Agenda packet — City Council and Authorities Concurrent, December 9, 2025 (part 2 of 13)

CITY OF SANTA CLARA
NON-MAJOR GOVERNMENTAL FUNDS (continued)
173

DEBT SERVICE FUNDS

PUBLIC FACILITIES FINANCING CORPORATION (PFFC)
This fund accumulates monies for the repayment of Certificates of Participation, which are financed by lease payments made by the City’s General Fund to the PFFC for use of the Police Administration Building and Library sites.

CAPITAL PROJECTS FUNDS

PARKS AND RECREATION FACILITIES
This fund was established to account for revenues, contributions and reimbursements received and costs incurred in connection with the acquisition and construction of the City parks.

STREETS AND HIGHWAYS IMPROVEMENT
This fund is used to account for revenues and expenditures related to road construction and traffic improvements.

STORM DRAIN IMPROVEMENT
This fund is used to account for revenues and expenditures related to the construction or modification of the City’s storm drainage system.

FIRE DEPARTMENT IMPROVEMENT
This fund is used to account for revenues and expenditures related to the construction or modification of City fire stations.

LIBRARY DEPARTMENT IMPROVEMENT
This fund is used to account for revenues and expenditures related to the construction or modification of the City’s library facilities.

PUBLIC FACILITIES
This fund is used to account for revenues and expenditures related to the construction, acquisition or modification of public improvements not accounted for in another Capital Projects Fund. 174
City Santa Clara
HUD Affordable Housing
Gas Tax Programs Housing Authority
ASSETS
Cash and investments:

Pooled cash and investments 3,237,117 $ 424,708 $ 21,875,570 $ 1,110,728 $ Investments with fiscal agent - current - - - -
Restricted cash - - - -
Receivables (net of allowance for uncollectibles):

Accounts - - - -
Loans 11,856,074 - 65,025,429 6,393,379
Intergovernmental 1,043,604 948,585 - -
Materials, supplies and prepaids - - - -
Investments with fiscal agent - noncurrent - - - -
Total Assets $ 13,324,386 4,185,702 $ 86,900,999 $ 7,504,107 $

LIABILITIES
Accrued liabilities $ 539,525 - $ 175,258 $ 3,860 $
Unearned revenue - - - -
Total Liabilities 539,525 - 175,258 3,860

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - Loans 11,856,074 - 65,025,429 6,393,379 Total Deferred Inflows of Resources - 11,856,074 65,025,429 6,393,379

FUND BALANCES
Restricted 928,787 4,185,702 21,700,312 -
Committed - - - 1,106,868
Total Fund Balances 4,185,702 928,787 21,700,312 1,106,868 Total Liabilities, Deferred Inflows of Resources
and Fund Balances 4,185,702 $ 13,324,386 $ 86,900,999 $ 7,504,107 $

SPECIAL REVENUE FUNDS

CITY OF SANTA CLARA

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEET
June 30, 2025
Combining Balance Sheet
175
Certified
Operating New Unified Program Public
Grants Development Agencies Facilities
Maintenance Fund Service Fee Fund Financing Corp.
$ 3,999,116 2,262,145 $ 41,208,197 $ 1,016,735 $ 86,361 $ - - - - 18,993
- 193,927 - - -
- - 105,600 - -
- - - - -
1,024,878 473 - - -
- - - - -
- - - - 716,085
$ 5,023,994 2,456,545 $ 41,313,797 $ 1,016,735 $ 821,439 $ $ 40,579 75,677 $ 462,164 $ 21,854 $ - $
- - 45,488 - -
40,579 75,677 507,652 21,854 -
- - - - -
- - - - -
4,983,415 2,380,868 351,791 994,881 821,439
- - 40,454,354 - -
4,983,415 2,380,868 40,806,145 994,881 821,439
$ 5,023,994 2,456,545 $ 41,313,797 $ 1,016,735 $ 821,439 $ (continued)

SPECIAL REVENUE FUNDS

CITY OF SANTA CLARA

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEET
June 30, 2025

DEBT SERVICE
FUND
176
Parks Streets
and and Storm
Recreation Highways Drain
Facilities Improvement Improvement
ASSETS
Cash and investments:

Pooled cash and investments 65,560,472 $ 63,133,095 $ 5,897,488 $ Investments with fiscal agent - current - - -
Restricted cash 2,457,804 - -
Receivables (net of allowance for uncollectibles):

Accounts - - 145,120
Loans - - -
Intergovernmental 228,130 - 115,481
Materials, supplies and prepaids 53,523 - -
Investments with fiscal agent - noncurrent - - -
Total Assets $ 65,819,029 65,613,995 $ 6,158,089 $

LIABILITIES
Accrued liabilities $ 4,000,096 902,421 $ 546,628 $
Unearned revenue - - -
Total Liabilities 4,000,096 902,421 546,628

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - Loans - - -
Total Deferred Inflows of Resources - - -

FUND BALANCES
Restricted 50,062,752 50,545,462 324,510
Committed 11,756,181 14,166,112 5,286,951
Total Fund Balances 64,711,574 61,818,933 5,611,461
Total Liabilities, Deferred Inflows of Resources
and Fund Balances 65,613,995 $ 65,819,029 $ 6,158,089 $

CITY OF SANTA CLARA

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEET
June 30, 2025 (continued)

CAPITAL PROJECTS FUNDS
177
Total
Fire Library Non-Major
Department Department Public Governmental
Improvement Improvement Facilities Funds
$ 653,160 1,859,641 $ 30,811,241 $ 243,135,774 $
- - - 18,993
- - - 2,651,731
- - 278,685 529,405
- - - 83,274,882
- - - 3,361,151
- 1,055 - 54,578
- - - 716,085
$ 653,160 1,860,696 $ 31,089,926 $ 333,742,599 $
$ - 23,923 $ 1,491,268 $ 8,283,253 $
- - 235,000 280,488
- 23,923 1,726,268 8,563,741
- - - 83,274,882
- - - 83,274,882
- - 2,655,927 139,935,846
653,160 1,836,773 26,707,731 101,968,130
653,160 1,836,773 29,363,658 241,903,976
$ 653,160 1,860,696 $ 31,089,926 $ 333,742,599 $

CAPITAL PROJECTS FUNDS

CITY OF SANTA CLARA

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEET
June 30, 2025 (continued)
178
City Santa Clara
HUD Affordable Housing
Gas Tax Programs Housing Authority

REVENUES
Taxes:

Other $ - - $ - $ - $
Licenses, permits, fines, and penalties - - - -
Intergovernmental 2,827,796 7,278,280 2,238 -
Charges for services - - 37,356 -
Interest and rents 2,183 840,109 728,898 41,826
Other 339,992 - 3,952,691 15,795
- - - -
Total Revenues 3,169,971 8,118,389 4,721,183 57,621

EXPENDITURES
Current:

General Administration 2,800,093 - 1,094,609 168,745
Public Works - - - -
Parks and Recreation - - - -
Public Safety:

Police - - - -
Fire - - - -
Planning and Inspection - - - -
Library - - - -
Capital outlay 534,991 - - -
Debt service:

Principal payments - - - -
Interest and fiscal fees - - - -
- - - -
Total Expenditures 3,335,084 - 1,094,609 168,745

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 8,118,389 (165,113) 3,626,574 (111,124)

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers (out) - (8,821,915) - -
Total Other Financing Sources (Uses) (8,821,915) - - -
NET CHANGE IN FUND BALANCE (703,526) (165,113) 3,626,574 (111,124) Fund balances - beginning 1,093,900 4,889,228 18,073,738 1,217,992 Fund balances - ending $ 928,787 4,185,702 $ 21,700,312 $ 1,106,868 $

SPECIAL REVENUE FUNDS

CITY OF SANTA CLARA

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
For the year ended June 30, 2025
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 179

DEBT SERVICE
FUND
Certified
Operating New Unified Program Public
Grants Development Agencies Facilities
Maintenance Fund Service Fee Fund Financing Corp.
$ - 388,466 $ - $ - $ - $
- - 9,356,968 - -
7,378,898 - 21,431 - -
143,343 1,022,279 12,006,988 - -
7,782 34,301 1,429,903 21,730 36,182
- - 68,114 161,524 -
- - - - -
7,530,023 1,445,046 22,883,404 183,254 36,182
- - - - -
- 1,955,763 - - -
202,588 154,758 - - -
1,004,944 97,603 - - -
5,181,816 - 3,522,672 116,894 -
32,811 - 15,993,433 - -
189,122 - - - -
74,751 - - - -
- - - - 1,085,000
- - - - 321,100
- - - - -
6,686,032 2,208,124 19,516,105 116,894 1,406,100
843,991 (763,078) 3,367,299 66,360 (1,369,918)
575,620 977,546 - 928,521 1,405,940
(1,364,581) (308,201) (352,809) - -
(788,961) 669,345 (352,809) 928,521 1,405,940
55,030 (93,733) 3,014,490 994,881 36,022
4,928,385 2,474,601 37,791,655 - 785,417
$ 4,983,415 2,380,868 $ 40,806,145 $ 994,881 $ 821,439 $ (continued)

SPECIAL REVENUE FUNDS

CITY OF SANTA CLARA

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
For the year ended June 30, 2025
180
Parks Streets
and and Storm
Recreation Highways Drain
Facilities Improvement Improvement

REVENUES
Taxes:

Other $ - - $ - $
Licenses, permits, fines, and penalties - - -
Intergovernmental 2,565,020 5,756,445 305,083
Charges for services - - 1,486,772
Interest and rents 1,756,186 519,564 10,940
Other 1,253,321 4,367,809 -
- - -
Total Revenues 8,689,015 7,529,330 1,802,795

EXPENDITURES
Current:

General Administration - - -
Public Works 5,753,000 - 682,448
Parks and Recreation 1,722,713 - -
Public Safety:

Police - - -
Fire - - -
Planning and Inspection - - -
Library - - -
Capital outlay 15,560,301 1,686,739 1,091,195
Debt service:

Principal payments - - -
Interest and fiscal fees - - -
- - -
Total Expenditures 3,409,452 21,313,301 1,773,643

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 5,279,563 (13,783,971) 29,152

OTHER FINANCING SOURCES (USES)
Transfers in 14,638,749 11,038,805 2,525,765
Transfers (out) (11,576) (2,642) (1,818,315)
Total Other Financing Sources (Uses) 11,036,163 14,627,173 707,450 NET CHANGE IN FUND BALANCE 16,315,726 843,202 736,602
Fund balances - beginning 48,395,848 60,975,731 4,874,859 Fund balances - ending 64,711,574 $ 61,818,933 $ 5,611,461 $

CITY OF SANTA CLARA

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
For the year ended June 30, 2025 (continued)

CAPITAL PROJECTS FUNDS
181
Total
Fire Library Non-Major
Department Department Public Governmental
Improvement Improvement Facilities Funds
$ - - $ - $ 388,466 $
- - - 9,356,968
- - 11,574 26,146,765
- - - 14,696,738
- - 217,682 5,647,286
- - 526,784 10,686,030
- - -
- - 756,040 66,922,253
- - 3,518,468 7,581,915
- - 27,792 8,419,003
- - - 2,080,059
- - - 1,102,547
- 759,826 - 9,581,208
- - - 16,026,244
16,950 - - 206,072
- 174,106 1,967,803 21,089,886
- - 119,699 1,204,699
- - 51,000 372,100
- - - -
16,950 933,932 5,684,762 67,663,733
(16,950) (933,932) (4,928,722) (741,480)
471,848 1,506,700 8,018,845 42,088,339
(63,269) - (84,237) (12,827,545)
408,579 1,506,700 7,934,608 29,260,794
391,629 572,768 3,005,886 28,519,314
261,531 1,264,005 26,357,772 213,384,662
$ 653,160 1,836,773 $ 29,363,658 $ 241,903,976 $

CITY OF SANTA CLARA

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
For the year ended June 30, 2025 (continued)

CAPITAL PROJECTS FUNDS
182
Maintenance
Variance
Actual Amount Positive
Budget Budgetary Basis (Negative)

REVENUES
Taxes-Other $ 388,466 392,193 $ (3,727) $
Charges for services 1,022,279 1,022,279 -
Interest and rents 34,301 2,530 31,771
Total Revenues 1,445,046 1,417,002 28,044

EXPENDITURES
Current:

Finance 1,671 - 1,671
Public Works 2,000,725 2,217,480 216,755
Parks and Recreation 226,330 248,531 22,201
Police 97,603 97,603 -
-
Total Expenditures 2,324,658 2,565,285 240,627

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (879,612) (1,148,283) 268,671

OTHER FINANCING SOURCES (USES)
Transfers in 977,546 977,546 -
Transfers out (308,201) (308,201) -
Total Other Financing Sources (Uses) 669,345 669,345 -

EXCESS (DEFICIENCY) OF REVENUES AND

OTHER SOURCES OVER EXPENDITURES
AND OTHER USES $ (210,267) (478,938) 268,671 $
ADJUSTMENTS TO BUDGETARY BASIS:

Expenditures of prior year encumbrances recognized on the GAAP basis (223,880) Current year encumbrances recognized on the budgetary basis 376,975 Net change in accrued liabilities recognized on the GAAP basis (36,561) Beginning Fund balance 2,474,601
Ending Fund balance $ 2,380,868

SCHEDULE OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

BUDGET AND ACTUAL (NON-GAAP LEGAL BASIS)
For the year ended June 30, 2025

CITY OF SANTA CLARA

SPECIAL REVENUE FUNDS
Special Revenue Funds Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual (Non-GAAP Legal Basis) 183

CITY OF SANTA CLARA

NON-MAJOR ENTERPRISE FUNDS
Non-Major Enterprise Funds are used to finance and account for operations and activities performed by designated departments in the City or through third party agreements.

SOLID WASTE FUND
This fund accounts for the administration of the City’s garbage and rubbish collection service.

CEMETERY FUND
This fund accounts for the activities of the Mission City Memorial Park.

SANTA CLARA CONVENTION CENTER FUND
The Santa Clara Convention Center Fund was established in 1984 to account for the operations of the City’s Convention Center or through third party agreements.

SPORTS AND OPEN SPACE AUTHORITY FUND (SOSA)
SOSA was created by the City Council in 1974 for the acquisition and development of open space within the City and the development of local sports activities.
184
Solid
Waste Cemetery
ASSETS
Current assets:

Cash and investments:

Pooled cash and investments 10,795,880 $ 4,514,740 $
Receivables (net of allowance for uncollectible):

Accounts 10 6,947,704
Due from other funds 286,207 -
Total current assets 17,743,584 4,800,957
Noncurrent assets:

Restricted cash - 1,701,112
Capital assets:

Land 1,096,874 -
Construction in progress - -
Buildings, infrastructure and land improvements 1,280,641 127,362 Equipment 12,150 37,170
2,389,665 164,532
Less accumulated depreciation 94,479 1,155,455
Net capital assets 1,234,210 70,053
Total noncurrent assets 1,771,165 1,234,210
Total assets 6,035,167 19,514,749

DEFERRED OUTFLOWS OF RESOURCES
OPEB related items 10,258 13,645
Pension related items 204,179 663,023
Total deferred outflows of resources 676,668 214,437

CITY OF SANTA CLARA

NON-MAJOR ENTERPRISE FUNDS

COMBINING STATEMENT OF NET POSITION
June 30, 2025
Combining Statement of Net Position
185
Santa Clara Sports and TOTAL
Convention Open Space Non-Major
Center Authority Enterprise Funds
$ 6,568 13,423,310 $ 28,740,498 $
- 3,449,982 10,397,696
- - 286,207
6,568 16,873,292 39,424,401
- 840,227 2,541,339
1,995,998 - 3,092,872
- 1,679,851 1,679,851
- 80,446,012 81,854,015
- 2,957,268 3,006,588
1,995,998 85,083,131 89,633,326
- 64,885,140 66,135,074
1,995,998 20,197,991 23,498,252
1,995,998 21,038,218 26,039,591
2,002,566 37,911,510 65,463,992
- - 23,903
- - 867,202
- - 891,105
(continued)

CITY OF SANTA CLARA

NON-MAJOR ENTERPRISE FUNDS

COMBINING STATEMENT OF NET POSITION
June 30, 2025
186
Solid
Waste Cemetery

LIABILITIES
Current liabilities:

Accrued liabilities 30,640 3,615,919
Unearned revenue - -
Accrued compensated absences 85,412 22,765
Current portion of landfill closure liability 812,00 - 0 Total current liabilities 4,513,331 53,405
Noncurrent liabilities:

Long-term compensated absences 161,691 43,520
Landfill closure liability 6,645,136 -
Net OPEB liability 156,815 208,582
Net pension liability 1,928,869 4,854,801
Total noncurrent liabilities 11,870,210 2,129,204
Total liabilities 16,383,541 2,182,609

DEFERRED INFLOWS OF RESOURCES
OPEB related items 9,883 13,145
Pension related items 2,542 6,398
Total deferred inflows of resources 19,543 12,425

NET POSITION
Net investment in capital assets 70,053 1,234,210
Restricted for capital projects and other agreements 1,701,112 2,883,385 Unrestricted (63,025) 2,017,168
Total net position (deficit) 3,788,333 $ 4,054,570 $

CITY OF SANTA CLARA

NON-MAJOR ENTERPRISE FUNDS

COMBINING STATEMENT OF NET POSITION
June 30, 2025
187
Santa Clara Sports and TOTAL
Convention Open Space Non-Major
Center Authority Enterprise Funds
- 3,121,118 6,767,677
- 5,894,304 5,894,304
- - 108,177
- - 812,000
- 9,015,422 13,582,158
- - 205,211
- - 6,645,136
- - 365,397
- - 6,783,670
- - 13,999,414
- 9,015,422 27,581,572
- - 23,028
- - 8,940
- - 31,968
1,995,998 20,197,991 23,498,252
- 840,227 5,424,724
6,568 7,857,870 9,818,581
$ 2,002,566 28,896,088 $ 38,741,557 $
June 30, 2025

CITY OF SANTA CLARA

NON-MAJOR ENTERPRISE FUNDS

COMBINING STATEMENT OF NET POSITION
188
Solid
Waste Cemetery
Operating revenues:

Charges for services $ 1,007,683 40,714,561 $
Other 2,606 221,552
Total operating revenues 40,936,113 1,010,289
Operating expenses:

Salaries and benefits 441,536 1,838,506
Materials, services and supplies 37,964,151 798,347
Depreciation 6,287 2,547
Total operating expenses 39,805,204 1,246,170
Operating income (loss) 1,130,909 (235,881)
Nonoperating revenues (expenses):

Interest revenue 98,405 46,579
Rents and royalties - 14,153
Total nonoperating revenues (expenses) 60,732 98,405
Income (loss) before
contributions and transfers 1,191,641 (137,476)
Transfers in 827,689 102,564
Transfers (out) (2,637) (48,770)
Change in net position 1,245,435 687,576
Total net position - beginning 2,560,249 3,374,972
GASB 101 implementation (17,351) (7,978)
Total net position - beginning as adjusted 2,542,898 3,366,994 Total net position - ending $ 4,054,570 3,788,333 $

CITY OF SANTA CLARA

NON-MAJOR ENTERPRISE FUNDS

COMBINING STATEMENT OF REVENUES, EXPENSES

AND CHANGES IN FUND NET POSITION
For the year ended June 30, 2025
Combining Statement of Revenues, Expenses, and Changes in Fund Net Position 189
Santa Clara Sports and TOTAL
Convention Open Space Non-Major
Center Authority Enterprise Funds
$ - 18,284,460 $ 60,006,704 $
- - 224,158
- 18,284,460 60,230,862
6,724 237,329 2,524,095
3,929 15,630,765 54,397,192
- 1,498,922 1,507,756
10,653 17,367,016 58,429,043
(10,653) 917,444 1,801,819
360 309,637 454,981
- - 14,153
360 309,637 469,134
(10,293) 1,227,081 2,270,953
10,200 426,852 1,367,305
- - (51,407)
(93) 1,653,933 3,586,851
2,002,659 27,242,155 35,180,035
- - (25,329)
2,002,659 27,242,155 35,154,706
$ 2,002,566 28,896,088 $ 38,741,557 $
For the year ended June 30, 2025

CITY OF SANTA CLARA

NON-MAJOR ENTERPRISE FUNDS

COMBINING STATEMENT OF REVENUES, EXPENSES

AND CHANGES IN FUND NET POSITION
190
Solid
Waste Cemetery

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 1,010,279 40,507,528 $
Payments to suppliers (808,287) (37,263,276)
Payments to employees for salaries and benefits (1,7 (420,750) 77,081) Rents and royalties received - 14,153
Other payments - 221,552
Net cash provided (used) by operating activities 1,7 (218,758) 02,876

CASH FLOWS FROM NONCAPITAL

FINANCING ACTIVITIES
(Increase) in due from other funds - (20,284)
Transfers in 827,689 102,564
Transfers (out) (2,637) (48,770)
Cash Flows from Noncapital Financing Activities 53,7 804,768 94

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
Acquisition and construction of capital assets, net - - Cash Flows from Capital and Related
Financing Activities - -

CASH FLOWS FROM INVESTING ACTIVITIES
Interest and dividends 98,405 46,579
Cash Flows from Investing Activities 46,579 98,405
Net increase (decrease) in cash and cash
equivalents 684,415 1,803,249
Cash and cash equivalents at beginning of period 10, 3,830,325 693,743 Cash and cash equivalents at end of period 12,496,99 $ 4,514,740 2 $ Cash and cash equivalents:

Pooled cash and investments 10,795,880 $ 4,514,740 $
Restricted cash - 1,701,112
Total cash and cash equivalents 12,496,992 $ 4,514,740 $

CITY OF SANTA CLARA

NON-MAJOR ENTERPRISE FUNDS

COMBINING STATEMENT OF CASH FLOWS
For the year ended June 30, 2025
Combining Statement of Cash Flows
191
Santa Clara Sports and TOTAL
Convention Open Space Non-Major
Center Authority Enterprise Funds
$ - 15,884,185 $ 57,401,992 $
(3,929) (13,742,214) (51,817,706)
(6,724) (237,329) (2,441,884)
- - 14,153
- - 221,552
(10,653) 1,904,642 3,378,107
- - (20,284)
10,200 426,852 1,367,305
- - (51,407)
10,200 426,852 1,295,614
- (1,878,494) (1,878,494)
- (1,878,494) (1,878,494)
360 309,637 454,981
360 309,637 454,981
(93) 762,637 3,250,208
6,661 13,500,900 28,031,629
$ 6,568 14,263,537 $ 31,281,837 $
$ 6,568 13,423,310 $ 28,740,498 $
- 840,227 2,541,339
$ 6,568 14,263,537 $ 31,281,837 $
(continued)

CITY OF SANTA CLARA

NON-MAJOR ENTERPRISE FUNDS

COMBINING STATEMENT OF CASH FLOWS
For the year ended June 30, 2025
192
Solid
Waste Cemetery
Reconciliation of operating income (loss) to net cash
provided (used) by operating activities:

Operating income (loss) $ (235,881) 1,130,909 $
Adjustments to reconcile operating income (loss) to net cash provided (used) by operating activities:
(Decrease) Increase in due to OPEB system (25,373) (6,031) (Decrease) Increase in due to retirement system 61,1 41,212 82 Depreciation 6,287 2,547
Change in assets and liabilities:

Receivables, net (10) (207,033)
Accrued liabilities (9,940) 700,875
Compensated absences (14,395) 25,616
Unearned revenue - -
Other receipts - 14,153
Net cash provided (used) by operating activities 1,7 $ (218,758) 02,876 $

CITY OF SANTA CLARA

NON-MAJOR ENTERPRISE FUNDS

COMBINING STATEMENT OF CASH FLOWS
For the year ended June 30, 2025
193
Santa Clara Sports and TOTAL
Convention Open Space Non-Major
Center Authority Enterprise Funds
$ (10,653) 917,444 $ 1,801,819 $
- - (31,404)
- - 102,394
- 1,498,922 1,507,756
- (2,756,020) (2,963,063)
- 1,888,551 2,579,486
- - 11,221
- 355,745 355,745
- - 14,153
$ (10,653) 1,904,642 $ 3,378,107 $
For the year ended June 30, 2025

CITY OF SANTA CLARA

NON-MAJOR ENTERPRISE FUNDS

COMBINING STATEMENT OF CASH FLOWS
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195

CITY OF SANTA CLARA

INTERNAL SERVICE FUNDS
Internal Service Funds are used to finance and account for special activities and services performed by a designated department for other departments in the City on a cost reimbursement basis.

The concept of major funds does not extend to internal service funds because they do not do business with outside parties. For the Statement of Activities, the net revenues or expenses of each internal service fund are eliminated by netting them against the operations of the other City departments which generated them. The remaining balance sheet items are consolidated with these same funds in the Statement of Net Position.

However, internal service funds are still presented separately in the Fund financial statements, including the funds below.

AUTOMOTIVE SERVICES
This fund accounts for the maintenance and replacement of vehicles and equipment used by all City departments. The source of revenue for this fund is rental fees charged to the various departments.

TECHNICAL EQUIPMENT SERVICES
This fund accounts for the maintenance and replacement of communication and computer equipment used by City departments. The source of revenue for this fund is rental fees charged to the various departments.

PUBLIC WORKS CAPITAL PROJECTS MANAGEMENT
This fund accounts for the Public Works staff time and non-personnel costs utilized to manage and work on specific capital improvement programs of the City. The source of revenue for this fund is fees charged to the departments requiring Public Works capital project services.

INFORMATION TECHNOLOGY SERVICES
This fund accounts for citywide cost associated with computer and telephone equipment replacement as well as other services including new or upgraded software, additional licenses for new users, and general information technology services provided to all City departments. The source of revenue for this fund is fees charged to the departments that require information technology services.

SPECIAL LIABILITY INSURANCE CLAIMS
This fund was established to account for the cost of claims and administrative costs for the City’s self-insured general liability program.

WORKERS’ COMPENSATION INSURANCE CLAIMS
This fund is used to account for the cost of claims for service connected with injuries and illnesses sustained by members of the City’s work force.
196
Technical PW Capital
Automotive Equipment Projects
Services Services Management
ASSETS
Current assets:

Cash and investments:

Pooled cash and investments 16,474,128 $ 4,320,767 $ 1,196,036 $ Receivables (net of allowance for
uncollectible):

Accounts - 18,757 -
Due from other funds 46,059 - -
Materials, supplies and prepaids 4,590,387 - -
Total current assets 21,129,331 4,320,767 1,196,036
Noncurrent assets:

Capital assets:

Equipment 8,989,702 44,115,576 -
Right-to-use leased assets - - -
Right-to-use SBITA - - -
Total capital assets 44,115,576 8,989,702 -
Less accumulated depreciation 30,159,383 3,799,966 -
Net capital assets 13,956,193 5,189,736 -
Total noncurrent assets 13,956,193 5,189,736 -
Total assets 9,510,503 35,085,524 1,196,036

DEFERRED OUTFLOWS OF RESOURCES
OPEB related items - 30,262 -
Pension related items 1,017,366 - -
Total deferred outflows of resources 1,047,628 - -

COMBINING STATEMENT OF NET POSITION

INTERNAL SERVICE FUNDS

CITY OF SANTA CLARA
June 30, 2025
Combining Statement of Net Position
197
Special Workers'
Information Liability Compensation
Technology Insurance Insurance
Services Claims Claims TOTAL
$ 12,563,348 5,384,154 $ 10,449,469 $ 50,387,902 $
1,316,594 7,540 710,857 2,053,748
- - - 46,059
- - - 4,590,387
13,879,942 5,391,694 11,160,326 57,078,096
- 6,040 - 53,111,318
- 2,234,821 - 2,234,821
- 2,397,211 - 2,397,211
- 4,638,072 - 57,743,350
- 2,259,394 - 36,218,743
- 2,378,678 - 21,524,607
- 2,378,678 - 21,524,607
13,879,942 7,770,372 11,160,326 78,602,703
- 12,310 - 42,572
- 611,779 - 1,629,145
- 624,089 - 1,671,717
(continued)

CITY OF SANTA CLARA

INTERNAL SERVICE FUNDS

COMBINING STATEMENT OF NET POSITION
June 30, 2025
198
Technical PW Capital
Automotive Equipment Projects
Services Services Management

LIABILITIES
Current liabilities:

Accrued liabilities 120,400 306,939 23,927
Interest payable - - -
Due to other funds 6,332,318 1,302,869 -
Accrued compensated absences 141,034 - -
Current portion of lease obligation - - -
Current portion of SBITA - - -
Total current liabilities 6,780,291 1,423,269 23,927
Noncurrent liabilities:

Long-term portion estimated claims - - -
Long-term compensated absences 266,770 - -
Long-term lease obligation - - -
OPEB pension liability 462,602 - -
Net pension liability 6,043,841 - -
Total noncurrent liabilities 6,773,213 - -
Total liabilities 13,553,504 1,423,269 23,927

DEFERRED INFLOWS OF RESOURCES
OPEB related items - 29,154 -
Pension related items 7,965 - -
Total deferred inflows of resources 37,119 - -

NET POSITION
Net investment in capital assets 13,956,193 5,189,736 - Unrestricted 2,897,498 8,586,336 1,172,109
Total net position (deficit) 22,542,529 $ 8,087,234 $ 1,172,109 $

COMBINING STATEMENT OF NET POSITION
June 30, 2025

CITY OF SANTA CLARA

INTERNAL SERVICE FUNDS
199
Special Workers'
Information Liability Compensation
Technology Insurance Insurance
Services Claims Claims TOTAL
3,022,000 1,020,790 4,126,000 8,620,056
- 22,051 - 22,051
- - - 7,635,187
- 201,460 - 342,494
- 89,127 - 89,127
- 617,329 - 617,329
3,022,000 1,950,757 4,126,000 17,326,244
7,171,000 - 17,356,000 24,527,000
- 381,564 - 648,334
- 1,424,882 - 1,424,882
- 188,180 - 650,782
- 2,764,308 - 8,808,149
7,171,000 4,758,934 17,356,000 36,059,147
10,193,000 6,709,691 21,482,000 53,385,391
- 11,859 - 41,013
- 3,643 - 11,608
- 15,502 - 52,621
- 247,340 - 19,393,269
3,686,942 1,421,928 (10,321,674) 7,443,139
$ 3,686,942 1,669,268 $ (10,321,674) $ 26,836,408 $

COMBINING STATEMENT OF NET POSITION
June 30, 2025

CITY OF SANTA CLARA

INTERNAL SERVICE FUNDS
200
Technical PW Capital
Automotive Equipment Projects
Services Services Management
Operating revenues:

Charges for services $ 985,638 10,194,755 $ 4,373,674 $ Insurance refunds and other - - -
Total operating revenues 10,194,755 985,638 4,373,674
Operating expenses:

Salaries and benefits - 2,931,520 3,512,916
Materials, services and supplies 3,168,886 440,647 459,275 General and administrative - - -
Amortization - Right to use assets - - -
Depreciation 420,789 2,704,625 -
Total operating expenses 8,805,031 861,436 3,972,191
Operating income (loss) 1,389,724 124,202 401,483
Nonoperating revenues (expenses):

Other revenue 963,000 398,031 -
Interest expense - - -
Gain (loss) on retirement of assets (6,503) - -
Total nonoperating revenues (expenses) 391,528 963,000 - Income (loss) before
contributions and transfers 1,781,252 1,087,202 401,483 Transfers in - 850,785 -
Transfers (out) - - (198,329)
Change in net position 1,087,202 2,632,037 203,154
Total net position - beginning 19,983,600 7,000,032 968,955 GASB 101 implementation (73,108) - -
Total net position - beginning as adjusted 19,910,4 7,000,032 92 968,955 Total net position - ending 22,542,529 $ 8,087,234 $ 1,172,109 $

CITY OF SANTA CLARA

INTERNAL SERVICE FUNDS

COMBINING STATEMENT OF REVENUES, EXPENSES

AND CHANGES IN FUND NET POSITION
For the year ended June 30, 2025
Combining Statement of Revenues, Expenses, and Changes in Fund Net Position 201
Special Workers'
Information Liability Compensation
Technology Insurance Insurance
Services Claims Claims TOTAL
$ 6,529,999 15,239,338 $ 6,181,936 $ 43,505,340 $
3,356,624 - 31,408 3,388,032
9,886,623 15,239,338 6,213,344 46,893,372
- 2,226,407 - 8,670,843
- 9,935,043 - 14,003,851
12,000,070 - 6,016,864 18,016,934
- 618,837 - 618,837
- 101 - 3,125,515
12,000,070 12,780,388 6,016,864 44,435,980
(2,113,447) 2,458,950 196,480 2,457,392
- - - 1,361,031
- (63,012) - (63,012)
- - - (6,503)
- (63,012) - 1,291,516
(2,113,447) 2,395,938 196,480 3,748,908
1,742,287 - - 2,593,072
- - - (198,329)
(371,160) 2,395,938 196,480 6,143,651
4,058,102 (601,769) (10,518,154) 20,890,766
- (124,901) - (198,009)
-
4,058,102 (726,670) (10,518,154) 20,692,757
$ 3,686,942 1,669,268 $ (10,321,674) $ 26,836,408 $

CITY OF SANTA CLARA

INTERNAL SERVICE FUNDS

COMBINING STATEMENT OF REVENUES, EXPENSES

AND CHANGES IN FUND NET POSITION
For the year ended June 30, 2025
202
Technical PW Capital
Automotive Equipment Projects
Services Services Management

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 10,187,939 $ 985,638 $ 4,373,674 $ Payments to suppliers (320,247) (5,087,104) (217,352)
Payments to employees for salaries and benefits (2,8 - 69,984) (3,512,916) Internal activity - payments to other funds (112,801 - ) (241,378) Claims paid - - -
Other receipts 963,000 398,031 -
Net cash provided (used) by operating activities 2,5 1,628,391 16,081 402,028

CASH FLOWS FROM NONCAPITAL

FINANCING ACTIVITIES
(Increase) in due from other funds (4,846) - -
Increase in due to other funds 480,365 82,266 -
Transfers in - 850,785 -
Transfers (out) - - (198,329)
Cash Flows from Noncapital Financing Activities 1,32 82,266 6,304 (198,329)

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
Acquisition and construction of capital assets, net (5,610,525) (4,263,149) - Principal payment on capital debt - - -
Interest paid on capital debt - - -
Cash Flows from Capital and Related
Financing Activities (4,263,149) (5,610,525) -
Net increase (decrease) in cash and cash
equivalents (3,899,868) (420,764) 203,699
Cash and investments at beginning of period 16,894,8 8,220,635 92 992,337 Cash and investments at end of period 16,474,128 $ 4,320,767 $ 1,196,036 $ Cash and cash equivalents:

Pooled cash and investments 16,474,128 $ 4,320,767 $ 1,196,036 $ Total cash and cash equivalents 16,474,128 $ 4,320,767 $ 1,196,036 $

CITY OF SANTA CLARA

INTERNAL SERVICE FUNDS

COMBINING STATEMENT OF CASH FLOWS
For the year ended June 30, 2025
Combining Statement of Cash Flows
203
Special Workers'
Information Liability Compensation
Technology Insurance Insurance
Services Claims Claims TOTAL
$ 9,886,623 15,258,461 $ 4,006,639 $ 44,698,974 $
- (9,824,452) - (15,449,155)
- (2,161,114) - (8,544,014)
- (1,237) - (355,416)
(11,861,885) - (5,628,220) (17,490,105)
- - 2,041,016 3,402,047
(1,975,262) 3,271,658 419,435 6,262,331
- - - (4,846)
- - - 562,631
1,742,287 - - 2,593,072
- - - (198,329)
1,742,287 - - 2,952,528
- - - (9,873,674)
- (699,769) - (699,769)
- (48,267) - (48,267)
- (748,036) - (10,621,710)
(232,975) 2,523,622 419,435 (1,406,851)
-
12,796,323 2,860,532 10,030,034 51,794,753
$ 12,563,348 5,384,154 $ 10,449,469 $ 50,387,902 $
$ 12,563,348 5,384,154 $ 10,449,469 $ 50,387,902 $
$ 12,563,348 5,384,154 $ 10,449,469 $ 50,387,902 $
(continued)

CITY OF SANTA CLARA

INTERNAL SERVICE FUNDS

COMBINING STATEMENT OF CASH FLOWS
For the year ended June 30, 2025
204
Technical PW Capital
Automotive Equipment Projects
Services Services Management
Reconciliation of operating income (loss) to net cash
provided (used) by operating activities:

Operating income (loss) 1,389,724 $ 124,202 $ 401,483 $ Adjustments to reconcile operating income (loss) to net cash provided by operating activities:
(Decrease) Increase in lease and SBITA obligation - - - (Decrease) Increase in due to OPEB system (17,792) - -
(Decrease) Increase in due to retirement system 57,2 - 10 - Depreciation 420,789 2,704,625 -
Change in assets and liabilities:

Receivables, net - (6,816) -
Inventory - (2,136,500) -
Accrued liabilities 120,400 105,481 545
Long-term portion estimated claims - - -
Compensated absences - 22,118 -
Other receipts 963,000 398,031 -
Net cash provided (used) by operating activities 2,5 $ 1,628,391 16,081 $ 402,028 $ NONCASH TRANSACTIONS:

Addtion of Leased Assets $ - - $ - $
Addition of Leased Liabilities $ - - $ - $

CITY OF SANTA CLARA

INTERNAL SERVICE FUNDS

COMBINING STATEMENT OF CASH FLOWS
For the year ended June 30, 2025
205
Special Workers'
Information Liability Compensation
Technology Insurance Insurance
Services Claims Claims TOTAL
$ (2,113,447) 2,458,950 $ 196,480 $ 2,457,392 $
- 618,836 - 618,836
- (7,237) - (25,029)
- 60,537 - 117,747
- 101 - 3,125,515
(1,312,617) 19,124 (279,345) (1,579,654)
- - 27,785 (2,108,715)
335,802 109,354 (181,485) 490,097
1,115,000 - 656,000 1,771,000
- 11,993 - 34,111
- - - 1,361,031
$ (1,975,262) 3,271,658 $ 419,435 $ 6,262,331 $
$ - 1,576,376 $ - $ 1,576,376 $
$ - (1,576,376) $ - $ (1,576,376) $

CITY OF SANTA CLARA

INTERNAL SERVICE FUNDS

COMBINING STATEMENT OF CASH FLOWS
For the year ended June 30, 2025
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207

CITY OF SANTA CLARA

COMBINING FIDUCIARY FUNDS

PRIVATE PURPOSE TRUST FUNDS
Private Purpose Trust Funds are used to report trust arrangements, other than pension and investment trusts, under which principal and income benefit individuals, private organizations, or other governments. The Private Purpose Trust Funds are described below:

CHARITABLE TRUST
This fund accounts for the various gifts, donations and bequests received by the City for distribution to various nonprofit organizations as determined by the Mission City Community Fund.

SUCCESSOR AGENCY
California State laws ABx1 26 and AB 1484 provided for the dissolution of California Redevelopment Agencies effective January 31, 2012 and the transfer of all non-housing Agency assets to the Successor Agency Redevelopment Obligation Retirement Fund.

CUSTODIAL FUNDS
Custodial Funds are presented separately from the Government-wide and Fund financial statements.

Custodial Funds account for assets held by the City as an agent for individuals, governmental entities, and nonpublic organizations. These funds include the following:

EMPLOYEE CONTRIBUTED EMERGENCY PAID LEAVE POOL FUND
This fund is used to account for monies collected and disbursed for the employees paid leave program that is administered by respective bargaining units. The City does not make contribution to this fund.

