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
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2 Finance Committee Meeting – April 27, 2020
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allotted time, you will then be re-muted.
2. Provide public written comments prior to the meeting by email, to
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.
3 Finance Committee Meeting – April 27, 2020
1. CALL TO ORDER
2. PUBLIC COMMENT
Members of the audience are encouraged to address the Finance Committee on any non-agenda
item. Members of the public who are participating via Zoom will have the opportunity to make
comments to the Finance Committee live through the Zoom application.
Comments from the public under Public Comment may also be submitted by email to
[email protected]. No Committee action can be taken at this meeting on issues raised
during Public comment, whether submitted by email or Zoom.
To comment by video conference, Zoom, click the “Raise Your Hand” button to request to speak
when Public Comment is being taken on the Agenda item. You will then be unmuted when it is
your turn to make your comment for up to 3 minutes. After the allotted time, you will then be re-
muted.
3. APPROVAL OF MINUTES
3.1 Finance Committee - Regular Meeting - Mar 9, 2020 4:00 PM
4. UNFINISHED BUSINESS
5. NEW BUSINESS
5.1 Proposed Stormwater Program Budget for FY 2020/21
Staff Report by David Krueger, Engineering Program Manager
5.2 Dougherty Valley Geologic Hazard Abatement District (DV GHAD) Fiscal Year
2020/21 Draft Budget, Engineer’s Report, and Updated Reserve Fund Study
Staff Report by Robin Bartlett, Engineering Division Manager
5.3 Northwest San Ramon Geologic Hazard Abatement District (NWSR GHAD)
Fiscal Year 2020/21 Draft Budget, Engineer’s Report, and Updated Reserve Fund
Study
Staff Report by Robin Bartlett, Engineering Division Manager
5.4 Proposed Amendment No. 5 to the Agreement (C2010-012) with FHN Financial
Main Street Advisors, LLC for Investment Advisory Services Extending the Term
of the Agreement through June 30, 2021 for an Additional $24,000 for a
Cumulative Contract Amount Not to Exceed $272,000
Staff Discussion, Administrative Services Division
5.5 City of San Ramon Quarterly Investment Report (Period Ending March 31, 2020)
Staff Report by Candace Daniels, Administrative Services Division Manager
4 Finance Committee Meeting – April 27, 2020
5.6 Quarterly Revenue and Expenditure Reports for the Period Ending March 31,
2020
Staff Report by Candace Daniels, Administrative Services Division Manager
5.7 California Employer's Retiree Benefit Trust (CERBT) Statement for the Period
Ending March 31, 2020
Staff Report by Candace Daniels, Administrative Services Division Manager
5.8 PARS Pension Stabilization Trust for the Period Ending March 31, 2020
Staff Report by Candace Daniels, Administrative Services Division Manager
6. COMMITTEE MEMBER COMMENTS
7. ADJOURNMENT
I hereby certify that the attached Finance Committee Meeting Agenda was posted 72 hours
before the noted meeting:
Dated: April 23, 2020
MINUTES OF THE
CITY OF SAN RAMON – FINANCE COMMITTEE
March 9, 2020
1. CALL TO ORDER
Attendee Name Title Status Arrived
Philip O'Loane Chair Present 4:00 PM
Scott Perkins Vice Chair Present 4:00 PM
Lauren Barr, Planning Division Manager
Robin Bartlett, Engineering Division Manager
Renee Beck, Acting City Clerk
Lisa Bobadilla, Transportation Division Manager
Debbie Chamberlain, Community Development Director
Maria Fierner, Public Works Director
Jordan Foss, Parks & Community Services Administrative Analyst
Joe Gorton, City Manager
Keith Haase, Parks & Community Services Program Manager
Kathi Heimann, Parks & Community Services Director
Joe Hofman, Administrative Services Office Technician II
David Krueger, Engineering Program Manager
Eva Phelps, Administrative Services Director
Vance Phillips, Building Division Manager
Scott Rennicks, Public Services Division Manager
Steven Spedowfski, Deputy City Manager
Craig Stevens, Police Chief
2. PUBLIC COMMENT
3. APPROVAL OF MINUTES
3.1 Finance Committee - Regular Meeting - Feb 24, 2020 4:00 PM
4. UNFINISHED BUSINESS
5. NEW BUSINESS
5.1 Fee Schedule Proposed Changes FY 2020-21
The Finance Committee accepted the presentation and recommended forwarding the
item to City Council for approval.
RESULT: ACCEPTED
Staff Report by Renee Beck, Acting City Clerk
6. COMMITTEE MEMBER COMMENTS
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7. ADJOURNMENT
The next Finance Committee Meeting will be held on April 27, 2020.
Respectfully Submitted,
Joe Hofman
Office Technician II
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FINANCE COMMITTEE STAFF REPORT
DATE: April 27, 2020
TO: Finance Committee/City Manager
FROM: Maria Fierner, Public Works Director
By: David Krueger, Program Manager
SUBJECT: Proposed Stormwater Program Budget for FY 2020/21
EXECUTIVE SUMMARY
The Stormwater Program continues to operate under the maximum allowable assessment rate of
$35 per Equivalent Runoff Unit (ERU) while continuing to meet new requirements imposed by
the Municipal Regional Stormwater NPDES Permit (MRP). An updated MRP (MRP 3.0) will go
into effect on January 1, 2021 and may include new requirements, which could increase costs.
The Stormwater Fund will have a very low fund balance at the end of this fiscal year and a near
zero balance at the end of fiscal year 2021.
RECOMMENDED ACTION
Staff recommends that the Finance Committee review the proposed Stormwater Program Budget
for FY 2020/21 and provide comments to staff.
BACKGROUND/DISCUSSION
Background
Urban stormwater runoff has been identified as a major source of pollutants to the waters of the
United States including San Francisco Bay. As a result, the Federal Environmental Protection
Agency established regulations governing stormwater pollution that became effective on
November 16, 1990. In California, the Regional Water Quality Control Board enforces the
federal regulations through its nine (9) regional boards. The San Francisco Bay Regional Water
Quality Control Board (RWQCB) requires that Contra Costa County and the cities within the
County submit a joint application for a stormwater permit on an annual basis through an MRP.
Permit requirements are typically updated every five (5) years. The next permit update will take
effect on January 1, 2021.
In order to maintain stormwater facilities and meet the requirements of the MRP, the City
Council adopted Resolution No. 93-15, authorizing the Contra Costa County Board of
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Supervisors to direct the Contra Costa Flood Control District (District) to form a Stormwater
Utility Area (SUA) for San Ramon and establish a $23 per ERU annual assessment for FY
1993/94. In addition, a maximum limit of $35 per ERU was set.
The City Council then adopted Resolution No. 93-116, approving the formation of the SUA
within San Ramon and establishing a Program Group Costs Payment Agreement with the
District. This Agreement allows the District to collect the annual assessment from San Ramon
properties through the County Assessor's Office and for the disbursement of funds. Per this
Agreement, the City must determine annually by May 1st the assessment per ERU for the
forthcoming fiscal year and, by City Council Resolution, requests that the District adopt
stormwater utility assessments based on the unit assessments. The County Board of Supervisors
conducts the Countywide public hearing for the adoption of stormwater assessments in June. The
established stormwater assessment is then collected by the County on the County property tax
rolls.
In May 2012, the Contra Costa Clean Water Program sponsored an initiative to create a property-
related fee to fund stormwater activities Countywide. Based on a $22 per parcel fee, an estimated
$616,489 would have been generated annually in San Ramon; however, this measure failed.
The City’s Stormwater Program is comprised of two components: the Countywide Program
(CCCWP) and the San Ramon Stormwater Program. The Stormwater Program originally focused
on storm drain and creek cleaning, street sweeping, public education, and inspection of private
development construction sites. The CCCWP fulfills some of the RWQCB requirements on
behalf of the members providing a cost savings for each participating municipality. Starting in
FY 1996/97, the Program expanded into a Business Inspection Program, as required by the
RWQCB. On February 19, 2003, the RWQCB amended the Contra Costa Countywide NPDES
Permit to include treatment of stormwater runoff from new development and significant
redevelopment projects.
Discussion
Municipal Regional Permit (MRP)
On November 19, 2015, MRP 2.0 was formally adopted. Some of the significant actions
mandated by the RWQCB in MRP 2.0 include:
Monitoring and abatement of PCBs and mercury.
Increased administration.
Development of Trash Management Plans.
Development and implementation of Green Infrastructure projects.
MRP 3.0 is currently under development by the RWQCB and is anticipated to go into effect on
January 1, 2021. The terms of the new Permit are yet to be finalized and are the subject of on-
going discussions with the Board and Permittees. New and revised provisions that are expected
to impact San Ramon include:
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New updates to the Green Infrastructure requirements. These may include:
o Provisions that link progress on installation of green infrastructure elements such
as bio-swales to the amount of redevelopment.
o Requiring that when streets are reconstructed, that C.3 or Green Infrastructure be
included with the new street or that an offsetting area is treated at a different
location.
Requirements storm drain system maps be updated.
Possible provisions to require trash interception on private property or prior to discharge
of stormwater into the municipal storm drain system or receiving waters.
Reduction of the triggering threshold to require C.3 (bio-swale) treatment devices to
5,000 square feet for all projects.
New monitoring and reporting requirements.
