Shasta Lake City Council
December 5, 2023

Chandler Asset Management - CONFIDENTIAL Page 58 Execution Time: 11/2/2023 8:45:11 PM 294
CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com

INVESTMENT REPORT
Period Ending September 30, 2023
City of Shasta Lake
295
SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Consolidated Information
SECTION 4 Portfolio Holdings
SECTION 5 Transactions
Table of Contents As of September 30, 2023
1 296
SECTION | Section 1 | Economic Update
2 297
Economic Update



Recent economic data continues to suggest positive but below trend growth this year. Labor markets remain solid, and the U.S. consumer has demonstrated resiliency. Inflationary trends are subsiding, but core levels remain well above the Fed’s target. Given the cumulative effects of restrictive monetary policy and tighter financial conditions, we believe the economy will gradually soften and the Fed will remain data dependent as they tread cautiously going forward.

As anticipated at the September meeting, the Federal Open Market Committee voted unanimously to maintain the target Federal Funds at the range of 5.25 - 5.50%. The Fed’s Summary of Economic Projections (SEP) also revealed expectations of higher economic growth, reduced unemployment, and a gradual easing of inflation compared to earlier forecasts. The Fed is continuing to focus on achieving price stability and bringing inflation down toward their 2% policy objective, while leaving the option open for the possibility of additional rate hikes in the future if needed.

The yield curve remained inverted in September. The 2-year Treasury yield increased 18 basis points to 5.05%, the 5-year Treasury yield rose 36 basis points to 4.61%, and the 10-year Treasury yield increased 46 basis points to 4.57%. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -48 basis points at September month-end versus -76 basis points at August monthend. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -45 basis points. The inversion between 3-month and 10-year Treasuries narrowed to -88 basis points in September from -134 basis points in August. The shape of the yield curve indicates that the probability of recession persists.
3 298
Employment
-400
-200
0 200
400
600
800
1,000 MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3 month average (000's)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added 336,000 jobs in September, exceeding consensus expectations of 170,000, and the last two months were revised upward by 119,000 jobs. The largest gains came from leisure and hospitality, bringing restaurant and bar employment back in-line with pre-pandemic levels. The pace of job growth has picked up recently, with the three-month moving average payrolls at 266,000 and the sixmonth moving average at 234,000. The unemployment rate was unchanged at 3.8%, and the labor participation rate was consistent with last month’s report at 62.8%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons declined slightly to 7.0% from the prior month at 7.1%. Average hourly earnings declined to

4.2% year-over-year in September from 4.3% in August. Employment remains strong by historical standards.

Source: US Department of Labor Source: US Department of Labor 4 299
Job Openings & Labor Turnover Survey
0 2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In Thousands (000's)
The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) unexpectedly increased to 9.61 million in August from a revised

8.92 million in July. The level significantly surpassed the survey of Bloomberg economists’ expectations of 8.82 million and reflects approximately 1.5 job openings per available worker. Although JOLTS was an upside surprise, the quits rate remained at a benign 2.3% for August, well below its 3.0% peak in April 2022. Fewer quits can imply that workers are less confident in their ability to find another job in the current market. The current level of job openings remains elevated from a historical perspective.

Source: US Department of Labor
5 300
Inflation

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
YOY (%) Change
The Consumer Price Index (CPI) increased in September by 0.4% month-over-month and 3.7% year-over-year, slightly higher than expected. Gains in shelter and energy costs accounted for a large part of the monthly increase. The Core CPI, which excludes volatile food and energy components, was up 0.3% month-over-month and 4.1% year-over-year, decelerating from 4.3% last month. The Personal Consumption Expenditures (PCE) index rose 0.4% month-over-month and 3.5% year-over-year in August, up from a 3.4% year-over-year gain in July. Core PCE, the Federal Reserve’s preferred inflation gauge, increased just 0.1% month-over-month and 3.9% year-over-year in August, down from a 4.3% increase in July. Personal income and spending remained relatively healthy, but the personal savings rate continued its declining trend to 3.9% in August from 4.1% in July. Inflation remains above the Fed's 2% target.

Source: US Department of Labor Source: US Department of Commerce 6 301
Consumer
-30.0%
-20.0%
-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%
Retail Sales YOY % Change
YOY (%) Change
Retail Sales rose 0.7% in September after an upward revision to 0.8% in August, exceeding the consensus forecast. Control Group Sales, which are used to calculate gross domestic product and exclude food services, auto dealers, building materials stores and gasoline stations, rebounded 0.6% and reflected broad increases across sectors. On a year-over-year basis, Retail Sales growth accelerated 3.8% in September versus an upwardly revised 2.9% gain in August. The Conference Board’s Consumer Confidence Index dropped more than expected to 103.0 in September from an upwardly revised 108.7 in August, primarily due to significantly weaker future expectations for employment. While the consumer has been resilient, dwindling excess savings, rising credit card balances, and the resumption of student loan payments pose potential headwinds to future economic growth. 80 90
100
110
120
130
140
Index Level
Consumer Confidence
Source: US Department of Commerce Source: The Conference Board 7 302
Leading Indicators of Economic Activity
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%
Leading Economic Indicators (LEI)
Recession
YOY (%) Change
-1.00
-0.75
-0.50
-0.25

0.00 0.25

0.50 0.75

1.00 Chicago Fed National Activity Index (CFNAI)
Recession
3 Month Average
The Conference Board’s Leading Economic Index (LEI) fell 0.7% in September, continuing the persistent decline for the last year and a half. The index declined 7.8% year-over-year. The consistent decline month-over-month continues to signal future contraction in the economy. The Chicago Fed National Activity Index (CFNAI) surprised to the upside at 0.02 in September from a downwardly revised -0.22 in August. On a 3-month moving average basis, the CFNAI improved to 0.00 in September, indicating a rate of growth about equal to the historical average trend.

Source: The Conference Board Source: Federal Reserve Bank of Chicago 8 303
Housing
0 200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing Starts recovered 7% in September to an annual rate of 1.358 million units. Starts were up 17.6% for multi-family units and 3.2% for single-family. Total starts of new homes are down 7.2% year-over-year. According to Freddie Mac, average 30-year fixed rate mortgage rates increased to 7.71% as of October 19th. According to the Case-Shiller 20-City Home Price Index, housing prices rose 0.1% year-over-year in July, improving from a 1.2% decline in June. Tight inventories and higher mortgage rates continue to impact affordability.

Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change
9 304
Survey Based Measures
40 45
50 55
60 65
70 Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services

EXPANDING

CONTRACTING
The Institute for Supply Management (ISM) Manufacturing index remained in contraction territory at 49.0 in September, up from 47.6 in August. This is the eleventh consecutive month of readings below 50.0, which is indicative of contraction in the manufacturing sector.

However, this is the highest reading since November 2022, as both employment and new orders improved, while prices paid subsided.

The ISM Services Index eased to 53.6 in September from the six-month high of 54.5 in August. The prices paid component continued to grow primarily due to high labor costs and an uptick in energy costs, but new orders reflected a significant slowdown.

Source: Institute for Supply Management
10 305
Gross Domestic Product (GDP)
Components of GDP 9/22 12/22 3/23 6/23

1.1% 0.8% 2.5% 0.6%
-1.5% 0.6% -1.7% 0.9%

2.6% 0.3% 0.6% 0.0%

0.1% 0.6% 0.3% 0.1%

0.4% 0.3% 0.5% 0.5%

2.7% 2.6% 2.3% 2.1%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-40.0%
-30.0%
-20.0%
-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce According to the third estimate, second quarter annualized GDP growth remained unchanged at 2.1%. A material decline in consumer spending was offset by improvement in business investment. Historically low unemployment, wage growth and savings built up during the pandemic has supported consumer spending at a level to keep economic growth intact, but there are signs the consumer is beginning to show signs of stress. The consensus estimate calls for 3.5% growth for the third quarter and 2.2% for the full year 2023. 11 306
Federal Reserve
Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
At the September meeting, the Federal Open Market Committee voted unanimously to leave the Federal Funds rate unchanged at a target range of 5.25 - 5.50%. Nonetheless, the Fed conveyed a consensus view that another rate hike is possible later in the year, along with its commitment to keeping rates at their current level until inflation subsides closer to its 2% target, endorsing a data-dependent 'higher-forlonger' strategy. The Fed’s Summary of Economic Projections (SEP) also revealed expectations of higher economic growth, reduced unemployment, and a gradual easing of inflation compared to earlier forecasts. We believe the resiliency of future economic data will determine if the Federal Reserve can stay on hold for or will tighten policy further to curb inflation. Since the Federal Reserve began its Quantitative Tightening campaign in June 2022, securities holdings have declined by over $1 trillion to $8.024T.

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Effective Federal Funds Rate
Recession
Yield (%)
12 307
Bond Yields
Source: Bloomberg Source: Bloomberg

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Yield Curve
Sep-23
Jun-23
Sep-22
Yield (%)
At the end of September, the 2-year Treasury yield was 77 basis points higher, and the 10-Year Treasury yield was about 74 basis points higher, year-over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -48 basis points at September month-end versus -76 basis points at August month-end. The average historical spread (since 2003) is about +130 basis points. The inversion between 3-month and 10-year Treasuries narrowed to -88 basis points in September from -134 basis points in August. The shape of the yield curve indicates that the probability of recession persists. 13 308
Section 2| SECTION | Section 2 | Account Profile
14 309
Objectives
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return over a market cycle that equals or exceeds the market index — the ICE BofA Index of 1-3 Year US Treasury and Agency Index.

Investment Objectives
The investment objectives of the City of Shasta Lake are first, to provide safety of principal to ensure the preservation of capital in the overall portfolio; second, to provide sufficient liquidity to meet all operating requirements; and third, to earn a commensurate rate of return consistent with the constraints imposed by the safety and liquidity objectives.

Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed income securities consistent with the investment policy and California Government Code.

As of September 30, 2023
15 310
Compliance As of September 30, 2023
Category Standard Comment
U.S. Treasuries No limitations; Full Faith and credit of the U.S. are pledged for the payment of principal and interest Complies Federal Agencies
25% max per Agency/GSE issuer; Federal agencies or U.S. government-sponsored enterprise obligations, participations, or other instruments, including those issued by or fully guaranteed as to principal and interest by federal agencies or U.S. government-sponsored enterprises
Complies
Supranational Obligations
"AA" rating category or higher by a Nationally Recognized Statistical Rating Organization ("NRSRO"); 30% max; 10% max per issuer; USD denominated senior unsecured unsubordinated obligations; Issued or unconditionally guaranteed by International Bank for Reconstruction & Development (IBRD), International Finance Corporation (IFC), or Inter-American Development Bank (IADB)
Complies
Municipal Securities "A" rating category or higher by a NRSRO: 30% max; 5% max per issuer Complies Corporate Medium Term Notes "A" rating category or better by a NRSRO; 30% max; 5% max per issuer; Issuer is a corporation organized and operating within the U.S. or by depository institutions licensed by the U.S. or any state and operating within the U.S Complies Asset-Backed, Mortgage-Backed,
Mortgage Pass-Through Securities, and
Collateralized Mortgage Obligations
"AA" rating category or higher by a NRSRO; "A" issuer rating category or higher by a NRSRO, for long-term obligations; 20% max (combined ABS/MBS/CMO); 5% max per Asset-Backed or Commercial Mortgage issuer; There is no issuer limitation on any Mortgage security where the issuer is the U.S. Treasury or Federal Agency/GSE Complies
Negotiable Certificates of Deposit (NCD)
The amount of NCD insured up to the FDIC limit does not require any credit ratings; Any amount above FDIC insured limit must be issued by institutions with "A-1" short-term debt rating or better by a NRSRO; or "A" long-term rating category or better by a NRSRO; 30% max (combined with CDARS); 5% max per issuer; Issued by a nationally or statechartered bank, or a federal or state association, a state or federal credit union, or by a federally-licensed or statelicensed branch of a foreign bank.

Complies
Certificate of Deposit Placement Service
(CDARS) 30% max (combination of Certificates of Deposit, including CDARS) Complies Time Deposits/Non-Negotiable
Certificates of Deposit (CD/TD)
20% max combined FDIC & Collateralized CD/TD; Non-Negotiable Certificates of Deposit in state or federally chartered banks, savings and loans, or credit unions; FDIC insured or Collateralized Complies Collateralized Bank Deposits Deposits with financial institutions will be collateralized with pledged securities per California Government Code Complies Banker’s Acceptances "A-1" short-term debt rated or better by a NRSRO; or "A" long-term debt rating category or better by a NRSRO; 40% max; 5% max per issuer; 180 days max maturity Complies
Commercial Paper
"A-1" rating or higher by a NRSRO or "A" rating category or higher by a NRSRO, if entity has any debt other than commercial paper; 25% max; 5% max per issuer; 270 days maturity; Issued by a corporation organized and operating within the U.S. with assets > $500 million
Complies
Money Market Mutual Funds
Registered with SEC under Investment Company Act of 1940 and issued by diversified management companies and meet either of the following criteria: (i) Highest rating by two NRSROs; or (ii) Retained an investment adviser registered or exempt from SEC registration with > 5 years experience managing money market mutual funds with AUM >$500 million; 20% max combined Money Market Mutual Funds and Mutual Funds; 20% max per Money Market Mutual Fund Complies
City of Shasta Lake Consolidated
This portfolio is a consolidation of assets managed by Chandler Asset Management and assets managed internally by Client. Chandler relies on Client to provide accurate information for reporting assets and producing this compliance statement. 16 311
Compliance As of September 30, 2023
Category Standard Comment
Mutual Funds
Invest in securities as authorized under CGC, Section 53601 (a) to (k) and (m) to (q) inclusive and meet either of the following criteria: (i) Highest rating by two NRSROs; or (ii) Retained an investment adviser registered or exempt from SEC registration with > 5 years experience investing in securities authorized by CGC, Section 53601 and with AUM >$500 million; 20% max combined Money Market Mutual Funds and Mutual Funds; 10% max per Mutual Fund Complies
Local Agency Investment Fund (LAIF) Maximum amount permitted by LAIF; Not used by investment adviser Complies Repurchase Agreements 102% Collateralized; 1 year max maturity; Not used by investment adviser Complies Max Callables 20% max of callable securities, excludes "make whole call" securities Complies Max Per Issuer 5% max per issuer, unless otherwise specified in the policy Complies Duration Approximately equal to the duration (typically, plus or minus 20%) of a Market Benchmark/ Index Complies Maximum Maturity 5 years, unless the City Council has by resolution granted authority to make such an investment Complies City of Shasta Lake Consolidated
This portfolio is a consolidation of assets managed by Chandler Asset Management and assets managed internally by Client. Chandler relies on Client to provide accurate information for reporting assets and producing this compliance statement. 17 312
Portfolio Characteristics
City of Shasta Lake
09/30/23 06/30/23
Benchmark* Portfolio Portfolio
Average Maturity (yrs) 1.84 2.04 1.88
Average Modified Duration 1.75 1.74 1.64
Average Purchase Yield n/a 2.47% 1.94%
Average Market Yield 5.15% 5.32% 5.13%
Average Quality** AA+ AA/Aa1 AA/Aa1
Total Market Value 33,584,971 33,337,025
*ICE BofA 1-3 Yr US Treasury & Agency Index
**Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively.

