City of San Ramon FINANCE COMMITTEE AGENDA Phil O’Loane, Chair Scott Perkins, Vice Chair TELECONFERENCE Regular Meeting 4:00 PM April 27, 2020 AGENDA QUESTIONS: PLEASE CALL THE ADMINISTRATIVE SERVICES DIRECTOR AT (925) 973-2514 Documents received after publication of this Agenda and considered by the Finance Committee in its deliberation will be available for inspection only via electronic document transfer, due to the COVID-19 outbreak. See the COVID-19 provisions outlined below. Please call or email the Administrative Services Director during normal business hours if you require access to any such documents. CORONAVIRUS DISEASE (COVID-19) ADVISORY AND MEETING PROCEDURE On March 16, 2020, the Health Officer of Contra Costa County issued an Order through April 7, 2020 that directed that all individuals living in the county to shelter at their place of residence except that they may leave to provide or receive certain essential services or engage in certain essential activities and work for essential businesses and governmental services. Under the Governor’s Executive Order N-29-20, this meeting may utilize teleconferencing. As a precaution to protect the health and safety of staff, officials, and the general public. Finance Committee members will not be physically in attendance, but will be available via video conference. City Hall is currently closed to the public and will remain closed for the duration of the Finance Committee meeting. Consequently, there will be no physical location for members of the public to participate in the meeting. We encourage members of the public to shelter in place and access the meeting online using the web-video communication application, Zoom. Zoom participants will have the opportunity to speak during the Public Comment periods (for topics not on the agenda), in addition to each of the agendized items. If you are submitting public comment via email, please do so by 3:00 p.m. on Monday, April 27, 2020 to [email protected]. Please include “Public Comment 4/27/2020” in the subject line. In the body of the email please include your name and the item you wish to speak on. Public comments submitted will be read during Public Comment and will be subject to the regular three-minute time restriction. This City Council meeting will be conducted on the web-video communication platform, Zoom. In order to view and/or participate in this meeting, members of the public will need to download Zoom from its website, www.zoom.com.
Transcript
City of San Ramon
FINANCE COMMITTEE
AGENDA
Phil O’Loane, Chair Scott Perkins, Vice Chair
TELECONFERENCE Regular Meeting
4:00 PM
April 27, 2020
AGENDA QUESTIONS: PLEASE CALL THE ADMINISTRATIVE SERVICES DIRECTOR AT (925) 973-2514
Documents received after publication of this Agenda and considered by the Finance Committee
in its deliberation will be available for inspection only via electronic document transfer, due to the
COVID-19 outbreak. See the COVID-19 provisions outlined below. Please call or email the Administrative
Services Director during normal business hours if you require access to any such documents.
CORONAVIRUS DISEASE (COVID-19) ADVISORY
AND MEETING PROCEDURE
On March 16, 2020, the Health Officer of Contra Costa County issued an Order through April 7,
2020 that directed that all individuals living in the county to shelter at their place of residence
except that they may leave to provide or receive certain essential services or engage in certain
essential activities and work for essential businesses and governmental services.
Under the Governor’s Executive Order N-29-20, this meeting may utilize teleconferencing. As a
precaution to protect the health and safety of staff, officials, and the general public. Finance
Committee members will not be physically in attendance, but will be available via video
conference.
City Hall is currently closed to the public and will remain closed for the duration of the Finance
Committee meeting. Consequently, there will be no physical location for members of the public
to participate in the meeting. We encourage members of the public to shelter in place and access
the meeting online using the web-video communication application, Zoom. Zoom participants
will have the opportunity to speak during the Public Comment periods (for topics not on the
agenda), in addition to each of the agendized items.
If you are submitting public comment via email, please do so by 3:00 p.m. on Monday, April 27,
2020 to [email protected]. Please include “Public Comment 4/27/2020” in the subject
line. In the body of the email please include your name and the item you wish to speak on. Public
comments submitted will be read during Public Comment and will be subject to the regular
three-minute time restriction.
This City Council meeting will be conducted on the web-video communication platform, Zoom.
In order to view and/or participate in this meeting, members of the public will need to download
DV Water Quality Control Pond Maintenance $190,924 $190,400
$671,665 $637,713
Administrative Overhead $75,391 $0
TOTAL EXPENDITURES $1,565,574 $1,256,462
ENDING FUND BALANCE $51,225 $16,999
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San Ramon has approximately 34,921 ERUs for FY 2020/21 compared to 34,621 for FY
2019/20. The difference between the adopted FY 2019/20 number of ERUs and the projected FY
2020/21 number of ERUs is typically projected at 300 units per year. At the maximum rate of
$35/ERU, the estimated revenue generated in FY 2020/21 will be $1,222,235. This is the 17th
year that the City has assessed the maximum rate. Projected revenue for FY 2019/20 is
$1,211,735.
Budget Projection
At the April 22, 2019 Finance Committee meeting, staff projected that the Storm Waste Reserve
Fund balance would be negative beginning in FY 2020/21. Last year’s projection showed a fund
balance of $0 at the end of FY 2019/20 and an ending fund balance of -$119,223 for FY
2020/21. Staff is currently projecting ending fund balances of $51,225 for FY 2019/20 and -
$16,998 for FY 2020/21.
NEXT STEPS
1. The Stormwater Program Budget will be incorporated into the FY 2020/21 Budget as part
of the annual budget adoption process.
2. The Contra Costa County Board of Supervisors will conduct the Countywide Public
Hearing for the adoption of the stormwater assessments in June 2020.
ATTACHMENT:
A: Equivalent Runoff Unit Methodology
B: Draft FY 2020/21 Stormwater Program Budget
C: Stormwater Program Five-Year Projection
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EQUIVALENT RUNOFF UNIT (ERU) This is defined as a single-family residential use on a parcel that ranges from 5,000 to 20,000 square feet. One residential parcel of such size would be assigned one ERU. Using this methodology, the following ERU values were established (the land use types listed are only those applicable to San Ramon): Classification Land Use ERU
Group A Residential (5,000 s.f. to 20,000 s.f.) 1.0 ERU/unit Group B Residential (less than 5,000 s.f. and all multi-family
residential parcels) 0.7 ERU/unit
Group C Residential (greater than 20,000 s.f.) 1.7 ERU/unit Group D Golf courses and cemeteries 0.2 ERU/acre Group G Community centers, churches, schools, and cultural
facilities 7 ERU/acre
Group H Office buildings 9 ERU/acre Group I Hotels, motels, and mobile home parks 10 ERU/acre Group J Industrial, commercial, and entertainment parcels
Expenditures ($848,230) ($5,848,230) ($913,027) Note: 1. Revenues are based on an assessment rate of $200.00 per residential unit and $0.064 per square foot of
non-residential area.
Reserve Fund Study Update
The DV GHAD Reserve Fund Study was completed in 2003. The Study recommends that the
DV GHAD accumulate a Reserve Fund of $8M (2003 dollars; $11,082,531 in 2020 dollars) in
40 years. Amongst other factors, the Study assumed the occurrence of significant landslide
events costing $1M (2003 dollars; $1.5M in 2020 dollars) every 10 years. The Study was also
based on the number of assessed units, property values, and geologic risk, as well as assumptions
regarding routine maintenance, management, and monitoring costs. The recommended reserve
amounts would allow the DV GHAD to repair the largest anticipated event within the DV
GHAD (at $8M in 2003 dollars), while still having funds to continue its other maintenance and
monitoring functions.
Staff completed its annual review of the current Reserve Fund Study and has incorporated the
following revisions, which affect the reserve amounts:
Inflation factor - Both the initial and current Study assumed an overall inflation factor of
3%.
Return on Investment - The current long term projection has been revised to reflect a
0.5% interest rate for FY 2020/21; interest rates of 0.5% for the rest of the Study due to
the very low returns on investment that have be achieved recently. However, it is noted
that in Fiscal Year 2018/19 the return on investments was approximately 4.1% compared
to the initial reserve.
Due to apparent conservatism in previous analysis, the 10% contingency has been
eliminated in the Reserve Fund Study.
