Agenda packet — City Council and Authorities Concurrent, June 24, 2025 (part 1 of 8)

City of Santa Clara
Joint Meeting Agenda of the
City Council and Authorities Concurrent &
Santa Clara Stadium Authority Board
Hybrid Meeting
City Hall Council Chambers/Virtual
1500 Warburton Avenue
Santa Clara, CA 95050
Tuesday, June 24, 2025 6:00 PM
The City of Santa Clara is conducting City Council meetings in a hybrid manner (in-person and continues to have methods for the public to participate remotely). • Via Zoom:
o https://santaclaraca.zoom.us/j/99706759306
Meeting ID: 997-0675-9306
o Phone 1(669) 900-6833
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1. Use the eComment tab located on the City Council Agenda page (https://santaclara.legistar.com/Calendar.aspx). eComments are directly sent to the iLegislate application used by City Council and staff, and become part of the public record. eComment closes 15 minutes before the start of a meeting.

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

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

Agendas, Staff Reports and some associated documents for City Council items may be viewed on the Internet at https://santaclara.legistar.com/Calendar.aspx All public records relating to an open session item on this agenda, which are not exempt from disclosure pursuant to the California Public Records Act, that are distributed to a majority of the legislative body will be available for public inspection at the Office of the City Clerk at 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].

City of Santa Clara Page 1 of 16 Printed on 6/20/2025
Meeting Agenda June 24, 2025
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6:00 PM CLOSED SESSION
Call to Order in the Council Chambers
Confirmation of Quorum

1.A Conference with Real Property Negotiators (CC) - Easements for the 115kV Project
Pursuant to Gov. Code § 54956.8
Property: Please See Below Listed APNs and Addresses
City/Authority Negotiator: Jovan D. Grogan, City
Manager/Executive Director (or designee), Allie Jackman, and Glen R. Googins, City Attorney (or designee)
Negotiating Parties: City and Property Owners Listed Below Under Negotiation: Purchase of Real Property interests
(provisions, price and terms of payment)
APN Address Owner
104-15-131 3550 Bassett St HGIT Bassett Campus LP
104-15-132 3540 Bassett St HGIT Bassett Campus LP
104-15-133 3530 Bassett St HGIT Bassett Campus LP
104-15-134 3520 Bassett St HGIT Bassett Campus LP
104-15-128 3508 Bassett St HGIT Bassett Campus LP
25-589
Closed Session - 6:00 PM | Regular Meeting - 7:00 PM
Joint Council and Authorities Concurrent &
Stadium Authority Board Meeting
Meeting Agenda June 24, 2025

1.B Conference with Real Property Negotiators (CC) - Easement for the Kifer Receiving Station Rebuild and Replacement Project Pursuant to Gov. Code § 54956.8
Property: APN 224-08-144, 3045 Raymond Street, Santa Clara, CA 95054
City/Authority Negotiator: Jovan D. Grogan, City
Manager/Executive Director (or designee), Allie Jackman, and Glen R. Googins, City Attorney (or designee)
Negotiating Parties: City and Williams Communications, Inc. (or designee)
Under Negotiation: Purchase of Real Property interests
(provisions, price and terms of payment)
25-724
Public Comment
The public may provide comments regarding the Closed Session item(s) just prior to the Council beginning the Closed Session. Closed Sessions are not open to the public.

Convene to Closed Session (Council Conference Room)
7:00 PM JOINT CITY COUNCIL/STADIUM AUTHORITY BOARD MEETING Call to Order in the Council Chambers
Pledge of Allegiance and Statement of Values
Roll Call

REPORTS OF ACTION TAKEN IN CLOSED SESSION MATTERS
June 17, 2025 and June 24, 2025

CONTINUANCES/EXCEPTIONS/RECONSIDERATIONS

2.A Take no Action on a Tentative Parcel Map (PLN23-00379) at 1700 Richard Avenue and 1600 &1650 Memorex Drive to
Create a Two-Lot Subdivision
25-683
Staff recommends that the City Council Take No
Action on the proposed Tentative Parcel Map
(PLN23-00379) for 1700 Richard Avenue and 1600
&1650 Memorex Drive
Recommendation:

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2.B Resolution Authorizing an Ad Valorem Tax Levy Based on a Debt Service Estimate to be Provided to Santa Clara County Respecting Unsold General Obligation Bonds for Fiscal Year 2025/26 (Continued from June 10, 2025)
25-722
Adopt the Resolution Authorizing an Ad Valorem Tax
Levy Based on a Debt Service Estimate to be
Provided to Santa Clara County Respecting Unsold
General Obligation Bonds for Fiscal Year 2025/26.

Recommendation:

SPECIAL ORDER OF BUSINESS

3.A Proclamation of June 2025 as Portuguese National Heritage Month
25-471

3.B Recognition of the Santa Clara Women’s League Donation of $20,000 to Support the Senior Center Health & Wellness Case Management Program and the “Be Strong, Live Long 2025”
Health & Wellness Fair and Related Budget Amendment
25-600

1. Accept the donation from the Santa Clara
Women’s League;

2. Authorize the transmittal of a letter of appreciation signed by the Mayor and City Manager; and

3. Approve the FY 2025/26 budget amendment in the
Public Donations Fund to recognize the Santa
Clara Women’s League donation in the amount of
$20,000 and appropriate it to the Case
Management Grant program (five affirmative
Council votes required to appropriate
additional revenue).

Recommendation:

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

4.A 25-12 Board, Commissions and Committee Minutes
Note and file the Minutes of:

Cultural Commission - May 5, 2025
Parks & Recreation Commission - May 12, 2025
Audit Committee - March 17, 2025
Recommendation:

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4.B Action on Monthly Financial Status and Investment Reports for April 2025 and Approve the Related Budget Amendments
25-689

1. Note and file the Monthly Financial Status Report
and Monthly Investment Report for April 2025 as
presented; and

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Meeting Agenda June 24, 2025
services offset with increases to the
Operations and Maintenance Reserve and
Rate Stabilization Reserve, with a net impact
of $25,000,000;
h. Endowment Fund: transfer of interest
earnings to the Cemetery Fund, with a net
impact of $80,000;
i. Fire Development Services Fund:
recognition of other fees for services and
appropriate the funds to the Fire Department,
with a net impact of $250,000;
j. Fire Operating Grant Trust Fund: recognition
and appropriation of grant revenue and
reimbursements for the Fire Department, with
a net impact of $438,178;
k. Parks and Recreation Capital Fund:
recognition of a transfer from the General
Fund to establish the Youth Soccer Parks
Capital Improvement project; recognition of
Mitigation Fee and Quimby Act revenue and
increases to the Park Impact Fees
Monitoring and Parkland Acquisition projects
and ending fund balances for unallocated
Mitigation Fee Act Fees and Quimby Act
Fees, with a net impact of $4,456,644;
l. Parks and Recreation Operating Grant Trust
Fund: recognition and appropriation of a
grant from the County of Santa Clara for the
July 4th Fireworks, with a net impact of
$5,000;
m. Perpetual Care Fund: transfer of interest
earnings to the Cemetery Fund, with a net
impact of $1,500;
n. Public Donations Fund: recognition and
appropriation of donation revenue to support
program for Seniors, with a net impact of
$6,100;
o. Public Facilities Financing Corporation Fund:
increase in interest earnings and interest
expense, with a net impact of $1,500;
p. Sewer Utility Fund: increase to the estimate
for interest earnings and increase for right of
way expense appropriation, with a net impact
of $100,000;
q. Streets and Highways Capital Fund:

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recognition and appropriation of revenue for
the Bridge Maintenance Program project,
with a net impact of $262,360;
r. Vehicle Replacement Fund: transfer from the
Electric Utility Fund for capital outlay, with a
net impact of $120,232;
s. Water Recycling Fund: increase to charges
for services, increase to resource and
production partially offset by a decrease in
the Operations and Maintenance Reserve,
with a net impact of $360,000; and
t. Water Utility Capital Fund: increases to
various capital projects offset by ending fund
balance, with a net impact of $0.

4.C Action on Award of Purchase Order(s) to Bound Tree Medical, Inc. for Emergency Medical Services Supplies
25-369
Authorize the City Manager or designee to execute a
purchase order with Bound Tree Medical, Inc., through
the Brevard County contract, for a total maximum
amount not to exceed $398,595 through December
14, 2030, for the purchase of emergency services
medical supplies, subject to appropriation of funds
and review and approval as to form by the City
Attorney.

Recommendation:

4.D Action on Award of Purchase Orders to Stryker Corporation for Emergency Medical Services Equipment and Related Services for the Fire Department
25-503
Authorize the City Manager or designee to issue
Purchase Orders to Stryker Corporation, under the
Eagle County Health Service District contract, through
November 8, 2029, for a total maximum amount
not-to-exceed $920,144 for the purchase of
emergency medical services equipment and supplies,
subject to appropriation of funds and review and
approval as to form by the City Attorney.

Recommendation:

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4.E Action on an Amendment to an Existing Agreement with Smart Energy Systems, Inc. and a New Agreement with Smart Energy Systems, Inc. for a Utility Billing Customer Self Service Portal 25-652

1. Authorize the City Manager or designee to
negotiate and execute Amendment No.5 to the
agreement with Smart Energy Systems, LLC dba
Smart Energy Water to retroactively extend the
term from March 31, 2025 through January 31,
2026, with no change to the maximum
compensation amount of $1,653,343, subject to
the appropriation of funds and review and approval
as to form by the City Attorney; and

2. Authorize the City Manager or designee to
negotiate and execute a new agreement with
Smart Energy Systems, LLC dba Smart Energy
Water for a ten-year term beginning on or around
February 1, 2026 and ending on or around
February 1, 2036, with a total maximum
compensation not-to-exceed $5,052,215, and to
execute future amendments to (a) add, modify, or
delete services, including software subscription or
support services, (b) adjust rates, including
subscription fees, as necessary to reflect market
conditions or service changes, and (c) make de
minimis changes, all subject to the total maximum
compensation, appropriation of funds, and review
and approval as to form by the City Attorney.

Recommendation:

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4.F Action to Authorize the City Manager to Negotiate and Execute Amendments to the Agreements for Services with Geocon
Consultants, Inc. and Ninyo and Moore Geotechnical &
Environmental Sciences Consultants to Provide On-Call
Material Testing and Special Inspection Services for Silicon Valley Power
25-621
Authorize the City Manager or designee to negotiate
and execute amendments to the agreements with
Ninyo and Moore Geotechnical & Environmental
Sciences Consultants and Geocon Consultants, Inc. to
provide on-call material testing and special inspection services for Silicon Valley Power for a five-year term
ending on March 31, 2028, to (a) increase the
aggregate maximum compensation to $2 million, (b)
add or delete services consistent with the scope of
services, (c) adjust future rates based on market
conditions, (d) make de minimis changes, and (e)
extend the term through March 31, 2033, to be funded
by the Silicon Valley Power Capital or Operating Fund
as applicable, subject to the appropriation of funds,
and the review and approval as to form by the City
Attorney.

Recommendation:

4.G Action on an Amendment to the Amended and Restated Water Supply Agreement between the City and County of San
Francisco and its Wholesale Customers in Alameda County, San Mateo County and Santa Clara County, and Updated Tier 2 Drought Response Implementation Plan
25-252

1. Adopt the Resolution Approving an Amendment to
the Restated Water Supply Agreement (WSA)
between the City and County of San Francisco and
Wholesale Customers in Alameda County, San
Mateo County and Santa Clara County for
Minimum Purchase Requirements and the Tier 1
Water Shortage Allocation Plan on the terms
presented, in a final form approved by the City
Attorney.

2. Adopt the Resolution Approving the Amendment
for Tier 2 Drought Response Implementation Plan
(Tier 2 Plan) on the terms presented, in a final form
approved by the City Attorney.

Recommendation:

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4.H Action on an Option Agreement for an Amendment to Ground Lease and Property Use Agreement Between the City of San José, the City of Santa Clara and Santa Clara Valley Water District to Allow for the Development of a Direct Potable Reuse Demonstration Facility
25-572
Authorize the City Manager or their designee to
negotiate and execute the Option Agreement for First
Amendment to Ground Lease and Property Use
Agreement to allow for the implementation by Santa
Clara Valley Water District of a proposed direct
potable reuse demonstration facility on the terms
presented in a final form approved by the City
Attorney.

Recommendation:

4.I Action on a Resolution Establishing 15 Mile Per Hour Speed Limits in School Zones When Children Are Present
25-64

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. Adopt a Resolution Establishing 15 Mile Per Hour
Speed Limits in School Zones When Children Are
Present.

Recommendation:

4.J Action to Authorize the Use of City Electric Forces for Public Works at 4200 Great America Parkway
25-614

1. Determine that the proposed action is exempt
from CEQA pursuant to Section 15302 (Class 2 -
Replacement or Reconstruction) of Title 14 of the
California Code of Regulations; and

2. Declare and determine in accordance with Section
1310 of the City Charter that the public works
located at 4200 Great America Parkway with an
estimated cost of $46,963 are better performed by
the City with its own employees based on the
information set forth in this Report to Council and
authorize the performance of these public works
consistent with this authorization.

Recommendation:

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4.K Action on a Resolution Adopting the Revised Police Department Records Retention Schedule and Partially Rescinding
Resolution 12-7965
25-535
Adopt the Resolution Adopting the Revised Police
Department Records Retention Schedule and
Rescinding those portions of Resolution 12-7965
(adopted August 28, 2012) applicable to the Police
Department Record Retention Schedule.

Recommendation:

SANTA CLARA STADIUM AUTHORITY BOARD CONSENT CALENDAR

5.A Action on Stadium Manager’s Request to Execute an
Amendment No. 1 to the Agreement with Integrated
Communication Systems to Increase the Not to Exceed Amount by $56,000, for a Total of $408,000 Over a Three-Year Term, for Fire Alarm Testing, Inspection, Maintenance, and Related Services at Levi’s Stadium
25-707
Approve the Stadium Manager’s request to execute
an Amendment No. 1 to the Agreement with Integrated
Communication Systems (ICS) to increase the not to
exceed amount to $133,000 for the second contract
year and $160,000 for the third contract year, for a
total not to exceed amount of $408,000 over the
three-year period, with the option to extend the
agreement for two additional one-year periods,
subject to budget appropriations.

Recommendation:

5.B Action on Stadium Manager’s Request to Approve an
Amendment No. 4 to the Agreement with Bear Electrical
Solutions, LLC to Extend the Term through May 4, 2026 and Increase the Not to Exceed Amount by $250,000, for a Total of $2,020,000 Over a Five-Year Term, for On-Call Electrical Maintenance and Repair Services at Levi’s Stadium
25-649
Approve the Stadium Manager’s request to execute
an Amendment No. 4 to the Agreement with Bear
Electrical Services, LLC to extend the term through
May 4, 2026, in an amount not to exceed $250,000 for
the fifth contract year and a total not to exceed amount of $2,020,000 over the five-year term, subject to
budget appropriations.

Recommendation:

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

CONSENT ITEMS PULLED FOR DISCUSSION

PUBLIC HEARING/GENERAL BUSINESS

6. Study Session on the Draft Revisions to the El Camino Real Specific Plan
25-737
Staff is requesting general feedback on moving
forward with processing the original Specific Plan and
its EIR or the revised Specific Plan and its EIR or both and the revised Objective Design Standards and the
Standards for the new Corridor Residential - Low land
Use designation for the draft El Camino Real Specific
Plan and to note and file the report on the Study
Session for the Draft Revisions to the El Camino Real
Specific Plan.

Recommendation:

7. Action on Approval of Location and Design of the Rainbow Crosswalk Project
25-156
Recommendation: Alternatives 1, 2, and 4
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1. Determine that the proposed action is exempt
from CEQA pursuant to Section 15301 (Existing
Facilities) of Title 14 of California Code of
Regulations;

2. Approve the location of the Rainbow Crosswalk
project at the crosswalk at Monroe Street and
Franklin Street; and

4. Approve the design of the Rainbow Crosswalk as
a ladder-style crosswalk with individual stripes of
rainbow colors that run perpendicular to a
pedestrian’s path of travel.

Meeting Agenda June 24, 2025

8. Action on an Award of Contract for the Kifer and Scott Receiving Station Rebuild and Replacement Project No. 2453 and 2456 to DMZ Builders and Related Budget Amendment
25-385

1. Award the Public Works Contract for the Kifer
Receiving Station and Scott Receiving Station
Rebuild and Replacement Projects, No. 2453 and
2456, to the lowest responsive and responsible
bidder, DMZ Builders in the amount of
$117,688,674 (Contract Price) and authorize the
City Manager or designee to execute the Contract
(Contract), subject to the review and approval as to
form by the City Attorney;

2. Authorize the City Manager or designee to take
any actions necessary to implement and
administer the Contract including executing any
and all documents in furtherance of the award,
completion, and acceptance of these projects and
approval of any necessary change orders not to
exceed 15 percent of the Contract Price, or
$17,653,301, for a total not to exceed aggregate
Contract amount of $135,341,975; and

3. Approve the FY 2025/26 budget amendment in the
Electric Utility Capital Fund to increase Other
Revenue to recognize additional Load
Development Fee revenue in the amount of $15
million, increase the Kifer Receiving Station
Rebuild and Replacement Project in the amount of
$6 million, and increase the Scott Receiving
Station Rebuild and Replacement Project in the
amount of $9 million (five affirmative Council
votes are required to appropriate additional
revenue).

Recommendation:

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Meeting Agenda June 24, 2025

9. Public Hearing: Action on a Resolution of Necessity to Acquire Certain Real Property Interests on 3800 Bassett Street, Santa Clara, California, from the Owner of Record for Purposes of Implementing the Silicon Valley Power 115kV Transmission Line Project
25-525
Adopt a Resolution of Necessity Making the Required
Findings to Acquire Certain Real Property Interests on
3800 Bassett Street, Santa Clara, California, from the
Owner of Record for Purposes of Implementing the
Silicon Valley Power 115kV Transmission Line
Project (Five affirmative votes required [California
Code of Civil Procedure section 1245.245]).

Recommendation:

10. Public Hearing: Action on a Resolution of Necessity to Acquire Certain Real Property Interests on 891 Laurelwood Road, Santa Clara, California, from the Owner of Record for Purposes of Implementing the Silicon Valley Power 115kV Transmission Line Project
25-527
Adopt a Resolution of Necessity to Making the
Required Findings to Acquire Certain Real Property
Interests on 891 Laurelwood Road, Santa Clara,
California, from the Owner of Record (Five
affirmative votes required [California Code of Civil
Procedure section 1245.245]).

Recommendation:

11. Action on a Recommendation from the Governance & Ethics Committee to Adopt New Council Policy 055 Providing for a Consolidated Set of Council Meeting Procedures and Protocols for Use by the City Council and Other City Boards,
Commissions and Committees
25-366
Adopt by Resolution Council Policy 055, entitled
“Council Meeting Procedures and Protocols,” in
substantially the form presented, or with such changes
Council may approve, and direct staff to come back
with any necessary actions, including amendments to
the City Code in order to implement such policy.

Recommendation:

REPORTS OF MEMBERS, SPECIAL COMMITTEES AND COUNCILMEMBER 030 REQUESTS

CITY MANAGER/EXECUTIVE DIRECTOR REPORT
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ADJOURNMENT
The next regular scheduled meeting is on Tuesday, July 8, 2025 in the City Hall Council Chambers.

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

STREAMING SERVICES: As always, the public may view the meetings on SantaClaraCA.gov, Santa Clara City Television (Comcast cable channel 15), or 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.

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City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-589 Agenda Date: 6/24/2025

SUBJECT
Conference with Real Property Negotiators (CC) - Easements for the 115kV Project Pursuant to Gov. Code § 54956.8
Property: Please See Below Listed APNs and Addresses
City/Authority Negotiator: Jovan D. Grogan, City Manager/Executive Director (or designee), Allie Jackman, and Glen R. Googins, City Attorney (or designee) Negotiating Parties: City and Property Owners Listed Below Under Negotiation: Purchase of Real Property interests (provisions, price and terms of payment) APN Address Owner
104-15-131 3550 Bassett St HGIT Bassett Campus LP
104-15-132 3540 Bassett St HGIT Bassett Campus LP
104-15-133 3530 Bassett St HGIT Bassett Campus LP
104-15-134 3520 Bassett St HGIT Bassett Campus LP
104-15-128 3508 Bassett St HGIT Bassett Campus LP
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City of Santa Clara
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1500 Warburton Avenue
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25-724 Agenda Date: 6/24/2025

SUBJECT
Conference with Real Property Negotiators (CC) - Easement for the Kifer Receiving Station Rebuild and Replacement Project
Pursuant to Gov. Code § 54956.8
Property: APN 224-08-144, 3045 Raymond Street, Santa Clara, CA 95054 City/Authority Negotiator: Jovan D. Grogan, City Manager/Executive Director (or designee), Allie Jackman, and Glen R. Googins, City Attorney (or designee) Negotiating Parties: City and Williams Communications, Inc. (or designee) Under Negotiation: Purchase of Real Property interests (provisions, price and terms of payment) City of Santa Clara Page 1 of 1 Printed on 6/20/2025
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City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-683 Agenda Date: 6/24/2025

REPORT TO COUNCIL

SUBJECT
Take no Action on a Tentative Parcel Map (PLN23-00379) at 1700 Richard Avenue and 1600 &1650 Memorex Drive to Create a Two-Lot Subdivision

COUNCIL PILLAR
Promote and Enhance Economic, Housing, and Transportation Development

DISCUSSION
This Public Hearing item was previously scheduled for the April 8, 2025 City Council meeting. At that time, staff requested that the Council open the Public Hearing and then immediately continue the item. Council took action by a vote of 7-0 to continue the item to the May 13, 2025 City Council meeting.

Staff determined that the lot frontage needed to be resolved as dedicated frontage whereas the applicant was offering it as an easement. Due to the timing required to resolve the frontage issue, the item needed to be continued. At the May 13th City Council meeting, Staff requested another continuance to the June 24th City Council meeting.

As of June 24, the applicant has not been able to make the required changes prior to this hearing, and so staff is requesting that the Council take no action on this item at this time. Once the applicant has made the required changes, the item will be noticed for the next available City Council hearing.

ENVIRONMENTAL REVIEW
No environmental determination is necessary, as no action is being taken at this time. An environmental determination will be included when the item is brought forward at a future City Council meeting.

PUBLIC CONTACT
On March 26, 2025, a notice of public hearing was published in The Weekly, a newspaper of general circulation, and on March 27, 2025, a notice of this item was mailed to property owners within 500 feet of the project site. At the time of this report, Planning staff has not received public comments regarding the proposed project.

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.

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25-683 Agenda Date: 6/24/2025
Additional noticing will be conducted prior to when this item is rescheduled for a future Council date.

RECOMMENDATION
Staff recommends that the City Council Take No Action on the proposed Tentative Parcel Map (PLN23-00379) for 1700 Richard Avenue and 1600 &1650 Memorex Drive Reviewed by: Afshan Hamid, Community Development Director Approved by: Jovan Grogan, City Manager
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City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-722 Agenda Date: 6/24/2025

REPORT TO COUNCIL

SUBJECT
Resolution Authorizing an Ad Valorem Tax Levy Based on a Debt Service Estimate to be Provided to Santa Clara County Respecting Unsold General Obligation Bonds for Fiscal Year 2025/26 (Continued from June 10, 2025)

BOARD PILLAR
Manage Strategically Our Workforce Capacity and Resources

DISCUSSION
At the June 10, 2025 City Council (the Council) Meeting, the Council took action to continue the following item to June 24, 2025 due to the lack of public attendance.

Staff has included the original Report to Council (RTC 25-401), public presentation, the draft resolution, Bond Expenditure Plan, and responses to questions and comments from the May 27, 2025 City Council Study Session as attachments.

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

FISCAL IMPACT
The per-parcel property tax levy of $28.70 per $100,000 (0.0287%) of assessed value in Fiscal Year 2025/26 will generate approximately $16.80 million and support the estimated first debt service payment due in Fiscal Year 2026/27. Due to the timing of property tax payments, the levy is needed in FY 2025/26 to generate the funds for the debt service payment in FY 2026/27.

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 City of Santa Clara Page 1 of 2 Printed on 6/20/2025
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25-722 Agenda Date: 6/24/2025
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
Adopt the Resolution Authorizing an Ad Valorem Tax Levy Based on a Debt Service Estimate to be Provided to Santa Clara County Respecting Unsold General Obligation Bonds for Fiscal Year 2025/26.