As of September 30, 2023
18 313
Portfolio Allocation & Duration Changes
City of Shasta Lake
As of September 30, 2023
Benchmark: ICE BofA 1-3 Yr US Treasury & Agency Index

99.3%

94.0%

91.4%

93.0% 94.5%

96.7%
101.1% 100.3%

80.0%

85.0%

90.0%

95.0%
100.0%
105.0%
110.0%
12/31/21 03/31/22 06/30/22 09/30/22 12/31/22 03/31/23 06/30/23 09/30/23 Duration as a % of the Benchmark

0.7%

1.1%

6.0%

6.3%

21.2%

24.9%

39.9%

1.0%

1.8%

7.0%

8.2%

19.3%

25.4%

37.4%
Money Market
Fund
Supranational
CMO
ABS
Agency
Corporate
US Treasury
Portfolio Allocation
09/30/23
06/30/23
19 314
Duration Allocation As of September 30, 2023
City of Shasta Lake
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ 09/30/23 4.6% 7.9% 15.0% 36.6% 20.2% 11.8% 3.9% 0.0%
0%
5%
10%
15%
20%
25%
30%
35%
40%
0 - 0.25 Years 0.25 - 0.5 Years 0.5 - 1 Years 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years 5+ Years ABS
Agency
CMO
Corporate
Money Market Fund
Supranational
US Treasury
20 315
Issue Name Investment Type % Portfolio
Government of United States US Treasury 37.39%
Federal Home Loan Bank Agency 11.20%
Federal Home Loan Mortgage Corp CMO 6.96%
Federal Farm Credit Bank Agency 4.65%
Federal National Mortgage Association Agency 2.64%
American Express ABS ABS 2.15%
John Deere ABS ABS 1.72%
JP Morgan ABS ABS 1.51%
Target Corp Corporate 1.43%
Deere & Company Corporate 1.37%
Honda ABS ABS 1.29%
Morgan Stanley Corporate 1.23%
Amazon.com Inc Corporate 1.21%
JP Morgan Chase & Co Corporate 1.20%
Toronto Dominion Holdings Corporate 1.17%
Royal Bank of Canada Corporate 1.16%
Paccar Financial Corporate 1.15%
Bank of Montreal Chicago Corporate 1.15%
National Rural Utilities Corporate 1.13%
Honeywell Corp Corporate 1.12%
Inter-American Dev Bank Supranational 1.06%
Wells Fargo 100% Treasury MMKT Fund Money Market Fund 1.02% Chubb Corporation Corporate 1.00%
Northern Trust Corp Corporate 1.00%
Wal-Mart Stores Corporate 0.99%
Toyota Motor Corp Corporate 0.90%
Florida Power and Light Corporate 0.88%
Charles Schwab Corp/The Corporate 0.87%
US Bancorp Corporate 0.87%
Home Depot Corporate 0.87%
Caterpillar Inc Corporate 0.87%
Federal Home Loan Mortgage Corp Agency 0.81%
Duke Energy Field Services Corporate 0.72%
MasterCard Inc Corporate 0.71%
Toyota ABS ABS 0.71%
Apple Inc Corporate 0.70%
International Finance Corp Supranational 0.68%
Bank of America Corp Corporate 0.57%
Issuers
City of Shasta Lake – Account #10203
As of September 30, 2023
21 316
Issue Name Investment Type % Portfolio
BMW ABS ABS 0.54%
Bank of New York Corporate 0.35%
State Street Bank Corporate 0.32%
United Health Group Inc Corporate 0.29%
BMW Vehicle Lease Trust ABS 0.16%
Salesforce.com Inc Corporate 0.14%
Mercedes-Benz Auto Lease Trust ABS 0.13%
TOTAL 100.00%
Issuers
City of Shasta Lake – Account #10203
As of September 30, 2023
22 317
AAA AA A <A NR
09/30/23 9.6% 59.6% 22.5% 0.0% 8.3%
06/30/23 7.3% 64.0% 22.0% 0.0% 6.7%
Source: S&P Ratings
September 30, 2023 vs. June 30, 2023

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%
AAA AA A <A NR
09/30/23 06/30/23
Quality Distribution
City of Shasta Lake
As of September 30, 2023
23 318

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ September 30, 2023 June 30, 2023
September 30, 2023 vs. June 30, 2023
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ 09/30/23 4.6% 7.9% 15.0% 36.6% 20.2% 11.8% 3.9% 0.0%
06/30/23 5.3% 8.4% 17.0% 39.3% 17.0% 8.2% 4.7% 0.0%
City of Shasta Lake
Duration Distribution As of September 30, 2023
24 319
-1.50%
-1.00%
-0.50%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%
12 months 2 years 3 years 5 years 10 years Since Inception City of Shasta Lake ICE BofA 1-3 Yr US Treasury & Agency Index Total Rate of Return Annualized Since Inception December 31, 2013 Annualized
TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since Inception
City of Shasta Lake 0.74% 3.00% -0.73% -0.45% 1.32% N/A 1.17% ICE BofA 1-3 Yr US Treasury & Agency Index 0.74% 2.49% -1.26% -0.83% 1.06% N/A 0.83% Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.

Investment Performance
City of Shasta Lake
As of September 30, 2023
25 320
Purchase Yield as of 09/30/23 = 2.47%

0.00 0.50

1.00 1.50

2.00 2.50

3.00 Percent (%)
Historical Average Purchase Yield
City of Shasta Lake
As of September 30, 2023
26 321
Portfolio Characteristics
City of Shasta Lake Reporting Account
09/30/23
Portfolio
06/30/23
Portfolio
Average Maturity (yrs) 0.00 0.00
Modified Duration 0.00 0.00
Average Purchase Yield 3.61% 3.26%
Average Market Yield 3.61% 3.26%
Average Quality* NR/NR NR/NR
Total Market Value 16,224,013 19,573,747
*Portfolio is S&P and Moody’s, respectively.

As of September 30, 2023
27 322
SECTION | Section 3 | Consolidated Information
28 323
Portfolio Characteristics
City of Shasta Lake Consolidated
09/30/23 06/30/23
Portfolio Portfolio
Average Maturity (yrs) 1.38 1.18
Modified Duration 1.17 1.04
Average Purchase Yield 2.83% 2.42%
Average Market Yield 4.76% 4.44%
Average Quality* AA/Aa1 AA/Aa1
Total Market Value 49,808,983 52,910,772
* Portfolio is S&P and Moody’s respectively.

As of September 30, 2023
29 324
City of Shasta Lake Consolidated
Sector Distribution
ABS

5.5%
Agency

13.0%
CMO

4.7%
Corporate

17.1%
LAIF

32.6%
Money Market
Fund

0.7%
Supranational

1.2%
US Treasury

25.2%
September 30, 2023 June 30, 2023
ABS

4.0%
Agency

13.4%
CMO

3.8%
Corporate

15.7%
LAIF

37.0%
Money Market
Fund

0.4%
Supranational

0.7%
US Treasury

25.1%
As of September 30, 2023
30 325
SECTION | Section 4 | Portfolio Holdings
31 326
Holdings Report
City of Shasta Lake - Account #10203
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
ABS
58769KAD6 Mercedes-Benz Auto Lease Trust 2021-B A3

0.400% Due 11/15/2024
45,057.07 06/22/2021

0.40%
45,053.66
45,056.68

99.15 5.55%
44,673.00

8.01 0.13%
(383.68)

NR / AAA
AAA

1.13 0.16
09690AAC7 BMW Vehicle Lease Trust 2021-2 A3

0.330% Due 12/26/2024
14,232.46 09/08/2021

0.34%
14,230.99
14,232.31

99.43 5.99%
14,151.66

0.78 0.04%
(80.65)
Aaa / NR
AAA

1.24 0.10
05601XAC3 BMW Vehicle Lease Trust 2022-1 A3

1.100% Due 03/25/2025
40,440.60 01/11/2022

1.11%
40,434.55
40,439.26

98.83 6.13%
39,966.03

7.41 0.12%
(473.23)

NR / AAA
AAA

1.48 0.23
43813GAC5 Honda Auto Receivables Trust 2021-1 A3

0.270% Due 04/21/2025
32,006.83 02/17/2021

0.27%
32,006.25
32,006.74

98.22 6.10%
31,437.05

2.40 0.09%
(569.69)
Aaa / NR
AAA

1.56 0.30
89240BAC2 Toyota Auto Receivables Owners 2021-A A3

0.260% Due 05/15/2025
60,151.83 02/02/2021

0.27%
60,140.67
60,150.19

98.27 6.03%
59,113.73

6.95 0.18%
(1,036.46)
Aaa / NR
AAA

1.62 0.30
47788UAC6 John Deere Owner Trust 2021-A A3

0.360% Due 09/15/2025
36,729.04 03/02/2021

0.37%
36,721.97
36,727.00

97.63 6.07%
35,858.49

5.88 0.11%
(868.51)
Aaa / NR
AAA

1.96 0.41
43815EAC8 Honda Auto Receivables 2021-3 A3

0.410% Due 11/18/2025
166,528.53 03/29/2022

2.50%
160,439.82
163,910.95

96.84 6.06%
161,264.06

24.66 0.48%
(2,646.89)

NR / AAA
AAA

2.14 0.56
43815GAC3 Honda Auto Receivables Trust 2021-4 A3

0.880% Due 01/21/2026
68,571.15 11/16/2021

0.89%
68,556.70
68,564.94

96.10 6.44%
65,897.77

16.76 0.20%
(2,667.17)
Aaa / NR
AAA

2.31 0.70
47789QAC4 John Deere Owner Trust 2021-B A3

0.520% Due 03/16/2026
73,831.31 07/13/2021

0.52%
73,824.73
73,828.69

96.59 5.88%
71,310.86

17.06 0.21%
(2,517.83)
Aaa / NR
AAA

2.46 0.64
89238JAC9 Toyota Auto Receivables Trust 2021-D A3

0.710% Due 04/15/2026
64,872.50 11/09/2021

0.71%
64,871.12
64,871.92

96.20 6.20%
62,406.24

20.47 0.19%
(2,465.68)

NR / AAA
AAA

2.54 0.69
43815BAC4 Honda Auto Receivables Trust 2022-1 A3

1.880% Due 05/15/2026
180,000.00 02/15/2022

1.89%
179,972.93
179,986.38

96.48 5.78%
173,658.78
150.40

0.52%
(6,327.60)
Aaa / AAA
NR

2.62 0.91
05602RAD3 BMW Vehicle Owner Trust 2022-A A3

3.210% Due 08/25/2026
120,000.00 05/10/2022

3.23%
119,993.76
119,996.52

97.56 5.95%
117,066.12

64.20 0.35%
(2,930.40)
Aaa / AAA
NR

2.90 0.90
89238FAD5 Toyota Auto Receivables OT 2022-B A3

2.930% Due 09/15/2026
120,000.00 04/07/2022

2.95%
119,997.19
119,998.46

97.35 5.57%
116,822.76
156.27

0.35%
(3,175.70)
Aaa / AAA
NR

2.96 1.01
47787JAC2 John Deere Owner Trust 2022-A A3

2.320% Due 09/16/2026
140,000.00 03/10/2022

2.34%
139,969.03
139,982.69

96.82 6.16%
135,541.14
144.36

0.40%
(4,441.55)
Aaa / NR
AAA

2.96 0.83
02582JJT8 American Express Credit Trust 2022-2 A

3.390% Due 05/17/2027
305,000.00 05/17/2022

3.42%
304,932.53
304,963.25

96.51 5.72%
294,346.05
459.53

0.88%
(10,617.20)

NR / AAA
AAA

3.63 1.53
161571HS6 Chase Issuance Trust 22-A1 A

3.970% Due 09/15/2027
220,000.00 04/10/2023

4.54%
217,335.16
217,851.32

97.15 5.58%
213,735.06
388.17

0.64%
(4,116.26)

NR / AAA
AAA

3.96 1.82
05592XAD2 BMW Vehicle Owner Trust 2023-A A3

5.470% Due 02/25/2028
65,000.00 07/11/2023

5.54%
64,988.48
64,989.18

99.74 5.67%
64,829.05

59.26 0.19%
(160.13)

NR / AAA
AAA

4.41 1.88
As of September 30, 2023
32 327
Holdings Report
City of Shasta Lake - Account #10203
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
02582JJZ4 American Express Credit Trust 2023-1 A

4.870% Due 05/15/2028
135,000.00 06/07/2023

4.92%
134,988.03
134,989.25

98.75 5.44%
133,315.74
292.20

0.40%
(1,673.51)

NR / AAA
AAA

4.63 2.39
47787CAC7 John Deere Owner Trust 2023-C A3

5.480% Due 05/15/2028
335,000.00 09/12/2023

5.55%
334,976.99
334,977.20

99.79 5.64%
334,304.88
611.93

1.00%
(672.32)
Aaa / NR
AAA

4.63 2.25
161571HT4 Chase Issuance Trust 23-A1 A

5.160% Due 09/15/2028
295,000.00 09/07/2023

5.23%
294,918.23
294,919.42

99.63 5.35%
293,913.81
676.53

0.88%
(1,005.61)

NR / AAA
AAA

4.96 2.66
02582JKD1 American Express Credit Trust 2023-3 A

5.230% Due 09/15/2028
295,000.00 09/12/2023

5.29%
294,986.81
294,986.95

99.80 5.36%
294,417.97
514.28

0.88%
(568.98)

NR / AAA
AAA

4.96 2.66
TOTAL ABS 2,812,421.32 3.59%
2,803,339.60
2,807,429.30 5.71%
2,758,030.25
3,627.51

8.22%
(49,399.05)
Aaa / AAA
AAA

3.63 1.59
Agency
3133EMBS0 FFCB Note

0.200% Due 10/02/2023
250,000.00 09/28/2020

0.24%
249,702.50
249,999.73
100.00

0.20%
250,000.00
248.61

0.75%

0.27 Aaa / AA+
AA+

0.01 0.01
3135G06H1 FNMA Note

0.250% Due 11/27/2023
340,000.00 11/23/2020

0.29%
339,612.40
339,979.86

99.22 5.19%
337,357.86
292.78

1.01%
(2,622.00)
Aaa / AA+
AA+

0.16 0.16
3137EAFA2 FHLMC Note

0.250% Due 12/04/2023
275,000.00 12/02/2020

0.28%
274,727.75
274,984.09

99.11 5.27%
272,564.60
223.44

0.81%
(2,419.49)
Aaa / AA+
AA+

0.18 0.18
3130A3VC5 FHLB Note

2.250% Due 12/08/2023
230,000.00 09/12/2019

1.71%
235,037.23
230,221.42

99.31 5.92%
228,404.26
1,624.38

0.68%
(1,817.16)
Aaa / AA+
NR

0.19 0.19
3133EMRZ7 FFCB Note

0.250% Due 02/26/2024
385,000.00 02/22/2021

0.26%
384,861.40
384,981.27

97.94 5.43%
377,086.71

93.58 1.12%
(7,894.56)
Aaa / AA+
AA+

0.41 0.40
3130A7PH2 FHLB Note

1.875% Due 03/08/2024
500,000.00 03/03/2020

0.85%
520,175.00
502,189.64

98.40 5.59%
492,021.50
598.96

1.47%
(10,168.14)
Aaa / AA+
NR

0.44 0.43
3130AJX95 FHLB Note

0.250% Due 09/13/2024
500,000.00 10/29/2020

0.29%
499,205.00
499,804.34

95.17 5.52%
475,869.00

62.50 1.42%
(23,935.34)
Aaa / AA+
NR

0.96 0.93
3133ENKS8 FFCB Note

1.125% Due 01/06/2025
180,000.00 01/06/2022

1.20%
179,595.00
179,828.13

94.84 5.39%
170,714.70
478.13

0.51%
(9,113.43)
Aaa / AA+
AA+

1.27 1.22
3133ENPG9 FFCB Note

1.750% Due 02/14/2025
450,000.00 02/10/2022

1.84%
448,798.50
449,449.18

95.19 5.44%
428,337.45
1,028.13

1.28%
(21,111.73)
Aaa / AA+
AA+

1.38 1.32
3135G05X7 FNMA Note

0.375% Due 08/25/2025
600,000.00 03/07/2022

1.78%
571,872.00
584,580.70

91.47 5.14%
548,811.60
225.00

1.63%
(35,769.10)
Aaa / AA+
AA+

1.90 1.85
3130ATUC9 FHLB Note

4.500% Due 12/12/2025
600,000.00 02/09/2023

4.25%
603,876.00
603,004.27

98.72 5.12%
592,338.60
8,175.00

1.79%
(10,665.67)
Aaa / AA+
NR

2.20 2.04
3130AUU36 FHLB Note

4.125% Due 03/13/2026
600,000.00 03/14/2023

4.30%
597,042.00
597,582.77

98.16 4.93%
588,930.60
1,237.50

1.76%
(8,652.17)
Aaa / AA+
NR

2.45 2.30
As of September 30, 2023
33 328
Holdings Report
City of Shasta Lake - Account #10203
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
3130AWGR5 FHLB Note

4.375% Due 06/12/2026
275,000.00 07/10/2023

4.67%
272,805.50
272,974.15

98.59 4.94%
271,117.55
3,342.01

0.82%
(1,856.60)
Aaa / AA+
NR

2.70 2.48
3133EPSW6 FFCB Note

4.500% Due 08/14/2026
335,000.00 08/09/2023

4.58%
334,229.50
334,263.24

99.01 4.87%
331,683.83
1,968.13

0.99%
(2,579.41)
Aaa / AA+
AA+

2.87 2.65
3130AWTQ3 FHLB Note

4.625% Due 09/11/2026
600,000.00 09/18/2023

4.87%
595,980.00
596,024.34

99.20 4.91%
595,224.00
4,393.75

1.79%
(800.34)
Aaa / AA+
NR

2.95 2.70
3130ATUS4 FHLB Note

4.250% Due 12/10/2027
500,000.00 05/15/2023

3.66%
512,310.00
511,292.16

98.25 4.71%
491,267.00
6,552.08

1.48%
(20,025.16)
Aaa / AA+
NR

4.20 3.75
TOTAL Agency 6,620,000.00 2.43%
6,619,829.78
6,611,159.29 4.99%
6,451,729.26
30,543.98

19.30%
(159,430.03)
Aaa / AA+
AA+

1.72 1.60
CMO
3137BBBD1 FHLMC K038 A2

3.389% Due 03/25/2024
291,815.23 02/10/2022

1.44%
299,771.76
293,438.58

98.99 5.81%
288,874.61
824.13

0.86%
(4,563.97)

NR / NR
AAA

0.48 0.33
3137BM7C4 FHLMC K051 A2

3.308% Due 09/25/2025
400,000.00 Various

3.19%
400,746.09
400,335.57

96.05 5.51%
384,206.80
1,102.67

1.15%
(16,128.77)

NR / NR
AAA

1.99 1.74
3137BNGT5 FHLMC K054 A2

2.745% Due 01/25/2026
300,000.00 02/22/2023

5.02%
284,343.75
287,598.56

94.47 5.41%
283,409.10
686.25

0.85%
(4,189.46)