SPECIAL ASSESSMENTS
This fund accounts for monies collected and disbursed from special assessment districts where the City is not obligated for the outstanding debt payments.

CUSTODIAL DEPOSITS
This fund accounts for various miscellaneous deposits for other entities. 208
Total
Charitable Successor Private Purpose
Trust Agency Trust
ASSETS
Current assets
Cash and investments:

Pooled cash and investments 941,456 $ 541,228 $ 1,482,684 $ Receivables (net of allowance for uncollectibles):

Interest and rent 469,575 6,177 475,752
Leases receivable 594,526 - 594,526
Total current assets 1,605,329 947,633 2,552,962
Noncurrent assets
Leases receivable- noncurrent 37,812,597 - 37,812,597
Investment with fiscal agent-noncurrent 2,893,407 - 2,893,407 Land held for resale 251,159 - 251,159
Total noncurrent assets 38,063,756 2,893,407 40,957,163 -
Total Assets 39,669,085 3,841,040 43,510,125

LIABILITIES
Unearned revenues 122,008 - 122,008
Due to other agencies 520,000 - 520,000
Total Liabilities 642,008 - 642,008

DEFERRED INFLOWS OF RESOURCES
Leases related 35,405,346 - 35,405,346
Total deferred inflows of resources - 35,405,346 35,405,346

NET POSITION
Held in trust for private purpose 3,841,040 - 3,841,040 3,621,731 - 3,621,731
-
Total Net Position $ 3,621,731 3,841,040 $ 7,462,771 $

CITY OF SANTA CLARA

PRIVATE PURPOSE TRUST FUNDS

COMBINING STATEMENT OF NET POSITION
June 30, 2025
Restricted for individuals, organization
and other governments
Private Purpose Trust Funds
Combining Statement of Net Position
209
Total
Charitable Successor Private Purpose
Trust Agency Trust

ADDITIONS
Investment income:

Net change in fair value of investments 125,280 $ - $ 125,280 $ Interest and rents 3,286,529 111,733 3,398,262
Net investment income 3,286,529 237,013 3,523,542
Gain from sale of property 24,367,222 - 24,367,222
Total additions 27,653,751 237,013 27,890,764

DEDUCTIONS
General and administrative 3,640 117,787 121,427
Pass through to the County of Santa Clara - 26,918,266 26,918,266 Loss from lease termination 143,657 - 143,657
Total deductions 27,065,563 117,787 27,183,350
588,188 119,226 707,414
Net position - beginning 3,033,543 3,721,814 6,755,357
Net position - ending $ 3,621,731 3,841,040 $ 7,462,771 $

CITY OF SANTA CLARA

PRIVATE PURPOSE TRUST FUNDS

COMBINING STATEMENT OF CHANGES IN NET POSITION
For the Year Ended June 30, 2025
Net increase (decrease) in fiduciary net position
Combining Statement of Changes in Net Position
210
Employee Contributed Total
Emergency Paid Special Custodial Custodial
Leave Pool Assessments Deposits Funds
ASSETS
Cash and investments:

Pooled cash and investments 505,293 $ 598,557 $ 21,862 $ 1,125,712 $ Total cash 598,557 505,293 21,862 1,125,712
Total Assets 598,557 505,293 21,862 1,125,712

NET POSITION
598,557 505,293 21,862 1,125,712
-
Total Net Position $ 598,557 505,293 $ 21,862 $ 1,125,712 $

CITY OF SANTA CLARA

CUSTODIAL FUNDS

COMBINING STATEMENT OF NET POSITION
June 30, 2025
Restricted for individuals, organizations
and other governments
Custodial Funds
Combining Statement of Net Position
211
Employee Contributed Total
Emergency Paid Special Custodial Custodial
Leave Pool Assessments Deposits Funds

ADDITIONS
Contributions:

Employee contributions $ - 107,250 $ - $ 107,250 $
Special assessments 3,501,359 - - 3,501,359
Gifts and bequest - - 2,020 2,020
Total contributions 3,501,359 107,250 2,020 3,610,629
Investment income:

Interest and rents - 16,235 - 16,235
Net investment income - 16,235 - 16,235
Total additions 3,501,359 123,485 2,020 3,626,864

DEDUCTIONS
General and administrative - - 770 770
Benefits paid - 36,010 - 36,010
Pass through to the Stadium Authority - 3,408,575 - 3,408,575 Total deductions 3,408,575 36,010 770 3,445,355
92,784 87,475 1,250 181,509
Net position - beginning 505,773 417,818 20,612 944,203 Net position - ending $ 598,557 505,293 $ 21,862 $ 1,125,712 $

CITY OF SANTA CLARA

CUSTODIAL FUNDS

COMBINING STATEMENT OF CHANGES IN NET POSITION
For the Year Ended June 30, 2025
Net increase (decrease) in fiduciary net position
Combining Statement of Changes in Net Position

This page intentionally left blank

Statistical Section (Unaudited)

215

CITY OF SANTA CLARA

STATISTICAL SECTION
This part of the City of Santa Clara’s Annual Comprehensive Report provides detailed information to better understand the data presented within the financial statements, note disclosures, and required supplementary information.

TABLES
FINANCIAL TRENDS 1 - 4
Contains trend information to help the reader understand how the City’s financial performance has changed over time.

REVENUE CAPACITY 5 - 10
Contains information to help the reader assess the City’s most significant local revenue sources, the property taxes and electric utility charges.

DEBT CAPACITY 11 - 15
Presents information to assess the affordability of the City’s current levels of outstanding debt and the City’s ability to issue additional debt in the future.

DEMOGRAPHIC AND ECONOMIC INFORMATION 16 - 17
Offers information to help the reader understand the environment within which the City’s financial activities take place.

OPERATING INFORMATION 18 - 21
Contains service and infrastructure data to help the reader understand how the City’s financial report relates to the services the City provides and the activities it performs.

City of Santa Clara
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217

2. Changes in Net Position – Last Ten Fiscal Years
Ta ble 2
2 0 2 5 2 0 2 4 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 0 2 0 19 2 0 18 2 0 17 2 0 16 Expe ns e s :Go v e rnm e nta l A c tiv itie s :

General Adminis tratio n $ 33,144 35,444 $ 32,353 $ 37,676 $ 33,671 $ 26,436 $ 30,328 $ 25,467 $ 20,636 $ 22,692 $ City Clerk 1,209 1,556 1,329 1,171 1,414 1,292 1,263 864 1,020 309 City Atto rney 2,319 2,500 2,529 2,079 1,890 1,945 1,700 1,000 860 270 Human Res o urc es 1,890 2,496 2,039 2,136 1,616 2,751 2,011 1,886 1,675 748 Finance 8,824 10,814 10,031 10,325 10,188 10,497 7,111 6,253 5,323 1,633 P ublic Wo rks 46,164 47,495 44,839 38,837 41,951 46,176 45,725 38,276 34,314 30,365 P arks and Recreatio n 27,659 27,504 25,907 20,520 20,266 27,491 23,285 21,369 18,616 17,106 P ublic Sa fe ty: P o lice 97,507 101,025 88,389 71,575 87,563 89,477 72,449 76,742 63,612 58,599 Fire 79,840 84,243 73,154 58,117 71,025 67,767 58,120 55,372 43,384 37,120 P lanning a nd Ins pectio n 18,724 20,009 19,218 15,487 15,537 16,281 12,879 10,614 9,162 7,855 Library 13,056 13,757 12,766 10,925 10,864 13,773 12,687 12,302 10,553 10,718 Inte re s t o n lo ng term debt 546 382 349 408 487 560 630 695 749 803To ta l Go v e rnm e nta l A c tiv itie s Expe ns e s (N e t) 330,882 347,225 312,903 269,256 296,472 304,446 268,188 250,840 209,904 188,218 B us ine s s -Type A c tiv itie s :

Utilities : Electric 584,073 642,856 658,600 552,552 454,503 453,112 408,812 437,419 402,977 386,239 Water 58,039 63,997 49,010 45,578 45,353 43,196 46,067 41,777 35,649 32,254 Se wer 36,162 55,321 86,208 30,523 30,103 28,614 29,462 25,689 23,047 19,081 Water Rec ycling 8,995 10,058 6,605 5,700 5,844 6,344 5,909 4,972 4,858 2,672 So lid Was te 37,809 39,695 34,196 32,997 29,769 25,567 25,393 23,363 26,621 20,142 Cemetery 1,228 1,224 1,395 1,350 1,359 1,659 1,257 1,174 820 781 Spo rts a nd Open Spac e Autho rity 10 11 10 9 8 10 9 10 53 102Sa nta Clara Go lf and Tennis Club - - - - - 1,675 2,837 2,951 2,772 2,777 Sa nta Clara Co nventio n Center 18,926 17,367 16,530 11,829 4,667 16,738 12,967 8,423 8,478 9,075 Sa nta Clara Stadium Autho rity 91,047 79,643 61,818 65,308 41,181 79,539 103,899 111,210 105,593 147,435 To ta l B us ine s s -Type A c tiv itie s Expe ns e s 836,289 910,172 745,846 612,787 656,454 636,612 656,988 610,868 620,558 557,995 To ta l P rim a ry Expe ns e s $ 1,167,171 1,257,397 $ 1,015,102 $ 909,259 $ 960,900 $ 904,800 $ 907,828 $ 820,772 $ 808,776 $ 731,637 $ So urce: Finance Office , City o f Sa nta Clara

C ITY OF S A N TA C LA R A

C HA N GES IN N ET P OS ITION
La s t Te n F is c a l Ye a rs
(A c c rua l B a s is o f A c c o unting )
(In Tho us a nds )
218
Ta ble 2
2 0 2 5 2 0 2 4 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 0 2 0 19 2 0 18 2 0 17 2 0 16 P ro g ra m R e v e nue s :Go v e rnm e nta l A c tiv itie s :

Charges fo r Services : General Adminis tratio n $ 21,733 18,456 $ 14,252 $ 9,592 $ 3,475 $ 8,837 $ 7,904 $ 398 $ 1,651 $ 1,247 $ P arks and Recreatio n 3,589 3,949 3,225 2,049 891 1,495 3,431 3,126 3,169 3,114 P lanning a nd Ins pectio n 18,953 20,094 21,755 21,274 16,470 15,564 19,048 12,837 13,658 15,065 Other P ro grams 19,205 22,148 17,368 15,282 12,604 15,057 17,476 21,303 19,658 23,022 Operating Grants and Co ntributio ns 23,117 20,979 6,651 34,060 17,053 9,455 8,457 7,172 4,723 5,809 Capita l Ga ins and Co ntributio ns 11,267 20,535 8,534 6,072 11,598 29,619 23,634 20,273 14,280 12,100 To ta l Go v e rnm e nta l A c tiv itie s P ro g ra m R e v e nue s 97,864 106,161 71,785 88,329 62,091 80,027 79,950 65,109 57,139 60,357 B us ine s s -Type A c tiv itie s :

Utilities :Electric 784,316 866,392 751,409 611,549 526,710 507,494 460,263 475,434 459,849 412,441 Water 57,514 66,475 50,519 51,606 52,530 51,373 47,017 46,685 39,953 31,955 Se wer 48,791 57,414 57,998 116,443 16,587 71,041 44,763 50,942 43,176 41,659 Water Rec ycling 8,797 9,950 6,395 6,072 6,182 6,304 6,299 5,479 4,834 3,841 So lid Was te 39,287 40,950 35,944 34,851 26,603 26,645 25,983 23,544 22,585 21,854 Cemetery 775 1,010 932 1,024 844 585 634 666 799 693
Spo rts a nd Open Spac e Autho rity - - - - - - - - 58 72 Sa nta Clara Go lf and Tennis Club - - - - - 674 2,001 1,991 1,780 1,666 Sa nta Clara Co nventio n Center 19,671 18,284 17,429 8,527 1,221 14,252 12,734 9,061 9,581 7,399 Sa nta Clara Stadium Autho rity(1) 107,695 86,747 74,438 59,528 38,682 87,976 112,550 112,039 110,059 146,619 To ta l B us ine s s -Type A c tiv itie s P ro g ra m R e v e nue s 1,066,846 1,147,222 995,064 889,600 669,359 766,344 712,244 725,841 692,674 668,199 To ta l P rim a ry Go v e rnm e nt P ro g ra m R e v e nue s 1,164,710 1,253,383 1,066,849 977,929 731,450 846,371 792,194 790,950 749,813 728,556 N e t (Expe ns e ) R e v e nue s :

Go ve rnmental Activities (233,018) (241,064) (241,118) (180,927) (234,381) (224,419) (188,238) (185,731) (152,765) (127,861) Bus ines s -Type Ac tivities 230,557 237,050 80,691 143,754 56,572 109,890 75,632 68,853 81,806 47,641 To ta l P rim a ry Go v e rnm e nt N e t (Expe ns e ) R e v e nue s $ (2,461) (4,014) $ (160,426) $ (37,173) $ (177,809) $ (114,529) $ (112,606) $ (116,878) $ (70,959) $ (80,220) $ No te:
(1) Re s tated in 2025.So urce: Finance Office , City o f Sa nta Clara (In Tho us a nds )
(c o ntinue d)

C ITY OF S A N TA C LA R A

C HA N GES IN N ET P OS ITION
La s t Te n F is c a l Ye a rs
(A c c rua l B a s is o f A c c o unting )
219

C HA N GES IN N ET P OS ITION
La s t Te n F is c a l Ye a rs
(A c c rua l B a s is o f A c c o unting )
Ta ble 2
2 0 2 5 2 0 2 4 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 0 2 0 19 2 0 18 2 0 17 2 0 16 Ge ne ra l R e v e nue a nd o the r c ha ng e s in N e t P o s itio nGo v e rnm e nta l A c tiv itie s :

Taxes : Sale s $ 61,776 79,352 $ 64,498 $ 56,902 $ 56,178 $ 55,270 $ 65,036 $ 56,320 $ 55,751 $ 57,797 $ Ad Valo rem P ro perty 90,176 95,319 84,047 74,188 68,358 65,132 58,502 54,965 50,943 45,627 Tra ns ient o ccupancy 22,347 26,993 18,989 10,812 2,949 15,994 23,229 20,580 20,484 20,557 Other 7,116 7,407 6,738 7,317 6,019 5,967 5,955 6,392 5,671 5,510 Internal Go ve rnmental, unres tric te d: Mo to r Vehicle in-lieu - - - - - - - - 55 49 Co ntributio n in-lieu o f ta xes 33,144 38,882 29,584 27,259 24,548 22,710 21,304 21,986 21,117 19,057 Inves tme nt earnings 17,939 26,226 13,299 5,709 6,451 8,700 6,990 4,600 3,466 2,178 Net increas e (de creas e ) in the fair value o f inve s tments 7,433 9,969 (5,788) (13,688) (5,207) 6,531 8,082 (2,452) (3,217) 1,049 Equity in inco me (lo s s e s ) o f jo int venture s - - - - - 95 28 25 49 44 Rents and ro yalties 9,754 23,092 10,030 7,205 9,852 9,032 9,762 10,494 11,410 13,642 Other 12,125 25,547 43,058 58,511 24,590 22,513 30,257 16,243 39,956 8,551 Special item - - - - - - - - - (24,451)
Tra ns fer 2,524 5,051 4,964 (5,747) (5,765) 1,895 743 1,457 (3,563) 31,186 To ta l Go v e rnm e nt Ge ne ra l R e v e nue a nd S pe c ia l Ite m 266,870 335,302 269,419 228,468 187,973 213,839 229,888 190,610 202,122 180,796 B us ine s s -Type A c tiv itie s : ( 1 )
Inves tme nt earnings 35,799 57,817 28,656 11,587 13,569 16,709 16,618 15,755 13,031 16,894 Net increas e (de creas e ) in the fair value o f inve s tments 16,751 11,712 (3,863) (26,594) (6,246) 10,798 9,921 (3,584) (3,672) 1,218 Equity in gains o f jo int venture 18,556 3,613 8,533 14,639 - - - - - - Gain (lo s s ) o n retirement o f as s e ts 1 7 - - 1,678 - - - - 29,751 Tra ns fer (2,524) (5,051) (4,964) 5,747 5,765 (1,895) (743) (1,457) 3,563 (31,186) To ta l B us ine s s -Type Ge ne ra l R e v e nue 63,544 73,137 28,362 5,379 14,766 25,612 25,796 10,714 12,922 16,677 To ta l P rim a ry Go v e rnm e nt Ge ne ra l R e v e nue 330,414 408,439 297,781 233,847 202,739 239,451 255,684 201,324 215,044 197,473 C ha ng e in N e t P o s itio n - Go v e rnm e nta l A c tiv itie s 33,852 94,238 28,301 47,541 (46,408) (10,580) 41,650 4,879 49,357 52,935 C ha ng e in N e t P o s itio n - B us ine s s -Type A c tiv itie s 294,101 310,187 109,053 149,133 71,338 135,502 101,428 79,567 94,728 64,318 C ha ng e in N e t P o s itio n - To ta l P rim a ry Go v e rnm e nt 327,953 404,425 137,355 196,674 24,930 124,922 143,078 84,446 144,085 117,253 N e t P o s itio n - B e g inning o f Ye a r 2,327,325 2,664,023 2,185,268 1,988,594 1,955,007 1,830,085 1,687,007 1,650,344 1,506,259 1,389,006 C ha ng e o f A c c o unting P o lic y - 25,183 - - - - - - - - GA S B 7 5 Im ple m e nta tio n - - - - - - - (47,783) - - GA S B 8 4 Im ple m e nta tio n - - - - 8,657 - - - - - GA S B 8 7 Im ple m e nta tio n 4,702 8,745 - - - - - - - GA S B 10 1 Im ple m e nta tio n - (9,790) - - - - - - - - N e t P o s itio n - End o f Ye a r - To ta l P rim a ry Go v e rnm e nt $ 2,664,023 3,083,841 $ 2,327,325 $ 2,185,268 $ 1,988,594 $ 1,955,007 $ 1,830,085 $ 1,687,007 $ 1,650,344 $ 1,506,259 $ (1) Equity in inc o me (lo s s es ) o f jo int ventures were include d in the Ele ctric and Se wer Bus ine s s -Type Activities beginning in fis cal yea r 2016.

So urce : Finance Offic e, City o f Santa Clara
(c o ntinue d)
(In Tho us a nds )

C ITY OF S A N TA C LA R A
220
Table 3
2 0 2 5 2 0 2 4 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 0 2 0 19 2 0 18 2 0 17 2 0 16 Ge ne ra l F und:

No ns pendable $ 5,880 8,296 $ 3,396 $ 7,244 $ 13,767 $ 24,260 $ 24,421 $ 25,002 $ 13,837 $ 13,517 $ Res tric te d 31,841 39,817 24,689 23,291 25,943 28,507 17,652 13,585 7,083 11,865 Co mmitte d 18,577 12,776 18,575 23,985 40,280 36,978 30,902 41,914 58,580 64,111 As s igne d 15,756 16,980 13,863 9,844 7,131 5,861 7,879 7,473 4,639 4,875 Unas s igned 109,265 163,215 92,793 76,751 90,681 122,969 147,739 107,801 107,404 103,430 To ta l Ge ne ra l F und 181,319 241,084 153,316 141,115 177,802 218,575 228,593 195,775 191,543 197,798 A ll o the r Go v e rnm e nta l F unds :

Res tric te d 135,624 146,815 137,384 110,448 88,486 89,256 86,802 91,290 89,818 67,612 Co mmitte d 83,629 101,968 78,205 73,821 50,558 44,757 45,345 40,473 44,936 38,953 To ta l A ll Othe r Go v e rnm e nta l F unds 219,253 248,783 215,589 184,269 139,044 134,013 132,147 131,763 134,754 106,565 To ta l Go v e rnm e nta l F unds $ 400,572 489,867 $ 368,905 $ 325,384 $ 316,846 $ 352,588 $ 360,740 $ 327,538 $ 326,297 $ 304,363 $

CITY OF SANTA CLARA

FUND BALANCES - GOVERNMENTAL FUNDS
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
(In Thousands)

3. Fund Balances – Governmental Funds – Last Ten Fiscal Years 221
Table 4
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
REVENUES:

Taxes : Sales $ 61,776 79,352 $ 64,498 $ 56,902 $ 56,178 $ 55,270 $ 65,036 $ 56,321 $ 55,750 $ 57,796 $ Ad valo rem pro perty 90,710 95,932 84,599 74,630 68,773 65,498 58,502 54,965 50,943 45,627 Trans ient o ccupancy 22,347 26,993 18,989 10,812 2,949 15,994 23,229 20,580 20,484 20,557 Other 7,116 7,407 6,738 7,317 5,824 5,967 5,955 6,392 5,671 5,510 Licens es , permits , fees and penalties 20,151 21,677 18,390 16,182 12,568 11,476 16,478 8,665 10,536 11,530 Intergo vernmental 30,730 31,951 13,299 39,929 22,589 19,905 29,685 13,920 15,269 8,570Charges fo r s ervices 59,312 60,728 51,976 47,194 38,171 44,029 49,067 45,237 42,941 46,938 Co ntributio n in-lieu o f taxes 33,143 38,882 29,584 27,259 24,548 22,710 21,304 21,986 21,117 19,057 Interes t and rents 30,430 50,183 26,065 13,220 16,161 17,673 16,927 15,223 14,636 15,617 Net increas e (decreas e) in the fair value o f inves tments 9,969 7,433 (5,788) (13,688) (5,207) 6,531 8,082 (2,452) (3,217) 1,049 Other 8,860 18,948 56,381 42,033 17,161 17,955 15,021 11,957 32,209 9,578 TO TAL REVENUES $ 374,544 439,486 $ 364,731 $ 321,790 $ 259,715 $ 283,008 $ 309,286 $ 252,794 $ 266,339 $ 241,829 $ Source: Finance Office, City of Santa Clara.

CITY O F SANTA CLARA
(In Thousands)
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)

CHANGES IN FUND BALANCES - GO VERNMENTAL FUNDS

4. Changes in Fund Balances – Governmental Funds – Last Ten Fiscal Years 222
Table 4
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
EXP EN D ITUR ESC urre nt:

General Adminis tratio n $ 41,322 36,793 $ 36,303 $ 42,252 $ 37,273 $ 28,927 $ 36,093 $ 28,997 $ 24,265 $ 23,743 $ City Clerk 1,747 2,155 1,793 1,618 1,697 1,429 1,440 1,361 1,594 1,007 City Atto rney 2,835 3,129 3,062 2,681 2,330 2,154 2,006 1,690 1,658 1,500 Human Res o urces 3,521 4,381 3,698 3,837 3,201 3,876 3,151 3,175 2,993 2,616 Finance 18,081 21,223 18,111 16,576 15,852 14,924 11,697 10,484 9,725 9,319 P ublic Wo rks 31,700 34,117 30,175 28,158 28,443 28,186 31,595 25,595 24,018 20,088 P arks and Recreatio n 23,218 23,300 22,511 19,890 17,822 22,551 20,026 18,882 17,364 16,162 P ublic S afety: P o lice 84,981 91,973 81,136 77,590 74,918 74,168 62,799 67,841 62,290 61,015 Fire 72,078 79,018 68,137 62,203 59,799 56,421 50,975 49,043 42,550 39,129 P lanning and Ins pectio n 18,879 20,390 19,106 16,174 14,712 13,534 11,521 9,896 9,156 8,231 Library 10,759 12,010 10,732 10,011 8,879 10,392 10,234 10,426 9,113 9,479 Capital Outlay 31,100 21,760 34,798 19,261 30,514 24,021 30,382 19,933 29,329 13,434 Debt Service:

P rincipal payments 2,238 2,711 2,077 2,009 1,930 1,859 1,786 1,731 1,674 1,620 Interes t and fis cal fees 622 475 504 498 572 644 712 767 825 879 Bo nd is s uance co s t - - - - - - - 7 2 1
TOTA L EXP EN D ITUR ES 343,081 353,435 332,143 302,758 297,942 283,086 274,417 249,828 236,556 208,223 EXC ES S (D EF IC IEN C Y) OF R EVEN UES OVER (UN D ER ) EXP EN D ITUR ES 31,463 86,051 32,588 19,032 (38,227) (78) 34,869 2,966 29,783 33,606 OTHER F IN A N C IN G S OUR C ES ( US ES ):

SBITA liabilities is s ued 2,078 586 8,202 - - - - - - - Leas e liabilities is s ued - - - 18 - - - - - -
Trans fers in 33,747 45,749 27,001 56,105 49,402 29,003 43,334 21,381 44,983 58,473 Trans fers o ut (35,620) (43,092) (24,270) (66,617) (55,575) (37,076) (45,001) (23,106) (52,832) (27,581) TOTA L OTHER F IN A N C IN G S OUR C ES (US ES ) 205 3,243 10,933 (10,494) (6,173) (8,073) (1,667) (1,725) (7,849) 30,892

N ET C HA N GE IN F UN D B A LA N C ES
B EF OR E S P EC IA L ITEM $ 31,668 89,294 $ 43,521 $ 8,538 $ (44,400) $ (8,151) $ 33,202 $ 1,241 $ 21,934 $ 64,498 $

S P EC IA L ITEM -A S S ET TR A N S F ER R ED
TO LIA B ILITIES A S S UM ED B Y S UC C ES S OR A GEN C Y - - - - - - - - - (842) N ET C HA N GE IN F UN D B A LA N C ES A F TER S P EC IA L ITEM $ 31,668 89,294 $ 43,521 $ 8,538 $ (44,400) $ (8,151) $ 33,202 $ 1,241 $ 21,934 $ 63,656 $ D EB T S ER VIC E A S A P ER C EN TA GE OF 2,860 3,186 2,581 2,507 2,502 2,503 2,498 2,505 2,501 2,500 N ON -C A P ITA L EXP EN D ITUR ES 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% Source: Finance Office, City of Santa Clara.

CHANGES IN FUND BALANCES - GO VERNMENTAL FUNDS
(continued)

CITY O F SANTA CLARA
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
(In Thousands)
223
Table 5
Ratio of Net
Fiscal Year Net Local State Net Net Total Assessed Valuation % Growth Total Direct Ending Secured Assessed Unsecured Assessed Assessed To Total Assessed of Assessed Tax June 30 Roll (1) Valuation Roll Valuation Valuation Valuation Valuation Rate 2015 / 16 27,659,960 $ 4,183 $ 5,157,346 $ 32,821,489 $ 32,927,777 $ 99.68% 14.56% 1.16% 2016 / 17 30,672,596 4,183 5,856,885 36,533,664 36,638,297 99.71% 11.31% 1.15% 2017 / 18 33,449,607 3,896 6,553,560 40,007,063 40,109,539 99.74% 9.51% 1.16% 2018 / 19 36,596,483 354 7,266,592 43,863,429 43,964,914 99.77% 9.64% 1.13% 2019 / 20 38,502,828 870 7,629,244 46,132,942 46,232,453 99.78% 5.17% 1.20% 2020 / 21 42,047,766 870 7,972,493 50,021,129 50,118,954 99.80% 8.43% 1.18% 2021 / 22 44,162,052 870 8,007,077 52,170,000 52,264,729 99.82% 4.30% 1.19% 2022 / 23 48,144,003 870 8,688,804 56,833,678 56,926,788 99.84% 8.94% 1.17% 2023 / 24 52,144,207 1,074 8,829,840 60,975,121 61,070,198 99.84% 7.29% 1.17% 2024 / 25 56,416,225 1,074 9,026,763 65,444,063 65,538,325 99.86% 7.33% 1.16% Note:
(1) Net of Home Owner Property Tax Relief.Source: County of Santa Clara, Department of Finance

CITY OF SANTA CLARA

ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY Last Ten Fiscal Years
(In Thousands)

5. Assessed and Estimated Actual Value of Taxable Property – Last Ten Fiscal Years 224

CITY OF SANTA CLARA

PROPERTY TAX RATES
(Per $100 Assessed Valuation)
Direct and Overlapping Governments
Last Ten Fiscal Years
Table 6
Fiscal Santa
Year Ending Clara School Special
June 30 County Districts Districts Total
2015 / 16 1.0388% 0.1174% 0.0057% 1.1619%2016 / 17 1.0388% 0.1014% 0.0086% 1.1488%2017 / 18 1.0388% 0.1028% 0.0062% 1.1478%2018 / 19 1.0388% 0.0905% 0.0042% 1.1335%2019 / 20 1.0388% 0.1472% 0.0041% 1.1901%2020 / 21 1.0388% 0.1356% 0.0037% 1.1781%2021 / 22 1.0388% 0.1318% 0.0051% 1.1757%2022 / 23 1.0388% 0.1150% 0.0044% 1.1582%2023 / 24 1.0388% 0.1147% 0.0041% 1.1576%2024 / 25 1.0388% 0.1085% 0.0041% 1.1514% Tax rate limit: A state constitutional amendment (Proposition 13) commencing with fiscal 1979 provided that the tax rate was limited to 1% of full cash value, levied only by the Countyand shared with all other jurisdictions. All jurisdictions may levy a tax rate for voter approved debt.

Due date for current taxes: First installment - November 1; second installment - February 1.Penalties for delinquency: 10% and 1.5% of tax per month after date taxes become delinquent.Collected by government unit: County of Santa Clara.Basis upon which collections are distributed: Taxing jurisdictions assessed valuations and tax ratesfor voter approved debt to taxing jurisdictions, County rate (1% of full cash value) shared by all jurisdictions.

Compensation paid to collecting government unit for fiscal year 2024-25 is $620,821 Note: Tax rates stated are the rates applicable to the tax rate area 7-000 as typical tax rate area within the City. Rates are based on $100 assessed valuation. Source: County of Santa Clara, Department of Finance

6. Property Tax Rates Direct and Overlapping Governments – Last Ten Fiscal Years 225
Table 7
Percentage of Percentage of
Assessed Total Assessed Assessed Total Assessed
Taxpayers Valuation Valuation Valuation Valuation
Intel Corporation $ 4.01% 1,459,395 2,627,434 $ 4.43%
Nvidia Corporation (formerly Nvidia Land Development LLC) 2,022,776 3.09% 337,283 1.02% Santa Clara Square Office IIA LLC 1,604,502 2.45% - -
Vantage Data Centers LLC 1.86% - 1,221,334 -
Microsoft Corporation 1.80% 281,487 1,178,702 0.85%
SI LLC 1.68% 811,564 1,102,719 2.46%
Forty Niners SC Stadium Company LLC 824,299 1.26% 1,454,707 4.42%Apple Inc 1.24% - 815,653 - Santa Clara Phase III EFH LLC 1.13% - 741,721 -
Coresite Real Estate 1.04% - 680,669 -
Xeres Ventures LLC - - 433,206 1.32%
The Irvine Company - - 401,956 1.22%
Oracle America Inc (formerly Sun Microsystems) - - 312,326 0.95%M West Propco LLC - - 283,068 0.86% PR 3975 Freedom Circle - - 280,750 0.85%
Top Ten Total 12,819,809 $ 19.56% 6,055,742 $ 18.38%
City Total 65,538,325 $ 32,927,777 $
Sources: Santa Clara County Assessor 2024-25 and 2015-16 Combined Tax Rolls through HdL Coren & Cone. 2024-25 2015-16

CITY OF SANTA CLARA

PRINCIPAL PROPERTY TAX PAYERS
2024-25 AND 2015-16 COMPARISON FOR GENERAL FUND
(In Thousands)

7. Principal Property Tax Payers 2024-25 and 2015-16 Comparison for General Fund 226

CITY OF SANTA CLARA

PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years
(In Thousands)
Table 8
Fiscal Year Percentage of Delinquent Percentage of
Ending Gross Current Tax Current Levy Tax Total Total Levy June 30 Tax Levy Collections Collected Collected Collections Collected 2015 / 16 24,745 $ 24,745 $ 100.00% - $ 24,745 $ 100.00%2016 / 17 27,738 27,738 100.00% - 27,738 100.00%2017 / 18 30,304 30,304 100.00% - 30,304 100.00%2018 / 19 33,959 33,959 100.00% - 33,959 100.00%2019 / 20 37,006 37,006 100.00% - 37,006 100.00%2020 / 21 40,228 40,228 100.00% - 40,228 100.00%2021 / 22 42,290 42,290 100.00% - 42,290 100.00%2022 / 23 54,031 54,031 100.00% - 54,031 100.00%2023 / 24 58,163 58,163 100.00% - 58,163 100.00%2024 / 25 62,064 62,064 100.00% - 62,064 100.00% Sources: City of Santa Clara and County of Santa Clara, Department of Finance

8. Property Tax Levies and Collections – Last Ten Fiscal Years 227
Table 9
This list is in alphabetical order and represents sales from July 2024 to June 2025The Top 25 Sales / Use Tax contributors generate 49.6% of Santa Clara's total sales and use tax revenueAG Electronic Materials NVIDIA CorporationApplied Materials Oracle AmericaArista Networks Porsche Stevens CreekBell Electrical Supply Rotten Robbie Service StationsCostco Wholesale Shockwave MedicalFinancial Services Vehicle Trust Stevens Creek Auto ImportsFrontier Ford Stevens Creek BMWHome Depot Stevens Creek HyundaiIngrasys Technology USA Vantage Data Centers ProcurementLasertec U.S.A Wiwynn InternationalLenovo Global Technology World Wide TechnologyLevi's Stadium ZT SystemsLexus of Stevens Creek Sources: From Muni Services Sales Tax Digest Summary.

CITY OF SANTA CLARA

PRINCIPAL SALE/USE TAX CONTRIBUTORS
June 30, 2025

9. Principal Sale/Use Tax Contributors
228
Table 10
Fiscal Year
Ending
June 30 Residential Commercial Industrial Other Total
2015 / 16 27,789 $ 15,409 $ 321,491 $ 7,112 $ 371,801 $ 2016 / 17 28,007 15,855 341,865 4,682 390,4102017 / 18 29,082 15,774 355,279 3,562 403,6982018 / 19 29,734 15,378 359,407 2,428 406,9472019 / 20 31,867 15,472 383,704 2,815 433,8582020 / 21 35,440 16,489 399,940 1,394 453,2642021 / 22 33,275 16,395 448,257 4,447 502,3732022 / 23 38,021 17,991 500,189 2,964 559,1652023 / 24 41,676 22,584 584,360 7,527 656,1472024 / 25 47,179 26,684 660,654 7,771 742,288 Sources: City of Santa Clara

CITY OF SANTA CLARA
Electric Utility Charge For Services by Source
Last Ten Fiscal Years
(In Thousands)

10. Electric Utility Charge for Services by Source
229
Table 11
Total
Primary
Government Population
Debt per
Capita
Total
Personal
Income ($000)
Debt/
Income
Ratio
Fiscal Year
Ending
June 30
Certificates
of
Participation
Lease
Liabilities
SBITA
Liabilities
Revenue
Bonds/ Loan
Lease
Liabilities
SBITA
Liabilities
Revenue
Bonds
2015 / 16 22,905 $ $ - $ - 229,719 $ $ - $ - 464,720 $ 717,344 $ 123,752 $ 5,797 $ 5,194,006 $ 13.81% 2016 / 17 21,177 - - 220,800 - - 429,773 671,750 123,983 5,418 5,454,137 12.32% 2017 / 18 19,392 - - 208,117 - - 394,827 622,336 129,604 4,802 6,064,143 10.26% 2018 / 19 17,551 - - 189,158 - - 340,217 546,926 128,717 4,249 6,121,909 8.93% 2019 / 20 15,638 - - 196,012 - - 325,265 536,915 129,104 4,159 6,180,008 8.69% 2020 / 21 13,654 676 - 184,933 2,917 - 296,796 498,976 130,746 3,816 6,596,037 7.56% 2021 / 22 11,594 464 2,397 170,413 2,287 1,437 280,314 468,906 130,127 3,603 7,540,481 6.12% 2022 / 23 10,560 252 8,918 155,302 1,633 2,718 245,275 424,658 132,476 3,206 8,953,977 4.74% 2023 / 24 9,476 39 9,204 154,567 951 2,976 228,668 405,881 132,048 3,074 9,985,016 4.06% 2024 / 25 8,337 1,514 7,566 266,670 241 2,495 219,609 506,432 134,587 3,763 10,972,709 4.62% Sources: Finance Office, City of Santa Clara and MuniServices LLC.

CITY OF SANTA CLARA

RATIOS OF OUTSTANDING DEBT BY TYPE
Last Ten Fiscal Years
(In Thousands)
Governmental Activities Business Activities
Santa Clara
Stadium
Authority

11. Ratios of Outstanding Debt by Type – Last Ten Fiscal Years 230
Fiscal Year
Ending June 30 Population
Total Assessed
Valuation
2015 / 16 123.8 32,927,777 $
2016 / 17 123.9 36,638,297
2017 / 18 129.6 40,109,539
2018 / 19 128.7 43,964,914
2019 / 20 129.1 46,232,453
2020 / 21 130.7 50,118,954
2021 / 22 130.1 52,264,729
2022 / 23 132.5 56,926,788
2023 / 24 132.0 61,070,198
2024 / 25 134.6 65,538,325
Sources: State of California, Department of Finance County of Santa Clara, Department of Finance

CITY OF SANTA CLARA

POPULATION AND ASSESSED VALUATION
Last Ten Fiscal Years
(In Thousands)
Table 12

12. Population and Assessed Valuation – Last Ten Fiscal Years 231
Table 13
% Applicable Debt
Direct Debt:2013 Refunding Certificates of Participation 100% $ 7,970,000 Total Gross Direct Debt 7,970,000
Unamortized Premium/Discount 100% 366,503Lease Liabilities 1,514,009SBITA liabilities 7,565,921 Total Net Direct Debt 17,416,433
Overlapping Debt:Santa Clara County General Fund Obligations 94,461,705Santa Clara County Pension Fund Obligations 29,932,630Santa Clara Valley Water District Benefit Assessment District 2,350,096 Santa Clara County Board of Education Certificates of Participation 1,137,584 San Jose-Evergreen Community College District OPEB Obligations 23,288 West Valley-Mission Community College District General Fund Obligations 785,232 Foothill-DeAnza Community College District 7,178,815
San Jose-Evergreen Community College District 470,352
West Valley Community College District 196,699,058
Fremont Union High School District 19,428,548Campbell Union High School District General Fund Obligations 273,250 Campbell Union School District 11,202,845Campbell Union High School District 6,953,775 Campbell Union School District General Fund Obligations 39,792 El Camino Hospital District 1,778,203
San Jose Unified School District 561,053
Cupertino Union School District 14,859,747Santa Clara Unified School District 632,541,564 San Jose Unified School District General Fund Obligations 2,292 Santa Clara County 114,763,188
Cupertino Union School District General Fund Obligations 2,026,956 Santa Clara Unified School District Certificates of Participation 7,168,895 Total Overlapping Debt 1,144,638,868
Total Gross Direct and Overlapping Bonded Debt (1) 1,162,055,301Direct Unamortized Premium/DiscountTO TAL NET DIRECT AND O VERLAPPING BO NDED DEBT $ 1,162,055,3012024 / 25 Assessed Value $ 65,538,324,753Ratios to Assessed Valuation:Direct Debt $ 17,416,433 0.027%Total Gross Debt 1.773%Total Net Debt 1.773% Note: (1) Excludes tax and revenue anticipation notes, revenue, mortgage revenue and tax allocation bonds.

Source: California Municipal Statistics, Inc.