These and other provisions will have varying impacts on the City and the City’s finances. Some
items will be taken care of through the CCCWP in a relatively efficient manner with some
impacts to the City’s contribution to the Program. Others may result in increased demands on
staff time. The City is already engaged in an effort to improve mapping of the City’s storm drain
infrastructure through a combination of a PTAP grant, the Citywide Drainage Infrastructure CIP
(5548), and City GIS staff. Unfortunately, the provisions related to Green Infrastructure could
involve substantial exposure of the City to cost increases particularly as the Bishop Ranch and
Crow Canyon areas redevelop. These risks may be mitigated through elements in the Crow
Canyon Specific Plan, provisions of development agreements, Community Finance Districts,
and/or other measures. However, considerable effort will be required to complete these efforts
and considerable uncertainty remains as to what the full requirements will be and what tools the
City can use to fulfill them.
Equivalent Runoff Unit Methodology
The Stormwater Program is funded through assessments based on ERUs (Attachment A). The
Chief Engineer of the Contra Costa County Flood Control and Water Conservation District is the
Engineer of Work for the Stormwater Assessments. The methodology for assessments is based
on impervious surface area, which in turn is related to parcel size and land use designation.
Impervious surfaces such as rooftops, patios, walkways, sidewalks, driveways, and parking areas
are designed to channel stormwater to run off into the storm drain system. Stormwater washes
pollutants that have accumulated on impervious surfaces into the system.
The ERU assessment is used to fund a diverse range of stormwater management and
maintenance activities. These include:
storm drain and catch basin maintenance and cleaning;
maintenance of flood control channels;
maintenance of the stormwater quality ponds in the Dougherty Valley;
other trash load reduction efforts;
participation in the Contra Costa Clean Water Program (CCCWP); and
compliance with various other requirements for monitoring and reporting that are
contained in the City’s Municipal Regional Permit (MRP) issued by the Regional Water
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Quality Control Board (RWQCB), some of which are conducted jointly with other
members of the CCCWP.
Due to the increasing costs in providing these services, increasing requirements imposed on the
City by the RWQCB through the MRP, and the failure of the 2012 Proposition 218 compliant
vote to increase the ERU, the Stormwater Program reserve fund has been steadily decreasing.
Funding Options
Two options for generating additional revenue to cover Stormwater Program costs are: 1) a ballot
initiative through the Proposition 218 process; or 2) legislative action allowing local
municipalities to treat stormwater programs as a utility similar to water, sewer, and waste
management.
As mentioned above, in May 2012, the Contra Costa Clean Water Program sponsored an
initiative to create a property-related fee to fund stormwater activities Countywide. Based on a
$22 per parcel fee, an estimated $616,489 would have been generated annually in San Ramon;
however, this measure failed. The City may consider a property-related fee at a local level to
address the shortfall in funding for the Stormwater Program, drainage maintenance, and flood
control or any combination thereof.
The other option is to support legislation to provide more options for municipalities to fund
stormwater. On October 6, 2017, Governor Brown signed SB-231 (Hertzberg) amending Section
53750 of the Government Code to define stormwater collection systems as a sewer under
Proposition 218. On October 17, 2017, Senator Hertzberg and the Water Foundation hosted a
live broadcast titled “Getting it Right: Stormwater Stewardship” to share their perspectives on
the Bill and their interpretation on how it should be implemented. The focus of the discussion
was on the benefit provided to property owners by: 1) capturing and treating stormwater for
reuse either directly or indirectly through groundwater recharge; or 2) reducing costs to property
owners for treatment of stormwater that enters into the sanitary sewer system. The panelists
emphasized that local governments should “move forward thoughtfully” and be careful in trying
to implement SB-231 to not only ensure their own success, but avoid creating precedent from
successful challenges to overly aggressive attempts to assess property owners. To this end, the
panelist emphasized using the clarified definition to help fund projects that reuse stormwater and
that projects that aimed to help fund traditional pipe systems would likely be subject to
challenge.
Some agencies, such as the California Stormwater Quality Association and the Bay Area
Stormwater Management Agencies Association, have a broader interpretation of SB-231 that
includes stormwater capital and operating activities. Should a municipality choose to implement
a fee via protest vote under Proposition 218 using SB-231 as a basis, the fee will likely be
challenged by an outside party. Staff continues to monitor developments as they occur and will
provide updates to the Council as they develop. To date, staff is not aware of any municipality
implementing a fee via a protest vote.
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FISCAL ANALYSIS
The proposed FY 2020/21 Stormwater Program budget (Attachment B) for the City of San
Ramon is summarized as follows:
Anticipated Proposed REVENUE FY 19/20 FY 20/21
Total ERU's 34,621 34,921
ERU Rate $35 $35
Total Assessment Revenue $1,211,735 $1,222,235
Beginning Reserve Fund $405,065 $51,225
Total Available Funds $1,616,800 $1,273,460
EXPENDITURES
County and State
County Group Costs $251,605 $252,268
Group Inspection $34,684 $35,725
Assessors Fee $20,729 $25,000
State Permit Fee $35,000 $35,000
$342,019 $347,993
Engineering
Program Implementation and MRP Compliance $250,000 $270,256
Storm Drain Repair / Maintenance (CIP 915548) $226,000 $0
Public Education $500 $500
$476,500 $270,756
Public Services
Creek Maintenance $361,560 $315,916
Storm Drain Maintenance $119,181 $131,397
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
(including corporation yards, theatres, shopping centers, restaurants, shopping centers, services stations)
12 ERU/acre
Group L Vacant Land, agricultural land, government-owned properties used for public purposes
exempt
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Anticipated ProposedREVENUE FY 19/20 FY 20/21
Total ERU's 34,621.0 34,921.0ERU Rate $35 $35Total Assessment Revenue $1,211,735 $1,222,235Beginning Reserve Fund $405,065 $51,225
Total Available Funds $1,616,800 $1,273,460
EXPENDITURES
County and State County Group Costs $251,605 $252,268Group Inspection $34,684 $35,725Assessors Fee $20,729 $25,000State Permit Fee $35,000 $35,000
$342,019 $347,993
EngineeringProgram Implementation and MRP Compliance $250,000 $270,256Storm Drain Repair / Maintenance (CIP 5548) $226,000 $0Public Education $500 $500
$476,500 $270,756
Public ServicesCreek Maintenance $361,560 $315,916Storm Drain Maintenance $119,181 $131,397
DV Water Quality Control Pond Maintenance $190,924 $190,400
$671,665 $637,713
Administrative Overhead $75,391 $0
TOTAL EXPENDITURES $1,565,575 $1,256,462ENDING FUND BALANCE $51,225 $16,998
STORMWATER PROGRAM BUDGET FY 2020/21
Attachment B
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Anticipated Proposed Projected Projected Projected ProjectedREVENUE FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24 FY 24/25
Total ERU's 34,621 34,921 35,221 35,521 35,821 35,821ERU Rate $35 $35 $35 $35 $35 $35Total Assessment Revenue $1,211,735 $1,222,235 $1,232,735 $1,243,235 $1,253,735 $1,253,735Beginning Reserve Fund $405,065 $51,225 $0 $0 $0 $0
Total Available Funds $1,616,800 $1,273,460 $1,232,735 $1,243,235 $1,253,735 $1,253,735
EXPENDITURESCounty and State
County Group Costs $251,605 $252,268 $259,836 $267,631 $275,660 $283,930Group Inspection $34,684 $35,725 $36,797 $37,901 $39,038 $40,209Assessors Fee $20,729 $25,000 $25,000 $25,000 $25,000 $25,000State Permit Fee $35,000 $35,000 $35,000 $35,000 $35,000 $35,000
$342,019 $347,993 $356,633 $365,532 $374,698 $384,139Engineering
Program Implementation and MRP Compliance $250,000 $270,256 $278,364 $286,715 $295,316 $304,176Storm Drain Repair / Maintenance (CIP 5548) $226,000 $0 $0 $0 $0 $0Public Education $500 $500 $500 $500 $500 $500
$476,500 $270,756 $278,864 $287,215 $295,816 $304,676Public Services
Creek Maintenance $361,560 $315,916 $325,393 $335,155 $345,210 $355,566Storm Drain Maintenance $119,181 $131,397 $135,339 $139,399 $143,581 $147,888
DV Water Quality Control Pond Maintenance $190,924 $190,400 $196,112 $201,995 $208,055 $214,297$671,665 $637,713 $656,844 $676,550 $696,846 $717,752
Administrative Overhead $75,391 $0 $0 $0 $0 $0
TOTAL EXPENDITURES $1,565,575 $1,256,462 $1,292,341 $1,329,296 $1,367,360 $1,406,566ENDING FUND BALANCE $51,225 $16,998 -$59,606 -$86,061 -$113,625 -$152,831
STORMWATER PROGRAM BUDGET FY 2020/21 5-Year Projection
Attachment C
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FINANCE COMMITTEE STAFF REPORT
DATE: April 27, 2020
TO: Finance Committee/City Manager
FROM: Maria Fierner, Public Works Director
By: Robin Bartlett, Division Manager/District Engineer
SUBJECT: Dougherty Valley Geologic Hazard Abatement District (DV 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 DV GHAD Budget and
Engineer’s Report for FY 2020/21. An update on DV GHAD activities and land acceptance is
included with the draft financial information and Reserve Fund projections. Last year, the DV
GHAD budgeted $5M for major landslide repairs. These repairs are progressing. The Reserve
Fund Study included analysis for assessment increases in order to return the reserve to its
previous level prior to allocating funds for the repair. It is estimated that an increase of the
assessment by $36.63 to $200 per year will achieve this goal in approximately nine (9) years.
Rate increases of other durations and magnitudes, including no increase, are viable options.
Analysis indicates that variations in the return on investments will have a major impact on the
Reserve Fund over time and the current analysis uses conservative assumptions based on past
years low return on investments.