NR / AAA
NR

2.32 2.06
3137FETN0 FHLMC K073 A2

3.350% Due 01/25/2028
500,000.00 05/24/2023

4.34%
480,546.88
481,964.98

93.02 5.19%
465,124.00
279.17

1.39%
(16,840.98)

NR / NR
AAA

4.32 3.83
3137FEZU7 FHLMC K076 A2

3.900% Due 04/25/2028
375,000.00 09/19/2023

4.96%
358,769.53
358,856.63

94.92 5.17%
355,953.38
1,218.75

1.06%
(2,903.25)

NR / NR
AAA

4.57 4.00
3137FG6X8 FHLMC K077 A2

3.850% Due 05/25/2028
585,000.00 05/24/2023

4.65%
574,259.77
574,990.72

94.67 5.16%
553,809.56
375.38

1.65%
(21,181.16)

NR / NR
AAA

4.65 4.07
TOTAL CMO 2,451,815.23 4.04%
2,398,437.78
2,397,185.04 5.33%
2,331,377.45
4,486.35

6.96%
(65,807.59)

NR / AAA
AAA

3.34 2.92
Corporate
808513BN4 Charles Schwab Corp Callable Note Cont 2/18/2024

0.750% Due 03/18/2024
300,000.00 Various

0.63%
300,856.50
300,132.53

97.61 6.02%
292,823.11

81.25 0.87%
(7,309.42)
A2 / AA0.47

0.45 023135BW5 Amazon.com Inc Note

0.450% Due 05/12/2024
190,000.00 05/10/2021

0.50%
189,722.60
189,943.31

96.90 5.63%
184,112.47
330.13

0.55%
(5,830.84)
A1 / AA
AA0.620.60
91324PEB4 United Health Group Inc Callable Note Cont 5/15/2022

0.550% Due 05/15/2024
100,000.00 11/08/2021

0.78%
99,426.00
99,857.91

96.85 5.75%
96,849.30
207.78

0.29%
(3,008.61)
A2 / A+
A

0.62 0.61
As of September 30, 2023
34 329
Holdings Report
City of Shasta Lake - Account #10203
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
14913R2L0 Caterpillar Financial Service Note

0.450% Due 05/17/2024
300,000.00 05/10/2021

0.50%
299,598.00
299,916.01

96.87 5.57%
290,611.80
502.50

0.87%
(9,304.21)
A2 / A
A+

0.63 0.61
89114QCA4 Toronto Dominion Bank Note

2.650% Due 06/12/2024
250,000.00 04/23/2021

0.65%
265,442.50
253,448.19

97.71 6.03%
244,280.25
2,005.90

0.73%
(9,167.94)
A1 / A
AA0.700.67
89236TJH9 Toyota Motor Credit Corp Note

0.500% Due 06/18/2024
150,000.00 02/22/2022

1.91%
145,219.50
148,523.42

96.42 5.67%
144,629.70
214.58

0.43%
(3,893.72)
A1 / A+
A+

0.72 0.70
06367TQW3 Bank of Montreal Note

0.625% Due 07/09/2024
400,000.00 Various

1.11%
395,357.50
398,521.68

96.00 5.98%
384,010.00
569.44

1.15%
(14,511.68)
A2 / AAA0.78

0.75 79466LAG9 Salesforce.com Inc Callable Note Cont 7/15/2022

0.625% Due 07/15/2024
50,000.00 06/29/2021

0.64%
49,974.50
49,993.32

96.11 5.72%
48,055.65

65.97 0.14%
(1,937.67)
A2 / A+
NR

0.79 0.77
91159HHX1 US Bancorp Callable Note Cont 6/28/2024

2.400% Due 07/30/2024
300,000.00 02/05/2021

0.47%
319,449.00
304,267.76

97.14 5.97%
291,406.20
1,220.00

0.87%
(12,861.56)
A3 / A
A

0.83 0.80
78015K7C2 Royal Bank of Canada Note

2.250% Due 11/01/2024
400,000.00 Various

1.04%
417,187.00
405,158.74

96.13 5.98%
384,518.00
3,750.00

1.16%
(20,640.74)
A1 / A
AA1.091.04
69371RR57 Paccar Financial Corp Note

0.900% Due 11/08/2024
195,000.00 11/02/2021

0.90%
194,988.30
194,995.69

94.83 5.79%
184,922.79
697.13

0.55%
(10,072.90)
A1 / A+
NR

1.11 1.07
89236TJT3 Toyota Motor Credit Corp Note

1.450% Due 01/13/2025
165,000.00 01/10/2022

1.50%
164,778.90
164,905.19

94.95 5.57%
156,662.88
518.38

0.47%
(8,242.31)
A1 / A+
A+

1.29 1.24
63743HFC1 National Rural Utilities Note

1.875% Due 02/07/2025
400,000.00 03/18/2022

2.76%
390,280.00
395,430.77

94.99 5.78%
379,946.40
1,125.00

1.13%
(15,484.37)
A2 / AA1.36

1.30 46647PBY1 JP Morgan Chase & Co Callable Note Cont 2/16/2024

0.563% Due 02/16/2025
165,000.00 02/09/2021

0.56%
165,000.00
165,000.00

97.76 6.08%
161,310.44
116.12

0.48%
(3,689.56)
A1 / AAA1.38

1.31 57636QAN4 MasterCard Inc Callable Note 1x 02/03/2025

2.000% Due 03/03/2025
250,000.00 10/28/2021

1.04%
257,622.50
253,145.08

95.30 5.47%
238,256.50
388.89

0.71%
(14,888.58)
Aa3 / A+
NR

1.42 1.37
24422EWB1 John Deere Capital Corp Note

2.125% Due 03/07/2025
140,000.00 03/02/2022

2.14%
139,939.80
139,971.27

95.26 5.60%
133,367.78
198.33

0.40%
(6,603.49)
A2 / A
A+

1.44 1.38
87612EBL9 Target Corp Callable Note Cont 4/15/25

2.250% Due 04/15/2025
500,000.00 01/31/2022

1.75%
507,570.00
503,535.33

95.29 5.48%
476,453.50
5,187.50

1.43%
(27,081.83)
A2 / A
A

1.54 1.47
437076CM2 Home Depot Callable Note Cont 3/15/2025

2.700% Due 04/15/2025
300,000.00 03/24/2022

2.76%
299,475.00
299,735.14

96.04 5.41%
288,130.80
3,735.00

0.87%
(11,604.34)
A2 / A
A

1.54 1.46
06406RBC0 Bank of NY Mellon Corp Callable Note Cont 3/25/2025

3.350% Due 04/25/2025
120,000.00 04/19/2022

3.35%
119,983.20
119,991.22

96.42 5.77%
115,705.80
1,742.00

0.35%
(4,285.42)
A1 / A
AA1.571.48
As of September 30, 2023
35 330
Holdings Report
City of Shasta Lake - Account #10203
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
037833DT4 Apple Inc Callable Note Cont 4/11/2025

1.125% Due 05/11/2025
250,000.00 02/22/2022

2.01%
243,160.00
246,568.33

93.53 5.36%
233,830.50
1,093.75

0.70%
(12,737.83)
Aaa / AA+
NR

1.61 1.55
46647PCH7 JP Morgan Chase & Co Callable Note Cont 6/1/2024

0.824% Due 06/01/2025
250,000.00 05/24/2021

0.78%
250,324.05
250,072.14

96.27 6.23%
240,663.26
686.66

0.72%
(9,408.88)
A1 / AAA1.67

1.59 438516CB0 Honeywell Intl Callable Note Cont 5/1/2025

1.350% Due 06/01/2025
400,000.00 03/09/2022

2.31%
388,112.00
393,854.17

93.59 5.41%
374,369.20
1,800.00

1.12%
(19,484.97)
A2 / A
A

1.67 1.61
89115A2A9 Toronto-Dominion Bank Note

3.766% Due 06/06/2025
150,000.00 06/02/2022

3.70%
150,274.50
150,154.06

96.72 5.84%
145,078.35
1,804.54

0.44%
(5,075.71)
A1 / A
NR

1.68 1.58
26442UAA2 Duke Energy Progress LLC Callable Note Cont 5/15/25

3.250% Due 08/15/2025
250,000.00 04/26/2022

3.25%
250,000.00
250,000.00

96.04 5.50%
240,097.00
1,038.19

0.72%
(9,903.00)
Aa3 / A
NR

1.88 1.78
931142EW9 Wal-Mart Stores Note

3.900% Due 09/09/2025
90,000.00 09/06/2022

3.92%
89,937.00
89,959.25

97.48 5.28%
87,731.37
214.50

0.26%
(2,227.88)
Aa2 / AA
AA

1.95 1.84
023135CN4 Amazon.com Inc Note

4.600% Due 12/01/2025
220,000.00 11/29/2022

4.60%
219,986.80
219,990.46

98.72 5.23%
217,193.46
3,373.33

0.66%
(2,797.00)
A1 / AA
AA2.172.01
857477BR3 State Street Bank Callable Note Cont 2/6/2025

1.746% Due 02/06/2026
115,000.00 02/02/2022

1.75%
115,000.00
115,000.00

94.37 6.16%
108,519.98
306.76

0.32%
(6,480.02)
A1 / A
AA2.361.30
06051GFX2 Bank of America Corp Note

3.500% Due 04/19/2026
200,000.00 01/11/2023

4.72%
192,700.00
194,298.41

94.41 5.89%
188,821.80
3,150.00

0.57%
(5,476.61)
A1 / AAA2.55

2.35 00440EAV9 Chubb INA Holdings Inc Callable Note Cont 2/3/2026

3.350% Due 05/03/2026
350,000.00 03/09/2023

5.09%
332,542.00
335,616.56

94.85 5.51%
331,977.10
4,820.28

1.00%
(3,639.46)
A3 / A
A

2.59 2.40
69371RS56 Paccar Financial Corp Note

5.050% Due 08/10/2026
200,000.00 08/03/2023

5.07%
199,900.00
199,904.74

99.52 5.23%
199,036.60
1,430.83

0.60%
(868.14)
A1 / A+
NR

2.86 2.61
24422EXD6 John Deere Capital Corp Note

5.150% Due 09/08/2026
325,000.00 09/05/2023

5.13%
325,204.75
325,200.45

99.68 5.27%
323,975.93
1,069.34

0.97%
(1,224.52)
A2 / A
A+

2.94 2.69
665859AW4 Northern Trust Company Callable Note Cont 4/10/2027

4.000% Due 05/10/2027
350,000.00 09/08/2022

4.09%
348,705.00
348,997.35

94.59 5.68%
331,075.15
5,483.33

1.00%
(17,922.20)
A2 / A+
A+

3.61 3.24
931142FB4 Wal-Mart Stores Callable Note Cont 3/15/28

3.900% Due 04/15/2028
250,000.00 05/23/2023

4.20%
246,730.00
246,966.05

95.47 5.03%
238,666.00
4,414.58

0.72%
(8,300.05)
Aa2 / AA
AA

4.55 4.02
341081GN1 Florida Power and Light Callable Note Cont 3/15/2028

4.400% Due 05/15/2028
300,000.00 05/23/2023

4.64%
296,808.00
297,034.62

96.42 5.28%
289,274.70
4,876.67

0.88%
(7,759.92)
Aa2 / A+
AA4.634.05
As of September 30, 2023
36 331
Holdings Report
City of Shasta Lake - Account #10203
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
61744YAK4 Morgan Stanley Callable Note 1X 7/22/2027

3.591% Due 07/22/2028
450,000.00 08/24/2023

6.08%
415,282.50
415,941.94

91.24 6.21%
410,571.00
3,097.24

1.23%
(5,370.94)
A1 / AA+4.81

3.45 TOTAL Corporate 8,825,000.00 2.57%
8,786,537.40
8,766,031.09 5.67%
8,456,934.77
61,315.90

25.36%
(309,096.32)
A1 / A
A+

1.93 1.73
Money Market Fund
94975H270 Wells Fargo 100% Treasury Money Mkt Fund

343,034.33 Various

4.91%
343,034.33
343,034.33

1.00 4.91%
343,034.33

0.00 1.02%

0.00 Aaa / AAA
NR

0.00 0.00
TOTAL Money Market Fund 343,034.33 4.91%
343,034.33
343,034.33 4.91%
343,034.33

0.00 1.02%

0.00 Aaa / AAA
NR

0.00 0.00
Supranational
4581X0DZ8 Inter-American Dev Bank Note

0.500% Due 09/23/2024
375,000.00 09/15/2021

0.52%
374,722.50
374,909.36

95.14 5.67%
356,768.25

41.67 1.06%
(18,141.11)
Aaa / AAA
NR

0.98 0.95
45950KDD9 International Finance Corp Note

4.500% Due 07/13/2028
230,000.00 07/06/2023

4.53%
229,744.70
229,755.88

98.82 4.78%
227,283.47
2,242.50

0.68%
(2,472.41)
Aaa / AAA
NR

4.79 4.21
TOTAL Supranational 605,000.00 2.04%
604,467.20
604,665.24 5.32%
584,051.72
2,284.17

1.75%
(20,613.52)
Aaa / AAA
NR

2.47 2.23
US Treasury
91282CBE0 US Treasury Note

0.125% Due 01/15/2024
250,000.00 01/12/2021

0.24%
249,111.33
249,913.97

98.50 5.35%
246,259.75

66.24 0.73%
(3,654.22)
Aaa / AA+
AA+

0.29 0.29
912828V80 US Treasury Note

2.250% Due 01/31/2024
350,000.00 12/30/2019

1.69%
357,697.27
350,629.40

98.96 5.41%
346,349.50
1,326.77

1.04%
(4,279.90)
Aaa / AA+
AA+

0.34 0.33
91282CBM2 US Treasury Note

0.125% Due 02/15/2024
500,000.00 02/16/2021

0.22%
498,554.69
499,818.84

98.06 5.40%
490,312.50

79.82 1.46%
(9,506.34)
Aaa / AA+
AA+

0.38 0.37
91282CBV2 US Treasury Note

0.375% Due 04/15/2024
500,000.00 06/28/2021

0.42%
499,316.41
499,867.97

97.32 5.48%
486,582.00
865.78

1.45%
(13,285.97)
Aaa / AA+
AA+

0.54 0.53
91282CCL3 US Treasury Note

0.375% Due 07/15/2024
500,000.00 08/05/2021

0.37%
500,136.72
500,036.66

96.10 5.48%
480,508.00
397.42

1.43%
(19,528.66)
Aaa / AA+
AA+

0.79 0.77
912828YE4 US Treasury Note

1.250% Due 08/31/2024
500,000.00 01/08/2021

0.30%
517,109.38
504,316.00

96.24 5.50%
481,211.00
532.28

1.43%
(23,105.00)
Aaa / AA+
AA+

0.92 0.89
91282CCX7 US Treasury Note

0.375% Due 09/15/2024
300,000.00 09/10/2021

0.44%
299,378.91
299,801.66

95.29 5.48%
285,879.00

49.45 0.85%
(13,922.66)
Aaa / AA+
AA+

0.96 0.93
912828YM6 US Treasury Note

1.500% Due 10/31/2024
675,000.00 Various

1.34%
679,541.02
676,179.49

95.91 5.44%
647,367.53
4,237.09

1.94%
(28,811.96)
Aaa / AA+
AA+

1.09 1.04
As of September 30, 2023
37 332
Holdings Report
City of Shasta Lake - Account #10203
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
91282CDH1 US Treasury Note