CITY OF SANTA CLARA

COMPUTATION OF DIRECT AND O VERLAPPING BO NDED DEBT
June 30, 2025
Description
232

13. Computation of Direct and Overlapping Bonded Debt
Table 14
Fiscal Year Net
Ending Assessed Debt Limit- 15% of Debt Applicable
June 30 Valuation Assessed Valuation (1) to Limit Legal Debt Margin 2015 / 16 32,821,489 $ 4,923,223 $ $ - 4,923,223 $
2016 / 17 36,533,664 5,480,050 - 5,480,050
2017 / 18 40,007,063 6,001,059 - 6,001,059
2018 / 19 43,863,429 6,579,514 - 6,579,514
2019 / 20 46,132,942 6,919,941 - 6,919,941
2020 / 21 50,021,129 7,503,169 - 7,503,169
2021 / 22 52,170,000 7,825,500 - 7,825,500
2022 / 23 56,833,678 8,525,052 - 8,525,052
2023 / 24 60,975,121 9,146,268 - 9,146,268
2024 / 25 65,444,063 9,816,609 - 9,816,609
Note:

Sources: County of Santa Clara, Department of Finance and City of Santa Clara

CITY OF SANTA CLARA

LEGAL DEBT MARGIN INFORMATION
Last Ten Fiscal Years
(In Thousands)
(1) Section 1309 of the City Charter of the City states: "Bonded Debt Limit. The bonded indebtedness of the City may not in the aggregate exceed the sum of fifteen percent (15%) of the total assessed valuation of property within the City, exclusive of revenue bonds or any indebtedness that has been or may hereafter be incurred for the purposes of acquiring, constructing, extending, or maintaining municipally owned utilities for which purposes a further indebtedness may be incurred by the issuance of bonds, subject only to the provisions of the State Constitution and this Charter."

14. Legal Debt Margin Information – Last Ten Fiscal Years 233
Table 15
Fiscal Year
Ending June 30
Gross
Revenue
Less
Operating
Expense
Net Revenue
Available For
Debt Service Principal Interest
Letter Of
Credit
Fees Total Coverage (1)
2015 / 16 359,084 $ 316,578 $ 42,506 $ 8,958 $ 8,348 $ 358 $ 17,664 $ 2.41 2016 / 17 352,828 317,237 35,591 7,640 8,434 335 16,409 2.17 2017 / 18 383,662 346,825 36,837 11,416 6,594 302 18,312 2.01 2018 / 19 414,975 331,141 83,834 11,897 11,565 607 24,069 3.48 2019 / 20 445,142 368,162 76,980 11,700 6,787 316 18,803 4.09 2020 / 21 465,675 407,627 58,048 9,580 3,862 349 13,791 4.21 2021 / 22 550,445 493,302 57,143 13,005 3,232 8 16,245 3.52 2022 / 23 635,066 602,370 32,696 13,580 2,696 15 16,291 2.01 2023 / 24 635,038 518,547 116,491 15,140 2,254 6 17,400 6.69 2024 / 25 860,791 570,619 290,172 15,460 5,767 581 21,808 13.31 Notes:

Source: City of Santa Clara

CITY OF SANTA CLARA
Last Ten Fiscal Years
(In Thousands)
(1) The required coverage is 1.00.

PLEDGED REVENUE COVERAGE

ELECTRIC REVENUE BOND

15. Pledged Revenue Coverage Electric Revenue Bond – Last Ten Fiscal Years 234
Table 16
Per
Capita Public County City
Personal Buying Median School Unemployment Unemployment Year Population Income Income Age Enrollment Rate Rate
($000)
2015 / 16 123,752 5,194,006 $ 41,971 $ 34.3 15,388 4.2% 3.7% 2016 / 17 123,983 5,454,137 43,991 34.3 15,409 3.8% 3.4% 2017 / 18 129,604 6,064,143 46,790 34.3 15,509 2.9% 2.7% 2018 / 19 128,717 6,121,909 47,561 33.9 15,387 2.1% 1.9% 2019 / 20 129,104 6,180,008 47,868 34.2 15,306 11.0% 9.0% 2020 / 21 130,746 6,596,037 50,449 33.9 14,808 7.0% 5.9% 2021 / 22 130,127 7,540,481 57,947 34.0 14,028 1.8% 1.6% 2022 / 23 132,476 8,953,977 67,589 34.5 13,919 3.2% 2.9% 2023 / 24 132,048 9,985,016 75,617 34.8 14,236 3.4% 3.2% 2024 / 25 134,587 10,972,709 81,529 34.4 14,448 3.8% 3.3% Sources: MuniServices, LLC \ Avenu Insights & Analytics (1) Population data by the California Department of Finance Projections.(2) The California Department of Finance demographics estimates now incorporate 2010 Census counts as a benchmark. (3) Unemployment and Total Employment Data are provided by the EDD's Bureau of Labor Statistics Department. (4) Student Enrollment reflects the total number of students enrolled in the Santa Clara Unified School District.

Other school districts within the City are not accounted for in this report.

CITY OF SANTA CLARA

DEMOGRAPHIC AND ECONOMIC STATISTICS
Last Ten Calendar Years

16. Demographic and Economic Statistics – Last Ten Calendar Years 235
Table 17
Percentage of Percentage of
Number of Total City Number of Total City
Company Employees Employment Employees EmploymentApplied Materials, Inc. 8,500 21.1% 8,500 22.1% Intel Corporation 7,801 19.3% 7,801 20.3%
Advanced Micro Devices Inc. 3,000 7.4%
Nvidia 6.7% 2,700
Kaiser Foundation Health Plan 2,600 6.4%California's Great America 2,500 6.2% 2,500 6.5% Dell 5.2% 2,088
Santa Clara University 2,000 5.0% 1,200 3.1%
City of Santa Clara 1,200 3.0% 1,759 4.6%
Macy's 3.0% 1,200 1,200 3.1%
Avaya Inc. - 2,000 - 5.2%
EMC Corporation - - 1,338 3.5%
Catalyst Semiconductor Inc - - 1,100 2.9%
Lsa Global - 1,001 - 2.6%
Total Top Ten 83.3% 28,399 33,589 73.9%
All Others 16.7% 10,022 6,786 26.1%
Total Employment 40,375 100% 38,421 100%
Sources: Fiscal year 2025: Reference Solutions database, Infogroup, Inc., Papillion, Nebraska Sources: Fiscal year 2016: ReferenceUSA database, infogroup, Inc., Papillion, Nebraska

CITY OF SANTA CLARA

PRINCIPAL EMPLOYERS
Current Year and Ten Years Ago
2025 2016

17. Principal Employers – Current Year and Ten Years Ago 236
Table 18
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
City Council 10.00 10.00 9.00 9.00 9.00 10.00 10.00 11.00 10.00 9.00 City Clerk 7.00 7.00 7.00 6.00 7.00 5.00 6.00 7.00 7.00 5.00 City Attorney 8.00 7.00 8.00 8.00 8.00 7.00 7.00 6.00 6.00 6.00 City Auditor 2.00 2.00 3.00 3.00 3.00 3.00 - - - -
City Manager 19.00 11.30 19.00 19.00 13.00 13.00 13.00 14.00 13.00 16.00 Information Technology 7.00 6.00 6.00 6.00 7.00 7.00 7.00 7.00 7.00 5.00 Human Resources 15.00 15.00 15.00 14.00 15.75 15.75 15.00 15.00 15.00 14.50 Finance 71.50 70.75 69.75 68.75 69.75 61.75 61.00 61.00 61.75 60.25 Parks & Recreation 77.75 77.75 77.75 77.75 82.75 82.75 80.75 80.75 79.00 82.75 Library 42.75 42.75 42.50 42.50 46.75 46.75 46.75 45.50 45.50 47.00 Community Development 79.00 75.00 73.00 72.00 68.75 66.00 65.00 64.00 56.00 42.00 Engineering 41.25 36.25 40.25 39.25 42.25 39.25 39.92 40.92 39.25 38.25 Building Maintenance 13.00 13.00 13.00 13.00 13.00 13.00 13.23 13.23 12.90 10.90 Street 55.55 55.60 55.60 55.50 60.60 60.60 58.60 58.60 59.60 65.35 Automotive Services 14.70 14.65 14.65 14.75 15.65 15.65 15.75 15.75 15.75 15.00 Police 231.00 231.00 231.00 221.00 239.00 239.00 239.00 239.00 231.00 222.00 Fire 173.50 173.50 155.50 154.50 168.25 167.25 167.25 167.50 166.50 179.50 Non-Departmental 19.00 5.70 - - 11.00 9.00 4.00 - - -
Electric Utility 223.00 222.00 214.00 198.00 198.00 197.00 189.00 186.00 179.00 166.00 Water Utility 49.85 50.55 50.55 50.55 50.80 50.80 50.35 50.85 52.70 50.10 Sewer Utility 23.15 22.45 22.45 22.45 22.20 22.20 22.65 22.15 21.30 19.90 TOTAL 1,183.00 1,149.25 1,127.00 1,095.00 1,151.00 1,131.75 1,111.25 1,105.25 1,078.25 1,054.50 Source: City of Santa Clara Annual Budget

CITY OF SANTA CLARA

FULL-TIME EQUIVALENT BUDGETED CITY EMPLOYEES BY PROGRAM/FUNCTION Last Ten Fiscal Years
Fiscal Year Ending June 30

18. Full-Time Equivalent Budgeted City Employees by Program/Function – Last Ten Fiscal Years 237
Table 19
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Culture and Recreation:

Number of library items circulated 1,862,771 2,060,389 2,152,877 1,268,965 736,301 1,598,171 2,509,201 2,612,102 2,700,315 2,479,126 Fire Protection:

Number of calls answered 11,086 10,949 10,688 10,391 8,853 9,339 9,456 8,849 8,850 8,933 Number of inspections conducted 4,332 8,801 N/A 10,143 4,004 4,303 6,404 8,470 9,696 8,260 Police Protection:

Number of calls for service (1) 47,828 49,871 43,306 61,421 67,211 63,860 58,912 53,865 50,429 51,853 Electric System:

Maximum annual demand (MW) 713.5 669.2 693.9 649.4 590.6 579.3 587.8 586.6 568.1 526.4Total annual energy (Mwh) 4,956,957 4,657,586 4,568,293 4,361,658 3,956,474 3,773,864 3,693,251 3,733,800 3,628,200 3,488,004 Sewer System:

Number of service connections 27,522 25,312 26,105 25,682 25,948 25,359 25,481 26,236 26,162 25,744 Peak flow (5-day average, WPCP) (MG) 110 110 110 110 110 110 110 110 110 110 Maximum daily capacity of treatment plant (WPCP) (MGD) 167 167 167 167 167 167 167 167 167 167 Peak flow (5-day average, City) (MGD) 16 16 16 16 16 16 16 16 16 16 Water System:

Number of service accounts 27,971 24,903 25,894 25,371 25,592 24,904 25,293 25,670 25,714 25,716 Daily Average consumption (MG) 14 15 14 13 16 16 16 15 15 15 Maximum daily capacity of plant:Potable Water (MGD) 80 80 80 80 80 80 80 80 80 96 Recycled Water (MGD) 15 15 15 15 15 15 15 15 30 14
Note: (1) Data Based on Calendar Year
Source: City of Santa Clara

CITY OF SANTA CLARA

OPERATING INDICATORS BY FUNCTION/ACTIVITY
Last Ten Fiscal Years
Fiscal Year Ending June 30

19. Operating Indicators by Function/Activity – Last Ten Fiscal Years 238

CITY OF SANTA CLARA
Table 20
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Culture and Recreation:

Number of community centers 4 4 4 4 4 4 4 4 4 4Number of parks 53 44 44 44 44 44 39 39 35 34 Park acreage 375 353 353 367 367 353 254 311 330 274
Number of golf courses - - - - - - 1 1 1 1Number of swimming pools 11 11 11 11 11 11 11 11 11 5Number of tennis courts 28 28 27 27 27 27 28 28 28 28Number of lawn bowling greens 1 1 1 1 1 1 1 1 1 1Number of lighted soccer fields 7 7 7 7 7 7 3 3 3 3Number of lighted softball fields 4 4 4 4 4 4 7 7 7 7Number of neighborhood park buildings 11 11 10 10 10 10 8 8 8 8Number of gymnastic centers 1 1 1 1 1 1 1 1 1 1Number of skate parks 1 1 1 1 1 1 1 1 1 1Number of community theaters 1 1 1 1 1 1 1 1 1 1Number of libraries 3 3 3 3 3 3 3 3 3 3 Cemetery 2 2 2 2 2 2 2 2 2 2Fire Protection:

Number of stations 9 9 10 10 9 10 10 10 10 10
Police Protection:

Number of stations 2 1 1 1 1 2 2 2 2 2
Electric System:

Number of meters 62,081 60,795 59,297 59,227 58,230 57,066 55,971 55,139 54,942 53,824 Miles of high voltage lines 637 631 631 622 618 616 613 612 608 605 Number of substations 33 29 31 29 29 29 28 27 27 27
Sewerage and Storm Drain System:

Miles of sanitary sewers 288 288 288 288 288 288 288 288 288 288 Number of sanitary sewer pump stations 6 6 6 6 6 6 6 6 6 6 Miles of storm sewers 194 194 194 194 196 195 195 195 195 195 Number of treatment plants 1 1 1 1 1 1 Tertiary 1 Tertiary 1 Tertiary 1 Tertiary 1 TertiaryNumber of storm drain pump stations 22 22 22 22 22 22 22 22 22 22 Water System:

Miles of water mains 306 306 306 306 306 306 335 335 335 310 Number of fire hydrants 3,648 3,648 3,437 3,437 3,248 3,429 3,404 3,382 3,501 3,383 Miles of recycled watermains 34 34 34 34 34 34 33 33 33 33 Streets:

Miles of Streets 252 252 252 252 252 252 252 252 252 252 Number of Street Lights 8,437 8,431 8,431 8,429 8,404 8,235 8,187 8,118 8,112 8,103Number of Traffic Signals 161 160 157 186 183 182 207 207 207 206 Source: City of Santa Clara

CAPITAL ASSETS STATISTICS BY FUNCTION
Last Ten Fiscal Years
Fiscal Year Ending June 30

20. Capital Assets Statistics by Function – Last Ten Fiscal Years 239
Table 21

INSURANCE ANNUAL TERM EXPIRATION
TYPE OF POLICY COMPANY LIMITS (1) PREMIUM YEARS DATE (2) LiabilityComprehensive General Self-insured (Since 1987) $3 million n/a - OngoingExcess Liability PRISM $50 million $2,898,340 1 7/1/2025 and various other carriers
Workers' Compensation Self-insured (since 1973) $750 thousand n/a - OngoingExcess Workers' PRISM Statutory $1,481,262 1 7/1/2025Compensation and various other carriersProperty CoverageAll Risks, including flood, Alliant Property Insuranceexcluding earthquake Program (APIP) $1 billion $2,061,403 1 7/1/2025 Various excess carriers
Boiler and Machinery Alliant Property Insurance $100 million $16,326 1 7/1/2025 Program (APIP)Various excess carriers
Financial Loss BondsCrime Coverage Bond PRISM $25 million $16,257 1 6/30/2025 Notes:
(1) Limits are per occurrence (2) All policies have been renewed Source: City of Santa Clara

CITY OF SANTA CLARA

STATEMENT OF INSURANCE COVERAGE
June 30, 2025

21. Statement of Insurance Coverage
240
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241

SUCCESSOR AGENCY CITY OF SANTA CLARA

TABLES
REVENUE CAPACITY 1 - 3
Contains information to help the reader assess the Successor Agency’s most significant local revenue source, the property tax.

DEBT CAPACITY 4
Presents information to assess the affordability of the Successor Agency’s current levels of outstanding debts.

Successor Agency
242
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243
` `
Ta b le 1
2 0 2 5 2 0 2 4 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 0 2 0 19 2 0 18 2 0 17 2 0 16 Real P ro perty Value 6,876,668 $ 6,573,299 $ 5,996,569 $ 5,790,301 $ 5,708,617 $ 5,372,322 $ 6,024,538 $ 6,136,642 $ 5,710,559 $ 4,474,495 $ Other P ro perty Value 34,081 32,851 26,855 33,102 28,733 25,324 22,913 25,857 27,877 796,082 To tal P ro ject Value 6,910,749 6,606,150 6,023,424 5,823,403 5,737,350 5,397,646 6,047,451 6,162,499 5,738,436 5,270,577 Les s Bas e Value (8,838) (8,838) (8,838) (8,838) (8,838) (8,838) (8,838) (8,838) 49,632 49,322 Increment Over Bas e Value 6,901,911 6,597,312 6,014,586 5,814,565 5,728,512 5,388,808 6,038,613 6,153,661 5,788,068 5,319,899 Redevelo pment P ro perty Tax Trus t Fund (RP TFF) (1) - - - - - - - - - 5,697 To tal Tax Revenue - $ - $ - $ - $ - $ - $ - $ - $ - $ 5,697 $ No tes :

So urce: City o f Santa Clara / S anta Clara Co unty Audito r

S UC C ES S OR A GEN C Y OF THE C ITY OF S A N TA C LA R A

B A YS HOR E N OR TH P R OJ EC T A R EA

HIS TOR IC A L TA X IN C R EM EN T
La s t Te n F is c a l Ye a rs
(In Tho us a nd s )
(1) With the S tate dis s o lving all RDAs o n 02/01/2012, the s tructure o f Tax Increment Revenue has changed. Starting in fis cal year 2012-13, the Co unty's pro perty tax dis tributio n to the Succes s o r Agency was changed to the Redevelo pment P ro perty Tax Trus t Fund (RP TTF). The RP TTF repo rted in this table is the amo unt calculated by the Co unty Audito r-Co ntro ller. Under the pro vis io ns o f the laws dis s o lving the Redevelo pment Agency, the Succes s o r Agency o nly receives the funds neces s ary to fulfill its appro ved o bligatio ns .

1. Historical Tax Increment – Last Ten Fiscal Years
244
Table 2

ASSESSED ASSESSED

PROPERTY PROPERTY PERCENT

ASSESSEE USE VALUATION OF TOTAL
1 Forty Niners SC Stadium Company LLC Commercial Office Building $ 824,299,415 11.93% 2 SI LLC Commercial Office Building 619,524,374 8.96%3 Exchange Santa Clara Commercial Office Building 322,524,000 4.67%4 Innovation Commons Owner LLC Commercial Office Building 295,835,617 4.28%5 Apple Inc Commercial Office Building 255,240,714 3.69%6 The Irvine Company Commercial Office Building 245,272,689 3.55%7 PC Santa Clara Gateway 2 LLC Commercial Office Building 226,609,725 3.28%8 SCT Owner LLC Commercial Office Building 209,792,223 3.04%9 STC Venture LLC Commercial Office Building 192,645,216 2.79% 10 PRII Towers at Great America Owner LLC Commercial Office Building 186,969,014 2.71% TOTAL $ 48.90% 3,378,712,987
TOTAL AGENCY ASSESSED VALUE $ 6,910,749,141
Source: HDL Coren & Cone

SUCCESSOR AGENCY OF THE CITY OF SANTA CLARA

BAYSHORE NORTH PROJECT AREA

TEN LARGEST ASSESSEES - TAXABLE VALUE
June 30, 2025

2. Ten Largest Assessees – Taxable Value
245
Table 3

HEARING APPLICANT'S

TAX ROLL ASSESSED APPEAL DATE OPINION
NUMBER ASSESSEE VALUATION/ORIGINAL S/U (1) NUMBER DEADLINE STATUS VALUATION LAND USE 984-92-103 FORTY NINERS $ S 17.0232 140,000,000 554,267,314 $ Commerical 984-92-104 FORTY NINERS S 17.0233 140,000,000 554,267,314 Commerical 984-92-104 FORTY NINERS S 16.0256 100,000,000 548,980,708 Commerical 984-92-103 FORTY NINERS S 16.0257 100,000,000 548,980,708 Commerical 104-42-019 EXCHANGE SANTA CLARA INNOVATION PARTNERS s 24.3895 297,866,520 Commerical 2 104-42-019 EXCHANGE SANTA CLARA INNOVATION PARTNERS s 23.5354 292,026,000 Commerical 200,000 984-92-104 FORTY NINERS S 24.3693 177,787,000 283,101,065 Commerical 984-92-103 FORTY NINERS S 24.3692 177,787,000 283,101,065 Commerical 984-92-103 FORTY NINERS S 23.5336 186,205,658 277,550,065 Commerical 984-92-104 FORTY NINERS S 23.5337 186,205,658 277,550,065 Commerical 984-92-104 FORTY NINERS S 22.3647 192,212,293 272,107,908 Commerical 984-92-103 FORTY NINERS S 22.3646 192,212,293 272,107,908 Commerical 984-92-104 FORTY NINERS S 21.1325 142,675,827 266,772,459 Commerical 984-92-103 FORTY NINERS S 21.1324 142,675,827 266,772,459 Commerical 984-92-104 FORTY NINERS S 20.3937 229,166,000 264,037,037 Commerical 984-92-103 FORTY NINERS S 20.3938 229,166,000 264,037,037 Commerical 984-92-103 FORTY NINERS S 19.1380 244,237,500 258,859,841 Commerical 984-92-104 FORTY NINERS S 19.1381 244,237,500 258,859,841 Commerical 984-92-103 FORTY NINERS S 18.1918 250,500,000 253,784,158 Commerical 104-52-027 STC VENTURE LLC S 24.4703 96,322,608 192,645,216 Commerical $ 6,487,674,688 $ 3,171,591,166
Note:
(1) S=secured roll, U=unsecured roll
Source: Santa Clara County Assessor's Office

SUCCESSOR AGENCY OF THE CITY OF SANTA CLARA

BAYSHORE NORTH PROJECT AREA
ASSESSMENT APPEAL ACTIVITY OF TOP 20 ASSESSEES
2024-25 Impacts

3. Assessment Appeal Activity of Top 20 Assessees
246
Table 4
2024-25 Assessed Valuation: $ 6,910,749,141
Base Year Valuation: (8,837,956)
Incremental Valuation: $ 6,901,911,185
Total Debt Project Area’s Share of
6/30/2025 % Debt 6/30/25
O VERLAPPING TAX AND ASSESSMENT DEBT: Santa Clara County $ 1,217,905,000 0.994% $ 12,105,976West Valley-Mission Community College District 3.449% 21,771,985 631,255,000 Santa Clara Unified School District 7.492% 71,783,474 958,135,000 El Camino Hospital District 0.008% 7,903 98,789,066
Santa Clara Valley Water District Benefit Assessment District 0.994% 247,904 24,940,000 T OTAL OVERLAPPING TAX AND ASSESSMENT DEBT $ 105,917,242 O VERLAPPING GENERAL FUND DEBT:Santa Clara County General Fund Obligations $ 0.994% 9,964,442 1,002,458,930 $ Santa Clara County Pension Obligations 0.994% 3,157,491 317,654,990 Santa Clara County Board of Education Certificates of Participation 12,072,417 0.994% 120,000 West Valley-Mission Community College District General Fund Obligations 2,520,000 3.449% 86,915Santa Clara Unified School District Certificates of Participation 7.492% 813,556 10,859,000 City of Santa Clara General Fund Obligations 10.545% 840,437 7,970,000 Santa Clara County Vector Control District Certificates of Participation - T OTAL OVERLAPPING GENERAL FUND DEBT $ 14,982,841 Less: Santa Clara County supported obligations (24,055) COMBINED TOTAL DIRECT AND OVERLAPPING DEBT $ 120,900,083 (2) T OTAL NET DIRECT AND OVERLAPPING BONDED DEBT $ 120,876,028 (1) Percentage of overlapping agency's assessed valuation located within boundaries of the project area (2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital lease obligations Ratios to 2024-25 Assessed Valuation: Combined Total Direct and Overlapping Debt 1.75% Net Combined T otal Direct and Overlapping Debt 1.75%Source: California Municipal Statistics, Inc.

SUCCESSOR AGENCY OF THE CITY OF SANTA CLARA

BAYSHORE NORTH PROJECT AREA

COMPUTATION OF DIRECT AND OVERLAPPING BONDED DEBT
June 30, 2025

4. Computation of Direct and Overlapping Bonded Debt
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Electric Utility
Enterprise Fund
(Silicon Valley Power)
Financial Statements
For the year ended June 30, 2025 with
comparative totals as of June 30, 2024
City of Santa Clara, California
1500 Warburton Avenue
Santa Clara, CA 95050-3796

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

TABLE OF CONTENTS

Page
INDEPENDENT AUDITOR'S REPORT ................................................................................... 1 Management’s Discussion and Analysis ..................................................................................... 5 Statements of Net Position .................................................................................................... 11 Statements of Revenue, Expenses and Changes in Net Position .......................................... 14 Statements of Cash Flows ..................................................................................................... 14 Noted to Financial Statements ............................................................................................... 17 Required Supplementary Information
Schedule of Proportionate Share of the Net Pension Liability .............................................. 74 Schedule of Contributions (Pension Plan) ............................................................................ 76 Schedule of Proportionate Share of the Net OPEB Liability and Related Ratios ................. 78 Schedule of Proportionate Share of the Contributions (OPEB Plan) .................................... 79 Note to Schedule of Employer Contribution (OPEB Plan) ................................................... 80 This page intentionally left blank
INDEPENDENT AUDITOR’S REPORT
To the Honorable Members of the City Council
City of Santa Clara, California
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of the City of Santa Clara Electrical Utility Enterprise Fund (Silicon Valley Power) of the City of Santa Clara, California, as of and for the year ended June 30, 2025, and the related notes to the financial statements, which collectively comprise Silicon Valley Power’s basic financial statements as listed in the Table of Contents. We did not audit the financial statements of Northern California Power Agency (NCPA), Transmission Agency of Northern California (TANC), M-S-R Energy Authority (MSR EA) and M-S-R Public Power Agency (MSR PPA) as of and for the year ended June 30, 2024, related to the calculation of the Investments in Joint Ventures. At June 30, 2025, the Investment in these Joint Ventures collectively represents 3.3%, 4.2% and 0.2%, respectively, of total assets, net position and revenues of Silicon Valley Power. The financial statements of the NCPA, TANC, MSR EA and MSR PPA were audited by other auditors whose reports have been furnished to us, and our opinion, insofar as it relates to the calculation of the Investments in Joint Ventures, is based solely on the reports of the other auditors.

In our opinion, based on our audit and the reports of the other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of Silicon Valley Power as of June 30, 2025, and the changes in financial position and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Silicon Valley Power, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Silicon Valley Power’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. 1 Accountancy Corporation
3478 Buskirk Avenue, Suite 217
Pleasant Hill, CA 94523
T 925.228.2800
E [email protected]
w mazeassociates.com
Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we:
 Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Silicon Valley Power’s internal control. Accordingly, no such opinion is expressed.  Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
 Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Silicon Valley Power’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

Report on Summarized Comparative Information
We have previously audited Silicon Valley Power’s June 30, 2024 financial statements, and we expressed an unmodified audit opinion on those audited financial statements in our report dated November 21, 2024. In our opinion the summarized comparative information presented herein as of and for the year ended June 30, 2024 is consistent, in all material respects, with the audited financial statements from which it has been derived.

Changes in Accounting Principles
Management adopted the provisions of Governmental Accounting Standards Board Statement No. 101, Compensated Absences, which became effective during the year ended June 30, 2025 and required the restatement of net position as discussed in Note 2I to the financial statements.

The emphasis of this matter does not constitute a modification to our opinions. 2 A
Emphasis of Matter
s discussed in Note 1, the financial statements present only Silicon Valley Power and do not purport to, and do not present fairly the financial position of the City as of June 30, 2025, the changes in its financial position, or, where applicable, its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter.

Accounting principles generally accepted in the United
Required Supplementary Information
States of America require that the Management’s
Discussion and Analysis and other required supplementary information as listed in the Table of Contents be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not with sufficient evidence to express
express an opinion or provide any assurance on the information because the limited procedures do not provide us an opinion or provide any assurance.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 2, 2025, on our consideration of the City of Santa Clara’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters.

The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City of Santa Clara’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City of Santa Pleasant Hill,
Clara’s internal control over financial reporting and compliance.

California
December 2, 2025
3 t
i ~ ~.
t
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MANAGEMENT'S DISCUSSION AND ANALYSIS
The Management's Discussion and Analysis (MD&A) of Silicon Valley Power (SVP) offers a comprehensive overview of SVP's financial activities during the fiscal years concluding on June 30, 2025 and 2024. The purpose of this MD&A is to provide a holistic assessment of SVP's financial performance. To gain a deeper insight into SVP's financial performance, readers are encouraged to examine this MD&A alongside the Basic Financial Statements and their accompanying notes. This combined approach will enhance their comprehension of SVP's financial performance.

SVP, a distinct enterprise fund under the jurisdiction of the City of Santa Clara (City), was created to manage and report on the City's electric power operations. SVP holds ownership of power generation facilities, maintains investments in joint ventures engaged in electricity production, and actively participates in power trading on the open market. These activities are undertaken with the primary objective of ensuring that SVP's retail customers, including the residents, institutions, and businesses within the City, have access to a dependable source of electric power at affordable rates.

The operations ofSVP have been significantly influenced by the deregulation of the electric power industry in California, a topic elaborated upon in Note 9 within the financial statements.

FINANCIAL IDGHLIGHTS
Key financial highlights for the fiscal year ended June 30, 2025 are summarized as follows:
• The total assets and deferred outflows of resources surpassed the liabilities and deferred inflows of resources by $1,562.6 million, representing a notable increase of $272.2 million or 21.1 % compared to the restated previous fiscal year's position of $1,290.4 million. This growth is primarily attributed to a $35.5 million increase in the net investment of capital assets, a $1.8 million increase in pension stabilization reserve, and a $234.9 million increase in unrestricted net position.
• Operating revenues exhibited an increase of $66.5 million or 9.0%, climbing from the previous fiscal year of $741.5 million to $808.0 million. This growth can be chiefly attributed to heightened retail sales, a 6.3% of load growth, and the result of the implementation of a 5% rate increase in January 2025.
• Operating expenses increased by $55.1 million or 9.5% from the previous fiscal year, climbing from restated $582.5 million to $637.5 million in the fiscal year 2024-25. This increase is primarily the result of higher resource purchase costs and generation production costs compared to the previous fiscal year.
• SVP's total outstanding long-term debt increased $113.8 million, climbing from $112.5 million in the previous fiscal year to $226.3 million during the current fiscal year. This increase is primarily the result of new issuance of bonds in October 2024. 5 MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
6 OVERVIEW OF SVP’S BASIC FINANCIAL STATEMENTS
This annual report comprises a series of financial statements and their accompanying notes, organized to provide readers with a comprehensive understanding of SVP’s financial position. The Basic Financial Statements consist of two key components:

1. Management’s Discussion and Analysis (this part),

2. The Basic Financial Statements, in conjunction with the Notes to these Basic Financial Statements.

The Basic Financial Statements offer insights into both the short-term and long-term financial aspects of SVP.

These statements include:
 Statements of Net Position: These statements present a comprehensive overview of SVP's financial position, encompassing all long-term liabilities on a full accrual basis.  Statements of Revenues, Expenses, and Changes in Net Position: These statements provide detailed information on all of SVP's revenues and expenses, also on a full accrual basis, with a focus on measuring the net revenues and expenses of the program.  Statements of Cash Flows: These statements offer information about cash activities during the fiscal year.

FISCAL YEAR 2024-25 FINANCIAL HIGHLIGHTS
Below is a summary of financial information extracted from the Statements of Net Position (Table1) and the Statements of Revenues, Expenses, and Changes in Net Position (Table 2).

MANAGEMENT'S DISCUSSION AND ANALYSIS ( continued)
Table 1
Net Position
June 30, 2025, 2024, and 2023
(in millions)
Increase (Decrease)
Description 2025 2024 {A) Amount % 2023
Pooled cash and investments $ 817.0 $ 609.0 $ 208.0 34.2% $ 461.1 Other assets 410.2 265.6 144.6 54.4% 238.1
Capital assets 729.0 688.8 40.2 5.8% 655.8
Total Assets 1,956.2 1,563.4 392.8 25.1% 1,355.0
Deferred outflows on derivative instruments 1.1 1.1 NIA 0.8 Deferred outflows on refunding of debt 3.6 4.5 (0.9) -20.0% 5.3 Deferred outflows on pension and OPEB related
items 19.7 25.4 {5.7} -22.4% 26.8
Total Deferred Outflows of Resources 24.4 29.9 (5.5) -18.4% 32.9 Long-term debt outstanding 226.3 112.5 113.8 101.2% 128.4 Right-to-use liability 2.7 3.9 (1.2) -30.8% 4.4
Net OPEB liability 6.7 6.9 (0.2) -2.9% 7.3
Net pension liability 103.9 108.3 (4.4) -4.1% 105.8
Other liabilities 72.5 55.4 17.1 30.9% 42.2
Total Liabilities 412.1 287.0 125.1 43.6% 288.1
Deferred inflows on derivative instruments 2.9 12.0 (9.1) -75.8% 23.4 Deferred inflows on refunding of debt 0.8 1.0 (0.2) -20.0% 1.3 Deferred inflows on lease related items 1.7 2.0 (0.3) -15.0% 2.3 Deferred inflows on pension related items 0.1 0.5 (0.4) -80.0% 0.8 Deferred inflows on OPEB related items 0.4 0.4 0.0% 0.7 Total Deferred Inflows of Resources 5.9 15.9 (10.0) -62.9% 28.5 Net Position:

Net investment in capital assets 611.3 575.8 35.5 6.2% 527.1 Restricted for contractual obligation 11.8 10.0 1.8 18.0% 6.3 Unrestricted 939.5 704.6 234.9 33.3% 537.9
Total Net Position $ 1,562.6 $ 1,290.4 $ 272.2 21.1% $ 1,071.3 {Al Certain amounts have been restated due to the implementation ofGASBlOl, as discussed in Note 21 7 MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
8 Description 2025 2024 (A) Amount % 2023
Revenues:

Retail $ 648.6 734.5 $ 85.9 $ 13.2% 556.2 $
Wholesale 11.5 14.6 3.1 27.0% 85.0
Interest revenue 13.9 34.0 20.1 144.6% 8.4
Net increase (decrease) in fair value of investments 14.3 8.7 5.6 64.4% (2.8) Rents and royalties 3.5 3.4 (0.1) -2.9% 3.8
Renewable energy credits 2.7 10.5 (7.8) -74.3% 3.9
Mandated program receipts 22.6 20.1 2.5 12.4% 15.9
Other 89.4 92.2 2.8 3.1% 95.0 0.0
Total Revenues 806.2 918.3 112.1 13.9% 765.4
Expenses:

Retail 566.4 623.6 57.2 10.1% 631.0
Wholesale 9.8 8.5 (1.3) -13.3% 19.4
Interest on long-term debt 5.6 2.2 3.4 154.5% 2.7
Mandated program disbursement 5.4 6.2 (0.8) -12.9% 4.5
Other - - - 100.0% 3.8
Total Expenses 584.6 643.1 58.5 10.0% 661.4
Increase (decrease) in net position before transfers 275.2 221.6 53.6 24.2% 104.0 Transfers in (out) (2.5) (3.0) (0.5) -20.0% (3.5)
Increase (decrease) in net position 272.2 219.1 53.1 24.2% 100.5 Net Position - July 1 1,290.4 1,071.3 219.1 20.5% 970.8 Net Position - June 30 1,562.6 $ 1,290.4 $ 272.2 $ 21.1% 1,071.3 $ (A) Certain amounts have been restated due to the implementation of GASB101, as discussed in Note 2I Table 2
Revenues, Expenses, and Changes in Net Position
(in millions)
Increase (Decrease)
For the years ended June 30, 2025, 2024 and 2023
In fiscal year 2024-25, SVP's retail revenues reached $734.5 million, showing substantial growth from $648.6 million in fiscal year 2023-24 and $556.2 million in fiscal year 2022-23. These figures represent significant year over year growth of 13.2% in fiscal year 2024-25 compared to the preceding fiscal year (2023-24) and 16.6% growth in fiscal year 2023-24 compared to the fiscal year before that (2022-23). The primary driver behind the growth in fiscal year 2024-25 was the implementation of a 5% rate increase effective January 1, 2025, coupled with a 6.3% load growth in the fiscal year 2024-25.

In fiscal year 2024-25, SVP's retail operating expenses amounted to $623.6 million, climbing from restated $566.4 million in fiscal year 2023-24 and declining from $631.0 million in fiscal year 2022-23. These numbers indicate an increase of $57.2 million or 10.1% in the fiscal year 2024-25 MANAGEMENT'S DISCUSSION AND ANALYSIS ( continued)
compared to the preceding fiscal year (2023-24 ), and a decrease of restated $64.6 million or 10.2% in the fiscal year 2023-24 compared to the fiscal year before that (2022-23). The higher operating expenses for the fiscal year 2024-25 were primarily driven by the higher resource purchase costs and generation production costs compared to the fiscal year 2023-24.

In fiscal year 2024-25, revenues generated from wholesale resources sales, which encompass both gas and power, was $14.6 million. This figure represents a moderate increase compared to the $11.5 million in fiscal year 2023-24 and a significant decrease from the $85.0 million reported in fiscal year 2022-23. Simultaneously, the wholesale resources purchase was $8.5 million in fiscal year 2024-25, $9.8 million in fiscal year 2023-24, and $19.4 million in fiscal year 2022-23. The increase in wholesale resources sales during the fiscal year 2024-25 was primary attributed to increases in Ancillary Service sales and higher Capacity sales. The $73.5 million decrease in wholesale resource sales during the fiscal year 2023-2024 was primary attributed to a significant decrease in wholesale futures trading profit compared to the previous fiscal year due to sharp declined prices in overall resource market. The decrease in wholesale resources purchases during this fiscal year was primarily due to lower fuel cost for the in-town generation plants.

Interest income for fiscal year 2024-25 amounted to $34.0 million, an increase from $13.9 million reported in fiscal year 2023-24, and the $8.4 million recorded in fiscal year 2022-23. The growth in the most recent fiscal year is primarily attributable to elevated cash and investment balances, coupled with a higher interest rate environment. Conversely, interest expense for fiscal year 2024- 25 was $5.6 million, which is an increase from the $2.2 million in fiscal year 2023-24 and the $2.7 million in fiscal year 2022-23. For more detailed information regarding interest expense, please refer to Note 5 in the financial statements.

As of June 30, 2025, SVP's net position stood at $1,562.6 million, reflecting a $272.2 million increase from the preceding fiscal year. Within this total, there was a $35.5 million increase in the net investment in capital assets, a $1.8 million increase in the amount restricted for contractual obligations, and a $234.9 million increase in unrestricted net position.

CAPITAL ASSETS
As of the end of fiscal year 2024-25, SVP had invested $729.0 million in capital assets, net of depreciation. Most of this investment was allocated to power generation facilities, with the remaining portion distributed across transmission and distribution assets, right-to-use buildings, and subscriptions for information technology arrangements.

As of June 30, 2025, SVP had several projects that were either completed or in progress. In the fiscal year 2024-25, the Capital Improvement Projects Budget included appropriations for significant investments in substation improvements for the upcoming years.

For more comprehensive information regarding SVP's capital assets, please refer to Note 4 in the financial statements.
9 MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
10 DEBT ADMINISTRATION
SVP's debt portfolio and its individual components are comprehensively outlined in Note 5 within the financial statements. As of June 30, 2025, SVP's outstanding debt consists of two issues of Revenue Bonds and two issues of Subordinate Revenue Bonds, amounting to a total of $226.3 million. These bonds are backed by the net electric revenues generated by SVP and have maturity dates spanning from fiscal years 2026 through 2045.

