 of 31 Rev: January 2023

Director’s acceptance of a replacement security, the former security may be r
eleased by City.

C. Release of Securities. City shall release the securities required by this Agreement as follows:

i. Performance Security. City shall release the Performance Security upon recordation of the issuance of the certificate of occupancy. ii. City may retain from any security released, an amount sufficient to cover costs and reasonable expenses and fees, including reasonable attorney’s fees.

D. Neither the City, nor any officer or employee thereof, shall be liable or responsible for any accident, loss, or damage, regardless of cause, occurring to the work or Private Improvements.

8. DEFAULT

A. Developer shall be in default hereunder upon the occurrence of any one or more of the following events (“Event of Default”):
i. Subject to Force Majeure Events, Developer’s failure to timely cure any defect in the Private Improvements.
ii. Subject to Force Majeure Events, Developer’s failure to perform substantial construction work for a period of thirty (30) consecutive calendar days after commencement of the work.
iii. Developer’s insolvency, appointment of receiver, or the filing of any petition in bankruptcy, either voluntary or involuntary, which Developer fails to discharge within sixty (60) days.
iv. Developer assigns this Agreement in violation of Section 9. v. Developer fails to perform or satisfy any other material term, condition, or obligation under this Agreement.

B. If an Event of Default occurs and the Event of Default is not cured by Developer, City shall rescind Developer’s eligibility for credit towards its Parkland Fee requirement. City shall have the right, at its sole discretion, to draw upon or use the appropriate security to mitigate City’s damages in the Event of Default by Developer.

Developer acknowledges and agrees that City’s right to draw upon or use the security is in addition to any other remedies available by law or in equity to City.

C. Unless the Director determines that the circumstances warrant immediate enforcement of the provisions of this Section 8 in order to preserve the public health, safety, and welfare, the Director shall give thirty (30) working days' prior written Parkland Agreement/Santa Clara Pacific Associates Page 8 of 31 Rev: January 2023

notice of termination to Developer (“Notice Period”), which notice shall state in r
easonable detail the nature of Developer's default and the manner in which Developer can cure the default. During the Notice Period, Developer shall have the right to cure any such default; provided, however, if a default is of a nature which cannot reasonably be cured within the Notice Period, Developer shall be deemed to have timely cured such default for purposes of this Section 8 if Developer commences to cure the default within the Notice Period and prosecutes the same to completion within a reasonable time thereafter.

D. City's rights and remedies specified in this Section 8 shall be deemed cumulative and in addition to any rights or remedies City may have at law or in equity.

E. The foregoing notwithstanding, Developer’s investor limited partner and special limited partner under Developer’s amended and restated agreement of limited partnership shall have the right, but not the obligation, to cure any default under this Agreement on behalf of Developer and City shall accept such cure on the same basis as if it was made by Developer.

9. ASSIGNMENT

City and Developer bind themselves, their successors and assigns to all covenants of this Agreement. This Agreement shall not be assigned or transferred without prior written notice to the City. Subject to this Section, this Agreement shall be binding upon and shall inure to the benefit of the Parties' respective successors, assignees, transferees, and legal representatives.

10. INDEPENDENT CONTRACTOR

Developer and all person(s) employed by or contracted with Developer to furnish labor and/or materials under this Agreement are independent contractors and do not act as agent(s) or employees(s) of City. Developer has full rights to manage its employees in their performance under this Agreement.

11. HOLD HARMLESS/INDEMNIFICATION

A. To the extent permitted by law, Developer agrees to protect, defend, hold harmless and indemnify City, its City Council, commissions, officers, employees, volunteers and agents from and against any claim, injury, liability, loss, cost, and/or expense or damage, including all costs and attorney’s fees in providing a defense to any such claim or other action, and whether sounding in law, contract, tort, or equity, in any manner arising from, or alleged to arise in whole or in part from, or in any way connected with the performance by Developer pursuant to this Agreement – including claims of any kind by Developer’s employees or persons contracting with Developer to perform any portion of the work under this Agreement and shall expressly include passive or active negligence by City connected with the services. However, the obligation to indemnify shall not apply if such liability is ultimately adjudicated to Parkland Agreement/Santa Clara Pacific Associates Page 9 of 31 Rev: January 2023

have arisen through the sole active negligence or sole willful misconduct of City; the ob
ligation to defend is not similarly limited.

B. Developer’s obligation to protect, defend, indemnify, and hold harmless in full City and City’s employees, shall specifically extend to any and all employment-related claims of any type brought by employees, contractors, subcontractors or other agents of Developer, against City (either alone, or jointly with Developer), regardless of venue/jurisdiction in which the claim is brought and the manner of relief sought.

12. INSURANCE REQUIREMENTS

During the term of this Agreement, and for any time period set forth in Exhibit I, Developer shall provide and maintain in full force and effect, at no cost to City, insurance policies as set forth in Exhibit I.

13. WAIVER

Developer agrees that waiver by City of any one or more of the conditions of performance under this Agreement shall not be construed as waiver(s) of any other condition of performance under this Agreement. Neither City’s review, nor acceptance re
quired under this Agreement shall be constructed to operate as a waiver of any rights under this Agreement or of any cause of action arising out of the performance of this Agreement.

14. NOTICES

All notices to Parties shall, unless otherwise requested in writing, be sent to City addressed as follows:

City of Santa Clara
Attention: Parks & Recreation Department
1500 Warburton Avenue
Santa Clara, CA 95050
and by e-mail at [email protected]

And to Developer addressed as follows:

Santa Clara Pacific Associates, A California Limited Partnership c/o Pacific West Communities
430 East State St., Ste 100, Eagle, ID 83616
[email protected]
Copies to:

McReynolds & McCormack, PLLC
430 E. State Street, Ste.140
Eagle, ID 83616
Attention: Sarah McCormack
Parkland Agreement/Santa Clara Pacific Associates Page 10 of 31 Rev: January 2023

W
ith a copies to Developer’s investment limited partner and special limited partner at:

Bank of America, N.A.
100 Federal Street, 4th Floor
MA5-100-04-11
Boston, MA 02110
Attention: Asset Management

And

Banc of America CDC Special Holding Company, Inc.
100 Federal Street, 4th Floor
MA5-100-04-11
Boston, MA 02110
Attention: Asset Management

And

Buchalter, a Professional Corporation
1000 Wilshire Blvd., Suite 1500
Los Angeles, California, 90017-2457
Attn: Michael A. Williamson, Esq.

