TOTAL PERSONNEL
EXPENSE
5,443,606 378,400 416,813 416,813 570,459 416,813 416,813 416,813 416,813 416,813 570,459 416,813 589,784
OTHER OPERATING
EXPENSE
Advertising 7,872 656 656 656 656 656 656 656 656 656 656 656 656 Automobile Expense 1,632 136 136 136 136 136 136 136 136 136 136 136 136 Bad Debt 2,496 208 208 208 208 208 208 208 208 208 208 208 208 Building Supplies 92,484 7,707 7,707 7,707 7,707 7,707 7,707 7,707 7,707 7,707 7,707 7,707 7,707 Computer Services 90,732 7,561 7,561 7,561 7,561 7,561 7,561 7,561 7,561 7,561 7,561 7,561 7,561 Consulting & Professional Fees 122,508 10,209 10,209 10,209 10,209 10,209 10,209 10,209 10,209 10,209 10,209 10,209 10,209 Contracted Services 8,616 718 718 718 718 718 718 718 718 718 718 718 718 Data Processing Fees 116,508 9,709 9,709 9,709 9,709 9,709 9,709 9,709 9,709 9,709 9,709 9,709 9,709 Dues & Subscriptions 2,832 236 236 236 236 236 236 236 236 236 236 236 236 Equipment & Supply Rental 22,020 1,835 1,835 1,835 1,835 1,835 1,835 1,835 1,835 1,835 1,835 1,835 1,835 Equip Maintenance Agreement 212,640 17,720 17,720 17,720 17,720 17,720 17,720 17,720 17,720 17,720 17,720 17,720 17,720 634
FY 20 2 5/ 2 6 A N D FY 2 02 6 /2 7 P RO P O S E D O PE RA T I NG B UD G ET | N ON -D E P A RT ME NT A L
SANTA CLARA CONVENTION CENTER
FISCAL YEAR 2027 - July 1, 2026 - June 30, 2027
BUDGET PROPOSAL - INCOME STATEMENT
TOTAL July August September October November December January February March April May June
OTHER OPERATING
EXPENSE
Insurance 257,892 21,491 21,491 21,491 21,491 21,491 21,491 21,491 21,491 21,491 21,491 21,491 21,491 Licenses and Permits 5,052 421 421 421 421 421 421 421 421 421 421 421 421 Management Fee 176,640 14,720 14,720 14,720 14,720 14,720 14,720 14,720 14,720 14,720 14,720 14,720 14,720 Meetings/Conferences 10,440 870 870 870 870 870 870 870 870 870 870 870 870 Office Supplies 21,900 1,825 1,825 1,825 1,825 1,825 1,825 1,825 1,825 1,825 1,825 1,825 1,825 Other - Lighting 24,780 2,065 2,065 2,065 2,065 2,065 2,065 2,065 2,065 2,065 2,065 2,065 2,065 Other - Marketing 5,256 438 438 438 438 438 438 438 438 438 438 438 438 Photography 3,936 328 328 328 328 328 328 328 328 328 328 328 328 Printing 2,760 230 230 230 230 230 230 230 230 230 230 230 230 Promotions 10,752 896 896 896 896 896 896 896 896 896 896 896 896 Recruitment 504 42 42 42 42 42 42 42 42 42 42 42 42
Repairs/Maintenance 116,496 9,708 9,708 9,708 9,708 9,708 9,708 9,708 9,708 9,708 9,708 9,708 9,708 Telephone 10,344 862 862 862 862 862 862 862 862 862 862 862 862 Tools/Equipment 12,912 1,076 1,076 1,076 1,076 1,076 1,076 1,076 1,076 1,076 1,076 1,076 1,076 Training 13,812 1,151 1,151 1,151 1,151 1,151 1,151 1,151 1,151 1,151 1,151 1,151 1,151 Trash Hauling 360,216 30,018 30,018 30,018 30,018 30,018 30,018 30,018 30,018 30,018 30,018 30,018 30,018 Travel & Entertainment 33,318 2,474 2,474 2,474 2,474 2,474 2,474 2,474 2,474 6,104 2,474 2,474 2,474 Uniforms 37,416 3,118 3,118 3,118 3,118 3,118 3,118 3,118 3,118 3,118 3,118 3,118 3,118 Utilities 1,120,392 93,366 93,366 93,366 93,366 93,366 93,366 93,366 93,366 93,366 93,366 93,366 93,366 Allocation of Utilities (139,284) (11,607) (11,607) (11,607) (11,607) (11,607) (11,607) (11,607) (11,607) (11,607) (11,607) (11,607) (11,607)
TOTAL OPERATING
EXPENSES
2,765,886 230,188 230,188 230,188 230,188 230,188 230,188 230,188 230,188 233,818 230,188 230,188 230,188 TOTAL INDIRECT EXPENSES 8,209,475 608,588 646,999 646,999 800,647 646,999 646,999 646,999 646,999 650,629 800,647 646,999 819,971 CAPITAL EXPENSE 0 0 0 0 0 0 0 0 0 0 0 0 0
NET INCOME / (SUBSIDY) 1,054 (317,087) (134,391) 134,862 297,909 (68,658) (259,155) (393,963) 39,751 317,760 257,709 151,536 (25,219) 635
FY 20 2 5/ 2 6 A N D FY 2 02 6 /2 7 P RO P O S E D O PE RA T I NG B UD G ET | N ON -D E P A RT ME NT A L
SANTA CLARA CONVENTION CENTER
FISCAL YEAR 2027 - July 1, 2026 - June 30, 2027
EVENTS BUDGET
CONVENTIONS
TRADE
SHOWS
PUBLIC
SHOWS
SPECIAL
EVENTS MEETINGS BANQUETS
SPORTING
EVENTS TOTALS
NUMBER OF EVENTS 28 16 12 54 49 22 47 228
GENERAL ATTENDANCE 71,530 32,150 61,235 35,354 31,467 21,718 53,535 306,989 DAYS 132 57 46 70 80 36 123 544
DIRECT EVENT REVENUE
RENTAL REVENUE 1,520,510 393,533 322,124 532,428 366,357 151,092 638,779 3,924,823 SERVICE REVENUE 876,614 232,845 40,426 125,656 242,611 106,501 112,053 1,736,706 DIRECT EVENT REVENUE 2,397,124 626,378 362,550 658,084 608,968 257,593 750,832 5,661,529
SERVICE REVENUE
EQUIPMENT RENTAL 110,942 57,456 35,492 62,859 58,976 30,768 88,224 444,717 TELECOMMUNICATIONS BILLED 765,672 175,389 4,934 62,797 183,635 75,733 23,829 1,291,989 TOTAL SERVICE REVENUE 876,614 232,845 40,426 125,656 242,611 106,501 112,053 1,736,706
SERVICE REVENUE TO RENTAL
REVENUE RATIO
57.7% 59.2% 12.5% 23.6% 66.2% 70.5% 17.5% 44.2%
LESS SERVICE EXPENSES:
TELECOMMUNICATIONS EXPENSE 459,403 105,233 2,960 37,678 110,181 45,440 14,297 775,192 TOTAL SERVICE EXPENSES 459,403 105,233 2,960 37,678 110,181 45,440 14,297 775,192 NET SERVICE INCOME/(LOSS) 417,211 127,612 37,466 87,978 132,430 61,061 97,756 961,514 SERVICE REVENUE PROFIT MARGIN 47.6% 54.8% 92.7% 70.0% 54.6% 57.3% 87.2% 55.4%
FOOD & BEVERAGE
CATERING 8,322,220 0 0 0 0 0 0 8,322,220
GROSS FOOD & BEVERAGE
REVENUE
8,322,220 0 0 0 0 0 0 8,322,220
CATERING EXPENSE-Food 6,713,372 0 0 0 0 0 0 6,713,372
CATERING EXPENSE-Non-Alcoholic 128,708 0 0 0 0 0 0 128,708 TOTAL FOOD & BEVERAGE EXPENSE 6,842,080 0 0 0 0 0 0 6,842,080 NET FOOD & BEVERAGE INCOME 1,480,140 0 0 0 0 0 0 1,480,140
FOOD & BEVERAGE EVENT PROFIT
MARGIN
17.8% 0.0% % 0.0% 0.0% 0.0% 0.0% 0.0% 17.8%
636
FY 20 2 5/ 2 6 A N D FY 2 02 6 /2 7 P RO P O S E D O PE RA T I NG B UD G ET | N ON -D E P A RT ME NT A L
SANTA CLARA CONVENTION CENTER
FISCAL YEAR 2027 - July 1, 2026 - June 30, 2027
EVENTS BUDGET
CONVENTIONS
TRADE
SHOWS
PUBLIC
SHOWS
SPECIAL
EVENTS MEETINGS BANQUETS
SPORTING
EVENTS TOTALS
AUDIO VISUAL REVENUE
AV SERVICE REVENUE 1,296,010 277,874 8,213 254,428 690,450 234,657 91,787 2,853,419 AV SERVICE EXPENSE 801,526 186,176 5,503 170,467 462,602 157,220 61,497 1,844,991 NET AUDIO VISUAL INCOME 494,484 91,698 2,710 83,961 227,848 77,437 30,290 1,008,428 AUDIO VISUAL PROFIT MARGIN 38.2% 33.0% 33.0% 33.0% 33.0% 33.0% 0.0% 35.3%
ELECTRICAL SERVICES
ELECTRICAL SERVICES REVENUE 846,679 298,125 70,227 27,186 67,960 0 6,860 1,317,037 ELECTRICAL SERVICES EXPENSE 584,209 205,706 48,457 18,758 46,892 0 4,733 908,755 NET ELECTRICAL SERVICES INCOME 262,470 92,419 21,770 8,428 21,068 0 2,127 408,282
ELECTRICAL SERVICES PROFIT
MARGIN
31.0% 31.0% 31.0% 31.0% 31.0% 0.0% 0.0% 31.0%
TOTAL ANCILLARY INCOME 2,237,094 184,117 24,481 92,389 248,916 77,437 32,416 2,896,850 EVENT OPERATING INCOME 4,174,815 705,262 384,070 712,795 747,703 289,590 768,951 7,783,186 TOTAL GROSS REVENUE 12,862,033 1,202,377 440,990 939,698 1,367,378 492,250 849,479 18,154,205 637
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638
Sports and Open Space
Authority
639
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640
FY 20 2 5/ 2 6 A N D F Y 2 02 6 / 2 7 P RO P O S E D OP E R A T I NG B UD G E T | S P O RT S A ND O P E N S P AC E A U T H OR I T Y Sports and Open Space Authority
The Sports and Open Space Authority of the City of Santa Clara (Authority) was created by the City Council in 1974 to establish a separate entity to acquire and develop open space within the City of Santa Clara. The validity of the Authority and its legal existence was established in 1975 by final judgment of the Santa Clara County Superior Court. The Santa Clara Golf and Tennis Club (SCGTC) was developed by the Authority on City-owned land and operated under a management agreement with a private company and a private restaurant facility at the Golf and Tennis Club leased to a private operator. In 1997/98, the City Council set aside approximately 40 acres of the former golf course site to be preserved and maintained as open space, and, in calendar year 1999, the Authority approved the sale of 4.3 acres of the former golf course property to the City’s Redevelopment Agency to be disposed of as a site for development of affordable housing.
The Authority terminated operations of SCGTC in late calendar year 2019 and the land will be redeveloped into a mixeduse commercial/residential project. There is minimal funding budgeted in Fiscal Year 2025/26 and Fiscal Year 2026/27 for the Open Space Authority.
Budget Summary
FY 2023/24
Actual
FY 2024/25
Adopted
FY 2025/26
Proposed
FY 2025/26
Change %
FY 2026/27
Proposed
FY 2026/27
Change %
8011 Sports and Open Space
Authority
10,498 10,200 11,404 11.8% 11,612 1.8%
10,498 10,200 11,404 11.8% 11,612 1.8%
10,498 10,200 11,404 11.8% 11,612 1.8%
Dollars by Fund
10,498 10,200 11,404 11.8% 11,612 1.8%
Total by Fund 10,498 10,200 11,404 11.8% 11,612 1.8%
Dollars by Category
Salary and Benefits
Board Member Stipend 6,427 5,100 5,702 11.8% 5,806 1.8% Total Salary and Benefits 6,427 5,100 5,702 11.8% 5,806 1.8% Non-Personnel
Materials/Services/Supplies 4,071 5,100 5,702 11.8% 5,806 1.8% Total Non-Personnel 4,071 5,100 5,702 11.8% 5,806 1.8%
Total by Category 10,498 10,200 11,404 11.8% 11,612 1.8% Sports and Open Space Authority Fund
Dollars by Division / Program
Sports and Open Space Authority
Total Sports and Open Space
Authority
Total by Division / Program
641
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642
FY 20 2 5/ 2 6 A N D F Y 2 02 6 / 2 7 P RO P O S E D OP E R A T I NG B UD G E T | A P P E N DI CE S Outside Group Funding
The City considers funding non-profit community organizations to meet significant community needs or address concerns of Santa Clara residents. Funding in any case is made on an individual basis dependent upon City budget limitation, past performance and services provided.
Community
Organization Department Description FY 2025/26 FY 2026/27 Bill Wilson Center Community
Development
Provides family and individual counseling and
youth crisis intervention at local schools and grief
support services, including individual and group
counseling
30,000 30,000
Catholic Charities
Long Term Care
Ombudsman
Community
Development
Monitors quality of care to elderly and disabled
residents of long-term care facilities
15,300 15,606
Consortium for
Energy Efficiency
Electric Utility Provides funding for furthering research projects in energy efficiency and integrate home
competitions
3,000 3,000
Firehouse Fun
Run
Electric Utility A Santa Clara community walk/run event established to support Santa Clara Unified School
District and local Military Veterans
5,000 5,000
HAAS Berkeley
Institute POWER
Conference
Electric Utility An annual conference on energy research and policy that takes place at the UC Berkeley
campus
12,000 12,000
Heart of the
Valley
Community
Development
Provides transportation for seniors and disabled
persons who are unable to travel by bus or other
public transportation, collects demographic
information on new paratransit clients and to
coordinate and train volunteers for service
delivery
30,000 30,000
HOPE Services –
Educational
Services
Community
Development
Provides educational services to people with
developmental disabilities
30,000 30,000
Loaves & Fishes
– Meals on
Wheels
Community
Development
Provides seniors and adults with disabilities hot,
nutritious meals five days a week
30,000 30,000
Next Door
Solutions
Community
Development
Provides case management for residents at
HomeSafe Santa Clara, a transitional housing
program for victims of domestic violence
30,000 30,000
Parade of
Champions (InKind Services)
NonDepartmental Provides in-kind City resources for the parade to celebrate community champions including civic
and community leaders
62,424 63,672
643
FY 20 2 5/ 2 6 A N D F Y 2 02 6 / 2 7 P RO P O S E D OP E R A T I NG B UD G E T | A P P E N DI CE S Community
Organization Department Description FY 2025/26 FY 2026/27 Project Sentinel –
Rent Mediation
Community
Development
Provides advice, referrals, counseling, and
mediation services to tenants and landlords to
resolve disputes regarding rental arrangements
69,159 70,542
Santa Clara
Library
Foundation –
Comic Con
Electric Utility An event held at Central Park library to create awareness of and appreciation for comics and
related popular art forms
5,000 5,000
Santa Clara
Senior Nutrition
Parks and
Recreation
Provides daily delivery of meals to severely
disabled and homebound seniors
27,445 27,445
Santa Clara
Sister Cities
Association
NonDepartmental Funding for the cultural exchange program for the City of Santa Clara’s three sister cities, Coimbra,
Portugal, Limerick, Ireland and Izumo, Japan
5,772 5,887
Santa Clara
Swim Club
NonDepartmental Host swim meets which bring national and international visitors to the city
100,000 100,000
Senior Adult
Legal Assistance
Community
Development
Provides free legal services for seniors that
include advice and referrals, document writing
and legal representation
30,000 30,000
Silicon Valley
Bicycle Coalition
– Silicon Valley
Bike to Work /
Wherever
Electric Utility Encourages the community to ride bikes for errands, visit friends and family, commute to
school and work, and ride recreationally
3,000 3,000
Silicon Valley
Independent
Living Center
Community
Development
Provides housing for persons with disabilities 30,000 30,000 Silicon Valley
Youth Climate
Action Summit
Electric Utility An annual event where high school and college students, young professionals, community
stakeholders, educators, elected officials and
industry leaders are invited to a day of learning,
networking and discussion around innovative
climate solutions and strategies
5,000 5,000
State of the
Valley
Conference
Electric Utility Silicon Valley’s annual “town meeting” convenes stakeholders from the entire region to discuss the
Valley’s challenges and opportunities. The Silicon
Valley Index is shared and discussed
5,000 5,000
Triton Museum NonDepartmental Provides artistic exhibitions and educational programs
304,936 314,084
644
FY 20 2 5/ 2 6 A N D F Y 2 02 6 / 2 7 P RO P O S E D OP E R A T I NG B UD G E T | A P P E N DI CE S Community
Organization Department Description FY 2025/26 FY 2026/27 United Way
Silicon Valley –
2-1-1 Phone
System
Community
Development
Non-emergency information and referral for health
and human services
5,100 5,202
Utility Energy
Forum
Electric Utility An electric utility event specifically for energy utilities to discuss policy, programs and share
innovations
7,000 7,000
Women’s League
– Showtime
NonDepartmental
Raises funds in support of the Senior Center
Health and Wellness Program
20,000 20,000
Total Outside Group Funding 865,136 877,438
645
FY 20 2 5/ 2 6 A N D F Y 2 02 6 / 2 7 P RO P O S E D OP E R A T I NG B UD G E T | A P P E N DI CE S FY 2025/26 Capital Improvement Program Budget Amendments Cemetery Capital Fund (593)
Project
Source of
Funds
Use of
Funds Explanation
Unrestricted Beginning
Fund Balance /
Unrestricted Ending Fund
Balance
(23,835) ($23,835) Decreases the Unrestricted Beginning Fund Balance and Unrestricted Ending Fund Balance to account for
changes from the FY 2025/26 Adopted CIP budget.
Transfer from the General
Fund / PW Capital
Projects Management -
Cemetery
(4,813) (4,813) Updates the Public Works Capital Management allocation based on the recalculated project
distribution. The Transfer from the General Fund
that supports this cost is also decreased.
Total Cemetery Capital
Fund
(28,648) (28,648)
City Affordable Housing Capital Fund (565)
Project
Source of
Funds
Use of
Funds Explanation
Unrestricted Beginning
Fund Balance /
Unrestricted Ending Fund
Balance
3,047,218 3,047,218 Increases the Unrestricted Beginning Fund Balance and Unrestricted Ending Fund Balance to account for
changes from the FY 2025/26 Adopted CIP budget.
Total City Affordable
Housing Capital Fund
3,047,218 3,047,218
Electric Utility Capital Fund (591)
Project
Source of
Funds
Use of
Funds Explanation
Unrestricted Beginning
Fund Balance /
Unrestricted Ending Fund
Balance
10,655,227 10,655,227 Increases the Unrestricted Beginning Fund Balance and Unrestricted Ending Fund Balance to account for
changes from the FY 2025/26 Adopted CIP budget.
Total Electric Utility
Capital Fund
10,655,227 10,655,227
Fire Department Capital Fund (536)
Project
Source of
Funds
Use of
Funds Explanation
Transfer from General
Fund / PW Capital
Projects Management -
Fire
14,300 14,300 Updates the Public Works Capital Management allocation based on the recalculated project
distribution. The Transfer from the General Fund
that supports this cost is also increased.
Total Fire Department
Capital Fund
14,300 14,300
646
FY 20 2 5/ 2 6 A N D F Y 2 02 6 / 2 7 P RO P O S E D OP E R A T I NG B UD G E T | A P P E N DI CE S General Government Capital Fund (539)
Project
Source of
Funds
Use of
Funds Explanation
Transfer from General
Fund / PW Capital
Projects Management -
General Government
1,646 1,646 Updates the Public Works Capital Management allocation based on the recalculated project
distribution. The Transfer from the General Fund that
supports this cost is also increased.
Transfer from Electric
Utility Fund - GIS
Enterprise System
(Geospatial Information
System)
9,375 Increases the transfer from the Electric Utility Fund to account for the COLA increase in the GIS Enterprise
System Project. This fund's share of costs is 62.5% of
the project budget.
Transfer from Water Utility
Fund - GIS Enterprise
System (Geospatial
Information System)
5,625 Increases the transfer from the Water Utility Fund to account for the COLA increase in the GIS Enterprise
System Project. This fund's share of costs is 37.5% of
the project budget.
GIS Enterprise System
(Geospatial Information
System)
15,000 Increases the project budget to include annual COLA adjustments. The current budget does not assume
inflation. Funding is offset by transfers in from the
Water Utility and Electric Utility Funds.
Total General
Government Capital
Fund
16,646 16,646
Library Department Capital Fund (537)
Project
Source of
Funds
Use of
Funds Explanation
Transfer from the General
Fund / PW Capital
Projects Management -
Library
1,838 1,838 Updates the Public Works Capital Management allocation based on the recalculated project
distribution. The Transfer from the General Fund that
supports this cost is also increased.
Total Library Department
Capital Fund
1,838 1,838
647
FY 20 2 5/ 2 6 A N D F Y 2 02 6 / 2 7 P RO P O S E D OP E R A T I NG B UD G E T | A P P E N DI CE S Parks and Recreation Capital Fund (532)
Project
Source of
Funds
Use of
Funds Explanation
Beginning Fund Balance -
Mitigation Fee Act Fees
1,731,958 Increases the Beginning Fund Balance - Mitigation Fee Act Fees to account for changes from the FY 2025/26
Adopted CIP budget.
Beginning Fund Balance -
Quimby Fees
2,253,333 Increases the Beginning Fund Balance - Quimby Fees to account for changes from the FY 2025/26 Adopted
CIP budget.
Beginning Fund Balance -
Developer Contributions /
Ending Fund Balance -
Developer Contributions
144,725 144,725 Increases the Beginning Fund Balance - Developer Contributions and Ending Fund Balance - Developer
Contributions to account for changes from the FY
2025/26 Adopted CIP budget.
Beginning Fund Balance -
Recreation Area Lot Fees
/ Ending Fund Balance -
Recreation Area Lot Fees
5,507 5,507 Increases the Beginning Fund Balance - Recreation Area Lot Fees and Ending Fund Balance - Recreation
Area Lot Fees to account for changes from the FY
2025/26 Adopted CIP budget.
Unrestricted Beginning
Fund Balance /
Unrestricted Ending Fund
Balance
1,046,143 1,046,143 Increases the Unrestricted Beginning Fund Balance and Ending Fund Balance to account for changes from the
FY 2025/26 Adopted CIP budget. This represents
interest earning anticipated in FY 2024/25 that will be carried over to FY 2025/26.
Transfer from the General
Fund
677,269 Increases the Transfer from the General Fund to partially support the Public Works Capital Project
Management allocation and fund the City of Santa Clara
Public Art Master Plan project.
Transfer from the General
Fund - Capital Projects
Reserve/Planning and
Construction of Temporary
and/or Permanent ISC
Replacement Facility
(500,000) (500,000) Decreases the Transfer from the General Fund Capital Projects Reserve and the allocation for the Planning
and Construction of Temporary and/or Permanent ISC
Replacement Facility project by $500,000. This funding
was moved up from FY 2025/26 to FY 2024/25 to
support the ISC project.
PW Capital Projects
Management - Parks &
Recreation
1,265,264 Reflects the Public Works Capital Management
allocation based on the calculated project distribution.
Given that the allocation for this fund is calculated on an annual basis, the FY 2024/25 and FY 2025/26 Adopted
Budget had not included an allocation for FY 2025/26.
648
FY 20 2 5/ 2 6 A N D F Y 2 02 6 / 2 7 P RO P O S E D OP E R A T I NG B UD G E T | A P P E N DI CE S Parks and Recreation Capital Fund (532) (Cont'd.)
Project
Source of
Funds
Use of
Funds Explanation
City of Santa Clara
Public Art Master Plan
(City Council priority)
120,000 Establishes a new City of Santa Clara Public Art Master Plan project that will provide the City with a long-term strategic approach toward public art. This plan will identify and define opportunities; potential permanent, temporary, and performative sites/mediums; and mission, vision, and community/organizational goals. The Public Art Master
Plan will also focus on operational and funding strategies, and address maintenance, community engagement and
education. This project will help identify sustainable
staffing; define artist and artwork selection methods and criteria; establish systems, procedures, and policies that support public art efforts with both internal and external partners while meeting the stated needs of the City and the community with which it serves. This project was
identified as a Council priority as is funded by a transfer from the General Fund.
Central Park Access &
Parking Improvements
Project
1,223,773 Increases the total project budget from $5,691,177 to $6,914,950 to reflect increased construction costs using Mitigation Fee Act funds. The initial schematic design was approved by Council in September 2022, but since then,
the design has been updated to include additional ADA
improvements. The project is currently in the design
phase and is anticipating the construction bid award
process by early FY 2025/26.
Henry Schmidt Park
Rehabilitation Project
3,415,000 Increases the project budget to fund a portion of the project's construction phase using Mitigation Fee Act
funds. The total estimated cost of the project is $8.2
million, of which $4.2 million is earmarked from the
Measure I Bond to fund the remaining construction costs.
The project is anticipated to move forward with the
construction bid process and construction in FY 2025/26.
Ending Fund Balance -
Mitigation Fee Act Fees
(3,564,662) Decreases the Ending Fund Balance - Mitigation Fee Act Fees to offset the actions above.
Ending Fund Balance -
Quimby Fees
2,203,185 Increases the Ending Fund Balance - Quimby Fees to offset the actions above.
Total Parks and
Recreation Capital
Fund
5,358,935 5,358,935
649
FY 20 2 5/ 2 6 A N D F Y 2 02 6 / 2 7 P RO P O S E D OP E R A T I NG B UD G E T | A P P E N DI CE S Public Buildings Capital Fund (538)
Project
Source of
Funds
Use of
Funds Explanation
Transfer from the General
Fund / PW Capital
Projects Management -
Public Buildings
(117,611) (117,611) Updates the Public Works Capital Management allocation based on the recalculated project
distribution. The Transfer from the General Fund
that supports this cost is also decreased.
Total Public Buildings
Capital Fund
(117,611) (117,611)
Recycled Water Capital Fund (597)
Project
Source of
Funds
Use of
Funds Explanation
Unrestricted Beginning
Fund Balance /
Unrestricted Ending Fund
Balance
21,800 21,800 Increases the Unrestricted Beginning Fund Balance and Unrestricted Ending Fund Balance to account for
changes from the FY 2025/26 Adopted CIP budget.
Total Recycled Water
Capital Fund
21,800 21,800
Related Santa Clara Developer Fund (540)
Project
Source of
Funds
Use of
Funds Explanation
Developer Contributions /
Related General Admin
Project
395 395 Increases the Developer Contribution estimate and the Related General Admin Project to reflect updated
position costing associated with this project.
Total Related Santa
Clara Developer Fund
395 395
Sewer Utility Capital Fund (594)
Project
Source of
Funds
Use of
Funds Explanation
Beginning Fund Balance -
Unrestricted
(392,402) Decreases the Unrestricted Beginning Fund Balance from $4,887,548 to $4,495,146 to account for
changes from the FY 2025/26 Adopted CIP budget.
Beginning Fund Balance /
Ending Fund Balance -
Restricted Sewer
Conveyance Fee
914,158 914,158 Increases the Restricted Beginning Fund Balance - Sewer Conveyance Fee (from $26,525,589 to
$27,439,747) and Restricted Ending Fund Balance -
Sewer Conveyance Fee (from $20,525,589 to
$21,439,747) to account for changes from the FY
2025/26 Adopted CIP budget.
650
FY 20 2 5/ 2 6 A N D F Y 2 02 6 / 2 7 P RO P O S E D OP E R A T I NG B UD G E T | A P P E N DI CE S Sewer Utility Capital Fund (594) (Cont'd.)
Project
Source of
Funds
Use of
Funds Explanation
Sanitary Sewer System
Improvements
900,000 This action increases the Sanitary Sewer System Improvements project by $900,000 (from $1,100,000
to $2,000,000) to replace additional sewer mains, as
a result of the sewer main assessments.
Public Works Paving
Project Support - Sewer
500,000 This action establishes the Public Works Paving Project Support - Sewer in the amount of $500,000 to
account for costs associated with raising manholes
as a result of work completed through the Public
Works' Annual Pavement Project.
PW Capital Projects
Management - Sewer
Utility
359,760 This action increases the PW Capital Projects
Management - Sewer Utility project by $359,760 to
reflect the updated Public Works allocation for project delivery related to the Sewer Utility.
Sanitary Sewer Hydraulic
Modeling As Needed
Support
(61,629) This action decreases the Sanitary Sewer Hydraulic Modeling As Needed Support project by $61,629 to
reflect the updated Public Works allocation for project delivery related to the Sewer Utility.
Unrestricted Ending Fund
Balance
(2,090,533) Decreases the Unrestricted Ending Fund Balance from $3,887,548 to $1,797,015 to offset the actions
recommended above.
Total Sewer Utility
Capital Fund
521,756 521,756
Solid Waste Capital Fund (596)
Project
Source of
Funds
Use of
Funds Explanation
Beginning Fund Balance -
Landfill Corrective Action
Costs
314,223 Increases the Ending Fund Balance - Landfill
Corrective Action Costs Reserve to account for
changes from the FY 2025/26 Adopted CIP budget.
Unrestricted Beginning
Fund Balance
(60,758) Decreases the Unrestricted Beginning Fund Balance to account for changes from the FY 2025/26 Adopted
CIP budget.
Ending Fund Balance -
Landfill Corrective Action
Costs
307,052 Increases the Ending Fund Balance - Landfill
Corrective Action Costs Reserve to align with
updated estimates.
651
FY 20 2 5/ 2 6 A N D F Y 2 02 6 / 2 7 P RO P O S E D OP E R A T I NG B UD G E T | A P P E N DI CE S Solid Waste Capital Fund (596) (Cont'd.)
Project
Source of
Funds
Use of
Funds Explanation
Unrestricted Ending Fund
Balance
(53,587) Decreases the Unrestricted Ending Fund Balance to offset the action above.
Total Solid Waste Capital
Fund
253,465 253,465
Storm Drain Capital Fund (535)
Project
Source of
Funds
Use of
Funds Explanation
Unrestricted Beginning
Fund Balance / Unrestricted
Ending Fund Balance
(13,788) (13,788) Decreases the Unrestricted Beginning Fund Balance and Unrestricted Ending Fund Balance to account for
changes from the FY 2025/26 Adopted CIP budget.
Transfer from the General
Fund / PW Capital Projects
Management - Storm Drain
54,974 54,974 Increases the Public Works Capital Management allocation based on the recalculated project
distribution. The Transfer from the General Fund that
supports this cost is also increased.
Total Storm Drain Capital
Fund
41,186 41,186
Streets and Highways Capital Fund (533)
Project
Source of
Funds
Use of
Funds Explanation
Unrestricted Beginning
Fund Balance
(228,775) (228,775) Decreases the Unrestricted Beginning Fund Balance and Unrestricted Ending Fund Balance to account for
changes from the FY 2025/26 Adopted CIP budget.
Transfer from the Electric
Grant Operating Trust Fund
(766,598) Decreases the transfer from the Electric Grant Operating Trust Fund for the Pedestrian and Bicycle
Enhancement Facilities Project and the CupertinoSanta Clara On-Demand Shuttle Project.
Transfer from the General
Fund / Tasman to Lafayette
Walkway/Stairway Project
200,000 200,000 Establishes the Tasman to Lafayette
Walkway/Stairway project for a feasibility study for a
walkway/stairway with carve-out under bridge for
rideshare. This study was identified as a City Council
priority and is funded by a transfer from the General
Fund.
652
FY 20 2 5/ 2 6 A N D F Y 2 02 6 / 2 7 P RO P O S E D OP E R A T I NG B UD G E T | A P P E N DI CE S Streets and Highways Capital Fund (533) (Cont'd.)
Project
Source of
Funds
Use of
Funds Explanation
Transfer from the Traffic
Mitigation Fund
(41,000) Decreases the transfer from the Traffic Mitigation Fund to account for lower than anticipated Traffic
Mitigation Fee revenue.
Santa Clara VTA -
Congestion Management
Program
(1,000) Decreases the Santa Clara VTA - Congestion
Management Program project by $1,000 to account
for reduced transfer from the Traffic Mitigation Fund.
Cupertino-Santa Clara OnDemand Shuttle Project (501,598) Decreases the Cupertino-Santa Clara On-Demand Shuttle project by $501,598 as the project has been
eliminated.
Traffic Signal
Enhancements
60,000 Increases the Traffic Signal Enhancements project by $60,000 to account for the reallocation of funding
from the Traffic Mitigation Fund.
Traffic Signal Interconnect
Upgrade
(50,000) Decreases the Traffic Signal Interconnect Upgrade project by $50,000 to account for reduced transfer
from the Traffic Mitigation Fund.
Transportation Modeling
Update
(50,000) Decreases the Transportation Modeling Update
project by $50,000 to account for reduced transfer
from the Traffic Mitigation Fund.
Pedestrian and Bicycle
Enhancement Facilities
(265,000) Decreases the Pedestrian and Bicycle Enhancement Facilities project by $265,000 to reflect the
decreased transfer from the Electric Grant Operating
Trust Fund.
Transfer from the General
Fund / PW Capital Projects
Management - Streets and
Highways
(282,752) (282,752) Updates the Public Works Capital Management allocation based on the recalculated project
distribution. The Transfer from the General Fund that
supports this cost is also decreased.
Total Streets and
Highways Capital Fund
(1,119,125) (1,119,125)
653
FY 20 2 5/ 2 6 A N D F Y 2 02 6 / 2 7 P RO P O S E D OP E R A T I NG B UD G E T | A P P E N DI CE S Tasman East Infrastructure Improvement Fund (541)
Project
Source of
Funds
Use of
Funds Explanation
Unrestricted Beginning Fund
Balance / Unrestricted Ending
Fund Balance
9,183 9,183 Increases the Unrestricted Beginning Fund Balance and Unrestricted Ending Fund Balance to account for
changes from the FY 2025/26 Adopted CIP budget.
Total Tasman East
Infrastructure Improvement
Fund
9,183 9,183
Water Utility Capital Fund (592)
Project
Source of
Funds
Use of
Funds Explanation
Unrestricted Beginning Fund
Balance
2,708,516 Increases the Unrestricted Beginning Fund Balance, from $3,896,155 to $6,604,671, to account for
changes from the FY 2025/26 Adopted CIP budget.
Buildings and Grounds 500,000 This action increases the Buildings and Ground project by $500,000 (from $2,250,000 to $2,750,000).
This additional funding is necessary to comply with
Bay Area Air Quality Management District
requirements released in November 2024, which
requires generators be at Tier 4, instead of Tier 3.
Distribution System
Replacement/Restoration
1,500,000 This action increases the Distribution System Replacement/Restoration project by $1,500,000 (from
$3,000,000 to $4,500,000). This additional funding is
necessary to account for higher than anticipated main
replacement costs, particularly increased paving costs
which have nearly doubled since the original
estimates.
Public Works Paving Project
Support - Water
500,000 This action establishes the Public Works Paving Project Support - Water in the amount of $500,000 to
account for costs associated with raising water valves
as a result of work completed through the Public
Works' Annual Pavement Project.
Unrestricted Ending Fund
Balance
208,516 Increases the unrestricted ending fund balance, from $2,896,155 to $3,104,671, to offset the actions
recommended above.
Total Water Utility Capital
Fund
2,708,516 2,708,516
654
California Society of Municipal
Finance Officers
Certificate of Award
Capital Budget Excellence Award
Fiscal Years 2024-2025 & 2025-2026
Presented to the
City of Santa Clara
For meeting the criteria established to achieve a CSMFO Award in Budgeting.
February 7, 2025
Ernie Reyna James Russell-Field, Chair 2024 CSMFO President Recognition Committee Dedicated to Excellence in Municipal Financial Reporting 655
This page is intentionally left blank.
656
FY 2025/26 and FY 2026/27
Proposed Biennial
Operating Budget
Budget-in-Brief
To Our Santa Clara Residents:
The Proposed Biennial Operating Budget for fiscal years (FY) 2025/26 and 2026/27 is presented for consideration and
continues our two-year budgeting process that alternates between the operating and capital budgets. This year’s budget focuses on our day-to-day operations that support vital City services, and important amendments to the second year of the biennial capital budget that you approved last year.
As part of the budget deliberation process, two City Council study sessions are scheduled for May 13, 2025, and May 27, 2025, before the public hearing and planned budget adoption on June 10, 2025. The City Council approved amendments to the City’s Municipal Fee Schedule on April 29, 2025. The effective date of those fee changes aligns with the July 1, 2025 start date for the Proposed Biennial Operating Budget.
For FY 2025/26, the Proposed Operating Budget totals $1.2 billion. The enterprise funds that are used to manage the City’s utilities (Silicon Valley Power, water, sewer, and solid waste) represent the largest share of the budget at 57.9%. The General Fund budget totals $333.6 million, or 19.5% of the budget, and is used to fund many direct services, such as police and fire public safety services, libraries, parks, community centers, and streets maintenance.
The City’s financial position has improved since the adoption of the last biennial operating budget. When looking at projected revenue and expenses, the Ten-Year General Fund Forecast is positive by $9.3 million in FY 2025/26 and projects a deficit of $0.1 million in FY 2026/27. Small deficits and surpluses are projected for the remaining years of the forecast; however, the forecast does not include the capacity to fully restore prior cuts, add capacity to support new service areas and growth in the City, and to fully fund capital infrastructure maintenance and replacement.
This improved financial picture provides for targeted
investments that fund many of the City Council’s identified priorities as well as enhance the City’s operating reserves, restoring the Budget Stabilization Reserve (BSR) to the Council policy level of 25% of expenditures. The budget includes enhancements to key City services and funding for the implementation of Measure I – General Obligation (GO) Bond approved by the voters in November 2024.
City of Santa Clara Budget-in-Brief
FY 2025/26 and FY 2026/27
Proposed Biennial Operating Budget
Where the City Gets Its Money
FY 2025/26 and FY 2026/27 Funding Sources
FY 2025/26 and FY 2026/27 City Expenditure Budget
1.0 2.0
4.0 8.0
16.0 32.0
64.0 128.0
256.0
512.0
1,024.0
$ in millions
FY 2025/26 Proposed FY 2026/27 Proposed
*FY 2024/25 Capital Improvement Program budget includes CIP carryover. **Excludes contributions, reserves, and transfers to avoid double counting.