ECONOMIC OUTLOOK AND MAJOR INITIATIVES
For detailed information regarding the economic outlook and major initiatives of the City, as well as what is planned for the upcoming year, please refer to the Letter of Transmittal Section of the City's Annual Comprehensive Financial Report for the fiscal year concluding on June 30, 2025.

This section provides an in-depth analysis and insight into the City's economic prospects and its key initiatives moving forward.

CONTACTING SVP’S FINANCIAL MANAGEMENT
These Basic Financial Statements are intended to provide citizens, taxpayers, investors, and creditors with a general overview of SVP’s finances. Questions about these Basic Financial Statements should be directed to the City of Santa Clara Finance Department, 1500 Warburton Avenue, Santa Clara, CA 95050-3796.

See accompanying notes to financial statements
11 ASSETS 2025 2024(A)
Current Assets:

Pooled cash and investments (Note 3) 817,007,119 $ 609,040,674 $ Investments with fiscal agent (Note 3) 130,517,424 16,596,885 Leases receivable (Note 2R) 259,985 271,306
Receivables (net of allowances)
Accounts 122,946,617 154,525,464
Interest 3,761,308 5,717,203
Derivative instrument (Note 5G) 2,871,435 7,119,963
Due from the City of Santa Clara (Note 2E) 4,773, 4,017,195 495 Inventory of materials and supplies (Note 2F) 25, 19,366,588 172,910 Total Current Assets 783,109,215 1,140,856,356
Noncurrent Assets:

Capital assets (Note 4)
Land 14,371,743 19,879,593
Construction in progress 86,463,324 138,921,943
Buildings, improvements and infrastructure 1,158,113 1,147,187,859 ,200 Equipment 10,212,515 10,745,377
Right-to-use leased assets 2,916,623 2,916,623
Right-to-use SBITA 3,837,038 3,837,038
Accumulated depreciation (576,144,800) (605,432,919)
Total Capital Assets (Net of Accumulated Depreciation) 728,980,855 688,844,302 Other Noncurrent Assets:

Restricted investments (Note 3) 11,792,344 10,065,874
Derivative instrument (Note 5G) 4,867,018 -
Investments in joint ventures (Note 6) 65,322,413 65,209,772 Deposits (Note 3) 9,449,807 7,621,750
Leases receivable (Note 2R) 1,852,925 1,581,619
Total Other Noncurrent Assets 86,318,126 91,445,396
Total Noncurrent Assets 780,289,698 815,298,981
Total Assets 1,563,398,913 1,956,155,337

DEFERRED OUTFLOWS OF RESOURCES
Accumulated decrease in fair value of hedging
instruments (Note 5G) 7,708 1,098,675
Deferred outflows on refunding of debt 3,616,269 4,474,983 Deferred outflows on OPEB related items (Note 8) 440 311,077 ,104 Deferred outflows on pension related items (Note 7) 25,096,908 19,295,396 Total Deferred Outflows of Resources 24,450,444 29,890,676 (A) Certain amounts have been restated due to the implementation of GASB101, as discussed in Note 2I

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

STATEMENTS OF NET POSITION
with Comparative Totals as of June 30, 2024
June 30, 2025
Statements of Net Position

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

STATEMENTS OF NET POSITION
June 30, 2025
with Comparative Totals as of June 30, 2024
Current Liabilities:

Accrued liabilities
Interest payable
Unearned revenue

LIABILITIES
Accrued compensated absences
Current portion oflong-term debt (Note 5)
Current portion derivative fmancial instruments (Note 5G) Current portion of leases obligation (Note SJ)
Current portion of SBIT A (Note SK)
Total Current Liabilities
Noncurrent Liabilities:

Long-term accrued compensated absences
Net pension liability (Note 7)
Net OPEB liability (Note 8)
Long-term leases obligation (Note SJ)
Long-term SBIT A (Note SK)
Long-term debt (Note 5)
Total Noncurrent Liabilities
Total Liabilities

DEFERRED INFLOWS OF RESOURCES
Accumulated increase in fair value of hedging instruments (Note 5G)
Deferred inflows on refunding of debt
Deferred inflows on leases related items (Note 2R)
Deferred inflows pension related items (Note 7)
Deferred inflows OPEB related items (Note 8)
Total Deferred Inflows of Resources

NET POSITION
Net investment in capital assets (Note 12)
Restricted (Note 12)
Unrestricted (Note 12)
Total Net Position
2025
56,862,758
3,801,132
915,150
3,414,541
15,260,000
1,098,675
240,824
503,819
82,096,899
6,459,948
103,868,311
6,727,406
1,991,616
210,996,153
330,043,434
412,140,333
2,871,435
768,263
1,712,000
136,885
423,976
5,912,559
611,335,584
11,792,344
939,424,961
$ 1,562,552,889 $
202iA)
44,808,600
1,190,753
3,277,328
15,460,000
7,708
710,181
481,034
65,935,604
6,110,204
108,269,790
6,898,479
240,824
2,495,433
97,089,699
221,104,429
287,040,033
11,986,981
1,024,530
1,997,165
479,098
382,621
15,870,395
575,817,583
10,065,874
704,495,704
1,290,379,161
(A) Certain amounts have been restated due to the implementation of GASBlOl, as discussed in Note 21 See accompanying notes to financial statements
12 See accompanying notes to financial statements
13 2025 2024(A)
Operating Revenues:

Residential sales $ 41,675,989 47,178,812 $
Commercial sales 22,584,103 26,684,230
Industrial sales 584,360,495 660,653,982
Renewable energy credits 10,502,295 2,718,750
Wholesale resource sales (Note 9) 14,612,434 11,470,683 Mandated program receipts 20,120,470 22,625,543
Other operating revenues 33,514,188 50,751,706
Total Operating Revenues 807,987,939 741,465,741
Operating Expenses:

Operations 114,089,909 116,962,896
Maintenance 29,090,846 34,113,469
Purchased resource 394,828,371 443,203,513
Wholesale resource purchases (Note 9) 8,512,008 9,785,427 Mandated program disbursement 5,439,689 6,179,170
Amortization (Note 4) 1,158,632 1,175,506
Depreciation (Note 4) 27,322,314 28,122,466
Total Operating Expenses 637,529,547 582,454,669
Operating Income 159,011,072 170,458,392
Nonoperating Revenues (Expenses):

Interest revenue 13,871,450 33,984,491
Net changes in the fair value of investments 14,315 8,702,128 ,051 Interest expense (2,206,422) (5,610,150)
Equity in income (losses) of joint ventures 3,612,64 (635,169) 1 Rents and royalties 3,484,588 3,425,438
Other revenues 39,365,830 54,978,153
Gain (loss) on retirement of assets - 7,399
Total Nonoperating Revenues, net 104,713,023 62,582,405 Income Before Transfers 275,171,415 221,593,477
Transfers from the City of Santa Clara 559,815 376,500
Transfers to the City of Santa Clara (3,557,502) (2,885,902) Net Income 219,084,075 272,173,728
Net Position, Beginning of Year(A) 1,290,379,161 1,071,295,086 Net Position, End of Year 1,562,552,889 $ 1,290,379,161 $ (A) Certain amounts have been restated due to the implementation of GASB101, as discussed in Note 2I

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION For the Year Ended June 30, 2025
with Comparative Totals for the Year Ended June 30, 2024

See accompanying notes to financial statements
14 Statements of Revenue, Expen ses and Changes in Net Position 2025 2024

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 739,570,602 $ 668,767,150
Payments to suppliers (530,304,443) (465,537,231)
Payments to employees for salaries and benefits (61, (56,790,537) 741,071) Rents and royalties received 4,543,348 3,435,723
Resource energy trading escrow 1,677,372 2,743,207
Wholesale resource sales 11,470,683 14,612,434
Wholesale resource purchases (9,785,427) (8,512,008)
Renewable energy credits 10,502,295 2,718,750
Other receipts 48,902,208 67,134,490
Contribution of Joint Ventures - 3,500,000
Net Cash provided by Operating Activities 233,157,68 213,749,861 4

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Increase (decrease) in due from other funds (807,346) (756,300) Changes in restricted investments 3,741,829 1,726,470
Transfers in 376,500 559,815
Transfers out (2,885,902) (3,557,502)
Net Cash provided (used) by Noncapital Financing Activities (2,027,517) 425,081

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
Acquisition and construction of capital assets, net (63,780,946) (63,983,783) Proceeds from sale of assets - 7,399
Proceeds from debt issuance - 112,175,000
Premium on debt issuance - 18,410,113
Principal payments on debt (16,292,174) (16,651,215)
Cost of issuance - (576,116)
Interest paid on debt (2,555,620) (3,239,866)
Net Cash provided (used) by Capital and Related Financing Activities 46,141,532 (82,628,740)

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

STATEMENTS OF CASH FLOWS
with Comparative Totals for the Year Ended June 30, 2024 For the Year Ended June 30, 2025
Statements of Cash Flows
See accompanying notes to financial statements
15 2025 2024

CASH FLOWS FROM INVESTING ACTIVITIES
Interest and dividends 11,877,286 32,026,705
Net increase (decrease) in the fair value of investments 14,315,051 8,702,128 Payments made by fiscal agent 17,593,392 19,183,798
Deposits made with fiscal agent (17,992,362) (133,104,338) Net Cash provided (used) by Investing Activities (67 20,180,444 ,578,784) Net Increase (Decrease) in Cash and Cash Equivalents 209,692,915 151,726,646 Cash and cash equivalent at Beginning of Period 619, 467,379,902 106,548 Cash and cash equivalent at End of Period $ 619,106,548 828,799,463 $ Reconciliation of Operating Gain (Loss) to Net Cash Provided (Used) by Operating activities:

Operating income $ 161,487,501 170,458,392 $
Joint venture income - 3,500,000
Adjustments to reconcile operating income to net cash
provided (used) by operating activities:
(Decrease) Increase due to OPEB system (404,151) (258,745) (Decrease) Increase due to retirement system 1,057,8 3,230,418 20 (Decrease) Increase due to lease and SBITA Obligation (23,287) (34,360) Depreciation and amortization 28,480,946 29,297,972
Change in assets and liabilities:

Receivable, net (30,948,216) (31,578,847)
Inventory (3,539,456) (5,806,322)
Accrued liabilities 14,234,570 6,603,416
Restricted cash (3,741,829) (1,726,470)
Compensated absences 456,648 486,957
Unearned revenues - 915,150
Other receipts 42,850,418 58,403,591
Resource trading escrow 1,677,372 1,828,057
Net Cash Provided by Operating Activities $ 213,749,861 233,157,684 $ NONCASH TRANSACTIONS:

Joint Ventures
Nonoperating Income (Expense) $ (635,169) 3,612,641 $
Issuance of SBITA Liability $ (729,014) - $
Addition of SBITA Asset $ 729,014 - $
(SILICON VALLEY POWER)

STATEMENTS OF CASH FLOWS
with Comparative Totals for the Year Ended June 30, 2024

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
For the Year Ended June 30, 2025

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CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
17 NOTE 1 – DEFINITION OF THE REPORTING ENTITY
The City of Santa Clara (the City), California’s Electric Utility Enterprise Fund, which began operating as Silicon Valley Power (SVP) in 1997, commenced operations over 100 years ago in 1896. Originally, SVP constructed a lighting plant consisting of forty-six 2000 candlepower direct current lamps and a dynamo (a type of electric generator) which entered into service in October 1896. In late 1903, SVP invested $5,000 to convert the system to alternating current and abandoned the small generating plant. Wholesale power was purchased from United Gas and Electric Company of San Jose.

Between 1903 and 1965, SVP purchased all of its electric power requirements from investorowned utilities. In 1965, it received an allocation of power from the Federal Central Valley Project and began to diversify its resources. SVP became a charter member of the Northern California Power Agency (NCPA) in June 1968. Throughout the 1970’s, SVP and NCPA worked on behalf of all municipal electric utilities in Northern California to gain access to wholesale transmission markets and to jointly develop cost-effective electric generation resources.

In 1980, SVP became a generating utility for the first time in 73 years with the start of operations of the 6-Megawatt Cogen No. 1 power plant. In 1983, the 110 Megawatt NCPA Geothermal Project, the first municipally owned and operated geothermal power plant in the United States, entered service with SVP as lead partner holding a 55% participation share. Subsequently, SVP participated in further jointly owned power generation projects including hydroelectric, natural gas and coal fired generation. In 2005, SVP placed the 147 Megawatt Don Von Raesfeld Power Plant into service.

Today, SVP has grown to approximately 8,437 streetlights and serves approximately 62,081 electric customers. As SVP looks to the future, it continues to be responsive to the electric market development by increasing its renewable power resources, reducing its greenhouse gas (GHG) footprint, and working with its customers to enhance the value they receive from municipal ownership of their electric utility.

Noted to Financial Statements
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Basis of Presentation
SVP’s Financial Statements are prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) as applied to government units. The Government Accounting Standards Board (GASB) is the acknowledged standard setting body for establishing accounting and financial reporting standards followed by governmental entities in the United States of America. The electric enterprise fund is included in the City’s Annual Comprehensive Financial Report, and therefore, these financial statements do not purport to represent the financial position and changes in financial position of the City.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 2- SUMMARY OF SIGNIIFICANT ACCOUNTING POLICIES (continued) 18 B. Basis of Accounting
SVP reports its activities as a proprietary fund type (Enterprise Fund) which is maintained on the accrual basis of accounting wherein revenues are recognized in the accounting period in which they are earned regardless of whether they are received, and expenses are recognized in the period in which the related liabilities are incurred. Certain indirect costs are included in program expenses reported for individual functions and activities.

During the year ended June 30, 2024, SVP implemented the following GASB Statement:

The GASB issued Statement No. 100 “Accounting Changes and Errors Corrections.” The objective of this statement is to establish accounting and financial reporting requirements for (a) accounting changes and (b) the correction of an error in previously issued financial statements.

This statement becomes effective for periods beginning after June 15, 2023. The provision of this statement were implemented during fiscal year 2024. The implementation had no effect on the financial statements.

During the year ended June 30, 2025, SVP implemented the following GASB Statement:

The GASB issued Statement No. 101 “Compensated Absences.” The objective of this statement is to amend the existing requirements for the recognition of compensated absences liability. This statement becomes effective for periods beginning after December 15, 2023. The provisions of this Statement were implemented during fiscal year 2024-25. SVP restated the statement of net position and statement of revenues, expenses, and changes in fund net position for the fiscal year 2023-24 to reflect the impact of this implementation. For further details refer to Note 2I.

The GASB issued Statement No. 102 “Certain Risk Disclosures.” The objective of this Statement is to provide users of government financial statements with essential information about risks related to a government’s vulnerabilities due to certain concentrations or constraints. This statement is effective for fiscal years beginning after June 15, 2024. The implementation had no effect on the financial statements.

SVP is analyzing the effects of the following pronouncements and plans to adopt them by the effective dates:

The GASB issued Statement No. 103, “Financial Reporting Model Improvements.” The objective of this Statement is to improve key components of the financial reporting model to enhance its effectiveness in providing information that is essential for decision making and assessing a government’s accountability. This statement is effective for fiscal years beginning after June 15, 2025. SVP is currently evaluating the impact on the financial statements.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 2- SUMMARY OF SIGNIIFICANT ACCOUNTING POLICIES (continued) 19 The GASB issued Statement No. 104, “Disclosure of Certain Capital Assets.” The objective of this Statement is to provide users of government financial statements with essential information about certain types of capital assets. This statement is effective for fiscal years beginning after June 15, 2025. SVP is currently evaluating the impact on the financial statements.

C. Measurement Focus
Enterprise funds are accounted for on a cost of services or economic resources measurement focus, which means that all liabilities associated with the activity are included on their Statement of Net Position. Enterprise fund type operating statements present increases (revenues) and decreases (expenses) in total net position. Reported net position is segregated into three categories – net investment in capital assets, restricted, and unrestricted.

D. Cash and Investments
SVP’s cash and investments pool is maintained by the City except for fiscal agent cash and investments.

While maintaining safety and liquidity, the City maximizes investment return by pooling its available cash for investment purposes. Unless there are specific legal or contractual requirements to do otherwise, interest earnings are apportioned among funds according to average monthly cash and investment balances. It is generally the City's intention to hold investments until maturity.

City investments are stated at fair value (see Note 3).

Cash and cash equivalents for purposes of the statement of cash flows include pooled cash and investments and cash designated for construction. Transactions with City-wide cash management pools are similar to those with external investment pools; therefore, since pooled cash and investments have the same characteristics as demand deposits in that the City's individual funds and component units may withdraw additional monies at any time without prior notice or penalty, pooled cash and investments are considered essentially demand deposit accounts.

Cash and investments with fiscal agent, a bond reserve investment pool, and amounts classified as deposits are not considered cash and cash equivalents.

E. Due from City of Santa Clara
During the course of operations, transactions occur between SVP and the City for goods provided or services rendered. The related receivables, net, are classified as “Due from the City of Santa Clara” on the accompanying statement of net position.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 2- SUMMARY OF SIGNIIFICANT ACCOUNTING POLICIES (continued) 20 F. Inventory of Materials and Supplies
Inventory of materials and supplies is accounted for using the consumption method and is stated at average cost. Inventory consists of expendable supplies held for consumption by the electric utility.

G. Capital Assets
All capital equipment and right-to-use equipment with a value of $10,000 or more, buildings, improvements and infrastructure, right-to-use building with costs exceeding $20,000 or more, and the right-to-use SBITA with a value of $400,000 or more, with useful lives exceeding two years are capitalized. These assets are valued at historical cost or estimated historical cost if actual historical cost is not available except for intangible right -to-use assets, the measurement of which discussed in Note 2R and 2S below. Contributed capital assets are valued at their estimated acquisition value on the date contributed. Depreciation is recorded on a straight-line basis over the estimated useful lives of the assets (buildings and improvements: 20 to 50 years; equipment: 2 to 20 years; and right-to-use SBITA assets: 3-25 years) and is charged as an expense against operations. Accumulated depreciation is reported on the statement of net position.

The cost of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Improvements are capitalized and depreciated over the remaining useful lives of the related capital assets.

Capital assets and the related obligations under lease/purchase agreements are capitalized and accounted for in accordance with Accounting Standards Codification (ASC) Topic 842. Interest is capitalized on construction in progress in accordance with ASC Topic 835, Capitalization of Interest Cost in Situations Involving Certain Tax-Exempt Borrowings, and Certain Gifts and Grants. Accordingly, interest capitalized is the total interest cost for the date of the borrowings net of any interest earned on temporary investments of the borrowed proceeds until the specified asset is ready for its intended use. There was no interest capitalized for the fiscal years ended June 30, 2024 or 2025.

H. Joint Ventures
SVP participates in several joint ventures in accordance with GAAP. If SVP’s equity in net losses of a joint venture exceeds its investments, use of the equity method is suspended except to the extent that SVP is obligated to provide further support or has guaranteed obligations of the joint venture.

SVP advances funds to certain of its joint ventures in the form of refundable advances, project advances, and operating and maintenance advances. Refundable advances accrue interest at rates

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 2- SUMMARY OF SIGNIIFICANT ACCOUNTING POLICIES (continued) 21 stated in the related agreements. Operating, maintenance, and project advances are charged to operations when incurred.

Capitalized project costs are charged to operations in the event that a project is determined to be not economically feasible.

I. Compensated Absences
Effective July 1, 2024, the City implemented Governmental Accounting Standards Board (GASB) Statement No. 101, Compensated Absences. GASB 101 establishes recognition and measurement criteria for all types of compensated absences, such as vacation leave, sick leave, and paid time off, including guidance for leave that accumulates and vests, as well as certain non-vesting leave.

Under the previous guidance (GASB 16), certain types of leave were only recognized when earned and expected to be paid. GASB 101 requires governments to recognize a liability for all leave that is attributable to services already rendered and for which it is probable the leave will be used or paid. It also requires governments to measure leave using either an employee’s pay rate as of the financial statement date or an expected future pay rate if that is expected to be higher.

As a result of this change, the statement of net position for fiscal year 2023-24 was adjusted as follows:

FY2024 previously
reported
GASB101
restatement FY2024 Restated
Current liabilities:

Accrued compensated absences 472,381 $ $ 3,277,328 2,804,947 $ Noncurrent liabilities
Long-term accrued compensated absences 6,438,722 $ $ 6,110,204 (328,518) $ Net position
Unrestricted $ 706,972,133 $ (2,476,429) $ 704,495,704
The statement of revenues, expenses and changes in net position for fiscal year 2023-24 was adjusted as follows:

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 2- SUMMARY OF SIGNIIFICANT ACCOUNTING POLICIES (continued) 22 FY2024 previously
reported
GASB101
restatement FY2024 Restated
Operating expenses: $ 111,613,480 $ 2,476,429 $ 114,089,909 Operating income $ 161,487,501 $ (2,476,429) $ 159,011,072 Net position- end of year 1,292,855,590 $ $ (2,476,429) $ 1,290,379,161 Ongoing calculations of compensated absences liabilities will follow the recognition and measurement guidance prescribed by the new standard.

J. Risk Management
SVP is covered under the City’s self-insurance programs via Internal Service Funds. There were no significant reductions in insurance coverage from the prior year by major categories of risk and the amount of settlements did not exceed insurance coverage for the past four fiscal years.

Additional information with respect to the City’s self-insurance programs can be found in the City’s Annual Comprehensive Financial Report.

In addition, SVP has property coverage specific to the power plants with a policy limit of $250 million.

K. Electric Resource Purchased
SVP purchases power from various suppliers and agencies (including joint powers agencies) for resale to its customers (see Note 10). SVP also engages in numerous resource energy transactions with the objective of reducing its overall cost of resource energy. Gross resource energy sales and resource energy purchases are recorded as operating revenue and expense, respectively (see Note 9).

L. Bond Discounts/Issuance Costs
Bond discounts are presented as a reduction of the face amount of bonds payable, whereas issuance costs are recognized in the current period.

M. Revenue Recognition
Operating revenues are recognized based on cycle billings periodically rendered to customers.

Operating revenues for services provided, but not billed at the end of the fiscal year, are recognized and accrued based on estimated consumption. Operating revenues primarily include the sales of electric power to residential, commercial, industrial, and municipal customers.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 2- SUMMARY OF SIGNIIFICANT ACCOUNTING POLICIES (continued) 23 Non-operating revenues primarily represent interest income, grants, rents, and other non-recurring miscellaneous income.

N. Taxes on Income
As an agency of the City, SVP falls under the review of the Internal Revenue Code Section 115 and corresponding California Revenue and Taxation Code provisions. As such, it is not subject to federal income or state franchise taxes.

O. Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position includes a separate section for deferred outflows of resources. Deferred outflows of resources represent a consumption of net assets that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. SVP has four items that qualify for reporting in this category:
deferred outflows related to the derivative instruments, refunding of debt, pension, and OPEB.

In addition to liabilities, the statement of financial position includes a separate section for deferred inflows of resources. Deferred inflows of resources represent an acquisition of net assets that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. SVP reports deferred amounts related to derivative instruments, debt refunding, leases and deferred amounts related to pension and OPEB.

P. Net Position and Fund Equity
SVP may fund certain programs with a combination of restricted and unrestricted net position.

The policy is to first apply restricted net position followed by unrestricted net position if necessary.

Q. Use of Estimates
The preparation of financial statements in conformity with GAAP in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

R. Lease Agreements
A lease is defined as a contract that conveys control of the right to use another entity’s nonfinancial asset (the underlying asset) as specified in the contract for a period of time in an exchange or exchange-like transaction. Examples of nonfinancial assets include buildings, land, vehicles, and equipment.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 2- SUMMARY OF SIGNIIFICANT ACCOUNTING POLICIES (continued) 24 Lessee - SVP is a lessee for noncancellable lease of buildings. SVP recognizes a lease liability with an initial, and individual value of $100,000 and an intangible right‐to‐use lease asset (lease asset) in the statement of net position financial statements.

At the commencement of a lease, SVP initially measures the lease liability at the present value of payments expected to be made during the lease term. Subsequently, the lease liability is reduced by the principal portion of lease payments made. The lease asset is initially measured as the initial amount of the lease liability, adjusted for lease payments made at or before the lease commencement date, plus certain initial direct costs. Subsequently, the lease asset is amortized on a straight‐line basis over its useful life.

Key estimates and judgments related to leases include how SVP determines (1) the discount rate it uses to discount the expected lease payments to present value, (2) lease term, and (3) lease payments as follows:
 SVP uses the interest rate charged by the lessor as the discount rate. When the interest rate charged by the lessor is not provided, SVP generally uses its estimated incremental borrowing rate as the discount rate for leases.
 The lease term includes the noncancellable period of the lease.  Lease payments included in the measurement of the lease liability are composed of fixed payments and purchase option price that SVP is reasonably certain to exercise.

SVP monitors changes in circumstances that would require a remeasurement of its lease and will remeasure the lease asset and liability if certain changes occur that are expected to significantly affect the amount of the lease liability.

Lease assets are reported with other capital assets and lease liabilities are reported with long-term debt on the statement of net position. Additional information can be found in Notes 4 and 5J.

Lessor - SVP is a lessor for noncancellable leases of land, equipment, and fiber infrastructure. SVP recognizes a lease receivable and a deferred inflow of resources in the financial statements.

At the commencement of a lease, SVP initially measures the lease receivable at the present value of payments expected to be received during the lease term. Subsequently, the lease receivable is reduced by the principal portion of lease payments received. The deferred inflow of resources is initially measured as the initial amount of the lease receivable, adjusted for lease payments received at or before the lease commencement date. Subsequently, the deferred inflow of resources is recognized as revenue over the life of the lease term.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 2- SUMMARY OF SIGNIIFICANT ACCOUNTING POLICIES (continued) 25 Key estimates and judgments include how SVP determines (1) the discount rate it uses to discount the expected lease receipts to present value, (2) lease term, and (3) lease receipts as follows:
 SVP uses its estimated incremental borrowing rate as the discount rate for leases.  The lease term includes the noncancellable period of the lease.  Lease receipts included in the measurement of the lease receivable is composed of fixed payments from the lessee.

SVP monitors changes in circumstances that would require a remeasurement of its lease, and will remeasure the lease receivable and deferred inflows of resources if certain changes occur that are expected to significantly affect the amount of the lease receivable. SVP has not engaged in any sublease transactions, sale-leaseback arrangements, or lease-leaseback agreements.

The balances related to the leases receivable and deferred inflow of resources as of June 30, 2024 were $2,112,910 and $1,997,165 respectively. SVP recognized $285,164 in lease revenue and $58,002 in interest revenue during the fiscal year 2023-24 related to these leases. The leases receivable and deferred inflow of resources as of June 30, 2025 were $1,852,925 and $1,712,000 respectively. SVP recognized $285,165 in lease revenue and $53,865 in interest revenue during the fiscal year 2024-25 related to these leases.

S. Subscription-Based Information Technology Arrangements (SBITAs) Accounting A Subscription-Based Information Technology Arrangement (SBITA) is a contract that conveys control of the right to use another party’s (a SBITA vendor’s) IT software, alone or in combination with tangible capital assets (the underlying IT assets), as specified in the contract for a period of time in an exchange or exchange-like transaction.

At the commencement of a SBITA, SVP initially measures the subscription liability at the present value of payments expected to be made during the contract term. Subsequently, the subscription liability is reduced by the principal portion of payments made. The subscription asset is initially measured as the initial amount of the subscription liability, adjusted for payments made at or before the SBITA commencement date, plus certain initial direct costs. Subsequently, the subscription asset is amortized on a straight‐line basis over shorter of the subscription term or the useful life of the underlying IT assets. SVP recognizes SBITA liabilities with an initial, individual value of $400,000 or more for all funds based on the future SBITA payments remaining at the start of the contract.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 2- SUMMARY OF SIGNIIFICANT ACCOUNTING POLICIES (continued) 26 Key estimates and judgments related to SBITAs include how SVP determines (1) the discount rate it uses to discount the expected subscription payments to present value, (2) subscription term, and (3) subscription payments as follows:
 SVP uses the interest rate charged by the IT vendor as the discount rate. When the interest rate charged by the IT vendor is not provided, SVP uses its estimated incremental borrowing rate as the discount rate for subscription liabilities.  The subscription term includes the noncancellable period of the subscription.  Subscription payments included in the measurement of the subscription liability are composed of fixed payments and purchase option price that SVP is reasonably certain to exercise.

SVP monitors changes in circumstances that would require a remeasurement of its subscription and will remeasure the subscription asset and liability if certain changes occur that are expected to significantly affect the amount of the subscription liability.

Subscription assets are reported with other capital assets and subscription liabilities are reported with liabilities on the statement of net position. Additional information can be found in Notes 4 and 5K.

T. Prior Period Adjustments
SVP implemented GASB Statement No. 101, Compensated Absences, in the current fiscal year.

As a result, beginning net position was restated to reflect the recognition and measurement requirements of the new standard. The adoption of GASB 101 resulted in an adjustment to beginning balances to properly account for compensated absences in accordance with the new guidance. Comparative prior year financial information has been restated, where practicable, to conform to the provisions of GASB 101. Additional details regarding the restatement are disclosed in the note 2I.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
27 NOTE 3 – CASH AND INVESTMENTS
SVP’s cash and investments pool is maintained by the City except for fiscal agent cash and investments. A full description of the City’s cash and investment policy is in Note 7 of its Annual Comprehensive Financial Report.

A. Investments Authorized by the California Government Code and the City’s Investment Policy
The City’s Investment Policy and the California Government Code allow the City to invest in certain types of investments, provided the credit ratings of the issuers are acceptable to the City.

The table below also identifies certain provisions of the City’s Investment Policy and the California Government Code that address interest rate risk, credit risk, and concentration of credit risk.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 3 – CASH AND INVESTMENTS (continued)
28 Minimum Maximum Maximum
Maximum Credit Percentage Investment
Authorized Investment Type Maturity Quality or Portfolio In One Issuer U.S. Treasury Obligations 7 years N/A 100% 100%
U.S. Agency Securities (1) 7 years Top three ratings
categories 80%(2) 40%
Negotiable Certificates of Deposit 5 years A / A-1 30% 5% Bankers Acceptances 180 days N/A 25% 5%
Commercial Paper 270 days A / A-1 25% 5%(3)
California Local Agency Investment
Fund
N/A N/A None $75M Per A/C
Repurchase Agreements 60 days N/A 50% 20%
Reverse Repurchase Agreements
(requires City Council approval)
92 days N/A 20% 10%
Municipal Obligations 7 years A 20% 5%
Medium Term Corporate Notes 5 years A/A- 25% 5%(3)
Mutual Funds / Money Market Funds N/A Top rating category 20% 10% Joint Powers Authority Investment Pools N/A N/A 100% 100% Supranational Obligations 5 years AA 20% 10%
Asset-Backed Securities 5 years AA 10% 5%
Non-Negotiable Certificates of Deposit 5 years N/A 10% 5% Mortgage-Backed Securities and
Collateralized Mortgage Obligations 6-12 years (4) AA 15% 10% (2) Callable securities are limited to 30% of the portfolio. time of purchase for Mortgage-Backed Securities (MBS). Maximum Final Maturity for MBS's and CMOs = 30 years with balloon payments.
(1) Securities issued by the Federal Farm Credit Bank (FFCB), the Federal Home Loan Bank (FHLB), the Federal National Mortgage Association (FNMA), the Federal Home Loan Mortgage Corporation (FHLMC), local agencies and other U.S. government sponsored enterprises. (4) Maximum Weighted Average Life with Current Public Securities Association Assumptions =12 years at (3) No more than 10% of the outstanding commercial paper and medium term corporate notes of any single issuer.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 3 – CASH AND INVESTMENTS (continued)
29 B. Investments Authorized by Debt Agreements
The City invests bond proceeds restricted for construction in instruments that are stated in the Investment Policy and in various return-guaranteed investment agreements. These investments are invested in accordance with bond indentures and the maturities of each investment should not exceed the final maturity of each bond. Bond proceed investments are reported monthly to the City Council.

SVP also maintains required amounts of cash and investments with trustees or fiscal agents under the terms of certain debt issues. These funds are unexpended bond proceeds or are pledged reserves to be used if SVP fails to meet its obligations under these debt issues. The California Government Code 53601 (L) allows these funds to be invested in accordance with the statutory provisions governing the issuance of those bonds, indebtedness, other agreements, or certificates of participation in accordance with the ordinance, resolution, indenture, or agreement of the local agency providing for the issuance.

C. Pension Rate Stabilization Program
In February 2017, the City Council approved a Pension Rate Stabilization Program, (PRSP) Trust administered by Public Agency Retirement Services (PARS). The PRSP is an irrevocable trust and qualifies as an Internal Revenue Section 115 trust. This trust will assist the City in mitigating the CalPERS contribution rate volatility. Investments of funds held in Pension Rate Stabilization Program (PRSP) are governed by the Investment Guideline Document for the investment account and by the agreement for administrative services with the Public Agency Retirement Services (PARS), rather than the general provisions of the California Government code or the City’s investment policy. The City elected a discretionary investment approach which allows the City to maintain oversight of the investment management, control on target yield and the portfolio’ risk tolerance. The assets in this program will eventually be used to fund Pension Plan obligations.

As part of the year-end process for fiscal year 2016-17, the City Council approved SVP to designate and make an initial deposit of $3.5 million in fiscal year 2018 towards pre-funding the City’s pension obligations. As of June 30, 2025, the balance in the pension rate stabilization program trust was $11.8 million.

D. Credit and Interest Rate Risk
Credit risk is the risk that an issuer of an investment will not fulfill its obligations to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 3 – CASH AND INVESTMENTS (continued)
30 Interest rate risk is the risk that changes in market interest rate will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment is the greater the sensitivity of its fair value to changes in market interest rates to be.

Information about the sensitivity of the fair values of SVP’s investments to market interest rate fluctuations is provided by the following table that shows the distribution to SVP’s investment by maturity.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 3 – CASH AND INVESTMENTS (continued)
31 2025 2024
Credit Under 180 181 - 365 1 - 3 3 - 5 Fair Fair
Type of Investment Rating Days Days Years Years Value Value Cash and Investments
- City Treasury:

Cash N/A 65,858,443 $ - $ - $ - $ 65,858,443 $ 59,372,862 $ US Treasury Notes AA+ - - 225,366,079 143,320,746 368,686,825 231,973,928 Federal Farm Credit Bank AA+ - - - - - 19,417,882
Federal Home Loan Bank AA+ - - - - - 2,350,184
Federal National Mortgage
Association AA+ - - - - - 8,921,280
Federal Home Loan Mortgage
Corporation AA+ 2,590,553 - - - 2,590,553 10,906,591
Mortagage-Backed Securities AA+ - - 19,470,633 34,874,693 54,345,326 27,838,747 Corporate Notes AAA - - 2,538,987 - 2,538,987 6,963,207 Corporate Notes Aa 5,155,287 - 10,588,740 31,357,955 47,101,982 22,952,253 Corporate Notes A 4,482,106 7,084,025 28,030,283 39,710,269 79,306,683 61,958,499 Corporate Notes BBB+(1)
- - - - - 1,190,179
Asset-Backed Securities Aaa - - 12,064,255 39,840,705 51,904,960 30,232,181 Certificates of Deposit A+ - - 3,942,405 - 3,942,405 3,602,799 Certificates of Deposit A - - - - - 3,457,974
Money Market Funds (CAMP Pool) AAAm 106,130,648 - - - 106,130,648 95,951,939 Money Market Funds (CAMP
Term) AAAf 31,106,851 - - - 31,106,851 19,026,752
Principal Public Deposit Sweep
Program Not Rated 273,389 - - - 273,389 100,549
State Investment Pool (LAIF) Not Rated 3,220,067 - - - 3,220,067 2,822,868 Cash and Investments
- City Treasury 7,084,025 218,817,344 302,001,382 289,104,368 817,007,119 609,040,674 Cash and Investments
- Other:

Cash (Debt Fund) N/A 12,637,965 - - - 12,637,965 6,414,375 Cash (Pension Rate Stabilization
Investment) N/A 1,325 - - - 1,325 2,823
Mutual Fund - JP Morgan
- Money Market Funds
(Debt Funds) Aaam 117,879,459 - - - 117,879,459 10,182,510 Pension Rate Stabilization
Investment
(Cash and Equivalents) Not Rated 393,727 - - - 393,727 414,823 Pension Rate Stabilization
Investment
(Mutual Fund - Equity) Not Rated 3,549,427 - - - 3,549,427 3,033,155 Pension Rate Stabilization
Investment
(Mutual Fund - Fixed Income) Not Rated 7,847,865 - - - 7,847,865 6,615,073 Collateral Obligations
(Archer Daniels Midland and
CAISO) Not Rated 7,621,750 - - - 7,621,750 9,449,807
Investments - Other - 149,931,518 - - 149,931,518 36,112,566 Total Cash and Investments $ 7,084,025 368,748,862 $ 302,001,382 $ 289,104,368 $ 966,938,637 $ 645,153,240 $ (1) The investments in the corporate notes were rated A+ when purchased.

Maturity

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 3 – CASH AND INVESTMENTS (continued)
32 The City is a voluntary participant in the Local Agency Investment Fund (LAIF). LAIF is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California. LAIF’s investment portfolio mainly consists of Treasuries, loans, Federal Agency securities, and collateralized mortgage obligations. Each regular LAIF account is permitted to have up to 15 transactions per month, with a minimum transaction amount of $5,000, a maximum transaction amount of $75 million and at least 24 hours advance notice for withdrawals of $10 million or more. Bond proceeds accounts are subject to one time deposit with no cap and are set up with a monthly draw down schedule. The carrying value of LAIF approximates fair value.

The City, as a CAMP shareholder, participates in both the CAMP Pool Portfolio and the CAMP Term Portfolio. The CAMP Pool is fully liquid, stable net asset value (NAV) investment option with a competitive yield, while the CAMP Term is a fixed-rate, fixed term investment option that offers securities with maturities ranging from 60 days to one year. Investment principal and interest in the CAMP Term account are paid at maturity, with an automatic sweep into the CAMP Pool account.

The CAMP Pool is managed to maintain a dollar-weighted average portfolio maturity of 60 days or less and seeks to maintain a constant NAV per share of $1.00. The CAMP Pool invests in obligations of the United States Government and its agencies, high-quality, short-term debt obligations of U.S. companies and financial institutions. The CAMP Term investments are based on a pool of open-market securities similar to those in the CAMP Pool. The investments are matched to the amount invested and maturities selected by the Shareholder.

The City may withdraw all or any portion of the funds in the CAMP Pool account at any time by redeeming shares. The City may withdraw all or a portion of the funds in the CAMP Term account in $10,000 increments prior to maturity, but there is a premature redemption penalty.

The CAMP Declaration of Trust permits the CAMP trustee to suspend the right of withdrawal from CAMP or to postpone the date of payment of redemption proceeds if the New York Stock Exchange is closed other than for customary weekend and holiday closings, if trading on the New York Stock Exchange is restricted, or if, in the opinion of the CAMP trustees, an emergency exists such that disposal of the CAMP pool securities or determination of its net asset value is not reasonably practicable. If the right of withdrawal is suspended, the City may either withdraw its request for that withdrawal or receive payment based on the net asset value of the CAMP pool next determined after termination of the suspension of the right of withdrawal. At June 30, 2025, the fair value approximated the City’s cost. At June 30, 2025, the CAMP Pool investments had an average maturity of 41 days.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 3 – CASH AND INVESTMENTS (continued)
33 Mutual funds are available for withdrawal on demand. See City’s Annual Comprehensive Financial Report Note 7 to the financial statements for additional detail on the fiscal year 2024-25 investment portfolio.

