City Council and Concurrent Authorities
December 9, 2025

Appendix E of the Title VI Assurances
(US DOT Order 1050.2A)
During the performance of this contract, the contractor, for itself, its assignees, and successors in interest (hereinafter referred to as the “contractor”) agrees to comply with the following nondiscrimination statutes and authorities; including but not limited to:

Pertinent Nondiscrimination Authorities:
• Title VI of the Civil Rights Act of 1964 (42 U.S.C. § 2000d et seq., 78 stat. 252), (prohibits discrimination on the basis of race, color, national origin); and 49 CFR Part 21.
• The Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970, (42 U.S.C. § 4601), (prohibits unfair treatment of persons displaced or whose property has been acquired because of Federal or Federal-aid programs and projects);
• Federal-Aid Highway Act of 1973, (23 U.S.C. § 324 et seq.), (prohibits discrimination on the basis of sex);
• Section 504 of the Rehabilitation Act of 1973, (29 U.S.C. § 794 et seq.), as amended, (prohibits discrimination on the basis of disability); and 49 CFR Part 27;
• The Age Discrimination Act of 1975, as amended, (42 U.S.C. § 6101 et seq.), (prohibits discrimination on the basis of age);
• Airport and Airway Improvement Act of 1982, (49 U.S.C. § 4 71, Section 4 7123), as amended, (prohibits discrimination based on race, creed, color, national origin, or sex);
• The Civil Rights Restoration Act of 1987, (PL 100-209), (Broadened the scope, coverage and applicability of Title VI of the Civil Rights Act of 1964, The Age Discrimination Act of 1975 and Section 504 of the Rehabilitation Act of 1973, by expanding the definition of the terms “programs or activities” to include all of the programs or activities of the Federal-aid recipients, subrecipients and contractors, whether such programs or activities are Federally funded or not);
• Titles II and III of the Americans with Disabilities Act, which prohibit discrimination on the basis of disability in the operation of public entities, public and private transportation systems, places of public accommodation, and certain testing entities (42 U.S.C. §§ 12131-12189) as implemented by Department of Transportation regulations at 49 C.F.R. parts 37 and 38;
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• The Federal Aviation Administration's Nondiscrimination statute (49 U.S.C. § 47123) (prohibits discrimination on the basis of race, color, national origin, and sex);
• Executive Order 12898, Federal Actions to Address Environmental Justice in Minority Populations and Low-Income Populations, which ensures discrimination against minority populations by discouraging programs, policies, and activities with disproportionately high and adverse human health or environmental effects on minority and low-income populations; • Executive Order 13166, Improving Access to Services for Persons with Limited English Proficiency, and resulting agency guidance, national origin discrimination includes discrimination because of limited English proficiency (LEP). To ensure compliance with Title VI, you must take reasonable steps to ensure that LEP persons have meaningful access to your programs (70 Fed. Reg. at 74087 to 74100);
• Title IX of the Education Amendments of 1972, as amended, which prohibits you from discriminating because of sex in education programs or activities (20 U.S.C. 1681 et seq).

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EXHIBIT F

912
1 BOND FOR FAITHFUL PERFORMANCE
KNOW ALL MEN BY THESE PRESENTS:

That we, ____________________________ ______________, a STATE OF CA CORPORATION, as Principal and , a
corporation, organized and existing under the laws of the State of and duly authorized to transact business under the laws of the State of California, as Surety, are held and firmly bound unto the City of Stockton, a municipal corporation, duly created and existing under and by virtue of the laws of the State of California, as obligee, in the just and full sum of ONE MILLION FIVE HUNDRED NINETEEN THOUSAND FIVE HUNDRED FIFTY TWO AND NO/100 DOLLARS ($1,519,552), in lawful money of the United States of America (being 100% of the contract price) for the payment whereof well and truly to be made to the said CITY, the said Principal and Surety bind themselves, their successors and assigns, jointly and severally, firmly by these presents.

The condition of the foregoing obligation is such that the above bounded Principal has simultaneously entered into a contract with the CITY, to do and perform the following work, to wit:

HARDING WAY LEFT-TURN POCKETS
PROJECT NO. WT22046/STATE PROJECT NO. HSIPSL-5008(195)
NOW, THEREFORE, if the above bounded Principal, CONTRACTOR, Company or
Corporation or its Subcontractor, shall well and truly perform the work contracted to be done under said contract, then this obligation to be null and void; otherwise to remain in full force and effect.

No prepayment or delay in payment and no change, extension, addition or alteration of any provision of said contract, or in said plans or specifications agreed to between the said CONTRACTOR and the said CITY, and no forbearance on the part of the said CITY shall operate to relieve any Surety or Sureties from liability on this bond, and consent by said Surety is hereby given, and the said Surety hereby waives the

913
2 provisions of Sections 2819 and 2845 of the Civil Code of the State of California.

SIGNED AND SEALED on

APPROVED AS TO SURETY: By

PRINCIPAL

SURETY
APPROVED AS TO FORM & CONTENT:

LORI M. ASUNCION

OFFICE OF THE CITY ATTORNEY
By

ATTORNEY-IN-FACT
By

DEPUTY CITY ATTORNEY

914
1 BOND FOR LABOR AND MATERIAL
KNOW ALL MEN BY THESE PRESENTS:

That we, DIRT DYNASTY, INC, a STATE OF CA CORPORATION, as Principal and __________, a corporation, organized and existing
under the laws of the State of and duly authorized to transact business under the laws of the State of California, as Surety, are held and firmly bound unto the City of Stockton, a municipal corporation, duly created and existing under and by virtue of the laws of the State of California, and unto any and all material suppliers, persons, companies, or corporations furnishing materials, provisions, provender or other supplies used in, upon, for or about the performance of the work contemplated to be executed or performed under the contract hereinafter mentioned, and all persons, companies, or corporations renting or hiring teams, or implements of machinery, for or contributing to said work and all persons who perform work or labor upon the same, and all persons who supply both work and materials, and whose claims have not been paid by the contractor, company or corporation in the just and full sum of ONE MILLION FIVE HUNDRED NINETEEN THOUSAND FIVE HUNDRED FIFTY TWO AND NO/100 DOLLARS ($1,519,552), in lawful money of the United States of America (being 100% of the contract price) for the payment whereof well and truly to be made to said City of Stockton and to said persons jointly and severally, the said principal and Surety bind themselves, their successors and assigns, jointly and severally, firmly by these presents.

The condition of the foregoing obligations is such that the above bounden Principal has simultaneously entered into a contract of even date herewith, with the CITY, to do and perform the following work, to-wit:

HARDING WAY LEFT-TURN POCKETS
PROJECT NO. WT22046/STATE PROJECT NO. HSIPSL-5008(195)
NOW, THEREFORE, if the above bounden Principal, CONTRACTOR, Company or Corporation or its Subcontractor, fail to pay for all materials, provisions, provender, or other supplies, or teams, used in, upon, for or about the performance of the work contracted to be done, or for any work or labor done thereon of any kind, the Surety on

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2 this bond will pay the same, in an amount not exceeding the sum specified in this bond, provided that any and all claims hereunder shall be filed and proceedings had in connection therewith as required by the provisions of Division 3, Part 4, Title 15, Chapter 5, Article 1 of the Civil Code of California, provided that in case suit is brought upon this bond, a reasonable attorney's fee shall be awarded by the Court to the prevailing party in said suit; said attorney's fee to be fixed as costs in said suit, and to be included in the judgment therein rendered.

No prepayment or delay in payment and no change, extension, addition or alteration of any provision of said contract or in said plans or specifications agreed to between the said CONTRACTOR and the said CITY and no forbearance on the part of the said CITY shall operate to relieve any surety or sureties from liability on this bond, and consent to make such alterations without further notice to or consent by any such surety is hereby given, and the said sureties hereby waive the provisions of Sections 2819 and 2845 of the Civil Code of the State of California.

SIGNED AND SEALED on .

APPROVED AS TO SURETY: By

PRINCIPAL

SURETY
APPROVED AS TO FORM & CONTENT:

LORI M. ASUNCION

OFFICE OF THE CITY ATTORNEY
By

ATTORNEY-IN-FACT
By

DEPUTY CITY ATTORNEY

916
City of Stockton
Legislation Text
File #: 25-1128, Version: 1

APPROVE MOTION TO AUTHORIZE PROFESSIONAL SERVICES CONTRACT AMENDMENT NO. 3 FOR THE MORMON SLOUGH SANITARY SEWER LINE REHABILITATION PROJECT

RECOMMENDATION
It is recommended that the City Council approve a motion to authorize the City Manager to execute Professional Services Contract Amendment No. 3 in the amount of $92,000 with Kjeldsen, Sinnock & Neudeck, Inc. for additional design services and to extend the contract expiration date to June 30, 2027, for the Mormon Slough Sanitary Sewer Line Rehabilitation, Project No. UW18030.

It is also recommended that the City Manager be authorized to take appropriate and necessary actions to carry out the purpose and intent of this motion.

Summary
The Mormon Slough Sanitary Sewer Line Rehabilitation, Project No. UW18030, will rehabilitate or replace the sewer pipe in the Slough between Sierra Nevada Street and Bieghle Avenue (Attachment A). The project was included in the 2018-23 Five-Year Capital Improvement Plan (CIP). On April 2, 2019, by Motion No. 2019-04-02-1111, Council authorized the award of a Professional Services Contract in the amount of $123,999.97 to Kjeldsen, Sinnock & Neudeck, Inc. (KSN) of Stockton, CA, for professional design services of the project.

On January 26, 2021, by Motion No. 2021-01-26-1211, Council approved Professional Services Contract Amendment No. 1 in the amount of $81,386.17 for additional design services. These services were necessary to upsize a segment of the project sewer line within Mormon Slough together with additional geotechnical investigation, permitting, and environmental documentation.

On April 28, 2022, the City Manager administratively approved Professional Services Contract Amendment No. 2 in the amount of $73,386. This amendment was for additional design and geotechnical services to upsize an additional sewer line on Sierra Nevada Street from Anderson Street to Worth Street in accordance with the Wastewater Master Plan (Master Plan) Update.

Professional Services Contract Amendment No. 3 in the amount of $92,000 is for design and associated services to realign the sewer as required by the California Central Valley Flood Protection (CCVFP) Board. This amendment requires Council authorization as the cumulative amount for Professional Services exceeds the administrative change order authority available.

It is recommended that Council approve a motion authorizing the City Manager to execute Professional Services Contract Amendment No. 3 in the amount of $92,000 with KSN for additional design services and to extend the contract expiration date to June 30, 2027, for the Mormon Slough Sanitary Sewer Line Rehabilitation, Project No. UW18030 (Attachment B). It is anticipated that the City of Stockton Page 1 of 3 Printed on 12/3/2025
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design will be completed in January 2026 with construction completion in December 2026.

DISCUSSION
Background
The Municipal Utilities Department has implemented a Condition Assessment Program for the City’s sewer infrastructure comprised of Closed-Circuit Televised Video inspection, pipe cleaning, and engineering evaluation. This program generates a prioritized list of sewer replacement and/or rehabilitation projects for inclusion in the City’s CIP. The program identified a 24-inch sewer trunk line along Mormon Slough for rehabilitation or replacement. Project No. UW18030 will rehabilitate or replace approximately 1,795 feet of existing 24-inch pipe along Mormon Slough between Sierra Nevada Street and Bieghle Avenue (Attachment A). The project was included in the 2018-23 FiveYear CIP.

On April 2, 2019, by Motion No. 2019-04-02-1111, Council authorized the award of a Professional Services Contract in the amount of $123,999.97 to KSN of Stockton, CA, for professional design services of the Mormon Slough Sanitary Sewer Line Rehabilitation, Project No. UW18030.

While this project was commencing, the City’s Master Plan was in the process of being updated.

Preliminary results of the Master Plan Update analysis determined that the 24-inch sewer trunk line within Mormon Slough should be increased to 30-inches to accommodate flows projected by the draft Master Plan. Additional design services were necessary for KSN to upsize a segment of the project sewer line together with additional geotechnical investigation, permitting, and environmental documentation. On January 26, 2021, by Motion No. 2021-01-26-1211, Council approved Professional Services Contract Amendment No. 1 in the amount of $81,386.17 for additional design services, environmental studies, and permitting for the project.

The Final Master Plan Update recommendations also included upsizing a section of the Sierra Nevada Street sewer system connecting to Worth Street from 27-inch to 30-inch. On April 28, 2022, the City Manager administratively approved Professional Services Contract Amendment No. 2 in the amount of $73,386 for the additional design and geotechnical services required to upsize the sewer line on Sierra Nevada Street from Anderson Street to Worth Street.

Present Situation
The original design prepared by KSN followed the alignment of the existing sewer line. This included a segment under Wilson Way that is within the theoretical wet area of Mormon Slough as defined by the CCVFP Board. After review of the draft plans, the CCVFP Board required the sewer pipe to be realigned outside the designated wet area, resulting in additional costs for redesign and permitting.

The project also incurred additional costs generally due to extensive regulatory permit coordination required of the Army Corp of Engineers, California Department of Fish and Wildlife, and CCVFP Board. Professional Services Contract Amendment No. 3 in the amount of $92,000 is necessary to complete redesign and coordination of activities required for final permitting.

Professional Services Contract Amendment No. 3 in the amount of $92,000 requires Council authorization as the cumulative amount of Professional Services Contract Amendment Nos. 1 and 2 exceeds the administrative change order authority available.

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File #: 25-1128, Version: 1
It is recommended that Council approve a motion authorizing the City Manager to execute Professional Services Contract Amendment No. 3 in the amount of $92,000 with KSN for additional design services and to extend the contract expiration date to June 30, 2027, for the Mormon Slough Sanitary Sewer Line Rehabilitation, Project No. UW18030 (Attachment B). It is anticipated that the design will be completed in January 2026 with construction completion in December 2026.

FINANCIAL SUMMARY
There is sufficient funding in the Mormon Slough Sanitary Sewer Line Rehabilitation, Project No.

UW18030, to approve Professional Services Contract Amendment No. 3 with KSN in the amount of $92,000. With approval of Professional Services Contract Amendment No. 3, the revised contract amount with KSN will be increased to $370,772.14.

There is no impact to the City’s General Fund or any other unrestricted fund as a result of taking the recommended action.

Attachment A - Vicinity Map
Attachment B - Professional Services Contract Amendment No. 3 with KSN City of Stockton Page 3 of 3 Printed on 12/3/2025
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ATTACHMENT A
920
1 (Rev. 7.7.23)

CITY OF STOCKTON

PROFESSIONAL SERVICES CONTRACT AMENDMENT
This Amendment Number 3 to the above referenced Contract is entered into on ________________________, between the City of Stockton (“City”) and Kjeldsen, Sinnock & Neudeck, Inc. (“Consultant”) for the Mormon Slough Sanitary Sewer Line Rehabilitation, Project No. UW18030.

RECITALS
Section 10, Contract Amendments, states that the Professional Services Contract may be amended only by written instrument signed by Consultant and City; and
Section 5, Schedule and Term, states that the Professional Services Contract shall expire on December 12, 2025; and
Now therefore, the City and the Consultant mutually agree as follows:

The City needs to Increase the Compensation, not to exceed amount in Section 2 of the Professional Services Contract and Exhibit A, by $92,000 to pay the Consultant for additional services; and

1. The termination date in Section 5 of the Professional Services Contract is amended to: June 30, 2027.

2. The maximum not to exceed amount to be paid to the Consultant, including if authorized, reimbursement of expenses, in Section 2 of the Professional Services Contract and Exhibit A, will now read as follows:

The maximum not to exceed amount in Section 2 of the Professional Services Contract and Exhibit A, is amended to: $370,772.14.

3. City shall pay Consultant for additional changes in scope outlined in Exhibit A. //
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Contract
Number:

Amendment
Number:
419000071 3

ATTACHMENT B
921
All other terms and conditions of the Contract shall remain unchanged and remain in full force and effect unless modified by a written amendment signed by both parties.

IN WITNESS WHEREOF, the authorized parties have executed this Contract.

Kjeldson, Sinnock, & Neudeck, Inc.

Christopher H. Neudeck, President
Printed Name and Title of Person Signing

CONSULTANT
a corporation, partnership, etc.)
10/14/2025
Date
711 N. Pershing Avenue, Stockton, CA 95203
Address
Johnny Ford, City Manager
ATTEST:

Katherine Roland, CMC, CPMC, City Clerk
APPROVED AS TO FORM:

Lori M. Asuncion, City Attorney
BY:
(Rev. 7.7.23)

CITY OF STOCKTON
Date
2 ATTACHMENT B
922

ATTACHMENT B
923

ATTACHMENT B
924
City of Stockton
Legislation Text
File #: 25-1111, Version: 1
APPROVE MOTION TO AMEND COOPERATIVE AGREEMENT WITH ROBERT HALF, INC.

RECOMMENDATION
It is recommended that the City Council approve a motion to:

1. Approve a motion to amend the Cooperative Piggyback Agreement, Contract No. 21-1160, with Robert Half, Inc, to add additional funding in the amount of $230,000, with a total contract not to exceed amount of $770,000.

2. Approve findings pursuant to Stockton Municipal Code 3.68.070 in support of an exception to the competitive bidding process.

3. Authorize the City Manager to take appropriate and necessary actions to carry out the purpose and intent of this motion.

Summary
The Human Resources Department (HR) is seeking to amend the temporary support services contract with Robert Half, Inc. to provide services to the Human Resources and Administrative Services Departments to address errors within the City’s Human Resources Information System (HRIS), Tyler MUNIS and to provide temporary staffing support in Accounts Payable (AP) division within the Administrative Services Department (ASD). Staff is requesting Council’s authority to increase the contract amount by $230,000 for a total contact amount not to exceed $770,000.

DISCUSSION
Background
On March 28, 2025, HR entered into a Cooperative/Piggyback Agreement with Robert Half, Inc. for temporary support services to assist HR and ASD with updating the HRIS within the Tyler MUNIS system to address payroll errors. Funds for this contract were budgeted out of the Enterprise Resource Planning (ERP) Fund Account, which is dedicated to expenses related to the Tyler MUNIS System. The initial contract was established in March of 2025 for $100,000 to assist with the transition of Payroll from the Administrative Services Department to Human Resources. On July 15, 2025, the Council approved a contract change order to increase the contract amount to $400,000.

On September 12, 2025, an additional $140,000 was added by contract change order (under City Manager’s authority), bringing the total current contract amount to $540,000.

At the time of transition of Payroll to Human Resources Department we did not anticipate the number of corrections that needed to be addressed within the system. HR and ASD have worked with Robert City of Stockton Page 1 of 3 Printed on 12/4/2025
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File #: 25-1111, Version: 1
Half, Inc. over the past eight months, where they provided critical support to enhance payroll accuracy, compliance, and efficiency. The key projects we have completed include the following:
· Updated the Tyler MUNIS system to enable daily prenotes, eliminating paper checks for new hires.
· Corrected configuration related acting and special assignment pay codes. · Updated the system to ensure accurate and timely submission of California’s Government Compensation Reporting.
· Identified and resolved accrual cap calculation errors. · Corrected CalPERS reporting codes to ensure compliance and accuracy resulting in a reduction of approximately 800 plus CalPERS errors every pay period. · Conducted testing and developed workarounds for mid-pay-period payroll changes required by newly adopted MOUs.
· Updated pay code settings to resolve discrepancies.
· Developed custom reports to allow payroll staff to review pay-period changes that are not currently captured by the system to prevent payroll errors. · Implemented a revised process for posting payroll to the General Ledger and completed backlog postings back to January 2025.
· Created a citywide Project Journal Entry guide to support departments in understanding the new General Ledger posting method.
· Resolved overdue tax filings and corrected late reporting issues. · Updated tax tables within Tyler MUNIS to ensure accurate tax withholding. · Resolved outstanding W-2 and garnishment processing issues. · Assisted ASD with addressing and processing outstanding employee reimbursements prior to year-end close.
· Provided temporary staffing support in Administrative Services due to vacancies and leaves.

Present Situation
Robert Half, Inc. continues to support HR and ASD to correct system functionalities in Payroll and Accounting modules to align with City’s policies, procedures and bargaining units’ Memorandum of Understanding (MOUs).

Additional funding is needed in order to provide continued support with the following system improvements:
· Reconfigure the Tyler MUNIS system to permanently support citywide mid-pay pay rate changes: Mid-pay period pay rate changes are primarily used to make adjustments to payroll when Police trainees graduate from the Police Academy and become sworn officers. Police Academy graduation dates are not controlled by the City and usually occur in the middle of a pay period. Currently, these changes are processed manually as the current system is not set up to make these adjustments mid-pay period. Manual adjustments create a higher risk of payroll errors. To decrease payroll errors, our goal is to have the system process these payroll changes automatically.
· Support and guide the payroll team with year-end W-2 preparation and processing to ensure accurate reporting and compliance.
· Provide temporary staffing in the Accounts Payable division of ASD due to extended leaves.

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Temporary assistance will ensure uninterrupted processing of vendor payments, compliance with City procurement/payment policies, and timely financial reporting.

Robert Half, Inc, provides specialized technical skills and support to staff, ensuring system improvements are developed and implemented to reduce payroll errors, improve efficiency, and ensure long-term system reliability.

The City intends to reach the current contract amount of $540,000 and is seeking Council’s authority to increase the contract amount by $230,000 for a total contract amount not to exceed $770,000. We anticipate the projected hours to complete the remaining projects will remain within the increased funding.

Breakdown of the increased funding amount of $230,000 per department:
· ASD $85,000 for Temporary Staffing Support through December 2026. · HR $145,000 for W-2 Processing and Mid-Pay period functionality implementation.

Findings
This is a Cooperative/Piggyback Agreement between the City of Stockton and Robert Half, Inc., utilizing the City of Newport News, Virginia, Contract #21-1160-6025. The Procurement Division within ASD has reviewed and confirmed that the City of Newport News contract was solicited and awarded to Robert Half, Inc. through an open and competitive process and meets the City of Stockton’s procurement regulations as well as the criteria for an exception to the competitive bidding process.

Pursuant to Stockton Municipal Code Section 3.68.070, Council may approve findings which support an exception to the competitive bidding process. These findings include:

1. Cooperative agreements qualify as an exception to the City’s competitive bidding process as outlined in City Municipal Code §3.68.070(A)(5) and City Policy 17.05.050, specifically:
“Cooperative purchasing agreements authorized by the City Council for purchase of supplies or services through other governmental jurisdictions or public agencies.”

2. A Cooperative/Piggyback Agreement enables the City to utilize the terms and conditions of a competitively solicited and negotiated cooperative purchasing agreement.

3. The use of cooperative contracts improves time, efficiency, and enables the City to acquire products of equal or superior quality, along with value-added services.

Financial Summary
There is sufficient funding in the ERP Project Account No. 3030-031-630001-510-511-00-30-000-000 to approve the increase of $230,000 to the contract with Robert Half, Inc., in the total contract amount not to exceed $770,000.

Attachment A - Amendment No. 3 to the Agreement with Robert Half, Inc.

Attachment B - Agreement with Robert Half Inc.

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ATTACHMENT A
1 (Rev. 02.13.25)

CITY OF STOCKTON

STANDARD AGREEMENT

AMENDMENT
This Amendment Number 3 to the above referenced Agreement is entered into on _December 9, 2025 : between the City of Stockton (“City”) and __Robert Half International__ “Contractor”.

RECITALS
Exhibit C General Terms and Conditions, Paragraph 7 Changes, states the City may modify the scope of services and any material extension or change in the scope shall be memorialized in a written amendment prior to the performance of additional work; and Exhibit C General Terms and Conditions, Paragraph 8 Amendment, states no variation of the terms of this Agreement shall be valid unless an Amendment is made in writing and signed by both parties; and Exhibit A, Option to Renew, states both Parties may extend this Agreement up to 12/31/2026; and The City needs to increase the Compensation, Not to Exceed amount in Paragraph 3 of the Standard Agreement and Exhibit E, Section 1.1, by $230,000 to pay for the Contractor_for consultant services and temporary support; and
Now therefore, the City and the Contractor mutually agree as follows:

1.The maximum not to exceed amount to be paid to the Contractor, including if authorized, reimbursement of expenses, in Paragraph 3 of the Standard Agreement and Exhibit E, Section 1.1, will now read as follows:

1.1 “The maximum the Contractor shall be paid on this Agreement is $230,000 hereafter the “not to exceed” amount). The “not to exceed” amount includes City approved reimbursable expenses, if any, and all payments to be made pursuant to this Agreement’s sum for the initial term and extended term.

Nothing in this Agreement requires the City to pay for work that does not meet the Standard of Performance identified in Exhibit D section 4 or other requirements of this Agreement. “The maximum not to exceed amount in Paragraph 3 of the Standard Agreement and Exhibit E, Section 1.1, is amended to: $770,000_
All other terms and conditions of the Agreement shall remain unchanged and remain in full force and effect unless modified by a written amendment signed by both parties.

IN WITNESS WHEREOF, the authorized parties have executed this Agreement.

CONTRACTOR
_____________________________________________________________________________________________ Contractor’s Name (if other than an individual, state whether a corporation, partnership, etc.):
_____________________________________________________________________________________________ Authorized Signature Date
_____________________________________________________________________________________________ Printed Name and Title of Person Signing
_____________________________________________________________________________________________ Address
Agreement Number: Amendment
Number:
425000531 3
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ATTACHMENT A
2 (Rev. 02.13.25)

CITY OF STOCKTON
_____________________________________________________________________________________________ Johnny Ford, City Manager Date
ATTEST:
_____________________________________________________________________________________________ Katherine Roland, CMC, CPMC, City Clerk
APPROVED AS TO FORM:

Lori M. Asuncion, City Attorney
BY:
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City of Stockton
Legislation Text
File #: 25-1275, Version: 1

APPROVE A MOTION AWARDING A SERVICE AGREEMENT WITH MICHAEL BAKER INTERNATIONAL, INC. FOR ON-CALL PLANNING PROFESSIONAL SERVICES

RECOMMENDATION
It is recommended that the City Council approve a motion to:

1. Award a three-year Service Agreement in the amount of $600,000 to Michael Baker International, Inc. (Attachment A) for on-call planning professional services; and

2. Authorize the City Manager to take appropriate and necessary actions to carry out the purpose and intent of this motion.

Summary
The Community Development Department utilizes a combination of staff and contracted planning services (i.e., staff augmentation) to meet workload demands and provide specialized planning services. This approach minimizes staffing fluctuations and reduces potential layoffs that could occur due to the cyclical nature of development. Supplemental consulting staff provide the necessary resources to meet processing timeframes and provide specialized expertise.

On August 21, 2025, the City advertised a Request for Proposals (RFP) for on-call planning professional services, Project No. PUR-26-003. Six (6) firms submitted proposals for this project. A Selection Committee evaluated proposals, interviewed applicants and found Michael Baker International, Inc. to be the most qualified and highest-ranking firm.

Staff recommends Council approve a motion to award a three-year Service Agreement in the amount of $600,000 ($200,000 annually) to Michael Baker International, Inc. for on-call planning professional services, Project No. PUR-26-003. Contracted services will begin March 1, 2026, and will expire February 28, 2029, with the option of one (1) two-year extension at the same annual rate. If the extension is utilized, the total aggregate agreement amount will not exceed $1,000,000. This Agreement is fully funded by the Development Services Fund and there is no impact to the City’s General Fund or any other unrestricted fund as a result of taking the recommended action.

DISCUSSION
Background
The Community Development Department has supplemented staffing levels and specialized planning services for over ten years. A combination of modest staffing increases and use of consulting services was determined to be the most responsible way to address increasing development activity City of Stockton Page 1 of 3 Printed on 12/4/2025
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File #: 25-1275, Version: 1
and demand for planning activities such as development code updates, financial impact analysis of new development, and implementation of General Plan policies and programs. This approach avoids over-hiring of permanent staff in response to cyclical development activity by using consultants to augment staffing levels and procures specialized planning services that would not be economical to provide by hiring permanent specialist staff.

On July 14, 2016, a Request for Proposals (RFP) was advertised for on-call and specialized planning services to address the increased workload associated with cyclical development activity. Proposals were received from six (6) planning consultant firms, and Michael Baker International, Inc. was the highest-ranking firm. On December 6, 2016, the City Council approved a contract with Michael Baker for on-call planning services, which is scheduled to expire in February 2026.

Present Situation
On August 21, 2025, the City advertised an RFP for On-Call Planning Professional Services, Project No. PUR-26-003. On September 25, 2025, seven (7) proposals were received from the following firms:
· 4Leaf, Inc.
· CSG Consultants, Inc.
· Harris & Associates, Inc.
· Interwest Consulting Group, Inc.
· J.B. Anderson Land Use Planning
· Michael Baker International, Inc.
· MNS Engineers, Inc.

A Selection Committee evaluated and ranked all proposals based on each firm’s qualifications, relevant experience, services offered, and service cost; and based on the initial rankings, interviewed the top three firms. Upon conclusion of this process, Michael Baker International, Inc. received the highest ranking based on the noted criteria and determined to be the most qualified firm for this project. Compensation will be on a time basis for services rendered.

Staff recommends Council approve a motion to award a three-year Service Agreement in the amount of $600,000 ($200,000 annually) to Michael Baker International, Inc. for On-Call Planning Professional Services, Project No. PUR-26-003. Contracted services will begin March 1, 2026 and will expire February 28, 2029, with the option of one (1) two-year extension at the same annual rate.

With the extension, the total aggregate agreement amount is not to exceed $1,000,000.

Findings
Pursuant to Stockton Municipal Code (SMC) Section 3.68.070, the Council may approve findings that support an exception to the competitive bidding process. The following findings justify such an exception:

1. The City does not have the staff, resources, or capacity required to meet workload demand.

Michael Baker International, Inc., has demonstrated that they possess the capacity and capability to assist the City in meeting workload demand.

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2. A combination of increased staff and consulting services is the most responsible way to address increasing development activity because it avoids over-hiring permanent staff in response to cyclical development activity.

3. Use of the RFP process is appropriate for this Professional Service Agreement because it relies on the evaluation of professional qualifications and performance as the basis for selection of a vendor. Use of these criteria helps ensure selection of a vendor that will provide the highest quality professional service which is in the public interest.

4. The City negotiated the contract following solicitation of competitive proposals in accordance with SMC Section 3.68.070.A.3.

FINANCIAL SUMMARY
The FY 2025-26 Annual Budget includes an appropriation of $200,000 in the 220-221 Development Services Fund, Planning Division (5520) for On-Call Planning Professional Services. Fund 220-221 is anticipated to have sufficient funds to sustain these expenditures each year, as outlined below. Fund appropriations will be budgeted in subsequent fiscal years and subject to Council approval during the annual budget development process.

Original Three-Year Term Optional Two-Year Extension
FY 2025-26 $200,000 FY 2028-29 $200,000
FY 2026-27 $200,000 FY 2029-30 $200,000
FY 2027-28 $200,000 TOTAL $400,000
TOTAL $600,000
This Agreement is fully funded by the Development Services Fund and there is no impact to the City’s General Fund or any other unrestricted fund as a result of taking the recommended action.

Attachment A - Professional Services Agreement
City of Stockton Page 3 of 3 Printed on 12/4/2025
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CITY OF STOCKTON

STANDARD AGREEMENT

1. This Agreement is entered into between the City of Stockton (“City”) and (“Contractor”) to provide
as set forth in Exhibit A to this Agreement.
_____________________________________________________________________________

2. The term of this Agreement is as follows, unless amended as described in Exhibit A and Exhibit C section 8:

Commences on: Terminates on:
_____________________________________________________________________________

3. The maximum not to exceed amount to be paid to Contractor for the term of this Agreement, including if authorized, reimbursement of expenses, is: $

4. The complete Agreement consists of all the following Agreement documents which by reference are incorporated and made a part of this Agreement. The parties agree to comply with the terms and conditions of this Agreement.

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<(6 ____________________________________________________________________________ IN WITNESS WHEREOF, the authorized parties have executed this Agreement.

CONTRACTOR
______________________________________________________________________________________________ Contractor’s Name (if other than an individual, state whether a corporation, partnership, etc.):
______________________________________________________________________________________________ Authorized Signature Date
______________________________________________________________________________________________ Printed Name and Title of Person Signing
______________________________________________________________________________________________ Address

CITY OF STOCKTON
_________________________________________________________BB________________ Johnny Ford, City Manager Date
ATTEST:
____________________________________________________________________________ .DWKHULQH5RODQG&0&,&30& City Clerk
APPROVED AS TO FORM:
/RUL0$VXQFLRQ, City Attorney
BY:

Agreement Number:
(a) Exhibit A – Statement of Work
(b) Exhibit B – Insurance
(c) Exhibit C – General Terms Conditions
(d) Exhibit D –

H
Exhibit E – Compensation Schedule
(f) Exhibit F – Timeline

ATTACHMENT A
Michael Baker International, Inc. On-Call Planning Professional Services 03/01/2026 02/28/2029
600,000
Professional Services Special Terms & Conditions
Michael Baker International, Inc.

Fareeha Kibriya, Office Executive
3760 Kilroy Airport Way, Suite 270, Long Beach, CA 90806 1100
1 (Rev. 10.30.18)

EXHIBIT A

STATEMENT OF WORK

1. Project Objectives
To provide the City of Stockton’s Community Development Department with professional on-call planning services to supplement City staff and ensure timely, high-quality delivery of planning functions. The consultant will assist with current and long-range planning, environmental review, special projects, and technical support, enhancing the City’s ability to manage development applications, policy updates, and compliance with local and state planning laws.

2. Project Scope
The project scope may include a portion of, or all, but not limited to the work identified below. All work will be performed on an as-needed basis as requested by the City in accordance with the hourly rates identified in Exhibit E, Compensation. Work may be performed both on-site and remotely as authorized by the Assistant Director.

2.1 Responsibilities of Consultant
During the term of this agreement, Consultant shall provide professional planning and other consulting services to assist the City's Planning Division in the delivery of its services. Such services may include current and long-range planning, environmental, and other professional services as may be requested by the City in its sole discretion. Any and all requests for services shall be defined, scheduled and authorized using multiple Task Orders. Services may include, but are not limited to:
x General technical assistance and staff support to the Planning Division x Preparing for and attending Planning Division, Commission, Board, and regional agency meetings (LAFCo, SJCOG, etc.)
x Supporting the Community Development Director and Assistant Director in daily operations
x Staffing the public planning counter and providing customer assistance x Reviewing and processing entitlement and planning applications x Monitoring conditions of approval and environmental mitigation measures x Conducting site inspections

ATTACHMENT A
1101
2 (Rev. 10.30.18)
x Preparing and implementing long-range planning documents (General Plan, Zoning Code, specific plans)
x Providing environmental planning and CEQA/NEPA document preparation and review
x Preparing technical environmental studies and coordinating with agencies x Assisting with environmental permitting (Clean Water Act, Endangered Species Acts, CDFW requirements)
x Performing other planning and environmental services as mutually agreed

2.2 Specific Areas of Service
1) General Planning Management Services to support the Director/Assistant Director, including but not limited to:
o Participate in Department meetings as requested
o Support the Director/Assistant Director in developing policies, procedures, and a best practices manual
o Review and report on performance measures with Department leadership
o Provide staff support to the Cultural Heritage Board, Planning Commission, and City Council
o Assist in forecasting workloads, evaluating revenues, and preparing Planning Division budgets
o Represent the Department or City at internal, regional, and public meetings (City Council, SJCOG, LAFCo, etc.)
o Manage assigned projects and overall workload
o Review and approve correspondence and staff reports
o Monitor and provide input on regional agency agendas and initiatives 2) Current Planning Services, including but not limited to:
o Provide front counter, email, and phone assistance to residents and applicants
o Review building permits, business licenses, and application materials o Conduct pre-application meetings, routing, and 30-day reviews with applicant correspondence

ATTACHMENT A
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3 (Rev. 10.30.18)
o Participate in Development Review Committee meetings and perform project/CEQA analysis
o Monitor and document conditions of approval and mitigation compliance
o Maintain project files, records, and data management systems o Prepare staff reports, correspondence, and public hearing notices o Review Planning Commission agendas and perform site inspections o Manage application processing through project closeout 3) Long Range Planning and Special Projects, including but not limited to:
o Support Planning Commission, City Council, and advisory bodies as needed
o Prepare and implement City-initiated General Plan Amendments, Housing Element updates, and Development Code revisions o Conduct Sphere of Influence, Climate Action, and Habitat Conservation planning
o Manage other City-initiated long-range planning and special projects 4) Environmental Planning Services, including but not limited to:
o Review projects for CEQA exemptions and prepare necessary documentation
o Review and prepare environmental documents (Initial Studies, Negative Declarations, EIRs, Mitigation Monitoring Programs) o Prepare technical studies and reports (biological, cultural, noise, traffic, etc.)
o Prepare and process permit applications for State and Federal environmental compliance (CDFW Section 1600, Clean Water Act Sections 401/404, etc.)
o Coordinate with regulatory agencies and oversee mitigation monitoring

3. Internal and External Standards and Guidelines
Any professional certifications or licenses that may be required will be the sole cost and responsibility of the Contractor.

ATTACHMENT A
1103
4 (Rev. 10.30.18)
Contractor shall possess all necessary licenses to perform the work specified within these documents, including a City of Stockton Business Licenses which must be kept in effect during the term of this Agreement.

4. Criteria of Acceptance for Deliverables
All deliverables shall be evaluated for completeness, accuracy and functionality before acceptance.

5. Notices
Pursuant to Exhibit C – General Terms and Conditions, Paragraph 15 – Notices, the mailing address for all required notices is as follows:

Contractor: Michael Baker International City: City of Stockton 3760 Kilroy Airport Way, Ste 270 Attn: City Manager
Long Beach, CA 90806 425 N. El Dorado Street
Stockton, CA 95202

6. Key Personnel
Aaron Lobliner, Planning Services Director
[email protected]
Fareeha Kibriya, Principal-in-Charge
[email protected]

10. Option to Renew.

The term of the Agreement may be extended up to two (2) years by a written amendment executed by both parties. However, the total term of the Agreement including the extended term shall not exceed five (5) years.

ATTACHMENT A
1104
REV 2025-06-04
Exhibit B:

Insurance Requirements for Professional Services
()
Consultant shall procure and maintain for the duration of the contract insurance against claims for injuries to persons or damages to property which may arise from or in connection with the performance of the work hereunder by the Consultant, its agents, representatives, or employees.

MINIMUM SCOPE AND LIMIT OF INSURANCE
Coverage shall be at least as broad as:

1. Commercial General Liability (CGL): Insurance Services Office Form CG 00 01 covering CGL on an “occurrence” basis, including products and completed operations, property damage, bodily injury and personal & advertising injury with limits no less than $2,000,000 per occurrence. If a general aggregate limit applies, either the general aggregate limit shall apply separately to this project/location (ISO CG 25 03 or 25 04) or the general aggregate limit shall be twice the required occurrence limit.

2. Automobile Liability: Insurance Services Office Form Number CA 0001 covering, Code 1 (any auto), or if Consultant has no owned autos, Code 8 (hired) and 9 (non-owned), with limit no less than $1,000,000 per accident for bodily injury and property damage.

3. Workers’ Compensation insurance as required by the State of California, with Statutory Limits, and Employer’s Liability Insurance with limit of no less than $1,000,000 per accident for bodily injury or disease.

4. Professional Liability (Errors and Omissions) Insurance appropriates to the Consultant’s profession, with limit no less than $2,000,000 per occurrence or claim, $2,000,000 aggregate.

If the Consultant maintains broader coverage and/or higher limits than the minimums shown above, the City of Stockton requires and shall be entitled to the broader coverage and/or the higher limits maintained by the Consultant. Any available insurance proceeds in excess of the specified minimum limits of insurance and coverage shall be available to the City of Stockton.

Other Insurance Provisions
The insurance policies are to contain, or be endorsed to contain, the following provisions:

ATTACHMENT A
1105
REV 2025-06-04
Additional Insured Status
The City of Stockton, its officers, officials, employees, and volunteers are to be covered as additional insureds on the CGL policy with respect to liability arising out of work or operations performed by or on behalf of the Consultant including materials, parts, or equipment furnished in connection with such work or operations. General liability coverage can be provided in the form of an endorsement to the Consultant’s insurance (at least as broad as ISO Form CG 20 10 11 85 or if not available, through the addition of both CG 20 10, CG 20 26, CG 20 33, or CG 20 38; and CG 20 37). Additional insured Name of Organization shall read “City of Stockton, its officers, officials, employees, and volunteers.” Policy shall cover City of Stockton, its officers, officials, employees, and volunteers for all locations work is done under this contract.

Primary Coverage
For any claims related to this contract, the Consultant’s insurance coverage shall be primary and non-contributory and at least as broad as ISO CG 20 01 12 19 as respects the City of Stockton, its officers, officials, employees, and volunteers. Any insurance or self-insurance maintained by the City of Stockton, its officers, officials, employees, or volunteers shall be excess of the Consultant’s insurance and shall not contribute with it. This requirement shall also apply to any Excess or Umbrella liability policies. The City of Stockton does not accept endorsements limiting the Contractor’s insurance coverage to the sole negligence of the Named Insured.

Umbrella or Excess Policy
The Consultant may use Umbrella or Excess Policies to provide the liability limits as required in this agreement. The policies shall be provided on a true “following form” coverage basis, with coverage at least as broad as provided on the underlying Commercial General Liability insurance.

Notice of Cancellation
Each insurance policy required above shall provide that coverage shall not be canceled, except with notice to the City of Stockton.

Waiver of Subrogation
Consultant hereby grants to City of Stockton a waiver of any right to subrogation which any insurer of said Consultant may acquire against the City of Stockton by virtue of the payment of any loss under such insurance. Consultant agrees to obtain any endorsement that may be necessary to affect this waiver of subrogation, but this provision applies regardless of whether or not the City of Stockton has received a waiver of subrogation endorsement from the insurer.