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

ATTACHMENTS

1. Draft Resolution Authorizing an Ad Valorem Tax Levy Based on a Debt Service Estimate to be Provided to Santa Clara County Respecting Unsold General Obligation Bonds for Fiscal Year 2025 -26

2. Bond Expenditure Plan

3. Responses to questions and comments from the May 27, 2025 City Council Roles and Responsibilities In Connection with the Issuance of Measure I General Obligation Infrastructure Bonds Study Session

4. RTC 25-401 from June 10, 2025 City Council Meeting

5. RTC 25-401 Public Presentation from June 10, 2025 City Council Meeting City of Santa Clara Page 2 of 2 Printed on 6/20/2025
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Resolution/Authorizing Ad Valorem Tax Levy Page 1 of 3
Rev: 7/27/2023
RESOLUTION NO. _____

A RESOLUTION OF THE CITY OF SANTA CLARA, CALIFORNIA,

AUTHORIZING AN AD VALOREM TAX LEVY BASED ON A DEBT

SERVICE ESTIMATE TO BE PROVIDED TO SANTA CLARA COUNTY

RESPECTING UNSOLD GENERAL OBLIGATION BONDS FOR FISCAL
YEAR 2025-26
WHEREAS, , the City of Santa Clara (the “City”) is a municipal corporation and charter city duly organized and existing under the Constitution and laws of the State of California; and WHEREAS, more than two-thirds of the electors voting at an election duly and regularly held in the City on November 5, 2024, voted in favor of a bond measure known as Measure I (the “Bond Measure”), authorizing the issuance by the City of general obligation bonds in the aggregate principal amount of $400,000,000 (the “Bonds”) for the purpose of providing funds for certain municipal improvements; and
WHEREAS, the City expects that it will issue an initial series of the Bonds under the Bond Measure on or around February 2026, which will require an ad valorem property tax to be placed on the 2025-26 County of Santa Clara (the “County”) property tax roll to provide for payments of any principal or interest coming due on the Bonds; and
WHEREAS, pursuant to Government Code Section 5403, when bonds to be issued by or on behalf of a public body have been authorized by an election or other method provided by law, and where it is expected that all or any part of such bonds will be sold at such time that principal or interest on such bonds will become due before the proceeds of a tax levied after such sale would be available to pay such principal or interest, the governing body, at the time of fixing the annual tax levy, may levy a tax in an amount clearly sufficient to pay that portion of the principal of and interest on said bonds which it is expected will become due before the proceeds of the next succeeding tax levy will be available; and
WHEREAS, the City Council of the City (the "City Council") expects and determines that the Bonds will be issued after the date established by the County for submitting debt service requirements to be placed on the fiscal year 2025-26 property tax roll, and the City Council Resolution/Authorizing Ad Valorem Tax Levy Page 2 of 3
Rev: 7/27/2023
wishes to inform the County of its intention to issue the Bonds after such date, in accordance with Government Code Section 5403; and
WHEREAS, the City Council wishes at this time to authorize the City Manager, the Director of Finance and the City Clerk to make certain communications with the County respecting the foregoing.

NOW THEREFORE, BE IT RESOLVED BY THE CITY OF SANTA CLARA AS FOLLOWS:

1. Recitals Correct. The foregoing recitals are true and correct.

2. Intention to Issue Bonds. The City Council hereby expresses its current expectation to cause the issuance of approximately $150 million aggregate principal amount of the Bonds during fiscal year 2025-26 pursuant to the Bond Measure. The Bonds are currently expected to be issued in or around February 2026, which is after the deadline for filing with the County debt service requirements for general obligation bonds, such that property tax rates can be set by the County. It is expected that the financing will require an ad valorem tax levy to be included on the 2025-26 tax roll for the purpose of paying interest on and amortizing a portion of the Bonds in fiscal year 2025-26.

3. Information to County. The City Manager, the Director of Finance and the City Clerk are each hereby separately authorized to (a) file a certified copy of this Resolution with the Clerk of the Board of Supervisors and such other County officials as the County may require to facilitate such levy, and (b) provide, or cause to be provided, an estimate of debt service for the Bonds to the Auditor-Controller of the County.

4. Request to County to Levy Tax. The Board of Supervisors of the County is hereby requested to adopt a tax rate of $28.70 per $100,000 assessed valuation with respect to the City, which takes into account the Bonds expected to be issued during fiscal year 2025-26, based upon estimated debt service schedules prepared by officers of the City, together with the City’s municipal advisor, and to levy an ad valorem tax in fiscal year 2025-26 on all taxable property in the City sufficient to pay the estimated debt service.

Resolution/Authorizing Ad Valorem Tax Levy Page 3 of 3
Rev: 7/27/2023

5. Application of Tax. As provided in Section 43634 of the California Government Code, all taxes levied pursuant to this Resolution shall be used only for payment of the Bonds and the interest thereon.

6. Adoption; Effective Date. This Resolution shall take effect immediately upon its adoption.

I HEREBY CERTIFY THE FOREGOING TO BE A TRUE COPY OF A RESOLUTION PASSED

AND ADOPTED BY THE CITY OF SANTA CLARA, CALIFORNIA, AT A REGULAR MEETING THEREOF HELD ON THE 24th DAY OF JUNE, 2025, BY THE FOLLOWING VOTE:

AYES: COUNCILORS:

NOES: COUNCILORS:

ABSENT: COUNCILORS:

ABSTAINED: COUNCILORS:

ATTEST: ______________________________

NORA PIMENTEL, MMC

ASSISTANT CITY CLERK

CITY OF SANTA CLARA
General Obligation Bond Expenditure Plan
$400 Million Bond Measure
Project Areas Total
Streets and Transportation 41,170,000
Street Resurfacing and Rehabilitation 23,000,000
ADA Improvements 10,000,000
Creek Trail Rehabilitation 2,500,000
Bicycle Wayfinding 300,000
Contingency/Escalation/Administration 5,370,000
Fire Stations and Emergency Response 142,235,450
Fire Stations 5 Replacement 27,000,000
Fire Stations 7 Replacement 27,000,000
Fire Stations 9 Replacement/Renovations 9,000,000
Fire Station 1 Replacement/Renovations 58,000,000
Fire Training Tower Renovation 783,000
Various Fire Station Infrastructure Upgrades 1,900,000
Contingency/Escalation/Administration 18,552,450
Police Facilities 43,987,500
Police Department Drone First Responder Infrastructure 3,000,000 Emergency Operations Center Infrastructure 250,000
Police Training Facility 30,000,000
Police Department Facility and Real-Time Crime Center
Infrastructure 5,000,000
Contingency/Escalation/Administration 5,737,500
Parks, Library, Senior Center, and Aquatics Facilities 115,258,750 Renovation/Expansion of 3 Public Libraries 9,000,000
Senior Center Expansion/Renovation 9,500,000
Community Aquatic Facility/ISC Renovation/Replacement 45,000,000 Bowers Park Renovations 4,400,000
Earl Carmichael Park Playground Renovations 2,900,000
Warburton Park Playground Renovations 3,000,000
Henry Schmidt Park Playground Renovations 4,325,000
Pickleball Court 1,600,000
Mary Gomez Park Renovations 2,500,000
Aged Parks & Buildings Infrastructure in Critical/Poor
Condition 18,000,000
Contingency/Escalation/Administration 15,033,750
Stormdrain System Improvements 46,000,000
Stormdrain System Improvements 16,423,000
Storm Water Retention Basin Remediation 9,209,000
Green Stormwater Infrastructure Design & Construction 6,645,000 Lafayette St. Underpass at Subway Pump Station 4,946,000 Bowers Ave Underpass SDPS Rehabilitation 2,030,000
SDPS Motor and Control Replacement 347,000
Stormdrain Pump Station Outfall Reconstruction Program 250,000 Stormdrain Renovations 150,000
Contingency/Escalation/Administration 6,000,000
Historic Buildings and Beautification 9,200,000
Street/Median Beautification Improvements 4,000,000
Renovations to Historic Buildings 3,000,000
Triton Museum Improvements 1,000,000
Contingency/Escalation/Administration 1,200,000
Bond Issuance Costs 2,000,000
GRAND TOTAL $ 399,851,700

1. In General. This City of Santa Clara plan for the expenditure of bond proceeds (“Expenditure Plan”) was adopted by the City Council on July 16, 2024, by Resolution No. 24-9346, to implement Section 6 of that certain Ordinance No. 2069 adopted concurrently herewith (“Ordinance”). The Ordinance calls for an election by City voters on a ballot measure to approve the issuance of up to $400,000,000 in bonds (“Infrastructure Bonds”) for purposes of financing the acquisition and construction of public infrastructure on the terms set forth therein. To the extent of any conflict between this Expenditure Plan and the Ordinance, the terms of the Ordinance shall govern. The above chart summarizes the Expenditure Plan’s “Project Categories” (as defined in Section 2, below), and “Infrastructure Projects” (as defined in Section

2. Project Categories. The Expenditure Plan includes the following infrastructure expenditure categories (“Project Categories”), each with a designated amount of allocated Infrastructure Bonds proceeds (“Designated Allocations”): Streets and Transportation ($41,170,000); Fire Stations and Emergency Response ($142,235,450); Police Facilities ($43,987,500); Parks, Library, Senior Center and Aquatic Facilities ($115,258,750); Storm Drain System Improvements (46,000,000); Historic Buildings and Beautification ($9,200,000); and Bond Issuance Costs ($2,000,000). Project Categories and/or their respective Designated Allocations may be amended, but only in accordance with the Expenditure Plan Amendment Process set forth in Section 6 of this Expenditure Plan, below. Notwithstanding the foregoing, the Designated Allocation for Bond Issuance Costs shall be treated as a “Budgeted Amount” under this plan, to be updated by staff without a formal Expenditure Plan amendment in accordance with the process set forth in Section 3, below.

3. Designated Infrastructure Subcategories/Specific Projects. Within each Project Category, there is a list of designated project subcategories and/or specific projects (“Infrastructure Projects”), including estimated amounts budgeted for each such project subcategory/specific project, and an overall estimate of the projected contingencies, cost escalations and administrative costs necessary for project implementation (“Budgeted Amounts”). Infrastructure Projects may be deleted or added, but only in accordance with the Expenditure Plan Amendment Process set forth in Section 6 of this Expenditure Plan, below. Budgeted Amounts represent City staff’s best estimate of the projected costs for such Infrastructure Projects as of the date of the City’s adoption of this Expenditure Plan. Throughout the duration of the Expenditure Plan staff will monitor the Budgeted Amounts for outstanding projects and, at least [annually], as necessary, staff will revise the Expenditure Plan to update the Budgeted Amounts to be consistent with then projected project implementation costs. Staff updates to Budgeted Amounts will not be considered amendments to the Expenditure Plan requiring the amendment process set forth in Section 6, below.

4. Phased Implementation. Infrastructure Projects identified within the Expenditure Plan will be implemented in phases (each a “Project Phase”). Consistent with priorities set by the City Council, staff will develop lists of proposed Infrastructure Projects to be included within each Project Phase. Each Project Phase will be presented for City Council and approval as part of the City’s annual Capital Improvement Program budget process. Additional factors to be considered in the development and timing of each Project Phase, and the sequencing of projects within each Project Phase time period include: (a) the need to balance available staff and contractor resources; (b) the length of the planning, design, and construction phases of each project; (c) disruption to the public as City services and facilities are removed from service to undergo renovations; (d) legal requirements for the expenditure of Infrastructure Bond proceeds (in general, under current federal tax law, the City must expect to spend 85% of each series of Infrastructure Bond funds within three years of their date(s) of issuance ); (e) the timing and availability of alternate and supplemental funding sources; (f) local, regional, state or federal permitting requirements; (g) the need to coordinate with outside agencies.

5. Council Approval Required. Council approval shall be required for (a) each and every proposed Project Phase for the implementation of the Expenditure Plan; (b) each and every issuance of Infrastructure Bonds to finance a Project Phase; and (c) any proposed amendment to the Expenditure Plan as provided in Section 6. Below.

6. Amendment of the Plan. Any proposed substantive amendment to this Expenditure Plan shall be subject to the requirements of Section 13(b)(ii) of the Ordinance. Such requirements shall include prior consideration and input from the “Bond Compliance COC” as provided therein.

7. Legal Requirements for Capital Projects. All Infrastructure Project costs paid from Infrastructure Bond proceeds shall consist of capital costs of the acquisition and improvement of real property within the meaning of California law. Any Infrastructure Project costs consisting of furnishings, furniture, equipment, software, ordinary maintenance (such as repairs, painting, resurfacing, striping or slurry seals), or other non-capital costs shall be paid by the City from other funds.

Attachment 3
City Council Roles and Responsibilities In Connection with the Issuance of Measure I General Obligation Infrastructure Bonds
Responses to Questions from the 5/27/2025 Study Session

1. What is the City’s current credit rating?
Response: The City seeks to obtain and maintain the highest possible credit ratings for all categories of debt. The current Debt Management Policy (Debt Policy) states “The City will not issue bonds that do not carry investment grade ratings.” The City’s bonds are rated favorably by major bond rating agencies, Fitch and S&P Global. The City received an AA+ issuer credit rating (ICR) from S&P Global in June 2022 and affirmed the City’s rating of AA/Stable for the 2013 Refunding Certificates of Participation at the same time. The City's Electric Revenue Bonds, Series 2018A and Series 2024A, are affirmed and rated 'AA-' by Fitch and S&P in September 2024. The City’s 2023 Wastewater Certificates of Participation was rated ‘AAA’ by S&P in September 2023. Maintaining high bond ratings has resulted in a broader market for the City’s bonds and lower interest costs to the City.

Above information are available and updated annually in the City’s Budget publication, in the Debt Service section, titled “Credit Rating”.

2. What is the debt service estimate change between now and the ballot measure? Is there any way to hedge should interest rates exceed assumptions used for the ballot tax statement? Response: Hedging activities are not allowed for tax-exempt bonds in accordance with Internal Revenue Service (IRS) regulations. The debt service estimated amounts are based on several assumption, including two key factors: interest rates and property assessed value. While interest rates are higher now than they were last July, the current pro-forma estimated debt service figures show a True Interest Cost (TIC) of 4.58%, which is within the estimated range used for the Measure I ballot. An assumed 4% annual growth rate on annual assessed value was used with the City’s average growth of 6.37% from 2000 to 2024.

See below parameter and its language on the ballot:
“Interest rates for each bond issue will be determined by the market, but cannot exceed 12%.

Assuming the full $400,000,000 is issued, using a projected interest rate between 4 and 5%,…” (Impartial Analysis)
Each series of bonds will be issued at fixed rates, rather than variable rates, and the TIC of each series of bonds will be established at the time of bond sale. Although the County is required to levy property taxes at a rate sufficient to pay annual debt service, City staff and consultants will size each series of bonds based on the prevailing interest rates at the time bonds are sold in order to stay within the property tax rates stated in the ballot and the tax rate statement.

Despite increases in interest rates, rates continue to be near historical averages. If interest rates at the time of the first bond sale substantially exceed assumptions used for the ballot tax statement, the City’s options are limited to mitigate the increase in rates. The City will have the opportunity to refund the bonds within 10 years after issuance depending on interest rates at that time.

3. What happens if actual project expenditures exceed planned amount, including contingencies?
Attachment 3
City Council Roles and Responsibilities In Connection with the Issuance of Measure I General Obligation Infrastructure Bonds
Responses to Questions from the 5/27/2025 Study Session Response: Should a capital project’s actual expenditures exceed budgeted amount, Department staff must reduce scope and/or identify additional or alternative funding sources for increases in appropriation by proposing such amendment for the Bond Compliance Citizens’ Oversight Committee (COC) review and recommendation to the City Council, per COC by-laws, and the related budget actions will require Council approval.

4. What is the procedure to prioritize and decide which capital projects are included in the 1st tranche of General Obligation Bonds (GO Bonds) issuance? Response: Tax-exempt bonds are meant to be issued to match cash spending needs. Federal tax laws require that, at the time bonds are issued, the City reasonably expect to spend 85% of bond proceeds within 3 years of bond issuance date. Recommended projects will be reviewed by the Capital Project Review Committee (PRC), which has depth and knowledge of the City’s procurement process and order of project implementation, to be included in the proposed 1st tranche project list. The proposed list will then be reviewed by the COC to ensure its compliance to the Expenditure Plan before presented to City Council for approval (estimated in August 2025).

Proposed list requires Council approval and once approved, will be budgeted and appropriated accordingly. Funding for design will be included in the capital projects budget in the 2nd and 3rd tranches of the GO Bonds issuances. Project lists for subsequent tranches will follow the same review and approval process.

5. What is the benefit of competitive sale method, especially during a volatile interest environment, as compared to the negotiated sale method? Response: Competitive Sales are well understood to be the best practice when an issuer is selling general obligation bonds and the credit rating is high, as this sale method produces the lowest TIC.

The City is a known issuer, in the investment community, of revenue pledged bonds with high credit ratings, as mention in Question No. 1 above. A general obligation bond issuance fully backed by ad valorem property taxes is very low risk and likely to generate high demand, especially in the City’s case of issuing GO Bonds for the first time in decades.

Per the City’s Debt Policy, should the Director of Finance conclude that determining the composition of the underwriter syndicate to achieve certain policy objectives is important, then a negotiated sale may be considered. If the Director of Finance selects a negotiated sale solely for policy reasons, then the specific rationale and criteria for selection should be clearly specified.

In addition to the “Official Notice of Sale”, a legal document distributed to potential underwriting financial institutions in a competitive sale process, a “Purchase Contract” will also be included at the same time for Council approval authorizing the GO Bonds sale. The Purchase Contract could be used if market conditions at the time the GO Bonds are sold are such that a competitive sale is determined by the City and the City’s financial advisor to be inadvisable and that a negotiated sale to an underwriter would produce a more favorable financing.

The City’s Debt Policy discusses bond sale methods for debt issuance and the merits of each. In a competitive sale, the Preliminary Official Statement (POS) and Official Notice of Sale are distributed to potential underwriters, who submit bids on a determined date though a secure on-line platform.

The underwriter whose bid represents the lowest TIC and is in compliance with the bid parameters is awarded the bonds. In a negotiated sale, an underwriter or underwriter syndicate is selected by Attachment 3
City Council Roles and Responsibilities In Connection with the Issuance of Measure I General Obligation Infrastructure Bonds
Responses to Questions from the 5/27/2025 Study Session the issuer. The interest rates and underwriter’s fee are negotiated prior to the sale, based on market conditions.

City of Santa Clara’s Wastewater Revenue bonds were successfully sold via a competitive sale in October 2023, during a turbulent interest rate environment, with 10 bidders and a winning TIC of

4.31%.

6. What is the timing and process for Preliminary Official Statement (POS) feedback from City Council?
Response: A POS is a document prepared by a municipal government in connection with a new issue of securities. It includes/discloses key information such as the purpose of the issue, the structure and repayment of the debt and the financial and economic characteristics of the issuing municipality. It is distributed to potential investors and underwriters for them to make an informed decision on whether to purchase the securities.

For the GO Bonds, the City has formed a working group, including staff from City Manager’s Office, City Attorney’s Office, Finance, and Public Works. This group collaborates with the appointed Bond Counsel (Jones Hall) and Financial Advisor (PFM), meeting regularly, to create the POS over several months, with multiple rounds of reviews and revisions for information accuracy and proper disclosures. The completed POS will be one of the legal documents for Council approval authorizing the GO Bonds sale, together with some of the other documents mentioned in Question No. 5 above. Staff currently plans to request Council authorization in December 2025.

This Council action will appear on the regular (not consent) agenda and follow the same procedures as all other agenda items, where the Council and the public will have the opportunity to review all documents and ask questions. In addition, the Council will have the opportunity to provide feedback on the POS to staff between the time the agenda packet is distributed and the Council action.

City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-401 Agenda Date: 6/10/2025

REPORT TO COUNCIL

SUBJECT
Resolution Authorizing an Ad Valorem Tax Levy Based on a Debt Service Estimate to be Provided to Santa Clara County Respecting Unsold General Obligation Bonds for Fiscal Year 2025/26

COUNCIL PILLAR
Manage Strategically Our Workforce Capacity and Resources

BACKGROUND
Measure I, which was passed by more than two-thirds of the City of Santa Clara’s (the “City”) voters at the November 5, 2024, General Election, authorizes the issuance by the City of general obligation bonds in the total principal amount of $400 Million (the “Bonds”) for the purpose of providing funds for the municipal capital improvements listed in the bond expenditure plan (Attachment 2) approved by the City Council. The first series of Bonds is expected to be issued in late 2025 or early 2026, which will require a property tax to be placed on the Fiscal Year 2025/26 Santa Clara County (the “County”) property tax roll to provide for debt service payments of any principal or interest coming due on the Bonds in 2026.

DISCUSSION
California law permits the City to levy property taxes in advance of an anticipated bond issuance based on the estimated debt service requirements for the bonds by providing an adopted a resolution, including a tax rate and bond principal amount, to various County officials prior to the August deadline for finalizing the property tax assessments. City staff, working with the City’s municipal advisor, PFM Financial Advisors, has estimated the principal amount of the first series Bonds as $150 Million, and the per-parcel tax rate as $28.70 per $100,000 (0.0287%) of assessed value, to be assessed on all property owners. The attached resolution (Attachment 1) includes these figures and authorizes City staff to provide the resolution and any related information to the appropriate County officials.

The City Council had several questions regarding the Bonds issuance from the May 27, 2025 General Obligation Bonds Study Session. Responses to the questions are included in Attachment 3 to this report.

ENVIRONMENTAL REVIEW
The action being considered does not constitute a “project” within the meaning of a California Environmental Quality Act (“CEQA”) pursuant to the 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. Furthermore, 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 City of Santa Clara Page 1 of 2 Printed on 6/6/2025
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25-401 Agenda Date: 6/10/2025
organizational or administrative activity that will not result in direct or indirect changes in the environment.

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.