RECOMMENDED ACTION
District staff recommends that the Finance Committee review the DV GHAD Budget and DV
GHAD Engineer’s Report for FY 2020/21, and forward it to the DV GHAD Board for approval.
BACKGROUND/DISCUSSION
Background
The DV GHAD was formed in 1990 to include the West Branch area, pursuant to the Public
Resources Code of the State of California, Section 26500. Resolution No. 90-106, adopted by the
City Council on July 10, 1990, ordered the formation of Geologic Hazard Abatement District
No. 1990-01 and designated the City Council as the Board of Directors and the District Officers
as follows:
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District Manager - City Manager
Deputy District Manager - Engineering Services Director
District Counsel - City Attorney
District Treasurer - Administrative Services Director (amended June 14, 2005)
District Engineer - District Engineer
District Clerk - City Clerk
Initially, Shapell Industries, Inc., developers of the West Branch project performed the DV
GHAD maintenance activities. The DV GHAD assessments began in FY 1995/96 with the City
Council, acting as the DV GHAD Board of Directors, adopting Resolution No. 95-64. This
Resolution levied a $100 per residential unit assessment and a $0.032 per non-residential square
foot assessment for FY 1995/96, and established an assessment limit of $250 per residential unit
per year and $0.10 per non-residential square foot per year.
In 1997, the DV GHAD Board completed the annexation of Gale Ranch/Shapell Industries, Inc.
and Windemere/Windemere Ranch Partners into the DV GHAD. On July 22, 1997, the Board
adopted Resolution No. 97-112, approving the annexation of Gale Ranch into the DV GHAD.
Following a public meeting, public hearing, and a majority vote in favor of the assessment limit,
the Board adopted Resolution No. 97-113 on July 22, 1997, establishing an annual assessment
limit of $250 per residential unit and $0.10 per square foot for non-residential property. On
September 23, 1997, the Board adopted Resolution No. 97-126, approving the annexation of
Windemere into the DV GHAD. Subsequently, on April 24, 2007, the DV GHAD Board adopted
Resolution No. 2007-78 annexing Old Ranch Summit, and on March 11, 2008, the DV GHAD
Board adopted Resolution No. 2008-50, annexing the Silva Property. 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 No. 2012-04. The limits of the DV GHAD are
shown in the Draft Engineer’s Report for Geologic Hazard Abatement District No. 1990-01
(Attachment A, Appendix A).
Discussion
The purpose of forming the DV 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.
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. Phase one of the repairs
included design, analysis, installation of instrumentation to monitor slope movement, and
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extensive grading. The total expenditures to date are approximately $3.5M. The repairs have
resulted in a cessation of movement and establishment of a low to moderate factor of safety.
Phase 2 repairs are under design and anticipated to consist of the installation of two to three
hydraugers and additional grading. Hydraugers consist of a perforated steel drain pipe that are
installed into hillsides at a shallow angle. The pipes are designed to intercept groundwater within
the hillside and convey it to an appropriate discharge point. Groundwater is a substantial
contributor to hillside instability as it adds weight to the hillside, can exert hydraulic pressure to
help move materials, and can lubricate slide planes. Reduction in groundwater amounts and
pressure can, therefore, provide substantial improvements in stability. It is anticipated three
hydraugers would be installed at the access road/trail near the base of the slope. It is currently
estimated that the hydraugers would be about 800 feet long and would cost approximately
$100,000 to install. The hydraugers would have little to no impact on the environment and any
discharge from them could be used to create beneficial seeps.
The amount of additional material to be removed will depend on the results of some final
analysis but is currently estimated at between 20,000 to 40,000 cubic yards. This is
approximately equal to the amount of material that was removed during the summer and trucked
to the receiving area near Longleaf Circle. It is anticipated that this method would be used again.
There is expected to be adequate capacity at the receiving site for this additional material. Based
on last year’s costs, this effort is anticipated to cost on the order of $1M. However, some savings
may be possible due to haul roads and staging areas having been constructed last year. Plans for
the next step will be prepared in the near future and will be subject to bidding from contractors.
Following placement of the fill, the receiving site will be contoured and planted to enhance its
appearance and environmental benefits.
Approximately $1.3M is currently available to complete the Project. Some augmentation of the
project budget may be required to provide sufficient funds for the hydraugers, hauling,
engineering, and environmental restoration efforts. Any such additional funding will be
discussed with the DV GHAD Board following final analysis and bidding.
West Alamo Creek Trail
Portions of the West Alamo Creek Trail, between Stoneleaf Road in the south to North Gale
Ridge Road in the north, have sustained considerable damage since construction in 2005 This
section of the Trail is an 8- to 12-foot wide concrete path. The damage includes cracking, vertical
and horizontal offsets, and tilted surfaces. This damage appears to be caused by several factors,
including: 1) heave and subsidence of expansive soils; 2) slope creep due to associated expansive
soils; 3) settlement of deep utility trenches; and 4) ground squirrel activity. The 2019/20 budget
includes approximately $80,000 for repair of this Trail. It is anticipated that the DV GHAD will
enter into a contract to undertake this work with one or more of the contractors that are selected
through the City of San Ramon’s procurement process. However, the timing of this work has
been impacted by higher priority items and the Shelter in Place restrictions. Some or all of this
work may be conducted in FY 2020/21.
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Other Activities
The following activities are anticipated to occur in FY 2020/21:
Accept ownership and maintenance responsibilities for additional parcels that may be
offered by the Dougherty Valley developers.
Update the Reserve Fund Study to coincide with the current construction projections in
Dougherty Valley.
Manage the Agricultural Lease Agreement with H&N Enterprises and cell tower access
leases.
Continue annual monitoring and maintenance of existing DV GHAD property.
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; and erosion
protection and sediment removal, as necessary.
Complete work on the Kami Court landslide Repair Project (CIP 400003) and respond to
any other landslides and/or other geologic hazard events, as needed.
Toll Brothers, Inc. has indicated that they intend to turn over all of the remaining open space
owned by them to the DV GHAD in FY 2019/20. However, turnovers have not always occurred
as anticipated. As of the time of preparation of this Report, the turnovers have not occurred; if
they do not, then they are expected to occur during FY 2020/21.
The status of the DV GHAD ownership of open space is as follows:
Area Area currently
DV GHAD-owned
and maintained
(acres)
Approximate area
anticipated to be
offered by the end of
2019/20 (acres)
Approximate total
open space that may
be offered to the DV
GHAD (acres)
West Branch 238 0 238
Gale Ranch 647 652 1,299
Windemere 1,247 20 1,267
Old Ranch Summit 90 0 90
Silva Property* 0 0 0
Bollinger Canyon -
Remainder Parcel
6 0 6
Total 2,228 672 2,900 * There are currently no plans for the DV GHAD to take ownership of any parcels within the Silva
Property area.
It is anticipated that the DV GHAD will own 99% of the anticipated land open space by the end
of FY 2020/21.
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Regulatory Agencies, Conservation Easements, and the DV GHAD
The DV GHAD was intended to provide partial funding for the Dougherty Valley open space
and selected creeks. The Dougherty Valley Specific Plan states that these areas were intended as
an amenity for the residents.
As part of the development process, Windemere/Windemere Ranch Partners and Shapell
Industries, Inc. are required to obtain regulatory permits from the Army Corps of Engineers,
Environmental Protection Agency, U.S. Fish and Wildlife Service, California Department of
Fish and Wildlife, and the Regional Water Quality Control Board. All of these agencies have
regulatory jurisdiction over the Dougherty Valley development because of impacts on creeks and
habitat for endangered species (i.e., red-legged frog and kit fox). These regulatory agencies, as
part of the permitting process, have required the developers to provide for additional mitigation
measures as a condition of their permits.
These mitigation measures have resulted in changes, limitations, and prohibitions for some of the
originally planned uses for the creeks and open spaces. The regulatory agencies have set
requirements for the City and the DV GHAD, if and when they become responsible for these
areas, to ensure the maintenance and monitoring of these mitigation areas, which includes all the
creeks and open space of Dougherty Valley in perpetuity. Mitigating the concerns by the
conservation holder for the Windemere Ranch area (Center for Natural Lands Management -
CNLM) had a significant increase in the costs of the Kami Court landslide repair. Discussion
with the CNLM also revealed areas of potential long-term partnership, in particular with the
maintenance of mitigation ponds in the Hidden Valley area. Partnering to maintain these
facilities may provide the DV GHAD with greater flexibility in responding to any future events
while enhancing the long-term environmental benefits in the area. The City and the DV GHAD
will need to continue to define areas of responsibility and levels of service for these Dougherty
Valley mitigations through discussions with the regulatory agencies, developers, and Contra
Costa County.
Compliance with the “Right to Vote on Taxes Act” (Proposition 218)
In FY 1996/97, staff reviewed the DV GHAD and the requirements of the “Right to Vote on
Taxes Act.” The original DV GHAD that was established for the West Branch area complied
with an exemption found in section 5(b) of the Act:
“Any assessment imposed pursuant to a petition signed by the persons owning all
the parcels subject to the assessment at the time the assessment was initially
imposed. Subsequent increases in said assessment shall be subject to the
procedures and approval process set forth in Section 4.”
As part of the process to annex Gale Ranch, Windemere, Old Ranch Summit, and the Silva
Property into the DV GHAD, the DV GHAD conducted mailed ballot election processes to adopt
an assessment limit of $250 per residential unit per year and $0.10 per square feet of non-
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residential property per year. There was a majority voter approval to confirm these assessment
limits.
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
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 $250 per
residential unit and $0.10 per square foot of 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 DV 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 DV GHAD Board, District staff will mail the Public
Hearing notice to all property owners within the DV GHAD a minimum of 14 days prior to the
Public Hearing.