Self-Insured Retentions
Self-insured retentions must be declared to and approved by the City of Stockton. The City of Stockton may require the Consultant to purchase coverage with a lower

ATTACHMENT A
1106
REV 2025-06-04
retention or provide proof of ability to pay losses and related expenses within the retention. The policy language shall provide, or be endorsed to provide, that the selfinsured retention may be satisfied by either the named insured or City of Stockton.

Acceptability of Insurers
Insurance is to be placed with insurers authorized to conduct business in the state with a current A.M. Best’s rating of no less than A:VII, unless otherwise acceptable to the City of Stockton.

Claims Made Policies (Professional & Pollution only)
If any of the required policies provide claims-made coverage:

1. The Retroactive Date must be shown and must be before the date of the contract or the beginning of contract work.

2. Insurance must be maintained and evidence of insurance must be provided for at least five (5) years after completion of the contract of work.

3. If coverage is canceled or non-renewed, and not replaced w ith another claims-made policy form with a Retroactive Date prior to the contract effective date, the Consultant must purchase “extended reporting” coverage for a minimum of five (5) years after completion of work.

Verification of Coverage
Consultant shall furnish the City of Stockton with original certificates and amendatory endorsements or copies of the applicable policy language effecting coverage required by this clause All required documents are to be received and approved by the City of Stockton before work commences. However, failure to obtain the documents prior to the work beginning shall not waive the Consultant’s obligation to provide them. The City of Stockton reserves the right to require complete, certified copies of all required insurance policies, including endorsements, at any time.

Subcontractors
Consultant shall require and verify that all subcontractors maintain insurance meeting all the requirements stated herein, and Consultant shall ensure that City of Stockton is an additional insured on insurance required from subcontractors.

Duration of Coverage
CGL & Excess liability policies for any construction related work, including, but not limited to, maintenance, service, or repair work, shall continue coverage for a minimum of 5 years for Completed Operations liability coverage. Such Insurance must be maintained and evidence of insurance must be provided for at least five (5) years after completion of the contract of work.

ATTACHMENT A
1107
REV 2025-06-04
Special Risks or Circumstances
City of Stockton reserves the right to modify these requirements, including limits, based on the nature of the risk, prior experience, insurer, coverage, or other special circumstances.

Certificate Holder Address
The address for mailing certificates, endorsements and notices shall be:

City of Stockton
Its Officers, Officials, Employees, and Volunteers
425 N El Dorado Street
Stockton, CA 95202

ATTACHMENT A
1108
(Rev. 10.30.18; Mod Ϭϱ͘Ϭϴ͘ϮϯZD͖DŽĚϬϯ͘Ϯϳ͘ϮϰZDͿ

EXHIBIT C

GENERAL TERMS AND CONDITIONS

1. Goods, Equipment and Services. Subject to the terms and conditions set forth in this Agreement, Contractor shall provide to City the services described in Exhibit A of the Agreement. Contractor shall provide said services at the time, place and in the manner specified in Exhibit A of the Agreement.

2. City Assistance, Facilities, Equipment and Clerical Support. Except as set forth in Exhibit A, Contractor shall, at its sole cost and expense, furnish and maintain all facilities and equipment that may be required for furnishing services pursuant to this Agreement. If applicable, City shall furnish to Contractor only the facilities and equipment listed in Exhibit A to the Agreement.

3. Compensation. City shall pay Contractor for services rendered pursuant to this Agreement as described more particularly in Exhibit A and Exhibit E to the Agreement.

3.1 Invoices submitted by Contractor to City must contain a brief description of work performed, time spent and City reference number. Within thirty (30) days of receipt of Contractor’s invoice, City will review invoice, and if acceptable make payment on approved invoice.

3.2 Upon completion of work and acceptance by City, Contractor shall have sixty (60) days in which to submit final invoicing for payment. An extension may be granted by City upon receiving a written request thirty (30) days in advance of said time limitation. The City shall have no obligation or liability to pay any invoice for work performed which the Contractor fails or neglects to submit within sixty (60) days, or any extension thereof granted by the City, after the work is accepted by the City.

4. Sufficiency of Contractor’s Work. All Contractor services, work, and deliverables shall be performed in a good and workmanlike manner with due diligence in accordance with the degree of skill normally exercised by similar contractors supplying services and work of a similar nature, and in conformance with applicable laws, codes and professional standards. Contractor’s work shall be adequate and sufficient to meet the purposes of this Agreement.

5. Ownership of Work. All reports, work product, all other documents completed or partially completed by Contractor or its approved subcontractors, in performance of this Agreement, and if applicable, drawings, designs, and plan review comments shall become the property of the City. Any and all copyrightable subject matter in all materials is hereby assigned to the City and the Contractor and its approved subcontractors agree 1 ATTACHMENT A
1109
(Rev. 10.30.18; Mod Ϭϱ͘Ϭϴ͘ϮϯZD͖DŽĚϬϯ͘Ϯϳ͘ϮϰZDͿ
to execute any additional documents that may be necessary to evidence such assignment. All materials shall be delivered to the City upon completion or termination of the work under this Agreement. If any materials are lost, damaged or destroyed before final delivery to the City, the Contractor shall replace them at its own expense.

Contractor and its approved subcontractors shall keep materials confidential. Materials shall not be used for purposes other than performance of services under this Agreement and shall not be disclosed to anyone not connected with these services, unless the City provides prior written consent.

6. Timeliness. Time is of the essence in this Agreement. Further, Contractor acknowledges that the failure of Contractor to comply with the time limits described in Exhibit A and Exhibit F may result in economic or other losses to the City.

7. Changes. Both parties to this Agreement understand that it may become desirable or necessary during the term of this Agreement for City to modify the scope of services provided for under this Agreement. Any material extension or change in the scope of work shall be discussed with City and the change and cost shall be memorialized in a written amendment to the original contract prior to the performance of the additional work. Until the amendment is so executed, City will not be responsible to pay any charges Contractor may incur in performing such additional services, and Contractor shall not be required to perform any such additional services.

8. Amendment. No variation of the terms of this Agreement shall be valid unless an amendment is made in writing and signed by both parties.

9. Contractor’s Status.

9. 1 In performing the obligations set forth in this Agreement, Contractor shall have the status of an independent contractor and Contractor shall not be considered to be an employee of the City for any purpose. All persons working for or under the direction of Contractor are its agents and employees and are not agents or employees of City. Contractor by virtue of this Agreement, has no authority to bind or incur any obligation on behalf of City. Except as expressly provided in Exhibit A, Contractor has no authority or responsibility to exercise any rights or power vested in the City. No agent, officer or employee of the City is to be considered an employee of the Contractor. It is understood by both Contractor and City that this Agreement shall not be construed or considered under any circumstances to create an employer-employee relationship or a joint venture.

9.2 Contractor shall determine the method, details and means of performing the work and services to be provided by Contractor under this Agreement. Contractor shall be responsible to City only for the requirements and results specified in this Agreement and, except as expressly provided in this Agreement, shall not be subjected to City's 2 ATTACHMENT A
1110
(Rev. 10.30.18; Mod Ϭϱ͘Ϭϴ͘ϮϯZD͖DŽĚϬϯ͘Ϯϳ͘ϮϰZDͿ
control with respect to the physical action or activities of Contractor in fulfillment of this Agreement. Contractor has control over the manner and means of performing the services under this Agreement. If necessary, Contractor has the responsibility for employing other persons or firms to assist Contractor in fulfilling the terms and obligations under this Agreement.

9.3 If in the performance of this Agreement any third persons are employed by Contractor, such persons shall be entirely and exclusively under the direction, supervision and control of Contractor. All terms of employment including hours, wages, working conditions, discipline, hiring and discharging or any other term of employment or requirements of law shall be determined by the Contractor.

9.4 It is further understood and agreed that Contractor must issue W-2 forms or other forms as required by law for income and employment tax purposes for all of Contractor's assigned personnel under the terms and conditions of this Agreement.

10. Subcontractor.

10.1 Subcontractors shall not be recognized as having any direct or contractual relationship with City. Contractor shall be responsible for the work of subcontractors, which shall be subject to the provisions of this Agreement. Subcontractors will be provided with a copy of the Agreement and be bound by its terms. Contractor is responsible to City for the acts and omissions of its subcontractors and persons directly or indirectly employed by them.

10.2 If in the performance of this Agreement any third persons are employed by Contractor, such persons shall be entirely and exclusively under the direction, supervision and control of Contractor. All terms of employment including hours, wages working conditions, discipline, hiring, and discharging or any other term of employment or requirement of law shall be determined by Contractor.

10.3 It is further understood and agreed that DOO6XEFontractorV must issue W-2 IRUPVRURWKHUIRUPVDVUHTXLUHGE\ODZIRULQFRPHDQGHPSOR\PHQWWD[SXUSRVHVIRUDOO RI6XEFRQWUDFWRUVSHUVRQQHO

11. Termination.

11.1 Termination for Convenience of City. The City may terminate this Agreement at any time by mailing a notice in writing to Contractor. The Agreement shall then be deemed terminated, and no further work shall be performed by Contractor. If the Agreement is so terminated, the Contractor shall be paid for the work actually completed at the time the notice of termination is received. 3 ATTACHMENT A
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(Rev. 10.30.18; Mod 0ϱ͘Ϭϴ͘ϮϯZD͖DŽĚϬϯ͘Ϯϳ͘ϮϰZD)

11. 2 Should either party default in the performance of this Agreement or materially breach any of its provisions, the other party, at that party’s option, may terminate this Agreement by giving written notification to the other party.

11.3 Funding- Non-Appropriation. It is mutually understood between the Parties that payment to the Contractor for performance shall be dependent upon the availability of appropriations by the City Council for the purposes of this Agreement. No legal liability on the part of the City for any payment may arise under this Agreement until funds are made available and until the Contractor has received funding availability, which will be confirmed in writing. If funding for any fiscal year is reduced or deleted, or if the City loses funding for any reason, the City, in its sole discretion, shall have the option to either (a) cause this Agreement to be canceled or terminated pursuant to applicable provisions of the Agreement; or (b) offer to amend the Agreement to reflect the reduced funding for this Agreement.
 Non-Assignability. The Contractor shall not assign, sublet, or transfer this Agreement or any interest or obligation in the Agreement without the prior written consent of the City, and then only upon such terms and conditions as City may set forth in writing. Contractor shall be solely responsible for reimbursing subcontractors.  Indemnity and Hold Harmless. 7R WKH IXOOHVW H[WHQW SHUPLWWHG E\ ODZ &RQWUDFWRU VKDOO KROG KDUPOHVV GHIHQG DQG LQGHPQLI\ &LW\ RI 6WRFNWRQ DQG LWV RIILFHUV RIILFLDOV HPSOR\HHV DQG YROXQWHHUV IURP DQG DJDLQVW DQ\ DQG DOO OLDELOLW\ ORVV GDPDJH H[SHQVH FRVWV
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 Insurance. During the term of this Agreement, Contractor shall maintain in full force and effect at its own cost and expense the insurance coverage as set forth in the attached Exhibit B to this Agreement and shall otherwise comply with the other provisions of Exhibit B to this Agreement.
 Notices. All notices herein required shall be in writing and shall be sent by certified or registered mail, postage prepaid, addressed in Exhibit A to this Agreement.  Conformance to Applicable Laws. Contractor shall comply with all applicable Federal, State, and Municipal laws, rules, and ordinances. Contractor shall not discriminate in the employment of persons or in the provision of services under this Agreement on the basis of any legally protected classification, including race, color, national origin, ancestry, sex or religion of such person. 4 ATTACHMENT A
1112
(Rev. 10.30.18; Mod Ϭϱ͘Ϭϴ͘ϮϯZD͖DŽĚϬϯ͘Ϯϳ͘ϮϰZDͿ

17. Licenses, Certifications and Permits. Prior to the City’s execution of this Agreement and prior to the Contractor’s engaging in any operation or activity set forth in this Agreement, Contractor shall obtain a City of Stockton business license, which must be kept in effect during the term of this Agreement. Contractor covenants that it has obtained all certificates, licenses, permits and the like required to perform the services under this Agreement. Such licenses, certificates and permits shall be maintained in full force and effect during the term of this Agreement.

18. Records and Audits. Contractor shall maintain all records regarding this Agreement and the services performed for a period of three (3) years from the date that final payment is made. At any time during normal business hours, the records shall be made available to the City to inspect and audit. To the extent Contractor renders services on a time and materials basis, Contractor shall maintain complete and accurate accounting records, in a form prescribed by City or, if not prescribed by City, in accordance with generally accepted accounting principles, such records to include, but not be limited to, payroll records, attendance cards, time sheets, and job summaries.

19. Confidentiality. Contractor shall exercise reasonable precautions to prevent the unauthorized disclosure and use of City reports, information or conclusions.

20. Conflicts of Interest. Contractor covenants that other than this Agreement, Contractor has no financial interest with any official, employee or other representative of the City. Contractor and its principals do not have any financial interest in real property, sources of income or investment that would be affected in any manner of degree by the performance of Contractor’s services under this Agreement. If such an interest arises, Contractor shall immediately notify the City.

21. Waiver. In the event either City or Contractor at any time waive any breach of this Agreement by the other, such waiver shall not constitute a waiver of any other or succeeding breach of this Agreement, whether of the same or of any other covenant, condition or obligation. No payment, partial payment, acceptance, or partial acceptance by City shall operate as a waiver on the part of City of any of its rights under this Agreement.

22. Governing Law. California law shall govern any legal action pursuant to this Agreement with venue for all claims in the Superior Court of the County of San Joaquin, Stockton Branch or, where applicable, in the Federal District Court of California, Eastern District, Sacramento Division.

23. No Personal Liability. No official or employee of City shall be personally liable to Contractor in the event of any default or breach by the City or for any amount due Contractor.
5 ATTACHMENT A
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(Rev. 10.30.18; Mod Ϭϱ͘Ϭϴ͘ϮϯZD͖DŽĚϬϯ͘Ϯϳ͘ϮϰZDͿ

24. Severability. If any portion of this Agreement or application thereof to any person or circumstance shall be declared invalid by a court of competent jurisdiction or if it is found in contravention of any federal, state or city statue, ordinance or regulation the remaining provisions of this Agreement or the application thereof shall not be invalidated thereby and shall remain in full force and effect to the extent that the provisions of this Agreement are severable.

25. Non-Discrimination. During the performance of this Agreement, Contractor and its officers, employees, agents, representatives or subcontractors shall not unlawfully discriminate in violation of any federal, state, or local law, rule or regulation against any employee, applicant for employment or person receiving services under this Agreement because of race, religion, color, national origin, ancestry, physical or mental disability, medical condition (including genetic characteristics), marital status, age, political affiliation, gender identity, gender expression, sex or sexual orientation, family and medical care leave, pregnancy leave, or disability leave. Contractor and its officers, employees, agents, representative or subcontractors shall comply with all applicable Federal, State and local laws and regulations related to non-discrimination and equal opportunity, including without limitation the City’s nondiscrimination policy; the Fair Employment and Housing Act (Government Code sections 12990 (et seq.); California Labor Code sections 1101, 1102 and 1102.1; the Federal Civil Rights Act of 1964 (P.L. 88-352), as amended; and all applicable regulations promulgated in the California Code of Regulation or Code of Federal Regulations. Title VI of the Civil Rights Act of 1964 requires that “no person in the United States shall, on the grounds of race, color, or national origin be excluded from participation in, be denied the benefits of, or be subjected to discrimination under any program or activity receiving federal financial
assistance.” (42 USC Section 2000d).
http://www.dol.gov/oasam/regs/statutes/titlevi.htm. The City requires compliance with the requirements of Title VI in all of its programs and activities regardless of funding source.

26. Force Majeure. Neither party shall be responsible for delays or failures in performance resulting from acts of God, acts of civil or military authority, terrorism, fire, flood, strikes, war, epidemics, pandemics, shortage of power or other acts or causes reasonably beyond the control of that party. The party experiencing the force majeure event agrees to give the other party notice promptly following the occurrence of a force majeure event, and to use diligent efforts to re-commence performance as promptly as commercially practicable.

27. Taxes and Charges. Contractor shall be responsible for payment of all taxes, fees, contributions or charges applicable to the conduct of the Contractor’s business.

28. Cumulative Rights. Any specific right or remedy provided in this Agreement will not be exclusive but will be cumulative of all other rights and remedies to which may be legally entitled.
6 ATTACHMENT A
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29. Advice of Attorney. Each party warrants and represents that in executing this Agreement, it has received independent legal advice from its attorneys or the opportunity to seek such advice.

30. Heading Not Controlling. Headings used in this Agreement are for reference purposes only and shall not be considered in construing this Agreement.

31. Entire Agreement, Integration, and Modification.

31.1 This Agreement represents the entire integrated agreement between Contractor and the City; supersedes all prior negotiations, representations, or agreements, either written or oral between the parties and may be amended only by a written Amendment signed by the Contractor and City Manager.

31.2 All Exhibits to this Agreement and this Agreement are intended to be construed as a single document.

32. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original. All counterparts shall be construed together and shall constitute one agreement.

33. Authority. The individual(s) executing this Agreement represent and warrant that they have the legal capacity and authority to do so on behalf of their respective legal entities.
7 ATTACHMENT A
1115
1 (Rev. 07.12.22)

EXHIBIT D

PROFESSIONAL SERVICES SPECIAL TERMS AND CONDITIONS

1. Definitions. The following words and phrases have the following meanings for purposes of this Agreement:

1.1 "Services" means, collectively, the services, duties and responsibilities described in Exhibit A of this Agreement and any and all work necessary to complete them or carry them out fully and to the standard of performance required in this Agreement.

1.2 “Deliverable” means quantifiable goods or services that will be provided upon completion of a project. A deliverable is any tangible material, work or thing delivered by one party to the other, including associated technical documentation. A deliverable can be tangible or intangible parts of the development process, and often are specified functions or characteristics of the project.

2. General. The following terms and conditions are applicable for the Professional Services only. The special conditions shall be read in conjunction with the Standard Agreement, General Terms and Conditions (“GTC”) Exhibit C, and all other Exhibits identified in the Standard Agreement.

2.1 Where any portion of the GTC is in conflict to or at variance with any provisions of the Special Conditions of the Agreement, then unless a different intention stated, the provision(s) of the Special Conditions of the Agreement shall be deemed to override the provision(s) of GTC only to the extent that such conflict or variations in the Special Conditions of the Agreement are not possible of being reconciled with the provisions of the GTC.

2.2 In the case of modification of a part or provision of the GTC, the unaltered part or provision, or both shall remain in effect. The Special Conditions shall relate to a particular project and be peculiar to that project but shall not weaken the character or intent of the GTC.

3. Time for Performance.

3.1 Contractor shall perform the services according to the schedule contained in Exhibit F.

3.2 Timeliness of Performance i) Contractor shall provide the Services, and Deliverables within the term and within the time limits required under this Agreement, pursuant to the provisions of Exhibit A and Exhibit F. ii) Neither Contractor nor Contractor’s agents, employees nor subcontractors are entitled to any damages from the City, nor is any party entitled to be reimbursed by the City, for damages, charges or other

ATTACHMENT A
1116
2 (Rev. 07.12.22)
losses or expenses incurred by Contractor by reason of delays or hindrances in the performance of the Services, whether or not caused by the City.

4. Standard of Performance
In addition to Exhibit C, Section 4 and 17, Contractor agrees as follows:

4.1 Contractor’s Services shall be performed in accordance with generally accepted professional practices and principles and in a manner consistent with the level of care and skill ordinarily exercised by members of Contractor’s profession currently practicing under similar conditions. Contractor shall comply with the profession’s standard of performance, applicable laws, regulations, and industry standards. By delivery of completed work, Contractor certifies that the work conforms to the requirements of this Agreement and all applicable federal, state and local laws. If Contractor is retained to perform services requiring a license, certification, registration or other similar requirement under California law, Contractor shall maintain that license, certification, registration or other similar requirement throughout the term of this Agreement.

4.2 Contractor acknowledges that it is entrusted with or has access to valuable and confidential information and records of the City and with respect to that information, Contractor agrees to be held to the standard of care of a fiduciary. Contractor shall assure that all services that require the exercise of professional skills or judgment are accomplished by professionals qualified and competent in the applicable discipline and appropriately licensed, if required by law. Contractor must provide copies of any such licenses. Contractor remains responsible for the professional and technical accuracy of all Services or Deliverables furnished, whether by Contractor or its subcontractors or others on its behalf. All Deliverables must be prepared in a form and content satisfactory to the Using Agency and delivered in a timely manner consistent with the requirements of this Agreement.

4.3 If Contractor fails to comply with the foregoing standards, Contractor must perform again, at its own expense, all Services required to be re-performed as a direct or indirect result of that failure. Any review, approval, acceptance or payment for any of the Services by the City does not relieve Contractor of its responsibility for the professional skill and care and technical accuracy of its Services and Deliverables. This provision in no way limits the City’s rights against Contractor either under this Agreement, at law or in equity.

5. Compensation

5.1 In addition to Section 3 Compensation in Exhibit C – GTC, the Contractor shall be compensated for the services provided under this Agreement as follows:

5.1.1 Contractor shall be compensated for services rendered and accepted under this Agreement and shall be paid monthly, in arrears on a not to exceed

ATTACHMENT A
1117
3 (Rev. 07.12.22)
basis, based upon the rates set forth in Exhibit E attached hereto and made a part of this Agreement. Contractor may vary the compensation for each task in Exhibit E provided that the total project compensation listed in Exhibit E and the Standard Agreement is not exceeded.

6. Personnel

6.1 None of the work or services covered by this Agreement shall be subcontracted without the prior written approval of the City. Any work or services subcontracted hereunder shall be specified by written agreement and shall be subject to each provision of this Agreement. Contractor shall provide subcontractor a copy of this fully executed Agreement.

6.2 Contractor agrees to assign only competent personnel according to the reasonable and customary standards of training and experience in the relevant field to perform services under this Agreement. Failure to assign such competent personnel shall constitute grounds for termination of this Agreement. The payment made to Contractor pursuant to this Agreement shall be the full and complete compensation to which Contractor and Contractor’s officers, employees, agents, and subcontractors are entitled for performance of any work under this Agreement. Neither Contractor nor Contractor’s officers or employees are entitled to any salary or wages, or retirement, health, leave or other fringe benefits applicable to employees of the City. The City will not make any federal or state tax withholdings on behalf of Contractor. The City shall not be required to pay any workers' compensation insurance on behalf of Contractor. Contractor shall pay, when and as due, any and all taxes incurred as a result of Contractor’s compensation hereunder, including estimated taxes, and shall provide City with proof of such payments upon request.

6.3 Key Personnel: Because of the special skills required to satisfy the requirements of this Agreement, Contractor shall not reassign or replace key personnel without the written consent of the City, which consent the City will not unreasonably withhold. "key personnel" means those job titles and the persons assigned to those positions in accordance with the provisions of this Agreement. The City may at any time in writing notify Contractor that the City will no longer accept performance of Services under this Agreement by one or more Key Personnel listed. Upon that notice Contractor shall immediately suspend the services of the key person or persons and must replace him or them in accordance with the terms of this Agreement. A list of key personnel is found in Exhibit A, Scope of Services.

7. Reports and Information
Contractor shall at such times and in such forms as the City may require furnish the City such periodic reports as it may request pertaining to the work or services undertaken pursuant to this Agreement, the costs and obligations incurred or to be incurred in connection therewith, and any other matters are covered by this Agreement as specified in Exhibit A and Exhibit E.

ATTACHMENT A
1118
4 (Rev. 07.12.22)

8. Findings Confidential
All of the reports, information, data, et cetera, prepared or assembled by the Contractor under this Agreement are confidential and the Contractor agrees that they shall not be made available to any individual or organization without the prior written approval of the City. Contractor shall not be required under the provisions of this paragraph to keep confidential any data or information which is or becomes publicly available, is required by applicable law or by proper legal or governmental authority, is already rightfully in the Contractor’s possession without obligation of confidentiality, is independently developed by Contractor outside the scope of this Agreement or is rightfully obtained from third parties. Contractor shall give City prompt notice of any such legal or governmental demand and reasonably cooperate with City in any effort to seek a protective order or otherwise to contest such required disclosure.

9. Copyright
No materials, including but not limited to reports, maps, or documents produced as a result of this Agreement, in whole or in part, shall be available to Contractor for copyright purposes. Any such materials produced as a result of this Agreement that might be subject to copyright shall be the property of the City and all such rights shall belong to the City, and the City shall be sole and exclusive entity who may exercise such rights.

10. Deliverables
Contractor shall prepare or provide to the City various Deliverables. "Deliverables" include work product, such as written reviews, recommendations, reports and analyses, produced by Contractor for the City. The City may reject Deliverables that do not include relevant information or data, or do not include all documents or other materials specified in this Agreement or reasonably necessary for the purpose for which the City made this Agreement or for which the City intends to use the Deliverables. If the City determines that Contractor has failed to comply with the foregoing standards, it has 30 days from the discovery to notify Contractor of its failure. If Contractor does not correct the failure, or if it is possible to do so, within 30 days after receipt of notice from the City specifying the failure, then the City, by written notice, may treat the failure as a default of this Agreement.

Partial or incomplete Deliverables may be accepted for review only when required for a specific and well-defined purpose and when consented to in advance by the City. Such Deliverables will not be considered as satisfying the requirements of this Agreement and partial or incomplete Deliverables in no way relieve Contractor of its commitments under this Agreement.

11. Applicable Laws
Deliverables must conform with all applicable federal, state, and local laws. Such conformity includes compliance with federal sanctions, and Contractor certifies that it has not and will not engage in prohibited transactions with sanctioned persons or entities.

ATTACHMENT A
1119
1 (Rev. 10.30.18)

EXHIBIT E

COMPENSATION SCHEDULE
The Contractor shall be compensated for the services identified in Exhibit A, Exhibit C, and Exhibit D to this Agreement as follows:

1. Project Price

1.1 The maximum the Contractor shall be paid on this Agreement is $600,000 (hereafter the “not to exceed” amount). The “not to exceed” amount includes all payments to be made pursuant to this Agreement, including City approved reimbursable expenses, if any. Nothing in this Agreement requires the City to pay for work that does not meet the Standard of Performance identified in Exhibit D section 4 or other requirements of this Agreement.

1.2 Standard Reimbursable Items: Only the reimbursable items identified in Exhibit A, C, and D (Compensation), shall be compensated to the Contractor.

Reimbursable expenses will be reimbursed without markup. Fees plus reimbursable expenses shall not exceed the amount set forth in section 1.1 of this Exhibit and a copy of the original invoice for the items listed in i, ii or iii below shall be attached to the invoice submitted to the City for reimbursement. Payments shall be based upon work documents submitted by the Contractor to the City and accepted by the City as being satisfactory to City’s needs. The City shall not pay a markup on any of the items listed in i, ii or iii.

Additionally, items such a telephone, fax, postage or freight are already included in the billable hourly rate. Contractor shall be reimbursed the direct expenses, which are the actual cost of the following items that are reasonable, necessary and actually incurred, by the Contractor in connection with the services:
i. Expenses, fees or charges for printing, reproduction or binding of documents at actual costs with no markup added to the actual cost. ii. Any filing fees, permit fees, or other fees paid or advanced by the Contractor at actual costs with no markup added to the actual cost. iii. Travel expenses shall be reimbursed in accordance with the City’s travel policy, which is incorporated herein by reference.

Reimbursement shall be made at actual costs with no markup added to the actual cost.

1.3 The Contractor shall be entitled to receive payments for its work performed pursuant to the Agreement. The City will pay Contractor based on invoices for acceptable work performed and approved until the “not to exceed” amount is reached.

Thereafter, Contractor must complete services based on the Agreement without additional compensation unless there is a material change to the Statement of Work and Scope by a written Amendment.

ATTACHMENT A
1120
2 (Rev. 10.30.18)

1.4 If work is completed before the “not to exceed” amount is reached, the Contractor’s compensation will be based on the Contractor’s invoices previously submitted for acceptable work performed and approved.

1.5 Subcontractor Costs: Not Applicable

2. Task Price. Below is the price for the services and reimbursable expenses as described in Exhibit A of this Agreement.

Task Description Task Price
N/A $N/A
TOTAL PRICE $ N/A

3. Hourly Rates. The following is a list of hourly billable rates that Contractor shall apply for additional services requested of the Contractor. Contractor shall be compensated based on the hourly rates set forth below, on a time and material basis for those services that are within the general scope of services of this Agreement, but beyond the description of services required under Exhibit A, and all services are reasonably necessary to complete the standards of performance required by this Agreement. Any changes and related fees shall be mutually agreed upon between the parties by a written amendment to this Agreement.

Hourly Billable Rate Schedule
2026 HOURLY RATE SHEET (Effective January 2026 through December 2026) Planning Services
Planning Services Director/Principal-in-Charge $260 - $370 Principal Planner, Senior Technical Specialist $210 - $260 Senior Planner, Technical Specialist III $160 - $210
Associate Planner, Technical Specialist II $125 - $160
Assistant Planner, Technical Specialist I $110 - $125
Planning Technician, Analyst $95 - $110
Environmental Planning Services
Principal-in-Charge $280.00 – $390.00
Senior Project Manager $190.00 – $275.00
Technical Advisor $190.00 – $295.00
Project Manager $150.00 – $200.00
Senior CEQA/Environmental Planner $180.00 – $250.00
CEQA/Environmental Planner IV $150.00 – $190.00
CEQA/Environmental Planner III $130.00 – $155.00
CEQA/Environmental Planner II $100.00 – $135.00
CEQA/Environmental Planner I $90.00 – $110.00
Environmental Specialist $90.00 – $160.00
Senior Technical Specialist $190.00 – $280.00
Technical Specialist IV $175.00 – $220.00
Technical Specialist III $155.00 – $180.00
Technical Specialist II $125.00 – $160.00
Technical Specialist I $90.00 – $130.00

ATTACHMENT A
1121
3 (Rev. 10.30.18)
Rates are subject to a 5% annual increase. May not include all staff titles.

4. Additional Fees. Not Applicable

5. Invoice to Address. Each invoice submitted shall identify the specific task(s) listed in Exhibit A and this Exhibit, and the completed work product/deliverable for the agreed upon price listed in this Exhibit. Invoices shall be submitted to the below address:

Invoices may be sent to: [email protected]
[email protected]
City of Stockton
Attn: Community Development Department
425 N. El Dorado Street
Stockton, CA 95202

ATTACHMENT A
1122
1 (Rev, 10.27.22)

EXHIBIT F

TIMELINE
 6HUYLFHVXQGHUWKLVDJUHHPHQWVKDOOEHSURYLGHGRQDQDVQHHGHGRQFDOO EDVLVWKURXJKRXWWKHWHUPRIWKHFRQWUDFW6SHFLILFWLPHOLQHVIRUGHOLYHUDEOHV WDVNVRUSURMHFWVZLOOEHHVWDEOLVKHGFROODERUDWLYHO\EHWZHHQWKH&LW\DQG &RQWUDFWRUEDVHGRQVFRSHFRPSOH[LW\DQGXUJHQF\
 7KH&RQWUDFWRUVKDOOPDNHUHDVRQDEOHHIIRUWVWRSHUIRUPVHUYLFHVSURPSWO\ DQGZLWKLQWKHWLPHIUDPHVDJUHHGXSRQ

ATTACHMENT A
1123
City of Stockton
Legislation Text
File #: 25-1276, Version: 1

ACCEPTANCE OF THE QUARTERLY INVESTMENT REPORT FOR QUARTER ENDED SEPTEMBER 30, 2025

RECOMMENDATION
It is recommended that the City Council, by motion, accept the Quarterly Investment Report for the quarter ending on September 30, 2025
Summary
Pursuant to California Government Code section 53646 and the City’s Investment Policy No.

17.01.030, the City Treasurer (Chief Financial Officer) is required to provide a quarterly report and certification to the City Council, City Manager, and City Auditor.

Due to the specialized services and expertise required to assist the City with the varied investment options available, effective July 1, 2022, the City moved to have two portfolio managers manage separate portions of the City’s Reserve portfolio. The Quarterly Investment Reports for PFM Asset Management (PFMAM) (Attachment A), Chandler Asset Management (Attachment B), and the Certification for the quarter ending September 30, 2025 (Attachment C), are being provided as required.

The City’s consolidated investment portfolio was approximately $954.7 million as of September 30, 2025, which represents a decrease of approximately $106 million from the prior market value for the quarter ending on June 30,2025. The decrease was due to net outflows that include, but not limited to, the City’s annual prepayment to CalPERS in the amount of $57.6 million, Debt Service payments of approximately $31.8 million and a General Insurance premium payment of $15.3 million. This consolidated investment portfolio includes the City’s liquidity position, short-term investments, and the reserve portfolios. (Attachment A- PFMAM Investment Report, page 17).

Total Program Breakdown:
· Reserve Portfolio - $826,403,726
· Short Term Portfolio - $1,800,975
· BMO Main Account - $73,909,577
· California Asset Management Program (CAMP) - $51,683,583 · Local Agency Investment Fund (LAIF) - $877,896

DISCUSSION
Background
To comply with state law and City policy, the City is required to present quarterly certification and City of Stockton Page 1 of 2 Printed on 12/4/2025
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File #: 25-1276, Version: 1
investment reports detailing the City’s investment portfolio to the City Council, City Manager, and City Auditor. The City also posts monthly transaction reports to the City’s website. The Quarterly Investment Report shall include a complete description of the portfolio, the types of investments, the issuers, maturity dates, par value, and dollar amounts invested in all securities, investments, or programs that are under the management of contracted parties, including lending programs. The certification must provide assurances that investments were made consistent with the City’s Investment Policy and that the City will meet its obligations for the next six months.

The authority of the Council to invest, reinvest funds, sell, or exchange securities is delegated to the City’s Chief Financial Officer, who also serves as City Treasurer (Resolution No. 2025-06-24-1602).

Pursuant to the Investment Policy, the City Treasurer may and does delegate fiduciary responsibility to external investment managers. An investment manager’s fiduciary responsibility is a legal requirement related to registration with the Securities and Exchange Commission under the Investment Advisor Act of 1940.

Present Situation
The City divides its investment portfolio into Reserve and Liquid portions. The Reserve portion represents the long-term assets managed by PFMAM and Chandler Asset Management, and the Liquid portion represents funds invested in several short-term investment vehicles including State of California LAIF, CAMP, and Dreyfus Treasury Money Market, to maintain adequate liquidity and optimize returns.

City staff work closely with both PFMAM and Chandler Asset Management to monitor the status of the City’s investment portfolios and their returns. The total returns on the consolidated portfolio for the third quarter of 2025 were positive, driven by lower yields and strong performance across all sectors. Details on these returns are reflected in Attachment A, page 20 (PFMAM Investment Report) and on Attachment B, page 25 (Chandler Investment Report). The quarterly return valuation includes funds from all activities, restricted and unrestricted, and includes changes in fair market value (unrealized gains/losses).

The City’s investment portfolio complies with California Government Code section 53601. It is invested solely in fixed-income securities (no stock holdings) that, while earning certain rates of interest, gain in market value when interest rates fall and lose market value when interest rates rise.

FINANCIAL SUMMARY
There is no financial impact related to the presentation and acceptance of these reports.

Attachment A - PFMAM Investment Report
Attachment B - Chandler Investment Report
Attachment C - Certification of Quarterly Investment Report City of Stockton Page 2 of 2 Printed on 12/4/2025
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Investment Performance Review
For the Quarter Ended September 30, 2025
Client Management Team PFM Asset Management A division of U.S. Bancorp Asset Management, Inc Monique Spyke, Managing Director
Allison Kaune, Relationship Manager
Joseph Creason, Portfolio ManagerRachael Miller, Client Consultant 213 Market Street
Harrisburg, PA 17101-2141
717-232-2723
1 California Street Ste. 1000
San Francisco, CA 94111-5411
415-393-7270
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public

CITY OF STOCKTON

ATTACHMENT
A
1126
PFM Asset Management | pfmam.com
• Market Update
• Account Summary• Portfolio Review

ATTACHMENT
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1127
PFM Asset Management | pfmam.com
Market Update

ATTACHMENT
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1128
Current Market Themes
Source: Details on market themes and economic indicators provided throughout the body of the presentation. Bloomberg Finance L.P., as of September 30, 2025. ▸ U.S. economy has been resilient but a cooling labor market presents risk ▹ Net new job creation neared zero as employers follow a “no hire, no fire” approach ▹ Inflation accelerated but Fed expects further price pressures to be short-lived ▹ Uncertainty eased as tariff and fiscal announcements were digested ▸ Fed cut rates for the first time in 2025
▹ Fed Chair Powell acknowledged the difficulty in balancing the risks affecting labor markets and inflation, but noted risks to the labor market were the Fed's focus ▹ The Fed’s September “dot plot” signals 50 bps in additional cuts for 2025, though views remain split, with 7 members favoring no additional cuts in 2025 ▸ Treasury yields moved lower across the curve in Q3
▹ Front end Treasury yields moved lower on Fed rate cut expectations ▹ Yields settled into a narrow trading range as market volatility eased ▹ Credit spreads continued to tighten and neared historically narrow levels For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
1 ATTACHMENT A
1129
2023 2024 2025
CPI YoY 6.4 6.0 5.0 4.9 4.0 3.0 3.2 3.7 3.7 3.2 3.1 3.4 3.1 3.2 3.5 3.4 3.3 3.0 2.9 2.5 2.4 2.6 2.7 2.9 3.0 2.8 2.4 2.3 2.4 2.7 2.7 2.9 Unemployment
Rate 3.5 3.6 3.5 3.4 3.6 3.6 3.5 3.7 3.8 3.9 3.7 3.8 3.7 3.9 3.9 3.9 4.0 4.1 4.2 4.2 4.1 4.1 4.2 4.1 4.0 4.1 4.2 4.2 4.2 4.1 4.2 4.3 U.S. Real GDP
QoQ 2.9 2.5 4.7 3.4 0.8 3.6 3.3 1.9 -0.6 3.8 1.7%
Est.*
Consumption
QoQ 4.5 1.5 3.1 3.0 1.7 3.9 4.0 3.9 0.6 2.5 1.5%
Est*
Fed Chair Powell: “While the unemployment rate remains low, it has edged up, job gains have slowed, and downside risks to employment have risen. At the same time, inflation has risen recently and remains somewhat elevated. Recent indicators suggest that growth of economic activity has moderated.” Worse Neutral Better
Source: FOMC Chair Jerome Powell Press Conference, September 17, 2025. Bloomberg Finance L.P., Bureau of Labor Statistics and Bureau of Economic Analysis as of August 2025.

The shading represents the deciles of each data point using 30 years of historical data. *Median forecasts sourced from Bloomberg Finance L.P. as of October 2, 2025.

Economic Growth Rebounds Amid Sticky Inflation
For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
2 ATTACHMENT A
1130
Fed Chair Powell: “[T]he increase in goods prices accounts for most … or perhaps all of the increase in inflation over the course of this year. ”
Factors Influencing Slower Than Expected
Pass-Through of Goods Inflation
Source: FOMC Chair Jerome Powell Press Conference, September 17, 2025. Bureau of Economic Analysis, and Bloomberg Finance L.P., as of August 2025 (left). Survey responses after September 26, 2025, included in mean and forecast range.

The Fed's Dual Mandate Remains Complicated
Aug-25

2.9%
Dec-25

3.2%
Mar-26

3.0%
Sep-26

2.7%
1%
2%
3%
4%
5%
Sep-23 Sep-24 Sep-25 Sep-26
Core PCE Inflation (YoY)
Mean Forecast Actual
For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
3 ATTACHMENT A
1131
177k
34k
29k
14k
13k
11k
0k 0k
-4k
-10k
-13k
-15k
-31k
-32k
-34k
-51k
0 50
100
150
200
250
300
Healthcare
State and Local Govt
Leisure & Hospitality
Transp & Warehousing
Retail Trade
Other Services
Utilities
Financial Activies
Private Education
Construction
Mining & Logging
Information Technology
Manufacturing
Wholesale Trade
Federal Govt
Pro & Biz Services
Thousand
Cumulative Job Growth
Jun-25 through Aug-25
Fed Chair Powell: “Labor demand has softened, and the recent pace of job creation appears to be running below the break-even rate needed to hold the unemployment rate constant.” Aug-25

4.3%
Dec-25

4.4%
Mar-26

4.4%
Sep-26

4.4%
3%
4%
5%
Sep-23 Sep-24 Sep-25 Sep-26
Unemployment Rate
Mean Forecast Actual
Month Payrolls
June ’25 -13k
July ’25 79k
August ’25 22k
Avg.
29k
The Fed's Dual Mandate Remains Complicated
Source: FOMC Chair Jerome Powell Press Conference, September 17, 2025. Bureau of Labor Statistics, and Bloomberg Finance L.P., as of August 2025. Data is seasonally adjusted.

Survey responses after September 26, 2025, included in mean and forecast range.

For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
4 ATTACHMENT A
1132
▸ Net new job creation nears zero
▸ Sticky services inflation
▸ Increasing retail credit card
balances
▸ Rising student loan
delinquencies
▸ Planned federal spending cuts
▸ Slower tariff-based inflation
passthrough
▸ Stabilizing credit card
delinquencies
▸ Corporate fundamentals
▸ Easing Fed Policy
▸ Resilient consumer spending
▸ Positive real disposable
personal income growth
▸ Fiscal tailwinds to business
investment

0.0%

0.4%

0.8%

1.2%

1.6%

2.0%

2.4%

2.8%

3.2%
1Q '242Q '243Q '244Q '241Q '252Q '25
3QTD '25
Personal Consumption
Quarter-Over-Quarter Change
0%
2%
4%
6%
8%
10%
12%
200320052007200920112013201520172019202120232025
Credit Card Delinquencies
90+ Days
Negative Neutral Positive
0K
100K
200K
300K
400K
500K
600K
700K
1Q '242Q '243Q '244Q '241Q '252Q '25
3QTD '25
Nonfarm Payrolls
Cumulative Quarterly
Economic Uncertainty Challenges Outlook
Sources: Bloomberg Finance L.P., Bureau of Labor Statistics as of August 2025, Federal Reserve Bank of New York as of June 2025, and Bureau of Economic Analysis as of August 2025.