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

ATTACHMENTS

1. Draft Resolution Authorizing an Ad Valorem Tax Levy Based on a Debt Service Estimate to be Provided to Santa Clara County Respecting Unsold General Obligation Bonds for Fiscal Year 2025/26

2. Bond Expenditure Plan

3. Responses to questions and comments from the May 27, 2025 City Council Roles and Responsibilities In Connection with the Issuance of Measure I General Obligation Infrastructure Bonds Study Session
City of Santa Clara Page 2 of 2 Printed on 6/6/2025
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City Council Meeting
June 10, 2025
Item #11 – RTC 25-401
Resolution Authorizing an Ad
Valorem Tax Levy Based on
Debt Service Estimate to be
Provided to Santa Clara County
Respecting Unsold General
Obligation Bonds for FY2025/26
• Measure I Background
• First tranche of General Obligation Bonds issuance
• Ad Valorem Tax Rate and Levy timeline
• Recommendation
2 Agenda
- ~ ~ . . ,. ,_ -
~ City of
~ ~~~r~f~ha~!!!ra
• General Obligation Bonds administration team
‒ City staff from
 City Manager’s Office
 City Attorney’s Office
 Finance
‒ External professional services providers confirmed by Resolution No. 24-9341*  Bond Counsel: Jones Hall (Scott Ferguson)
 Financial Advisor: PFM (Jaime Trejo)
3 Measure I Background
*Passed on July 9, 2024, A Resolution of the City of Santa Clara, California, determining that the public interest and necessity demand the acquisition, construction and improvement of municipal improvement projects constituting public infrastructure of the City, and their financing through the issuance of General Obligation Bonds - ~ ~ . . ,. ,_ -
~ City of
~ ~~~r~f~ha~!!!ra
• Key Actions & Timeline
4 Measure I Background – cont’d
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) December 2025 (1) Annual until final maturity
(2) Each Bond Issuance
- ~ ~ . . ,. ,_ -
~ City of
~ ~~~r~f~ha~!!!ra
• Ballot Measure passed in November 2024 approving the sale of up to $400 Million of General Obligation Bonds to finance specific types of city infrastructure (passage rate of 69.41%)*
• Projects to be funded and constructed outlined in an attached intended “Expenditure Plan”
‒ Streets and Transportation ($41,170,000)
‒ Fire Stations and Emergency Response ($142,235,450)
‒ Police Facilities ($43,987,500)
‒ Parks, Library, Senior Center and Aquatic Facilities ($115,258,750) ‒ Storm Drain Improvements ($46,000,000)
‒ Historic Buildings and Beautification ($9,200,000)
‒ Bond Issuance Costs ($2,000,000)
5 Measure I
*Source: Santa Clara County voter results, November 5, 2024, Measure I - ~ ~ . . ,. ,_ - ~ City of
~ ~~~r~f~ha~!!!ra
• The tax rate statement included in the full text of the ballot measure 6 Tax Rate Statement
Tax Rate Statement Information
Estimated maximum tax rate during the term of repayment: $28.70 per $100,000 of AV* tax year 2025-26 Estimated average tax rate during the term of repayment: $19.00 per $100,000 of AV* Total cost of repayment: $736,890,700
*Assessed Value
Source: Santa Clara County November 5, 2024 General Election; https://stgenrov.sccgov.org/voterguide/137/SC002ENG-508.pdf - ~ ~ . . ,. ,_ -
~ City of
~ ~~~r~f~ha~!!!ra
• Resolution No. 24-9341
‒ Stated the City’s intention to issue bonds for public interest and necessity demand for infrastructure
‒ Declared the City‘s intention to use GO Bonds proceeds for reimbursement of capital projects expenditures, paid prior to bond issuance, no later than 18 months after expenditure payment date or placed in service date
• Additional reimbursement timing
‒ Reimbursement from GO Bonds proceeds must occur no later than 3 years after the original expenditure date
 Or 5 years with an engineer’s certificate
• First tranche of General Obligation Bonds (GO Bonds) issuance size of $150 Million
7 General Obligation Bonds, Series 2026
- ~ ~ . . ,. ,_ -
~ City of
~ ~~~r~f~ha~!!!ra
• Total estimated GO Bonds, Series 2026 Issuance = $150 Million • While City staff has developed the proposed phasing approach, it is subject to Council review and approval. Given the number, scale, and urgency of the infrastructure projects identified, a substantial initial tranche—estimated at $150 million—is necessary to initiate key improvements and maintain project momentum. This approach ensures that the City can begin addressing critical needs without delay while preserving flexibility for future Council direction. • Bond Compliance COC to review 1st tranche capital projects in early August 2025 • City Council to approve 1st tranche capital projects in late August 2025 8 General Obligation Bonds, Series 2026 – cont’d
- ~ ~ . . ,. ,_ -
~ City of
~ ~~~r~f~ha~!!!ra
9 Pro Forma Debt Service
*Net of cost of issuances and underwriter’s discount
** Does not account for original issue premium, which can de deposited into the debt service fund Period Ending Principal Interest Debt Service**
8/1/2026 $12,775,000 $3,750,000 $16,525,000
8/1/2027 13,045,000 6,861,250 19,906,250
8/1/2028 1,000,000 6,209,000 7,209,000
8/1/2029 1,000,000 6,159,000 7,159,000
8/1/2030 1,810,000 6,109,000 7,919,000
8/1/2031 2,215,000 6,018,500 8,233,500
8/1/2032 2,655,000 5,907,750 8,562,750
8/1/2033 2,790,000 5,775,000 8,565,000
8/1/2034 2,930,000 5,635,500 8,565,500
8/1/2035 3,075,000 5,489,000 8,564,000
8/1/2036 3,225,000 5,335,250 8,560,250
8/1/2037 3,390,000 5,174,000 8,564,000
8/1/2038 3,560,000 5,004,500 8,564,500
8/1/2039 3,735,000 4,826,500 8,561,500
8/1/2040 3,920,000 4,639,750 8,559,750
Total $61,125,000 $82,894,000 $144,019,000
• Estimated Bond Statistics:
‒ Net Proceeds for Projects* $149,125,000
‒ True Interest Cost 4.58%
Period Ending Principal Interest Debt Service**
8/1/2041 4,120,000 4,443,750 8,563,750
8/1/2042 4,325,000 4,237,750 8,562,750
8/1/2043 4,540,000 4,021,500 8,561,500
8/1/2044 4,765,000 3,794,500 8,559,500
8/1/2045 5,005,000 3,556,250 8,561,250
8/1/2046 5,260,000 3,306,000 8,566,000
8/1/2047 5,520,000 3,043,000 8,563,000
8/1/2048 5,795,000 2,767,000 8,562,000
8/1/2049 6,085,000 2,477,250 8,562,250
8/1/2050 6,390,000 2,173,000 8,563,000
8/1/2051 6,710,000 1,853,500 8,563,500
8/1/2052 7,045,000 1,518,000 8,563,000
8/1/2053 7,395,000 1,165,750 8,560,750
8/1/2054 7,765,000 796,000 8,561,000
8/1/2055 8,155,000 407,750 8,562,750
Total $88,875,000 $39,561,000 $128,436,000
Grand Total $150,000,000 $122,455,000 $272,455,000
• If the City does not levy an Ad Valorem tax in advance of its proposed GO Bonds sale in early 2026, the City would need to rely on capitalized interest to make the first debt service payment
10 Tax Levy in Anticipation of Bond Sale
Advantage
• No Capitalized Interest (Cap I)
• Potentially provides approximately
$3.75M more for projects
Advantage
• Faster principal amortization reduces
interest costs*
Disadvantage
• Earlier than necessary taxpayer
payment if bond issuance is delayed
*Assuming principal is amortized over the 30-year term
*Assumes principal is amortized over a 30-year term
- ~ ~ . . ,. ,_ -
~ City of
~ ~~~r~f~ha~!!!ra
11 Tax Levy Annual Timeline
FY2025-26 Tax Rate
 July 2025 – City files
property tax request with
County of Santa Clara
 November 2025 & February
2026 – Property tax
payment due dates
 August 2026 & February
2027 – debt service
payment dates
FY2026-27 Tax Rate
 July 2026 – City files
property tax request with
County of Santa Clara
 November 2026 & February
2027 – Property tax
payment due dates
 August 2027 & February
2028 – debt service
payment dates
FY2027-28 Tax Rate
 July 2027 – City files
property tax request with
County of Santa Clara
 November 2027 &
February 2028 – Property
tax payment due dates
 August 2028 & February
2029 – debt service
payment dates
- ~ ~ . . ,. ' - - --
~ City of
~ ~~~r~f~ha~!!!ra
• At this time, a tax rate of $28.70 per $100,000 of assessed value will generate an estimated $16.8 Million, based on projected FY 2025/26 assessed value • A more accurate tax levy projection, based on the tax rate, will be known when the County releases the assessed valuations for FY 2025/26 in September 2025 • Consistent with Measure I, the tax rate will be set at $28.70 per $100,000 of assessed value in the first year to generate adequate revenue to pay down principal
12 Tax Levy Rate and Amount
- ~ ~ . . ,. ,_ -
~ City of
~ ~~~r~f~ha~!!!ra
• The tax bill for the largest 20 commercial property owners would increase by $254,000, on average, in FY 2025/26, based on current AV* • The tax bill for a typical homeowner would increase by approximately $202 in FY 2025/26, based on current AV*
13 Tax Bill Increase to Each Property Owner
Ballot Summary
Estimated maximum tax rate during the term of repayment: $28.70 per $100,000 of AV* tax year 2025-26 Estimated average tax rate during the term of repayment: $19.00 per $100,000 of AV* FY 2023/24 median AV of single-family home $674,000
Tax per year, based on average / maximum $128 / $193
*Assessed Value
Source: Santa Clara County November 5, 2024 General Election; https://stgenrov.sccgov.org/voterguide/137/SC002ENG-508.pdf - ~ ~ . . ,. ,_ -
~ City of
~ ~~~r~f~ha~!!!ra
• Adopt the Resolution Authorizing an Ad Valorem Tax Levy Based on a Debt Service Estimate to be Provided to Santa Clara County Respecting Unsold General Obligation Bonds for Fiscal Year 2025/26
‒ Rate shall be $28.70 per $100,000 of assessed value
14 Recommendation
Agenda Item # 11
- ~ ~ . . ,. ,_ -
~ City of
~ ~~~r~f~ha~!!!ra
City Council Meeting
June 10, 2025
Item #11 – RTC 25-401
Resolution Authorizing an Ad
Valorem Tax Levy Based on
Debt Service Estimate to be
Provided to Santa Clara County
Respecting Unsold General
Obligation Bonds for FY2025/26
City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-471 Agenda Date: 6/24/2025

REPORT TO COUNCIL

SUBJECT
Proclamation of June 2025 as Portuguese National Heritage Month

BACKGROUND
On June 4, 2021, Congressman Jim Costa (CA-21) and Congressman David G. Valadao (CA-22) introduced a resolution to the United States Congress designating the month of June as “Portuguese National Heritage Month.” The resolution celebrates the historic, cultural, and significant contributions Portuguese Americans have made to the United States.

The month of June was selected to coincide with the Day of Portugal, which is celebrated on June 10th and commemorates the death in 1580 of Luis de Camões, a poet and Portuguese literary icon.

The City of Santa Clara has a rich history of Portuguese culture. Immigrants from Portugal began coming to the Santa Clara Valley in the mid-1800s, and immigration peaked in the first years of the 1900s. Then, in the late 1950s and 1960s, a series of earthquakes and volcanic eruptions in the Azores led to another wave of immigration.

Following the Azorean Refugees Act, almost 5,000 Portuguese people came to the United States, with a significant population putting down roots throughout California and in the Santa Clara region.

The City of Santa Clara established a Sister City with Coimbra, Portugal on August 4, 1972, and continues to strengthen relations with Coimbra through the Santa Clara Sister Cities organization.

DISCUSSION
At the June 24, 2025, City Council meeting, the City Council will proclaim Portuguese National Heritage Month for June 2025 in Santa Clara. A representative from S.E.S Portuguese Hall of Santa Clara will be present to accept the proclamation.

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

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

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 City of Santa Clara Page 1 of 2 Printed on 6/20/2025
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25-471 Agenda Date: 6/24/2025
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. Proclamation of Portuguese National Heritage Month
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Cilb ~El

WHEREAS,

WHEREAS,
the United States as a whole, and specifically the State of California and the Santa Clara region, have a rich history of immigration from Portugal.

Many of the first Portuguese immigrants came to California in the 19th century, followed by subsequent waves of immigration in the early 20th century and again in the mid-20th century, when a series of catastrophic volcanic eruption prompted more than 175,000 Azorean people to emigrate to the United States between 1960 and 1980; and in 2023, U.S. Representatives Jim Costa and David Valadao introduced a resolution to designate June as Portuguese National Heritage Month; the resolution also highlighted the countless and lasting contributions that millions of Portuguese Americans have made to the U.S; and the City of Santa Clara has a rich history of Portuguese culture and roots; the City of Santa Clara established its Sister City with Coimbra, Portugal, on August 4, 1972, and continues to strengthen relations with Coimbra through the Santa Clara Sister Cities organization; and WHEREAS, Portuguese Americans have made substantial contributions to every facet of life in Santa Clara, maintaining the Portuguese American experience in Santa Clara, and serving as bridges to our multicultural City.

NOW, THEREFORE, I, LISA M. GILLMOR, by virtue of the authority vested in me as Mayor, and on behalf of the entire City Council, do hereby proclaim the month of June as

PORTUGUESE NATIONAL HERITAGE MONTH
in the City of Santa Clara, and do hereby recognize the rich history, cultural diversity, and significant contributions of Portuguese Americans to the community and City of Santa Clara.

Given under my hand and the Seal of the City of Santa Clara, California, this 24th day of June 2025. [!]p
KELLYG.COX
VICE MAYOR, DISTRICT 6
~ KAREN HAR
COUNCILMEMBER, DISTRICT 3
cA, M~
LISA M. GILLMOR

MAYOR, CITY OF SANTA CLARA
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ALBERT GONZALEZ
COUNCILMEMBER, DISTRICT 1
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KEVIN PARK
COUNCILMEMBER, DISTRICT 4
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COUNCILMEMBER, DISTRICT 2

COUNCILMEMBER,
~ DISTRICT 5
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City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-600 Agenda Date: 6/24/2025

REPORT TO COUNCIL

SUBJECT
Recognition of the Santa Clara Women’s League Donation of $20,000 to Support the Senior Center Health & Wellness Case Management Program and the “Be Strong, Live Long 2025” Health & Wellness Fair and Related Budget Amendment

COUNCIL PILLAR
Deliver and Enhance High-Quality Efficient Services and Infrastructure Enhance Community Engagement and Transparency

BACKGROUND
For the past 40 years, the Santa Clara Women’s League has hosted its annual Showtime melodrama in support of the City’s Senior Center Health & Wellness Case Management Program. Due to the success of the fundraising and Showtime melodrama, the Santa Clara Women’s League has offered a donation to the City in the amount of $20,000.

In accordance with Council Policy 051 Donations to the City, the City Manager’s Office has reviewed and approved the receipt of the $20,000 donation from the Santa Clara Women’s League. The donation aligns with the City’s goals and objectives and is in the best interest of the City. Pending Council approval, the donation will be allocated to the Public Donations Fund to support the Senior Center’s Health & Wellness Case Management Program and the “Be Strong, Live Long 2025” Health & Wellness Fair.

DISCUSSION
Per the Council Policy for donations of $1,000 or more, the donor shall be invited to a Council Meeting to be recognized under Special Order of Business and receive a letter of acceptance and appreciation signed by the Mayor and City Manager. As such, the Santa Clara Women’s League will be recognized for their donation and continued collaboration and support of City programs.

The acceptance of this $20,000 donation will support public health education efforts, including the “Be Strong, Live Long 2025” Health & Wellness Fair. It will also help fund services such as healthcare and social service navigation systems, care management services, social engagement opportunities, educational and fitness classes, and public health screenings for older adults in the Santa Clara community.

This contribution strengthens the City’s services, increases community engagement and collaboration, supports the City’s senior activities, and encourages broader financial support for vital community services.

ENVIRONMENTAL REVIEW
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25-600 Agenda Date: 6/24/2025
The action being considered does not constitute a “project” within the meaning of the California Environmental Quality Act (“CEQA”) pursuant to CEQA Guidelines section 15378(b)(5) in that it is a governmental organizational or administrative activity that will not result in direct or indirect changes in the environment.

FISCAL IMPACT
The $20,000 donation from the Santa Clara Women’s League will support the Senior Center Health & Wellness Case Management Program, enabling continued delivery of public health and social services, including funding for supplies and materials used in presentations and special events. Staff recommends recognizing and appropriating the donation into the Public Donations Fund in FY 2025/26.

Budget Amendment
FY 2025/26
Current Increase/
(Decrease)
Revised
Public Donations Fund
Revenues
Donations $0 $20,000 $20,000
Expenditures
Case Management Grant $0 $20,000 $20,000

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

RECOMMENDATION

1. Accept the donation from the Santa Clara Women’s League;

2. Authorize the transmittal of a letter of appreciation signed by the Mayor and City Manager; and

3. Approve the FY 2025/26 budget amendment in the Public Donations Fund to recognize the Santa Clara Women’s League donation in the amount of $20,000 and appropriate it to the Case Management Grant program (five affirmative Council votes required to appropriate additional revenue).

Prepared by: Jennifer Herb, Recreation Supervisor
Reviewed by: Damon Sparacino, Director - Parks & Recreation Department 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
25-12 Agenda Date: 6/24/2025

REPORT TO COUNCIL

SUBJECT
Board, Commissions and Committee Minutes

COUNCIL PILLAR
Enhance Community Engagement and Transparency

RECOMMENDATION
Note and file the Minutes of:

Cultural Commission - May 5, 2025
Parks & Recreation Commission - May 12, 2025
Audit Committee - March 17, 2025
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City of Santa Clara
Meeting Minutes
Cultural Commission
Draft
7:00 PM Hybrid Meeting
Santa Clara Senior Center
Room 205
1303 Fremont Street
Santa Clara, CA 95050
05/05/2025
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/82207705371
Meeting ID: 82207705371
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.

Vice Chair Candida Diaz, Commissioner Debra von Huene, Chair Jonathan Marinaro, Commissioner Louis Samara, and Commissioner Neetu Garg
Present 5 -
Absent 1 - Commissioner Abinas Roy
A motion was made by Commission von Huene and seconded by Commissioner Garg to excuse Commissioner Roy from the meeting

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

Absent: 1 - Commissioner Roy

CONSENT CALENDAR
City of Santa Clara Page 1 Printed on 05/21/2025
Cultural Commission Meeting Minutes 05/05/2025

1. 25-513 Action on Cultural Commission Regular Minutes of April 7, 2025 Recommendation: Approve the Cultural Commission Regular Meeting Minutes of April 7, 2025
A motion was made by Commissioner Samara and seconded by Commissioner von Huene to approve the regular meeting minutes from April 7, 2025.

Aye: Vice Chair Diaz, Commissioner von Huene, Chair Marinaro, Commissioner Samara, and Commissioner Garg
5 -
Excused: 1 - Commissioner Roy

PUBLIC PRESENTATIONS
None.

GENERAL BUSINESS

2. 25-515 Discuss and Update the Cultural Commission’s Work Plan Goals and Objectives for FY 2024/25 and FY 2025/26
The Commission provided updates to the work plan and activities.

Commissioner von Huene provided an update on the submissions for the "Call for Artist" for the Outdoor Temporary Sculpture Exhibit.

A motion was made by Commissioner Diaz and seconded by
Commissioner Samara to move "Nebula Rider" into agreement for the Outdoor Sculpture Exhibit program.

Aye: Vice Chair Diaz, Commissioner von Huene, Chair Marinaro, Commissioner Samara, and Commissioner Garg
5 -
Excused: 1 - Commissioner Roy

STAFF REPORT
Recreation Manager Castro shared that the June meeting agenda will include election of the Chair and Vice Chair for Fiscal Year 2025/26. In addition, it will be time to begin community outreach for the Street Dance.

COMMISSIONERS REPORT
Commissioner von Huene attended Cirque du Soleil and recommends it. Commissioner Marinaro attended Zorro the opera and recommends it.

Commissioner Garg attended the Cherry Blossom Festival in Cupertino and made contact with potential sponsors.

City of Santa Clara Page 2 Printed on 05/21/2025
Cultural Commission Meeting Minutes 05/05/2025

ADJOURNMENT
A motion was made by Commissioner von Huene and seconded by Commissioner Samara to adjourn the meeting at 7:35 PM.

Aye: Vice Chair Diaz, Commissioner von Huene, Chair Marinaro, Commissioner Samara, and Commissioner Garg
5 -
Excused: 1 - Commissioner Roy
The next regular meeting of the Cultural Commission is Monday, June 2, 2025 at 7:00 PM.

MEETING DISCLOSURES
City of Santa Clara Page 3 Printed on 05/21/2025
Cultural Commission Meeting Minutes 05/05/2025
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.

City of Santa Clara Page 4 Printed on 05/21/2025
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
05/12/2025
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
Commissioner Chu called the meeting to order at 7:03 PM.

Commissioner Dana Caldwell, Vice Chair Maureen Chu,
Commissioner Eversley Forte, Commissioner Derek DeMarco, and Commissioner Brittany Ricketts
Present 5 -
Absent 2 - Chair Sajid Hai, and Commissioner Vikas Gupta Commissioner DeMarco made a motion, seconded by
Commissioner Forte to excuse Chair Hai from the May 12, 2025 Parks & Recreation Commission meeting. The motion carried by the following vote:

Aye: Commissioner Caldwell, Vice Chair Chu, Commissioner Forte, Commissioner DeMarco, and Commissioner Ricketts
5 -

Absent: 2 - Chair Hai, and Commissioner Gupta
Commissioner Forte made a motion, seconded by Commissioner Ricketts to excuse Commissioner Gupta from the May 12, 2025 Parks & Recreation Commission meeting. The motion failed to pass.

Aye: 2 - Commissioner Forte, and Commissioner Ricketts
City of Santa Clara Page 1 Printed on 06/03/2025
Parks & Recreation Commission Meeting Minutes 05/12/2025 Nay: Commissioner Caldwell, Vice Chair Chu, and Commissioner DeMarco
3 -
Excused: 1 - Chair Hai

Absent: 1 - Commissioner Gupta

CONSENT CALENDAR

1. 25-511 Action on the Parks & Recreation Commission Minutes of the April 14, 2025, Meeting
Commissioner Forte made a motion, seconded by Commissioner DeMarco, to recommend approval of the April 14, 2025, Parks & Recreation Commission Minutes. The motion carried by the following vote:

Aye: Commissioner Caldwell, Vice Chair Chu, Commissioner Forte, Commissioner DeMarco, and Commissioner Ricketts
5 -
Excused: 1 - Chair Hai

Absent: 1 - Commissioner Gupta

PUBLIC PRESENTATIONS
None.

GENERAL BUSINESS

2. 25-566 Action on Applications from Non-Profit Organizations Serving Youth or Seniors in Santa Clara to Provide Volunteer Support at the 2025 Art & Wine Festival.

The five applicants include the following organizations:
--Santa Clara School Foundation,
--Santa Clara Police Activities League,
--Santa Clara Parade of Champions,
--Santa Clara High School PTSA, and
--MacDonald High School PTSA.

Commissioner Caldwell made a motion, seconded by
Commissioner Forte, to recommend approval of the five (5) applicants in support of the Art & Wine Festival. The motion carried by the following vote:

Aye: Commissioner Caldwell, Vice Chair Chu, Commissioner Forte, Commissioner DeMarco, and Commissioner Ricketts
5 -
Excused: 1 - Chair Hai
City of Santa Clara Page 2 Printed on 06/03/2025
Parks & Recreation Commission Meeting Minutes 05/12/2025

Absent: 1 - Commissioner Gupta

3. 25-562 Review of the FY 2025/26 & FY 2026/27 Proposed Biennial Operating Budget
Commissioner DeMarco made a motion, seconded by
Commissioner Caldwell, to note and file the FY 2025/26 & FY 2026/27 Proposed Biennial Operating Budget item for the Parks & Recreation Department. The motion carried by the following vote:

Aye: Commissioner Caldwell, Vice Chair Chu, Commissioner Forte, Commissioner DeMarco, and Commissioner Ricketts
5 -
Excused: 1 - Chair Hai

Absent: 1 - Commissioner Gupta
City of Santa Clara Page 3 Printed on 06/03/2025
Parks & Recreation Commission Meeting Minutes 05/12/2025

4. 25-560 Status Update on the Progress Made on the FY 2024/25 Parks & Recreation Commission’s Work Plan Goals
Goal A: Review park site and facility condition assessments and recommend priorities given existing and anticipated service levels and available resources.
--No update.

Goal B.1.: Review and solicit community input on the existing City park rehabilitation projects based on the current Capital Improvement Program (CIP) Budget and schedule.
--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. --The Commission received the presentation on the bi-annual operating budget, and informational updates on CIP projects for the Parks & Recreation Department. Goal F is now Complete.

5. 25-563 Elect a Chair and Vice Chair of the Parks & Recreation Commission for FY 2025/26
Commissioner Forte made a motion, seconded by Commissioner Caldwell to nominate Commissioner Chu as Chair of the Parks & Recreation Commission for FY 2025/26. The motion carried by the following vote:

City of Santa Clara Page 4 Printed on 06/03/2025
Parks & Recreation Commission Meeting Minutes 05/12/2025

Aye: Commissioner Caldwell, Vice Chair Chu, Commissioner Forte, Commissioner DeMarco, and Commissioner Ricketts
5 -
Excused: 1 - Chair Hai

Absent: 1 - Commissioner Gupta
Commissioner Forte made a motion, seconded by Commissioner Caldwell to continue the election of the Vice Chair to the next regular meeting of the Parks & Recreation Commission on June 9, 2025. The motion carried by the following vote:

Aye: Commissioner Caldwell, Vice Chair Chu, Commissioner Forte, Commissioner DeMarco, and Commissioner Ricketts
5 -
Excused: 1 - Chair Hai

Absent: 1 - Commissioner Gupta

STAFF REPORT
Recreation Manager Castro
Recreation Manager Castro announced that a ticketing software system is back for the performing arts. She mentioned that there will be a recital next weekend, which will have close to 600 dancers--parking will be limited. This month, she highlighted the Youth Resident Card, a membership to the Youth & Teen Center for $30/year. Residents of Santa Clara who are 18 and under can have access to recreation swimming, after school care, drop-in play at Reed & Grant, and access of the skate park. She also provides a breakdown of the Art & Wine Festival expenses, encouraged the commissioners to volunteer for the Festival that weekend, and review the bands that will be performing.

Deputy Director Seale
Deputy Director Seale provided an update that the Warburton Park Playground Rehabilitation Project will be going to Council on May 13 for approval of the schematic design.

City of Santa Clara Page 5 Printed on 06/03/2025
Parks & Recreation Commission Meeting Minutes 05/12/2025

COMMISSIONERS REPORT
Commissioner Caldwell
Commissioner Caldwell is upping his workouts at the Senior Center. He walked through Maywood Park and noticed the sprinklers have been on more often and that there is excess runoff. Deputy Director Seale made a note to connect with the parks managers about this.