The 2003 Study was based in part on an initial assessment rate of $100 per residential unit and
$0.03 per square foot of non-residential area for FY 2002-2003. The Study also assumed that the
assessments would increase at the rate of 1% per year for approximately five years. However,
further analysis indicated that if this assessment rate was to continue, the recommended reserve
amounts would not be met, creating a Reserve Fund goal shortfall of approximately $49,701,023
(-$21,975,693 in 2003 dollars) in 40 years. In order to avoid this, the DV GHAD Board approved
a change of the rate of increase to 4% per year, starting in FY 2006/07, and lasting for
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approximately 16 years, with a 3% increase in year 17 until 2022/23 at an assessment rate of
$198.76 per residential unit per year and $0.0636 per square foot of non-residential area. This
increase was suspended for one year in FY 2009/10 based on analysis that indicated that due to
lower than expected cost; a suspension would still allow the DV GHAD to meet the Reserve
Fund goals. At that time, this resulted in a maximum projected per unit assessment rate of
$191.12 and $0.0611 per square foot non-residential rate in FY 2022/23.
For FY 2019/20 staff recommended maintaining the existing assessment level of $163.37 per
residential unit and a commercial rate of $0.0523 per square foot. This recommendation was
based on analysis that indicated that longer term continued increases in the assessment were
likely not necessary primarily due to maintenance costs being consistently lower than expected
and despite the conservative projection of returns on investment.
Kami Court Landslide
On October 28, 2019, the DV GHAD Board approved $5M for the repair of a large landslide in
the vicinity of Kami Court. Repairs were commenced immediately and are on-going. This
landslide is an order of magnitude larger than any previous repairs undertaken by the DV GHAD
and had a substantial impact on the DV GHAD’s Reserve Fund. Because the DV GHAD Board
has previously expressed a desire to maintain a conservative approach with regard to long-term
sustainable financing, staff has analyzed the Reserve Fund to determine an appropriate
amortization of this cost. The analysis focused on determining the assessment necessary to return
the Reserve Fund to previous target levels within 10 years. This analysis indicates that an
assessment amount of $200.00 per unit for residential and $0.0640 per square foot for
commercial properties will achieve this goal within approximately nine (9) years while keeping
all other assumptions constant. This is a $36.63 per year increase per residential unit and a
$0.012 per square foot increase for commercial space or an increase of 22.4%. This will result in
a revenue increase of approximately $440,000 per year. Further increases can be made in the
future up to the maximum of $250, if needed. The rates can also be lowered or the 10-year
payback period reduced if returns on investment are greater than expected. Alternatively,
different amortization periods could be used.
Return on Investment
The return on investment that the DV GHAD receives on its reserves plays a major role in the
setting of assessment rates and the long-term fiscal stability of the DV GHAD. Because the DV
GHAD’s ability to adjust assessments is capped at $250 per residential unit, in the long term, the
DV GHAD will be partially dependent on returns on investment to finance operations. This
requires the establishment of a large reserve. Between 2010 and 2018, returns on investment
ranged between about 1.3% and -0.3% and were typically less than inflation. For this reason, the
Reserve Fund analysis has in recent years been based on a long-term continuation of a low level
of return. However, in FY 2018/2019 the DV GHAD’s return on investment was approximately
4.1% as compared to the initial reserve and resulted in a return on investment of $435,781. If
returns on investment of this magnitude are sustainable then it would be possible to reduce the
current assessment levels. However, recent economic events suggest that in the near term such
returns are unlikely.
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Reserve Fund Study
The attached Reserve Fund Study (Appendix C of the Engineer’s Report) spreadsheet is based on
the analysis described above. A graph is attached to the Study comparing the predicted reserves
based on: 1) the original Study; 2) the FY 2019/20 Study; and 3) the proposed assessment
increase to amortize the recent expenditures.
The 2003 Reserve Fund Study included a line item for major landslide repairs once every 10
years at a cost of $1M per occurrence. Maintaining the once every 10 year cost associated with a
major landslide event caused major spikes in the budget. Beginning in FY 2016/17, the major
landslide projected cost, as adjusted for inflation, has been distributed over the 10-year period to
represent an annual cost in order to smooth out spikes in the budget.
The proposed rates for FY 2020/21 are $200.00 per residential unit and $0.064 per square foot of
non-residential area. These proposed assessment amounts fall within the assessment limit of
$250 per residential unit and $0.10 per square foot of non-residential building square footage.
The assessment rates are summarized below:
FY 19/20 FY 20/21 Rate
Increase
Maximum
Assessment
Residential assessment (per
residence)
$163.37 $200.00 $36.63 $250
Non-residential assessment
(per square foot)
$0.0523 $0.064 $0.017 $0.10
NEXT STEPS
May 12, 2020 DV GHAD Board of Directors considers approval of FY 2020/21
Engineer’s Report and updated Reserve Fund Study and proposes
Resolution of Intention to order assessments and set a Public Hearing for
June 9, 2020.
May 22, 2020 DV GHAD staff mails Notice of Public Hearing for the proposed DV
GHAD budget for FY 2020/21 to property owners within the DV GHAD.
June 9, 2020 DV GHAD Board of Directors conducts a Public Hearing and adopts the
Resolution levying the assessments for FY 2020/21.
ATTACHMENT:
A: Draft DV GHAD Engineer’s Report FY 2020/21
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Fiscal Year 2020/2021 DRAFT
ENGINEER'S REPORT
DOUGHERTY VALLEY GEOLOGIC HAZARD ABATEMENT DISTRICT
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TABLE OF CONTENTS
Page CERTIFICATION OF FILING .......................................................................................................3 I. BACKGROUND .................................................................................................................5 II. GEOLOGIC HAZARD ABATEMENT DISTRICT NO. 1990-01 DIAGRAM.................5 III. SERVICE LEVELS .............................................................................................................5 IV. DESCRIPTION OF DV GHAD IMPROVEMENTS..........................................................6 V. PROPOSED FY 2020/2021 BUDGET ................................................................................7 VI. ASSESSMENT METHODOLOGY ....................................................................................8 VII. ASSESSMENT ROLL.........................................................................................................8 VIII. ASSESSMENT LIMIT - BUDGET PROJECTION ...........................................................8 APPENDICES APPENDIX A - DISTRICT MAP APPENDIX B - UPDATED BUDGET PROJECTION APPENDIX C – UPDATED RESERVE FUND STUDY APPENDIX D – GRAPH – DV GHAD RESERVE FUND ANALYSIS
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ENGINEER'S REPORT
DOUGHERTY VALLEY GEOLOGIC HAZARD ABATEMENT DISTRICT
(Pursuant to the Public Resources Code of the State of California, Section 26500 et seq.) CERTIFICATION OF FILING Robin Bartlett, District Engineer of Dougherty Valley Geologic Hazard Abatement District (DVDV GHAD), San Ramon, Contra Costa County, California, makes this Report as directed by the DV GHAD Board of Directors. The DV GHAD is intended to provide geologic hazard improvements within the West Branch, Gale Ranch, Windemere, Old Ranch, and Silva Property areas, and to levy and collect assessments sufficient to pay for those improvements. This report is to levy the assessment for Fiscal Year July 1, 2020 to June 30, 2021. The improvements, which are the subject of this report, are briefly described as follows:
"Improvement" means any activity necessary or incidental to the prevention, mitigation, abatement, or control of a geologic hazard, including, but not limited to the acquisition of property or any interest therein, construction, or the maintenance, repair, or operation of any improvement, or the issuance and servicing of bonds issued to finance any of the foregoing.
This report consists of the following eight (8) parts: I. BACKGROUND II. DOUGHERTY VALLEY GEOLOGIC HAZARD ABATEMENT DISTRICT
DIAGRAM
III. SERVICE LEVELS IV. DESCRIPTION OF DV GHAD IMPROVEMENTS V. PROPOSED FY 2020/21 BUDGET
VI. ASSESSMENT METHODOLOGY VII. ASSESSMENT ROLL VIII. ASSESSMENT LIMIT – BUDGET PROJECTION
___________________________
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The undersigned respectfully submits the enclosed Engineer's Report as directed by the Dougherty Valley Geologic Hazard Abatement District Board of Directors, the City Council of the City of San Ramon. Date: _____________ By: Robin Bartlett, P.E., G.E, District Engineer
I HEREBY CERTIFY that the enclosed Engineer's Report, together with the Assessment Diagram thereto attached was filed with me on the __________ day of May 2020.