User Fee Detail FY 2025/26 FY 2026/27
• Electric Utility Fees $ 851.9 M $ 938.0 M
• Water Utility Fees 82.3 M 89.9 M
• Sewer Utility Fees 51.2 M 55.9 M
• Solid Waste Fees 41.4 M 43.3 M
Fund Type
FY 2024/25
Adopted
Budget
FY 2025/26
Proposed
Budget
%
Change
FY 2026/27
Proposed
Budget
%
Change
General Fund $ 310,698,189 $ 333,645,699 7.4% $ 342,802,597 2.7% Special Revenue 41,458,963 42,154,763 1.7% 38,806,836 (7.9%) Enterprise 945,192,918 1,011,491,693 7.0% 1,100,414,703 8.8% Internal Service 45,724,215 51,116,529 11.8% 48,281,729 (5.5%) Debt/Other 152,273,904 273,236,049 79.4% 27,245,993 (90.0%) Capital Improvement
Program*
567,113,844 366,289,203 (35.4%) 149,309,062 (59.2%)
Less (Contributions,
Transfers and Reserves)**
(416,866,269) (528,008,962) 26.7% (302,635,147) (42.7%) Total Budget $ 1,645,595,764 $ 1,549,924,974 (5.8%) $ 1,404,225,773 (9.4%) City of Santa Clara Budget-in-Brief
FY 2025/26 and FY 2026/27
Proposed Biennial Operating Budget
r ..____ __ ____.
- -
Property Tax Sales Tax
Per $100 Collected Sales Tax Generators
Santa Clara
Unified School
District, $38.36 County of
Santa Clara,
$18.72
County Office
of Education,
$3.97
City of Santa
Clara, $10.18
West Valley
College,
$11.09
Other Special
Districts, $2.50 ERAF (Other School
Districts), $15.18
Office Equipment,
18.3%
Auto Sales -
New, 10.0%
Restaurants,
9.4%
Light
Industry,
7.0%
Electronic
Equipment,
4.6%
I.T.
Infrastructure,
4.2%
Department Stores,
3.9%
Bldg Matls -
Wholesale, 3.6%
Leasing,
2.2%
Business
Services, 2.2%
Other Categories,
34.6%
When you pay your property tax bill to the County,
the City of Santa Clara General Fund receives
$10.18 for every $100 collected. The City
anticipates receiving $101.2 million in FY 2025/26
and $106.0 million in FY 2026/27.
Sales tax revenue in the City of Santa Clara comes
from multiple sources. Office equipment, new
vehicles, restaurants, lights, electronic equipment an
I.T. infrastructure were the City’s leading economic
sales categories in the fourth quarter of 2024, making
up almost 54% of sales tax collections.
Where Your Sales Tax Goes Based on Purchase of $100
Sales Tax Paid is $9.125
State, $6.00
County
Transportation/VTA/
Caltrain, including
Measure B and
BART, $2.00
Santa Clara County –
General Purpose,
$0.125
City of
Santa Clara,
$1.00
For every dollar you spend in Santa Clara on
taxable purchases, you pay 9.125% in sales tax
or $9.125 for each $100 purchased.
Cities throughout the State receive a portion of the sales tax collected based on sales made within their respective city. For every $100 purchase you make within the City of Santa Clara, which is subject to sales tax, the City receives $1.00. The City anticipates receiving $65.9 million in FY 2025/26 and $67.8 million in FY 2026/27.
California statewide sales tax rate is 7.25%, of which the City of Santa Clara receives 1.00%. The total countywide sales tax rate 9.125%. Santa Clara County has the following six voter-approved add-on tax measures:
• 0.125% for County Retail Sales Transactions and Use
• 0.125% for VTA BART
• 0.125% for Peninsula Corridor Joint Powers Board (Caltrain) • 0.500% for Silicon Valley Transportation Solutions Tax • 0.500% for Santa Clara County Transit District (SCCT) • 0.500% for Santa Clara County Valley Transportation Authority (SCVT) City of Santa Clara Budget-in-Brief
FY 2025/26 and FY 2026/27
Proposed Biennial Operating Budget
FY 2025/26 Proposed Budget
FY 2025/26 Positions by Department **
11.00 2.00 7.00 10.00 14.25 7.75
84.00 235.00
78.75 175.50
16.00 8.00
42.75 79.00
231.00
123.50
73.00 0.00
50.00 100.00
150.00
200.00
250.00
Total Positions: 1,198.50
Operating Budget Expenditures by Department *
General
Government
Departments/Other
8.9%, $126.7 M
Utility
Departments
66.7%, $948.9 M
Public Safety
Departments
12.8%, $ 181.7 M
Library, Parks &
Recreation
Departments
2.7%, $38.9 M
Department of Public
Works
6.9%, $98.2 M
Community
Development
Department
2.0%, $27.8 M
$ 1.422
Billion*
* Excludes internal service funds not tied to a particular department and debt service.
General
Government
Departments
/Other
8.0%,
$121.5 M
Utility
Departments
68.3%,
$1,034.5 M
Public Safety
Departments
12.6%, $190.1 M
Library, Parks &
Recreation
Departments
2.6%, $39.9 M
Department of
Public Works
6.6%, $100.5 M
Community
Development
Department
1.9%, $28.9 M
$ 1.515
Billion*
FY 2026/27 Proposed Budget
City of Santa Clara Budget-in-Brief
FY 2025/26 and FY 2026/27
Proposed Biennial Operating Budget
** In FY 2026/27, 6.0 grant-related positions expire in the Fire Department, 3.0 positions are restored in the Police Department and 1.0 position is added in the Department of Public Works, for a total net position count of 1,196.50. __ .1 I
Priority Areas of Focus
As part of the 2025 City Council Priority Setting session held on April 3, 2025, the City Council agreed on the following priorities as the most important for the next 12-18 months.
City of Santa Clara Budget-in-Brief
FY 2025/26 and FY 2026/27
Proposed Biennial Operating Budget
The Proposed Budget focuses on City Council
priorities identified during Council Priority Setting
sessions as well as improvements to vital City
services. The budget proposals also address
existing service gaps and restore and maintain
public safety positions. This includes the
continuation of 12.0 firefighter positions that were
funded by the Staffing for Adequate Fire and
Emergency Response (SAFER) grant as well as
the restoration of 3.0 frozen police sworn positions.
Positions are added to ensure the City can
successfully deliver the capital projects funded by
the $400 million bond measure. The Proposed
Budget also includes one-time expenses, and
associated reimbursement, to ensure the safety of
our community during major events planned at the
Stadium, including the Super Bowl and World Cup
matches. In addition, this budget helps prepare the
City for the future by supporting planning efforts,
restoring key reserves to 25%, and funding modest
annual contributions to support the City’s capital
infrastructure.
Budget Overview: What Does This Budget Do?
City
Council
Priorities
Vital City
Services
Implement
GO Bond
Projects
Prudent
Fiscal
Approach
Excellent City
Government
Maintaining
Quality of Life /
Core Services
Financial Stability
Prioritize Services
for those Most in
Need
Reliable
Infrastructure
Outstanding
Quality of Life
Thriving
Community
2026 Major Planning 1) Superbowl & FIFA Planning 2) Showcase Santa Clara Budget Highlights
City of Santa Clara Budget-in-Brief
FY 2025/26 and FY 2026/27
Proposed Biennial Operating Budget
Community Services
• Add two positions in the Community Development
Department’s Housing Division to address City Council
priorities including to help manage the implementation
of the Homelessness Response Plan and to support
items related to the implementation of the Housing
Element.
• Add funding for library materials in FY 2025/26 and FY 2026/27.
• Library will finalize the Library Strategic Plan and
Facilities Master Plan to provide data-based planning.
• Restoration of 3.0 sworn positions in the Field
Operations and Special Operations Divisions.
• Maintain a net 12.0 firefighter positions after the
end of the SAFER grant.
• Develop training to ensure personnel are prepared
for major events, including Super Bowl LX and FIFA
World Cup.
• Restore programs including Parks patrol, school
resource officers, traffic/motorcycle unit, Northside
Police Substation and community engagement
programs.
Public Safety
• Add 1.0 Recreation Manager in the Recreation Division to provide additional leadership capacity and support the Parks Master Plan and Arts Master Plan processes, Measure I projects.
• Provide programming for the newly opened Nuevo Community Buildings at Lawrence Station Area.
• The City Manager’s Office will continue to coordinate with various community groups and non-profit organizations to address needs of Santa Clara residents, including the continued effort of managing the MySantaClara application.
• Staff will enhance outreach and promotion of the Community Grants Program to encourage more applicants to apply to support high impact events/activities to benefit the community.
Budget Highlights
City of Santa Clara Budget-in-Brief
FY 2025/26 and FY 2026/27
Proposed Biennial Operating Budget
Economic Development
• Continue to lead and support the significant development projects including Related Santa Clara, Nvidia expansion, Intel expansion, as well as other projects within the community. • Develop economic development programs to support small and large businesses and revenue generation.
• The Convention Center is projected to have 176 events, with approximately 211,624 in attendance in FY 2025/26, and an estimated 228 events, with 306,969 in attendance in FY 2026/27. • Add 1.0 Management Analyst to support sustainability
efforts. This position will report to the City's Director of Economic Development & Sustainability and assist
with the implementation of and future amendments to
the City’s Climate Action Plan.
• Identify and implement a Climate Action Plan
dashboard system across departments to report
progress on adopted targets
• Optimize the recycled water system and increase
supply while focusing on expansion opportunities with
regional partners.
• Continue outreach regarding water conservation and
overall environmental sustainability.
Sustainability and Environmental Protection
Development Services
• Fee-supported budget proposals are recommended
to improve service and efficiency and support the
high volume of development activity. In the Building
Division, additions include 1.0 Plans Examiner and
1.0 Senior Inspector to help address the
development workload and 1.0 Business Analyst to
help improve the use of technology. In the Fire
Department, proposed additions include 1.0 Fire
Protection Engineer, 1.0 Fire Prevention Specialist,
and 1.0 Management Analyst as well as funding for
contractual plan review and inspection service.
Utility Operations
• The budget funds the operations of the City’s various utilities (electricity, sewer, water, recycled water, and solid waste). These operations are primarily funded by user rates. • For the Electric Utility, adds debt service funding to support system growth and adds funding for property to address staffing growth and storage for capital project materials. • Adds 3.75 positions in the Finance Municipal Services Division to improve customer service and respond to the workload levels.
Budget Highlights
City of Santa Clara Budget-in-Brief
FY 2025/26 and FY 2026/27
Proposed Biennial Operating Budget
• Add 4.0 positions to support the implementation of
General Obligation bond projects.
• Rehabilitate and expand park facilities, amenities
and playgrounds for all ages and abilities at
Warburton Park, Central Park Entrance, Parking
Improvements, Henry Schmidt Park, Mary Gomez
and Maywood Park.
• Initiate rehabilitation project for International Swim Center with the goal of reopening.
• Add funding to initiate a Public Arts Master Plan.
City Administration
• Budget actions are recommended to support the overall operations of the City, including the unfreezing of 1.0 Legal Office Specialist position in the City Attorney’s Office, funding for election costs for a potential Charter amendment measure, improved tools for performance management and recruiting in the Human Resources Department, the addition of 1.0 Senior Information Technology Services Manager to support numerous technology projects, and the addition of 1.0 Accountant in Finance and 1.0 Management Analyst in Public Works to revise the capital project accounting.
Fiscal Sustainability
• Bring the General Fund Budget Stabilization Reserve to Council policy level of 25% of expenditures. • Add funding for a Fiscal Sustainability Plan to serve as a blueprint moving forward. • Add ongoing funding to partially address capital infrastructure needs.
Stadium Operations and Special Events
• The Stadium Authority’s stand-alone Fiscal Year 2025/26 Operating, Debt and Capital Budget was adopted by the
Stadium Authority Board on March 11, 2025. The $79.5 million budget provides the necessary funding to administer the duties of the Stadium Authority,
• The Stadium budget and City budget include support for operating the Stadium for special events for Super Bowl LX and FIFA World Cup events. These events will be managed in
alignment with the applicable agreements that set forth the City’s role and reimbursement of City costs and in coordination with various stakeholders.
• Add funding for a feasibility study for a walkway at Tasman/Lafayette. • Add funding to explore the potential expansion of the City’s fiber network. • Continue to deliver critical projects approved as part of the FY 2025/26 Capital Budget.
Reliable Infrastructure and General Obligation Bond Projects General Fund Budget Balancing Strategy
Each year, staff updates the General Fund Ten-Year Forecast that is used as the starting point in the development of the General Fund budget. The April 2025 Forecast showed a projected General Fund surplus of $9.3 million in FY 2025/26, followed by a small shortfall in FY 2026/27 of -$0.1 million. This was an improvement from the Forecast developed in April 2024 due to higher revenue projections.
The budget balancing strategy for FY 2025/26 and FY 2026/27 includes targeted investments and contributions to the Budget Stabilization Reserve (BSR). • Revenue Solutions – recognize excess FY 2024/25 fund balance as a result of higher revenue collections in the Sales Tax category and Stadium performance rent; and increase reimbursement revenue in FY 2026/27 related to utility-supported positions • Expenditure Adjustments – limited proposals to address items identified as part of the City Council Priority Setting sessions; addition of staffing resources to support the management and project delivery of the GO Bond implementation.
• Use of Reserves – set aside $6.5 million to address the anticipated shortall in FY 2026/27; allocate funding to the Budget Stabilization Reserve to bring reserve levels to 25% of expenditures.
The proposed balancing strategy addresses City Council priorities and other high priorities as identified by City Departments, while maintaining the City’s fiscal stability.
City of Santa Clara Budget-in-Brief
FY 2025/26 and FY 2026/27
Proposed Biennial Operating Budget
FY 2025/26 Uses ($23.1 M)
• Council Priorities & City Services ($3.8 M)
• GO Bond Implementation ($1.0 M)
• Budget Stabilization Reserve ($11.8 M)
• Reserve for FY 2026/27 ($6.5 M)
FY 2025/26 Sources
$23.1 M
Forecast Surplus: $9.3 M
2024/25 Carryover: $13.7 M
Use of Reserves: $0.1 M
FY 2026/27 Uses ($7.2 M)
• Council Priorities & City Services ($2.9 M)
• GO Bond Implementation ($2.0 M)
• Budget Stabilization Reserve ($2.3 M)
FY 2026/27 Sources
$7.2 M
Forecast Shortfall: ($0.1 M)
2026/27 Budget Reserve: $6.5 M
Overhead/Reimb/Reserves: $0.8 M
Changes from General Fund Forecast to Proposed Budget
City Councilmembers
Mayor Lisa M. Gillmor
Councilmember District 1 Albert Gonzalez
Councilmember District 2 Raj Chahal
Councilmember District 3 Karen Hardy
Councilmember District 4 Kevin Park
Councilmember District 5 Sudhanshu Jain
Vice Mayor, Councilmember District 6 Kelly G. Cox
City Department Contact Information
City Attorney’s Office (408) 615-2230
City Clerk’s Office (408) 615-2220
City Manager’s Office (408) 615-2210
Community Development Department
Building Division
Permit Center
Planning Division
Housing & Community Services
(408) 615-2440
(408) 615-2420
(408) 615-2450
(408) 615-2490
Electric Utility Department (408) 615-2300
Finance Department (408) 615-2340
Fire Department (408) 615-4900
Human Resources Department (408) 615-2080
Information Technology Department (408) 615-2022
Library Department (408) 615-2900
Parks & Recreation Department (408) 615-2260
Police Department (408) 615-4700
Department of Public Works
Engineering Office
Corporation Yard
(408) 615-3000
(408) 615-3080
Water & Sewer Utilities Department (408) 615-2000
City of Santa Clara Budget-in-Brief
FY 2025/26 and FY 2026/27
Proposed Biennial Operating Budget
The Budget-in-Brief is intended to provide an overview of the City of Santa Clara’s FY 2025/26 and FY 2026/27 Proposed Biennial Operating Budget. The complete budget document can be accessed on the Finance Department’s website at: SantaClaraCA.gov/Finance Questions about this report should be directed to:
City of Santa Clara - Finance Department
1500 Warburton Avenue
Santa Clara, CA 95050
(408) 615-2340
Attachment 3
FY 2025/26 and FY 2026/27 Proposed Operating Budget
Responses to Questions from the 5/13/2025 Budget Study Session
1. For the potential expansion of the City’s fiber network, how will the fiber be used within the City?
Response: The City plans to hire a consultant with expertise in broadband networks to study deficiencies in internet options available to residents and businesses. The objective of the study is to recommend options to ensure that 100% of the City have reliable broadband access. At present, the City of Santa Clara (through Silicon Valley Power) installs and provides dark fiber connections to businesses. Potential solutions may include expanding the City’s fiber program, establishing partnerships with private industry, and/or establishing a municipal broadband service. Staff does not have a desired solution, instead, we intend to seek options and recommendations from outside experts that will benefit Santa Clara’s residents and businesses.
2. Why does the Transient Occupancy Tax (TOT) revenue estimate increase approximately 20% from FY 2024/25 to 2025/26? Does this factor in growth associated with the major events scheduled for 2026?
Response: In FY 2024/25, the TOT revenue estimate was set at $22.9 million in the Adopted Budget. However, receipts are tracking to exceed this level with a year-end estimate over $25 million. Starting from this higher year-end estimate, collections in FY 2025/26 are projected to increase to $27.5 million. This reflects growth of approximately 9% from the FY 2024/25 revised estimate and 20% from the FY 2024/25 Adopted Budget. The FY 2025/26 estimate factors in the annualization of the TOT rate increase from 12.5% to 13.5% in January 2025 as well as continued growth in this category. The major events in 2026 are expected to contribute to this growth.
3. For the library materials restoration, how much is funded and is there a balance that remains unfunded?
Response: There was an unfunded need of $290,000 annually to restore library materials funding.
The Proposed Budget includes one-time funding of $145,000 in FY 2025/26 and FY 2026/27, leaving an unfunded balance of $145,000 each year. Restored funds will be used to support digital (60%) and non-digital (40%) materials, with a focus on items for children. With the restoration of Sunday hours, there is also more circulation of materials. Programming and the availability of materials go hand-in-hand in the comprehensive approach to library services.
4. Do the additions in the Building Division take into account the internal audit of the Building Permitting Process?
Response: Yes, these position additions take into account the audit of Building Permitting Process.
Additionally, an internal organizational review is being performed for City departments. Based on the results of this review, additional positions may be brought forward for City Council consideration to address recommendations from both the internal audit and organizational review. The results of the internal audit performed by Baker-Tilly are expected to be brought forward to the Audit Committee in June.
5. Why is the Tasman/Lafayette Walkway Feasibility Study funded by the City’s General Fund rather than the Stadium Authority?
Response: The initial feasibility study for a walkway/stairway from Tasman to Lafayette with an under bridge carve-out for rideshare is funded by the General Fund in the amount of $200,000; however, the City will seek additional funds from the Stadium Authority and private developments within the vicinity of the project, as well as Federal and State grant funds to support schematic 1 Attachment 3
FY 2025/26 and FY 2026/27 Proposed Operating Budget
Responses to Questions from the 5/13/2025 Budget Study Session design, construction plans, and construction costs. While the area is used heavily during events at Levi’s Stadium, there is a desire to enhance conditions at this location due to daily usage of the atgrade crossing for the Great America Amtrak Station near Levi’s Stadium.
This study will analyze the situation, develop options, and prepare a cost estimate as well as incorporate a review of ADA requirements, right-of-way restrictions, and vehicle/pedestrian safety.
As noted above, given that the potential walkway would provide a benefit to the community for general use as well as during special events, a combination of funding would be pursued for the project, including funding from the Stadium Authority, developer contributions, and grants in addition to the City’s General Fund.
6. Can staff provide a report on the utilization of the SV Hopper program? Response: The Department of Public Works is currently working with VIA and the City of Cupertino to finalize a report regarding the SV Hopper Program. Once that report is complete, it will be distributed to the Council in the next couple of months.
7. For the increase in the general liability insurance associated with major events in 2026, why is this funded by the City rather than the Stadium Authority? Response: First, it is important to note that the figures listed in the proposed Special Liability Fund budget for insurance premiums are preliminary and represent the midpoint of the estimates received. The appropriate policy limits and self-insured retention are still under discussion with the City’s long-time insurance broker, Alliant, and the policies have not yet been decided.
For context, the City did not see any significant spike in claims arising from the Super Bowl 50 event, and we will take this into consideration when arriving at the final determination regarding coverage. Additionally, this is a potential change to the City’s insurance coverage only, and would not extend to any private entity. Second, the Stadium Authority’s standard non-NFL event insurance coverage limits will be purchased for the fiscal year and will be paid for through the Stadium Authority budget. The cost of specialty coverages (such as terrorism or active shooter coverage, or increased coverage as may be required by FIFA, above and beyond the standard SCSA coverage) for FIFA World Cup 2026 events will be borne by Bay Area Host Committee under the Assignment and Assumption Agreement. Third, the potential risk identified by Alliant for the City arises from an anticipated increase in visitors to all parts of the City due to special City events around Super Bowl LX and FIFA World Cup, visitors travelling to the City for these major events and exploring the entirety of the City in the process, as well as a general regional increase in interest in visiting Santa Clara due to the media coverage of the City. From a risk perspective, that increase in visitors translates to the potential for increased claims of various types. Such claims would be against the City, rather than any other entity, and would be addressed by the City’s insurance coverage. Lastly, these issues were also discussed in the context of coverage for FY 2015/16 when the City hosted Super Bowl 50. The City decided that for the fiscal year, the self-insured retention would be decreased from $5M to $3M and the coverage policy limits for the City would be increased from $20 million to $65 million (the limits were decreased to $50 million in the years following). The corresponding increase in the premiums was a City expense, not charged to the Stadium Authority.
The proposal for the current budget follows this model. 2 Attachment 3
FY 2025/26 and FY 2026/27 Proposed Operating Budget
Responses to Questions from the 5/13/2025 Budget Study Session
8. Are the latest cost estimates provided by Silicon Valley Regional Interoperability Authority (SVRIA) incorporated into the budget?
Response: The FY 2025/26 budget reflects the estimate provided by SVRIA in late February 2025.
As the February estimate is slightly higher ($14,000) than Santa Clara’s allocation adopted in March 2025, there is sufficient budget to cover the SVRIA costs for FY 2025/26.
9. Are the latest cost estimates for the Water Treatment Plant incorporated into the budget? Response: No, the latest cost estimates were received after the development of the proposed budget. The operations and maintenance costs are $0.3 million higher than the current proposed budget, while the construction estimate is $5.8 million lower than the current proposed budget.
Overall, the five-year CIP total for the Regional Wastewater Facility is largely unchanged.
As part of the adoption of the FY 2025/26 and FY 2026/27 biennial operating budget on June 10th, staff will bring forward these adjustments to the operating and capital improvement program budget in the Sewer Utility funds to reflect these updated costs for the Regional Wastewater Facility.
10. For the major events in 2026, how are these being supported by staff? Are there additional positions recommended to address the workload?
Response: The major events are supported by existing staff, as needed staff, the use of overtime, and staff from outside agencies (e.g., Police officers from other jurisdictions). There are no new positions added for support for the Super Bowl and FIFA.
11. For the unfunded City Council Priorities, when will these be revisited? Were any previously identified priorities removed from the list?
Response: Staff is currently working on developing reports for City Council consideration related to some of the unfunded priorities including but not limited to: RV Parking, Vision Zero, parking, etc.
Those reports will be presented to the City Council as they are completed. In fall 2025, staff will return with a biannual update on the Council Priority Initiatives with a summary of progress on each item. In addition, staff is working to develop a public dashboard to efficiently provide updates on the progress of Priority Initiatives.
The 2024 Council priorities, which were summarized in the 2024 City Council Priorities Summary Report, have been categorized as follows:
1. Priority Initiatives (Underway/New). During the May 13th Budget Study Session, the presentation slides highlighted several priority initiatives that are currently underway and ones that require additional funding. These are items staff will continue to work on.
For the priority items requiring additional funding, staff will be bringing forward some of the items during the next fiscal year. In addition, items will be revisited as needed as part of the biannual updates and the annual budget process.
2. Completed: Items identified as complete in the 2024 Council Priorities Summary Report were removed from the tracking list. These include the following:
• Pursue a Bond Measure for Infrastructure Investment
• Hire an Economic Development Director
3 Attachment 3
FY 2025/26 and FY 2026/27 Proposed Operating Budget
Responses to Questions from the 5/13/2025 Budget Study Session • Restore Funding for Police Park Patrols
• Request for Speaking at Events
• Expand Councilmember District Communication Options
• Pursue an Admission Tax on Ticketed Entertainment Events
3. Baseline /Ongoing: The items which are baseline for City staff will no longer be tracked on the future dashboard for the Council Priorities. These include the following:
• Write better City Contracts without ambiguity to protect City Rights • Manage Pension Liability and Salaries
• Understand the realities of Grants and/or Low-cost Loans for Infrastructure • Create and Fund a Grant Writer position focused on Federal Grant Opportunities • Support Resident Youth Groups and Programs, Senior Programs, and Community Activities and Placing the needs of the Community first • Implement more Community Benefits that Celebrate the City’s diversity and culture (dog parks, cricket fields, and placemaking)
• Identify Areas where the City can Reduce Spending
• Use of Technology to Solve Traffic Issues / Intelligent Lights
12. For the General Obligation Bond projects, how can changes to the expenditure plan be brought forward for consideration based on needs?
Response: The expenditure plan for bond proceeds was adopted by the City Council on July 16, 2024. Ordinance No. 2069, Section 13(b)(ii) outlines the process to amend the expenditure plan:
“City staff shall review, analyze and make a recommendation on any proposed substantive amendment to the Expenditure Plan (“Amendment”). Prior to City Council consideration, any such proposed Amendment shall first be submitted to the Bond Compliance COC for their review and recommendation. Any proposed Amendment shall require the unanimous approval of the City Council.”
13. With the number of City Council priorities, does the City administration have the capacity to address all of these priorities?
Response: The City administration will continue to balance the City Council priorities with the other day-to-day operations. The work on the Council priorities can impact the ability to make progress in other areas given staff capacity. As we move forward, it will be important to manage the total number of Council priorities that are being pursued at a given time to ensure those priorities can be successfully implemented while we continue to deliver a high level of service to the community.
14. For the capital infrastructure funding, the $10 million ongoing amount built into the Ten-Year General Fund Forecast seems low. What would be a realistic amount to budget to address the needs? Should the City’s budget policy regarding the Capital Projects Reserve be revised with a new goal rather than the minimum balance of $5 million?
Response: The $10 million built into the General Fund Forecast over the ten-year period was a first step in setting aside funding for ongoing infrastructure maintenance but does not address all of the funding needs. The Fiscal Sustainability Project that is proposed to be funded in the Proposed Budget will evaluate the ongoing needs as well as potential funding strategies for the City’s infrastructure. The results of this Plan may also inform an update to the City’s Budget and Fiscal Policies that currently sets the General Fund Capital Project Reserve at a minimum of $5 million. 4 Attachment 3
FY 2025/26 and FY 2026/27 Proposed Operating Budget
Responses to Questions from the 5/13/2025 Budget Study Session Council may direct staff to bring forward a revision to the policy that would be approved by the City Council. Staff recommends that this be done in concert with the Fiscal Sustainability Project.
15. What labor costs are assumed in the Ten-Year Forecast? Response: The General Fund Ten-Year Forecast builds in the labor cost assumptions for all salary and benefit categories. For instance, salary costs are based on negotiated labor agreements and/or assumed growth, retirement costs are based on information from CalPERS and the City’s actuary, health costs are based on projected increases to premiums and negotiated labor agreements regarding the City’s contributions for specific plans, other post employment benefits (OPEB) are based on information from the City’s actuary, and social security and Medicare costs are based on required contributions. There are several labor costs tied to specific bargaining units such as Peace Officer Standards and Training (POST) pay for sworn police staff, education incentive pay for firefighters, holiday pay for police and fire positions, specific equipment and uniform allowances, car allowance, bilingual pay, City-paid deferred compensation, Voluntary Employees’ Beneficiary Association (VEBA) contributions, City-paid vision, employee assistance program, and dental.
The labor cost assumptions are applied to the individual positions. In developing the labor costs, staff downloads employee-specific data each year, such as the salary/salary step data and the benefit selections (e.g., health election).
16. How is the City managing the unfunded pension liability? Response: The City contributes funds to a Pension Stabilization Reserve (Trust). The current budget policy is to fund 1% of the value of the City’s unfunded liability annually. These funds are added as part of the year-end budgetary report in December each year. While the City’s CalPERS plans are currently funded below the state average, the City’s Trust has a balance of $49 million that brings the plans closer to the average. This amount raises the funding ratio (actuarial asset value as of June 2023) from 61.9% to 64.5%, compared to the State average of 70%. The Council could decide by policy to fund additional amounts; however, given resource constraints, staff would recommend that a policy decision be brought forward after the Fiscal Sustainability Plan project.
Pre-funding options have been evaluated by staff and are not recommended at this time due to additional risk this strategy could provide to the plan. The City’s ability for plan design changes would require further analysis and staff will include this scope as part of the Fiscal Sustainability Plan project.
17. What are the separate budgets and position counts for the Police and Fire Departments? Response: In FY 2025/26, the Fire Department budget totals $81,298,549, or 4.5% of the total City budget, with 175.50 positions (14.6% of total budgeted positions). The amount for the Fire Department represents 21.1% of the General Fund.
In FY 2025/26, the Police Department budget totals $100,425,435, or 5.6% of the total City budget, with 231.00 positions (19.3% of total budgeted positions). The amount for the Police Department represents 29.8% of the General Fund.
18. Are there sufficient Information Technology staff to address the workload, including changing needs such as AI, and what would the two new positions (one in FY 2024/25 and one proposed for FY 2025/26) be assigned?
5 Attachment 3
FY 2025/26 and FY 2026/27 Proposed Operating Budget
Responses to Questions from the 5/13/2025 Budget Study Session Response: The current IT staffing model combines a limited number of city staff with a contracted service provider, Unisys. This contract is recommended to be extended through December 31, 2025 (as a separate item on the May 27th Council agenda), while a longer extension is being negotiated through the closeout of the 2026 special events. At the same time, an IT review will be conducted to determine the long-term strategy for the delivery of these services. In an effort to improve efficiencies, streamline processes, and enhance the end user experience, two new Senior IT Services Manager positions have been added, one in last year’s budget and one proposed to be added for FY 2025/26 to focus on departmental applications and projects, including the use of AI in the workplace.
19. Are the park in-lieu fees sufficient to purchase park land? How are the needs for new park space and improved park space being balanced?
Response: By internal policy, approximately 25% of the park in-lieu fees are allocated to the Parkland Acquisition Project in the Parks and Recreation Capital Fund, which has a current estimated balance of $11.5 million. The current fair market value for an average acre of land ranges from $5.25 million (North Santa Clara) to $5.65 million (West Santa Clara). Most of the property for sale throughout Santa Clara (including North Santa Clara) has a facility/building asset that will also factor into the land/property value. An estimated 3-5 acres is required to develop a neighborhood/ community park with adequate amenities such as off-street parking, restrooms, open space, playground(s), picnic tables, walking paths, and optional sport courts (tennis, basketball, pickleball).
The Parks and Recreation Department will be issuing a Request for Proposal (RFP) within the next fiscal year for a vendor to assist with the identification and potential purchase of parkland.
Additionally, the Parks Master Plan will be finalized within the calendar year and assist City Council and staff in prioritizing and balancing the approach to parkland acquisition and improving existing parkland, including the 32 acres located in North Santa Clara within the Related Project.
20. How much does the City spend supporting the unhoused? How are we addressing the service needs?
Response: Between FY 2022/23 through the current fiscal year, the Housing Division has spent an annual average of approximately $0.9 million on services for the unhoused and homelessness prevention (e.g., partnering with the County of Santa Clara for intensive case management, tenantbased rental assistance, and mobile shower and laundry services). These amounts reflect spending in the various Housing special revenue funds (Housing Authority, City Affordable Housing, Housing Successor Agency, and Housing and Urban Development). Funding for these services is incorporated into the ongoing budget in the Housing Division. Not included in the $0.9 million are funds spent by other departments (Police, Code Enforcement, etc.) to address quality of life issues and complaints related to the unsheltered population.
Additionally, the City received a $1.8 million grant from the State of California for the Santa Clara Overnight Care Locations pilot program. Staff proposes to use this grant funding to support initial investments in an emergency and inclement weather shelter program for unhoused residents and to conduct mobile outreach and case management citywide for a two-year period. This project will come back to City Council for approval by early summer 2025.
The City is planning a City Council Study Session on July 8th for a discussion on a citywide plan to reduce homelessness and its impacts, which includes additional future services to support the unhoused.
6 Attachment 3
FY 2025/26 and FY 2026/27 Proposed Operating Budget
Responses to Questions from the 5/13/2025 Budget Study Session
21. Are there ongoing positions funded with one-time funds? How will those costs be addressed moving forward?
Response: The budget includes 7.35 positions that are recommended to be funded by the General Fund on an ongoing basis. These include 1.0 Management Analyst to help manage the Homelessness Response Plan; 1.0 Staff Analyst for Housing Element implementation support; two positions (1.0 Accountant, 1.0 Management Analyst) to support a revision of the City’s practice to charge public works staff directly to projects; 1.0 Recreation Manager to support Parks and Recreation capital projects and programs; 1.0 Management Analyst to support sustainability / Climate Action Plan; unfreezing 1.0 Legal Office Specialist; and 0.35 portions of positions in Finance and Fire. These positions were identified as the highest needs to deliver current City Council priorities and support operations in key areas. While the FY25/26 and FY26/27 costs are funded with one-time resources, the ongoing cost (if approved) will be included in the 10-year forecast and will be factored into the solutions needed through the Fiscal Sustainability Plan project.
22. Are there additional surplus funds in the General Fund projected for FY 2024/25? Response: Yes, the General Fund is tracking to end FY 2024/25 with a surplus. Several General Fund revenues are tracking to exceed the budgeted estimates and expenditures are also expected to end the year below budget. In the FY 2025/26 Proposed Budget, $13.7 million of the anticipated surplus was factored into the budget balancing, including revenue from the Stadium Authority as well as higher projected Sales Tax to restore the Budget Stabilization Reserve to 25%. Additional surplus funds are expected to be generated above these amounts and will be reconciled as part of the FY 2024/25 Year-End Budgetary Report that will be brought forward to the City Council in December 2025. The goal is to end each fiscal year with a positive balance with targeted excess revenues of 2% and expenditure savings of 2%. These surplus funds have historically been the source of funding to support the City’s infrastructure needs, contributions to the Pension Trust Reserve and the Budget Balancing Reserve, and to address other needs that arise after the adoption of the budget.
23. What is the overall increase in salaries and benefits in the Proposed Budget? Response: The overall increase in salaries and benefits between FY 2024/25 and FY 2025/26 is $39.5 million or 11.4%. This increase reflects adjustments to salaries, including as-needed staff, totaling $12.6 million (31.8%), and overtime, totaling $7.3 million (18.2%). The majority of the overtime increase ($5.3 million) is associated with special events at the Stadium that will be reimbursed. In addition, $11.3 million, or 29%, of the changes are due to increases in retirement costs, health allocations, and other benefits.
The remaining amount of $8.3 million, or 21%, reflects the increase in budgeted positions between the two fiscal years, including changes approved by the City Council during FY 2024/25 (18.25 positions) and proposed changes recommended as part of the FY 2025/26 and FY 2026/27 operating budget (21.00 positions).
24. How much funding is budgeted for a City Charter amendment and why is that incorporated now?
Response: The Proposed Budget includes additional $100,000 for elections in the City Clerk’s Budget in FY 2026/27 for a potential City Charter amendment. These funds are budgeted in the General Fund. The 2025 Governance and Ethics Committee Workplan approved on May 1, 2025, 7 Attachment 3
FY 2025/26 and FY 2026/27 Proposed Operating Budget
Responses to Questions from the 5/13/2025 Budget Study Session includes a Comprehensive City Charter Update proposal to make corrections and update the City Charter to be consistent with current, best practices for City operations. This proposal is expected to be brought forward to Council within the next 30 to 45 days for Council consideration and direction. The Proposed Budget provides funding to bring forward a measure in FY 2026/27 based on the outcome of this work. These funds would be returned to the General Fund if a Charter Amendment does not move forward.
25. How much funding is set aside for major events? A dashboard with expenses and reimbursements would be helpful to inform the Council and the public.
Response: The FY 2025/26 proposed budget includes $11.4 million for personnel and nonpersonnel costs (e.g., equipment, training) associated with Super Bowl LX and FIFA World Cup 2026 events, while the FY 2026/27 proposed budget includes $1.2 million for salary costs associated with the FIFA World Cup events. All of these costs are budgeted to be reimbursed.
Information will be provided through an online dashboard reflecting cost estimates and reimbursement status on a quarterly basis for each major event.
26. Will the time spent on major events displace normal City service delivery? How much of our City services are being impacted?
Response: The time spent on major events is expected to have minimal impact on normal City service delivery. Most of the other labor-related resources are provided through overtime, asneeded staff, and other partner-agencies. These categories add capacity to support the special events beyond the base level of service provided by existing staff.
As shown in the table below, City salary costs represent a small portion of the total labor-related costs associated with the special events, primarily in the Police and Fire Departments. The Police staff are assigned to Special Events Division as part of their normal staff assignments.
Following the May 13, 2025 City Council meeting, staff received one additional question from a City Council member on the proposed budget. That question and the staff response are below.
27. In the budget briefing, there was a slide showing public safety costs as a percentage of the total $1.6B budget in a pie chart. Could we also get a pie chart of public safety costs as a percentage of the general fund budget expenses (not counting reimbursable costs from Levi’s stadium) events?