0.750% Due 11/15/2024
350,000.00 11/29/2021

0.81%
349,357.42
349,755.69

94.98 5.40%
332,445.40
991.51

0.99%
(17,310.29)
Aaa / AA+
AA+

1.13 1.09
91282CDN8 US Treasury Note

1.000% Due 12/15/2024
450,000.00 12/29/2021

0.99%
450,193.36
450,078.88

94.96 5.37%
427,306.50
1,327.87

1.28%
(22,772.38)
Aaa / AA+
AA+

1.21 1.17
912828Z52 US Treasury Note

1.375% Due 01/31/2025
500,000.00 02/11/2021

0.31%
520,996.09
507,071.15

94.95 5.34%
474,765.50
1,158.29

1.42%
(32,305.65)
Aaa / AA+
AA+

1.34 1.29
912828ZC7 US Treasury Note

1.125% Due 02/28/2025
600,000.00 01/28/2022

1.42%
594,773.44
597,600.62

94.39 5.28%
566,343.60
574.86

1.69%
(31,257.02)
Aaa / AA+
AA+

1.42 1.37
912828ZF0 US Treasury Note

0.500% Due 03/31/2025
600,000.00 01/28/2022

1.43%
582,867.19
591,886.02

93.18 5.29%
559,101.60

8.20 1.66%
(32,784.42)
Aaa / AA+
AA+

1.50 1.46
912828ZL7 US Treasury Note

0.375% Due 04/30/2025
1,100,000.00 Various

0.96%
1,079,429.69
1,090,030.28

92.71 5.23%
1,019,777.00
1,726.23

3.04%
(70,253.28)
Aaa / AA+
AA+

1.58 1.54
912828ZT0 US Treasury Note

0.250% Due 05/31/2025
600,000.00 02/25/2022

1.85%
569,765.63
584,526.52

92.21 5.19%
553,265.40
504.10

1.65%
(31,261.12)
Aaa / AA+
AA+

1.67 1.62
912828ZW3 US Treasury Note

0.250% Due 06/30/2025
500,000.00 02/04/2022

1.60%
477,753.91
488,544.79

91.91 5.15%
459,531.50
315.90

1.37%
(29,013.29)
Aaa / AA+
AA+

1.75 1.70
91282CAB7 US Treasury Note

0.250% Due 07/31/2025
600,000.00 Various

1.37%
576,843.75
588,010.19

91.56 5.13%
549,375.00
252.72

1.64%
(38,635.19)
Aaa / AA+
AA+

1.84 1.78
9128285C0 US Treasury Note

3.000% Due 09/30/2025
500,000.00 06/13/2022

3.42%
493,515.63
496,068.45

96.12 5.06%
480,605.50

40.98 1.43%
(15,462.95)
Aaa / AA+
AA+

2.00 1.91
912828M56 US Treasury Note

2.250% Due 11/15/2025
750,000.00 07/08/2022

3.18%
728,056.64
736,076.82

94.48 5.02%
708,633.00
6,373.98

2.13%
(27,443.82)
Aaa / AA+
AA+

2.13 2.02
9128285T3 US Treasury Note

2.625% Due 12/31/2025
750,000.00 08/05/2022

3.13%
737,988.28
742,043.81

95.05 4.98%
712,851.75
4,975.37

2.14%
(29,192.06)
Aaa / AA+
AA+

2.25 2.13
91282CGV7 US Treasury Note

3.750% Due 04/15/2026
350,000.00 07/26/2023

4.61%
342,398.44
342,903.68

97.27 4.91%
340,429.60
6,060.45

1.03%
(2,474.08)
Aaa / AA+
AA+

2.54 2.35
912828V98 US Treasury Note

2.250% Due 02/15/2027
400,000.00 12/12/2022

3.91%
374,593.75
379,458.42

92.28 4.75%
369,109.20
1,149.46

1.10%
(10,349.22)
Aaa / AA+
AA+

3.38 3.18
91282CEF4 US Treasury Note

2.500% Due 03/31/2027
750,000.00 11/28/2022

4.01%
705,292.97
713,912.21

92.89 4.73%
696,650.25

51.23 2.07%
(17,261.96)
Aaa / AA+
AA+

3.50 3.29
91282CEW7 US Treasury Note

3.250% Due 06/30/2027
450,000.00 10/05/2022

4.01%
435,392.58
438,402.23

95.01 4.72%
427,552.65
3,695.99

1.28%
(10,849.58)
Aaa / AA+
AA+

3.75 3.44
As of September 30, 2023
38 333
Holdings Report
City of Shasta Lake - Account #10203
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
91282CFH9 US Treasury Note

3.125% Due 08/31/2027
400,000.00 01/20/2023

3.59%
392,109.38
393,287.57

94.38 4.71%
377,515.60
1,064.56

1.13%
(15,771.97)
Aaa / AA+
AA+

3.92 3.62
TOTAL US Treasury 13,225,000.00 1.84%
13,012,173.88
13,070,221.32 5.18%
12,519,728.33
37,826.55

37.39%
(550,492.99)
Aaa / AA+
AA+

1.73 1.65
TOTAL PORTFOLIO 34,882,270.88 2.47%
34,567,819.97
34,599,725.61 5.32%
33,444,886.11
140,084.46
100.00%
(1,154,839.50)
Aa1 / AA
AA+

2.04 1.74
TOTAL MARKET VALUE PLUS ACCRUALS 33,584,970.57
As of September 30, 2023
39 334
Holdings Report
City of Shasta Lake Reporting Account - Account #10208
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
LAIF
90LAIF$00 Local Agency Investment Fund State Pool

16,080,991.34 Various

3.61%
16,080,991.34
16,080,991.34

1.00 3.61%
16,080,991.34
143,021.44
100.00%

0.00 NR / NR
NR

0.00 0.00
TOTAL LAIF 16,080,991.34 3.61%
16,080,991.34
16,080,991.34 3.61%
16,080,991.34
143,021.44
100.00%

0.00 NR / NR
NR

0.00 0.00
TOTAL PORTFOLIO 16,080,991.34 3.61%
16,080,991.34
16,080,991.34 3.61%
16,080,991.34
143,021.44
100.00%

0.00 NR / NR
NR

0.00 0.00
TOTAL MARKET VALUE PLUS ACCRUALS 16,224,012.78
As of September 30, 2023
40 335
SECTION | Section 5 | Transactions
41 336
Transaction Ledger
City of Shasta Lake - Account #10203
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 07/11/2023 3130AWGR5 275,000.00 FHLB Note

4.375% Due: 06/12/2026

99.202 4.67% 272,805.50 668.40 273,473.90 0.00
Purchase 07/13/2023 45950KDD9 230,000.00 International Finance Corp Note

4.5% Due: 07/13/2028

99.889 4.53% 229,744.70 0.00 229,744.70 0.00
Purchase 07/18/2023 05592XAD2 65,000.00 BMW Vehicle Owner Trust 2023-A A3

5.47% Due: 02/25/2028

99.982 5.54% 64,988.48 0.00 64,988.48 0.00
Purchase 07/27/2023 91282CGV7 350,000.00 US Treasury Note

3.75% Due: 04/15/2026

97.828 4.61% 342,398.44 3,693.65 346,092.09 0.00
Purchase 08/10/2023 69371RS56 200,000.00 Paccar Financial Corp Note

5.05% Due: 08/10/2026

99.950 5.07% 199,900.00 0.00 199,900.00 0.00
Purchase 08/14/2023 3133EPSW6 335,000.00 FFCB Note

4.5% Due: 08/14/2026

99.770 4.58% 334,229.50 0.00 334,229.50 0.00
Purchase 08/28/2023 61744YAK4 450,000.00 Morgan Stanley Callable Note 1X 7/22/2027

3.591% Due: 07/22/2028

92.285 6.08% 415,282.50 1,615.95 416,898.45 0.00
Purchase 09/08/2023 24422EXD6 325,000.00 John Deere Capital Corp Note

5.15% Due: 09/08/2026
100.063 5.13% 325,204.75 0.00 325,204.75 0.00
Purchase 09/15/2023 161571HT4 295,000.00 Chase Issuance Trust 23-A1 A

5.16% Due: 09/15/2028

99.972 5.23% 294,918.23 0.00 294,918.23 0.00
Purchase 09/19/2023 02582JKD1 295,000.00 American Express Credit Trust 2023-3 A

5.23% Due: 09/15/2028

99.996 5.29% 294,986.81 0.00 294,986.81 0.00
Purchase 09/19/2023 3130AWTQ3 600,000.00 FHLB Note

4.625% Due: 09/11/2026

99.330 4.87% 595,980.00 3,468.75 599,448.75 0.00
Purchase 09/19/2023 47787CAC7 335,000.00 John Deere Owner Trust 2023-C A3

5.48% Due: 05/15/2028

99.993 5.55% 334,976.99 0.00 334,976.99 0.00
Purchase 09/22/2023 3137FEZU7 375,000.00 FHLMC K076 A2

3.9% Due: 04/25/2028

95.672 4.96% 358,769.53 853.13 359,622.66 0.00
Subtotal 4,130,000.00 4,064,185.43 10,299.88 4,074,485.31 0.00 TOTAL ACQUISITIONS 4,130,000.00 4,064,185.43 10,299.88 4,074,485.31 0.00 June 30, 2023 through September 30, 2023
As of September 30, 2023
42 337
Transaction Ledger
City of Shasta Lake - Account #10203
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss

DISPOSITIONS
Sale 07/11/2023 912828T91 400,000.00 US Treasury Note

1.625% Due: 10/31/2023

98.910 1.61% 395,640.63 1,271.74 396,912.37 -4,378.92
Sale 09/07/2023 24422EVN6 325,000.00 John Deere Capital Corp Note

0.45% Due: 01/17/2024

98.160 0.47% 319,020.00 203.13 319,223.13 -5,950.96
Sale 09/07/2023 69371RR24 190,000.00 Paccar Financial Corp Note

0.35% Due: 02/02/2024

97.842 0.39% 185,899.80 64.65 185,964.45 -4,070.41
Sale 09/15/2023 91282CBA8 500,000.00 US Treasury Note

0.125% Due: 12/15/2023

98.734 0.20% 493,671.88 157.10 493,828.98 -6,238.59
Sale 09/19/2023 3137EAEY1 295,000.00 FHLMC Note

0.125% Due: 10/16/2023

99.600 0.25% 293,820.00 156.72 293,976.72 -1,152.87
Sale 09/19/2023 3137EAEZ8 290,000.00 FHLMC Note

0.25% Due: 11/06/2023

99.310 0.28% 287,999.00 267.85 288,266.85 -1,989.57
Sale 09/20/2023 91282CBE0 250,000.00 US Treasury Note

0.125% Due: 01/15/2024

98.355 0.24% 245,888.67 56.90 245,945.57 -4,016.38
Subtotal 2,250,000.00 2,221,939.98 2,178.09 2,224,118.07 -27,797.70 Maturity 07/10/2023 3135G05G4 290,000.00 FNMA Note

0.25% Due: 07/10/2023
100.000 290,000.00 0.00 290,000.00 0.00
Maturity 08/14/2023 3133EKZK5 250,000.00 FFCB Note

1.6% Due: 08/14/2023
100.000 250,000.00 0.00 250,000.00 0.00
Maturity 08/14/2023 3133EL3V4 250,000.00 FFCB Note

0.2% Due: 08/14/2023
100.000 250,000.00 0.00 250,000.00 0.00
Maturity 08/16/2023 06406FAD5 250,000.00 Bank of NY Mellon Corp Callable Note Cont 6/16/2023

2.2% Due: 08/16/2023
100.000 250,000.00 0.00 250,000.00 0.00
Maturity 08/24/2023 3137EAEV7 230,000.00 FHLMC Note

0.25% Due: 08/24/2023
100.000 230,000.00 0.00 230,000.00 0.00
June 30, 2023 through September 30, 2023
As of September 30, 2023
43 338
Transaction Ledger
City of Shasta Lake - Account #10203
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss Maturity 09/08/2023 3137EAEW5 235,000.00 FHLMC Note

0.25% Due: 09/08/2023
100.000 235,000.00 0.00 235,000.00 0.00
Subtotal 1,505,000.00 1,505,000.00 0.00 1,505,000.00 0.00 TOTAL DISPOSITIONS 3,755,000.00 3,726,939.98 2,178.09 3,729,118.07 -27,797.70 June 30, 2023 through September 30, 2023
As of September 30, 2023
44 339
Transaction Ledger
City of Shasta Lake Reporting Account - Account #10208
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 07/15/2023 90LAIF$00 159,640.93 Local Agency Investment Fund State Pool 1.000 3.26% 159,640.93 0.00 159,640.93 0.00 Subtotal 159,640.93 159,640.93 0.00 159,640.93 0.00
Security
Contribution
08/04/2023 90LAIF$00 1,000,000.00 Local Agency Investment Fund State Pool 1.000 1,000,000.00 0.00 1,000,000.00 0.00 Security
Contribution
09/18/2023 90LAIF$00 1,000,000.00 Local Agency Investment Fund State Pool 1.000 1,000,000.00 0.00 1,000,000.00 0.00 Subtotal 2,000,000.00 2,000,000.00 0.00 2,000,000.00 0.00 TOTAL ACQUISITIONS 2,159,640.93 2,159,640.93 0.00 2,159,640.93 0.00

DISPOSITIONS
Security
Withdrawal
07/21/2023 90LAIF$00 2,000,000.00 Local Agency Investment Fund State Pool 1.000 2,000,000.00 0.00 2,000,000.00 0.00 Security
Withdrawal
07/24/2023 90LAIF$00 1,500,000.00 Local Agency Investment Fund State Pool 1.000 1,500,000.00 0.00 1,500,000.00 0.00 Security
Withdrawal
08/15/2023 90LAIF$00 500,000.00 Local Agency Investment Fund State Pool 1.000 500,000.00 0.00 500,000.00 0.00 Security
Withdrawal
08/25/2023 90LAIF$00 500,000.00 Local Agency Investment Fund State Pool 1.000 500,000.00 0.00 500,000.00 0.00 Security
Withdrawal
09/08/2023 90LAIF$00 1,000,000.00 Local Agency Investment Fund State Pool 1.000 1,000,000.00 0.00 1,000,000.00 0.00 Subtotal 5,500,000.00 5,500,000.00 0.00 5,500,000.00 0.00 TOTAL DISPOSITIONS 5,500,000.00 5,500,000.00 0.00 5,500,000.00 0.00 June 30, 2023 through September 30, 2023
As of September 30, 2023
45 340
Important Disclosures
2023 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.

Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.

Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.

Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.

Source ICE Data Indices, LLC ("ICE"), used with permission. ICE permits use of the ICE indices and related data on an "as is" basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an "as is" basis and licensee's use it at licensee's own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.

This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.

Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.

Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.

Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively.

Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified custodian. Chandler does not have any authority to withdraw or deposit funds from/to the custodian account.

As of September 30, 2023
46 341
Benchmark Disclosures
ICE BofA 1-3 Yr US Treasury & Agency Index
The ICE BofA 1-3 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than three years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.

As of September 30, 2023
47 342
Report and Recommendations 3.0
Reviewed and Approved
City Manager

AGENDA ITEM
City Council
TO: Mayor and City Council Members
FROM: Whitney Zeller, Community and Economic Development Manager DATE: December 5, 2023
SUBJECT: RESOLUTION APPROVING A SUPPLEMENTAL
APPROPRIATION OF $950,000 FOR THE REGIONAL EARLY
ACTION PROGRAM (REAP 2.0) SUB-APPLICANT GRANT AND

AUTHORIZING THE CITY MANAGER TO EXECUTE NECESSARY

AGREEMENTS PERTAINING TO THIS GRANT
FILE NO.:

RECOMMENDATION:

Staff recommends the City Council approve a supplemental budget appropriation in the amount of $950,000 for the Regional Early Action Program (REAP 2.0) sub-applicant grant to construct curb, gutter, and sidewalk, crosswalks, traffic calming measures, and a multi-use path along the designated project locations and authorize the City Manager to execute necessary agreements pertaining to this grant.

BACKGROUND
The Regional Early Action Planning Grants Program of 2021 (REAP 2.0) was established for the purpose of providing regions with one-time funding for transformative planning and implementation activities. Up to $600,000,000 was distributed statewide under the program, with 85% ($510,000,000) set aside for Metropolitan Planning Organizations (MPOs). The California Department of Housing and Community Development (HCD) will administer the REAP 2.0 program to awarded MPOs.

A maximum of $2,243,909.07 of REAP 2.0 funding was awarded to the Shasta Region, which will be administered by the Shasta Regional Transportation Agency (SRTA).

SRTA will use 5% ($112,195.45) of the funds for the administration of the program, and 343
the remaining $2,131,713.62 will be sub-allocated to HCD-approved projects (Subrecipients). The City of Shasta Lake submitted an application to SRTA for the Shasta Lake Downtown Mobility and Housing Catalyst Project and was approved for a $950,000 award by the SRTA Board of Directors at their December 2022 meeting.

Project Details
The Shasta Lake Downtown Mobility and Housing Catalyst Project will utilize grant funding to construct a separated multi-use trail at the Civic Center Campus, curbs, gutters, and sidewalks at designated locations, traffic calming and pedestrian features, including bulb-outs and crosswalks, and landscaping. The project will connect to the Affordable Housing and Sustainable Communities Downtown Revitalization project and the American Rescue Plan Act-funded Park projects at the Civic Center. These improvements will provide alternative travel options to key destinations, including the Civic Center, post office, park, facilities, places of worship, food pantries, health services, grocery store, and bus stops.

SRTA is currently working to provide a Sub-Applicant Agreement to accept the funds and establish responsibilities for the project. With the funding approved after the adoption of the current budget, a supplemental appropriation is required to add it to the City’s budget.