Commissioner Chu
Commissioner Chu thanked staff for the bringing back the ticketing system. She mentioned that her daughter will be participating in the dance recital on Friday and will be backstage to help with the little kids on Saturday.

Commissioner DeMarco
Commissioner DeMarco’s daughter will be in the Broadway Banana Dance recital. He also visited some parks.

Commissioner Forte
Commissioner Forte attended the Health & Wellness Fair and noted that there were a lot of vendors.

Commissioner Ricketts
Commissioner Ricketts is excited to be back.

ADJOURNMENT
Commissioner DeMarco made a motion, seconded by Commission Caldwell to adjourn the Parks & Recreation Meeting at 8:47 PM until the next regular meeting on June 9, 2025, in the Sparacino Conference Room at City Hall.

Aye: Commissioner Caldwell, Vice Chair Chu, Commissioner Forte, Commissioner DeMarco, and Commissioner Ricketts
5 -
Excused: 1 - Chair Hai

Absent: 1 - Commissioner Gupta

MEETING DISCLOSURES
City of Santa Clara Page 6 Printed on 06/03/2025
Parks & Recreation Commission Meeting Minutes 05/12/2025 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.

City of Santa Clara Page 7 Printed on 06/03/2025
City of Santa Clara
Meeting Minutes
Audit Committee
Draft
4:00 PM Hybrid Meeting
Council Conference Room/Virtual
City Hall - East Wing
1500 Warburton Avenue
Santa Clara, CA 95050
03/17/2025
Committee Member Chahal will be participating remotely from the following location:

Hotel Antilia by Zion
NH-44, Ambala - Delhi Rd, Bahalgarh, Joshi Chohan, Sonipat, Haryana 131021 India Present 3 - Chair Karen Hardy, Member Raj Chahal, and Member Albert Gonzalez The City of Santa Clara is conducting the Audit Committee meetings in a hybrid manner (in-person and continues to have methods for the public to participate remotely).

Join from a PC, Mac, iPad, iPhone or Android device:

Please click this URL to join: https://santaclaraca.zoom.us/j/99199624617 Webinar ID: 991 9962 4617
Or join by phone:

US: +1 669 900 6833

CALL TO ORDER AND ROLL CALL
Chair Hardy called the meeting to order at 4:06 PM.

CONSENT CALENDAR

1. 25-321 Action on Audit Committee Minutes of November 21, 2024 Recommendation: Approve the Audit Committee minutes of November 21, 2024.

A motion was made by Committee Member Gonzalez, seconded by Committee Member Chahal, to approve the Audit Committee Minutes of November 21, 2024. The motion carried by the following vote:

Aye: 3 - Chair Hardy, Member Chahal, and Member Gonzalez

PUBLIC PRESENTATIONS
None
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Audit Committee Meeting Minutes 03/17/2025

GENERAL BUSINESS

2. 25-322 Overview of the Single Audit Report for Fiscal Year Ended June 30, 2024 Recommendation: Accept the Single Audit Report for Fiscal Year Ended June 30, 2024 and recommend that the reports are forwarded to note and file to the full Council at the March 25, 2025 Council and Authorities Concurrent meeting.

Director Kenn Lee gave an introduction.

Auditor, Amy Meyer, Maze & Associates, gave a PowerPoint presentation.

Committee Members' questions and comments were raised throughout the presentation.

City Manager Jovan Grogan, Director Lee, and Auditor Meyer addressed the Committee Member's questions and comments.

A motion was made by Member Gonzalez, seconded by Member Chahal, to accept the Single Audit Report for Fiscal Year Ended June 30, 2024 and recommend that the reports are forwarded to note and file to the full Council at the March 25, 2025 Council and Authorities Concurrent meeting. The motion carried by the following vote:

Aye: 3 - Chair Hardy, Member Chahal, and Member Gonzalez

ADJOURNMENT
Chair Hardy adjourned the meeting at 4:42 PM.

Future Audit Committee Meetings will be scheduled at a later date.

MEETING DISCLOSURES
City of Santa Clara Page 2 Printed on 06/05/2025
Audit Committee Meeting Minutes 03/17/2025
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.

City of Santa Clara Page 3 Printed on 06/05/2025
City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-689 Agenda Date: 6/24/2025

REPORT TO COUNCIL

SUBJECT
Action on Monthly Financial Status and Investment Reports for April 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 April 2025 are submitted for your information. The financial reviews, as of April 30, 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 April 30, 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 84.2% of the budget through April 2025. Revenues are currently tracking to exceed budgeted levels with higher collections in several categories, including Sales Tax, Property Tax, Transient Occupancy Tax, and Intergovernmental revenues.

As shown in Attachment 1, General Fund expenditures (excluding transfers) were at 77.8% of budget City of Santa Clara Page 1 of 5 Printed on 6/20/2025
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25-689 Agenda Date: 6/24/2025
through April 2025, which is below the par level of 83.3%. Overall, expenditures are tracking to end the year with savings.

As shown in Attachment 1, total revenues for Enterprise Funds (Electric, Water, Sewer, Cemetery, Solid Waste, and Water Recycling) were at 86.5% of the budget through April 30, 2025, while total expenses were at 71.4%.

In the month of April, donations of $3,302 were received, bringing total donations to $31,856.

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 April 2025 and May 2025. The number of unemployed persons totaled 7.2 million, consistent with April numbers. In the second estimate for the first quarter 2025, the Gross Domestic Product (GDP) decreased at an annual rate of 0.2%, following a GDP increase of 2.4% in the fourth quarter 2024.

The California unemployment rate remain unchanged at 5.3% between March and April 2025. The unadjusted unemployment rate in the San José-Sunnyvale-Santa Clara Metropolitan Statistical Area (MSA) was 3.9% in April 2025, down slightly from a revised 4.1% in March 2025, but slightly above the April 2024 estimate of 3.8%.

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 April 30, 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 April 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 4.11% in April.

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.

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25-689 Agenda Date: 6/24/2025

FISCAL IMPACT
From time to time, adjustments to the budget are required to reflect new information, align budgets with actual revenues and expenses, and correct for inadvertent errors. The recommended budget adjustments are described in Attachment 3 and summarized below:
· General Fund - increases to revenue estimates in various categories including sales tax, Stadium Authority excess revenue, and Stadium Authority performance rent. The majority of this additional revenue is applied to the ending fund balance as these funds were assumed in the development of the FY 2025/26 Adopted Operating Budget and used to increase the Budget Stabilization Reserve to 25%, with the remaining funds used to offset other recommended budget actions. Budget amendments are included for the City Clerk’s Office, Finance Department, and Fire Department budgets. Several net-zero actions are also recommended, including: an increase the Non-Departmental Stadium budget offset by an increase the Stadium reimbursement revenue; the recognition of proceeds from the sale of the Hyatt property offset by an increase to the Land Sale Reserve; an increase the property tax administration budget offset by additional property tax; the recognition of other fees for services and wildland reimbursement revenue offset by an increase to the Fire Department budget; recognition of rental revenue for the Youth Soccer Park offset by a transfer to the Parks and Recreation Capital Fund; and an increase in the Accrued Liability Reserve offset by a reduction in the Non-Departmental budget for separation payouts. · Building Special Programs and Training Fund - recognizes and appropriates higher than anticipated license/permitting revenue to the Community Development’s Building Division budget for increases in training;
· Cemetery Fund - recognizes interest earnings transfers from the Endowment Care and Perpetual Care Fund and increases to the ending fund balance; · Electric Operating Grant Trust Fund - transfer funds to the Vehicle Replacement Fund based on increased reimbursement costs for the purchase of electric vehicles, offset by the ending fund balance;
· Electric Utility Capital Fund - increases the Replace Balance of Plant Control System project, decreases the Grizzly Tap Line Repairs and Northwest Loop Capacity Upgrade projects and increases the ending fund balance;
· Electric Utility Debt Service Fund - increases the bond proceeds estimate and appropriates them to the administrative costs budget;
· Electric Utility Fund - increases the Charges for Services estimate and increases the Operations and Maintenance Reserve and the Rate Stabilization Reserve; · Endowment Care Fund - increases the interest earnings estimate and increases the transfer to the Cemetery Fund;
· Fire Development Services Fund - recognizes other fees for services revenue and appropriates the funding to the Fire Department;
· Fire Operating Grant Trust Fund - recognizes and appropriates reimbursement revenue for training and urban search and rescue deployment, and adjusts the Staffing for Adequate Fire and Emergency Response grant budget;
· Parks and Recreation Capital Fund - recognizes a transfer from the General Fund from Youth Soccer Park rental revenue and establishes the Youth Sports Park Capital Improvement project; recognizes Mitigation Fee Act and Quimby Act revenue, increases the Park Impact Monitoring and Parkland Acquisition projects and the ending fund balances for unallocated Mitigation Fee Act Fees and Quimby Act Fees;
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· Parks and Recreation Operating Grant Trust Fund - recognizes and appropriates funding for Santa Clara County Fireworks grant program;
· Perpetual Care Fund - increases the interest earnings estimate and increases the transfer to the Cemetery Fund;
· Public Donations Fund - increases the other revenue estimate and appropriates the funding to support programs for Seniors;
· Public Facilities Financing Corporation Fund - increases the interest earnings estimate and the interest expense for the 2013 Certificates of Participation payments; · Sewer Utility Fund - increases the interest earnings estimate and increases the right-of-way expense appropriation;
· Streets and Highways Capital Fund - increases the revenue from the Caltrans Bridge Preventive Maintenance Program and appropriates the funding to the Bridge Maintenance Program project;
· Vehicle Replacement Fund - recognizes a transfer from the Electric Operating Grant Trust Fund and appropriates the funding to the capital outlay budget; · Water Recycling Fund - increases the Charges for Services estimate, increases the resource and production budget and decreases the Operations and Maintenance Reserve; and · Water Utility Capital Fund - increases to the Asset Management Program, SCADA Improvements, and Tank Rehabilitation projects and decreases the unrestricted ending fund balance.

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

PUBLIC CONTACT
Public contact was made by posting the Council agenda on the City’s official-notice bulletin board outside City Hall Council Chambers. A complete agenda packet is available on the City’s website and in the City Clerk’s Office at least 72 hours prior to a Regular Meeting and 24 hours prior to a Special Meeting. A hard copy of any agenda report may be requested by contacting the City Clerk’s Office at (408) 615-2220, email [email protected] 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 April 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: increases to revenue including sales tax, property tax, other agencies revenue, rent revenue, Stadium Authority excess revenue, performance rent, and charges for services, increases to various departmental budgets including the City Clerk’s Office, Finance Department, Fire Department, and Non-Departmental, an increase to the Parks and Recreation Capital Fund, and increases to the Land Sale Reserve, Accrued Liability Reserve, and Ending Fund Balance, with a net impact of $20,746,435; b. Building Special Programs and Training Fund: increase of license/permit revenue and increase to the Community Development Department’s Building Division training budget, with a net impact of $7,000;
c. Cemetery Fund: increases the transfers from the Endowment and Perpetual Care Funds and City of Santa Clara Page 4 of 5 Printed on 6/20/2025
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25-689 Agenda Date: 6/24/2025
increase to ending fund balance, with a net impact of $81,500; d. Electric Operating Grant Trust Fund: increases the transfer to the Vehicle Replacement Fund and decreases ending fund balance-greenhouse gas program, with a net impact of $0; e. Electric Utility Capital Fund: adjustments to multiple capital projects and an increase to the ending fund balance, with a net impact of $0;
f. Electric Utility Debt Service Fund: increases to bond proceeds and administrative costs, with a net impact of $585,113;
g. Electric Utility Fund: increase in charges for services offset with increases to the Operations and Maintenance Reserve and Rate Stabilization Reserve, with a net impact of $25,000,000; h. Endowment Fund: transfer of interest earnings to the Cemetery Fund, with a net impact of $80,000;
i. Fire Development Services Fund: recognition of other fees for services and appropriate the funds to the Fire Department, with a net impact of $250,000; j. Fire Operating Grant Trust Fund: recognition and appropriation of grant revenue and reimbursements for the Fire Department, with a net impact of $438,178; k. Parks and Recreation Capital Fund: recognition of a transfer from the General Fund to establish the Youth Soccer Parks Capital Improvement project; recognition of Mitigation Fee and Quimby Act revenue and increases to the Park Impact Fees Monitoring and Parkland Acquisition projects and ending fund balances for unallocated Mitigation Fee Act Fees and Quimby Act Fees, with a net impact of $4,456,644;
l. Parks and Recreation Operating Grant Trust Fund: recognition and appropriation of a grant from the County of Santa Clara for the July 4th Fireworks, with a net impact of $5,000; m. Perpetual Care Fund: transfer of interest earnings to the Cemetery Fund, with a net impact of $1,500;
n. Public Donations Fund: recognition and appropriation of donation revenue to support program for Seniors, with a net impact of $6,100;
o. Public Facilities Financing Corporation Fund: increase in interest earnings and interest expense, with a net impact of $1,500;
p. Sewer Utility Fund: increase to the estimate for interest earnings and increase for right of way expense appropriation, with a net impact of $100,000; q. Streets and Highways Capital Fund: recognition and appropriation of revenue for the Bridge Maintenance Program project, with a net impact of $262,360; r. Vehicle Replacement Fund: transfer from the Electric Utility Fund for capital outlay, with a net impact of $120,232;
s. Water Recycling Fund: increase to charges for services, increase to resource and production partially offset by a decrease in the Operations and Maintenance Reserve, with a net impact of $360,000; and
t. Water Utility Capital Fund: increases to various capital projects offset by ending fund balance, with a net impact of $0.

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

ATTACHMENTS

1. Monthly Financial Status Report - April 2025

2. Monthly Investment Report - April 2025

3. FY 2024/25 Budget Amendments
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_____________________________________________________________________

MONTHLY FINANCIAL STATUS REPORT
April 2025
City of
Santa Clara
The Center of What's Possible
1 City of Santa Clara
Financial Status Report as of April 30, 2025
This report summarizes the City’s financial performance for the month ended April 30, 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 April 30, 2025
In the first quarter 2025 second estimate, the Gross Domestic Product (GDP) decreased at an annual rate of 0.2%, 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-second-estimate-corporate-profits-preliminary-estimate-1st-quarter 4,0
3,0
2,0
1,0
0,0
-U l
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Real GDP, Percent Chang,e from Preceding Quarter
Qt. Q2 Q3 04
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-
Q1
2025
U.S. 10ureau of Econ<Hnk Anal~.is Season allv adjusted annual ra les Contributions to Perce1nt Cha,nge in IReal GDP~ 1st Quarter .2025 Real GDP' decreased 0.2 percent
Percentage points Adva nce ■ Second

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f'ro te. Imports ,ue a suhtracti<H1 in the calouldtkm uf GDP; th us, ,m ln0J e<1s.e in imports. re~ulls in a ne1Ja~i"'4c' rnn11ibutio11 Lo GDP.

I
Imports
U.S. llu1 ldau of Eoo11umit· Aria vsis Se:;r.,unally adjus~ldtl ,m 1u<1 I I ale s 3 City of Santa Clara
Financial Status Report as of April 30, 2025
On a national level, the unemployment rate remained unchanged at 4.2% between April 2025 and May 2025. In May, the number of unemployed persons totaled 7.2 million, consistent with April levels.3
At the state level, the California unemployment rate remained unchanged at 5.3% between March and April 2025. This rate is slightly higher compared to the 5.2% rate in April 2024. Over the past year, California employers have added 68,000 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 3.9% in April 2025, down slightly from a revised 4.1% in March 2025, but slightly above the April 2024 estimate of 3.8%. Between April 2024 and April 2025, employment in this region decreased by 1,400 jobs, or 0.1%. Notable employment reductions were in professional and business services (down 4,500 jobs), manufacturing (down 3,900 jobs), and leisure and hospitality (down 2,100 3 https://www.bls.gov/news.release/pdf/empsit.pdf 4 https://edd.ca.gov/en/about_edd/news_releases_and_announcements/unemployment-april-2025/ 5 UCLA Anderson Forecast Spring 2025 Economic Forecast, “California After the Election: Part Duex”, Jerry Nickelsburg Chart 1. Unemployment rate, seasonally adjusted,
May 2023 - May 2025
Percent

5.5 5.0

4.5 4.0

3.5 3.0

2.5 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 Chart 2. Nonfann payroll employment over-the-month change, seasonally adjusted, May 2023 - May 2025
lllousands
500
400
300
200
100
0 -100
May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 4 City of Santa Clara
Financial Status Report as of April 30, 2025
jobs). The largest increases were in health care and social assistance (up 8,200 jobs) and government (up 2,700 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 $328.4 million to reflect carryover encumbrances from fiscal year 2023/24 and various budget amendments approved by the City Council through April 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 to end the year with savings.
6 https://labormarketinfo.edd.ca.gov/file/lfmonth/sjos$pds.pdf Unemployment Rate Historical Trend

4.8% ...------------

4.6% +----------------------,#S----' ...... ----------- 44·.42% % t======== -t--~~===========Jt::3~~---------~~---:;~---:;;i,;:----- 4.0¾ r_-_----:,c-:--.::::;J-1-jl!I_C!l_~.._,.,_ ... _,._~'-.;;;-=_,ilr_-_-_~---_-=-_~__,..._ _____________ --=- 3,a%

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3.4%

3.2% +.-t---------------------------------

3.0% ------------------------------------------------,------------. ~rv' ~rv' .. ~ .·~'\,'} .~~":,~Hrv' ,)(~ ,g~,f:;(rp 'drp ~ 'S '),s ~ ~ (T O <;y' y '<lli 5 City of Santa Clara
Financial Status Report as of April 30, 2025
General Fund Revenues
As of April 30, 2025, $256.4 million or 84.2% 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
04/30/2025
Percentage
Received
Actual Through
04/30/2024
$
Change From
Prior Year
Percentage
Change
TAXES
Sales Tax $ 62,900,000 $ 62,900,000 $ 48,959,932 77.84% $ 39,772,451 $ 9,187,481 23.10% Property Tax 94,391,000 94,391,000 71,802,154 76.07% 78,272,203 (6,470,049) -8.27% Transient Occupancy Tax 22,850,000 22,850,000 18,970,550 83.02% 16,169,243 2,801,307 17.32% Other Taxes 6,950,000 6,950,000 4,720,691 67.92% 4,636,976 83,715 1.81% Total Taxes 187,091,000 187,091,000 144,453,327 77.21% 138,850,873 5,602,454 4.03%

LICENSES & PERMITS
Business Licenses 6,000,000 6,000,000 5,021,923 83.70% 3,918,700 1,103,223 28.15% Fire Operation Permits 2,010,000 2,010,000 1,798,701 89.49% 1,482,991 315,710 21.29% Miscellaneous Permits 55,000 55,000 74,227 134.96% 18,210 56,018 307.63% Total Licenses & Permits 8,065,000 8,065,000 6,894,851 85.49% 5,419,901 1,474,951 27.21% FINES & PENALTIES 1,452,000 1,452,000 1,860,183 128.11% 2,101,618 (241,435) -11.49% INTERGOVERNMENTAL 970,000 2,086,333 4,582,816 219.66% 597,356 3,985,460 667.18% CHARGES FOR SERVICES 30,829,954 31,136,862 28,700,639 92.18% 27,302,279 1,398,360 5.12% SILICON VALLEY POWER TRANSFER 34,500,000 34,500,000 29,554,249 85.66% 27,425,209 2,129,040 7.76%

USE OF MONEY & PROPERTY
Interest 6,212,000 6,212,000 4,503,122 72.49% 2,195,628 2,307,494 105.09% Rent 13,028,187 13,028,187 10,209,880 78.37% 10,216,907 (7,027) -0.07% Total Use of Money & Property 19,240,187 19,240,187 14,713,002 76.47% 12,412,535 2,300,467 18.53% MISCELLANEOUS REVENUES 215,550 215,550 486,354 225.63% 530,923 (44,569) -8.39%

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 17,523,231 145.75% 11,410,102 6,113,129 53.58% 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 25,135,425 120.73% 11,660,102 13,475,323 115.57% TOTAL GENERAL FUND $ 310,698,189 $ 328,375,210 $ 280,149,298 85.31% $ 241,357,655 $ 38,791,644 16.07% (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 April 30, 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 April 30, 2025, $49 million has been collected, which is 23.1% higher than prior year collection levels.

Given the timing of payments, the sales tax payments through April account for actual activity from July through December ($39.4 million) and advance payments for January ($4.4 million) and February ($4.6 million). In addition, $0.6 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. While not reflected in the data through April, the City received the true-up payment for the third quarter of FY 2024/25 (January – March 2025) in May. General sales tax receipts in the third quarter totaled $20.5 million and were up 40% from the same quarter in the prior fiscal year. Overall, through the first three quarters of the fiscal year, collections were up an unprecedented 35% from the prior fiscal year. To better understand this performance, staff has been working with the City’s sales tax consultant, Avenu Insights/MuniServices and also contacted the California Department of Tax and Fee Administration for feedback. This growth reflects large one-time transactions from multiple taxpayers in each of the three quarters. In addition, there are a few top taxpayers that had significantly increased revenues in those quarters. The City also received larger proportional shares from the countywide pool as a result the increased allocations.

Given the very strong performance to date, collections are tracking to significantly exceed the budget estimate of $62.9 million by $15 million - $18 million. A portion of this excess revenue was assumed for use in the development of the FY 2025/26 and FY 2026/27 Adopted Operating Budget. Additional funding is also recommended to support current year budget needs as brought forward in the budget amendments included in this report.

Property Tax: $71.8 million in property tax receipts were received through April 2025, or 76.1% 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 $96.9 million, which is above the Adopted Budget estimate of $94.4 million. The revenue from the Successor Agency sale of the Hyatt Hotel parcel that generated approximately $2.3 million for the City of Santa Clara is reflected in the Intergovernmental category below.

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 April 30, 2025, approximately $18.9 million was received, or 83% of the budget. This collection level was

17.3% above the $16.2 million received through April of the prior fiscal year. Growth of 2.2% is needed to meet the budgeted estimate of $22.9 million. Receipts are tracking to exceed the budget estimate by approximately $3 million.
7 City of Santa Clara
Financial Status Report as of April 30, 2025
Other Taxes: Includes franchise tax and documentary transfer tax. The City has collected approximately $4.7 million through April, including $3.8 million in franchise taxes and $0.9 million in documentary transfer taxes. This collection level is consistent with last fiscal year levels and is tracking close to the budget estimate.

Licenses & Permits: Includes business licenses, fire operation permits, and miscellaneous permits and fees. Revenue collections are tracking above par with receipts totaling $6.9 million, or 85.5% 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 $5.0 million, or 83.7% of the budget. Business license tax receipts are expected to end the year close to the estimate of $6.0 million.

Fines & Penalties: Includes vehicle, parking, court fines, and miscellaneous penalty fines. Through April, revenue in this category totaled $1.9 million which is lower than prior year collection levels of $2.1 million but above 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 April, approximately $4.6 million has been collected, exceeding the $2.1 million budget. The significant increase in collections in this category is due to the sale of the Hyatt land, accounting for $2.3 million. The proceeds from the sale are recommended to be allocated to the Land Sale Reserve as part of this report. Additionally, a portion of the revenue in this category is attributed to Fire wildland deployment reimbursements. As part of this report, $593,000 of additional reimbursements are being recognized and allocated to the Fire Department.

Charges for Services: Includes various plan check and zoning-related fees, engineering fees, administrative fees, and community service revenue from various recreational activities. Through April, collections totaled approximately $28.7 million or 92.2% of the budget. This reflects a 5.1% 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 April, $14.7 million has been collected, or 76.5% of the budget. This collection level is 18.5% above the $12.4 million received last fiscal year primarily due to higher right-of-way and interest earnings collected in the current year.
8 City of Santa Clara
Financial Status Report as of April 30, 2025
Miscellaneous Revenues: Includes developer fees, donations, damage recovery, sale of surplus, and one-time miscellaneous revenues. Through April, collections total $0.5 million, which is slightly lower than prior year collection levels but above the budget estimate of $0.2 million.

Stadium Operation: Through April 30, 2025, approximately $25.1 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. The use of the excess revenue was assumed in the development of the FY 2025/26 and FY 2026/27 Adopted Operating Budget and an associated budget action is recommended in this report to recognize those funds. A budget action is also included to recognize and appropriate reimbursements from the Bay Area Host Committee for costs incurred and remaining costs anticipated for Super Bowl LX and FIFA World Cup 2026 events planning and training.
9 City of Santa Clara
Financial Status Report as of April 30, 2025
General Fund Expenditures
As of April 30, 2025, $261.3 million or 79.6% of the General Fund operating budget had been expended, which is higher than prior year expenditure levels. Excluding transfers, expenditures totaled $234.6 million, or 77.8% of the budget, which is below par (83.3% through April). Transfers of $26.7 million have occurred as budgeted. Overall, expenditures in the General Fund are tracking to end the year with savings.