FISCAL ANALYSIS
The recommended actions are necessary steps for the levy of assessments of properties to fund
the DV GHAD. The associated costs, as well as revenues from this levy will be included in the
proposed FY 2020/21 Program of Services. The proposed FY 2020/21 budget is described in the
draft Engineer’s Report (Attachment A, Section V) and is summarized as follows:
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Current and Anticipated DV GHAD Revenues and Expenditures
FY 2019/20
Adopted Budget
FY 2019/20
Projected Actual
FY 2020/21
Proposed Budget
Beginning Balance $11,854,527 $12,744,530 $8,947,932
Total Revenue +
Interest
$2,059,050 $2,051,632 $2,513,970
No. of Residential
Units
11,536 units 11,491 units 11,636 units
Non-Residential S.F. 1,176,817 1,176,817 1,176,817
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.
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APPENDIX C
UPDATED RESERVE FUND STUDY
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2020/21 Reserve Fund Study 4/21/2020 [Time]
Actual Projected Proposed Estimated Estimated Estimated Estimated Estimated Estimated Estimated EstimatedFiscal Year 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 2025/26 2026/27 2027/28 2028/29
Cumulative Units 11318 11491 11636 11754 11754 11754 11754 11754 11754 11754 11754Non‐Residential Square Footage 1176817 1176817 1176817 1176817 1176817 1176817 1176817 1176817 1176817 1176817 1176817
Per Unit Assessment Amount $163.37 $163.37 $200.00 $200.00 $200.00 $200.00 $200.00 $200.00 $200.00 $200.00 $200.00Commercial Assessment Amount $0.052 $0.052 $0.064 $0.064 $0.064 $0.064 $0.064 $0.064 $0.064 $0.064 $0.064
INCOMEAssessment Income $1,910,413 $1,938,674 $2,402,516 $2,426,116 $2,426,116 $2,426,116 $2,426,116 $2,426,116 $2,426,116 $2,426,116 $2,426,116Agreement Revenue/FEMA Reimbursement $36,332 $47,685 $47,685 $47,685 $47,685 $47,685 $47,685 $47,685 $47,685 $47,685 $47,685Development and Building Fees $4,080 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000Earnings $435,781 $59,273 $71,583 $83,218 $94,851 $106,284 $117,506 $128,505 $139,270 $149,788 $160,045TOTAL INCOME $2,386,606 $2,051,632 $2,527,785 $2,563,019 $2,574,652 $2,586,085 $2,597,307 $2,608,307 $2,619,071 $2,629,589 $2,639,846
PROJECTED EXPENSESStaff $206,008 $224,054 $242,001 $249,987 $258,237 $266,758 $275,561 $284,655 $294,049 $303,752 $313,776GHAD Monitoring Program $16,452 $57,000 $0 $0 $0 $0 $0 $0 $0 $0 $0Creek Bank Maintenance and Sediment Removal (old category) $80,000 $310,000 $0 $0 $0 $0 $0 $0 $0 $0 $0Slope Stabilization $0 $150,000 $0 $0 $0 $0 $0 $0 $0 $0 $0Erosion Protection and Repairs (old category) $0 $0 $0 $0 $0 $0 $0 $0Routine Maintenance & Repair $103,671 $567,725 $586,460 $605,813 $625,805 $646,456 $667,790 $689,827 $712,591 $736,106v‐ditch replacement (old category) $0 $0 $0 $0 $0 $0 $0 $0Geotech Instruments $52,628 $7,500 $0 $0 $0 $0 $0 $0 $0 $0Revegetation $0 $0 $0 $0 $0 $0 $0 $0Office Space (old category) $0 $0 $0 $0 $0 $0 $0 $0 $0Technical Consultants $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0DV Open Space Maintenance $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Detention Flood Control $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Vehicle Replacement and Maintenance $987 $3,075 $1,900 $1,963 $2,027 $2,094 $2,163 $2,235 $2,309 $2,385 $2,464GHAD Association and Misc $2,599 $7,190 $5,360 $5,537 $5,720 $5,908 $6,103 $6,305 $6,513 $6,728 $6,950Office Supplies/Mailings $6,169 $10,000 $10,000 $10,330 $10,671 $11,023 $11,387 $11,763 $12,151 $12,552 $12,966Professional Services $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0Overhead $77,098 $79,411 $86,041 $88,880 $91,813 $94,843 $97,973 $101,206 $104,546 $107,996 $111,560Major Repairs $0 $5,000,000 $160,471 $165,766 $171,237 $176,888 $182,725 $188,755 $194,984 $201,418 $208,065
$0 $0 $0 $0 $0 $0 $0 $0SUBTOTAL EXPENSES $545,613 $5,848,230 $1,073,498 $1,108,923 $1,145,517 $1,183,320 $1,222,369 $1,262,707 $1,304,377 $1,347,421 $1,391,886
RESERVE CONTRIBUTION $1,264,432 ‐$3,796,598 $1,454,287 $1,454,096 $1,429,134 $1,402,765 $1,374,938 $1,345,599 $1,314,695 $1,282,168 $1,247,960CUMULATIVE RESERVE FROM AUDIT/PROJECTED $12,744,530 $8,947,932 $10,402,219 $11,856,315 $13,285,449 $14,688,215 $16,063,153 $17,408,752 $18,723,447 $20,005,614 $21,253,575
page 1 of 1 Appendix C
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2020/21 Reserve Fund Study 4/21/2020 [Time]
Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated2029/30 2030/31 2031/32 2032/33 2033/34 2034/35 2035/36 2036/37 2037/38 2038/39 2039/40 2040/41 2041/42 2042/43
11754 11754 11754 11754 11754 11754 11754 11754 11754 11754 11754 11754 11754 117541176817 1176817 1176817 1176817 1176817 1176817 1176817 1176817 1176817 1176817 1176817 1176817 1176817 1176817
$200.00 $163.37 $163.37 $163.37 $163.37 $163.37 $163.37 $163.37 $163.37 $163.37 $163.37 $163.37 $163.37 $163.37$0.064 $0.052 $0.052 $0.052 $0.052 $0.052 $0.052 $0.052 $0.052 $0.052 $0.052 $0.052 $0.052 $0.052
$2,426,116 $1,981,706 $1,981,706 $1,981,706 $1,981,706 $1,981,706 $1,981,706 $1,981,706 $1,981,706 $1,981,706 $1,981,706 $1,981,706 $1,981,706 $1,981,706$47,685 $47,685 $47,685 $47,685 $47,685 $47,685 $47,685 $47,685 $47,685 $47,685 $47,685 $47,685 $47,685 $47,685$6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000
$170,029 $179,725 $185,563 $191,057 $196,189 $200,944 $205,305 $209,254 $212,774 $215,845 $218,448 $220,564 $222,172 $223,250$2,649,830 $2,215,116 $2,220,954 $2,226,448 $2,231,580 $2,236,335 $2,240,696 $2,244,645 $2,248,164 $2,251,236 $2,253,839 $2,255,955 $2,257,563 $2,258,641
$324,131 $334,827 $345,876 $357,290 $369,081 $381,260 $393,842 $406,839 $420,264 $434,133 $448,460 $463,259 $478,546 $494,338$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$760,398 $785,491 $811,412 $838,189 $865,849 $894,422 $923,938 $954,428 $985,924 $1,018,460 $1,052,069 $1,086,787 $1,122,651 $1,159,698$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$2,545 $2,629 $2,716 $2,805 $2,898 $2,993 $3,092 $3,194 $3,300 $3,408 $3,521 $3,637 $3,757 $3,881$7,179 $7,416 $7,661 $7,914 $8,175 $8,444 $8,723 $9,011 $9,308 $9,615 $9,933 $10,261 $10,599 $10,949
$13,394 $13,836 $14,292 $14,764 $15,251 $15,754 $16,274 $16,811 $17,366 $17,939 $18,531 $19,143 $19,775 $20,427$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$115,241 $119,044 $122,972 $127,030 $131,222 $135,553 $140,026 $144,647 $149,420 $154,351 $159,445 $164,706 $170,142 $175,756$214,931 $222,024 $229,351 $236,919 $244,737 $252,814 $261,157 $269,775 $278,677 $287,874 $297,374 $307,187 $317,324 $327,796
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$1,437,818 $1,485,266 $1,534,280 $1,584,911 $1,637,213 $1,691,241 $1,747,052 $1,804,705 $1,864,260 $1,925,781 $1,989,332 $2,054,980 $2,122,794 $2,192,846
$1,212,012 $729,849 $686,674 $641,536 $594,367 $545,094 $493,643 $439,940 $383,904 $325,455 $264,508 $200,976 $134,769 $65,795$22,465,586 $23,195,436 $23,882,110 $24,523,646 $25,118,013 $25,663,107 $26,156,750 $26,596,690 $26,980,594 $27,306,049 $27,570,556 $27,771,532 $27,906,301 $27,972,096
page 2 of 2 Appendix C
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Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated2043/44 2044/45 2045/46 2046/47 2047/48 2048/49 2049/50 2050/51 2051/52 2052/53 2053/54 2054/55 2055/56 2056/57
11754 11754 11754 11754 11754 11754 11754 11754 11754 11754 11754 11754 11754 117541176817 1176817 1176817 1176817 1176817 1176817 1176817 1176817 1176817 1176817 1176817 1176817 1176817 1176817
$163.37 $163.37 $163.37 $163.37 $163.37 $163.37 $163.37 $163.37 $163.37 $163.37 $163.37 $163.37 $163.37 $163.37$0.052 $0.052 $0.052 $0.052 $0.052 $0.052 $0.052 $0.052 $0.052 $0.052 $0.052 $0.052 $0.052 $0.052
$1,981,706 $1,981,706 $1,981,706 $1,981,706 $1,981,706 $1,981,706 $1,981,706 $1,981,706 $1,981,706 $1,981,706 $1,981,706 $1,981,706 $1,981,706 $1,981,706$47,685 $47,685 $47,685 $47,685 $47,685 $47,685 $47,685 $47,685 $47,685 $47,685 $47,685 $47,685 $47,685 $47,685$6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000
$223,777 $223,728 $223,082 $221,812 $219,894 $217,302 $214,007 $209,983 $205,201 $199,629 $193,237 $185,994 $177,865 $168,816$2,259,168 $2,259,119 $2,258,473 $2,257,203 $2,255,285 $2,252,692 $2,249,398 $2,245,374 $2,240,591 $2,235,020 $2,228,628 $2,221,384 $2,213,255 $2,204,207