Department Salaries Overtime As Needed
Other
Agencies Total Labor Non-Personnel Total Costs
Police 1,126,626 4,401,171 1,038,994 2,134,495 8,701,286 1,264,802 9,966,088 Fire 294,602 722,965 8,137 - 1,025,704 8,100 1,033,804
Public Works 143,549 224,644 101 - 368,294 - 368,294
Information Technology - - - - - 40,500 40,500
General Admin 9,387 - - - 9,387 - 9,387
Total 1,574,164 5,348,780 1,047,232 2,134,495 10,104,671 1,313,402 11,418,073 % of Total 13.79% 46.84% 9.17% 18.69% 88.50% 11.50% 100% 8 Attachment 3
FY 2025/26 and FY 2026/27 Proposed Operating Budget
Responses to Questions from the 5/13/2025 Budget Study Session Response: The requested charts are below. All funds, public Safety represents 10% of the Proposed Budget. In the General Fund, Public Safety represents 51% of expenditures. The percentages for Public Safety do not include costs associated with Levi’s Stadium events. 9 FY 2025/26 Proposed
Community Development
Department
General Government
Departments
7.2%
Library, Parks &
Recreation
Departments
2.6%
Utility Departments
71 .5%
Fire Department
21%
1.5%
FY 2025/26 Proposed Budget
General Fund
Department of Public
Works
9%
Public Safety
Departments
10.2%
Department of
Public Works
7.0%
General Government
Departments
27%
Library, Parks &
Recreation Departments
11%
City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-477 Agenda Date: 5/27/2025
REPORT TO COUNCIL
SUBJECT
Study Session: City Council Roles and Responsibilities In Connection with the Issuance of Measure I General Obligation Infrastructure Bonds
COUNCIL PILLAR
Enhance Community Engagement and Transparency
BACKGROUND
On November 5, 2024, voters in the City of Santa Clara approved ballot Measure I, the Public Facilities and Infrastructure Bond Measure. The approval of Measure I authorizes the issuance of $400 million of General Obligation bonds (GO Bonds) to help address over $600 million in unfunded infrastructure needs throughout the City, including aging fire stations, storm drain systems, and aquatic facilities.
DISCUSSION
It is expected that the $400 million of voter-approved GO Bonds will be issued in multiple bond sales, commonly referred to as “tranches.” The initial bond sale is expected to take place in early calendar year 2026 in order to fund the first phase of proposed projects. The first phase of projects is expected to include several priority projects that already have a specific, identified scope of work and are therefore the most ready to be fully designed, bid, and constructed. The first phase will also include money for conceptual design of more complex projects and funds to study projects that are currently without a defined scope of work.
As part of the bond issuance process, each bond issuance must be approved by City Council resolution. Each resolution will approve the bond sale and approve as to form certain legal documents necessary to implement the sale. This will include the preliminary official statement that discloses information regarding the City, its finances, the proposed projects, and the specific terms for the sale to potential bond investors.
To clarify the City Council’s actions and responsibilities, and facilitate questions regarding City Council’s role in the sale and issuance of the GO Bonds, Jones Hall (the City’s Bond Counsel) has prepared an information overview of such actions and responsibilities (Attachment 1). The Director of Finance has also prepared supplemental information, including information on key bond documents (Attachment 2).
ENVIRONMENTAL REVIEW
The action being considered does not constitute a “project” within the meaning of the California Environment Quality Act (“CEQA”) pursuant to section 15378(a)(4) of Title 14 of the California Code of Regulations in that it is a fiscal activity that does not involve any commitment to any specific City of Santa Clara Page 1 of 2 Printed on 5/23/2025
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25-477 Agenda Date: 5/27/2025
project which may result in a potential significant impact on the environment.
FISCAL IMPACT
There is no fiscal impact for oversight of the Measure I Bonds Measure program other than staff time.
COORDINATION
This report has been coordinated with the City Manager’s Office, Finance Department and 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.
RECOMMENDATION
Receive the presentations, ask questions, and discuss Council responsibilities related to the Measure I general obligation bond issuance process.
Reviewed by: Kenn Lee, Director of Finance
Reviewed by: Glen Googins, City Attorney
Approved by: Jovan D. Grogan, City Manager
ATTACHMENTS
1. Responsibilities of Council Members Regarding Bond Issuance prepared by Jones Hall
2. Supplemental information prepared by Director of Finance City of Santa Clara Page 2 of 2 Printed on 5/23/2025
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Responsibilities of Council
Members Regarding Bond
Issuance
JONES HALL
1 Timeline
May 27: Appoint Citizens’ Oversight Committee and Bylaws June 10: Resolution requesting County to levy property taxes in anticipation of bond issuance
Fall 2025: Consideration of revised debt management policy Late 2025/early 2026: Resolution approving issuance of first series of Bonds
Iii JONES HALL
2 Resolution Approving Bonds
All bond issues must be approved by Council under a resolution considered as an action item with opportunity for the Council to discuss and deliberate and take public comment
Each resolution will approve the bond sale and issuance subject to a maximum borrowing amount and interest rate
Resolution will approve as to form:
– Basic legal documents necessary for bond issuance
– Preliminary Official Statement, the disclosure document to be distributed to potential bond investors
– A Continuing Disclosure Certificate obligating the City to file annual disclosure and event notices regarding the bonds –Sale documents to be used in connection with the public offering of the bonds
Iii JONES HALL
3 Applicable Securities Laws
Preliminary Official Statement
– May not contain any untrue statements of a material fact or – Omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading
Materiality
– A fact is material if there is a substantial likelihood that a reasonable investor would view the fact as significantly altering the total mix of information in making an investment decision
Iii JONES HALL
4 Council Responsibilities
SEC Standard
– “A public official who approves the issuance of securities and related disclosure documents may not authorize
disclosure that the public official knows to be materially false or misleading; nor may the public official authorize disclosure while recklessly disregarding facts that indicate that there is a risk that the disclosure may be misleading."
– Key to Council Members’ responsibility is reasonable
oversight
– Council Members may reasonably rely on staff and
consultants, including bond and disclosure counsel, as to the accuracy and completeness of the disclosure document
Iii JONES HALL
5 Council Responsibilities
Council Members should bring their unique perspectives to bear on the disclosure as it relates to the City, with particular focus on big-picture issues relating to the City and its finances, and the projects to be financed, to ensure they are adequately described and nothing material is
omitted. Examples may include pending departures of
major employers, or significant threats to the City’s
revenues. The goal to to ensure that the “elephant in the room” is not omitted.
Iii JONES HALL
JONES HALL
Finance
Department
Council General Obligation
Bond Study Session
May 27, 2025
Key Official Actions
2 Action Estimated
Timeline
1. Bond Compliance Citizens’ Oversight Committee (COC) Confirmation & COC Bylaws Approval
May 27, 2025
2. Approve Ad Valorem Tax Levy for Debt Service(1) June 10, 2025
3. Approve Updated Debt Management Policy September 2025
4. Approve Bond Issuance and Related Documents(2) January 2026 (1) Annual until final maturity
(2) Each Bond Issuance
Key Related Documents
3 Action & Document Responsibility
1. Bond Compliance COC Confirmation & COC Bylaws Approval • Resolution Adopting Bylaws
Bylaws per City Ordinance No. 2069
Staff & Bond
Counsel
2. Approve Ad Valorem Tax Levy for Debt Service
• Resolution Authorizing Levy Based on Estimated Debt Service On Unsold GO Bonds
FY 2025/26 Property Tax Roll Amount per $100,000 Assessed Value Based on $150 Million 1st Tranche Bond Issuance Size
Staff & Financial
Advisor
Tax Levy Resolution on June 10
• WHAT DOES THIS DO
• WHY NOW
4 • Places a levy on the tax rolls for FY 2025/26
County collects property taxes November 2025
& February 2026*
City pays debt service due August 1, 2026
(estimated 1st payment date)
• Reduces interest expenses
Immediately pays down Principal
Eliminates capitalized interest which increases
total Principal amount
* County of Santa Clara distributes advances of Ad Valorem tax collections to cities in installments between November to June during each fiscal year
Key Related Documents – cont’d
5 Action & Document Responsibility
3. Approve Updated Debt Management Policy
• Update to include references to:
Administrative Disclosure Procedures
Administrative Bond Proceeds Project Fund Drawdown Procedures • Possibly enhances Credit Ratings
Staff & Financial
Advisor
Key Related Documents – cont’d
6 Action & Document Responsibility
4. Approve Bond Issuance and Related Documents
• Preliminary Official Statement (POS)*
City of Santa Clara Overview
Property Assessed Valuation
Description of Funded Projects
Financial Information
• Trust Agreement
Trustee to hold Bond Proceeds in Project Fund
• Bond Sale Documents
Notice of Sale or Bond Purchase Agreement
• Continuing Disclosure Certificate
Staff, Bond
Counsel, &
Financial Advisor
* Council Members’ input requested – see Bond Counsel “Responsibilities of Council Members Regarding Bond Issuance” examples on page number 5
City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-591 Agenda Date: 5/27/2025
REPORT TO COUNCIL
SUBJECT
Recognition of Superintendent Dr. Gary Waddell in Honor of his Retirement from the Santa Clara Unified School District
BACKGROUND
Dr. Gary Waddell served as the Interim Superintendent of Santa Clara Unified School District (SCUSD) starting in July 2022 and was later appointed permanent Superintendent in January 2023.
Dr. Waddell holds a doctorate in educational leadership in addition to advanced degrees in school administration, school counseling, and drama with over 35 years of service in public schools.
During his tenure at the Santa Clara Unified School District, Dr. Waddell committed to enhancing a shared vision, mission, and establishing core values in service throughout the district among the students and entire Santa Clara community. In addition, Dr. Waddell serves on the City-School Liaison Committee to collaborate and strengthen partnerships with the City of Santa Clara and Santa Clara Unified School District.
Prior to his service in Santa Clara, Dr. Waddell served as Deputy Superintendent of the San Mateo County Office of Education, where he oversaw instructional services, assessment and accountability, early learning, STEAM, and environmental literacy, among other areas. He also served as Associate Superintendent of the Santa Clara County Office of Education, where he led the Equity and Educational Progress Division, overseeing public affairs, media and communication, assessment and accountability, state and federal programs, and inclusion initiatives.
Dr. Waddell’s career has been focused on closing achievement and opportunity gaps through programs of excellence. He is a past Chair of California’s statewide Curriculum and Instruction Steering Committee (CISC), Statewide Arts Committee, and Statewide Mathematics Committee. He has been recognized for many awards including the statewide counselor of the year.
Dr. Waddell’s collaborative leadership style has continually inspired SCUSD staff and the community to rally together to improve student well-being and academic achievement, especially for those who are traditionally underserved.
DISCUSSION
In honor of Dr. Gary Waddell’s retirement from the Santa Clara Unified School District, the City of Santa Clara commends him for his invaluable service to the students of our City and are deeply grateful for his dedicated service and expertise in guiding the Santa Clara Unified School District (SCUSD).
ENVIRONMENTAL REVIEW
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25-591 Agenda Date: 5/27/2025
This is an informative report only and no action is being taken by the City Council and no environmental review under the California Environmental Quality Act ("CEQA") is required.
FISCAL IMPACT
There is no fiscal impact to the City other than staff time.
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.
Reviewed by: Aimee Escobar, Management Analyst, City Manager’s Office Approved by: Jovan D. Grogan, City Manager
ATTACHMENTS
1. Commendation of Dr. Gary Waddell in Honor of His Retirement from the Santa Clara Unified School District (SCUSD)
City of Santa Clara Page 2 of 2 Printed on 5/23/2025
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lilb
WHEREAS, Dr. Gary Waddell has served as the Superintendent of the Santa Clara Unified School District (SCUSD) since July 2022, focusing the district on a shared vision, mission, and core values in service of our community's students; and WHEREAS, Dr. Waddell previously served as Deputy Superintendent of the San Mateo County Office of Education, where he oversaw instructional services, assessment and accountability, early learning, STEAM, and environmental literacy, among other areas; and WHEREAS, Dr. Waddell also served as Associate Superintendent of the Santa Clara County Office of Education, where he led the Equity and Educational Progress Division, overseeing public affairs, media and communication, assessment and accountability, state and federal programs, and inclusion initiatives; and
WHEREAS, Dr. Waddell's career has been focused on closing achievement and opportunity gaps through programs of excellence and has been recognized with awards in the areas of human rights, leadership, and closing achievement and opportunity gaps; and WHEREAS, Dr. Waddell's collaborative leadership style has continually inspired SCUSD staff and the community to rally together to improve student well-being and academic achievement, especially for those who are traditionally underserved.
NOW, THEREFORE, I, LISA M. GILLMOR, by virtue of the authority vested in me as Mayor, and on behalf of the Santa Clara City Council, do hereby recognize and commend
DR. GARY WAD DELL
on his retirement from the Santa Clara Unified School District and are deeply grateful for his dedicated service and expertise in guiding the Santa Clara Unified School District (SCUSD), and we wish him the best in his future endeavors.
Given under my hand and the Seal of the City of Santa Clara, California, this 27th day of May 2025. l!JP
ALBERT GONZALEZ
COUNCILMEMBER, DISTRICT 1
~--.~
KEVIN PARK
COUNCILMEMBER, DISTRICT 4
~ A:~
MAYOR, CITY OF SANTA CLARA
uZxc~
COUNCILMEMBER,
~
DISTRICT 2
SUDS JAIN
COUNCILMEMBER, DISTRICT 5
~ - KAREN HA
COUNCILMEMBER, DISTRICT 3
~~~ ... ,__ / - KELL;;J COX -
COUNCILMEMBER, DISTRICT 6
City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-573 Agenda Date: 5/27/2025
REPORT TO COUNCIL
SUBJECT
Recognition of the Recipients of the Silicon Valley Power Sustainable Futures Scholarship Program in Partnership with Mission College
BACKGROUND
On June 7, 2022, the City of Santa Clara City Council unanimously approved the Silicon Valley Power Sustainable Futures Scholarship Fund (SVPSF) aimed at providing scholarships to future leaders in sustainability, clean energy, and related fields. The goal of the program is to develop a pipeline of strong, diverse future leaders in sustainability and clean energy sectors.
The innovative, five-year program with Mission College is funded by a $125,000 grant from Silicon Valley Power (SVP) and is designed to expose students to skill sets that allow them to compete for emerging green jobs. The skill requirements in the green jobs sector are expanding rapidly, particularly in the Bay Area, where energy, sustainability and climate drivers are leading the way in accelerating this field. Selected students use the funds to attend and receive advanced opportunities at Mission College. Selected students will use the funds to attend and receive advanced opportunities at Mission College.
DISCUSSION
On May 27, 2025, the City Council will recognize the following SVP Sustainable Futures Program scholarship recipients:
1. Adrienne De Fanti, Marine Biology - continuing at Mission College
2. Duc Nguyen, Nuclear Engineering - transferring to UC Berkeley
3. Tanner Ngo, Environmental Science - transferring to UC Berkeley
4. Phuong Bao Ngoc Nguyen, Public Relations - continuing at Mission College
5. Hoang Oanh Le, Social Work
6. An Chi Pham, Business Analytics
7. Jissel Alvarez, Communication and Environmental Studies - continuing at Mission College
8. Paulina Valencia, Vocational Nursing
9. Hieu Pham, Social Work - continuing at Mission College
10.Vincent Herrera, Computer Networking/Cybersecurity - transferring to Western Governors University
ENVIRONMENTAL REVIEW
This is an informative report only and no action is being taken by the City Council and no environmental review under the California Environmental Quality Act ("CEQA") is required.
FISCAL IMPACT
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25-573 Agenda Date: 5/27/2025
Funding for this project was authorized on June 7, 2022, under Council item 22-655 and funds are budgeted in SVP's Electric Utility Fund in the advertising and community promotion operating budget.
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.
Reviewed by: Aimee Escobar, Management Analyst, City Manager’s Office Approved by: Jovan D. Grogan, City Manager
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City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-467 Agenda Date: 5/27/2025
REPORT TO COUNCIL
SUBJECT
Proclamation of National Foster Care and Resource Parent Awareness Month
BACKGROUND
In 1998, National Foster Care Awareness Month was established to acknowledge foster parents, family members, volunteers, mentors, policymakers, child welfare professionals, and other members of the community who help children in foster care find permanent homes, healthy connections, and the resources to lead a successful and rewarding life. National Foster Care and Resource Parent Awareness Month brings further awareness for the increasing need for more help and support for foster care in our communities.
Throughout Santa Clara County, over 600 children live in out-of-home care and approximately half of these children need a stable and nurturing family to care for them. Currently, there are approximately 151 active foster/resource homes that help care for children, however there is a constant need to recruit new foster/resource families.
Resource or foster parents care for youth who cannot live and be cared for by their relatives or extended non-related family members. Resource (foster) parents fulfill a vital role in ensuring that youth are safe and nurtured to grow and thrive.
The Santa Clara County Department of Family and Children’s services (DFCS) makes every effort to place youth with resource (foster) families who can provide the right family space for a specific youth.
This helps to provide comfort and hope.
DISCUSSION
At the City Council meeting on May 27, 2025, the City of Santa Clara will proclaim May 2025 as National Foster Care and Resource Parent Awareness Month. Representatives from the Santa Clara County Department of Family and Children’s Services (DFCS) will be present to accept the proclamation.
As part of National Foster Care and Resource Parent Awareness Month, the Santa Clara County DFCS honors and acknowledges foster/resource parents, children and youth who are in foster care, family members, and other organizations and members of the community who help serve children and youth in need.
ENVIRONMENTAL REVIEW
This is an informative report only and no action is being taken by the City Council and no environmental review under the California Environmental Quality Act ("CEQA") is required.
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25-467 Agenda Date: 5/27/2025
FISCAL IMPACT
There is no fiscal impact to the City other than staff time.
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.
Reviewed by: Aimee Escobar, Management Analyst, City Manager’s Office Approved by: Jovan D. Grogan, City Manager
ATTACHMENTS
1. National Foster Care & Resource Parent Awareness Month Proclamation City of Santa Clara Page 2 of 2 Printed on 5/23/2025
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WHEREAS,
WHEREAS,
WHEREAS,
WHEREAS,
dlil
In Santa Clara County over 600 children live in out-of-home care and approximately half of these youth need a stable and nurturing family to care for them. Currently, there are approximately 151 active foster (resource) homes that help care for children, but there is a constant need to recruit new foster (resource) families; and
As part of National Foster Care and Resource Parent Awareness Month, the Santa Clara County Department of Family and Children's Services (DFCS) recognizes the part we all play in enhancing the lives of youth in foster care. DFCS acknowledges that is also a time to appreciate caregivers and raise awareness about the critical need for more committed, nurturing, and consistent families where youth in foster care can thrive; and
Hundreds of community events are being planned throughout the month across the country to appreciate, retain, recruit and support foster (resource) parents; and
During the month of May, DFCS honors and acknowledges foster (resource) parents, youth who are in foster care, family members, and other organizations and members of the community who help serve children and youth in need.
NOW, THEREFORE, I, LISA M. GILLMOR, by virtue of the authority vested in me as Mayor, and on behalfofthe entire City Council, do hereby proclaim May 15 - 18, 2025 as
NATIONAL FOSTER CARE & RESOURCE PARENT AWARENESS MONTH
in the City of Santa Clara and do hereby urge all citizens to appreciate caregivers and raise awareness about the critical need for more committed, nurturing, and consistent families where youth in foster care can thrive.
Given under my hand and the Seal of the City of Santa Clara, California, this 27th day of May 2025.
KELLYG.COX
VICE MAYOR, DISTRICT 6
LISA M. GILLMOR
MAYOR, CITY OF SANTA CLARA
,A_.,,J~ ~~
ALBERT GONZALEZ
COUNCILMEMBER, DISTRICT 1
~~
KEVIN PARK
COUNCILMEMBER, DISTRICT 4
fltfZ
COUNCILMEMBER,
~
DISTRICT 2
SUDS JAIN
COUNCILMEMBER, DISTRICT 5
City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-518 Agenda Date: 5/27/2025
REPORT TO COUNCIL
SUBJECT
Proclamation of May 2025 as Historic Preservation Month - Harnessing the Power of Place
BACKGROUND
Each May, communities across the country celebrate Preservation Month to promote historic places, heritage tourism, and the benefits of historic preservation.
There is no denying the role preservationists play in protecting historic spaces while meeting the needs of communities for the present and the future. This May, for Preservation Month, we’re celebrating the power of place-and the countless ways, big and small, that preservation creates. The work the Historical and Landmarks Commission does strengthens communities, breathes new life into neighborhoods, supports a healthier planet, and builds a more just and connected society Preservation Month began as National Preservation Week in 1973, launched by the National Trust for Historic Preservation. The idea, proposed by Donald T. Sheehan, aimed to connect local and state preservation efforts with national initiatives. In 2005, the celebration was expanded to the full month of May to increase awareness and engagement.
In 2024, the Historical and Landmarks Commission (HLC) introduced the “Art Meets History” banner project to honor Preservation Month. The initial launch featured 10 banners showcasing Santa Clara’s most notable historic sites. In 2025, the program grew to include three more banners, now displayed along El Camino Real and Great America Parkway.
The community is encouraged to explore these banners throughout May. They serve as a visual celebration of Santa Clara’s heritage and a reminder of the importance of preservation.
The “Art Meets History” Banner project is showcased on the City’s website on the HLC webpage. <https://www.santaclaraca.gov/our-city/government/boards-commissions/historical-landmarkscommission/art-meets-history-banner-project>
DISCUSSION
On May 27, 2025 the City of Santa Clara will proclaim May as Historic Preservation Month and recognize the Community Development Department and Historical and Landmarks Commission for their contributions to this effort
ENVIRONMENTAL REVIEW
The action being considered does not constitute a “project” within the meaning of the California Environmental Quality Act (“CEQA”) pursuant to CEQA Guidelines section 15378(b)(5) in that it is a governmental organizational or administrative activity that will not result in direct or indirect changes in the environment.
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25-518 Agenda Date: 5/27/2025
FISCAL IMPACT
There is no fiscal impact.
COORDINATION
This report has been coordinated with the City Attorney’s Office, City Manager’s Office, Community Development, and the Mayor and Council Office.
PUBLIC CONTACT
Public contact was made by posting the Council agenda on the City’s official-notice bulletin board outside City Hall Council Chambers. A complete agenda packet is available on the City’s website and in the City Clerk’s Office at least 72 hours prior to a Regular Meeting and 24 hours prior to a Special Meeting. A hard copy of any agenda report may be requested by contacting the City Clerk’s Office at (408) 615-2220, email [email protected] <mailto:[email protected]> or at the public information desk at any City of Santa Clara public library.
Reviewed by: Afshan Hamid, Director of Community Development Approved by: Jovan D. Grogan, City Manager
ATTACHMENTS
1. Draft Proclamation - May 2025 as Historic Preservation Month
2. HLC Banner Project
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City of SantaClara
WHEREAS, Historic Preservation is an effective tool for managing growth and sustainable development, revitalizing neighborhoods, fostering local pride, and maintaining community character while enhancing livability; and WHEREAS Historic Preservation encourages and promotes community reinvestment, saving resources and socially, culturally, and economically rich communities; and
WHEREAS, Historic Preservation is relevant for communities across the nation, both urban and rural, and for Americans of all ages, all walks of life, and all ethnic backgrounds in telling our individual, city, state, and national story; and WHEREAS, it is important and valuable to celebrate the role of history in our lives and the contributions made by dedicated individuals in helping to preserve the tangible aspects of the heritage that has shaped us as a people; and WHEREAS, "Harnessing the Power of Place” is the theme for National Preservation Month 2025, and serves to shine a spotlight on the power of place and the countless ways, big and small, that preservation strengthens communities. The work Historical and Landmarks Commissioners and Advisors do strengthen communities, breathes new life into neighborhoods, supports a healthier planet, and builds a more just and connected society. This month serves as a reminder of the value of our historic sites and the efforts needed to protect them for future generations.
NOW, THEREFORE, I, LISA M. GILLMOR, by virtue of the authority vested in me as Mayor, and on behalf of the entire City Council, do hereby proclaim the month of May 2025 as
Historic Preservation Month
in the City of Santa Clara and encourage all community members to join in recognizing and participating in this special observance.
Given under my hand and the Seal of the City of Santa Clara, California, this 27th day of May, 2025.
LISA M. GILLMOR
MAYOR, CITY OF SANTA CLARA
KELLY G. COX
VICE MAYOR, DISTRICT 6
ALBERT GONZALEZ
COUNCILMEMBER, DISTRICT 1
RAJ CHAHAL
COUNCILMEMBER, DISTRICT 2
KAREN HARDY
COUNCILMEMBER, DISTRICT 3
KEVIN PARK
COUNCILMEMBER, DISTRICT 4
SUDS JAIN
COUNCILMEMBER, DISTRICT 5
Proclamation
tio
Arts Meets History Expands in 2025 with Three New Banners With the backing of the Historical and Landmarks Commission (HLC), the dedication of the HLC “Art Meets History” subcommittee Commissioners Kirby, Romano and Vargas-Smith, and collaboration of artist Cameryn Baker, this innovative project was successfully launched to support HLC educational priorities for 2024 and beyond. These collective efforts have brought the history of our community to life through captivating public artwork in the colorful style reminiscent of Franklin Delano Roosevelt’s 1935 Work Progress Administration (WPA) Federal Art Project. The project launched in 2024 with 10 banners highlighting some of Santa Clara's most well-known historic places.
In 2025, the program expanded to include three additional banners, with displays now on El Camino Real and Great America Parkway.
Residents and visitors are encouraged to take a stroll and admire the banners—a wonderful way to engage with the community’s rich history. Each banner visually contributes to ongoing conversations about the historic preservation of our heritage.
The banners can be viewed along El Camino Real and Great America Parkway throughout the month of May.
1. Mission City 1852
2. The Train Depot circa 1863
3. Santa Clara Post Office circa 1935
4. JJ Montgomery SC First Aviator circa 1903
5. Jack London’s Call of the Wild circa 1910
6. The Berryessa Adobe circa 1840
7. The Harris Lass House Museum circa 1864
8. The Morse Mansion circa 1892
9. Santa Clara Valley Orchard circa 1750
10. The S.E.S. Portuguese Hall circa 1896
CHARLES MORSE
MANSION
S.E.S.
PORTUGUESE
HALL
CIRCA 1896
New in 2025:
1. Agnew's Clock Tower circa 1908
2. James Lick Mansion circa 1858
3. Agnew's Train Depot circa 1878
To learn more about each property listed visit our city website: Historic Properties | City of Santa Clara (santaclaraca.gov)
About the Artist:
Cameryn Baker is a creative based in San Francisco. Native to Los Angeles County, she graduated from the University of Southern California in 2022 and made the switch to NorCal shortly after. She has worked in a handful of unexpected places, including film sets in Los Angeles and Alcatraz Island in the San Francisco Bay.
Photography, illustration, and written work can be found on her website, camerynbaker.com.
City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-557 Agenda Date: 5/27/2025
REPORT TO CITY COUNCIL
SUBJECT
Proclamation of May as Affordable Housing Month and Recognition of SV @ Home for organizing educational events throughout Santa Clara County to raise awareness and to ensure everyone has a safe, stable, and affordable home.
COUNCIL PILLAR
Enhance Community Engagement and Transparency
BACKGROUND
Housing affordability continues to be a top concern in Santa Clara and throughout the region. In March 2025, the median price for a single-family home in Santa Clara was $2,065,000 and over 35% of renters in Santa Clara pay more than 30% of their income on housing. In addition, over 461 people were counted in the City as being unsheltered in 2023. Over the next six years, the City’s regional housing goal is to facilitate the construction of over 2,872 new extremely low and very low-income housing units by 2031.
Affordable housing and supportive services continue to be a top priority in Santa Clara as they help ensure an outstanding quality of life locally. In recent years, Santa Clara has contributed greatly to increasing housing at all income levels. The City has paved the way for a large amount of development through the completion of several specific plans. The City has also been successful at leveraging local and state funding to build 100% affordable housing.
The City’s current pipeline includes over 650 units of 100% affordable housing and potential for an additional 459 low- and moderate-income rental units from projects that are subject to the City’s Affordable Housing Ordinance.
While the City has done a lot to boost affordable housing production, more is needed. To make meaningful progress, the City will need new sources of funding, new partnerships, and community support for new affordable housing.
Each year communities around the country organize events in recognition of Affordable Housing Month. The purpose of these events is to invite a wide range of stakeholders to discuss housing related needs and solutions. Participants often include neighbors, advocates, renters, homeowners, landlords, people experiencing homelessness, housing developers, lenders, service providers, government agencies, and others.
The intention of Affordable Housing month is to raise awareness about housing related issues and solutions and to build support for continued efforts and resources. These events provide information about best practices and generate support to produce affordable housing, the preservation of City of Santa Clara Page 1 of 3 Printed on 5/23/2025
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25-557 Agenda Date: 5/27/2025
affordable housing, and for the protection of residents from housing discrimination and displacement.
DISCUSSION
In Santa Clara County, the nonprofit SV @ Home works with a broad coalition of partners to advocate for solutions that address Santa Clara County’s urgent need for housing. SV @ Home has partnered with a wide range of organizations and individuals to organize educational events throughout the month of May. These events encourage the sharing of best practices, opportunities, and solutions to provide affordable housing for all. This year events included the following:
· Site tours of affordable housing developments
· Affordable housing policy forum
· Forum on Social Housing at San Jose State University
· Tree planting
· Housing Finance 101 workshop
· Career pathways to property management
· Community land trust and housing cooperative workshops · Housing for persons with intellectual and developmental disabilities · Housing for farmworkers
· Documentary film screening about homelessness
· Youth housing summit
· Resources for emerging developers
· Poetry Readings and more
The City wishes to proclaim May as Affordable Housing Month and to recognize SV @ Home for its important role of calling attention to the region’s housing and community development challenges and highlighting effective solutions.
ENVIRONMENTAL REVIEW
The action being considered does not constitute a “project” within the meaning of the California Environmental Quality Act (“CEQA”) pursuant to CEQA Guidelines section 15378(a) as it has no potential for resulting in either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment.
FISCAL IMPACT
There is no fiscal impact other than staff time.
COORDINATION
This memorandum was 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.
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25-557 Agenda Date: 5/27/2025
Reviewed by: Afshan Hamid, Director, Community Development Department Approved by: Jovan Grogan, City Manager
ATTACHMENTS
1. Proclamation of Affordable Housing Month 2025
City of Santa Clara Page 3 of 3 Printed on 5/23/2025
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[al::,,! c.!i6]
p
WHEREAS,
WHEREAS,
WHEREAS,
WHEREAS,
Affordable housing is a basic human right, and yet, each year, thousands of Silicon Valley families and individuals struggle to find an affordable home in one of the most expensive housing markets in the nation; and the City of Santa Clara is actively working to reduce barriers to the production and preservation of affordable housing by collaborating with a network of organizations to deliver essential services, strengthen tenant protections, support innovative solutions, and end homelessness; and SV@Home and partnering organizations in Santa Clara County are dedicated to furthering safe, stable, permanent, and affordable housing for all, and are collaboratively working to bring the need for affordable housing to the forefront of discussion in our region; and these organizations have partnered with local agencies and community members to organize Affordable Housing Month to encourage the sharing of best practices, opportunities, and solutions to provide affordable housing for all.
NOW, THEREFORE, I, LISA M. GILLMOR, by virtue of the authority vested in me as Mayor, and on behalf of the entire City Council, do hereby proclaim the month of May 2025 as
AFFORDABLE HOUSING MONTH
in the City of Santa Clara and do hereby recognize the significant contributions that SV@Home has had on our city and region.
Given under my hand and the Seal of the City of Santa Clara, California, this 27th day of May 2025.
KELLYG.COX
VICE MAYOR, DISTRICT 6
KAREN HA
COUNCILMEMBER, DJSTRICT 3
U}_ •
~ M / ~
LISA M. GILLMOR
MAYOR, CITY OF SANTA CLARA
,A.~~~
ALBERT GONZALEZ
COUNCILMEMBER, DISTRICT 1
_ ___,~
KEVIN PARK
COUNCILMEMBER, DISTRICT 4
~c:z
COUNCILMEMBER,
~
DISTRICT 2
SUDS JAIN
COUNCILMEMBER, DISTRICT 5
City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-611 Agenda Date: 5/27/2025
REPORT TO COUNCIL
SUBJECT
Action on the May 6, 2025 Special City Council Meeting Minutes and May 9, 2025 Special City Council Meeting Minutes
RECOMMENDATION
Approve the meeting minutes of the May 6, 2025 Special City Council Meeting and May 9, 2025 Special City Council Meeting.
City of Santa Clara Page 1 of 1 Printed on 5/23/2025
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City of Santa Clara
Meeting Minutes
Call and Notice of Special Meeting of the
City Council
Draft
6:00 PM Hybrid Meeting
City Hall Council Chambers/Virtual
1500 Warburton Avenue
Santa Clara, CA 95050
05/06/2025
City of Santa Clara Page 1 Printed on 05/14/2025
The City of Santa Clara is conducting City Council meetings in a hybrid manner (in-person and continues to have methods for the public to participate remotely).
How to Submit Written Public Comment Before City Council Meeting:
Agendas, Staff Reports and some associated documents for City Council items may be viewed on the Internet at https://santaclara.legistar.com/Calendar.aspx All public records relating to an open session item on this agenda, which are not exempt from disclosure pursuant to the California Public Records Act, that are distributed to a majority of the legislative body will be available for public inspection at the Office of the City Clerk at Santa Clara City Hall, 1500 Warburton Avenue, Santa Clara, CA 95050 at the same time that the public records are distributed or made available to the legislative body. Any draft contracts, ordinances and resolutions posted on the Internet site or distributed in advance of the Council meeting may not be the final documents approved by the City Council. For the final document, you may contact the Office of the City Clerk at (408) 615-2220 or [email protected].
• Via Zoom:
o https://santaclaraca.zoom.us/j/99706759306
Meeting ID: 997-0675-9306
o Phone 1(669) 900-6833
1. Use the eComment tab located on the City Council Agenda page (https://santaclara.legistar.com/Calendar.aspx). eComments are directly sent to the iLegislate application used by City Council and staff, and become part of the public record. eComment closes 15 minutes before the start of a meeting.
2. By email to [email protected] by 12 p.m. the day of the meeting. Those emails will be forwarded to the Council and will be uploaded to the City Council Agenda as supplemental meeting material. Emails received after the 12 p.m. cutoff time up through the end of the meeting will form part of the meeting record. Please identify the Agenda Item Number in the subject line of your email.
NOTE: Please note eComments and Emails received as public comment will not be read aloud during the meeting.
Meeting Minutes 05/06/2025
NOTICE IS HEREBY GIVEN that, pursuant to the provisions of California Government Code §54956 (“The Brown Act”) and Section 708 of the Santa Clara City Charter, the Mayor calls for a Special Meeting of the City Council of the City of Santa Clara, to commence and convene on May 6, 2025, at 6:00 pm to be held virtually and in the City Hall Council Chambers located in the East Wing of City Hall at 1500 Warburton Avenue, Santa Clara, California, to consider the following matter(s) and to potentially take action with respect to them. 6:00 PM STUDY SESSION
Call to Order in the Council Chambers
Mayor Gillmor called the study session to order at 6:04 PM.
Pledge of Allegiance and Statement of Values
Council recited the Pledge of Allegiance.
Councilmember Hardy recited the Statement of Values.
Roll Call
Deputy City Clerk Nguyen recited the 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.
Councilmember Albert Gonzalez, Councilmember Raj Chahal, Councilmember Karen Hardy, Councilmember Kevin Park,
Councilmember Suds Jain, Vice Mayor Kelly Cox, and Mayor Lisa M.
Gillmor
Present: 7 -
City of Santa Clara Page 2 Printed on 05/14/2025
Call and Notice of Special Meeting
of the City Council
Meeting Minutes 05/06/2025
1. 25-555 Study Session on the Related Santa Clara Development project, located at 5155 Stars and Stripes Drive, and the proposed amendment to the Master Community Plan to Introduce an Additional “Scheme C” Land Use Option by the developer Related Santa Clara, LLC.
Recommendation: Note and file the report on the Related Santa Clara Project, located at 5155 Stars and Stripes Drive, and the proposed amendment to the Master Community Plan to introduce an additional scheme land use option City Manager Grogan, Assistant City Manager Klotz, Director of Community Development Hamid, Anna Shimko (Partner, Burke, Williams and Sorensen), David Doezema (Principal, Keyser Marston Associates), Steve Eimer (Executive Vice President, Related Companies), and Nick Vanderboom (Chief Operating Officer, Related Companies) provided a Powerpoint presentation on the Related Santa Clara Project.
Council questions followed.
Public Comment: Anthony
Jaime Vasquez
Edward Strine
Mayor Gillmor called for a recess at 7:42 PM and reconvened the meeting at 7:58 PM.
City Manager Grogan, Anna Shimko (Partner, Burke, Williams and Sorensen), Steve Eimer (Executive Vice President, Related Companies), Director of Community Development Hamid, David Doezema (Principal, Keyser Marston Associates), Nick Vanderboom (Chief Operating Officer, Related Companies) addressed Council questions.
Assistant City Manager Klotz, David Doezema (Principal, Keyser Marston Associates), Senior Planner Agrawal, Anna Shimko (Partner, Burke, Williams and Sorensen), and Steve Eimer (Executive Vice President, Related Companies) continued the Powerpoint presentation on the Related Santa Clara Project.
Council comments and questions followed.
City Manager Grogan, Anna Shimko (Partner, Burke, Williams and Sorensen), Director of Community Development Hamid, Nick Vanderboom (Chief Operating Officer, Related Companies), and Steve Eimer (Executive Vice President, Related Companies) addressed Council questions.
City of Santa Clara Page 3 Printed on 05/14/2025
Call and Notice of Special Meeting
of the City Council
Meeting Minutes 05/06/2025
ADJOURNMENT
The meeting was adjourned at 10:00 PM.
A motion was made by Councilmember Chahal, seconded by
Councilmember Gonzalez, to adjourn the meeting.
Aye: Councilmember Gonzalez, Councilmember Chahal, Councilmember Hardy, Councilmember Park, Councilmember Jain, Vice Mayor Cox, and Mayor Gillmor
7 -
The next regular scheduled meeting is on Tuesday, May 13, 2025 in the City Hall Council Chambers.
City of Santa Clara Page 4 Printed on 05/14/2025
Call and Notice of Special Meeting
of the City Council
Meeting Minutes 05/06/2025
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.
City of Santa Clara Page 5 Printed on 05/14/2025
Call and Notice of Special Meeting
of the City Council
Draft
11:00 AM Santa Clara University
Sobrato Campus for Discovery and
Innovation Building
500 El Camino Real
Santa Clara, CA 95053
05/09/2025
City of Santa Clara Page 1 Printed on 05/14/2025
How to Submit Written Public Comment Before City Council Meeting:
1. Use the eComment tab located on the City Council Agenda page https://santaclara.legistar.com/Calendar.aspx. eComments are directly sent to the iLegislate application used by City Council and staff, and become part of the public record. eComment closes 15 minutes before the start of a meeting.
2. By email to [email protected] by 12 p.m. the day before the meeting. Those emails will be forwarded to the Council and will be uploaded to the City Council Agenda as supplemental meeting material. Emails received after the 12 p.m. cutoff time up through the end of the meeting will form part of the meeting record. Please identify the Agenda Item Number in the subject line of your email.
NOTE: Please note eComments and Emails received as public comment will not be read aloud during the meeting.