E. Custodial Credit Risk
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, the City will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. Under California Government Code Section 53651, depending on specific types of eligible securities, a bank must deposit eligible securities posted as collateral with its Agent having a fair value of 105% to 150% of the City’s cash on deposit. All of the City’s deposits are either insured by the Federal Depository Insurance Corporation (FDIC) or collateralized with pledged securities held in the trust department of the financial institutions.

The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g. broker-dealer) to a transaction, the City will not be able to recover the value of its investment or collateral securities that are in the possession of another party. The City’s Investment Policy limits its exposure to custodial credit risk by requiring that all security transactions entered into by the City, including collateral for repurchase agreements, be conducted on a delivery-versus-payment basis. Securities are to be held by a third party custodian.

F. Fair Value Hierarchy
SVP categorizes its fair value measurements within the fair value hierarchy established by GAAP.

The hierarchy is based on the valuation input used to measure the fair value of asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. See City’s Annual Comprehensive Financial Report Note 7 to the financial statements for more detailed information.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 3 – CASH AND INVESTMENTS (continued)
34 Fair Value Measurements Using
Investments and
Derivative
Instruments
Measured at Fair
Value
Quoted Prices in
Active Markets
for Identical
Assets
Significant
Other
Observable
Inputs
6/30/2025 Level 1 Level 2 Exempt (1)
Investments by Fair Value Level
Short Term Investments
US Treasury Notes $ 368,686,825 368,686,825 $ $ - $ -
Federal Home Loan Mortgage Corp 2,590,553 - 2,590,553 - Mortagage-Backed Securities - 54,345,326 54,345,326 -
Corporate notes - 128,947,652 128,947,652 -
Asset-Backed Securities 51,904,960 - 51,904,960 -
Certificates of Deposit 3,942,405 - 3,942,405 -
Money Market Fund (CAMP Pool and Term) 137,237,499 - - 137,237,499 Principal Public Deposit Sweep Program 273,389 - - 273,389 Total Short Term Investments 368,686,825 747,928,609 241,730,896 137,510,888 Debt Securities and Other
Mutual Fund - JP Morgan
- Money Market Funds (Debt Funds) - 117,879,459 - 117,879,459 Pension Rate Stabilization Investment (Cash
and Equivalents) 393,727 393,727 - -
Pension Rate Stabilization Investment (Mutual
Fund - Equity) 1,003,978 3,549,427 2,545,449 -
Pension Rate Stabilization Investment (Mutual 7,847,865 7,847,865 - - Pension Rate Stabilization Investment (Cash 1,325 - - 1,325 Collateral Obligations (Archer Daniels
Midland and CAISO) - 7,621,750 - 7,621,750
Total Debt Securities and Other 9,245,570 137,293,553 2,545,449 125,502,534 Total Investment by Fair Value Level $ 885,222,162 $ 377,932,395 $ 244,276,345 $ 263,013,422 Investments Measured at fair value, but not subject to fair value hierarchy:

State Investment Pool (LAIF) - 3,220,067 - 3,220,067
Total Investments $ 377,932,395 888,442,229 $ 244,276,345 $ 266,233,489 Cash in Banks 78,496,408
Total Cash and Investment $ 966,938,637
Investments Derivative Instruments
Open contract gas trading - current assets 2,871,435 2,871,435 Open contract gas trading - current liabilities (1,0 98,675) (1,098,675) Total Investment Derivative Instruments $ 1,772,760 $ 1,772,760 (1) Accounts in exempt column are Mutual Fund-Money Market, Collateral Obligation and LAIF investments which are exempt from fair value hierarchy, or reported at amortized cost.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 3 – CASH AND INVESTMENTS (continued)
35 The City utilizes a third party pricing service to determine fair market prices for its individually held investments. Evaluations are based on market information available at the time and generated using proprietary evaluated pricing models and methodologies.

Level 1 investments are valued using a marketable actively traded assets closing price for identical assets. Level 2 investments are determined by using quoted prices for similar assets.

G. Investments with Fair Values Highly Sensitive to Interest Rate Fluctuations The City’s investment portfolio includes callable corporate notes and callable asset-backed securities (ABS) held within the City’s investment pool. These investments are considered highly sensitive to interest rate fluctuations because changes in market interest rates may affect both the timing and amount of the securities’ cash flows. When interest rates decline, issuers may exercise the call option and redeem the securities prior to their stated maturity. If these securities are called, the City may be required to reinvest the proceeds at lower prevailing market rates, which may reduce future investment earnings. See City’s Annual Comprehensive Financial Report Note 7 to the financial statements for more detailed information.

NOTE 4 – CAPITAL ASSETS
A. Capital Assets Summary
Capital asset activity for the years ended June 30, 2025 and 2024 is as follows:

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 4 – CAPITAL ASSETS (continued)
36 Balance Balance
June 30, 2024 Additions Retirements Transfers June 30, 2025 Non Depreciable Assets:

Land 14,371,743 $ 5,507,850 $ - $ - $ 19,879,593 $
Construction In Progress 86,463,324 63,383,960 - (10,925,341) 138,921,943 Total Non Depreciable Assets 100,835,067 68,891,810 - (10,925,341) 158,801,536 Capital assets being depreciated:

Buildings and Improvements 1,147,187,859 - - 10,925,341 1,158,113,200 Right-to-use leased building 2,916,623 - - - 2,916,623
Right-to-use SBITA 3,837,038 - - 3,837,038
Machinery & Equipment 10,212,515 542,715 (9,853) - 10,745,377 Total capital assets being
depreciated 542,715 1,164,154,035 (9,853) 10,925,341 1,175,612,238 Less accumulated depreciation for:

Buildings and Improvements (564,248,905) (27,882,392) - - (592,131,297) Right-to-use leased building (2,019,200) (673,066) - - (2,692,266) Right-to-use SBITA (864,051) (502,440) - - (1,366,491)
Machinery & Equipment (9,012,644) (240,074) 9,853 - (9,242,865) Total accumulated depreciation (576,144,800) (29,297,972) 9,853 - (605,432,919) Net Depreciable Assets 588,009,235 (28,755,257) - 10,925,341 570,179,319 Enterprise Activity Capital
Assets, Net $ 40,136,553 688,844,302 $ - $ - $ 728,980,855 $

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 4 – CAPITAL ASSETS (continued)
37 Balance Balance
June 30, 2023 Additions Retirements Transfers June 30, 2024 Non Depreciable Assets:

Land 14,371,743 $ - $ - $ - $ 14,371,743 $
Construction In Progress 71,262,465 60,741,105 - (45,540,246) 86,463,324 Total Non Depreciable Assets 85,634,208 60,741,105 - (45,540,246) 100,835,067 Capital assets being depreciated:

Buildings and Improvements 1,101,647,613 - - 45,540,246 1,147,187,859 Right-to-use leased building 2,916,623 - - - 2,916,623
Right-to-use SBITA 3,108,024 729,014 - - 3,837,038
Machinery & Equipment 10,297,966 12,544 (97,995) - 10,212,515 Total capital assets being
depreciated 741,558 1,117,970,226 (97,995) 45,540,246 1,164,154,035 Less accumulated depreciation for:

Buildings and Improvements (537,222,730) (27,026,175) - - (564,248,905) Right-to-use leased building (1,346,134) (673,066) - - (2,019,200) Right-to-use SBITA (378,485) (485,566) - - (864,051)
Machinery & Equipment (8,814,500) (296,139) 97,995 - (9,012,644) Total accumulated depreciation (547,761,849) (28,480,946) 97,995 - (576,144,800) Net Depreciable Assets 570,208,377 (27,739,388) - 45,540,246 588,009,235 Enterprise Activity Capital
Assets, Net $ 33,001,717 655,842,585 $ - $ - $ 688,844,302 $

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 4 – CAPITAL ASSETS (continued)
38 B. Construction in Progress
Construction in progress as of June 30, 2025 and 2024 consisted of the following in SVP Projects.

Projects as of June 30 , 2025 Authorized Expended Commitments Northern Receiving Substation (NRS) Transformer Replacement $ 10,483,513 62,857,832 $ 52,374,319 $ Kifer Receiving Station (KRS) Rebuild and Replacement 37,207,482 6,070,298 31,137,184 Scott Receiving Station (SRS) Rebuild and Replacement 36,950,412 5,472,352 31,478,060 Esperanca Substation 1,219,736 28,905,947 27,686,211
Grizzly Tap Line Repairs 27,169,164 28,607,653 1,438,489 Implementation of Advanced Meter 28,088,715 28,029,548 59,167 Juliette Substation Expansion and Transformer Rerate 25,764,241 3,853,205 21,911,036 NRS-KRS 115kV Line 2,633,569 23,759,946 21,126,377
Great America Street Lighting Replacement Project 13 2,009,754 ,051,982 11,042,228 Walsh-Uranium 60kV Reconductor 12,113,296 7,007 12,106,289 Memorex Junction Substation 7,961,378 11,870,500 3,909,122 System Capacity Expansion 7,221,950 11,861,584 4,639,634 Northwest Loop Capacity Upgrade 11,391,316 1,112,771 10,278,545 Transmission Loop 1 146,860 10,814,252 10,667,392
Other Projects 35,530,838 86,257,285 50,726,447
Total $ 138,921,943 429,502,443 $ 290,580,500 $

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 4 – CAPITAL ASSETS (continued)
39 Projects as of June 30 , 2024 Authorized Expended Commitments Implementation of Advanced Meter 28,089,215 $ 28,024,202 $ 65,013 $ Grizzly Tap Line Repairs 14,113,347 21,999,893 7,886,546 Northern Receiving Substation (NRS) Transformer Replacement 5,998,030 15,900,020 9,901,990 System Capacity Expansion 4,954,305 10,973,778 6,019,473 Memorex Junction Substation 3,649,556 11,739,354 8,089,798 Kifer Receiving Station (KRS) Rebuild and Replacement 14,211,430 3,317,073 10,894,357 Scott Receiving Station (SRS) Rebuild and Replacement 13,956,517 2,973,236 10,983,281 Freedom Circle Junction Substation 5,350,106 2,682,803 2,667,303 Replace Balance of Plant Control System (DCS) 5,559, 2,540,683 127 3,018,444 San Tomas Junction 2,394,995 5,570,131 3,175,136
Electric Vehicle (EV) Charging 1,769,817 4,563,033 2,793,216 Stender Way Junction Substation 1,767,424 8,697,335 6,929,911 NRS-KRS 115kV Line 1,317,608 11,644,882 10,327,273
Bower Avenue Junction 1,122,084 3,882,492 2,760,408
Street Light Improvement 1,015,901 2,813,495 1,797,594
Other Projects 8,822,259 93,731,632 84,909,374
Total $ 86,463,324 258,682,442 $ 172,219,118 $

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
40 NOTE 5 – LONG-TERM DEBT AND DERIVATIVE INSTRUMENTS
Changes in long-term debt for the year ended June 30, 2025, consisted of the following:

Outstanding Debt Additions and Outstanding
Type of Indebtedness as of June 30, Retired / Amortization of as of June 30, Current Rate, Issue Date and Maturity 2024 Defeased Premiums/Discounts 2025 Portion Senior Revenue Bonds:
2018 Series A Refunding Revenue Bonds,
5%, 12/18/18 - 07/01/27 24,775,000 $ 5,795,000 $ - $ 18,980,000 $ 6,005,000 $ 2024 Series A Refunding Revenue Bonds, - 112,175,000 112,175,000 3,345,000 5%, 10/23/24 - 07/01/44
Unamortized Discount/Premium 2,259,699 - 16,991,454 19,251,153 - Subtotal Electric Utility Revenue Bonds 27,034,699 5,795,000 129,166,454 150,406,153 9,350,000 Direct Placement:

Series 2020-1 Revenue Refunding Bonds,

1.74%, 04/10/2020 - 07/01/2032 52,985,000 - - 52,985,000 - Series 2020-2 Revenue Refunding Bonds,

1.31%, 04/10/2020 - 07/01/2028 28,560,000 5,695,000 - 22,865,000 5,910,000 Series 2020-3 Revenue Refunding Bonds,

0.58% 04/10/2020 - 07/01/2024 3,970,000 3,970,000 - - - Subtotal Electric Utility Revenue Bonds 85,515,000 9,665,000 - 75,850,000 5,910,000 Total Electric Utility Activities - Bonds
and Notes from Direct Borrowing $ 15,460,000 112,549,699 $ 129,166,454 $ 226,256,153 $ 15,260,000 $ A. Electric Revenue Refunding Bonds, Series 2018A
On December 18, 2018, SVP issued $48.8 million of Electric Revenue Refunding Bonds, Series 2018A (Electric 2018A Bonds) to refinance $54.58 million outstanding principal amount of Variable Rate Demand Electric Revenue Refunding Bonds, Series 2008B and terminate a related swap agreement. The Electric 2018A Bonds bear a 5% coupon rate, mature annually beginning on July 1, 2019 through July 1, 2027, and were sold at an All-In True Interest Cost of 2.32%. Debt service on the Electric 2018A Bonds is secured by a pledge of net revenues of SVP.

In the event of default, SVP will transfer to the trustee all adjusted net revenues held by it and received thereafter and the trustee will disburse all adjusted net revenues and any other funds then held or thereafter received by the trustee under the provisions of indenture. In the case of default, the trustee will be entitled to declare the bond obligation of all bonds then outstanding to be due and payable immediately.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 5 – LONG-TERM DEBT AND DERIVATIVE INSTRUMENTS (continued) 41 B. Electric Revenue Bonds, Series 2024A
On October 23, 2024, SVP issued $112,175,000 of Electric Revenue Bonds, Series 2024 A (Electric 2024A Bonds), to provide funding for several of its capital projects in the System Expansion Plan. These projects include Kifer Receiving Station (KRS) rebuild, Scott Receiving Station (SRS) rebuild, and Northern Receiving Station (NRS) upgrades and expansion. The Electric 2024A Bonds mature annually beginning on July 1, 2025 through July 1, 2044, bear coupon rate of 5%, with optional redemption for bonds with maturities after July 1, 2035 and were sold at an All-In True Interest Cost of 3.27%. Debt service on the Electric 2024A Bonds is secured by a pledge of net revenues of the Electric Utility Fund.

C. Subordinate Electric Revenue Refunding Bonds, Series 2020-1 As of April 1, 2020, all $54.830 million of the Electric 2011 A Bonds were outstanding and callable at par beginning July 1, 2021. The passage of the Tax Cuts and Jobs Act on December 22, 2017 eliminated tax-exempt advance refunding of tax-exempt bonds beginning January 1, 2018, and therefore tax-exempt advance refunding is no longer a refinancing option.

The City Council determined that it was in the best interests of the City to enter into a credit facility with a bank for the purpose of refunding all outstanding Electric 2011A Bonds; and for the indebtedness created under such credit facility to be evidenced by a subordinate electric revenue bond to be issued by the City and delivered to the bank as authorized by Resolution No. 20-8834 adopted by the City Council on April 7, 2020.

On April 10, 2020, the City entered into a loan agreement with Bank of America, N.A. (the “Bank”) and issued $52.985 million of Subordinate Electric Revenue Refunding Bonds, Series 2020-1 (Electric 2020-1 Bonds) to refinance $54.830 million outstanding principal amount of Electric Series 2011A Bonds under a Taxable to Tax-Exempt Conversion structure. The Electric 2020-1 Bonds bear 1.74% coupon rates, mature annually beginning on July 1, 2028 through July 1, 2032 and were sold at a true interest cost of 1.43% with an average coupon rate of 1.40%.

Electric 2020-1 Bonds were priced at taxable rates and was converted to tax-exempt on April 2, 2021. Both the taxable rate and tax-exempt rate after conversion were fixed at time of issuance.

Starting April 2, 2021, the Bonds will bear interest at the tax exempt rate of 1.360% per annum.

Debt service on the Electric 2020-1 Bonds is secured by a pledge of Available Electric Revenues of SVP on a basis subordinate to outstanding Senior Electric Revenue Bonds, if any.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 5 – LONG-TERM DEBT AND DERIVATIVE INSTRUMENTS (continued) 42 In the event of default under the loan agreement for the 2020-1 bonds (including a failure by the City to pay principal or interest on the related bonds, a failure by the City to perform or observe its covenants, a default in other specified indebtedness or obligations of the City, certain acts of bankruptcy or insolvency, or other specified events of default), the Bank has the right, upon written notice to the City, to accelerate and declare the City’s obligation to repay the related bonds and all other obligations of the City to the Bank under such loan agreement to be immediately due and payable.

D. Subordinate Electric Revenue Refunding Bonds, Series 2020-2 The City Council determined that it was in the best interests of the City to enter into a credit facility with a bank for the purpose of refunding a portion of the outstanding Electric 2013A Bonds; and for the indebtedness created under such credit facility to be evidenced by a subordinate electric revenue bond to be issued by the City and delivered to the Bank as authorized by Resolution No. 20-8834 adopted by the City Council on April 7, 2020.

On April 10, 2020, the City entered into a loan agreement with Bank of America, N.A. (the “Bank”) and issued $34.315 million of Subordinate Electric Revenue Refunding Bonds, Series 2020-2 (Electric 2020-2 Bonds) to refinance $30.725 million of the callable portion of the outstanding Electric Revenue Refunding Bonds, Series 2013 A under a Taxable to Tax-Exempt Conversion structure. The Electric 2020-2 Bonds bear 1.31% coupon rates, mature annually beginning on July 1, 2023 through July 1, 2028 and were sold at a true interest cost of 1.21% with an average coupon rate of 1.15%. Electric 2020-2 Bonds were priced at taxable rates and were convert to tax-exempt basis on December 28, 2022, which now bear 1.02% coupon rates. Debt service on the Electric 2020-2 Bonds is secured by a pledge of Available Electric Revenues of SVP on a basis subordinate to outstanding Senior Electric Revenue Bonds, if any.

In the event of default under the loan agreement for the 2020-2 Bonds (including a failure by the City to pay principal or interest on the related bonds, a failure by the City to perform or observe its covenants, a default in other specified indebtedness or obligations of the City, certain acts of bankruptcy or insolvency, or other specified events of default), the Bank has the right, upon written notice to the City, to accelerate and declare the City’s obligation to repay the related bonds and all other obligations of the City to the Bank under such loan agreement to be immediately due and payable.

E. Subordinate Electric Revenue Refunding Bonds, Series 2020-3 On June 16, 2014, the City entered into a Tax-Exempt Multiple Draw Term Loan with the Bank of America Preferred Funding Corporation (the “Electric 2014 Loan Agreement”) to fund the phase-shifting transformer project and the acquisition of property for future utility use. The indebtedness created under such credit facility was evidenced by a subordinate electric revenue

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 5 – LONG-TERM DEBT AND DERIVATIVE INSTRUMENTS (continued) 43 bond issued by the City - Subordinated Electric Revenue Bond, Series 2014. As of April 1, 2020, $19.413 million principal amount was outstanding and unpaid.

The City Council determined that it was in the best interests of the City to continue the credit facility with the bank for the purpose of refunding of the outstanding Electric 2014 Loan Agreement at lower interest rate; and for the indebtedness created under such credit facility to be evidenced by a subordinate electric revenue bond to be issued by the City and delivered to the Bank as authorized by Resolution No. 20-8834 adopted by the City Council on April 7, 2020.

On April 10, 2020, the City entered into a loan agreement with Bank of America, N.A. (the “Bank” and issued $16.720 million of Subordinate Electric Revenue Refunding Bonds, Series 2020-3 (Electric 2020-3 Bonds) to refinance $19.413 million outstanding principal amount of Subordinated Electric Revenue Bonds, Series 2014. The Electric 2020-3 Bonds bear 0.58% coupon rates mature annually beginning on July 1, 2020 through July 1, 2024 and were sold at a true interest cost of 0.70%. Debt service on the Electric 2020-3 Bonds was secured by a pledge of Available Electric Revenues of SVP on a basis subordinate to outstanding Senior Electric Revenue Bonds, if any.

In the event of default under the loan agreement for the 2020-3 bonds (including a failure by the City to pay principal or interest on the related bonds, a failure by the City to perform or observe its covenants, a default in other specified indebtedness or obligations of the City, certain acts of bankruptcy or insolvency, or other specified events of default), the Bank has the right, upon written notice to the City, to accelerate and declare the City’s obligation to repay the related bonds and all other obligations of the City to the Bank under such loan agreement to be immediately due and payable.

The final debt service payment was made on July 1, 2024 for this loan.

F. Pledge of Future Electric Revenues
The pledge of future Electric Fund adjusted net revenues ends upon repayment of the $278.2 million in principal and interest on the bonds which is scheduled to occur in fiscal year 2044-45.

For fiscal year 2024-25, Electric Fund revenues including operating revenues and non-operating interest earnings amounted to $860.8 million and operating costs including operating expenses, but not interest, depreciation or amortization amounted to $570.6 million. Net adjusted revenues available for debt service amounted to $290.1 million which represented a coverage ratio of 13.3 on the $21.8 million of debt service.

G. Derivative Instruments
In fiscal year 2009-10, SVP implemented GAAP, which addresses recognition, measurement and disclosures related to derivative instruments to determine whether they meet the definition of

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 5 – LONG-TERM DEBT AND DERIVATIVE INSTRUMENTS (continued) 44 derivative instruments, and if so, whether they effectively hedge the expected cash flows associated with the interest rate and energy exposures. Under hedge accounting, the increase (decrease) in the fair value of a hedge is reported as a deferred cash flow hedge on the statement of net position.

Notional Amounts and Fair Values – Future Derivative Instruments SVP maintains a Market Risk Management Policy, which among other things, sets forth the guidelines for the purchase and sale of certain financial instruments defined as hedge instruments in support of market power purchase and sales transactions. The primary goal of these guidelines is to provide a framework for the operation of an energy price hedging program to better manage SVP’s risk exposure in order to utilize resources, stabilize pricing and hedge costs for the benefit of SVP and its customers.

Consistent with hedge accounting treatment meeting effectiveness tests, changes in fair value are reported as deferred flows of resources on the statement of net position until the contract expiration that occurs in conjunction with the hedged expected energy purchase/sales transaction. When hedging contracts expire, at the time the purchase/sales transactions occur, the deferred balance is recorded as a component of Purchased Power. For energy derivatives, fair values are estimated by comparing contract prices to forward market prices quoted by third party market participants.

SVP had the following future derivative instruments outstanding at June 30, 2025 with Archer Daniels Midland Company to hedge cash flows on sales of excess resources in CAISO market in June and purchase of power from CAISO in the future months.

Notional Amount (MMBtu)
Long Short
Effective
Date Maturity Date
Average
Price Classification Amount Classification Amount
7/1/2020 12/31/2025 $2.42 765,000 Derivative
Instrument $ 1,069,345 Deferred inflow $ 1,069,345
1/1/2022 12/31/2025 2.64 1,530,000
Derivative
Instrument 1,802,090 Deferred inflow 1,802,090
1/1/2021 12/31/2025 0.56 920,000
Derivative
Instrument (81,025) Deferred outflow (81,025)
1/1/2022 12/31/2025 1.03 1,840,000
Derivative
Instrument (1,017,650) Deferred outflow (1,017,650)
Net Total 1,772,760 $ 1,772,760 $
Fair Value Change in Fair Value

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
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NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 5 – LONG-TERM DEBT AND DERIVATIVE INSTRUMENTS (continued) 45 Credit Risk
Credit risk is the risk of loss due to a counterparty defaulting on its obligations. SVP is exposed to credit risk if hedging instruments are in asset positions. In order to eliminate counterparty credit risk, SVP has transacted both long term power and gas contracts on the Futures market on Intercontinental Exchange (ICE). As of June 30, 2025, two of SVP’s open derivative gas contracts were in an asset position, and the fair values of the open contracts were positive $2.9 million. Two of SVP’s open derivative gas contracts were in a liability position, and the fair values of those open contracts were negative $1.1million. The open contract was with ADM Investor Service, Inc., a clearing member of ICE and a company of Archer Daniels Midland Company who was rated A by S&P Global Rating as of June 30, 2025.

SVP's policy for requiring collateral on hedging instruments varies based on individual contracts and counterparty credit ratings. Under the brokerage agreements with Archer Daniels Midland Company, the accounts are prefunded by SVP. If the account value falls below zero, margin calls are invoked. At June 30, 2025, SVP had posted collateral of $7.6 million deposited with CAISO and Archer Daniels Midland Company for resource energy trading It is also SVP's policy to negotiate netting arrangements whenever it has entered into more than one bilateral transactions with counterparty. Under the terms of these arrangements, should one party become insolvent or otherwise default on its obligations, the non-defaulting party may accelerate and terminate all outstanding transactions and net their fair values so that a single amount will be owed by (or to) the non-defaulting party.

Termination Risk
SVP’s futures contracts are traded over the counter and have no termination risk.

Price Risk
With respect to price risk under power Futures contracts, on purchase contracts (long positions), SVP receives the CAISO NP15 average daily rate at settlement and pays the fixed contracted rate entered into on the trade date; on sales contracts (short positions), SVP pays the CAISO NP15 average daily rate at settlement and receives the fixed contracted rate entered into on the trade date.

With respect to price risk under gas Futures contracts, on purchase contracts (long positions), SVP receives PG&E Citygate average daily price at settlement and pays the fixed contracted rate entered into on the trade date; on sales contracts (short positions), SVP pays the PG&E Citygate average daily price at settlement and receives the fixed contracted rate entered into on the trade date. SVP is exposed to risk because the contract prices are different from the settlement prices.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
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NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 5 – LONG-TERM DEBT AND DERIVATIVE INSTRUMENTS (continued) 46 H. Other
Various debt agreements governing SVP’s revenue bonds contain a number of covenants including those that require SVP to maintain and preserve the enterprise in good repair and working order, to maintain certain levels of insurance, and to fix and collect rates, fees, and charges so as to maintain certain debt coverage ratios. SVP is in compliance with these specific covenants and all other material covenants governing the particular revenue bond issues. No event of default as defined in the bond indentures has occurred or was occurring as of the date of this report.

I. Repayment Requirements
As of June 30, 2025, the debt service requirements to maturity for SVP’s long-term debt are as follows:

Year Ending
June 30 Principal Interest Total Principal Interest Total 2026 9,350,000 $ 6,324,000 $ 15,674,000 $ 5,910,000 $ 923,678 $ 6,833,678 $ 2027 9,840,000 5,844,250 15,684,250 5,975,000 863,065 6,838,065 2028 10,355,000 5,339,375 15,694,375 6,050,000 801,737 6,851,737 2029 3,890,000 4,983,250 8,873,250 11,485,000 701,165 12,186,165 2030 4,090,000 4,783,750 8,873,750 12,745,000 544,782 13,289,782 2031-2035 23,805,000 20,551,375 44,356,375 33,685,000 615,094 34,300,094 2036-2040 30,570,000 13,787,500 44,357,500 - - -
2041-2045 39,255,000 5,103,125 44,358,125 - - -
$ 66,716,625 131,155,000 $ 197,871,625 $ 75,850,000 $ 4,449,521 $ $80,299,521 Senior Revenue Bonds
Future Debt Service Requirements
Subordinate Revenue Bonds from
Direct Placement
Long-term Debt
Reconciliation of Long-term Debt:

Principal Outstanding as of June 30, 2025 207,005,00 $ 0 Unamortized Discount/Premium - Electric Revenue Bonds 19,251,153 Total Long-term Debt 226,256,153 $
J. Lease Liabilities
A summary of the SVP’s lease transactions for the fiscal year ended June 30, 2025 and 2024 are as follows:

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
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NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 5 – LONG-TERM DEBT AND DERIVATIVE INSTRUMENTS (continued) 47 Balance
June 30, 2023 Addition Retirment
Balance
June 30, 2024
Current
portion
Lease liabilities 1,632,622 $ - $ (681,617) $ 951,005 $ 710,181 $ Balance
June 30, 2024 Addition Retirment
Balance
June 30, 2025
Current
portion
Lease liabilities 951,005 $ - $ (710,181) $ 240,824 $ 240,824 $ The future principal and interest lease payments as of June 30, 2025, are as follows:

For the Year
Ending June 30 Principal Interest Total
2026 240,824 $ 553 $ 241,377 $
Total 240,824 $ 553 $ 241,377 $
K. Subscription-Based IT Arrangements and Liabilities
In fiscal year 2022-23, SVP implemented the provisions of GASB Statement No. 96, SubscriptionBased Information Technology Arrangements, which required the SVP to record an intangible right-to-use subscription asset. As a result, a right-to-use subscription asset have been recorded in the amount of $3,837,038. As of June 30, 2024, SVP has recorded a net intangible right-to use subscription asset amounting to $2,972,987, with accumulated amortization of $864,051. As of June 30, 2025, the net intangible right-to use subscription is $2,470,547 with accumulated amortization of $1,366,491. The subscription assets are offset with subscription liabilities. A summary of the SVP’s SBITA transactions for the fiscal year ended June 30, 2024 and 2025 are as follows:

Balance
June 30, 2023 Addition Retirment
Balance
June 30, 2024
Current
portion
SBITA liabilities 2,718,009 $ 729,014 $ (470,556) $ 2,976,467 $ 481,034 $ Balance
June 30, 2024 Addition Retirment
Balance
June 30, 2025
Current
portion
SBITA liabilities 2,976,468 $ - $ (481,033) $ 2,495,435 $ 503,819 $

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 5 – LONG-TERM DEBT AND DERIVATIVE INSTRUMENTS (continued) 48 The future principal and interest SBITA payments as of June 30, 2025, are as follows:

For the Year
Ending June 30 Principal Interest Total
2026 503,819 $ 67,315 $ 571,134 $
2027 527,486 53,844 581,330
2028 552,141 39,762 591,903
2029 382,523 25,069 407,592
2030 321,376 14,770 336,146
2031-2034 208,090 6,010 214,100
Total 2,495,435 $ 206,770 $ 2,702,205 $
NOTE 6 – PARTICIPATION IN JOINT VENTURES
A. Investment in Joint Ventures
SVP (through the City) participates in significant joint ventures: Northern California Power Agency (NCPA), Transmission Agency of Northern California (TANC), M-S-R Public Power Agency (MSR PPA), M-S-R Energy Authority (MSR EA).

The separately issued financial statements of these joint ventures (as noted below) are available on request.

Date of latest audited
financial statement Joint venture’s address
NCPA 6/30/2024 651 Commerce Dr. Roseville, CA 95678
TANC 6/30/2024 P.O. Box 15129 Sacramento, CA 95851
MSR EA 12/31/2024 P.O. Box 4060 Modesto, CA 95352
MSR PPA 12/31/2024 P.O. Box 4060 Modesto, CA 95352

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 6 – PARTICIPATION IN JOINT VENTURES (continued)
49 As described in paragraph (E) below, the carrying value of SVP’s investment in MSR EA is $0.

SVP’s financial statements as of June 30, 2025 and 2024 reflect the following investments in joint ventures:

Participating
percentage Investment
Participating
percentage Investment
Method of
accounting
NCPA $44,099,226 $41,747,424
Geothermal 44.39% 44.39% Equity
Hydroelectric 37.02% 37.02%
Combustion Turbine 41.67% 41.67%
Lodi Energy Center 25.75% 25.75%
TANC 9.69% 9,823,936 9.69% 9,136,635 Equity
MSR EA 33.40% - 33.40% - Suspended
MSR PPA 35.00% 11,399,251 35.00% 14,325,713 Equity*
Total $65,322,413 $65,209,772
*
June 30, 2025 June 30, 2024
The equity method of accounting for investment in MSR PPA was suspended prior to fiscal year ended June 30, 2021.

Starting in fiscal year 2022, equity method was used for SVP's investment with MSR PPA.

B. Northern California Power Agency (NCPA)
NCPA was formed in 1968 as a joint powers agency in the State of California. Its membership consists of sixteen public agencies. NCPA is generally empowered to sell, purchase, generate, transmit, manage electrical energy and provide regulatory and legislative advocacy. Members participate in the projects of NCPA on an elective basis. Therefore, the participation percentage varies for each project in which it participates.

A Commission comprised of one representative from each joint venture member governs NCPA.

The Commission is responsible for the general management of the affairs, property, and business of NCPA. Under the direction of the General Manager, the staff of NCPA is responsible for providing various administrative, operating and planning services for NCPA and its associated power corporations.

Project Financing and Construction
NCPA’s project construction and development programs have been individually financed by project revenue bonds collateralized by NCPA’s assignment of all payments, revenues and proceeds associated with its interest in each project. Each project participant has agreed to pay its proportionate share of debt service and other costs of the related project, notwithstanding the

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 6 – PARTICIPATION IN JOINT VENTURES (continued)
50 suspension, interruption, interference, reduction or curtailment of output from the project for any reason. Certain of the revenue bonds are additionally supported by municipal bond insurance credit enhancements.

Hydroelectric Project
NCPA is contracted to finance, manage, construct, and operate Hydroelectric Project Number One for the licensed owner, Calaveras County Water District (CCWD). In exchange, NCPA has the right to the electric output of the project for 50 years from February 1982. NCPA also has an option to purchase power from the project in excess of the CCWD’s requirements for the subsequent 50 years, subject to regulatory approval.

Geothermal Project
The NCPA Geothermal Plants have historically experienced greater than anticipated declines in steam production from the existing geothermal wells. Although initially operated as baseload generation projects at full capability (238MW), NCPA changed its steam field production from baseload to load-following and reduced average annual steam production. Along with other steam field operators in the area, the Agency began implementing various operating strategies to further reduce the rate of decline in steam production. The Agency has modified both steam turbine units and the associated steam collection system to enable generation with lower pressure steam at higher mass-flow rates to optimize the utilization of the available steam resource. In FY 19-20, NCPA began a well-workover program to restore underperforming wells.

Based upon current operation protocols and forecasted operations, NCPA expects average annual generation and peak capacity to decrease further, reaching approximately 68 MW by the year 2040.

Combustion Turbine Project No. 1
NCPA originally owned five combustion turbine units, each of which is nominally rated at 25 MW, which are collectively known as the Combustion Turbine Project No. 1. These units were completed in 1986 and are designed to provide peak power and reserve requirements and emergency support. Effective September 1, 2010, two units located in the City of Roseville was sold to the City of Roseville. NCPA still owns and operates two units in the City of Alameda and one unit in the City of Lodi. Each purchaser is responsible under its power sales contract for paying entitlement share in Combustion Turbine Project No. 1 of all NCPA’s costs of such project.

Lodi Energy Center
On May 24, 2010, SVP entered into an agreement with NCPA for a 25.75% interest in the Lodi Energy Center, a 280 MW combined cycle natural gas fired power plant, located in Lodi, California. The project received approval from the California Energy Commission in April 2010

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
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NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 6 – PARTICIPATION IN JOINT VENTURES (continued)
51 and was placed into operation in November 2012. In January 2020, the Lodi Energy Center suffered a catastrophic turbine failure. NCPA replaced the turbine with a newer state-of-the-art turbine which could use hydrogen as a cleaner fuel source. The majority of the replacement cost was covered by NCPA’s insurance resulting in relatively minimal financial impact to project participants.

C. Transmission Agency of Northern California (TANC)
TANC was organized under the California Government Code pursuant to a joint powers agreement entered into by 15 Northern California utilities. The purpose of TANC is to provide electric transmission and other facilities for the use of its members through its authority to plan, acquire, construct, finance, operate and maintain facilities for electric power transmission. The joint powers agreement provides that the costs of TANC’s activities can be financed or recovered through assessment of its members or from user charges through transmission contracts with its members. Each TANC member has agreed to pay a pro-rata share of the costs to operate TANC and for payment of debt service, and has the right to participate in future project agreements.

The joint powers agreement remains in effect until all debt obligations and interest thereon have been paid, unless otherwise extended by the members.

California-Oregon Transmission Project
TANC is a participant and also the Project Manager of the California-Oregon Transmission Project (Project), a 340 mile long, 500 kilovolt alternating current transmission project between Southern Oregon and Central California. As Project Manager, TANC is responsible for the overall direction and coordination of all Project operations and maintenance, additions and betterments, and for general and administrative support.

The Project was declared commercially operable on March 24, 1993, with a rated transfer capability of 1,600 megawatts and provides a third transmission path between the electric systems of the Pacific Northwest and those in California. The Project has successfully met and completed all major environmental requirements. As of June 30, 2024, the most recent data available, TANC’s investment in the Project was $556.4 million, less accumulated depreciation and amortization of $297.7 million.

In connection with its participation in the Project, TANC has an entitlement balance of the Project’s transfer capability of approximately 1,362 megawatts and is obligated to pay an average of approximately 80 percent of the operating costs associated with the Project. TANC incurred and initially capitalized all costs for project construction since they were expected to be recovered through reimbursement from Project participants and from the successful operations of the Project transmission lines. The Project agreement among the participating members provides that each

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 6 – PARTICIPATION IN JOINT VENTURES (continued)
52 member agrees to make payments, from its revenues, to TANC for project costs incurred and for payment of debt service.

SVP has historically been obligated to pay 20.47% of TANC’s COTP operating and maintenance expenses and 20.70% of TANC’s COTP debt service and 22.16% of the Vernon acquisition debt.

SVP has also been entitled to 20.4745% of TANC’s share of COTP transfer capability (approximately 278 MW net of third party layoffs of TANC) on an unconditional take-or-pay basis. Starting on July 1, 2014, SVP laid-off 147 MWs of this entitlement to other TANC members under a 25 year agreement. During the term of this agreement the parties taking on the entitlement will pay all associated debt service, operations and maintenance costs, and all administrative and general costs. SVP’s portion of the operating and maintenance expenses and the COTP debt service is 10.004 %.

D. M-S-R Public Power Agency (MSR PPA)
MSR PPA is a joint power agency formed in 1980 by the Modesto Irrigation District, the City of Santa Clara, and the City of Redding, California, to develop or acquire and manage electric power resources for the benefit of the members. The personnel of its members and contract professional staff perform the administrative and management functions of MSR PPA. The member’s income and expenses sharing ratio is as follows: Modesto Irrigation District – 50 percent, City of Santa Clara – 35 percent, and City of Redding – 15 percent.

Prior to fiscal year ended December 31, 2020, SVP’s equity in MSR PPA’s net losses exceeds its investments and, therefore, the equity method of accounting for the investment was suspended.

As of December 31, 2024, the date of the latest available audited financial statements, SVP was in a positive equity position of $11.4 million. The equity method of accounting of SVP’s investment in MSR PPA was applied. Under the joint exercise of power agreement, which formed MSR PPA, SVP is responsible for funding up to 35 percent of MSR PPA’s operating cost, to the extent such funding is necessary. During the years ended June 30, 2025 and 2024, SVP funded its share of operating costs in SVP’s expenses.

MSR PPA’s principal activity is a 28.8% ownership interest in a 507-megawatt unit of a coal-fired electricity generating plant located in New Mexico (San Juan Plant). The San Juan plant was jointly owned by the Public Service Company of New Mexico (PNM) (38.5%), MSR PPA (28.8%) and other municipal power entities (32.7%). On December 31, 2017, MSR PPA divested its ownership interest in the San Juan plant and no longer receives electric energy or capacity from the San Juan Generating Station.