$510,651 $527,503 $544,911 $562,893 $581,468 $600,656 $620,478 $640,954 $662,105 $683,955 $706,525 $729,841 $753,925 $778,805$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$1,197,969 $1,237,502 $1,278,339 $1,320,524 $1,364,102 $1,409,117 $1,455,618 $1,503,653 $1,553,274 $1,604,532 $1,657,481 $1,712,178 $1,768,680 $1,827,046$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$4,009 $4,142 $4,278 $4,419 $4,565 $4,716 $4,872 $5,032 $5,198 $5,370 $5,547 $5,730 $5,919 $6,115$11,310 $11,683 $12,069 $12,467 $12,879 $13,304 $13,743 $14,196 $14,665 $15,149 $15,649 $16,165 $16,698 $17,249$21,101 $21,798 $22,517 $23,260 $24,028 $24,820 $25,639 $26,486 $27,360 $28,262 $29,195 $30,159 $31,154 $32,182
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$181,556 $187,548 $193,737 $200,130 $206,734 $213,557 $220,604 $227,884 $235,404 $243,172 $251,197 $259,487 $268,050 $276,895$338,613 $349,787 $361,330 $373,254 $385,571 $398,295 $411,439 $425,017 $439,042 $453,531 $468,497 $483,957 $499,928 $516,426
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$2,265,210 $2,339,962 $2,417,181 $2,496,948 $2,579,347 $2,664,465 $2,752,393 $2,843,222 $2,937,048 $3,033,971 $3,134,092 $3,237,517 $3,344,355 $3,454,718
‐$6,042 ‐$80,843 ‐$158,708 ‐$239,745 ‐$324,062 ‐$411,773 ‐$502,995 ‐$597,847 ‐$696,457 ‐$798,951 ‐$905,463 ‐$1,016,132 ‐$1,131,099 ‐$1,250,512$27,966,054 $27,885,211 $27,726,503 $27,486,758 $27,162,696 $26,750,923 $26,247,928 $25,650,081 $24,953,624 $24,154,674 $23,249,210 $22,233,078 $21,101,979 $19,851,467
page 3 of 3 Appendix C
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APPENDIX D
DV GHAD RESERVE FUND ANALYSIS
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$200 assessment for 10 years
APPENDIX D4/8/2020
$‐
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
$35,000,000
$40,000,000
$45,000,000
$50,000,000
2015 2020 2025 2030 2035 2040 2045 2050 2055 2060
GHAD RESERVE FUNDFY 2020‐2021
Reserve Target '03 Assumed Growth Projection w/o Increase 2020 Projection projection w increase
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FINANCE COMMITTEE STAFF REPORT
DATE: April 27, 2020
TO: Finance Committee/City Manager
FROM: Maria Fierner, Public Works Director
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)
10,000
Annual Assessment - Nonresidential (square feet) $0.10725
Annual Adjustment in Assessment (estimated) 3.0%
Inflation (estimated) 3.0%
Investment Earnings (estimated) 4.5%
Frequency of Large-Scale Repair (years) 20
Cost of Large-Scale Repair (current $) $1,072,500
ESTIMATED ANNUAL EXPENSES IN FY 2019/20 DOLLARS
Administration and Management
Additional GHAD Staff, Memberships, Assessment Roll, and Budget
Site Monitoring Program
Sediment/Debris Removal – Drainage Improvements
Water Quality/Detention/Bioretention Basins
Subdrain Outlets
Vegetation Control/Fencing/Trails– Open Space
Slope and Creek Bank Stabilization (including minor landsliding)
Water Quality/Detention Basin Replacement
Open Space Storm Drain Replacement
Bioretention Cell Replacement
Retaining Wall/Fence Replacement/Trails
Concrete Ditch Replacement
Major Repair (Annualized)
Miscellaneous & Contingency (7%)
Total
$ 25,740
$ 17,987
$ 16,088
$ 8,741
$ 40,433
$ 965
$ 41,292
$ 32,175
$ 2,145
$ 19,098
$ 45,506
$ 67,337
$ 7,865
$ 53,625
$ 22,776
$ 401,773
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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: Proposed Amendment No. 5 to the Agreement (C2010-012) with FHN
Financial Main Street Advisors, LLC for Investment Advisory Services
Extending the Term of the Agreement through June 30, 2021 for an
Additional $24,000 for a Cumulative Contract Amount Not to Exceed
$272,000
RECOMMENDED ACTION
Staff recommends that the Finance Committee review the report and forwarding to City Council
the proposed Amendment No. 5 to the agreement (C2010-012) with FHN Financial Main Street
Advisors, LLC (Main Street) for Investment Advisory Services extending the term of the
agreement through June 30, 2021 for an additional $24,000 and for a cumulative contract amount
not to exceed $272,000.
BACKGROUND/DISCUSSION
The City uses an outside investment advisor to assist in managing the investment of the City
reserve funds. We are currently in contract with Main Street who manages the purchase of
securities in accordance with the City’s Investment Policy. Main Street is located in Las Vegas,
Nevada and is owned by First Tennessee National Bank Association, who has been in the
investment and banking business for nearly a century.
On January 12, 2010, Council approved Minute Order No. 2010-01awarding Main Street the
Investment Advisory contract for three years, which ended on February 28, 2013.
The agreement has been amendment as follows:
Amendment No. 1 was approved by Council on January 8, 2013 under Minute Order No.
2013-001 authorizing two additional years through February 28, 2015.
Amendment No. 2 was approved by Council on March 10, 2015 under Minute Order No.
2015-005 authorizing two additional years through February 28, 2017
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Amendment No. 3 was approved by Council on March 28, 2017 under Minute Order No.
2017-009 authorizing two additional years through February 28, 2019.
Amendment No. 4 was approved by Council on February 12, 2019 under Minute Order
No. 2019-003 extending the term through June 30, 2020.
The current agreement expires June 30, 2020. Staff was in the process of preparing a Request for
Proposal for Investment Advisory Services. However, due to the impact of COVID-19 and the
volatility of the stock market, staff is requesting an extension to the agreement through June 30,
2021. Main Street continues to do an excellent job managing the City’s portfolio under the
contract and has agreed to continue as the City’s Investment Advisor under the same conditions
and fees as the current contract. Staff will prepare a Request for Proposals for investment
advisory services and complete the selection process prior to the expiration of Amendment No.
5.
FISCAL ANALYSIS
The current annual fee for Investment Advisory Services is $24,000. Main Street has not
increased their rates during the entire term of their contract and has guaranteed there will be no
increase through the remaining term of the amended contract.
STEPS FOLLOWING APPROVAL
Staff will submit the report to the City Council for consideration of approval.
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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: City of San Ramon Quarterly Investment Report (Period Ending March 31,
2020)
RECOMMENDED ACTION
Staff recommends that the Finance Committee review and accept the Quarterly Investment
Report for the Period Ending March 31, 2020.
BACKGROUND/DISCUSSION
State law requires that City Council review the City Investment Report at least quarterly. A copy
of the FHN Financial-Main Street Advisors Investment Report for the period ending March 31,
2020, the Investments Held by Trustees, and the Summary of Cash and Investments are attached
for your review.
The March 31, 2020 Investment Report was prepared by FHN Financial-Main Street Advisors,
the City’s investment manager. The Investment Report is maintained on a daily basis to track
investment yield, maturities, call dates and market values. The Investments Held by Trustees and
the Summary of Cash and Investments were prepared by staff.
The City’s investments are carried at fair value, as required by generally accepted accounting
principles. In accordance with GASB Statement No. 31, Accounting and Financial Reporting for
Certain Investments and for External Pools, the City adjusts the carrying value of its investments
to reflect their fair value at each fiscal year end, and it includes the effects of these adjustments
in income for that fiscal year.
FISCAL ANALYSIS
The balance of the City’s demand deposit accounts held with Wells Fargo Bank and JP Morgan
Chase Bank, as of March 31, 2020 total $11.2 million. These accounts are used for daily City
operation.
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Total funds managed by FHN Financial-Main Street Advisors, as of March 31, 2020 totaled
$69.9 million at book value. The portfolio consists of $39.6 million in federal agency securities,
$8.0 million in treasury securities, $5.9 million in commercial paper, $8.0 million in corporate
notes, $5.9 million in FDIC insured CD’s, $1.0 million in supranationals, and $1.5 million in
municipal bonds. The weighted average yield to maturity on investments is 2.11% and the
weighted average days to maturity is 649 days, which is 42 days shorter than last quarter. Interest
rates are 29 basis points lower than the previous quarter.