For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
5 ATTACHMENT A
1133

3.6% 3.4% 3.1% 3.1% 3.0%
0%
1%
2%
3%
4%
5%
2025 2026 2027 2028 Longer
Run
Federal Funds Rate
Jun Projections Sep Projections

3.0%

2.6%

2.1% 2.0% 2.0%
0%
1%
1%
2%
2%
3%
3%
4%
4%
2025 2026 2027 2028 Longer
Run
PCE Inflation
Jun Projections Sep Projections

4.5% 4.4% 4.3% 4.2% 4.2%
0%
1%
2%
3%
4%
5%
6%
2025 2026 2027 2028 Longer
Run
Unemployment Rate
Jun Projections Sep Projections

1.6%

1.8% 1.9% 1.8% 1.8%
0%
1%
2%
3%
2025 2026 2027 2028 Longer
Run
Change in Real GDP
Jun Projections Sep Projections
Fed Chair Powell: “[I]t's a difficult situation because we have risks that are both affecting the labor market and inflation, our two goals … When they're both at risk, we have to balance them” Fed’s Updated Summary of Economic Projections
Source: FOMC Chair Jerome Powell Press Conference as of September 17, 2025. September 2025 was the first projection period for calendar year 2028.

For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
6 ATTACHMENT A
1134
The Latest Fed “Dot Plot”
Fed Chair Powell: “[T]here are no risk-free paths now. It's not incredibly obvious what to do… [A]nd you'll see that there are just a range of views on what to do.”
No additional
cuts in ’25
2 additional
cuts in ’25
0%
1%
2%
3%
4%
5%
Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy Sep-25 FOMC Projections
Jun-25 Median
Sep-25 Median
2025 2026 2027 Longer Term
2 additional 3.0%
cuts
1 cut 1 cut
2028
0 cuts
Source: Federal Reserve and FOMC Chair Jerome Powell Press Conference, as of September 17, 2025. Bloomberg Finance L.P.. Individual dots represent each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end.

For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
7 ATTACHMENT A
1135

3.25%

3.50%

3.75%

4.00%
Jun-25 Jul-25 Aug-25 Sep-25
2-Year U.S. Treasury Yield
June 30, 2025 – September 30, 2025
Aug 26th
Lisa Cook firing
renews concerns over
Fed independence Sep 5th
Nonfarm payrolls miss
expectations for third
consecutive month
Aug 12th
CPI inflation meets
expectations
Jul 3rd
Nonfarm payrolls
exceeds
expectations
Aug 1st
Nonfarm payrolls
revised lower by a
combined 258k jobs
Sep 25th
Q2 personal
consumption
revised higher
Aug 22nd
Powell comments
at Jackson Hole
Treasury Yields Lower on Labor Market Risk
Source: Bloomberg Finance L.P., as of September 30, 2025.

For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
8 ATTACHMENT A
1136
Front End Treasury Yields Move Lower

3.93%

3.61%

3.74%

3.93%

4.15%

4.73%

3.00%

3.50%

4.00%

4.50%

5.00%

5.50%
Yield
Maturity
U.S. Treasury Yield Curve
1 Year Range
September 30, 2025
June 30, 2025
3mo 2yr 5yr 7yr 10yr 20yr 30yr
Source: Bloomberg Finance L.P., as of September 30, 2025.

For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
9 ATTACHMENT A
1137
-0.2%
-0.1%

0.0%

0.1%

0.2%
Sep-24 Dec-24 Mar-25 Jun-25 Sep-25
Federal Agency Yield Spreads
Bullet Callable

0.2%

0.4%

0.6%

0.8%

1.0%
Sep-24 Dec-24 Mar-25 Jun-25 Sep-25
Corporate Notes A-AAA Yield Spreads

0.2%

0.4%

0.6%

0.8%

1.0%
Sep-24 Dec-24 Mar-25 Jun-25 Sep-25
Mortgage-Backed Securities Yield Spreads
Agency MBS Agency CMBS Index

0.2%

0.4%

0.6%

0.8%

1.0%
Sep-24 Dec-24 Mar-25 Jun-25 Sep-25
Asset-Backed Securities AAA Yield Spreads
Sector Yield Spreads
Source: ICE BofA 1-5 year Indices via Bloomberg Finance L.P. and PFMAM as of September 30, 2025. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries.

CMBS is Commercial Mortgage-Backed Securities and represented by the ICE BofA Agency CMBS Index.

For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
10 ATTACHMENT A
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Source: ICE BofA 1-5 year Indices via Bloomberg Finance L.P. and PFMAM as of September 30, 2025. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries.

CMBS is Commercial Mortgage-Backed Securities and represented by the ICE BofA Agency CMBS Index. -0.1%

0.0%

0.1%

0.2%
Jun-25 Jul-25 Aug-25 Sep-25
Federal Agency Yield Spreads
Bullet Callable 1 Year Average

0.2%

0.4%

0.6%

0.8%

1.0%
Jun-25 Jul-25 Aug-25 Sep-25
Corporate Notes A-AAA Yield Spreads
1-5 Yr. AAA-A Corp 1 Year Average

0.2%

0.4%

0.6%

0.8%

1.0%
Jun-25 Jul-25 Aug-25 Sep-25
Mortgage-Backed Securities Yield Spreads
Agency MBS Agency CMBS Index 1 Year Average
2 bps 50 bps
42 bps

0.2%

0.4%

0.6%

0.8%

1.0%
Jun-25 Jul-25 Aug-25 Sep-25
Asset-Backed Securities AAA Yield Spreads
AAA ABS 1 Year Average
Sector Yield Spreads
For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
11 ATTACHMENT A
1139
Source: ICE BofA Indices. ABS indices are 0-5 year, based on weighted average life. As of September 30, 2025. 1-5 Year Indices

1.14% 1.20%

1.37%

1.56%

1.76%

0.0%

2.0%

4.0%

6.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
Third Quarter 2025 Returns

3.77%

4.11%

4.78% 4.85%

5.45%

0.0%

2.0%

4.0%

6.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
1-Year Return
Fixed-Income Index Total Returns in 3Q 2025
For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
12 ATTACHMENT A
1140
▸ The Federal Open Market Committee (FOMC)
lowered the target range for the federal funds rate to

4.00-4.25% during the September 17th meeting, citing
weakening in the labor market.
▸ U.S. Treasury yields across all maturities moved
lower over the quarter. The change in yields reflected
ongoing market sensitivity to the Fed, with concerns
regarding the labor market taking center stage amid
ongoing weakness. As a result of the Treasury rally,
total returns were positive for the quarter.
▸ Federal Agency & supranational spreads remained
low and traded in a narrow range throughout Q3.

Excess returns remained muted in part due to limited
issuance, which is a trend we expect to continue.
▸ Investment-Grade (IG) corporate bonds generated
strong excess returns as spreads narrowed to multiyear lows across most maturities. Lower-quality and longer-duration bonds led performance, supported by
strong investor demand.
▸ Asset-Backed Securities spreads tightened but
remain modestly elevated versus 12-month lows.

While excess returns were positive, they lagged those
of IG corporates. Auto loan collateral modestly
outperformed credit card-backed securities.
▸ Agency-backed mortgage-backed securities
(MBS) delivered solid performance with positive
excess returns across the board. Longer-duration
MBS stood out as a top-performing IG sector in Q3.

Agency-backed commercial MBS (CMBS) also
posted positive excess returns for the quarter.
▸ Short-term credit (commercial paper and negotiable
bank CDs) yields declined as Treasury issuance
surged and the Fed cut rates. Short-end yield spreads
widened over the quarter and demand remained
strong as investors viewed the sector as a hedge
against future rate cuts.

Fixed-Income Sector Commentary – 3Q 2025
The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (09/30/2025) and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management cannot guarantee its accuracy, completeness, or suitability.

For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
13 ATTACHMENT A
1141
Fixed-Income Sector Outlook – 4Q 2025
The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (09/30/2025) and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management cannot guarantee its accuracy, completeness, or suitability. ▸ U.S. Treasury volatility is expected to increase from multi-year lows given both fiscal and monetary policy
uncertainty. The potential collective impact of further policy changes on economic growth, inflation, and
labor markets are unknown. We expect to see an
ongoing steepening of the yield curve given the
expectation for future Fed rate cuts.
▸ Federal Agency & Supranational spreads are likely
to remain at tight levels. Government-heavy accounts
may find occasional value on an issue-by-issue basis.
▸ Taxable Municipals continue to see little activity due to an ongoing lack of supply and strong demand
which continues to suppress yields in both the new
issue and secondary markets. We expect few
opportunities in the near term.
▸ Investment-Grade (IG) Corporate bond
fundamentals and valuations weakened while
technicals have improved modestly. We will evaluate
opportunities with a focus on industry fundamentals
and issuer credit quality while identifying rich holdings to tactically reduce allocations.
▸ Asset-Backed Securities fundamentals remain intact
and credit metrics have normalized. Consumer credit
trends will depend on the labor market and the
consumer’s response to monetary policy easing,
which tends to work on a lag. We expect spreads to
continue to exhibit volatility with a bias towards
widening, while low issuance in Q4 will support
technicals in the sector.
▸ Mortgage-Backed Securities are expected to
underperform over the short term with spreads at their
narrowest levels in 3-years. We may use any
meaningful spread widening to add at more attractive
levels.
▸ Short-term credit (commercial paper and negotiable
bank CDs) spreads in Q4 will continue to be primarily
driven by expectations about monetary policy
decisions by the FOMC. Given the positively sloped
shape of the money market yield curve, we favor a
mix of floating rate securities in the front end and fixed rate securities in longer maturities.

For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
14 ATTACHMENT A
1142
Fixed – Income Sector Outlook – 4Q 2025
Sector Our Investment Preferences

C O M M E R C I A L P A P E R
/ C D

T R E A S U R I E S
T-Bill
T-Note

F E D E R A L A G E N C I E S
Bullets
Callables

S U P R A N AT I O N A L S

C O R P O R AT E S
Financials
Industrials

S E C U R I T I Z E D
Asset-Backed
Agency Mortgage-Backed
Agency CMBS

M U N I C I P A L S
Negative Slightly
Negative Neutral SlightlyPositive
Current outlook Outlook one quarter ago Positive
For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
15 ATTACHMENT A
1143
PFM Asset Management | pfmam.com
Account Summary

ATTACHMENT
A
1144
PFM Asset Management | pfmam.com

CITY OF STOCKTON
Sector Allocation
U.S. Treasury | 41%
Federal Agency | 5%
Agency MBS | 12%
Commercial Paper | 0%
Corporate | 20%
Asset-Backed | 9%
LAIF | <1%
CAMP | 5%
Cash | <1%
BMO Main Account | 8%
Consolidated Summary
Account Summary
Reserve Portfolio1 $826,403,726
Short Term Portfolio1 $1,800,975
BMO Main Account $73,909,577
CAMP Pool $51,683,583
Local Agency Investment Fund $877,896
Total Program $954,675,757

1. Reserve Portfolio includes both the PFMAM Reserve portfolio assets and Chandler Asset Management assets. Short-Term Portfolio comprises assets managed by Chandler Asset Management.

Portfolio figures include cash in portfolios’ sweep accounts and excludes accrued interest.

15.2%

0.8% 1.2%

3.2%

4.6%

8.4%

15.2%

19.2% 18.1%

7.3% 6.7%

0.0%
$0
$100
$200
30 Days
and Under
31 to 60
days
61 to 90
days
91 to 180
days
181 to 1
year
1 to 2
years
2 to 3
years
3 to 4
years
4 to 5
years
5 to 7
years
7 to 10
years
Over 10
years
Millions
Maturity Distribution
Weighted Average Maturity: 1,110 days
For the Quarter Ended September 30, 2025
Account Summary
17 ATTACHMENT A
1145
PFM Asset Management | pfmam.com
Portfolio Review:

CITY OF STOCKTON RESERVE PORTFOLIO

ATTACHMENT
A
1146
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Compliance
Note: Pre- and post-trade compliance for the account(s) managed by PFM Asset Management is provided via Bloomberg Financial LP Asset and Investment Management ("AIM").

Certificate of Compliance
During the reporting period for the quarter ended September 30, 2025, the account(s) managed by PFM Asset Management("PFMAM") were in compliance with the applicable investment policy and guidelines as furnished to PFMAM.

Acknowledged : PFM Asset Management, a division of U.S. Bancorp Asset Management, Inc. 19 ATTACHMENT
A
1147
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Snapshot
Yield and duration calculations exclude cash and cash equivalents. Sector allocation includes market values and accrued interest.

The portfolio’s benchmark is Ccurrently 80% ICE BofA 1-5 Year AAA-A US Corporate & Government Index and 20% ICE BofA 5-10 Year US Treasury Index. Prior to 3/31/23 it was the ICE BofA 1-5 Year AAA-A US Corporate & Government Index. Source: Bloomberg Financial LP.

An average of each security’s credit rating was assigned a numeric value and adjusted for its relative weighting in the portfolio.

1. Portfolio Snapshot - CITY OF STOCKTON RESERVE PORTFOLIO¹ Credit Quality - S&P
9%
19%
26%
15% 17%
4% 5% 5% 4%
27%
22%
19%
12%
8%
4% 5%
0%5%
10%15%20%25%30%
0-1 Yr 1-2
Yrs
2-3
Yrs
3-4
Yrs
4-5
Yrs
5-6
Yrs
6-7
Yrs
> 7
Yrs
Portfolio Benchmark
Duration Distribution
U.S. Treasury | 48%Corporate | 21%
Agency CMBS | 20%ABS | 11%
Negotiable CD | 1%Federal Agency | <1%Municipal | <1%
Sector Allocation
AAA | 9%AA+ | 69%AA | 1%AA- | 5%A+ | 8%A | 4%A- | 1%A-1 | 1% Not Rated | 2%
Portfolio Statistics
Portfolio Effective Duration 3.20 years
Benchmark Effective Duration 3.21 yearsPortfolio Credit Quality AA Yield At Market 3.92%
Yield At Cost 4.28%
Total Market Value $483,219,379.30
Securities Sub-Total $479,958,858.74Cash $177,986.81
Accrued Interest $3,082,533.75
20 ATTACHMENT
A
1148
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Characteristics
$0.0
$96.0
$192.0$288.0$384.0$480.0
Millions
September 2025
$0.0
$96.0
$192.0$288.0$384.0$480.0
Millions
June 2025
$0.0
$96.0
$192.0$288.0$384.0$480.0
Millions
March 2025
$0.0
$96.0
$192.0$288.0$384.0$480.0
Millions
December 2024
Sector Allocation Review - CITY OF STOCKTON RESERVE PORTFOLIO U.S. Treasury Federal Agency Agency CMBS Municipal Negotiable CD Corporate ABS Market values, excluding accrued interest. Only includes fixed-income securities held within the separately managed account(s) and LGIPs managed by PFMAM. Detail may not add to total due to rounding.

Security Type Dec-24 % of Total Mar-25 % of Total Jun-25 % of Total Sep-25 % of Total U.S. Treasury $240.8 52.8% $251.9 54.0% $237.7 50.2% $228.9 47.6%Federal Agency $14.4 3.2% $11.0 2.4% $3.1 0.7% $0.8 0.2% Agency CMBS $90.8 19.9% $91.7 19.7% $94.5 20.0% $93.9 19.6% Municipal $3.1 0.7% $3.2 0.7% $1.9 0.4% $0.0 0.0%Negotiable CD $4.3 0.9% $4.3 0.9% $4.3 0.9% $4.2 0.9%Corporate $70.7 15.5% $67.8 14.6% $95.9 20.3% $101.6 21.2% ABS $31.8 7.0% $36.1 7.7% $35.5 7.5% $50.5 10.5%
Total $455.8 100.0% $465.8 100.0% $472.9 100.0% $480.0 100.0% 21 ATTACHMENT
A
1149
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Activity
Portfolio Activity - CITY OF STOCKTON RESERVE PORTFOLIO Net Activity by Sector
($ millions)
U.S. TreasuryFederal Agency
Municipal
Agency CMBS
Corporate
ABS
U.S. Treasury
Federal Agency
Municipal
Agency CMBS
Corporate
ABS
($40.0) ($20.0) $0.0 $20.0 $40.0
Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.

Sector Net Activity
ABS $14,858,818
Corporate $5,321,032
Agency CMBS ($780,887)
Municipal ($1,875,000)Federal Agency ($2,265,000)U.S. Treasury ($10,109,571)Total Net Activity $5,149,392 Sales/Maturities Purchases
22 ATTACHMENT
A
1150
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Performance

1. The lesser of 10 years or since inception is shown. Since inception returns for periods one year or less are not shown. Performance inception date is June 30, 2017.

2. Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.3. Returns for periods one year or less are presented on a periodic basis. Returns for periods greater than one year are presented on an annualized basis.4. The portfolio’s benchmark is Ccurrently 80% ICE BofA 1-5 Year AAA-A US Corporate & Government Index and 20% ICE BofA 5-10 Year US Treasury Index. Prior to 3/31/23 it was the ICE BofA 1-5 Year AAA-A US Corporate & Government Index. Source: Bloomberg Financial LP.

0.0%1.0%2.0%3.0%4.0%5.0%
Return
Portfolio Benchmark
Portfolio Performance
Market Value Basis Earnings 3 Months 1 Year 3 Years 5 Years Since Inception¹ Interest Earned² $4,558,194 $16,406,477 $35,693,600 $50,510,168 $79,324,737 Change in Market Value $1,862,718 $2,083,845 $23,388,583 ($24,223,776) ($3,935,334) Total Dollar Return $6,420,912 $18,490,322 $59,082,183 $26,286,392 $75,389,403 Total Return³
Portfolio 1.35% 3.98% 4.70% 1.44% 2.16%Benchmark⁴ 1.29% 3.77% 4.51% 1.17% 1.96% 3 Months 1 Year 3 Years 5 Years Since Inception
23 ATTACHMENT
A
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PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Performance

1. The lesser of 10 years or since inception is shown. Performance inception date is June 30, 2017.2. Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.3. Realized gains / (losses) are shown on an amortized cost basis.

Accrual Basis Earnings - CITY OF STOCKTON RESERVE PORTFOLIO Accrual Basis EarningsInterest Earned²Realized Gains / (Losses)³Change in Amortized CostTotal Earnings 3 Months
$4,558,194
($355,039)
$436,768
$4,639,923
1 Year
$16,406,477
($1,506,325)
$2,178,239
$17,078,391
3 Years
$35,693,600
($6,300,693)
$5,799,506
$35,192,413
5 Year
$50,510,168
($18,379,735)
$18,016,168$50,146,601
Since Inception¹
$79,324,737
($14,654,857)
$19,836,538$84,506,418
24 ATTACHMENT
A
1152
Factors to Consider for 6-12 Months
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Stance Favorable
to Risk Assets
Stance Unfavorable
to Risk Assets
Current outlook Outlook one quarter ago
Statements and opinions expressed about the next 6-12 months were developed based on our independent research with information obtained from Bloomberg Finance L.P. and FactSet. The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (9/30/2025) and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management cannot guarantee its accuracy, completeness, or suitability.

For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
25 ATTACHMENT A
1153
PFM Asset Management | pfmam.com
Reserve Portfolio Holdings and Transactions

ATTACHMENT
A
1154
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Holdings
Managed Account Detail of Securities Held
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury
US TREASURY N/BDTD 11/30/2020 0.375% 11/30/2025
91282CAZ4 7,500.00 AA+ Aa1 11/1/2021 11/2/2021 7,297.27 1.05 9.45 7,491.83 7,454.30 US TREASURY N/BDTD 01/31/2019 2.625% 01/31/2026
9128286A3 7,500.00 AA+ Aa1 2/4/2021 2/4/2021 8,301.86 0.46 33.17 7,553.69 7,466.68 US TREASURY N/BDTD 06/01/2021 0.750% 05/31/2026
91282CCF6 4,000,000.00 AA+ Aa1 6/6/2022 6/8/2022 3,665,937.50 2.99 10,081.97 3,944,361.24 3,919,764.00 US TREASURY N/BDTD 09/30/2021 0.875% 09/30/2026
91282CCZ2 3,700,000.00 AA+ Aa1 4/5/2022 4/7/2022 3,406,746.09 2.77 88.94 3,634,792.66 3,597,757.90 US TREASURY N/BDTD 11/15/2016 2.000% 11/15/2026
912828U24 2,540,000.00 AA+ Aa1 8/8/2022 8/9/2022 2,437,606.25 3.01 19,188.04 2,513,071.56 2,492,176.88 US TREASURY N/BDTD 02/15/2017 2.250% 02/15/2027
912828V98 855,000.00 AA+ Aa1 8/8/2022 8/9/2022 828,515.04 2.99 2,456.96 846,947.03 838,667.79 US TREASURY N/BDTD 02/15/2017 2.250% 02/15/2027
912828V98 1,390,000.00 AA+ Aa1 5/12/2023 5/12/2023 1,328,047.27 3.52 3,994.36 1,367,381.62 1,363,448.22 US TREASURY N/BDTD 03/31/2022 2.500% 03/31/2027
91282CEF4 5,350,000.00 AA+ Aa1 5/9/2023 5/10/2023 5,138,925.78 3.60 367.45 5,268,897.59 5,259,718.75 US TREASURY N/BDTD 04/30/2020 0.500% 04/30/2027
912828ZN3 4,840,000.00 AA+ Aa1 8/2/2022 8/3/2022 4,331,989.06 2.88 10,127.17 4,670,956.50 4,608,018.80 US TREASURY N/BDTD 06/30/2022 3.250% 06/30/2027
91282CEW7 4,300,000.00 AA+ Aa1 3/30/2023 3/31/2023 4,214,000.00 3.76 35,317.26 4,264,702.32 4,272,118.80 US TREASURY N/BDTD 06/30/2020 0.500% 06/30/2027
912828ZV5 4,215,000.00 AA+ Aa1 8/25/2022 8/26/2022 3,705,577.73 3.21 5,326.02 4,031,561.91 3,992,890.58 US TREASURY N/BDTD 08/01/2022 2.750% 07/31/2027
91282CFB2 5,000,000.00 AA+ Aa1 5/12/2023 5/12/2023 4,857,226.56 3.48 23,165.76 4,938,109.89 4,921,875.00 US TREASURY N/BDTD 08/15/2017 2.250% 08/15/2027
9128282R0 2,730,000.00 AA+ Aa1 9/1/2022 9/6/2022 2,588,274.61 3.40 7,845.04 2,676,342.33 2,662,282.35 US TREASURY N/BDTD 08/31/2022 3.125% 08/31/2027
91282CFH9 5,030,000.00 AA+ Aa1 3/24/2023 3/24/2023 4,971,644.14 3.41 13,460.81 5,004,836.06 4,983,432.26 US TREASURY N/BDTD 09/30/2020 0.375% 09/30/2027
91282CAL5 745,000.00 AA+ Aa1 10/28/2022 10/31/2022 620,474.41 4.17 7.68 694,426.66 698,874.07 27 ATTACHMENT
A
1155
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Holdings
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury
US TREASURY N/BDTD 10/31/2022 4.125% 10/31/2027
91282CFU0 4,250,000.00 AA+ Aa1 3/30/2023 3/31/2023 4,320,224.61 3.73 73,364.47 4,281,863.11 4,293,163.00 US TREASURY N/BDTD 10/31/2022 4.125% 10/31/2027
91282CFU0 510,000.00 AA+ Aa1 12/1/2022 12/2/2022 518,646.09 3.74 8,803.74 513,662.78 515,179.56 US TREASURY N/BDTD 01/03/2023 3.875% 12/31/2027
91282CGC9 2,945,000.00 AA+ Aa1 2/1/2023 2/2/2023 2,981,582.42 3.60 28,839.79 2,961,750.79 2,961,221.06 US TREASURY N/BDTD 02/01/2021 0.750% 01/31/2028
91282CBJ9 2,565,000.00 AA+ Aa1 5/12/2023 5/12/2023 2,266,518.17 3.44 3,241.10 2,417,575.93 2,401,881.39 US TREASURY N/BDTD 02/28/2023 4.000% 02/29/2028
91282CGP0 4,825,000.00 AA+ Aa1 3/24/2023 3/24/2023 4,967,299.80 3.35 16,527.62 4,894,531.96 4,867,595.10 US TREASURY N/BDTD 03/31/2023 3.625% 03/31/2028
91282CGT2 1,975,000.00 AA+ Aa1 3/30/2023 3/31/2023 1,971,991.21 3.66 196.69 1,973,498.08 1,975,539.18 US TREASURY N/BDTD 03/31/2021 1.250% 03/31/2028
91282CBS9 1,945,000.00 AA+ Aa1 5/9/2023 5/10/2023 1,747,384.96 3.53 66.79 1,844,146.66 1,835,897.17 US TREASURY N/BDTD 05/01/2023 3.500% 04/30/2028
91282CHA2 215,000.00 AA+ Aa1 5/1/2023 5/1/2023 213,975.39 3.61 3,149.05 214,471.42 214,378.44 US TREASURY N/BDTD 09/30/2021 1.250% 09/30/2028
91282CCY5 525,000.00 AA+ Aa1 3/14/2022 3/15/2022 495,591.79 2.17 18.03 511,532.00 489,685.35 US TREASURY N/BDTD 11/16/1998 5.250% 11/15/2028
912810FF0 1,000,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,064,765.63 4.02 19,830.16 1,033,944.69 1,046,836.00 US TREASURY N/BDTD 05/31/2022 2.750% 05/31/2029
91282CES6 490,000.00 AA+ Aa1 1/11/2023 1/12/2023 464,523.83 3.67 4,528.48 475,376.61 474,591.95 US TREASURY N/BDTD 05/31/2024 4.500% 05/31/2029
91282CKT7 960,000.00 AA+ Aa1 6/6/2024 6/7/2024 968,700.00 4.30 14,518.03 966,575.56 986,925.12 US TREASURY N/BDTD 06/30/2022 3.250% 06/30/2029
91282CEV9 490,000.00 AA+ Aa1 7/7/2023 7/10/2023 464,026.17 4.26 4,024.52 473,715.77 482,669.11 US TREASURY N/BDTD 07/31/2024 4.000% 07/31/2029
91282CLC3 6,075,000.00 AA+ Aa1 8/1/2024 8/2/2024 6,117,240.23 3.85 40,940.22 6,108,113.41 6,142,159.13 US TREASURY N/BDTD 08/15/2019 1.625% 08/15/2029
912828YB0 520,000.00 AA+ Aa1 3/21/2022 3/22/2022 496,518.75 2.29 1,079.21 507,716.43 482,441.96 US TREASURY N/BDTD 08/16/1999 6.125% 08/15/2029
912810FJ2 1,775,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,023,083.98 3.72 13,885.28 1,920,677.22 1,930,104.83 US TREASURY N/BDTD 08/31/2022 3.125% 08/31/2029
91282CFJ5 2,120,000.00 AA+ Aa1 2/27/2023 2/28/2023 2,000,998.44 4.12 5,673.34 2,048,378.69 2,076,605.72 28 ATTACHMENT
A
1156
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Holdings
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury
US TREASURY N/BDTD 10/31/2024 4.125% 10/31/2029
91282CLR0 1,700,000.00 AA+ Aa1 11/1/2024 11/4/2024 1,695,816.41 4.18 29,345.79 1,696,519.00 1,727,026.60 US TREASURY N/BDTD 10/31/2024 4.125% 10/31/2029
91282CLR0 950,000.00 AA+ Aa1 11/14/2024 11/15/2024 942,949.22 4.29 16,399.12 944,094.06 965,103.10 US TREASURY N/BDTD 11/30/2022 3.875% 11/30/2029
91282CFY2 1,070,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,069,289.45 3.89 13,934.12 1,069,577.34 1,076,896.15 US TREASURY N/BDTD 12/31/2024 4.375% 12/31/2029
91282CMD0 4,135,000.00 AA+ Aa1 1/6/2025 1/7/2025 4,125,793.16 4.43 45,718.16 4,127,028.82 4,241,926.97 US TREASURY N/BDTD 01/03/2023 3.875% 12/31/2029
91282CGB1 2,030,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,059,339.84 3.64 19,879.38 2,047,885.09 2,043,004.18 US TREASURY N/BDTD 01/31/2025 4.250% 01/31/2030
91282CMG3 470,000.00 AA+ Aa1 2/5/2025 2/6/2025 470,110.16 4.24 3,365.35 470,097.60 479,950.84 US TREASURY N/BDTD 02/18/2020 1.500% 02/15/2030
912828Z94 542,500.00 AA+ Aa1 4/6/2022 4/11/2022 498,040.43 2.66 1,039.30 517,719.26 494,713.35 US TREASURY N/BDTD 02/28/2023 4.000% 02/28/2030
91282CGQ8 1,875,000.00 AA+ Aa1 3/4/2025 3/5/2025 1,875,512.70 3.99 6,422.65 1,875,466.17 1,896,753.75 US TREASURY N/BDTD 03/31/2025 4.000% 03/31/2030
91282CMU2 2,830,000.00 AA+ Aa1 3/28/2025 3/31/2025 2,826,573.05 4.03 310.99 2,826,896.91 2,862,389.35 US TREASURY N/BDTD 03/31/2025 4.000% 03/31/2030
91282CMU2 4,500,000.00 AA+ Aa1 4/1/2025 4/2/2025 4,522,500.00 3.89 494.51 4,520,464.65 4,551,502.50 US TREASURY N/BDTD 05/01/2023 3.500% 04/30/2030
91282CGZ8 3,880,000.00 AA+ Aa1 4/25/2024 4/26/2024 3,632,498.44 4.73 56,829.35 3,685,241.63 3,842,717.08 US TREASURY N/BDTD 02/15/2000 6.250% 05/15/2030
912810FM5 925,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,065,123.05 3.89 21,836.79 1,011,811.45 1,023,028.73 US TREASURY N/BDTD 02/15/2000 6.250% 05/15/2030
912810FM5 2,160,000.00 AA+ Aa1 1/11/2023 1/12/2023 2,519,859.38 3.64 50,991.85 2,386,523.42 2,388,910.32 US TREASURY N/BDTD 05/15/2020 0.625% 05/15/2030
912828ZQ6 2,535,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,057,608.01 3.56 5,984.46 2,234,604.52 2,203,667.90 US TREASURY N/BDTD 05/31/2023 3.750% 05/31/2030
91282CHF1 2,830,000.00 AA+ Aa1 7/12/2023 7/12/2023 2,783,459.77 4.03 35,664.96 2,798,485.88 2,831,989.49 US TREASURY N/BDTD 05/31/2023 3.750% 05/31/2030
91282CHF1 9,900,000.00 AA+ Aa1 6/4/2025 6/5/2025 9,807,574.22 3.96 124,764.34 9,813,060.77 9,906,959.70 US TREASURY N/BDTD 06/30/2025 3.875% 06/30/2030
91282CNK3 1,875,000.00 AA+ Aa1 7/1/2025 7/1/2025 1,880,639.65 3.81 18,361.50 1,880,383.47 1,886,499.38 29 ATTACHMENT
A
1157
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Holdings
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury
US TREASURY N/BDTD 07/31/2025 3.875% 07/31/2030
91282CNN7 850,000.00 AA+ Aa1 8/19/2025 8/20/2025 852,091.80 3.82 5,549.25 852,048.14 855,113.60 US TREASURY N/BDTD 08/17/2020 0.625% 08/15/2030
91282CAE1 587,500.00 AA+ Aa1 4/6/2022 4/11/2022 498,755.37 2.65 468.96 535,703.18 506,511.95 US TREASURY N/BDTD 08/17/2020 0.625% 08/15/2030
91282CAE1 2,545,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,052,204.49 3.56 2,031.50 2,228,850.27 2,194,166.66 US TREASURY N/BDTD 08/17/2020 0.625% 08/15/2030
91282CAE1 2,540,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,995,586.72 3.97 2,027.51 2,184,583.04 2,189,855.92 US TREASURY N/BDTD 09/02/2025 3.625% 08/31/2030
91282CNX5 10,050,000.00 AA+ Aa1 9/2/2025 9/3/2025 9,996,609.38 3.74 31,198.03 9,997,399.92 9,998,182.20 US TREASURY N/BDTD 09/30/2025 3.625% 09/30/2030
91282CPA3 4,775,000.00 AA+ Aa1 9/29/2025 9/30/2025 4,749,446.29 3.74 475.53 4,749,471.15 4,750,752.55 US TREASURY N/BDTD 11/16/2020 0.875% 11/15/2030
91282CAV3 3,000,000.00 AA+ Aa1 7/11/2023 7/12/2023 2,405,390.63 4.02 9,915.08 2,585,346.95 2,601,093.00 US TREASURY N/BDTD 11/16/2020 0.875% 11/15/2030
91282CAV3 1,330,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,071,065.63 3.72 4,395.69 1,163,344.96 1,153,151.23 US TREASURY N/BDTD 01/31/2024 4.000% 01/31/2031
91282CJX0 1,350,000.00 AA+ Aa1 1/30/2025 1/31/2025 1,323,210.94 4.38 9,097.83 1,325,872.10 1,364,080.50 US TREASURY N/BDTD 02/16/2021 1.125% 02/15/2031
91282CBL4 565,000.00 AA+ Aa1 4/6/2022 4/11/2022 498,104.88 2.63 811.80 524,370.32 493,712.82 US TREASURY N/BDTD 02/15/2001 5.375% 02/15/2031
912810FP8 2,955,000.00 AA+ Aa1 7/7/2023 7/10/2023 3,201,326.95 4.09 20,285.51 3,129,123.08 3,181,243.67 US TREASURY N/BDTD 02/15/2001 5.375% 02/15/2031
912810FP8 1,800,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,021,273.44 3.61 12,356.66 1,946,892.04 1,937,813.40 US TREASURY N/BDTD 02/15/2001 5.375% 02/15/2031
912810FP8 1,820,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,991,620.31 3.98 12,493.95 1,935,809.79 1,959,344.66 US TREASURY N/BDTD 04/01/2024 4.125% 03/31/2031
91282CKF7 3,820,000.00 AA+ Aa1 4/25/2024 4/26/2024 3,686,150.78 4.72 432.90 3,710,367.51 3,881,777.04 US TREASURY N/BDTD 05/17/2021 1.625% 05/15/2031
91282CCB5 2,930,000.00 AA+ Aa1 1/11/2023 1/12/2023 2,530,673.05 3.53 17,984.07 2,660,896.91 2,608,959.90 US TREASURY N/BDTD 05/17/2021 1.625% 05/15/2031
91282CCB5 1,265,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,070,802.73 3.76 7,764.45 1,135,954.40 1,126,393.95 US TREASURY N/BDTD 05/31/2024 4.625% 05/31/2031
91282CKU4 5,000,000.00 AA+ Aa1 6/4/2025 6/5/2025 5,147,656.25 4.06 77,715.16 5,140,572.23 5,204,690.00 30 ATTACHMENT
A
1158
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Holdings
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury
US TREASURY N/BDTD 07/31/2024 4.125% 07/31/2031
91282CLD1 730,000.00 AA+ Aa1 8/14/2024 8/15/2024 748,164.45 3.72 5,073.30 745,526.48 741,092.35 US TREASURY N/BDTD 08/16/2021 1.250% 08/15/2031
91282CCS8 562,500.00 AA+ Aa1 4/6/2022 4/11/2022 498,515.62 2.63 898.01 522,305.89 486,474.75 US TREASURY N/BDTD 08/16/2021 1.250% 08/15/2031
91282CCS8 2,465,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,994,627.93 3.92 3,935.29 2,138,631.81 2,131,840.46 US TREASURY N/BDTD 11/15/2021 1.375% 11/15/2031
91282CDJ7 1,305,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,068,927.54 3.77 6,777.67 1,143,674.20 1,129,538.84 US TREASURY N/BDTD 11/15/2021 1.375% 11/15/2031
91282CDJ7 2,080,000.00 AA+ Aa1 1/10/2023 1/11/2023 1,739,075.00 3.55 10,802.72 1,843,991.24 1,800,337.76 US TREASURY N/BDTD 01/31/2025 4.375% 01/31/2032
91282CMK4 3,400,000.00 AA+ Aa1 2/4/2025 2/5/2025 3,386,984.38 4.44 25,061.14 3,388,049.68 3,494,030.40 US TREASURY N/BDTD 02/15/2022 1.875% 02/15/2032
91282CDY4 2,365,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,999,625.98 3.94 5,663.47 2,105,198.31 2,098,199.62 US TREASURY N/BDTD 05/16/2022 2.875% 05/15/2032
91282CEP2 2,670,000.00 AA+ Aa1 1/11/2023 1/12/2023 2,525,548.83 3.56 28,994.53 2,567,601.02 2,510,216.52 US TREASURY N/BDTD 05/16/2022 2.875% 05/15/2032
91282CEP2 1,100,000.00 AA+ Aa1 7/2/2024 7/3/2024 988,410.16 4.41 11,945.31 1,003,619.42 1,034,171.60 US TREASURY N/BDTD 05/16/2022 2.875% 05/15/2032
91282CEP2 1,150,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,067,164.06 3.79 12,488.28 1,092,010.05 1,081,179.40 US TREASURY N/BDTD 05/16/2022 2.875% 05/15/2032
91282CEP2 660,000.00 AA+ Aa1 8/5/2022 8/9/2022 662,629.69 2.83 7,167.19 661,782.62 620,502.96 US TREASURY N/BDTD 05/16/2022 2.875% 05/15/2032
91282CEP2 2,175,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,056,224.61 3.57 23,619.14 2,090,826.82 2,044,839.30 US TREASURY N/BDTD 08/15/2022 2.750% 08/15/2032
91282CFF3 2,195,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,991,190.82 3.93 7,709.34 2,046,978.87 2,040,577.36 US TREASURY N/BDTD 09/02/2025 3.875% 08/31/2032
91282CNW7 2,500,000.00 AA+ Aa1 9/2/2025 9/3/2025 2,484,277.34 3.98 8,295.93 2,484,434.15 2,492,577.50 US TREASURY N/BDTD 11/15/2022 4.125% 11/15/2032
91282CFV8 1,520,000.00 AA+ Aa1 5/14/2025 5/15/2025 1,500,346.88 4.33 23,682.88 1,501,198.44 1,537,694.32 US TREASURY N/BDTD 11/15/2022 4.125% 11/15/2032
91282CFV8 3,225,000.00 AA+ Aa1 7/7/2023 7/10/2023 3,242,006.84 4.06 50,248.22 3,237,954.27 3,262,542.23 US TREASURY N/BDTD 11/15/2022 4.125% 11/15/2032
91282CFV8 1,965,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,054,269.34 3.57 30,616.36 2,029,593.67 1,987,874.57 31 ATTACHMENT
A
1159
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Holdings
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury
US TREASURY N/BDTD 11/15/2022 4.125% 11/15/2032
91282CFV8 1,055,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,084,877.93 3.78 16,437.79 1,076,369.54 1,067,281.26 US TREASURY N/BDTD 02/15/2023 3.500% 02/15/2033
91282CGM7 2,065,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,993,450.98 3.92 9,230.77 2,012,045.86 2,004,743.30 US TREASURY N/BDTD 05/15/2023 3.375% 05/15/2033
91282CHC8 1,075,000.00 AA+ Aa1 7/2/2024 7/3/2024 992,191.41 4.43 13,704.06 1,001,967.78 1,032,588.03 US TREASURY N/BDTD 08/15/2023 3.875% 08/15/2033
91282CHT1 2,385,000.00 AA+ Aa1 10/2/2023 10/2/2023 2,236,496.48 4.67 11,803.48 2,266,567.93 2,365,249.81 US TREASURY N/BDTD 11/15/2023 4.500% 11/15/2033
91282CJJ1 4,340,000.00 AA+ Aa1 10/16/2024 10/17/2024 4,504,784.38 4.00 73,768.21 4,490,096.12 4,487,152.04 US TREASURY N/BDTD 02/15/2024 4.000% 02/15/2034
91282CJZ5 3,880,000.00 AA+ Aa1 4/25/2024 4/26/2024 3,667,357.81 4.70 19,821.74 3,692,728.22 3,869,846.04 US TREASURY N/BDTD 05/15/2024 4.375% 05/15/2034
91282CKQ3 1,000,000.00 AA+ Aa1 7/2/2024 7/3/2024 995,156.25 4.44 16,525.14 995,662.03 1,023,125.00 US TREASURY N/BDTD 08/15/2024 3.875% 08/15/2034
91282CLF6 8,450,000.00 AA+ Aa1 9/4/2024 9/5/2024 8,514,365.23 3.78 41,819.46 8,508,569.21 8,320,613.60 US TREASURY N/BDTD 02/18/2025 4.625% 02/15/2035
91282CMM0 4,350,000.00 AA+ Aa1 4/1/2025 4/2/2025 4,521,621.09 4.13 25,695.14 4,514,486.39 4,520,602.65 US TREASURY N/BDTD 08/15/2025 4.250% 08/15/2035
91282CNT4 2,500,000.00 AA+ Aa1 9/2/2025 9/3/2025 2,494,335.94 4.28 13,569.97 2,494,371.71 2,520,312.50 Security Type Sub-Total 232,452,500.00 225,130,918.59 3.80 1,541,857.64 228,387,671.76 228,937,907.06 Negotiable CD
COOPERAT RABOBANK UA/NYDTD 07/20/2023 5.080% 07/17/2026 21684LGS5 4,200,000.00 A-1 P-1 7/17/2023 7/20/2023 4,200,000.00 5.08 43,857.33 4,200,000.00 4,249,929.60 Security Type Sub-Total 4,200,000.00 4,200,000.00 5.08 43,857.33 4,200,000.00 4,249,929.60 Municipal
NJ TPK AUTH -B-TXBLDTD 02/04/2021 1.047% 01/01/2026
646140DP5 2,500.00 AA- A1 1/22/2021 2/4/2021 2,500.00 1.05 6.54 2,500.00 2,480.50 Security Type Sub-Total 2,500.00 2,500.00 1.05 6.54 2,500.00 2,480.50 32 ATTACHMENT
A
1160
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Holdings
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Federal Agency
FEDERAL HOME LOAN BANKDTD 08/25/2022 3.375% 09/10/2032
3130AT4C8 875,000.00 AA+ Aa1 11/1/2022 11/3/2022 779,616.25 4.77 1,722.66 807,798.42 834,652.88 Security Type Sub-Total 875,000.00 779,616.25 4.77 1,722.66 807,798.42 834,652.88 Corporate
PACCAR FINANCIAL CORPDTD 08/10/2023 5.050% 08/10/2026
69371RS56 3,800,000.00 A+ A1 8/10/2023 8/14/2023 3,815,846.00 4.90 27,185.83 3,804,550.57 3,837,768.20 BANK OF AMERICA NA (CALLABLE)DTD 08/18/2023 5.526% 08/18/2026 06428CAA2 1,885,000.00 A+ Aa2 8/14/2023 8/18/2023 1,885,000.00 5.53 12,441.94 1,885,000.00 1,908,449.40 JP MORGAN CHASE BANK NA(CALLABLE)DTD 12/08/2023 5.110% 12/08/2026 48125LRU8 3,150,000.00 AA- Aa2 12/5/2023 12/8/2023 3,150,000.00 5.11 50,525.13 3,150,000.00 3,189,636.45 TARGET CORP (CALLABLE)DTD 01/24/2022 1.950% 01/15/2027
87612EBM7 2,140,000.00 A A2 1/27/2022 1/31/2022 2,138,694.60 1.96 8,809.67 2,139,660.48 2,089,209.24 MICROSOFT CORP (CALLABLE)DTD 02/06/2017 3.300% 02/06/2027 594918BY9 2,325,000.00 AAA Aaa 1/27/2023 1/31/2023 2,259,644.25 4.07 11,721.88 2,303,063.99 2,311,215.08 GOLDMAN SACHS BANK USA(CALLABLE)DTD 05/21/2024 5.414% 05/21/2027 38151LAG5 1,450,000.00 A+ A1 5/21/2025 5/22/2025 1,459,120.50 5.08 28,348.31 1,455,882.41 1,461,130.20 GOLDMAN SACHS BANK USA(CALLABLE)DTD 05/21/2024 5.414% 05/21/2027 38151LAG5 2,150,000.00 A+ A1 5/21/2025 5/22/2025 2,163,523.50 5.08 42,033.69 2,158,722.20 2,166,503.40 TRUIST FINANCIAL CORP(CALLABLE)DTD 08/03/2020 1.125% 08/03/2027 89788MAC6 2,520,000.00 A- Baa1 8/5/2022 8/9/2022 2,213,719.20 3.83 4,567.50 2,406,979.99 2,390,217.48 HOME DEPOT INC (CALLABLE)DTD 09/14/2017 2.800% 09/14/2027 437076BT8 3,450,000.00 A A2 1/25/2023 1/27/2023 3,255,385.50 4.15 4,561.67 3,367,928.02 3,384,567.30 JPMORGAN CHASE & CO(CALLABLE)DTD 02/24/2022 2.947% 02/24/2028 46647PCW4 1,605,000.00 A A1 9/14/2023 9/18/2023 1,467,563.85 5.13 4,861.32 1,530,684.59 1,579,811.13 KENVUE INC (CALLABLE)DTD 10/17/2023 5.050% 03/22/2028
49177JAF9 2,500,000.00 A A1 6/27/2025 6/30/2025 2,559,025.00 4.12 3,156.25 2,553,674.79 2,554,152.50 33 ATTACHMENT
A
1161
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Holdings
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate
JPMORGAN CHASE & CO(CALLABLE)DTD 04/25/2017 3.540% 05/01/2028 46647PAF3 1,725,000.00 A A1 8/8/2024 8/9/2024 1,672,059.75 4.44 25,443.75 1,687,378.12 1,709,923.50 HERSHEY COMPANY (CALLABLE)DTD 05/04/2023 4.250% 05/04/2028 427866BH0 2,785,000.00 A A1 5/9/2023 5/11/2023 2,801,821.40 4.11 48,331.35 2,793,615.84 2,813,014.32