FISCAL IMPACT
Supplemental appropriation not to exceed $950,000
The project is 100% grant-funded

ATTACHMENTS
Resolution CC-2023-XX
REAP 2.0 Project Exhibit

DISTRIBUTION
City Council
Finance Department
344
RESOLUTION NO CC-2023-XX

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SHASTA LAKE APPROVING A SUPPLEMENTAL APPROPRIATION OF $950,000 FOR REAP 2.0

SUB-APPLICANT GRANT AND AUTHORIZING THE CITY MANAGER TO EXECUTE

ANY NECESSARY AGREEMENTS PERTAINING TO THIS GRANT
WHEREAS, the Regional Early Action Planning Grants Program of 2021 (REAP 2.0) was established for the purpose of providing regions with one-time funding for transformative planning and implementation activities; and
WHEREAS, the California Department of Housing and Community Development will administer the REAP 2.0 program to awarded Metropolitan Planning Organizations (MPOs); and
WHEREAS, the Shasta Regional Transportation Agency (SRTA) was selected to administer the Shasta Region’s maximum award of $2,243,909.07, and WHEREAS, the City of Shasta Lake applied and was awarded as a sub-applicant, funding in the amount of $950,000; and
WHEREAS, the City of Shasta Lake will use the REAP 2.0 funding to complete the City of Shasta Lake Downtown Mobility and Housing Catalyst Project, and WHEREAS, the funding was awarded after the FY2023/24 budget; and WHEREAS, this project is funded from the following program fund:

REAP 2.0 Grant
Expenditure Account: 270-340-6272 - $950,000
Revenue Account: 270-000-4370 - $950,000
NOW THEREFORE, the City Council of the City of Shasta Lake hereby:

1. Approves a supplemental appropriation in the amount of $950,000

2. Authorizes the City Manager to execute any necessary agreements pertaining to this grant.

PASSED, APPROVED, AND ADOPTED this 5th day of December 2023 by the following vote:

AYES:

NOES:

ABSENT:
345
GREG WATKINS, Mayor
ATTEST:

CHARITY TATLOW
Deputy City Clerk
346
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347
Report and Recommendations 5.0
Reviewed and Approved
City Manager

AGENDA ITEM
City Council Meeting
TO: Jessaca Lugo, City Manager
FROM: Wendy Howard, Finance Director
DATE: November 29, 2023
SUBJECT: Review Investment Policy
FILE NO:

RECOMMENDATION:

Staff requests City Council review and accept the updated investment policy.

BACKGROUND:

The investment policy provides the basis for the management of a prudent, conservative investment program. Pursuant to Section 53646 of the California Government Code, and Senate Bills 564 and 866, City Council should review and approve the investment policy annually. The currently adopted investment policy was reviewed and approved by Council on June 20, 2017, so this update is necessary. There have been recent changes to the California Government Code, and these have been incorporated in this updated policy.

We currently use Chandler Asset Management to manage the portion of the City’s portfolio held by Wells Fargo. They are familiar with, and ensure that we are in compliance with, the related Government Code. They have reviewed this policy and recommended the changes.

FISCAL IMPACTS:
348
None
ATTACHMENTS:
• City of Shasta Lake Investment Policy
• Resolution for the approval of the Investment Policy
DISTRIBUTION:

City of Shasta Lake City Council
City of Shasta Lake Files
349
RESOLUTION CC-2023-XX

A RESOLUTION BY THE CITY OF SHASTA LAKE CITY COUNCIL ACCEPTING THE

UPDATED INVESTMENT POLICY
WHEREAS, Government Code Section 53646 authorizes the Chief Fiscal Officer to annually render to the City Council a statement of investment policy, and WHEREAS, Government Code Section 53646 requires the City Council to review and approve, at a public meeting, the statement of investment policy, and WHEREAS, the Investment Policy describes the investment of City funds in compliance with the Municipal Code and state law.

NOW, THEREFORE BE IT RESOLVED that the Shasta Lake City Council approves the Statement of Investment Policy.

PASSED, APPROVED, AND ADOPTED this 5th day of December, 2023, by the following vote:

AYES:

NOES:

ABSENT:
, Mayor
ATTEST:

JESSACA LUGO
City Manager
350

INVESTMENT POLICY
ADOPTED DECEMBER 5, 2023

CONTENTS
I. INTRODUCTION ...................................................................................................................1 II. SCOPE .................................................................................................................................1 III. OBJECTIVES ........................................................................................................................1 IV. DELEGATION OF AUTHORITY ..............................................................................................2 V. PRUDENCE ..........................................................................................................................2 VI. ETHICS AND CONFLICTS OF INTEREST .................................................................................3 VII. INTERNAL CONTROLS .........................................................................................................3 VIII. AUTHORIZED FINANCIAL INSTITUTIONS, DEPOSITORIES, AND BROKER/DEALERS ...............3 IX. COLLATERALIZATION .........................................................................................................5 X. DELIVERY, SAFEKEEPING AND CUSTODY ............................................................................5 XI. AUTHORIZED INVESTMENTS .............................................................................................. 6 XII. MAXIMUM MATURITY ......................................................................................................10 XIII. PROHIBITED INVESTMENT VEHICLES AND PRACTICES .......................................................11 XIV. INVESTMENT POOLS/MUTUAL FUNDS…………………………………………………..11 XV. RISK MANAGEMENT AND DIVERSIFICATION .....................................................................12 XVI. REVIEW OF INVESTMENT PORTFOLIO ................................................................................13 XVII. PERFORMANCE EVALUATION ............................................................................................13 XVIII. REPORTING .......................................................................................................................13 XIX. REVIEW OF INVESTMENT POLICY ......................................................................................14 GLOSSARY OF INVESTMENT TERMS .................................................................................................15 351
1 I. INTRODUCTION
The purpose of this investment policy is to identify various policies and procedures that will foster a prudent and systematic investment program designed to seek the City of Shasta Lake’s objectives of safety, liquidity and yield through a diversified investment portfolio.

This policy also serves to organize and formalize the City’s investment-related activities, while complying with all applicable statutes governing the investment of public funds. This policy is written to incorporate industry best practices and recommendations from sources such as the Government Finance Officers Association (GFOA), California Municipal Treasurers Association (CMTA), California Debt and Investment Advisory Commission (CDIAC) and the Association of Public Treasurers (APT).

This investment policy was endorsed and adopted by the City Council and is effective as of the 21st day of November, 2023, and replaces any previous versions.

II. SCOPE
This policy covers all funds and investment activities under the direct authority of the City, as set forth in the State Government Code, Sections 53600 et seq., with the following exceptions:
 Proceeds of debt issuance shall be invested in accordance with the City’s general investment philosophy as set forth in this policy; however, such proceeds are to be invested pursuant to the permitted investment provisions of their specific bond indentures.
 Any other funds specifically exempted by the City.

POOLING OF FUNDS
Except for cash in certain restricted and special funds, the City will consolidate cash and reserve balances from all funds to maximize investment earnings and to increase efficiencies with regard to investment pricing, safekeeping and administration. Investment income will be allocated to the various funds based on their respective participation and in accordance with generally accepted accounting principles.

III. OBJECTIVES
The City’s overall investment program shall be designed and managed with a degree of professionalism worthy of the public trust. The overriding objectives of the program are to preserve principal, provide sufficient liquidity, and manage investment risks, while seeking a market-rate of return.

SAFETY. Safety of principal is the foremost objective of the investment program. Investments will be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio.

To attain this objective, the City will diversify its investments by investing funds among a variety of securities with independent returns.
352
2  LIQUIDITY. The investment portfolio will remain sufficiently liquid to meet all operating requirements that may be reasonably anticipated.  YIELD. The investment portfolio will be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the investment risk constraints for safety and liquidity needs.

IV. DELEGATION OF AUTHORITY
Authority to manage the City’s investment program is derived from California Government Code, Sections 53600 et seq.

The City Council is responsible for the management of City funds, including the administration of this investment policy. Management responsibility for the cash management of City funds is hereby delegated to the Finance Director.

The Finance Director will be responsible for all transactions undertaken and will establish a system of procedures and controls to regulate the activities of subordinate employees.

Such procedures will include explicit delegation of authority to persons responsible for investment transactions. No person may engage in an investment transaction except as provided under the terms of this policy and the procedures established by the Finance Director.

The City may engage the services of one or more external investment advisers, who are registered under the Investment Advisers Act of 1940, to assist in the management of the City’s investment portfolio in a manner consistent with the City’s objectives. External investment advisers may be granted discretion to purchase and sell investment securities in accordance with this investment policy.

The City’s overall investment program shall be designed and managed with a degree of professionalism that is worthy of the public trust. The City recognizes that in a diversified portfolio, occasional measured losses may be inevitable and must be considered within the context of the overall portfolio’s return and the cash flow requirements of the City. The Finance Director and other authorized persons responsible for managing City funds acting in accordance with written procedures and the investment policy and exercising due diligence shall be relieved of personal responsibility for an individual security’s credit risk or market price changes, provided deviations from expectations are reported in a timely fashion and appropriate action is taken to control adverse developments.

V. PRUDENCE
Pursuant to California Government Code, Section 53600.3, all persons authorized to make investment decisions on behalf of the City are trustees and therefore fiduciaries subject to the Prudent Investor Standard:
“…all governing bodies of local agencies or persons authorized to make investment decisions on behalf of those local agencies investing public funds pursuant to this 353
3 chapter are trustees and therefore fiduciaries subject to the prudent investor standard. When investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing public funds, a trustee shall act with care, skill, prudence, and diligence under the circumstances then prevailing, including, but not limited to, the general economic conditions and the anticipated needs of the City, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the City. Within the limitations of this section and considering individual investments as part of an overall strategy, investments may be acquired as authorized by law.”
VI. ETHICS AND CONFLICTS OF INTEREST
All participants in the investment process shall act as custodians of the public trust.

Investment officials shall recognize that the investment portfolio is subject to public review and evaluation. Thus employees and officials involved in the investment process shall refrain from personal business activity that could create a conflict of interest or the appearance of a conflict with proper execution of the investment program, or impairs their ability to make impartial investment decisions.

Employees and investment officials shall disclose to the Finance Director any material interests in financial institutions with which they conduct business, and they shall further disclose any large personal financial/investment positions that could be related to the performance of the investment portfolio. Employees and officers shall refrain from undertaking any personal investment transactions with the same individual with whom business is conducted on behalf of the City.

VII. INTERNAL CONTROLS
The Finance Director is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the entity are protected from loss, theft or misuse. The internal control structure shall be designed to provide reasonable assurance that these objectives are met. The concept of reasonable assurance recognizes that (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of costs and benefits requires estimates and judgments by management.

Periodically, as deemed appropriate by the City and/or the City Council, an independent analysis by an external auditor shall be conducted to review internal controls, account activity and compliance with policies and procedures.

VIII. AUTHORIZED FINANCIAL INSTITUTIONS, DEPOSITORIES, AND BROKER/DEALERS To the extent practical, the Finance Director shall endeavor to complete investment transactions using a competitive bid process whenever possible. The City’s Finance Director will determine which financial institutions are authorized to provide investment services to the City. It shall be the City’s policy to purchase securities only from authorized institutions and firms.
354
4 The Finance Director shall maintain procedures for establishing a list of authorized broker/dealers and financial institutions which are approved for investment purposes that are selected through a process of due diligence determined by the City. These institutions may include "primary" dealers or regional dealers that qualify under Securities and Exchange Commission (SEC) Rule 15c3-1 (uniform net capital rule).

Institutions eligible to transact investment business with the City include:
 Institutions licensed by the state as a broker-dealer.  Institutions that are members of a federally regulated securities exchange.  Primary government dealers as designated by the Federal Reserve Bank and nonprimary government dealers.  Nationally or state-chartered banks.
 The Federal Reserve Bank.
 Direct issuers of securities eligible for purchase.

Selection of financial institutions and broker/dealers authorized to engage in transactions will be at the sole discretion of the City, except where the City utilizes an external investment adviser in which case the City may rely on the adviser for selection.

All financial institutions which desire to become qualified bidders for investment transactions (and which are not dealing only with the investment adviser) must supply the Finance Director with a statement certifying that the institution has reviewed the California Government Code, Section 53600 et seq. and the City’s investment policy.

Public deposits will be made only in qualified public depositories as established by State law. Deposits will be insured by the Federal Deposit Insurance Corporation, or, to the extent the amount exceeds the insured maximum, will be collateralized in accordance with State law.

EXTERNAL INVESTMENT ADVISERS
Selection of broker/dealers used by an external investment adviser retained by the City will be at the sole discretion of the adviser. Where possible, transactions with broker/dealers shall be selected on a competitive basis and their bid or offering prices shall be recorded. If there is no other readily available competitive offering, the investment adviser shall make their best efforts to document quotations for comparable or alternative securities. If qualitative characteristics of a transaction, including, but not limited to, complexity of the transaction, or sector expertise of the broker, prevent a competitive selection process, investment advisers shall use brokerage selection practices as described above. When purchasing new issue securities, no competitive offerings will be required as all dealers in the selling group offer the securities at the same original price. 355
5 IX. COLLATERALIZATION
CERTIFICATES OF DEPOSIT (CDS). The City shall require any commercial bank or savings and loan association to deposit eligible securities with a City of a depository approved by the State Banking Department to secure any uninsured portion of a Non- Negotiable Certificate of Deposit. The value of eligible securities as defined pursuant to California Government Code, Section 53651, pledged against a Certificate of Deposit shall be equal to 150% of the face value of the CD if the securities are classified as mortgages and 110% of the face value of the CD for all other classes of security.

COLLATERALIZATION OF BANK DEPOSITS. This is the process by which a bank or financial institution pledges securities, or other deposits for the purpose of securing repayment of deposited funds. The City shall require any bank or financial institution to comply with the collateralization criteria defined in California Government Code, Section 53651.

REPURCHASE AGREEMENTS. The City requires that Repurchase Agreements be collateralized only by securities authorized in accordance with California Government Code:
 The securities which collateralize the repurchase agreement shall be priced at Market Value, including any Accrued Interest plus a margin. The Market Value of the securities that underlie a repurchase agreement shall be valued at 102% or greater of the funds borrowed against those securities.  Financial institutions shall mark the value of the collateral to market at least monthly and increase or decrease the collateral to satisfy the ratio requirement described above.
 The City shall receive monthly statements of collateral.

X. DELIVERY, SAFEKEEPING AND CUSTODY
DELIVERY-VERSUS-PAYMENT (DVP). Settlement of all investment transactions will be completed using standard delivery-vs.-payment procedures.

SAFEKEEPING AND CUSTODY. To protect against potential losses due to failure of individual securities dealers, and to enhance access to securities, interest payments and maturity proceeds, all cash and securities in the City’s portfolio shall be held in safekeeping in the City’s name by a third party custodian, acting as agent for the City under the terms of a custody agreement executed by the bank and the City. All investment transactions will require a safekeeping receipt or acknowledgment generated from the trade. A monthly report will be received by the City from the custodian listing all securities held in safekeeping with current market data and other information.

The only exceptions to the foregoing shall be depository accounts and securities purchases made with: (i) local government investment pools; (ii) time certificates of deposit, and, (iii) mutual funds and money market mutual funds, since the purchased securities are not 356
6 deliverable. Term and non-negotiable instruments, such as Certificates of Deposit, can be held by the Finance Director, or in safekeeping as the Finance Director deems appropriate.

XI. AUTHORIZED INVESTMENTS
The City’s investments are governed by California Government Code, Sections 53600 et seq. Within the investments permitted by the Code, the City seeks to further restrict eligible investments to the guidelines listed below. In the event a discrepancy is found between this policy and the Code, the more restrictive parameters will take precedence. Percentage holding limits listed in this section apply at the time the security is purchased.

Any investment currently held at the time the policy is adopted which does not meet the new policy guidelines can be held until maturity, and shall be exempt from the current policy. At the time of the investment’s maturity or liquidation, such funds shall be reinvested only as provided in the current policy.

An appropriate risk level shall be maintained by primarily purchasing securities that are of high quality, liquid, and marketable. The portfolio shall be diversified by security type and institution to avoid incurring unreasonable and avoidable risks regarding specific security types or individual financial institutions.

1. MUNICIPAL SECURITIES include obligations of the City, the State of California, any of the other 49 states, and any local agency within the State of California, provided that:
 The securities are rated in the “A” category or its equivalent or better by at least one nationally recognized statistical rating organization (“NRSRO”).  No more than 5% of the portfolio may be invested in any issuer.  No more than 30% of the portfolio may be in Municipal Securities.  The maximum maturity does not exceed five years.

2. MUNICIPAL SECURITIES (REGISTERED TREASURY NOTES OR BONDS) of any of the other 49 states in addition to California, including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by a state or by a department, board, agency or authority of any of the other 49 states, in addition to California, provided that:
 The securities are rated in the “A” category or its equivalent or better by at least one NRSRO.
 No more than 5% of the portfolio may be invested in any issuer.  No more than 30% of the portfolio may be in Municipal Securities.  The maximum maturity does not exceed five years.
357
7 3. U.S. TREASURIES and other government obligations for which the full faith and credit of the United States are pledged for the payment of principal and interest. There are no limits on the dollar amount or percentage that the City may invest in U.S. Treasuries, provided that:
 The maximum maturity does not exceed five years.

4. FEDERAL AGENCIES or United States Government-Sponsored Enterprise obligations, participations, or other instruments, including those issued by or fully guaranteed as to principal and interest by federal agencies or United States government-sponsored enterprises. There are no limits on the dollar amount or percentage that the City may invest in Federal Agency or Government-Sponsored Enterprises (GSEs), provided that:
 No more than 30% of the portfolio may be invested in a single Agency/GSE issuer.  The maximum maturity does not exceed five years.

5. BANKER’S ACCEPTANCES, provided that:
 They are issued by institutions which have short-term debt obligations rated “A- 1” or its equivalent or its equivalent or better by at least one nationally recognized statistical- rating organization; or long-term debt obligations which are rated in the “A” category or its equivalent or better by at least one NRSRO.  No more than 40% of the portfolio may be invested in Banker’s Acceptances.  No more than 5% of the portfolio may be invested in any issuer.  The maximum maturity does not exceed 180 days.