And with a copies to Developer’s ground lessor at:

80 Saratoga Ground Owner LP
c/o Safehold Inc.
1114 Avenue of the Americas, 39th Floor
New York, New York 10036
Attention: Chief Legal Officer
Reference: 80 Saratoga
Telephone: 212-930-9400
Email: [email protected]

And

Safehold Inc.
1114 Avenue of the Americas, 39th Floor
New York, New York 10036
Attention: Asset Management
Reference: 80 Saratoga

The workday the e-mail was sent shall control the date notice was deemed given. An e- mail transmitted after 1:00 p.m. on a Friday shall be deemed to have been transmitted on Parkland Agreement/Santa Clara Pacific Associates Page 11 of 31 Rev: January 2023

the following business day. For the avoidance of doubt, any notice sent by email shall a
lso be sent by the next business day via reliable overnight courier service.

15. TIME OF ESSENCE

Time is of the essence in the performance of this Agreement.

16. FORCE MAJEURE

A. “Force Majeure Event” shall be defined as any matter or condition beyond the reasonable control of a Party, including war, public emergency or calamity, fire, earthquake, extraordinary inclement weather, Acts of God, strikes, labor disturbances or actions, civil disturbances or riots, or any governmental order or law which causes an interruption in the construction of the Private Improvements (the “Work” for purposes of this section) or prevents timely delivery of materials or supplies.

B. Should a Force Majeure Event prevent performance of this Agreement, in whole or in part, the Party affected by the Force Majeure Event shall be excused or performance under this Agreement shall be suspended to the extent commensurate with the Force Majeure Event; provided that the Party availing itself of this Section shall notify the other Party within ten (10) days of the affected Party’s knowledge of the commencement of the Force Majeure Event; and provided further that the time of suspension or excuse shall not extend beyond that reasonably necessitated by the Force Majeure Event.

C. Notwithstanding the foregoing, the following shall not excuse or suspend performance under this Agreement:

i. Reserved.
ii. Negligence or failure of a Developer to perform its obligations under a contract for the Work (other than for a Force Majeure Event as defined under the applicable contract) shall not constitute a Force Majeure Event. iii. The inability of Developer for any reason to have access to funds necessary to carry out its obligations under this Agreement or the termination of any contract for the prosecution of the Work for such reason or for Developer's default under such contract shall not constitute a Force Majeure Event.

17. BOOKS AND RECORDS

A. Developer shall be solely responsible to implement internal controls and record keeping procedures in order to comply with this Agreement and all applicable laws.

Developer shall maintain any and all ledgers, books of account, invoices, vouchers, cancelled checks, and other records or documents evidencing or relating to the activities performed by Developer under this Agreement, including without limitation Parkland Agreement/Santa Clara Pacific Associates Page 12 of 31 Rev: January 2023

those relating to the construction of the Private Improvements, for a minimum period o
f three (3) years, or for any longer period required by law, from the date of termination of this Agreement or the date of the City’s acceptance of the Private Improvements, whichever is longer. Notwithstanding this previous sentence, Developer shall retain such records beyond three (3) years so long as any litigation, audit, dispute, or claim is pending with respect to this Agreement.

B. Any records or documents required to be maintained pursuant to this Agreement shall be made available for inspection or audit at no cost to City, at any time during regular business hours, upon written request by the City Attorney, City Auditor, City Manager, or a designated representative of any of these officers. Otherwise, unless an alternative is mutually agreed upon, the records shall be available at Developer's address indicated for receipt of notices in this Agreement.

C. Developer shall provide copies of such records, which may be electronic, if City has a reasonable belief that the documents will be lost due to dissolution, disbarment, or termination of developer’s business.

D. Developer’s obligations under this Section shall be in addition to Developer’s obligations specified in Exhibit D.

18. MISCELLANEOUS PROVISIONS

A. Captions. Captions and Sections of this Agreement are for convenience only and shall not be considered in resolving any questions of interpretation or construction.

B. Incorporation of Recitals. The Recitals contained in this Agreement are hereby incorporated into the terms of this Agreement.

C. Plurality. As used in this Agreement and when required by the context, each number (singular and plural) shall include all numbers.

D. Nondiscrimination. Developer, its employees, agents, representatives, contractors, and subcontractors shall not discriminate, in any way, against any person on the basis of age, sex, race, color, religion, sexual orientation, actual or perceived gender identity, disability, ethnicity, national origin, or any other recognized or protected class in connection with or related to the performance of this Agreement.

E. Developer has read each and every part of this Agreement, including without limitation, its exhibits, and Developer freely and voluntarily has entered into this Agreement. This Agreement is a negotiated document and shall not be interpreted for or against any party by reason of the fact that such Party may have drafted this Agreement or any of its provisions.

F. Whenever in this Agreement words of obligation or duty are used, such words shall have the force and effect of covenants. Any obligation imposed by either Party shall Parkland Agreement/Santa Clara Pacific Associates Page 13 of 31 Rev: January 2023

include the imposition on such Party of the obligation to pay all costs and expenses n
ecessary to perform such obligation.

G. This Agreement is entered into pursuant to and shall be governed by the Park and Recreational Land Ordinance. If not otherwise defined in this Agreement, capitalized terms shall have the meanings set forth in Chapter SCCC 17.35.

H. Amendment. City Manager, or designee, is authorized on behalf of City to execute any amendments pursuant to Section 3C of this Agreement.

I. Compliance with Laws. Developer certifies that to the best of its knowledge, no City officer, employee or authorized representative has any financial interest in the business of Developer and that no person associated with Developer has any interest, direct or indirect, which could conflict with the faithful performance of this Agreement. Developer is familiar with the provisions of California Government Code section 87100 and following and certifies that it does not know of any facts which would violate these code provisions. Developer will advise City if a conflict arises.

J. Fair Employment. Developer shall not discriminate against any employee or applicant for employment because of race, sex, color, religion, religious creed, national origin, ancestry, age, gender, marital status, physical disability, mental disability, medical condition, genetic information, sexual orientation, gender expression, gender identity, military and veteran status, or ethnic background, in violation of federal, state or local law.