APPLE INC (CALLABLE)
DTD 05/10/2023 4.000% 05/10/2028
037833ET3 1,370,000.00 AA+ Aaa 5/12/2023 5/16/2023 1,380,946.30 3.82 21,463.33 1,375,640.69 1,377,926.82

APPLE INC (CALLABLE)
DTD 05/10/2023 4.000% 05/10/2028
037833ET3 4,675,000.00 AA+ Aaa 5/9/2023 5/11/2023 4,673,083.25 4.01 73,241.67 4,673,999.54 4,702,049.55 MORGAN STANLEY BANK NA(CALLABLE)DTD 05/30/2024 5.504% 05/26/2028 61690U8B9 1,430,000.00 A+ Aa3 5/28/2024 5/30/2024 1,430,000.00 5.50 27,328.89 1,430,000.00 1,461,517.20 MORGAN STANLEY BANK NA(CALLABLE)DTD 05/30/2024 5.504% 05/26/2028 61690U8B9 2,770,000.00 A+ Aa3 5/30/2024 5/31/2024 2,775,844.70 5.45 52,937.78 2,773,114.21 2,831,050.80 JOHN DEERE CAPITAL CORPDTD 07/14/2023 4.950% 07/14/2028 24422EXB0 1,400,000.00 A A1 6/24/2025 6/25/2025 1,434,272.00 4.09 14,822.50 1,431,436.88 1,437,676.80 JOHN DEERE CAPITAL CORPDTD 07/14/2023 4.950% 07/14/2028 24422EXB0 1,420,000.00 A A1 7/11/2023 7/14/2023 1,417,884.20 4.98 15,034.25 1,418,821.03 1,458,215.04 JOHN DEERE CAPITAL CORPDTD 07/14/2023 4.950% 07/14/2028 24422EXB0 600,000.00 A A1 7/13/2023 7/14/2023 608,160.00 4.64 6,352.50 604,546.93 616,147.20 NATIONAL RURAL UTIL COOP(CALLABLE)DTD 08/25/2025 4.150% 08/25/2028 63743HFZ0 1,750,000.00 NR A2 8/19/2025 8/25/2025 1,748,040.00 4.19 7,262.50 1,748,102.85 1,754,730.25 TOYOTA MOTOR CREDIT CORPDTD 09/11/2023 5.250% 09/11/2028 89236TLB9 1,400,000.00 A+ A1 9/6/2023 9/11/2023 1,397,564.00 5.29 4,083.33 1,398,491.78 1,448,598.20 CITIBANK NA (CALLABLE)DTD 09/29/2023 5.803% 09/29/2028
17325FBB3 1,300,000.00 A+ Aa3 5/1/2024 5/3/2024 1,325,142.00 5.30 419.11 1,317,557.71 1,363,577.80 CITIBANK NA (CALLABLE)DTD 09/29/2023 5.803% 09/29/2028
17325FBB3 4,935,000.00 A+ Aa3 9/26/2023 9/29/2023 4,935,000.00 5.80 1,590.99 4,935,000.00 5,176,351.11 BANK OF AMERICA CORP(CALLABLE)DTD 01/24/2025 4.979% 01/24/2029 06051GMK2 1,865,000.00 A- A1 4/1/2025 4/2/2025 1,885,664.20 4.66 17,281.97 1,882,196.39 1,899,472.66 BLACKROCK FUNDING INC(CALLABLE)DTD 03/14/2024 4.700% 03/14/2029 09290DAA9 405,000.00 AA- Aa3 3/5/2024 3/14/2024 404,266.95 4.74 898.88 404,476.89 414,269.24 34 ATTACHMENT
A
1162
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Holdings
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate
BLACKROCK FUNDING INC(CALLABLE)DTD 03/14/2024 4.700% 03/14/2029 09290DAA9 4,200,000.00 AA- Aa3 4/9/2024 4/11/2024 4,181,646.00 4.80 9,321.67 4,186,691.04 4,296,125.40

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 1,450,000.00 A+ A1 4/2/2024 4/4/2024 1,447,578.50 4.84 34,220.00 1,448,241.54 1,489,097.80

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 1,775,000.00 A+ A1 4/1/2024 4/4/2024 1,772,355.25 4.83 41,890.00 1,773,079.51 1,822,861.10 BANK OF NEW YORK MELLON(CALLABLE)DTD 04/22/2025 4.729% 04/20/2029 06405LAH4 7,000,000.00 AA- Aa2 4/25/2025 4/28/2025 7,081,900.00 4.40 146,204.92 7,070,832.69 7,114,982.00 MASTERCARD INC (CALLABLE)DTD 05/31/2019 2.950% 06/01/2029 57636QAM6 3,600,000.00 A+ Aa3 6/26/2024 6/27/2024 3,307,140.00 4.82 35,400.00 3,375,718.92 3,478,672.80 PEPSICO INC (CALLABLE)DTD 07/17/2024 4.500% 07/17/2029
713448FX1 2,160,000.00 A+ A1 7/15/2024 7/17/2024 2,156,652.00 4.53 19,980.00 2,157,399.94 2,198,389.68 TOYOTA MOTOR CREDIT CORPDTD 08/09/2024 4.550% 08/09/2029 89236TMK8 370,000.00 A+ A1 8/6/2024 8/9/2024 369,248.90 4.60 2,431.72 369,406.32 375,654.34 TOYOTA MOTOR CREDIT CORPDTD 08/09/2024 4.550% 08/09/2029 89236TMK8 925,000.00 A+ A1 8/8/2024 8/9/2024 921,198.25 4.64 6,079.31 921,995.75 939,135.85 TOYOTA MOTOR CREDIT CORPDTD 08/09/2024 4.550% 08/09/2029 89236TMK8 805,000.00 A+ A1 8/7/2024 8/9/2024 804,074.25 4.58 5,290.64 804,270.86 817,302.01 ELI LILLY & CO (CALLABLE)DTD 08/14/2024 4.200% 08/14/2029 532457CQ9 750,000.00 A+ Aa3 8/12/2024 8/14/2024 748,357.50 4.25 4,112.50 748,701.69 755,309.25 ELI LILLY & CO (CALLABLE)DTD 08/14/2024 4.200% 08/14/2029 532457CQ9 2,600,000.00 A+ Aa3 8/13/2024 8/14/2024 2,604,420.00 4.16 14,256.67 2,603,481.95 2,618,405.40 PEPSICO INC (CALLABLE)DTD 02/07/2025 4.600% 02/07/2030
713448GB8 805,000.00 A+ A1 2/5/2025 2/7/2025 803,647.60 4.64 5,554.50 803,807.71 822,283.35 CISCO SYSTEMS INC (CALLABLE)DTD 02/24/2025 4.750% 02/24/2030 17275RBX9 6,917,000.00 AA- A1 4/21/2025 4/22/2025 7,006,367.64 4.45 33,768.41 6,998,854.44 7,096,897.34 WALMART INC (CALLABLE)DTD 04/28/2025 4.350% 04/28/2030
931142FN8 5,416,000.00 AA Aa2 5/1/2025 5/2/2025 5,464,473.20 4.15 100,128.30 5,460,748.39 5,504,898.22 WALMART INC (CALLABLE)DTD 04/28/2025 4.350% 04/28/2030
931142FN8 1,265,000.00 AA Aa2 4/23/2025 4/28/2025 1,262,811.55 4.39 23,386.69 1,262,980.55 1,285,763.71 35 ATTACHMENT
A
1163
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Holdings
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate
TEXAS INSTRUMENTS INC(CALLABLE)DTD 05/04/2020 1.750% 05/04/2030 882508BJ2 4,000,000.00 A+ Aa3 7/2/2025 7/3/2025 3,561,520.00 4.28 28,583.33 3,581,579.39 3,611,596.00 Security Type Sub-Total 100,843,000.00 99,750,661.79 4.56 1,025,314.65 100,198,316.59 101,564,555.12 Agency CMBS
FHMS K061 A2DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 2,744,460.04 AA+ Aa1 5/19/2023 5/24/2023 2,659,982.13 4.29 7,654.76 2,716,725.02 2,717,138.94 FHMS K064 A2DTD 05/01/2017 3.224% 03/01/2027
3137BXQY1 4,477,651.00 AA+ Aa1 8/16/2023 8/18/2023 4,223,684.23 4.94 12,029.96 4,373,087.96 4,433,026.73 FHMS K065 A2DTD 07/01/2017 3.243% 04/01/2027
3137F1G44 2,540,000.00 AA+ Aa1 8/16/2023 8/18/2023 2,394,842.97 4.93 6,864.35 2,478,305.53 2,513,081.08 FHMS K066 A2DTD 08/01/2017 3.117% 06/01/2027
3137F2LJ3 3,941,658.00 AA+ Aa1 8/17/2023 8/22/2023 3,686,066.11 4.97 10,238.46 3,826,336.71 3,890,168.12 FHMS K507 A1DTD 09/01/2023 4.800% 04/01/2028
3137HAMR4 3,718,966.69 AA+ Aa1 9/20/2023 9/28/2023 3,660,604.95 5.19 14,875.87 3,683,873.77 3,775,703.24 FHMS K506 A1DTD 09/01/2023 4.650% 05/01/2028
3137HAMG8 2,054,694.92 AA+ Aa1 9/7/2023 9/14/2023 2,023,966.95 5.01 7,961.94 2,036,429.66 2,082,883.28 FHMS K505 A2DTD 07/01/2023 4.819% 06/01/2028
3137HACX2 4,200,000.00 AA+ Aa1 7/13/2023 7/20/2023 4,241,949.60 4.59 16,866.50 4,223,255.44 4,278,947.40 FHMS KJ46 A1DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 3,355,834.34 AA+ Aa1 7/19/2023 7/27/2023 3,355,750.42 4.78 13,359.02 3,355,787.63 3,384,493.16 FNA 2023-M6 A2DTD 07/01/2023 4.181% 07/01/2028
3136BQDE6 4,058,137.15 AA+ Aa1 7/18/2023 7/31/2023 3,989,339.04 4.58 14,139.23 4,019,251.26 4,065,794.85 FHMS K506 A2DTD 09/01/2023 4.650% 08/01/2028
3137HAMH6 4,200,000.00 AA+ Aa1 9/7/2023 9/14/2023 4,137,869.40 4.99 16,275.00 4,161,653.40 4,265,990.40 FHMS KJ47 A1DTD 09/01/2023 5.272% 08/01/2028
3137HAMN3 1,638,404.59 AA+ Aa1 9/19/2023 9/28/2023 1,638,396.39 5.27 7,198.06 1,638,400.17 1,668,869.08 FHMS K508 A2DTD 10/01/2023 4.740% 08/01/2028
3137HAQ74 4,300,000.00 AA+ Aa1 10/11/2023 10/19/2023 4,205,675.20 5.25 16,985.00 4,240,617.86 4,383,063.10 FHMS K507 A2DTD 09/01/2023 4.800% 09/01/2028
3137HAMS2 4,200,000.00 AA+ Aa1 9/20/2023 9/28/2023 4,149,797.40 5.07 16,800.00 4,167,944.80 4,283,378.40 36 ATTACHMENT
A
1164
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Holdings
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Agency CMBS
FHMS K509 A2DTD 10/01/2023 4.850% 09/01/2028
3137HAST4 3,305,000.00 AA+ Aa1 10/25/2023 10/31/2023 3,199,626.69 5.60 13,357.71 3,236,289.40 3,380,896.02 FHMS K511 A2DTD 12/01/2023 4.860% 10/01/2028
3137HB3G7 2,440,000.00 AA+ Aa1 11/28/2023 12/7/2023 2,432,989.88 4.93 9,882.00 2,435,395.07 2,495,517.32 FHMS K510 A2DTD 11/01/2023 5.069% 10/01/2028
3137HB3D4 1,675,000.00 AA+ Aa1 11/14/2023 11/21/2023 1,670,157.58 5.14 7,075.48 1,671,839.44 1,720,275.25 FHMS K512 A2DTD 12/01/2023 5.000% 11/01/2028
3137HBCF9 2,215,000.00 AA+ Aa1 12/11/2023 12/21/2023 2,235,683.67 4.79 9,229.17 2,228,804.77 2,271,905.57 FHMS K514 A2DTD 02/01/2024 4.572% 12/01/2028
3137HBLV4 2,495,000.00 AA+ Aa1 2/1/2024 2/8/2024 2,519,947.51 4.34 9,505.95 2,512,145.00 2,531,531.79 FHMS K513 A2DTD 01/01/2024 4.724% 12/01/2028
3137HBFY5 2,505,000.00 AA+ Aa1 1/10/2024 1/18/2024 2,530,022.45 4.50 9,861.35 2,522,042.33 2,552,432.18 FHMS K517 A2DTD 03/01/2024 5.355% 01/01/2029
3137HC2C5 3,760,000.00 AA+ Aa1 3/5/2024 3/14/2024 3,872,747.36 4.67 16,779.00 3,839,748.80 3,911,163.28 FHMS K516 A2DTD 03/01/2024 5.477% 01/01/2029
3137HBPM0 4,200,000.00 AA+ Aa1 2/29/2024 3/7/2024 4,325,987.40 4.79 19,169.50 4,288,874.95 4,366,920.60 FHMS K518 A2DTD 03/01/2024 5.400% 01/01/2029
3137HC2L5 3,040,000.00 AA+ Aa1 3/19/2024 3/28/2024 3,113,400.80 4.83 13,680.00 3,093,157.11 3,160,189.44 FHMS K515 A2DTD 02/01/2024 5.400% 01/01/2029
3137HBPD0 4,200,000.00 AA+ Aa1 2/14/2024 2/22/2024 4,313,148.00 4.79 18,900.00 4,279,216.68 4,356,534.00 FHMS K520 A2DTD 04/01/2024 5.180% 03/01/2029
3137HCKV3 2,380,000.00 AA+ Aa1 4/23/2024 4/30/2024 2,389,660.42 5.09 10,273.67 2,387,227.65 2,461,974.34 FHMS K522 A2DTD 06/01/2024 4.803% 05/01/2029
3137HDJJ0 4,287,158.92 AA+ Aa1 6/5/2024 6/13/2024 4,287,146.06 4.80 17,159.35 4,287,158.92 4,388,087.22 FHMS K524 A2DTD 07/01/2024 4.720% 05/01/2029
3137HDV56 3,730,000.00 AA+ Aa1 7/16/2024 7/25/2024 3,752,905.93 4.58 14,671.33 3,748,061.35 3,811,709.38 FHMS K529 A2DTD 10/01/2024 4.791% 09/01/2029
3137HH6C0 2,355,000.00 AA+ Aa1 10/8/2024 10/16/2024 2,402,069.39 4.34 9,402.34 2,393,744.96 2,414,904.14 FHMS K531 A2DTD 12/01/2024 4.630% 10/01/2029
3137HHUN9 1,805,000.00 AA+ Aa1 12/3/2024 12/12/2024 1,813,198.31 4.53 6,964.29 1,811,973.16 1,841,805.76 FHMS K541 A2DTD 06/01/2025 4.348% 02/01/2030
3137HLXV9 2,470,000.00 AA+ Aa1 6/4/2025 6/12/2025 2,469,911.08 4.35 8,949.63 2,469,920.73 2,495,539.80 Security Type Sub-Total 92,291,965.64 91,696,527.32 4.83 356,108.92 92,127,269.53 93,903,923.87 37 ATTACHMENT
A
1165
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Holdings
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
ABS
HAROT 2022-2 A3DTD 08/24/2022 3.730% 07/20/2026
43815PAC3 17,900.44 AAA NR 8/15/2022 8/24/2022 17,899.38 3.73 24.11 17,900.22 17,893.64 CCCIT 2023-A1 A1DTD 12/11/2023 5.230% 12/08/2027
17305EGW9 930,000.00 AAA Aaa 12/4/2023 12/11/2023 929,883.38 5.23 15,267.24 929,933.62 931,713.06 KCOT 2023-2A A3DTD 07/26/2023 5.280% 01/18/2028
500945AC4 1,032,732.08 NR Aaa 7/18/2023 7/26/2023 1,032,471.21 5.29 2,423.48 1,032,598.25 1,041,309.95 BAAT 2023-1A A3DTD 07/31/2023 5.530% 02/15/2028
06428AAC2 1,090,563.11 NR Aaa 7/25/2023 7/31/2023 1,090,521.77 5.53 2,680.36 1,090,541.50 1,099,395.58 HAROT 2023-3 A3DTD 08/22/2023 5.410% 02/18/2028
43815QAC1 1,810,390.61 AAA NR 8/15/2023 8/22/2023 1,810,017.30 5.42 3,536.80 1,810,192.63 1,823,843.62 TAOT 2023-C A3DTD 08/15/2023 5.160% 04/17/2028
89231FAD2 655,866.02 AAA NR 8/8/2023 8/15/2023 655,717.67 5.17 1,504.12 655,785.23 660,031.42 USAOT 2023-A A3DTD 09/15/2023 5.580% 05/15/2028
90291VAC4 1,984,116.50 AAA Aaa 9/7/2023 9/15/2023 1,983,769.28 5.58 4,920.61 1,983,913.67 1,997,118.42 BAAT 2023-2A A3DTD 11/21/2023 5.740% 06/15/2028
06054YAC1 2,523,054.78 NR Aaa 11/15/2023 11/21/2023 2,523,009.11 5.74 6,436.59 2,523,029.54 2,550,611.58 TAOT 2023-D A3DTD 11/14/2023 5.540% 08/15/2028
89239FAD4 799,975.65 AAA NR 11/7/2023 11/14/2023 799,889.41 5.54 1,969.72 799,922.66 809,176.17 FITAT 2023-1 A3DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 2,159,542.30 AAA Aaa 8/15/2023 8/23/2023 2,159,408.41 5.53 5,307.68 2,159,465.05 2,179,423.05 CHAIT 2023-A1 ADTD 09/15/2023 5.160% 09/15/2028
161571HT4 3,380,000.00 AAA NR 9/7/2023 9/15/2023 3,379,063.06 5.17 7,751.47 3,379,417.50 3,420,742.52 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
02582JKD1 3,460,000.00 AAA NR 9/12/2023 9/19/2023 3,459,845.34 5.23 8,042.58 3,459,905.44 3,505,049.20 HART 2023-C A3DTD 11/13/2023 5.540% 10/16/2028
44918CAD4 1,138,810.77 AAA NR 11/3/2023 11/13/2023 1,138,661.02 5.54 2,804.01 1,138,715.34 1,150,883.30 BACCT 2023-A2 A2DTD 12/14/2023 4.980% 11/15/2028
05522RDH8 1,520,000.00 NR Aaa 12/7/2023 12/14/2023 1,519,795.86 4.98 3,364.27 1,519,868.40 1,538,651.92 GMCAR 2024-1 A3DTD 01/17/2024 4.850% 12/18/2028
36268GAD7 410,000.00 NR Aaa 1/9/2024 1/17/2024 409,917.55 4.85 828.54 409,943.98 412,587.51 CHAIT 2024-A1 ADTD 01/31/2024 4.600% 01/15/2029
161571HV9 3,825,000.00 AAA NR 1/24/2024 1/31/2024 3,824,417.45 4.60 7,820.00 3,824,603.79 3,861,215.10 KCOT 2025-1A A3DTD 02/19/2025 4.670% 06/15/2029
50117FAC5 1,745,000.00 NR Aaa 2/11/2025 2/19/2025 1,744,940.15 4.67 3,621.84 1,744,952.58 1,770,309.48 38 ATTACHMENT
A
1166
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Holdings
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
ABS
HART 2025-A A3DTD 03/12/2025 4.320% 10/15/2029
44935CAD3 2,870,000.00 AAA NR 3/4/2025 3/12/2025 2,869,576.67 4.32 5,510.40 2,869,628.36 2,891,921.06 HART 2025-B A3DTD 06/11/2025 4.360% 12/17/2029
44935XAD7 1,125,000.00 AAA NR 6/3/2025 6/11/2025 1,124,898.41 4.36 2,180.00 1,124,904.95 1,135,694.25 HAROT 2025-3 A3DTD 08/12/2025 4.040% 02/21/2030
43813QAD1 2,725,000.00 AAA Aaa 8/5/2025 8/12/2025 2,724,943.05 4.04 3,058.06 2,724,945.29 2,730,687.07 TAOT 2025-C A3DTD 07/30/2025 4.110% 03/15/2030
89238VAD0 1,930,000.00 AAA Aaa 7/22/2025 7/30/2025 1,929,796.58 4.11 3,525.47 1,929,803.87 1,939,636.49 HART 2025-C A3DTD 09/17/2025 3.880% 04/15/2030
44935JAD8 2,305,000.00 AAA NR 9/9/2025 9/17/2025 2,304,623.82 3.88 3,477.99 2,304,636.05 2,302,379.22 CHAOT 2025-1A A3DTD 07/30/2025 4.290% 06/25/2030
16145NAC5 1,300,000.00 NR Aaa 7/23/2025 7/30/2025 1,299,872.99 4.29 929.50 1,299,877.69 1,308,698.30 AMXCA 2025-4 A
DTD 07/22/2025 4.300% 07/15/2030
02582JKV1 2,675,000.00 AAA NR 7/15/2025 7/22/2025 2,674,614.53 4.30 5,112.22 2,674,630.15 2,703,710.78 CHAIT 2025-A1 ADTD 07/25/2025 4.160% 07/15/2030
161571HZ0 3,765,000.00 AAA NR 7/18/2025 7/25/2025 3,764,924.32 4.16 6,961.07 3,764,934.71 3,789,235.31 COMET 2025-A1 ADTD 09/16/2025 3.820% 09/16/2030
14041NGF2 2,895,000.00 AAA NR 9/9/2025 9/16/2025 2,894,451.11 3.82 4,607.88 2,894,464.70 2,893,491.71 Security Type Sub-Total 50,072,952.26 50,066,928.83 4.75 113,666.01 50,068,515.17 50,465,409.71 Managed Account Sub Total 480,737,917.89 471,627,152.78 3,082,533.75 479,958,858.74Securities Sub TotalAccrued Interest $480,737,917.89 $471,627,152.78 $3,082,533.75 $479,958,858.74 $3,082,533.75
475,792,071.47
$475,792,071.47

4.28 4.28%
Total Investments $483,041,392.49
39 ATTACHMENT
A
1167
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
BUY7/1/2025 7/1/2025 1,875,000.00 91282CNK3 US TREASURY N/B 3.87% 6/30/2030 1,880,837.09 3.81%7/2/2025 7/3/2025 4,000,000.00 882508BJ2 TEXAS INSTRUMENTS INC (CALLABLE) 1.75% 5/4/2030 3,572,992.22 4.28%7/15/2025 7/22/2025 2,675,000.00 02582JKV1 AMXCA 2025-4 A 4.30% 7/15/2030 2,674,614.53 4.30%7/18/2025 7/25/2025 3,765,000.00 161571HZ0 CHAIT 2025-A1 A 4.16% 7/15/2030 3,764,924.32 4.16%7/22/2025 7/30/2025 1,930,000.00 89238VAD0 TAOT 2025-C A3 4.11% 3/15/2030 1,929,796.58 4.11%7/23/2025 7/30/2025 1,300,000.00 16145NAC5 CHAOT 2025-1A A3 4.29% 6/25/2030 1,299,872.99 4.29%8/5/2025 8/12/2025 2,725,000.00 43813QAD1 HAROT 2025-3 A3 4.04% 2/21/2030 2,724,943.05 4.04%8/19/2025 8/20/2025 850,000.00 91282CNN7 US TREASURY N/B 3.87% 7/31/2030 853,881.88 3.82%8/19/2025 8/25/2025 1,750,000.00 63743HFZ0 NATIONAL RURAL UTIL COOP (CALLABLE) 4.15% 8/25/2028 1,748,040.00 4.19%9/2/2025 9/3/2025 2,500,000.00 91282CNW7 US TREASURY N/B 3.87% 8/31/2032 2,485,080.17 3.98%9/2/2025 9/3/2025 2,500,000.00 91282CNT4 US TREASURY N/B 4.25% 8/15/2035 2,499,821.67 4.28%9/2/2025 9/3/2025 10,050,000.00 91282CNX5 US TREASURY N/B 3.62% 8/31/2030 9,999,628.54 3.74%9/9/2025 9/16/2025 2,895,000.00 14041NGF2 COMET 2025-A1 A 3.82% 9/16/2030 2,894,451.11 3.82%9/9/2025 9/17/2025 2,305,000.00 44935JAD8 HART 2025-C A3 3.88% 4/15/2030 2,304,623.82 3.88%9/29/2025 9/30/2025 4,775,000.00 91282CPA3 US TREASURY N/B 3.62% 9/30/2030 4,749,446.29 3.74% Total BUY 45,895,000.00 45,382,954.26 0.00
40 ATTACHMENT
A
1168
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST7/1/2025 7/1/2025 646140DP5 NJ TPK AUTH -B-TXBL 1.04% 1/1/2026 13.097/1/2025 7/1/2025 341271AD6 FLORIDA ST BRD OF ADM 1.25% 7/1/2025 11,793.757/1/2025 7/1/2025 MONEY0002 MONEY MARKET FUND 0.00% 3,830.387/1/2025 7/25/2025 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.357/1/2025 7/25/2025 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 7,990.247/1/2025 7/25/2025 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 10,095.117/1/2025 7/25/2025 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 9,402.347/1/2025 7/25/2025 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.007/1/2025 7/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.337/1/2025 7/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.967/1/2025 7/25/2025 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,238.467/1/2025 7/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,694.277/1/2025 7/25/2025 3137HHUN9 FHMS K531 A2 4.63% 10/1/2029 6,964.297/1/2025 7/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.007/1/2025 7/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 17,611.007/1/2025 7/25/2025 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.677/1/2025 7/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 41 ATTACHMENT
A
1169
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST7/1/2025 7/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.357/1/2025 7/25/2025 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 15,153.537/1/2025 7/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,401.947/1/2025 7/25/2025 3137HLXV9 FHMS K541 A2 4.34% 2/1/2030 8,949.637/1/2025 7/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.957/1/2025 7/25/2025 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.177/1/2025 7/25/2025 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.507/1/2025 7/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.007/1/2025 7/25/2025 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 14,145.107/1/2025 7/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.007/1/2025 7/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.507/1/2025 7/25/2025 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.007/1/2025 7/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.487/1/2025 7/25/2025 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.007/1/2025 7/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.717/14/2025 7/14/2025 24422EXB0 JOHN DEERE CAPITAL CORP 4.95% 7/14/2028 84,645.007/15/2025 7/15/2025 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 42 ATTACHMENT
A
1170
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST7/15/2025 7/15/2025 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,716.427/15/2025 7/15/2025 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 14,708.757/15/2025 7/15/2025 44935XAD7 HART 2025-B A3 4.36% 12/17/2029 4,632.507/15/2025 7/15/2025 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 12,097.527/15/2025 7/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 12,227.297/15/2025 7/15/2025 87612EBM7 TARGET CORP (CALLABLE) 1.95% 1/15/2027 20,865.007/15/2025 7/15/2025 44935CAD3 HART 2025-A A3 4.32% 10/15/2029 10,332.007/15/2025 7/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.837/15/2025 7/15/2025 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 6,367.087/15/2025 7/15/2025 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,493.837/15/2025 7/15/2025 161571HV9 CHAIT 2024-A1 A 4.60% 1/15/2029 14,662.507/15/2025 7/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.007/15/2025 7/15/2025 50117FAC5 KCOT 2025-1A A3 4.67% 6/15/2029 6,790.967/15/2025 7/15/2025 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,455.467/15/2025 7/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.007/16/2025 7/16/2025 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,657.087/17/2025 7/17/2025 21684LGS5 COOPERAT RABOBANK UA/NY 5.08% 7/17/2026 106,680.00 43 ATTACHMENT
A
1171
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST7/17/2025 7/17/2025 713448FX1 PEPSICO INC (CALLABLE) 4.50% 7/17/2029 48,600.007/18/2025 7/18/2025 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 186.937/18/2025 7/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 10,333.397/24/2025 7/24/2025 06051GMK2 BANK OF AMERICA CORP (CALLABLE) 4.97% 1/24/2029 46,429.187/31/2025 7/31/2025 91282CLC3 US TREASURY N/B 4.00% 7/31/2029 121,500.007/31/2025 7/31/2025 91282CMG3 US TREASURY N/B 4.25% 1/31/2030 9,987.507/31/2025 7/31/2025 9128286A3 US TREASURY N/B 2.62% 1/31/2026 19,457.817/31/2025 7/31/2025 91282CBJ9 US TREASURY N/B 0.75% 1/31/2028 18,900.007/31/2025 7/31/2025 91282CFB2 US TREASURY N/B 2.75% 7/31/2027 68,750.007/31/2025 7/31/2025 91282CJX0 US TREASURY N/B 4.00% 1/31/2031 27,000.007/31/2025 7/31/2025 91282CMK4 US TREASURY N/B 4.37% 1/31/2032 74,375.007/31/2025 7/31/2025 91282CLD1 US TREASURY N/B 4.12% 7/31/2031 15,056.258/1/2025 8/1/2025 MONEY0002 MONEY MARKET FUND 0.00% 7,438.448/1/2025 8/25/2025 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.178/1/2025 8/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,386.248/1/2025 8/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 17,162.688/1/2025 8/25/2025 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 14,172.33 44 ATTACHMENT
A
1172
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST8/1/2025 8/25/2025 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 17,548.418/1/2025 8/25/2025 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.678/1/2025 8/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.968/1/2025 8/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.008/1/2025 8/25/2025 3137HHUN9 FHMS K531 A2 4.63% 10/1/2029 6,964.298/1/2025 8/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.008/1/2025 8/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.958/1/2025 8/25/2025 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.008/1/2025 8/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.488/1/2025 8/25/2025 3137HLXV9 FHMS K541 A2 4.34% 2/1/2030 8,949.638/1/2025 8/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.718/1/2025 8/25/2025 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 9,402.348/1/2025 8/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.008/1/2025 8/25/2025 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.008/1/2025 8/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.358/1/2025 8/25/2025 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 7,980.018/1/2025 8/25/2025 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.50 45 ATTACHMENT
A
1173
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST8/1/2025 8/25/2025 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 15,067.018/1/2025 8/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.508/1/2025 8/25/2025 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,238.468/1/2025 8/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.338/1/2025 8/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,677.598/1/2025 8/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.008/1/2025 8/25/2025 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.008/1/2025 8/25/2025 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.358/3/2025 8/3/2025 89788MAC6 TRUIST FINANCIAL CORP (CALLABLE) 1.12% 8/3/2027 14,175.008/6/2025 8/6/2025 594918BY9 MICROSOFT CORP (CALLABLE) 3.30% 2/6/2027 38,362.508/7/2025 8/7/2025 713448GB8 PEPSICO INC (CALLABLE) 4.60% 2/7/2030 18,515.008/9/2025 8/9/2025 89236TMK8 TOYOTA MOTOR CREDIT CORP 4.55% 8/9/2029 47,775.008/10/2025 8/10/2025 69371RS56 PACCAR FINANCIAL CORP 5.05% 8/10/2026 95,950.008/14/2025 8/14/2025 532457CQ9 ELI LILLY & CO (CALLABLE) 4.20% 8/14/2029 70,350.008/15/2025 8/15/2025 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 13,922.548/15/2025 8/15/2025 44935XAD7 HART 2025-B A3 4.36% 12/17/2029 4,087.508/15/2025 8/15/2025 91282CJZ5 US TREASURY N/B 4.00% 2/15/2034 77,600.00 46 ATTACHMENT
A
1174
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST8/15/2025 8/15/2025 912810FJ2 US TREASURY N/B 6.12% 8/15/2029 54,359.388/15/2025 8/15/2025 912828V98 US TREASURY N/B 2.25% 2/15/2027 25,256.258/15/2025 8/15/2025 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.008/15/2025 8/15/2025 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 5,915.298/15/2025 8/15/2025 912828Z94 US TREASURY N/B 1.50% 2/15/2030 4,068.758/15/2025 8/15/2025 912810FP8 US TREASURY N/B 5.37% 2/15/2031 176,703.138/15/2025 8/15/2025 91282CBL4 US TREASURY N/B 1.12% 2/15/2031 3,178.138/15/2025 8/15/2025 91282CHT1 US TREASURY N/B 3.87% 8/15/2033 46,209.388/15/2025 8/15/2025 912828YB0 US TREASURY N/B 1.62% 8/15/2029 4,225.008/15/2025 8/15/2025 02582JKV1 AMXCA 2025-4 A 4.30% 7/15/2030 7,348.828/15/2025 8/15/2025 44935CAD3 HART 2025-A A3 4.32% 10/15/2029 10,332.008/15/2025 8/15/2025 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,236.838/15/2025 8/15/2025 91282CLF6 US TREASURY N/B 3.87% 8/15/2034 163,718.758/15/2025 8/15/2025 161571HZ0 CHAIT 2025-A1 A 4.16% 7/15/2030 8,701.338/15/2025 8/15/2025 91282CMM0 US TREASURY N/B 4.62% 2/15/2035 100,593.758/15/2025 8/15/2025 91282CFF3 US TREASURY N/B 2.75% 8/15/2032 30,181.258/15/2025 8/15/2025 50117FAC5 KCOT 2025-1A A3 4.67% 6/15/2029 6,790.96 47 ATTACHMENT
A
1175
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST8/15/2025 8/15/2025 91282CAE1 US TREASURY N/B 0.62% 8/15/2030 17,726.568/15/2025 8/15/2025 91282CCS8 US TREASURY N/B 1.25% 8/15/2031 18,921.888/15/2025 8/15/2025 91282CGM7 US TREASURY N/B 3.50% 2/15/2033 36,137.508/15/2025 8/15/2025 89238VAD0 TAOT 2025-C A3 4.11% 3/15/2030 3,305.138/15/2025 8/15/2025 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 11,133.168/15/2025 8/15/2025 91282CDY4 US TREASURY N/B 1.87% 2/15/2032 22,171.888/15/2025 8/15/2025 161571HV9 CHAIT 2024-A1 A 4.60% 1/15/2029 14,662.508/15/2025 8/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.008/15/2025 8/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 11,449.768/15/2025 8/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.838/15/2025 8/15/2025 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,716.428/15/2025 8/15/2025 9128282R0 US TREASURY N/B 2.25% 8/15/2027 30,712.508/15/2025 8/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.008/15/2025 8/15/2025 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,493.838/16/2025 8/16/2025 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,657.088/18/2025 8/18/2025 06428CAA2 BANK OF AMERICA NA (CALLABLE) 5.52% 8/18/2026 52,082.558/18/2025 8/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 9,596.50 48 ATTACHMENT
A
1176
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST8/18/2025 8/18/2025 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 140.988/24/2025 8/24/2025 46647PCW4 JPMORGAN CHASE & CO (CALLABLE) 2.94% 2/24/2028 23,649.688/24/2025 8/24/2025 17275RBX9 CISCO SYSTEMS INC (CALLABLE) 4.75% 2/24/2030 164,278.758/25/2025 8/25/2025 16145NAC5 CHAOT 2025-1A A3 4.29% 6/25/2030 3,872.928/29/2025 8/29/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 2,853.868/31/2025 8/31/2025 91282CFH9 US TREASURY N/B 3.12% 8/31/2027 78,593.758/31/2025 8/31/2025 91282CBQ3 US TREASURY N/B 0.50% 2/28/2026 22,537.508/31/2025 8/31/2025 91282CFJ5 US TREASURY N/B 3.12% 8/31/2029 33,125.008/31/2025 8/31/2025 91282CGQ8 US TREASURY N/B 4.00% 2/28/2030 37,500.008/31/2025 8/31/2025 91282CGP0 US TREASURY N/B 4.00% 2/29/2028 96,500.009/1/2025 9/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.009/1/2025 9/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,373.049/1/2025 9/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 17,161.029/1/2025 9/25/2025 3137HLXV9 FHMS K541 A2 4.34% 2/1/2030 8,949.639/1/2025 9/25/2025 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.009/1/2025 9/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.719/1/2025 9/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 49 ATTACHMENT
A
1177
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST9/1/2025 9/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.009/1/2025 9/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.509/1/2025 9/25/2025 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.679/1/2025 9/25/2025 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,238.469/1/2025 9/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.009/1/2025 9/25/2025 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.179/1/2025 9/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.969/1/2025 9/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.009/1/2025 9/25/2025 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.009/1/2025 9/25/2025 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 7,971.009/1/2025 9/25/2025 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.359/1/2025 9/25/2025 3137HHUN9 FHMS K531 A2 4.63% 10/1/2029 6,964.299/1/2025 9/25/2025 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.009/1/2025 9/25/2025 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 14,971.669/1/2025 9/25/2025 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 14,171.009/1/2025 9/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.339/1/2025 9/25/2025 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 24,696.29 50 ATTACHMENT
A
1178
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST9/1/2025 9/25/2025 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.509/1/2025 9/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,661.779/1/2025 9/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.359/1/2025 9/25/2025 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 9,402.349/1/2025 9/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.959/2/2025 9/2/2025 MONEY0002 MONEY MARKET FUND 0.00% 3,956.559/10/2025 9/10/2025 3130AT4C8 FEDERAL HOME LOAN BANK 3.37% 9/10/2032 14,765.639/11/2025 9/11/2025 89236TLB9 TOYOTA MOTOR CREDIT CORP 5.25% 9/11/2028 36,750.009/14/2025 9/14/2025 09290DAA9 BLACKROCK FUNDING INC (CALLABLE) 4.70% 3/14/2029 108,217.509/14/2025 9/14/2025 437076BT8 HOME DEPOT INC (CALLABLE) 2.80% 9/14/2027 48,300.009/15/2025 9/15/2025 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,493.839/15/2025 9/15/2025 161571HV9 CHAIT 2024-A1 A 4.60% 1/15/2029 14,662.509/15/2025 9/15/2025 50117FAC5 KCOT 2025-1A A3 4.67% 6/15/2029 6,790.969/15/2025 9/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.009/15/2025 9/15/2025 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,022.629/15/2025 9/15/2025 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 5,457.709/15/2025 9/15/2025 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,716.42 51 ATTACHMENT
A
1179
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST9/15/2025 9/15/2025 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.009/15/2025 9/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 10,674.329/15/2025 9/15/2025 44935CAD3 HART 2025-A A3 4.32% 10/15/2029 10,332.009/15/2025 9/15/2025 161571HZ0 CHAIT 2025-A1 A 4.16% 7/15/2030 13,052.009/15/2025 9/15/2025 02582JKV1 AMXCA 2025-4 A 4.30% 7/15/2030 9,585.429/15/2025 9/15/2025 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 10,144.709/15/2025 9/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.839/15/2025 9/15/2025 89238VAD0 TAOT 2025-C A3 4.11% 3/15/2030 6,610.259/15/2025 9/15/2025 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 12,964.119/15/2025 9/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.009/15/2025 9/15/2025 44935XAD7 HART 2025-B A3 4.36% 12/17/2029 4,087.509/16/2025 9/16/2025 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,657.089/18/2025 9/18/2025 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 96.629/18/2025 9/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 8,862.499/21/2025 9/21/2025 43813QAD1 HAROT 2025-3 A3 4.04% 2/21/2030 11,926.429/22/2025 9/22/2025 49177JAF9 KENVUE INC (CALLABLE) 5.05% 3/22/2028 63,125.009/25/2025 9/25/2025 16145NAC5 CHAOT 2025-1A A3 4.29% 6/25/2030 4,647.50 52 ATTACHMENT
A
1180
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST9/29/2025 9/29/2025 17325FBB3 CITIBANK NA (CALLABLE) 5.80% 9/29/2028 180,908.539/29/2025 9/29/2025 3133EMBH4 FEDERAL FARM CREDIT BANK (CALLABLE) 0.53% 9/29/2025 6,002.259/30/2025 9/30/2025 91282CEF4 US TREASURY N/B 2.50% 3/31/2027 66,875.009/30/2025 9/30/2025 91282CAL5 US TREASURY N/B 0.37% 9/30/2027 1,396.889/30/2025 9/30/2025 91282CCZ2 US TREASURY N/B 0.87% 9/30/2026 16,187.509/30/2025 9/30/2025 91282CMU2 US TREASURY N/B 4.00% 3/31/2030 146,600.009/30/2025 9/30/2025 91282CGT2 US TREASURY N/B 3.62% 3/31/2028 35,796.889/30/2025 9/30/2025 91282CCY5 US TREASURY N/B 1.25% 9/30/2028 3,281.259/30/2025 9/30/2025 91282CKF7 US TREASURY N/B 4.12% 3/31/2031 78,787.509/30/2025 9/30/2025 91282CBS9 US TREASURY N/B 1.25% 3/31/2028 12,156.25 Total INTEREST 0.00 4,714,711.30 0.00
MATURITY7/1/2025 7/1/2025 825,000.00 341271AD6 FLORIDA ST BRD OF ADM 1.25% 7/1/2025 825,000.007/1/2025 7/1/2025 1,050,000.00 341271AD6 FLORIDA ST BRD OF ADM 1.25% 7/1/2025 1,050,000.009/29/2025 9/29/2025 2,265,000.00 3133EMBH4 FEDERAL FARM CREDIT BANK (CALLABLE) 0.53% 9/29/2025 2,265,000.00 Total MATURITY 4,140,000.00 4,140,000.00 0.00
53 ATTACHMENT
A
1181
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
PAYDOWNS7/1/2025 7/25/2025 3,946.27 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 3,946.27 0.067/1/2025 7/25/2025 2,640.94 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 2,640.94 25.527/1/2025 7/25/2025 5,982.01 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 5,982.01 73.607/1/2025 7/25/2025 426.40 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 426.40 4.457/1/2025 7/25/2025 65,284.69 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 65,284.69 0.197/1/2025 7/25/2025 112,009.79 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 112,009.797/1/2025 7/25/2025 21,629.53 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 21,629.53 222.447/15/2025 7/15/2025 207,390.26 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 207,390.26 22.787/15/2025 7/15/2025 50,845.44 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 50,845.44 6.787/15/2025 7/15/2025 168,721.81 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 168,721.81 6.487/15/2025 7/15/2025 164,364.19 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 164,364.19 1.767/15/2025 7/15/2025 98,037.07 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 98,037.07 2.117/18/2025 7/18/2025 14,781.18 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 14,781.18 0.237/18/2025 7/18/2025 163,450.48 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 163,450.48 19.408/1/2025 8/25/2025 380.97 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 380.97 3.878/1/2025 8/25/2025 5,671.30 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 5,671.30 65.628/1/2025 8/25/2025 3,315.38 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 3,315.38 0.05 54 ATTACHMENT
A
1182
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
PAYDOWNS8/1/2025 8/25/2025 23,837.16 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 23,837.16 238.448/1/2025 8/25/2025 166,522.08 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 166,522.08 0.478/1/2025 8/25/2025 2,325.35 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 2,325.35 21.878/1/2025 8/25/2025 414.57 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 414.578/15/2025 8/15/2025 212,570.56 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 212,570.56 22.718/15/2025 8/15/2025 168,268.44 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 168,268.44 6.298/15/2025 8/15/2025 49,815.12 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 49,815.12 6.448/15/2025 8/15/2025 99,296.93 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 99,296.93 2.078/15/2025 8/15/2025 200,368.54 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 200,368.54 2.098/18/2025 8/18/2025 14,271.60 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 14,271.60 0.208/18/2025 8/18/2025 162,811.92 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 162,811.92 18.709/1/2025 9/25/2025 2,336.23 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 2,336.23 21.379/1/2025 9/25/2025 416.72 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 416.729/1/2025 9/25/2025 3,521.75 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 3,521.75 0.059/1/2025 9/25/2025 333,380.62 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 333,380.62 0.929/1/2025 9/25/2025 23,948.49 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 23,948.49 232.789/1/2025 9/25/2025 2,514.32 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 2,514.32 27.25 55 ATTACHMENT
A
1183
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
PAYDOWNS9/1/2025 9/25/2025 382.71 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 382.71 3.789/15/2025 9/15/2025 187,212.49 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 187,212.49 1.909/15/2025 9/15/2025 197,540.03 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 197,540.03 20.519/15/2025 9/15/2025 156,766.55 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 156,766.55 5.709/15/2025 9/15/2025 93,747.96 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 93,747.96 1.899/15/2025 9/15/2025 51,189.23 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 51,189.23 4.359/15/2025 9/15/2025 47,069.87 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 47,069.87 5.909/15/2025 9/15/2025 52,267.92 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 52,267.92 6.909/15/2025 9/15/2025 5,024.35 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 5,024.35 0.349/18/2025 9/18/2025 155,411.92 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 155,411.92 17.259/18/2025 9/18/2025 13,184.61 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 13,184.61 0.17 Total PAYDOWNS 3,515,295.75 3,515,295.75 1,125.68
SELL7/2/2025 7/3/2025 1,980,000.00 91282CBQ3 US TREASURY N/B 0.50% 2/28/2026 1,936,337.77 -38,729.587/2/2025 7/3/2025 1,675,000.00 91282CBQ3 US TREASURY N/B 0.50% 2/28/2026 1,638,063.52 -28,643.237/15/2025 7/16/2025 1,775,000.00 91282CAU5 US TREASURY N/B 0.50% 10/31/2027 1,644,980.05 -6,537.647/18/2025 7/22/2025 1,985,000.00 91282CBS9 US TREASURY N/B 1.25% 3/31/2028 1,862,705.22 -20,849.11 56 ATTACHMENT
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CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
SELL7/18/2025 7/22/2025 865,000.00 91282CBS9 US TREASURY N/B 1.25% 3/31/2028 811,707.82 -8,286.157/22/2025 7/24/2025 2,100,000.00 91282CAU5 US TREASURY N/B 0.50% 10/31/2027 1,953,292.46 -2,261.387/23/2025 7/25/2025 1,280,000.00 91282CFU0 US TREASURY N/B 4.12% 10/31/2027 1,299,739.13 -2,615.388/6/2025 8/8/2025 430,000.00 91282CAL5 US TREASURY N/B 0.37% 9/30/2027 401,396.58 2,176.038/6/2025 8/8/2025 1,465,000.00 91282CAU5 US TREASURY N/B 0.50% 10/31/2027 1,367,645.18 1,261.079/2/2025 9/3/2025 1,475,000.00 9128286A3 US TREASURY N/B 2.62% 1/31/2026 1,469,704.23 -21,855.899/2/2025 9/3/2025 9,015,000.00 91282CBQ3 US TREASURY N/B 0.50% 2/28/2026 8,862,188.98 -108,724.769/2/2025 9/3/2025 3,155,000.00 91282CCF6 US TREASURY N/B 0.75% 5/31/2026 3,087,566.32 -70,106.959/2/2025 9/3/2025 360,000.00 91282CCF6 US TREASURY N/B 0.75% 5/31/2026 352,305.51 -2,808.449/2/2025 9/3/2025 805,000.00 91282CCF6 US TREASURY N/B 0.75% 5/31/2026 787,794.26 -18,502.139/9/2025 9/10/2025 2,925,000.00 91282CBS9 US TREASURY N/B 1.25% 3/31/2028 2,780,408.30 -5,713.729/10/2025 9/11/2025 540,000.00 91282CBJ9 US TREASURY N/B 0.75% 1/31/2028 506,712.23 -16,854.819/10/2025 9/11/2025 1,935,000.00 91282CBJ9 US TREASURY N/B 0.75% 1/31/2028 1,815,718.82 -7,112.18 Total SELL 33,765,000.00 32,578,266.38 -356,164.25
57 ATTACHMENT
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CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Appendix
Important Disclosures
This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation, as it was prepared without regard to any specific objectives or financial circumstances.PFMAM professionals have exercised reasonable professional care in the preparation of this performance report. Information in this report is obtained from sourcesexternal to PFMAM and is generally believed to be reliable and available to the public; however, we cannot guarantee its accuracy, completeness or suitability. We rely on the client's custodian for security holdings and market values. Transaction dates reported by the custodian may differ from money manager statements.While efforts are made to ensure the data contained herein is accurate and complete, we disclaim all responsibility for any errors that may occur. References toparticular issuers are for illustrative purposes only and are not intended to be recommendations or advice regarding such issuers. Fixed income manager and indexcharacteristics are gathered from external sources. When average credit quality is not available, it is estimated by taking the market value weights of individual credit tiers on the portion of the strategy rated by a NRSRO.It is not possible to invest directly in an index. The index returns shown throughout this material do not represent the results of actual trading of investor assets.