Agendas, Staff Reports and some associated documents for City Council items may be viewed on the Internet at https://santaclara.legistar.com/Calendar.aspx All public records relating to an open session item on this agenda, which are not exempt from disclosure pursuant to the California Public Records Act, that are distributed to a majority of the legislative body will be available for public inspection at the Office of the City Clerk at Santa Clara City Hall, 1500 Warburton Avenue, Santa Clara, CA 95050 at the same time that the public records are distributed or made available to the legislative body. Any draft contracts, ordinances and resolutions posted on the Internet site or distributed in advance of the Council meeting may not be the final documents approved by the City Council. For the final document, you may contact the Office of the City Clerk at (408) 615-2220 or [email protected].
NOTICE IS HEREBY GIVEN that, pursuant to the provisions of California Government Code §54956 (“The Brown Act”) and Section 708 of the Santa Clara City Charter, the Mayor calls for a Special Meeting of the City Council of the City of Santa Clara, to commence and convene on May 9, 2025, at 11:00 am at the north lobby of the Sobrato Campus for Discovery and Innovation Building at Santa Clara University (500 El Camino Real, Santa Clara, CA 95053). The Special Meeting consists of a tour of the Sobrato Campus for Discovery and Innovation Building.
City of Santa Clara
Meeting Minutes
Call and Notice of Special Meeting of the
City Council
Meeting Minutes 05/09/2025
Vice Mayor Cox called the special meeting to order at 11:07 AM.
Roll Call
Director of Economic Development and Sustainability Brilliot noted that any registered Lobbyist speaking during the Public Meeting will need to identify themselves and whom they represent.
Councilmember Karen Hardy, Councilmember Kevin Park,
Councilmember Suds Jain, and Vice Mayor Kelly Cox
Present: 4 -
Councilmember Albert Gonzalez, Councilmember Raj Chahal, and Mayor Lisa M. Gillmor
Absent: 3 -
A motion was made by Councilmember Park, seconded by
Councilmember Jain, to excuse Mayor Gillmor and Councilmembers Gonzalez and Chahal from this meeting.
Aye: Councilmember Hardy, Councilmember Park, Councilmember Jain, and Vice Mayor Cox
4 -
Absent: 3 - Councilmember Gonzalez, Councilmember Chahal, and Mayor Gillmor Tour of Sobrato Campus for Discovery and Innovation Building (CC) Public Comment: Mark Kelsey
Public Speaker
ADJOURNMENT
The meeting was adjourned at 12:25 PM.
A motion was made by Councilmember Hardy, seconded by
Councilmember Jain, to adjourn the meeting.
Aye: Councilmember Hardy, Councilmember Park, Councilmember Jain, and Vice Mayor Cox
4 -
Absent: 3 - Councilmember Gonzalez, Councilmember Chahal, and Mayor Gillmor The next regularly scheduled meeting is on Tuesday, May 13, 2025 in the City Hall Council Chambers City of Santa Clara Page 2 Printed on 05/14/2025
11:00 AM SPECIAL COUNCIL MEETING
Call to Order
Call and Notice of Special Meeting
of the City Council
Meeting Minutes 05/09/2025
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.
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.
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 24 hours before the scheduled event.
City of Santa Clara Page 3 Printed on 05/14/2025
Call and Notice of Special Meeting
of the City Council
City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-10 Agenda Date: 5/27/2025
REPORT TO COUNCIL
SUBJECT
Board, Commissions and Committee Minutes
COUNCIL PILLAR
Enhance Community Engagement and Transparency
RECOMMENDATION
Note and file the Minutes of:
Board of Library Trustees - April 7, 2025
Cultural Commission - April 7, 2025
Parks & Recreation Commission - April 14, 2025
Youth Commission - April 8, 2025
Planning Commission - April 16, 2025
City of Santa Clara Page 1 of 1 Printed on 5/23/2025
powered by Legistar™
City of Santa Clara
Meeting Minutes
Board of Library Trustees
Board
Approved
6:00 PM Northside Branch Library, Program Room
695 Moreland Way
Santa Clara, CA 95054
04/07/2025
The City of Santa Clara is conducting the Board of Library Trustees meeting in a hybrid manner (inperson and continues to have methods for the public to participate remotely). • Via Zoom:
o https://santaclaraca-gov.zoom.us/j/85864257230
Meeting ID: 858 6425 7230 or
o Phone: 1(669) 900-6833
PUBLIC PARTICIPATION IN ZOOM WEBINAR: Please follow the guidelines below when participating in a Zoom Webinar:
- The meeting will be recorded so you must choose 'continue' to accept and stay in the meeting. - If there is an option to change the phone number to your name when you enter the meeting, please do so as your name will be visible online and will be used to notify you that it is your turn to speak. - Mute all other audio before speaking. Using multiple devices can cause an audio feedback. - Use the raise your hand feature in Zoom when you would like to speak on an item and lower when finished speaking. Press *9 to raise your hand if you are calling in by phone only. - Identify yourself by name before speaking on an item. - Unmute when called on to speak and mute when done speaking. If there is background noise coming from a participant, they will be muted by the host. Press *6 if you are participating by phone to unmute. - If you no longer wish to stay in the meeting once your item has been heard, please exit the meeting.
CALL TO ORDER AND ROLL CALL
Chair Evans called the meeting to order at 6:01 PM.
Chair Jonathon Evans, Trustee Daniel Huynh, Trustee G. Salim Mohammed, Vice-Chair Stephen Ricossa, and Trustee Debbie Tryforos Present 5 -
CONSENT CALENDAR
City of Santa Clara Page 1 Printed on 04/12/2025
DRAFT
Board of Library Trustees Meeting Minutes 04/07/2025
1 25-324 Action on the Board of Library Trustees Meeting Minutes of March 3, 2025 Recommendation: Approve the Board of Library Trustees Meeting Minutes of March 3, 2025 A motion was made by Vice-Chair Ricossa, seconded by Trustee Tryforos to Approve Staff Recommendation.
Aye: Chair Evans, Trustee Huynh, Trustee Mohammed, Vice-Chair Ricossa, and Trustee Tryforos
5 -
PUBLIC PRESENTATIONS
JoAnn Davis, Executive Director of Santa Clara City Library Foundation and Friends provided an update on the annual fundraiser Librarypalooza was held at Triton Museum of Art. No Saturday book sales will be held in April, but a porch sale is planned for Sunday, April 27, 2025 at Central Park Library. Saturday Sales will resume in May. A fundraiser is planned at Red Robin in Rivermark Plaza in May, anyone who mentions they're supporting the Library Foundation that day, a donation will be made to the Foundation. The date will be finalized and announced
GENERAL BUSINESS
25-413 Informational Report on Library Services at the Northside Branch Library Recommendation: Note and file informational report of the Northside Branch Library. 2 25-362
An informational presentation covering popular services and programs at the Northside Branch Library was shared with the Board by library staff Rachel Hughes and Helga Afaghani. The Board received the presentation and asked follow-up questions.
Action on Revised Santa Clara City Library Collection Development Policy Recommendation: Approve the draft Santa Clara City Library Collection Development Policy (Attachment 1)
City Librarian Patty Wong shared with the Board that while they had recently approved the revised Collection Development Policy, further updates were necessary to satisfy the requirements of AB1825 the California Freedom to Read Act. Deputy City Attorney Luis Haro reviewed the required language changes with the Board. The checklist to ensure AB1825 compliance, as well as clean and redline versions of the revised policy, were reviewed. Deputy City Attorney Haro confirmed that Council approval was not required for this policy update.
A motion was made by Trustee Mohammad, seconded by Vice-Chair Ricossa to approve the Collection Development Policy.
City of Santa Clara Page 2 Printed on 04/12/2025
DRAFT
Board of Library Trustees Meeting Minutes 04/07/2025
Aye: Chair Evans, Trustee Huynh, Trustee Mohammed, Vice-Chair Ricossa, and Trustee Tryforos
5 -
3 25-416 Informational Update on Impacts of Federal Funding Changes to Library and Discussion and Possible Action on Support Letter to Local Congressional Representatives
Recommendation: 1. Note and file informational report on the impacts of federal funding changes to the Library.
2. Authorize up to two Trustees to form a subcommittee to draft a letter in support of local library funding for full consideration of the Board.
City Librarian Wong shared information with the Board on the impacts of federal funding cuts to library budgets nationwide and to the Santa Clara City Library in particular. Impacts to the grant funding supporting the Read Santa Clara literacy program at the library were addressed as were the impacts to funding for electronic resources heavily used by the library as well as Santa Clara Unified School District schools such as encyclopedias, databases, and the New York Times. City Librarian Wong provided information on many specific grants, programs, and resources previously supported by such funding and anticipated impacts to service including possible reductions in resources, programs and services. The likelihood of increased community demand was addressed as surrounding library systems face similar impacts to their services.
The Board discussed the need to reach out to congressional representatives to share concerns and the impacts of federal funding cuts to the library, and discussed addressing this issue with Council while receiving the National Library Week Proclamation on April 8, 2025. Deputy City Attorney Haro confirmed that letters could be sent to congressional representatives on behalf of the Board of Library Trustees, though not on behalf of the City of Santa Clara, and that the Board could prepare a draft letter template to distribute to the public to encourage advocacy for library funding. Template letters from the American Library Association and the California State Library were shared with the Board. A subgroup composed of Trustee Mohammed and Trustee Huynh was recommended to draft the letter.
A motion was made by Vice-Chair Ricossa, seconded by Trustee Tryforos to authorize two members, Trustees Mohammed and Huynh, to write an open letter from the Board of Library Trustees to local congressional representatives and a template letter for use by the public in support of Institute for Museum and Library Services (IMLS) funding.
Aye: Chair Evans, Trustee Huynh, Trustee Mohammed, Vice-Chair Ricossa, and Trustee Tryforos
5 -
City of Santa Clara Page 3 Printed on 04/12/2025
DRAFT
Board of Library Trustees Meeting Minutes 04/07/2025
4 25-419 Discussion and Action on the Selection of Informational Staff Report Topics
Recommendation: Approve list of topics for informational staff reports for future Board meetings 5 25-420
and recommended schedule to receive them.
The Board by unanimous consent directed staff to place on a future agenda the following informational report topics: Library of Things, Read Santa Clara, Seed Share, Trail of the Book: From Selection to Removal, and Library Grants.
Deputy City Attorney Haro determined no formal action was necessary because direction to staff was sufficient.
Discussion and Action on Scheduling a Joint Meeting with the Board of the Santa Clara City Library Foundation and Friends
Recommendation: Identify potential dates and times for a joint meeting with the Board of the Santa Clara City Library Foundation and Friends, and authorize City staff to coordinate scheduling with the Board of the Santa Clara City Library Foundation and Friends.
Vice-Chair Ricossa and Trustee Tryforos were appointed to discuss the joint meeting and to obtain potential dates with the Santa Clara City Library Foundation and Friends Board at a following meeting.
A motion was made by Trustee Mohammad, seconded by Trustee Tryforos to schedule a joint meeting between the Board of Library Trustees and the Santa Clara City Library Foundation and Friends Board, and for the Board to recommend possible meeting dates on a future agenda.
Aye: Chair Evans, Trustee Huynh, Trustee Mohammed, Vice-Chair Ricossa, and Trustee Tryforos
5 -
STAFF REPORT
City Librarian Wong shared a reminder that National Library Week is April 6-12, 2025, and that she and Chair Evans would be receiving a Proclamation for National Library Week at the April 8, 2025 City Council meeting. Planned National Library Week activities were shared, including book displays, comment card displays for patrons to share feedback on the library, and a National Library Week Bingo game printout available at all locations, with bookmarks available as prizes.
The Board was also informed that staff had updated the Board of Library Trustee Handbook so that those pages with FY 2022-23 statistics were updated with FY 2023-24 data. Updated copies were passed out to the Board, along with an updated printed calendar of events at the library and a printout of National Library Week Bingo.
Information was shared about a program featuring Cirque du Soleil on April 17, 2025 at Central Park Library, with a demonstration performance from their new show Echo.
City of Santa Clara Page 4 Printed on 04/12/2025
DRAFT
Board of Library Trustees Meeting Minutes 04/07/2025
TRUSTEES REPORT
ADJOURNMENT
The meeting was adjourned at 8:06 PM.
A motion was made by Trustee Mohammad, seconded by Trustee Huynh to adjourn the meeting.
Aye: Chair Evans, Trustee Huynh, Trustee Mohammed, Vice-Chair Ricossa, and Trustee Tryforos
5 -
The Board of Library Trustees Meeting is adjourned to May 5, 2025, at 6:00 PM.
City of Santa Clara Page 5 Printed on 04/12/2025
DRAFT
Board of Library Trustees Meeting Minutes 04/07/2025
The time limit within which to commence any lawsuit or legal challenge to any quasiadjudicative decision made by the City is governed by Section 1094.6 of the Code of Civil Procedure, unless a shorter limitation period is specified by any other provision. Under Section 1094.6, any lawsuit or legal challenge to any quasi-adjudicative decision made by the City must be filed no later than the 90th day following the date on which such decision becomes final. Any lawsuit or legal challenge, which is not filed within that 90-day period, will be barred. If a person wishes to challenge the nature of the above section in court, they may be limited to raising only those issues they or someone else raised at the meeting described in this notice, or in written correspondence delivered to the City of Santa Clara, at or prior to the meeting. In addition, judicial challenge may be limited or barred where the interested party has not sought and exhausted all available administrative remedies.
If a member of the public submits a speaker card for any agenda items, their name will appear in the Minutes. If no speaker card is submitted, the Minutes will reflect "Public Speaker."
In accordance with the requirements of Title II of the Americans with Disabilities Act of 1990 ("ADA"), the City of Santa Clara will not discriminate against qualified individuals with disabilities on the basis of disability in its services, programs, or activities, and will ensure that all existing facilities will be made accessible to the maximum extent feasible. The City of Santa Clara will generally, upon request, provide appropriate aids and services leading to effective communication for qualified persons with disabilities including those with speech, hearing, or vision impairments so they can participate equally in the City’s programs, services, and activities. The City of Santa Clara will make all reasonable modifications to policies and programs to ensure that people with disabilities have an equal opportunity to enjoy all of its programs, services, and activities.
Agendas and other written materials distributed during a public meeting that are public record will be made available by the City in an appropriate alternative format. Contact the City Clerk’s Office at 1 408-615-2220 with your request for an alternative format copy of the agenda or other written materials.
Individuals who require an auxiliary aid or service for effective communication, or any other disability-related modification of policies or procedures, or other accommodation, in order to participate in a program, service, or activity of the City of Santa Clara, should contact the City’s ADA Coordinator at 408-615-3000 as soon as possible but no later than 48 hours before the scheduled event.
City of Santa Clara Page 6 Printed on 04/12/2025
MEETING DISCLOSURES
DRAFT
City of Santa Clara
Meeting Minutes
Cultural Commission
Draft
7:00 PM Hybrid Meeting
Santa Clara Senior Center
Room 205
1303 Fremont Street
Santa Clara, CA 95050
04/07/2025
The City of Santa Clara is conducting the Cultural Commission meeting in a hybrid manner (in-person and a method for the public to participate remotely).
Via Zoom:
https://santaclaraca.zoom.us/j/98272283531
Meeting ID: 98272283531
Or join by phone: 669-900-6833
CALL TO ORDER AND ROLL CALL
The meeting was called to order by Chair Marinaro at 7:02 PM.
Commissioner Abinas Roy, Vice Chair Candida Diaz, Commissioner Debra von Huene, Chair Jonathan Marinaro, Commissioner Louis Samara, and Commissioner Neetu Garg
Present 6 -
CONSENT CALENDAR
1. 25-341 Action on Cultural Commission Regular Minutes of March 3, 2025 Recommendation: Approve the Cultural Commission Regular Meeting Minutes of March 3, 2025
A motion was made by Commissioner Samara and seconded by Commissioner von Huene to approve the minutes from the regular meeting on March 3, 2025.
Aye: Commissioner Roy, Vice Chair Diaz, Commissioner von Huene, Chair Marinaro, Commissioner Samara, and Commissioner Garg
6 -
PUBLIC PRESENTATIONS
None.
City of Santa Clara Page 1 Printed on 04/22/2025
Cultural Commission Meeting Minutes 04/07/2025
GENERAL BUSINESS
2. 25-348 Discuss and Develop of Cultural Commission Work Plan Goals and Activities for FY 2025/26
Recommendation: Discuss and Develop Cultural Commission Work Plan Goals and Objectives for FY 2025/26.
A motion was made by Commissioner Diaz and seconded by
Commissioner Samara to adopt the Cultural Commission Work Plan Goals and Activities for FY 2025/26 as presented.
Aye: Commissioner Roy, Vice Chair Diaz, Commissioner von Huene, Chair Marinaro, Commissioner Samara, and Commissioner Garg
6 -
3. 25-349 Discuss and Update the Cultural Commission’s Work Plan Goals and Objectives for FY 2024/25 and FY 2025/26
The Commission reviewed the Work Plan Goals and Objectives for FY 2024/25 and FY 2025/26 and took no action.
STAFF REPORT
Recreation Manager Castro reminded the Commission that applications for City Commission are now out and available. The plans for the collaborative concert with Mission College on June 4 are all set. The Parks & Recreation Department is still making progress towards the Parks & Recreation Master Plan and aims to begin the Arts Master Plan upon it's completion.
COMMISSIONERS REPORT
Commissioner von Huene saw Swan Lake and is looking forward to seeing Mouse Trap and the Santa Clara Corale performed the Star Spangled Banner at the San Jose Barracuda game last month.
Chair Marinaro enjoyed the "Giant Eye" in Dallas last month and is looking forward to the next opera show in San Jose.
Commissioner Roy attended the reopening celebration of the northside Police substation.
Commissioner Diaz visited the California Academy of Sciences.
Commissioner Garg attended a Holi event in the City of Fremont.
ADJOURNMENT
The next regular meeting of the Cultural Commission is scheduled for May 5, 2025 at 7:00 PM.
A motion was made by Commissioner Diaz and seconded by
Commissioner Garg to adjourn the meeting at 7:34 PM.
City of Santa Clara Page 2 Printed on 04/22/2025
Cultural Commission Meeting Minutes 04/07/2025
Aye: Commissioner Roy, Vice Chair Diaz, Commissioner von Huene, Chair Marinaro, Commissioner Samara, and Commissioner Garg
6 -
MEETING DISCLOSURES
City of Santa Clara Page 3 Printed on 04/22/2025
Cultural Commission Meeting Minutes 04/07/2025
The time limit within which to commence any lawsuit or legal challenge to any quasi-adjudicative decision made by the City is governed by Section 1094.6 of the Code of Civil Procedure, unless a shorter limitation period is specified by any other provision. Under Section 1094.6, any lawsuit or legal challenge to any quasi-adjudicative decision made by the City must be filed no later than the 90th day following the date on which such decision becomes final. Any lawsuit or legal challenge, which is not filed within that 90-day period, will be barred. If a person wishes to challenge the nature of the above section in court, they may be limited to raising only those issues they or someone else raised at the meeting described in this notice, or in written correspondence delivered to the City of Santa Clara, at or prior to the meeting. In addition, judicial challenge may be limited or barred where the interested party has not sought and exhausted all available administrative remedies.
If a member of the public submits a speaker card for any agenda items, their name will appear in the Minutes. If no speaker card is submitted, the Minutes will reflect "Public Speaker."
In accordance with the requirements of Title II of the Americans with Disabilities Act of 1990 ("ADA"), the City of Santa Clara will not discriminate against qualified individuals with disabilities on the basis of disability in its services, programs, or activities, and will ensure that all existing facilities will be made accessible to the maximum extent feasible. The City of Santa Clara will generally, upon request, provide appropriate aids and services leading to effective communication for qualified persons with disabilities including those with speech, hearing, or vision impairments so they can participate equally in the City’s programs, services, and activities. The City of Santa Clara will make all reasonable modifications to policies and programs to ensure that people with disabilities have an equal opportunity to enjoy all of its programs, services, and activities.
Agendas and other written materials distributed during a public meeting that are public record will be made available by the City in an appropriate alternative format.
Contact the City Clerk’s Office at 1 408-615-2220 with your request for an alternative format copy of the agenda or other written materials.
Individuals who require an auxiliary aid or service for effective communication, or any other disability-related modification of policies or procedures, or other accommodation, in order to participate in a program, service, or activity of the City of Santa Clara, should contact the City’s ADA Coordinator at 408-615-3000 as soon as possible but no later than 48 hours before the scheduled event.
City of Santa Clara Page 4 Printed on 04/22/2025
City of Santa Clara
Meeting Minutes
Parks & Recreation Commission
Draft
7:00 PM Hybrid Meeting
Sparacino Conference Room - City Hall East Wing
1500 Warburton Avenue
Santa Clara, CA 95050
04/14/2025
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 the meeting to order at 7:09 PM.
Commissioner Dana Caldwell, Vice Chair Maureen Chu,
Commissioner Eversley Forte, Commissioner Derek DeMarco, Chair Sajid Hai, and Commissioner Vikas Gupta
Present 6 -
Absent 1 - Commissioner Brittany Ricketts
CONSENT CALENDAR
1. 25-317 Action on the Parks & Recreation Commission Minutes of the March 10, 2025, Meeting
Recommendation: Approve the Parks & Recreation Commission Minutes of the March 10, 2025, Meeting.
Commissioner DeMarco made a motion, seconded by
Commissioner Chu, to recommend approval of the March 10, 2025 Parks & Recreation Commission Minutes. The motion carried by the following vote:
Aye: Commissioner Caldwell, Vice Chair Chu, Commissioner Forte, Commissioner DeMarco, Chair Hai, and Commissioner Gupta 6 -
Absent: 1 - Commissioner Ricketts
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PUBLIC PRESENTATIONS
None.
GENERAL BUSINESS
2. 25-364 Receive Presentation and Provide Input on the Creek Trail Network Expansion Master Plan Project
Recommendation: Provide input on Creek Trail Network Expansion Master Plan Project.
3. 25-333
The Commission received the presentation and provided feedback to the Project Team. The Commission looks forward to receiving an update regarding the trail concept designs once they are deemed feasible and are ready to be presented to the public for comment later in spring/ summer 2025.
Receive a Presentation and Progress Report on the Parks & Recreation Master Plan Process
Recommendation: Receive the Parks & Recreation Master Plan Progress Report presentation and provide feedback.
The Commission received the presentation and progress report from the Parks & Recreation Master Plan Consultant, and provided feedback particularly regarding data analytics, current trends, and benchmarking with neighboring and comparable cities.
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4. 25-342 Status Update on the Progress Made on the FY 2024/25 Parks & Recreation Commission’s Work Plan Goals
Recommendation: Provide status update on 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.
--No update.
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.
--No update (completed)
Goal C.2.: Participate in Citywide Special events.
--No update.
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. --No update
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. --No update.
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5. 25-318 Discuss and Develop Parks & Recreation Commission Work Plan Goals and Activities for FY 2025/26
Recommendation: Discuss and develop Parks & Recreation Commission Work Plan Goals and Activities for FY 2025/26.
Goal A: Review park site and facility condition assessments and recommend priorities given existing and anticipated service levels and available resources.
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.
Goal B.2.: Review residential developer proposed schematic designs for new neighborhood parks that serve new residential development.
Goal C.1.: Host and develop recommendations for the annual Santa Clara Art & Wine Festival 2024.
Goal C.2.: Participate in Citywide Special events.
Goal C.3.: Plan Additional citywide special events.
Goal E.: Participate in the Parks & Recreation Master Plan Process.
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.
Commissioner Chu made a motion, seconded by Commissioner Gupta to delete Goal D and include a new sub-goal for Goal C to "Plan additional citywide special events". The motion carried by the following vote:
Aye: Commissioner Caldwell, Vice Chair Chu, Commissioner Forte, Commissioner DeMarco, Chair Hai, and Commissioner Gupta 6 -
Absent: 1 - Commissioner Ricketts
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STAFF REPORT
Deputy Director Seale
Deputy Director Seale confirmed that the bid for foot traffic data and analytics has been posted. The bid closes on May 14, 2025.
Director Sparacino
Director Sparacino provided updates on Council support for moving forward with “Option B” of Phase 1 of the ISC, where the pools will be renovated, including the pool decks, drain system, diving tower, mechanical room, etc. He mentioned that on the same night, Council also received information from staff regarding how the City will be moving forward with creating a Bond Compliance Oversight Committee. He provided a recap of the bond expenditure plan as it relates to parks, libraries, Senior Center, and aquatics facilities for a total of $115,258,750. Given the current trajectory of the ISC, there will be enough funds to also look at other aquatic facilities in the community.
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COMMISSIONERS REPORT
ADJOURNMENT
Chair Hai
Chair Hai visited two parks.
Commissioner Caldwell
Commissioner Caldwell attended the Ethics Training and thought that it was much better to attend in person than online. He visited Maywood Park and caught the beginning of Sunset Cinema's movie night. He mentioned there was a fair amount of people, and the movie drew an adult crowd. He noted that the sound system was phenomenal.
Commissioner Chu
Commissioner Chu attended the Ethics Training and won the trivia contest.
Commissioner DeMarco
Commissioner DeMarco confirmed that he did not receive a Santa Clara Activity Guide brochure. He inquired about why one of the gates at Magical Bridge has been closed. Deputy Director Seale confirmed that the gate was broken and staff was in contact with the Contractor and the manufacturer for follow up and repair.
Commissioner Forte
Commissioner Forte attended the multicultural festival in Mountain View. He connected with commissioners from Mountain View and Santa Clara County.
He mentioned they are open to sharing their knowledge about hosting these types of events in the future. He noted the festival did not have food vendors, however, they promoted local eateries and encouraged attendees to visit food vendors during the festival.
Commissioner Gupta
Commissioner Gupta attended the Council Meeting in support of option B for the ISC. He expressed his appreciation towards staff for having a clear focus of the end goal and thinking outside of the box.
Commissioner DeMarco made a motion, seconded by
Commissioner Chu to adjourn the Parks & Recreation Commission Meeting at 9:30 PM until the next regular meeting on May 12, 2025, at 7:00 PM in the Sparacino Conference Room at City Hall.
Aye: Commissioner Caldwell, Vice Chair Chu, Commissioner Forte, Commissioner DeMarco, Chair Hai, and Commissioner Gupta 6 -
Absent: 1 - Commissioner Ricketts
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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.
If a member of the public submits a speaker card for any agenda items, their name will appear in the Minutes. If no speaker card is submitted, the Minutes will reflect "Public Speaker."
In accordance with the requirements of Title II of the Americans with Disabilities Act of 1990 ("ADA"), the City of Santa Clara will not discriminate against qualified individuals with disabilities on the basis of disability in its services, programs, or activities, and will ensure that all existing facilities will be made accessible to the maximum extent feasible. The City of Santa Clara will generally, upon request, provide appropriate aids and services leading to effective communication for qualified persons with disabilities including those with speech, hearing, or vision impairments so they can participate equally in the City’s programs, services, and activities. The City of Santa Clara will make all reasonable modifications to policies and programs to ensure that people with disabilities have an equal opportunity to enjoy all of its programs, services, and activities.
Agendas and other written materials distributed during a public meeting that are public record will be made available by the City in an appropriate alternative format.
Contact the City Clerk’s Office at 1 408-615-2220 with your request for an alternative format copy of the agenda or other written materials.
Individuals who require an auxiliary aid or service for effective communication, or any other disability-related modification of policies or procedures, or other accommodation, in order to participate in a program, service, or activity of the City of Santa Clara, should contact the City’s ADA Coordinator at 408-615-3000 as soon as possible but no later than 48 hours before the scheduled event.
City of Santa Clara Page 7 Printed on 05/05/2025
City of Santa Clara
Meeting Minutes
Youth Commission
Draft
6:00 PM Youth & Teen Center
2446 Cabrillo Avenue
Santa Clara, CA 95051
04/08/2025
CALL TO ORDER AND ROLL CALL
This meeting was called to order by Chair Liang at 6:04 p.m.
Commissioner Allysa Domensino, Commissioner Simren Garg, Commissioner Namita Gaidhani, Commissioner Srikha Gopisetti, Commissioner Julianna Arias Hernandez, Commissioner Neha Israni, Commissioner Ryan Kim, Commissioner Rebecca Kunze,
Commissioner Kira Liang, Commissioner Malia Martin, and Commissioner Samarth Suresh
Present 11 -
Commissioner Maryam Ismail, Commissioner Samaira Mehta, Commissioner Hiranya Parekh, and Commissioner Brian Rong Absent 4 -
A motion was made by the Commissioner Suresh, seconded by Commissioner Martin to excuse Commissioner Ismail,
Commissioner Parekh, Commissioner Rong and Commissioner Mehta from the April 8 meeting. The motion was carried by the following votes:
Aye: Commissioner Domensino, Commissioner Garg, Commissioner Gaidhani, Commissioner Gopisetti, Commissioner Arias Hernandez, Commissioner Israni, Commissioner Kim, Commissioner Kunze, Commissioner Liang, Commissioner Martin, and Commissioner Suresh
11 -
Absent: Commissioner Ismail, Commissioner Mehta, Commissioner Parekh, and Commissioner Rong
4 -
CONSENT CALENDAR
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Youth Commission Meeting Minutes 04/08/2025
1. 25-391 Action on the Youth Commission Meeting Minutes of March 11, 2025 Amend with the following changes to the March 11, 2025 meeting minutes:
change the date from April 4th to April 5th under the Community Building with Santa Clara residents objective.
A motion was made by Commissioner Martin, seconded by
Commissioner Arias Hernandez that this item be recommended for approval as amended. This motion was carried by the following votes:
Aye: Commissioner Domensino, Commissioner Garg, Commissioner Gaidhani, Commissioner Gopisetti, Commissioner Arias Hernandez, Commissioner Israni, Commissioner Kim, Commissioner Kunze, Commissioner Liang, Commissioner Martin, and Commissioner Suresh
11 -
Excused: Commissioner Ismail, Commissioner Mehta, Commissioner Parekh, and Commissioner Rong
4 -
PUBLIC PRESENTATIONS
None
GENERAL BUSINESS
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2. 25-392 Discussion and Possible Action on Youth Commission FY 2024/25 Work Plan & Goals
Community Building with Santa Clara residents:
The committee made the decision to postpone the SC Hacks Hackathon event to next year's term, due to low enrollment. Committee is continuing the planning of their multicultural event, Harmony of Cultures. This event will be held at the Teen Center on Saturday, April 26th. Committee will send out invitations to local high school clubs to participate. This event will include cultural performances, food, and music.
Public Outreach & Education:
The committee met with representative from QCorner and learned about their organization's resources. Commissioners reached out to our library to organize a possible future NARCAN demonstration for the public. The committee will continue to develop New Resident Welcome resource packets and suggestions for improving the publication, including: incorporating photos, and utilizing free online translation services.
Youth Empowerment:
The committee reported on the Santa Clara Speaks event held on April 3rd at the Teen Center. The Santa Clara Youth Commission, with the Santa Clara High School Wellness Center, hosted a panel discussion about middle-to-high school transition for students and parents. Topics included:
- Academic expectations in high school,
- Social and emotional adjustments,
- Parent support strategies, and
- School-life balance
The event ended with a Q&A session. The goal was to help families navigate this transition by offering advice from school professionals and current high school students.
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STAFF REPORT
Karen Guzman, Youth Services Librarian, discussed upcoming Library events and resources for our teen population. These programs included free online tutoring, mental health resources, and Bricks by the Books event that will be held on May 10th at the Central Park Library.
Gayle Ichiho, Recreation Supervisor, announced the recommended Youth Commissioners for next year's term. This year's outgoing and incoming Youth Commissioners will be recognized at the upcoming May 13 City Council meeting. She also confirmed that our last Youth Commission meeting for this year's term will be held after the City Council meeting in the City Hall cafeteria.
COMMISSIONERS REPORT
None
ADJOURNMENT
A motion was made by Commissioner Martin, seconded by
Commissioner Israni that this meeting be adjourned at 6:21 p.m. The motion was carried by the following votes:
Aye: Commissioner Domensino, Commissioner Garg, Commissioner Gaidhani, Commissioner Gopisetti, Commissioner Arias Hernandez, Commissioner Israni, Commissioner Kim, Commissioner Kunze, Commissioner Liang, Commissioner Martin, and Commissioner Suresh
11 -
Excused: Commissioner Ismail, Commissioner Mehta, Commissioner Parekh, and Commissioner Rong
4 -
MEETING DISCLOSURES
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The time limit within which to commence any lawsuit or legal challenge to any quasi-adjudicative decision made by the City is governed by Section 1094.6 of the Code of Civil Procedure, unless a shorter limitation period is specified by any other provision. Under Section 1094.6, any lawsuit or legal challenge to any quasi-adjudicative decision made by the City must be filed no later than the 90th day following the date on which such decision becomes final. Any lawsuit or legal challenge, which is not filed within that 90-day period, will be barred. If a person wishes to challenge the nature of the above section in court, they may be limited to raising only those issues they or someone else raised at the meeting described in this notice, or in written correspondence delivered to the City of Santa Clara, at or prior to the meeting. In addition, judicial challenge may be limited or barred where the interested party has not sought and exhausted all available administrative remedies.
If a member of the public submits a speaker card for any agenda items, their name will appear in the Minutes. If no speaker card is submitted, the Minutes will reflect "Public Speaker."
In accordance with the requirements of Title II of the Americans with Disabilities Act of 1990 ("ADA"), the City of Santa Clara will not discriminate against qualified individuals with disabilities on the basis of disability in its services, programs, or activities, and will ensure that all existing facilities will be made accessible to the maximum extent feasible. The City of Santa Clara will generally, upon request, provide appropriate aids and services leading to effective communication for qualified persons with disabilities including those with speech, hearing, or vision impairments so they can participate equally in the City’s programs, services, and activities. The City of Santa Clara will make all reasonable modifications to policies and programs to ensure that people with disabilities have an equal opportunity to enjoy all of its programs, services, and activities.
Agendas and other written materials distributed during a public meeting that are public record will be made available by the City in an appropriate alternative format.
Contact the City Clerk’s Office at 1 408-615-2220 with your request for an alternative format copy of the agenda or other written materials.
Individuals who require an auxiliary aid or service for effective communication, or any other disability-related modification of policies or procedures, or other accommodation, in order to participate in a program, service, or activity of the City of Santa Clara, should contact the City’s ADA Coordinator at 408-615-3000 as soon as possible but no later than 48 hours before the scheduled event.
City of Santa Clara Page 5 Printed on 04/15/2025
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
04/16/2025
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 6:03 p.m.
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Pledge of Allegiance and Statement of Values
Secretary Crutchlow read the Statement of Values.
Roll Call
Commissioner Yashraj Bhatnagar, Commissioner Nancy A. Biagini, Commissioner Priya Cherukuru, Commissioner Qian Huang, Vice Chair Mario Bouza, Chair Lance Saleme, and Commissioner Eric Crutchlow
Present 7 -
DECLARATION OF COMMISSION PROCEDURES
Secretary Crutchlow read the Declaration of Commission Procedures.
CONTINUANCES/EXCEPTIONS
None.
CONSENT CALENDAR
1.A 25-434 Planning Commission Meeting Minutes of March 19, 2025 Recommendation: Approve the Planning Commission Meeting Minutes of the March 19, 2025 Meeting.
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1.B 25-422 Action to Adopt Resolutions to Approve 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. Determine the project to be categorically exempt from the California Environmental Quality Act (CEQA) pursuant to CEQA Guidelines Section 15303 (Class 3 - New Construction or Conversion of Small Structures)
2. Adopt a Resolution Approving 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.
3. Adopt a Resolution Approving 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.
A motion was made by Commissioner Bouza, seconded
byCommissioner Crutchlow to approve the consent calendar
Aye: Commissioner Bhatnagar, Commissioner Biagini, Commissioner Cherukuru, Commissioner Huang, Vice Chair Bouza, Chair Saleme, and Commissioner Crutchlow
7 -
PUBLIC PRESENTATIONS
None.
PUBLIC HEARING
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2. 25-376 PUBLIC HEARING: Action on a Conditional Use Permit (PLN24-00424) to Construct a Single-Sided Digital LED Billboard as Part of a Billboard Relocation Agreement and a Minor Modification to Reduce the Required 1,500 Linear Feet Distance from Another Electronic Digital Display Message Sign, and Recommendation to the City Council to Approve Adoption of the Billboard Relocation Agreement, Located at 1700 Duane Avenue.
Recommendation: 1) Determine the project to be categorically exempt from the California Environmental Quality Act (CEQA) pursuant to CEQA Guidelines Section 15303 (Class 3 - “New Construction or Conversion of Small Structures”).
2) Adopt a resolution approving a Conditional Use Permit to allow for construction a single-sided digital LED billboard as part of a Billboard Relocation Agreement, located at 1700 Duane Avenue, subject to findings and conditions of approval.
3) Adopt a resolution approving a minor modification to reduce the required 1,500 linear feet distance from another electronic digital display message sign, located at 1700 Duane Avenue, subject to findings and conditions of approval.
4) Recommend to the City Council approval of the Billboard Relocation Agreement.
Associate Planner Meha Patel provided the staff presentation.
Commissioners discussed several topics including the size of the billboard, how many billboards will be removed with the addition of the new billboard, safety studies, road/safety hazards due to billboards.
Commissioners requested that staff look at neighboring cities policies regarding billboards.
Cameron Hall provided the applicant presentation and Jeff McCuen answered additional questions.
Public Speaker:
Linda
A motion was made by Commissioner Crutchlow, seconded by Commissioner Biagini to close public hearing.
Aye: Commissioner Bhatnagar, Commissioner Biagini, Commissioner Cherukuru, Commissioner Huang, Vice Chair Bouza, Chair Saleme, and Commissioner Crutchlow
7 -
A motion was made by Commissioner Saleme, seconded by
CommIIssioner Biagini to reopen public hearing.
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Aye: Commissioner Bhatnagar, Commissioner Biagini, Commissioner Cherukuru, Chair Saleme, and Commissioner Crutchlow
5 -
Nay: 2 - Commissioner Huang, and Vice Chair Bouza
A motion was made by Commissioner Crutchlow, seconded by Commissioner Crutchlow to continue this item date certain to June 11, 2025 and have staff do additional research on traffic safety impacts from billboards, billboard message hold time, and illumination.
Aye: Commissioner Bhatnagar, Commissioner Biagini, Commissioner Cherukuru, Chair Saleme, and Commissioner Crutchlow
5 -
Nay: 2 - Commissioner Huang, and Vice Chair Bouza
3. 25-436 PUBLIC HEARING: Recommendation on a General Plan Text Amendment for the 2023-2031 Housing Element Sites Inventory List
Recommendation: Alternative 1: Adopt a Resolution to Recommend the City Council Amend the General Plan Housing Element with revisions associated with changes to the Housing Sites Inventory
Meeting went into Recess at 7:20 p.m. and reconvened at 7:27 p.m.