Adopted Budget
Amended
Budget
Actual Through
04/30/2025
Percentage
Used
Actual Through
04/30/2024
$
Change From
Prior Year
Percentage
Change

GENERAL GOVERNMENT
Non-Departmental $ 17,622,136 $ 18,852,222 $ 11,758,804 62.37% $ 10,416,504 $ 1,342,300 12.89% City Council 1,196,923 1,196,923 917,110 76.62% 937,748 (20,638) -2.20% City Clerk 2,102,267 2,186,267 1,932,238 88.38% 1,235,820 696,418 56.35% City Manager 8,222,051 8,080,316 3,652,413 45.20% 3,573,767 78,646 2.20% City Attorney 3,357,661 3,440,037 2,463,586 71.62% 2,365,821 97,765 4.13% Human Resources 4,845,256 5,377,027 3,462,219 64.39% 2,808,608 653,611 23.27% Finance 21,008,682 21,875,123 17,769,764 81.23% 14,601,981 3,167,783 21.69% Total General Government 58,354,976 61,007,915 41,956,134 68.77% 35,940,249 6,015,885 16.74% PUBLIC WORKS 26,347,463 28,226,582 21,052,776 74.58% 20,038,010 1,014,767 5.06% COMMUNITY DEVELOPMENT 5,575,313 5,636,381 4,001,716 71.00% 4,086,107 (84,391) -2.07% PARKS AND RECREATION 23,172,047 23,956,989 17,641,269 73.64% 17,354,552 286,717 1.65%

PUBLIC SAFETY
Fire 66,292,191 68,331,887 57,595,704 84.29% 53,820,617 3,775,087 7.01% Police 92,074,298 92,776,102 75,242,730 81.10% 70,136,982 5,105,748 7.28% Total Public Safety 158,366,489 161,107,989 132,838,434 82.45% 123,957,599 8,880,835 7.16% LIBRARY 11,732,505 12,230,197 9,803,534 80.16% 8,451,127 1,352,407 16.00% DEPARTMENTAL TOTAL 283,548,793 292,166,053 227,293,863 77.80% 209,827,643 17,466,220 8.32%

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 7,320,181 77.07% 8,425,751 (1,105,570) -13.12% TOTAL GENERAL FUND $ 310,698,189 $ 328,375,210 $ 261,324,760 79.58% $ 230,053,555 $ 31,271,205 13.59% Function

CITY OF SANTA CLARA

GENERAL FUND

EXPENDITURES OVERVIEW AND COMPARISON BY FUNCTION
FISCAL YEAR 2024/25 PY EXPENDITURES COMPARISON
10 City of Santa Clara
Financial Status Report as of April 30, 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 April, expenditures totaled $11.8 million, or 62.4% of the budget. These expenditures are below par of 83.3%, 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 April totaled approximately $2.5 million, which is 71.6% of the budget, which is below par. Spending is 4% higher than the total expenditures through the same time last fiscal year.

City Clerk: Through April, actual expenditures were tracking at $1.9 million or approximately 88.4% of the budget. This expenditure level reflects a 56.4% increase compared to last fiscal year due to costs that are incurred every other year, such as election costs. A budget amendment to increase the elections budget by $29,000 (from $502,000 to $531,000) is recommended in this report to account for the higher actual costs.

City Council: Through April, expenditures of $0.9 million were at 76.6% 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 April totaled $3.7 million, or 45.2% of the budget, which is below par for this time of the year. Expenditures are slightly above 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 April, departmental expenditures for the Planning and Housing and Community Services divisions totaled $4.0 million, or 71% of the budget, which is below par of 83.3%. This expenditure level is slightly below the prior year spend levels.

Finance Department: Through April 30, 2025, the Department’s expenditures totaled $17.8 million, or

81.2% of the budget, which is slightly below par. This expenditure level was approximately 21.7% 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. A budget adjustment of $550,000 is recommended for one-time licensing costs for Peoplesoft that are tied to the City’s budget size; this adjustment accounts for true-up assessments related to prior fiscal years.

Fire Department: Through April, actual expenditures totaled $57.6 million, or 84.3% of the budget, which is slightly above par. These expenditures also reflect a 7% increase from last fiscal year due to 11 City of Santa Clara
Financial Status Report as of April 30, 2025
higher expenditures across the overtime and non-personnel categories including operating supplies, contractual services, and capital outlay. Overtime expenditures are tracking over budget at 230% due, in part, to overtime expenditures related to mutual aid deployment efforts. These costs are reimbursable, and budget actions have been approved by City Council as part of the FY 2023/24 Budget Year-End Report and Monthly Financial Reports to recognize and appropriate these reimbursements. 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 150% expended through April. 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 April, absences are down 5% (from 71,001 to 67,551 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 April, the compensatory time payouts total $1.47 million, which is above historical levels but 25% below the payouts of $1.96 million experienced through April of last fiscal year.

Expenditures are currently tracking to end the year approximately $2.1 million to $2.7 million above budget. A portion of this overage can be offset by additional ambulance transport revenue of $952,000 and a budget amendment is recommended in this report to recognize and appropriate those funds.

After this adjustment, a remaining shortfall of $1.1 million to $1.7 million is projected. A budget amendment totaling $1.7 million is included to conservatively address the projected year-end overage.

Library Department: Through April, actual expenditures totaled $9.8 million, or 80.2% of the budget, which is slightly below par, but 16% 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 April, actual expenditures totaled $17.6 million, or

73.6% of the budget, which is below par, and consistent with last fiscal year spend.

Police Department: Expenditures through April are tracking at expected levels at $75.2 million, or 81% of the budget; this is approximately 7.3% higher than prior year spending. The higher spend is primarily in the salaries and benefits and contractual 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 $7.3 million through April, which is 13% 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. An action is included in this report to recognize and 12 City of Santa Clara
Financial Status Report as of April 30, 2025
appropriate costs already incurred and anticipated through the end of the fiscal year for the planning and training costs associated with the 2026 major events. 13 City of Santa Clara
Financial Status Report as of April 30, 2025
Special Revenue Funds
The table below is a summary of revenues and expenditures of select Special Revenue Funds as of April 30, 2025. The amended budget reflects carryover encumbrances from fiscal year 2023/24 and budget amendments approved by the City Council through April 2025.

Revenues totaled approximately $22.8 million, while expenditures totaled approximately $20.1 million through the end of April. Both revenue and expenditures are tracking below par of 83.3%. 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 4/30/2025 Received 4/30/2024 Prior Year Change Building Development Services Fee
Fund
$ 16,164,000 $ 16,164,000 $ 14,927,205 92.35% 13,346,362 $ $ 1,580,843 11.84% City Affordable Housing Fund 1,168,177 1,168,177 1,077,543 92.24% 551,399 526,144 95.42% Fire CUPA Fund 0 0 180,159 N/A 0 180,159 N/A
Fire Development Services Fee
Fund
3,277,500 3,277,500 3,455,887 105.44% 3,016,329 439,558 14.57% Housing and Urban Development 2,532,068 7,023,563 2,230,706 31.76% 846,589 1,384,117 163.49% Housing Authority Fund 252,496 252,496 46,320 18.34% 394,757 (348,437) -88.27% Housing Successor Fund 1,306,326 1,306,326 930,095 71.20% 385,983 544,112 140.97% TOTAL $ 24,700,567 $ 29,192,062 $ 22,847,915 78.27% 18,541,419 $ $ 4,306,496 23.23% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 4/30/2025 Used 4/30/2024 Prior Year Change Building Development Services Fee
Fund
$ 15,044,148 $ 17,302,488 $ 13,328,766 77.03% 11,896,804 $ $ 1,431,962 12.04% City Affordable Housing Fund 1,593,647 12,242,276 777,904 6.35% 3,150,331 (2,372,427) -75.31% Fire CUPA Fund 0 535,696 60,596 11.31% 0 60,596 N/A
Fire Development Services Fee
Fund
3,387,922 3,387,922 2,944,004 86.90% 2,567,182 376,822 14.68% Housing and Urban Development 2,532,068 7,968,912 2,395,664 30.06% 1,020,466 1,375,198 134.76% Housing Authority Fund 468,931 511,389 134,323 26.27% 140,684 (6,361) -4.52% Housing Successor Fund 902,579 1,012,590 500,773 49.45% 648,689 (147,916) -22.80% TOTAL $ 23,929,295 $ 42,961,273 $ 20,142,030 46.88% 19,424,156 $ $ 717,874 3.70%

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
14 City of Santa Clara
Financial Status Report as of April 30, 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 April 2025. As of April 30, 2025, the internal service fund expenditures totaled $45.8 million, or

71.2% 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 4/30/2025 Used 4/30/2024 Prior Year Change Communication Acquisitions Fund $ 1,067,904 $ 7,126,624 $ 5,926,859 83.17% $ 311,831 $ 5,615,028 1800.66% Fleet Maintenance and Operations
Fund
5,939,015 6,172,901 4,872,742 78.94% 4,745,221 127,521 2.69% Information Technology Services
Fund
15,439,338 17,045,167 10,201,056 59.85% 9,671,144 529,912 5.48% Public Works Capital Projects
Management Fund
4,373,674 5,157,651 3,385,039 65.63% 3,179,725 205,314 6.46% Special Liability Fund 6,530,000 12,230,306 10,362,647 84.73% 4,911,411 5,451,236 110.99% Unemployment Insurance Fund 110,000 135,000 74,713 55.34% 37,987 36,726 96.68% Vehicle Replacement Fund 5,827,284 10,028,956 6,245,655 62.28% 4,508,927 1,736,728 38.52% Workers' Compensation Fund 6,437,000 6,437,000 4,725,992 73.42% 4,925,485 (199,493) -4.05% TOTAL $ 45,724,215 $ 64,333,605 $ 45,794,703 71.18% 32,291,731 $ $ 13,502,972 41.82%

CITY OF SANTA CLARA

INTERNAL SERVICE FUNDS

EXPENDITURES - OVERVIEW AND COMPARISON BY FUND
EXPENDITURES - FISCAL YEAR 2024/25 PRIOR YEAR EXPENDITURE COMPARISON 15 City of Santa Clara
Financial Status Report as of April 30, 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 April 2025. As of April 30, 2025, the capital fund revenue totaled $19 million, or 48.8% 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 $2.9 million collected in Quimby Fee Act revenue, $1.5 million collected in Mitigation Fee Act revenue as well as $1.3 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 4/30/2025 Used City Affordable Housing Capital Fund $ - $ - $ - $ 2,968,732 NA Parks & Recreation - 3,349,489 3,349,489 8,305,963 247.98% Related Santa Clara Developer 795,344 - 795,344 500,344 62.91% Storm Drain 1,786,902 3,000,000 4,786,902 1,415,015 29.56% Streets & Highways 6,683,849 19,534,183 26,218,032 5,602,086 21.37% Tasman East Specific Infrastructure
Improvement Fund
3,734,932 - 3,734,932 171,027 4.58%
TOTAL $ 13,001,027 $ 25,883,672 $ 38,884,699 $ 18,963,167 48.77%

CITY OF SANTA CLARA

GOVERNMENTAL CAPITAL IMPROVEMENT FUNDS

REVENUE - OVERVIEW AND COMPARISON BY SELECTED FUND
The table below lists the total amended budgeted amounts for expenditures in the Capital Improvement Funds. Similar to the revenue table, the amended expenditure budgets consist of current year appropriations, prior year carryover encumbrance balances in Governmental Capital Improvement Funds, and budget amendments approved through April 2025. As of April 30, 2025, capital fund expenditures totaled $27.9 million, or 15.3% 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.
16 City of Santa Clara
Financial Status Report as of April 30, 2025
EXPENDITURES - FISCAL YEAR 2024/25
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 4/30/2025 Used Fire $ 2,360,137 $ 550,295 $ 2,910,432 $ 588,363 20.22% General Gov't - Other 5,013,009 9,675,140 14,688,149 1,511,415 10.29% Library 475,929 261,190 737,119 17,447 2.37%
Parks & Recreation 21,061,911 22,186,879 43,248,790 2,985,499 6.90% Public Buildings 5,805,328 3,933,806 9,739,134 1,657,353 17.02% Related Santa Clara Developer 1,189,335 19,828 1,209,163 688,734 56.96% Storm Drain 3,794,643 6,658,409 10,453,052 1,299,839 12.44% Streets & Highways 49,684,528 46,415,359 96,099,887 19,086,730 19.86% Tasman East Specific Infrastructure
Improvement Fund
1,432,193 1,424,215 2,856,408 19,681 0.69%
TOTAL $ 90,817,013 $ 91,125,121 $ 181,942,134 $ 27,855,061 15.31%

SUMMARY OF EXPENDITURES

CITY OF SANTA CLARA

GOVERNMENTAL CAPITAL IMPROVEMENT FUNDS
17 City of Santa Clara
Financial Status Report as of April 30, 2025
Enterprise Funds
The table below is a summary of revenues and expenses for the Enterprise Operating Funds as of April 30, 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 4/30/2025 Received 4/30/2024 Prior Year Change Cemetery Fund $ 750,000 $ 750,000 $ 511,207 68.16% $ 480,836 $ 30,371 6.32% Electric Utility Fund 893,397,959 893,397,959 773,530,280 86.58% 575,009,435 198,520,845 34.52% Sewer Utility Fund 46,989,803 46,989,803 46,575,664 99.12% 74,681,145 (28,105,481) -37.63% Solid Waste Utility Fund 41,561,372 41,561,372 32,200,137 77.48% 30,390,912 1,809,225 5.95% Water Recycling Fund 8,507,338 8,507,338 8,462,758 99.48% 5,731,530 2,731,228 47.65% Water Utility Fund 64,096,935 64,096,935 51,449,218 80.27% 44,195,305 7,253,913 16.41% TOTAL REVENUE $ 1,055,303,407 $ 1,055,303,407 $ 912,729,264 86.49% 730,489,163 $ $ 182,240,101 24.95% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 4/30/2025 Used 4/30/2024 Prior Year Change Cemetery Fund $ 1,628,800 $ 1,628,800 $ 953,033 58.51% $ 801,770 $ 151,263 18.87% Electric Utility Fund 649,513,582 672,335,619 472,748,978 70.31% 449,695,751 23,053,227 5.13% Sewer Utility Fund 38,762,083 39,278,049 30,794,517 78.40% 47,490,411 (16,695,894) -35.16% Solid Waste Utility Fund 40,775,942 43,928,485 30,850,806 70.23% 27,948,742 2,902,064 10.38% Water Recycling Fund 9,307,289 10,982,389 8,121,958 73.95% 5,722,377 2,399,581 41.93% Water Utility Fund 57,614,177 58,830,207 47,018,443 79.92% 43,331,121 3,687,322 8.51% TOTAL - Operating
Appropriations
$ 797,601,873 $ 826,983,549 $ 590,487,735 71.40% 574,990,172 $ $ 15,497,563 2.70% 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. 18 City of Santa Clara
Financial Status Report as of April 30, 2025
A summary of revenue and expenses in the Enterprise Capital Improvement Funds is detailed in the table below. Actual revenue through April 30, 2025, totaled $30.9 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 $56.5 million, or 10.7% 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 4/30/2025 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 27,568,373 52.32% Sewer Utility Fund - - - 2,778,736 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 $ 30,937,825 57.83% Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 4/30/2025 Used Cemetery Fund $ 22,524 $ 252,644 $ 275,168 $ 3,907 1.42% Convention Center Capital
Fund
2,699,999 1,723,150 4,423,149 1,866,520 42.20%
Electric Utility Fund 264,128,146 184,117,774 448,245,920 42,736,682 9.53% Sewer Utility Fund 24,421,888 24,213,217 48,635,105 6,495,949 13.36% Solid Waste Utility Fund 907,874 24,569 932,443 635,515 68.16% Street Lighting (1) 10,374,952 3,524,758 13,899,710 752,934 5.42% Water Recycling Fund 400,000 - 400,000 3,015 0.75%
Water Utility Fund 8,731,864 2,692,753 11,424,617 3,992,554 34.95%

TOTAL - CIP
Appropriations
$ 311,687,247 $ 216,548,865 $ 528,236,112 $ 56,487,076 10.69% 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 19 City of Santa Clara
Financial Status Report as of April 30, 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.
20 City of Santa Clara
Financial Status Report as of April 30, 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 10,343,105
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 $ 89,793,974 $ 327,000,000 $ 303,090

CITY OF SANTA CLARA

RESERVE BALANCES
April 30, 2025
Donations to the City of Santa Clara
Donations received by department during the month of April 2025 and for fiscal year 2024/25 are shown in the table below.

Department Apr-25
Fiscal Year
2024/25
Year To Date Designated Use
City Manager's Office 40 122 Help Your Neighbor
Parks & Recreation 1,470 5,470 Case Management
Parks & Recreation 20 20 Community Garden
Parks & Recreation - 632 Reed/Grant Park Soccer Equipment Parks & Recreation 1,772 5,687 Roberta Jones Jr. Theatre Parks & Recreation - 19,925 Wade Brummal
TOTALS $ 3,302 $ 31,856
_____________________________________________________________________

MONTHLY INVESTMENT REPORT
April 2025
City of
Santa Clara
The Center of What's Possible
5 Attachment B: Statement of Transactions 13
City of Santa Clara
Monthly Investment Report

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

SUMMARY OF INVESTMENT PORTFOLIO
All securities held by the City of Santa Clara as of April 30, 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 April 30, 2025.

On April 30, 2025 the cost value and market value of the City's unrestricted pooled investment portfolio were $1,405,460,404 and $1,416,468,879 respectively.

Investment Strategy and Market Update
The Federal Reserve (Fed) continues to follow a wait-and-see approach. Fed Chair Jerome Powell said he expects tariffs to move the Fed further away from both sides of its dual mandate goals of stable prices and maximum employment, and will make policy adjustments only in reaction to any increase in inflation or deterioration of labor markets. U.S. gross domestic product (GDP) shrank in Q1 by -0.3% as a surge in imports – a subtraction from GDP – dragged down reported growth. Final sales to domestic purchasers, a metric used by the Fed to gauge private sector demand remained strong. However, prospects for consumer spending remain uncertain given the pull-forward of demand in advance of tariffs which may weigh on growth later in the year.

The Core Personal Consumption Expenditures Index (PCE), which is the Fed’s preferred measure of inflation, was flat in April on a month-over-month basis, marking the slowest pace of price increases in five years. Non-farm payrolls continued to beat expectations, growing by 177,000 in April while the unemployment rate remained at 4.2%. The data points toward labor market strength and provides the Fed cover to keep policy rates unchanged while it analyzes the impact of tariffs.

Yields on 3-month, 2-year, and 10-year U.S. Treasuries ended the month lower at 4.29%, 3.60%, and 4.16%, respectively as the market priced in more Fed cuts due to deteriorating growth expectations. 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 +0.34%, +0.81%, and +0.79%, respectively.

COST VALUE PERCENTAGE
City $1,404,321,498 99.92%
SOSA 8,916 0.00%
HA 1,129,990 0.08%
Unrestricted $1,405,460,404 100.00%
Restricted Bond Proceeds 2,440,780
Total Investments $1,407,901,184
2 The City's investment strategy for April 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 from date of purchase. This strategy ensures safety of the City’s funds, provides liquidity to meet the City’s cash needs, and earns a reasonable portfolio return. PFM Asset Management LLC began actively managing the City’s securities portfolio on September 1, 2020.

As of April 30, 2025, 54.34% of the City’s portfolio consists of U.S. Treasury Notes, 17.02% consists of California Asset Management Program (CAMP), 15.21% consists of investment grade Corporate Notes, 6.18% consists of investment grade Mortgage-Backed Securities, 5.69% consists of investment grade Asset-Back Securities, 0.53% consists of Negotiable Certificates of Deposit, 0.44% consists of Local Agency Investment Fund (LAIF), and 0.35% consists of Federal Agencies. In addition, City bond proceeds are invested in separate funds and are not included in the calculation of the City’s portfolio yield.

U.S. Treasury Notes

54.34%
Federal Agency Notes

0.35%
Corporate Notes

15.21%
Asset-Backed Securities

5.69%
Negotiable Certificates of
Deposit

0.53%
Mortgage-Backed Securities

6.18% Money Market Fund

0.07%
Local Agency Investment
Fund (LAIF)

0.44%
California Asset Management
Program (CAMP)

17.02%
Mutual Fund - Traffic Mitigation
Bond Proceeds

0.17%
3 The City’s securities portfolio is benchmarked against the ICE BAML 1-5 US Treasury Index.

4.11%

4.38%

4.52%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00%
Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 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) r r r r r r r r
4 The following table summarizes the investment yields other information of the City’s investment portfolio components, along with comparable-maturity market indices. Also shown are the monthly interest income and aggregate year-to-date income.