6. FEDERALLY INSURED TIME DEPOSITS (Non-Negotiable Certificates of Deposit) in state or federally chartered banks, savings and loans, or credit unions, provided that:
 The amount per institution is limited to the maximum covered under federal insurance.
 No more than 20% of the portfolio will be invested in a combination of federally insured and collateralized time deposits.
 The maximum maturity does not exceed five years.

7. COLLATERALIZED TIME DEPOSITS (Non-Negotiable Certificates of Deposit) in state or federally chartered banks, savings and loans, or credit unions in excess of insured amounts which are fully collateralized with securities in accordance with California law, provided that:
 No more than 20% of the portfolio will be invested in a combination of federally insured and collateralized time deposits.
 The maximum maturity does not exceed five years.
358
8 8. CERTIFICATE OF DEPOSIT PLACEMENT SERVICE (CDARS)
 No more than 30% of the total portfolio may be invested in a combination of Certificates of Deposit, including CDARS.
 The maximum maturity does not exceed five years.

9. COLLATERALIZED BANK DEPOSITS. Agency’s deposits with financial institutions will be collateralized with pledged securities per California Government Code, Section 53651.

10. NEGOTIABLE CERTIFICATES OF DEPOSIT (NCDS), issued by a nationally or statechartered bank, a savings association, or a federal association, a state or federal credit union, or by a federally licensed or state licensed branch of a foreign bank, provided that:
 The amount of the NCD insured up to the FDIC limit does not require any credit ratings.
 Any amount above the FDIC limit must be issued by institutions which have shortterm debt obligations rated “A-1” or its equivalent or better by at least NRSRO; or long-term obligations are rated in the “A” category or its equivalent or better by at least one NRSRO.
 No more than 30% of the total portfolio may be invested in NCDs.  No more than 5% of the portfolio may be invested in any issuer.  The maximum maturity does not exceed five years.

11. REPURCHASE AGREEMENTS collateralized with securities authorized under by California Government Code, maintained at a level of at least 102% of the market value of the Repurchase Agreement. There are no limits on the dollar amount or percentage that the City may invest, provided that:
 Securities used as collateral for Repurchase Agreements will be delivered to the City’s custodian.
 Repurchase Agreements are subject to a Master Repurchase Agreement between the City and the provider of the repurchase agreement. The Master Repurchase Agreement will be substantially in the form developed by the Securities Industry and Financial Markets Association (SIFMA).
 The maximum maturity does not exceed one year.

12. COMMERCIAL PAPER, provided that the securities are issued by an entity that meets all of the following conditions in either paragraph (a) or (b) and other requirements specified below:
a. SECURITIES issued by corporations:
 The issuer is a corporation organized and operating in the United States with assets in excess of $500 million.
 The securities are rated “A-1” or its equivalent of better by at least one NRSRO.  If the issuer has other debt obligations, they must be rated in a rating category of “A” of its equivalent or higher by at least one NRSRO. 359
9 b. SECURITIES issued by other entities:
 The issuer is organized within the United States as a special purpose corporation, trust, or limited liability company.
 The securities must have program-wide credit enhancements including, but not limited to, overcollateralization, letters of credit, or surety bond.  The securities are rated “A-1” or its equivalent or better by at least one NRSRO.  No more than 10% of the outstanding commercial paper of any single issuer.  No more than 25% of the portfolio may be invested in Commercial Paper.  No more than 5% of the portfolio may be invested in any issuer.  The maximum maturity does not exceed 270 days.

13. STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND (LAIF), provided that:
 The City may invest up to the maximum permitted amount in LAIF.  LAIF’s investments in instruments prohibited by or not specified in the City’s policy do not exclude it from the City’s list of allowable investments, provided that the fund’s reports allow the Finance Director to adequately judge the risk inherent in LAIF’s portfolio.

14. CORPORATE MEDIUM TERM NOTES (MTNS), provided that:
 The issuer is a corporation organized and operating within the United States or by depository institutions licensed by the United States or any state and operating within the United States.
 The securities are rated in the “A” category or its equivalent or better by at least one NRSRO.
 No more than 30% of the total portfolio may be invested in MTNs.  No more than 5% of the portfolio may be invested in any issuer.  The maximum maturity does not exceed five years.

15. ASSET-BACKED, MORTGAGE-BACKED, MORTGAGE PASS-THROUGH SECURITIES, AND COLLATERALIZED MORTGAGE OBLIGATIONS, provided that:
 The securities are rated in the “AA” category or its equivalent or better by a NRSRO.
 No more than 20% of the total portfolio may be invested in these securities.  No more than 5% of the portfolio may be invested in any Asset-Backed or Commercial Mortgage security issuer. There is no issuer limitation on any Mortgage security where the issuer is the US Treasury or a Federal Agency/GSE.  The maximum maturity does not exceed five years.

16. MUTUAL FUNDS AND MONEY MARKET MUTUAL FUNDS that are registered with the Securities and Exchange Commission under the Investment Company Act of 1940, provided that:
360
10 a. MUTUAL FUNDS that invest in the securities and obligations as authorized under California Government Code, Section 53601 (a) to (k) and (m) to (q) inclusive and that meet either of the following criteria:

1. Attained the highest ranking or the highest letter and numerical rating provided by not less than two (2) NRSROs; or

2. Have retained an investment adviser registered or exempt from registration with the Securities and Exchange Commission with not less than five years’ experience investing in the securities and obligations authorized by California Government Code, Section 53601 and with assets under management in excess of $500 million.

3. No more than 10% of the total portfolio may be invested in shares of any one mutual fund.
b. MONEY MARKET MUTUAL FUNDS registered with the Securities and Exchange Commission under the Investment Company Act of 1940 and issued by diversified management companies and meet either of the following criteria:

1. Have attained the highest ranking or the highest letter and numerical rating provided by not less than two (2) NRSROs; or

2. Have retained an investment adviser registered or exempt from registration with the Securities and Exchange Commission with not less than five years’ experience managing money market mutual funds with assets under management in excess of $500 million.

3. No more than 20% of the total portfolio may be invested in the shares of any one Money Market Mutual Funds.
c. No more than 20% of the total portfolio may be invested in these securities.

17. SUPRANATIONALS, provided that:
 Issues are US dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, International Finance Corporation, or Inter-American Development Bank.
 The securities are rated in a rating category of “AA” or its equivalent or better by a NRSRO.
 No more than 30% of the total portfolio may be invested in these securities.  No more than 10% of the portfolio may be invested in any single issuer.  The maximum maturity does not exceed five (5) years.

XII. MAXIMUM MATURITY
To the extent possible, investments shall be matched with anticipated cash flow requirements and known future liabilities. The City will not invest in securities maturing more than five years from the date of trade settlement, unless the City Council has by resolution granted authority to make such an investment. 361
11 XIII. PROHIBITED INVESTMENT VEHICLES AND PRACTICES
 State law notwithstanding, any investments not specifically described herein are prohibited, including, but not limited to futures and options.  In accordance with Government Code, Section 53601.6, investment in inverse floaters, range notes, or mortgage derived interest-only strips is prohibited.  Investment in any security that could result in a zero interest accrual if held to maturity is prohibited.
 Trading securities for the sole purpose of speculating on the future direction of interest rates is prohibited.
 Purchasing or selling securities on margin is prohibited.  The use of reverse repurchase agreements, securities lending or any other form of borrowing or leverage is prohibited.
 The purchase of foreign currency denominated securities is prohibited.  The purchase of security with a forward settlement date exceeding 45 days from the time of the investment is prohibited.

XIV. INVESTMENT POOLS/MUTUAL FUNDS
The City shall conduct a thorough investigation of any pool or mutual fund prior to making an investment, and on a continual basis thereafter. The Finance Director shall develop a questionnaire which will answer the following general questions:
 A description of eligible investment securities, and a written statement of investment policy and objectives.
 A description of interest calculations and how it is distributed, and how gains and losses are treated.
 A description of how the securities are safeguarded (including the settlement processes), and how often the securities are priced and the program audited.  A description of who may invest in the program, how often, what size deposit and withdrawal are allowed.
 A schedule for receiving statements and portfolio listings.  Are reserves, retained earnings, etc. utilized by the pool/fund?  A fee schedule, and when and how is it assessed.
 Is the pool/fund eligible for bond proceeds and/or will it accept such proceeds? 362
12 XV. RISK MANAGEMENT AND DIVERSIFICATION

MITIGATING CREDIT RISK IN THE PORTFOLIO
Credit risk is the risk that a security or a portfolio will lose some or all of its value due to a real or perceived change in the ability of the issuer to repay its debt. The City will mitigate credit risk by adopting the following strategies:
 The diversification requirements included in the “Authorized Investments” section of this policy are designed to mitigate credit risk in the portfolio.  No more than 5% of the total portfolio may be invested in securities of any single issuer, unless otherwise specified in this policy.
 The City may elect to sell a security prior to its maturity and record a capital gain or loss in order to improve the quality, liquidity or yield of the portfolio in response to market conditions or City’s risk preferences.
 If securities owned by the City are downgraded to a level below the quality required by this investment policy, it will be the City’s policy to review the credit situation and make a determination as to whether to sell or retain such securities in the portfolio.  If a security is downgraded, the Finance Director will use discretion in determining whether to sell or hold the security based on its current maturity, the economic outlook for the issuer, and other relevant factors.
 If a decision is made to retain a downgraded security in the portfolio, its presence in the portfolio will be monitored and reported monthly to the City Council.

MITIGATING MARKET RISK IN THE PORTFOLIO
Market risk is the risk that the portfolio value will fluctuate due to changes in the general level of interest rates. The City recognizes that, over time, longer-term portfolios have the potential to achieve higher returns. On the other hand, longer-term portfolios have higher volatility of return. The City will mitigate market risk by providing adequate liquidity for short-term cash needs, and by making longer-term investments only with funds that are not needed for current cashflow purposes.

The City further recognizes that certain types of securities, including variable rate securities, securities with principal paydowns prior to maturity, and securities with embedded options, will affect the market risk profile of the portfolio differently in different interest rate environments. The City, therefore, adopts the following strategies to control and mitigate its exposure to market risk:
 The City will maintain a minimum of six months of budgeted operating expenditures in short term investments to provide sufficient liquidity for expected disbursements.  The maximum percent of callable securities (does not include “make whole call” securities) in the portfolio will be 20%.
 The maximum stated final maturity of individual securities in the portfolio will be 363
13 five years, except as otherwise stated in this policy.  The duration of the portfolio will at all times be approximately equal to the duration (typically, plus or minus 20%) of a Market Benchmark, an index selected by the City based on the City’s investment objectives, constraints and risk tolerances.

XVI. REVIEW OF INVESTMENT PORTFOLIO
The Finance Director shall periodically, but no less than quarterly, review the portfolio to identify investments that do not comply with this investment policy and establish protocols for reporting major and critical incidences of noncompliance to the City Council.

XVII. PERFORMANCE EVALUATION
The investment portfolio shall be designed to attain a market-average rate of return throughout budgetary and economic cycles, taking into account the City’s risk constraints, the cash flow characteristics of the portfolio, and state and local laws, ordinances or resolutions that restrict investments.

The Finance Director shall monitor and evaluate the portfolio’s performance relative to market benchmark, which will be included in the Finance Director’s quarterly report. The Finance Director shall select an appropriate, readily available index to use as a market benchmark.

XVIII.REPORTING

MONTHLY REPORTS
Monthly transaction reports will be submitted by the Finance Director to the City Council within 30 days of the end of the reporting period in accordance with California Government Code Section 53607.

QUARTERLY REPORTS
Quarterly investment reports will be submitted by the Finance Director to the City Council.

These reports will disclose, at a minimum, the following information about the characteristics of the City’s portfolio:

1. An asset listing showing par value, cost and accurate and complete market value of each security, type of investment, issuer, and interest rate.

2. Quarterly transactions for the period.

3. A description of the funds, investments and programs (including lending programs) managed by contracted parties (e.g. LAIF, investment pools, outside money managers and securities lending agents.)

4. A one-page summary report that shows:
a. Average maturity of the portfolio and modified duration of the portfolio; b. Maturity distribution of the portfolio;
c. Average portfolio credit quality; and,
d. Time-weighted total rate of return for the portfolio for the prior one month, three 364
14 months, twelve months, year to date, and since inception compared to the City’s market benchmark returns for the same periods;

5. A statement of compliance with investment policy, including a schedule of any transactions or holdings which do not comply with this policy or with the California Government Code, including a justification for their presence in the portfolio and a timetable for resolution.

6. A statement that the City has adequate funds to meet its cash flow requirements for the next six months.

ANNUAL REPORTS
A comprehensive annual report will be presented to the City Council. This report will include comparisons of the City’s return to the market benchmark return, suggest policies and improvements that might enhance the investment program, and will include an investment plan for the coming year.

XIX. REVIEW OF INVESTMENT POLICY
The investment policy will be reviewed and adopted at least annually within 120 days of the end of the fiscal year to ensure its consistency with the overall objectives of preservation of principal, liquidity and return, and its relevance to current law and financial and economic trends.

Any recommended modifications or amendments shall be presented by Staff to the City Council for their consideration and adoption.

Prepared by:

Wendy Howard, Finance Director,
Approved:

John Kenny, Attorney at Law
City Attorney
Approved:
, Mayor City Council
Date:
365
15 GLOSSARY OF INVESTMENT TERMS
AGENCIES. Shorthand market terminology for any obligation issued by a government-sponsored entity (GSE), or a federally related institution. Most obligations of GSEs are not guaranteed by the full faith and credit of the US government. Examples are:

FFCB. The Federal Farm Credit Bank System provides credit and liquidity in the agricultural industry. FFCB issues discount notes and bonds.

FHLB. The Federal Home Loan Bank provides credit and liquidity in the housing market.

FHLB issues discount notes and bonds.

FHLMC. Like FHLB, the Federal Home Loan Mortgage Corporation provides credit and liquidity in the housing market. FHLMC, also called “FreddieMac” issues discount notes, bonds and mortgage pass-through securities.

FNMA. Like FHLB and FreddieMac, the Federal National Mortgage Association was established to provide credit and liquidity in the housing market. FNMA, also known as “FannieMae,” issues discount notes, bonds and mortgage pass-through securities.

GNMA. The Government National Mortgage Association, known as “GinnieMae,” issues mortgage pass-through securities, which are guaranteed by the full faith and credit of the US Government.

PEFCO. The Private Export Funding Corporation assists exporters. Obligations of PEFCO are not guaranteed by the full faith and credit of the US government.

TVA. The Tennessee Valley Authority provides flood control and power and promotes development in portions of the Tennessee, Ohio, and Mississippi River valleys. TVA currently issues discount notes and bonds.

ASKED. The price at which a seller offers to sell a security.

ASSET BACKED SECURITIES. Securities supported by pools of installment loans or leases or by pools of revolving lines of credit.

AVERAGE LIFE. In mortgage-related investments, including CMOs, the average time to expected receipt of principal payments, weighted by the amount of principal expected.

BANKER’S ACCEPTANCE. A money market instrument created to facilitate international trade transactions. It is highly liquid and safe because the risk of the trade transaction is transferred to the bank which “accepts” the obligation to pay the investor.

BENCHMARK. A comparison security or portfolio. A performance benchmark is a partial market index, which reflects the mix of securities allowed under a specific investment policy.

BID. The price at which a buyer offers to buy a security.

BROKER. A broker brings buyers and sellers together for a transaction for which the broker receives a commission. A broker does not sell securities from his own position.

CALLABLE. A callable security gives the issuer the option to call it from the investor prior to its maturity. The main cause of a call is a decline in interest rates. If interest rates decline since an issuer issues securities, it will likely call its current securities and reissue them at a lower rate of interest. Callable securities have reinvestment risk as the investor may receive its principal back when interest rates are lower than when the investment was initially made.

CERTIFICATE OF DEPOSIT (CD). A time deposit with a specific maturity evidenced by a certificate. Large denomination CDs may be marketable.
366
16 COLLATERAL. Securities or cash pledged by a borrower to secure repayment of a loan or repurchase agreement. Also, securities pledged by a financial institution to secure deposits of public monies.

COLLATERALIZED MORTGAGE OBLIGATIONS (CMO). Classes of bonds that redistribute the cash flows of mortgage securities (and whole loans) to create securities that have different levels of prepayment risk, as compared to the underlying mortgage securities.

COMMERCIAL PAPER. The short-term unsecured debt of corporations.

COST YIELD. The annual income from an investment divided by the purchase cost. Because it does not give effect to premiums and discounts which may have been included in the purchase cost, it is an incomplete measure of return.

COUPON. The rate of return at which interest is paid on a bond.

CREDIT RISK. The risk that principal and/or interest on an investment will not be paid in a timely manner due to changes in the condition of the issuer.

CURRENT YIELD. The annual income from an investment divided by the current market value.

Since the mathematical calculation relies on the current market value rather than the investor’s cost, current yield is unrelated to the actual return the investor will earn if the security is held to maturity.

DEALER. A dealer acts as a principal in security transactions, selling securities from and buying securities for his own position.

DEBENTURE. A bond secured only by the general credit of the issuer.

DELIVERY VS. PAYMENT (DVP). A securities industry procedure whereby payment for a security must be made at the time the security is delivered to the purchaser’s agent.