K. No Use of City Name or Emblem. Developer shall not use City’s name, insignia, or emblem, or distribute any information related to services under this Agreement in any magazine, trade paper, newspaper or other medium without express written consent of City.

L. Governing Law and Venue. This Agreement shall be governed and construed in accordance with the statutes and laws of the State of California. The venue of any suit filed by either Party shall be vested in the state courts of the County of Santa Clara, or if appropriate, in the United States District Court, Northern District of California, Santa Clara, California.

M. Severability Clause. In case any one or more of the provisions in this Agreement shall, for any reason, be held invalid, illegal or unenforceable in any respect, it shall not affect the validity of the other provisions, which shall remain in full force and effect.

19. AMENDMENTS

This Agreement may only be modified by a written amendment duly authorized and executed by the Parties to this Agreement.

Parkland Agreement/Santa Clara Pacific Associates Page 14 of 31 Rev: January 2023

20. A UTHORITY TO EXECUTE

The person or persons executing this Agreement on behalf of Developer warrant and represent that they have the authority to execute this Agreement on behalf of Developer, and further represent that they have the authority to bind Developer to the performance of its obligations in this Agreement.

21. COUNTERPARTS

This Agreement may be executed in multiple originals, each of which is deemed an original, and may be signed in Counterparts.

SIGNATURES FOLLOW ON PAGE 15

Parkland Agreement/Santa Clara Pacific Associates Page 15 of 31 Rev: January 2023

The Parties acknowledge and accept the terms and conditions of this Agreement as evidenced by t
he following signatures of their duly authorized representatives. The “Effective Date” is the date that the final signatory executes the Agreement. It is the intent of the Parties that this Agreement shall become operative on the Effective Date.

CITY OF SANTA CLARA, CALIFORNIA
a chartered California municipal corporation

Approved as to Form: Dated:

GLENN R. GOOGINS
City Attorney

JŌVAN D. GROGAN
City Manager
City of Santa Clara
1500 Warburton Avenue
Santa Clara, CA 95050
Telephone: (408) 615-2210
Fax: (408) 241-6771
“CITY”

SANTA CLARA PACIFIC ASSOCIATES,
A

CALIFORNIA LIMITED PARTNERSHIP

By: TPC HOLDINGS IX, LLC,
an Idaho limited liability company

Its: Co-Administrative General Partner
By: Pacific West Communities, Inc.,
an Idaho corporation
Its: Manager

By: ____________________
Name: Caleb Roope
Its: President and CEO

By: CENTRAL VALLEY COALITION FOR AFFORDABLE HOUSING,
a California Nonprofit Public Benefit Corporation
Its: Managing General Partner

By: ____________________
Name: Christina Alley
Its: Chief Executive Officer

“
DEVELOPER”

* All signatures must be accompanied by an attached notary acknowledgement. *
Proof of authorization for signatures is required to be submitted concurrently with this Agreement.

Parkland Agreement/Santa Clara Pacific Associates Page 16 of 31 Rev: January 2023

TATE OF CALIFORNIA )
) SS

COUNTY OF SANTA CLARA )

On _________________ before me __________________________________, (Name, Title of officer – e.g. Jane Doe, Notary Public) personally appeared ____________________________________ who proved to me on t
he basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my hand and official seal.

_________________________________ (Seal)
(Signature of Notary)

Parkland Agreement/Santa Clara Pacific Associates Page 17 of 31 Rev: January 2023

GENERAL ACKNOWLEDGEMENT

STATE OF ______________ )
) ss
COUNTY OF _____________ )

On this ____ day of ______________, in the year of 2024, before me, _________________, a notary public appeared Caleb Roope, known or identified to me to be the President and CEO of Pacific West Communities, Inc., an Idaho corporation, the Manager of TPC Holdings IX, LLC, an Idaho limited liability company, the Co-Administrative General Partner of SANTA CLARA PACIFIC ASSOCIATES, A CALIFORNIA LIMITED PARTNERSHIP, a California limited partnership, proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same.

[SEAL]

_______________________
Notary Public
My commission expires: ___________

S
ignatures continue on the following page.

Parkland Agreement/Santa Clara Pacific Associates Page 18 of 31 Rev: January 2023

A
notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

State of

County of

On before me, , Notary Public, personally

DATE NAME OF NOTARY
appeared

NAME(S) OF SIGNER(S)

who proved to me on the basis of satisfactory
evidence to be the person(s) whose name(s) is/are
subscribed to the within instrument and acknowledge
to me that he/she/they executed the same in
his/her/their authorized capacity(ies), and that by
his/her/their signature(s) on the instrument the
person(s), or the entity upon behalf of which the
person(s) acted, executed the instrument.

I certify under PENALTY OF PERJURY under the
laws of the State of California that the foregoing
paragraph is true and correct.

WITNESS my hand and official seal

SIGNATURE OF NOTARY

Parkland Agreement/Santa Clara Pacific Associates Page 19 of 31 Rev: January 2023

JOINDER AND CONSENT OF GROUND LESSOR

Th
e undersigned, as fee owner of the Property, joins in the execution of this Agreement for the following purpose: The undersigned hereby acknowledges and agrees, for itself and its successors and assigns, (i) that notwithstanding anything to the contrary in the Ground Lease, the undersigned has approved this Agreement and the execution of this Agreement will not constitute a default by Owner under the Ground Lease, (ii) that this Agreement may be recorded against the fee interest of the Property, and (iii) that upon recordation the undersigned’s Property shall be bound by this Agreement and in the event that the Ground Lease is terminated and not replaced, Ground Lessor or its successors and assigns shall assume all obligations and liabilities of “Owner” under this Agreement.

80 SARATOGA GROUND OWNER LP,
a Delaware limited partnership

By: _______________________
Name: _______________________
Title: _______________________

Signatures continue on the following page.

Parkland Agreement/Santa Clara Pacific Associates Page 20 of 31 Rev: January 2023

notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

State of

County of

On before me, , Notary Public, personally

DATE NAME OF NOTARY
appeared

NAME(S) OF SIGNER(S)

I certify under PENALTY OF PERJURY under the
laws of the State of California that the foregoing
paragraph is true and correct.