Associate Planner John Baty provided the staff presentation.
Public Speaker:
DanielAlvarez - NorCal Carpenters
Linda
A motion was made by Commissioner Crutchlow, seconded by Commissioner Cherukuru,to approve Staff Recommendation 1.
Aye: Commissioner Bhatnagar, Commissioner Biagini, Commissioner Cherukuru, Commissioner Huang, Vice Chair Bouza, Chair Saleme, and Commissioner Crutchlow
7 -
A motion was made by Commissioner Cherukuru, seconded by Commissioner Saleme to approve Staff Recommendation 2.
Aye: Commissioner Bhatnagar, Commissioner Biagini, Commissioner Cherukuru, Commissioner Huang, Vice Chair Bouza, Chair Saleme, and Commissioner Crutchlow
7 -
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4. 25-214 PUBLIC HEARING: Recommendation on a General Plan Amendment to Remove the Lawrence Station Phase II, Central Expressway, and De La Cruz Focus Areas
Recommendation: Alternative 1: Adopt a Resolution to Recommend the City Council Amend the General Plan to remove the Lawrence Station Phase II, Central Expressway and De La Cruz Focus Areas and make associated text edits.
Senior Planner Steve Le provided the staff presentation.
Public Speaker:
Linda
A motion was made by Commissioner Crutchlow, seconded by Commissioner Bouza to close public hearing.
Aye: Commissioner Bhatnagar, Commissioner Biagini, Commissioner Cherukuru, Commissioner Huang, Vice Chair Bouza, Chair Saleme, and Commissioner Crutchlow
7 -
A motion was made by Commissioner Crutchlow, seconded by Commissioner Bouza to approve staff recommendation.
The motion did not pass.
Aye: 3 - Commissioner Huang, Chair Saleme, and Commissioner Crutchlow Nay: Commissioner Bhatnagar, Commissioner Biagini, Commissioner Cherukuru, and Vice Chair Bouza
4 -
A motion was made by Commissioner Cherukuru, seconded by Commissioner Bouza that the Focus Area not be removed and that this item be forwarded to City Council with no recommendation.
Aye: Commissioner Cherukuru, Vice Chair Bouza, Commissioner Bhatnagar, and Commissioner Biagini
4 -
Nay: 3 - Chair Saleme, Commissioner Huang, and Commissioner Crutchlow City of Santa Clara Page 6 Printed on 05/15/2025
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5. 25-189 Public Hearing: Recommendations related to the adoption of the Second Zoning Code Cleanup Ordinance and Rezoning of Properties Currently Designated TN (Transit Neighborhood) to R6 (Transit Neighborhood Residential)
Recommendation: 1. Recommend that the City Council adopt the Zoning Code cleanup ordinance; and
2. Recommend that the City Council apply the R6 Transit Neighborhood District to the properties currently zoned TN on the Zoning Map, consistent with the General Plan.
Principal Planner John Davidson provided the staff presentation.
A motion was made by Commissioner Bouza, seconded by
Commissioner Cruthclow to close public hearing.
Aye: Commissioner Bhatnagar, Commissioner Biagini, Commissioner Cherukuru, Commissioner Huang, Vice Chair Bouza, Chair Saleme, and Commissioner Crutchlow
7 -
A motion was made by Commissioner Crutchlow, seconded by Commissioner Biagini to approve staff recommendation.
Aye: Commissioner Bhatnagar, Commissioner Biagini, Commissioner Cherukuru, Commissioner Huang, Vice Chair Bouza, Chair Saleme, and Commissioner Crutchlow
7 -
6. 25-67 STUDY SESSION: Mobile Food Vendors
Planning Manager Lesley Xavier provided the staff presentation.
Commissioner inquired on several items, including permits for mobile food vendors and the impact to local restaurants by having mobile food trucks.
7. 25-464 Planning Commission Workplan Fiscal Year 2025/2026 Recommendation: There is no staff recommendation.
Planning Manager Lesley Xavier provided a presentation with a compilation of items discussed at previous meetings for the Planning Commission Workplan.
REPORTS OF COMMISSION/BOARD LIAISON AND COMMITTEE:
1. Announcements/Other Items
Chair Saleme requested annual updates on projects that the Planning Commission has approved.
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2. Commissioner Travel and Training Reports, Requests to attend Trainings Staff Aide II Elizabeth Elliott provided information on the upcoming APA California Chapter Conference taking place in August 2025.
Registration opens June 2, 2025.
DIRECTOR OF COMMUNITY DEVELOPMENT REPORTS:
1. Planning Commission Budget Update
Staff Aide II Elizabeth Elliott provided budget updates.
2. Upcoming Agenda Items
Commissioner Cherukuru requested to be registered for the virtual National APA Conference.
A motion was made by Commissioner Cherukuru, seconded by Commissioner Crutchlow to expend funds for Commissioner Cherukuru to attend the NPCA virtual conference
Aye: Commissioner Bhatnagar, Commissioner Biagini, Commissioner Cherukuru, Commissioner Huang, Vice Chair Bouza, Chair
Saleme, and Commissioner Crutchlow
7 -
3. City Council Actions
Planning Manager Lesley Xavier provided updates.
ADJOURNMENT:
The meeting adjourned at 10:06 p.m. The next meeting is a Joint Council/Planning Commission Study Session on May 20, 2025. The next regular Planning Commission Meeting is May 21, 2025.
Aye: Commissioner Bhatnagar, Commissioner Biagini, Commissioner Cherukuru, Commissioner Huang, Vice Chair Bouza, Chair Saleme, and Commissioner Crutchlow
7 -
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Planning Commission Meeting Minutes 04/16/2025
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City of Santa Clara Page 9 Printed on 05/15/2025
City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-537 Agenda Date: 5/27/2025
REPORT TO COUNCIL
SUBJECT
Action on Monthly Financial Status and Investment Reports for March 2025 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 report and monthly investment report for March 2025 are submitted for your information. The financial reviews, as of March 31, 2025, 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 Amended Budget incorporates the estimated revenues and planned expenditures for all funds.
The attached Financial Status Report 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 report.
In accordance with City Council Policy 051 - Donations to the City, a monthly activity and annual summary of donations received by department is included in these reports. 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 (Attachment 1)
The attached Monthly Financial Status Report summarizes the City’s financial performance as of March 31, 2025 (Attachment 1). This report provides 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 72% of the budget through March 2025. Revenues appear to be tracking slightly below par due to the timing of payments.
However, General Fund revenues are currently tracking to exceed budgeted levels.
As shown in Attachment 1, General Fund expenditures (excluding transfers) were at 70% of budget through March 2025. Overall, expenditures are tracking within budgeted levels.
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As shown in Attachment 1, total revenues for Enterprise Funds (Electric, Water, Sewer, Cemetery, Solid Waste, and Water Recycling) were at 78.4% of the budget through March 31, 2025, while total expenses were at 64.1%.
In the month of March, donations of $600 were received, bringing total donations to $28,554.
The Spring 2025 UCLA Anderson Forecast points to significant uncertainty related to trade, fiscal policy, and geopolitical risk with the new administration. The Forecast predicts higher unemployment and higher prices in 2025 with some potential upside in 2027 and beyond.
On a national level, the unemployment rate remained unchanged at 4.2% between March 2025 and April 2025. The number of unemployed persons totaled 7.2 million, consistent with March numbers.
In the advance estimate for the first quarter 2025, the Gross Domestic Product (GDP) decreased at an annual rate of 0.3%, following a GDP increase of 2.4% in the fourth quarter 2024.
The California unemployment rate changed little from 5.4% in February 2025 to 5.3% in March 2025.
The unadjusted unemployment rate in the San José-Sunnyvale-Santa Clara Metropolitan Statistical Area (MSA) was 4.1% in March 2025, down slightly from a revised 4.2% in February 2025, and unchanged from the March 2024 estimate of 4.1%.
Staff will continue to closely monitor the General Fund revenues and the City’s overall financial performance.
Monthly Investment Report (Attachment 2)
All securities held by the City of Santa Clara as of March 31, 2025, 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 March 2025 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 4.09% in March.
The Monthly Investment Report also now includes a Statement of Transactions, following the Investment Inventory, in accordance with California Municipal Treasurers Association investment 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 City of Santa Clara Page 2 of 4 Printed on 5/23/2025
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25-537 Agenda Date: 5/27/2025
with actual revenues and expenses, and correct for inadvertent errors. The recommended budget adjustments are described in Attachment 3 and summarized below:
· General Fund - increases the Community Development Department budget to fund a consultant agreement for work related to the Downtown Precise Plan Community Benefits Program and increases the transfer to the Solid Waste Fund to cover increased costs associated with the Financial Rate Assistance Program, offset by a decrease to the Budget Stabilization Reserve. An action is also included to recognize and appropriate wildland deployment reimbursements to the Fire Department.
· Building Development Services Fund - recognizes and appropriates reimbursement from the State related to the California Automated Permit Processing (CalAPP) program, including staff time spent implementing the solar permit application platform; · Developer Traffic Payments Fund - updates the beginning and ending fund balance based on the FY 2023/24 year-end reconciliation;
· Expendable Trust Fund - recognizes and appropriates Revenue from Other Agencies to the Information Technology and Public Works Departments for support and services provided to the Silicon Valley Animal Control Authority;
· General Government Capital Fund - recognizes and appropriates reimbursement from the State for the CalAPP program in the Permit Information System project; · Housing and Urban Development Fund - increases the program income estimates and the appropriations for the CDBG Administration project and HOME Administration project. An action is also included to reallocate funding from the NCIP - CDBG project to the Rebuilding Together Silicon Valley project, consistent with the updated FY 2024/25 Annual Action Plan; · Sewer Utility Fund - transfers funding to the Special Liability Insurance Fund as a second installment for a settlement agreement related to the utility; · Solid Waste Fund - recognizes a transfer from the General Fund and increases the unrestricted ending fund balance to account for the increased costs associated with the Financial Rate Assistance Program that is covered by the General Fund; and · Special Liability Insurance Fund - recognizes a transfer from the Sewer Utility Fund and replenishes the Reserve for Future Claims.
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.
RECOMMENDATION
1. Note and file the Monthly Financial Status Report and Monthly Investment Report for March 2025 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 3 to the staff report):
a) General Fund: recognition of wildland reimbursements for the Fire Department; funding for a Downtown Precise Plan consulting agreement and increased costs associated with the City of Santa Clara Page 3 of 4 Printed on 5/23/2025
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25-537 Agenda Date: 5/27/2025
Downtown Precise Plan consulting agreement and increased costs associated with the Financial Rate Assistance Program offset by a decrease in the Budget Stabilization Reserve with a net impact of $237,520;
b) Building Development Services Fund: State reimbursements for the California Automated Permit Processing program with a net impact of $21,431; c) Developer Traffic Payments Fund: FY 2023/24 year-end reconciliation with a net impact of $260,410;
d) Expendable Trust Fund: recognition of revenues from other agencies for City services to SVACA with a net impact of $123,000;
e) General Government Capital Fund: State reimbursements for the California Automated Permit Processing program with a net impact of $11,574; f) Housing and Urban Developer Fund: program income estimate adjustments and reallocations consistent with the 2024/25 CDBG Annual Action Plan with a net impact of $224,000;
g) Sewer Utility Fund: transfer to the Special Liability Insurance Fund reimbursing for a settlement agreement with a net impact of $0;
h) Solid Waste Fund: transfer from the General Fund for the City’s Financial Rate Assistance Program with a net impact of $67,200; and
i) Special Liability Insurance Fund: transfer from the Sewer Utility Fund to replenish the Reserve for Future Claims with a net impact of $877,287.
Reviewed by: Kenn Lee, Director of Finance
Approved by: Jovan D. Grogan, City Manager
ATTACHMENTS
1. Monthly Financial Status Report - March 2025
2. Monthly Investment Report - March 2025
3. FY 2024/25 Budget Amendments
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_____________________________________________________________________
MONTHLY FINANCIAL STATUS REPORT
March 2025
City of
Santa Clara
The Center of What's Possible
1 City of Santa Clara
Financial Status Report as of March 31, 2025
This report summarizes the City’s financial performance for the month ended March 31, 2025. 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 Spring 2025 Forecast, the UCLA Anderson Forecast points to significant uncertainty related to trade, fiscal policy, and geopolitical risk with the new administration. The Forecast predicts higher unemployment and higher prices in 2025 with some potential upside in 2027 and beyond. “As a result of the combined effects of deportations and tariffs, we expect GDP and productivity growth to decline in late 2025 by about 1 percentage point and to recover by the end of 2026. (2025Q1 negative productivity growth is due to U.S. Census data adjustment to the size of the labor supply.) The unemployment rate will simultaneously rise and hit 4.5% by the first quarter of 2026 and gradually recover afterwards to 4.0% in 2027. We expect Inflation to remain elevated around 3 percent throughout 2025 and 2026. Tariffs will be the main cause of higher prices in 2025, while deportations will drive prices in 2026 via higher food and wage inflation of around 4 percent.”1
U.S. Quarterly Real GDP Growth Forecast (UCLA Spring 2025 Economic Forecast) 1 UCLA Anderson Forecast Spring 2025 Economic Forecast, “A Tariff Amount of Uncertainty”, Clement Bohr 4 Forecast
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Source: Bureau of EEconomic Analysis and UCLA Anderson Forecast 2 City of Santa Clara
Financial Status Report as of March 31, 2025
In the first quarter 2025 advance estimate, the Gross Domestic Product (GDP) decreased at an annual rate of 0.3%, following a GDP increase of 2.4% in the fourth quarter.
The decrease in the real GDP is a result of an increase in imports and decrease in government spending, partially offset by increases in investment consumer spending and exports.2
2 https://www.bea.gov/news/2025/gross-domestic-product-1st-quarter-2025-advance-estimate
4.0 3.0
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1.0 0.0
-LO
Q4
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Real GDP,. Percent Change from Preceding Quarter
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-
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u .s. Bureau of Ecooomtc AnalyslS S.eilSOnalty ad·usl:ed annual rates Contributions to Percent Change in Real GDP, 1st Quarter 2025 Real GDP decreased 0.3 percent
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percent change spending
Note_ Imports are a subtraction in thl!' cakulation of GOP; thus. an increase in imports rt!.sults in a negative contribution to GOP.
I
Imports
U.S. Bureau of Economic Analysis S•asonally adjust•d annual ratos 3 City of Santa Clara
Financial Status Report as of March 31, 2025
On a national level, the unemployment rate remained unchanged at 4.2% between March 2025 and April 2025. In April, the number of unemployed persons totaled 7.2 million, consistent with March levels.3
At the state level, the California unemployment rate changed little from 5.4% in February 2025 to 5.3% in March 2025. This rate is higher compared to the 5.1% rate in March 2024. Over the past year, California employers have added 46,500 nonfarm jobs.
4 The Spring 2025 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 and slightly faster in 2027. “The unemployment rate for the 1st quarter of this year is expected to average 5.5%, and the average for 2025, 2026 and 2027 is expected to be 5.7%, 5.2% and 4.8% respectively. Our forecast for 2025, 2026, and 2027 is for total employment growth rates to be 0.5%, 1.2%, and 1.1%. Non-farm payroll jobs are expected to grow at a
1.1%, 0.9%, and 1.7% rate during the same three years. Real personal income is forecast to grow by
2.5% in 2025, 2.4% in 2026 and 2.9% in 2027. Higher interest rates, shortages of construction labor, and the rebuilding of damaged and destroyed homes lowered our residential construction forecast from December. Our expectation is for permitted new units to be 102K this year and grow to 127K by the end of 2027. Needless to say, this level of home building means that the prospect of the private sector building out of the housing affordability problem over the next three years is nil.”5 The unadjusted unemployment rate in the San José-Sunnyvale-Santa Clara Metropolitan Statistical Area (MSA) was 4.1% in March 2025, down slightly from a revised 4.2% in February 2025, and unchanged from the March 2024 estimate of 4.1%. Between March 2024 and March 2025, employment in this region decreased by 6,000 jobs, or 0.5%. Notable employment reductions were in professional and business services (down 6,200 jobs), manufacturing (down 4,200 jobs), construction (down 2,400 3 https://www.bls.gov/news.release/pdf/empsit.pdf 4 https://edd.ca.gov/en/about_edd/news_releases_and_announcements/unemployment-march-2025/ 5 UCLA Anderson Forecast Spring 2025 Economic Forecast, “California After the Election: Part Duex”, Jerry Nickelsburg Chart 1. Unemployment rate, seasonally adjusted,
April 2023- April 2025
Percent
5.5 5.0
4.5 4.0
3.5 3.0
2.5 Apr-23 Ju~23 Oct-23 Jan-24 Apr-24 Ju~24 Oct-24 Jan-25 Apr-25 Chart 2. Nonfarm payroll employment over-the-month change, seasonally adjusted, April 2023 -April 2025
lhousands
500
400
300
200
100
0 -100
Apr-23 Ju~23 Oct-23 Jan-24 Apr-24 Ju~24 Oct-24 Jan-25 Apr-25 4 City of Santa Clara
Financial Status Report as of March 31, 2025
jobs), information (down 1,900 jobs), and leisure and hospitality (down 1,300 jobs). The largest increases were in private education and health services (up 9,000 jobs).6
San Jose-Sunnyvale-Santa Clara Metropolitan Statistical Area 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 $328.3 million to reflect carryover encumbrances from fiscal year 2023/24 and various budget amendments approved by the City Council through March 2025. Amendments approved by the City Council as part of the FY 2023/24 Budget Year-End Report are also reflected in the tables of this report.
General Fund revenues are tracking to exceed the budget and expenditures are tracking within estimated levels.
6 https://labormarketinfo.edd.ca.gov/file/lfmonth/sjos$pds.pdf Unemployment Rate Historical Trend
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Financial Status Report as of March 31, 2025
General Fund Revenues
As of March 31, 2025, $219.2 million or 72% of the General Fund estimated revenue (excluding transfers) was received. Transfers and use of reserves of $23.8 million have occurred as budgeted. Overall, revenues are projected to exceed the budget due to strong performance in several categories as discussed below.
Adopted Budget
Amended
Budget
Actual Through
03/31/2025
Percentage
Received
Actual Through
03/31/2024
$
Change From
Prior Year
Percentage
Change
TAXES
Sales Tax $ 62,900,000 $ 62,900,000 $ 44,300,293 70.43% $ 35,119,146 $ 9,181,147 26.14% Property Tax 94,391,000 94,391,000 56,615,656 59.98% 54,025,391 2,590,265 4.79% Transient Occupancy Tax 22,850,000 22,850,000 14,155,508 61.95% 11,806,174 2,349,334 19.90% Other Taxes 6,950,000 6,950,000 3,512,800 50.54% 3,398,587 114,213 3.36% Total Taxes 187,091,000 187,091,000 118,584,257 63.38% 104,349,298 14,234,959 13.64%
LICENSES & PERMITS
Business Licenses 6,000,000 6,000,000 4,699,938 78.33% 3,429,759 1,270,179 37.03% Fire Operation Permits 2,010,000 2,010,000 1,645,200 81.85% 1,402,858 242,342 17.27% Miscellaneous Permits 55,000 55,000 74,227 134.96% 17,347 56,881 327.91% Total Licenses & Permits 8,065,000 8,065,000 6,419,365 79.60% 4,849,964 1,569,402 32.36% FINES & PENALTIES 1,452,000 1,452,000 1,682,721 115.89% 1,851,760 (169,039) -9.13% INTERGOVERNMENTAL 970,000 2,006,149 2,058,805 102.62% 510,432 1,548,373 303.35% CHARGES FOR SERVICES 30,829,954 31,136,862 26,120,137 83.89% 24,616,800 1,503,338 6.11% SILICON VALLEY POWER TRANSFER 34,500,000 34,500,000 26,598,824 77.10% 24,682,688 1,916,136 7.76%
USE OF MONEY & PROPERTY
Interest 6,212,000 6,212,000 3,345,552 53.86% 1,715,277 1,630,275 95.04% Rent 13,028,187 13,028,187 9,186,726 70.51% 9,214,619 (27,893) -0.30% Total Use of Money & Property 19,240,187 19,240,187 12,532,278 65.14% 10,929,896 1,602,382 14.66% MISCELLANEOUS REVENUES 215,550 215,550 303,120 140.63% 271,489 31,631 11.65%
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 13,950,549 13,950,549 100.00% 8,097,132 5,853,417 72.29% 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 23,768,452 23,768,452 100.00% 15,056,859 8,711,593 57.86%
STADIUM OPERATION
Charges for Services 11,705,481 12,023,104 17,307,769 143.95% 11,143,793 6,163,976 55.31% Rent and Licensing 1,472,000 8,796,722 7,612,194 86.53% 250,000 7,362,194 2944.88% Total Stadium Operation 13,177,481 20,819,826 24,919,963 119.69% 11,393,793 13,526,170 118.72% TOTAL GENERAL FUND $ 310,698,189 $ 328,295,026 $ 242,988,423 74.02% $ 198,512,978 $ 44,475,445 22.40% (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 March 31, 2025
General Fund Revenues
Sales Tax: The City of Santa Clara sales tax rate is 9.125%, of which the City receives 1.0%. As of March 31, 2025, $44.3 million has been collected, which is 26.1% higher than prior year collection levels. Given the timing of payments, the sales tax payments through March account for actual activity from July through December ($39.4 million) and an advance payment for January ($4.4 million). In addition, $0.5 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, which was well above the prior year receipts of $15.1 million for the first quarter of FY 2023/24. Receipts of $20.2 million in the second quarter of FY 2024/25 (October – December 2024 activity) also significantly exceeded the $14.5 million collected in the same quarter last fiscal year. The performance in the second quarter reflected strong growth in the business-to-business (up 54.2%), construction (up
14.3%), food products (up 7.0%), and transportation (up 4.9%) sectors, partially offset a reduction in general retail (down 4.7%). Given the strong performance to date, collections are tracking to significantly exceed 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: $56.6 million in property tax receipts were received through March 2025, or 60% of the budget. The majority of property tax revenue is collected in the second half of the fiscal year. Based on latest information from the County of Santa Clara, property tax receipts are projected to end the year at $99.2 million, which is above the prior estimate of $96.6 million and the Adopted Budget estimate of $94.4 million. The latest projection incorporates revenue from the Successor Agency sale of the Hyatt Hotel parcel that generated approximately $2.4 million for the City of Santa Clara.
Transient Occupancy Tax (TOT): TOT is calculated as a percentage of City hotel/motel room charges. On January 1, 2025, the City’s TOT rate was increased from 12.5% to 13.5%. Through March 31, 2025, approximately $14.2 million was received, or 62% of the budget. This collection level was 20% above the $11.8 million received through March 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 $3.5 million through March, including $2.7 million in franchise taxes and $0.8 million in documentary transfer taxes. This collection level is 3.4% higher than last fiscal year levels due to higher documentary transfer tax receipts. Growth of 3.1% is needed to meet the budgeted estimate of $6.95 million for these categories.
Licenses & Permits: Includes business licenses, fire operation permits, and miscellaneous permits and fees. Revenue collections are tracking above par with receipts totaling $6.4 million, or 79.6% of the $8.1 million budget. This reflects strong growth in the majority of the 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 $4.7 million, or 78.3% of the budget.
7 City of Santa Clara
Financial Status Report as of March 31, 2025
Fines & Penalties: Includes vehicle, parking, court fines, and miscellaneous penalty fines. Through March, revenue in this category totaled $1.7 million which is slightly lower than prior year collection levels of $1.9 million. The collections primarily reflect municipal fines and collection charges.
Collections in this category have exceeded the annual budget of $1.5 million.
Intergovernmental: Includes motor vehicle fees, state homeowner tax relief, state mandated reimbursement, fire-related grants and reimbursements, and redistribution of land sale proceeds and ground leases from the Successor Agency. Through March, approximately $2.1 million has been collected, exceeding the $2.0 million budget. A portion of the revenue in this category is attributed to Fire wildland deployment reimbursements. A budget action is recommended in this report to recognize $237,520 in additional revenue received and appropriate those funds to the Fire Department to offset costs.
Charges for Services: Includes various plan check and zoning-related fees, engineering fees, administrative fees, and community service revenue from various recreational activities. Through March, collections totaled approximately $26.1 million or 83.9% of the budget. This reflects a 6.1% increase compared to last year’s collections, primarily due to higher receipts from miscellaneous 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 March, $12.5 million has been collected, or 65.1% of the budget. This collection level is 14.7% above the $10.9 million received last fiscal year primarily due to higher right-of-way and interest earnings collected in the current year.
Miscellaneous Revenues: Includes developer fees, donations, damage recovery, sale of surplus, and one-time miscellaneous revenues. Through March, collections total $0.3 million, compared to $0.2 million collected in the prior year. Receipts have also exceeded the budget estimate of $0.2 million.
Stadium Operation: Through March 31, 2025, approximately $24.9 million has been collected through charges for services and rent. Of this amount, $7.3 million represents settlement funds related to performance-based rent from FY 2022/23 and FY 2023/24 and $6.2 million represents the Stadium Authority’s year-end excess revenue distribution to the City’s General Fund. 8 City of Santa Clara
Financial Status Report as of March 31, 2025
General Fund Expenditures
As of March 31, 2025, $237.7 million or 72.4% of the General Fund operating budget had been expended, which is higher than prior year expenditure levels. Excluding transfers, expenditures totaled $211 million, or 70% of the budget, which is slightly below par. Transfers of $26.7 million have occurred as budgeted. Overall, expenditures in the General Fund are at budgeted levels, with par at 75% through March.
Adopted Budget
Amended
Budget
Actual Through
03/31/2025
Percentage
Used
Actual Through
03/31/2024
$
Change From
Prior Year
Percentage
Change
GENERAL GOVERNMENT
Non-Departmental $ 17,622,136 $ 18,852,222 $ 10,742,184 56.98% $ 9,693,189 $ 1,048,995 10.82% City Council 1,196,923 1,196,923 807,172 67.44% 846,899 (39,727) -4.69% City Clerk 2,102,267 2,186,267 1,818,320 83.17% 1,130,810 687,510 60.80% City Manager 8,222,051 8,080,316 3,216,120 39.80% 3,165,401 50,719 1.60% City Attorney 3,357,661 3,440,037 2,162,030 62.85% 2,128,357 33,673 1.58% Human Resources 4,845,256 5,377,027 3,062,674 56.96% 2,462,154 600,520 24.39% Finance 21,008,682 21,922,775 15,448,691 70.47% 12,740,137 2,708,554 21.26% Total General Government 58,354,976 61,055,567 37,257,191 61.02% 32,166,947 5,090,244 15.82% PUBLIC WORKS 26,347,463 28,226,582 18,852,161 66.79% 18,199,396 652,765 3.59% COMMUNITY DEVELOPMENT 5,575,313 5,636,381 3,601,833 63.90% 3,731,971 (130,138) -3.49% PARKS AND RECREATION 23,172,047 23,931,989 15,920,729 66.52% 15,699,110 221,619 1.41%
PUBLIC SAFETY
Fire 66,292,191 68,247,190 51,704,729 75.76% 48,881,234 2,823,495 5.78% Police 92,074,298 92,776,102 67,667,963 72.94% 63,456,633 4,211,330 6.64% Total Public Safety 158,366,489 161,023,292 119,372,692 74.13% 112,337,867 7,034,825 6.26% LIBRARY 11,732,505 12,212,058 8,807,213 72.12% 7,635,195 1,172,018 15.35% DEPARTMENTAL TOTAL 283,548,793 292,085,869 203,811,819 69.78% 189,770,486 14,041,333 7.40%
OTHER FINANCING USES
Operating Transfer Out - Miscellaneous 626,778 1,742,520 1,742,520 100.00% 1,353,809 388,711 28.71% 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 14,436,988 14,436,988 100.00% 7,305,499 7,131,489 97.62% Operating Transfer Out - Reserves - 7,324,722 7,324,722 100.00% - 7,324,722 N/A Total Other Financing Uses 18,038,146 26,710,716 26,710,716 100.00% 11,800,161 14,910,555 126.36% STADIUM OPERATION 9,111,250 9,498,441 7,179,165 75.58% 8,157,364 (978,199) -11.99% TOTAL GENERAL FUND $ 310,698,189 $ 328,295,026 $ 237,701,699 72.40% $ 209,728,011 $ 27,973,689 13.34% 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 March 31, 2025
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 March, expenditures totaled $10.7 million, or 57% of the budget. These expenditures are below par of 75%, but higher than prior year levels. This increase is primarily due to higher spend in the salaries and benefits categories, miscellaneous services and supplies, and citywide insurance payments.
City Attorney: Actual expenditures through March totaled approximately $2.2 million, which is 62.8% of the budget, which is below par. Spending is consistent with the total expenditures through the same time last fiscal year.
City Clerk: Through March, actual expenditures were tracking at $1.8 million or approximately 83.2% of the budget. This expenditure level reflects a 60.8% increase compared to last fiscal year due to costs that are incurred every other year, such as election costs.
City Council: Through March, expenditures of $0.8 million were at 67.4% of budget, which is below par. Expenditures are slightly below spend when compared to prior fiscal year levels due to lower operating supplies and as-needed spend.
City Manager: The actual expenditures through March totaled $3.2 million, or 39.8% of the budget, which is below par for this time of the year. Expenditures are consistent with the spending level through the same period last fiscal year.
Community Development Department: This department consists of three divisions: Planning, Building, and Housing and Community Services. The Building Division of this department is reflected in the Building Development Services Fund, which falls under the special revenue section of this report.
Through March, departmental expenditures for the Planning and Housing and Community Services divisions totaled $3.6 million, or 64% of the budget, which is below par of 75%. This expenditure level is slightly lower than prior year spend primarily due to lower expenditures in the salaries and benefits categories.
Finance Department: Through March 31, 2025, the Department’s expenditures totaled $15.4 million, or 70.5% of the budget, which is below par. This expenditure level was approximately 21.3% higher than through the same period last year. The current year spend reflects higher salaries and benefits, operating supplies, and contractual services costs, primarily related to PeopleSoft and the Questica Budget System.
Fire Department: Through March, actual expenditures totaled $51.7 million, or 75.8% of the budget, which is slightly above par. These expenditures also reflect a 5.8% increase from last fiscal year due to higher expenditures across the overtime and non-personnel categories including operating supplies, contractual services, and capital outlay. Overtime expenditures are tracking over budget at 216% 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 March 31, 2025
reimbursable, and a budget action was approved by the City Council on December 3, 2024, to recognize reimbursements received at that point in time and increase the Department’s overtime budget. A budget action is also recommended in this report to recognize and appropriate additional revenue received. Excluding mutual aid-related costs, the overtime budget is 140% expended through March. Overtime is used to backfill for shift absences and vacant shift positions to maintain daily minimum staffing. Overtime expenditures have exceeded the overtime budget as the current absence rate exceeds the estimate used in the development of the budget.
Through March, absences are down 7% (from 60,378 to 64,858 hours) when compared with the prior fiscal year but remain above historical levels. Absences are trending high in the areas of injury, 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 March, the compensatory time payouts total $1.34 million, which is above historical levels but 28% below the payouts of $1.86 million experienced through March of last fiscal year. The Department will continue to monitor expenditures throughout the fiscal year, and any necessary budget adjustments will be brought forward for City Council consideration.
Library Department: Through March, actual expenditures totaled $8.8 million, or 72.1% of the budget, which is slightly below par, but 15.3% higher than expenditure levels last fiscal year. The higher spending is primarily in the salaries and benefits, contractual services, and maintenance categories.
Parks and Recreation Department: Through March, actual expenditures totaled $15.9 million, or
66.5% of the budget, which is below par, and consistent with last fiscal year spend.
Police Department: Expenditures through March are tracking at expected levels at $67.7 million, or 73% of the budget; this is approximately 6.6% higher than prior year spending. The higher spend is primarily in the salaries and benefits, contractual services, 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 $7.2 million through March, which is 12% lower when compared to prior year levels. This is primarily due to fewer ticketed Non-NFL events and NFL games being held in the current year, resulting in lower as needed and overtime spend. The Stadium hosted four ticketed Non-NFL events and ten NFL games through March, and these costs are fully reimbursed by the Stadium Manager and the Stadium Authority. The Bay Area Host Committee also provides reimbursement for expenses incurred related to Super Bowl LX and FIFA World Cup 2026 planning costs.
11 City of Santa Clara
Financial Status Report as of March 31, 2025
Special Revenue Funds
The table below is a summary of revenues and expenditures of select Special Revenue Funds as of March 31, 2025. The amended budget reflects carryover encumbrances from fiscal year 2023/24 and budget amendments approved by the City Council through March 2025.
Revenues totaled approximately $20 million, while expenditures totaled approximately $17.8 million through the end of March. Both revenue and expenditures are tracking below par of 75%. In the Building Development Services Fee Fund and Fire Development Services Fee Fund, developmentrelated fees and expenditures are tracking above prior year levels. In the City Affordable Housing Fund, the lower spend compared to the prior year is due to a loan disbursement that occurred in FY 2023/24.
Revenue in the housing funds reflects higher interest collections than the previous year. Higher grant receipts and spend have 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 3/31/2025 Received 3/31/2024 Prior Year Change Building Development Services Fee
Fund
$ 16,164,000 $ 16,164,000 $ 12,926,420 79.97% 11,203,058 $ $ 1,723,362 15.38% City Affordable Housing Fund 1,168,177 1,168,177 984,218 84.25% 522,892 461,326 88.23% Fire CUPA Fund 0 0 156,645 N/A 0 156,645 N/A
Fire Development Services Fee
Fund
3,277,500 3,277,500 3,056,681 93.26% 2,767,327 289,354 10.46% Housing and Urban Development 2,532,068 7,023,563 1,925,751 27.42% 840,254 1,085,497 129.19% Housing Authority Fund 252,496 252,496 39,856 15.78% 391,568 (351,712) -89.82% Housing Successor Fund 1,306,326 1,306,326 897,656 68.72% 368,471 529,185 143.62% TOTAL $ 24,700,567 $ 29,192,062 $ 19,987,227 68.47% 16,093,570 $ $ 3,893,657 24.19% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 3/31/2025 Used 3/31/2024 Prior Year Change Building Development Services Fee
Fund
$ 15,044,148 $ 17,302,488 $ 11,925,428 68.92% 10,814,545 $ $ 1,110,883 10.27% City Affordable Housing Fund 1,593,647 12,242,276 646,587 5.28% 3,081,150 (2,434,563) -79.01% Fire CUPA Fund 0 535,696 56,945 10.63% 0 56,945 N/A
Fire Development Services Fee
Fund
3,387,922 3,387,922 2,653,764 78.33% 2,313,415 340,349 14.71% Housing and Urban Development 2,532,068 7,968,912 1,963,097 24.63% 906,269 1,056,828 116.61% Housing Authority Fund 468,931 511,389 121,772 23.81% 124,759 (2,987) -2.39% Housing Successor Fund 902,579 1,012,590 474,181 46.83% 604,151 (129,970) -21.51% TOTAL $ 23,929,295 $ 42,961,273 $ 17,841,774 41.53% 17,844,289 $ $ (2,515) -0.01%
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 March 31, 2025
Internal Service Funds
The table below displays the expenditures in the internal service funds across the City. The amended budget reflects current year appropriations, prior year carryover, and budget amendments approved through March 2025. As of March 31, 2025, the internal service fund expenditures totaled $41.4 million, or 65.8% of the amended budget. The significant increase in spend in the Communication Acquisitions Fund is due to the purchase of new public safety radios to replace the inventory that had reached the end of its useful life. The Vehicle Replacement Fund’s increase in expenditures reflect additional vehicle replacements in the City’s fleet. In the Special Liability Insurance Fund, a large settlement paid by the City was incurred in March.
Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 3/31/2025 Used 3/31/2024 Prior Year Change Communication Acquisitions Fund $ 1,067,904 $ 7,126,624 $ 5,920,301 83.07% $ 311,831 $ 5,608,470 1798.56% Fleet Maintenance and Operations
Fund
5,939,015 6,172,901 4,382,110 70.99% 4,288,144 93,966 2.19% Information Technology Services
Fund
15,439,338 17,045,167 9,209,209 54.03% 8,604,937 604,272 7.02% Public Works Capital Projects
Management Fund
4,373,674 5,157,651 3,029,894 58.75% 2,871,416 158,478 5.52% Special Liability Fund 6,530,000 10,914,698 9,025,296 82.69% 4,805,613 4,219,683 87.81% Unemployment Insurance Fund 110,000 135,000 74,713 55.34% 37,987 36,726 96.68% Vehicle Replacement Fund 5,827,284 9,945,320 5,451,466 54.81% 4,380,529 1,070,937 24.45% Workers' Compensation Fund 6,437,000 6,437,000 4,293,324 66.70% 4,146,325 146,999 3.55% TOTAL $ 45,724,215 $ 62,934,361 $ 41,386,313 65.76% 29,446,782 $ $ 11,939,531 40.55%
CITY OF SANTA CLARA
INTERNAL SERVICE FUNDS
EXPENDITURES - OVERVIEW AND COMPARISON BY FUND
EXPENDITURES - FISCAL YEAR 2024/25 PRIOR YEAR EXPENDITURE COMPARISON 13 City of Santa Clara
Financial Status Report as of March 31, 2025
Governmental Capital Improvement Funds
The table below lists the revenue for selected capital improvement funds. The amended budget reflects current year appropriations, prior year carryover, and budget amendments approved through March 2025. As of March 31, 2025, the capital fund revenue totaled $17.9 million, or 46.0% of the amended budget. 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, grant funding, as well as VTA Measure B funds. The Parks and Recreation Capital Fund total reflects $2.7 million collected in Quimby Fee Act revenue, $1.5 million collected in Mitigation Fee Act revenue as well as $1.1 million interest earnings. The remaining $2.6 million reflects grant funding received for the Central Park Magical Bridge project.
REVENUE - FISCAL YEAR 2024/25
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 3/31/2025 Used City Affordable Housing Capital Fund $ - $ - $ - $ 2,968,732 NA Parks & Recreation - 3,349,489 3,349,489 7,892,800 235.64% Related Santa Clara Developer 795,344 - 795,344 145,344 18.27% Storm Drain 1,786,902 3,000,000 4,786,902 1,289,059 26.93% Streets & Highways 6,683,849 19,534,183 26,218,032 5,458,529 20.82% Tasman East Specific Infrastructure
Improvement Fund
3,734,932 - 3,734,932 143,820 3.85%
TOTAL $ 13,001,027 $ 25,883,672 $ 38,884,699 $ 17,898,284 46.03%
CITY OF SANTA CLARA
GOVERNMENTAL CAPITAL IMPROVEMENT FUNDS
REVENUE - OVERVIEW AND COMPARISON BY SELECTED FUND
The table below lists the total amended budgeted amounts for expenditures in the Capital Improvement Funds. Similar to the revenue table, the amended expenditure budgets consist of current year appropriations, prior year carryover encumbrance balances in Governmental Capital Improvement Funds, and budget amendments approved through March 2025. As of March 31, 2025, capital fund expenditures totaled $25.7 million, or 14.1% 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, 3024 and are reflected in the tables below.