The overall objective in managing the City’s investment portfolio is to generate favorable long-
term results relative to the City’s benchmark, the Merrill Lynch 1-3 Year U.S. Government
Index, while maintaining safety of principal and appropriate liquidity. To accomplish these
objectives, FHN Financial-Main Street Advisors is directed to maintain a strategy designed to
keep the portfolio’s results in line with the established benchmark, while actively managing the
portfolio’s duration relative to the benchmark, sector allocation and yield curve placement to
enhance performance.
The balance of the City’s Fidelity U.S. Government Money Market account held with Union
Bank, as of March 31, 2020 totals $2.9 million and makes up 3.74% of the portfolio. The current
rate is 0.30%. This account is available on a daily basis for immediate cash flow requirements.
The City of San Ramon has $3.7 million invested with the State Treasurer’s Office (Local
Agency Investment Fund). The current interest rate is 1.78% and makes up 4.78% of the
portfolio. This account is available on a daily basis for immediate cash flow requirements.
The “Investments Held by Trustees” report was prepared by staff and is required supplementary
information in the quarterly report to the City Council. Funds held with the trustee total $18.4
million, of which $17.5 million is the 2019 Certificate of Participation (COP) financing. The
2019 COP investments are managed by FHN Financial-Main Street Advisors and are available
for designated capital projects. The remaining $0.9 million of investments are managed by the
trustee and are not available for general City purposes.
This Investment portfolio is in conformity with the City of San Ramon’s adopted “Investment
Policy.” The Treasurer’s cash management program provides sufficient liquidity to meet
estimated future expenditures for a period of six months. FHN Financial-Main Street Advisors
provides market values for securities under their management; market prices of securities held by
trust are obtained from the trustees’ monthly account statements.
FISCAL IMPLICATIONS
There is no immediate fiscal impact.
STEPS FOLLOWING APPROVAL
None
ATTACHMENT:
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A: Summary of Cash & Investments 3-31-20 (signed)
B: FHN Financial - Main Street Advisors 3-31-20
C: Investments Held by Trustees 3-31-20
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-31-
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sig
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Rep
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3-3
0-20
)
Client Management Team
Rick Phillips President & Chief Investment Officer 702-575-6666 [email protected]
Tonya Dazzio Chief Operating & Compliance Officer 702-575-6592 [email protected]
Greg Balls, CFA Senior Portfolio Manager 702-575-6655 [email protected]
Dan Rusk Portfolio Manager 702-575-6633 [email protected]
Christine Wilson Operations Analyst 702-575-6640 [email protected]
Ruth Phillips Financial Analyst 702-575-6600 [email protected]
Monthly Investment Report
City of San Ramon
March 2020
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
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9
May
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Jun
-19
Jul-
19
Au
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9
Sep
-19
Oct
-19
No
v-1
9
De
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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.
51.8%
40.8%
Yes:
3.7%
$3.7 Mil
7.7%
10.4%
1.3%
3
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Historical Book Values
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun AverageFY 2012 $80.2 $73.0 $72.8 $69.6 $65.6 $65.5 $69.7 $68.7 $72.8 $73.4 $73.8 $73.6 $71.6FY 2013 $71.0 $69.5 $67.7 $64.8 $60.4 $59.1 $63.8 $68.4 $69.7 $69.6 $71.8 $71.7 $67.3FY 2014 $71.3 $74.4 $70.4 $66.4 $63.5 $63.4 $66.5 $67.0 $70.1 $75.1 $69.7 $71.6 $69.1FY 2015 $71.1 $71.7 $67.9 $64.0 $61.1 $61.7 $65.6 $67.0 $73.7 $73.6 $74.7 $72.8 $68.7FY 2016 $73.6 $74.1 $75.1 $66.9 $62.2 $61.9 $70.3 $74.4 $74.2 $72.7 $74.0 $73.6 $71.1FY 2017 $74.3 $76.8 $74.9 $72.3 $69.0 $72.0 $77.0 $77.1 $77.1 $77.0 $79.6 $77.4 $75.4FY 2018 $77.4 $77.5 $75.9 $74.6 $73.7 $73.4 $79.7 $81.5 $80.6 $78.3 $78.4 $78.5 $77.5FY 2019 $78.5 $80.7 $78.4 $74.4 $69.7 $67.3 $74.7 $80.7 $79.8 $79.5 $84.6 $84.8 $77.8FY 2020 $83.8 $82.9 $83.1 $80.3 $74.9 $70.8 $77.9 $82.0 $78.4 $79.4
Figures in Millions, Average Daily Balance
City of San Ramon 3/31/2020
$55
$60
$65
$70
$75
$80
$85
$90Ju
l-0
9
Oct
-09
Jan
-10
Ap
r-1
0
Jul-
10
Oct
-10
Jan
-11
Ap
r-1
1
Jul-
11
Oct
-11
Jan
-12
Ap
r-1
2
Jul-
12
Oct
-12
Jan
-13
Ap
r-1
3
Jul-
13
Oct
-13
Jan
-14
Ap
r-1
4
Jul-
14
Oct
-14
Jan
-15
Ap
r-1
5
Jul-
15
Oct
-15
Jan
-16
Ap
r-1
6
Jul-
16
Oct
-16
Jan
-17
Ap
r-1
7
Jul-
17
Oct
-17
Jan
-18
Ap
r-1
8
Jul-
18
Oct
-18
Jan
-19
Ap
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Jul-
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Oct
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Jan
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Ap
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Historical Book Values
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun AverageFY 2012 $80.2 $73.0 $72.8 $69.6 $65.6 $65.5 $69.7 $68.7 $72.8 $73.4 $73.8 $73.6 $71.6FY 2013 $71.0 $69.5 $67.7 $64.8 $60.4 $59.1 $63.8 $68.4 $69.7 $69.6 $71.8 $71.7 $67.3FY 2014 $71.3 $74.4 $70.4 $66.4 $63.5 $63.4 $66.5 $67.0 $70.1 $75.1 $69.7 $71.6 $69.1FY 2015 $71.1 $71.7 $67.9 $64.0 $61.1 $61.7 $65.6 $67.0 $73.7 $73.6 $74.7 $72.8 $68.7FY 2016 $73.6 $74.1 $75.1 $66.9 $62.2 $61.9 $70.3 $74.4 $74.2 $72.7 $74.0 $73.6 $71.1FY 2017 $74.3 $76.8 $74.9 $72.3 $69.0 $72.0 $77.0 $77.1 $77.1 $77.0 $79.6 $77.4 $75.4FY 2018 $77.4 $77.5 $75.9 $74.6 $73.7 $73.4 $79.7 $81.5 $80.6 $78.3 $78.4 $78.5 $77.5FY 2019 $78.5 $80.7 $78.4 $74.4 $69.7 $67.3 $74.7 $80.7 $79.8 $79.5 $84.6 $84.8 $77.8FY 2020 $83.8 $82.9 $83.1 $80.3 $74.9 $70.8 $77.9 $82.0 $78.4 $79.4
Figures in Millions, Average Daily Balance
City of San Ramon 3/31/2020
$55
$60
$65
$70
$75
$80
$85
$90
Jul
Au
g
Sep
Oct
No
v
De
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Jan
Feb
Mar
Ap
r
May Jun
Mill
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FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20
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Weighted Average Maturity and Aging Report
ICE BofAML Index: 0-3Yr Treasury Index; San Ramon Book Yield Includes LAIF Balance *12 Month Moving Average
City of San Ramon 3/31/2020
0.0
0.5
1.0
1.5
2.0
2.5Ju
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1
Sep
-11
De
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1
Mar
-12
Jun
-12
Sep
-12
De
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2
Mar
-13
Jun
-13
Sep
-13
De
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3
Mar
-14
Jun
-14
Sep
-14
De
c-1
4
Mar
-15
Jun
-15
Sep
-15
De
c-1
5
Mar
-16
Jun
-16
Sep
-16
De
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6
Mar
-17
Jun
-17
Sep
-17
De
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7
Mar
-18
Jun
-18
Sep
-18
De
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8
Mar
-19
Jun
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Sep
-19
De
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Mar
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Jun
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Year
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Weighted Average Maturity History
0.0
0.5
1.0
1.5
2.0
2.5
3.0
Jun
-11
Sep
-11
De
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Mar
-12
Jun
-12
Sep
-12
De
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2
Mar
-13
Jun
-13
Sep
-13
De
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3
Mar
-14
Jun
-14
Sep
-14
De