Current Month
4/30/2025
Investment Yield
Liquidity Portfolio1

4.38%
LAIF average monthly yield 4.28%
Securities Portfolio2

4.11%
ICE BAML 1-5 US Treasury Index (24-month rolling average market yield) 4.38% ICE BAML 1-5 AAA-A US Corporate & Government Index (24-month rolling average market yield) 4.52%
City Portfolio (Liquidity + Securities) 4.16%
Investment Total Return*
Securities Portfolio 0.95%
ICE BAML 1-5 US Treasury Index 0.99%
ICE BAML 1-5 AAA-A US Corporate & Government Index 0.94% Average Maturity of Investments (in years)
Liquidity Portfolio1

0.13 Securities Portfolio2

2.90 City Portfolio (Liquidity + Securities) 2.41
ICE BAML 1-5 US Treasury Index 2.71
ICE BAML 1-5 AAA-A US Corporate & Government Index 2.76 Cash Interest Income Current Month3
$ 5,981,963
Cash Interest Income Fiscal Year-To-Date3
$ 38,948,244

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 APRIL 30, 2025
PER
COST % OF INVESTMENT

INVESTMENT TYPE VALUE PORTFOLIO POLICY
U.S. Treasury Notes 764,916,319 54.34% No Limit
Federal Agency Notes 4,998,000 0.35% 80%
Corporate Notes 214,173,407 15.21% 25%
Asset-Backed Securities 80,112,468 5.69% 10%
Negotiable Certificates of Deposit 7,500,000 0.53% 30%
Mortgage-Backed Securities 87,035,050 6.18% 15%
Money Market Fund 1,008,127 0.07% 10% Per Fund
Local Agency Investment Fund (LAIF) 6,210,979 0.44% $75 M California Asset Management Program (CAMP) 239,506,054 17.02% No Limit Mutual Fund - Traffic Mitigation Bond Proceeds 2,440,780 0.17% 10% Per Fund TOTAL INVESTMENTS $ 1,407,901,184 100.00%
6 INVESTMENT MATURITY DISTRIBUTION
AS OF APRIL 30, 2025

UNRESTRICTED POOLED PORTFOLIO

MATURITY NUMBER OF
(IN MONTHS) COST VALUE INVESTMENTS DISTRIBUTION
DEMAND (a) $ 176,725,160 (a) 3 12.57%
0 TO 6 102,723,592 13 7.31%
7 TO 12 38,203,330 5 2.72%
13 TO 18 77,080,062 8 5.48%
19 TO 24 136,190,219 17 9.69%
25 TO 30 209,052,563 19 14.88%
31 TO 36 101,594,840 20 7.23%
37 TO 42 164,243,583 28 11.69%
43 TO 48 146,470,364 24 10.42%
49 TO 54 141,517,488 21 10.07%
55 TO 60 111,659,203 19 7.94%
TOTAL $ 1,405,460,404 177 100.00%
Average Maturity of Unrestricted Pool: 2.41 Years
(a) $20 million is earmarked for the City's Electric Utility power-trading. 0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
22%
24%

INVESTMENT MATURITY DISTRIBUTION

UNRESTRICTED POOLED PORTFOLIO
AS OF APRIL 30, 2025
City of Santa Clara Monthly Report
4/30/2025
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/LUNITED 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% 13,863,010.20 24,997.70 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% 15,952,794.90 40,669.12UNITED 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% 19,579,518.00 123,206.67UNITED 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% 10,116,000.00 185,531.25UNITED 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% 10,100,485.50 80,675.93 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% 24,575,920.00 162,043.05UNITED 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% 14,112,152.00 -3,228.86UNITED 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% 11,228,432.60 89,789.63UNITED 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% 4,096,585.05 38,571.77 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% 2,418,648.00 24,366.75UNITED 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% 12,302,273.85 122,065.26 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% 22,287,201.00 237,159.98UNITED 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% 5,269,860.00 21,313.12UNITED 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% 15,542,663.20 169,550.70 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% 2,237,818.00 -19,674.19UNITED 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% 28,244,305.10 -182,563.06UNITED 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% 5,125,118.80 22,171.14 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% 10,209,400.00 20,728.12 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% 10,601,712.00 209,665.12UNITED 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% 9,969,175.20 56,122.86UNITED 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% 10,790,664.30 252,689.10 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% 7,590,711.15 44,183.02 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% 3,833,334.45 73,025.66 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% 43,409,385.50 398,597.09UNITED 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% 4,810,325.00 -22,985.55UNITED 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% 5,164,770.00 -573.75UNITED 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% 4,410,308.50 -5,253.22UNITED 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% 19,200,792.00 112,663.87UNITED 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% 16,319,660.50 -122,675.44UNITED 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% 3,291,332.00 3,273.41 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% 7,178,769.20 -4,148.77 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% 8,318,811.15 -1,648.42UNITED 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% 7,381,622.25 48,038.27UNITED 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% 4,887,490.50 -18,587.63UNITED 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% 7,230,462.75 -16,567.52UNITED 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% 7,487,138.10 -21,379.87UNITED 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% 8,167,102.40 103,514.90UNITED STATES TREASURY 2/28/2023 4.000% 2/29/2028 91282CGP0 7,360,000.00 AA+ 5/16/2023 7,532,500.00 3.46% 7,439,340.80 -93,159.20UNITED STATES TREASURY 2/28/2023 4.000% 2/29/2028 91282CGP0 6,600,000.00 AA+ 3/7/2023 6,526,781.25 4.25% 6,671,148.00 144,366.75UNITED 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% 5,271,217.70 40,531.96UNITED STATES TREASURY 3/31/2023 3.625% 3/31/2028 91282CGT2 2,680,000.00 AA+ 5/4/2023 2,691,241.91 3.42% 2,683,457.20 -7,784.71UNITED 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% 5,061,145.25 18,656.97 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% 11,742,745.10 47,167.37 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% 10,121,675.90 119,284.30UNITED 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% 8,290,468.10 141,393.88UNITED 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% 11,438,199.00 320,499.78 5/12/2025 3:20 PM 1 of 6
Attachment A
City of Santa Clara Monthly Report
4/30/2025
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/LUNITED 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% 1,720,791.00 33,607.41 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% 5,027,715.00 105,752.11UNITED 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% 8,126,431.20 72,293.70UNITED 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% 1,775,737.80 33,011.63UNITED 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% 6,138,537.00 -2,302.84UNITED STATES TREASURY 10/31/2023 4.875% 10/31/2028 91282CJF9 5,160,000.00 AA+ 1/8/2024 5,355,717.19 4.00% 5,368,618.80 12,901.61UNITED 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% 11,748,466.80 -220,633.20 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% 8,221,532.25 70,828.15 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% 15,003,670.50 233,537.69UNITED 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% 6,272,437.50 70,289.06UNITED 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% 6,478,016.00 110,266.00UNITED STATES TREASURY 1/31/2024 4.000% 1/31/2029 91282CJW2 5,030,000.00 AA+ 2/14/2024 4,968,107.42 4.28% 5,091,315.70 123,208.28UNITED 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% 4,792,719.65 -21,628.59UNITED 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% 9,125,911.20 85,411.20UNITED 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% 4,467,968.75 -30,078.13UNITED 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% 2,910,562.50 42,638.67UNITED 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% 10,218,840.00 279,939.61UNITED 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% 17,006,937.75 594,769.78UNITED 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% 5,824,293.75 14,723.44 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% 5,104,489.50 110,596.92UNITED 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% 24,894,702.00 -177,704.07 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% 1,124,145.00 -4,171.41 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% 7,756,600.50 218,188.78 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% 17,327,162.25 468,196.43UNITED 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% 9,695,070.50 -124,166.80 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% 10,413,250.50 -15,845.20UNITED 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% 12,672,187.00 -64,027.84UNITED 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% 1,865,904.70 1,748.45UNITED 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% 5,532,128.25 50,335.28UNITED 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% 5,145,127.35 43,370.90UNITED 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% 3,231,197.50 58,801.99UNITED 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% 1,160,178.00 28,638.94UNITED 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% 13,337,896.00 214,356.94UNITED 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% 2,749,032.00 76,559.34UNITED 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% 5,294,432.00 116,166.37UNITED 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% 5,218,932.00 137,731.15UNITED 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% 1,141,001.80 25,740.47UNITED STATES TREASURY 1/31/2025 4.250% 1/31/2030 91282CMG3 10,000.00 AA+ 1/31/2025 9,970.70 4.32% 10,233.20 262.50UNITED STATES TREASURY 2/28/2023 4.000% 2/28/2030 91282CGQ8 10,185,000.00 AA+ 3/6/2025 10,133,279.30 4.11% 10,317,099.45 183,820.15UNITED 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% 5,588,558.40 75,242.79U.S. Treasury Bond / Note Subtotal 760,440,000.00 764,916,319.28 770,924,981.25 6,008,661.97 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% 4,995,650.00 -2,350.00FHLMC Medium Term Note Subtotal 5,000,000.00 4,998,000.00 4,995,650.00 -2,350.00 5/12/2025 3:20 PM 2 of 6
Attachment A
City of Santa Clara Monthly Report
4/30/2025
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/LFANNIE MAE-ACES 7/1/2023 4.190% 7/1/2028 3136BQDE6 8,358,001.63 AA+ 11/30/2023 8,033,802.41 5.14% 8,377,893.70 344,091.29 FANNIE MAE-ACES 7/1/2023 4.190% 7/1/2028 3136BQDE6 7,259,521.47 AA+ 7/31/2023 7,136,449.90 4.58% 7,276,799.10 140,349.20 FHLMC MULTIFAMILY STRUCTURED PASS THROU 1/1/2017 3.347% 11/1/2026 3137BTUM1 5,176,849.64 AA+ 5/24/2023 5,017,499.76 4.29% 5,106,755.10 89,255.34FHLMC 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% 7,875,920.00 329,670.00 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% 4,473,234.45 187,974.10FHLMC 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% 6,405,592.50 303,697.97FHLMC 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% 7,665,750.00 90,840.00 FHLMC MULTIFAMILY STRUCTURED PASS THROU 7/1/2023 4.777% 6/1/2028 3137HAD45 6,025,889.55 AA+ 7/27/2023 6,025,738.92 4.78% 6,088,619.06 62,880.14FHLMC 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% 5,864,827.50 240,959.50 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% 9,268,194.97 191,662.77FHLMC MULTIFAMILY STRUCTURED PASS THROU 4/1/2025 4.478% 1/1/2030 3137HKQC1 10,570,000.00 AA+ 4/10/2025 10,643,049.27 4.32% 10,703,393.40 60,344.13FHLMC MULTIFAMILY STRUCTURED PASS THROU 4/1/2025 4.410% 1/1/2030 3137HKXJ8 4,010,000.00 AA+ 4/24/2025 4,009,859.65 4.41% 4,052,546.10 42,686.45

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% 6,023,056.80 63,122.36 Federal Agency Commercial Mortgage-Backed Security Subtotal 88,699,262.29 87,035,049.43 89,182,582.68 2,147,533.25 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% 1,678,082.25 45,518.40 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% 1,375,309.00 37,546.80 ALPHABET INC 8/9/2016 1.998% 8/15/2026 02079KAC1 5,740,000.00 AA+ 1/30/2023 5,354,386.80 4.05% 5,611,022.20 256,635.40 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% 6,646,775.60 -26,188.50 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% 8,767,440.00 -258,480.00BANK OF NY MELLON CORP 4/22/2025 4.729% 4/20/2029 06405LAH4 8,000,000.00 AA- 4/28/2025 8,093,600.00 4.40% 8,112,960.00 19,360.00 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% 4,087,422.00 1,366.20 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% 4,087,422.00 2,070.00 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% 2,987,918.64 76,696.52 BLACKROCK INC 3/14/2024 4.700% 3/14/2029 09290DAA9 350,000.00 AA- 3/14/2024 349,366.50 4.74% 357,651.00 8,284.50 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% 4,065,720.00 67,360.00 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% 1,372,856.00 91,604.20 BOFA SECURITIES INC. 1/24/2025 4.979% 1/24/2029 06051GMK2 4,980,000.00 A- 4/2/2025 5,035,178.40 4.66% 5,046,084.60 10,906.20BRISTOL-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% 5,618,400.50 -54,273.00 CISCO SYSTEMS INC 2/24/2025 4.750% 2/24/2030 17275RBX9 10,000,000.00 AA- 4/22/2025 10,124,500.00 4.46% 10,237,800.00 113,300.00 CISCO SYSTEMS INC 2/24/2025 4.750% 2/24/2030 17275RBX9 6,800,000.00 AA- 4/30/2025 6,955,924.00 4.22% 6,961,704.00 5,780.00 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% 11,753,248.50 528,248.50 ELI LILLY & COMPANY 3/5/2015 2.750% 6/1/2025 532457BH0 5,415,000.00 A+ 2/10/2022 5,559,255.60 1.91% 5,406,065.25 -153,190.35ELI 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% 1,562,510.65 4,867.15 ELI LILLY & COMPANY 8/14/2024 4.200% 8/14/2029 532457CQ9 445,000.00 A+ 8/14/2024 444,025.45 4.25% 447,149.35 3,123.90 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% 2,988,210.00 -25,830.00 5/12/2025 3:20 PM 3 of 6
Attachment A
City of Santa Clara Monthly Report
4/30/2025
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/LHONEYWELL 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% 4,984,300.00 -113,600.00HONEYWELL 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% 2,247,919.30 65,958.75 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% 4,833,200.00 -75,400.00 JOHN DEERE CAPITAL CORP 7/14/2023 4.950% 7/14/2028 24422EXB0 605,000.00 A 7/18/2023 610,874.55 4.73% 621,026.45 10,151.90 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% 518,377.45 14,129.90 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% 4,916,687.50 37,248.00 JPMORGAN CHASE FINANCIAL CO LLC 4/22/2021 1.578% 4/22/2027 46647PCB0 4,100,000.00 A 8/10/2022 3,710,746.00 3.80% 3,985,733.00 274,987.00JPMORGAN 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% 2,850,295.50 175,763.25JPMORGAN 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% 5,113,300.00 9,950.00JPMORGAN 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% 2,864,973.75 23,052.00JPMORGAN CHASE FINANCIAL CO LLC 4/22/2024 5.581% 4/22/2030 46647PEG7 2,750,000.00 A 4/28/2025 2,835,552.50 4.87% 2,849,715.00 14,162.50MASTERCARD INC 5/31/2019 2.950% 6/1/2029 57636QAM6 7,500,000.00 A+ 6/27/2024 6,889,875.00 4.82% 7,177,350.00 287,475.00 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% 5,419,457.70 33,562.50 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% 6,226,794.75 108,913.20MORGAN 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% 3,207,742.75 62,742.75NOVARTIS 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% 9,924,100.00 285,500.00 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% 7,085,190.00 89,110.00 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% 4,452,839.40 79,628.40PEPSICO INC 2/7/2025 4.600% 2/7/2030 713448GB8 2,380,000.00 A+ 2/7/2025 2,376,001.60 4.64% 2,422,268.80 46,267.20 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% 5,846,256.00 -14,332.50 STATE STREET BANK CORP 2/28/2025 4.729% 2/28/2030 857477CW1 9,240,000.00 A 2/28/2025 9,251,365.20 4.70% 9,349,678.80 98,313.60TARGET CORP 1/24/2022 1.950% 1/15/2027 87612EBM7 4,595,000.00 A 2/1/2022 4,567,889.50 2.08% 4,448,327.60 -119,561.90 TARGET CORP 1/24/2022 1.950% 1/15/2027 87612EBM7 990,000.00 A 1/24/2022 988,317.00 1.99% 958,399.20 -29,917.80 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% 5,775,224.00 184,968.00 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% 5,691,621.00 -320,226.00WALMART INC. 4/28/2025 4.350% 4/28/2030 931142FN8 3,220,000.00 AA 4/28/2025 3,214,429.40 4.39% 3,257,770.60 43,341.20Corporate Note Subtotal 215,439,000.00 214,173,407.22 216,200,300.09 2,026,892.87 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% 6,255,701.30 85,977.10BA 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% 3,081,935.85 37,344.79BOFA AUTO TRUST 2024-1 7/31/2023 5.530% 2/15/2028 06428AAC2 2,801,584.93 NR 7/31/2023 2,801,478.74 5.53% 2,822,540.79 21,062.05 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% 6,674,205.95 79,325.32 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% 6,125,942.55 82,618.22 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% 7,662,037.50 58,195.74 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% 1,862,531.30 7,763.92 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% 5,316,744.90 47,071.64 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% 819,775.90 4,939.80 5/12/2025 3:20 PM 4 of 6
Attachment A
City of Santa Clara Monthly Report
4/30/2025
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/LHONDA AUTO RECEIVABLES OWNER TRUST 2024 11/24/2021 0.880% 1/21/2026 43815GAC3 28,130.46 NR 11/24/2021 28,124.53 0.89% 28,067.17 -57.36 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% 4,859,788.25 35,783.16HYUNDAI 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% 2,563,370.70 33,703.39HYUNDAI 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% 6,598,382.40 29,351.47KUBOTA 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% 1,943,095.00 18,581.25KUBOTA 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% 4,113,292.20 48,431.63 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% 1,513,428.00 8,768.43TOYOTA 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% 1,749,167.25 24,353.20TOYOTA AUTO RECEIVABLES OWNER TRUST COM 4/30/2025 4.340% 11/15/2029 89231HAD8 4,385,000.00 AAA 4/30/2025 4,384,748.74 4.34% 4,385,000.00 251.26USAA AUTO OWNER TRUST 2024- A 9/15/2023 5.580% 5/15/2028 90291VAC4 5,457,115.29 AAA 9/15/2023 5,456,160.30 5.58% 5,491,167.69 35,007.39 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% 6,956,580.35 51,815.12Asset-Backed Security Subtotal 80,121,830.67 80,112,467.53 80,822,755.05 710,287.52 COOPERATIEVE 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% 7,617,450.00 117,450.00Certificate of Deposit Subtotal 7,500,000.00 7,500,000.00 7,617,450.00 117,450.00 PRINCIPAL PUBLIC DEPOSIT SWEEP PROGRAM 2.250% 5/1/2025 992995944 1,008,127.02 9/1/2020 1,008,127.02 1,008,127.02 - LOCAL AGENCY INVESTMENT FUND 4.281% 5/1/2025 9/30/1997 6,210,978.95 6,210,978.95 6,210,978.95 - CALIFORNIA ASSET MANAGEMENT PROGRAM 4.450% 5/1/2025 10/4/2022 169,506,053.71 169,506,053.71 169,506,053.71 - CALIFORNIA ASSET MANAGEMENT PROGRAM - TERM 4.310% 5/6/2025 1/8/2025 10,000,000.00 10,000,000.00 10,000,000.00 - CALIFORNIA ASSET MANAGEMENT PROGRAM - TERM 4.190% 7/3/2025 4/7/2025 10,000,000.00 10,000,000.00 10,000,000.00 - CALIFORNIA ASSET MANAGEMENT PROGRAM - TERM 4.310% 7/28/2025 4/30/2025 10,000,000.00 10,000,000.00 10,000,000.00 - CALIFORNIA ASSET MANAGEMENT PROGRAM - TERM 4.190% 8/4/2025 4/7/2025 20,000,000.00 20,000,000.00 20,000,000.00 - CALIFORNIA ASSET MANAGEMENT PROGRAM - TERM 4.310% 8/27/2025 4/30/2025 10,000,000.00 10,000,000.00 10,000,000.00 - CALIFORNIA ASSET MANAGEMENT PROGRAM - TERM 4.310% 9/26/2025 4/30/2025 10,000,000.00 10,000,000.00 10,000,000.00 - 5/12/2025 3:20 PM 5 of 6
Attachment A
City of Santa Clara Monthly Report
4/30/2025
Description Issue Date Coupon Rate Maturity Date CUSIP Par Value S&P Rating Settle Date Cost Value YTM at Cost Market Value Unrealized G/LDREYFUS TREASURY 4.160% 5/1/2025 10/31/1997 2,440,780.44 2,440,780.44 2,440,780.44 - Cash Equivalent Subtotal 249,165,940.12 249,165,940.12 249,165,940.12 - Grand Total Count 178 1,407,901,183.58 1,406,366,033.08 1,418,909,659.19 11,008,475.61 *NR = Not Rated by S&P Global. These Asset Backed Securities are rated by Moody's Ratings as Aaa. 5/12/2025 3:20 PM 6 of 6
Attachment A
PAGE 21

STATEMENT OF TRANSACTIONS CITY OF SANTA CLARA- CUSTODY
FOR THE PERIOD APRIL 1, 2025 THROUGH APRIL 30, 2025 ACCOUNT NUMBER XXXXXXXX ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

CASH EQUIVALENTS
04/01/25 INTEREST RECEIVED 6,788.54

PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
INTEREST FROM 03.01.2025 TO

03.31.2025
04/02/25 10,735,000 PURCHASED 10,724,885.24- 10,724,885.24 U.S. TREASURY BILLS 4/10/25
CUSIP 912797NB9
AT $99.9058 ON TRADE DATE 04/02/2025
NOMURA SECURITIES INTL. INC.
04/10/25 10,735,000- MATURED 10,724,885.24 10,724,885.24- U.S. TREASURY BILLS 4/10/25
CUSIP 912797NB9
AT $100.0000 ON TRADE DATE 04/10/2025
04/10/25 INTEREST RECEIVED 10,114.76
U.S. TREASURY BILLS 4/10/25
CUSIP 912797NB9
INTEREST ON 10,735,000.000 UNITS
10,735,000 PAR VALUE AT 100 %
04/30/25 15,643,329.98 CASH SWEEP PURCHASES FOR STMT PERIOD 15,643,329.98- 15,643,329.98

PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
15 TRANSACTIONS
04/30/25 14,977,262.78- CASH SWEEP SALES FOR STMT PERIOD 14,977,262.78 14,977,262.78-

PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
3 TRANSACTIONS
Attachment B
PAGE 22

STATEMENT OF TRANSACTIONS

REALIZED

BONDS & NOTES
04/04/25 INTEREST RECEIVED 71,400.00
ADOBE INC 4.800% 4/04/29
CUSIP 00724PAF6
INTEREST ON 2,975,000.000 UNITS
04/14/25 INTEREST RECEIVED 110,797.50
AMAZON.COM INC 3.300% 4/13/27
CUSIP 023135CF1
INTEREST ON 6,715,000.000 UNITS
04/15/25 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 4/15/25
04/02/25 4,980,000 PURCHASED 5,035,178.40- 5,035,178.40 BANK AMERICA CO V-D 4.979% 1/24/29
CUSIP 06051GMK2
AT $101.1080 ON TRADE DATE 04/01/2025
TO SETTLE ON 04/02/2025

CITIGROUP GBL MKTS/SALOMON BRO
04/02/25 ACCRUED INTEREST ON PURCHASE 46,835.79-
BANK AMERICA CO V-D 4.979% 1/24/29
CUSIP 06051GMK2
04/02/25 INTEREST RECEIVED 84,600.00
BANK OF AMER CRP MTN VAR-CPN 4/02/2
CUSIP 06051GKM0
INTEREST ON 5,000,000.000 UNITS
04/02/25 5,000,000- FULL CALL 5,000,000.00 5,005,100.00- 5,100.00- 5,000,000 $1 PV
BANK OF AMER CRP MTN VAR-CPN 4/02/2
ON 04/02/25 AT 1.00 USD
LT CAPITAL LOSS OF 5,100.00- USD ON
LT CAPITAL LOSS OF 5,100.00- USD ON
FEDERAL TAX COST 5,005,100.00 USD
STATE TAX COST 5,005,100.00 USD
Attachment B
PAGE 23

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 04/15/25 INTEREST RECEIVED 13,793.79
BANK OF AMERICA ABS 5.530% 2/15/28
CUSIP 06428AAC2
$0.00442/PV ON 2,993,227.98 PV
DUE 4/15/25
04/15/25 191,643.05- PAID DOWN 191,643.05 191,635.79- 7.26 BANK OF AMERICA ABS 5.530% 2/15/28
CUSIP 06428AAC2
04/15/25 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 4/15/25
04/28/25 8,000,000 PURCHASED 8,093,600.00- 8,093,600.00 BK NY MELLON V-D 4.729% 4/20/29
CUSIP 06405LAH4
AT $101.1700 ON TRADE DATE 04/25/2025
TO SETTLE ON 04/28/2025
RBC DAIN RAUSCHER INC.
04/28/25 ACCRUED INTEREST ON PURCHASE 6,305.33-
BK NY MELLON V-D 4.729% 4/20/29
CUSIP 06405LAH4
04/15/25 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 4/15/25
04/15/25 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 4/15/25
Attachment B
PAGE 24

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 04/15/25 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 4/15/25
04/22/25 10,000,000 PURCHASED 10,124,500.00- 10,124,500.00 CISCO SYSTEMS INC 4.750% 2/24/30
CUSIP 17275RBX9
AT $101.2450 ON TRADE DATE 04/21/2025
TO SETTLE ON 04/22/2025
MORGAN STANLEY & CO.
04/22/25 ACCRUED INTEREST ON PURCHASE 76,527.78-
CISCO SYSTEMS INC 4.750% 2/24/30
CUSIP 17275RBX9
04/30/25 6,800,000 PURCHASED 6,955,924.00- 6,955,924.00 CISCO SYSTEMS INC 4.750% 2/24/30
CUSIP 17275RBX9
AT $102.2930 ON TRADE DATE 04/29/2025
TO SETTLE ON 04/30/2025
J.P. MORGAN SECURITIES INC., -
04/30/25 ACCRUED INTEREST ON PURCHASE 59,216.67-
CISCO SYSTEMS INC 4.750% 2/24/30
CUSIP 17275RBX9
04/25/25 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 4/25/25
04/30/25 1,860,000- SOLD 1,824,474.00 1,864,929.00- 40,455.00- FED NATL MTG ASSN 0.500% 11/07/25
CUSIP 3135G06G3
AT $98.0900 ON TRADE DATE 04/28/2025
TO SETTLE ON 04/30/2025

PERSHING
Attachment B
PAGE 25

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 04/30/25 ACCRUED INTEREST ON SALE 4,469.17
FED NATL MTG ASSN 0.500% 11/07/25
CUSIP 3135G06G3
04/25/25 INTEREST RECEIVED 14,468.25
FHLMC K061 CMO V-M 3.347% 11/25/26
CUSIP 3137BTUM1
$0.00270/PV ON 5,187,302.68 PV
DUE 4/25/25
04/25/25 10,453.04- PAID DOWN 10,453.04 10,131.28- 321.76 FHLMC K061 CMO V-M 3.347% 11/25/26
CUSIP 3137BTUM1
04/25/25 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 4/25/25
04/25/25 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 4/25/25
04/25/25 INTEREST RECEIVED 22,002.34
FHLMC K537 CMO V-M 4.430% 2/25/30
CUSIP 3137HKPF5
$0.00369/PV ON 5,960,000.00 PV
DUE 4/25/25
04/10/25 10,570,000 PURCHASED 10,643,049.27- 10,643,049.27 FHLMC K538 CMO V-M 4.478% 1/25/30
CUSIP 3137HKQC1
AT $100.6911 ON TRADE DATE 04/01/2025
TO SETTLE ON 04/10/2025
BARCLAYS CAPITAL INC. FIXED IN
Attachment B
PAGE 26

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 04/10/25 ACCRUED INTEREST ON PURCHASE 11,833.12-
FHLMC K538 CMO V-M 4.478% 1/25/30
CUSIP 3137HKQC1
04/24/25 4,010,000 PURCHASED 4,009,859.65- 4,009,859.65 FHLMC K539 CMO V-M 4.410% 1/25/30
CUSIP 3137HKXJ8
AT $99.9965 ON TRADE DATE 04/15/2025
TO SETTLE ON 04/24/2025
J.P. MORGAN SECURITIES INC., -
04/24/25 ACCRUED INTEREST ON PURCHASE 11,298.18-
FHLMC K539 CMO V-M 4.410% 1/25/30
CUSIP 3137HKXJ8
04/25/25 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 4/25/25
04/25/25 INTEREST RECEIVED 24,006.83
FHLMC SER KJ46 CMO 4.777% 6/25/28
CUSIP 3137HAD45
$0.00393/PV ON 6,030,603.11 PV
DUE 4/25/25
04/25/25 4,713.56- PAID DOWN 4,713.56 4,713.44- 0.12
FHLMC SER KJ46 CMO 4.777% 6/25/28
CUSIP 3137HAD45
04/25/25 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 4/25/25
Attachment B
PAGE 27