Christina Franco, District Clerk Dougherty Valley Hazard Abatement District Contra Costa County, California
I HEREBY CERTIFY that the enclosed Engineer's Report, together with the Assessment Roll and Assessment Diagram thereto attached was approved and confirmed by the Dougherty Valley GHAD Board of Directors, the City Council of the City of San Ramon, California, on the __________day of June 2020.
Christina Franco, District Clerk Dougherty Valley Geologic Hazard Abatement District Contra Costa County, California
I HEREBY CERTIFY that the enclosed Engineer’s Report, together with the Assessment Roll and Assessment Diagram thereto attached was filed with the County Auditor of the County of Contra Costa on the __________ day of August 2020.
Christina Franco, District Clerk Dougherty Valley Geologic Hazard Abatement District Contra Costa County, California
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ENGINEER'S REPORT
DOUGHERTY VALLEY GEOLOGIC HAZARD ABATEMENT DISTRICT
Fiscal Year 2020/2021
I. BACKGROUND The Dougherty Valley Geologic Hazard Abatement District (DV GHAD) was formed in 1990 in accordance with the Public Resources Code of the State of California, Section 26500 et seq. Originally, the DV GHAD included the West Branch area of the City of San Ramon, located at Crow Canyon and Dougherty Roads. In 1997, the DV GHAD was expanded to include both Gale Ranch and Windemere in Dougherty Valley. Annexation of the Old Ranch Summit subdivision into the DV GHAD occurred in April 2007 and annexation of the Silva Property occurred in March 2008. A minor annexation of the 10.4-acre South Bollinger Canyon Road Remainder Parcel was approved by the DV GHAD Board on February 28, 2012 through Resolution DV GHAD No. 2012-04. II. DOUGHERTY VALLEY GEOLOGIC HAZARD ABATEMENT DISTRICT
DIAGRAM The Diagram for the DV GHAD is shown in Appendix A and delineates the assessment district boundary. III. SERVICE LEVELS The DV GHAD provides for activity that is necessary or incidental to the prevention, mitigation, abatement, or control of a geologic hazard including, but not limited to, the acquisition of property or any interest therein, construction, or the maintenance, repair, or operation of any improvement, or the issuance and servicing of bonds issued to finance any of the foregoing. The improvements for FY 2020/2021 include the administration and review of existing facilities within the budgeted limits. The District will provide the following services in FY 2020/2021: 1. Provide oversight of the DV GHAD. 2. Work with the County Assessor's Office to place the annual assessments for collection on
the property tax rolls. 3. Retain the services of a geotechnical consultant, as needed, to undertake site inspections or
conduct inspections using City of San Ramon staff. The inspections shall take place in October, prior to the first significant rainfall, and in early May at the end of the rainy season. The frequency of the inspections may increase depending upon the intensity and recurrence of rainfall within mid-winter site inspections, as necessary during heavy rainfall years.
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4. Perform DV GHAD maintenance activities in accordance with the DV GHAD Plan of Control, updated and approved by the DV GHAD Board on September 22, 2009. These maintenance activities include weed abatement, maintenance of debris benches, concrete drainage ditches, and subsurface drainage systems with slope stabilization, erosion protection and sediment removal, as necessary.
5. Respond to landslides and other geologic hazard events, as needed. 6. Prepare annual DV GHAD budgets. 7. Continue evaluating the appropriate Reserve Fund and the assessment rate, based on the
Reserve Fund Study, approved by the DV GHAD Board on April 22, 2003. 8. Acquire the open space parcels in accordance with the DV GHAD Annexation
Agreements. 9. Manage the agricultural lease agreement, as appropriate.
10. Manage cellular telephone lease agreements. 11. Evaluate DV GHAD annexation proposals, if requested.
IV. DESCRIPTION OF THE DV GHAD IMPROVEMENTS The limits of the DV GHAD are shown in Appendix A. The DV GHAD boundary encompasses approximately 5,850 acres predominantly on the east side of the San Ramon Valley in south-central Contra Costa County. Of this, approximately 2,800 acres is open space. Improvements are described in detail in the updated Plan of Control prepared for Geologic Hazard Abatement District No. 1990-01, dated August 28, 2009 and approved by the Board on September 22, 2009. In general, improvements include: debris benches; drainage systems including v-ditches, public storm drain inlets and outlets, subdrains, and surface drains; instruments such as piezometer and inclinometers; dewatering pumps; access roads/trails; and perimeter fencing. At the time of preparation of this report, the DV GHAD owned approximately 2,248 acres of open space out of an anticipated final total of 2,809 acres, or approximately 80% of the anticipated total. It is currently anticipated that the DV GHAD will take ownership of the remaining open space in FY 2020/21.
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PROPOSED FY 2020/21 BUDGET The proposed FY 2020/21 budget is as shown below in Table 1.
Table 1
(1) Assessment is based on $200.00 per residential unit and $0.064 per building square foot non-residential (2) Revenue from Agricultural Lease Agreement and cell tower access leases Major repairs are included in the budget only when known to exist and in either the current or following year. They are however, included in the reserve fund study on an annualized basis. For this reason, the ending fund balance in the budget and reserve fund study are not the same.
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VI. ASSESSMENT METHODOLOGY The improvements as described in Section IV are distributed throughout the DV GHAD. Maintenance and protection of these improvements provide a special benefit to all property owners within the DV GHAD. The District Engineer and Engineer of Work hereby find that the properties within the District receive approximately equal special benefit from the work and improvements within the DV GHAD. As a result, the DV GHAD assessment is distributed among all property owners within the DV GHAD. Residential units are assessed on an equal basis. Non-residential units are assessed based on the actual size of the building located on the parcel. For Fiscal Year 2020/21 the assessment amount of $200.00 per unit for residential and $0.0640 per square foot of non-residential property is proposed in accordance with the updated Reserve Fund Study approved by the Board. VII. ASSESSMENT ROLL The following is a summary of information that will be included in the Assessment Roll that because of its length is filed separately with the District Clerk. This information includes the following: 1. Property Description - Assessor Parcel Number 2. FY 2020/21 Assessment Amount VIII. ASSESSMENT LIMIT - BUDGET PROJECTION The assessment limit for the entire DV GHAD is $250 per equivalent residential unit and $0.10 per square foot for non-residential property. The current budget projection is described in Appendix B and a spreadsheet that projects the revenues and expenditures of the DV GHAD to the year 2058 is included in Appendix C.
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APPENDIX A
DOUGHERTY VALLEY GEOLOGIC HAZARD ABATEMENT DISTRICT NO. 1990-01 DIAGRAM
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APPENDIX B
UPDATED BUDGET PROJECTION
Background The DV GHAD Reserve Fund Study was completed in 2003. The study recommends that the DV GHAD accumulate a Reserve Fund of $8M (2003 dollars; $11,082,531 in 2020 dollars) in 40 years. Amongst other factors, the Study assumed the occurrence of significant landslide events costing $1M (2003 dollars; $1.5M in 2020 dollars) every 10 years. The Study was also based on the number of assessed units, property values, and geologic risk, as well as assumptions regarding routine maintenance, management and monitoring costs. The recommended reserve amounts would allow the DV GHAD to repair the largest anticipated event within the DV GHAD (at $8M in 2003 dollars), while still having funds to continue its other maintenance and monitoring functions. Staff completed its annual review of the current Reserve Fund Study and has incorporated the following revisions, which affect the reserve amounts:
♦ Inflation factor – Both the initial and current Study assumed an overall inflation factor of 3%.
♦ Return on Investment - The current long term projection has been revised to reflect a 0.5% interest rate for FY 2020/21; interest rates of 0.5% for the rest of the Study due to the very low returns on investment that have be achieved recently. However, it is noted that in Fiscal Year 2018/19 the return on investments was approximately 4.1% compared to the initial reserve.
♦ Due the apparent conservatism in previous analysis, the 10% contingency has been eliminated in the Reserve Fund Study.