In 2006, MSR PPA entered into a Wholesale Purchase and Sale Agreement and a Shaping and Firming Agreement with Avangrid Renewables, Inc. to provide renewable wind energy to the Members from the Big Horn I Wind Energy Project (Big Horn I Project) with a nominal installed

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 6 – PARTICIPATION IN JOINT VENTURES (continued)
53 capacity of approximately 199.5 MW. SVP receives the power purchased by MSR PPA from the Big Horn I Project. SVP’s share equates to approximately a 105 MW share of the output. Power deliveries commenced on October 1, 2006 and will continue through September 30, 2026. Through an amendment of the original agreements MSR PPA has an obligation to continue to take the same output through September 30, 2031, or if the Big Horn Project is repowered MSR PPA will have a right of first offer to negotiate a long-term power purchase for such repowered project. The participation in this project is as follows:

Modesto Irrigation District 12.5%
City of Santa Clara 52.5%
City of Redding 35.0%
In 2009, MSR PPA entered into a Power Purchase Agreement and Redelivery Agreement with Avangrid Renewables Inc. to purchase additional wind power energy from the same site, called Big Horn II, with a nominal installed capacity of 50 MW for a twenty-year period. Deliveries of energy under this project began on November 1, 2010. The participation in this project is as follows: Modesto Irrigation District – 65%; City of Santa Clara – 35%.

MSR PPA San Juan
In 2015, the MSR PPA Commission approved a number of agreements (the “San Juan Restructuring Agreements”) to provide for the interests of MSR PPA and certain other San Juan Participants (the “exiting participants”) in the San Juan Generation Station to be transferred to the remaining San Juan Participants effective December 31, 2017. In addition to the ownership divesture, the San Juan Restructuring Agreements provide for, among other things, the allocation of ongoing responsibility for decommissioning costs, mine reclamation costs and any environmental remediation obligations among the exiting participants and the remaining San Juan Participants, and the establishment and funding of mine reclamation and plant decommissioning trust funds. The San Juan Restructuring Agreements were subsequently executed by all nine San Juan Generation Station owners and PNM Resources Development Company (a non-utility affiliate of PNM) and, following receipt of regulatory approvals, became effective on January 31, 2016. Various other implementing agreements and amendments to existing San Juan project agreements to effect the restructuring have also been executed. Closing of the ownership restructuring of the San Juan Generation Station and the divestiture of M-S-R PPA’s interests in San Juan Unit No. 4 was completed on schedule on December 31, 2017. Demolition of the San Juan Generation Station Started in 2025 with completion estimated in 2026.

E. M-S-R Energy Authority (MSR EA)
MSR EA is a joint power agency formed in 2008 by the Modesto Irrigation District, the City of Santa Clara, and the City of Redding, California, to develop or acquire and manage natural gas

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 6 – PARTICIPATION IN JOINT VENTURES (continued)
54 resources for the benefit of the members. The personnel of its members and contract professional staff perform the administrative and management functions of MSR EA. Each member’s income and expense sharing ratio is as follows: Modesto Irrigation District – 33.3%; City of Santa Clara – 33.4%; and City of Redding – 33.3%.

SVP’s equity in MSR EA’s net losses exceeds its investment and, therefore, the equity method of accounting for the investment has been suspended. As of December 31, 2024, the date of the latest available audited financial statements, SVP’s unrecognized share of member’s deficit of MSR EA was $27.2 million. Under the joint exercise of power agreement, which formed MSR EA, SVP is responsible for funding up to 33.4% of MSR EA’s operating cost, to the extent such funding is necessary. During the years ended June 30, 2025 and 2024, SVP funded its share of operating costs in SVP’s expenses.

In 2009, the City of Santa Clara, along with the Cities of Modesto and Redding participated in the M-S-R Energy Authority Gas Prepay Project. The Gas Prepay Project provides the City, through a Gas Supply Agreement with MSR EA dated September 10, 2009, a secure and long-term supply of natural gas of 7,500 MM Btu (Million British thermal unit) daily or 2,730,500 MM Btu annually through December 31, 2012, and 12,500 MM Btu daily, or 4,562,500 MM Btu annually thereafter until September 30, 2039. The agreement provides this supply at a discounted price below the spot market price (the Pacific Gas & Electric City gate index) over the next 30 years. As of December 31, 2024, bonds issued by MSR EA to finance the City’s share of the Gas Prepay Project were outstanding in the principal amount of $474,530,000. These bonds were initially sold on August 27, 2009. Under the Gas Supply Agreement, MSR EA will bill the City for actual quantities of natural gas delivered each month on a “take-and-pay” basis. MSR EA has contracted with Citigroup Energy, Inc. (“CEI”) to use the proceeds of the Gas Prepay bond issue to prepay CEI for natural gas. CEI has guaranteed repayment of the bonds, and responsibility for bond repayment is non-recourse to the City. Moreover, any default by the other Gas Prepay Project participants is also non-recourse to the City.

F. Contingent Liability
Under the terms of the various joint venture agreements, SVP is contingently liable for a portion of the long-term debt of the entities under take-or-pay agreements, letters of credit, guarantees or other similar agreements.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 6 – PARTICIPATION IN JOINT VENTURES (continued)
55 Based on the most recent audited financial statements of the individual joint ventures, SVP was contingently liable for long-term debt as of June 30, 2024 as follows:

Total Debt Silicon Valley Power's Silicon Valley Power's Agreements (Principal) Debt Share Contingent Liability
NCPA 06/30/24 449,300,353 $ 35.64% 160,113,100 $
TANC 06/30/24 159,565,000 9.65% 15,399,890
TOTAL 608,865,353 $ $ 175,512,990
In addition, SVP would be, under certain conditions, liable to pay a portion of costs associated with the operations of the entities. Under certain circumstances, such as default or bankruptcy of the other participants, SVP may also be liable to pay a portion of the debt of these joint ventures on behalf of those participants and seek reimbursement from those participants.

Take-or-Pay commitments expire upon final maturity of outstanding debt for each project. Final fiscal year debt expirations as of June 30, 2024 are as follows:

Entitlement Debt Service
Project Debt Expiration Share % Share %
NCPA - Geothermal Project (NGP) July-2024 44.3905% 44.3905% NCPA - Hydroelectric Project (NHP) July-2032 37.0200% 37.0200% NCPA - Lodi Energy Center (NLEC)** June-2040 25.7500% 35.2854% TANC - CA-OR Transmission Project (COTP) May-2039 9.6887% 9.6512% ** The SVP's debt service share in NLEC on issue one is 46.1588%, on issue two is 0%.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 6 – PARTICIPATION IN JOINT VENTURES (continued)
56 A summary of SVP’s “Take-or-Pay” contracts and related projects and its contingent liability for the debt service including principal and interest payments at June 30, 2024 is as follows:

Fiscal Year NGP NHP NLEC COTP Total
2025 1,545,765 $ 13,367,196 $ 7,565,513 $ 1,465,120 $ 23,943,594 $ 2026 - 6,817,614 7,581,031 1,464,903 15,863,548
2027 - 6,822,128 7,721,815 1,464,831 16,008,774
2028 - 6,884,294 7,723,465 1,464,806 16,072,565
2029 - 6,815,475 7,723,430 1,464,734 16,003,639
2030-2034 - 28,857,091 38,621,287 7,324,659 74,803,037
2035-2039 - - 38,615,696 7,324,975 45,940,671
2040-2041 - - 14,804,750 - 14,804,750
Total 1,545,765 $ 69,563,798 $ 130,356,987 $ 21,974,028 $ 223,440,578 $ NOTE 7 – RETIREMENT PLAN – DEFINED BENEFIT PENSION PLAN For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the Plan and additions to/deductions from the Plan’s fiduciary net position have been determined on the same basis as they are reported by the CalPERS Financial Office. For this purpose, benefit payments (including refunds of employee contributions) are recognized when currently due and payable in accordance with the benefit terms. Investments are reported at fair value.

A. General Information about the Pension Plan
Plan Descriptions
All qualified regular and probationary employees are required to participate in the City’s Miscellaneous Agent Multiple-Employer defined benefit plan administered by the California Public Employees’ Retirement System (CalPERS), which acts as a common investment and administrative agent for its participating member employers. Benefit provisions under the Plan are established by State statute and City resolution. CalPERS issues a publicly available report that include a full description of the pension plan regarding benefit provisions, assumptions and membership information and can be found on the CalPERS website.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 7 – RETIREMENT PLAN – DEFINED BENEFIT PENSION PLAN (continued) 57 Benefits Provided
CalPERS provides service retirement and disability benefits, annual cost of living adjustments, and death benefits to plan members, who must be public employees or beneficiaries. Benefits are based on years of credited service, equal to one year of full time employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members are eligible for non-duty disability benefits after 5 years of service. The pre-retirement death benefit is the Optional Settlement 2W Death Benefit. The cost of living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law.

The Plan’s provisions and benefits in effect at June 30, 2025 and June 30, 2024, are summarized as follows:

Miscellaneous
Hire date
Prior to
January 1, 2013
On or after
January 1, 2013
Benefit formula 2.7% @ 55 2% @ 62
Benefit vesting schedule 5 years service 5 years service Benefit payments monthly for life monthly for life
Retirement age 50 - 55 52 - 67
Monthly benefits, as a % of eligible compensation 2.00 - 2.70% 1.00 - 2.50% Required employee contribution rates 8.00% 7.00%
Required employer contribution rates, June 30, 2025 11.830% 11.830% Required employer contribution rates, June 30, 2024 11.160% 11.160% June 30, 2025 June 30, 2024
Required unfunded liability contribution $9,564,329 $8,571,789 Contributions
Section 20814(c) of the California Public Employees’ Retirement Law requires that the employer contribution rates for all public employers are determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. Funding contributions are determined annually on an actuarial basis as of June 30 by CalPERS. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. SVP is required to contribute the difference between the actuarially determined rate and the contribution rate of employees.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 7 – RETIREMENT PLAN – DEFINED BENEFIT PENSION PLAN (continued) 58 The contributions to the Plan were as follows:

June 30, 2025 June 30, 2024
Contributions - employer $13,152,459 $11,871,745
Miscellaneous
B. Net Pension Liability, Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions
SVP reported a net pension liability for its proportionate share of the net pension liability of the Plan as follows:

June 30, 2025 June 30, 2024
Miscellaneous 103,868,311 $ 108,269,790 $
Proportionate Share of Net Pension Liability
SVP’s net pension liability for the Plan is measured as the proportionate share of the net pension liability. The net pension liability of the Plan is measured as of June 30, 2024, and the total pension liability for the Plan used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2023 rolled forward to June 30, 2024 using standard update procedures.

SVP’s proportion of the net pension liability was based on a projection of SVP’s long-term share of contributions to the pension plan relative to the projected contributions of all funds of the City.

SVP’s proportionate share of the net pension liability for the Plan as of June 30, 2025 and 2024 was 32.31%.

For the years ended June 30, 2025 and 2024, SVP recognized pension expense of $14,210,280 and $15,598,392 respectively. At June 30, 2025 and 2024, SVP reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

Miscellaneous Plan:

Deferred Outflows Deferred Inflows
June 30, 2025 of Resources of Resources
Pension contributions subsequent to measurement date 13,1 $ - 52,459 $ Changes of assumptions - 923,587
Differences between expected and actual experience 2, (136,885) 587,826 Net differences between projected and actual earnings
on plan investments - 2,631,524
Total $ 19,295,396 $ (136,885)

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 7 – RETIREMENT PLAN – DEFINED BENEFIT PENSION PLAN (continued) 59 Deferred Outflows Deferred Inflows
June 30, 2024 of Resources of Resources
Pension contributions subsequent to measurement date 11,8 $ - 71,745 $ Changes of assumptions - 3,232,554
Differences between expected and actual experience 1, (479,098) 737,475 Net differences between projected and actual earnings
on plan investments - 8,255,134
Total $ 25,096,908 $ (479,098)
$13,152,459 reported as deferred outflows of resources related to contributions subsequent to the June 30, 2025 measurement date will be recognized as a reduction of the net pension liability in the year ended June 30, 2026. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense as follows:

Measurement Period Annual Measurement Period Annual
Ended June 30 Amortization Ended June 30 Amortization
2025 1,976,536 $ 2024 4,182,884 $
2026 5,700,456 2025 2,313,824
2027 (623,077) 2026 6,037,743
2028 (1,047,863) 2027 211,614
2025 2024
C. Actuarial Assumptions
For the measurement period ended June 30, 2024, the total pension liability was determined by rolling forward the June 30, 2023 total pension liability. The June 30, 2023 total pension liability was based on the following actuarial methods and assumptions:

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 7 – RETIREMENT PLAN – DEFINED BENEFIT PENSION PLAN (continued) 60 Miscellaneous
Valuation Date June 30, 2023
Measurement Date June 30, 2024
Actuarial Cost Method Entry-Age Normal Cost Method
Actuarial Assumptions:

Discount Rate 6.90%
Inflation 2.30%
Payroll Growth 2.80%
Projected Salary Increase
Investment Rate of Return
Post Retirement Benefit Increase
Mortality (2)
Varies by Entry-Age and Service

6.90% (1)
The lesser of Contract COLA or 2.3% until
Purchasing Power Protection Allowance floor
on purchases power applies, 2.3% thereafter
Derived using CalPERS' Membership Data for
all Funds
(1) Net of pension plan investment and administrative expenses; including inflation. (2) The probabilities of mortality are based on the 2021 CalPERS Experience Study for the period from 2000 to 2019. Pre-retirement and post-retirement mortality rates include generational mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries. For more details on this table, please refer to the CalPERS' November 2021 experience study report available on CalPERS' website.

The underlying mortality assumptions and all other actual assumptions used in the June 30, 2023 valuation were based on the results of a November 2021 actuarial experience study for the period 2001 to 2019. Further details of the Experience Study can be found on the CalPERS website.

Discount Rate
The discount rate used to measure the total pension liability for the Plan was 6.90%. The projection of cash flows used to determine the discount rate for the Plan assumed that contributions from all plan members in the Public Employees Retirement Fund (PERF) will be made at the current member contribution rates and that contributions from employers will be made statutorily required rates, actuarially determined. Based on those assumptions, the Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members.

Therefore, the long-term expected rate of return on plan investments was applied to all period of projected benefit payments to determine the total pension liability for the Plan.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 7 – RETIREMENT PLAN – DEFINED BENEFIT PENSION PLAN (continued) 61 The long-term expected rate of return on pension plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.

In determining the long-term expected rate of return, CalPERS took into account both short-term and long-term market return expectations as well as the expected pension fund cash flows. Using historical returns of all the funds’ assets classes, expected compound (geometric) returns were calculated over the short-term (first 10 years) and the long-term (11+ years) using a building-block approach. Using the expected nominal returns for both short-term and long-term, the present value of benefits was calculated for each fund. The expected rate of return was set by calculating the rounded single equivalent expected return that arrived at the same present value of benefits for cash flows as the one calculated using both short-term and long-term returns. The expected rate of return was then set equal to the single equivalent rate calculated above and adjusted to account for assumed administrative expenses.

The table below reflects the long-term expected real rate of return by asset class.

Asset Class(a)
Assumed Asset
Allocation Real Return(a)(b)
Global Equity - Cap-weighted 30.0% 4.54%
Global Equity - Non-Cap-weighted 12.0% 3.84%
Private Equity 13.0% 7.28%
Treasury 5.0% 0.27%
Mortgage-backed Securities 5.0% 0.50%
Investment Grade Corporates 10.0% 1.56%
High Yield 5.0% 2.27%
Emerging Market Debt 5.0% 2.48%
Private Debt 5.0% 3.57%
Real Assets 15.0% 3.21%
Leverage -5.0% -0.59%
100.0%
(b) Figures are based on the 2021 Asset Liability Management Study. (a) An expected inflation of 2.30% used for this period.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 7 – RETIREMENT PLAN – DEFINED BENEFIT PENSION PLAN (continued) 62 Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate
The following presents SVP’s proportionate share of the net pension liability for the Plan, calculated using the discount rate for the Plan, as well as what SVP’s proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage point lower or 1-percentage point higher than the current rate:

June 30, 2025 June 30, 2024
1% Decrease 5.90% 5.90%
Net Pension Liability 141,763,931 $ 144,951,938 $
Current Discount Rate 6.90% 6.90%
Net Pension Liability 103,868,311 $ 108,269,790 $
1% Increase 7.90% 7.90%
Net Pension Liability 72,380,300 $ 77,805,619 $
Miscellaneous
Pension Plan Fiduciary Net Position
Detailed information about the pension plan’s fiduciary net position is available in the separately issued CalPERS financial report.

NOTE 8 – OTHER POST EMPLOYMENT BENEFITS
A. Plan Description
The City’s agent multiple-employer defined benefit Other Post Employment Benefit (OPEB) Plan, which was established by City Council in fiscal year 2007-08 in accordance with GAAP, provides reimbursements to retirees for qualified expenses. Employees who have retired from the City with at least ten years of service and meet certain criterion based upon retirement date, household income in the most recent calendar year and age are entitled to reimbursements for qualified expenses. Annual maximum reimbursement amounts differ depending on when an employee retired from City service. The majority of retirees may be eligible for a maximum of annual reimbursements of $5,046 in the fiscal year 2024-25 and $4,932 in the fiscal year 2023-24.

Amendments to benefit provisions are negotiated by the various bargaining units at the City and must be approved by Council. In fiscal year 2007-08, the City established an irrevocable exclusive agent multiple-employer defined benefit trust which is administered by Public Agency Retirement

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 8 – OTHER POST EMPLOYMENT BENEFITS (continued)
63 Services (PARS). The City is the Plan administrator, and PARS administers the investment trust for the City’s Plan. The trust is used to accumulate and invest assets necessary to reimburse retirees. Separate financial reports are issued by PARS for the OPEB Plan Trust. The report can be obtained by writing to PARS at 4350 Von Karman Avenue, Suite 100, Newport Beach, CA 92660, or by calling 1-800-540-6369.

For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the OPEB plan and additions to and deduction from the OPEB’s fiduciary net position have been determined on the same bases. For this purpose OPEB benefit payments are recognized when currently due and payable in accordance with the benefits terms. Investments are report at fair value.

Generally accepted accounting principles require that the reporting results must pertain to liability and asset information within certain defined timeframes. For the fiscal year 2024-25 and the fiscal year 2023-24, the following time frames were used.

Fiscal year 2024-25
Measurement Date June 30, 2025
Measurement Period July 1, 2024 to June 30, 2025
Actuarial valuation date (1) June 30, 2024
Fiscal year 2023-24
Measurement Date June 30, 2024
Measurement Period July 1, 2023 to June 30, 2024
Actuarial valuation date (1) June 30, 2022
(1) Update procedures were used to roll forward the Total OPEB Liability from the valuation date to the measurement date.

B. Contributions
The OPEB Plan trust annual contributions are based upon actuarial determine contributions. The contribution requirements are established and may be amended by the City Council. Plan members do not make contributions to the plan; the plan is funded entirely by employer contributions. For the fiscal year ending June 30, 2025 and June 30, 2024, SVP contributed $865 thousand and $812 thousand, respectively.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 8 – OTHER POST EMPLOYMENT BENEFITS (continued)
64 C. Actuarial Assumptions
The June 30, 2025 total OPEB liability was based on the following actuarial methods and assumptions:

Significant Actuarial Assumptions Used in Total OPEB Liability Actuarial Assumption June 30, 2025 Measurement Date
Actuarial valuation date June 30, 2024
Discount rate 4.50% at June 30, 2025
Crossover analysis showed benefit payments always fully funded by plan assets
Inflation 2.50%
Salary increases Aggregate 2.75%
Investment rate of return 4.50% at June 30, 2025
Funding policy Full pre-funding to PARS trust, PARS portfolio: Moderately Conservative Mortality, Disability,
Termination, and Retirement
CalPERS 2000-2019 Experience Study
Mortality Improvement Mortality projected fully generational with Scale MP-2021 Healthcare cost trend rates Non-Medicare - 7.9% for 2026 scaling down to 3.45% for year 2076 Medicare(Non-Kaiser) - 6.9% for 2026 scaling down to 3.45% for year 2076 Medicare(Kaiser) - 5.65% for 2026 scaling down to 3.45% for year 2076 Healthcare participation for future
retirees - Cash subsidy
PEMHCA minimum only: Currently covered: 50% Waived: 25% Other plans: Currently covered: 80% Waived: 40%
Healthcare participation for future
retirees - PEMHCA implied
subsidy
PEMHCA minimum only: Currently covered: 50% Waived: 25% Other plans: Currently covered: 80% Waived: 25%
The June 30, 2024 total OPEB liability was based on the following actuarial methods and assumptions:

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 8 – OTHER POST EMPLOYMENT BENEFITS (continued)
65 Significant Actuarial Assumptions Used in Total OPEB Liability Actuarial Assumption June 30, 2024 Measurement Date
Actuarial valuation date June 30, 2022
Discount rate 4.50% at June 30, 2024
Crossover analysis showed benefit payments always fully funded by plan assets
Inflation 2.50%
Salary increases Aggregate 2.75%
Investment rate of return 4.50% at June 30, 2024
Funding policy Full pre-funding to PARS trust, PARS portfolio: Moderately Conservative Mortality, Disability,
Termination, and Retirement
CalPERS 2000-2019 Experience Study
Mortality Improvement Mortality projected fully generational with Scale MP-2021 Healthcare cost trend rates Non-Medicare - 8.5% for 2024 scaling down to 3.45% for year 2076 Medicare(Non-Kaiser) - 7.5% for 2024 scaling down to 3.45% for year 2076 Medicare(Kaiser) - 6.25% for 2024 scaling down to 3.45% for year 2076 Healthcare participation for future
retirees - Cash subsidy
PEMHCA minimum only: Currently covered: 50% Waived: 25% Other plans: Currently covered: 80% Waived: 25%
Healthcare participation for future
retirees - PEMHCA implied
subsidy
PEMHCA minimum only: Currently covered: 50% Waived: 25% Other plans: Currently covered: 80% Waived: 25%
D. Net OPEB Liability, OPEB Expenses and Deferred Outflows/Inflows of Resources Related to OPEB
SVP’s net OPEB liability for the Plan is measured as the proportionate share of the City’s net OPEB liability as of June 30. The total OPEB liability for the Plan used to calculate the net OPEB liability for the fiscal year 2024-25 was determined by an actuarial valuation as of June 30, 2024, rolled forward to June 30, 2025 using standard actuarial methods, based on actuarial methods and assumptions. The total OPEB liability for the Plan used to calculate the net OPEB liability for the fiscal year 2023-24 was determined by an actuarial valuation as of June 30, 2022, rolled forward to June 30, 2024 using standard actuarial methods, based on actuarial methods and assumptions.

SVP’s proportion of the net OPEB liability was based on a projection of SVP’s long-term share of contributions to the OPEB plan relative to the projected contributions of all funds of the City.

SVP’s proportionate share of the net OPEB liability for the Plan as of June 30, 2025 and 2024 was

19.32%.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 8 – OTHER POST EMPLOYMENT BENEFITS (continued)
66 For the year ended June 30, 2025, SVP reported a net OPEB liability of $6.727 million and recognized OPEB expense of $606 thousand. For the year ended June 30, 2024, SVP reported a net OPEB liability of $6.898 million and recognized OPEB expense of $403 thousand. At June 30, 2025 and 2024, SVP reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources (in thousands):

June 30, 2025
Deferred Outflows
of Resources
Deferred Inflows
of Resources
Changes of assumptions $ 75 68 $
Differences between expected and actual experience 3 175 72 Net differences between projected and actual earnings
on OPEB plan investments 174 -
Total $ 424 440 $
June 30, 2024
Deferred Outflows
of Resources
Deferred Inflows
of Resources
Changes of assumptions $ 135 121 $
Differences between expected and actual experience - 248 Net differences between projected and actual earnings
on OPEB plan investments - 190
Total $ 383 311 $
Other amounts reported as deferred outflows of resources related to OPEB will be recognized as expense as follows:

Annual Annual
Measurement Period Amortization Measurement Period Amortization Ended June 30 (in thousands) Ended June 30 (in thousands) 2026 122 $ 2025 13 $
2027 (87) 2026 121
2028 (108) 2027 (88)
2029 (7) 2028 (110)
2030 69 2029 (8)
Thereafter 27 Thereafter -
2025 2024

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 8 – OTHER POST EMPLOYMENT BENEFITS (continued)
67 E. Discount Rate
The discount rate used to measure the total OPEB liability was 4.50% as of June 30, 2025 and June 30, 2024. The projection of cash flows used to determine the discount rate assumed that City contributions will be made at rate equal to the actuarially determined contributions rates. Based on those assumptions, the OPEB plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on OPEB plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability.

Asset Class
Target
Allocation
Long-Term Expected
Real Rate of Return
Gloabal Equity 30% 4.56%
Mutual Funds - Fixed Income 65% 0.78%
Cash and equivalent 5% -0.50%
100%
Expected Inflation 2.50%
Discount Rate 4.50%
2025 and 2004
F. Sensitivity of the Net OPEB Liability to Changes in the Discount Rate The following table presents the net OPEB liability of the Plan as of June 30 as well as what the plan’s net OPEB liability would be if it were calculated using a discount rate that is 1% point lower or 1% point higher than the current rate.

June 30, 2025
(In Thousands)
June 30, 2024
(In Thousands)
1% Decrease 3.50% 3.50%
Net OPEB Liability $ 8,601 8,529 $
Current Discount Rate 4.50% 4.50%
Net OPEB Liability $ 6,898 6,727 $
1% Increase 5.50% 5.50%
Net OPEB Liability $ 5,486 5,229 $

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 8 – OTHER POST EMPLOYMENT BENEFITS (continued)
68 G. Sensitivity of the Net OPEB Liability to Healthcare Cost Trend Rates The following table presents the net OPEB liability of the City, as of June 30, as well as what the City’s net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1% point lower or 1% point higher than the current rate.

June 30, 2025
(In Thousands)
June 30, 2024
(In Thousands)
Net OPEB Liability
1% Decrease $4,907 $5,084
Net OPEB Liability
Current Rate $6,727 $6,898
Net OPEB Liability
1% Increase $8,979 $9,149
NOTE 9 – WHOLESALE ACTIVITIES
A. Long-term Power Purchase Contracts
SVP purchases wholesale electric power from various participants of the Western Systems Power Pool (WSPP), NCPA, MSR Public Power Agency (Note 6), Western Area Power Administration, and other sources to supply the power requirements of Silicon Valley Power’s electric utility customers under long-term power purchase agreements (PPAs). SVP actively manages the financial risks inherent in these PPAs, including the risks arising from the changing spot market prices that move above and below the contract prices and from contract disputes that may arise from time to time. The proceeds and costs related to generation, either owned or under PPAs, except ancillary services are included in purchased resource expense and excluded from wholesale resources purchases from wholesale resources purchases and sales.

B. Restructuring of the California Electric Industry
Deregulation Legislation and Direct Access
The passage of AB1890 in 1998 triggered fundamental changes in the structure of the electric industry in California. Generally, AB1890 provided for creation of the California Power Exchange (Cal PX), which was to be a clearinghouse for energy transactions among investor-owned utilities, independent generators and power marketers, who in turn would serve so called direct-access customers. AB1890 also created the California Independent System Operator (CAISO), which was to manage the state’s bulk transmission grid.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 9 – WHOLESALE ACTIVITIES (continued)
69 However, in 2000 and 2001, the price of electricity at the Cal PX became extremely high, and investor-owned utilities were unable to pay for the energy that they needed from the Cal PX.

Eventually the Cal PX filed for bankruptcy and was dismantled. Investor-owned utility PG&E and several energy marketers would also file for bankruptcy and over a decade of litigation ensued.

The CAISO, however, continues to manage the state’s bulk electric system and the day-ahead and day-of markets, and it has implemented various price controls and tariffs in an effort to avoid repeating the mistakes of 2000 and 2001. Along with balancing control area responsibility, the CAISO has also announced that it will take on the role of reliability coordinator for the region.

Energy Wholesale Trading and Risk Management
SVP participates in the wholesale gas and power market and the CAISO’s centralized market.

Since CAISO’s Market Redesign and Technology Upgrade (MRTU), CAISO has become the ultimate buyer and seller in the California day ahead market. Therefore, SVP engages in the trading of commodity forward contracts (gas and electric energy contracts) to secure fuel supply and hedge daily power purchase/sales from/to CAISO. The primary type of forward contracts SVP currently engages in is the futures contracts SVP transacts on Intercontinental Exchange (ICE).

Activities during the fiscal year were substantially considered hedging transactions and, as such, have been accounted for using the settlement method of accounting. Accordingly, wholesale resources gross sales and purchases totaling $14.6 million and $8.5 million, respectively, for fiscal year ended June 30, 2025; wholesale resources gross sales and purchases totaling $11.5 million and $9.8 million, respectively, for fiscal year ended June 30, 2024, have been separately reported on the statement of revenues, expenses and changes in net position.

The restructured electric wholesale market exposes SVP to various risks including market, credit and operational risks. Active and effective management of these risks associated with the power trading activity is critical to its continued success and contribution to the entire utility. A Risk Management Committee administers and monitors compliance with the Council approved risk policies and the related procedures on a regular basis. The City and SVP believe that it has the resource commitment, effective policies and procedures, and is continuing to improve the control structure and oversight for evaluating and managing the market and credit risks to which it is exposed.

Credit Arrangements
SVP has risk policies, regulations, and procedures that help mitigate credit risk and minimize overall credit risk exposure. The policies include transacting only with investment grade counterparties, evaluating of potential counterparties’ financial condition and assigning credit limits as applicable. These credit limits are established based on risk and return considerations under terms customarily available in the industry. For counterparties below investment grade or

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 9 – WHOLESALE ACTIVITIES (continued)
70 lack of solid financial records, SVP requires collateral in the form of parental guarantee, surety bonds, letter of credit, or cash prepayment. Additionally, The City is a signatory to the WSPP netting agreement supplement and otherwise, enters into master netting arrangements whenever possible and, where appropriate, obtains collateral prior to trade execution. Master netting agreements incorporate rights of setoff that provide for the net settlement of subject contracts with the same counterparty in the event of default.

NOTE 10 – MAJOR SUPPLIERS
SVP purchases electric energy through its participation in the NCPA and M-S-R Public Power Agency joint powers agencies, from the Western Area Power Administration, from the market via the California Independent System Operator (CAISO), and from other sources to supply its retail electric utility customers. Additionally, SVP purchases transmission services through its participation in the TANC and from the CAISO.

The purchases of energy and transmission services that represent 5% or more of the total purchased power costs are shown in the table below:

Supplier
June 30, 2025
Power Purchased
% of the Total
Purchased Power
NCPA $ 55.62% 240,570,434
Tri-Dam Project 45,270,021 10.47%
M-S-R Public Power Agency 21,920,657 5.07%
Supplier
June 30, 2024
Power Purchased
% of the Total
Purchased Power
NCPA $ 49.63% 201,619,042
Tri-Dam Project 40,670,953 10.01%
M-S-R Public Power Agency 21,687,301 5.34%
NOTE 11 – COMMITMENTS AND CONTINGENCIES
Commitments and contingencies, undeterminable in amount, include normal recurring pending claims and litigation. In the opinion of management, based upon discussion with legal counsel, there is no pending litigation, which is likely to have a material adverse effect on the financial position of the fund.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 11- COMMITMENTS AND CONTINGENCIES (continued)
SVP has future commitments under construction projects as stated in Construction in Progress in Notes to Financial Statements 4B.

NOTE 12 -NET POSITION AND STABILIZATION AGREEMENTS
A. Net Position
Net Position is the excess of all SVP's assets and deferred outflow of resources over all its liabilities and deferred inflow of resources. Net Position is divided into three categories that are described below:

Net investment in capital assets describes the portion of Net Position which is represented by the current net book value of SVP's capital assets, less the outstanding balance of any debt issued to finance these assets.

Restricted for other agreements describes the portion of Net Position which is restricted as to use by the terms and conditions of agreements with outside parties, governmental regulations, laws, or other restrictions which SVP cannot unilaterally alter.

Unrestricted describes the portion of Net Position which is not restricted as to use.

SVP reported net position at June 30 as follows:
2025 2024'A)
Net investment in capital assets: $ 611 23352584 $ 575,817,583 Restricted:

Pension benefits 11 792 344 1020652874
Unrestricted:

Capital projects 289,806,547 212,222,222
Rate stabilization 352,000,000 261,000,000
Operations 297,618,414 231,273,482
Total Unrestricted 939,424,961 704,495,704
Total Net Position $ 1156215521889 $ 1,290,379,161
(A)Certain amounts have been restated due to the implementation of GASB101, as discussed in Note 21 71 CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND (SILICON VALLEY POWER)

NOTES TO FINANCIAL STATEMENTS
For the years ended June 30, 2025 and 2024
NOTE 12 – NET POSITION AND STABILIZATION AGREEMENTS (continued) 72 B. Stabilization Agreements
Rate Stabilization Fund
In 1996, SVP established the Rate Stabilization Fund and Cost Reduction Fund to assure that the rates were set properly with sufficient operating cash as well as cost reduction and financial stability of the Electric Utility. In December 2010, Council approved to transfer the Cost Reduction Fund as a subaccount to the Rate Stabilization Fund and continued to be used to offset Electric Utility costs in essentially the same manner. As of June 30, 2025, the balance of the Rate Stabilization Fund was $352 million.

Pension Stabilization Fund
In fiscal year 2016-17, the City established an irrevocable pension trust as a way to address unfunded pension liabilities. As part of the year-end process for 2016-17, City Council approved SVP to designate and make an initial deposit of $3.5 million in fiscal year 2018 toward prefunding pension obligations. As of June 30, 2025, the balance of the Pension Stabilization Fund was $11,792,344.

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)

REQUIRED SUPPLEMENTARY INFORMATION
73 This part of the City of Santa Clara Electric Utility Enterprise Fund Financial Statements provides detailed information to better understand the data presented within the financial statements and note disclosures.

SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY AND

RELATED RATIOS
Discloses the proportionate share of the net pension liability and related ratios, including the proportionate share of fiduciary net position as a percentage of the total pension liability, and proportionate share of the net pension liability as a percentage of covered payroll.

SCHEDULE OF CONTRIBUTIONS – PENSION PLAN
Contains information of the employer’s contractually required contribution rates, contributions to the pension plan and related ratios.

SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY AND

RELATED RATIOS
Discloses the proportionate share of the net OPEB liability and related ratios, including proportionate share of fiduciary net position as a percentage of the total OPEB liability, and the proportionate share of the net OPEB liability as a percentage of covered employee payroll.

SCHEDULE OF PLAN CONTRIBUTIONS - OPEB PLAN
Contains information of the employer’s contractually required contribution rates, contributions to the OPEB Plan and related ratios.

Required Supplementary Information
74 Measurement Date June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 Plan's Proportion of the Net Position
Liability/(Asset) 32.31% 32.31% 32.31% 32.31%
Plan's Proportionate Share of the Net
Pension Liability/(Asset) $ 108,269,790 103,868,311 $ 105,823,291 $ 73,533,480 $ Plan's Covered Payroll $ 33,220,790 $ 32,408,374 $ 29,932,874 $ 28,859,863 Plan's Proportionate Share of the Net
Pension Liability/(Asset) as a Percentage
of it's Covered Payroll 312.66% 334.08% 353.54% 254.79% Plan's Proportionate Share of the Fiduciary
Net Position as a Percentage of the Plan's
Total Pension Liability 65.82% 63.05% 62.47% 72.48%
Schedule of Proportionate Share of the Net Pension Liability City of Santa Clara Electric Utility Enterprise Fund Miscellaneous Plan, a Cost-Sharing Defined Benefit Pension Plan
Last Ten Fiscal Years for the Measurement Periods Ended June 30(1) Schedule of Changes in the Net Pension Liability and Related Ratios Schedule of Prop ortionate Share of the Net Pension Liab ility 75 June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015

32.31% 32.31% 34.97% 34.97% 34.97% 34.97%
$ 92,007,139 98,396,395 $ 94,238,259 $ 92,735,319 $ 84,615,916 $ 74,516,387 $ $ 28,630,755 28,818,319 $ 26,407,732 $ 24,928,548 $ 21,661,244 $ 20,300,577 $ 341.44% 321.36% 356.86% 372.00% 390.63% 367.07%

61.90% 62.72% 62.97% 62.02% 62.18% 65.57%
Schedule of Proportionate Share of the Net Pension Liability City of Santa Clara Electric Utility Enterprise Fund Miscellaneous Plan, a Cost-Sharing Defined Benefit Pension Plan
Last Ten Fiscal Years for the Measurement Periods Ended June 30 76 June 30, 2025 June 30, 2024 June 30, 2023 June 30, 2022 Actuarially determined contribution $ 13,159,459 $ 11,871,745 $ 11,321,067 $ 11,026,399 Contributions in relation to the
actuarially (11,871,745) (13,159,459) (11,321,067) (11,026,399) Contribution deficiency (excess) $ - - $ - $ - $
Covered payroll $ 35,727,992 $ 33,220,790 $ 32,408,374 $ 29,932,874 Contributions as a percentage of
covered payroll 36.83% 35.74% 34.93% 36.84%
Notes to Schedule
Valuation date 6/30/2022 6/30/2021 6/30/2020 6/30/2019
Methods and assumptions used to determine contribution rates:

Actuarial cost method Entry age normal
Amortization method Level percentage of payroll, closed Remaining amortization period 22 years as of valuation date Asset valuation method
Inflation
Salary increases
Investment rate of return
Retirement age
Mortality
(1) Fiscal year 2014-15 was the first year of implementation.

7.5% for 2015 to 2018, 7.375% for 2019, 7.25% for 2020, 7% for 2021 through 2022, and 6.8% for 2023 to 2025, net of pension plan investment expense, including inflation.

2.75% for 2015 to 2019, 2.675% for 2020, and 2.50% for 2021 through 2022, 2.30% for 2023 to 2025
Fair value of asets
The probabilities of Retirement are based on the CalPERS Experience Study.

Varies by Entry Age and Service.

The probabilities of mortality are based on the 2021 CalPERS Experience Study for the period from 2000 to 2019. Pre-retirement and Post-retirement mortality rates are projected generationally for future years using 80% of Scale, MP-2020 published by the Society of Actuaries.