STATEMENT OF TRANSACTIONS

REALIZED

TO BALANCE CUSTODIAN
04/08/25 0.09- SHARE ADJUSTMENT
FNMA SER M6 CMO V-M 4.182% 7/25/28
CUSIP 3136BQDE6

TO BALANCE TO CUSTODIAN
04/25/25 INTEREST RECEIVED 54,531.48
FNMA SER M6 CMO V-M 4.190% 7/25/28
CUSIP 3136BQDE6
$0.00349/PV ON 15,617,605.67 PV
DUE 4/25/25
04/25/25 82.57- PAID DOWN 82.57 80.21- 2.36
FNMA SER M6 CMO V-M 4.190% 7/25/28
CUSIP 3136BQDE6
04/16/25 INTEREST RECEIVED 3,293.96
GM FINANCIAL ABS 4.850% 12/18/28
CUSIP 36268GAD7
$0.00404/PV ON 815,000.00 PV
DUE 4/16/25
04/18/25 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 4/18/25
Attachment B
PAGE 28

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 04/21/25 INTEREST RECEIVED 60.61
HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
$0.00004/PV ON 82,648.33 PV
DUE 4/21/25
04/21/25 54,517.87- PAID DOWN 54,517.87 54,506.38- 11.49 HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
04/15/25 INTEREST RECEIVED 26,017.20
HYUNDAI AUTO ABS 4.320% 10/15/29
CUSIP 44935CAD3
$0.00396/PV ON 6,570,000.00 PV
DUE 4/15/25
04/15/25 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 4/15/25
04/22/25 INTEREST RECEIVED 139,275.00
JPMORGAN CHASE V-D 5.571% 4/22/28
CUSIP 46647PEE2
INTEREST ON 5,000,000.000 UNITS
04/28/25 2,750,000 PURCHASED 2,835,552.50- 2,835,552.50 JPMORGAN CHASE V-D 5.581% 4/22/30
CUSIP 46647PEG7
AT $103.1110 ON TRADE DATE 04/25/2025
TO SETTLE ON 04/28/2025

BANC OF AMERICA SECURITIES LLC
04/28/25 ACCRUED INTEREST ON PURCHASE 2,557.96-
JPMORGAN CHASE V-D 5.581% 4/22/30
CUSIP 46647PEG7
Attachment B
PAGE 29

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 04/15/25 INTEREST RECEIVED 15,819.63
KUBOTA CREDIT ABS 4.670% 6/15/29
CUSIP 50117FAC5
$0.00389/PV ON 4,065,000.00 PV
DUE 4/15/25
04/15/25 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 4/15/25
04/30/25 4,385,000 PURCHASED 4,384,748.74- 4,384,748.74 TOYOTA AUTO REC ABS 4.340% 11/15/29
CUSIP 89231HAD8
AT $99.9943 ON TRADE DATE 04/24/2025
TO SETTLE ON 04/30/2025
BARCLAYS CAPITAL INC. FIXED IN
04/15/25 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 4/15/25
04/15/25 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 4/15/25
04/30/25 INTEREST RECEIVED 88,812.50
U.S. TREASURY NOTES 3.500% 4/30/28
CUSIP 91282CHA2
INTEREST ON 5,075,000.000 UNITS
Attachment B
PAGE 30

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 04/28/25 8,115,000- SOLD 8,089,006.64 8,149,040.32- 60,033.68- U.S. TREASURY NOTES 3.625% 3/31/28
CUSIP 91282CGT2
AT $99.6797 ON TRADE DATE 04/25/2025
TO SETTLE ON 04/28/2025
NOMURA SECURITIES INTL. INC.
04/28/25 ACCRUED INTEREST ON SALE 22,504.71
U.S. TREASURY NOTES 3.625% 3/31/28
CUSIP 91282CGT2
04/02/25 10,650,000- SOLD 10,694,097.66 10,595,917.97- 98,179.69 U.S. TREASURY NOTES 4.000% 2/28/30
CUSIP 91282CGQ8
AT $100.4141 ON TRADE DATE 04/01/2025
TO SETTLE ON 04/02/2025

BANC OF AMERICA SECURITIES LLC
04/02/25 ACCRUED INTEREST ON SALE 38,201.09
U.S. TREASURY NOTES 4.000% 2/28/30
CUSIP 91282CGQ8
04/17/25 1,775,000- SOLD 1,781,933.59 1,765,986.33- 15,947.26 U.S. TREASURY NOTES 4.000% 2/28/30
CUSIP 91282CGQ8
AT $100.3906 ON TRADE DATE 04/16/2025
TO SETTLE ON 04/17/2025

CITIGROUP GBL MKTS/SALOMON BRO
04/17/25 ACCRUED INTEREST ON SALE 9,260.87
U.S. TREASURY NOTES 4.000% 2/28/30
CUSIP 91282CGQ8
04/22/25 10,125,000- SOLD 10,155,058.59 10,073,583.98- 81,474.61 U.S. TREASURY NOTES 4.000% 2/28/30
CUSIP 91282CGQ8
AT $100.2969 ON TRADE DATE 04/21/2025
TO SETTLE ON 04/22/2025

CITIGROUP GBL MKTS/SALOMON BRO
Attachment B
PAGE 31

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 04/22/25 ACCRUED INTEREST ON SALE 58,328.80
U.S. TREASURY NOTES 4.000% 2/28/30
CUSIP 91282CGQ8
04/28/25 3,200,000- SOLD 3,200,375.00 3,183,750.00- 16,625.00 U.S. TREASURY NOTES 4.000% 2/28/30
CUSIP 91282CGQ8
AT $100.0117 ON TRADE DATE 04/23/2025
TO SETTLE ON 04/28/2025
RBC DAIN RAUSCHER INC.
04/28/25 ACCRUED INTEREST ON SALE 20,521.74
U.S. TREASURY NOTES 4.000% 2/28/30
CUSIP 91282CGQ8
04/28/25 2,560,000- SOLD 2,572,400.00 2,547,000.00- 25,400.00 U.S. TREASURY NOTES 4.000% 2/28/30
CUSIP 91282CGQ8
AT $100.4844 ON TRADE DATE 04/25/2025
TO SETTLE ON 04/28/2025
RBC DAIN RAUSCHER INC.
04/28/25 ACCRUED INTEREST ON SALE 16,417.39
U.S. TREASURY NOTES 4.000% 2/28/30
CUSIP 91282CGQ8
04/30/25 6,915,000- SOLD 6,990,092.58 6,879,884.76- 110,207.82 U.S. TREASURY NOTES 4.000% 2/28/30
CUSIP 91282CGQ8
AT $101.0859 ON TRADE DATE 04/29/2025
TO SETTLE ON 04/30/2025
BARCLAYS CAPITAL INC. FIXED IN
04/30/25 ACCRUED INTEREST ON SALE 45,849.46
U.S. TREASURY NOTES 4.000% 2/28/30
CUSIP 91282CGQ8
Attachment B
PAGE 32

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 04/30/25 INTEREST RECEIVED 1,900,490.63
U.S. TREASURY NOTES 4.125% 10/31/27
CUSIP 91282CFU0
INTEREST ON 92,145,000.000 UNITS
04/30/25 INTEREST RECEIVED 88,996.88
U.S. TREASURY NOTES 4.125% 10/31/29
CUSIP 91282CLR0
INTEREST ON 4,315,000.000 UNITS
04/15/25 INTEREST RECEIVED 493,312.50
U.S. TREASURY NOTES 4.500% 4/15/27
CUSIP 91282CKJ9
INTEREST ON 21,925,000.000 UNITS
04/30/25 INTEREST RECEIVED 509,906.25
U.S. TREASURY NOTES 4.625% 4/30/29
CUSIP 91282CKP5
INTEREST ON 22,050,000.000 UNITS
04/15/25 INTEREST RECEIVED 230,671.88
U.S. TREASURY NOTES 4.625% 10/15/26
CUSIP 91282CJC6
INTEREST ON 9,975,000.000 UNITS
04/30/25 INTEREST RECEIVED 334,790.63
U.S. TREASURY NOTES 4.875% 4/30/26
CUSIP 91282CKK6
INTEREST ON 13,735,000.000 UNITS
04/30/25 INTEREST RECEIVED 269,587.50
U.S. TREASURY NOTES 4.875% 10/31/28
CUSIP 91282CJF9
INTEREST ON 11,060,000.000 UNITS
Attachment B
INVESTMENT AND INSURANCE PRODUCTS ARE:
• NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE • SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED PAGE 33

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 04/15/25 INTEREST RECEIVED 27,470.09
USAA AUTO OWNER ABS 5.580% 5/15/28
CUSIP 90291VAC4
$0.00456/PV ON 5,907,547.19 PV
DUE 4/15/25
04/15/25 450,431.9- PAID DOWN 450,431.90 450,353.07- 78.83 USAA AUTO OWNER ABS 5.580% 5/15/28
CUSIP 90291VAC4
04/22/25 INTEREST RECEIVED 22,441.25
VOLKSWAGEN AUTO ABS 4.500% 8/20/29
CUSIP 92868MAD1
$0.00325/PV ON 6,905,000.00 PV
DUE 4/20/25
04/25/25 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 4/25/25
04/22/25 INTEREST RECEIVED 32,349.00
VR JPMORGAN CHASE & 1.578% 4/22/27
CUSIP 46647PCB0
INTEREST ON 4,100,000.000 UNITS
04/28/25 3,220,000 PURCHASED 3,214,429.40- 3,214,429.40 WALMART INC 4.350% 4/28/30
CUSIP 931142FN8
AT $99.8270 ON TRADE DATE 04/23/2025
TO SETTLE ON 04/28/2025

BANC OF AMERICA SECURITIES LLC
================================================================================================================= ENDING BALANCE 0.00 1,159,743,370.48
¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
Attachment B
"Principal® I Custody V Solutions
Attachment 3
Department/Item
Source of
Funds
Use of
Funds Explanation
Sales Tax 5,908,920 Increases the Sales Tax revenue estimate by $5.9 million from $62.9 million to $68.8 million based on
higher actual collections in FY 2024/25. Of this
amount, $3.9 million was factored into the FY
2025/26 Operating Budget and these funds are
recommended to be added to the Ending Fund
Balance below. Additional revenue of $2.0 million is
recommended to offset other budget actions below
(five affirmative Council votes required to
appropriate additional revenue).

Other Revenue (Stadium
Authority Excess Revenue)
6,165,000 Increases the Other Revenue estimate by
$6,165,000 to recognize excess revenue from the
Stadium Authority received in FY 2024/25. When
the FY 2025/26 and FY 2026/27 Adopted Operating
Budget was developed, the use of this excess
revenue projected at $5.9 million was assumed in
the budget, and these funds are recommended to
be added to the Ending Fund Balance below. Actual
receipts were $265,000 above the $5.9 million
estimate and these additional funds are
recommended to offset other budget actions below
(five affirmative Council votes required to
appropriate additional revenue).

Rents (Stadium Authority
Performance Rent)
4,200,000 Increases the Other Revenue estimate to recognize projected performance rent from the Stadium
Authority. These funds were factored into the
development of the FY 2025/26 Operating budget
and are recommended to be set aside in the Ending
Fund Balance below (five affirmative Council
votes required to appropriate additional
revenue).

Other Agency Revenue/Land
Sale Reserve
2,334,983 2,334,983 Increases the Other Agency revenue estimate by $2.3 million to recognize the property tax distribution to the City of Santa Clara from the Successor
Agency sale of the Hyatt property. These funds are
recommended to be set aside in the Land Sale
Reserve (five affirmative Council votes required
to appropriate additional revenue).

FY2024/25 Budget Amendments
General Fund (001)
1 Attachment 3
FY2024/25 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
City Clerk's Office (General
Election Costs)
29,000 Increases the budget for general elections by
$29,000 (from $502,000 to $531,000) based on the
actual cost for the November 2024 election (five
affirmative Council votes required to
appropriate additional revenue).

Non-Departmental Stadium
Charges for Services /
Operations
380,000 380,000 Increases the Non-Departmental Stadium Charges for Services revenue estimate and increases the
Stadium Operations appropriation to account for
costs, and corresponding reimbursements, for
planning and training related to the FIFA World Cup
and Super Bowl LX events for 2026 (five
affirmative Council votes required to
appropriate additional revenue).

Property Tax/Property Tax
Administration (Finance
Department)
120,000 120,000 Increases the budget for property tax administration by $120,000 based on the updated cost from the
County of Santa Clara. Additional property tax
revenue is available to offset this cost (five
affirmative Council votes required to
appropriate additional revenue).

Finance Department 550,000 Increases the Finance Department budget to provide funding for one-time licensing costs for
PeopleSoft. Payment is for support services based
on the size of the budget which can be assess
annually in accordance with the contract. These
costs were not assessed annually and this one-time
payment is for prior years' assessments. Ongoing
funding for this assessment is incorporated into the
FY 2025/26 Adopted Budget (five affirmative
Council votes required to appropriate additional
revenue).

Other Agencies Revenue
(Wildland Deployment
Reimbursements) / Fire
Department
592,928 592,928 Recognizes Cal OES reimbursements for wildland deployments in 2024 and 2025 incidents and
appropriates the funding to the Fire Department to
cover the associated costs, including the purchase
of wildland deployment radios in the amount of
$92,400. The current cache of radios require
replacement and are necessary for communication
during mutual aid incidents (five affirmative
Council votes required to appropriate additional
revenue).

General Fund (001) (Cont'd.)
2 Attachment 3
FY2024/25 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Fire Department / Salaries and
Benefits
1,700,000 Increases the Fire Department budget for salaries and benefits by $1,700,000 to cover projected
overages, including approximately $1.0 million due
to Field Operations overtime and compensatory
time payout costs as well as $0.7 million from
separation payouts. Fire Department absences and
compensatory time payouts remain significantly
above historical levels resulting in higher than
budgeted overtime costs. The separation payouts
are not budgeted as these costs are typically
absorbed within departmental budgets (five
affirmative Council votes required to
appropriate additional revenue).

Fire Department - Other Fees
for Services (Ambulance
Transport Revenue) /
Overtime/Materials/ Services/
Supplies
952,034 952,034 Recognizes revenue for ambulance transport payments received from public healthcare providers
and patients for Fire Department ambulance
transports to hospitals. Ambulance transports
began in March 2023 under the current Santa Clara
County dispatch orders, allowing agencies with
ambulances to transport patients to hospitals in
conjunction with County contracted ambulance
services.

These funds will be used to help offset $936,455 in
increased overtime expenditures in the Field
Operations Division due to increased absence
rates. Additionally, these funds cost of merchant
fees that incurred from ambulance billing invoices,
where credit cards were used for payment, and
duplicate payments. Also, these fees will cover the
cost of ambulance maintenance fees (five
affirmative Council votes required to
appropriate additional revenue).

Rents/Transfer to the Parks
and Recreation Capital Fund
92,570 92,570 This action recognizes Youth Sports Park facility rental revenue received from Bay Football Club
(Bay FC) and Concacaf, and transfers those funds
to the Parks and Recreation Capital Fund. A new
Youth Sports Park Improvements capital project will
be established with these funds (five affirmative
Council votes required to appropriate additional
revenue).

General Fund (001) (Cont'd.)
3 Attachment 3
FY2024/25 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Non-Departmental (1,920,000) Reduces the Non-Departmental budget by $1.9 million that had been set aside for separation
payouts that occur during the year that cannot be
absorbed by departments and reallocates those
funds to the Accrued Liability Reserve to account
for liabilities earned against the City but not yet paid (majority affirmative Council votes required).

Accrued Liability Reserve 1,920,000 Increases the Accrued Liability Reserve by $1.9 million to account for liabilities against the City
earned but not yet paid. These are future costs that
are expected to be paid by the City for items such
as separation payouts. This addition is offset by a
reduction to the Non-Departmental budget of $1.9
million that had been set aside for separation
payouts (majority affirmative Council votes
required).

Ending Fund Balance 13,994,920 This action increases the Ending Fund Balance to align with the assumption used in the development
of the FY 2025/26 Adopted Operating Budget. This
additional fund balance from Sales Tax ($3.9
million), Stadium Authority excess revenue ($5.9
million), and Stadium Authority performance rent
($4.2 million) was assumed in the development of
the budget and used to bring the Budget
Stabilization Reserve to the budget policy level of
25% of expenditures (five affirmative Council
votes required to appropriate additional
revenue).
20,746,435 20,746,435
Department/Item
Source of
Funds
Use of
Funds Explanation
License/Permit / Salaries and
Benefits
7,000 7,000 Increases the License/Permit revenue estimate and salaries and benefits appropriation to account for
higher than anticipated licensing revenue and
higher than budgeted costs for accessibility training
and certifications of staff (five affirmative Council
votes required to appropriate additional
revenue).
7,000 7,000
Building Special Programs and Training Fund (220)
General Fund (001) (Cont'd.)
4 Attachment 3
FY2024/25 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Transfer from the Perpetual
Care Fund
1,500 This action increases the transfer from the
Perpetual Care Fund to the Cemetery Fund based
on the higher estimated interest earnings in the
Perpetual Care Fund that are transferred to the
Cemetery Fund (five affirmative Council votes
required to appropriate additional revenue).

Transfer from the Endowment
Care Fund
80,000 This action increases the transfer from the
Endowment Care Fund to the Cemetery Fund
based on the higher estimated interest earnings in
the Endowment Care Fund that are transferred to
the Cemetery Fund (five affirmative Council
votes required to appropriate additional
revenue).

Ending Fund Balance 81,500 Increases the ending fund balance to offset the actions recommended above (five affirmative
Council votes required to appropriate additional
revenue).
81,500 81,500
Department/Item
Source of
Funds
Use of
Funds Explanation
Transfer to the Vehicle
Replacement Fund
120,232 Increases the transfer to the Vehicle Replacement Fund based on increased reimbursement costs for
purchases of electric vehicles. This is the final set of planned purchases for the electric vehicle
replacement program as initially established in the
FY 2021/22 Adopted Operating Budget. The City
will continue to work towards the Zero-Emissions
Vehicle Fleet targets and purchase electric vehicles
where appropriate and available. Future funding
provided from the Electric Utility will be determined
on a case-by-case basis (five affirmative Council
votes required for the use of unused balances).

Ending Fund Balance -
Greenhouse Gas Program
(120,232) Decreases the Ending Fund Balance - Greenhouse Gas Program to offset the action above (five
affirmative Council votes required for the use of
unused balances).
- -
Cemetery Fund (093)
Electric Operating Grant Trust Fund (191)
5 Attachment 3
FY2024/25 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Replace Balance of Plant
Control System (DCS)
500,000 Increases the Replace Balance of Plant Control
System (DCS) project by $500,000, from $570,307
to $1,070,307, to modify the Gianera control system
to ensure compliance with North American Electric
Reliability Corporation (NERC) standards and
Department of Transportation (DOT) regulations for
the gas pipeline. Funding is required to configure,
validate, and test the three control workstations at
Gianera to restrict access permission that only
allows visibility of the Donald Von Raesfeld Power
(DVR) Plant’s system and disable edits or
comments on DVR’s system. Funding is provided
by a reallocation from the Grizzly Tap Line Repair
Project. A portion of the additional funding
requested was factored into the Carryforward of
Capital Funds approved by Council on June 10,
2025 to ensure funding is available at the start of
the fiscal year in case close-out of projects and
contingency are pushed out to FY 2025/26 due to
timing of the project (majority affirmative Council
votes required).

Grizzly Tap Line Repairs (2,500,000) Decreases the Grizzly Tap Line Repairs project by $2.5 million, from $16.9 million to $14.4 million, due
to expected savings after planned work is
completed for FY 2024/25. Of this amount,
$500,000 of funding is recommended to be
reallocated to the Replace Balance of Plant Control
System project. The remaining $2.0 million would
be released to the unrestricted fund balance; it was
assumed these funds would be reallocated to the
Agnew Rebuild and Expansion project in FY
2025/26 as outlined in the Changes from Proposed
budget approved by Council on June 10, 2025 as
part of the FY 2025/26 Budget Adoption (majority
affirmative Council votes required).

Electric Utility Capital Fund (591)
6 Attachment 3
FY2024/25 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Northwest Loop Capacity
Upgrade
(9,000,000) Decreases the Northwest Loop Capacity Upgrade project by $9 million, from $18.6 million to $9.6
million to align with anticipated expenditures and to
reallocate funds to other projects. In FY 2023/24,
the project's scope was expanded to include the
replacement of an underground transmission line,
and additional funds were appropriated accordingly.

That component required additional work that
needed separate design and construction. A new
project, Northwest Loop Capacity Upgrade Phase II,
was recommended to be created in the amount of
$4.0 million in FY 2025/26 as outlined in the
Changes from Proposed budget approved by
Council on June 10, 2025. The Council action on
June 10, 2025 also allocated $4.0 million for the
Central Rebuild and Expansion project and $1.0
million for the Agnew Rebuild and Expansion in FY
2025/26 as part of the FY 2025/26 Adopted Budget.

This action reduces the Northwest Loop Capacity
Upgrade by $9.0 million to release funds to the
unrestricted fund balance to provide funding for
those projects in FY 2025/26 (majority affirmative
Council votes required).

Unrestricted Ending Fund
Balance
11,000,000 Increases the Unrestricted Ending Fund Balance to offset the actions above. This unrestricted balance
was factored into the FY 2025/26 Adopted Budget
as part of the Changes to the Proposed Budget
approved by Council on June 10, 2025 (majority
affirmative Council votes required).
- -
Department/Item
Source of
Funds
Use of
Funds Explanation
Bond Proceeds /
Administrative Costs
585,113 585,113 Increases the Bond Proceeds estimate and the Administrative Costs to reflect the cost of issuance,
which was incorporated into the bond issuance
amount (five affirmative Council votes required
to appropriate additional revenue).
585,113 585,113
Electric Utility Debt Service Fund (491)
Electric Utility Capital Fund (591) (Cont'd.)
7 Attachment 3
FY2024/25 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Charges for Services 25,000,000 Increases the Charges for Services revenue estimate to recognize additional revenue due to
higher than anticipated energy sales revenue (five
affirmative Council votes required to
appropriate additional revenue).

Ending Fund Balance -
Operations and Maintenance
Reserve
21,000,000 Increases the Operations and Maintenance
Reserve by $21.0 million, from $257.0 million to
$278.0 million. At $278.0 million, the reserve covers
approximately 170 days of operations. Due to large
fluctuations and variability in the energy market, the
Electric Utility Operations and Maintenance Reserve
has a target ranging from 90 to 180 days of
operations (five affirmative Council votes
required to appropriate additional revenue).

Ending Fund Balance - Rate
Stabilization Reserve
4,000,000 Increases the Rate Stabilization Reserve by $4.0 million, from $70.0 million to $74.0 million. The
minimum reserve target is a balance equal to 10%
of current year rate payer revenue. At $74.0 million,
this accounts for ~10% of rate payer revenue (five
affirmative Council votes required to
appropriate additional revenue).
25,000,000 25,000,000
Department/Item
Source of
Funds
Use of
Funds Explanation
Interest Earnings / Transfer to
Cemetery Fund
80,000 80,000 This action increases the interest earnings revenue estimate in the Endowment Care Fund and
increases the transfer of these funds to the
Cemetery Fund based on estimated earnings
through the end of the fiscal year (five affirmative
Council votes required to appropriate additional
revenue).
80,000 80,000
Endowment Care Fund (077)
Electric Utility Fund (091)
8 Attachment 3
FY2024/25 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Other Fees for Services / Fire
Department
250,000 250,000 This action recognizes higher development services fees and allocates those funds to the Fire
Department to address higher overtime and asneeded staffing costs to support the current level of development activity (five affirmative Council
votes required to appropriate additional
revenue).
250,000 250,000
Department/Item
Source of
Funds
Use of
Funds Explanation
Other Agencies Revenue / Bay
Area Urban Areas Security
Initiative
60,000 60,000 Recognizes Bay Area Urban Areas Security
Initiative (BAUSI) Hazmat training reimbursement
and appropriates the funding to the Fire Department
to cover the estimated costs. This training is a
Preventative Radiological/Nuclear Detection
(PRND) program that provides equipment, training,
and technical support to effectively detect and
respond to radiological/nuclear threats (five
affirmative Council votes required to
appropriate additional revenue).