The 2003 Study was based in part on an initial assessment rate of $100 per residential unit and $0.03 per square foot of non-residential area for FY 2002-2003. The Study also assumed that the assessments would increase at the rate of 1% per year for approximately five years. However, further analysis indicated that if this assessment rate was to continue, the recommended reserve amounts would not be met, creating a Reserve Fund goal shortfall of approximately $49,701,023 (-$21,975,693 in 2003 dollars) in 40 years. In order to avoid this, the DV GHAD Board approved an increase of the rate to 4% per year, starting in FY 2006/07, and lasting for approximately 16 years, with a 3% increase in year 17 until 2022/23 at an assessment rate of $198.76 per residential unit per year and $0.0636 per square foot of non-residential area. This increase was suspended for one year in FY 2009/10 based on analysis that indicated that due to lower than expected cost; a suspension would still allow the DV GHAD to meet the Reserve Fund goals. At that time, this resulted in a maximum projected per unit assessment rate of $191.12 and $0.0611 per square foot non-residential rate in FY 2022/23. For FY 2019/20, staff recommended maintaining the existing assessment level of $163.37 per residential unit and a commercial rate of $0.0523 per square foot. This recommendation was based on analysis that indicated that longer term continued increases in the assessment were likely not
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necessary primarily due to maintenance costs being consistently lower than expected and despite the conservative projection on returns on investment. Current Analysis Kami Court Landslide On October 28, 2019, the DV GHAD Board approved $5M for the repair of a large landslide in the vicinity of Kami Court. Repairs were commenced immediately and are on-going. This landslide is an order of magnitude larger than any previous repairs undertaken by the DV GHAD and had a substantial impact on the DV GHAD’s Reserve Fund. Because the DV GHAD Board has previously expressed a desire to maintain a conservative approach with regard to long-term sustainable financing, staff has analyzed the Reserve Fund to determine an appropriate amortization of this cost. The analysis focused on determining the assessment necessary to return the Reserve Fund to previous target levels within 10 years. This analysis indicates that an assessment amount of $200 per unit for residential and $0.0640 per square foot for commercial properties will achieve this goal within about nine (9) years while keeping all other assumptions constant. This is a $36.63 per year increase per residential unit and a $0.012 per square foot increase for commercial space or an increase of 22.4%. This will result in a revenue increase of approximately $440,000 per year. Further increases can be made in the future up to the maximum of $250, if needed. The rates can also be reduced or the term of the increased assessment reduced if returns on investment improve or different amortization periods could be used. Return on Investment The return on investment that the DV GHAD receives on its reserves plays a major role in the setting of assessment rates and the long term fiscal stability of the DV GHAD. Because the DV GHAD’s ability to adjust assessments is capped at $250 per residential unit, in the long term, the DV GHAD may be partially dependent on returns on investment to finance operations. This could require establishment of a large reserve. However, between 2010 and 2018 returns on investment ranged between about 1.3% and -0.3% and were typically less than inflation. For this reason, the Reserve Fund analysis has in recent years been based on a long term continuation of a low level of returns. However, in FY 2018/2019, the DV GHAD’s return on investment was approximately 4.1% as compared to the initial reserve and resulted in a return on investment of $435,781. If returns on investment of this magnitude are sustainable then it would be possible to reduce the current assessment levels. However, recent economic events suggest that in the near term such returns are unlikely. Reserve Fund Study The attached Reserve Fund Study (Appendix C) spreadsheet is based on the analysis described above. A graph is attached to the Study comparing the predicted reserves based on: 1) the original study; 2) the FY 2019/20 study; and 3) the proposed assessment increase to amortize the recent expenditures.
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The 2003 Reserve Fund Study included a line item for major landslide repairs once every 10 years at a cost of $1M per occurrence. Maintaining the once every 10 year cost associated with a major landslide event caused major spikes in the budget. Beginning in FY 2016/17, the major landslide projected cost, as adjusted for inflation, has been distributed over the 10-year period to represent an annual cost in order to smooth out spikes in the budget.
By: Robin Bartlett, Division Manager/District Engineer
SUBJECT: Northwest San Ramon Geologic Hazard Abatement District (NWSR GHAD)
Fiscal Year 2020/21 Draft Budget, Engineer’s Report, and Updated Reserve
Fund Study
EXECUTIVE SUMMARY
The purpose of this staff report is to provide a review of the Draft NWSR GHAD Budget and
Engineer’s Report for FY 2020/21. The Engineer’s Report has been revised to account for
changes in the configuration of Neighborhood V. These changes will result in a minor increase in
revenues from that previously anticipated, as well as a minor increase in responsibilities and
costs. Currently, staff is not responsible for or undertaking any maintenance activities in the
NWSR GHAD as they remain the responsibility of The Preserve Project developer.
RECOMMENDED ACTION
District staff recommends that the Finance Committee review the NWSR GHAD Budget and
NWSR GHAD Engineer’s Report for FY 2020/21, forward it to the NWSR GHAD Board for
approval, and to order the levy of NWSR GHAD assessments for FY 2020/21.
BACKGROUND/DISCUSSION
Background
Pursuant to the Public Resources Code of the State of California, Section 26500, Resolution No.
2017-108, adopted by the City Council on October 10, 2017, ordered the formation of the
Northwest San Ramon Geologic Hazard Abatement District and designated the City Council as
the Board of Directors. The NWSR GHAD was formed in response to a Condition of Approval
of The Preserve Development and encompasses the entire area of that project. This is the first
year that assessments will be levied. Details of the maintenance responsibilities and geologic
hazards within the NWSR GHAD are described in detail in the Plan of Control for the NWSR
GHAD dated September 29, 2017.
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Discussion
The purpose of forming the NWSR GHAD is to provide a funding mechanism to prevent,
mitigate, abate, or control a geologic hazard; and to mitigate or abate structural hazards that are
partly or wholly caused by geologic hazards. A geologic hazard, as defined by the Public
Resources Code, is an actual or threatened landslide, land subsidence, soil erosion, earthquake,
fault movement, or any other natural or unnatural movement of land or earth.
Developer Responsibility
At this time, The Preserve Developer is responsible for all GHAD maintenance activities.
Pursuant to the schedule set forth in the Funding and Acceptance of Responsibility by the
District (Exhibit D of the Plan of Control), the responsibility for GHAD activities will transfer to
the NWSR GHAD when the reserve reaches a minimum of $1,000,000. Additionally, at the time
of transfer, a minimum of 320 equivalent residential units must be subject to the levy of the
assessment. Funds collected and remaining from the levy of assessments during the period that
the developer is responsible for performing monitoring and maintenance activities shall be
applied to meet the required NWSR GHAD reserve amount. In addition, receivables from the
Contra Costa County Tax Collector will be included to meet the reserve amount.
FY 2020/21 Activities
The following activities are anticipated to occur in FY 2020/21:
Prepare the annual Engineer’s Report;
Levy the assessments; and
Monitor construction activities or issues that may be of concern to the NWSR GHAD.
Proposed Assessment and Compliance with the “Right to Vote on Taxes Act” (Proposition 218)
As part of the formation process of the NWSR GHAD, a mailed ballot election processes was
conducted to form the GHAD and to adopt an initial assessment limit of $1,428 per residential
unit per year and $0.10 per square feet of habitable non-residential property per year. These
initial assessment limits will be adjusted annually to reflect the percentage change in the San
Francisco-Oakland-San Jose Consumer Price Index (CPI) for All Urban Consumers using an
initial date of June 2017. Each subsequent annual adjustment will be calculated using the 12-
month period from June to June. There was a majority voter approval to confirm these
assessment limits. The applicable inflation from June 2018 to June 2019 is 3.2%; therefore, the
assessment limit can be adjusted to $1,531.53 per residential unit and $0.10725 per square feet of
habitable non-residential property.
Section 53753.5 (a) of the California Government Code states:
“If an agency has complied with the notice, protest, and hearing requirements of
Section 53753, or if an agency is not required to comply with those requirements
because the assessment is exempt from the procedures and approval process set
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forth in Section 4 of Article XIIID of the California Constitution, then those
requirements shall not apply in subsequent fiscal years unless the assessment
methodology is changed to increase the assessment, or the amount of that
assessment is proposed to exceed an assessment formula or range of assessments
adopted by an agency in accordance with Article XIIID of the California
Constitution.”