Schedule of Contributions
City of Santa Clara Electric Utility Enterprise Fund Miscellaneous Plan, a Cost-Sharing Defined Benefit Pension Plan
Last Ten Fiscal Years(1)
Schedule of Co ntribu tions (Pension Plan)
77 June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 $ 9,365,958 10,027,454 $ 8,258,503 $ 8,832,105 $ 7,558,410 $ 6,484,674 $ (9,365,958) (10,027,454) (8,258,503) (8,832,105) (7,558,410) (6,484,674) $ - - $ - $ - $ - $ - $
$ 28,818,319 28,859,863 $ 28,630,755 $ 26,407,732 $ 24,928,548 $ 21,661,244 $

34.75% 32.50% 28.84% 33.45% 30.32% 29.94%
6/30/2018 6/30/2017 6/30/2016 6/30/2015 6/30/2014 6/30/2013 Schedule of Contributions
City of Santa Clara Electric Utility Enterprise Fund Miscellaneous Plan, a Cost-Sharing Defined Benefit Pension Plan
Last Ten Fiscal Years
78 Measurement Date June 30, 2025 June 30, 2024 June 30, 2023 June 30, 2022 Plan's Proportionate Share of the Net Position Liability/(Asset) 19.32% 19.32% 19.32% 32.31%Plan's Proportionate Share of the Net OPEB Liability/(Asset) $ 6,898,479 6,727,406 $ 7,288,705 $ 13,057,945 $ Plan's Covered Payroll $ 39,475,246 $ 37,402,861 $ 34,795,415 $ 54,801,960Plan's Proportionate Share of the Net OPEB Liability/(Asset) as a Percentage of it's Covered Payroll 17.04% 18.44% 20.95% 23.83% Plan's Proportionate Share of the Fiduciary Net Position as a Percentage of the Plan's Total OPEB Liability 52.60% 48.40% 44.03% 40.25% June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018 Plan's Proportionate Share of the Net Position Liability/(Asset) Plan's Proportionate Share of the Net OPEB 32.31% 32.31% 34.97% 34.97%Liability/(Asset) $ 12,076,500 11,860,957 $ 13,339,656 $ 16,285,879 $ Plan's Covered Payroll $ 52,857,221 $ 53,127,656 $ 52,963,135 $ 47,313,294Plan's Proportionate Share of the Net OPEB Liability/(Asset) as a Percentage of it's Covered Payroll 22.44% 22.73% 25.19% 34.42% Plan's Proportionate Share of the Fiduciary Net Position as a Percentage of the Plan's Total OPEB Liability 44.03% 40.11% 37.14% 28.90% Notes to Schedule:

Schedule of Proportionate Share of the Net OPEB Liability and Related Ratios City of Santa Clara Electric Utility Enterprise Fund
OPEB Plan, A Cost-Sharing Defined Benefit Plan
Last Ten Fiscal Years Ended June 30(1)
(1) Fiscal year 2017-18 was the first year of implementation.

Schedule of Proportionate Share of the Net OPE B Liability and Related Ratios 79 June 30, 2025 June 30, 2024 June 30, 2023 June 30, 2022 Actuarially determined contribution $ 1,047 $ 1,010 $ 946 $ 1,534Contributions in relation to the actuarially determined contributions (812) (865) (758) (635) Contribution deficiency (excess) $ 198 182 $ 188 $ 899 $ Covered payroll $ 39,475 $ 37,403 $ 34,795 $ 54,802Contributions as a percentage of covered payroll 2.19% 2.17% 2.18% 1.16% June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018 Actuarially determined contribution $ 1,559 $ 1,512 $ 1,856 $ 1,911Contributions in relation to the actuarially determined contributions (638) (570) (748) (886) Contribution deficiency (excess) $ 874 989 $ 1,108 $ 1,025 $ Covered payroll $ 53,128 52,857 $ 52,963 $ 47,313 $
Contributions as a percentage of covered payroll 1.08% 1.20% 1.41% 1.87% Notes to Schedule:
(1) Fiscal year 2017-18 was the first year of implementation. (In Thousands)
Schedule of Proportionate Share of Contributions City of Santa Clara Electric Utility Enterprise Fund OPEB Plan, A Cost-Sharing Defined Benefit Plan
Last Ten Fiscal Years Ended June 30(1)
Schedule of Proportionate Share of the Contributions (O PEB Plan) 80 Actuarial valuation date June 30, 2022
Actuarial cost method Entry Age Normal, Level Percentage of Payroll Amortization method Level percent of payroll
Unfunded liability amortization
Asset valuation method
Discount rate 4.50%
General inflation 2.50%
Healthcare trend
Mortality CalPERS 2000-2019 Experience Study
Mortality improvement

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)
Notes to Schedule of Employer Contribution (OPEB Plan)
Post-retirement mortality projected fully generational with Scale MP-2021
Methods and Assumptions for 2023-24 Actuarially Determine Contributions 15 years (open period) for method, assumption, plan changes, and gains and losses
Maximum 30-year combined period
Investment gains and losses spread over a 5-year rolling period.

Not less that 80% nor greater than 120% of fair value
Non-Medicare - 8.5% for 2024, decreasing to an ultimated rate of 3.45% in 2076
Medicare (non-Kaiser) - 7.5% for 2024, decreasing to an ultimated rate of 3.45% in 2076
30 years (closed period) for initial UAAL
(16 Years remaining on June 30, 2023)
20 years (closed period) for implied subsidy on 06/30/2019 (16 years remaining on June 30, 2023)
Medicare (Kaiser) - 6.25% for 2024, decreasing to an ultimated rate of 3.45% in 2076
Note to Schedu le of Emp loyer Con tribution (O PEB Plan) 81 Actuarial valuation date June 30, 2022
Actuarial cost method Entry Age Normal, Level Percentage of Payroll Amortization method Level percent of payroll
Unfunded liability amortization
Asset valuation method
Discount rate 4.50%
General inflation 2.50%
Healthcare trend
Mortality CalPERS 2000-2019 Experience Study
Mortality improvement
30 years (closed period) for initial UAAL
(15 Years remaining on June 30, 2024)
20 years (closed period) for implied subsidy on 06/30/2019 (15 years remaining on June 30, 2024)
15 years (open period) for method, assumption, plan changes, and gains and losses
Methods and Assumptions for 2024-25 Actuarially Determine Contributions

CITY OF SANTA CLARA ELECTRIC UTILITY ENTERPRISE FUND
(SILICON VALLEY POWER)
Notes to Schedule of Employer Contribution (OPEB Plan)
Post-retirement mortality projected fully generational with Scale MP-2021
Maximum 30-year combined period
Non-Medicare - 8.50% for 2024, decreasing to an ultimated rate of 3.45% in 2076
Medicare (non-Kaiser)- 7.50% for 2024, decreasing to an ultimated rate of 3.45% in 2076
Investment gains and losses spread over a 5-year rolling period.

Medicare (Kaiser)- 6.25% for 2024, decreasing to an ultimated rate of 3.45% in 2076
82 This page intentionally left blank
City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-1551 Agenda Date: 12/9/2025

REPORT TO CITY COUNCIL

SUBJECT
Action to Approve the Spending Plan for the Supplemental Law Enforcement Services Fund and the Related Budget Amendment

BACKGROUND
In 1996, California Assembly Bill 3229 established the Citizens’ Option for Public Safety (COPS) program’s Supplemental Law Enforcement Services Fund (SLESF). The Legislature determined that there was a compelling need for additional resources at the local level for public safety funding and established the COPS program to advance community policing in all counties. The COPS program awards non-competitive and non-matching grants to law enforcement agencies to supplement funding of frontline municipal police services. The City has used these funds in prior years to purchase officer safety and duty equipment, communications equipment and vehicles, among other things, that are all used directly and solely in the provision of frontline police services to the community.

Per Government Code §§ 30061-30063, cities are allocated a proportionate share of COPS funds by the California Department of Finance, through Santa Clara County. Proportionate shares are based on population estimates determined by the California Department of Finance.

This is not a fixed amount grant. Under the grant program, the City of Santa Clara is eligible to receive a minimum of $100,000 annually. Each fall, the California Department of Finance estimates the allocation for each law enforcement agency in the county; the actual amount paid varies from the projection and is unknown until the payment cycle is complete. Monthly distributions are received via wire transfer and the City’s Finance Department deposits these funds into a dedicated grant account.

These distributions are not received in equal installments from month-to-month; therefore, spending over the course of the payment cycle can be unpredictable.

In recent years, the City of Santa Clara has received COPS funding as follows:

Funding Cycle Minimum Amount to
be Allocated
Projected
Allocation *
Actual Amount
Received **
COPS 2020/ 21 $100,000 $196,119 $327,071
COPS 2021/ 22 $100,000 $200,298 $331,035
COPS 2022/23 $100,000 $200,980 $374,141
COPS 2023/24 $100,000 $205,975 $400,959
COPS 2024/25 $100,000 $203,918 $203,918
* California Department of Finance’s initial estimated grant allocation ** Actual amount received by the Police Department.

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The COPS/SLESF grant does not have any application or other requirements; the monies are transferred to local entities through the County by operation of law (Government Code §§30061- 30063) and are to be expended in accordance with the requirements of those code sections. The Government Code contains the following requirements for a recipient agency:
· The funds shall be used exclusively for front line law enforcement services · The funds cannot be used to supplant other existing funding sources for general law enforcement services
· The City Council shall appropriate existing and anticipated moneys exclusively to fund frontline municipal police services, in accordance with written requests submitted by the Chief of Police · Moneys in the fund shall not be transferred to, or intermingled with, the moneys in any other fund in the City treasury, except to the extent necessary to facilitate the appropriation and expenditure of those transferred moneys
· Once the appropriation of the grant funds is made, it cannot be subsequently altered by the City Council
· Administrative overhead costs cannot exceed 0.5% of the City’s allocation · The funds cannot be used for a capital or construction project that does not directly support front line law enforcement services

DISCUSSION
Santa Clara County’s estimated COPS grant allocation for FY 2025/26 is $3,348,184. Of this amount, the City of Santa Clara expects to receive $205,680 in COPS funding based on its January 2025 population estimate of 134,587. The allocation for the City of Santa Clara accounts for 0.24% of the available amount to be allocated statewide for front-line law enforcement (Attachment #1).

In accordance with grant requirements, the Police Department hereby requests that the City Council appropriate existing and anticipated grant moneys to support front line municipal law enforcement services, such as:
· Duty and protective equipment (e.g., helmets, vests, body armor, gas masks, body cameras, etc.)
· Barriers (e.g., portable shields, mobile vehicle barriers, etc.) · Less lethal equipment (e.g., conducted energy devices, launchers, etc.) · Surveillance and interception technologies (e.g., devices to collect video evidence, trackers, unmanned aerial vehicles, signal jammers, throwable devices, etc.) · Services to support operations (e.g. contract for canine training) · Technology and software (e.g., digital forensic, etc.) The items listed above are already in use to prevent, reduce, and solve crimes in our community and many are now due for replacement. Funds will be used to replace, update and expand law enforcement tools, that are not otherwise funded in the department’s budget. Staff will ensure that all purchases comply with grant requirements, the City’s procurement policies and Assembly Bill 481 as appropriate.

ENVIRONMENTAL REVIEW
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25-1551 Agenda Date: 12/9/2025
This action being considered does not constitute a “project” within the meaning of the California Environmental Quality Act (“CEQA”) pursuant to CEQA Guidelines section 15378(b)(4) in that it is a fiscal activity that does not involve any commitment to any specific project which may result in a potential significant impact on the environment.

FISCAL IMPACT
In September 2025, the City of Santa Clara received official notice from the California Department of Finance that its expected Citizens’ Option for Public Safety allocation for FY 2025/26 is $205,680.

The following budget amendment is recommended to recognize and appropriate those funds.

Budget Amendment
FY 2025/26
Current
Budget
Increase /
(Decrease)
Revised
Budget
Police Operating Grant Trust Fund
Revenue
Grant Funding - COP26 $0 $205,680 $205,680
Expenditures
Citizens’ Option for Public Safety 25-26 $0 $205,680 $205,680

COORDINATION
This report has been coordinated with the Finance Department and 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. Approve the spending plan for funds received from the Citizen’s Option for Public Safety Programs Supplemental Law Enforcement Services Fund; and

2. Approve the FY 2025/26 budget amendment in the Police Operating Grant Trust Fund to recognize grant revenue in the amount of $205,680 and establish a Citizens’ Option for Public Safety 25-26 grant appropriation in the amount of $205,680 (five affirmative Council votes required to appropriate additional revenue).

Reviewed by: Cory Morgan, Chief of Police
Approved by: Jovan D. Grogan, City Manager

ATTACHMENTS

1. Letter from the California Department of Finance with Citizens’ Option for Public Safety City of Santa Clara Page 3 of 4 Printed on 12/5/2025
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25-1551 Agenda Date: 12/9/2025
percentages and allocation
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September 9, 2025
Honorable Malia M. Cohen
State Controller
3301 C Street
Sacramento, CA 95816
Attention: Evelyn Calderon-Yee, Chief
Bureau of Payments, Local Government Programs and Services Division, State Controller’s Office
Dear Controller Cohen:

Pursuant to Government Code section 30029.05, subdivision (e), paragraph (2), the Department of Finance respectfully submits the attached (Attachments I and II) percentages for the 2025-26 allocation of $214,200,000 in Citizens’ Option for Public Safety (COPS) and Juvenile Justice Crime Prevention Act (JJCPA) funds deposited in the Enhancing Law Enforcement Activities Subaccount (ELEAS) in the Law Enforcement Services Account within the Local Revenue Fund 2011.

Pursuant to Government Code section 30061, subdivisions (b) and (g), subsequent to the allocation described in Section 29552, subdivision (d), 47.08727192 percent of the remaining funds deposited in the ELEAS for the COPS (23.54363596 percent) and JJCPA (23.54363596 percent) programs are to be allocated, according to the relative population for each county and city, as follows:
(1) 5.15 percent to county sheriffs for county jail construction and operation ($11,031,300).
(2) 5.15 percent to district attorneys for criminal prosecution ($11,031,300). (3) 50 percent to counties to implement a comprehensive multi-agency juvenile justice plan ($107,100,000).
(4) 39.7 percent to counties and cities for front-line law enforcement ($85,037,400).

Please note that the by-county percentages for the first three allocations above: (1) county jail construction and operation, (2) district attorney criminal prosecution, and (3) multi-agency juvenile justice plans, are specified on Attachment I and the bycounty/city percentages for the fourth allocation, front-line law enforcement, are identified on Attachment II.
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: ,;;,,;;;, i
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_.. DEPARTMENT OF Gavin Newsom ■ Governor ◊,q(,.-o,..,,~ f IN AN CE ___________ 9_1_5_L-St-re_e_t -S_a_c_r_a_m_e_n__o_C_A__9_5_8_1_4_-3__0_6__w_w_w_.d_o_f._c_a_.g_o_v_ 2 Pursuant to Government Code section 30061, subdivision (b), paragraph (3), each law enforcement jurisdiction receiving front-line law enforcement funding is to receive a minimum grant of $100,000. The percentages included in Attachment II are calculated in a manner that provides for a minimum grant allocation of $100,000 to each law enforcement jurisdiction listed in Attachment II.

Also note that the allocations shown on Attachments I and II may be slightly different from the final allocations made by the State Controller’s Office due to rounding.

If you have any questions, or need additional information, please call Kyle Gayman, Finance Budget Analyst, at (916) 445-8913.

Sincerely,

AMY JARVIS
Program Budget Manager
Attachment
cc:

Anne Kato, Acting Chief, Local Government Programs and Services Division, State Controller’s Office
Evelyn Calderon-Yee, Chief, Bureau of Payments, Local Government Programs and Services Division, State Controller’s Office
Melma Dizon, Manager, Local Apportionments Section, Local Government Programs and Services Division, State Controller’s Office Aaron Maguire, Executive Director, Board of State and Community Corrections 2025-26 Enhancing Law Enforcement Activities Subaccount Citizens' Option for Public Safety (COPS) and Juvenile Justice Crime Prevention Act (JJCPA) Allocations Based on Jan. 1, 2025 Population Estimates
Attachment I
Total
100.00%
214,200,000
Co. Jail
Operation
Allocation by
County
Percent of Co.

Jail Operation
Allocation by
County
District
Attorney
Allocation by
County
Percent of District
Attorney
Allocation by
County
Juvenile
Justice
Allocation by
County
Percent of
Juvenile Justice
Allocation by
County
Total
Allocation by
County
Percent of Total
Allocation by
County
Front-line Law
Enforcement
Percent of Total
Allocation by
County
Total Allocation
by County
Alameda 1,662,482 4.20571669% $463,945 4.20571669% $463,945 4.20571669% $4,504,323 4.20571669% $5,432,213 4.20571669% $2,797,398 3.28960930% $8,229,611 Alpine 1,177 0.00297755% $328 0.00297755% $328 0.00297755% $3,189 0.00297755% $3,846 0.00297755% $100,000 0.11759532% $103,846 Amador 39,563 0.10008576% $11,041 0.10008576% $11,041 0.10008576% $107,192 0.10008576% $129,273 0.10008576% $600,000 0.70557190% $729,273 Butte 207,525 0.52499297% $57,914 0.52499297% $57,914 0.52499297% $562,267 0.52499297% $678,095 0.52499297% $673,984 0.79257419% $1,352,079 Calaveras 44,722 0.11313690% $12,480 0.11313690% $12,480 0.11313690% $121,170 0.11313690% $146,131 0.11313690% $200,000 0.23519063% $346,131 Colusa 22,026 0.05572097% $6,147 0.05572097% $6,147 0.05572097% $59,677 0.05572097% $71,971 0.05572097% $300,000 0.35278595% $371,971 Contra Costa 1,158,225 2.93005652% $323,223 2.93005652% $323,223 2.93005652% $3,138,091 2.93005652% $3,784,537 2.93005652% $2,559,844 3.01025712% $6,344,382 Del Norte 26,544 0.06715053% $7,408 0.06715053% $7,408 0.06715053% $71,918 0.06715053% $86,733 0.06715053% $200,000 0.23519063% $286,733 El Dorado 190,770 0.48260647% $53,238 0.48260647% $53,238 0.48260647% $516,872 0.48260647% $623,347 0.48260647% $443,151 0.52112445% $1,066,498 Fresno 1,037,053 2.62351780% $289,408 2.62351780% $289,408 2.62351780% $2,809,788 2.62351780% $3,388,604 2.62351780% $2,593,429 3.04975080% $5,982,033 Glenn 29,369 0.07429716% $8,196 0.07429716% $8,196 0.07429716% $79,572 0.07429716% $95,964 0.07429716% $300,000 0.35278595% $395,964 Humboldt 133,817 0.33852781% $37,344 0.33852781% $37,344 0.33852781% $362,563 0.33852781% $437,251 0.33852781% $807,696 0.94981261% $1,244,947 Imperial 186,499 0.47180177% $52,046 0.47180177% $52,046 0.47180177% $505,300 0.47180177% $609,391 0.47180177% $800,000 0.94076254% $1,409,391 Inyo 18,800 0.04755990% $5,246 0.04755990% $5,246 0.04755990% $50,937 0.04755990% $61,430 0.04755990% $200,000 0.23519063% $261,430 Kern 923,961 2.33741972% $257,848 2.33741972% $257,848 2.33741972% $2,503,377 2.33741972% $3,019,072 2.33741972% $2,309,413 2.71576153% $5,328,485 Kings 154,015 0.38962434% $42,981 0.38962434% $42,981 0.38962434% $417,288 0.38962434% $503,249 0.38962434% $500,000 0.58797658% $1,003,249 Lake 67,254 0.17013794% $18,768 0.17013794% $18,768 0.17013794% $182,218 0.17013794% $219,755 0.17013794% $300,000 0.35278595% $519,755 Lassen 28,716 0.07264521% $8,014 0.07264521% $8,014 0.07264521% $77,803 0.07264521% $93,830 0.07264521% $200,000 0.23519063% $293,830 Los Angeles 9,876,811 24.98617664% $2,756,300 24.98617664% $2,756,300 24.98617664% $26,760,195 24.98617664% $32,272,795 24.98617664% $18,542,720 21.80537059% $50,815,516 Madera 162,599 0.41133999% $45,376 0.41133999% $45,376 0.41133999% $440,545 0.41133999% $531,297 0.41133999% $319,847 0.37612473% $851,144 Marin 254,550 0.64395596% $71,037 0.64395596% $71,037 0.64395596% $689,677 0.64395596% $831,750 0.64395596% $1,201,496 1.41290293% $2,033,246 Mariposa 16,917 0.04279632% $4,721 0.04279632% $4,721 0.04279632% $45,835 0.04279632% $55,277 0.04279632% $100,000 0.11759532% $155,277 Mendocino 89,827 0.22724271% $25,068 0.22724271% $25,068 0.22724271% $243,377 0.22724271% $293,513 0.22724271% $500,000 0.58797658% $793,513 Merced 293,080 0.74142845% $81,789 0.74142845% $81,789 0.74142845% $794,070 0.74142845% $957,648 0.74142845% $784,477 0.92250833% $1,742,125 Modoc 8,491 0.02148038% $2,370 0.02148038% $2,370 0.02148038% $23,005 0.02148038% $27,745 0.02148038% $200,000 0.23519063% $227,745 Mono 12,684 0.03208775% $3,540 0.03208775% $3,540 0.03208775% $34,366 0.03208775% $41,445 0.03208775% $200,000 0.23519063% $241,445 Monterey 438,831 1.11014667% $122,464 1.11014667% $122,464 1.11014667% $1,188,967 1.11014667% $1,433,894 1.11014667% $1,506,114 1.77111902% $2,940,008 Napa 136,124 0.34436402% $37,988 0.34436402% $37,988 0.34436402% $368,814 0.34436402% $444,790 0.34436402% $618,799 0.72767811% $1,063,588 Nevada 100,354 0.25387372% $28,006 0.25387372% $28,006 0.25387372% $271,899 0.25387372% $327,910 0.25387372% $401,973 0.47270110% $729,883 Orange 3,175,427 8.03313741% $886,159 8.03313741% $886,159 8.03313741% $8,603,490 8.03313741% $10,375,809 8.03313741% $5,637,270 6.62916545% $16,013,079 Placer 421,446 1.06616642% $117,612 1.06616642% $117,612 1.06616642% $1,141,864 1.06616642% $1,377,088 1.06616642% $927,171 1.09030948% $2,304,259 Plumas 18,885 0.04777493% $5,270 0.04777493% $5,270 0.04777493% $51,167 0.04777493% $61,707 0.04777493% $200,000 0.23519063% $261,707 Riverside 2,495,640 6.31342463% $696,453 6.31342463% $696,453 6.31342463% $6,761,678 6.31342463% $8,154,583 6.31342463% $4,599,559 5.40886638% $12,754,143 Sacramento 1,604,745 4.05965468% $447,833 4.05965468% $447,833 4.05965468% $4,347,890 4.05965468% $5,243,556 4.05965468% $2,611,378 3.07085879% $7,854,934 San Benito 66,822 0.16904508% $18,648 0.16904508% $18,648 0.16904508% $181,047 0.16904508% $218,343 0.16904508% $300,000 0.35278595% $518,343 San Bernardino 2,207,424 5.58430104% $616,021 5.58430104% $616,021 5.58430104% $5,980,786 5.58430104% $7,212,828 5.58430104% $4,025,057 4.73327828% $11,237,885 San Diego 3,330,139 8.42452501% $929,335 8.42452501% $929,335 8.42452501% $9,022,666 8.42452501% $10,881,336 8.42452501% $5,499,547 6.46720954% $16,380,882 San Francisco 842,027 2.13014457% $234,983 2.13014457% $234,983 2.13014457% $2,281,385 2.13014457% $2,751,350 2.13014457% $1,286,812 1.51323012% $4,038,162 San Joaquin 805,856 2.03863984% $224,888 2.03863984% $224,888 2.03863984% $2,183,383 2.03863984% $2,633,160 2.03863984% $1,493,419 1.75619025% $4,126,579 San Luis Obispo 279,337 0.70666166% $77,954 0.70666166% $77,954 0.70666166% $756,835 0.70666166% $912,743 0.70666166% $883,508 1.03896453% $1,796,251 San Mateo 748,337 1.89312932% $208,837 1.89312932% $208,837 1.89312932% $2,027,542 1.89312932% $2,445,215 1.89312932% $2,340,960 2.75285966% $4,786,175 Santa Barbara 447,132 1.13114639% $124,780 1.13114639% $124,780 1.13114639% $1,211,458 1.13114639% $1,461,018 1.13114639% $1,117,350 1.31395177% $2,578,369 Santa Clara 1,922,259 4.86289582% $536,441 4.86289582% $536,441 4.86289582% $5,208,161 4.86289582% $6,281,043 4.86289582% $3,348,184 3.93730804% $9,629,227 Santa Cruz 263,710 0.66712876% $73,593 0.66712876% $73,593 0.66712876% $714,495 0.66712876% $861,681 0.66712876% $595,821 0.70065803% $1,457,502 Shasta 180,201 0.45586921% $50,288 0.45586921% $50,288 0.45586921% $488,236 0.45586921% $588,813 0.45586921% $443,143 0.52111546% $1,031,956 Sierra 3,170 0.00801941% $885 0.00801941% $885 0.00801941% $8,589 0.00801941% $10,358 0.00801941% $200,000 0.23519063% $210,358 Siskiyou 43,311 0.10956738% $12,087 0.10956738% $12,087 0.10956738% $117,347 0.10956738% $141,520 0.10956738% $1,100,000 1.29354849% $1,241,520 Solano 449,839 1.13799451% $125,536 1.13799451% $125,536 1.13799451% $1,218,792 1.13799451% $1,469,863 1.13799451% $1,028,933 1.20997689% $2,498,796 Sonoma 482,848 1.22150008% $134,747 1.22150008% $134,747 1.22150008% $1,308,227 1.22150008% $1,577,721 1.22150008% $1,272,610 1.49652969% $2,850,331 Stanislaus 555,765 1.40596418% $155,096 1.40596418% $155,096 1.40596418% $1,505,788 1.40596418% $1,815,980 1.40596418% $1,313,945 1.54513815% $3,129,925 Sutter 100,257 0.25362833% $27,979 0.25362833% $27,979 0.25362833% $271,636 0.25362833% $327,593 0.25362833% $307,668 0.36180368% $635,261 Tehama 64,827 0.16399816% $18,091 0.16399816% $18,091 0.16399816% $175,642 0.16399816% $211,824 0.16399816% $400,000 0.47038127% $611,824 Trinity 15,884 0.04018305% $4,433 0.04018305% $4,433 0.04018305% $43,036 0.04018305% $51,901 0.04018305% $100,000 0.11759532% $151,901 Tulare 487,209 1.23253246% $135,964 1.23253246% $135,964 1.23253246% $1,320,042 1.23253246% $1,591,971 1.23253246% $1,144,366 1.34572140% $2,736,337 Tuolumne 54,357 0.13751135% $15,169 0.13751135% $15,169 0.13751135% $147,275 0.13751135% $177,613 0.13751135% $200,000 0.23519063% $377,613 Ventura 829,005 2.09720176% $231,349 2.09720176% $231,349 2.09720176% $2,246,103 2.09720176% $2,708,800 2.09720176% $1,595,987 1.87680654% $4,304,788 Yolo 225,433 0.57029630% $62,911 0.57029630% $62,911 0.57029630% $610,787 0.57029630% $736,610 0.57029630% $500,000 0.58797658% $1,236,610 Yuba 85,023 0.21508964% $23,727 0.21508964% $23,727 0.21508964% $230,361 0.21508964% $277,815 0.21508964% $304,369 0.35792368% $582,184 Total 39,529,101 100.00000000% 11,031,300 100.00000000% 11,031,300 100.00000000% 107,100,000 100.00000000% 129,162,600 100.00000000% 85,037,400 100.00000000% 214,200,000 *The COPS Front-line Law Enforcement breakdown by county and city for SCO distribution is provided in Attachment II. 129,162,600 85,037,400
Subtotal COPS (Front-line Law Enforcement)*

5.15% 5.15% 50.00% 60.30% 39.70%
JJCPA
107,100,000
County
1/1/2025
Population by
County
Percent of 1/1/2025
Population by County
COPS (Excluding Front-line Enforcement)
11,031,300 11,031,300
2025-26 Enhancing Law Enforcement Activities Subaccount Citizens' Option for Public Safety
Front-line Law Enforcement Allocation for 2025-26

ATTACHMENT II
City/County
City/County
Population Estimates
1/1/2025
Projected Allocations by
City/County
Percent of Allocation by
City/County
Alameda 1,662,482 $2,797,398 3.28960932%
Alameda 79,020 $120,761 0.14200904%
Albany 20,578 $100,000 0.11759532%
Berkeley 128,348 $196,145 0.23065776%
Dublin 74,691 $114,145 0.13422927%
Emeryville 13,471 $100,000 0.11759532%
Fremont 232,619 $355,496 0.41804607%
Hayward 162,359 $248,122 0.29177987%
Livermore 85,899 $131,273 0.15437148%
Newark 48,886 $100,000 0.11759532%
Oakland 426,457 $651,725 0.76639772%
Piedmont 10,806 $100,000 0.11759532%
Pleasanton 77,232 $118,028 0.13879577%
San Leandro 87,813 $134,199 0.15781118%
Union City 66,657 $101,867 0.11979115%
Balance of County 147,646 $225,637 0.26533873%
Alpine 1,177 $100,000 0.11759532%
Amador 39,563 $600,000 0.70557192%
Amador 196 $100,000 0.11759532%
Ione 9,037 $100,000 0.11759532%
Jackson 4,822 $100,000 0.11759532%
Plymouth 1,122 $100,000 0.11759532%
Sutter Creek 2,538 $100,000 0.11759532%
Balance of County 21,848 $100,000 0.11759532%
Butte 207,525 $673,984 0.79257421%
Biggs 1,973 $100,000 0.11759532%
Chico 113,847 $173,984 0.20459761%
Gridley 7,302 $100,000 0.11759532%
Oroville 19,653 $100,000 0.11759532%
Paradise 11,088 $100,000 0.11759532%
Balance of County 53,662 $100,000 0.11759532%
Calaveras 44,722 $200,000 0.23519064%
Angels City 3,570 $100,000 0.11759532%
Balance of County 41,152 $100,000 0.11759532%
Colusa 22,026 $300,000 0.35278596%
Colusa 6,536 $100,000 0.11759532%
Williams 5,589 $100,000 0.11759532%
Balance of County 9,901 $100,000 0.11759532%
Contra Costa 1,158,225 $2,559,844 3.01025715%
Antioch 116,781 $178,468 0.20987038%
Brentwood 65,747 $100,477 0.11815576%
Clayton 10,743 $100,000 0.11759532%
Concord 122,650 $187,438 0.22041772%
Danville 42,960 $100,000 0.11759532%
El Cerrito 25,862 $100,000 0.11759532%
Hercules 26,225 $100,000 0.11759532%
Lafayette 25,054 $100,000 0.11759532%
Martinez 36,817 $100,000 0.11759532%
Moraga 16,637 $100,000 0.11759532%
Oakley 46,826 $100,000 0.11759532%
Orinda 19,351 $100,000 0.11759532%
Pinole 18,261 $100,000 0.11759532%
Pittsburg 76,374 $116,717 0.13725384%
2025-26 Enhancing Law Enforcement Activities Subaccount Citizens' Option for Public Safety
Front-line Law Enforcement Allocation for 2025-26

ATTACHMENT II
City/County
City/County
Population Estimates
1/1/2025
Projected Allocations by
City/County
Percent of Allocation by
City/County
Pleasant Hill 33,601 $100,000 0.11759532%
Richmond 113,594 $173,598 0.20414293%
San Pablo 31,507 $100,000 0.11759532%
San Ramon 83,391 $127,441 0.14986428%
Walnut Creek 69,927 $106,865 0.12566775%
Balance of County 175,917 $268,842 0.31614533%
Kensington Police Department 0 $100,000 0.11759532%
Del Norte 26,544 $200,000 0.23519064%
Crescent City 6,056 $100,000 0.11759532%
Balance of County 20,488 $100,000 0.11759532%
El Dorado 190,770 $443,151 0.52112445%
Placerville 10,642 $100,000 0.11759532%
South Lake Tahoe 21,022 $100,000 0.11759532%
Balance of County 159,106 $243,151 0.28593381%
Fresno 1,037,053 $2,593,429 3.04975084%
Clovis 129,121 $197,327 0.23204694%
Coalinga 17,608 $100,000 0.11759532%
Firebaugh 8,714 $100,000 0.11759532%
Fowler 7,667 $100,000 0.11759532%
Fresno 557,032 $851,273 1.00105768%
Huron 6,932 $100,000 0.11759532%
Kerman 17,535 $100,000 0.11759532%
Kingsburg 13,285 $100,000 0.11759532%
Mendota 12,710 $100,000 0.11759532%
Orange Cove 9,717 $100,000 0.11759532%
Parlier 14,649 $100,000 0.11759532%
Reedley 26,603 $100,000 0.11759532%
Sanger 27,037 $100,000 0.11759532%
San Joaquin 3,654 $100,000 0.11759532%
Selma 24,585 $100,000 0.11759532%
Balance of County 160,204 $244,829 0.28790706%
Glenn 29,369 $300,000 0.35278596%
Orland 8,704 $100,000 0.11759532%
Willows 6,475 $100,000 0.11759532%
Balance of County 14,190 $100,000 0.11759532%
Humboldt 133,817 $807,696 0.94981263%
Arcata 19,001 $100,000 0.11759532%
Blue Lake 1,136 $100,000 0.11759532%
Eureka 26,122 $100,000 0.11759532%
Ferndale 1,361 $100,000 0.11759532%
Fortuna 12,198 $100,000 0.11759532%
Rio Dell 3,232 $100,000 0.11759532%
Trinidad 296 $100,000 0.11759532%
Balance of County 70,471 $107,696 0.12664539%
Imperial 186,499 $800,000 0.94076256%
Brawley 28,952 $100,000 0.11759532%
Calexico 40,073 $100,000 0.11759532%
Calipatria 6,061 $100,000 0.11759532%
El Centro 46,007 $100,000 0.11759532%
Holtville 5,685 $100,000 0.11759532%
Imperial 22,866 $100,000 0.11759532%
Westmorland 2,084 $100,000 0.11759532%
Balance of County 34,771 $100,000 0.11759532%
2025-26 Enhancing Law Enforcement Activities Subaccount Citizens' Option for Public Safety
Front-line Law Enforcement Allocation for 2025-26

ATTACHMENT II
City/County
City/County
Population Estimates
1/1/2025
Projected Allocations by
City/County
Percent of Allocation by
City/County
Inyo 18,800 $200,000 0.23519064%
Bishop 3,850 $100,000 0.11759532%
Balance of County 14,950 $100,000 0.11759532%
Kern 923,961 $2,309,413 2.71576157%
Arvin 19,991 $100,000 0.11759532%
Bakersfield 419,238 $640,692 0.75342426%
California City 13,317 $100,000 0.11759532%
Delano 52,831 $100,000 0.11759532%
Maricopa 1,024 $100,000 0.11759532%
McFarland 14,213 $100,000 0.11759532%
Ridgecrest 28,386 $100,000 0.11759532%
Shafter 23,455 $100,000 0.11759532%
Taft 7,087 $100,000 0.11759532%
Tehachapi 11,476 $100,000 0.11759532%
Wasco 26,235 $100,000 0.11759532%
Balance of County 306,708 $468,721 0.55119347%
Bear Valley Community Services Distri 0 $100,000 0.11759532% Stallion Springs Community Services D 0 $100,000 0.11759532% Kings 154,015 $500,000 0.58797660%
Avenal 13,315 $100,000 0.11759532%
Corcoran 21,612 $100,000 0.11759532%
Hanford 61,238 $100,000 0.11759532%
Lemoore 27,692 $100,000 0.11759532%
Balance of County 30,158 $100,000 0.11759532%
Lake 67,254 $300,000 0.35278596%
Clearlake 16,533 $100,000 0.11759532%
Lakeport 5,026 $100,000 0.11759532%
Balance of County 45,695 $100,000 0.11759532%
Lassen 28,716 $200,000 0.23519064%
Susanville 12,270 $100,000 0.11759532%
Balance of County 16,446 $100,000 0.11759532%
Los Angeles 9,876,811 $18,542,720 21.80536957%
Agoura Hills 19,904 $100,000 0.11759532%
Alhambra 82,374 $125,886 0.14803660%
Arcadia 56,116 $100,000 0.11759532%
Artesia 16,359 $100,000 0.11759532%
Avalon 3,383 $100,000 0.11759532%
Azusa 48,988 $100,000 0.11759532%
Baldwin Park 70,848 $108,272 0.12732291%
Bell 33,315 $100,000 0.11759532%
Bellflower 76,656 $117,148 0.13776063%
Bell Gardens 38,471 $100,000 0.11759532%
Beverly Hills 31,945 $100,000 0.11759532%
Bradbury 902 $100,000 0.11759532%
Burbank 106,146 $162,216 0.19075793%
Calabasas 22,797 $100,000 0.11759532%
Carson 91,812 $140,310 0.16499790%
Cerritos 47,871 $100,000 0.11759532%
Claremont 37,299 $100,000 0.11759532%
Commerce 12,146 $100,000 0.11759532%
Compton 93,692 $143,183 0.16837650%
Covina 51,090 $100,000 0.11759532%
Cudahy 22,132 $100,000 0.11759532%
2025-26 Enhancing Law Enforcement Activities Subaccount Citizens' Option for Public Safety
Front-line Law Enforcement Allocation for 2025-26

ATTACHMENT II
City/County
City/County
Population Estimates
1/1/2025
Projected Allocations by
City/County
Percent of Allocation by
City/County
Culver City 40,403 $100,000 0.11759532%
Diamond Bar 53,539 $100,000 0.11759532%
Downey 111,871 $170,965 0.20104648%
Duarte 23,746 $100,000 0.11759532%
El Monte 107,986 $165,028 0.19406464%
El Segundo 16,983 $100,000 0.11759532%
Gardena 60,263 $100,000 0.11759532%
Glendale 192,212 $293,744 0.34542953%
Glendora 51,254 $100,000 0.11759532%
Hawaiian Gardens 13,561 $100,000 0.11759532%
Hawthorne 85,653 $130,898 0.15392939%
Hermosa Beach 19,014 $100,000 0.11759532%
Hidden Hills 1,746 $100,000 0.11759532%
Huntington Park 53,051 $100,000 0.11759532%
Industry 431 $100,000 0.11759532%
Inglewood 106,305 $162,459 0.19104367%
Irwindale 1,509 $100,000 0.11759532%
La Canada Flintridge 20,160 $100,000 0.11759532%
La Habra Heights 5,503 $100,000 0.11759532%
Lakewood 80,596 $123,169 0.14484131%
La Mirada 48,233 $100,000 0.11759532%
Lancaster 177,768 $271,671 0.31947181%
La Puente 37,546 $100,000 0.11759532%
La Verne 32,300 $100,000 0.11759532%
Lawndale 30,860 $100,000 0.11759532%
Lomita 20,407 $100,000 0.11759532%
Long Beach 462,561 $706,900 0.83128122%
Los Angeles 3,835,263 $5,861,167 6.89245647%
Lynwood 66,660 $101,872 0.11979654%
Malibu 10,604 $100,000 0.11759532%
Manhattan Beach 34,051 $100,000 0.11759532%
Maywood 24,496 $100,000 0.11759532%
Monrovia 38,920 $100,000 0.11759532%
Montebello 62,732 $100,000 0.11759532%
Monterey Park 59,269 $100,000 0.11759532%
Norwalk 101,075 $154,466 0.18164469%
Palmdale 167,097 $255,363 0.30029466%
Palos Verdes Estates 12,999 $100,000 0.11759532%
Paramount 52,371 $100,000 0.11759532%
Pasadena 140,631 $214,917 0.25273188%
Pico Rivera 60,858 $100,000 0.11759532%
Pomona 153,042 $233,883 0.27503603%
Rancho Palos Verdes 40,727 $100,000 0.11759532%
Redondo Beach 68,091 $104,059 0.12236823%
Rolling Hills 1,677 $100,000 0.11759532%
Rolling Hills Estates 8,545 $100,000 0.11759532%
Rosemead 50,501 $100,000 0.11759532%
San Dimas 34,209 $100,000 0.11759532%
San Fernando 23,692 $100,000 0.11759532%
San Gabriel 38,953 $100,000 0.11759532%
San Marino 12,330 $100,000 0.11759532%
Santa Clarita 232,377 $355,126 0.41761116%
Santa Fe Springs 18,680 $100,000 0.11759532%
Santa Monica 93,212 $142,449 0.16751387%
Sierra Madre 10,870 $100,000 0.11759532%
Signal Hill 11,421 $100,000 0.11759532%
South El Monte 19,535 $100,000 0.11759532%
South Gate 92,955 $142,057 0.16705201%
South Pasadena 26,287 $100,000 0.11759532%
2025-26 Enhancing Law Enforcement Activities Subaccount Citizens' Option for Public Safety
Front-line Law Enforcement Allocation for 2025-26