WITNESS my hand and official seal

Parkland Agreement/Santa Clara Pacific Associates Page 21 of 31 Rev: January 2023

EXHIBIT A

EVELOPMENT PROJECT SITE

THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF SANTA

CLARA, IN THE COUNTY OF SANTA CLARA, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS:

That certain parcel shown and designated as “1.980 acres” on that certain Parcel Map filed in the Office of the Recorder of the County of Santa Clara, State of California in Book 333 of Parcel Maps at Page 32.

APN: 294-38-016

Parkland Agreement/Santa Clara Pacific Associates Page 22 of 31 Rev: January 2023

XHIBIT B

PRIVATE RECREATIONAL AMENITY IMPROVEMENTS PLANS

See attached.

UP
FEC
FEC
FEC
FEC
FEC
FEC
FEC
EV

CAPABLE
EV

CAPABLE
EV
VAN
VAN
EV
VAN
1 2
3 4
5 6
7 8
9 10
75 76
77 78
79 80
81 82
83 84
85 86
87 88
38394041424344454647484950515253
11121314151617181920212223
2425262728293031323334353637
57585960616263 56 55 54
6465666768697071727374
9091 89
10 BIKES 8 BIKES
10 BIKES
10 BIKES
10 BIKES10 BIKES
8 BIKES
PC 2475

STAND-N-SPIN
6FT

MINIMUMUSE
ZONE
PC 2475

STAND-N-SPIN

1.8M

MINIMUMUSE
ZONE
24 9'
9'
11'
11'
15'
15'
15'
15'
11'
11'
9'
10'
10'
9'
9'
24 24
PC 2454

SPINNERSEAT
6FT

MINIMUM

USE ZONE
PC 2454

SPINNERSEAT

1.8M

MINIMUM

USE ZONE
24 11'
17' 17'
17'17'
14' 14'
14'14'
10'
10'
10'
11'11'
13'13'
11' 9'
18 1
1 2
2 2
3 3
3 1
4 4
4 9
9 9
9 10
11 12
14 1516
16 16
16 17
17 18
18 18
18 18
18 18
2 8
19 19
19 19
19 26
28 28
28 28
28 28
29 29
29 29
30 30
30 8
19 19
30 30
8 28
27 27
27 13
15 8
8 8
KEYSTONE AVE.

SARATOGA AVE

GROUND LEVEL

SPORT COURT

BASKETBALL
Takeoff: 2,738 sf

EXERCISE STATIONS
Takeoff: 386 sf

PERIMETER GREEN SPACE
Takeoff: 7,640 sf
ACTIVE PLAY, 2-5 YEARS OLD
Takeoff: 2,104 sf
ACTIVE PLAY, 5-12 YEARS OLD
Takeoff: 2,388 sf

PICNIC AREA
Takeoff: 909 sf

OFF-STREET PATH & BENCHES
Takeoff: 3,703 sf

COMMUNITY RECREATION ROOMS, AT FRONT
Takeoff: 4,313 sf

SARATOGA FRONT PLAZA
Takeoff: 1,939 sf

OUTDOOR SOCIAL SPACE COURTYARD
(LESS PEDESTRIAN ACCESS)
Takeoff: 2,034 sf

ACTIVE PLAY

WITH CORN HOLE, BADMINTON, GAME TABLES
Takeoff: 2,311 sf

INTERIOR AMENITY SPACE, SECOND FLOOR
Takeoff: 2,404 sf

COMMUNITY RECREATION ROOMS, AT CORNER
Takeoff: 1,569 sf

CORNER PLAZA
Takeoff: 744 sf

CONCEPT GRAPHICS SCHEDULE

SYMBOL DESCRIPTION
PICNIC TABLE - 6` RECTANGLE `ULTRA SITE
#208' BLACK COLOR. ONE TABLE PER GROUP
TO BE ADA ACCESSIBLE.

PICNIC SPAN-LEG TABLE - `ULTRA SITE #3696'
46" ROUND ADA ROUND` BLACK COLOR.

SURFACE MOUNT ON PODIUM, INGROUND AT
GRADE.

BENCH - 6` WITH BACK `ultra site- HAMILTON

COLLECTION' BLACK COLOR, WITH HORIZONTAL
SLATS, NO ARMS. SURFACE MOUNT MODEL,
SECURE TO THE GROUND. COMPLIES WITH THE
CA CBC Chapter 11B (ADA) DIMENSIONS
TRASH RECEPTACLE - `ULTRA SITE' #32 BLACK

COLOR, DIAMOND PATTERN
PEDESTAL PAVER SYSTEM. 24" x 24" 'MUTUAL

MATERIALS VANCOUVER BAY SERIES COLOR
'LATTE', OVER 'AWS PEDESTAL STSTEM', REFER TO
THE ARCH DWGS.

PICNIC SHADE STRUCTURE -SUBMIT SHOP

DRAWINGS FOR APPROVAL

ELECTRIC BABRBEQUE WITH PEDESTAL
4` HIGH TUBULAR STEEL FENCE WITH SELF
CLOSING GATES. BLACK. SEE DETAIL
42" HIGH TUBULAR STEEL FENCE SECURED TO THE

TOP OF THE STORM WATER TREATMENT PLANTER

CONCRETE STEM WALL, REFER TO THE CIVIL DWGS

FOR PLANTER DETAILS
6' HIGH TUBULAR STEEL FENCE WITH EVA
ACCESSIBLE GATES. REFER TO THE ADDITIONAL
INFORMATION INCLUDED ON THIS SHEET.
5-12 YR OLD USER PLAYGROUND EQUIPMENT.

DEFERRED SUBMITTAL FOR OWNER APPROVAL
`KOMPAN` (OR EQUAL) OUTDOOR EXERCISE
EQUIPMENT LOCATION. COMPONENT SELECTION TO

BE A DEFERRED SUBMITTAL FOR OWNER

APPROVAL
'KOMPAN' #KSW92010 Swing, 8 ft H, 1 Shell
Seat, Anti-Wrap.

Age group 2 - 12, Play capacity (users) 8
PRE-K & 2-5 YR OLD USER PLAYGROUND
EQUIPMENT. DEFERRED SUBMITTAL FOR OWNER

APPROVAL
'SYNLAWN' ARTIFICIAL TURF SURFACING OVER
FOAM FALL ZONE MATERIAL.