Since the proposed FY 2020/21 assessment falls within the assessment limits of $1,531.53 per
residential unit and $0.10725 per square feet of habitable non-residential property, a mailed
ballot election process is not required.
However, a mailing is required by Public Resources Code Section 26652, Geologic Hazard
Abatement Districts, for annually noticing property owners within the NWSR GHAD. This code
section states the following:
“The board of directors shall cause a notice of the adoption of the Resolution
described in Section 26651 to be mailed by first class mail to each owner of real
property within the district as shown on the last equalized assessment roll of the
county.”
Subsequent to this action, if approved by the NWSR GHAD Board, District staff will mail the
Public Hearing notice to all property owners within the NWSR GHAD a minimum of 14 days
prior to the Public Hearing.
Changes in Neighborhood V
At the time of preparation of the original Engineer’s Report the configuration of Neighborhood
V had not been determined. At that time, an assumption was made that Neighborhood V would
consist of 72 single family homes each with an assessment ratio of 0.7 units for a total of 50.4
assessment units. The design of Neighborhood V has now been finalized and it will consist of 40
smaller single family homes and 122 condominiums. The assessment ratio for these units was
determined based on a comparison of the square footage of comparable units in Neighborhood
IV. The assessment ratio of the Neighborhood V units will be 0.45 and 0.40 for single family
homes and condominiums, respectively. Based on this method, Neighborhood V will now have a
total of 66.8 assessment units. The inflation adjusted assessment for the District as a whole at
build-out is expected to increase by approximately $25,000 per year as a result of these changes.
Along with the changes in unit type, some other changes were made that will result in both
increases and some decreases in anticipated NWSR GHAD maintenance costs. The largest
increases are associated with increased retaining wall maintenance costs, as well as
miscellaneous costs associated with larger maintenance areas and an access road. These are
partially offset by decreased costs from the original projection for bio-retention facilities. The net
increase is anticipated to be approximately $23,000 per year.
Additional details are presented in the Engineers Report.
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FISCAL ANALYSIS
Based on the current assessment rate of $1,531.53 and that the assessment will be applied to 200
equivalent units, it is estimated that the total assessment will be $306,306 for FY 2020/21. These
funds will be applied to the development of a reserve, which will be available for major repairs
following the turnover of responsibilities for maintenance to the GHAD. Because all
maintenance remains the responsibility of the developer, expenses by the NWSR GHAD are
expected to be minor. Details of the fiscal analysis are presented in the Draft Engineer’s Report.
The current reserve for the NWSR GHAD as of the preparation of this Report is $186,846 with
additional funds expected from the County Assessor by the end of the year 2020.
In subsequent years, as the reserve fund grows, actual maintenance costs are tracked, and as a
history of the performance of the improvements in the NWSR GHAD is obtained, staff will
undertake periodic Reserve Fund updates to track the financial health of the NWSR GHAD.
NEXT STEPS
May 12, 2020 NWSR GHAD Board of Directors considers approval of FY 2020/21
Engineer’s Report and proposed Resolution of Intention to order
assessments and set a Public Hearing for June 9, 2020.
May 22, 2020 NWSR GHAD staff mails Notice of Public Hearing for the proposed
NWSR GHAD budget for FY 2020/21 to property owners within the
NWSR GHAD.
June 9, 2020 NWSR GHAD Board of Directors conducts a Public Hearing and adopts
the Resolution levying the assessments for FY 2020/21.
ATTACHMENT:
A: Draft NWSR GHAD Engineer’s Report FY 2020/21
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ENGINEER’S REPORT
for
NORTHWEST SAN RAMON GEOLOGIC HAZARD ABATEMENT DISTRICT THE PRESERVE DEVELOPMENT
SAN RAMON, CALIFORNIA
November 3, 2017
Revised April 11, 2020
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TABLE OF CONTENTS
CERTIFICATION OF FILING .......................................................................................... 1
I. INTRODUCTION .................................................................................................... 3
II. BACKGROUND ..................................................................................................... 3
III. GEOLOGIC HAZARD ABATEMENT DISTRICT BOUNDARIES .......................... 3
IV. SERVICE LEVELS ................................................................................................. 3
V. DESCRIPTION OF THE IMPROVEMENTS MAINTAINED BY THE GHAD .......... 4
VI. ASSESSMENT METHOD ...................................................................................... 4
VII. ASSESSMENT - BUDGET ..................................................................................... 6
VIII. PROPERTY OWNER OR DEVELOPER RESPONSIBILITIES .............................. 6
EXHIBIT A – Legal Description
EXHIBIT B – Plat
EXHIBIT C – Northwest San Ramon GHAD Budget
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ENGINEER’S REPORT
NORTHWEST SAN RAMON
GEOLOGIC HAZARD ABATEMENT DISTRICT – THE PRESERVE (Pursuant to the Public Resources Code of the State of California, Section 26500 et seq.)
CERTIFICATION OF FILING
The Northwest San Ramon Geologic Hazard Abatement District (“GHAD”) was formed to provide monitoring and maintenance of improvements related to geologic hazard management and other responsibilities as a landowner, within The Preserve development in the Northwest San Ramon GHAD and levy and collect assessments in order to perform its activities. The GHAD responsibilities, which are the subject of this report and the Plan of Control, are defined as any activity necessary or incidental to the prevention, mitigation, abatement, or control of a geologic hazard, construction, maintenance, repair, or operation of improvement; or the issuance and servicing of bonds issued to finance any of the foregoing (Section 26505). This report consists of eight parts, as follows:
I. INTRODUCTION II. BACKGROUND III. GEOLOGIC HAZARD ABATEMENT DISTRICT DIAGRAM IV. SERVICE LEVELS V. DESCRIPTION OF GHAD-MAINTAINED IMPROVEMENTS VI. ASSESSMENT METHOD VII. ASSESSMENT LIMIT - BUDGET PROJECTION VIII. DEVELOPER RESPONSIBILITIES
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The undersigned respectfully submits the enclosed Engineer’s Report.
Date: November 3, 2017 Revised April 11, 2020 By: ENGEO Incorporated
__________________________________, GE Paul C. Guerin
I HEREBY CERTIFY that the enclosed Engineer’s Report was approved and confirmed by the
GHAD Board.
____________________________________
Christina Franco
Clerk of the Board
Northwest San Ramon GHAD San Ramon, California
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ENGINEER’S REPORT
for
NORTHWEST SAN RAMON GEOLOGIC HAZARD ABATEMENT DISTRICT
THE PRESERVE DEVELOPMENT SAN RAMON, CALIFORNIA
for the ESTABLISHMENT OF AN ASSESSMENT LIMIT
I. INTRODUCTION The San Ramon City Council formed the Northwest San Ramon Geologic Hazard Abatement District (“GHAD” or “District”) with the approval of Resolution 2017-108 on October 10, 2017, under the authority of the California Public Resources Code, Division 17, Section 26500 et seq. Members of the San Ramon City Council act as the Board of Directors of the GHAD. II. BACKGROUND The Preserve development’s Northwest San Ramon GHAD Plan of Control (“Plan of Control”) describes the GHAD’s responsibilities to permanently monitor and maintain GHAD improvements. The Plan of Control was adopted by the Northwest San Ramon GHAD Board of Directors in 2017. This Engineer’s Report describes the establishment of an assessment level to fund GHAD activities necessary or incidental to geologic hazard mitigation, abatement and control. The developer of Neighborhood 5 within The Preserve development, Claremont Homes, has revised the number and type of planned residential units as compared to the initial Engineer’s Report. To accurately assess the planned residential units in Neighborhood 5, this revision to the initial Engineer’s Report has been prepared. III. GEOLOGIC HAZARD ABATEMENT DISTRICT BOUNDARIES
The boundaries for the GHAD are shown in the legal description (Exhibit A) and plat (Exhibit B). The GHAD boundaries have not been revised from the initial Engineer’s Report. IV. SERVICE LEVELS
The GHAD’s activities are those that are necessary or incidental to the prevention, mitigation, abatement, or control of geologic hazards including construction, maintenance, repair, or operation of any improvement; and the issuance and servicing of bonds issued to finance any of the foregoing. In addition to the new proposed unit types for Neighborhood 5, there are minor grading and improvement revisions proposed. These revisions do not significantly affect the current service levels of the GHAD.