14 City of Santa Clara
Financial Status Report as of March 31, 2025
EXPENDITURES - FISCAL YEAR 2024/25
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 3/31/2025 Used Fire $ 2,360,137 $ 550,295 $ 2,910,432 $ 576,756 19.82% General Gov't - Other 5,013,009 9,675,140 14,688,149 1,197,928 8.16% Library 475,929 261,190 737,119 15,827 2.15%
Parks & Recreation 21,061,911 22,186,879 43,248,790 2,696,982 6.24% Public Buildings 5,805,328 3,933,806 9,739,134 1,476,845 15.16% Related Santa Clara Developer 1,189,335 19,828 1,209,163 669,450 55.36% Storm Drain 3,794,643 6,658,409 10,453,052 1,211,386 11.59% Streets & Highways 49,684,528 46,415,359 96,099,887 17,844,838 18.57% Tasman East Specific Infrastructure
Improvement Fund
1,432,193 1,424,215 2,856,408 18,211 0.64%
TOTAL $ 90,817,013 $ 91,125,121 $ 181,942,134 $ 25,708,223 14.13%
SUMMARY OF EXPENDITURES
CITY OF SANTA CLARA
GOVERNMENTAL CAPITAL IMPROVEMENT FUNDS
15 City of Santa Clara
Financial Status Report as of March 31, 2025
Enterprise Funds
The table below is a summary of revenues and expenses for the Enterprise Operating Funds as of March 31, 2025. 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 3/31/2025 Received 3/31/2024 Prior Year Change Cemetery Fund $ 750,000 $ 750,000 $ 455,330 60.71% $ 431,644 $ 23,686 5.49% Electric Utility Fund 893,397,959 893,397,959 701,169,865 78.48% 512,086,225 189,083,640 36.92% Sewer Utility Fund 46,989,803 46,989,803 42,317,429 90.06% 71,076,031 (28,758,602) -40.46% Solid Waste Utility Fund 41,561,372 41,561,372 28,666,956 68.97% 27,145,225 1,521,731 5.61% Water Recycling Fund 8,507,338 8,507,338 8,210,962 96.52% 5,297,662 2,913,300 54.99% Water Utility Fund 64,096,935 64,096,935 46,743,592 72.93% 40,034,157 6,709,435 16.76% TOTAL REVENUE $ 1,055,303,407 $ 1,055,303,407 $ 827,564,134 78.42% 656,070,944 $ $ 171,493,190 26.14% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 3/31/2025 Used 3/31/2024 Prior Year Change Cemetery Fund $ 1,628,800 $ 1,628,800 $ 829,115 50.90% $ 720,960 $ 108,155 15.00% Electric Utility Fund 649,513,582 672,335,619 421,068,770 62.63% 414,388,570 6,680,200 1.61% Sewer Utility Fund 38,762,083 39,278,049 29,910,361 76.15% 46,749,346 (16,838,985) -36.02% Solid Waste Utility Fund 40,775,942 43,928,485 27,748,121 63.17% 25,205,643 2,542,478 10.09% Water Recycling Fund 9,307,289 10,982,389 8,005,512 72.89% 5,565,596 2,439,916 43.84% Water Utility Fund 57,614,177 58,830,207 42,570,513 72.36% 39,416,639 3,153,874 8.00% TOTAL - Operating
Appropriations
$ 797,601,873 $ 826,983,549 $ 530,132,392 64.10% 532,046,754 $ $ (1,914,362) -0.36% EXPENSES - FISCAL YEAR 2024/25 PRIOR YEAR EXPENSE COMPARISON
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 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.
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. 16 City of Santa Clara
Financial Status Report as of March 31, 2025
A summary of revenue and expenses in the Enterprise Capital Improvement Funds is detailed in the table below. Actual revenue through March 31, 2025, totaled $29.3 million, consisting primarily of developer contributions and load development fees in the Electric Utility Fund and sewer fees and reimbursements from the City of San José for the Regional Wastewater Facility in the Sewer Utility Fund. Enterprise capital fund expenses totaled $48.5 million, or 9.3% 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 are reflected below.
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 3/31/2025 Used Convention Center Capital
Fund
$ 550,000 $ - $ 550,000 $ 550,000 100.00%
Electric Utility Fund 26,660,625 26,030,596 52,691,221 26,017,783 49.38% Sewer Utility Fund - - - 2,711,817 N/A
Solid Waste Utility Fund 258,000 - 258,000 9,195 3.56%
Street Lighting (1) - - - 837 N/A
Water Utility Fund - - - 30,684 N/A
TOTAL - Revenue $ 27,468,625 $ 26,030,596 $ 53,499,221 $ 29,320,316 54.81% Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 3/31/2025 Used Cemetery Fund $ 22,524 $ 252,644 $ 275,168 $ 3,517 1.28% Convention Center Capital
Fund
2,699,999 1,723,150 4,423,149 827,109 18.70%
Electric Utility Fund 260,628,146 184,117,774 444,745,920 36,543,303 8.22% Sewer Utility Fund 24,421,888 24,213,217 48,635,105 6,430,418 13.22% Solid Waste Utility Fund 907,874 24,569 932,443 614,091 65.86% Street Lighting (1) 5,374,952 3,524,758 8,899,710 700,701 7.87% Water Recycling Fund 400,000 - 400,000 2,873 0.72%
Water Utility Fund 8,731,864 2,692,753 11,424,617 3,423,071 29.96%
TOTAL - CIP
Appropriations
$ 303,187,247 $ 216,548,865 $ 519,736,112 $ 48,545,083 9.34% 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 17 City of Santa Clara
Financial Status Report as of March 31, 2025
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.
18 City of Santa Clara
Financial Status Report as of March 31, 2025
DETAIL OF SELECTED FUND RESERVE BALANCES:
GENERAL
FUND ELECTRIC WATER
Budget Stabilization Reserve $ 69,138,768
Capital Projects Reserve 7,834,572
Land Sale Reserve 18,481,036
Technology Fee Reserve 2,477,529
Electric Rate Stabilization Fund Reserve $ 70,000,000
Electric Operations and Maintenance Reserve 257,000,000 Replacement & Improvement $ 303,090
TOTALS $ 97,931,905 $ 327,000,000 $ 303,090
CITY OF SANTA CLARA
RESERVE BALANCES
March 31, 2025
Donations to the City of Santa Clara
Donations received by department during the month of March 2025 and for fiscal year 2024/25 are shown in the table below.
Department Mar-25
Fiscal Year
2024/25
Year To Date Designated Use
City Manager's Office 50 82 Help Your Neighbor
Parks & Recreation - 4,000 Case Management
Parks & Recreation - 632 Reed/Grant Park Soccer Equipment Parks & Recreation - 3,915 Roberta Jones Jr. Theatre
Parks & Recreation 550 19,925 Wade Brummal
TOTALS $ 600 $ 28,554
_____________________________________________________________________
MONTHLY INVESTMENT REPORT
March 2025
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 March 31, 2025 were in compliance with the City's Investment Policy Statement regarding current market strategy and long-term goals and objectives. All securities held are rated A or higher by two nationally recognized rating agencies. There is adequate cash flow and maturity of investments to meet the City’s needs for the next six months.
The following table provides the breakdown of the total portfolio among the City, the Sports and Open Space Authority (SOSA), and the Housing Authority (HA) as of March 31, 2025.
On March 31, 2025 the cost value and market value of the City's unrestricted pooled investment portfolio were $1,370,244,159 and $1,374,254,314 respectively.
Investment Strategy and Market Update
The second quarter of 2025 got off to a turbulent start as markets reacted to the April 2 announcement of tariffs on so-called “Liberation Day.” The levies, which were significantly more punitive than originally anticipated, include a flat 10% tariff on all imports as well as more focused tariffs on specific countries with which the U.S. runs large trade deficits.
The month-over-month change in the Core Personal Consumption Expenditures Index (PCE), which is the Fed’s preferred measure of inflation, increased at the fastest pace in over a year. Prices on durable goods, which are items expected to last several years, rose at the fastest pace since September 2022.This is particularly noteworthy because these price increases occurred prior to the implementation of any tariffs.
Non-farm payrolls in March significantly exceeded expectations and grew 228,000 while the unemployment rate ticked up slightly to
4.2%. While the releases continue to point toa steady labor market, it was largely overshadowed by the tariff news earlier in the week.
U.S. Treasury yields between six months and seven years declined during March and were led lower by deteriorating growth expectations over the intermediate term. Meanwhile, the yield on the 10-year U.S. Treasury was essentially unchanged. In early April yields fell significantly across the curve in response to tariff news. Yields on 3-month, 2-year, and 10-year U.S. Treasuries ended March at 4.30%, 3.88%, and 4.21%, respectively. The move lower in yields resulted in positive fixed income total returns for the month. The ICE BofA 3-month, 2-year, and 10-year U.S. Treasury indices returned +0.33%, +0.46%, and +0.23%, respectively.
COST VALUE PERCENTAGE
City $1,369,098,356 99.92%
SOSA 9,346 0.00%
HA 1,136,457 0.08%
Unrestricted $1,370,244,159 100.00%
Restricted Bond Proceeds 2,432,394
Total Investments $1,372,676,553
2 The City's investment strategy for March2025 was to invest funds not required to meet current obligations, in securities listed in the prevailing Investment Policy Statement, with maturities not to exceed five years from date of purchase. This strategy ensures safety of the City’s funds, provides liquidity to meet the City’s cash needs, and earns a reasonable portfolio return. PFM Asset Management LLC began actively managing the City’s securities portfolio on September 1, 2020.
As of March 31, 2025, 58.87% of the City’s portfolio consists of U.S. Treasury Notes, 15.26% consists of California Asset Management Program (CAMP), 13.33% consists of investment grade Corporate Notes, 5.57% consists of investment grade AssetBack Securities, 5.27% consists of investment grade Mortgage-Backed Securities, 0.55% consists of Negotiable Certificates of Deposit, 0.50% consists of Federal Agencies, and 0.45% 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
58.87%
Federal Agency Notes
0.50%
Corporate Notes
13.33%
Asset-Backed Securities
5.57%
Negotiable Certificates of
Deposit
0.55%
Mortgage-Backed Securities
5.27% Money Market Fund
0.02%
Local Agency Investment
Fund (LAIF)
0.45%
California Asset Management
Program (CAMP)
15.26%
Mutual Fund - Traffic Mitigation
Bond Proceeds
0.18%
3 The City’s securities portfolio is benchmarked against the ICE BAML 1-5 US Treasury Index.
4.09%
4.40%
4.53%
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
3/31/2025
Investment Yield
Liquidity Portfolio1
4.45%
LAIF average monthly yield 4.31%
Securities Portfolio2
4.09%
ICE BAML 1-5 US Treasury Index (24-month rolling average market yield) 4.40% ICE BAML 1-5 AAA-A US Corporate & Government Index (24-month rolling average market yield) 4.53%
City Portfolio (Liquidity + Securities) 4.14%
Investment Total Return*
Securities Portfolio 0.52%
ICE BAML 1-5 US Treasury Index 0.53%
ICE BAML 1-5 AAA-A US Corporate & Government Index 0.51% Average Maturity of Investments (in years)
Liquidity Portfolio1
0.08 Securities Portfolio2
2.95 City Portfolio (Liquidity + Securities) 2.50
ICE BAML 1-5 US Treasury Index 2.73
ICE BAML 1-5 AAA-A US Corporate & Government Index 2.76 Cash Interest Income Current Month3
$ 3,154,263
Cash Interest Income Fiscal Year-To-Date3
$ 32,966,281
1. Consists of CAMP Pool, LAIF, Dreyfus Traffic Mitigation Fund, & Principal Sweep Account
2. Core long term portfolio managed by PFM Asset Management
3. Cash basis
* Total rate of return including earnings, distributions, and capital appreciation/depreciation of all portfolio assets 5 CITY OF SANTA CLARA
SUMMARY OF INVESTMENTS MARCH 31, 2025
PER
COST % OF INVESTMENT
INVESTMENT TYPE VALUE PORTFOLIO POLICY
U.S. Treasury Notes 808,111,483 58.87% No Limit
Federal Agency Notes 6,862,929 0.50% 80%
Corporate Notes 182,919,323 13.33% 25%
Asset-Backed Securities 76,424,214 5.57% 10%
Negotiable Certificates of Deposit 7,500,000 0.55% 30%
Mortgage-Backed Securities 72,397,065 5.27% 15%
Money Market Fund 342,060 0.02% 10% Per Fund
Local Agency Investment Fund (LAIF) 6,143,281 0.45% $75 M California Asset Management Program (CAMP) 209,543,804 15.26% No Limit Mutual Fund - Traffic Mitigation Bond Proceeds 2,432,394 0.18% 10% Per Fund TOTAL INVESTMENTS $ 1,372,676,553 100.00%
6 INVESTMENT MATURITY DISTRIBUTION
AS OF MARCH 31, 2025
UNRESTRICTED POOLED PORTFOLIO
MATURITY NUMBER OF
(IN MONTHS) COST VALUE INVESTMENTS DISTRIBUTION
DEMAND (a) $ 186,029,145 (a) 3 13.58%
0 TO 6 62,723,592 10 4.58%
7 TO 12 26,284,753 5 1.92%
13 TO 18 85,903,365 9 6.27%
19 TO 24 109,501,148 14 7.99%
25 TO 30 152,849,709 17 11.15%
31 TO 36 191,206,885 24 13.95%
37 TO 42 162,323,003 28 11.85%
43 TO 48 122,175,746 21 8.92%
49 TO 54 155,836,586 22 11.37%
55 TO 60 115,410,227 15 8.42%
TOTAL $ 1,370,244,159 168 100.00%
Average Maturity of Unrestricted Pool: 2.50 Years
(a) $20 million is earmarked for the City's Electric Utility power-trading. 0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
22%
24%
INVESTMENT MATURITY DISTRIBUTION
UNRESTRICTED POOLED PORTFOLIO
AS OF MARCH 31, 2025
City of Santa Clara Monthly Report
3/31/2025
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 4/30/2024 4.875% 4/30/2026 91282CKK6 13,735,000.00 AA+ 11/21/2024 13,838,012.50 4.33% 13,852,571.60 14,559.10 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% 15,938,583.90 26,458.12 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% 19,536,549.90 80,238.57 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% 10,093,800.00 163,331.25 UNITED STATES TREASURY 10/16/2023 4.625% 10/15/2026 91282CJC6 9,975,000.00 AA+ 1/13/2025 10,019,809.57 4.35% 10,073,952.00 54,142.43 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% 24,501,957.50 88,080.55 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% 14,069,680.75 -45,700.11 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% 11,188,103.30 49,460.33 UNITED STATES TREASURY 1/31/2025 4.125% 1/31/2027 91282CMH1 4,065,000.00 AA+ 2/3/2025 4,058,013.28 4.22% 4,078,821.00 20,807.72 UNITED STATES TREASURY 1/31/2025 4.125% 1/31/2027 91282CMH1 2,400,000.00 AA+ 2/18/2025 2,394,281.25 4.25% 2,408,160.00 13,878.75 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% 12,248,815.95 68,607.36 UNITED STATES TREASURY 4/15/2024 4.500% 4/15/2027 91282CKJ9 21,925,000.00 AA+ 11/20/2024 22,050,041.02 4.25% 22,177,576.00 127,534.98 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% 5,232,330.00 -16,216.88 UNITED STATES TREASURY 5/15/2024 4.500% 5/15/2027 91282CKR1 15,280,000.00 AA+ 12/18/2024 15,373,112.50 4.23% 15,461,526.40 88,413.90 UNITED STATES TREASURY 5/15/2024 4.500% 5/15/2027 91282CKR1 2,200,000.00 AA+ 9/17/2024 2,257,492.19 3.46% 2,226,136.00 -31,356.19 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% 28,089,657.75 -337,210.41 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% 5,097,057.00 -5,890.66 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% 10,153,500.00 -35,171.88 UNITED STATES TREASURY 8/1/2022 2.750% 7/31/2027 91282CFB2 10,800,000.00 AA+ 9/14/2022 10,392,046.88 3.60% 10,526,220.00 134,173.12 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% 9,924,760.50 11,708.16 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% 10,704,745.35 166,770.15 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% 7,538,620.90 -7,907.23 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% 3,807,028.70 46,719.91 UNITED STATES TREASURY 10/31/2022 4.125% 10/31/2027 91282CFU0 42,865,000.00 AA+ 3/6/2025 43,010,788.41 4.02% 43,107,615.90 96,827.49 UNITED STATES TREASURY 10/31/2022 4.125% 10/31/2027 91282CFU0 4,750,000.00 AA+ 1/31/2023 4,833,310.55 3.72% 4,776,885.00 -56,425.55 UNITED STATES TREASURY 10/31/2022 4.125% 10/31/2027 91282CFU0 5,100,000.00 AA+ 12/13/2022 5,165,343.75 3.83% 5,128,866.00 -36,477.75 UNITED STATES TREASURY 10/31/2022 4.125% 10/31/2027 91282CFU0 4,355,000.00 AA+ 12/8/2022 4,415,561.72 3.81% 4,379,649.30 -35,912.42 UNITED STATES TREASURY 10/31/2022 4.125% 10/31/2027 91282CFU0 18,960,000.00 AA+ 10/11/2024 19,088,128.13 3.89% 19,067,313.60 -20,814.53 UNITED STATES TREASURY 10/31/2022 4.125% 10/31/2027 91282CFU0 16,115,000.00 AA+ 9/17/2024 16,442,335.94 3.43% 16,206,210.90 -236,125.04 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% 3,272,794.00 -15,264.59 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% 7,126,934.10 -55,983.87 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% 8,253,101.35 -67,358.22 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% 7,323,315.25 -10,268.73 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% 4,848,884.50 -57,193.63 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% 7,173,349.75 -73,680.52 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% 7,426,422.65 -82,095.32 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% 8,103,674.40 40,086.90 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% 7,381,564.80 -150,935.20 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% 6,619,338.00 92,556.75 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% 5,230,279.95 -405.79 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% 5,723,088.45 -93,481.28 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% 4,993,431.90 -30,280.60 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% 5,016,536.00 -25,952.28 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% 11,638,773.00 -56,804.73 UNITED STATES TREASURY 5/31/2023 3.625% 5/31/2028 91282CHE4 10,115,000.00 AA+ 3/3/2025 10,002,391.60 3.99% 10,032,057.00 29,665.40 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% 8,217,063.00 67,988.78 4/14/2025 12:46 PM 1 of 5
Attachment A
City of Santa Clara Monthly Report
3/31/2025
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 11,300,000.00 AA+ 7/10/2023 11,117,699.22 4.36% 11,337,968.00 220,268.78 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% 1,705,712.00 18,528.41 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% 4,984,996.50 63,033.61 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% 8,056,321.00 2,183.50 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% 1,760,417.75 17,691.58 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% 6,087,856.00 -52,983.84 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% 5,324,294.40 -31,422.79 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% 11,657,401.20 -311,698.80 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% 8,149,788.75 -915.35 UNITED STATES TREASURY 1/2/2024 3.750% 12/31/2028 91282CJR3 14,950,000.00 AA+ 1/19/2024 14,770,132.81 4.02% 14,861,795.00 91,662.19 UNITED STATES TREASURY 1/2/2024 3.750% 12/31/2028 91282CJR3 6,250,000.00 AA+ 1/4/2024 6,202,148.44 3.92% 6,213,125.00 10,976.56 UNITED STATES TREASURY 1/31/2024 4.000% 1/31/2029 91282CJW2 6,400,000.00 AA+ 2/13/2024 6,367,750.00 4.11% 6,417,472.00 49,722.00 UNITED STATES TREASURY 1/31/2024 4.000% 1/31/2029 91282CJW2 5,030,000.00 AA+ 2/14/2024 4,968,107.42 4.28% 5,043,731.90 75,624.48 UNITED STATES TREASURY 1/31/2024 4.000% 1/31/2029 91282CJW2 4,735,000.00 AA+ 9/5/2024 4,814,348.24 3.58% 4,747,926.55 -66,421.69 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% 9,047,904.60 7,404.60 UNITED STATES TREASURY 2/29/2024 4.250% 2/28/2029 91282CKD2 4,375,000.00 AA+ 9/27/2024 4,498,046.88 3.56% 4,426,275.00 -71,771.88 UNITED STATES TREASURY 2/29/2024 4.250% 2/28/2029 91282CKD2 2,850,000.00 AA+ 3/7/2024 2,867,923.83 4.11% 2,883,402.00 15,478.17 UNITED STATES TREASURY 4/1/2024 4.125% 3/31/2029 91282CKG5 10,050,000.00 AA+ 4/11/2024 9,938,900.39 4.37% 10,123,465.50 184,565.11 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% 16,853,035.50 440,867.53 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% 5,771,587.50 -37,982.81 UNITED STATES TREASURY 5/31/2024 4.500% 5/31/2029 91282CKT7 4,950,000.00 AA+ 6/7/2024 4,993,892.58 4.30% 5,057,316.00 63,423.42 UNITED STATES TREASURY 7/1/2024 4.250% 6/30/2029 91282CKX8 24,360,000.00 AA+ 9/5/2024 25,072,406.07 3.58% 24,656,948.40 -415,457.67 UNITED STATES TREASURY 7/1/2024 4.250% 6/30/2029 91282CKX8 1,100,000.00 AA+ 8/15/2024 1,128,316.41 3.67% 1,113,409.00 -14,907.41 UNITED STATES TREASURY 7/1/2024 4.250% 6/30/2029 91282CKX8 7,590,000.00 AA+ 7/3/2024 7,538,411.72 4.40% 7,682,522.10 144,110.38 UNITED STATES TREASURY 7/1/2024 4.250% 6/30/2029 91282CKX8 16,955,000.00 AA+ 7/3/2024 16,858,965.82 4.38% 17,161,681.45 302,715.63 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% 9,600,086.50 -219,150.80 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% 10,302,597.00 -126,498.70 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% 12,540,742.00 -195,472.84 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% 1,846,550.20 -17,606.05 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% 5,473,758.00 -8,034.97 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% 5,090,840.40 -10,916.05 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% 3,198,304.50 25,908.99 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% 1,148,367.60 16,828.54 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% 13,201,263.00 77,723.94 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% 2,720,871.00 48,398.34 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% 5,240,196.00 61,930.37 UNITED STATES TREASURY 1/31/2025 4.250% 1/31/2030 91282CMG3 5,100,000.00 AA+ 2/5/2025 5,081,200.85 4.33% 5,165,331.00 84,130.15 UNITED STATES TREASURY 1/31/2025 4.250% 1/31/2030 91282CMG3 1,115,000.00 AA+ 2/6/2025 1,115,261.33 4.24% 1,129,283.15 14,021.82 UNITED STATES TREASURY 1/31/2025 4.250% 1/31/2030 91282CMG3 10,000.00 AA+ 1/31/2025 9,970.70 4.32% 10,128.10 157.40 UNITED STATES TREASURY 2/28/2023 4.000% 2/28/2030 91282CGQ8 45,410,000.00 AA+ 3/6/2025 45,179,402.34 4.11% 45,513,080.70 333,678.36 UNITED STATES TREASURY 3/31/2025 4.000% 3/31/2030 91282CMU2 5,520,000.00 AA+ 3/31/2025 5,513,315.61 4.03% 5,531,205.60 17,889.99 U.S. Treasury Bond / Note Subtotal 803,780,000.00 808,111,482.64 808,816,261.15 704,778.51 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% 1,817,796.60 -47,132.40 FNMA Medium Term Note Subtotal 1,860,000.00 1,864,929.00 1,817,796.60 -47,132.40 4/14/2025 12:46 PM 2 of 5
Attachment A
City of Santa Clara Monthly Report
3/31/2025
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 8/30/2022 4.050% 8/28/2025 3134GXS54 5,000,000.00 AA+ 8/30/2022 4,998,000.00 4.06% 4,989,450.00 -8,550.00 FHLMC Medium Term Note Subtotal 5,000,000.00 4,998,000.00 4,989,450.00 -8,550.00 FANNIE MAE-ACES 7/1/2023 4.182% 7/1/2028 3136BQDE6 8,358,045.98 AA+ 11/30/2023 8,033,844.89 5.14% 8,309,820.01 275,975.12 FANNIE MAE-ACES 7/1/2023 4.182% 7/1/2028 3136BQDE6 7,259,559.85 AA+ 7/31/2023 7,136,487.63 4.58% 7,217,672.24 81,184.61
FHLMC MULTIFAMILY
STRUCTURED PASS THROU 1/1/2017 3.347% 11/1/2026 3137BTUM1 5,187,302.68 AA+ 5/24/2023 5,027,631.04 4.29% 5,098,807.30 71,176.26
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% 7,849,360.00 303,110.00
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% 4,456,508.85 171,248.50
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% 6,376,491.00 274,596.47
FHLMC MULTIFAMILY
STRUCTURED PASS THROU 7/1/2023 4.819% 6/1/2028 3137HACX2 7,500,000.00 AA+ 7/20/2023 7,574,910.00 4.59% 7,606,650.00 31,740.00
FHLMC MULTIFAMILY
STRUCTURED PASS THROU 7/1/2023 4.777% 6/1/2028 3137HAD45 6,030,603.11 AA+ 7/27/2023 6,030,452.36 4.78% 6,069,741.72 39,289.36
FHLMC MULTIFAMILY
STRUCTURED PASS THROU 10/1/2023 4.740% 8/1/2028 3137HAQ74 5,750,000.00 AA+ 10/19/2023 5,623,868.00 5.25% 5,822,622.50 198,754.50
FHLMC MULTIFAMILY
STRUCTURED PASS THROU 2/1/2025 4.850% 1/1/2030 3137HJZY6 9,019,000.00 AA+ 2/27/2025 9,076,532.20 4.70% 9,201,995.51 125,463.31
FHLMC MULTIFAMILY
STRUCTURED PASS THROU 3/1/2025 4.430% 2/1/2030 3137HKPF5 5,960,000.00 AA+ 3/20/2025 5,959,934.44 4.43% 5,975,317.20 15,382.76 Federal Agency Commercial
Mortgage-Backed Security Subtotal 74,134,511.62 72,397,065.44 73,984,986.33 1,587,920.89 ADOBE INC 4/4/2024 4.800% 4/4/2029 00724PAF6 1,635,000.00 A+ 4/4/2024 1,632,563.85 4.83% 1,661,503.35 28,939.50 ADOBE INC 4/4/2024 4.800% 4/4/2029 00724PAF6 1,340,000.00 A+ 4/4/2024 1,337,762.20 4.84% 1,361,721.40 23,959.20 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% 5,577,730.20 223,343.40 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% 6,602,255.15 -70,708.95 BANK OF NY MELLON CORP 1/28/2021 0.750% 1/28/2026 06406RAQ0 9,000,000.00 A 2/10/2021 9,025,920.00 0.69% 8,738,640.00 -287,280.00 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% 4,071,648.60 -14,407.20 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% 4,071,648.60 -13,703.40 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% 2,968,678.72 57,456.60 BLACKROCK INC 3/14/2024 4.700% 3/14/2029 09290DAA9 350,000.00 AA- 3/14/2024 349,366.50 4.74% 355,348.00 5,981.50 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% 4,999,750.00 -5,350.00 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% 4,064,320.00 65,960.00 BOFA SECURITIES INC. 4/22/2021 1.734% 7/22/2027 06051GJS9 1,420,000.00 A- 8/10/2022 1,281,251.80 3.92% 1,368,667.00 87,415.20 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% 5,603,286.50 -69,387.00 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% 11,690,500.75 465,500.75 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% 5,399,188.20 -160,067.40 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% 1,545,934.35 -11,709.15 ELI LILLY & COMPANY 8/14/2024 4.200% 8/14/2029 532457CQ9 445,000.00 A+ 8/14/2024 444,025.45 4.25% 442,405.65 -1,619.80 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% 2,985,210.00 -28,830.00
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% 4,971,100.00 -126,800.00
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% 2,241,966.10 60,005.55 JOHN DEERE CAPITAL CORP 6/17/2021 1.050% 6/17/2026 24422EVR7 5,000,000.00 A 12/8/2021 4,908,600.00 1.47% 4,813,950.00 -94,650.00 4/14/2025 12:46 PM 3 of 5
Attachment A
City of Santa Clara Monthly Report
3/31/2025
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 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% 617,245.20 6,370.65 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% 515,221.20 10,973.65 JOHNSON & JOHNSON 2/20/2025 4.500% 3/1/2027 478160DG6 4,850,000.00 AAA 3/13/2025 4,879,439.50 4.17% 4,890,837.00 11,397.50
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% 3,975,606.00 264,860.00
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% 2,841,491.25 166,959.00
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% 5,099,950.00 -3,400.00
JPMORGAN CHASE FINANCIAL
CO LLC 1/24/2025 4.915% 1/24/2029 46647PEU6 2,825,000.00 A 3/13/2025 2,841,921.75 4.74% 2,851,865.75 9,944.00 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% 7,120,275.00 230,400.00 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% 5,368,872.30 -17,022.90 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% 6,217,698.30 99,816.75 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% 3,203,056.70 58,056.70
NOVARTIS FINANCE
CORPORATION 11/20/2015 3.000% 11/20/2025 66989HAJ7 10,000,000.00 AA- 1/31/2023 9,638,600.00 4.38% 9,922,700.00 284,100.00 PACCAR FINANCIAL CORP 1/31/2024 4.600% 1/31/2029 69371RS80 7,000,000.00 A+ 7/30/2024 6,996,080.00 4.61% 7,046,340.00 50,260.00 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% 4,421,084.40 47,873.40 PEPSICO INC 2/7/2025 4.600% 2/7/2030 713448GB8 2,380,000.00 A+ 2/7/2025 2,376,001.60 4.64% 2,401,753.20 25,751.60 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% 5,841,634.50 -18,954.00 STATE STREET BANK & TR 2/28/2025 4.729% 2/28/2030 857477CW1 9,240,000.00 A 2/28/2025 9,251,365.20 4.70% 9,289,711.20 38,346.00 TARGET CORP 1/24/2022 1.950% 1/15/2027 87612EBM7 4,595,000.00 A 2/1/2022 4,567,889.50 2.08% 4,422,687.50 -145,202.00 TARGET CORP 1/24/2022 1.950% 1/15/2027 87612EBM7 990,000.00 A 1/24/2022 988,317.00 1.99% 952,875.00 -35,442.00 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% 5,747,168.00 156,912.00 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% 5,685,807.00 -326,040.00 Corporate Note Subtotal 184,689,000.00 182,919,322.92 183,969,332.07 1,050,009.15
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% 6,245,335.70 75,611.50 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% 3,076,668.00 32,076.94 BOFA AUTO TRUST 2024-1 7/31/2023 5.530% 2/15/2028 06428AAC2 2,993,227.98 NR 7/31/2023 2,993,114.53 5.53% 3,014,599.63 21,485.10 BOFA AUTO TRUST 2024-1 11/21/2023 5.740% 6/15/2028 06054YAC1 6,595,000.00 NR 11/21/2023 6,594,880.63 5.74% 6,680,998.80 86,118.17 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% 6,113,489.85 70,165.52 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% 7,648,196.40 44,354.64
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% 1,863,328.95 8,561.57 FIFTH THIRD AUTO TRUST 8/23/2023 5.530% 8/15/2028 31680EAD3 5,270,000.00 AAA 8/23/2023 5,269,673.26 5.53% 5,316,376.00 46,702.74
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% 819,637.35 4,801.25
HONDA AUTO RECEIVABLES
OWNER TRUST 2024 11/24/2021 0.880% 1/21/2026 43815GAC3 82,648.33 NR 11/24/2021 82,630.91 0.89% 82,367.33 -263.58
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% 4,864,372.00 40,366.91
HYUNDAI AUTO RECEIVABLES
TRUST 2024-C 11/13/2023 5.540% 10/16/2028 44918CAD4 2,530,000.00 AAA 11/13/2023 2,529,667.31 5.54% 2,563,193.60 33,526.29
HYUNDAI AUTO RECEIVABLES
TRUST 2024-C 3/12/2025 4.320% 10/15/2029 44935CAD3 6,570,000.00 AAA 3/12/2025 6,569,030.93 4.32% 6,562,247.40 -6,783.53 4/14/2025 12:46 PM 4 of 5
Attachment A
City of Santa Clara Monthly Report
3/31/2025
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
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% 1,942,748.50 18,234.75
KUBOTA CREDIT OWNER
TRUST 2024-2A 2/19/2025 4.670% 6/15/2029 50117FAC5 4,065,000.00 NR 2/19/2025 4,064,860.57 4.67% 4,094,552.55 29,691.98
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% 1,514,601.90 9,942.33
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% 1,750,978.50 26,164.45
USAA AUTO OWNER TRUST
2024-A 9/15/2023 5.580% 5/15/2028 90291VAC4 5,907,547.19 AAA 9/15/2023 5,906,513.37 5.58% 5,944,410.28 37,896.91
VOLKSWAGEN AUTO LOAN
ENHANCED TRUST 202 3/25/2025 4.500% 8/20/2029 92868MAD1 6,905,000.00 NR 3/25/2025 6,904,765.23 4.50% 6,925,715.00 20,949.77 Asset-Backed Security Subtotal 76,433,423.51 76,424,214.03 77,023,817.74 599,603.71 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% 7,623,525.00 123,525.00 Certificate of Deposit Subtotal 7,500,000.00 7,500,000.00 7,623,525.00 123,525.00
PRINCIPAL PUBLIC DEPOSIT
SWEEP PROGRAM 2.250% 4/1/2025 992995944 342,059.82 9/1/2020 342,059.82 342,059.82 -
LOCAL AGENCY INVESTMENT
FUND 4.313% 4/1/2025 6,143,280.67 9/30/1997 6,143,280.67 6,143,280.67 -
CALIFORNIA ASSET
MANAGEMENT PROGRAM 4.470% 4/1/2025 179,543,804.49 10/4/2022 179,543,804.49 179,543,804.49 -
CALIFORNIA ASSET
MANAGEMENT PROGRAM -
TERM 4.470% 4/4/2025 10,000,000.00 12/6/2024 10,000,000.00 10,000,000.00 -
CALIFORNIA ASSET
MANAGEMENT PROGRAM -
TERM 4.330% 4/30/2025 10,000,000.00 1/31/2025 10,000,000.00 10,000,000.00 -
CALIFORNIA ASSET
MANAGEMENT PROGRAM -
TERM 4.310% 5/6/2025 10,000,000.00 1/8/2025 10,000,000.00 10,000,000.00 - DREYFUS TREASURY 4.190% 4/1/2025 2,432,394.27 10/31/1997 2,432,394.27 2,432,394.27 - Cash Equivalent Subtotal 218,461,539.25 218,461,539.25 218,461,539.25 - Grand Total Count 169 1,371,858,474.38 1,372,676,553.28 1,376,686,708.14 4,010,154.86 *NR = Not Rated by S&P Global. These Asset Backed Securities are rated by Moody's Ratings as Aaa. 4/14/2025 12:46 PM 5 of 5
Attachment A
PAGE 20
STATEMENT OF TRANSACTIONS CITY OF SANTA CLARA- CUSTODY
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER XXXXXXXX ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ BEGINNING BALANCE 0.00 1,052,619,192.93
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
CASH EQUIVALENTS
03/06/25 6,400,000 PURCHASED 6,395,573.33- 6,395,573.33 FHLB Z-CPN 3/12/25
CUSIP 313385CY0
AT $99.9308 ON TRADE DATE 03/06/2025
J.P. MORGAN SECURITIES INC., -
03/12/25 6,400,000- MATURED 6,395,573.33 6,395,573.33-
FHLB Z-CPN 3/12/25
CUSIP 313385CY0
AT $100.0000 ON TRADE DATE 03/12/2025
03/12/25 INTEREST RECEIVED 4,426.67
FHLB Z-CPN 3/12/25
CUSIP 313385CY0
INTEREST ON 6,400,000.000 UNITS
6,400,000 PAR VALUE AT 100 %
03/03/25 INTEREST RECEIVED 1,897.85
PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
INTEREST FROM 2/1/25 TO 2/28/25
03/13/25 4,790,000 PURCHASED 4,786,072.80- 4,786,072.80 U.S. TREASURY BILLS 3/20/25
CUSIP 912797KJ5
AT $99.9180 ON TRADE DATE 03/12/2025
TO SETTLE ON 03/13/2025
BMOCM/BONDS
03/20/25 4,790,000- MATURED 4,786,072.80 4,786,072.80-
U.S. TREASURY BILLS 3/20/25
CUSIP 912797KJ5
AT $100.0000 ON TRADE DATE 03/20/2025
Attachment B
PAGE 21
STATEMENT OF TRANSACTIONS CITY OF SANTA CLARA- CUSTODY
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER XXXXXXXX ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 03/20/25 INTEREST RECEIVED 3,927.20
U.S. TREASURY BILLS 3/20/25
CUSIP 912797KJ5
INTEREST ON 4,790,000.000 UNITS
4,790,000 PAR VALUE AT 100 %
03/19/25 6,695,000 PURCHASED 6,690,314.62- 6,690,314.62 U.S. TREASURY BILLS 3/25/25
CUSIP 912797NS2
AT $99.9300 ON TRADE DATE 03/18/2025
TO SETTLE ON 03/19/2025
CITIGROUP GBL MKTS/SALOMON BRO
03/25/25 6,695,000- MATURED 6,690,314.62 6,690,314.62-
U.S. TREASURY BILLS 3/25/25
CUSIP 912797NS2
AT $100.0000 ON TRADE DATE 03/25/2025
03/25/25 INTEREST RECEIVED 4,685.38
U.S. TREASURY BILLS 3/25/25
CUSIP 912797NS2
INTEREST ON 6,695,000.000 UNITS
6,695,000 PAR VALUE AT 100 %
03/31/25 111,990,933.34 CASH SWEEP PURCHASES FOR STMT PERIOD 111,990,933.34- 111,990,933.34
PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
11 TRANSACTIONS
03/31/25 111,682,839.6- CASH SWEEP SALES FOR STMT PERIOD 111,682,839.60 111,682,839.60-
PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
6 TRANSACTIONS
BONDS & NOTES
03/17/25 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 3/15/25
Attachment B
PAGE 22
STATEMENT OF TRANSACTIONS CITY OF SANTA CLARA- CUSTODY
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER XXXXXXXX ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 03/17/25 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 3/17/25
03/17/25 126,772.02- PAID DOWN 126,772.02 126,767.22- 4.80 BANK OF AMERICA ABS 5.530% 2/15/28
CUSIP 06428AAC2
03/17/25 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 3/15/25
03/17/25 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 3/15/25
03/14/25 INTEREST RECEIVED 76,939.00
BLACKROCK FUNDING 4.700% 3/14/29
CUSIP 09290DAA9
INTEREST ON 3,274,000.000 UNITS
03/17/25 INTEREST RECEIVED 132,480.00
BLACKROCK INC 3.200% 3/15/27
CUSIP 09247XAN1
INTEREST ON 8,280,000.000 UNITS
03/17/25 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 3/15/25
Attachment B
PAGE 23
STATEMENT OF TRANSACTIONS CITY OF SANTA CLARA- CUSTODY
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER XXXXXXXX ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 03/17/25 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 3/15/25
03/31/25 INTEREST RECEIVED 325,693.38
CITIBANK 5.803% 9/29/28
CUSIP 17325FBB3
INTEREST ON 11,225,000.000 UNITS
03/25/25 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 3/25/25
03/25/25 INTEREST RECEIVED 14,502.50
FHLMC K061 CMO V-M 3.347% 11/25/26
CUSIP 3137BTUM1
$0.00271/PV ON 5,199,583.42 PV
DUE 3/25/25
03/25/25 12,280.74- PAID DOWN 12,280.74 11,902.72- 378.02 FHLMC K061 CMO V-M 3.347% 11/25/26
CUSIP 3137BTUM1
03/25/25 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 3/25/25
03/25/25 INTEREST RECEIVED 36,451.79
FHLMC K536 CMO V-M 4.850% 1/25/30
CUSIP 3137HJZY6
$0.00404/PV ON 9,019,000.00 PV
DUE 3/25/25
Attachment B
PAGE 24
STATEMENT OF TRANSACTIONS CITY OF SANTA CLARA- CUSTODY
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER XXXXXXXX ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 03/20/25 5,960,000 PURCHASED 5,959,934.44- 5,959,934.44 FHLMC K537 CMO V-M 4.430% 2/25/30
CUSIP 3137HKPF5
AT $99.9989 ON TRADE DATE 03/11/2025
TO SETTLE ON 03/20/2025
MORGAN STANLEY & CO.