DOG WASTE SYSTEM DISPENSER - `ULINE
#H-2897` WITH DOG WASTE SYSTEM SIGN #H-5942
'TOURNESOL' RECTANGULAR PLANTER
#WCR-962424 GFRC CLAY COLOR, ACID ETCH

SHARK TEXTURE, WITH IRRIGATION
#CWM-R2014-3k. (weight 575 lb, volume 27.0
cf)
'TOURNESOL' SQUARE PLANTER #WCR-4800F
GFRC 48" x 48" CLAY COLOR, ACID ETCH SHARK
TEXTURE, WITH IRRIGATION #CWM-R2920-2k

PERVIOUS PAVERS FOR SELF-RETAINING STORM
WATER MANAGEMENT: 'basalite permeable
84mm plank, Torino color blend', placed in
a RUNNING BOND pattern.
+42" HIGH STORM WATER FLOW-THROUGH
PLANTER, REFER TO THE CIVIL ENG. DWGS.

REFER TO THE DETAIL
+42" HIGH CMU PLANTER, SEE DETAIL
+34" HIGH CMU PLANTER. SEE DETAIL

CORN HOLE PLAY DIMENSIONS

BADMINTON COURT DIMENSIONS
'DEPORTES URBANOS' 2-PERSON GAME TABLE
#MACCB2RZ. SURFACE MOUNT
half court basketball with basketball
standard and court striping as shown
'U' BICYCLE RACK - `ULINE 1-LOOP #H-2892BL` 3
BIKE CAPACITY, black COLOR.
existing tree to remain. REFER TO THE CIVIL

DEMOLITION PLAN FOR TREE PROTECTION
MEASURES.

EXISTING FENCE OR WALL TO REMAIN
'cleanline' 4" black color aluminum edging.
stake at every preformed loop
(manufacturer does not include enough
stakes)
1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 16
17 18
19 20
21 22
23 24
25 26
27 28
29 30

REFERENCE NOTES SCHEDULE
Parkland Agreement/Santa Clara Pacific Associates Page 24 of 31 Rev: January 2023
9'-5"
9'-9"
10'-2"
6'-8"20'-4"8'-0"8'-3"
2'-9"
9'-8"
13'-6" 10'-6" 14'-6" 10'-6" 11'-4"
10'-9"
15'-6"
11'-11" 4'-7"
12'-2"
8'-2"
9'-1"
10'-2"
8'-4"
20'-8"
11'-6"
11'-7"
24'-0"
15'-0"39'-6"
11'-2"8'-0"34'-4"8'-0"8'-3"
4'-0"
11'-11"
4'-7"
5'-0"
8'-1"
10'-9"

PODIUM LEVEL
Parkland Agreement/Santa Clara Pacific Associates Page 25 of 31 Rev: January 2023

Parkland Agreement/Santa Clara Pacific Associates P age 26 of 31 Rev: January 2023

EXHIBIT C

RKLAND REQUIREMENTS, FEES AND CREDIT SUMMARY

Developer will construct 200 affordable apartment units generating an estimated 480 new residents (200 multi-family units at 2.4 persons/unit density is 480 persons). Based on the City’s Mitigation Fee Act standard of 2.6 acres of public neighborhood and community parkland per 1,000 residents, the Project is required to dedicate 1.0608 acres of public parkland (includes 15% credit for 100% affordable project) and/or pay an equivalent fee due in lieu of the total parkland dedication in the amount of $4,639,551. In lieu fees are published in the Municipal Fee Schedule.

Developer has proposed to meet the required parkland dedication of 1.0608-acres through the dedication of eligible private improvements. According to City code 17.35, projects may submit a written request for up to 50% credit against the amount of parkland dedication or the amount of the in-lieu fee thereof for eligible private recreational amenities devoted to Active Recreation Uses provided the development meets the requirements contained in Santa Clara City Code

17.35. This project includes 0.8077-acres of private amenity improvements. The credit is therefore approximately 0.4038 acres, or $2,067,629 in value. Developer will construct these private improvements. The balance of fees due in lieu of parkland dedication is therefore $4,639,551.

In summary, the calculations above are:

$7,890,800 Fee In Lieu of Parkland Dedication
-1,183,620 15% Credit Applied for 100% Affordable Housing Projects $6,707,180 Subtotal
-2,067,629 Credit for Private Recreational Amenity Improvements $4,639,551 Balance of Fee Due In Lieu of Parkland Dedication

Parkland Agreement/Santa Clara Pacific Associates P age 27 of 31 Rev: January 2023

T
able 2. Credit for proposed Private On-site Park & Rec "Active Rec Uses"

Parkland Agreement/Santa Clara Pacific Associates P age 28 of 31 Rev: January 2023

EXHIBIT D

RKS & RECREATION DEPARTMENT CONDITIONS OF APPROVAL
*Please note the Conditions of Approval below represent those required by the Park and Recreation Department.

O
ther Conditions of Approval by other City departments still apply.

PR1. This memo assumes the Project is not a subdivision and the Mitigation Fee Act (MFA) p
rovisions will apply. The project will generate an estimated 480 residents (2.4 persons/household x 200 units). Housing developments for which 100% of the units are affordable to low and/or moderate-income households are eligible for an additional 15% credit toward the parkland dedication requirement or fees in lieu thereof. Based on the MFA standard of 2.6 acres/1000 residents, using the FY2021-22 Municipal Fee Schedule, and applying a 15% credit, the amount of public parkland required for this Project to mitigate the impact of the new resident demand is approximately 1.0608-acres. The equivalent fee due in lieu of parkland dedication applying a 15% credit and deducting 50% of eligible private amenity space dedicated to active recreation uses is therefore $4,639,551. Final calculations will depend upon the actual number and type of units and the mix of parkland dedicated and remaining fee due, at the discretion of the City.

PR2. If the project meets the requirements of Government Code section 66007(b)(2)(A), and is s
ubject to the Mitigation Fee Act, park in lieu fees are due and payable to the City prior to the date of the final inspection, or the date the certificate of occupancy is issued, whichever occurs first. Otherwise, in lieu fees imposed under Chapter 17.35 shall be due and payable to the City prior to issuance of a building permit for each dwelling unit.

To qualify under 66007(b)(2)(A), there are two requirements:

1. The project must be developed by a nonprofit housing developer.

2. At least 49% of the units must be reserved for occupancy by lower-income households at an affordable rent. Lower income in this context means ≤ 80% AMI, so moderate-income developments would not qualify.