ATTACHMENT II
City/County
City/County
Population Estimates
1/1/2025
Projected Allocations by
City/County
Percent of Allocation by
City/County
Temple City 36,322 $100,000 0.11759532%
Torrance 143,261 $218,936 0.25745832%
Vernon 207 $100,000 0.11759532%
Walnut 28,214 $100,000 0.11759532%
West Covina 109,428 $167,231 0.19665610%
West Hollywood 35,284 $100,000 0.11759532%
Westlake Village 7,918 $100,000 0.11759532%
Whittier 87,850 $134,255 0.15787768%
Balance of County 1,004,490 $1,535,092 1.80519689%
Madera 162,599 $319,847 0.37612473%
Chowchilla 18,742 $100,000 0.11759532%
Madera 66,443 $101,540 0.11940656%
Balance of County 77,414 $118,306 0.13912285%
Marin 254,550 $1,201,496 1.41290296%
Belvedere 2,058 $100,000 0.11759532%
Corte Madera 9,966 $100,000 0.11759532%
Fairfax 7,407 $100,000 0.11759532%
Larkspur 12,731 $100,000 0.11759532%
Mill Valley 13,688 $100,000 0.11759532%
Novato 51,690 $100,000 0.11759532%
Ross 2,309 $100,000 0.11759532%
San Anselmo 12,551 $100,000 0.11759532%
San Rafael 59,885 $100,000 0.11759532%
Sausalito 6,941 $100,000 0.11759532%
Tiburon 8,910 $100,000 0.11759532%
Balance of County 66,414 $101,496 0.11935444%
Mariposa 16,917 $100,000 0.11759532%
Mendocino 89,827 $500,000 0.58797660%
Fort Bragg 7,187 $100,000 0.11759532%
Point Arena 452 $100,000 0.11759532%
Ukiah 16,325 $100,000 0.11759532%
Willits 4,838 $100,000 0.11759532%
Balance of County 61,025 $100,000 0.11759532%
Merced 293,080 $784,477 0.92250834%
Atwater 31,862 $100,000 0.11759532%
Dos Palos 5,712 $100,000 0.11759532%
Gustine 6,021 $100,000 0.11759532%
Livingston 14,441 $100,000 0.11759532%
Los Banos 48,896 $100,000 0.11759532%
Merced 98,039 $149,826 0.17618861%
Balance of County 88,109 $134,651 0.15834313%
Modoc 8,491 $200,000 0.23519064%
Alturas 2,657 $100,000 0.11759532%
Balance of County 5,834 $100,000 0.11759532%
Mono 12,684 $200,000 0.23519064%
Mammoth Lakes 7,040 $100,000 0.11759532%
Balance of County 5,644 $100,000 0.11759532%
Monterey 438,831 $1,506,114 1.77111905%
Carmel-by-the-Sea 3,049 $100,000 0.11759532%
Del Rey Oaks 1,546 $100,000 0.11759532%
Gonzales 8,434 $100,000 0.11759532%
2025-26 Enhancing Law Enforcement Activities Subaccount Citizens' Option for Public Safety
Front-line Law Enforcement Allocation for 2025-26

ATTACHMENT II
City/County
City/County
Population Estimates
1/1/2025
Projected Allocations by
City/County
Percent of Allocation by
City/County
Greenfield 20,785 $100,000 0.11759532%
King City 14,344 $100,000 0.11759532%
Marina 23,086 $100,000 0.11759532%
Monterey 27,273 $100,000 0.11759532%
Pacific Grove 14,871 $100,000 0.11759532%
Salinas 160,645 $245,503 0.28869959%
Sand City 373 $100,000 0.11759532%
Seaside 32,019 $100,000 0.11759532%
Soledad 27,310 $100,000 0.11759532%
Balance of County 105,096 $160,611 0.18887094%
Napa 136,124 $618,799 0.72767813%
American Canyon 22,396 $100,000 0.11759532%
Calistoga 5,160 $100,000 0.11759532%
Napa 77,736 $118,799 0.13970153%
St Helena 5,349 $100,000 0.11759532%
Yountville 2,638 $100,000 0.11759532%
Balance of County 22,845 $100,000 0.11759532%
Nevada 100,354 $401,973 0.47270111%
Grass Valley 13,364 $100,000 0.11759532%
Nevada City 3,336 $100,000 0.11759532%
Truckee 16,928 $100,000 0.11759532%
Balance of County 66,726 $101,973 0.11991515%
Orange 3,175,427 $5,637,270 6.62916550%
Aliso Viejo 50,213 $100,000 0.11759532%
Anaheim 341,773 $522,308 0.61420975%
Brea 47,900 $100,000 0.11759532%
Buena Park 82,667 $126,334 0.14856316%
Costa Mesa 110,321 $168,596 0.19826093%
Cypress 49,499 $100,000 0.11759532%
Dana Point 32,730 $100,000 0.11759532%
Fountain Valley 56,560 $100,000 0.11759532%
Fullerton 141,469 $216,197 0.25423787%
Garden Grove 171,492 $262,079 0.30819304%
Huntington Beach 193,134 $295,153 0.34708648%
Irvine 318,629 $486,939 0.57261703%
Laguna Beach 22,763 $100,000 0.11759532%
Laguna Hills 30,309 $100,000 0.11759532%
Laguna Niguel 65,257 $100,000 0.11759532%
Laguna Woods 17,183 $100,000 0.11759532%
La Habra 61,202 $100,000 0.11759532%
Lake Forest 87,639 $133,933 0.15749848%
La Palma 15,110 $100,000 0.11759532%
Los Alamitos 12,006 $100,000 0.11759532%
Mission Viejo 91,740 $140,200 0.16486850%
Newport Beach 82,654 $126,314 0.14853980%
Orange 139,724 $213,531 0.25110188%
Placentia 53,982 $100,000 0.11759532%
Rancho Santa Margarita 46,341 $100,000 0.11759532%
San Clemente 62,865 $100,000 0.11759532%
San Juan Capistrano 35,329 $100,000 0.11759532%
Santa Ana 315,325 $481,889 0.56667932%
Seal Beach 24,400 $100,000 0.11759532%
Stanton 40,552 $100,000 0.11759532%
Tustin 79,326 $121,228 0.14255896%
Villa Park 5,738 $100,000 0.11759532%
Westminster 90,295 $137,992 0.16227165%
2025-26 Enhancing Law Enforcement Activities Subaccount Citizens' Option for Public Safety
Front-line Law Enforcement Allocation for 2025-26

ATTACHMENT II
City/County
City/County
Population Estimates
1/1/2025
Projected Allocations by
City/County
Percent of Allocation by
City/County
Yorba Linda 66,267 $101,271 0.11909027%
Balance of County 133,033 $203,305 0.23907730%
Placer 421,446 $927,171 1.09030949%
Auburn 13,286 $100,000 0.11759532%
Colfax 1,996 $100,000 0.11759532%
Lincoln 54,520 $100,000 0.11759532%
Loomis 6,689 $100,000 0.11759532%
Rocklin 73,172 $111,824 0.13149943%
Roseville 158,494 $242,215 0.28483397%
Balance of County 113,289 $173,132 0.20359481%
Plumas 18,885 $200,000 0.23519064%
Portola 2,098 $100,000 0.11759532%
Balance of County 16,787 $100,000 0.11759532%
Riverside 2,495,640 $4,599,559 5.40886644%
Banning 31,949 $100,000 0.11759532%
Beaumont 59,708 $100,000 0.11759532%
Blythe 15,400 $100,000 0.11759532%
Calimesa 10,994 $100,000 0.11759532%
Canyon Lake 11,004 $100,000 0.11759532%
Cathedral City 51,651 $100,000 0.11759532%
Coachella 44,384 $100,000 0.11759532%
Corona 159,157 $243,229 0.28602547%
Desert Hot Springs 33,262 $100,000 0.11759532%
Eastvale 69,799 $106,669 0.12543772%
Hemet 91,934 $140,496 0.16521715%
Indian Wells 4,862 $100,000 0.11759532%
Indio 92,539 $141,421 0.16630441%
Jurupa Valley 105,928 $161,882 0.19036615%
Lake Elsinore 73,783 $112,757 0.13259748%
La Quinta 38,796 $100,000 0.11759532%
Menifee 115,316 $176,229 0.20723759%
Moreno Valley 210,823 $322,186 0.37887587%
Murrieta 111,789 $170,839 0.20089912%
Norco 25,221 $100,000 0.11759532%
Palm Desert 51,980 $100,000 0.11759532%
Palm Springs 44,476 $100,000 0.11759532%
Perris 81,240 $124,153 0.14599866%
Rancho Mirage 17,120 $100,000 0.11759532%
Riverside 320,337 $489,549 0.57568652%
San Jacinto 54,990 $100,000 0.11759532%
Temecula 112,220 $171,498 0.20167368%
Wildomar 37,077 $100,000 0.11759532%
Balance of County 417,901 $638,649 0.75102150%
Sacramento 1,604,745 $2,611,378 3.07085881%
Citrus Heights 86,280 $131,856 0.15505619%
Elk Grove 182,842 $279,425 0.32859044%
Folsom 92,577 $141,479 0.16637270%
Galt 26,092 $100,000 0.11759532%
Isleton 764 $100,000 0.11759532%
Rancho Cordova 85,451 $130,589 0.15356637%
Sacramento 527,979 $806,874 0.94884573%
Balance of County 602,760 $921,156 1.08323674%
San Benito 66,822 $300,000 0.35278596%
Hollister 43,492 $100,000 0.11759532%
2025-26 Enhancing Law Enforcement Activities Subaccount Citizens' Option for Public Safety
Front-line Law Enforcement Allocation for 2025-26

ATTACHMENT II
City/County
City/County
Population Estimates
1/1/2025
Projected Allocations by
City/County
Percent of Allocation by
City/County
San Juan Bautista 2,078 $100,000 0.11759532%
Balance of County 21,252 $100,000 0.11759532%
San Bernardino 2,207,424 $4,025,057 4.73327831%
Adelanto 37,150 $100,000 0.11759532%
Apple Valley 75,262 $115,018 0.13525543%
Barstow 24,811 $100,000 0.11759532%
Big Bear Lake 4,953 $100,000 0.11759532%
Chino 95,206 $145,497 0.17109735%
Chino Hills 77,314 $118,154 0.13894314%
Colton 53,278 $100,000 0.11759532%
Fontana 219,172 $334,945 0.39388009%
Grand Terrace 12,803 $100,000 0.11759532%
Hesperia 101,792 $155,562 0.18293323%
Highland 57,088 $100,000 0.11759532%
Loma Linda 25,322 $100,000 0.11759532%
Montclair 37,526 $100,000 0.11759532%
Needles 4,791 $100,000 0.11759532%
Ontario 184,404 $281,812 0.33139755%
Rancho Cucamonga 175,992 $268,956 0.31628011%
Redlands 73,488 $112,307 0.13206733%
Rialto 105,565 $161,328 0.18971379%
San Bernardino 222,727 $340,378 0.40026888%
Twentynine Palms 24,257 $100,000 0.11759532%
Upland 79,140 $120,944 0.14222469%
Victorville 141,013 $215,500 0.25341838%
Yucaipa 54,838 $100,000 0.11759532%
Yucca Valley 22,027 $100,000 0.11759532%
Balance of County 297,505 $454,656 0.53465450%
San Diego 3,330,139 $5,499,547 6.46720959%
Carlsbad 116,368 $177,837 0.20912817%
Chula Vista 281,401 $430,046 0.50571356%
Coronado 22,610 $100,000 0.11759532%
Del Mar 3,950 $100,000 0.11759532%
El Cajon 104,932 $160,360 0.18857621%
Encinitas 61,956 $100,000 0.11759532%
Escondido 150,425 $229,884 0.27033295%
Imperial Beach 26,369 $100,000 0.11759532%
La Mesa 60,908 $100,000 0.11759532%
Lemon Grove 28,163 $100,000 0.11759532%
National City 58,965 $100,000 0.11759532%
Oceanside 174,340 $266,432 0.31331126%
Poway 50,379 $100,000 0.11759532%
San Diego 1,408,937 $2,153,181 2.53203983%
San Marcos 97,123 $148,426 0.17454244%
Santee 59,568 $100,000 0.11759532%
Solana Beach 12,986 $100,000 0.11759532%
Vista 101,599 $155,267 0.18258639%
Balance of County 509,160 $778,114 0.91502558%
San Francisco 842,027 $1,286,812 1.51323012%
San Joaquin 805,856 $1,493,419 1.75619027%
Escalon 7,232 $100,000 0.11759532%
Lathrop 38,596 $100,000 0.11759532%
Lodi 67,093 $102,534 0.12057469%
Manteca 93,733 $143,246 0.16845018%
Mountain House 28,795 $100,000 0.11759532%
2025-26 Enhancing Law Enforcement Activities Subaccount Citizens' Option for Public Safety
Front-line Law Enforcement Allocation for 2025-26

ATTACHMENT II
City/County
City/County
Population Estimates
1/1/2025
Projected Allocations by
City/County
Percent of Allocation by
City/County
Ripon 15,753 $100,000 0.11759532%
Stockton 320,877 $490,374 0.57665697%
Tracy 98,215 $150,095 0.17650491%
Balance of County 135,562 $207,170 0.24362224%
San Luis Obispo 279,337 $883,508 1.03896455%
Arroyo Grande 17,910 $100,000 0.11759532%
Atascadero 30,134 $100,000 0.11759532%
El Paso de Robles 31,061 $100,000 0.11759532%
Grover Beach 12,411 $100,000 0.11759532%
Morro Bay 10,404 $100,000 0.11759532%
Pismo Beach 7,804 $100,000 0.11759532%
San Luis Obispo 49,534 $100,000 0.11759532%
Balance of County 120,079 $183,508 0.21579731%
San Mateo 748,337 $2,340,960 2.75285972%
Atherton 7,007 $100,000 0.11759532%
Belmont 28,206 $100,000 0.11759532%
Brisbane 4,676 $100,000 0.11759532%
Burlingame 31,552 $100,000 0.11759532%
Colma 1,411 $100,000 0.11759532%
Daly City 102,155 $156,116 0.18358559%
East Palo Alto 29,133 $100,000 0.11759532%
Foster City 32,658 $100,000 0.11759532%
Half Moon Bay 11,303 $100,000 0.11759532%
Hillsborough 11,254 $100,000 0.11759532%
Menlo Park 33,311 $100,000 0.11759532%
Millbrae 23,164 $100,000 0.11759532%
Pacifica 37,217 $100,000 0.11759532%
Portola Valley 4,285 $100,000 0.11759532%
Redwood City 82,073 $125,426 0.14749567%
San Bruno 42,631 $100,000 0.11759532%
San Carlos 29,535 $100,000 0.11759532%
San Mateo 104,315 $159,417 0.18746738%
South San Francisco 65,397 $100,000 0.11759532%
Woodside 5,206 $100,000 0.11759532%
Balance of County 61,848 $100,000 0.11759532%
Broadmoor Police Protection District 0 $100,000 0.11759532% Santa Barbara 447,132 $1,117,350 1.31395178%
Buellton 5,091 $100,000 0.11759532%
Carpinteria 12,735 $100,000 0.11759532%
Goleta 32,747 $100,000 0.11759532%
Guadalupe 8,851 $100,000 0.11759532%
Lompoc 43,424 $100,000 0.11759532%
Santa Barbara 86,451 $132,117 0.15536349%
Santa Maria 112,208 $171,480 0.20165211%
Solvang 5,755 $100,000 0.11759532%
Balance of County 139,870 $213,754 0.25136426%
Santa Clara 1,922,259 $3,348,184 3.93730807%
Campbell 43,281 $100,000 0.11759532%
Cupertino 59,831 $100,000 0.11759532%
Gilroy 62,205 $100,000 0.11759532%
Los Altos 31,720 $100,000 0.11759532%
Los Altos Hills 8,548 $100,000 0.11759532%
Los Gatos 33,355 $100,000 0.11759532%
Milpitas 81,915 $125,185 0.14721172%
Monte Sereno 3,637 $100,000 0.11759532%
2025-26 Enhancing Law Enforcement Activities Subaccount Citizens' Option for Public Safety
Front-line Law Enforcement Allocation for 2025-26

ATTACHMENT II
City/County
City/County
Population Estimates
1/1/2025
Projected Allocations by
City/County
Percent of Allocation by
City/County
Morgan Hill 46,599 $100,000 0.11759532%
Mountain View 86,513 $132,212 0.15547492%
Palo Alto 68,794 $105,133 0.12363161%
San Jose 979,415 $1,496,772 1.76013391%
Santa Clara 134,587 $205,680 0.24187004%
Saratoga 31,110 $100,000 0.11759532%
Sunnyvale 159,673 $244,017 0.28695278%
Balance of County 91,076 $139,185 0.16367521%
Santa Cruz 263,710 $595,821 0.70065805%
Capitola 9,670 $100,000 0.11759532%
Santa Cruz 62,972 $100,000 0.11759532%
Scotts Valley 11,831 $100,000 0.11759532%
Watsonville 51,101 $100,000 0.11759532%
Balance of County 128,136 $195,821 0.23027677%
Shasta 180,201 $443,143 0.52111547%
Anderson 10,967 $100,000 0.11759532%
Redding 93,534 $142,942 0.16809255%
Shasta Lake 10,133 $100,000 0.11759532%
Balance of County 65,567 $100,202 0.11783228%
Sierra 3,170 $200,000 0.23519064%
Loyalton 730 $100,000 0.11759532%
Balance of County 2,440 $100,000 0.11759532%
Siskiyou 43,311 $1,100,000 1.29354852%
Dorris 830 $100,000 0.11759532%
Dunsmuir 1,628 $100,000 0.11759532%
Etna 662 $100,000 0.11759532%
Fort Jones 663 $100,000 0.11759532%
Montague 1,195 $100,000 0.11759532%
Mount Shasta 3,179 $100,000 0.11759532%
Tulelake 851 $100,000 0.11759532%
Weed 2,716 $100,000 0.11759532%
Yreka 7,879 $100,000 0.11759532%
Balance of County 23,708 $100,000 0.11759532%
Lake Shastina Community Services Dis 0 $100,000 0.11759532% Solano 449,839 $1,028,933 1.20997690%
Benicia 26,195 $100,000 0.11759532%
Dixon 20,174 $100,000 0.11759532%
Fairfield 120,720 $184,488 0.21694927%
Rio Vista 10,338 $100,000 0.11759532%
Suisun City 29,036 $100,000 0.11759532%
Vacaville 103,181 $157,684 0.18542944%
Vallejo 122,207 $186,760 0.21962159%
Balance of County 17,988 $100,000 0.11759532%
Sonoma 482,848 $1,272,610 1.49652972%
Cloverdale 8,678 $100,000 0.11759532%
Cotati 7,290 $100,000 0.11759532%
Healdsburg 10,972 $100,000 0.11759532%
Petaluma 59,094 $100,000 0.11759532%
Rohnert Park 44,062 $100,000 0.11759532%
Santa Rosa 178,452 $272,716 0.32070105%
Sebastopol 7,367 $100,000 0.11759532%
Sonoma 10,507 $100,000 0.11759532%
Windsor 25,625 $100,000 0.11759532%
2025-26 Enhancing Law Enforcement Activities Subaccount Citizens' Option for Public Safety
Front-line Law Enforcement Allocation for 2025-26

ATTACHMENT II
City/County
City/County
Population Estimates
1/1/2025
Projected Allocations by
City/County
Percent of Allocation by
City/County
Balance of County 130,801 $199,894 0.23506611%
Stanislaus 555,765 $1,313,945 1.54513817%
Ceres 49,305 $100,000 0.11759532%
Hughson 7,977 $100,000 0.11759532%
Modesto 219,765 $335,852 0.39494579%
Newman 12,389 $100,000 0.11759532%
Oakdale 23,231 $100,000 0.11759532%
Patterson 25,868 $100,000 0.11759532%
Riverbank 26,090 $100,000 0.11759532%
Turlock 72,219 $110,367 0.12978677%
Waterford 9,169 $100,000 0.11759532%
Balance of County 109,752 $167,726 0.19723837%
Sutter 100,257 $307,668 0.36180368%
Live Oak 9,658 $100,000 0.11759532%
Yuba City 70,453 $107,668 0.12661304%
Balance of County 20,146 $100,000 0.11759532%
Tehama 64,827 $400,000 0.47038128%
Corning 8,268 $100,000 0.11759532%
Red Bluff 14,466 $100,000 0.11759532%
Tehama 428 $100,000 0.11759532%
Balance of County 41,665 $100,000 0.11759532%
Trinity 15,884 $100,000 0.11759532%
Tulare 487,209 $1,144,366 1.34572142%
Dinuba 26,025 $100,000 0.11759532%
Exeter 10,233 $100,000 0.11759532%
Farmersville 10,392 $100,000 0.11759532%
Lindsay 12,725 $100,000 0.11759532%
Porterville 63,622 $100,000 0.11759532%
Tulare 73,002 $111,564 0.13119392%
Visalia 146,978 $224,616 0.26413825%
Woodlake 8,005 $100,000 0.11759532%
Balance of County 136,227 $208,186 0.24481733%
Tuolumne 54,357 $200,000 0.23519064%
Sonora 5,116 $100,000 0.11759532%
Balance of County 49,241 $100,000 0.11759532%
Ventura 829,005 $1,595,987 1.87680656%
Camarillo 68,927 $105,336 0.12387063%
Fillmore 17,035 $100,000 0.11759532%
Moorpark 34,754 $100,000 0.11759532%
Ojai 7,559 $100,000 0.11759532%
Oxnard 198,733 $303,710 0.35714860%
Port Hueneme 20,838 $100,000 0.11759532%
San Buenaventura 108,985 $166,554 0.19585997%
Santa Paula 31,658 $100,000 0.11759532%
Simi Valley 124,815 $190,746 0.22430850%
Thousand Oaks 122,468 $187,159 0.22009065%
Balance of County 93,233 $142,482 0.16755161%
Yolo 225,433 $500,000 0.58797660%
Davis 65,423 $100,000 0.11759532%
West Sacramento 55,403 $100,000 0.11759532%
Winters 8,021 $100,000 0.11759532%
2025-26 Enhancing Law Enforcement Activities Subaccount Citizens' Option for Public Safety
Front-line Law Enforcement Allocation for 2025-26

ATTACHMENT II
City/County
City/County
Population Estimates
1/1/2025
Projected Allocations by
City/County
Percent of Allocation by
City/County
Woodland 61,623 $100,000 0.11759532%
Balance of County 34,963 $100,000 0.11759532%
Yuba 85,023 $304,369 0.35792368%
Marysville 12,717 $100,000 0.11759532%
Wheatland 4,012 $100,000 0.11759532%
Balance of County 68,294 $104,369 0.12273304%
CALIFORNIA TOTAL 39,529,101 $85,037,400 100.00000000%
CALIFORNIA CITY TOTAL 33,188,202 $73,399,455 86.31432129% City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-1004 Agenda Date: 12/9/2025

REPORT TO COUNCIL

SUBJECT
Action on Award of Purchase Orders to Nor-Cal Overhead, Inc. for Citywide Automatic Overhead/Rollup Door Preventative Maintenance, As-Needed Repair, and Replacement Services

BACKGROUND
The Department of Public Works (DPW) is responsible for maintaining and repairing approximately 1,100,000 square feet of buildings located throughout the City. These facilities support essential operations for Fire, Police, Silicon Valley Power, Library, Parks and Recreation, and the Corporation Yard.

To effectively handle the required workload for maintaining these facilities, DPW contracts with specialized vendors to perform a variety of maintenance and repair services. One of these services is the inspection, maintenance, and repair of automatic overhead and rollup doors. These doors are vital to ensuring facility safety, security, and access, particularly at emergency response facilities such as Fire and Police stations, where doors must operate safely and quickly under urgent conditions.

The City has maintained contracts for overhead and rollup door services for many years to ensure continued operation and safety of its facilities. The current agreement expires on December 31, 2025.

DISCUSSION
Pursuant to Section 2.105.140(d) of the City of Santa Clara Code, a formal Request for Bids (RFB) was conducted as the solicitation method for this procurement with award to the lowest responsive and responsible bidder.

On July 17, 2025, staff published the RFB for Automatic Overhead and Rollup Door Preventative Maintenance and As-Needed Repair and Replacement services on the City’s e-procurement platform. The RFB was open to all qualified vendors capable of servicing the City’s facilities and was viewed and downloaded by 27 vendors. In addition, staff conducted direct outreach to additional vendors. Despite these efforts, only one bid was received by the bid deadline from Nor-Cal Overhead, Inc. After assessing responsiveness and responsibility, staff recommends awarding the purchase order to Nor-Cal Overhead, Inc. (Nor-Cal) as the sole responsive and responsible bidder.

Compensation under the Purchase Order consists of a fixed annual fee for preventative maintenance at each site, time and materials for as-needed repair services, and a 10 percent markup on parts and materials. Unit pricing and hourly rates will be fixed for the initial one-year term. Staff has reviewed Nor-Cal’s bid pricing and determined it to be fair and reasonable.

The maximum compensation for the initial term is estimated at $150,000. After the initial term, price City of Santa Clara Page 1 of 3 Printed on 12/5/2025
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25-1004 Agenda Date: 12/9/2025
adjustments may be considered if properly substantiated by the Contractor and approved by the City.

The Purchase Order includes four, one-year options to extend the term through December 31, 2030, assuming all options are exercised. Staff is requesting authorization to exercise these options and increase the maximum compensation by up to $600,000 for a total aggregate not-to-exceed amount of $750,000 over the full term. Staff will manage expenditures throughout the full term, allocating funds as needed, provided that the total compensation does not exceed the authorized amount.

Prevailing wage requirements are included in these purchase orders.

ENVIRONMENTAL REVIEW
The action being considered is exempt for the California Environmental Quality Act (“CEQA”) pursuant to CEQA Guidelines section 15301 “Existing Facilities” as the activity consists of the operation, repair, maintenance, permitting, leasing, licensing, or minor alteration of existing public or private structures, facilities mechanical equipment or topographical features involving negligible or no expansion of use beyond that existing at the time of the lead agencies determination.

FISCAL IMPACT
The not-to exceed amount to be paid to the Contractor over the initial one-year term is $150,000.

This amount is an estimate based on past years’ expenditures for as-needed services, as well as planned projects to be completed during the initial one-year term. The total aggregate not-to-exceed amount to be paid to the Contractor for all option years is estimated to be $600,000, inclusive of compensation increases consistent with market conditions. Most costs will be charged to the relevant departments and use their respective funding sources based on the locations where the services are rendered. Sufficient budget is available to fund anticipated rollup door repair services in FY 2025/26.

Costs beyond FY 2025/26 are subject to appropriation of funds by the City Council.

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

RECOMMENDATION

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

2. Authorize the City Manager or designee to execute Purchase Orders with Nor-Cal Overhead, Inc. for Citywide Automatic Overhead and Rollup Door Preventative Maintenance, As-Needed Repair and Replacement Services for an initial term starting on January 1, 2026 and ending on December 31, 2026 for a maximum amount not-to-exceed $150,000, subject to the appropriation of funds and approval as to form by the City Attorney; and

3. Authorize the City Manager or designee to take any actions as necessary to implement and administer the Purchase Orders, and to (a) exercise up to four one-year options to extend the City of Santa Clara Page 2 of 3 Printed on 12/5/2025
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25-1004 Agenda Date: 12/9/2025
term through December 31, 2030, (b) increase the maximum compensation by $600,000 for a total aggregate not-to-exceed amount of $750,000 over the full term, (c) add or delete services consistent with the scope of services, (d) adjust future rates based on market conditions, and (e) make de minimis changes, subject to the appropriation of funds and approval as to form by the City Attorney.

Reviewed by: Craig Mobeck, Director of Public Works
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
25-505 Agenda Date: 12/9/2025

REPORT TO COUNCIL

SUBJECT
Action on Proposed Master Services Agreement with Unisys Corporation for Information Technology Outsourcing Services with a Not-to-Exceed Maximum Compensation of $29,804,800

BACKGROUND
The City has relied on Information Technology (IT) Outsourcing Services for close to 40 years. In May 2017, following a comprehensive Sourcing Strategy and Request for Proposals (RFP) process, the City Council approved an agreement with Unisys Corporation (Unisys) for IT Outsourcing Services (Attachment 1). The eight-year agreement consisted of an initial four-year term and four one-year renewals authorized by Council on June 15, 2021 (Attachment 2), and most recently, a short-term six -month extension through December 31, 2025, approved on May 27, 2025 (Attachment 3) at a cost of $4,359,478 for this period. The total authorized amount under the agreement through this date is $74,363,020.

Under the current agreement, Unisys provides comprehensive Citywide IT services, including infrastructure support, enterprise and web applications, end-user support, cybersecurity services, and 24/7 monitoring of mission-critical systems. The agreement also incorporates enterprise-class tools such as the ServiceNow platform to manage incidents, service requests, and configuration, ensuring service performance through Service Level Agreements (SLAs).

Over the course of this partnership, Unisys has played a key role in modernizing and maintaining the City’s IT infrastructure and applications. Unisys has supported several major citywide technology initiatives, including a significant network, storage and server refresh, upgrades to the City’s enterprise systems, implementation of collaboration tools, and ongoing improvements in cybersecurity maturity.

When Council approved the short-term extension in May 2025, staff advised that a longer-term agreement with Unisys would be brought back for Council approval once detailed negotiations and analyses were completed. The short-term extension was intended to maintain service levels while allowing time to finalize negotiations for a new Master Services Agreement (MSA) that will ensure continuity of services through upcoming major events in 2026, including Super Bowl LX and the FIFA World Cup, and beyond the major events to allow for additional evaluation, as described below.

To support this process, staff issued an RFP in October 2024 to engage a third-party consultant to evaluate the current agreement, interview key stakeholders, and support negotiations for a contract extension or a new contract with Unisys. Avasant, LLC, (Avasant) was selected and engaged in January 2025 to provide this advisory support.

DISCUSSION
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The proposed Master Services Agreement (MSA) with Unisys will provide continued stability for City operations, support the delivery of major enterprise technology initiatives, and advance ongoing digital transformation efforts to enhance public services. In addition to maintaining continuity of mission-critical IT services through June 2028, the MSA period will serve as a strategic bridge to assess and prepare for the City’s long-term IT service delivery model.

Over the next two and a half years, staff intends to use this period to:
· Conduct an Organizational and Service Delivery Review: Evaluate the current IT operating model, including the City’s reliance on outsourced services versus in-house capabilities. The review will assess organizational alignment, cost efficiency, service quality, cybersecurity posture, and the City’s readiness for future technology needs.
· Develop a Long-Term Sourcing Strategy: Building on insights from the organizational review, staff-supported by an independent advisory firm-will develop a comprehensive sourcing strategy that considers multiple service delivery options (fully outsourced, hybrid, or insourced models). · Plan and Execute a Competitive Procurement Process: Based on the recommended strategy, staff will prepare and issue a Request for Proposals (RFP) for the City’s next-generation IT services contract. This process will allow the City to evaluate competitive alternatives, leverage market innovations, and ensure best value and alignment with City priorities.

Over the past year, staff, supported by Avasant, have worked closely with Unisys to complete a comprehensive review of the current services provided, identification of gaps in service areas, and identified required updates to contract documents. As a result, the new MSA modernizes the City’s contract framework and aligns service delivery with current operational needs, including 23 updated schedules covering services solution, scopes of work, and SLAs.

The new MSA introduces several key contractual updates compared to the prior agreement, including:
· Updated Independent Contractor Language: Strengthens and clarifies that Unisys is an independent contractor and its employees operate as independent contractors, rather than as City employees.
· Provider Key Personnel: Clarifies the onboarding, approval, and removal processes for Unisys key personnel as defined in the agreement.
· Insurance: Updates insurance provisions to align with current City requirements and includes additional (new) insurance requirements.
· Indemnification: Expands indemnity provisions to better protect the City from potential liability.
· Compliance and Audit: Expanded requirements for compliance with applicable laws and industry standards to include HIPAA compliance and Payment Card Industry Data Security City of Santa Clara Page 2 of 5 Printed on 12/5/2025
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25-505 Agenda Date: 12/9/2025
Standards.
· Data Security: Includes requirements pertaining to access control, data breach, and remediation.
· Limitation of Liability: Mutual limitation of liability in most first-party dispute scenarios.

The MSA incorporates 23 updated schedules that define the services, performance metrics, and financial terms. Key components include:
· Streamlined SLAs: Optimizes the number of SLAs to focus on key performance areas based on past Unisys performance.
· Clarified Service Scope Responsibilities: Updates statements of work to better clarify Unisys’s responsibilities under the scope of services (e.g., Account Team Training, Asset Management, Software License Management, Application Services, IT Security Services). · New Operational Deliverables and Service Improvement Plans: Identifies key operational deliverables and introduces Service Improvement Plans, supported by defined service levels and credits for Unisys’ failure to meet those levels.
· Governance: Updates the governance schedule to add a defined Unisys Account Executive role, clarify committee structures, and better delineate committee inputs, outputs, and meeting cadence.

The new MSA establishes a two-and-a-half-year (30-month) term, beginning on January 1, 2026 through June 30, 2028, with a maximum compensation of $27,095,273, plus approximately 10% contingency ($2,709,527), for a total not-to-exceed amount of $29,804,800.

The MSA covers several key service categories, including cross-functional IT lifecycle and support services, service desk support, end-user services, application services, core enterprise infrastructure compute services, key personnel roles, service enhancement commitments, key operational deliverables, and service enhancements.

Compared to the previous year, the proposed costs reflect adjustments tied to the Consumer Price Index (CPI), updated labor rates aligned with current market conditions, and modernization enhancements. As shown in Table 1, the cost for the first full year of services (FY 2026-27) is approximately $10,569,432, with a slightly lower cost of $10,382,194 for FY 2027-28, following the initial six-month period.

Table 1 - Cost Summary
Service Categories 1/1/26 - 6/30/26
(6 Months)
7/1/26 - 6/30/27 7/1/27 - 6/30/28 Total
Estimated
Cost
Enterprise Compute
Services
$1,339,107 $2,762,632 $2,683,397 $6,785,136
Service Desk
Services
$227,836 $355,344 $250,608 $833,788
End User Services $1,032,245 $2,119,201 $2,115,934 $5,267,380 Application Services $1459955 $3035207 $3035207 $7530369 City of Santa Clara Page 3 of 5 Printed on 12/5/2025
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Service Categories 1/1/26 - 6/30/26
(6 Months)
7/1/26 - 6/30/27 7/1/27 - 6/30/28 Total
Estimated
Cost
Enterprise Compute
Services
$1,339,107 $2,762,632 $2,683,397 $6,785,136
Service Desk
Services
$227,836 $355,344 $250,608 $833,788
End User Services $1,032,245 $2,119,201 $2,115,934 $5,267,380 Application Services $1,459,955 $3,035,207 $3,035,207 $7,530,369 Key Roles $1,131,041 $2,297,048 $2,297,048 $5,725,137
Service
Enhancements
$953,463 N/A N/A $953,463
Total $6,143,647 $10,569,432 $10,382,194 $27,095,273
Contingency (~10%) $2,709,527
Maximum Not-to-Exceed Compensation $29,804,800
The proposed MSA will provide continued stability for City operations, support the delivery of major enterprise technology initiatives, and advance ongoing digital transformation efforts to enhance public services. In addition, it will provide sufficient time to conduct a sourcing and service delivery strategy and to plan and conduct a new competitive procurement process for the City’s next generation IT service delivery model.

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 FY 2025/26 Operating Budget includes sufficient funding for Unisys services in the Information Services Fund. The contract cost for the first six months of FY 2025/26 is $4,359,478, while the cost for the remainder of the fiscal year (January 1, 2026 through June 30, 2026) is $6,143,647, a total cost of $10,503,125. The not-to-exceed maximum compensation amount for the contract totals $29,804,800 through June 30, 2028. Funding for future years is subject to annual appropriation of funds.

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

RECOMMENDATION
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25-505 Agenda Date: 12/9/2025

1. Authorize the City Manager or designee to execute the Master Services Agreement with Unisys Corporation for Information Technology Outsourcing Services, for a two-and-a-half-year term beginning on January 1, 2026 through June 30, 2028, with a not-to-exceed maximum compensation of $29,804,800, subject to the appropriation of funds and to review and approval as to form by the City Attorney; and

2. Authorize the City Manager or designee to take any actions as necessary to implement and administer the Master Service Agreement, including negotiating and executing amendments to the Master Service Agreement to (a) add, modify or delete associated services and (b) make de minimis changes, provided that the maximum compensation is not exceeded, subject to the appropriation of funds and to review and approval as to form by the City Attorney.

Reviewed by: Adam Kostrzak, Director/CIO, Information Technology Department Approved by: Jovan Grogan, City Manager

ATTACHMENTS

1. Original Agreement and RTC 13.B1

2. RTC 21-706 and Option Documents

3. RTC 25-337

4. New Master Services Agreement with Unisys

5. Accompanying Schedules 1-29 to New Master Services Agreement with Unisys City of Santa Clara Page 5 of 5 Printed on 12/5/2025
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City of
Santa Clara
fhe Cenuir ol Wh.>1'1; l't1sslbi,-
Date: May 16, 2017
To: City Manager for Council Action
Executive Director for Stadium Authority Information
From: Director of Information Technology/Clo
AGENDA ITEM#: / 3, 8 /

AGENDA REPORT
Subject: Approval of Agreement with Unisys Corporation for Information Technology outsourcing Services

EXECUTIVE SUMMARY
The City has engaged information technology outsourcing services for over 30 years. The current agreement with Unisys Corporation, approved by Council in August 2009, will complete its term on June 30, 2017. In January 2016 Council approved a contract with Avasant, LLC, a sourcing advisory firm for its expertise in defining a new IT sourcing strategy, request for proposal. selection process, contract agreements and negotiations.

The study and market based analysis led to the determination that IT Services Outsourcing, and conducting a formal Request for Proposal (RFP) for such services was in the best interest of the City. The RFP was issued December 2, 2016 and included updated service requirements for all major service areas including IT infrastructure, applications and web, departmental IT solutions, and cross-functional services, such as cyber security, project management, and other critical deliverables.

Four firms filed an intent to bid with the City and two firms, CGI Group and Unisys Corporation, submitted qualified proposals. Both providers were invited to participate in an extensive evaluation process followed by updated proposals and reference checks being performed. The comprehensive selection strategy and high degree of departmental participation allowed the City to take a holistic view of its IT needs and select a provider that most closely aligned to that vision. Staff focused on the following strategic goals throughout the sourcing process:
• Optimize IT infrastructure, systems, and processes across the City • Enable applications modernization and business process streamlining • Establish a comprehensive cybersecurity program to protect City assets and user privacy • Source affordable IT services in support of delivering superb city services As a result of this process and key selection criteria, Unisys Corporation's proposal best met the needs of the City and was selected for final contract negotiations.

Subject: Approve Agreement with Unisys Corporation for Information Technology Outsourcing Services

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City Council and Authorities ConcurrentDecember 9, 2025

City Council and Authorities Concurrent
December 9, 2025