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The GHAD provides for the administration and review of facilities within the budgeted limits, and described in the Plan of Control and including the following services: 1. Oversight of GHAD operations, including reporting to the GHAD Board of Directors. 2. Setting the annual levying of assessments on the property tax rolls. 3. Engagement of technical professionals to perform the monitoring duties as described in the
Plan of Control.
4. Performance of GHAD maintenance activities in accordance with the Plan of Control. These maintenance activities include:
Slopes
Detention basin
Bioretention cells, vegetated bio-swales, and associated improvements
Debris benches
Maintenance roads (excluding those servicing EBMUD water tank sites)
Trails
Fencing
Concrete-lined drainage ditches and drainage swales
Open space storm drain system improvements including downstream (off-site) pipeline
Publicly owned retaining walls
Subdrains and subdrain outlets
Fuel management
5. Preparation of annual GHAD budgets and other documents and reports for consideration by the GHAD Board of Directors.
V. DESCRIPTION OF THE IMPROVEMENTS MAINTAINED BY THE GHAD
The GHAD-maintained improvements are described in the Plan of Control. In general, these improvements include water quality facilities; drainage systems, including earthen and concrete-lined ditches in developed areas and open space; open-space storm drain inlets and outlets; subdrains and their outlets; retaining walls; and access roadways. VI. ASSESSMENT METHOD The improvements and GHAD responsibilities described in Section V are distributed within the limits of the GHAD or easements dedicated to and accepted by the GHAD. The improvements described in this document will confer the following special benefits to the assessed parcels: 1. Protection from slope instability. 2. Protection from erosion due to uncontrolled surface water. 3. Protection of water quality. 4. Protection from wild land fires associated with unmanaged vegetation.
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The improvements and responsibilities listed in Section V provide specific benefits to the properties within the GHAD and the improvements are constructed for the benefit of those assessed and not the general public. The subject parcels are only being assessed for the reasonable costs of the proportional specific benefits conferred on the parcels. As a result, the GHAD assessment is distributed among all owners of parcels, which are buildable with habitable space. Habitable square footage is space “used or intended for supporting or sheltering any use or occupancy, which is expected to have a human occupancy rate of more than 2,000 person-hours per year” (Adapted from California Code of Regulations, Title 14, Division 2, Section 3601). The Engineer hereby finds that residential properties within the GHAD receive substantially equal special benefit based on the average lot size for each detached residential product type and on the average lot size divided by the number units for the attached residential product types:
PRODUCT TYPE ASSESSMENT
RATIO NUMBER OF UNITS
Single Family, detached Neighborhood 1 1.0 121
Single Family, detached Neighborhood 2 0.7 72
Cluster, Neighborhood 3 0.6 63
Townhomes, Neighborhood 4 0.5 104
Flats, Neighborhood 4 0.45 78
Single Family, detached Neighborhood 5 0.45 40
Condominiums, Neighborhood 5 0.40 122
Total Units 600
The non-residential properties within the GHAD also receive substantially equal special benefit based on the habitable space. A financial analysis was performed to provide a framework for an operating budget for the on-going abatement, mitigation, prevention and control of geologic hazards within the GHAD. In preparation of the budget, several factors were considered including:
Site geology
Remedial grading
Proximity of geologic hazards to proposed residences
Improvements or structures
Site access considerations
Elements requiring routine maintenance, including: 1. Surface drainage facilities 2. Graded slopes 3. Retaining walls 4. Detention and sedimentation basin facilities 5. Fire breaks
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VII. ASSESSMENT - BUDGET
The purpose of this Engineer’s Report is to establish the assessment level and the apportionment of the assessment within the GHAD as required under Proposition 218. The annual budget in each subsequent fiscal year will apprise the GHAD Board of Directors of the estimated budget for the upcoming year. Based on the estimated expenses for on-going operations, and allowing for larger (approximately $1,000,000 in 2017/18 dollars) geologic events at 20-year intervals, a budget was prepared for the purpose of estimating initial assessment levels (Exhibit C). In the original Engineer’s Report dated November 3, 2017, the recommended annual assessment limit was $1,428 per residential unit in Fiscal Year 2017/2018 dollars. Due to the revision in residential unit designations in Neighborhood 5 of The Preserve development, the Engineer recommends an annual assessment limit of $1,531.53 per residential unit in Fiscal Year 2019/2020 dollars. The Engineer also recommends an annual assessment limit of $0.10725 per square foot of habitable non-residential space in 2019/2020 dollars. The proposed revised assessment limits will be adjusted annually to reflect the percentage change in the San Francisco-Oakland-Hayward Consumer Price Index (CPI) for All Urban Consumers. The assessment limit is adjusted annually using an initial date of June 2017 for the CPI for both the residential and non-residential assessment limit. Each subsequent annual adjustment will be calculated using the 12-month period from June to June. The residential and non-residential assessments are to be levied beginning in the first assessment cycle following the issuance of a building permit for the assessed parcel. Pursuant to the schedule set forth in Funding and Acceptance of Responsibility by the District (Exhibit D within the Plan of Control), the GHAD reserve at the time of transfer will be a minimum $1,000,000. Additionally, a minimum of 320 equivalent residence units will be subject to the levy of the assessment at the time of transfer. Funds collected and remaining from the levy of assessments during the period that the developer is responsible for performing monitoring and maintenance activities shall be applied to meet the required GHAD reserve amount. In addition, receivables from the Contra Costa County Tax Collector will be included to meet the minimum reserve amount. While the assumptions and estimated expenses listed in Exhibit C were used to determine the assessment levels for the GHAD, they do not represent the actual budget for any one year of the GHAD’s operation, since assessment of the individual parcels will be based on the issuance of building permits, which will occur over a number of years. In addition, the Engineer anticipates that the projected expense amounts will be reached over time and that these amounts will be inflation-adjusted in the year that the expenses occur. VIII. PROPERTY OWNER OR DEVELOPER RESPONSIBILITIES
The property owner or developer of the Project is responsible for managing and maintaining The Preserve portion of the GHAD until the GHAD accepts responsibility for the GHAD Improvements as set forth in the Plan of Control. In addition, the property owner or developer is responsible for funding any necessary GHAD functions or business undertaken for the GHAD
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that the GHAD Officers or Board of Directors determine are necessary before the GHAD accepts the GHAD Improvements. If the property owner or developer fails to fund all or a portion of these costs, these costs shall be covered by the funds generated by and for the GHAD (i.e., through the assessment) and the developer shall be required to reimburse the GHAD for such costs before the GHAD can accept monitoring and maintenance responsibilities for the GHAD Improvements. The GHAD may utilize funds generated by or for the GHAD to conduct any necessary GHAD functions or business for the GHAD before the GHAD accepts the GHAD improvements. Such functions and business can include periodic reporting to the GHAD Board of Directors and work performed by GHAD Officers to verify the maintenance is implemented in accordance with the Plan of Control and GHAD Law. Such an undertaking does not render the GHAD liable or responsible for the GHAD improvements during this period of time. The GHAD only becomes responsible for maintenance once the GHAD improvements are accepted by the GHAD in accordance with the requirements set forth in the Plan of Control.