03/20/25 ACCRUED INTEREST ON PURCHASE 13,934.81-
FHLMC K537 CMO V-M 4.430% 2/25/30
CUSIP 3137HKPF5
03/25/25 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 3/25/25
03/25/25 INTEREST RECEIVED 24,036.96
FHLMC SER KJ46 CMO 4.777% 6/25/28
CUSIP 3137HAD45
$0.00393/PV ON 6,038,172.91 PV
DUE 3/25/25
03/25/25 7,569.8- PAID DOWN 7,569.80 7,569.61- 0.19
FHLMC SER KJ46 CMO 4.777% 6/25/28
CUSIP 3137HAD45
03/25/25 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 3/25/25
03/17/25 INTEREST RECEIVED 24,285.91
FIFTH THIRD AUT ABS 5.530% 8/15/28
CUSIP 31680EAD3
$0.00461/PV ON 5,270,000.00 PV
DUE 3/15/25
Attachment B
PAGE 25
STATEMENT OF TRANSACTIONS CITY OF SANTA CLARA- CUSTODY
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER XXXXXXXX ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 03/13/25 0.08 SHARE ADJUSTMENT
FNMA SER M6 CMO V-M 4.182% 7/25/28
CUSIP 3136BQDE6
TO BALANCE TO CUSTODIAN
03/13/25 0.08 SHARE ADJUSTMENT
FNMA SER M6 CMO V-M 4.182% 7/25/28
CUSIP 3136BQDE6
TO BALANCE TO CUSTODIAN
03/25/25 INTEREST RECEIVED 54,422.16
FNMA SER M6 CMO V-M 4.182% 7/25/28
CUSIP 3136BQDE6
$0.00348/PV ON 15,617,718.33 PV
DUE 3/25/25
03/25/25 112.49- PAID DOWN 112.49 109.26- 3.23
FNMA SER M6 CMO V-M 4.182% 7/25/28
CUSIP 3136BQDE6
03/17/25 INTEREST RECEIVED 3,293.96
GM FINANCIAL ABS 4.850% 12/18/28
CUSIP 36268GAD7
$0.00404/PV ON 815,000.00 PV
DUE 3/16/25
03/18/25 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 3/18/25
03/21/25 INTEREST RECEIVED 100.46
HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
$0.00006/PV ON 136,996.28 PV
DUE 3/21/25
Attachment B
PAGE 26
STATEMENT OF TRANSACTIONS CITY OF SANTA CLARA- CUSTODY
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER XXXXXXXX ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 03/21/25 54,347.95- PAID DOWN 54,347.95 54,336.49- 11.46 HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
03/12/25 6,570,000 PURCHASED 6,569,030.93- 6,569,030.93 HYUNDAI AUTO ABS 4.320% 10/15/29
CUSIP 44935CAD3
AT $99.9853 ON TRADE DATE 03/04/2025
TO SETTLE ON 03/12/2025
BARCLAYS CAPITAL INC. FIXED IN
03/17/25 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 3/15/25
03/14/25 0.01- SHARE ADJUSTMENT
HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
03/17/25 INTEREST RECEIVED 16.02
HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
$0.00001/PV ON 25,985.65 PV
DUE 3/17/25
03/17/25 25,985.65- PAID DOWN 25,985.65 25,979.86- 5.79 HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
AT $18,089.7618 ON TRADE DATE 03/17/2025
03/03/25 INTEREST RECEIVED 13,750.00
JOHNSON & JOHNSON 0.550% 9/01/25
CUSIP 478160CN2
INTEREST ON 5,000,000.000 UNITS
Attachment B
PAGE 27
STATEMENT OF TRANSACTIONS CITY OF SANTA CLARA- CUSTODY
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER XXXXXXXX ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 03/13/25 5,000,000- SOLD 4,911,050.00 5,023,550.00- 112,500.00- JOHNSON & JOHNSON 0.550% 9/01/25
CUSIP 478160CN2
AT $98.2210 ON TRADE DATE 03/12/2025
TO SETTLE ON 03/13/2025
GOLDMAN SACHS
03/13/25 ACCRUED INTEREST ON SALE 916.67
JOHNSON & JOHNSON 0.550% 9/01/25
CUSIP 478160CN2
03/13/25 4,850,000 PURCHASED 4,879,439.50- 4,879,439.50 JOHNSON & JOHNSON 4.500% 3/01/27
CUSIP 478160DG6
AT $100.6070 ON TRADE DATE 03/12/2025
TO SETTLE ON 03/13/2025
MERRILL LYNCH,PIERCE,FENNER
03/13/25 ACCRUED INTEREST ON PURCHASE 13,943.75-
JOHNSON & JOHNSON 4.500% 3/01/27
CUSIP 478160DG6
03/13/25 2,825,000 PURCHASED 2,841,921.75- 2,841,921.75 JPMORGAN & CHASE V-Q 4.915% 1/24/29
CUSIP 46647PEU6
AT $100.5990 ON TRADE DATE 03/12/2025
TO SETTLE ON 03/13/2025
GOLDMAN SACHS
03/13/25 ACCRUED INTEREST ON PURCHASE 18,898.86-
JPMORGAN & CHASE V-Q 4.915% 1/24/29
CUSIP 46647PEU6
03/17/25 INTEREST RECEIVED 13,710.34
KUBOTA CREDIT ABS 4.670% 6/15/29
CUSIP 50117FAC5
$0.00337/PV ON 4,065,000.00 PV
DUE 3/15/25
Attachment B
PAGE 28
STATEMENT OF TRANSACTIONS CITY OF SANTA CLARA- CUSTODY
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER XXXXXXXX ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 03/17/25 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 3/15/25
03/03/25 INTEREST RECEIVED 100,000.00
MASTERCARD INC 2.000% 3/03/25
CUSIP 57636QAN4
INTEREST ON 10,000,000.000 UNITS
03/03/25 10,000,000- MATURED 10,000,000.00 10,204,250.00- 204,250.00- MASTERCARD INC 2.000% 3/03/25
CUSIP 57636QAN4
AT $100.0000 ON TRADE DATE 03/03/2025
03/31/25 INTEREST RECEIVED 61,646.25
STATE STREET CORP 2.901% 3/30/26
CUSIP 857477BM4
INTEREST ON 4,250,000.000 UNITS
03/31/25 4,250,000- FULL CALL 4,250,000.00 4,275,372.50- 25,372.50- 4,250,000 $1 PV
STATE STREET CORP 2.901% 3/30/26
ON 03/30/25 AT 1.00 USD
LT CAPITAL LOSS OF 25,372.50- USD ON
LT CAPITAL LOSS OF 25,372.50- USD ON
FEDERAL TAX COST 4,275,372.50 USD
STATE TAX COST 4,275,372.50 USD
03/17/25 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 3/15/25
Attachment B
PAGE 29
STATEMENT OF TRANSACTIONS CITY OF SANTA CLARA- CUSTODY
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER XXXXXXXX ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 03/17/25 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 3/15/25
03/11/25 INTEREST RECEIVED 147,000.00
TOYOTA MTR CR MTN 5.250% 9/11/28
CUSIP 89236TLB9
INTEREST ON 5,600,000.000 UNITS
03/31/25 INTEREST RECEIVED 188,300.00
U.S. TREASURY NOTES 3.500% 9/30/29
CUSIP 91282CLN9
INTEREST ON 10,760,000.000 UNITS
03/31/25 INTEREST RECEIVED 195,659.38
U.S. TREASURY NOTES 3.625% 3/31/28
CUSIP 91282CGT2
INTEREST ON 10,795,000.000 UNITS
03/03/25 10,115,000 PURCHASED 10,002,391.60- 10,002,391.60 U.S. TREASURY NOTES 3.625% 5/31/28
CUSIP 91282CHE4
AT $98.8867 ON TRADE DATE 03/03/2025
BARCLAYS CAPITAL INC. FIXED IN
03/03/25 ACCRUED INTEREST ON PURCHASE 93,681.85-
U.S. TREASURY NOTES 3.625% 5/31/28
CUSIP 91282CHE4
03/06/25 50,210,000 PURCHASED 49,955,027.34- 49,955,027.34 U.S. TREASURY NOTES 4.000% 2/28/30
CUSIP 91282CGQ8
AT $99.4922 ON TRADE DATE 03/06/2025
CITIGROUP GBL MKTS/SALOMON BRO
Attachment B
PAGE 30
STATEMENT OF TRANSACTIONS CITY OF SANTA CLARA- CUSTODY
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER XXXXXXXX ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 03/06/25 ACCRUED INTEREST ON PURCHASE 32,745.65-
U.S. TREASURY NOTES 4.000% 2/28/30
CUSIP 91282CGQ8
03/13/25 4,800,000- SOLD 4,783,312.50 4,775,625.00- 7,687.50 U.S. TREASURY NOTES 4.000% 2/28/30
CUSIP 91282CGQ8
AT $99.6523 ON TRADE DATE 03/12/2025
TO SETTLE ON 03/13/2025
RBC DAIN RAUSCHER INC.
03/13/25 ACCRUED INTEREST ON SALE 6,782.61
U.S. TREASURY NOTES 4.000% 2/28/30
CUSIP 91282CGQ8
03/31/25 INTEREST RECEIVED 207,281.25
U.S. TREASURY NOTES 4.125% 3/31/29
CUSIP 91282CKG5
INTEREST ON 10,050,000.000 UNITS
03/31/25 INTEREST RECEIVED 232,650.00
U.S. TREASURY NOTES 4.125% 9/30/27
CUSIP 91282CFM8
INTEREST ON 11,280,000.000 UNITS
03/06/25 42,865,000 PURCHASED 42,977,185.74- 42,977,185.74 U.S. TREASURY NOTES 4.125% 10/31/27
CUSIP 91282CFU0
AT $100.2617 ON TRADE DATE 03/06/2025
MORGAN STANLEY & CO.
03/06/25 ACCRUED INTEREST ON PURCHASE 615,444.30-
U.S. TREASURY NOTES 4.125% 10/31/27
CUSIP 91282CFU0
Attachment B
PAGE 31
STATEMENT OF TRANSACTIONS CITY OF SANTA CLARA- CUSTODY
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER XXXXXXXX ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 03/19/25 6,575,000- SOLD 6,591,437.50 6,632,830.92- 41,393.42- U.S. TREASURY NOTES 4.125% 10/31/27
CUSIP 91282CFU0
AT $100.2500 ON TRADE DATE 03/18/2025
TO SETTLE ON 03/19/2025
BMOCM/BONDS
03/19/25 ACCRUED INTEREST ON SALE 104,142.01
U.S. TREASURY NOTES 4.125% 10/31/27
CUSIP 91282CFU0
03/17/25 INTEREST RECEIVED 678,834.38
U.S. TREASURY NOTES 4.625% 9/15/26
CUSIP 91282CHY0
INTEREST ON 29,355,000.000 UNITS
03/31/25 5,520,000 PURCHASED 5,513,315.61- 5,513,315.61 U.S. TREASURY NT 3.875% 3/31/30
CUSIP 91282CMU2
AT $99.8789 ON TRADE DATE 03/28/2025
TO SETTLE ON 03/31/2025
BARCLAYS CAPITAL INC. FIXED IN
03/17/25 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 3/15/25
03/17/25 122,452.81- PAID DOWN 122,452.81 122,431.38- 21.43 USAA AUTO OWNER ABS 5.580% 5/15/28
CUSIP 90291VAC4
03/25/25 6,905,000 PURCHASED 6,904,765.23- 6,904,765.23 VOLKSWAGEN AUTO ABS 4.500% 8/20/29
CUSIP 92868MAD1
AT $99.9966 ON TRADE DATE 03/18/2025
TO SETTLE ON 03/25/2025
BARCLAYS CAPITAL INC. FIXED IN
Attachment B
PAGE 32
STATEMENT OF TRANSACTIONS CITY OF SANTA CLARA- CUSTODY
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER XXXXXXXX ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 03/25/25 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 3/25/25
03/13/25 INTEREST RECEIVED 28,070.00
VR JPMORGAN CHASE & 2.005% 3/13/26
CUSIP 46647PBH8
INTEREST ON 2,800,000.000 UNITS
03/13/25 2,800,000- FULL CALL 2,800,000.00 2,712,500.00- 87,500.00 2,800,000 $1 PV
VR JPMORGAN CHASE & 2.005% 3/13/26
ON 03/13/25 AT 1.00 USD
LT CAPITAL GAIN OF 87,500.00 USD ON
LT CAPITAL GAIN OF 87,500.00 USD ON
FEDERAL TAX COST 2,712,500.00 USD
STATE TAX COST 2,712,500.00 USD
OTHER CASH RECEIPTS
03/05/25 ADDITION TO ACCOUNT 90,000,000.00
CONTRIBUTION TO FUND ACCOUNT
CALIFORNIA ASSET MANAGEMENT TRUST
03/05/25 ADDITION TO ACCOUNT 10,000,000.00
CONTRIBUTION TO FUND ACCOUNT
CALIFORNIA ASSET MANAGEMENT TRUST
================================================================================================================= ENDING BALANCE 0.00 1,154,557,073.85
¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
Attachment B
Attachment 3
Department/Item
Source of
Funds
Use of
Funds Explanation
Community Development
Department
138,340 Increases the Community Development Department
budget to provide funding for a consultant
agreement for work related to the Downtown
Precise Plan Community Benefits Program (five
affirmative Council votes required for the use of
unused balances).
Other Agencies Revenue
(Wildland Deployment
Reimbursements) / Fire
Department
237,520 237,520 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 Solid Waste
Fund
67,200 Increases the transfer to the Solid Waste Fund to cover increased costs associated with Solid
Waste's Financial Rate Assistance Program
(FRAP). The FRAP, which provides eligible
customers discounts on their monthly garbage bills,
has grown substantially over the last two years, with
the qualifying customer base increasing from 421 to
1,228 customers. This transfer of $67,200
increases the total transfer from the General Fund
from $35,364 to $102,564. Ongoing FRAP costs
have been incorporated into the FY 2025/26 and FY
2026/27 Proposed Biennial Operating Budget (five
affirmative Council votes required for the use of
unused balances).
Budget Stabilization Reserve (205,540) Decreases the Budget Stabilization Reserve to offset the actions recommended above (five
affirmative Council votes required for the use of
unused balances).
237,520 237,520
Department/Item
Source of
Funds
Use of
Funds Explanation
Revenue from Other Agency /
Salary and Benefits
21,431 21,431 Recognizes and appropriates a reimbursement from the State related to the California Automated
Permit Processing (CalAPP) Program. This amount
reimburses staff time spent to implement the solar
permit application platform (five affirmative
Council votes required to appropriate additional
revenue).
21,431 21,431
FY2024/25 Budget Amendments
General Fund (001)
Building Development Services Fund (155)
1 Attachment 3
FY2024/25 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Beginning Fund Balance/
Ending Fund Balance
Reconciliation - Unrestricted
260,410 260,410 This action changes the Unrestricted Beginning Fund Balance and Ending Fund Balance as a result
of the FY 2023/24 year-end actuals reconciliation.
This action was erroneously omitted from the FY
2023/24 Year End Report (majority affirmative
Council votes required).
260,410 260,410
Department/Item
Source of
Funds
Use of
Funds Explanation
Revenue from Other Agencies
/ Information Technology
SVACA Billings
60,000 60,000 Increases the Revenue from Other Agencies estimate and the Information Technology
Department's Silicon Valley Animal Control
Authority (SVACA) appropriation. This action
reflects reimbursements from SVACA related to IT
services/support provided (five affirmative Council
votes required to appropriate additional
revenue).
Revenue from Other Agencies
/ Public Works SVACA Billings
63,000 63,000 Increases the Revenue from Other Agencies estimate and the Public Works Department's Silicon
Valley Animal Control Authority (SVACA)
appropriation. This action reflects reimbursements
from SVACA related to services/support provided
by both the Fleet Division and Facilities Division
(five affirmative Council votes required to
appropriate additional revenue).
123,000 123,000
Expendable Trust Fund (079)
Developer Traffic Payments Fund (124)
2 Attachment 3
FY2024/25 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Revenue from Other Agency /
Permit Information Systems
Project
11,574 11,574 Recognizes and appropriates a reimbursement from the State related to the California Automated
Permit Processing (CalAPP) Program. This amount
reimburses consultant time spent to implement the
solar permit application platform (five affirmative
Council votes required to appropriate additional
revenue).
11,574 11,574
Department/Item
Source of
Funds
Use of
Funds Explanation
NCIP - CDBG (50,000) Decreases the NCIP - CDBG project appropriation and allocates the funding to the Rebuilding
Together Silicon Valley project to reflect updates to
the FY 2024/25 Annual Action Plan (majority
affirmative Council votes required).
Rebuilding Together Silicon
Valley
50,000 Reallocates funding from the NCIP - CDBG project appropriation to the Rebuilding Together Silicon
Valley project to reflect updates to the FY 2024/25
Annual Action Plan (majority affirmative Council
votes required).
Program Income / CDBG
Administration
138,000 138,000 Increases the program income estimate and the CDBG Administration appropriation to reflect higher
than estimated program income. The additional
program income provides funding for staff time to
administer the CDBG related projects (five
affirmative Council votes required to
appropriate additional revenue).
Program Income / HOME
Administration
86,000 86,000 Increases the program income estimate and the HOME Administration appropriation to reflect higher
than estimated program income. The additional
program income provides funding for staff time to
administer the HOME related projects (five
affirmative Council votes required to
appropriate additional revenue).
224,000 224,000
Housing and Urban Development Fund (562)
General Government Capital Fund (539)
3 Attachment 3
FY2024/25 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Transfer to the Special Liability
Insurance Fund
877,287 Increases the transfer to the Special Liability Insurance Fund to partially reimburse a settlement
agreement related to the utility. This represents the
second installment of the reimbursement to the
Special Liability Insurance Fund. Additional actions
to complete the reimbursement will be brought
forward for City Council approval at a later date
(five affirmative Council votes required for the
use of unused balances).
Reserve for Settlements (877,287) Decreases the Reserve for Settlements 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
Transfer from the General
Fund / Unrestricted Ending
Fund Balance
67,200 67,200 Recognizes a transfer from the General Fund to the Solid Waste fund and increases the Unrestricted
Ending Fund Balance in the amount of $67,200 to
cover the increased costs associated with the
Financial Rate Assistance Program (FRAP). The
FRAP, which provides eligible customers discounts
on their monthly garbage bills, has grown
substantially over the last two years, with the
qualifying customer base increasing from 421 to
1,228 customers. This transfer of $67,200
increases the total transfer from the General Fund
from $35,364 to $102,564. Ongoing FRAP costs
have been incorporated into the FY 2025/26 and FY
2026/27 Proposed Biennial Operating Budget (five
affirmative Council votes required to
appropriate additional revenue).
67,200 67,200
Sewer Utility Fund (094)
Solid Waste Fund (096)
4 Attachment 3
FY2024/25 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Transfer from the Sewer Utility
Fund / Reserve for Future
Claims
877,287 877,287 Recognizes a transfer from the Sewer Utility Fund to partially reimburse a settlement agreement
related to the utility; this funding will be used to
replenish the Reserve for Future Claims. This
represents the second installment of the
reimbursement to the Special Liability Insurance
Fund. Additional actions to complete the
reimbursement will be brought forward for City
Council approval at a later date (five affirmative
Council votes required to appropriate additional
revenue).
877,287 877,287
Special Liability Insurance Fund (082)
5 City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-80 Agenda Date: 5/27/2025
REPORT TO COUNCIL
SUBJECT
Action on a Substation Agreement with Intel Corporation for the Expansion of the Juliette Substation and an Increase to the Allocation of the Energy Capacity
COUNCIL PILLAR
Deliver and Enhance High Quality Efficient Services and Infrastructure
BACKGROUND
In the mid-1990s, Intel Corporation (Intel) planned to significantly increase their electric load to serve their operations at 3750 Juliette Lane in the City of Santa Clara (Property). In 1995, Silicon Valley Power (SVP) built the first customer dedicated substation (Juliette Substation) at the Property to help serve this electric load. Intel paid all costs to build the initial substation which consisted of two transformers. Initially, SVP allocated 56 MVA of energy capacity for Intel’s use on the Property.
Thereafter, SVP recently allocated an additional 6 MVA after the refurbishment of the two original transformers and Intel’s payment of the load development fees for the additional capacity.
Intel has seen a significant increase in their electrical demand due to the ongoing expansion of their data center operations at the Property. This is primarily due to the need for more computational power and data storage growth. To address this rising demand, Intel has requested an expansion to the Juliette Substation. Intel is seeking an agreement with SVP to expand the substation and increase their allocated energy capacity to 79 MVA.
DISCUSSION
According to Intel, this upgrade is critical for ensuring that its data centers can continue to operate efficiently and without disruption, and it will also support the company’s expanding role in technology innovation and data services. The substation expansion and additional capacity allocation will require improvements and infrastructure enhancements. The proposed substation agreement (Substation Agreement) sets forth the terms necessary to facilitate this expansion and power allocation while also protecting SVP’s interests (See Attachment 1).
The Substation Agreement details how SVP will make available the 79 MVA. This additional 17 MVA will be available to Intel for its use at the Property in accordance with an availability schedule contained in the Agreement. This additional capacity will be provided no earlier than August 1, 2029.
It is important to note that this schedule is subject to adjustment based on several things, including, force majeure events, the completion of all the projects included in the System Expansion Plan, and other factors detailed in the Substation Agreement.
To accommodate this increased capacity allocation, Juliette Substation must be expanded. Intel will pay for the expansion of Juliette Substation. To expedite procurement, Intel will procure a third City of Santa Clara Page 1 of 3 Printed on 5/23/2025
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25-80 Agenda Date: 5/27/2025
transformer, and the City will contract for installation of that transformer as well as other associated improvements at the site. Costs incurred by SVP related to the design, procurement, construction, inspection, and testing associated with the Juliette Substation will be paid in full by Intel. In addition, Intel will pay load development fees associated with the increased capacity based on the City’s Municipal Fee Schedule in effect at the times fees are due, currently estimated to be approximately $10 million. Once completed, the Juliette Substation will continue to be owned, operated, and maintained by SVP.
ENVIRONMENTAL REVIEW
Staff recommends that the City Council determine that the action being considered is exempt from the California Environmental Quality Act (“CEQA”) pursuant to section 15303 (Class 3 - New Construction) of Title 14 of the California code of Regulations as the project would involve expansion of an electric substation facility.
FISCAL IMPACT
Sufficient funding is available in the Juliette Substation Transformer Rerate and Installation Project (CIP 2462) in the Electric Utility Capital Fund. Intel will be responsible for paying all costs related to the design, procurement, installation, construction, fabrication, inspection and testing of the associated substation. Contributions by Intel will be posted as revenue to that project.
In addition to the actual costs associated with the substation improvements to increase its capacity, Intel will pay the applicable Load Development Fee listed in the Municipal Fee Schedule, currently estimated to be $10 million. The Load Development Fee recovers the portion of the Bulk Electric System reinforcement work that SVP will need to do as a result of the additional load.
Revenue and additional expenses (if applicable) for future budget years will be requested through the budget process.
COORDINATION
This report has been coordinated with the Finance Department and 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].
RECOMMENDATION
1. Determine that the proposed actions are exempt from CEQA pursuant to section 15302 (Class 3 - New Construction) of Title 14 of the California Code of Regulations;
2. Authorize the City Manager to execute the Substation Agreement with Intel Corporation in connection with the expansion of the Juliette Substation and the allocation of energy capacity for Intel’s use at the property located at 3750 Juliette Lane in the City of Santa Clara in substantially the form presented and in a final form subject to review and approval as to form by the City Attorney; and
3. Authorize the City Manager to take any action as necessary to implement and administer the City of Santa Clara Page 2 of 3 Printed on 5/23/2025
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25-80 Agenda Date: 5/27/2025
Substation Agreement and negotiate and execute future amendments so long as any such amendment does not result in any increased costs to the City of Santa Clara, subject to review and approval as to form by the City Attorney.
Reviewed by: Nico Procos, Acting Director of Electric Utility Approved by: Jovan D. Grogan, City Manager
ATTACHMENTS
1. Proposed Substation Agreement with Intel Corporation City of Santa Clara Page 3 of 3 Printed on 5/23/2025
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Substation Agreement with Intel Corporation Page 1 of 25 Rev 10/30/2023
SUBSTATION AGREEMENT
BY AND BETWEEN
THE CITY OF SANTA CLARA, CALIFORNIA
AND
INTEL CORPORATION
PREAMBLE
This Substation Agreement (“Agreement”) is made and entered into on the date last signed by the Parties (“Effective Date”) by and between the City of Santa Clara, California, a chartered California municipal corporation (“City” or “SVP”) and Intel Corporation, a Delaware Corporation with its principal place of business located at 2200 Mission College Blvd., Santa Clara, CA 95054 (“Customer”). The City and Customer may be referred to in this Agreement individually as a “Party” or collectively as the “Parties”.
RECITALS
A. The City of Santa Clara owns and operates an electric utility, doing business as Silicon Valley Power, and currently provides electric service pursuant to standard electric rate schedules authorized by the City Council of the City of Santa Clara to Customer at 3750 Juliette Lane, parcel number 104-39-019, in the City of Santa Clara, California including all services addresses (“Premises”), which is shown on Exhibit A – Parcel Map attached hereto and incorporated into this Agreement by reference; B. Customer has paid Load Development Fees for 56 megavolt amps (MVA) of Capacity for the Premises, and City allocated 56 MVA of Capacity (“Original Capacity”) for Customer’s use at the Premises. This Agreement will now supersede prior agreements or arrangements, if any, applicable to the Original Capacity and this Agreement will govern the terms and conditions of Original Capacity and all matters relating to the Existing Substation Facilities.
C. Subject to the terms of this Agreement, City will allocate to Customer for use at the Premises the Original Capacity and an additional 6 MVA of Capacity based on refurbishment of the Existing Substation Facilities’ two (2) transformers, which together equal a total of 62 MVA of Capacity (collectively, the Original Capacity and the 6 MVA shall be referred herein as the “Interim Total Available Capacity”). The City will provide the Interim Total Available Capacity through the Existing Substation Facilities. Customer desires to expand the Existing Substation Facilities and increase its allocation of Capacity and the Parties agree that any such expansion and increase will require the installation of additional equipment and rearrangement of the existing transmission lines (“Transmission Facilities”).
D. Upon the Successful Energization of the Expanded Substation Facilities, City will allocate the Available Capacity in accordance with the Available Capacity Schedule set forth in Exhibit D.
E. The Parties acknowledge that System Capacity Improvement Facilities as defined in this Agreement will be required to provide the Available Capacity.
F. Except for the Interim Total Available Capacity, which the City has confirmed is Substation Agreement with Intel Corporation Page 2 of 25 Rev 10/30/2023
immediately available as of the Effective Date, The Parties further acknowledge that improvements required to allocate the Available Capacity are not fully within their control and factors outside of the control of either Party may impact the Available Capacity Schedule, including, but not limited to (1) Force Majeure, and (2) the Transmission Planning Process (TPP) of the California Independent System Operator (CAISO).
G. The purpose of this Agreement is to set forth the mutual obligations of the Parties with respect to supplying Customer with ongoing capacity and transmission infrastructure for the Premises.
Therefore, in consideration of the foregoing, the Parties agree as follows:
AGREEMENT PROVISIONS
I. DEFINITIONS
A. “Capacity” is the maximum or peak amount of electric power (electricity) that may be received by Customer for use at a specific point in time and is determined by System Operating Limits and the terms of this Agreement.
1. “Available Capacity” is the Capacity set forth in Exhibit D and is the maximum Capacity available to be used by the Customer at the Premises during each year of each Load Phase.
2. “Available Capacity Schedule” the phased schedule by which the City anticipates Capacity requested by Customer will be available. The Available Capacity Schedule is set forth in Exhibit D.
B. “Electric Service” is defined in SVP Rules and Regulations No. 1C – Definitions.
C. “Estimated Duration” is an estimated duration for a set of tasks set forth in Exhibit C –Schedule and Costs attached hereto and incorporated into this Agreement by reference. The Estimated Duration is subject to potential delays such as those caused by Force Majeure events.
D. “Existing Substation Facilities” means the substation facilities in place at the Premises as of the Effective Date as depicted in Exhibit B. This includes the current single bus arrangement, the 60/12KV transformers, disconnects, bus duct, metering, wiring, transmission level breakers, transmission poles, grounding grid, relay panels, existing control room, and security wall.
E. “Expanded Substation Facilities” means the substation facilities to be constructed at the Premises to provide that portion of the Available Capacity above the Original Capacity as depicted in Exhibit B. This includes, but is not limited to, expansion of the current single bus arrangement, the procurement of the Third Transformer, disconnects, bus duct, metering, wiring, transmission level breakers, transmission poles, relay panels, and potential expansion or replacement of the existing control room, security wall, grounding grid, and new general arrangement.
F. “Load Development Fee” is the Commercial Facilities Dedicated 12kV Fee in the City of Santa Clara Municipal Fee Schedule. This fee represents the Substation Agreement with Intel Corporation Page 3 of 25 Rev 10/30/2023
share of costs associated with System Capacity Improvement Facilities required for any Capacity increase to serve Customer’s load at the Premises. This fee funds systemwide capital expenditures directly related to the addition of infrastructure associated with new load increases and does not include costs directly attributed to the design and construction of the Expanded Substation Facilities. Customer will be obligated to pay the fee based on the City’s Municipal Fee Schedule at the time of the invoice and the terms in Exhibit D.
G. “Load Phase” is depicted in Exhibit D and represents the periods for which a specific Available Capacity is in effect and available for Customer to use.
H. “Peak Demand” is the sum of the highest average kW delivery, at the Premises, of any 15-minute interval.
I. “Rules and Regulations” means any applicable City and SVP laws, rules, regulations, ordinances, resolutions, and regulations as may be amended from time to time.
J. “Substation Facilities” means collectively the Existing Substation Facilities and Expanded Substation Facilities.
K. “Successful Energization” means that SVP has (1) successfully tested and commissioned the Expanded Substation Facilities, and (2) incorporated the Expanded Substation Facilities into the City’s transmission system.
L. “System Capacity Improvement Facilities” are the system improvements required by City to support the Available Capacity requested by Customer.
System Capacity Improvement Facilities include projects on SVP’s 230kV, 115kV, and 60kV transmission lines, receiving stations, and CAISO/Pacific Gas & Electric Bulk Electric System Improvements.
M. “System Operating Limits” means (1) the maximum allowable Bulk Electric System (BES) operating limits the SVP electric system is capable of operating as determined by the National Electric Reliability Corporation (NERC) Reliability Standards or as otherwise required by Federal Energy Regulatory Commission (FERC), or (2) for non-BES level such other operating limits on the SVP electric system as determined by SVP.
N. Third Transformer” means the 60/12kV transformer that Customer has procured at its sole cost, in reliance upon specifications provided by SVP to Customer via purchase order #5906023554 dated May 6, 2024.
O. “Utility Connection Point(s)” means the service connection point(s) on the Customer side of the 12kV disconnect switches located within the Substation Facilities as shown in Exhibit B.
II. OVERVIEW
A. Electric Facilities:
1. Customer will fund the development and construction of the Expanded Substation Facilities and Transmission Facilities (“Substation Development Phase”) to serve the Premises.
2. City will design and construct improvements to Existing Substation Facilities to meet the Available Capacity Schedule, including any and Substation Agreement with Intel Corporation Page 4 of 25 Rev 10/30/2023
all necessary structures and/or equipment to expand the Existing Substation Facilities by adding the Third Transformer and related plant and equipment (“Substation Expansion”). The maximum Capacity available to Customer is the Available Capacity set forth in Exhibit D.
B. Interconnection Facilities:
1. In the course of the development of the Premises, City and Customer will finalize requirements for the interconnection facilities necessary for supplying electrical power to the Substation Expansion (“Connection Phase”).
2. The layout of and requirements for the interconnection facilities shall be complete and agreed upon by the Parties prior to commencement of any construction of the Expanded Substation Facilities.
C. Subject to Force Majeure events and other provisions of this Agreement, SVP will make commercially reasonable efforts to provide Available Capacity for Customer’s use based the Available Capacity Schedule; provided, Customer (i) has paid any and all fees, including, but not limited to the Load Development Fees, associated with the Available Capacity; and (ii) has taken such other actions required by this Agreement.
D. Customer understands and agrees that SVP is under no obligation to provide capacity greater than the Available Capacity.
III. INTERIM TOTAL AVAILABLE CAPACITY
A. Prior to the Effective Date, SVP completed the refurbishment of Existing Substation Facilities’ two (2) existing transformers. After the completion of this refurbishment, Customer paid Load Development Fees for six (6) MVA in the amount of Three Million Seven Hundred Eighty Six Thousand Five Hundred and Forty Dollars ($3,786,540).
B. SVP will provide the Interim Total Available Capacity for Customer’s use on the Premises; provided, however, if SVP determines that one of the Existing Substation Facilities’ two (2) transformers breaks, trips offline, or otherwise becomes unavailable the Interim Total Available Capacity shall be reduced to 52 MVA until SVP replaces the existing transformers with new transformers.
IV. SUBSTATION DEVELOPMENT, CONNECTION, AND OPERATIONS PHASE The following activities and obligations shall constitute the Substation Expansion Development Phase (“Substation Expansion Development Phase”):
A. SUBSTATION EXPANSION DEVELOPMENT SCHEDULE:
1. SVP has provided a proposed schedule to the Customer that is aligned with the schedule in Exhibit C for review. Each Party shall notify the other Party in writing as soon as practicable when the schedule is anticipated to change.
B. SUBSTATION EXPANSION DESIGN:
1. The proposed Expanded Substation Facilities are set forth in Exhibit B (Substation Plan) attached hereto and incorporated into this Substation Agreement with Intel Corporation Page 5 of 25 Rev 10/30/2023
Agreement by reference. The Parties acknowledge that the Expanded Substation Facilities as depicted in Exhibit B will require a larger footprint than the Existing Substation Facilities and that, during the design process, the arrangement of the Expanded Substation Facilities may be modified from the design depicted in Exhibit B. The final Substation Plan will be incorporated into the Agreement through an amendment of Exhibit B.
2. SVP will work with the Customer to optimize the new square footage required to construct the Expanded Substation Facilities. The Parties will include within the design of the Expanded Substation Facilities electrical clearances to minimize planned outages, while maintaining safe working clearances in accordance with applicable law and SVP standards.
3. Customer understands that additional upgrades may be identified during the design process of the Expanded Substation Facilities which may result in additional costs. Customer is responsible for all costs associated with design and construction of the Expanded Substation Facilities.
C. COORDINATION
1. The Parties agree to coordinate the design and construction of the Expanded Substation Facilities, Transmission Facilities, and 12kV customer switchgear to assure timely completion in accordance with Exhibit C.
2. The Parties recognize that the construction of the Expanded Substation Facilities and the System Capacity Improvement Facilities requires coordination of outages on the City’s transmission system.
Customer will cooperate with SVP as SVP may require from time to time including, but not limited to, coordination of required outages that will impact Customer’s Premises. Whenever practicable, SVP shall give the Customer written notice of the planned outage and the anticipated extent and duration of the planned outage.
D. SVP OBLIGATIONS
1. Except as expressly provided in this Agreement, City will design, construct, and provide any and all necessary structures and equipment (including, the addition of the Third Transformer and related infrastructure and equipment) required to provide Available Capacity to the Substation Facilities up to the Utility Connection Point in accordance with SVP’s standards and requirements, as shown in Exhibit B.
2. Upon completion and Successful Energization of the Expanded Substation Facilities, Transmission Facilities and System Capacity Improvement Facilities, SVP shall provide the Available Capacity in accordance with the Available Capacity Schedule. Such Available Capacity shall be provided at the Utility Connection Points from the Substation Facilities that are connected to the Premises through the Transmission Facilities for each Load Phase. Such capacity shall include primary and, as necessary, secondary, services to the Substation Agreement with Intel Corporation Page 6 of 25 Rev 10/30/2023
Premises. Because the completion schedules for System Capacity Improvement Facilities are not fully controlled by SVP, SVP, at its sole discretion, may limit or delay the provision of Available Capacity until (i) CAISO makes available the capacity associated with Available Capacity to SVP; or (ii) all infrastructure associated with the Available Capacity is complete.