NOTE: Government Code section 66007 is a provision in the Mitigation Fee Act, so it only applies to parkland dedication in lieu fees that do not involve a subdivision.

This clause does not apply to Quimby fees.

PR3. Application for Credit. This project includes 33,472sf of private on-site active r
ecreational amenities, after deducting a 4-foot set-back for ingress and egress, and will receive credit at 50%, or 16,736sf. See Table 2. The area for the bike storage located in the 2,213sf ground level community space is not a recreational amenity and should be deducted from calculations. Notify this department if calculations change.

PR4. Update all pages of the plan set to include all of the proper labels for the private amenity s
paces (i.e. Sheet A1.2 label shows “commercial space” in the location of a proposed private amenity space. Include the dimensions of the amenity space, show the 4-foot setback from the building for exterior amenity spaces on the plan set, provide the amenity area calculations in square feet & in acres, show the amenity space name and location in table format on the plan set.

Parkland Agreement/Santa Clara Pacific Associates P age 29 of 31 Rev: January 2023

PR5. Additional information/discussion is needed about the planned programming for the two c
ommunity recreation rooms.

PR6. Developer to enter into a Covenant with the City to construct, and to maintain, in p
erpetuity at sole cost of developer and/or HOA, the private amenity space for which credit is being applied against the project’s parkland dedication requirement and balance of in lieu fees due. This Covenant will be recorded with the County.

PR7. The children’s play area should have separate areas serving ages 2-5 and 6-12 that i
nclude the six + one elements of play (climbing, balancing, spinning, brachiating, swinging, sliding, and running/free play/imagination) – see sample table below (template was emailed) that will need to be submitted to this Department.

Parkland Agreement/Santa Clara Pacific Associates P age 30 of 31 Rev: January 2023

Th
is is the completed matrix received from the developer. Developer to add a swinging element for ages 2-5 (preferably an expression swing) and ages 6-12:

PR8. Dwelling Unit Tax. A dwelling unit tax (DUT) is also due based on the number of units a
nd additional bedrooms per City Code Chapter 3.15. The Project mix includes 71 studio units, 21 one-bedroom units, 54 two-bedroom units and 54 three-bedroom units for a total DUT of $3,810.

PR9. Calculations may change if the number of units change, it any areas do not conform to t
he Ordinance and City Code Chapter 17.35, and/or if the fee schedule for new residential development fees due in lieu of parkland dedication changes before this Project is deemed complete by Planning.

Parkland Agreement/Santa Clara Pacific Associates P age 31 of 31 Rev: January 2023

XHIBIT E

INSURANCE REQUIREMENTS

Without limiting the Developer’s indemnification of the City, and prior to commencing any of t
he Services required under this Agreement, the Developer shall provide and maintain in full force and effect, at its sole cost and expense, the following insurance policies with at least the indicated coverages, provisions and endorsements:

A. COMMERCIAL GENERAL LIABILITY INSURANCE

1. Commercial General Liability Insurance policy which provides coverage at least as broad as Insurance Services Office form CG 00 01. Policy limits are subject to review, but shall in no event be less than, the following:
$5,000,000 Each occurrence
$5,000,000 General aggregate
$5,000,000 Products/Completed Operations aggregate
$5,000,000 Personal Injury

2. Exact structure and layering of the coverage shall be left to the discretion of Developer; however, any excess or umbrella policies used to meet the required limits shall be at least as broad as the underlying coverage and shall otherwise follow form.

3. The following provisions shall apply to the Commercial Liability policy as well as any umbrella policy maintained by the Developer to comply with the insurance requirements of this Agreement:
a. Coverage shall be on a “pay on behalf” basis with defense costs payable in addition to policy limits;
b. There shall be no cross liability exclusion which precludes coverage for claims or suits by one insured against another; and
c. Coverage shall apply separately to each insured against whom a claim is made or a suit is brought, except with respect to the limits of liability.

B. BUSINESS AUTOMOBILE LIABILITY INSURANCE
Business automobile liability insurance policy which provides coverage at least as broad as ISO form CA 00 01 with policy limits a minimum limit of not less than one million dollars ($1,000,000) each accident using, or providing coverage at least as broad as, Insurance Services Office form CA 00 01. Liability coverage shall apply to all owned, non-owned and hired autos.

Parkland Agreement/Santa Clara Pacific Associates P age 32 of 31 Rev: January 2023

C. W ORKERS’ COMPENSATION

1. Workers’ Compensation Insurance Policy as required by statute and employer’s liability with limits of at least one million dollars ($1,000,000) policy limit Bodily Injury by disease, one million dollars ($1,000,000) each accident/Bodily Injury and one million dollars ($1,000,000) each employee Bodily Injury by disease.

2. The indemnification and hold harmless obligations of Developer included in this Agreement shall not be limited in any way by any limitation on the amount or type of damage, compensation or benefit payable by or for Developer or any subcontractor under any Workers’ Compensation Act(s), Disability Benefits Act(s) or other employee benefits act(s).

3. This policy must include a Waiver of Subrogation in favor of the City of Santa Clara, its City Council, commissions, officers, employees, volunteers and agents.

D. COMPLIANCE WITH REQUIREMENTS
All of the following clauses and/or endorsements, or similar provisions, must be part of each commercial general liability policy, and each umbrella or excess policy.

1. Additional Insureds. City of Santa Clara, its City Council, commissions, officers, employees, volunteers and agents are hereby added as additional insureds in respect to liability arising out of Developer’s work for City, using Insurance Services Office (ISO) Endorsement CG 20 10 11 85 or the combination of CG 20 10 03 97 and CG 20 37 10 01, or its equivalent.

2. Primary and non-contributing. Each insurance policy provided by Developer shall contain language or be endorsed to contain wording making it primary insurance as respects to, and not requiring contribution from, any other insurance which the Indemnities may possess, including any self-insurance or self-insured retention they may have. Any other insurance Indemnities may possess shall be considered excess insurance only and shall not be called upon to contribute with Developer’s insurance.