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EXHIBIT A
Legal Description for Subdivision 9342
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EXHIBIT B
Plat to Accompany Legal Description for Subdivision 9342
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EXHIBIT C
Northwest San Ramon GHAD Budget – The Preserve
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EXHIBIT C
Northwest San Ramon Geologic Hazard Abatement District Faria Preserve Development
Budget
ASSUMPTIONS
Total Number of Residential Units (Actual) 600
Total Number of Residential Units (Equivalent) 363
Annual Assessment per Unit (FY 2019/2020 Dollars) $1,531.53
Approximate Total Habitable Non-Residential Building Area (square feet)
10655 Park Run Drive, Suite 120 | Summerlin, NV 89144 | Phone 702.575.6600 | www.FHNMainStreet.com
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Portfolio Summary
FFCBFHLB
Market Value U.S. TreasuryBook Value* FNMAVariance FHLMC
LAIFPar Value Fidelity US Govt MMF
MUFG BankNet Asset Value Wells Fargo Bank
PfizerBook Yield Walt Disney
NatixisYears to Maturity Johnson & Johnson
State of CaliforniaEffective Duration IADB
$102.110 $101.600
$76,453,304 $81,245,414 $1,613,155 $1,299,589
$76,465,942 $81,296,232
1.6% 1.6% 1.6% 1.5% 1.3% 1.3%
1.58 1.51 1.3%
3/31/2020
SECTOR ALLOCATION MATURITY DISTRIBUTION CREDIT QUALITY (MOODY'S)
City of San Ramon
ACCOUNT SUMMARY MONTH-END PORTFOLIO BOOK YIELD TOP ISSUERS
Issuer % Portfolio 22.2%
2.05% 2.10%
1.78 1.70
15.2% 10.5% 9.2% 5.2% 4.8% 3.7% 1.6%
3/31/20 2/29/20
$78,066,459 $82,545,002
Agy 51.8%
Corp 10.4%
CP 7.7%
Tsy 10.5%
Supra 1.3%
LAIF 4.8%
Muni 2.0%MMF 3.7%
CD-FDIC7.8%
40.8%
19.9%
15.7%12.8%
10.8%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0-1Y 1-2Y 2-3Y 3-4Y 4-5Y
12.6%
0.0%
1.3%
5.9%
1.3%
71.3%
7.7%
0% 25% 50% 75%
NR-LAIF &CD-FDIC
A1
Aa3
Aa2
Aa1
Aaa
P-1
1.90%
1.95%
2.00%
2.05%
2.10%
2.15%
2.20%
2.25%
Ap
r-1
9
May
-19
Jun
-19
Jul-
19
Au
g-1
9
Sep
-19
Oct
-19
No
v-1
9
De
c-1
9
Jan
-20
Feb
-20
Mar
-20
NR: Not RatedPer Book ValuePer Book Value
Per Book Value*Book Value is Amortized
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Investment Policy ComplianceCity of San Ramon 3/31/2020
Investment transactions were executed in accordance with the California State Government Code and the City’s Investment Policy. The City believes the Investment Pool contains
sufficient cash flow liquidity to meet the next six months of expected expenditures.
Yes:
Yes:
Yes:
Yes:
Repurchase Agreement30% limit, 15% per issuer, maximum maturity of 30 days, collateralized at 102% by Treasury of Federal
Agency bonds.Yes:
The aggregate issuer exposure to corporate bonds, commercial paper, negotiable CDs, and bankers'
acceptances cannot exceed 2%.
California Municipal SecuritiesNo limit, issuer limits are 10% for City of San Ramon, 2% for other logal agency, and 3% for State of California,
maximum maturity 5 years, rated AA- or Aa3.
Money Market Funds 20% limit, 10% issuer limit, rated AAA-m or Aaa-mf by at least two NRSRO's, treasury and agency funds.
Negotiable Certificates of Deposit
Securities' market values are derived from the Entity's custodian.
Yes
FDIC Insured CDsFDIC limit per issuer (currently $250,000), maximum maturity 5 years, issued by banks, credit unions, or
savings and loan association.Yes: 7.8%
Bankers' Acceptances 40% limit, 2% per issuer, maximum maturity 180 days, rated A-1 or P-1, issued by a commercial bank. Yes: 0.0%
0.0%
2.0%
Yes:
Yes:
Issuer Concentration
0.0%
Parameters
30% limit, 2% per issuer, maximum maturity 5 years, issued by banks, credit unions, or federal savings and
loan associations with at least a "satisfactory" rating and a minimum senior debt rating of Aa2 or AA, max
purchase size of $500k.
U.S. Federal Agencies No limit, 50% issuer limit, maximum maturity 5 years.
Commercial Paper
25% limit, 2% per issuer, max maturity 270 days, rated A-1, P-1, or F1 by at least 2; issued by a domestic
corporation or depository institution licensed in the United States with total assets over $500MM, long term
rating of A or A2.
Corporate Bonds30% limit, 2% per issuer, maximum maturity 5 years; 4 years or less rated AA- or Aa3 by at least 2 NRSRO's; 4-
5 years rated AAA or Aaa, issued by domestic corporations or depositories.
In Compliance
Local Agency Investment Fund 15% limit, no more than $40 million.
1.78 YrsYes:
10.5%Yes:
Weighted Average Maturity Weighted Average Maturity (WAM) must be less than 2 years.
U.S. Treasuries No limit, maximum maturity 5 years.
Yes:
Item / Sector
Supranationals30% limit, 5% per issuer of US dollar-denominated senior unsecured unsubordinated obligations guaranteed
by IBRD, IFC, and IABD. Max maturity 5 years, min rating by 2 NRSRO's of AA.Yes:
Liquidity At least 30% of the portfolio must have maturities of 1 year or less.
248,000.001.650247,836.28 248,000.0008/17/2016JP Morgan Chase Bank1038148126XAH8 MC4SRM 08/16/2021 5021.7011.6781,825248,000.001.600247,835.95 248,000.0008/18/2016Capital One Bank USA10385140420B82 MC4SRM 08/17/2021 5031.6511.6291,825
Weekly Initial Jobless Claims is the actual number of people who have filed for Unemployment benefits for the first time. The following five eligibility criteria must be met in order to file for
unemployment benefits: 1. Meet the requirements of time worked during a 1 year period (full time or not). 2. Become unemployed through no fault of your own (cannot be fired). 3. Must
be able to work; no physical or mental holdbacks. 4. Must be available for work. 5. Must be actively seeking work.
*ICE BofAML Index (option adjusted spread vs. Treasury) *ICE BofAML Index (option adjusted spread vs. Treasury)
AAA Rated ABS (R0A1) CMO Agency 0-3Yr PAC (CM1P)
Source: ICE BofAML Indices
3/31/20
Current Spread is 259 Current Spread is 38
0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
800
Feb
-06
Feb
-07
Feb
-08
Feb
-09
Feb
-10
Feb
-11
Feb
-12
Feb
-13
Feb
-14
Feb
-15
Feb
-16
Feb
-17
Feb
-18
Feb
-19
Feb
-20
Bas
is P
oin
ts
Spread: AAA Asset Backed vs Treasury
-150
-100
-50
0
50
100
150
200
250
300
Feb
-06
Feb
-07
Feb
-08
Feb
-09
Feb
-10
Feb
-11
Feb
-12
Feb
-13
Feb
-14
Feb
-15
Feb
-16
Feb
-17
Feb
-18
Feb
-19
Feb
-20
Bas
is P
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Spread: 0-3Yr Agency CMO vs Treasury
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Economic and Market Update
Source: Bloomberg
3/31/20
-67.1
-32.8 -32.3-29.7 -28.0 -27.6
-24.4 -24.2 -23.0 -22.6-19.4
-12.7-10.3
-1.9
0.8 1.3 2.7 3.1 3.3 3.9
10.5
22.2
(80)
(70)
(60)
(50)
(40)
(30)
(20)
(10)
0
10
20
30
Per
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Selected Sector Quarterly Total Returns
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Economic and Market Update
Source: Bloomberg
3/31/20
-66.3
-27.1 -26.7 -26.1-22.6
-19.0 -18.3 -16.7 -14.9 -13.4-7.3 -6.9
2.2 2.55.1 5.2 6.3 6.9 8.6
16.121.7
33.4
(80)
(60)
(40)
(20)
0
20
40
Per
cen
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Selected Sector Year-Over-Year Total Returns
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Economic and Market Update
Sources: Bloomberg, FHN Main Street
3/31/20
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
12
/31
/19
1/3
/20
1/6
/20
1/9
/20
1/1
2/2
0
1/1
5/2
0
1/1
8/2
0
1/2
1/2
0
1/2
4/2
0
1/2
7/2
0
1/3
0/2
0
2/2
/20
2/5
/20
2/8
/20
2/1
1/2
0
2/1
4/2
0
2/1
7/2
0
2/2
0/2
0
2/2
3/2
0
2/2
6/2
0
2/2
9/2
0
3/3
/20
3/6
/20
3/9
/20
3/1
2/2
0
3/1
5/2
0
3/1
8/2
0
3/2
1/2
0
3/2
4/2
0
3/2
7/2
0
3/3
0/2
0
Per
cen
t
5 Year Treasury Note Yield
3.3 Million File For Initial Jobless Claims
US Drone Strikes Kill Iranian
General
IMF Cuts Global Growth Forecast
Oil Prices Plunge, as OPEC Fails to Reach
Deal
Private Payrolls Jump
Whispers of Covid-19Containment
US Declares Covid-19 a Public Emergency
Fed Reintroduces Money Market Fund
Liquidity Facility
Fed Chair Powell Issues Statement Signaling Rate
Cuts Forthcoming
Covid-19 Cases Outside China Dramatically Spike
Fed Cuts Rates by 50 Basis Points
Fed Cuts Rates by Another 100 Basis
Points
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Economic and Market Update
Sources: Bloomberg, FHN Main Street
3/31/20
17,000
19,000
21,000
23,000
25,000
27,000
29,000
31,000
12
/31
/19
1/3
/20
1/6
/20
1/9
/20
1/1
2/2
0
1/1
5/2
0
1/1
8/2
0
1/2
1/2
0
1/2
4/2
0
1/2
7/2
0
1/3
0/2
0
2/2
/20
2/5
/20
2/8
/20
2/1
1/2
0
2/1
4/2
0
2/1
7/2
0
2/2
0/2
0
2/2
3/2
0
2/2
6/2
0
2/2
9/2
0
3/3
/20
3/6
/20
3/9
/20
3/1
2/2
0
3/1
5/2
0
3/1
8/2
0
3/2
1/2
0
3/2
4/2
0
3/2
7/2
0
3/3
0/2
0
Dow Jones Industrial Index
US-Iran Tension Deescalates, as
Trump States "Iran is Standing Down"
Covid-19 Cases Rise in China
Dow Closes Month with Worst First
Quarter Ever
China GDP Rises More Than Forecasted
Fed Chair Powell Says Fed Willing to Step In to
Help Markets
ISM Manufacturing Data Enters Expansionary
Territory
Congress Fails to Pass Rescue Package; Dow Loses all Gains Since
Trump's Election
Stocks Halt Trading for 15 Minutes at Opening as S&P Falls Below 7% Threshold
Covid-19 Deaths Rise Outside of China; Italy Begins Quarantine Measures
WHO Declares Covid-19 a Global
Pandemic
60
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Disclosure
This report represents the opinions of FHN Financial Main Street Advisors, LLC and should not be considered predictive of any future market performance. Opinions are subject to change without notice. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered investment advice or a recommendation of any particular security, investment strategy, or investment product.