Other Agencies Revenue /
USAR Training
Reimbursement
25,000 25,000 Recognizes Urban Search and Rescue training reimbursement from the Menlo Park Fire Protection
District for the Water Rescue in Flood
Environments, Swift Water Rescue, and Medical
Specialist Training activities (five affirmative
Council votes required to appropriate additional
revenue).

Other Agencies Revenue /
USAR Deployment
205,955 205,955 Recognizes Urban Search and Rescue deployment reimbursement for Tropical Storm Milton and
appropriates the funding to the Fire Department to
cover the associated costs (five affirmative
Council votes required to appropriate additional
revenue).

Staffing for Adequate Fire and
Emergency Response
(SAFER)
147,223 147,223 Increases the Staffing for Adequate Fire and Emergency Response (SAFER) grant revenue
estimate and appropriation by $147,223 to reflect
retroactive reimbursements from the prior FY
2023/24 (five affirmative Council votes required
to appropriate additional revenue).

Fire Operating Grant Trust Fund (178)
Fire Development Services Fund (158)
9 Attachment 3
FY2024/25 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Staffing for Adequate Fire and
Emergency Response
(SAFER)
300,000 Increases the Staffing for Adequate Fire and
Emergency Response (SAFER) appropriation by
$300,000 to account for higher projected salary and
benefits expenditures. It is anticipated that these
costs will be reimbursed in FY 2025/26 (five
affirmative Council votes required for the use of
unused balances).

Unrestricted Fund Balance (300,000) This change to the Unrestricted Ending Fund Balance offsets the recommended action above
(five affirmative Council votes required for the
use of unused balances).
438,178 438,178
Department/Item
Source of
Funds
Use of
Funds Explanation
Transfer from the General
Fund/Youth Sports Park
Improvements
92,570 92,570 This action recognizes a transfer from the General Fund and establishes a new Youth Sports Park
Improvements project. The funding in the General
Fund was generated from Youth Sports Park facility
rental revenue received from Bay Football Club
(Bay FC) and Concacaf. These funds will be used
to establish a new Youth Sports Park Improvements
capital project that will support future capital
infrastructure improvements to this facility (five
affirmative Council votes required to
appropriate additional revenue).

Mitigation Fee Act Revenue 1,508,002 Increases the Mitigation Fee Act revenue estimate by $1,508,002 based on revenue received year-todate (five affirmative Council votes required to appropriate additional revenue).

Quimby Act Revenue 2,856,072 Increases the Quimby Act revenue estimate by $2,856,072 based on revenue received year-to-date
(five affirmative Council votes required to
appropriate additional revenue).

Fire Operating Grant Trust Fund (178) (Cont'd.)
Parks and Recreation Capital Fund (532)
10 Attachment 3
FY2024/25 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Park Impact Fees Monitoring
Project
87,281 Increases the Park Impact Fees Monitoring Project appropriation based on Mitigation Fee Act (MFA)
and Quimby Act revenue received year-to-date. The
appropriation is based on a calculation of two
percent (2%) of actual Quimby and MFA fees
received which are transferred to this project
annually (City Chapter 17.35 of the City Code) to
support staff and studies related to the park in-lieu
program (five affirmative Council votes required
to appropriate additional revenue).

Parkland Acquisition Project 1,069,199 Increases the Parkland Acquisition Project appropriation by $1,069,199 (from $10,541,549 to
$11,610,748) based on Mitigation Fee Act and
Quimby Act revenue received year-to-date. The
appropriation is based on 25% of total Park In-Lieu
Fees received, after two percent (2%) is allocated to
the Park Impact Fees Monitoring Project (five
affirmative Council votes required to
appropriate additional revenue).

Ending Fund Balance -
Quimby Act Fees
2,099,213 Increases the Quimby Act Fees ending fund
balance to offset the actions above (five
affirmative Council votes required to
appropriate additional revenue).

Ending Fund Balance -
Mitigation Fee Act Fees
1,108,381 Increases the Mitigation Fee Act Fees ending fund balance to offset the actions above (five
affirmative Council votes required to
appropriate additional revenue).
4,456,644 4,456,644
Department/Item
Source of
Funds
Use of
Funds Explanation
Santa Clara County Fireworks
Grant FY 2024/25
5,000 5,000 Recognizes and appropriates a grant from the County of Santa Clara to partially fund the City’s
July 4, 2025, fireworks display in partnership with
Great America, which includes a community picnic
at Mission College and a public and fire safety
education component (five affirmative Council
votes required to appropriate additional
revenue).
5,000 5,000
Parks and Recreation Capital Fund (532) (Cont'd.)
Parks & Recreation Operating Grant Trust Fund (111)
11 Attachment 3
FY2024/25 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Interest Earnings / Transfer to
Cemetery Fund
1,500 1,500 This action increases the interest earnings revenue estimate in the Perpetual Care Fund and increases
the transfer of these funds to the Cemetery Fund
based on estimated earnings through the end of the
fiscal year (five affirmative Council votes
required to appropriate additional revenue).
1,500 1,500
Department/Item
Source of
Funds
Use of
Funds Explanation
Other Revenue / Senior
Center’s Health & Wellness
Case Management Program
6,100 6,100 Recognizes and appropriates donations to support the following Senior Programs: Senior Center
activities ($3,600 from Velda Lovato) and Senior
Health & Wellness program ($1,500 from Kaiser
Permanente, and $1,000 from the Santa Clara
Historic Home Tour) (five affirmative Council
votes required to appropriate additional
revenue).
6,100 6,100
Department/Item
Source of
Funds
Use of
Funds Explanation
Interest Earnings / Interest
Expense
1,500 1,500 Increases the revenue estimate for interest earnings and increases the interest expense budget
for higher than anticipated interest paid on the 2013
Certificates of Participation payments (five
affirmative Council votes required to
appropriate additional revenue).
1,500 1,500
Perpetual Care Fund (076)
Public Donations Fund (067)
Public Facilities Financing Corporation Fund (431)
12 Attachment 3
FY2024/25 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Interest Earnings / Right of
Way Expense
100,000 100,000 This action increases the interest earnings revenue estimate and right of way expense appropriation.

The right of way expense budget is a percentage of
estimated revenue collections and interest earnings
have exceeded the budgeted estimate, resulting in
higher right of way expenses (five affirmative
Council votes required to appropriate additional
revenue).
100,000 100,000
Department/Item
Source of
Funds
Use of
Funds Explanation
Revenue from Agency -
Miscellaneous / Bridge
Maintenance Program
262,360 262,360 This action increases the Revenue from AgencyMiscellaneous to recognize funding from Caltrans Bridge Preventive Maintenance Program for the
City’s Bridge Maintenance Program. Funding is for
the design of preventative maintenance for various
bridges in the City (five affirmative Council votes
required to appropriate additional revenue).
262,360 262,360
Department/Item
Source of
Funds
Use of
Funds Explanation
Transfer from the Electric
Operating Grant Trust Fund /
Capital Outlay
120,232 120,232 Increases the transfer from the Electric Operating Grant Trust Fund and the Capital Outlay
appropriation based on increased reimbursement
costs for purchases of electric vehicles. This is the
final set of planned purchases for the electric
vehicle replacement program as initially established
in the FY 2021/22 Adopted Operating Budget. The
City will continue to work towards the ZeroEmissions Vehicle Fleet targets and purchase electric vehicles where appropriate and available.

Future funding provided from the Electric Utility will
be determined on a case-by-case basis (five
affirmative Council votes required to
appropriate additional revenue).
120,232 120,232
Streets and Highways Capital Fund (533)
Vehicle Replacement Fund (050)
Sewer Utility Fund (094)
13 Attachment 3
FY2024/25 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Charges for Services 360,000 Increases the Charges for Services revenue estimate to reflect higher collections for recycled
water usage (five affirmative Council votes
required to appropriate additional revenue).

Resource/Production 1,000,000 Increases the Resource/Production appropriation to account for higher than anticipated recycled water
usage (five affirmative Council votes required
for the use of unused balances and to
appropriate additional revenue).

Ending Fund Balance -
Operations and Maintenance
Reserve
(640,000) Decreases the Operations and Maintenance
Reserve to partially offset the higher
resource/production costs (five affirmative
Council votes required for the use of unused
balances).
360,000 360,000
Department/Item
Source of
Funds
Use of
Funds Explanation
Asset Management Program 30,000 Increases the Asset Management Program project to account for higher than anticipated costs (five
affirmative Council votes required for the use of
unused balances).

SCADA Improvements 350,000 Increases the SCADA Improvements project appropriation to account for upgrades done in FY
2023/24. Due to the timing of the invoices, the
expenses were incurred in the current fiscal year for
work done last fiscal year (five affirmative Council
votes required for the use of unused balances).

Tank Rehabilitation 6,000 Increases the Tank Rehabilitation project appropriation to account for higher costs associated
with a water main replacement (five affirmative
Council votes required for the use of unused
balances).

Unrestricted Ending Fund
Balance
(386,000) Decreases the unrestricted ending fund balance to offset the actions recommended above (five
affirmative Council votes required for the use of
unused balances).
- -
Water Utility Capital Fund (592)
Water Recycling Fund (097)
14 City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-369 Agenda Date: 6/24/2025

REPORT TO COUNCIL

SUBJECT
Action on Award of Purchase Order(s) to Bound Tree Medical, Inc. for Emergency Medical Services Supplies

COUNCIL PILLAR
Deliver and Enhance High Quality Efficient Services and Infrastructure

BACKGROUND
The Santa Clara Fire Department (Fire Department) purchases emergency medical services (EMS) supplies to support its emergency response personnel in delivering immediate, pre-hospital care to individuals experiencing medical or traumatic events. These supplies include, but are not limited to:
· Personal Protective Equipment (gloves, masks, safety glasses, disposal gowns, etc.) · Patient assessment tools (pulse oximeters, stethoscopes, sphygmomanometers, blood glucose testers and supplies, laryngoscopes, patient airway devices, etc.) · First aid and trauma supplies (spinal immobilization equipment, splints, bandaging supplies, obstetric kits, tourniquets, trauma dressings, etc.)
· Medications and medication delivery devices (intravenous supplies, numerous medications, intraosseous infusion devices, oxygen delivery equipment, etc.) · Cardiac monitoring and defibrillation equipment
Pursuant to Article IV (Scope of Work), Section 4.4.3 of the executed 911 Emergency Medical Services Provider agreement between the City of Santa Clara and the County of Santa Clara, the Fire Department is required to implement all policies, guidelines, and procedures of the EMS Agency as set forth in the Santa Clara County Pre-hospital Care Manual and all other policies, procedures, and guidelines related to emergency medical services providers. Specifically, Santa Clara County EMS Agency Policy #302 (Prehospital Care Asset- Minimum Inventory Requirements) includes a detailed list of EMS supplies with minimum inventory requirements that the Fire Department must purchase and maintain to provide pre-hospital medical care for the public.

Maintaining a consistent and adequate inventory of EMS supplies is critical to ensuring rapid, effective, and life-saving care to anyone needing emergency medical services.

DISCUSSION
To support EMS operations and comply with County policy requirements, staff recommends issuing Purchase Orders (POs) to Bound Tree Medical, Inc. (Bound Tree) for EMS supplies.

In 2023, Bound Tree was awarded a purchase order through a bid process conducted by Brevard County, Florida. The purchase order is effective through December 14, 2030, if all option terms are City of Santa Clara Page 1 of 3 Printed on 6/20/2025
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25-369 Agenda Date: 6/24/2025
exercised. Under Santa Clara City Code Section 2.105.270(d), the City may, without observing formal bidding requirements, “contract directly with a vendor at a price and on terms obtained through a competitive bidding process of another public agency, even if the City has not joined with the public agency in such competitive process or purchase.”
The Purchasing Division Manager has reviewed the Brevard County solicitation and determined that it meets or exceeds the City’s competitive bidding process. Based on this determination, staff is requesting City Council authorization to issue purchase orders to Bound Tree for EMS supplies required by the Fire Department.

Under the Brevard County contract, Bound Tree offers a 35% discount off of the prices in their Emergency Medical Product Catalog. In addition, pharmaceutical and intravenous (IV) solution product categories are offered at a 40% discount from the current listed prices. See Attachment 1 (Purchase Order Issued by Brevard County and Bound Tree Bid Submission) for pricing details and scope of services information. The City’s Purchase Order Terms and Conditions will apply to the purchases with Bound Tree.

The Fire Department anticipates expenditures of approximately $216,418 during the initial term, which runs through December 14, 2028, and approximately $182,177 over two option years, for total compensation of $398,595 through December 14, 2030.

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
The total aggregate not-to-exceed maximum compensation for purchase orders is $398,595. This includes $216,418 for the initial term, through December 14, 2028, and $182,177 for the options to extend the term, through December 14, 2030. Funding is available in the Fire Operating Budget, subject to the annual appropriation of funds.

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
Authorize the City Manager or designee to execute a purchase order with Bound Tree Medical, Inc., through the Brevard County contract, for a total maximum amount not to exceed $398,595 through December 14, 2030, for the purchase of emergency services medical supplies, subject to City of Santa Clara Page 2 of 3 Printed on 6/20/2025
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25-369 Agenda Date: 6/24/2025
appropriation of funds and review and approval as to form by the City Attorney.

Reviewed by: Ruben Torres, Fire Chief
Approved by: Jovan Grogan, City Manager
Attachments

1. Bound Tree Medical PO 4500122806 (Brevard County) and Bid Submission City of Santa Clara Page 3 of 3 Printed on 6/20/2025
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---------------------------------------------------------------------

ITEM MATERIAL DESCRIPTION
Order qty Unit Price per unit Net value
--------------------------------------------------------------------- 00010 OPO BT: Miscellanous EMS Supplies
1 Power unit
OPO 10/8/24 - 9/30/25 FOR EMS MEDICAL SUPPLIES FROM BOUNDTREE FOR BREVARD COUNTY FIRE RESCUE DEPARTMENT CONTRACT# 10369
BID# B-7-23-56/EMS MEDICAL SUPPLIES Exp 12/14/28
MISCELLANOUS MEDICAL SUPPLIES ANTICIPATED TOTAL- $800,000 BVM #2442-10015 ANTICIPATED TOTAL- $100,000
GLOVES, VARIOUS #1015-47143/4/5/6/7 ANTICIPATED TOTAL- $10,000 TOTAL = $910,000
OPO Period 10/1/2024 # 09/30/2025
NO CAPITAL (COMPUTERS OVER $500 OR OTHER EQUIPMENT OVER $1000 SHALL BE PURCHASED. THIS PURCHASE ORDER DOES NOT COMMIT TO ANY PURCHASE AND MAY BE CANCELED IN WRITING. NO FURTHER PURCHASES MAY BE MADE ON THIS PURCHASE ORDER AFTER THE "DELIVERY DATE" REFERENCED ON THE PURCHASE ORDER.

VENDOR SHOULD REQUEST COUNTY IDENTIFICATION FROM ANY INDIVIDUAL UTILIZING THIS PURCHASE ORDER TO OBTAIN COMMODITIES AT THE VENDOR'S LOCATION.
**************************************************************** NOTE: FIRE RESCUE STAFF WILL PLACE ORDER OR SERVICE AS NEEDED.

PLEASE SEND INVOICE TO:

ELECTRONICALLY: [email protected]; and
Cc to [email protected]
BY MAIL: Brevard County Fire Rescue Dept
Finance Office
1040 S. Florida Ave.

Rockeledge, FL 32955
Please deliver to:

Fire Rescue Logistics
300 Ansin Road
Rockledge FL 32955
Delivery date: 09/30/2025
Purchase Order
PO Number Date
4500122806 10/08/2024
Contact Person: PA 7 H Riley

I CERTIFY THAT THIS IS AN AUTHORIZED PURCHASE
Your Vendor Number With Us 8788

BOARD OF COUNTY COMMISSIONERS
FLORIDA TAX EXEMPT #85-8012621749C-1
FEDERAL TAX EXEMPT #59-6000523
Terms of payment: In accordance with the Florida Prompt Payment Act, Florida Statute section 218.70, et seq.

BOUND TREE MEDICAL LLC
5000 TUTTLE CROSSING BLVD
DUBLIN OH 43016
FAX NUMBER 800-257-5713
V
GENERAL: The terms set forth in this PO or attached Agreement cannot be changed by the Vendor. If the PO or attached Agreement is not acceptable to the Vendor, the Vendor shall return the PO or attached Agreement to Brevard County's Purchasing Services. Failure to comply with any of the terms and conditions of this PO or attached Agreement shall be considered a material breach and may result in termination of this PO or attached Agreement and could disqualify the Vendor from receiving future POs or Agreements.

PURCHASE ORDER NUMBER: This PO and the Vendor's name must be clearly shown on all invoices, packing slips, delivery receipts, and correspondence. Failure to clearly indicate the PO number may result in the return of invoiced material.

ACCEPTANCE: All terms and conditions referenced on the General Conditions of this PO, along with any attached Agreement, signed by both parties, constitute the entire agreement between the County and the Vendor. This PO and any attached Agreement shall not be modified except in writing and executed by all parties. In the event of any conflict between the terms and conditions of this PO and the attached Agreement, those found in the attached Agreement shall control.

DELIVERY,TITLE/RISK OF LOSS: Title shall pass to the County upon the County's acceptance of the conforming goods to the designated location. Notwithstanding any Agreement to pay the freight, express, or other transportation charges, the risk of loss of the goods and/or services passes only with title to the County. Containers and reels shall become the property of the County. Delivery shall be made during normal County working hours. All containers shall be plainly marked with the Vendor's name and PO number.

Charges are not allowed for boxing or crating unless previously agreed upon in writing.

Cash on Delivery ("COD") shipments will not be accepted. In the event that the County agrees to pay the freight, all freight charges shall be fully prepaid and included in the invoice. The original shipping bill shall be included with the invoice. Prices are to be Free on Board ("FOB") Destination unless specified in this PO to the contrary. Delivery time and completion time are of the essence on all orders. Delivery time and completion time are deciding factors for this PO and attached Agreement.

INDEMNIFICATION: The Vendor agrees to indemnify and hold harmless the County and its officers, agents, and employees from all claims, damages, losses, and expenses, including attorneys' fees, arising out of or resulting from the performance, failure in the performance of, or defect in, the products or services to be procured, provided such claim, damage, loss or expense (1) is attributable to bodily injury, sickness, disease, death, or personal injury, or to property damage, including loss of use resulting therefrom, and (2) is caused in whole or in part by any negligent, willful, or intentionally wrong act or omission of the Vendor, any subcontractor of the Vendor or any of their employees, or arises from a job-related injury.

The Vendor acknowledges adequate consideration has been exchanged for this indemnification provision.

INSURANCE: The Vendor, at its own expense, agrees to provide Workers' Compensation Coverage for all Vendor's employees, and to maintain such general and auto liability, as is deemed necessary by Brevard County Risk Management for the particular circumstances and operations of the Vendor. The Vendor further agrees to provide the County with Certificates of Insurance, mailed directly from the insurance holder's company to the ordering/requesting department or office, indicating the amount of coverage in force.

TERMINATION OF AGREEMENT: The Vendor may terminate this PO or attached Agreement, for good cause, upon ninety (90) days prior written notice. The County retains the right to terminate the PO or attached Agreement, in part or in its entirety, with or without good cause, upon thirty (30)days prior written notice. If either party fails or refuses to perform any of the provisions of this PO or attached Agreement, or otherwise fails to timely satisfy the PO or attached Agreement, the non-breaching party may notify the other party in writing of the non-performance and terminate the PO or attached Agreement, or any such part of the PO or attached Agreement as to which there has been a delay or a failure to properly perform. This shall constitute termination for good cause. Any work completed or services provided prior to the date of termination shall, at the option of the County, become the property of the County. The County is only responsible for payment for goods delivered, work completed, or services rendered prior to the effective date of termination.

WARRANTY: The Vendor warrants that the goods and/or services supplied are suitable for the intended and advertised use and shall be of good workmanship and of proper materials, free from defects and in accordancewith specifications.

TAXES: Brevard County is exempt from the payment of all Federal, State ,or local taxes.

Federal Tax Exemption Number is 59-6000523. The State ofFlorida Sales and Use Tax Exemption Number is 85-8012621749C-1.

All Vendors must submit a Form W-9 to the County's Finance Department. The County is required to obtain the Form W-9 by the US Internal Revenue Services which provides the County with the Vendor's correct Taxpayer Identification Number in order for the County to release payment to the Vendor.

INVOICING: Invoicing shall contain the vendor's name and mailing address, PO number, invoice date, itemized invoice, number of items, type of items, unit price, extended price, and total. To ensure prompt payment of invoices, send all invoices related to this PO to the delivery address on the front of the PO.

MATERIAL SAFETY DATA SHEET: The Vendor agrees to furnish Brevard County with a current Material Safety Data Sheet (MSDS) on, or before delivery of, every hazardous chemical or substance purchased, classified as toxic under Chapter 442, Florida Statutes.

Appropriate labels and MSDS sheets shall be provided for all shipments. MSDS sheets shall be submitted in duplicate to Brevard County Risk Management at 2725 Judge Fran Jamieson Way, Viera, Florida 32940, and to the ordering/requesting County department/office.

RIGHT TO AUDIT/PUBLIC RECORDS: The County and its auditors shall be entitled to audit the books and records of the Vendor to the extent that such books and records relate to the performance of this PO or attached Agreement. Said records shall be made available to the County and its auditors upon request for audit purposes only. Such books and records shall be maintained by the Vendor for a period of five (5) years from the date of final payment under this PO or attached Agreement and any extensions/renewals unless a shorter period is otherwise authorized in writing.

The Vendor understands that Brevard County is subject to the Florida Public Records Law, Chapter 119, Florida Statutes. The Vendor agrees and understands that Florida has broad public records disclosure laws, and that any written communication with the Vendor, to include emails, email addresses, a copy of this PO or attached Agreement, and any supporting documentation are subject to public disclosure upon request, unless otherwise exempt or confidential under Florida Statute.

UNAUTHORIZED ALIEN WORKERS: In accordance with Section 448.095, Florida Statutes, Brevard County may not enter into or renew a PO or attached Agreement with a Vendor unless each party to the PO or attached Agreement registers with and uses the U.S.

Department of Homeland Security E-Verify System (E-Verify). For the purpose of this Section, a Vendor is defined as a person or entity that has accepted this PO or attached Agreement with the County to provide labor, supplies, and/or services to the County in exchange for salary, wages, or other remuneration.

Brevard County will verify the Vendor's participation in the E-Verify System by confirming their enrollment on the U.S. Department of Homeland Security E-Verify website. Vendors whose participation cannot be verified on the U.S. Department of Homeland Security E-Verify website shall provide acceptable evidence of their enrollment prior to the award of the PO or attached Agreement. Acceptable evidence may include, but not be limited to, a copy of the fully executed E-Verify Memorandum of Understanding.

COMPLIANCE WITH ALL FEDERAL, STATE, AND LOCAL LAWS: The Vendor shall comply with all Federal, State of Florida, and local laws, rules, and regulations.

ATTORNEYS FEES: In the event of any legal action to enforce the terms of this PO or attached Agreement, each party shall bear its own attorney fees and costs.

GOVERNING LAW; VENUE: This PO or attached Agreement shall be governed by the laws of the State of Florida, and ANY TRIAL SHALL BE NON-JURY. Venue for any legal action to interpret, construe, or enforce this PO or attached Agreement shall be in a court of competent jurisdiction in and for Brevard County, Florida.

PAYMENT: Unless otherwise stated, payment will be made in accordance with Section 218.70, Florida Statutes, et seq., Local Government Prompt Payment Act.

BREVARD COUNTY, FLORIDA ("the County") PURCHASE ORDER ("PO") GENERALCONTRACT ---------------------------------------------------------------------

ITEM MATERIAL DESCRIPTION
Order qty Unit Price per unit Net value
--------------------------------------------------------------------- 00020 OPO BT: BVM
1 Power unit
Please deliver to:

Fire Rescue Logistics
300 Ansin Road
Rockledge FL 32955
00030 OPO BT: Gloves
1 Power unit
Please deliver to:

Fire Rescue Logistics
300 Ansin Road
Rockledge FL 32955
00040 Tetracaine 0.5% Bott 15ml#372121
1 Power unit
Please deliver to:

Fire Rescue
1040 S Florida Ave
Rockledge FL 32955
Delivery date: 09/30/2025
Purchase Order
PO Number Date
4500122806 10/08/2024
Contact Person: PA 7 H Riley