3. SVP will design, construct, test, and commission the Expanded Substation Facilities and Transmission Facilities within thirty-five (35) months of the Effective Date of this Agreement. The foregoing timeline may be extended on a day-to-day basis for any equipment manufacturer delays or other SVP scheduling issues; provided that SVP shall not be responsible for any failure to meet the foregoing 35 month period.
4. The following terms apply to the Substation Facilities and Transmission Facilities:
a) City shall procure all materials and equipment associated with the Expanded Substation Facilities (except Customer’s
switchgear and related equipment). All equipment associated with the Expanded Substation Facilities including Customer’s switchgear and related equipment shall comply with SVP’s standards and requirements.
b) SVP shall construct a New Substation Perimeter Wall, marked as “New Perimeter Wall (SVP) and New Perimeter Wall
(Customer)” on Exhibit B, which shall create a physical boundary around the Expanded Substation Facilities for
ensuring the Expanded Substation Facilities’ security (“New Substation Perimeter Wall”). Customer shall be solely
responsible for all costs and expenses associated with the New Substation Perimeter Wall. The New Substation Perimeter Wall shall be for SVP’s exclusive use. Only SVP approved signage is permitted on the Substation Perimeter Wall. The Substation Facilities shall have a Bituminous coated aggregated base. c) SVP will keep Customer informed on an ongoing basis as to the costs it is incurring associated with the design, construction, testing, commissioning, and completion of the Expanded
Substation Facilities and Transmission Facilities, including periodic updates to Exhibit C as needed. Once preliminary engineering review is complete, SVP will provide Customer with a detailed estimate of cost to fully complete the control building with the Expanded Substation Facilities. SVP will provide Customer with reasonable access to SVP’s records that
substantiate any costs SVP proposes to bill to Customer related to the Expanded Substation Facilities and other associated facilities.
d) The City shall not be responsible or subject to any penalty if System Capacity Improvement Facilities are not complete by Substation Agreement with Intel Corporation Page 7 of 25 Rev 10/30/2023
Customer’s anticipated or proposed energization date.
e) SVP is not obligated to compress its testing and commissioning schedule to meet Customer’s anticipated service date.
f) SVP will own, operate, and maintain all Substation Facilities and Transmission Facilities, up to the Utility Connection Points as well as the SVP control building and all equipment therein as depicted in Exhibit B.
E. CUSTOMER OBLIGATIONS
1. Customer must pay a Load Development Fee according to the current applicable fee set forth in the City of Santa Clara Municipal Fee Schedule and in the timelines in Exhibit C for the Available Capacity excluding the Original Capacity.
2. Customer shall design, procure, and construct all facilities required on the Customer side of the Utility Connection Point. This includes the expansion of its 12kV switchgear and bus to the agreed upon Utility Connection Point within the Expanded Substation Facilities.
3. At its sole cost and expense, Customer shall procure the Third Transformer. Customer shall deliver the Third Transformer directly to SVP at a time and place specified by SVP in writing. Until City’s delivery acceptance of Third Transformer, Intel shall be responsible for any and all Third Transformer storage costs and expenses. Title (legal and beneficial ownership) in the Third Transformer shall pass to SVP upon Successful Energization. Risk of loss to the Third Transformer will remain with Customer at all times until Successful Energization, at which time it will pass to SVP. Until Final Energization, Customer remains liable to pay and bears the risk, if the Third Transformer is lost, damaged, or destroyed, except in the event of SVP’s sole negligence or willful misconduct.
4. The following terms are also applicable:
a) The Expanded Substation Facilities shall be for the exclusive use of Customer for their load at the Premises”.
b) SVP and Customer will execute one or more easement
agreements providing easements on the Premises, as may be required by SVP, to access, construct, install, operate, and maintain any necessary facilities associated with the Substation Facilities and Transmission Facilities. Customer shall be responsible for all costs associated with the acquisition and recording of any easements necessary for the Expanded
Substation Facilities and Transmission Facilities.
c) Customer shall provide all documentation such as a bill of sale and copies of manufacturer or extended warranties to the City in a form acceptable to City for any equipment purchased by Customer for the Expanded Substation Facilities. In connection therewith, Customer shall assign any associated warranties to Substation Agreement with Intel Corporation Page 8 of 25 Rev 10/30/2023
the City as the City may require.
d) Customer-owned control, communication, and protection wiring from the Customer’s equipment to the communication
interconnection points identified during the design process and recorded on post construction records, and related equipment will be owned and maintained by Customer. Customer shall clearly label and identify all control and protection wiring as required by SVP to avoid (1) confusion during troubleshooting, maintenance, or repair of City-owned equipment, and (2) misoperation of any SVP equipment.
e) Customer shall pay to the City the estimated and actual costs of construction of the Expanded Substation Facilities and associated Transmission Facilities in accordance with the Payment Milestone Schedule set forth in Exhibit C. Payments to City shall be due within thirty (30) days of the date of invoice from City. Invoices from City shall describe the basis of estimated or actual costs to Customer.
5. Upon Successful Energization, the Customer’s electric load at the Premises shall not exceed the Available Capacity.
F. ONGOING OPERATIONS:
1. The Parties agree that the SVP will provide Electric Service, including the Available Capacity, pursuant to the Rules and Regulations, applicable Silicon Valley Power Rate Schedules, and current Load Development Fees (as these may be periodically amended). The Parties also agree that the capacity from Expanded Substation Facilities will be subject to the completion of any System Capacity Improvement Facilities necessary to serve the load at the time the load capacity increase is initiated. Nothing in this Agreement shall preclude or limit Customer’s ability to incorporate on-site generation at the Premises; provided, Customer complies with applicable law, including, without limitation, the Rules and Regulations.
2. Customer shall strictly operate within the Available Capacity for each Load Phase in Exhibit D. In the event that Available Capacity for a Load Phase is exceeded, the Customer shall pay any penalties, damages, or any other cost associated with Customer’s load exceeding Available Capacity. Such costs include, but are not limited to, (1) costs of the de-energization of SVP electric system for asset inspection; and (2) any penalties assessed to SVP by CAISO relating to resource adequacy forecasted capacity based on the Customer’s excess load above Available Capacity for that Load Phase identified in Exhibit D. In addition to the foregoing or such other action authorized in this Agreement, the City may, in its sole discretion, immediately terminate Electric Service to the Premises until the issues are resolved to City's satisfaction.
3. Customer shall notify City in writing prior to any proposed changes to Substation Facilities that may impact the BES, including, but not limited to the following, (i) changes to relay settings or station Substation Agreement with Intel Corporation Page 9 of 25 Rev 10/30/2023
equipment additions, such as breakers, current transformers, potential transformers, or relays, (ii) closing of low-side tie breakers, and (iii) transfer of load from one side to another. In the event Customer fails to notify City as required herein, City, at City’s sole discretion, may immediately terminate Electric Service to the Premises until the issues are resolved to City’s satisfaction.
4. Customer shall coordinate such changes with the City through Customer’s assigned utility Key Customer Representative. City, at City’s sole discretion, may reject such proposed changes but approval will not be unreasonably withheld.
5. Customer has an existing fuel cell system that operates 24/7 in parallel within the Premises for power supply purposes. The Customer shall operate and maintain non-export relays to ensure there are no electric power exports to the Substation Facilities or to SVP’s electric grid.
Customer shall coordinate any proposed changes to the Customer’s fuel cell system with the City and through SVP’s interconnection process.
6. The Expanded Substation Facilities will operate in parallel with the Existing Substation Facilities during planned events that are coordinated between the Parties. Customer shall ensure that the Substation Facilities have closed transition (make-before-break) procedures incorporated into the existing closed transition operating procedures for Juliette Substation.
V. LOAD FORECAST AND LOAD DEVELOPMENT FEE PAYMENT SCHEDULE A. Upon the Successful Energization of the Expanded Substation Facilities, City will allocate Available Capacity based on Exhibit D as it may be amended pursuant to this Section.
B. City will invoice Load Development Fees in accordance with Exhibit C.
These Load Development Fees are in addition to those Load Development Fees paid and referenced in Section III.A of this Agreement.
C. SVP may request, and the Customer shall provide, a 10-Year load forecast by month within thirty (30) days of SVP’s request in a form required by SVP.
SVP may make such request up to twice per year. This forecast will be used to determine applicable capacity available for use and incorporated into SVP’s TPP with CAISO. This 10-Year load forecast (which may also be referred to as load ramp schedule) is for transmission planning purposes only and does not amend Exhibit D. Exhibit D may only be modified by amendment to this Agreement or pursuant to subsection E of this Section VI.
D. SVP will evaluate Customer’s load forecast and determine applicable capacity available for use and incorporated into SVP’s TPP with CAISO.
SVP may adjust load forecast to meet SVP’s system capacity requirements.
E. Capacity Reduction:
1. SVP will monitor Peak Demand at the end of each Load Phase and Substation Agreement with Intel Corporation Page 10 of 25 Rev 10/30/2023
annually after the final Load Phase depicted in Exhibit D.
2. No earlier than August 31, 2029, City, in its sole discretion, may reduce the Available Capacity based on Peak Demand during the last completed Load Phase or applicable annual period thereafter (“Reduced Available Capacity”).
3. SVP shall calculate average Peak Demand as the highest demand average over three (3) consecutive monthly billing periods for each year during that Load Phase or one year period after the final Load Phase (“Average Peak Demand”) and as adjusted for (i) Force Majeure issues; and (ii) with one (1) month advance written notice to SVP, and not to exceed ninety (90) days, any off-line or reduced usage periods relating to Customer’s restructuring or reconfiguration of onsite business operations (including infrastructure renovations) that temporarily affect electrical usage at the Premises.
4. Only in the event that the Available Capacity in a Load Phase is 15% or greater than the Average Peak Demand, SVP may take action to reduce Available Capacity and unilaterally amend Exhibit D to an amount that equates to the Reduced Available Capacity (“Capacity Reduction”). All Capacity Reduction Notices must comply with the following terms:
a) If Customer has any objections to SVP's calculation, Customer shall notify SVP within fifteen (15) days after receiving the Average Peak Demand.
b) If Customer notifies SVP of an objection, the Parties agree to work in good faith to resolve any discrepancies in the
calculation.
c) SVP shall not implement a Capacity Reduction until at least thirty (30) days after providing Customer with SVP's calculation of Average Peak Demand.
d) Any Capacity Reduction Notice will include a proposed updated Exhibit D and, through that notice and once implemented, Exhibit D will be effectively amended and incorporated into the Agreement.
e) If Exhibit D is so amended, Customer will update any previously provided or future load forecast accordingly, subject to review and approval by SVP.
5. SVP shall notify the Customer of any Capacity Reduction by means of a Capacity Reduction Notice in substantially the same format as Exhibit E – Sample Capacity Reduction Notice attached hereto and incorporated into this Agreement by reference (“Capacity Reduction Notice”). Such notice will include an updated Exhibit D and, through that notice, Exhibit D will be effectively amended and incorporated into the Agreement.
6. In the event that SVP issues a Capacity Reduction Notice which includes capacity for which Customer has paid Load Development Fees, SVP will refund the amounts Customer paid for the amount of Substation Agreement with Intel Corporation Page 11 of 25 Rev 10/30/2023
available capacity that has been reduced unless such capacity is included in a future Load Phase. Customer shall have no right to any interest accrued by the entire payment or any amount refunded. SVP shall remit payment to Customer under this subsection within thirty (30) days of sending a Capacity Reduction Notice or such additional time as SVP may reasonably require.
7. If the Available Capacity has been subject to a Capacity Reduction at any time during the term of the Agreement and, if the Customer’s demand is expected to increase above the Reduced Available Capacity, then the Customer may request an amendment to the Agreement to amend Exhibit D. Customer shall provide any supporting information requested by SVP and, if acceptable to City, the Parties will execute an Amendment to the Agreement modifying Exhibit D.
F. When evaluating Customer Peak Demand, SVP may evaluate any anomalies such as needle peaks that may artificially increase peak demand and, at SVP’s sole discretion, such anomalies may be excluded from the calculation of Average Peak Demand.
G. Customer shall provide at least 14-day advance notice of any maintenance or commissioning activities.
VI. NON-INTERFERENCE
Neither Party nor any of its agents or contractors shall perform any work relating to the Substation Facilities, the Transmission Facilities, or the Premises in a manner which unreasonably interferes with the other Party’s work or property.
Customer and each of its respective agents and contractors shall use their best efforts to minimize disruption to the City. Without limiting the generality of the foregoing, each party shall consult in good faith with the other regarding the manner in which work will be performed.
VII. FORCE MAJEURE
A. Notwithstanding anything to the contrary in this Agreement, neither Party shall be considered to be in default in performance of any of its obligations under this Agreement when a failure of performance is due to a Force Majeure event.
B. For the purpose of this Agreement, "Force Majeure" is defined as any cause beyond the reasonable control of the Party affected, including failure or threat of failure of facilities, Acts of God, flood, drought, earthquake, storm, tornado, fire, explosion, lightning, epidemic, public emergency, war, riot, civil disobedience, labor strike, labor dispute, labor or materials shortage, sabotage, restraint by court order, restraint by public authority, any electric capacity constraints on City electric distribution and transmission system, any electric capacity constraints on CAISO transmission system, action or nonaction by governmental authority, or action or non-action by CAISO or quasigovernmental authority, which by the exercise of due diligence such Party could not reasonably have been expected to avoid and which by exercise of due diligence has been unable to overcome. A “Force Majeure” event shall not include Customer’s inability to pay any and all fees and costs associated with the Available Capacity.
Substation Agreement with Intel Corporation Page 12 of 25 Rev 10/30/2023
C. The Party claiming that a Force Majeure event has occurred shall notify the other Party in writing within thirty (30) days from the date that such Party knew of the event or circumstance giving rise to the claim. Such notice shall fully describe the claimed Force Majeure event, and outline the affected Party's efforts to prevent, avoid, overcome, delay or mitigate such Force Majeure event and the impacts on its performance hereunder, as well as the anticipated duration of such delay. The affected Party shall keep the other Party informed, in writing, on a regular basis during the pendency of the Force Majeure event to any updated information regarding such anticipated duration.
VIII. ASSIGNMENT OF AGREEMENT/SUCCESSORS IN INTEREST
Customer and City bind themselves, their successors, and assigns, to all covenants of this Agreement. Except as otherwise set forth in this Agreement, no interest in this Agreement or any of the work provided for under this Agreement shall be assigned or transferred, either voluntarily or by operation of law, by either Party without the prior written approval of the other Party. Any such assignment shall not relieve the assignor from any of its obligations under this Agreement.
IX. NO THIRD PARTY BENEFICIARY
Except permitted assignees subject to Section IX, this Agreement shall not be construed to be an agreement for the benefit of any third party or parties and no third party or parties shall have any claim or right of action under this Agreement for any cause whatsoever.
X. HOLD HARMLESS/INDEMNIFICATION
To the extent permitted by law, Customer 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 reasonable 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 this Agreement. However, the obligation to indemnify shall not apply if such liability is ultimately adjudicated to have arisen through the sole active negligence or sole willful misconduct of City; the obligation to defend is not similarly limited.
XI. AMENDMENTS
It is mutually understood and agreed that no alteration or variation of the terms of this Agreement shall be valid unless made in writing and signed by the Parties and incorporated as an Amendment to this Agreement.
XII. SEVERABILITY CLAUSE
In case any one or more of the provisions contained herein shall be held invalid, illegal or unenforceable by a court of competent jurisdiction, it shall not affect the validity of the other provisions which shall remain in full force and effect.
Substation Agreement with Intel Corporation Page 13 of 25 Rev 10/30/2023
XIII. WAIVER
Waiver by either Party of any provision of this Agreement shall not be construed as waiver(s) of any other provision of this Agreement. This specifically includes active or passive waiver of actions after Available Capacity for a specific phase is exceeded.
XIV. NOTICES
All notices to the Parties shall, unless otherwise requested in writing, be sent to City addressed as follows:
Chief Electric Utility Officer
City of Santa Clara
1500 Warburton Avenue
Santa Clara, California 95050
And by e-mail at [email protected], and
[email protected]
And to Customer addressed as follows:
Customer Name: Intel Corporation
Attention: Johnny Christo - Global Utilities and Infrastructure 2200 Mission College Blvd.
Santa Clara, CA, 95054
Email: [email protected]
The workday the e-mail was sent shall control the date notice was deemed given.
An e-mail transmitted after 1:00 p.m. Pacific Standard Time on a Friday shall be deemed to have been transmitted on the following business day.
XV. CAPTIONS
The captions of the various sections, paragraphs and subparagraphs of this Agreement are for convenience only and shall not be considered or referred to in resolving questions of interpretation.
XVI. 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, San Jose, California.
XVII. COMPLIANCE WITH LAWS
Customer shall at its own cost and expense comply with all statutes, ordinances, regulations and requirements of all governmental entities, including federal, state, county or municipal, whether now in force or hereinafter enacted, including but not limited to “The Code of the City of Santa Clara, California” (“SCCC”). In particular, Customer’s attention is called to the regulations regarding Campaign Contributions (SCCC Chapter 2.130), Lobbying (SCCC Chapter 2.155), Minimum Wage (SCCC Chapter 3.20), Business Tax Certificate (SCCC section 3.40.060), and Food and Substation Agreement with Intel Corporation Page 14 of 25 Rev 10/30/2023
Beverage Service Worker Retention (SCCC Chapter 9.60), as such Chapters or Sections may be amended from time to time or renumbered. Additionally, Customer has read and agrees to comply with City’s Ethical Standards (http://santaclaraca.gov/home/showdocument?id=58299).
XVIII. DISPUTE RESOLUTION
A. Unless otherwise mutually agreed to by the Parties, any controversies between the Parties regarding the construction or application of this Agreement, and claims arising out of this Agreement or its breach, shall be submitted to mediation within thirty (30) days of the written request of one Party after the service of that request on the other Party.
B. The Parties may agree on one mediator. If they cannot agree on one mediator, the Party demanding mediation shall request the Superior Court of Santa Clara County to appoint a mediator. The mediation meeting shall not exceed one day (eight (8) hours). The Parties may agree to extend the time allowed for mediation under this Agreement
C. The costs of mediation shall be borne by the Parties equally.
D. Mediation under this section is a condition precedent to filing an action in any court. In the event of litigation or mediation that arises out of any dispute related to this Agreement, the Parties shall each pay their respective attorney’s fees, expert witness costs and cost of suit, regardless of the outcome of the litigation.
XIX. OTHER AGREEMENTS
This Agreement shall not prevent either Party from entering into similar agreements with other entities or individuals.
XX. TERMINATION
A. Termination for Cause
1. For purposes of this Agreement, the term “default” shall mean the failure of any Party to perform any material obligation in the time and manner provided by this Agreement.
2. Either Party may terminate this Agreement in the event of a default by the other Party by providing a written Notice of Termination to the defaulting Party. Such Notice of Termination shall become effective no less than thirty (30) calendar days after a Party receives such notice. Such Notice of Termination for cause shall include a statement by the terminating Party setting forth grounds for determination of default under the Agreement.
3. Opportunity to Cure Default. Upon receipt of a Notice of Termination by a Party arising from its default under this Agreement, the defaulting Party shall have thirty (30) days from the receipt of such notice to cure the default by making such payment or performing the required obligation (or additional time, if any that is reasonably necessary to promptly and diligently cure the default). If the default is cured to the reasonable, mutual satisfaction of the Parties, the Agreement shall Substation Agreement with Intel Corporation Page 15 of 25 Rev 10/30/2023
remain in effect upon written acceptance of the cure by the Party who issued the Notice of Termination for cause.
B. Termination without Cause
At any time, Customer may elect to terminate construction of the Expanded Substation Facilities upon delivery of 180 days written notice thereof to the City. If Customer chooses to terminate construction of the Expanded Substation Facilities and Transmission Facilities, Customer will reimburse any and all City expenses, termination fees, and cancellation fees reasonably incurred by the City related to the Expanded Substation Facilities and Transmission Facilities prior to the expiration of such 180-day notice period.
Customer shall not be entitled to a refund of any Load Development Fees.
XXI. COUNTERPARTS
This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but both of which shall constitute one and the same instrument.
XXII. LIMITATION OF LIABILITY
A. Neither Party shall not be liable to the Party for incidental, consequential, punitive, or exemplary damages, regardless of whether advised of, or otherwise if that other Party should have been aware of, the possibility of such damages, and regardless of the legal theory or basis for such claim.
B. The total aggregate liability of City and its City Council, commissions, officers, employees, volunteers and agents and their insurers, collectively, for all claims damages, losses, expenses, costs, and liabilities of any kind arising out of this Agreement, whether such arise from a breach of contract; warranty; tort, including negligence and strict liability; but excluding gross negligence and willful misconduct; shall be limited to One Dollar ($1.00).
XXIII. INTEGRATED DOCUMENT - TOTALITY OF AGREEMENT
A. This Agreement and its Exhibits embody the entire agreement between the Parties regarding the subject matter of this Agreement. In the event of a conflict between the terms of the Agreement and the Exhibits, the terms of the Agreement shall control. No other understanding, agreements, conversations, or otherwise, with any officer, agent, or employee of the City including any agreements establishing the Existing Capacity or Existing Substation Facilities shall affect or modify any of the terms in or obligations created by this Agreement.
B. As of the Effective Date, this Agreement shall govern the Existing Substation Facilities and the provision of the Available Capacity (including, the Interim Total Available Capacity) to Customer for use at the Premises. In connection therewith, this Agreement hereby terminates and supersedes any written or oral agreement entered into between the Parties relating to the Existing Substation Facilities and Original Capacity and that these agreements shall have no further force or effect; therefore, no person, including Customer, may rely on any such agreements for any reason, including, but not limited to, supplementing or otherwise increasing the Available Capacity. Further, the parties hereby release each other from any further obligations under any Substation Agreement with Intel Corporation Page 16 of 25 Rev 10/30/2023
previous agreements or arrangements relating to the Existing Substation Facilities and Original Capacity. Notwithstanding anything to the contrary, this paragraph shall survive the termination of this Agreement.
The Parties acknowledge and accept the terms and conditions of this Agreement as evidenced by the following signatures of their duly authorized representatives. It is the intent of the Parties that this Agreement shall become operative on the Effective Date. [SIGNATURES ON FOLLOWING PAGE]
Substation Agreement with Intel Corporation Page 17 of 25 Rev 10/30/2023
CITY OF SANTA CLARA, CALIFORNIA
a chartered California municipal corporation
Approved as to Form: Dated:
GLEN R. GOOGINS
City Attorney
City of Santa Clara
JŌVAN D. GROGAN
City Manager
1500 Warburton Avenue
Santa Clara, CA 95050
Telephone: (408) 615-2210
Fax (408) 241-6771
“CITY”
INTEL CORPORATION
a Delaware Corporation corporation
Dated:
By (Signature):
Name:
Title:
Principal Place of
Business Address:
2200 Mission College Blvd.
Santa Clara, CA 95054
Email Address: [email protected]
Telephone: ( )
“CUSTOMER”
Substation Agreement with Intel Corporation Page 18 of 25 Rev 10/30/2023
EXHIBIT A
Parcel Map
21 PTN. PCL. 1
24 BAY AREA CELLULAR
TELEPHON E CO. S.B.[ . 2505 ◄J-(22) 2
PCl 1 LEAS(
P.M. 514-M-.37
CO UH Ty,
P.M. 456-M- 20
Substation Agreement with Intel Corporation Page 19 of 25 Rev 10/30/2023
EXHIBIT B
Substation Plan
Figure 1 - Existing Facility
Figure 2- Existing Facility with Proposed Expansion Area Plans New Perimeter
Wall (SVP)
New Transmission
level Breakers
Existing Perimeter
Wal l
SVP Control
Bui lding
SVP Control
Building
Expansion
Transmission
Level Breaker
to be removed
New Point of
Interconnection
Substation Agreement with Intel Corporation Page 20 of 25 Rev 10/30/2023
Figure 1 - Future Single-Line
~ :~'s:~!!:: -·•
II--u ; :!• ' ~-~;;';,\' '-"- _J
h
1 r '"
Station In Service
S..W--UMisfo< , • ....,t,,>&lMoow. The
e...-uo1 .. ~,.olworii<wilt-o
d-~b-,hEOltwtllinp,.,1..-.:I -·"-~ ..... , .. ~--
Substation Agreement with Intel Corporation Page 21 of 25 Rev 10/30/2023
EXHIBIT C
SUBSTATION EXPANSION SCHEDULE AND COSTS
I. PAYMENT RATES
A. Customer shall pay the Load Development Fee according to the schedule in Table C1 based on the Load Development Fee at the time of payment in the City of Santa Clara Municipal Fee Schedule adopted by the City Council of the City of Santa Clara as amended from time to time.
B. In addition to any costs paid directly to third parties by Customer for construction and other Customer responsibilities under this Agreement, Customer shall also be responsible for actual costs for upgrades to Existing Substation Facilities, Expanded Substation Facilities, and Transmission Facilities including, but not limited to actual City costs for any associated work, services, or materials.
II. PAYMENT SCHEDULE
A. City will invoice Customer based on the milestone schedule on Table C1.
Payment is due within 30 days of Invoice Date.
B. All Estimated Amounts are based on fees at the time of this Agreement.
Actual Amounts will be based on fees at the time of invoice.
Table C1 - Payment Milestone Schedule
Payment
Milestone
(PM)
City Invoice Date Estimated
Amount of Invoice
PM 1 City will issue an invoice within 30 Days of the Effective Date of this Agreement.
This Milestone Payment amount includes tasks in Table
C2 included in PM1.
$35,949
PM 2 City will issue an invoice 30 Days before first purchase order is issued to manufacturers for materials or
equipment associated with this Agreement.
$2,900,000
PM 3 City will issue an invoice 30 days before public works contract for construction of Expanded Substation
Facilities is submitted to City Council for approval.
$13,056,000
PM 4 After Successful Energization, City will invoice Customer for the difference between estimated costs billed in PM 1, PM 2, and PM 3 and actual costs.
$TBD
PM 5 City will invoice Customer for 11 MVA of Load
Development Fees based on the schedule in Exhibit D
$6,941,990
PM 6 City will invoice Customer for 6 MVA of Load
Development Fees based on the schedule in Exhibit D.
$3,786,540
III. SUBSTATION EXPANSION SCHEDULE & ESTIMATED COSTS
Table C2 sets forth (1) the design and construction activities associated with the Expanded Substation Facilities and Transmission Facilities; and (2) associated Substation Agreement with Intel Corporation Page 22 of 25 Rev 10/30/2023
schedule and payment estimates. Tasks and activities in this schedule may overlap and Estimated Duration is a best case scenario estimate.
Table C2 – Expanded Substation Facilities and Transmission Line Design and Construction Elements
All Estimated Amounts are based on fees at the time of this Agreement.
Actual Amounts will be based on fees at the time of invoice.
Task / Activity Estimated
Duration
Estimated
Amount to be
paid to SVP
Payment
Milestone
Comments
1. Expanded Substation Facilities design
2. Transmission Facilities design
3. Preparation of Procurement Drawings
4. Preparation of Public Works Construction
Specification Documents
11 months $35,949 PM 1
Estimated Cost $4,200,000.
Customer has paid a
deposit of $5,533,051
pursuant to Deposit
Agreement executed March
30, 2023 and amended on
April 8, 2024. Of that
deposit. $4,164,051 has
been applied to this task /
activity for the design cost,
$1,369,000 has been
applied to Task/Activity 8 in
this Table.
5. Procurement of materials and equipment
associated with the Expanded Substation
Facilities, except for those items to be
procured by Customer
25 Months $2,900,000 PM 2
6. Expanded Substation Facilities
Construction 9 months $8,000,000 PM 3
7. Commissioning and Testing of Expanded
Substation Facilities 4 months $600,000 PM 3
Begins after construction of
Expanded Substation
Facilities is complete.
Substation Agreement with Intel Corporation Page 23 of 25 Rev 10/30/2023
Task / Activity Estimated
Duration
Estimated
Amount to be
paid to SVP
Payment
Milestone
Comments
8. Miscellaneous costs may include, but are
not limited to:
• Encroachment permits from City of Santa
Clara, Santa Clara County, and Santa Clara
Valley Water District;
• Utility relocation work;
• Soil remediation or disposal of hazardous
materials not previously identified;
• Stormwater Pollution Prevention Plan
(SWPPP) permit fees,
• in lieu transfer to City of Santa Clara
General Fund
• Includes City staff time such as SVP
engineering time as well as travel expenses
to perform factory acceptance testing,
oversee any testing for any equipment
purchased by Customer to be turned over
for SVP’s ownership, perform or supervise
performance of all punch list items
necessary to fully integrate the Substation
Facilities into SVP’s network.
• In lieu transfer to City of Santa Clara
general fund
$4,456,000 PM 3
Estimated Cost $4,800,000
Customer has paid a
deposit of $5,533,051
pursuant to Deposit
Agreement executed March
30, 2023 and amended on
April 8, 2024. Of that
deposit. $4,164,051 has
been applied to Task /
Activity 1 in this Table for
the design cost, $1,369,000
has been applied to this
Task/Activity.
City will invoice Customer (and Customer
shall pay) the difference between estimated
and actual costs
PM 4
TOTAL ESTIMATED DURATION AND COSTS 35
MONTHS $15,991,949
Estimated duration
includes net duration with
schedule overlaps
included. Schedule
assumes best case
scenario (Transmission
Facilities Interconnection
Process) and no delays
due to Force Majeure or
other causes.
IV. ESTIMATED TOTAL COSTS TO BE PAID TO SVP FOR SUBSTATION
EXPANSION
All costs are estimates based on current rates and fees at the time of execution of this Agreement. Actual costs will be based on rates at the time of activity and fees at the time of payment.
A. Substation Transmission Line Design and Construction Costs: $21,525,000 ($5,533,051 paid by Deposit Agreement executed March 30, 2023 and amended on April 8, 2024. $15,991,949 outstanding.)
B. Load Development Fees: $10,728,530
C. Grand Total: $32,253,530, excluding the cost of the Third Transformer Substation Agreement with Intel Corporation Page 24 of 25 Rev 10/30/2023
EXHIBIT D
AVAILABLE CAPACITY SCHEDULE
I. Subject to the Force Majeure events, the completion of the System Capacity Improvement Facilities, and other provisions of this Agreement, SVP will make commercially reasonable efforts to provide Available Capacity for Customer’s use based on the timeline shown in Table D1 (“Available Capacity Schedule”).
II. The start date of the Available Capacity Schedule is the August 1st following the Successful Energization of the Expanded Substation Facilities (“Load Phase Start Date”). Where load development fees are due pursuant to Table D1, City will invoice Customer for Load Development Fee Payment after July 1 of the applicable year.
III. Customer shall pay amounts due including, but not limited to, Load Development Fees and charges included in Exhibit C before the Load Phase Start Date. The Load Phase (below) shall not commence and Customer shall have no right to the Available Capacity for the applicable Load Phase until Customer complies with the foregoing.
IV. Table D1 – Available Capacity Schedule is subject to the provisions of Section V.F. (Capacity Reduction) of the Agreement and may be modified pursuant to that Section V. Estimated Amounts are based on fees at the time of invoice.
Table D1 –Available Capacity Schedule
Load Phase Load Phase Start Date Available Capacity
2024 ending Load Phase
Start Date of Second Load
Phase
Effective Date 62 MVA
(This Available Capacity
may be reduced in
accordance with this
Agreement).
2028 ending Load Phase
Start Date of Third Load
Phase
August 1, 2028 73 MVA
(This Available Capacity
may be reduced in
accordance with this
Agreement).
2029 onwards August 1, 2029 79 MVA
(This Available Capacity
may be reduced in
accordance with this
Agreement).
Substation Agreement with Intel Corporation Page 25 of 25 Rev 10/30/2023
EXHIBIT E
Sample Capacity Reduction Notice
This Capacity Reduction Notice is made pursuant to the [INSERT SUBSTATION NAME] Substation Agreement (the “Agreement”), between the City of Santa Clara, California, a chartered California municipal corporation (“City”) and [INSERT NAME OF ENTITY], [INSERT TYPE OF ENTITY] (“Customer”) dated _____________, 20___.
This Capacity Reduction Notice is governed by the provisions of the Agreement, and this Capacity Reduction Notice is incorporated into that Agreement.
Customer is hereby notified that the Available Capacity Schedule (Exhibit D – Available Capacity Schedule) of the Agreement has been modified according to the below calculations:
Capacity Reduction Calculation pursuant to Available Capacity Schedule ______:
[INSERT SUBJECT PHASE]
Available Capacity for year: _______ has been modified based on the following calculation:
1. Peak Demand for [INSERT FIRST CONSECUTIVE MONTH], 20___ during evaluation period [INSERT PHASE OR YEAR STATED IN STEP
1]:__________MVA
2. Peak Demand for [INSERT SECOND CONSECUTIVE MONTH], 20___ during evaluation period [INSERT PHASE OR YEAR STATED IN STEP
1]:__________:__________MVA
3. Peak Demand for [INSERT THIRD CONSECUTIVE MONTH], 20___ during evaluation period [INSERT PHASE OR YEAR STATED IN STEP
1]:__________:__________MVA
4. Average Peak Demand of three consecutive monthly billing periods:_[INSERT AVERAGE OF STEPS 1, 2, AND 3]_MVA
5. If Available Capacity is 15% or greater than Average Peak Demand :_[INSERT MVA FROM STEP 5 MULTIPLIED BY 1.15]_MVA
Based on the above reduction calculation, Table D1- Available Capacity Schedule in Exhibit D of the Agreement has been modified. Subject to the Section V.E of the Agreement, the Capacity Reduction Notice is effective 30 days from the date signed by the SVP official below.
The new Available Capacity for each Load Phase of Agreement is as shown on Exhibit D – AVAILABLE CAPACITY SCHEDULE – AMENDED [ENTER DATE OF NOTICE + 30 Days] attached and incorporated into the Agreement by reference. Such Exhibit D shall supersede any previous Exhibit D whether those Exhibits were modified by amendment to the Agreement or by Capacity Reduction Notice.
By:
Title: Name, Chief Electric Utility Officer
Signature: _____________________________
Date: ________________________
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City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-108 Agenda Date: 5/27/2025
REPORT TO COUNCIL
SUBJECT
Action on Award of Contract for the 2025 Americans with Disabilities Act (ADA) Curb Ramps Project to Villalobos & Associates, Inc.
COUNCIL PILLAR
Deliver and Enhance High Quality Efficient Services and Infrastructure
BACKGROUND
The 2025 ADA Curb Ramps Project (Project) consists of constructing Americans with Disabilities Act (ADA) compliant curb ramps at 23 intersections (Attachment 1). The scope of work also includes demolishing existing concrete, making slight modifications to adjacent surfaces and storm drain facilities to accommodate the new curb ramps, updating traffic striping and pavement markings, and other necessary work to complete the Project. The installation of ADA curb ramps continues the City’s efforts to enhance accessibility in the public right-of-way and locations include those requested by the public.
The Project is funded through a combination of Transportation Development Act Article 3 (TDA 3) funds and the City’s General Fund. Council previously approved the filing of applications to allocate TDA 3 funding for use towards construction of curb ramps, which were ultimately approved by the Metropolitan Transportation Commission (MTC). Council previously appropriated this TDA 3 funding in the ADA Transition Plan Implementation (Public Right of Way) project in the Capital Improvement Program budget.
DISCUSSION
In March 2025, a competitive Request for Bids (RFB) for construction of the Project was published on the City’s bid notification system, BidNet Direct. The RFB was viewed by various vendors, which included contractors, suppliers, plan rooms, builder exchanges, and more. Additional vendors were also able to view the RFB as members of various plan rooms and builder exchanges. Staff also reached out directly to contractors and vendors who had viewed similar projects in the past.
On April 10, 2025, the bid opening for the Project was held via video conference. Eight bids were received ranging from $543,486 to $982,825. The Bid Summary is included as Attachment 2. The lowest bid, submitted by Villalobos & Associates, Inc. (Villalobos) in the amount of $543,486 is 18.9 percent below the Engineer’s Estimate of $670,100. Villalobos’s bid was reviewed by staff and the City Attorney’s Office for compliance with the terms and conditions of the bid documents and was determined to be the lowest responsive and responsible bid. Staff recommends awarding the construction contract to Villalobos & Associates, Inc.
Award of the contract will allow construction to commence in order to complete the curb ramp work City of Santa Clara Page 1 of 2 Printed on 5/23/2025
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25-108 Agenda Date: 5/27/2025
during the summer and fall of 2025. The contract includes prevailing wage requirements.
ENVIRONMENTAL REVIEW
This project being considered is exempt from the California Environmental Quality Act (“CEQA”) pursuant to CEQA Guidelines section 15301(c), “Existing Facilities,” as the activity consists of the repair, maintenance or minor alteration of existing facilities involving no or negligible expansion of the use beyond that presently existing, and specifically includes the repair of existing highways and streets.
FISCAL IMPACT
The approximate cost of the contract is $543,486 plus a 15 percent contingency, or $81,523 for any potential change orders for a total not-to-exceed contract amount of $625,009. Staff recognizes the potential challenges of working with the existing infrastructure and therefore recommends a 15 percent construction contingency for this project. Funds are available in the ADA Transition Plan Implementation (Public Right of Way) project in the Streets and Highways Capital Fund.
COORDINATION
This report has been coordinated with the Finance Department and 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.
RECOMMENDATION
1. Determine that the proposed actions are exempt from CEQA pursuant to Section 15301 (Existing Facilities) of Title 14 of California Code of Regulations;
2. Award the Public Works Contract for the 2025 Americans with Disabilities Act Curb Ramps Project to Villalobos & Associates, Inc., the lowest responsive and responsible bidder, in the amount of $543,486, and authorize the City Manager to execute any and all documents associated with, and necessary for the award, completion, and acceptance of this Project, in final forms approved by the City Attorney; and
3. Authorize the City Manager to execute change orders up to approximately 15 percent of the original contract price, or $81,523 for a total not to exceed amount of $625,009 in final forms approved by the City Attorney.
Reviewed by: Craig Mobeck, Director of Public Works
Approved by: Jovan Grogan, City Manager
ATTACHMENTS
1. Project Location Maps
2. Bid Summary
City of Santa Clara Page 2 of 2 Printed on 5/23/2025
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M O N T A G U E E X P W Y.
L A F A Y E T T E
S T.
D E L A C R U Z B L V
LOCATION MAP 1
LEGEND
O Proposed curb ramp location
ATTACHMENT 1
2025 ADA CURB RAMPS PROJECT (TDA)
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LEGEND
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LEGEND
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