3. Cancellation.
a. Each insurance policy shall contain language or be endorsed to reflect that no cancellation or modification of the coverage provided due to non- payment of premiums shall be effective until written notice has been given to City at least ten (10) days prior to the effective date of such modification or cancellation. In the event of non-renewal, written notice shall be given at least ten (10) days prior to the effective date of non- renewal.
b. Each insurance policy shall contain language or be endorsed to reflect that no cancellation or modification of the coverage provided for any cause save and except non-payment of premiums shall be effective until written notice has been given to City at least thirty (30) days prior to the effective

Parkland Agreement/Santa Clara Pacific Associates P age 33 of 31 Rev: January 2023

date of such modification or cancellation. In the event of non-renewal, w
ritten notice shall be given at least thirty (30) days prior to the effective date of non-renewal.

4. Other Endorsements. Other endorsements may be required for policies other than the commercial general liability policy if specified in the description of required insurance set forth in Sections A through D of this Exhibit C, above.

E. ADDITIONAL INSURANCE RELATED PROVISIONS
Developer and City agree as follows:

1. Developer agrees to ensure that subcontractors, and any other party involved with the Services who is brought onto or involved in the performance of the Services by Developer, provide the same minimum insurance coverage required of Contractor, except as with respect to limits. Developer agrees to monitor and review all such coverage and assumes all responsibility for ensuring that such coverage is provided in conformity with the requirements of this Agreement.

Developer agrees that upon request by City, all agreements with, and insurance compliance documents provided by, such subcontractors and others engaged in the project will be submitted to City for review.

2. Developer agrees to be responsible for ensuring that no contract used by any party involved in any way with the project reserves the right to charge City or Developer for the cost of additional insurance coverage required by this Agreement. Any such provisions are to be deleted with reference to City. It is not the intent of City to reimburse any third party for the cost of complying with these requirements. There shall be no recourse against City for payment of premiums or other amounts with respect thereto.

3. The City reserves the right to withhold payments from the Developer in the event of material noncompliance with the insurance requirements set forth in this Agreement.

F. EVIDENCE OF COVERAGE
Prior to commencement of any Services under this Agreement, Developer, and each and every subcontractor (of every tier) shall, at its sole cost and expense, provide and maintain not less than the minimum insurance coverage with the endorsements and deductibles indicated in this Agreement. Such insurance coverage shall be maintained with insurers, and under forms of policies, satisfactory to City and as described in this Agreement. Developer shall file with the City all certificates and endorsements for the required insurance policies for City’s approval as to adequacy of the insurance protection.

G. EVIDENCE OF COMPLIANCE
Developer or its insurance broker shall provide the required proof of insurance compliance, consisting of Insurance Services Office (ISO) endorsement forms or their equivalent and the ACORD form 25-S certificate of insurance (or its equivalent), evidencing all required coverage shall be delivered to City, or its representative as set

Parkland Agreement/Santa Clara Pacific Associates P age 34 of 31 Rev: January 2023

forth below, at or prior to execution of this Agreement. Upon City’s request, Developer s
hall submit to City copies of the actual insurance policies or renewals or replacements.

Unless otherwise required by the terms of this Agreement, all certificates, endorsements, coverage verifications and other items required to be delivered to City pursuant to this Agreement shall be mailed to:

EBIX Inc.

City of Santa Clara Parks & Recreation Department
P.O. Box 100085 – S2 or 1 Ebix Way
Duluth, GA 30096 John’s Creek, GA 30097
Telephone number: 951-766-2280
Fax number: 770-325-0409
Email address: [email protected]
H. QUALIFYING INSURERS
All of the insurance companies providing insurance for Developer shall have, and provide written proof of, an A. M. Best rating of at least A minus 6 (A- VI) or shall be an insurance company of equal financial stability that is approved by the City or its insurance compliance representatives.

City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-462 Agenda Date: 2/25/2025

REPORT TO COUNCIL

SUBJECT
Action to Authorize the City Manager to Negotiate and Execute Amendment No. 2 to the Agreement with National Car Charging, LLC for Electric Vehicle Charging Installations to Extend the Term Through December 31, 2026

COUNCIL PILLAR
Deliver and Enhance High Quality Efficient Services and Infrastructure Sustainability

BACKGROUND
The City of Santa Clara (City) and the State of California have developed significant goals related to expanding the availability of Electric Vehicle (EV) chargers to encourage the electrification of the transportation sector to help the City meet greenhouse gas emission reduction targets of 55% below the 2008 baseline levels by 2035. For the Silicon Valley Power (SVP) service area, the California Energy Commission (CEC) EV model shows a projected increase from 2,200 EVs in 2018 to more than 24,000 EVs by 2030.

With the projected rise of EV adoption and the incoming development of multi-unit housing in the City, the City has been planning and implementing projects to optimize opportunities to use state and local funding to expand EV charging infrastructures. In alignment with SVP’s 2018 Strategic Plan and SVP’s Integrated Resource Plan, an EV Ready Community Blueprint was developed by SVP to ensure the City is able to meet the community’s EV charging needs.

On June 25, 2019, the City Council approved the EV Ready Communities Blueprint for submission to the CEC. The blueprint was a significant effort that included contributions from residents, businesses, the Community Development Department, the Public Works Department (Traffic and Fleet Management Divisions), electric vehicle service providers, and financial institutions. The blueprint also incorporated data from the Santa Clara Valley Transportation Agency and Bay Area Air Quality Management District. The EV blueprint identified EV adoption scenarios, established priorities, and created action plans to set Santa Clara’s EV future in motion.

Among the priorities identified in the City’s EV Ready Community Blueprint are City fleet electrification, City funded/owned charging, and new curbside charging standards which require extensive infrastructure buildout and planning for logistics. On July 2, 2019, the City adopted the City Managers Directive 135 “Green Fleet Policy” to optimize the fleet, and to make every effort to purchase and use the lowest emission vehicles such as alternative-fuel vehicles and EVs. According to the Green Fleet Policy, EVs are to be procured only when fueling infrastructure are in place at City operated or local commercial fueling stations to support the operation of these vehicles. Since 2020, 63 EV vehicles have been added to the City’s fleet. In January 2021, SVP and other City City of Santa Clara Printed on 2/21/2025Page 1 of 4
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25-462 Agenda Date: 2/25/2025
departments, including the Fleet Division of Public Works, collaboratively developed a Fleet Electrification Plan based on analysis from the Center for Sustainable Energy (CSE). This plan outlined steps, both short and long-term, to transition the City's fleet to zero-emission vehicles. The plan identified fleet EV charging needs, and the timelines needed for implementation. In 2023, California legislators passed the Advanced Clean Fleets (ACF) Regulation requiring state and local government and private fleets to ensure 50 percent of vehicle purchases are zero-emission beginning in 2024 and 100 percent by 2027. Therefore, the City has focused efforts on installing EV charging infrastructures to support the City’s fleet transition to EVs.