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4
Mar
-15
Jun
-15
Sep
-15
De
c-1
5
Mar
-16
Jun
-16
Sep
-16
De
c-1
6
Mar
-17
Jun
-17
Sep
-17
De
c-1
7
Mar
-18
Jun
-18
Sep
-18
De
c-1
8
Mar
-19
Jun
-19
Sep
-19
De
c-1
9
Mar
-20
Jun
-20
Per
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Month-End Book Yield vs 0-3yr Treasury Index (24 month moving avg) vs. LAIF (12 month moving avg)
San Ramon
Tsy 0-3Yr
LAIF 12MMA*
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Purchase YTM Per 6-Month Maturity Intervals
*Based on Book Value
1.0 to 1.5 2.09% 9.79%
1.5 to 2.0
Total 2.05% 100.00%
3.5 to 4.0 2.10% 8.27%
4.5 to 5.0 1.89% 3.92%
4.0 to 4.5 1.72% 6.85%
3.0 to 3.5 2.92% 4.56%
2.0 to 2.5 2.59% 4.55%
2.5 to 3.0 2.24% 11.11%
0 to .5 1.76% 30.37%
.5 to 1.0 1.97% 10.46%
2.34% 10.12%
Years
Purchase
Yield
% of
Portfolio*
City of San Ramon 3/31/2020
1.76%
1.97%
2.09%
2.34%
2.59%
2.24%
2.10%
1.72%
1.89%
1.6%
1.8%
1.9%
2.1%
2.2%
2.4%
2.5%
2.7%
-0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5
Pu
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Maturity Intervals
Bubble Size = Maturity's % of Portfolio
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Interest Rate Shock Analysis
+100 Basis Points $76,809,589 -$1,256,870 -1.61%
+50 Basis Points $77,412,886 -$653,572 -0.84%
+75 Basis Points $77,111,238 -$955,221 -1.22%
No Change $78,066,459 $0 0.00%
+25 Basis Points $77,739,673 -$326,786 -0.42%
-50 Basis Points $78,654,768 $588,309 0.75%
-25 Basis Points $78,348,357 $281,898 0.36%
-100 Basis Points $79,292,102 $1,225,643 1.57%
-75 Basis Points $78,961,179 $894,720 1.15%
3/31/2020
Interest Rate Change Portfolio Value Value Change Percent Change
City of San Ramon
1.57%
1.15%
0.75%
0.36%
0.00%
-0.42%
-0.84%
-1.22%
-1.61%
-2.00%
-1.50%
-1.00%
-0.50%
0.00%
0.50%
1.00%
1.50%
2.00%
-100BP -75BP -50BP -25BP No Change +25BP +50BP +75BP +100BP
Per
cen
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Po
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Interest Rate Changes/Scenarios
Instantaneous Interest Rate Changes and Approximate Change in Portfolio's Market Value
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Next Twelve Months Maturities
Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21
$8.5 $3.5 $2.3 $2.4 $1.3 $5.3 $5.0 $1.0 $0.0 $1.0 $0.0 $1.0
Par Value in Millions
Maturities
City of San Ramon 3/31/2020
$8.5
$3.5
$2.3 $2.4
$1.3
$5.3
$5.0
$1.0
$0.0
$1.0
$0.0
$1.0
$0
$1
$2
$3
$4
$5
$6
$7
$8
$9
Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21
Mill
ion
s
9
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Packet Pg. 74
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Historical Sector Allocation
Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20
Agency 53.8% 54.9% 57.3% 57.4% 58.5% 55.9% 56.1% 55.1% 56.5% 47.7% 51.2% 51.8%
Treasury 13.5% 11.2% 11.1% 11.4% 11.4% 11.4% 12.5% 12.8% 13.5% 11.4% 9.8% 10.5%
Commercial Paper 10.0% 10.0% 8.5% 9.0% 9.0% 7.5% 9.8% 8.1% 6.7% 5.7% 7.2% 7.7%
Corporates 4.7% 7.0% 8.2% 8.4% 7.2% 7.1% 7.8% 8.1% 8.5% 8.4% 8.6% 10.4%
Muni 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.7% 2.1% 2.2% 1.8% 1.9% 2.0%
MMF 7.8% 6.2% 4.2% 5.3% 5.7% 9.3% 4.1% 4.6% 2.8% 7.2% 5.5% 3.7%
Supranational 3.6% 3.5% 3.5% 1.2% 1.2% 1.2% 1.3% 1.4% 1.4% 1.2% 1.2% 1.3%
Certificates of Deposit 5.9% 6.4% 6.4% 6.6% 6.3% 6.8% 7.5% 7.7% 8.1% 6.9% 7.0% 7.8%
LAIF 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 9.8% 7.6% 4.8%
Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Sector
City of San Ramon 3/31/2020
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
65%
Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20
AGY
TSY
CP
MMF
CDs
LAIF
CORP
Supra
Muni
10
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Packet Pg. 75
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Issuer AllocationCity of San Ramon 3/31/2020
0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%
0.7%1.3%1.3%1.3%1.3%1.3%1.3%1.3%1.3%1.3%1.3%1.5%1.6%1.6%1.6%1.6%
3.7%4.8%
5.2%9.2%
10.5%15.2%
22.2%
0% 5% 10% 15% 20% 25%
TIAA BankComenity Capital Bank
EnerbankMorgan Stanley Private Bank
UBS BankCitibank
Morgan Stanley BankCapital One
Discover BankGoldman Sachs
American Express Centurion BkThird Federal Sav&Loan
Capital One Bank USAJP Morgan Chase Bank
Barclays BankAXOS
Cross River BankEagle Bank
Flagstar BankFirst Missouri Bank
GNB BankHSBC Bank
Sallie Mae BankUniversity of California
ChevronMicrosoftCitigroup
New York LifeMetlife
WalmartExxon Mobil
IADBState of California
Johnson & JohnsonNatixis
Walt DisneyPfizer
Wells Fargo BankMUFG Bank
Fidelity US Govt MMFLAIF
FHLMCFNMA
U.S. TreasuryFHLBFFCB
11
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Packet Pg. 76
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Purchase Yield and Weighted Avg MaturityCity of San Ramon 3/31/2020
LAIF
Agy
Tsy
Corp
CD-FDIC
CP
SupraMuni
1.35%
1.45%
1.55%
1.65%
1.75%
1.85%
1.95%
2.05%
2.15%
2.25%
2.35%
2.45%
2.55%
2.65%
-0.20 0.30 0.80 1.30 1.80 2.30 2.80 3.30
Bo
ok
Yie
ld
Weighted Average Maturity - Years
Bubble Size = Percent of Portfolio
12
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Packet Pg. 77
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Historical Earnings and Book Rate of Return Performance
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun$32.8 $66.5 $100.4 $137.6 $177.1 $218.4 $253.2 $280.5 $318.6 $353.2 $390.2 $424.3$58.7 $102.6 $149.0 $190.6 $241.5 $287.0 $328.9 $369.7 $414.1 $458.2 $503.6 $547.4$43.7 $88.0 $131.6 $175.3 $218.4 $263.1 $314.3 $366.1 $422.7 $479.6 $541.4 $600.4$61.0 $125.8 $189.7 $253.7 $315.6 $381.6 $456.7 $530.6 $607.1 $684.5 $767.5 $848.6$81.8 $164.2 $245.0 $328.0 $413.3 $503.2 $605.0 $707.0 $813.9 $917.8 $1,024.2 $1,129.9
$110.0 $227.7 $344.3 $462.8 $577.0 $689.4 $819.2 $957.4 $1,103.5 $1,247.6 $1,404.4 $1,558.1$154.5 $308.6 $459.8 $608.3 $744.4 $874.4 $1,016.2 $1,158.7 $1,295.8
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun2.17% 2.19% 2.21% 2.18% 2.21% 2.16% 2.14% 2.19% 2.06%
Custom Benchmark* 2.13% 2.14% 2.13% 2.12% 2.11% 2.11% 2.10% 2.08% 1.99%0.04% 0.05% 0.08% 0.06% 0.10% 0.05% 0.04% 0.11% 0.07%
*Benchmark: ICE BofAML 30 month moving average (MMA) 10% 0-5 Yr Tsy, 40% 1-5Yr Agy Bullet, 25% 0-1Yr Agy, 10% 1-5Yr AA-AAA Corp, Bloomberg 9MMA 10% 90 Day CP, 5% Fidelity Govt MMF
3/31/2020
Variance
Book Rate of Rtn
Fiscal YTD ($000s)FY 2014FY 2015FY 2016FY 2017FY 2018FY 2019FY 2020
City of San Ramon
$0
$500
$1,000
$1,500
$2,000
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Tho
usa
nd
s
Fiscal Year-to-Date EarningsFY 2014
FY 2015
FY 2016
FY 2017
FY 2018
FY 2019
FY 2020
1.85%
1.95%
2.05%
2.15%
2.25%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Monthly Book Rate of Return vs Benchmark Portfolio
Benchmark
13
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Packet Pg. 78
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Investment Activity
Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-2088 90 93 91 89 89 86 85 80 81 81 82
Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-204 6 5 1 1 3 2 3 0 3 2 22 2 3 3 3 5 5 4 2 2 1 16 8 8 4 4 8 7 7 2 5 3 3
City of San Ramon 3/31/2020
Purchases
Total Transactions
Positions
Redemptions
70
75
80
85
90
95
100
Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20
Po
siti
on
s
Number of Positions at Month End
0
1
2
3
4
5
6
7
Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20
Nu
mb
er o
f Tr
ansa
ctio
ns
Purchases and Redemptions* (Excluding LAIF & MMF)Purchases
Redemptions
*Redemptions include maturities, calls, and sells
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Packet Pg. 79
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San Ramon - PM ReportsPortfolio Management
March 31, 2020Portfolio Summary
% ofPortfolio
BookValueInvestments
MarketValue
ParValue
Days toMaturityTerm
YTM360 Equiv.
YTM365 Equiv.