DERIVATIVE. Any security that has principal and/or interest payments which are subject to uncertainty (but not for reasons of default or credit risk) as to timing and/or amount, or any security which represents a component of another security which has been separated from other components (“Stripped” coupons and principal). A derivative is also defined as a financial instrument the value of which is totally or partially derived from the value of another instrument, interest rate, or index.

DISCOUNT. The difference between the par value of a bond and the cost of the bond, when the cost is below par. Some short-term securities, such as T-bills and banker’s acceptances, are known as discount securities. They sell at a discount from par, and return the par value to the investor at maturity without additional interest. Other securities, which have fixed coupons, trade at a discount when the coupon rate is lower than the current market rate for securities of that maturity and/or quality.

DIVERSIFICATION. Dividing investment funds among a variety of investments to avoid excessive exposure to any one source of risk.

DURATION. The weighted average time to maturity of a bond where the weights are the present values of the future cash flows. Duration measures the price sensitivity of a bond to changes in interest rates. (See modified duration).

FEDERAL FUNDS RATE. The rate of interest charged by banks for short-term loans to other banks.

The Federal Reserve Bank through open-market operations establishes it.

FEDERAL OPEN MARKET COMMITTEE. A committee of the Federal Reserve Board that establishes monetary policy and executes it through temporary and permanent changes to the supply of bank reserves.

HAIRCUT. The margin or difference between the actual market value of a security and the value assessed by the lending side of a transaction (i.e. a repo). 367
17 LEVERAGE. Borrowing funds in order to invest in securities that have the potential to pay earnings at a rate higher than the cost of borrowing.

LIQUIDITY. The speed and ease with which an asset can be converted to cash.

MAKE WHOLE CALL. A type of call provision on a bond that allows the issuer to pay off the remaining debt early. Unlike a call option, with a make whole call provision, the issuer makes a lump sum payment that equals the net present value (NPV) of future coupon payments that will not be paid because of the call. With this type of call, an investor is compensated, or "made whole."
MARGIN. The difference between the market value of a security and the loan a broker makes using that security as collateral.

MARKET RISK. The risk that the value of securities will fluctuate with changes in overall market conditions or interest rates.

MARKET VALUE. The price at which a security can be traded.

MARKING TO MARKET. The process of posting current market values for securities in a portfolio.

MATURITY. The final date upon which the principal of a security becomes due and payable.

MEDIUM TERM NOTES. Unsecured, investment-grade senior debt securities of major corporations which are sold in relatively small amounts on either a continuous or an intermittent basis.

MTNs are highly flexible debt instruments that can be structured to respond to market opportunities or to investor preferences.

MODIFIED DURATION. The percent change in price for a 100 basis point change in yields.

Modified duration is the best single measure of a portfolio’s or security’s exposure to market risk.

MONEY MARKET. The market in which short-term debt instruments (T-bills, discount notes, commercial paper, and banker’s acceptances) are issued and traded.

MORTGAGE PASS-THROUGH SECURITIES. A securitized participation in the interest and principal cash flows from a specified pool of mortgages. Principal and interest payments made on the mortgages are passed through to the holder of the security.

MUNICIPAL SECURITIES. Securities issued by state and local agencies to finance capital and operating expenses.

MUTUAL FUND. An entity which pools the funds of investors and invests those funds in a set of securities which is specifically defined in the fund’s prospectus. Mutual funds can be invested in various types of domestic and/or international stocks, bonds, and money market instruments, as set forth in the individual fund’s prospectus. For most large, institutional investors, the costs associated with investing in mutual funds are higher than the investor can obtain through an individually managed portfolio.

PREMIUM. The difference between the par value of a bond and the cost of the bond, when the cost is above par.

PREPAYMENT SPEED. A measure of how quickly principal is repaid to investors in mortgage securities.

PREPAYMENT WINDOW. The time period over which principal repayments will be received on mortgage securities at a specified prepayment speed.

PRIMARY DEALER. A financial institution (1) that is a trading counterparty with the Federal Reserve in its execution of market operations to carry out U.S. monetary policy, and (2) that participates for statistical reporting purposes in compiling data on activity in the U.S.

Government securities market.
368
18 PRUDENT PERSON (PRUDENT INVESTOR) RULE. A standard of responsibility which applies to fiduciaries. In California, the rule is stated as “Investments shall be managed with the care, skill, prudence and diligence, under the circumstances then prevailing, that a prudent person, acting in a like capacity and familiar with such matters, would use in the conduct of an enterprise of like character and with like aims to accomplish similar purposes.” REALIZED YIELD. The change in value of the portfolio due to interest received and interest earned and realized gains and losses. It does not give effect to changes in market value on securities, which have not been sold from the portfolio.

REGIONAL DEALER. A financial intermediary that buys and sells securities for the benefit of its customers without maintaining substantial inventories of securities and that is not a primary dealer.

REPURCHASE AGREEMENT. Short-term purchases of securities with a simultaneous agreement to sell the securities back at a higher price. From the seller’s point of view, the same transaction is a reverse repurchase agreement.

SAFEKEEPING. A service to bank customers whereby securities are held by the bank in the customer’s name.

STRUCTURED NOTE. A complex, fixed income instrument, which pays interest, based on a formula tied to other interest rates, commodities or indices. Examples include inverse floating rate notes which have coupons that increase when other interest rates are falling, and which fall when other interest rates are rising, and "dual index floaters," which pay interest based on the relationship between two other interest rates - for example, the yield on the ten-year Treasury note minus the Libor rate. Issuers of such notes lock in a reduced cost of borrowing by purchasing interest rate swap agreements.

TOTAL RATE OF RETURN. A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized and unrealized gains, and losses in the portfolio.

U.S.TREASURY OBLIGATIONS. Securities issued by the U.S. Treasury and backed by the full faith and credit of the United States. Treasuries are considered to have no credit risk, and are the benchmark for interest rates on all other securities in the US and overseas. The Treasury issues both discounted securities and fixed coupon notes and bonds.

TREASURY BILLS. All securities issued with initial maturities of one year or less are issued as discounted instruments, and are called Treasury bills. The Treasury currently issues threeand six-month T-bills at regular weekly auctions. It also issues “cash management” bills as needed to smooth out cash flows.

TREASURY NOTES. All securities issued with initial maturities of two to ten years are called Treasury notes, and pay interest semi-annually.

TREASURY BONDS. All securities issued with initial maturities greater than ten years are called Treasury bonds. Like Treasury notes, they pay interest semi-annually.

VOLATILITY. The rate at which security prices change with changes in general economic conditions or the general level of interest rates.

YIELD TO MATURITY. The annualized internal rate of return on an investment which equates the expected cash flows from the investment to its cost.
369
Report and Recommendations 6.0
Reviewed and Approved
City Manager

AGENDA ITEM
City Council
TO: Mayor and City Council Members
FROM: Jessaca Lugo, City Manager
DATE: December 5, 2023
SUBJECT: RESOLUTION OF THE CITY COUNCIL OF CITY OF SHASTA LAKE

ESTABLISHING A STIPEND FOR PLANNING COMMISSION MEMBERS
PURSUANT TO SLMC 2.16.030
FILE NO.: A-050-60-003
RECOMMENDATION:

Staff recommends City Council approve a resolution, authorizing a stipend in the amount of $150.00.

BACKGROUND
During the City Council Meeting on September 19, 2023, the Council requested the staff to present a recommendation for raising the stipend for Planning Commissioners. The staff conducted research on stipend amounts from various agencies, and the respective figures are as follows:

Typically, the planning commission convenes around 10 times annually. Presently, the City of Shasta Lake Planning Commission receives a compensation of $50.00 per meeting, which falls Planning Commission Stipend
Agency Population size Stipend
City of Shasta Lake 10423 50 $ per meeting
City of Yreka 7826 - No stipend as of July 2023
City of Corning 10738 -

2.24.070 All members of the planning commission shall serve as members without compensation.

City of Anderson 11386 150 $ per meeting
City of Signal Hill 11563 125 $ per meeting
City of South Gate 91154 125 $ per meeting
City of Redding 93462 -

2.52.050 All members of the planning commission shall serve as members without compensation.

City of Carson 93535 50 $ per meeting Not exceed $200.00 per month County of Shasta $ 75 per meeting additional $25.00 per field trip. 370
on the lower end compared to other cities. The staff suggests that the City Council contemplate approving a raise to $150.00 per meeting.

NOTE: The City Council also requested Staff to inquire with the Parks and Recreation Commission about their potential interest in receiving a stipend. The upcoming Parks and Recreation Commission meeting is set for January 4, 2024. Feedback will be sought from the Commission during the next regular meeting of the Staff.

FISCAL IMPACT
Increase of approximately $5,000 per fiscal year (General Fund)

ATTACHMENTS
RESOLUTION CC-2023-XX

DISTRIBUTION
City of Shasta Lake City Council
City Attorney
City Clerk
Finance Director
371
RESOLUTION NO CC-2023-XX

RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SHASTA LAKE ESTABLISHING A

STIPEND FOR PLANNING COMMISSION MEMBERS
The City Council of the City of Shasta Lake does hereby resolve as follows:

Section 1: Each Planning Commission member shall be entitled to a stipend of $150.00 for each regular and special meeting of the Planning Commission attended by the commissioner.

Section 2: This Resolution shall become effective upon the effective date of Resolution, which is 12/05/2023.

PASSED, APPROVED, AND ADOPTED this 5th day of December 2023 by the following vote:

AYES:

NOES:

ABSENT:
_______________________, Mayor
ATTEST:

CHARITY TATLOW
Deputy City Clerk
372
Report and Recommendations 7.0
Reviewed and Approved
City Manager

AGENDA ITEM
City Council
TO: Mayor and City Council Members
FROM: Jessaca Lugo, City Manager
DATE: December 5, 2023
SUBJECT: PARKS AND RECREATION ADVISORY COMMITTEE APPOINTMENT FILE NO.: C-080-606-853
RECOMMENDATION:

Staff recommends that City Council consider the appointment of three (3) commission members to the Parks and Recreation Advisory Commission.

BACKGROUND:

As you are aware, the Parks and Recreation Advisory Commission is a five-member Commission. There are currently three seats available on the Commission due to term expirations. A notice regarding the vacancies has been posted.

The City has received four requests from the following individuals:
• Tena Zeller (reappointment)
• David Thompson (reappointment)
• Bradley Hewitt (reappointment)
• Jeff Bowman (appointment)
Staff requests City Council select three of the four applicants to fulfill the vacancies due to term expirations.

FISCAL IMPACTS
None
DISTRIBUTION:

City Council
ATTACHMENTS:

Resolution
Letter (s) seeking appointment
373
RESOLUTION CC-2023-XXX

A RESOLUTION BY THE CITY OF SHASTA LAKE CITY COUNCIL APPOINTING _________________TO THE PARKS AND RECREATION ADVISORY COMMISSION FOR A TERM EXPIRING IN DECEMBER 2025
WHEREAS, the City Council of the City of Shasta Lake authorized the creation of a Parks and Recreation Advisory Commission, consisting of five members appointed by the City Council, pursuant to Municipal Code Chapter 2.18; and
WHEREAS, there are vacancies (3) on the Commission due to term expirations; and WHEREAS, staff has posted a notice of vacancies; and
WHEREAS, __________ has expressed interest in being reappointed to the Commission.

NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Shasta Lake hereby appoints _________________ to the Parks and Recreation Advisory Commission for a two-year term, expiring in December of 2025.

PASSED, APPROVED AND ADOPTED this 5th day of December, 2023 by the following vote.

AYES:

NOES:

ABSENT:
_________________________________
_____________________, Mayor
ATTEST:
__________________________________

CHARITY TATLOW
Deputy City Clerk
374
375
376
From: Whitney Zeller
To: Charity Tatlow; Jessaca Lugo
Subject: FW: Park and recreation commissioner
Date: Tuesday, November 28, 2023 3:44:37 PM
Attachments: image001.png
image002.png
image003.png
image004.png
FYI
Best,
Whitney Zeller
Community and Economic Development Manager
City of Shasta Lake
4477 Main Street
Shasta Lake, CA 96019
Ph. (530) 275-7427
[email protected]
Visit us on the web @ cityofshastalake.org
Follow us on…..

From: bradley hewitt <[email protected]>
Sent: Tuesday, November 28, 2023 3:34 PM
To: Whitney Zeller <[email protected]>
Subject: Park and recreation commissioner
I would like to remain on park and recreation. This is my letter of request. 377
2 Jeffrey L. Bowman
Objective
Summary
 To provide the best customer experience possible
 City Department Head directing the activities of twelve City of Farmington Divisions- Administration, Park Operations, Park Planning, Animal Shelter/Park Rangers, Three pools, Two Recreation Centers, Senior Center complex, Civic Center/Theater, Two Golf Courses, Four Museum Operations, Marketing and Public relations, Sandstone Productions outdoor theater.
 Develop and administer budgets for all activities and provide analysis to the Mayor, City Council, City Manager and Parks and Recreation and Cultural Commission.
 13 million dollar total department budget.
 Customers come first. Successfully started and oversaw the first ever customer service training classes for the department.
 Enhanced the public image and recognition of the department within the community by implementing a marketing and public relations Division which increased attendance and admission in all facilities.  Ability to direct complex projects to fully operational status. 12 different major new facility projects worth 65 million dollar. 3 million dollars worth of annual existing park and facility improvements .  Organized highly motivated and detailed directed problem solver.  Proven ability to work in unison with staff, volunteers, public and the elected officials
 Goal oriented individual with strong leadership capabilities  1859 total acres of Parks and grounds
 Overall responsibilities of Pinon Hills Golf Course rated the number four municipal golf course in the country by Golfweek
 Coordinated and directed the preventative maintenance program for all buildings
Professional
History
Education
Retired with 30 years and 3 months of dedicated service to the citizens of the City of Farmington, NM
Operations Manager for the Soundhouse Recording Studios- January 2013-present Part-time
Director of Parks, Recreation and Cultural Affairs 1999- January 1, 2013 City of Farmington, New Mexico
Assistant Director of Parks and Golf Operations. 1989-1999 City of Farmington, New Mexico.

Parks Superintendent. 1982-1989 City of Farmington, New Mexico Parks Superintendent 1976- 1982 City of York, Penna.

BS degree in Agronomy, Delaware Valley University of Science and 3140 Westminster Court, Shasta Lake CA
505-860-4078
[email protected]
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Professional and
Community
involvement
Agriculture, Doylestown Pennsylvania.

San Juan Rotary-Paul Harris Fellow award
Farmington Boys and Girls Club Board member
Farmington Convention and Visitors Bureau board member
San Juan Regional Medical Center board member 2009-2013 Cross Road Community Church Board member- finance Committee Farmington Museum Foundation board member
Connie Mack World Series Executive board member
City of Farmington United Way Chairman 1990-December 2012 Executive Productor of Sandstone Productions summer theater National Recreation and Parks Association
New Mexico Turfgrass Managers Association-past president New Mexico Golf course Superintendent Association
New Mexico Recreation and Parks Association
Sports Turf Managers Association
Bean Clay award for best maintained ball field
Groundskeeper of the year award 1992
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Report and Recommendations 8.0
Reviewed and Approved
City Manager

AGENDA ITEM
City Council
TO: Mayor and City Council Members
FROM: Jessaca Lugo, City Manager
DATE: December 5, 2023
SUBJECT: CONSIDER RESOLUTION APPROVING AMENDMENTS FOR

UNREPRESENTED ELECTRIC EMPLOYEES
FILE NO.:

RECOMMENDATION:

Staff recommends the City Council approve a resolution to amend salaries for unrepresented employees (a.k.a., non-union, management employees) in the Electric Department to address issues of wage compaction and wage competitiveness.

BACKGROUND
Introduction
On June 16, 2009, the City Council adopted Resolution CC-09-55 that established minimum pay differentials between Electric Department positions to address issues of wage competitiveness, where the City’s compensation rates had fallen behind wages paid by similar electric utilities for similar positions; and wage “compaction” issues, where the pay differential between supervisor/supervisee was too small. The pay differentials for Electric Department positions were modified on August 17, 2010 where the City Council authorized pay differentials of 30% between supervisory levels.

Many of the issues that prompted these actions in 2009 and 2010 have resurfaced today, where wages within the Electric Department have a severe “compaction” issue and appear to have lost competitiveness with similar and proximate electric utilities in the North State. Staff has found that the 30% pay differential practices authorized by the City Council in 2010 was implemented for less than 5 years and has eroded over time. 380
See “Chart 1” in the Supporting Tables & Charts, attached. This erosion of the City’s pay differential for Electric Department wages could be a contributing factor to the apparent compaction and competitiveness issues that exist today.

Staff is recommending the City Council to consider reaffirming past actions where Electric Department wages for unrepresented staff be adjusted so the minimum pay differential be 30% between supervisor/subordinate. The incremental cost of this action is immaterial because the Electric Department operates with such a small number of staff for the size of the operation. The Department has held staffing at 10 Full Time Equivalent employees for about 15 years. Three of these employees are unpresented management employees, who are the subject of the recommendations described in this staff report. Collectively, these 10 FTEs operate a $35,000,000/year enterprise, roughly half of the City’s overall budget.