Third-party providers maintain the indices shown and calculate the index levels and performance shown or discussed. Index returns do not reflect payment of anysales charges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investmentperformance to be lower than the performance shown.The views expressed within this material constitute the perspective and judgment of PFMAM at the time of distribution and are subject to change. Any forecast,projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon certain assumptions and current opinionas of the date of issue and are also subject to change. Some, but not all assumptions are noted in the report. Assumptions may or may not be proven correct asactual events occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Opinions anddata presented are not necessarily indicative of future events or expected performance.PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset Management, Inc., which is the legal entity providing investmentadvisory services. U.S. Bancorp Asset Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S.

Bancorp. U.S. Bank N.A. is not responsible for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc. Theinformation contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request.For more information regarding PFMAM's services or entities, please visit www.pfmam.com.Further distribution is not permitted without prior written consent. 58 ATTACHMENT
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CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Appendix
Important Disclosures
Generally, PFMAM’s market prices are derived from closing bid prices as of the last business day of the month as supplied by ICE Data Services. There may bedifferences in the values shown for investments due to accrued but uncollected income and the use of differing valuation sources and methods. Non-negotiable FDIC-insured bank certificates of deposit are priced at par. Although PFMAM believes the prices to be reliable, the values of the securities may not represent the prices at which the securities could have been bought or sold. Explanation of the valuation methods for a registered investment company or local governmentinvestment program is contained in the appropriate fund offering documentation or information statement.

In accordance with generally accepted accounting principles, information is presented on a trade date basis; forward settling purchases are included in the monthly balances, and forward settling sales are excluded.

Performance is presented in accordance with the CFA Institute's Global Investment Performance Standards (GIPS). Unless otherwise noted, performance is shown gross of fees. Quarterly returns are presented on an unannualized basis. Returns for periods greater than one year are presented on an annualized basis. Past performance is not indicative of future returns.

ICE Bank of America Indices provided by Bloomberg Financial Markets.Money market fund/cash balances are included in performance and duration computations.Standard & Poor's is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund/LGIP holdings.Callable securities in the portfolio are included in the maturity distribution analysis to their stated maturity date, although, they may be called prior to maturity.MBS maturities are represented by expected average life. 59 ATTACHMENT
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CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Appendix
Glossary
Accrued Interest: Interest that is due on a bond or other fixed income security since the last interest payment was made.Agencies: Federal agency securities and/or Government-sponsored enterprises.Amortized Cost: The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchase date until the date of the report. Discount or premium with respect to short-term securities (those with less than one year to maturity at time of issuance) is amortized on a straight line basis. Such discount or premium with respect to longer-term securities is amortized using the constant yield basis.

Asset-Backed Security: A financial instrument collateralized by an underlying pool of assets – usually ones that generate a cash flow from debt, such as loans, leases, credit card balances, and receivables.

Bankers’ Acceptance: A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill as well as the insurer.Commercial Paper: An unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory.Contribution to Total Return: The weight of each individual security multiplied by its return, then summed for each sector to determine how much each sector addedor subtracted from the overall portfolio performance.Effective Duration: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years.Effective Yield: The total yield an investor receives in relation to the nominal yield or coupon of a bond. Effective yield takes into account the power of compoundingon investment returns, while nominal yield does not.FDIC: Federal Deposit Insurance Corporation. A federal agency that insures bank deposits to a specified amount.Interest Rate: Interest per year divided by principal amount and expressed as a percentage.Market Value: The value that would be received or paid for an investment in an orderly transaction between market participants at the measurement date.Maturity: The date upon which the principal or stated value of an investment becomes due and payable.Negotiable Certificates of Deposit: A CD with a very large denomination, usually $1 million or more, that can be traded in secondary markets.Par Value: The nominal dollar face amount of a security.Pass-through Security: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is themortgage-backed security. 60 ATTACHMENT
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CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Appendix
Glossary
Repurchase Agreements: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date.Settle Date: The date on which the transaction is settled and monies/securities are exchanged. If the settle date of the transaction (i.e., coupon payments andmaturity proceeds) occurs on a non-business day, the funds are exchanged on the next business day.Supranational: A multinational union or association in which member countries cede authority and sovereignty on at least some internal matters to the group, whosedecisions are binding on its members.Trade Date: The date on which the transaction occurred; however, the final consummation of the security transaction and payment has not yet taken place.Unsettled Trade: A trade which has been executed; however, the final consummation of the security transaction and payment has not yet taken place.U.S. Treasury: The department of the U.S. government that issues Treasury securities.Yield: The rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a percentage on an annualized basis.

YTM at Cost: The yield to maturity at cost is the expected rate of return based on the original cost, the annual interest receipts, maturity value, and the time periodfrom purchase date to maturity, stated as a percentage on an annualized basis.YTM at Market: The yield to maturity at market is the rate of return based on the current market value, the annual interest receipts, maturity value, and the timeperiod remaining until maturity, stated as a percentage on an annualized basis. 61 ATTACHMENT
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INVESTMENT REPORT
City of Stockton | As of September 30, 2025
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:

For questions about your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.

ATTACHMENT B
1190

TABLE OF CONTENTS
City of Stockton | As of September 30, 2025

ECONOMIC UPDATE

ACCOUNT PROFILE

CONSOLIDATED INFORMATION

PORTFOLIO HOLDINGS

TRANSACTIONS

ATTACHMENT B
1191

ECONOMIC UPDATE

ATTACHMENT B
1192



Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold. Inflation pressures have eased, though core levels remain above the Federal Reserve’s target, while tariffs continue to cloud forecasts. Signs of a softer labor market are emerging, prompting expectations that the Fed will move cautiously toward policy normalization. Given the economic outlook, we expect gradual normalization of monetary policy and a steeper yield curve.

The Federal Reserve lowered the Federal Funds Rate a quarter percentage point to the range of 4.00 – 4.25% upon conclusion of the September Federal Open Market Committee meeting. The move was telegraphed by the Fed and in line with market expectations. Stephen Miran was the only opposing vote in the 11-1 decision as Governor Miran called for a larger 50 basis point rate cut. Chair Powell said concerns over signs of a softening labor market prompted the policy shift. Policymakers also updated their economic forecasts penciling in two additional quarter-point cuts through year-end.

The US Treasury yield curve flattened in September, as the 2-year Treasury yield declined 13 basis points to 3.57%, the 5-year Treasury also down 13 basis points to 3.66%, and the 10-year Treasury yield declined 14 basis points to 4.12%. The spread between the 2-year and 10- year Treasury yield points on the curve decreased to +54 basis points at September month-end versus +61 basis points at August monthend. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was 14 basis points. The spread between the 3- month and 10-year Treasury yield points on the curve was +21 basis points in September versus +8 basis points in August.

ECONOMIC UPDATE

ATTACHMENT B
1193
-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 just 22,000 jobs in August, falling short of consensus expectations and punctuating the softening trend in the labor market. The three-month moving average and six-month moving average payrolls totaled 29,000 and 64,000 respectively. The unemployment rate rose to 4.3% in August from 4.2% in July. The labor participation rate inched up to 62.3%, remaining below the prepandemic level of 63.3%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons jumped to 8.1% in August from 7.9% in July. Average hourly earnings fell to 3.7% year-over-year from 3.9% last month.

Source: US Department of Labor Source: US Department of Labor

EMPLOYMENT

ATTACHMENT B
1194
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) showed a modest increase to 7.227 million new job openings in August from 7.2 million in July. The quits rate and layoffs remained relatively stable. Job openings indicate a ratio of approximately 1 job for each unemployed individual, representing a relatively balanced labor market.

Source: US Department of Labor

JOB OPENINGS & LABOR TURNOVER SURVEY

ATTACHMENT B
1195

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
In August, the Consumer Price Index (CPI) increased more than expected at 0.4% month-over-month and 2.9% year-over-year, while the Core CPI rose 0.3% month-over-month and 3.1% year-over-year, in line with expectations. The Personal Consumption Expenditures (PCE) price index rose 0.3% month-over-month and 2.7% year-over-year in August. The Core PCE deflator, which excludes food and energy and is the Fed’s preferred gauge, was up 0.2% from July leaving it unchanged at 2.9% on an annual basis in August.

Source: US Department of Labor Source: US Department of Commerce

INFLATION

ATTACHMENT B
1196

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%
Retail Sales YOY % Change
YOY (%) Change
Advance Retail Sales showed continued strength jumping 0.6% in August as July data was also revised up to 0.6% month-over-month. The increase elevated retail sales to 5.0% on an annual basis after jumping 4.1% year-over-year in July. Back-to-school shopping was a likely catalyst as online shopping, clothing, and sporting goods saw some of the largest increases. Control group sales, which feed into GDP, also jumped 0.74% in August from the prior month. The Conference Board’s Consumer Confidence Index fell to 94.2 in September from a revised 97.8 in August, marking the lowest level since April 2025. Measures of current conditions and future expectations fell, signaling weaker sentiment toward employment and income. Consumers have remained resilient, but rising debt burdens, higher delinquency rates, lingering inflation worries, and emerging signs of labor market cooling could weigh on future spending. 0 20
40 60
80 100
120
140
160
Index Level
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)

CONSUMER

ATTACHMENT B
1197
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%

0.0%

5.0%

10.0%

15.0%
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 by 0.5% in August, following a 0.1% increase in July. The LEI decreased by 3.6% year-over-year. The Conference Board is expecting economic growth to slow in the second half of 2025 due to consumer pessimism, soft manufacturing new orders, and negative impacts from tariffs. The Chicago Fed National Activity Index (CFNAI) came in at -0.12% in August after a downwardly revised -0.28 in July, indicating that economic momentum remained below its historical trend for the fifth consecutive month. The three-month moving average shows a similar trend at -0.18 in August from -0.20 in the prior month signaling ongoing below-trend growth in national economic activity.

Source: The Conference Board Source: Federal Reserve Bank of Chicago

LEADING INDICATORS OF ECONOMIC ACTIVITY

ATTACHMENT B
1198
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 dropped 8.5% in August to 1.307 million units, marking a pullback amid elevated inventory levels and a softening labor market. Single-family starts fell 7.0% in August to 890,000 units, hitting their lowest level since July 2024. The S&P Cotality Case Shiller 20- City Home Price Index recorded a 0.07% month-over-month decline in July, marking the fifth consecutive month of losses, while still posting a modest year-over-year gain of 1.8%. Persistently high asking prices and elevated mortgage rates have continued to challenge affordability, contributing to the recent cooling across the housing market. However, the Freddie Mac 30-year fixed mortgage rate continued recent declines to 6.3% as of September.

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

HOUSING

ATTACHMENT B
1199
40 45
50 55
60 65
70 Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services

EXPANDING

CONTRACTING
Manufacturing activity contracted at a slightly slower rate as the Institute for Supply Management (ISM) Manufacturing Index edged up to

49.1 in September, from 48.7 in August yet remaining below the expansion threshold, signaling the seventh consecutive month of contraction in the manufacturing sector. Production growth factored into the gain, although drops in new orders and inventories offset the increase. The ISM Services Index fell to 50.0 in September from 52.0 in August, which is the breakeven point between expansion and contraction. The 2.0-point decline generally indicated moderate to weak growth, with only isolated reports of supplier delivery delays.

Employment remained in contraction territory, reflecting delayed hiring plans and ongoing challenges in finding qualified workers.

Source: Institute for Supply Management

SURVEY BASED MEASURES

ATTACHMENT B
1200
Components of GDP 9/24 12/24 3/25 6/25

2.7% 2.6% 0.4% 1.7%

0.2% -1.3% 3.8% -2.7%
-0.4% -0.1% -4.7% 4.8%

0.5% 0.3% -0.4% -0.4%

0.4% 0.3% 0.2% 0.3%

3.4% 1.9% -0.6% 3.8%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment)
-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 In a sharp rebound from the first quarter, real GDP increased at an annualized rate of 3.8% in the second quarter of 2025 according to the final data revision from the Bureau of Economic Analysis. The increase in real GDP in the second quarter was driven by the drop in imports following the significant rise in the first quarter in anticipation of higher tariffs and an increase in consumer spending. The consensus projection calls for 1.7% growth for the third quarter and 1.8% for the full year 2025.

GROSS DOMESTIC PRODUCT (GDP)

ATTACHMENT B
1201
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
The Federal Reserve lowered its benchmark interest rate by a quarter point to a range of 4.00% to 4.25% at its September meeting, as officials responded to mounting signs of labor market weakness. Chair Jerome Powell said the move was aimed at cushioning the slowdown while keeping policy restrictive enough to fight lingering inflation. The Fed kept its balance-sheet runoff unchanged, maintaining a $5 billion monthly cap on Treasuries and $35 billion on agency and mortgage-backed securities. Since launching its Quantitative Tightening campaign in June 2022, the Fed has reduced its securities holdings by about $2.35 trillion, bringing the total down to roughly $6.6 trillion.

FEDERAL RESERVE

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Effective Federal Funds Rate
Recession
Yield (%)

ATTACHMENT B
1202
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-25
Jun-25
Sep-24
Yield (%)
At the end of September, the 2-year Treasury yield was 5 basis points lower, and the 10-Year Treasury yield was 40 basis points higher, year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve decreased to +54 basis points at September month-end versus +61 basis points at August month-end. The prior 2-year/10-year yield curve inversion, which spanned from July 2022 to August 2024, was historically long. The average historical spread (since 2005) is about +99 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +21 basis points in September versus +8 basis points in August.

BOND YIELDS

ATTACHMENT B
1203

ACCOUNT PROFILE

ATTACHMENT B
1204

OBJECTIVES
City of Stockton | As of September 30, 2025
Investment Objectives
Safety of principal is the foremost objective of the investment program. The investment portfolio shall remain sufficiently liquid to meet all requirements that may be reasonably anticipated. The investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and econmic cycles, taking into account the investment risk constraints and liquidity needs.

Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.

Strategy
In order to achieve this objective, the portfolio invests in high-quality fixed income securities that comply with the investment policy and all regulations governing the funds.

ATTACHMENT B
1205

STATEMENT OF COMPLIANCE
City of Stockton ConsAgg | Account #10021 | As of September 30, 2025 Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 20.0 5.1 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 20.0 5.0 Compliant Max Maturity (Years) 10.0 4.3 Compliant

ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 9.4 Compliant
Max % Issuer (MV) 5.0 1.4 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA by 1) 0.0 0.0 Compliant

BANKERS' ACCEPTANCES
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 180 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

CERTIFICATE OF DEPOSIT PLACEMENT SERVICE
(CDARS)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 0.0 0.0 Compliant
COLLATERALIZED TIME DEPOSITS (NONNEGOTIABLE CD/TD)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant

COMMERCIAL PAPER
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 270 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 26.3 Compliant
Max % Issuer (MV) 5.0 1.8 Compliant

ATTACHMENT B
1206

STATEMENT OF COMPLIANCE
City of Stockton ConsAgg | Account #10021 | As of September 30, 2025 Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant

FEDERAL AGENCIES
Max % (MV) 100.0 12.4 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 100.0 5.0 Compliant Max Callables (MV) 20.0 0.0 Compliant
Max Maturity (Years) 10 8 Compliant

LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant

MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 1.1 Compliant
Max % Issuer (MV) 20.0 1.1 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant

MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA by 1) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 10 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV) 30.0 0.2 Compliant
Max % Issuer (MV) 5.0 0.2 Compliant

ATTACHMENT B
1207

STATEMENT OF COMPLIANCE
City of Stockton ConsAgg | Account #10021 | As of September 30, 2025 Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years) 10 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit) 0.0 0.0 Compliant

REPURCHASE AGREEMENTS
Max Maturity (Years) 1.0 0.0 Compliant

SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 10.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 45.6 Compliant
Max Maturity (Years) 10 7 Compliant

ATTACHMENT B
1208

PORTFOLIO CHARACTERISTICS
City of Stockton Reserve | Account #10020 | As of September 30, 2025 Benchmark* 9/30/2025
Portfolio
6/30/2025
Portfolio
Average Maturity (yrs) 2.67 3.07 3.06
Average Modified Duration 2.49 2.56 2.54
Average Purchase Yield 3.79% 3.59%
Average Market Yield 3.71% 3.94% 4.11%
Average Quality** AA AA AA+
Total Market Value 348,603,978 344,035,757
*Benchmark: ICE BofA 1-5 Year Gov/Corp A or better
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.

ATTACHMENT B
1209

SECTOR DISTRIBUTION
City of Stockton Reserve | Account #10020 | As of September 30, 2025 Sector as a Percentage of Market Value
Sector 09/30/2025 06/30/2025
US Treasury 45.83% 43.19%
Corporate 26.42% 25.33%
Agency 12.46% 16.04%
ABS 9.46% 9.83%
Agency CMBS 5.11% 3.18%
Money Mkt Fd 0.54% 0.42%
Muni Bonds 0.16% 0.99%
Comm Paper -- 1.02%

ATTACHMENT B
1210

ISSUERS
City of Stockton Reserve | Account #10020 | As of September 30, 2025 Issuer Investment Type % Portfolio
United States US Treasury 45.83%
FHLMC Agency CMBS 5.11%
Farm Credit System Agency 5.04%
Federal Home Loan Banks Agency 4.28%
FNMA Agency 2.34%
State Street Corporation Corporate 1.80%
JPMorgan Chase & Co. Corporate 1.72%
Bank of America Corporation Corporate 1.60%
Morgan Stanley Corporate 1.52%
American Express Credit Master Trust ABS 1.45%
Chase Issuance Trust ABS 1.44%
Caterpillar Inc. Corporate 1.19%
The Home Depot, Inc. Corporate 1.18%
BMW Vehicle Owner Trust ABS 1.16%
UnitedHealth Group Incorporated Corporate 1.13%
Visa Inc. Corporate 1.13%
PACCAR Inc Corporate 1.06%
National Rural Utilities Cooperative Corporate 1.04%
New York Life Insurance Company Corporate 1.03%
Honda Motor Co., Ltd. Corporate 1.02%
The Charles Schwab Corporation Corporate 0.99%
John Deere Owner Trust ABS 0.97%
Cisco Systems, Inc. Corporate 0.89%
Mastercard Incorporated Corporate 0.89%
Massachusetts Mutual Life Insurance Corporate 0.88%
Honda Auto Receivables Owner Trust ABS 0.86%
Hyundai Auto Receivables Trust ABS 0.86%
Prologis, Inc. Corporate 0.86%
Tennessee Valley Authority Agency 0.79%
Metropolitan Life Global Funding I Corporate 0.78%

ATTACHMENT B
1211

ISSUERS
City of Stockton Reserve | Account #10020 | As of September 30, 2025 Issuer Investment Type % Portfolio
Toyota Motor Corporation Corporate 0.74%
Verizon Master Trust ABS 0.73%
American Express Company Corporate 0.73%
Eli Lilly and Company Corporate 0.67%
Northern Trust Corporation Corporate 0.64%
Public Storage OP, LP Corporate 0.60%
Target Corporation Corporate 0.60%
Deere & Company Corporate 0.59%
Toyota Auto Receivables Owner Trust ABS 0.58%
Merck & Co., Inc. Corporate 0.58%
PepsiCo, Inc. Corporate 0.57%
Federated Hermes, Inc. Money Mkt Fd 0.54%
WF Card Issuance Trust ABS 0.53%
Bank of America Credit Card Trust ABS 0.48%
GM Financial Automobile Leasing Trus ABS 0.40%
State of New Jersey Muni Bonds 0.16%
Cash Cash 0.01%
TOTAL 100.00%

ATTACHMENT B
1212

QUALITY DISTRIBUTION
Rating 09/30/2025 06/30/2025
AAA 7.99% 6.82%
A-1 -- 1.01%
AA 62.88% 65.23%
A 20.74% 19.62%
NA 4.17% 4.44%
A-1+ 4.23% 2.88%
Rating 09/30/2025 06/30/2025
Aaa 5.73% 6.17%
Aa 66.91% 67.89%
A 18.89% 17.74%
P-1 4.23% 3.89%
NA 4.23% 4.31%
Rating 09/30/2025 06/30/2025
AAA 12.88% 12.32%
AA 62.03% 63.73%
A 11.56% 10.95%
NA 9.31% 9.11%
F1 -- 1.01%
F1+ 4.23% 2.88%
City of Stockton Reserve | Account #10020 | As of September 30, 2025 S&P Rating Moody’s Rating Fitch Rating

ATTACHMENT B
1213
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 10.6% 9.5% 9.8% 9.4% 13.0% 28.9% 8.9% 9.2% 0.5% ICE BofA 1-5 Year Gov/Corp A or better 0.0% 0.1% 2.5% 34.5% 27.6% 22.9% 12.3% 0.0% 0.0%

DURATION DISTRIBUTION
City of Stockton Reserve | Account #10020 | As of September 30, 2025 Portfolio Compared to the Benchmark

ATTACHMENT B
1214
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception

TOTAL RATE OF RETURN
City of Stockton Reserve 1.35% 4.18% 5.97% 4.76% 3.69%
ICE BofA 1-5 Year Gov/Corp A or better 1.19% 3.90% 5.76% 4.59% 3.35% ICE BofA 1-5 Year Unsubordinated US Treasury & Agency
Index 1.14% 3.77% 5.58% 4.42% 3.22%
Basis Point Fee* 0.01% 0.04% 0.03% 0.03% 0.03%
Net of Fees 1.34% 4.14% 5.94% 4.73% 3.66%
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception*

MARKET VALUE BASIS EARNINGS
Income Earned 3,123,083 10,853,689 18,189,537 22,908,646 22,908,646 Change in Market Value 1,513,145 3,102,799 20,242,261 22,302,601 2,420,316 TOTAL DOLLAR RETURN 4,636,228 13,956,488 38,418,177 45,200,090 25,878,933

INVESTMENT PERFORMANCE
City of Stockton Reserve | Account #10020 | As of September 30, 2025 Total and Realized Rate of Return : Inception | 08/01/2022 *Periods over 1 year are annualized.

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 market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio. Realized rate of return: A measure of a portfolio’s return over time. It is the internal rate which equates the beginning book value of the portfolio with the ending book value; it includes interest earnings, realized gains and losses in the portfolio.

ATTACHMENT B
1215

HISTORICAL AVERAGE PURCHASE YIELD
City of Stockton Reserve | Account #10020 | As of September 30, 2025 Purchase Yield as of 09/30/25 = 3.79%

ATTACHMENT B
1216

PORTFOLIO CHARACTERISTICS
City of Stockton Enhanced Cash | Account #11194 | As of September 30, 2025 Benchmark* 9/30/2025
Portfolio
6/30/2025
Portfolio
Average Maturity (yrs) 0.16 0.00 0.02
Average Modified Duration 0.16 0.00 0.02
Average Purchase Yield 4.01% 4.16%
Average Market Yield 4.04% 4.00% 4.20%
Average Quality** AA+ AAA AAA
Total Market Value 1,800,975 31,638,658
*Benchmark: ICE BofA 3-Month US Treasury Bill Index
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.

ATTACHMENT B
1217

SECTOR DISTRIBUTION
City of Stockton Enhanced Cash | Account #11194 | As of September 30, 2025 Sector as a Percentage of Market Value
Sector 09/30/2025 06/30/2025
Money Mkt Fd 99.66% 5.00%
Cash 0.34% 0.25%
US Treasury -- 94.74%

ATTACHMENT B
1218

ISSUERS
City of Stockton Enhanced Cash | Account #11194 | As of September 30, 2025 Issuer Investment Type % Portfolio
Federated Hermes, Inc. Money Mkt Fd 99.66%
Cash Cash 0.34%
TOTAL 100.00%

ATTACHMENT B
1219

QUALITY DISTRIBUTION
Rating 09/30/2025 06/30/2025
AAA 100.00% 5.26%
A-1+ -- 94.74%
Rating 09/30/2025 06/30/2025
Aaa 100.00% 5.26%
P-1 -- 94.74%
Rating 09/30/2025 06/30/2025
AAA 100.00% 5.26%
F1+ -- 94.74%
City of Stockton Enhanced Cash | Account #11194 | As of September 30, 2025 S&P Rating Moody’s Rating Fitch Rating

ATTACHMENT B
1220
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% ICE BofA 3-Month US Treasury Bill Index 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

DURATION DISTRIBUTION
City of Stockton Enhanced Cash | Account #11194 | As of September 30, 2025 Portfolio Compared to the Benchmark

ATTACHMENT B
1221
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception

TOTAL RATE OF RETURN
City of Stockton Enhanced Cash 1.03% 4.41% 4.72%
ICE BofA 3-Month US Treasury Bill Index 1.08% 4.38% 4.68% Basis Point Fee* 0.04% 0.07% 0.06%
Net of Fees 1.00% 4.34% 4.67%
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception*

MARKET VALUE BASIS EARNINGS
Income Earned 236,640 1,190,285 1,795,854
Change in Market Value 300 (7,009) 0
TOTAL DOLLAR RETURN (236,940) (1,183,276) 1,795,854

INVESTMENT PERFORMANCE
City of Stockton Enhanced Cash | Account #11194 | As of September 30, 2025 Total and Realized Rate of Return : Inception | 05/17/2024 *Periods over 1 year are annualized.

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 market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio. Realized rate of return: A measure of a portfolio’s return over time. It is the internal rate which equates the beginning book value of the portfolio with the ending book value; it includes interest earnings, realized gains and losses in the portfolio.

ATTACHMENT B
1222

HISTORICAL AVERAGE PURCHASE YIELD
City of Stockton Enhanced Cash | Account #11194 | As of September 30, 2025 Purchase Yield as of 09/30/25 = 4.01%

ATTACHMENT B
1223

CONSOLIDATED INFORMATION

ATTACHMENT B
1224

PORTFOLIO CHARACTERISTICS
City of Stockton ConsAgg | Account #10021 | As of September 30, 2025 9/30/2025
Portfolio
6/30/2025
Portfolio
Average Maturity (yrs) 3.05 2.80
Average Modified Duration 2.54 2.32
Average Purchase Yield 3.79% 3.64%
Average Market Yield 3.94% 4.12%
Average Quality** AA+ AA+
Total Market Value 350,404,953 375,674,415
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.