On April 7, 2020, the City Council authorized the City Manager to execute an agreement with National Car Charging, LLC (NCC) for EV Charging Installations in an amount not to exceed $2,000,000, and to execute future amendments to the agreement (RTC #20-245).

On June 4, 2024, the City executed Amendment No. 1 to amend the scope of services and pricing schedule based on the City’s latest contract template with no change to the maximum compensation.

DISCUSSION
The agreement with NCC allows for standardization and centralization of all Cityowned EV chargers used for public, fleet, and workplace charging throughout the City. SVP will continue to coordinate these efforts with public-private partnerships for privately funded EV chargers at City facilities.

Table 1 highlights the EV chargers that have been installed from 2020 to 2024, while Table 2 lists the remaining EV chargers currently under construction.

Table 1 - Electric Vehicle Charging Stations Installed Between 2020 And 2024 Location Type Number of
Charging Ports
Santa Clara City Hall Public 6
Triton Museum of Art Public 6
Santa Clara Community Recreation Center Public 5
Mission Branch Library Public 3
Larry J Marsalli Park and Dog Park Public 5
Santa Clara Utilities Center Public 2
Henry Schmidt Park Public 3
Santa Clara City Hall Fleet 7
Santa Clara Police Department Fleet 6
Santa Clara Park Services Center Fleet 6
Santa Clara Corporation Yard Fleet 6
TOTAL 55
Table 2 - Electric Vehicle Charging Stations Currently Under Construction Location Type Number of
Charging Ports
Machado Park Public 5
Santa Clara Utilities Center Fleet 12
Santa Clara Corporation Yard - Water Dept. Fleet 6
Santa Clara Convention Center (BLINK replacement) Public 5 TOTAL 28
City of Santa Clara Printed on 2/21/2025Page 2 of 4
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25-462 Agenda Date: 2/25/2025Location Type Number of
Charging Ports
Machado Park Public 5
Santa Clara Utilities Center Fleet 12
Santa Clara Corporation Yard - Water Dept. Fleet 6
Santa Clara Convention Center (BLINK replacement) Public 5 TOTAL 28
The term of the agreement is set to expire on February 28, 2025. Staff recommend authorizing the City Manager to negotiate and execute Amendment No. 2 to extend the term through December 31, 2026, with no change to the maximum compensation. This extension will allow for the completion of the EV charging stations listed in Table 2, which were delayed due to supply chain issues.

Staff request further authorization for the City Manager to negotiate and execute future amendments to the agreement that do not extend the term or increase the maximum compensation, such as adding or deleting services consistent with the scope of services in the agreement.

ENVIRONMENTAL REVIEW
The action being considered is categorically exempt from the California Environmental Quality Act (“CEQA”) pursuant to section 15303 (New Construction or Conversion of Small Structures) of Title 14 of the California Code of Regulations as this action solely extends the agreement for the continued procurement and installation of EV Charging Stations which are small installations.

FISCAL IMPACT
The proposed Amendment No. 2 to the Agreement will not increase the maximum compensation of $2,000,000. Funding for Amendment No. 2 is available in the Electric Utility Capital Fund in the Electric Vehicle Charging Project.

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

RECOMMENDATION

1. Determine that the proposed actions are categorically exempt from CEQA pursuant to Section 15303 New Construction or Conversion of Small Structures) of Title 14 of the California Code of Regulations;

2. Authorize the City Manager, or designee, to negotiate and execute Amendment No. 2 to the Agreement with National Car Charging, LLC for EV charging installations to extend the term through December 31, 2026, with no change to the maximum compensation, subject to the review and approval as to form by the City Attorney; and

3. Authorize the City Manager, or designee, to take any actions necessary to implement and administer the Agreement as amended, including negotiating and executing future amendments City of Santa Clara Printed on 2/21/2025Page 3 of 4
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25-462 Agenda Date: 2/25/2025
to add or delete services consistent with the scope of services that do not extend the term or increase the maximum compensation, to be funded by the Silicon Valley Power Capital Fund, as applicable and subject to the appropriation of funds and the review and approval as to form by the City Attorney.

Reviewed by: Manuel Pineda, Chief Electric Utility Officer Approved by: Jovan D. Grogan, City Manager

ATTACHMENTS

1. Agreement with National Car Charging, LLC

2. Amendment No. 1 to the Agreement with National Car Charging, LLC City of Santa Clara Printed on 2/21/2025Page 4 of 4
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EBIX Insurance No. S200004516

AGREEMENT FOR SERVICES

BETWEEN THE

CITY OF SANTA CLARA, CALIFORNIA,
AND

NATIONAL CAR CHARGING LLC

PREAMBLE
This Agreement is entered into between the City of Santa Clara, California, a chartered California municipal corporation (City) and National Car Charging LLC, a Colorado limited liability company, (Contractor). City and Contractor may be referred to individually as a "Party" or collectively as the "Parties" or the "Parties to this Agreement."

RECITALS
A City desires to secure the services more fully described in this Agreement, at Exhibit A, entitled "Scope of Services";
B. Contractor represents that it, and its subcontractors, if any, have the professional qualifications, expertise, necessary licenses and desire to provide certain goods and/or required services of the quality and type which meet objectives and requirements of City; and,
C. The Parties have specified herein the terms and conditions under which such services will be provided and paid for.

The Parties agree as follows:

AGREEMENT TERMS AND CONDITIONS

1. AGREEMENT DOCUMENTS
The documents forming the entire Agreement between City and Contractor shall consist of these Terms and Conditions and the following Exhibits, which are hereby incorporated into this Agreement by this reference:

Exhibit A - Scope of Services
Exhibit B - Schedule of Fees
Exhibit C - Insurance Requirements
Exhibit D - Labor Compliance Addendum (if applicable)
This Agreement, including the Exhibits set forth above, contains all the agreements, representations and understandings of the Parties, and supersedes and replaces any previous agreements, representations and understandings, Agreement with National Car Charging LLC
Rev. 07-01-18

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City Council and Authorities ConcurrentFebruary 25, 2025

City Council and Authorities Concurrent
February 25, 2025