Compensation for Represented Employees (IBEW)
On June 2, 2020, the City Council adopted Resolution CC-20-35, which adopted amendments to the IBEW labor agreement (MOU) that governs many aspects of employment with the City’s IBEW-represented staff, including wages. Per the MOU, the wage for the Electric Lineman is based on the average wage paid by 3 similar North State electric utilities (i.e., Plumas-Sierra Rural Electric Utility, Lassen Municipal Utility District, and Trinity Public Utility District), but in no event shall the City’s Lineman rate be less than that paid by the City of Redding to its Electric Lineman. This provision of the MOU was negotiated to increase the probability that the City’s compensation rate for its Electric Lineman was market competitive. Moreover, it was intended to directly address an issue that led to regular and high levels of employee turnover, noting that 10 linemen left employment with the City in a 5-year period. The MOU provision recognizes the value of referring to electric utilities with similar attributes when setting wages (i.e., Plumas, Lassen, and Trinity), but the MOU also recognizes the threat of location, since 9 of the 10 departures noted took jobs at the City of Redding. Staff can report that since this provision was added to the City’s MOU with IBEW employees, the turnover has been minimal.

City of Redding recently adopted amendments to its MOU with its IBEW employees, including immediate changes to wage rates, effective 11/12/2023. Per the City of Shasta Lake’s MOU with IBEW employees, wages for the City’s Electric Lineman were also adjusted (i.e., in no event shall the base wage be less than the City of Redding). These changes were anticipated in the current 2-year budget and have no incremental fiscal impact to the Electric Fund. However, the change has caused a significant compaction issue between the highest-paid IBEW employee and that person’s direct supervisor.

Current Situation
The pay differential between the IBEW-represented “Electric Lead Worker” and this person’s direct supervisor, the Electric Operations Manager (unrepresented, management employe), is now 4.22%. It should be highlighted that this pay differential is calculated on the base wage rate, only. The Electric Lead Worker is part of a 5-week rotation to be “on call,” and, per the MOU, receives additional cash compensation via 381
stand-by pay for this status. When factoring in this additional compensation, the Electric Lead Worker has a higher effective wage rate than this person’s direct supervisor. When examining this salary compaction issue, staff found there may be an issue with the overall market competitiveness of Electric Department’s unrepresented/management staff wages when compared to similar electric utilities.

City of Shasta Lake’s unrepresented Electric Department employees currently receive the lowest pay compared to the 4 electric utilities referenced in the IBEW MOU (i.e., Lassen, Plumas, Trinity, and Redding). See “Chart 2” in the Supporting Tables & Charts, attached.

Reaffirming the 30% pay differential practices for the Electric Department would resolve the compaction issue and would place the City’s wage rate 4th out of the 5 referenced North State utilities, helping to enhance the City’s wage competitiveness. See “Chart 3” in the Supporting Tables & Charts, attached.

Staff examined the pay differential practices of the 4 other electric utilities in the IBEW MOU (i.e., Lassen, Plumas, Trinity, and Redding) and found an average pay differential of 32%, which suggests the City’s 2010 actions are still consistent with current labor market conditions and others’ practices.

Summary
The City’s ability to provide services to the community ultimately depends on our employees. The ability to attract and retain the necessary talent has been a pain point for organizations for quite some time and this issue seems to be getting worse. While the City values the contributions of all of its employees, it should be noted that the competition for electric utility industry personnel is especially acute. Across the entire state of California, there are fewer than 50 publicly owned electric utilities, compared to 57 counties, and nearly 500 incorporated cities and townships. The electric industry requires specialized trades, technical engineering professions, and a deep expertise in commodities trading and risk management. While the Electric Department has not experienced high turnover in its unrepresented/management positions, it is important to manage with a long-term strategy in mind, namely maintain competitive compensation to reduce the probability of turnover. The IBEW MOU does this by containing provisions that increase the probability that wages paid to the represented staff (a.k.a., union employees) will remain competitive. Staff requests the City Council to reaffirm past actions to implement, at a minimum, a 30% pay differential between Electric Department unrepresented/management staff positions in order to resolve a wage compaction issue that has surfaced (i.e., 4.22% difference in base wage rate between the highest-paid IBEW employee and that person’s direct supervisor), and to increase the City’s wage competitiveness with 4 other North State electric utilities.

On November 20, 2023, the staff held a meeting with the Electric Committee of the City of Shasta Lake to address the labor compaction issue in the electric sector. The committee suggested presenting the proposal of a 30% compaction to the City Council for their consideration.
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The City Council has the following options for consideration:

1. Approve a Resolution authorizing amendments to the Electric Management (Unrepresented) Salary, setting a 30% compaction threshold between classifications, and authorizing immediate salary increases for employees in those classifications, effective December 10, 2023. If approved, the salary adjustments will encompass the City Manager as stipulated in the employment contract.

2. The City Council (Council) could choose not to approve the resolution amending the Electric Management salary and provide additional direction to staff.

FISCAL IMPACT
The changes to the electric department are expected to about $115,100 for Fiscal Year (FY) 2024
If approved, the City Manager's base salary shall be maintained by at least 10% higher than that of any employee, excluding the Electric Utility Director. This adjustment is estimated to result in an additional fiscal impact of approximately $36,000 for the fiscal year 2024.

ATTACHMENTS
Resolution CC-2023-XX

DISTRIBUTION
City Council
383
Supporting Charts
Chart Source: Comparison B/W Utilities
Director AED/EOM
Redding $ 150.20 $ 121.66
Plumas $ 192.31 $ 120.19
Lassen $ 144.23 $ 92.54
Trinity $ 126.45 $ 106.79
Current--> Shasta Lake $ 104.34 $ 84.54
Proposed--> 30/30% Adj (Recommended) $ 137.10 $ 105.46
Hourly
Chart 1:

City of Shasta Lake Electric Department Compaction Levels Between Electric Operations Manager and Electric Lead Worker
Through 7/1/2023
Note: The “compaction ratio” is calculated by dividing the supervisor’s base wage by the subordinate’s base wage, specifically the Electric Operations Manager and Electric Lead Worker, respectively. A value of 130%, as shown for 2015, indicates that the EOM pay is 30% greater than the Electric Lead Worker’s. Data is through 7/1/2023. What is not shown is as of 11/12/2023, the compaction ratio is now 4.22%.
118%
119%
120%
121%
122%
123%
124%
125%
126%
127%
128%
129%
130%
2015 2016 2017 2018 2019 2020 2021 2022 2023
Compaction Ratio and Trendline
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Chart 2:

Comparison of Biweekly Base Pay
(Current, No Change)
“ Director” means “ Electric Utility Director” while “ AED/EOM” represents the “ Assistant Electric Director” and “ Electric Operations Manager.” $-
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
Director AED/EOM
Redding Plumas Lassen Trinity Shasta Lake
Chart 3:

Comparison of Biweekly Base Pay
(30% Compaction Practices Reaffirmed)
$-
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
Director AED/EOM
Redding Plumas Lassen Trinity Shasta Lake
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RESOLUTION NO CC-2023-XX

A RESOLUTION BY THE CITY OF SHASTA LAKE CITY COUNCIL APPROVING

AMENDMENTS FOR UNREPRESENTED ELECTRIC EMPLOYEES
______________________________________________________________________ WHEREAS, the ability of the City of Shasta Lake to provide services to the Shasta Lake community ultimately depends on its employees; and
WHEREAS, the City of Shasta Lake desires to attract and retain employees; and WHEREAS, the City of Shasta Lake recognizes the acute challenges facing the broader electric utility industry in acquiring and retaining the necessary talent pool to function efficiently and effectively; and
WHEREAS, the City of Shasta Lake desires to adjust wages for its Electric Department unrepresented employees to resolve issues with wage compaction and wage competitiveness by reaffirming past City of Shasta Lake practices and setting the base wage for the Assistant Electric Director and Electric Operations Manager to be 30% above the Electric Lead Worker and the base wage for the Electric Utility Director to be 30% above the Assistant Electric Director and Electric Operations Manager; and WHEREAS, The City of Shasta Lake's employment agreement with the City Manager stipulates that the City Manager's salary shall be maintained by at least 10% higher than any employee, excluding the Electric Utility Director, by a minimum of 10%.

NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Shasta Lake authorizes the City Manager to amend Electric Department salaries for its unrepresented staff as described above, effective December 10, 2023, and approves the supplemental appropriations necessary for this action.

PASSED, APPROVED, AND ADOPTED this 5th day of December 2023 by the following vote:

AYES:

NOES:

ABSENT:
_____________________, Mayor
ATTEST:

Charity Tatlow, Deputy City Clerk
386
Report and Recommendations 9.0
Reviewed and Approved
City Manager

AGENDA ITEM
City Council Meeting
TO: Jessaca Lugo, City Manager
FROM: Wendy Howard, Finance Director
DATE: November 29, 2023
SUBJECT: FY2023-24 REVISED PAYRATE SCHEDULE
FILE NO:

RECOMMENDATION:

Staff respectfully submits for approval and adoption the fiscal year 2023-24 revised Payrate Schedule for all Regular Full-time and Regular Part-time position titles and classifications.

BACKGROUND:

CalPERS requires that agencies have a payrate schedule that has been duly approved and adopted by the employer’s governing body in accordance with requirements of applicable public meetings laws. Therefore, staff is presenting the FY2023-24 revised payrate schedule for approval and adoption.

As discussed, when the original payrate schedule for this fiscal year was presented, this schedule has changed, pursuant to the IBEW MOU agreement. The MOU negotiations of Redding (REU) with its Electric divisions has been finalized and a contract approved.

Per our MOU, our Electric payrates are tied to REU’s MOU, and this has resulted in changes to our rates. Also, when there are staffing changes, the City takes advantage of the opportunity to determine the most beneficial method of proceeding. We do an analysis to determine whether it is best to simply fill a position or distribute the duties to existing positions. If the latter, then we increase the pay for those positions. Because there have been a couple of retirements since the last schedule was approved, there are some of these positions changing with additional duties being added. 387
For transparency purposes, changes from the 2023-24 schedule, approved by Council on 9/5/2023, are noted below.
- The Executive Assistant – required by the CA minimum wage increase to $16/hour effective 1/1/2024. The overtime exempt threshold is no less than two times the state minimum wage for full-time employment. (This was included on the schedule approved at the 9/5/2023 meeting but is included on this list as it is the only item with a change that is not otherwise explained here.)
- The Permit Center Manager & Deputy City Clerk – this position has had duties added to it due to the retirement of the City Clerk. This position will be funded 50% from each, City Manager and Development Services.
- Electric Leadworker, Electric Lineman, Electric Troubleman, and Line Staking Technician changes due to MOU changes
- Assistant Electric Director, Electric Operations Manager, Electric Utilities Director, and City Manager – these positions are changing due to the increases resulting from the MOU changes to represented Electric employees. These are being further discussed in a separate agenda item.
- Public Works Superintendent – Water – this position had been removed from the schedule upon the creation of the Water Utility Specialist and Chief Water Treatment Plant Operator positions, but upon the retirement of the Water Utility Specialist, this position has been added back. It is equivalent to the Public Works Superintendent – Wastewater position.
- Finance & General Services Manager – this position has had duties added to it due to the retirement of the Water Utility Specialist. This position will be funded 25% from the Water fund.

FISCAL IMPACTS:

None.

ATTACHMENTS:
• Resolution adopting the FY2023-24 revised Payrate Schedule • Exhibit A – FY2023-24 Payrate Schedule effective 10/29/2023 DISTRIBUTION:

City of Shasta Lake City Council
388
RESOLUTION CC-2023-xx

A RESOLUTION BY THE CITY OF SHASTA LAKE CITY COUNCIL APPROVING AND ADOPTING THE FISCAL YEAR 2023-24 REVISED PAYRATE SCHEDULE FOR

REGULAR FULL-TIME AND REGULAR PART-TIME POSITION TITLES AND CLASSIFICATIONS.

WHEREAS, the City of Shasta Lake has a payrate schedule identifying the base pay rate, and time base (monthly and hourly) for all Regular Full-time and Regular Part-time position titles and classifications in the City, including the effective date and the date of any revisions; and,
WHEREAS, the City of Shasta Lake’s payrate schedule identifies the position title for every employee position; and,
WHEREAS, the City of Shasta Lake’s payrate schedule is immediately accessible and available for public review during normal business hours and on the City’s internet website, and is retained by the City for public inspection for not less than five years; and, NOW, THEREFORE, BE IT RESOLVED that the Shasta Lake City Council hereby approves and adopts the attached Payrate Schedule (Exhibit A) effective October 29, 2023, for Regular Full-Time and Regular Part-Time position titles and classifications.

PASSED, APPROVED, AND ADOPTED this 5th day of Decembe, 2023, by the following vote:

AYES:

NOES:

ABSENT:
, Mayor
ATTEST:

Charity Tatlow
Deputy City Clerk
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City of Shasta Lake
Payrate Schedule
Effective 10/29/2023
Approved 12/5/2023
Mid-year changes:

Bargaining
Position Titles / Classifications Unit x Hourly Payrate x Monthly Payrate x Hourly Payrate x Monthly Payrate x Effective Date Account Clerk I T 25.51 4,422 -
Account Clerk II T 27.74 4,808 -Accounting Technician M 33.15 5,746 -Administrative Assistant T 26.54 4,600 -Animal Control Officer T 25.41 4,404 -Animal Control Officer-Supervisor M 33.56 5,817 -Assistant Electric Director M 84.54 14,654 105.46 18,280 Effective 12/10/2023 Associate Civil Engineer M 61.14 10,598 -
Building Inspector T 35.92 6,226 -Building Official M 54.64 9,471 -Chief Water Treatment Plant Operator M 56.74 9,835 -City Clerk M 49.22 8,531 -City Engineer M 78.72 13,645 -City Manager M 92.99 16,118 116.01 20,108 Effective 12/10/2023 Code Enforcement Officer T 28.24 4,895 -
Community Economic Development Manager M 47.98 8,317 -Computer Aided Drafter/Technician T 27.66 4,794 -Development Services Technician I T 21.07 3,652 -Development Services Technician II T 24.19 4,193 - Development Services Technician III T 26.54 4,600 -
Electric Leadworker I 70.55 12,229 81.12 14,061 Effective 11/12/2023 Electric Lineman I 65.63 11,376 75.46 13,080 Effective 11/12/2023 Electric Operations Manager M 84.54 14,654 105.46 18,280 Effective 12/10/2023 Electric Troubleman I 68.69 11,906 78.98 13,690 Effective 11/12/2023 Electric Utilities Director M 104.34 18,086 137.10 23,764 Effective 12/10/2023Engineering Technician II T 37.72 6,538 - Equipment Mechanic T 32.75 5,677 -
Equipment Mechanic Lead Worker T 34.86 6,042 -
Executive Assistant M 31.93 5,535 32.00 5,547 Effective 1/1/2024 Finance & General Services Manager M 49.22 8,531 60.10 10,417 Effective 10/29/2023Finance Director M 69.67 12,076 - Effective 7/1/2023
390
Mid-year changes:

Bargaining
Position Titles / Classifications Unit x Hourly Payrate x Monthly Payrate x Hourly Payrate x Monthly Payrate x Effective Date Fuel Reduction Coordinator M 44.26 7,673 -
GIS Program Coordinator M 52.81 9,154 -
Janitor/Maintenance Worker T 16.93 2,935 -
Line Staking Technician I 52.50 9,100 60.37 10,464 Effective 11/12/2023 Meter Reader T 24.94 4,323 -
Meter Reader/Service & Warehouse Worker T 31.63 5,483 - Operator in Training T 27.73 4,807 -
Permit Center Manager & Deputy City Clerk M 31.93 5,535 39.91 6,918 Effective 11/26/2023 Planning Manager M 69.98 12,130 -
Planning Technician T 21.87 3,791 -
Public Works Director / Engineer M 78.72 13,645 -
Public Works Equipment Operator T 34.27 5,940 -
Public Works Lead Worker T 37.37 6,477 -
Public Works Maintenance Worker I T 27.70 4,801 -
Public Works Maintenance Worker II T 31.10 5,391 -Public Works Parks Maintenance Worker I T 23.96 4,153 - Public Works Superintendent - Wastewater M 60.21 10,436 - Public Works Superintendent - Water M 55.07 9,545 60.21 10,436 Effective 10/29/2023 Public Works Supervisor M 55.07 9,545 -
Secretary Clerk T 21.20 3,675 -
Senior Building Inspector & Code Enforcement Off M 38.09 6,602 - Senior Mechanic T 38.41 6,658 -Senior Planner M 48.43 8,395 -Senior Wastewater Treatment Plant Operator T 41.94 7,270 -Senior Water Treatment Plant Operator T 41.94 7,270 -Utility Billing & Customer Service Supervisor M 37.11 6,432 -Wastewater Treatment Plant Operator I T 32.04 5,554 -Wastewater Treatment Plant Operator II T 36.38 6,306 -Water Treatment Plant Operator I T 32.04 5,554 -Water Treatment Plant Operator II T 36.38 6,306 -Water Utility Specialist M 60.21 10,436 -Bargaining Units:

T = TeamstersI = IBEWM = Management / Confidential
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