ATTACHMENT B
1225

SECTOR DISTRIBUTION
City of Stockton ConsAgg | Account #10021 | As of September 30, 2025 Sector as a Percentage of Market Value
Sector 09/30/2025 06/30/2025
US Treasury 45.60% 47.56%
Corporate 26.29% 23.18%
Agency 12.40% 14.68%
ABS 9.41% 8.99%
Agency CMBS 5.09% 2.91%
Money Mkt Fd 1.05% 0.81%
Muni Bonds 0.16% 0.91%
Comm Paper -- 0.93%

ATTACHMENT B
1226

PORTFOLIO HOLDINGS

ATTACHMENT B
1227

HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
36271VAD9 GMALT 2025-1 A3 4.66
02/21/2028 1,390,000.00 02/05/20254.66%
1,389,835.98
1,389,870.30
100.90

3.97%
1,402,466.49
1,979.21

0.40%
12,596.19
NA/AAA
AAA

2.39 1.21
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 353,135.28 07/11/20235.47%
353,072.71
353,102.68
100.71

4.04%
355,629.44
321.94

0.10%
2,526.77
NA/AAA
AAA

2.41 0.47
477920AC6 JDOT 2023-B A3 5.18 03/15/2028 780,037.25 06/21/2023

5.51%
779,907.14
779,969.55
100.73

4.12%
785,720.76
1,795.82

0.23%
5,751.21
Aaa/NA
AAA

2.46 0.65
47787CAC7 JDOT 2023-C A3 5.48 05/15/2028 2,531,884.73 09/12/2023

5.55%
2,531,710.79
2,531,786.82
101.04

4.13%
2,558,146.20
6,166.55

0.74%
26,359.38
Aaa/NA
AAA

2.62 0.73
02582JJZ4 AMXCA 2023-1 A 4.87 05/15/2026 1,270,000.00 06/07/2023

4.92%
1,269,887.35
1,269,969.15
100.54

4.02%
1,276,901.43
2,748.84

0.37%
6,932.28
NA/AAA
AAA

0.62 0.60
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 919,043.63 11/01/20235.74%
918,881.79
918,948.27
101.18

4.06%
929,917.29
1,447.49

0.27%
10,969.02
Aaa/NA
AAA

2.73 0.69
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 4,915,000.00 --

5.23%
4,920,147.11
4,916,533.64
101.21

3.90%
4,974,244.43
11,271.73

1.44%
57,710.79
NA/AAA
AAA

2.96 0.91
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 1,445,000.00 06/04/20245.18%
1,444,780.51
1,444,841.34
101.18

3.92%
1,462,033.66
1,247.52

0.42%
17,192.32
Aaa/AAA
NA

3.41 0.89
44934QAD3 HART 2024-B A3 4.84 03/15/2029 910,000.00 07/16/2024

5.45%
909,862.68
909,897.84
101.10

3.96%
919,983.34
1,957.51

0.27%
10,085.50
NA/AAA
AAA

3.45 1.17
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 2,040,000.00 08/09/2024

4.66%
2,039,679.52
2,039,757.29
100.79

3.92%
2,056,191.48
2,589.67

0.59%
16,434.19
Aaa/NA
AAA

3.47 1.14
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 1,635,000.00 06/06/2024

4.93%
1,634,908.28
1,634,932.77
101.69

3.88%
1,662,713.09
3,582.47

0.48%
27,780.31
Aaa/AAA
NA

3.62 1.53
89240JAD3 TAOT 2025-A A3 4.64 08/15/2029 1,990,000.00 01/22/2025

4.69%
1,989,920.20
1,989,931.98
101.27

3.83%
2,015,199.97
4,103.82

0.58%
25,267.98
Aaa/NA
AAA

3.87 1.47
096924AD7 BMWOT 2025-A A3 4.56
09/25/2029 2,185,000.00 02/04/20254.56%
2,184,784.78
2,184,814.27
100.93

3.95%
2,205,283.14
1,660.60

0.64%
20,468.87
Aaa/AAA
NA

3.99 1.42
92970QAE5 WFCIT 2024-2 A 4.29 10/15/2029 1,815,000.00 10/17/2024

4.29%
1,814,730.29
1,814,781.06
100.83

3.90%
1,829,994.08
3,460.60

0.53%
15,213.02
Aaa/AAA
NA

4.04 1.92
44935CAD3 HART 2025-A A3 4.32 10/15/2029 2,045,000.00 03/04/2025

4.84%
2,044,698.36
2,044,734.85
100.76

3.89%
2,060,620.32
3,926.40

0.59%
15,885.47
NA/AAA
AAA

4.04 1.61
02582JKM1 AMXCA 2025-1 A 4.56 12/17/2029 3,685,000.00 02/04/2025

4.57%
3,684,181.56
3,684,288.84
101.47

3.90%
3,739,142.97
7,468.27

1.08%
54,854.13
NA/AAA
AAA

4.21 2.06

ATTACHMENT B
1228

HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
92348KDY6 VZMT 2025-3 A1A 4.51
03/20/2030 2,525,000.00 03/25/20254.51%
2,524,891.43
2,524,902.44
100.83

4.16%
2,545,975.18
3,479.59

0.73%
21,072.74
Aaa/NA
AAA

4.47 1.40
Total ABS 32,434,100.90 4.91%
32,435,880.49
32,433,063.10
101.07

3.96%
32,780,163.26
59,208.02

9.46%
347,100.17

3.41 1.27
AGENCY
3135G06G3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 11/07/2025 8,145,000.00 -- 0.54%
8,127,104.90
8,144,636.85

99.63 4.22%
8,114,762.34
16,290.00

2.34%
(29,874.51)
Aa1/AA+
AA+

0.10 0.10
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 4,100,000.00 03/28/20233.89%
4,211,028.00
4,154,715.68
101.87

3.69%
4,176,606.94
10,762.50

1.21%
21,891.26
Aa1/AA+
AA+

2.44 2.29
3133ERDH1 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 04/30/2029 2,500,000.00 04/29/20244.70% 2,505,075.00
2,503,632.54
103.52

3.69%
2,587,918.08
49,809.03

0.75%
84,285.53
Aa1/AA+
AA+

3.58 3.22
3130B1BC0 FEDERAL HOME LOAN BANKS

4.625 06/08/2029 1,900,000.00 07/30/20244.10%
1,943,358.00
1,932,915.89
103.10

3.72%
1,958,904.22
27,582.99

0.57%
25,988.33
Aa1/AA+
AA+

3.69 3.33
3133EN7B0 FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.75 01/25/2030 3,000,000.00 01/20/20233.83% 2,985,090.00
2,990,804.43

99.51 3.87%
2,985,415.26
20,625.00

0.86%
(5,389.17)
Aa1/AA+
AA+

4.32 3.92
3133EN4V9 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.125 09/23/2030 2,100,000.00 12/22/20224.22% 2,087,505.00
2,091,964.66
101.05

3.89%
2,122,151.96
1,925.00

0.61%
30,187.29
Aa1/AA+
AA+

4.98 4.46
3133ENQ45 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 09/30/2030 875,000.00 11/30/20224.40% 866,250.00
869,418.47
101.62

3.89%
889,139.61
103.30

0.26%
19,721.13
Aa1/AA+
AA+

5.00 4.47
880591EX6 TENNESSEE VALLEY AUTHORITY

1.5 09/15/2031 1,003,000.00 01/23/2023

4.03%
818,959.53
876,166.03

86.98 3.98%
872,458.23
668.67

0.25%
(3,707.80)
Aa1/AA+
AA+

5.96 5.58
3133ENFQ8 FEDERAL FARM CREDIT BANKS
FUNDING CORP 1.81 12/01/2031 2,303,000.00 01/25/2023

3.94%
1,939,056.91
2,049,332.46

87.86 4.06%
2,023,333.12
13,894.77

0.58%
(25,999.34)
Aa1/AA+
AA+

6.17 5.68
3133ENGS3 FEDERAL FARM CREDIT BANKS
FUNDING CORP 1.625 12/09/2031 4,500,000.00 02/24/20234.35% 3,613,410.00
3,875,212.54

86.80 4.06%
3,905,809.92
22,750.00

1.13%
30,597.38
Aa1/AA+
AA+

6.19 5.74
3133EN6M7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.0 01/19/2033 3,000,000.00 01/18/2023

3.93%
3,017,490.00
3,012,769.19

98.77 4.20%
2,962,954.59
24,000.00

0.86%
(49,814.60)
Aa1/AA+
AA+

7.30 6.22
3130AV4X7 FEDERAL HOME LOAN BANKS

4.375 03/11/2033 2,500,000.00 05/12/20234.04%
2,568,175.00
2,551,644.27
102.09

4.05%
2,552,192.80
6,076.39

0.74%
548.53
Aa1/AA+
AA+

7.44 6.30
3130AVWG3 FEDERAL HOME LOAN BANKS 4.0
06/10/2033 6,195,000.00 -- 4.40%
5,998,322.75
6,042,167.88

99.39 4.09%
6,157,455.82
76,405.00

1.78%
115,287.94
Aa1/AA+
AA+

7.69 6.48

ATTACHMENT B
1229

HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
880591FB3 TENNESSEE VALLEY AUTHORITY

4.375 08/01/2034 1,845,000.00 08/08/20244.49%
1,828,561.05
1,830,430.75
101.05

4.23%
1,864,448.75
13,453.13

0.54%
34,018.00
Aa1/AA+
AA+

8.84 7.23
42,509,386.14 98.49 43,173,551.63 12.46% 4.67
Total Agency 43,966,000.00 3.50% 42,925,811.64 4.01% 284,345.76 247,739.99 4.10

AGENCY CMBS
3137F2LJ3 FHMS K-066 A2 3.117 06/25/2027 2,400,000.00 10/20/2022

4.88%
2,234,343.75
2,340,048.22

98.69 3.87%
2,368,649.04
6,234.00

0.68%
28,600.82
Aa1/AA+
AAA

1.73 1.51
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 5,245,000.00 05/24/2023

4.65%
5,148,705.08
5,194,496.05

99.80 3.86%
5,234,657.38
16,827.71

1.51%
40,161.34
Aa1/AA+
AAA

2.65 2.40
3137FLN91 FHMS K-091 A2 3.505 03/25/2029 4,065,000.00 09/12/2025

3.81%
4,020,539.06
4,021,032.68

98.62 3.90%
4,008,799.34
11,873.19

1.16%
(12,233.34)
Aa1/AAA
AA+

3.48 3.12
3137FPJG1 FHMS K-099 A2 2.595 09/25/2029 3,500,000.00 06/06/2025

4.38%
3,261,425.78
3,278,742.90

95.07 3.95%
3,327,418.15
7,568.75

0.96%
48,675.25
Aa1/AA+
AAA

3.99 3.62
3137FRUT6 FHMS K-106 A2 2.069 01/25/2030 3,000,000.00 07/14/2025

4.28%
2,730,937.50
2,743,490.45

92.45 3.99%
2,773,586.10
5,172.50

0.80%
30,095.65
Aa1/AA+
AAA

4.32 4.02
17,395,951.17 97.35 17,713,110.02 5.11% 3.23
Total Agency CMBS 18,210,000.00 4.38% 17,577,810.28 3.91% 47,676.15 135,299.73 2.93 CASH
CCYUSD Receivable 21,577.47 -- 21,577.47
21,577.47

1.00 0.00%
21,577.47

0.00 0.01%

0.00 Aaa/AAA
AAA

0.00 0.00
21,577.47 1.00 21,577.47 0.01% 0.00
Total Cash 21,577.47 21,577.47 0.00% 0.00 0.00 0.00

CORPORATE
46625HQW3 JPMORGAN CHASE & CO 3.3
04/01/2026 3,000,000.00 04/21/20254.38%
2,970,390.00
2,984,334.24

99.63 4.06%
2,988,864.72
49,500.00

0.86%
4,530.48
A1/A
AA0.500.49
06051GFX2 BANK OF AMERICA CORP 3.5
04/19/2026 3,000,000.00 04/22/20254.43%
2,973,360.00
2,985,241.00

99.69 4.08%
2,990,617.86
47,250.00

0.86%
5,376.86
A1/AAA0.55

0.53 91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 4,000,000.00 09/19/20224.16%
3,592,560.00
3,930,869.79

98.20 4.11%
3,928,020.88
17,377.78

1.13%
(2,848.91)
A2/A+
A

0.62 0.61

ATTACHMENT B
1230

HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
02665WEK3 AMERICAN HONDA FINANCE
CORP 5.25 07/07/2026 3,500,000.00 04/29/20254.37%
3,535,000.00
3,522,551.96
100.85

4.11%
3,529,625.51
42,875.00

1.02%
7,073.54
A3/AA0.77

0.74 61761J3R8 MORGAN STANLEY 3.125
07/27/2026 3,500,000.00 04/29/20254.30%
3,450,685.00
3,467,449.92

99.27 4.03%
3,474,458.58
19,444.44

1.00%
7,008.65
A1/AA+0.82

0.80 87612EBM7 TARGET CORP 1.95 01/15/2027 2,140,000.00 --

1.97%
2,137,844.40
2,139,441.82

97.63 3.85%
2,089,209.71
8,809.67

0.60%
(50,232.11)
A2/A
A

1.29 1.25
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 3,500,000.00 01/23/2023

4.35%
3,251,955.00
3,414,227.43

97.84 4.03%
3,424,294.86
6,669.44

0.99%
10,067.43
A2/AA1.42

1.38 665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 2,200,000.00 08/24/2022

3.93%
2,206,402.00
2,202,108.72
100.16

3.90%
2,203,427.42
34,466.67

0.64%
1,318.71
A2/A+
A+

1.61 1.44
92826CAH5 VISA INC 2.75 09/15/2027 4,000,000.00 03/27/2024

4.57%
3,769,760.00
3,870,149.00

98.14 3.75%
3,925,526.12
4,888.89

1.13%
55,377.12
Aa3/AANA1.96

1.88 74340XBV2 PROLOGIS LP 3.375 12/15/2027 3,000,000.00 01/25/2023

4.28%
2,881,530.00
2,946,512.42

98.88 3.91%
2,966,269.53
29,812.50

0.86%
19,757.11
A2/A
NA

2.21 2.08
24422EWR6 JOHN DEERE CAPITAL CORP 4.75
01/20/2028 2,000,000.00 01/20/2023

4.35%
2,035,920.00
2,016,579.98
101.92

3.87%
2,038,339.12
18,736.11

0.59%
21,759.14
A1/A
A+

2.31 2.15
713448FL7 PEPSICO INC 3.6 02/18/2028 2,000,000.00 04/27/2023

4.00%
1,964,920.00
1,982,629.71

99.51 3.81%
1,990,279.88
8,600.00

0.57%
7,650.17
A1/A+
NA

2.39 2.25
857477CU5 STATE STREET CORP 4.536
02/28/2028 4,155,000.00 02/25/20254.51%
4,155,000.00
4,155,000.00
101.28

3.97%
4,208,293.40
17,276.49

1.21%
53,293.40
Aa3/A
AA2.412.18
57636QAW4 MASTERCARD INC 4.875
03/09/2028 3,000,000.00 06/13/2024

4.50%
3,037,110.00
3,023,987.77
102.31

3.87%
3,069,168.54
8,937.50

0.89%
45,180.77
Aa3/A+
NA

2.44 2.21
61747YER2 MORGAN STANLEY 4.21
04/20/2028 1,800,000.00 07/31/20235.39%
1,729,026.00
1,770,440.56
100.11

4.75%
1,801,957.36
33,890.50

0.52%
31,516.80
A1/AA+2.56

1.46 58933YBH7 MERCK & CO INC 4.05 05/17/2028 2,000,000.00 --

4.03%
2,001,621.20
2,000,832.30
100.55

3.83%
2,010,907.42
30,150.00

0.58%
10,075.12
Aa3/A+
NA

2.63 2.36
46647PAM8 JPMORGAN CHASE & CO 3.509
01/23/2029 3,000,000.00 02/27/20245.19%
2,823,480.00
2,895,377.19

98.68 4.43%
2,960,479.35
19,884.33

0.85%
65,102.16
A1/A
AA3.312.18
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 3,600,000.00 01/29/20244.52%
3,612,132.00
3,608,088.00
101.86

4.00%
3,666,907.37
28,060.00

1.06%
58,819.37
A1/A+
NA

3.34 3.04
857477CN1 STATE STREET CORP 4.53
02/20/2029 2,000,000.00 08/14/20244.53%
2,000,000.00
2,000,000.00
101.07

4.37%
2,021,413.46
10,318.33

0.58%
21,413.46
Aa3/A
AA3.392.23
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 3,000,000.00 02/27/2024

4.84%
3,001,560.00
3,001,055.37
102.61

4.02%
3,078,397.83
14,145.83

0.89%
77,342.46
A1/AANA3.41

3.03 ATTACHMENT B
1231

HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
14913UAJ9 CATERPILLAR FINANCIAL SERVICES
CORP 4.85 02/27/2029 4,000,000.00 04/29/20245.08%
3,960,640.00
3,972,220.41
102.69

4.00%
4,107,400.88
18,322.22

1.19%
135,180.47
A2/A
A+

3.41 3.11
06051GLG2 BANK OF AMERICA CORP 5.202
04/25/2029 2,500,000.00 05/28/20245.38%
2,484,025.00
2,489,510.46
102.51

4.59%
2,562,657.85
56,355.00

0.74%
73,147.39
A1/AAA3.57

2.34 89236TMF9 TOYOTA MOTOR CREDIT CORP

5.05 05/16/2029 2,500,000.00 05/28/20245.09%
2,495,600.00
2,496,789.19
103.19

4.09%
2,579,752.98
47,343.75

0.74%
82,963.79
A1/A+
A+

3.62 3.24
57629W4T4 MASSMUTUAL GLOBAL FUNDING
II 5.15 05/30/2029 2,950,000.00 05/22/2024

5.17%
2,947,551.50
2,948,207.20
103.06

4.24%
3,040,361.04
51,063.68

0.88%
92,153.83
Aa3/AA+
AA+

3.66 3.27
437076DC3 HOME DEPOT INC 4.75
06/25/2029 4,000,000.00 07/30/20244.58%
4,028,360.00
4,021,475.57
102.41

4.05%
4,096,255.24
50,666.67

1.18%
74,779.67
A2/A
A

3.73 3.29
025816EJ4 AMERICAN EXPRESS CO 4.351
07/20/2029 2,500,000.00 07/25/20254.38%
2,497,650.00
2,497,755.13
100.59

4.33%
2,514,749.78
19,942.08

0.73%
16,994.65
A2/AA3.80

2.60 532457CQ9 ELI LILLY AND CO 4.2 08/14/2029 2,290,000.00 08/12/2024

4.25%
2,284,984.90
2,286,119.20
100.71

4.00%
2,306,210.47
12,556.83

0.67%
20,091.27
Aa3/A+
NA

3.87 3.45
64952WFK4 NEW YORK LIFE GLOBAL FUNDING

4.6 12/05/2029 3,500,000.00 02/27/2025

4.58%
3,502,135.00
3,501,871.34
101.57

4.19%
3,554,810.88
51,877.78

1.03%
52,939.53
Aa1/AA+
AAA

4.18 3.72
59217GFT1 METROPOLITAN LIFE GLOBAL
FUNDING I 4.9 01/09/2030 2,645,000.00 01/02/20254.95%
2,639,551.30
2,640,342.05
102.53

4.24%
2,711,994.33
29,521.14

0.78%
71,652.28
Aa3/AAAA4.28

3.79 63743HFX5

NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 4.95
02/07/2030
3,500,000.00 05/28/2025

4.70%
3,535,315.00
3,532,693.64
103.01

4.19%
3,605,289.66
25,987.50

1.04%
72,596.02
A2/NA
A

4.36 3.80
74464AAC5 PUBLIC STORAGE OPERATING CO

4.375 07/01/2030 2,085,000.00 07/17/2025

4.58%
2,066,109.90
2,066,893.07
100.46

4.27%
2,094,603.22
23,058.07

0.60%
27,710.15
A2/A
NA

4.75 4.14
Total Corporate 90,865,000.00 4.52%
89,572,178.20
90,370,754.44
100.77

4.08%
91,540,545.23
837,788.22

26.42%
1,169,790.79

2.65 2.29

MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 1,877,712.58 --

4.01%
1,877,712.58
1,877,712.58

1.00 4.01%
1,877,712.58

0.00 0.54%

0.00 Aaa/AAAm
AAA

0.00 0.00
Total Money Market
Fund 1,877,712.58 4.01%
1,877,712.58
1,877,712.58

1.00 4.01%
1,877,712.58

0.00 0.54%

0.00 0.00

0.00 ATTACHMENT B
1232

HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration

MUNICIPAL BONDS
646140DP5 NEW JERSEY ST TPK AUTH TPK
REV 1.047 01/01/2026 557,500.00 01/22/20211.05%
557,500.00
557,500.00

99.22 4.19%
553,151.50
1,459.26

0.16%
(4,348.50)
A1/AAA+0.25

0.25 Total Municipal
Bonds 557,500.00 1.05%
557,500.00
557,500.00

99.22 4.19%
553,151.50
1,459.26

0.16%
(4,348.50)

0.25 0.25

US TREASURY
912797MS3 UNITED STATES TREASURY
10/02/2025 3,500,000.00 04/29/20254.22%
3,438,417.22
3,499,602.69

99.99 4.09%
3,499,609.05

0.00 1.01%

6.36 P-1/A-1+
F1+

0.01 0.00
912797QE0 UNITED STATES TREASURY
10/09/2025 5,250,000.00 08/28/20254.29%
5,224,842.66
5,245,091.25

99.91 4.12%
5,245,261.56

0.00 1.51%
170.31
P-1/A-1+
F1+

0.02 0.02
912797RC3 UNITED STATES TREASURY
10/14/2025 6,000,000.00 09/26/20254.10%
5,989,906.25
5,991,252.08

99.85 4.10%
5,991,247.74

0.00 1.73%
(4.34)
P-1/A-1+
F1+

0.04 0.04
91282CAZ4 UNITED STATES TREASURY 0.375
11/30/2025 6,772,500.00 --0.93%
6,619,508.79
6,766,381.09

99.39 4.11%
6,731,230.08
8,535.02

1.94%
(35,151.01)
Aa1/AA+
AA+

0.17 0.16
91282CGA3 UNITED STATES TREASURY 4.0
12/15/2025 5,000,000.00 04/29/20254.01%
4,999,609.38
4,999,872.07
100.00

3.94%
5,000,146.50
59,016.39

1.44%
274.43
Aa1/AA+
AA+

0.21 0.20
91282CBH3 UNITED STATES TREASURY 0.375
01/31/2026 17,305,000.00 -- 0.79%
16,971,456.65
17,281,420.03

98.81 4.01%
17,099,030.01
10,933.19

4.94%
(182,390.03)
Aa1/AA+
AA+

0.34 0.33
91282CBQ3 UNITED STATES TREASURY 0.5
02/28/2026 12,670,000.00 -- 0.94%
12,437,181.06
12,647,775.27

98.61 3.90%
12,494,203.75
5,425.00

3.61%
(153,571.52)
Aa1/AA+
AA+

0.41 0.41
91282CCF6 UNITED STATES TREASURY 0.75
05/31/2026 8,320,000.00 --

0.80%
8,301,545.71
8,317,548.88

97.99 3.84%
8,153,112.53
20,970.49

2.35%
(164,436.35)
Aa1/AA+
AA+

0.67 0.65
91282CCY5 UNITED STATES TREASURY 1.25
09/30/2028 3,325,000.00 --

3.32%
3,058,576.17
3,133,891.95

93.27 3.64%
3,101,341.81
114.18

0.90%
(32,550.14)
Aa1/AA+
AA+

3.00 2.90
91282CJF9 UNITED STATES TREASURY 4.875
10/31/2028 2,500,000.00 07/25/20253.87%
2,575,781.25
2,571,645.41
103.56

3.64%
2,589,062.50
51,002.04

0.75%
17,417.09
Aa1/AA+
AA+

3.08 2.80
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 7,000,000.00 03/27/2024

4.20%
6,940,117.19
6,958,792.51
101.08

3.65%
7,075,742.17
47,173.91

2.04%
116,949.66
Aa1/AA+
AA+

3.34 3.08
9128286B1 UNITED STATES TREASURY 2.625
02/15/2029 7,000,000.00 -- 4.06%
6,525,214.84
6,700,153.35

96.76 3.65%
6,773,046.84
23,468.07

1.96%
72,893.49
Aa1/AA+
AA+

3.38 3.18
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 6,500,000.00 06/13/20244.25%
6,572,617.19
6,553,710.23
102.80

3.67%
6,682,304.72
98,299.18

1.93%
128,594.49
Aa1/AA+
AA+

3.67 3.31

ATTACHMENT B
1233

HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 3,450,000.00 12/23/20244.42%
3,390,164.06
3,400,172.33
101.11

3.69%
3,488,138.68
23,250.00

1.01%
87,966.35
Aa1/AA+
AA+

3.83 3.50
912828YB0 UNITED STATES TREASURY 1.625
08/15/2029 7,600,000.00 -- 3.42%
6,985,504.69
7,118,225.49

92.78 3.64%
7,051,078.14
15,773.10

2.04%
(67,147.35)
Aa1/AA+
AA+

3.87 3.69
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 6,500,000.00 11/26/20244.21%
6,475,371.10
6,479,587.72
101.59

3.70%
6,603,339.86
112,204.48

1.91%
123,752.14
Aa1/AA+
AA+

4.08 3.67
91282CFY2 UNITED STATES TREASURY 3.875
11/30/2029 8,000,000.00 01/30/2025

4.32%
7,847,187.50
7,868,238.20
100.64

3.71%
8,051,562.48
104,180.33

2.32%
183,324.28
Aa1/AA+
AA+

4.17 3.77
91282CGJ4 UNITED STATES TREASURY 3.5
01/31/2030 6,700,000.00 -- 4.02%
6,511,839.85
6,570,732.26

99.15 3.71%
6,643,207.05
39,508.15

1.92%
72,474.79
Aa1/AA+
AA+

4.34 3.96
912828Z94 UNITED STATES TREASURY 1.5
02/15/2030 542,500.00 04/06/20222.65%
498,040.43
517,719.26

91.19 3.70%
494,713.38
1,039.30

0.14%
(23,005.88)
Aa1/AA+
AA+

4.38 4.16
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 3,500,000.00 05/28/20254.08%
3,467,871.09
3,470,105.99
100.63

3.72%
3,522,148.42
56,756.11

1.02%
52,042.43
Aa1/AA+
AA+

4.58 4.10
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030 3,000,000.00 06/06/20254.11%
2,985,117.19
2,986,050.95
101.17

3.72%
3,035,156.25
40,327.87

0.88%
49,105.30
Aa1/AA+
AA+

4.67 4.17
91282CNN7 UNITED STATES TREASURY 3.875
07/31/2030 4,000,000.00 08/15/20253.85%
4,005,000.00
4,004,878.32
100.60

3.74%
4,024,062.48
26,114.13

1.16%
19,184.16
Aa1/AA+
AA+

4.83 4.35
91282CAE1 UNITED STATES TREASURY 0.625
08/15/2030 587,500.00 04/06/20222.63%
498,755.37
535,703.18

86.21 3.75%
506,512.21
468.96

0.15%
(29,190.97)
Aa1/AA+
AA+

4.87 4.71
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 5,000,000.00 09/18/2025

3.66%
4,992,382.81
4,992,433.39

99.48 3.74%
4,974,218.75
15,521.41

1.44%
(18,214.64)
Aa1/AA+
AA+

4.92 4.45
91282CBL4 UNITED STATES TREASURY 1.125
02/15/2031 565,000.00 04/06/20222.62%
498,104.88
524,370.32

87.38 3.74%
493,712.89
811.80

0.14%
(30,657.43)
Aa1/AA+
AA+

5.38 5.11
912810FP8 UNITED STATES TREASURY 5.375
02/15/2031 6,000,000.00 -- 4.27%
6,403,066.41
6,305,065.47
107.66

3.79%
6,459,375.00
41,188.86

1.86%
154,309.53
Aa1/AA+
AA+

5.38 4.65
91282CCS8 UNITED STATES TREASURY 1.25
08/15/2031 562,500.00 04/06/20222.62%
498,515.62
522,305.89

86.48 3.84%
486,474.61
898.01

0.14%
(35,831.28)
Aa1/AA+
AA+

5.87 5.55
91282CFV8 UNITED STATES TREASURY 4.125
11/15/2032 6,000,000.00 -- 3.72%
6,197,734.38
6,143,589.93
101.16

3.94%
6,069,843.72
93,485.05

1.75%
(73,746.21)
Aa1/AA+
AA+

7.13 6.04
91282CHT1 UNITED STATES TREASURY 3.875
08/15/2033 6,500,000.00 -- 4.73%
6,069,570.31
6,154,005.55

99.17 4.00%
6,446,171.88
32,168.82

1.86%
292,166.32
Aa1/AA+
AA+

7.87 6.69
Total US Treasury 159,650,000.00 3.15%
156,979,000.05
158,260,321.08

99.55 3.84%
158,785,055.05
928,633.87

45.83%
524,733.97

2.84 2.55

ATTACHMENT B
1234

HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Portfolio 347,581,890.95 3.79%
341,349,186.10
344,024,550.59

99.23 3.94%
346,444,866.74
2,159,111.27
100.00%
2,420,316.15

3.07 2.56
Total Market Value +
Accrued 348,603,978.00

ATTACHMENT B
1235

HOLDINGS REPORT
City of Stockton Enhanced Cash | Account #11194 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
CASH
CCYUSD Receivable 6,038.09 -- 6,038.09
6,038.09

1.00 0.00%
6,038.09

0.00 0.34%

0.00 Aaa/AAA
AAA

0.00 0.00
Total Cash 6,038.09
6,038.09
6,038.09

1.00 0.00%
6,038.09

0.00 0.34%

0.00 0.00

0.00 MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 1,794,937.40 --

4.01%
1,794,937.40
1,794,937.40

1.00 4.01%
1,794,937.40

0.00 99.66%

0.00 Aaa/AAAm
AAA

0.00 0.00
Total Money Market
Fund 1,794,937.40 4.01%
1,794,937.40
1,794,937.40

1.00 4.01%
1,794,937.40

0.00 99.66%

0.00 0.00

0.00 Total Portfolio 1,800,975.49 4.01%
1,800,975.49
1,800,975.49

1.00 4.00%
1,800,975.49

0.00 100.00%

0.00 0.00

0.00 Total Market Value +
Accrued 1,800,975.49

ATTACHMENT B
1236

TRANSACTIONS

ATTACHMENT B
1237

TRANSACTION LEDGER
City of Stockton Reserve | Account #10020|07/01/2025 Through 09/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 07/17/2025 3137FRUT6 3,000,000.00 FHMS K-106 A2 2.069 01/25/2030 91.031 4.28% (2,730,937.50) (2,758.67) (2,733,696.17) 0.00 Purchase 07/18/2025 74464AAC5 2,085,000.00

PUBLIC STORAGE
OPERATING CO 4.375
07/01/2030

99.094 4.58% (2,066,109.90) (4,560.94) (2,070,670.84) 0.00 Purchase 07/28/2025 025816EJ4 2,500,000.00 AMERICAN EXPRESS CO 4.351 07/20/2029 99.906 4.38% (2,497,650.00) (906.46) (2,498,556.46) 0.00 Purchase 07/28/2025 91282CJF9 2,500,000.00

UNITED STATES
TREASURY 4.875
10/31/2028
103.031 3.87% (2,575,781.25) (29,475.20) (2,605,256.45) 0.00 Purchase 08/18/2025 91282CNN7 4,000,000.00

UNITED STATES
TREASURY 3.875
07/31/2030
100.125 3.85% (4,005,000.00) (7,581.52) (4,012,581.52) 0.00 Purchase 08/29/2025 912797QE0 5,250,000.00 UNITED STATES TREASURY 10/09/2025 99.521 4.29% (5,224,842.66) 0.00 (5,224,842.66) 0.00 Purchase 09/17/2025 3137FLN91 4,065,000.00 FHMS K-091 A2 3.505 03/25/2029 98.906 3.81% (4,020,539.06) (6,332.37) (4,026,871.43) 0.00 Purchase 09/19/2025 91282CNX5 5,000,000.00

UNITED STATES
TREASURY 3.625
08/31/2030

99.848 3.66% (4,992,382.81) (9,513.12) (5,001,895.93) 0.00 Purchase 09/29/2025 912797RC3 6,000,000.00 UNITED STATES TREASURY 10/14/2025 99.832 4.10% (5,989,906.25) 0.00 (5,989,906.25) 0.00 Total Purchase 34,400,000.00 (34,103,149.43) (61,128.28) (34,164,277.71) 0.00 TOTAL
ACQUISITIONS 34,400,000.00 (34,103,149.43) (61,128.28) (34,164,277.71) 0.00

DISPOSITIONS
Maturity 07/01/2025 341271AD6 (1,875,000.00)

FLORIDA ST BRD

ADMIN FIN CORP REV

1.258 07/01/2025
100.000 1.17% 1,875,000.00 0.00 1,875,000.00 0.00
Maturity 07/21/2025 3137EAEU9 (2,310,000.00)

FEDERAL HOME LOAN

MORTGAGE CORP

0.375 07/21/2025
100.000 0.48% 2,310,000.00 0.00 2,310,000.00 0.00

ATTACHMENT B
1238

TRANSACTION LEDGER
City of Stockton Reserve | Account #10020|07/01/2025 Through 09/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss Maturity 08/01/2025 54438CYK2 (965,000.00)

LOS ANGELES CALIF

CMNTY COLLEGEDIST

0.773 08/01/2025
100.000 0.77% 965,000.00 0.00 965,000.00 0.00
Maturity 08/25/2025 3135G05X7 (3,995,000.00)

FEDERAL NATIONAL

MORTGAGE
ASSOCIATION 0.375
08/25/2025
100.000 0.47% 3,995,000.00 0.00 3,995,000.00 0.00
Maturity 08/31/2025 91282CAJ0 (6,000,000.00)

UNITED STATES
TREASURY 0.25
08/31/2025
100.000 0.56% 6,000,000.00 0.00 6,000,000.00 0.00
Maturity 09/09/2025 71344TW99 (3,500,000.00) PepsiCo, Inc. 09/09/2025 100.000 4.35% 3,500,000.00 0.00 3,500,000.00 0.00 Maturity 09/23/2025 3137EAEX3 (3,545,000.00)

FEDERAL HOME LOAN

MORTGAGE CORP

0.375 09/23/2025
100.000 0.44% 3,545,000.00 0.00 3,545,000.00 0.00
Maturity 09/29/2025 3133EMBH4 (2,265,000.00)

FEDERAL FARM CREDIT

BANKS FUNDING CORP

0.53 09/29/2025
100.000 0.57% 2,265,000.00 0.00 2,265,000.00 0.00
Total Maturity (24,455,000.00) 24,455,000.00 0.00 24,455,000.00 0.00 Sale 07/18/2025 912797QL4 (6,500,000.00) UNITED STATES
TREASURY 08/26/2025 99.539 4.44% 6,470,055.31 0.00 6,470,055.31 668.96 Total Sale (6,500,000.00) 6,470,055.31 0.00 6,470,055.31 668.96 TOTAL
DISPOSITIONS (30,955,000.00) 30,925,055.31 0.00 30,925,055.31 668.96

ATTACHMENT B
1239

TRANSACTION LEDGER
City of Stockton Enhanced Cash | Account #11194|07/01/2025 Through 09/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss

DISPOSITIONS
Maturity 07/08/2025 912797PZ4 (30,000,000.00) UNITED STATES TREASURY 07/08/2025 100.000 4.15% 30,000,000.00 0.00 30,000,000.00 0.00 Total Maturity (30,000,000.00) 30,000,000.00 0.00 30,000,000.00 0.00 TOTAL
DISPOSITIONS (30,000,000.00) 30,000,000.00 0.00 30,000,000.00 0.00

ATTACHMENT B
1240

IMPORTANT DISCLOSURES
City of Stockton Reserve | Account #10020 | As of September 30, 2025 2025 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 “asis” 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.

ATTACHMENT B
1241

BENCHMARK DISCLOSURES
City of Stockton | As of September 30, 2025
Benchmark Disclosure
ICE BofA 1-5 Year Gov/Corp A or better
The ICE BofA US Issuers 1-5 Year AAA-A US Corporate & Government Index tracks the performance of US dollar denominated investment grade debt publicly issued in the US domestic market, including US Treasury, US agency, foreign government, supranational, and corporate securities. Qualifying securities must be issued from US issuers and be rated AAA through A3 (based on an average of Moody’s, S&P and Fitch). In addition, qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to final maturity at point of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for US Treasuries and $250 million for all other securities.

ICE BofA 1-5 Yr US Treasury & Agency Index
The ICE BofA 1-5 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 five 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.

ICE BofA 3-Month US Treasury Bill Index
The ICE BofA US 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each monthend rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date.

ATTACHMENT B
1242

ATTACHMENT C
1243
City of Stockton
Legislation Text
File #: 25-1377, Version: 1

ADOPT A RESOLUTION APPOINTING A POSITION IN THE OFFICE OF THE MAYOR

RECOMMENDATION
It is recommended that the City Council adopt a resolution that:

1. Appoints one new employee to fill the vacant Mayoral Public Information Officer position in the Office of the Mayor; and

2. Authorizes the City Manager to take whatever actions are necessary and appropriate to carry out the purpose and intent of the resolution.

Summary
Measure O, approved by voters on November 8, 2016, amends the Stockton City Charter to provide funding for no less than three positions in the Office of the Mayor: an Executive Assistant to the Mayor, a Public Information Officer, and a Senior Policy Advisor. It is at the pleasure of the Mayor, with City Council consent, that these positions are employed.

DISCUSSION
Background
Article XI, Section 1102, paragraph (n) of the City Charter authorizes the Mayor, with the advice and consent of Council, to appoint employees to the Office of the Mayor as may be necessary or desirable to assist in the work of the Mayor. Funding for Mayoral staff, however, was not previously required by Charter. Measure O, approved by voters on November 8, 2016, amended the Charter to require funding for no less than three Mayoral staff positions to be included in each annual budget.

These positions include an Executive Assistant, a Senior Policy Advisor, and a Public Information Officer. To comply with Measure O, and Article XI-A, Section 1151 of the City Charter, a Public Information Officer must be one of the three positions funded and assigned to the Office of the Mayor.

In November 2024, voters approved Measure M, which further clarifies and distinguishes the roles and responsibilities of the Mayoral Public Information Officer, under Charter Article XI-A. The revised language now reads as follows:

Section 1151. City of Stockton Public Information Office The City of Stockton Public Information Office shall be administered by a Public Information Officer appointed by the City Manager who shall serve at his or her pleasure.

City of Stockton Page 1 of 2 Printed on 12/4/2025
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File #: 25-1377, Version: 1
Section 1153. Mayoral Public Information Officer
The Mayor shall be permitted to have a Mayoral Public Information Officer. The Mayoral Public Information Officer shall be appointed by the Mayor and shall serve at his or her pleasure.

The Mayoral Public Information Officer will be provided information necessary to fulfill his or her role in a reasonable and timely manner, as coordinated through the City of Stockton Public Information Office.

Present Situation
The Mayoral Public Information Officer position is currently vacant. Mayor Fugazi has selected Jason Teramoto to serve as the Mayoral Public Information Officer, starting at step 3 to the salary schedule, or $106,535.54 per year. A resumé has been provided as Attachment A.

Information on this final appointment is as follows:

Mayoral Public Information Officer:

Under direction of the Mayor, the Mayoral Public Information Officer gathers and disseminates to the public and to the news media, in a timely manner, accurate and complete information concerning the Mayor's Office; performs other duties for the Mayor's Office as assigned. The incumbent in this position serves at the pleasure of the Mayor. The City’s Class Specification has been provided as Attachment B.

FINANCIAL SUMMARY
The annual cost for salaries and benefits for the Mayor’s staff are budgeted for, and approved, through the regular budget process. Funds are available in the General Fund - Mayor’s Regular Salaries account.

Attachment A - Redacted Resumé - Jason Teramoto
Attachment B - Class Spec, Mayoral Public Information Officer City of Stockton Page 2 of 2 Printed on 12/4/2025
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JASON TERAMOTO

PROFESSIONAL EXPERIENCE
The Public Trust — Managing Partner 2012 – 2022 / 2023 - 2025 Founding partner of a public-sector and policy consultancy supporting municipal, county, state, and federal clients. Oversee organizational operations, provide executive advisory services, and lead complex policy, communication, and programmatic engagements. • Direct strategic planning, operational workflows, financial management, and business development for a multi-jurisdictional consultancy.
• Advised public-sector clients on policy initiatives, regulatory issues, program implementation, public communications, and change management. • Lead cross-functional teams and contractors, ensuring timely delivery of research, analysis, communication products, and interagency materials.
• Developed executive briefings, public disclosures, internal memos, and stakeholder-facing communications used in high-visibility government and nonprofit settings. • Managed organizational budgeting, compliance, logistics, resource allocation, and project prioritization across multiple concurrent engagements.

SupplyBank.org — Director of Regulatory Affairs 2022 – 2023 Directed statewide regulatory, CEQA, permitting, and entitlement processes for the Oakport Project, a high-impact initiative supporting safety-net programs serving 6 million+ Californians.

Negotiated state appropriations to 58 counties community action agencies targeting lowincome families. • Led multi-agency coordination with the City of Oakland, Alameda County, BCDC, and the State Water Resources Control Board, ensuring timely approvals, environmental compliance, and regulatory alignment.
• Oversaw CEQA review, entitlement strategy, environmental documentation, and negotiation of complex permitting milestones.
• Supervised contractor teams, managed procurement, negotiated scopes, and ensured delivery of all regulatory and project deliverables.
• Exercised full P&L ownership, strategic planning, operational oversight, and risk management for regulatory components.
• Collaborated with statewide partners, provided technical and policy guidance, and supported program advocacy across Northern and Southern California.

Congressional Campaign Manager 2008 – 2012
Executed multi-cycle congressional campaigns, leading operations, compliance, communications, fundraising, and regional coalition building.

ATTACHMENT A
1246
• Directed daily campaign operations including FEC/FPPC compliance, budgeting, fundraising, and labor relations.
• Managed staff, interns, and volunteers; coordinated field operations; and oversaw voter engagement and data-driven targeting.
• Built strategic partnerships with local, state, and federal constituencies, including labor, advocacy groups, civic organizations, and elected officials. • Provided daily policy analysis, data interpretation, and message development aligned with district priorities and platform consistency.
• Served as primary liaison for third-party event coordination and public appearances.

U.S. House of Representatives — Congressional Aide / Deputy District Director 2003 – 2013
Supported district operations, policy coordination, constituent engagement, and intergovernmental liaison functions for Ranking Chair of Ways and Means Committee. • Managed constituent casework, agency coordination, and issue resolution across federal, state, and local systems.
• Prepared policy memos, district reports, public notices, white papers, and briefings for high-stakes legislative and advocacy initiatives.
• Represented the Member at public events, agency meetings, and community functions; built durable relationships with elected officials, labor groups, and civic organizations. • Oversaw scheduling, district office operations, workflow management, and stakeholder communication with professionalism and discretion.

PROFESSIONAL AFFILIATIONS
• Vice Chair, California Community Colleges Board of Governors • Founder, California Community College Statewide Student Senate • New Leaders Council, Alumni Fellow & Charter Committee Member • Phi Alpha Delta - UC Berkeley Chapter, Theta Class 2006

EDUCATION
University of California, Berkeley — B.A., Political Science/PEIS Las Positas College — A.A., Political Science

ATTACHMENT A
1247
City of Stockton
Mayoral Public Information Officer
CLASS CODE 03174 SALARY $46.35 - $59.51 Hourly
$3,707.87 - $4,760.60 Biweekly
$96,404.54 - $123,775.51
Annually
REVISION DATE April 29, 2025

DEFINITION
Under administrative direction of the Mayor, leads the strategic planning, development, and implementation of comprehensive data analytics, performance management, and public information programs concerning the Mayor’s Office; combines   strategic transparency initiatives, performance data analytics, and public communication functions to foster government accountability, citizen engagement, and   effective information dissemination across various platforms; serves as a key advisor to City leadership in the design and development of data collection pipelines, performance metrics, public education campaigns, and comprehensive media strategies; fosters cooperative working relationships with civic groups, community/neighborhood groups, intergovernmental agencies, City staff and departments, and the media; performs other duties for the Mayor’s Office as assigned.

CLASS CHARACTERISTICS
This single at-will position is fully competent to perform complex, responsible and difficult work, anticipates the needs of the community and proactively seeks to partner with community groups to execute the Mayor’s vision.

The position provides support to the Office of Public Transparency, Information and Communication (OPTIC), which manages City-wide data analytics, performance management, and public information objectives, and is assigned to the Mayor’s Office. The incumbent will perform advanced professional level analytical work for the Mayor’s office and is responsible for establishing and overseeing programs that enhance government transparency, strengthen public communication, collect vital department performance data, facilitate data accessibility, and provide ongoing guidance to City leadership during critical phases of the program development lifecycle.

PRINCIPAL DUTIES (Illustrative Only)
Duties may include, but are not limited to, the following:

Designs, develops, and manages performance management agreements and accountability models that foster a culture of continuous improvement and transparency on behalf of the Mayor’s Office.

Develops and implements a comprehensive content strategy to proactively engage with the public across multiple platforms, including social media, traditional media, and the City website that highlights the initiatives, policies, and performance of the Mayor’s Office.

ATTACHMENT B
1248
Manages the City’s digital presence, ensuring that web content, including department pages and the "Ask Stockton" application, is current, user-friendly, and aligned with the City’s transparency goals.

Coordinates and oversees the City’s CitiStat program and analyzes computerized database and geographic mapping information to assess the performance of departments and identify areas for improvement.

Moderates the production of multimedia content such as videos, graphics, and press releases    to communicate City activities, initiatives, and accomplishments to the public; ensures the translation of complex government information into accessible formats for public consumption.

Responds to public inquiries, including CPRA (California Public Records Act) requests, and resolves complex, sensitive issues.

Leads and/or prepares the Office of the Mayor’s staff to conduct campaigns, press conferences, media events, interviews, and editorial boards to educate the public and raise awareness about the City’s services, performance, and policies; maintains awareness of regional and national issues and potential impact on City operations.

Acts as the Mayor’s spokesperson for press inquiries and represents the City in meetings with the media, community groups, and local stakeholders.

Ensures that the Mayor’s communications strategy aligns with the public policy priorities of the City administration and Council.

Develops crisis and emergency response materials for situations such as fires, floods, and other natural and human-related disasters.

Promotes partnerships with local educational institutions for internship programs focused on digital media, social media, and communications.

Prepares and delivers presentations to City leaders, the City Council, and the public on transparency initiatives and performance metrics.

Coordinates with other City departments to ensure the effective implementation of transparency and public outreach strategies.

Responds to and resolves difficult, sensitive, or complex concerns from community members on behalf of the Mayor’s Office.

Performs related duties as assigned.