Although this information has been obtained from sources which we believe to be reliable, we do not guarantee its accuracy, and it may be incomplete or condensed. This is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. All herein listed securities are subject to availability and change in price. Past performance is not indicative of future results, and changes in any assumptions may have a material effect on projected results. Ratings on all securities are subject to change.
FHN Financial Capital Markets, FHN Financial Portfolio Advisors, and FHN Financial Municipal Advisors are divisions of First Horizon Bank. FHN Financial Securities Corp., FHN Financial Main Street Advisors, LLC, and FHN Financial Capital Assets Corp. are wholly owned subsidiaries of First Horizon Bank. FHN Financial Securities Corp. is a member of FINRA and SIPC — http://www.sipc.org/.
FHN Financial Municipal Advisors is a registered municipal advisor. FHN Financial Portfolio Advisors is a portfolio manager operating under the trust powers of First Horizon Bank. FHN Financial Main Street Advisors, LLC is a registered investment advisor. None of the other FHN entities, including FHN Financial Capital Markets, FHN Financial Securities Corp., or FHN Financial Capital Assets Corp. are acting as your advisor, and none owe a fiduciary duty under the securities laws to you, any municipal entity, or any obligated person with respect to, among other things, the information and material contained in this communication. Instead, these FHN entities are acting for their own interests. You should discuss any information or material contained in this communication with any and all internal or external advisors and experts that you deem appropriate before acting on this information or material.
FHN Financial, through First Horizon Bank or its affiliates, offers investment products and services. Investment products are not FDIC insured, have no bank guarantee, and may lose value.
Source: ICE Data Indices, LLC ("ICE"), is used with permission. 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 SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO 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 SUBSCRIBER'S USE IS AT SUBSCRIBER'S OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY DO NOT SPONSOR, ENDORSE, OR RECOMMEND FHN FINANCIAL MAIN STREET ADVISORS, LLC, OR ANY OF ITS PRODUCTS OR SERVICES.
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City of San RamonInvestment Report - Supplementary InformationInvestments Held by Trustees at March 31,2020
MaturityDescription CUSIP Rate Date Cost Market Issue
AMBAC Assurance 1.00 1.00 06(A) TA
Wells Fargo Money Market 0.74 0.74 2010 POB
Wells Fargo Money Market 910,781.62 910,780.62 2010 POB
Wells Fargo Money Market 430.90 430.90 2010 POB
Wells Fargo Money Market 3,471.64 3,471.64 2010 POB
Wells Fargo Money Market 2.86 2.86 2010 POB
Federal Home Loan Bank 313384XJ3 1.66% 5/27/20 4,960,888.89 4,999,450.00 2019 COP
US Treasury Note/Bond 912828L99 1.38% 10/31/20 4,987,304.69 5,035,950.00 2019 COP
US Treasury Note/Bond 912828N48 1.75% 12/31/20 5,002,343.75 5,063,650.00 2019 COP
1 Recreation Supervisor (Parks & Community Services)
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FINANCE COMMITTEE STAFF REPORT
DATE: April 27, 2020
TO: Finance Committee/City Manager
FROM: Eva Phelps, Administrative Services Director
By: Candace Daniels, Finance Division Manager
SUBJECT: California Employer's Retiree Benefit Trust (CERBT) Statement for the
Period Ending March 31, 2020
ATTACHMENT:
A: CERBT Stmt Qtr ending 3-31-20
5.7
Packet Pg. 134
City of San Ramon
Please note the Grand Total is your actual fund account balance at the end of the period, including all contributions per GASB 74 paragraph 22 and accrued disbursements. Please review your statement promptly. All information contained in your statementwill be considered true and accurate unless you contact us within 30 days of receipt of this statement. If you have questions about the validity of this information, please contact [email protected].
1,810,058.036 1,810,058.036
$29,509,131.84 $29,509,131.84
16.30286516.302865Period Ending Unit Value
17.19261118.199360Period Beginning Unit Value
0.000
0.000
1,810,058.036
0.000
0.000
1,810,058.036
Year to DateCurrent Period
Ending Units
Unit Sales for Withdrawals
Unit Purchases from Contributions
Beginning Units
Unit Value Summary:Market Value Summary:
$29,509,131.84$29,509,131.84Grand Total
0.00
(11,787.71)
0.00
(1,590,086.25)
0.00
$31,119,624.62
0.00
(3,936.47)
0.00
(3,425,951.68)
0.00
$32,941,898.22
Year to DateCurrent Period
Ending Balance
Disbursement
Administrative Expenses
Other
Investment Earnings
Contribution
Beginning Balance
QTD Fiscal QTD Fiscal
FY End Contrib per GASB 74 Para 22 0.00 0.00
Transfer In
Transfer Out
0.00
0.00
0.00
0.00
Unit Transfer In
Unit Transfer Out
0.000
0.000
0.000
0.000
(8,618.82)(2,878.23)Investment Expense
CERBT Strategy 2Entity #: SKB7-4889155551-001Quarter Ended March 31, 2020
FY End Disbursement Accrual 0.00 0.00
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Statement of Transaction Detail for the Quarter Ending 03/31/2020
City of San Ramon
Entity #: SKB7-4889155551-001
Date Description Amount Unit Value Units NotesCheck/Wire
If you have any questions or comments regarding the new statement format please contact [email protected]
Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value
Headquarters - 4350 Von Karman Ave., Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949.250.1250 www.pars.org
Balance as of
The dual goals of the Moderate Strategy are growth of principal and income. It is expected that dividend and interest income will comprise a
significant portion of total return, although growth through capital appreciation is equally important. The portfolio will be allocated between equity
and fixed income investments.
Plan's Inception Date
Account balances are inclusive of Trust Administration, Trustee and Investment Management fees
Annualized Return
Investment Return: Annualized rate of return is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year return.
Past performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns. Information is deemed reliable but may be subject to change.