QUALIFICATIONS
Knowledge of:

Principles and practices of municipal operations, budgeting, staffing, program development and implementation, performance measurement, and data analytics; Media production techniques, including video, photography, and graphic design; Social media management, digital communication strategies, and content creation; Applicable city, state and federal laws and regulations relating to public records and information management, including the California Public Records Act (CPRA); Public relations strategies, marketing practices, and strategic communications planning; Government performance metrics, statistical analysis, and data interpretation; Social, political, and environmental issues influencing program administration; Crisis communication strategies and emergency management protocols; Modern computer applications, programming languages, web development technologies and content management systems;
Principles of effective employee supervision and department-level management; and City operations, policies, and community engagement strategies.

ATTACHMENT B
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Skill in:

Planning, developing, administering, and managing a variety of City-wide transparency and public communications programs;
Supervising, training, and evaluating the work of assigned staff, including interns and volunteers; Establishing, prioritizing, and implementing goals, objectives, policies, procedures, and work standards, and internal controls;
Developing and implementing long-term strategic communications plans that align with the City’s goals and objectives;
Effectively communicating and collaborating with diverse stakeholders, including City officials, public and private organizations, community groups, and media representatives; maintaining effective working relationships with internal and external stakeholders;
Analyzing complex administrative problems, evaluating alternative solutions, and adopting effective courses of action for improvement;
Producing clear, concise, and compelling content across multiple platforms, including web, social media, and traditional media;
Identifying and responding to sensitive community and organizational issues, concerns, and needs; managing crisis communications and responding to sensitive issues in a timely and professional manner; Exercising sound judgment and decision-making in a high-profile, fast-paced environment; and Ensuring compliance with relevant legal, regulatory, and policy frameworks.

Education:

Possession of a Bachelor’s degree from an accredited college or university with major course work in journalism, public or business administration, marketing, communications, economics, computer science, information systems, or a closely related field. A Master's degree in a relevant field is highly desirable.

Experience:

Five years of professional experience in public information management, communications, data analytics, or performance management.

Qualifying Substitution Patterns:

Additional years of experience in a position comparable to the Mayoral Public Information Officer with the City of Stockton in areas such as data analytics, performance management, public information management, communications, or journalism on a year-for-year basis.

Education Experience
Bachelor's degree (4 years) 5 years
90 Semester units (3 years) 6 years
Associate degree/60 units (2 years) 7 years
30 Semester units (1 year) 8 years
High School Diploma/GED 9 years
Additional Notes:

Experience MUST be directly related to the role’s responsibilities.

Relevant education and professional experience will be evaluated on a case-by-case basis.

ATTACHMENT B
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Candidates must demonstrate equivalent competencies and skills through a combination of their documented education and/or work history.

Other Requirements:

Must possess a valid California driver’s license. Some positions may require the use of a personal or City vehicle on City business.

Must be willing to attend meetings outside of normal working hours.

Multilingual skills are highly desirable.

Physical/Mental Abilities:

Mobility - Occasional sitting for long periods of time while operating a keyboard, walking, bending, stooping, kneeling, reaching, pushing and pulling;
Lifting - Occasional lifting and carrying of up to 25 pounds or less; Vision - Constant use of overall visual capabilities; frequent need for use of color perception, hand/eye coordination, reading and/or close up work;
Dexterity – Constant repetitive motion and writing; occasional holding, grasping, and typing; Hearing/Talking - Constant hearing and talking of normal speech in person and on the telephone; Occasionally speaking in front of large groups of people; Special Requirements - May require frequent weekend or evening work; Emotional/Psychological - Constant concentration, decision making and public contact; occasional ability to exercise sound judgment, especially under stressful situations; and working alone; Environmental Conditions - Occasional exposure to noise; and Working Conditions - Primarily performed in an office environment which is moderately quiet but may be loud at times and at some locations.

This class specification should not be interpreted as all inclusive.  It is intended to identify the essential functions and requirement of this job.  Incumbents may be requested to perform job-related responsibilities and tasks other than those stated in this specification.  Any essential function or requirement of this class will be evaluated as necessary should an incumbent/applicant be unable to perform the function or requirement due to a disability as defined by the American with Disabilities Act (ADA).  Reasonable accommodation for the specific disability will be made for the incumbent/applicant when possible.

HISTORICAL NOTE
Established: 01/19/1959
Ordinance: 190-CS
Exempted: 08/01/1966
Ordinance: 1431-CS
Title Changed: 07/21/1968
Resolution: CS3827
Title Changed: 06/30/1998
Resolution: CC98-0268
Spec Amended:  08/14/2015
Spec Amended:  02/02/2017
Spec Amended:  11/20/2024

ATTACHMENT B
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Spec Amended: 04/29/2025
Unit:  Unrepresented/MW
Employment Status: At-Will
FLSA Status:  Exempt
CS Status: Unclassified
Formerly Mayoral PIO I/II, Public Information Officer; Civic Information Officer

ATTACHMENT B
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Resolution No.

STOCKTON CITY COUNCIL

ADOPT A RESOLUTION APPOINTING A POSITION IN THE OFFICE OF THE MAYOR Article XI, Section 1102, paragraph (n) of the City Charter authorizes the Mayor, with the advice and consent of Council, to appoint employees to the Office of the Mayor as may be necessary or desirable to assist in the work of the Mayor; and Measure O, approved by voters on November 8, 2016, amended the Charter to require funding for no less than three Mayoral staff positions to be included in each annual budget; and
These positions include an Executive Assistant, a Senior Policy Advisor, and a Public Information Officer; and
To comply with Measure O, and Article XI-A, Section 1151 of the City Charter, a Public Information Officer must be one of the three positions funded and assigned to the Office of the Mayor; now, therefore,

BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF STOCKTON, AS FOLLOWS:

1. The City Council hereby approves the appointment of one new employee to fill the vacant Mayoral Public Information Officer position in the Office of the Mayor.  Jason Teramoto as the Mayoral Public Information Officer

2. The City Manager is authorized to take whatever actions are necessary and appropriate to carry out the purpose and intent of the resolution.

PASSED, APPROVED, and ADOPTED December 9, 2025 .

CHRISTINA FUGAZI
Mayor of the City of Stockton
ATTEST:

KATHERINE ROLAND, CMC, CPMC
City Clerk of the City of Stockton
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Legislation Text
File #: 25-1382, Version: 1
ADOPTION OF PROPOSED AMENDMENT TO CHAPTER 4.02 OF THE COUNCIL POLICY

MANUAL - AGENDAS

RECOMMENDATION
It is recommended that the City Council adopt the proposed amendment to Chapter 4.02 of the Council Policy Manual regarding Agendas.

Summary
On November 3, 2025, the Mayor requested an item be agendized with a recommendation for Council to adopt changes to Chapter 4.02 of the Council Policy Manual.

At the November 18, 2025, City Council meeting, those changes were presented for the full Council’s consideration. Additional changes were requested to the process for members to add items to future agendas.

DISCUSSION
Background
On December 2, 2025, the Mayor requested the City Clerk add revisions to allow Councilmembers to add items to future agendas during Administrative Matters.

Present Situation
Changes consistent with the Mayor’s request were made to Chapter 4.02 and are reflected in the redline attachment (Attachment A - Council Policy Chapter 4.02 - Redline) for Council’s consideration.

Financial Summary
There is no direct financial impact from potential changes.

Attachment A - Council Policy Chapter 4.02 - Redline
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City of Stockton, CA
Downloaded from https://ecode360.com/ST5019 on 2025-11-05 § 4.02.010. Policy.
1) The City of Stockton's City Council follows consistent policies and procedures regarding Council meeting agenda preparation and posting. Items presented to the City Council are the principal responsibility of the City Manager who shall be accountable for the Agenda material and content.
2) In addition to complying with this policy, the City Manager will maintain and update an administrative directive and detailed citywide policy regarding the preparation and posting of Council meeting agendas.
3) The City Manager shall prepare an agenda for Council meetings and, when necessary, for the Successor Agency of the Redevelopment Agency of the City of Stockton ("Successor Agency"), in accordance with the proposed order of business and shall provide each member of the Council/Successor Agency, the City Clerk, City Attorney and City Auditor with a copy of the agenda at least 72 hours before each regular meeting of the City Council/Successor Agency. The Council/ Successor Agency is prohibited from taking action on any item not appearing on the agenda unless a Council/Successor Agency by a two-thirds vote majority determines that an "emergency situation" as that term is defined in Section 2.04.050 of the Stockton Municipal Code exists or that one of the exceptions under Government Code, Section 54954.2(b) applies.
4) The City Manager will use discretion to determine which items should be placed on the consent agenda but the City Manager will not place an item on the consent calendar if it appears the Council will need more information or have specific questions as to the item, the public needs to hear the information concerning the item or the highlight will highlight positive accomplishments of the City. The Council/Successor Agency may consider all items on the consent agenda at one time by roll call vote after a motion to approve such consent items has been made and seconded.
5) Notwithstanding any other policy or law, Nnew business except Council/Successor Agency comments and committee reports will not be considered after 11:00 p.m.

The meeting shall be adjourned no later than 11:00 p.m., any items to be continued will be reflected in the order of adjournment and heard with priority at the next regularly scheduled meeting.
6) The Mayor and City Manager will decide what items to place on the Council's regular meeting agenda. Any Councilmember may request the Mayor to place an item on the agenda. If the Mayor does not agree to do so, the item will nevertheless be placed on a future agenda if, during an open session, the requesting Councilmember and at least one other Councilmember makes the request. This request may occur during the Administrative Matters agenda item. 7) Other than for legally required second readings, no agenda item that the Council has voted on at a Council meeting shall appear on the agenda again so as to present the same or substantially the same question for Council consideration unless any one of the following has occurred:

A) A motion for reconsideration regarding the item has been passed pursuant to Rosenberg's Rules of Order.

Attachment A
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Downloaded from https://ecode360.com/ST5019 on 2025-11-05 B) Six months have passed since the last meeting at which the item was voted on.

Attachment A
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C) A majority of the entire Council membership has requested to have the item on the agenda again.
8) POSTING OF AGENDA
The City Clerk shall post an agenda in a location which is freely accessible to the public at least 72 hours before each regular meeting of the City Council.

Attachment A
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Resolution No.

STOCKTON CITY COUNCIL
RESOLUTION ADOPTING A REVISED CITY COUNCIL POLICY CHAPTER 4.02,

AGENDAS
Chapter 4.02, the Council Policy Manual addresses the rules and procedures regarding Council Meeting Agendas; and
On November 3, 2025, the Mayor requested revisions to Council Policy 4.02; and Staff was directed to revise Council Policy 4.02 to add a requirement that Council Meetings adjourn no later than 11:00 PM; and
At the November 18, 2025, City Council meeting, changes were requested to the process for members to add items to future agendas; and On December 2, 2025, Mayor requested revisions to allow Councilmembers to add items to future agenda items during Administrative Matters; and Staff made the requested changes consistent with the Mayor’s recommendation to Council; now, therefore,

BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF STOCKTON, AS FOLLOWS:

1. The City Council approves the revisions to City Council Policy 4.02 entitled “Agendas” attached hereto as Exhibit 1 and incorporated by this reference. //
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2. The City Manager is hereby authorized to take appropriate and necessary actions to carry out the purpose and intent of this Resolution.

PASSED, APPROVED and ADOPTED: December 9, 2025 .

CHRISTINA FUGAZI
Mayor of the City of Stockton
ATTEST:

KATHERINE ROLAND, CMC, CPMC
City Clerk of the City of Stockton
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City of Stockton, CA
Downloaded from https://ecode360.com/ST5019 on 2025-11-05 Exhibit 1
§ 4.02.010. Policy.
1) The City of Stockton's City Council follows consistent policies and procedures regarding Council meeting agenda preparation and posting. Items presented to the City Council are the principal responsibility of the City Manager who shall be accountable for the Agenda material and content.
2) In addition to complying with this policy, the City Manager will maintain and update an administrative directive and detailed citywide policy regarding the preparation and posting of Council meeting agendas.
3) The City Manager shall prepare an agenda for Council meetings and, when necessary, for the Successor Agency of the Redevelopment Agency of the City of Stockton ("Successor Agency"), in accordance with the proposed order of business and shall provide each member of the Council/Successor Agency, the City Clerk, City Attorney and City Auditor with a copy of the agenda at least 72 hours before each regular meeting of the City Council/Successor Agency. The Council/ Successor Agency is prohibited from taking action on any item not appearing on the agenda unless a Council/Successor Agency by a two-thirds vote majority determines that an "emergency situation" as that term is defined in Section 2.04.050 of the Stockton Municipal Code exists or that one of the exceptions under Government Code, Section 54954.2(b) applies.
4) The City Manager will use discretion to determine which items should be placed on the consent agenda but the City Manager will not place an item on the consent calendar if it appears the Council will need more information or have specific questions as to the item, the public needs to hear the information concerning the item or the highlight will highlight positive accomplishments of the City. The Council/Successor Agency may consider all items on the consent agenda at one time by roll call vote after a motion to approve such consent items has been made and seconded.
5) Notwithstanding any other policy or law, new business will not be considered after 11:00 p.m. The meeting shall be adjourned no later than 11:00 p.m., any items to be continued will be reflected in the order of adjournment and heard with priority at the next regularly scheduled meeting.
6) The Mayor and City Manager will decide what items to place on the Council's regular meeting agenda. Any Councilmember may request the Mayor to place an item on the agenda. If the Mayor does not agree to do so, the item will nevertheless be placed on a future agenda if, during an open session, the requesting Councilmember and at least one other Councilmember makes the request. This request may occur during the Administrative Matters agenda item. 7) Other than for legally required second readings, no agenda item that the Council has voted on at a Council meeting shall appear on the agenda again so as to present the same or substantially the same question for Council consideration unless any one of the following has occurred:

A) A motion for reconsideration regarding the item has been passed pursuant to Rosenberg's Rules of Order.
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B) Six months have passed since the last meeting at which the item was voted on. 1261
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C) A majority of the entire Council membership has requested to have the item on the agenda again.
8) POSTING OF AGENDA
The City Clerk shall post an agenda in a location which is freely accessible to the public at least 72 hours before each regular meeting of the City Council. 1262
City of Stockton
Legislation Text
File #: 25-1076, Version: 1

ADOPT A RESOLUTION APPROVING THE SAN JOAQUIN COUNTY MULTI-SPECIES HABITAT CONSERVATION AND OPEN SPACE PLAN 2026 DEVELOPMENT FEE SCHEDULE

RECOMMENDATION
It is recommended that the City Council:

1. Adopt a resolution approving the San Joaquin County Multi-Species Habitat Conservation and Open Space Plan 2026 Development Fee Schedule.

2. It is further recommended that the City Manager be authorized to take appropriate and necessary actions to carry out the purpose and intent of the resolution.

Summary
On November 14, 2000, the San Joaquin Council of Governments, Inc. (SJCOG, Inc) established the San Joaquin County Multi-Species Habitat Conservation and Open Space Plan (“Plan” or “SJMSCP”). The Plan provides a strategy for balancing the need to accommodate new development with encouraging the preservation of open space, agricultural areas, and protected species habitat in San Joaquin County. Participation in the Plan is voluntary and available to the development community as an option to pay a fee to mitigate habitat impacts from their development projects.

Developers can fulfill mitigation obligations more efficiently with Plan participation and avoid negotiating mitigation measures with various Federal and State environmental protection agencies for their individual projects.

On February 20, 2001, the City of Stockton adopted the Plan.

SJCOG, Inc. collects the fees which are used to purchase permanent habitat preservation areas.

Developers who do not participate in the Plan must provide their own project level analysis during the entitlement or construction permit process for proposals that could negatively impact natural resources in the region. The Plan fees are updated annually. To become effective, the fees must be adopted by the elected officials of each participating jurisdiction. Last year’s fees were adopted by the Stockton City Council on November 12, 2024.

Over the past year, SJCOG, Inc. and the Habitat Technical Advisory Committee (HTAC) financial subcommittee, worked with a consultant to complete the required 5-year financial analysis of the Plan fees and methodology. The last financial analysis update was completed in 2020. The main areas of focus for the 2025 update were the categories of the fee model regarding land costs for mitigation (Category A), required restoration/enhancement costs on preserve lands (Category B), and monitoring, management and administration of the program and preserves (Category C). Following the review, the subcommittee decided to continue with the previous financial model with minor City of Stockton Page 1 of 5 Printed on 12/3/2025
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adjustments. It was maintained to respond to market fluctuations and cost changes.

On September 25, 2025, the SJCOG, Inc. Board of Directors approved the 2026 Plan Development Fee Schedule (Attachment A - SJMSCP Staff Report). SJCOG, Inc. proposes an approximate 8.3% overall increase in the Agricultural and Natural Habitat Classifications from the prior year, which are the two most common areas impacted by development projects. As shown in Attachment A, the 2025 Fee for the Agricultural and Natural Habitat Classification was $16,492 and is now proposed to be $17,868 in 2026. The increase will help to offset rising costs to acquire and manage preserve lands.

The Stockton City Council is requested to approve the proposed fee schedule. The SJMSCP Compensation Zones for Stockton are mostly located on the outer parts of the City (see Attachment B - SJMSCP Compensation Zone Map). This map displays the classification of land within San Joaquin County into categories based on their general habitat type. These zones guide the compensation of development fees that would be charged to conduct permitted activities pursuant to Section 8.2.1 of the SJMSCP.

DISCUSSION
Background
In 2001, the City adopted the Plan and became a participant in the Plan by joining the Joint Powers Authority (JPA). As a participant in the JPA, the City Council is required to approve the annual fee adjustments. Annual Plan fee rates are determined using a financial model that SJCOG, Inc. maintains and updates at 5-year increments to address land sales market conditions and inflation changes. In the past, delayed fee updates have resulted in lack of funding for the purchase and preservation of areas, as well as significant fee increases for the development community. To accommodate changing market conditions and to provide clarity in fees, SJCOG has become more proactive in the Plan’s fee assessment.

For multiple months, SJCOG, Inc.’s HTAC financial subcommittee reviewed land sales market data and analysis. The HTAC consists of planning staff from local county and city agencies (including Stockton), building industry associations, and state and federal environmental protection agencies.

The proposed 2026 Development Fee Annual Adjustment is based on the 2025 SJMSCP 5-year Financial Model Update. The Habitat Fee must be adopted by each local jurisdiction to take effect in that community.

The collected fees are used to purchase and preserve land throughout San Joaquin County.

Additional costs cover the restoration of land, monitoring, reporting, and biological reviews of land subject to the overall Plan. The SJCOG, Inc. 2024 Preserve List demonstrates 116 total preserves within San Joaquin County.

There are no preserve areas located within the City of Stockton. The Jacques Highway 4 Preserve, D’Alonza Property Preserve, and the Torlai Property Preserve are the closest to City limits. These three preserves are located in the Delta Index Zone, west of Interstate 5 and south of Highway 4.

These lands are protected through land covenants (i.e., easements, restrictions) that prevent development and can also include possible improvements to restore or encourage new habitat. A map of the regional preserve areas is included in Attachment C - Regional Preserve Areas.

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On February 20, 2001, the Stockton City Council adopted three Resolutions as follows:

1. Resolution No. 01-0099 -- Certifying the Final Environmental Impact Report/Environmental Impact Statement (Final EIR/EIS), adopting the related California Environmental Quality Act (CEQA) Findings and Mitigation Reporting/Monitoring Program, and adopting the SJMSCP;

2. Resolution No. 01-0100 -- Adopting the Implementation Agreement of the SJMSCP authorizing the filing of the related Federal Endangered Species Act Section 10(a)(1)(B) Incidental Take Permit application with the U.S. Fish and Wildlife Service; and

3. Resolution No. 01-0101 -- Approving amendments to the JPA Agreement with SJCOG, Inc. authorizing SJCOG, Inc. to assume responsibilities specified in the SJMSCP.

Applicants that participate in the Plan benefit from a predetermined streamlined process. By participating in the Plan, the applicant may choose from a menu of options to mitigate impacts:

1. Pay the Plan Fee;

2. Redesign the project to avoid/minimize impacts;

3. Provide land in lieu of the Plan Fee; or

4. Any combination of the above options.

Alternatively, an applicant can choose not to participate in the Plan and fulfill mitigation requirements independently with the respective permitting agencies. This option is chosen less often by developers.

Originally, the city collected Plan fees at the time of building permit issuance, like other development impact fees in the City’s Public Facilities Fee Program. This is no longer the policy. Plan fees for individual projects are adjusted to ensure that the per-acre fee as established by SJCOG, Inc. is collected for the entire (gross) project area. For example, a home to be built on a parcel within a large subdivision relies on additional land to support the residential use, like the road to access it. The adjusted development fee includes the supporting land so that all the acreage is accounted for within a given project area, and the appropriate Plan fee is paid.

On December 15, 2009, City Council adopted Resolution Number 09-409, which authorized an amendment to the Public Facility Fee Program’s Administrative Guidelines to establish SJCOG, Inc. as the entity responsible for the collection of the development fee. This change was made to increase administrative efficiency in the calculation and collection of Plan fees. Currently SJCOG, Inc. collects Plan fees, prior to the issuance of building permits by the city.

Plan fees may adjust annually based on the review of comparable land sales. The past and proposed plan fees (in italics) are shown below in Table 1.

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Table 1 - Plan Fees 2021-2026 (Rate per acre)
TYPE/ YEAR 2021 2022 2023 2024 2025 2026
Multi-Purpose Open Space $ 8,682 $ 9,781 $ 9,629 $ 8,918 $ 8,246 $ 8,935 Agriculture/ Natural $ 17,363 $ 19,561 $ 19,255 $ 17,833 $ 16,492 $ 17,868 Vernal Pool Grasslands $ 71,544 $ 80,453 $ 75,320 $ 69,408 $ 65,490 $ 72,662 Vernal Pool Wetted $161,286 $174,040 $176,878 $177,724 $177,281 $183,894 Present Situation
The fee model uses three main categories to calculate fee rates:

I. Category A (Acquisition) - Comparable
Category A considers comparable land sales in San Joaquin County in specific zones of the plan area (Central Zone, Central Southwest Transition Zone, and Delta Zone) over an established twoyear period meeting the established criteria. Cost estimates are evaluated annually. There was a

15.1% increase in the Agricultural/Natural Habitat types of Category A component to be $11,056. This is due to the rise in comparable fee title land sale values.

II. Category B (Assessment & Enhancement) - Refined Cost Factors/Redistribution of Habitat/ Consumer Price Index
Category B considers assessment, restoration and enhancement costs on preserve lands. This category considers the remaining acres needed to meet the goal of preserve acreage to be provided before the plan’s expiration. There was a 2.0% increase in the Agricultural/Natural Habitat types of Category B component to be $6,185.

III. Category C (Management, Monitoring and Administration) - Refined Cost Factors/Long Term Investment/Consumer Price Index
Category C considers the management of preserve land and Plan implementation. There was a

23.3% decrease in the Agricultural/Natural Habitat types of Category C component from previous years, to be $627.

Plan Mitigation Fee Formula = Proposed 2026 Plan Fees
The formula for fee calculation is Category A (acquisition) + Category B (assessment & enhancement) + Category C (management, monitoring and administration).

Below are the 2025 SJMSCP Fees and calculations in Table 2, and the proposed 2026 Plan Fees and calculations in Table 3.

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Table 2 - 2025 SJMSCP Development Fees
Habitat Type Category A Category B Category C Total Fee Rounded Fee
Other Open Space $4,804.00 $3,033.00 $409.47 $8,246.47 $8,246 Natural/Ag $9,608.00 $6,066.00 $817.74 $16,491.74 $16,492 Vernal Pool Grasslands $48,084.00 $15,386.00 $2,019.72 $65,489.72 $65,490 Vernal Pool Wetted $48,270.00 $127,031.00 $1,980.10 $177,281.10 $177,281 Table 3 - Proposed 2026 SJMSCP Development Fees
Habitat Type Category A Category B Category C Total Fee Rounded Fee
Other Open Space $5,528 .00 $3,093.00 $314.00 $ 8,935.00 $8,935 Natural/Ag $11,056.00 $6,185.00 $627.00 $17,868.00 $17,868 Vernal Pool Grasslands $55,474.00 $15,764.00 $1,424.00 $72,662.00 $72,662 Vernal Pool Wetted $54,519.00 $127,980.00 $1,395.00 $183,894.00 $183,894 Although the city adopted several Public Facility Fee Reduction Programs and a Fee Deferral Program for specified fees within the city’s control, fees like the Countywide Habitat Conservation Plan (HCP) Fee are subject to a regional agreement that was promulgated by the Federal and State Endangered Species Act. The administration of this fee is detailed in the Countywide HCP, where SJCOG Inc. is the designated administrator. Methodologies and fee analyses are overseen by SJCOG staff, HTAC financial subcommittees and consultants. As a result, these “development fees” are not subject to reduction and deferral programs as they are not city fees and are considered as “pass-through” fees.

PUBLIC NOTICE
A public notice of this hearing was published in the Record on November 28, 2025.

FINANCIAL SUMMARY
There is no direct financial impact to the City of Stockton, as the development fees are collected directly by SJCOG, Inc.

Attachment A - SJMSCP Staff Report
Attachment B - SJMSCP Compensation Zone Map
Attachment C - Regional Preserve Areas
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September 2025
SJCOG, Inc.

STAFF REPORT
SUBJECT: Approval of San Joaquin Multi-Species
Conservation an Open Spaces Plan
(SJMSCP) Five-Year Financial Analysis
Update and 2026 SJMSCP Development
Fee
RECOMMENDED ACTION: 1) Adopt the SJMSCP Five-Year Financial Analysis Update and 2) Approve 2026
SJMSCP Development Fees as Adjusted
Pursuant to the Financial Analysis Model
DISCUSSION:

SUMMARY:

Over the last many months, SJCOG, Inc. staff, Willdan and the Habitat Technical Advisory Committee (HTAC) Financial Subcommittee have engaged in the required five-year
financial update to the San Joaquin County Multi-Species Habitat Conservation and Open Space Plan (SJMSCP). The
last review was in 2020. For the current 2025 update, the main areas of focus were the categories of the fee model regarding land costs to be used for mitigation (Category A), required restoration/enhancement costs on preserve lands (Category B), and monitoring, management and
administration of the program and preserves (Category C).

During the current review, the Financial Sub-committee kept the previously adopted financial model with the following minor alterations to the fee model and process. A summary of these changes is below; a more detailed explanation is provided in the Background section of the staff report
Category A:
1) Removal of “outliers” from comparable land sales data (those sales more than three standard deviations from the mean per acre price).
2) Easement purchase values are estimated to be 55% of full fee title land sale values (sales of land without habitat easements in place). This is a reduction from the previous assumption of 56% and is subject to review midway through the next five-year cycle.

ATTACHMENT A
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Category B:
1) Updated with the most recent SJMSCP reporting from 2024 Annual Report, including updated cost values for habitat enhancement projects on preserves, and review of the allocation of preserve land types purchased to meet the required mitigation under the habitat plan to ensure that development fees provide maximum value for fee payers and conservation.

Category C:
1) Updates to the administrative aspects of the plan, updated biological costs for project review, and updating of endowment account policy with investment strategies (e.g. a more diversified portfolio for higher yield on investment) for preserve funds.

The proposed 2026 SJMSCP development fees were adjusted using the recommended SJMSCP five-year financial model update for the respective categories and are compared to the 2025 SJMSCP Development fees (Table 1) in the most common habitat categories under the plan. The change is an overall increase of 8.3% in the most impacted categories of Agricultural and Natural Habitat Classifications from the prior year.

Table 1- Compared 2026 & 2025 SJMSCP Development Fees – Most Common Fee Habitat Types 2026 Fee Proposed 2025 Fee Adopted Difference Percent Change Agricultural/Natural $17,868 $16,492 $1,376 8.3%
The increase is due primarily to a rise in the land acquisition component (Category A) for agricultural land values of comparable sales and updating of current costs for land management and enhancement activities for on-going preserves (Category B).

RECOMMENDATION:

SJCOG, Inc. staff and the Habitat Technical Advisory Committee (HTAC) recommend 1) Adopt the SJMSCP Five-Year Financial Analysis Update and 2) Approve 2026 SJMSCP Development Fees as Adjusted Pursuant to the Financial Analysis Model FISCAL IMPACT:

Development fees provide funding for SJCOG, Inc. to provide biological coverage and mitigate project impacts covered under the SJMSCP permits for the subsequent calendar year beginning January 1, 2026. The resulting increase in fee revenue will offset increasing costs to acquire and manage preserve lands.

BACKGROUND:

For the current SJMSCP five-year financial analysis update review, SJCOG, Inc. staff, Willdan and the HTAC Financial Subcommittee (Table 2) reviewed the currently adopted model which estimates the costs of implementation for fulfillment of the SJMSCP permits and defines the three fee categories:

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 Category A – Acquisition
 Category B - Enhancement
 Category C - Land Management, Monitoring & Administration).

The three main areas of focus were the categories of the fee model regarding land costs to be used for mitigation, required restoration/enhancement costs on preserve lands, and monitoring, management and administration of the program and preserves.

The HTAC Financial Subcommittee maintained the formula model for fee calculations to allow for response to market fluctuations and cost changes which need to be reflected in the mitigation fee. The formula is still categorized into three distinct components to better calculate an accurate fee per acre [FEE = Category A (acquisition) + Category B (assessment & enhancement) + Category C (management, monitoring & administration)].

Category A (acquisition) – Comparable Land Sales
This category is directly related to land valuation based on comparable land sales in San Joaquin County in specific zones of the plan area (Central Zone, Central Southwest Transition Zone and Delta Zone) over an established 2-year period
meeting the established criteria used for comparable land sales (attachment 1). Cost estimates for this category will continue to be evaluated on a yearly basis by taking all qualified fee title comparable sales in each zone to set a weighted cost per acre like the methodology in the financial analysis updates prior but excluding any outliers (costs above or below 3 standard deviations of the mean).

This fee model update also revises the fee title/easement valuation percentage method for determining the cost of easement acquisition in the model to be lowered to 55% with a mid-term cycle review during the five-year term between updates, based on the easement data collected by SJCOG, Inc. staff.

Table 2- Financial Subcommittee and Consultants
John Beckman, BIA of the Great Valley
Dan Gifford, Conservation
Hailey Donaldson/Mia Bianchi, CA Department of Fish and Wildlife, HCP Representatives SJCOG, Inc. staff (Steven Mayo, Laurel Boyd)
Legal Counsel for SJCOG, Inc.: Andy Pinasco & Tooba Naveed, Neumiller & Beardslee Consultant for SJCOG, Inc.: Carlos Villarreal & James Edison, Willdan Consultant for SJCOG, Inc.: Doug Leslie, ICF

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The model update results in a 15.1% increase in the Agricultural/Natural Habitat types of Category A (Acquisition) component to be $11,056.00. The reason for the increase is the rise in comparable fee title land sale values.

Category B (assessment & enhancement) – Refined Cost Factors The recommended changes to this category include updated and refined cost factors for biological site assessment, preserve enhancement and management planning, and preserve enhancement unit costs. These unit costs reflect current assessment of enhancement practices for different types of preserve lands. In addition, the updated analysis redistributes preserve acres between grasslands and agricultural land types to more accurately reflect the mitigation purposes described in the adopted SJMSCP with the application of California CPI as an adjustment mechanism.

However, the total cost for Category B is also a function of the SJMSCP Annual Report data updated annually with the acres remaining to be acquired and the number of years remaining in the permit term. The fee per acre is a function of those total calculated costs and the land conversion acres remaining.

The model update results in a 2% increase in the Agricultural/Natural Habitat types of Category B (Assessment & Enhancement) component to be $6,185.00.

Category C (Management, Monitoring & Administration) – Refined Cost Factors/Long Term Investment
The recommended changes to this category include refined monitoring cost factors and updated management and administration cost factors that are based on analysis of SJCOG, Inc. spending in these categories. The update includes refinement of the postpermit endowment costs and continuing with a more robust diversified endowment investment strategy for a higher return on investment yield that provides for a net annual yield of 3.66% after absorbing inflation and management costs.

Annual cost updates will continue to use the California Consumer Price Index (CPI), as reported by the California Department of Finance, for the preceding 12-month fiscal year (e.g. June – June) to keep up with inflation on an annual basis.

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The model update results in a 23.3% decrease in the Agricultural/Natural Habitat types of Category C (Management, Monitoring & Administration) component from prior years to be $627.00.

In summary, the 2026 SJMSCP fees (Attachment 2 - SJMSCP Cost and 2026 Fee Analysis) are calculated using the updated financial analysis formula model as displayed in the graphic below:

Table 4 below shows the proposed 2026 SJMSCP development fees in each habitat type category. The overall result in the fee analysis is an 8.3% increase in the most impacted classifications (Agricultural and Natural Habitat Classifications) fees for 2026.

Table 4 - 2026 SJMSCP Development Fees - Proposed
Habitat Type Category A Category B Category C Total Fee Rounded Fee Other Open Space $5,528 .00 $3,093.00 $314.00 $ 8,935.00 $8,935 Ag/Natural Lands $11,056.00 $6,185.00 $627.00 $17,868.00 $17,868 Vernal Pool
Grasslands $55,474.00 $15,764.00 $1,424.00 $72,662.00 $72,662 Vernal Pool Wetted $54,519.00 $127,980.00 $1,395.00 $183,894.00 $183,894 COMMITTEE ACTIONS:

Habitat Technical Advisory Committee (HTAC): Recommend Approval Management & Finance: Information
Exec Committee: Information
NEXT STEPS:

Should the staff recommendation be approved by the SJCOG, Inc. Board at the September 25th Board meeting, staff will work with local jurisdictions to adopt the 2026 SJMSCP development fees pursuant to the newly adopted financial analysis model.

ATTACHMENTS:

1. 2026 Fee Study Property List

2. SJMSCP Cost and 2026 Fee Analysis Model
Prepared by: Steven Mayo, Program Manager

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Attachment 1 – 2026 Fee Study Property List - Props 24 Month 3 Stand Dev

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Attachment 2 – SJMSCP Cost and 2026 Fee Analysis Model

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Final SJMSCP Five-Year Economic Analysis and 2026
SJMSCP Fee Update
Category A Category B Category C
2026 Fees - FINAL DRAFT Acquisition
Assessment &
Enhancement
Monitoring,
Management &
Administration, & Postpermit Endowment
Total Total Rounded
Other Open Space $5,528.00 $3,093.00 $314.00 $8,935.00 $8,935 Natural/Ag Lands $11,056.00 $6,185.00 $627.00 $17,868.00 $17,868 Vernal Pool Grasslands $55,474.00 $15,764.00 $1,424.00 $72,662.00 $72,662 Vernal Pool Wetted $54,519.00 $127,980.00 $1,395.00 $183,894.00 $183,894 Category A Category B Category C
2025 Fees - Adopted Acquisition
Assessment &
Enhancement
Monitoring,
Management &
Administration, & Postpermit Endowment
Total Total Rounded
Other Open Space $4,804.00 $3,033.00 $409.47 $8,246.47 $8,246 Natural/Ag Lands $9,608.00 $6,066.00 $817.74 $16,491.74 $16,492 Vernal Pool Grasslands $48,084.00 $15,386.00 $2,019.72 $65,489.72 $65,490 Vernal Pool Wetted $48,270.00 $127,031.00 $1,980.10 $177,281.10 $177,281 Difference Per Acre ($) Acquisition
Assessment &
Enhancement
Monitoring,
Management &
Administration, & Postpermit Endowment
Total Total Rounded
Other Open Space $724 $60 ($95) $689 $689
Natural/Ag Lands $1,448 $119 ($191) $1,376 $1,376
Vernal Pool Grasslands $7,390 $378 ($596) $7,172 $7,172 Vernal Pool Wetted $6,249 $949 ($585) $6,613 $6,613
Percent Difference Acquisition
Assessment &
Enhancement
Monitoring,
Management &
Administration, & Postpermit Endowment
Total Total Rounded
Other Open Space 15.1% 2.0% -23.3% 8.3% 8.3%
Natural/Ag Lands 15.1% 2.0% -23.3% 8.3% 8.3%
Vernal Pool Grasslands 15.4% 2.5% -29.5% 11.0% 11.0%
Vernal Pool Wetted 12.9% 0.7% -29.5% 3.7% 3.7%

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TABLE A.1
2025 Five-Year Economic Analysis and Fee Update
SJMSCP Fee Update - 2025 (for 2026 SJMSCP Development Fee Cycle) Category A Per-Acre Acquisition Cost Factors by Zone (2025 dollars) 2024 Update
Assumptions
Central Zone Primary Zone of
the Delta
Southwest
Zone 3 Central Zone % Change
Primary
Zone of the
Delta
% Change
Southwest
Zone 3 % Change
Fee title value1a $21,687 $14,151 na $18,799 15.4% $12,555 12.7% na Easement percent of fee title value2 b 55% 55% na 55% 55% na Easement costs a × b $11,928 $7,783 $1,000 $10,339 15.4% $6,905 12.7% $1,000 0.0%

1. SJCOG, Inc. Fee Study Property List, Table A and Table B

2. SJCOG, Inc. Appraisals as of July 2025.

3. Based on standard easement cost in Southwest Zone of $1,000/acre.

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TABLE A.2
2025 Five-Year Economic Analysis and Fee Update
SJMSCP Fee Update - 2025 (for 2026 SJMSCP Development Fee Cycle) Per Acre Acquisition Cost by Preserve/Habitat Type (2025 dollars) Preserve/Habitat Type
Central Zone Primary Zone of
the Delta
Southwest
Zone 2024 Update
Assumptions % Change A B C A + B + C = D D × 5% = E D + E Easement cost by zone 1 d $11,928 $7,783 $1,000
Agricultural Lands
Percent in zone 2 e 98% 2% 0%
Weighted costs 3 d × e $11,713 $141 $0 $11,854 $593 $12,447 $10,791 15.3% Natural Lands
Non-vernal pool natural lands
Percent in zone 2 f 77% 4% 18%
Weighted costs 3 d × f $9,215 $346 $183 $9,744 $487 $10,231 $8,902 14.9% Vernal pool grasslands 4 n/a n/a n/a $17,350 $868 $18,218 $15,791 15.4% Vernal pool wetted 4 n/a n/a n/a $17,350 $868 $18,218 $15,791 15.4%

1. See Table A.1.

2. Percent of total lands in each category assumed to be in a given zone. Based on 1996 Economic Analysis.

4. Assumes fee title acquisition for vernal pool lands. Vernal pool habitat fee title land costs assumed to be about 80% of average Central Zone fee title costs.

5. Transaction costs include biological baseline reporting, appraisal, escrow, and survey costs. Costs are estimated at 5 percent of acquisition cost.

SJMSCP Zone

3. Weighted average cost based on generalized proportion of total preserve land in each zone. Assumes easement acquisition for lands categorized as agriculture and all natural lands except vernal pool habitat.

Total
Weighted
Acquisition
Cost
Transaction
Costs 5
Total Land
Acquisition
Costs Per
Acre

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TABLE A.3
2025 Five-Year Economic Analysis and Fee Update
SJMSCP Fee Update - 2025 (for 2026 SJMSCP Development Fee Cycle) Total Acquisition Costs by Habitat Type, Remainder of Permit Term (2025 dollars) Preserves by Habitat Type
Land
Acquisition
Cost Per Acre
Preserve Acres
Remaining to
be Acquired
Total Costs of
Acquisition 2024 Update
Assumptions % Change
Agricultural lands $12,447 35,651.31 $443,751,868 $394,210,888 12.6% Natural lands
Non-vernal pool natural lands $10,231 23,069.63 $236,025,385 $210,139,188 12.3% Total for Non-vernal pool Natural /Ag Lands $11,576 58,720.94 $679,777,253 $604,350,076 12.5% Vernal pool grasslands $18,218 15,720.66 $286,398,893 $248,244,863 15.4% Vernal pool wetted $18,218 2,115.00 $38,531,070 $33,397,965 15.4% Sources: SJCOG, Inc., SJMSCP 2025 Annual Report, and Willdan Financial Services.

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TABLE A.4
2025 Five-Year Economic Analysis and Fee Update
SJMSCP Fee Update - 2025 (for 2026 SJMSCP Development Fee Cycle) Category A Acquisition
Fee Calculations (2025 dollars)
Habitat Type Preserve Land Acquisition
2024
Update % Change
Costs associated with non-vernal pool natural/agricultural lands conversion $679,777,253 Natural (non vernal pool)/Agricultural land conversion (acres) , remaining 44,732.77 Multi-purpose open space conversion (acres), remaining1 33,500.48 Multiplier for natural/agricultural land conversion 1
Multiplier for multi-ourpose open space conversion1 0.5 Acquisition Component of Natural (non vernal pool)/Agricultural Lands Fee $11,056 $9,608 15.1% Acquisition Component of Multi-Purpose Open Space Fee1$5,528 $4,804 15.1% Costs associated with vernal pool grasslands $286,398,893 Vernal pool grassland conversion (acres), remaining 5,162.74 Acquisition Component of Vernal Pool Grasslands Fee $55,474 $48,084 15.4% Costs associated with vernal pool wetted $38,531,070
Vernal pool wetted conversion (acres), remaining 706.75 Acquisition Component of Vernal Pool Wetted Fee $54,519 $48,270 12.9%

1. As described in SJMSCP Section 7.4.1.2, the fee calculation allocates the costs associated with agricultural habitat and non-vernal pool natural lands preserves to conversion of both those high value lands (agricultural land and non-vernal pool natural land) and lower value multi-purpose open space. In other words, the SJMSCP does not enhance multi-purpose open space lands but allocates some of the costs of enhancements on agricultural and natural lands preserves to the conversion of multi-purpose open space lands to assist with the financing of those enhancements.

Sources: SJCOG, Inc., SJMSCP 2024 Annual Report, and Willdan Financial Services.

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TABLE B.1
2025 Five-Year Economic Analysis and Fee Update
SJMSCP Fee Update - 2025 (for 2026 SJMSCP Development Fee Cycle) Category B Assessment, Planning, Restoration and Enhancement Habitat Type
Total Preserve
Acres (including
neighboring
lands preserves)
Percent of
Preserve
Acres
Enhanced1
Acres
Benefiting from
Enhancements
Perimeter
Hedgerow or Other
Linear Habitat
Feature ( acres)2
Enhancement
Cost per Acre3
Total
Enhancement
Cost
Enhancement
Cost per
Preserve Acre 1 2 3 4 5 6 7
Agricultural Habitat Lands4 57,935 10% 5,794 776 $48,379 $37,542,104 $648 Natural Lands
Ditches 378 33% 126 $489,765 $61,710,390
Grasslands 14,559 33% 4,853 $24,233 $117,604,218
Oak woodlands 858 33% 286 $35,858 $10,255,317
Riparian 2,725 33% 908 $105,100 $95,465,721
Submerged aquatic in the Delta 10 100% 10 $72,951 $729,512 Subtotal 18,530 6,183 $46,215 $285,765,157
Other natural lands5 6,445 33% 2,148 $46,215 $99,286,061 Subtotal Non VP Natural 24,975 $385,051,219 $15,417
Vernal pool wetted 2,121 33% 707 $128,222 $90,653,037 $42,741 Vernal pool grasslands 15,811 33% 5,270 $15,456 $81,458,355 $5,152 Subtotal All Natural Lands 42,907 14,309 $557,162,611
Total 100,842 20,103 $594,704,715

1. Enhancement criteria derived from the SJMSCP, Section 5.4.6.

5. Estimated based on the weighted average cost for all other non-vernal pool natural lands.

Sources: Table A.1, SJCOG, Inc., ICF, and Willdan Financial Services.

3. The enhancement cost applies to the acres where construction and/or installation actually takes place. In the case of hedgerows or other linear features, this is only the relatively small area of activity, not the total area that is thereby enhanced. Enhancement cost includes costs for materials, construction labor, and equipment. In addition to the installation activity, the cost per enhanced acre also includes a cost for project oversight and contract adminstration and three years of maintenance and monitoring. For vernal pool wetted restoration, the cost includes 5 monitoring years during a 10 year post-restoration monitoring period.

4. For agricultural habitat lands, a SJMSCP describes a broad range of enhancement activities and a generalized target of 10 percent enhancement; providing benefits to species without substantially reducing the amount of agricultural land in production. This can be achieved by implementing the linear features described in footnote 2. Pollinator hedgerows or similar linear features enhance the entire field that they are associated with, thereby counting toward the 10 percent enhancement criteria while taking substantially less land out of production.

2. Unlike most other habitat types, agricultural lands are enhanced by treating linear features that run along the edge of or through fields--features such as roads or drainage ditches. In these cases, the land area of direct enhancement activity is substantially less than that area benefiting from the enhancement. This has the advantage of minimizing impacts to agricultural land production. Installing pollinator hedgerows at the edges of fields and grassland borders along irrigation and drainage ditches, and planting nest trees and associated shrubs and grasses, are enhancements used in the cost analysis to represent the range of types of agricultural land enhancements outlined in the SJMSCP. In addition to benefits to species, these linear features offer benefits of preventing soil erosion and reducing costs for weed control and linear water conveyance infrastructure maintenance.

They also enhance the entire field they are associated with, meeting the 10 percent enhancement criterion while also minimizing loss of productive agricultural land. The enhancement cost estimate for agricultural lands is therefore based on the acres of hedgerow or other linear feature multiplied by the cost per acre to install hedgerows and similar linear features.

SJMSCP Preserve land by habitat type, enhancement analysis, and enhancement cost per preserve acre (2025 dollars)

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TABLE B.2
2025 Five-Year Economic Analysis and Fee Update
SJMSCP Fee Update - 2025 (for 2026 SJMSCP Development Fee Cycle) Category B Assessment, Planning, Restoration and Enhancement Cost Factors (2025 dollars) Remainder of Permit Term
2024 Update
Assumptions
Percent
Difference
Remaining years in permit term 25 used in formulae below to calculate costs for the remainder of the permit term Biological Site Assessment
Number of site visits per year 8 Assumes 6 hours per visit. Average of 6 per year since 2020.

Annual cost $8,400 $7,755 8.3%
Total Site Assessment cost remainder of permit term $210,000 $217,143 -3.3% Preserve Management Plan Preparation
Number of management plans per year 6 Assumes 30 hours per plan Annual cost $31,500 $77,548 -59.4%
Total Preserve Management Plan cost remainder of permit term$787,500 $2,171,340 -63.7% Preserve Enhancement Plan Preparation
Average cost per enhancement plan $4,200 assumes 24 hours per plan for each enhancement project $4,524 -7.2% Average acres per project 346 240 44.2%
Average cost per preserve acre $12 $19 -36.8%
Preserve Enhancements on Agricultural Lands
Enhancement cost per preserve acre $648 from Table B1 $1,106 -41.4% Preserve Enhancements on Non-Vernal Pool Natural Lands
Enhancement cost per preserve acre $15,417 from Table B1 $13,823 11.5% Vernal Pool Creation/Enhancement
Enhancement cost per preserve acre $42,741 from Table B1 $40,209 6.3% Vernal Pool Upland Grassland Enhancement
Enhancement cost per preserve acre $5,152 from Table B1 $4,847 6.3% Sources: SJCOG, Inc., ICF, and Willdan Financial Services.

Cost per Hour 175

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TABLE B.3
2025 Five-Year Economic Analysis and Fee Update
SJMSCP Fee Update - 2025 (for 2026 SJMSCP Development Fee Cycle) Category B Assessment, Planning, Restoration and Enhancement (2025 dollars) Cost Allocation by Habitat Type
Remainder of Permit Term
Cost per acre multiplied
by preserve acres
remaining to be acquired
Preserves by Habitat Type
Acres
Remaining to
be Acquired1
Percent
of Total
Biological Site
Assessment
Preserve
Management Plans
Preserve Enhancement
Plans
Preserve
Enhancements
Vernal Pool
Restoration
Agricultural lands 35,651.31 47% $97,794 $366,727 $427,816 $23,102,187 na Non-vernal pool natural lands 23,069.63 30% 63,282 237,306 276,836 $355,675,241 na Vernal pool grasslands 15,720.66 21% 43,123 161,711 188,648 $80,992,897 na Vernal pool wetted 2,115.00 3% 5,802 21,756 25,380 na $90,396,593 76,556.60 100% $210,000 $787,500 $918,680 $459,770,325 $90,396,593

1. Includes 600 acres of neighboring lands preserves.

Sources: SJCOG, Inc., SJMSCP 2024 Annual Report, ICF, and Willdan Financial Services.

Costs - Remainder of Permit Term
Cost per acre multiplied by
preserve acres remaining to
be acquired
Total cost allocated by preserve type
percent of total preserve acres
remaining to be acquired

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TABLE B.4
2025 Five-Year Economic Analysis and Fee Update
SJMSCP Fee Update - 2025 (for 2026 SJMSCP Development Fee Cycle) Category B Assessment, Planning, Restoration and Enhancement Fee Calculations (2025 dollars)
Remainder of Permit Term 2024 Results (Percent Change shown under each fee) Habitat Type
Biological
Site
Assessment
Preserve
Management
Plans
Preserve
Enhancement
Plans
Agricultural and
Non VP Natural
Land
Enhancement
Total for
Agricultural and
Non VP Natural
Land (incl.
assessment and plans)
Vernal Pool
Restoration /
Enhancement
Total for
Vernal Pool
(incl. assessment
and plans)
Agricultural and
Non VP Natural
Land
Enhancement
Total for
Agricultural and
Non VP Natural
Land (incl.
assessment and
plans)
Vernal Pool
Restoration /
Enhancement
Total for Vernal
Pool (incl.
assessment and
plans)
Costs associated with non-vernal pool natural/agricultural lands conversion $161,076 $604,033 $704,652 $378,777,428 $380,247,189 Natural (non vernal pool)/Agricultural land conversion (acres), remaining 44,732.77 44,732.77 44,732.77 44,732.77 44,732.77 Multi-purpose open space conversion (acres), remaining1 33,500.48 33,500.48 33,500.48 33,500.48 33,500.48 Multiplier for natural/agricultural land conversion 1 1 1 1 1 Multiplier for multi-purpose open space conversion1 0.5 0.5 0.5 0.5 0.5 Assessment & Enhancement Component of Natural (non-vernal pool)/Agricultural Lands Fee $3 $10 $11 $6,161 $6,185 $6,018 $6,066
2% 2%
Assessment & Enhancement Component of Multi-Purpose Open Space Fee1 $2 $5 $6 $3,081 $3,093 $3,009 $3,033 2% 2%
Costs associated with vernal pool grasslands $43,123 $161,711 $188,648 $80,992,897 $81,386,379 Vernal pool grassland conversion (acres), remaining 5,162.74 5,162.74 5,162.74 5,162.74 5,162.7 Assessment & Enhancement Component of Vernal Pool Grasslands Fee $8 $31 $37 $15,688 $15,764 $15,235 $15,386 3% 2%
Costs associated with vernal pool wetted $5,802 $21,756 $25,380 $90,396,593 $90,449,531 Vernal pool wetted conversion (acres), remaining 706.75 706.75 706.75 706.75 706.8 Assessment & Enhancement Component of Vernal Pool Wetted Fee $8 $31 $36 $127,905 $127,980 $126,880 $127,031 1% 1%
Sources: SJCOG, Inc., SJMSCP 2024 Annual Report, ICF, and Willdan Financial Services.

1. As described in SJMSCP Section 7.4.1.2, the fee calculation allocates the costs associated with agricultural habitat and non-vernal pool natural lands preserves to conversion of both those high value lands (agricultural land and non-vernal pool natural land) and lower value multi-purpose open space. In other words, the SJMSCP does not enhance multi-purpose open space lands but allocates some of the costs of enhancements on agricultural and natural lands preserves to the conversion of multi-purpose open space lands to assist with the financing of those enhancements.

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TABLE C.1
2025 Five-Year Economic Analysis and Fee Update
SJMSCP Fee Update - 2025 (for 2026 SJMSCP Development Fee Cycle) Category C (part)
Compliance and Effectiveness Monitoring Cost Assumptions (2025 dollars) Remainder of Permit Term (for all preserve acres)
2021 5-Year
Update
Assumption
Percent
Difference
Remaining years in permit term 25
Compliance Monitoring
Annual cost per acre, including reporting $4.26 Based on actual costs 2020 - 2024 Total Compliance Monitoring Cost - Remainder of Permit Term $6,929,556 all acres 7,546,528 -8.2% Ongoing Maintenance Cost
Percent of acres enhanced that need maintenance annually 1.21% Assumption from ICF Cost per Acre of Maintenance $1,214
Lower Sacramento- Annual Maintenance Cost $29,307 Based on 3-year contract cost from Triangle, per ICF Total Ongiong Maintenance Cost - Remainder of Permit Term $24,627,279 all acres New Cost N/A Effectiveness Monitoring, including reporting
Habitat Mapping
Annual cost for Entire Plan $19,200 Satellite Imagery
Total habitat mapping cost - remainder of permit term $480,000 6,393,100 -92.5% Swainson's Hawk Monitoring
Annual cost per acre $6.62 assume annual surveys
Total Swainson's hawk monitoring cost - remainder of permit term $9,018,956 in all but Southwest Zone 9,755,235 -7.5% Vernal Pool Monitoring
Annual cost per acre $4.32
annualized per acre assuming
every 5 years
Total vernal pool monitoring cost - remainder of permit term $4,881,896 in Vernal Pool Zone and Central
ZoneVernal Pool Preserves 7,808,411 -37.5%
Burrowing Owl Monitoring
Cost per survey year, all preserves $21,760
Total burrowing owl monitoring cost - remainder of permit term $181,333 assume every 3 years 253,167 -28.4% Fall Crane Monitoring
Cost per survey year, all preserves $37,120
Total fall crane monitoring cost - remainder of permit term $185,600 assume every 5 years 81,840 126.8% Riparian Brush Rabbit Monitoring
Cost per survey year, all preserves $30,720
Total fall crane monitoring cost - remainder of permit term $76,800 assume every 10 years 45,880 67.4% Southwest Grasslands Monitoring
Covered plant survey cost per acre per year $0.59
San Joaquin kit fox survey cost per acre per year $0.44 Total Southwest grasslands monitoring cost - remainder of permit term $272,205 Southwest Zone only 521,519 -47.8% Effectiveness Monitoring Cost - Remainder of Permit Term $15,096,790 24,859,151 -39.3% Sources: SJCOG, Inc. and SJMSCP 2024 Annual Report, ICF, and Willdan Financial Services.

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TABLE C.2
2025 Five-Year Economic Analysis and Fee Update
SJMSCP Fee Update - 2025 (for 2026 SJMSCP Development Fee Cycle) Category C (part)
Project Management & Administration Cost Assumptions (2025 dollars) 2021 5-Year
Update
Assumption
Percent
Difference
Remainder of Permit Term
Remaining years in permit term 25
Project Management & Administration cost
Total annual project management & administrative staff cost $1,465,372 3 FTE: salaries, benefits, OH. 3rd FTE based on average of assistant and associate habitat planner costs Legal and other direct costs $79,130 5.4% % of cumulative total to 12/31/2024, per expense analysis Total annual project management & administration cost $1,544,503 969,840 59.3% Total Project Management & Administration cost remainder of permit term $38,612,564 30,065,040 28.4% Allocation to Project Management & Administration, based on allocation of actual costs to 12/31/2024 Project management cost allocation $33,206,805 86% $10,462,626 Cumulative total actual through 12/31/2024 Administration cost allocation $5,405,759 14% $1,635,692 Cumulative total actual through 12/31/2024 Habitat Plan Environmental Consulting
Annual cost for consulting services $301,000 estimate based on last four years expenditures (2021 - 2024) 291,000 3.4% Total Habitat Plan Environmental Consulting remainder of permit term $7,525,000 9,021,000 -16.6% Land Manager Coordination/Oversight
Annual cost $4,400 average cost for HTAC meetings and support 6,600 -33.3% Total Land Manager Coordination/Oversight cost remainder of permit term $110,000 204,600 -46.2% Financial Plan 5-Year Review and Update
Number of five-year updates for remainder of the permit term 5 Consultant contract, every 5 years $150,000 cost per contract 85,000 76.5% Legal review, every 5 years $16,000 16,000 0.0%
Total Financial Plan 5-Year Review and Update cost remainder of permit term $830,000 606,000 37.0% Sources: SJCOG, Inc. and SJMSCP Annual Reports (2021 - 2024), ICF, and Willdan Financial Services.

ATTACHMENT A
1285
August 28, 2025
P a g e | 12
TABLE C.3
2025 Five-Year Economic Analysis and Fee Update
SJMSCP Fee Update - 2025 (for 2026 SJMSCP Development Fee Cycle) Category C Permit Term Costs (2025 dollars)
Adjustments for Remaining Fund Balance
Cost Category
Total Cost -
Remainder of
Permit Term
Compliance Monitoring $6,929,556
Ongoing Maintenance 24,627,279
Effectiveness Monitoring, including reporting 15,096,790 Project Management 33,206,805
Administration 5,405,759
Habitat Plan Environmental Consulting 7,525,000
Land Manager Coordination/Oversight 110,000
Financial Plan 5-Year Review and Update 830,000
Total $93,731,188
Category C Fund Balance as of 12/31/2024 for costs on existing preserves ($62,126,317) Net cost for remainder of the permit term $31,604,871

ATTACHMENT A
1286
August 28, 2025
P a g e | 13
Table C.4 Inflation 2.30%
2025 Five-Year Economic Analysis and Fee Update Investment Management Fees 1.00% SJMSCP Fee Update - 2025 (for 2026 SJMSCP Development Fee Cycle) Real Return On Investments 3.66% SJMSCP Endowment Fund Cash Flow (2025 Dollars) Total Nominal Return On Investments 6.96% Calendar Year 2026 2027 2028
26 27 28
Cat. C Post-Permit Endowment Contribution $611,072 $611,072 $611,072 Investment Earnings1 $221,119 $251,577 $283,150
Total Revenue $832,191 $862,649 $894,222
Beginning Fund Balance $5,735,965 NA NA
Closing Fund Balance $6,568,156 $7,430,806 $8,325,028
Calendar Year 2029 2030 2031 2032 2033 2034 2035 2036
29 30 31 32 33 34 35 36
Cat. C Post-Permit Endowment Contribution $611,072 $611,072 $611,072 $611,072 $611,072 $611,072 $611,072 $611,072 Investment Earnings1 $315,879 $349,805 $384,973 $421,428 $459,218 $498,391 $538,997 $581,089 Total Revenue $926,951 $960,877 $996,045 $1,032,500 $1,070,290 $1,109,463 $1,150,069 $1,192,161 Closing Fund Balance $9,251,979 $10,212,856 $11,208,901 $12,241,401 $13,311,691 $14,421,154 $15,571,223 $16,763,384 Calendar Year 2037 2038 2039 2040 2041 2042 2043 2044
37 38 39 40 41 42 43 44
Cat. C Post-Permit Endowment Contribution $611,072 $611,072 $611,072 $611,072 $611,072 $611,072 $611,072 $611,072 Investment Earnings1 $624,722 $669,953 $716,838 $765,440 $815,820 $868,044 $922,180 $978,297 Total Revenue $1,235,795 $1,281,025 $1,327,910 $1,376,512 $1,426,892 $1,479,116 $1,533,252 $1,589,369 Closing Fund Balance $17,999,179 $19,280,203 $20,608,113 $21,984,625 $23,411,517 $24,890,633 $26,423,885 $28,013,254 Calendar Year 2045 2046 2047 2048 2049 2050 Total Ongoing 45 46 47 48 49 50 Year 26 - 50 51+
Cat. C Post-Permit Endowment Contribution $611,072 $611,072 $611,072 $611,072 $611,072 $611,072 $15,276,801 $0 Investment Earnings1 $1,036,468 $1,096,768 $1,159,275 $1,224,069 $1,291,235 $1,360,860 $17,835,594 $1,421,850 Total Revenue $1,647,540 $1,707,840 $1,770,347 $1,835,141 $1,902,308 $1,971,932 $33,112,395 $1,421,850 Net Post-Permit Costs NA NA NA NA NA NA NA $1,421,850
Net Cash Flow $1,647,540 $1,707,840 $1,770,347 $1,835,141 $1,902,308 $1,971,932 $33,112,395 $0 Closing Fund Balance $29,660,794 $31,368,633 $33,138,980 $34,974,121 $36,876,429 $38,848,361 $38,848,361 $38,848,361

1. Investment Earnings = (Prior Year Closing Fund Balance + (Annual Fee Revenue / 2) x (Real Return On Investments).

ATTACHMENT A
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August 28, 2025
P a g e | 14
TABLE C.5
2025 Five-Year Economic Analysis and Fee Update
SJMSCP Fee Update - 2025 (for 2026 SJMSCP Development Fee Cycle) Category C Monitoring and Program Management/Administration, including endowment for post-permit costs (2025 dollars) Cost Allocation by Habitat Type
Preserves by Habitat Type
Total Preserve
Acres1
Percent of
Total
Remainder of
Permit Term Post permit Total
Non-vernal Pool Natural/Ag lands 82,910 82% $25,984,807 $12,560,239 $38,545,046 Vernal pool grasslands 15,811 16% 4,955,322 2,395,247 $7,350,569 Vernal pool wetted 2,121 2% 664,742 321,315 $986,057
100,842 100% $31,604,871 $15,276,801 $46,881,672
Note: Net of existing fund balance allocated to Category C permit-term and post-permit costs.

1. includes 600 acres of neighboring lands preserves.

Sources: SJCOG, Inc. and SJMSCP 2024 Annual Report, ICF, Willdan Financial Services.

ATTACHMENT A
1288
August 28, 2025
P a g e | 15
TABLE C.6
2025 Five-Year Economic Analysis and Fee Update
SJMSCP Fee Update - 2025 (for 2026 SJMSCP Development Fee Cycle) Category C Monitoring and Program Management/Administration, including endowment for post-permit costs Fee Calculations (2025 dollars) 2024 Results
Habitat Type
Remainder of
Permit Term Post permit Total
Post
Permit
Share of
Total Total % Chage
Costs associated with non-vernal pool natural/agricultural lands conversion $25,984,807 $12,560,239 $38,545,046 Non-vernal pool Natural/Agricultural land conversion (acres) , remaining 44,732.77 44,732.77 44,732.77 Multi-purpose open space conversion (acres), remaining1 33,500.48 33,500.48 33,500.48 Multiplier for natural/agricultural land conversion 1 1 1 Multiplier for multi-purpose open space conversion1 0.5 0.5 0.5 Monitoring & Administration Component of Natural (non-vernal pool)/Agricultural Lands Fee $423 $204 $627 33% $681 -8% Monitoring & Administration Component of Multi-Purpose Open Space Fee1 $212 $102 $314 32% $341 -8% Costs associated with vernal pool grasslands $4,955,322 $2,395,247 $7,350,569 Vernal pool grassland conversion (acres), remaining 5,162.74 5,162.74 5,162.74 Monitoring & Administration Component of Vernal Pool Grasslands Fee $960 $464 $1,424 33% $1,682 -15% Costs associated with vernal pool wetted $664,742 $321,315 $986,057 Vernal pool wetted conversion (acres), remaining 706.75 706.75 706.75 Monitoring & Administration Component of Vernal Pool Wetted Fee $941 $455 $1,395 33% $1,649 -15% Note: Net of existing fund balance allocated to Category C permit-term and post-permit costs.

Sources: SJCOG, Inc., SJMSCP 2024 Annual Report, ICF, and Willdan Financial Services.

1. The fee calculation allocates the costs associated with agricultural habitat and non-vernal pool natural lands preserves to conversion of both those high value lands (agricultural land and non-vernal pool natural land) and lower value multi-purpose open space, thereby assisting with the financing of management and monitoring on agricultural and natural lands preserves.

ATTACHMENT A
1289

EIGHT MILE RD

HARNEY LN
W
E
S
T
L
N
A
L
PIN
E
R
D

FRENCH CAMP RD
MANTH
EY
RD

HOWARD RD
HOL
T
R
D

INLAND DR

MAIN ST

HAMMER LN

MARCH LN

LATHROP RD
HARLAN
RD

SWAIN RD

GUARD RD

ARMSTRONG RD

PERSHING
AV

UNDINE RD

PACIFIC
AV
KAIS
E
R
R
D

CHEROKEE RD
EL
DORADO
ST
ASHLEY
LN

POCK LN

FAIRCHILD

CALIFORN
IA
ST
H
A
M
L
N

MORADA LN

ARCH RD

JACOBS RD

EIGHTH ST

SUTTER ST
H
O
L
M
A
N
R
D

NAVY DR
PEZZI
RD
C
R
O
C
K
E
R
R
D
WILSON
WY

FREMONT ST

MULLER RD

ALPINE AV
WO
L
F
E
R
D

FLORA ST
S
T
A
R
K
R
D
HIL
D
R
E
T
H
L
N

WEBER AV
BO
RBA
R
D

BENJAMIN HOLT DR
OTT RD

WING LEVEE RD

WILLOW ST

BIANCHI RD

BOWMAN RD
WHITE
LN

TURNPIKE RD
B
E
E
C
H
E
R
R
D

TOKAY C

ROTH RD
SAN

JOAQUIN
ST
AU
RORA
ST

MICHIGAN AV

HOGAN LN

BRISTOL AV
F
RESN
O AV

CHARTER WY
ORO
AV
P
E
A
R
S
O
N
R
D

KELLEY DR

BOEING WY

CARLIN RD
F
U
R
R
Y
R
D
R RD
BEYER
LN

FILBERT
ST

LINCOLN RD
R
O
B
E
R
T
S
R
D

FREWERT RD

RALPH AV
M
C
KINLE
Y
A
V
B
ST

RIVER DR

OTTO DR

MANILA RD
ADA AV
P
R

CHURCH ST

WATERLOO RD

LONGVIEW AV

MINER AV
WIL
H
OIT
R
D
RIO B
L
A
N
C
O R
D
CA
S
T
L
E RD

HOUSTON AV
PRIEST
R
D

COUNTRY CLUB BL

HAZELTON AV

HENRY LONG BL

RYDE AV
D
ST
MIC
K
E
G
R
O
V
E
R
D

LORRAINE
AV

TENTH ST
M
AY
B
E
C
K
R
D

ESTATE DR
D
O
N
A
V

INDUSTRIAL DR

SHIMIZU DR
S
T
A
T
E
R
O
U
T
E
9 9
E FR
R
D

BROOKSIDE RD

NORTHLAND RD
ARATA
RD

WASHINGTON ST
T
A
M
O
S
H
A
N
T
E
R
D
R

WILLIAM MOSS BL

ROSEMARIE LN
HIB
B
A
R
D
R
D

ROBINHOOD DR

MAGNOLIA ST

MATHEWS RD

MISSION
RD
W
O
O
D
S
B
R
O
R
D

METTLER RD
C
O
N
F
E
R
R
D
GRANT
ST

ALEXANDRIA
PL

ESSEX ST

CARDINAL
AV

TRINITY
P
K

MCALLEN RD

ARCH AIRPORT RD

QANTAS LN
N
E
W
C
A
S
T
L
E
R
D

MYRTLE ST
MARIN
E
R
S
D
R

LAFAYETTE ST

WAUDMAN AV

DOS REIS RD
STATE
R
O
U
T
E
9 9
W
F
R
R
D
A
N
G
EI R
R
D

BRIGGS RD
GILLIS
RD

AMERICAN
ST

MONTE DIABLO AV

STANFIELD DR

IRIS AV

MONTAUBAN AV

HINKLEY
AV
V

DOUGLAS RD

POLK WY

FINKBOHNER RD
KIRK
AV
WALKER
LN

RATTO RD

BALDWIN
LN

EDAN AV

PATRICK
RD

WHISTLER WY
K
E
R
MIT
L
N

SPERRY RD

ANITA ST

DEL RIO DR
WIL
LOW GL
E
N
R
D

EUCLID AV

SECTION AV

SHIPPEE LN

TREDWAY RD
Q
UAIL
LAKES
D
R

MORSE RD

PLYMOUTH
RD
D
A
G
G
E
T
T
R
D
E
N
D
OW
R
D
SNYDER
LN
DAWES
AV

LOVELACE RD

FOPPIANO LN

CUMBERLAND PL

FIVE MILE DR
GOLDEN
GATE
AV

HOUSE RD

LEONARDINI RD
ODELL
AV

CARPENTER RD
M
A
R
A
N
A
T
H
A
D
R

SINCLAIR
AV

LINCOLN
ST

CLARK DR
NEWTON
RD

BROADWAY
AV
Y RD
M
C
DO
U
GAL
D B
L
SHAW
RD

HANDEL RD

DE LIMA RD
SUN RD

ANGEL DR
UNION
ST
ATKI

RIVERBROO
K
D
R

ELLIS ST
BURGE
RD

LEVER BL

ADELBERT
AV

PILGRIM ST

FLINT AV
BERN
RD
LONGE
ST

JULIET RD

ALLSTON
WY

RIVARA RD

QUASHNICK RD
E
W S WO
O
D
S B
L

BEAR CREEK RD

INGLEWOOD
AV
F
E
RGU
SON
R
D
G
O
L
F
V
EI W
R
D

ONETO RD

FARMINGTON RD

YOKUTS AV

TUXEDO S AV
SUTRO
AV
RIC
H
L
A
N
D
W
Y

MADISON
ST

VIGNOLO
RD

ZEPHYR ST

FISK RD

MACDUFF AV

BIRD AV

YETTNER RD

WILMARTH
RD
NATALI
RD

SCOTTS AV

EASTVIEW DR

METRO DR

CHANNEL ST

MARIPOSA AV

CORA POST RD

WALNUT ST

LYNCH RD

PYRENEES AV

SMALL RD

BRUMBY RD
A
V
O
N
A
V
PATTON
AV
CI

CHAPARRAL WY

ALVARADO
AV

SUTHERLAND DR

IMPERIAL WY

HERNDON
PL

PONCE DE LEON AV

ADAMS ST

CLAYTON AV

NINTH ST

BRADFORD ST

TOGNINALI LN

MARKET ST

PALM AV

BUDISELICH
RD

OVERHISER RD
O
P
AL
S
T

MARFARGOA DR

PARDEE LN

FRISBEE LN
LANDI
RD

WINDMILL COVE RD
RU
GG
LES
RD

BALBOA A
V
SLATE
ST

ARGONAUT ST

STEPHENS
RD

DRAKE AV

CORONADO
AV

MYRAN AV

LINDSAY ST
HUNTER
ST

A G SPANOS BL

VOLPI DR

WILCOX RD

FULTON ST

RAINIER
AV
IJAMS
RD

MARLETTE RD

STATION DR

OAKCREEK DR

GROUSE RUN DR
S
T
A
R W
Y
W
O
L
FIN
G
E
R
R
D

HICKOCK
DR
B
RIG
H
T
R
D

FERNWOOD RD
C
ODY
WY

SANDALWOOD DR
M
O
R
G
A
N
P
L
H
E
M
E
T
AV

LOS FELIS AV
SAN
JUAN
AV
B
EST
R

WISCONSIN AV

SCOTTSDALE RD G
A
R
N
E
R
O
R
D

LOOMIS RD
HO
L
M
E
S
R
D
LAN
ARK
DR

TRAPPER RD

WAKEMAN DR

HOLIDAY
DR

PIXIE DR

ORVIS DR

DARRIGO
RD

MIST TRAIL
D
R

MUNFORD AV
L
E
A
C
H
R
D

CLAY ST

CEMETERY
LN
H ST

WALLACE
AV

DUDLEY RD
PHELPS
ST

ELKHORN DR
C
O
L
E
D
R

TENAYA LN
NEWBY
RD

HUBBARD
AV

WAIT AV

STERN PL

ANTHONY
AV
LEE CT
YAL
E AV

ROYAL OAKS DR
A
L
H
A
M
B
R
A
AV

GUERNSEY AV

COELHO RD

ORFORD RD
SIERRA
LN
MILAN
DR
NORD
AV

TAYLOR ST

LAGORIO
RD
ASH
ST

THIRTEENTH ST
RAT
F
O
R
D
AV
BULL
PINE
RD

HORSETAIL DR

KOLHER ST
JAS
P
E
R
ST
Y
WY
NOYO
LN
L
Y
L
E
AV
WIM
WIZARD
AV

GREEN RIDGE DR

DECARLI ST

ORWOOD ST
S
A
NTA
A
N
A
AV

RIVIERA DR

PENELOPE DR

VERNAL WY

FIFTH ST

DRIFTWOOD PL

PALAZZO DR

BOGGIANO
RD

TUDOR ROSE GL

NISPEROS ST

WIGWAM DR

HACIENDA DR

PASSERO WY IN
TE
R
C
H
A
N
G
E

MOHICAN DR

DES MOINES DR
STOKES
AV

EXETER DR

DEEP WATER LN

RUNWAY DR

TINA PL
RAYA
N
N
A
D
R

ERICKSON CI
W
E
ST
L
N
E
F
R
R
D

BARRYMORE ST

RUFF AV
W

WAUSA WY

MCVIE DR

MADDIE CI
DWIGHT
WY

PINASCO
RD

GOLD RIVER LN

BALSAM DR

HIGHMOOR AV

GALLEY WY

EL MONTE ST
AD
ART
RD

MANCHESTER
AV
H
O
P
E
L
N

DORSET ST
E
C
T
O
R WY

UYEDA RD
V
A
L
L
E
Y
D
R

MICHAEL AV
C
L
OWE
S
S
T

HAZEL R
D

MCAULIFFE RD
DELANO
AV

SONORA ST

WORTH ST
STAN

ISLAUS ST

EIGHTH ST

PARK ST

SECTION AV
P
E
RS
HIN
G
AV
F
ST

THORNTON RD

SIXTH ST
S
T
O
C
K
T
O
N
S
T

SEVENTH ST
S
TA
T
E ROU
T
E
9 9
E
F
R
R
D
STATE ROUTE 88

MATHEWS RD
G
LEVEE
RD

BROOKSIDE RD

MARKET ST
S
T
A
T
E
ROU
T
E
9 9
W
F
R
R
D
E
ST

ALPINE AV
E
ST
F ST
OAK ST
C
U
R
R
Y
AV

SONORA ST

MARKET ST
B
E
E
C
H
E
R
R
D

AUSTIN RD
A
ST
WALKER
LN
H
U

NTER ST
DIN
E
R
D

MARCH LN
R
O
B
E
R
T
S
R
D

MCKINLEY
AV
ELM ST

BOWMAN RD
B
ST

SEVENTH ST

FOPPIANO LN

LEACH RD
D
ST

MAIN ST

EIGHT MILE RD

HARNEY LN
W
EST LN
A
L
PIN
E
R
D

FRENCH CAMP RD
MANTH
EY
RD

HOWARD RD
H
O
L
T
R
D

INLAND DR

MAIN ST

HAMMER LN

MARCH LN

LATHROP RD
HARLAN
RD

SWAIN RD

GUARD RD

ARMSTRONG RD

PERSHING
AV

UNDINE RD

PACIFIC
AV
KA
SI E
R
R
D

CHEROKEE RD

EL DORADO ST
ASHLEY
LN
POCK
LN

FAIRCHILD

CALIFORNIA ST HAM LN

MORADA LN

ARCH RD

JACOBS RD

EIGHTH ST
SUTTER
ST

HOLMAN RD

NAVY DR
PEZZI
RD
C
R
O
C
K
E
R
R
D
WILSON
WY

FREMONT ST

MULLER RD

ALPINE AV
WO
L
F
E
R
D

FLORA ST
S
T
A
R
K
R
D
HIL
D
R
E
T
H
L
N

WEBER AV
B
O
R
B
A
R
D

BENJAMIN HOLT DR
OTT RD

WING LEVEE RD

WILLOW ST

BIANCHI RD

BOWMAN RD
WHITE
LN

TURNPIKE RD
B
E
E
C
H
E
R
R
D

TOKAY C

ROTH RD

SAN JOAQUIN ST
AU

RORA ST

MICHIGAN AV

HOGAN LN

BRISTOL AV
F
R
E
S
N
O
AV

CHARTER WY
ORO
AV
P
E
A
R
S
O
N
R
D

KELLEY DR

BOEING WY

CARLIN RD
F
U
R
R
Y
R
D
R RD
BEYER
LN

FILBERT
ST

LINCOLN RD
R
O
B
E
R
T
S
R
D

FREWERT RD

RALPH AV
M
C
KINLE
Y
A
V
B
ST

RIVER DR

OTTO DR

MANILA RD
ADA AV
P
R

CHURCH ST

WATERLOO RD

LONGVIEW AV

MINER AV
WIL
H
OIT
R
D
RIO
B
L
A
N
CO
R
D
C
A
S
T
L
E
R
D

HOUSTON AV
P
RIE
S
T
R
D

COUNTRY CLUB BL

HAZELTON AV

HENRY LONG BL
RYDE
AV
D
ST

MICKE GR
OVE R
D

LORRAINE
AV

TENTH ST
M
AY
B
E
C
K
R
D

ESTATE DR
D
O
N
A
V

INDUSTRIAL DR

SHIMIZU DR
S
T
A
T
E
R
O
U
T
E
9 9
E FR
R
D

BROOKSIDE RD

NORTHLAND RD

ARATA RD

WASHINGTON ST
T
A
M
O
S
H
A
N
T
E
R
D
R

WILLIAM MOSS BL

ROSEMARIE LN
HIB
B
A
R
D
R
D

ROBINHOOD DR

MAGNOLIA ST

MATHEWS RD

MISSION RD

WOODSBRO RD

METTLER RD
C
O
N
F
E
R
R
D

GRANT ST

ALEXANDRIA
PL

ESSEX ST

CARDINAL
AV

TRINITY
P
K

MCALLEN RD

ARCH AIRPORT RD

QANTAS LN

NEWCASTLE RD

MYRTLE ST
M
A
RIN
E
R
S
D
R

LAFAYETTE ST

WAUDMAN AV

DOS REIS RD
S
T
A
T
E
R
O
U
T
E
9 9
W
F
R
R
D
A
N
G
EI R
R
D

BRIGGS RD
GILLIS
RD

AMERICAN ST

MONTE DIABLO AV

STANFIELD DR

IRIS AV

MONTAUBAN AV

HINKLEY
AV
V

DOUGLAS RD

POLK WY

FINKBOHNER RD

KIRK AV
WALKER
LN

RATTO RD

BALDWIN
LN

EDAN AV

PATRICK
RD

WHISTLER WY
K
E
R
MIT
L
N

SPERRY RD

ANITA ST

DEL RIO DR
WIL
LOW GL
E
N
R
D

EUCLID AV

SECTION AV

SHIPPEE LN

TREDWAY RD
Q
UAIL
LAKES
D
R

MORSE RD

PLYMOUTH
RD
D
A
G
G
E
T
T
R
D
E
N
DOW
R
D
SNYDER
LN
DAWES
AV

LOVELACE RD

FOPPIANO LN

CUMBERLAND PL

FIVE MILE DR
GOLDEN
GATE
AV

HOUSE RD

LEONARDINI RD
ODELL
AV

CARPENTER RD
M
A
R
A
N
A
T
H
A
D
R

SINCLAIR
AV

LINCOLN
ST

CLARK DR

NEWTON RD

BROADWAY
AV
Y RD
M
C
DO
U
GAL
D B
L
SHAW
RD

HANDEL RD

DE LIMA RD
SUN RD

ANGEL DR
UNION
ST
ATKI

RIVERBROO
K
D
R

ELLIS ST
BURGE
RD

LEVER BL

ADELBERT
AV

PILGRIM ST

FLINT AV
BERN
RD
LONGE
ST

JULIET RD

ALLSTON
WY

RIVARA RD

QUASHNICK RD
E
W
S
WO
O
D
S
B
L

BEAR CREEK RD

INGLEWOOD
AV
F
E
RGU
SON
R
D
G
O
L
F
V
EI W
R
D

ONETO RD

FARMINGTON RD

YOKUTS AV

TUXEDO S AV
SUTRO
AV
RIC
H
L
A
N
D WY

MADISON
ST

VIGNOLO RD

ZEPHYR ST

FISK RD

MACDUFF AV

BIRD AV

YETTNER RD

WILMARTH
RD
NATALI
RD

SCOTTS AV

EASTVIEW DR

METRO DR

CHANNEL ST

MARIPOSA AV

CORA POST RD

WALNUT ST

LYNCH RD

PYRENEES AV

SMALL RD

BRUMBY RD
A
V
O
N
A
V
PATTON
AV
CI

CHAPARRAL WY

ALVARADO AV

SUTHERLAND DR

IMPERIAL WY

HERNDON
PL

PONCE DE LEON AV

ADAMS ST

CLAYTON AV

NINTH ST

BRADFORD ST

TOGNINALI LN

MARKET ST

PALM AV

BUDISELICH
RD

OVERHISER RD
O
P
AL
S
T

MARFARGOA DR

PARDEE LN

FRISBEE LN
LANDI
RD

WINDMILL COVE RD
RU
G
G
LES
RD

BALBOA A
V
SLATE
ST

ARGONAUT ST

STEPHENS
RD

DRAKE AV

CORONADO
AV

MYRAN AV

LINDSAY ST

HUNTER ST

A G SPANOS BL

VOLPI DR

WILCOX RD

FULTON ST

RAINIER
AV
IJAMS
RD

MARLETTE RD

STATION DR

OAKCREEK DR

GROUSE RUN DR
S
T
A
R W
Y
W
O
L
FIN
G
E
R
R
D

HICKOCK
DR
B
RIG
H
T
R
D

FERNWOOD RD
C
O
DY
WY

SANDALWOOD DR
M
O
R
G
A
N
P
L
H
E
M
E
T
AV

LOS FELIS AV
SAN
JUAN
AV
B
EST
R

WISCONSIN AV

SCOTTSDALE RD G
A
R
N
E
R
O
R
D

LOOMIS RD
HO
L
M
E
S
R
D
LAN
ARK
DR

TRAPPER RD

WAKEMAN DR

HOLIDAY
DR

PIXIE DR

ORVIS DR

DARRIGO RD

MIST TRAIL
D
R

MUNFORD AV
L
E
A
C
H
R
D

CLAY ST

CEMETERY
LN
H ST

WALLACE
AV

DUDLEY RD
PHELPS
ST

ELKHORN DR
C
O
L
E
D
R

TENAYA LN
NEWBY
RD

HUBBARD
AV

WAIT AV

STERN PL

ANTHONY
AV
LEE CT
YAL
E AV

ROYAL OAKS DR
A
L
H
A
M
B
R
A
AV

GUERNSEY AV

COELHO RD

ORFORD RD
SIERRA
LN
MILAN
DR
NORD
AV

TAYLOR ST

LAGORIO
RD
ASH
ST

THIRTEENTH ST
RAT
F
O
R
D
AV
BULL
PINE
RD

HORSETAIL DR

KOLHER ST
JAS
P
E
R
ST
Y
WY
NOYO
LN
L
Y
L
E
AV
WIM
WIZARD
AV

GREEN RIDGE DR

DECARLI ST

ORWOOD ST
S
A
NTA
A
N
A
AV

RIVIERA DR

PENELOPE DR

VERNAL WY

FIFTH ST

DRIFTWOOD PL

PALAZZO DR

BOGGIANO
RD

TUDOR ROSE GL

NISPEROS ST

WIGWAM DR

HACIENDA DR

PASSERO WY IN
TE
R
C
H
A
N
G
E

MOHICAN DR

DES MOINES DR
STOKES
AV

EXETER DR

DEEP WATER LN

RUNWAY DR

TINA PL
RAYA
N
N
A
D
R

ERICKSON CI
W
E
ST
L
N
E
F
R
R
D

BARRYMORE ST

RUFF AV
W

WAUSA WY

MCVIE DR

MADDIE CI
DWIGHT
WY

PINASCO
RD

GOLD RIVER LN

BALSAM DR

HIGHMOOR AV

GALLEY WY

EL MONTE ST
AD
ART
RD

MANCHESTER
AV
H
O
P
E
L
N

DORSET ST
E
C
T
O
R WY

UYEDA RD
V
A
L
L
E
Y
D
R