Money Market Funds 2,857,109.53 13.74 0.29612,857,109.532,857,109.53 0.300State Pool - LAIF 3,651,832.58 14.78 1.71613,651,832.583,651,832.58 1.740Supranationals 1,000,880.78 1,4121.31 1.9462221,009,550.001,000,000.00 1.973Commercial Paper Disc. -Amortizing 5,876,338.34 1767.69 1.762845,880,949.005,900,000.00 1.786Federal Agency Non-Callable 35,633,876.42 1,46546.61 2.06180736,827,075.0535,605,000.00 2.090Treasury Coupon Securities 7,993,227.19 92610.46 2.1622088,077,920.008,000,000.00 2.192Federal Agency Coupon Callable 4,000,000.00 1,6675.23 2.0771,2284,032,490.004,000,000.00 2.106Corporate Notes 7,978,903.18 1,26410.44 2.4058628,103,260.008,000,000.00 2.439CD-FDIC 5,947,443.07 1,6127.78 2.3008666,097,367.685,952,000.00 2.332Municipal Bonds 1,513,692.49 1,4221.98 1.9189911,528,905.001,500,000.00 1.944
76,453,303.58 100.00%Investments
78,066,458.8476,465,942.11 1,184 649 2.017 2.045
Current YearMarch 31
137,022.85Fiscal Year To Date
1,295,754.27
Average Daily Balance
Effective Rate of Return
78,448,078.45 79,347,095.14
2.17%2.06%
Total Earnings Month Ending
__________________________________________________ ____________________FTN Financial Main Street Advisors, Rick Phillips
Portfolio CSRMAPData Updated: SET_SRP: 04/06/2020 09:13
Reporting period 03/01/2020-03/31/2020
Run Date: 04/06/2020 - 09:13 PM (PRF_PM1) 7.3.0Report Ver. 7.3.6.1
15
5.5.b
Packet Pg. 80
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Moody's
Page 1
Par Value Book ValueMaturity
DateStated
RateMarket Value
March 31, 2020Portfolio Details - Investments
AverageBalanceIssuer
Portfolio ManagementSan Ramon - PM Reports
S&PYTM365CUSIP Investment #
PurchaseDate
Money Market Funds
AaaFidelity US Govt MMF10027 2,857,109.53 2,857,109.53 0.3002,857,109.53 0.300SYS10027 AAA
2,857,109.53 0.3002,857,109.532,857,109.533,148,459.10Subtotal and Average
State Pool - LAIF
LAIF10041 3,651,832.58 3,651,832.58 1.7403,651,832.58 1.740SYS10041
3,651,832.58 1.7403,651,832.583,651,832.584,538,929.35Subtotal and Average
Supranationals
AaaIADB10403 1,000,000.00 1,000,880.78 11/09/20202.12512/28/2016 1,009,550.00 1.9734581X0CD8 AAA
1,000,880.78 1.9731,009,550.001,000,000.001,000,937.47Subtotal and Average
Commercial Paper Disc. -Amortizing
P-1MUFG Bank10530 1,250,000.00 1,247,822.92 05/04/20201.90011/06/2019 1,248,225.00 1.94562479LE43 A-1P-1Citigroup10531 1,000,000.00 995,679.17 06/25/20201.83011/20/2019 996,320.00 1.89917327AFR3 A-1P-1Natixis10541 1,150,000.00 1,144,623.75 07/09/20201.70002/04/2020 1,145,641.50 1.73663873JG95 A-1P-1Pfizer10540 1,250,000.00 1,245,900.00 06/12/20201.64001/30/2020 1,246,100.00 1.67371708EFC4 A-1+P-1Walt Disney10539 1,250,000.00 1,242,312.50 08/14/20201.64001/30/2020 1,244,662.50 1.6972546R2HE9 A-1
5,876,338.34 1.7865,880,949.005,900,000.005,872,063.33Subtotal and Average
Federal Agency Non-Callable
AaaFFCB10433 1,000,000.00 1,000,352.33 09/21/20211.89010/17/2017 1,021,950.00 1.8653133EFDU8 AA+AaaFFCB10434 1,000,000.00 999,834.09 10/26/20201.75010/31/2017 1,008,580.00 1.7803133EHJ95 AA+AaaFFCB10436 1,000,000.00 999,689.85 11/02/20211.95011/06/2017 1,024,100.00 1.9703133EHP31 AA+AaaFFCB10437 2,000,000.00 1,998,517.19 10/13/20201.68011/09/2017 2,015,360.00 1.8233133EHF57 AA+AaaFFCB10438 1,000,000.00 998,041.28 11/01/20222.08011/30/2017 1,041,480.00 2.1603133EHM91 AA+AaaFFCB10449 1,000,000.00 993,812.33 03/11/20221.90001/03/2018 1,027,940.00 2.2353133ECHP2 AA+AaaFFCB10479 1,000,000.00 995,494.06 09/13/20222.80009/28/2018 1,053,380.00 2.9963133EJZH5 AA+AaaFFCB10486 1,005,000.00 1,011,326.40 12/14/20232.95012/31/2018 1,090,435.05 2.7673133EJWW5 AA+AaaFFCB10489 1,000,000.00 1,003,676.32 12/17/20212.80001/03/2019 1,037,040.00 2.5753133EJ3B3 AA+AaaFFCB10512 1,000,000.00 999,336.37 10/18/20222.33005/03/2019 1,036,110.00 2.3573133EKHN9 AA+AaaFFCB10517 1,000,000.00 1,011,285.69 11/08/20232.30006/04/2019 1,059,960.00 1.9713133EKKU9 AA+AaaFFCB10520 1,000,000.00 998,583.29 06/13/20241.95006/20/2019 1,055,020.00 1.9863133EKQU3 AA+AaaFFCB10522 2,000,000.00 1,994,470.00 08/16/20241.60008/16/2019 2,084,160.00 1.6663133EKA63 AA+AaaFFCB10526 2,000,000.00 1,997,698.07 09/17/20241.60009/17/2019 2,085,780.00 1.6273133EKP75 AA+
Portfolio CSRMAPData Updated: SET_SRP: 04/06/2020 09:13
Run Date: 04/06/2020 - 09:13 PM (PRF_PM2) 7.3.0
Report Ver. 7.3.6.116
5.5.b
Packet Pg. 81
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Moody's
Page 2
Par Value Book ValueMaturity
DateStated
RateMarket Value
March 31, 2020Portfolio Details - Investments
AverageBalanceIssuer
Portfolio ManagementSan Ramon - PM Reports
S&PYTM365CUSIP Investment #
PurchaseDate
Federal Agency Non-Callable
AaaFHLB10413 1,000,000.00 1,000,533.14 10/05/20201.75004/26/2017 1,007,270.00 1.6423130AB3E4 AA+AaaFHLB10440 1,000,000.00 1,004,371.44 12/09/20222.50012/22/2017 1,054,080.00 2.3273130A3KM5 AA+AaaFHLB10443 2,100,000.00 2,096,296.79 09/11/20201.62512/22/2017 2,113,965.00 2.0343130A66T9 AA+AaaFHLB10473 1,000,000.00 1,002,464.08 09/10/20213.00008/10/2018 1,037,940.00 2.820313383ZU8 AA+AaaFHLB10476 1,000,000.00 989,957.23 03/11/20222.25008/15/2018 1,036,370.00 2.796313378CR0 AA+AaaFHLB10481 1,500,000.00 1,500,053.57 10/12/20213.00010/12/2018 1,560,135.00 2.9983130AF5B9 AA+AaaFHLB10483 1,000,000.00 1,006,900.42 09/08/20233.37510/23/2018 1,101,060.00 3.156313383YJ4 AA+AaaFHLMC10387 1,000,000.00 998,325.14 08/12/20211.12508/12/2016 1,010,270.00 1.2523137EAEC9 AA+AaaFHLMC10412 1,000,000.00 991,306.73 08/12/20211.12504/25/2017 1,010,270.00 1.7903137EAEC9 AA+AaaFHLMC10428 1,000,000.00 999,701.69 09/29/20201.62509/29/2017 1,005,470.00 1.6873137EAEJ4 AA+AaaFNMA10391 1,000,000.00 999,490.40 10/07/20211.37510/07/2016 1,014,550.00 1.4103135G0Q89 AA+AaaFNMA10430 1,000,000.00 999,668.35 10/05/20222.00010/06/2017 1,036,120.00 2.0143135G0T78 AA+AaaFNMA10431 1,000,000.00 1,000,773.12 10/05/20222.00010/16/2017 1,036,120.00 1.9673135G0T78 AA+AaaFNMA10454 1,000,000.00 996,755.99 01/19/20232.37501/23/2018 1,053,900.00 2.4993135G0T94 AA+AaaFNMA10501 1,000,000.00 996,212.59 09/25/20201.75002/12/2019 1,006,880.00 2.5543136G1HY8 AA+AaaFNMA10529 2,000,000.00 2,048,948.47 10/30/20232.12510/09/2019 2,101,380.00 1.4193136G0X97 AA+
35,633,876.42 2.09036,827,075.0535,605,000.0037,052,606.17Subtotal and Average
Treasury Coupon Securities
AaaU.S. Treasury10401 1,000,000.00 999,070.39 10/31/20212.00012/23/2016 1,028,200.00 2.062912828F96 AA+AaaU.S. Treasury10408 1,000,000.00 997,716.24 10/31/20201.37502/21/2017 1,007,190.00 1.781912828L99 AA+AaaU.S. Treasury10416 1,000,000.00 998,963.22 09/30/20201.37505/01/2017 1,006,560.00 1.590912828L65 AA+AaaU.S. Treasury10442 1,000,000.00 999,938.02 09/30/20212.12512/21/2017 1,028,910.00 2.129912828F21 AA+AaaU.S. Treasury10498 2,000,000.00 1,999,672.01 04/30/20202.37502/06/2019 2,003,660.00 2.5859128284J6 AA+AaaU.S. Treasury10505 2,000,000.00 1,997,867.31 05/15/20201.50004/29/2019 2,003,400.00 2.403912828X96 AA+
7,993,227.19 2.1928,077,920.008,000,000.007,992,058.39Subtotal and Average
Federal Agency Coupon Callable
AaaFHLB10471 1,000,000.00 1,000,000.00 08/24/20233.12508/24/2018 1,009,950.00 3.1253130AEQC7 AA+AaaFHLB10542 2,000,000.00 2,000,000.00 02/12/20251.80002/12/2020 2,018,480.00 1.8003130AJ4Q9 AA+AaaFHLMC10411 1,000,000.00 1,000,000.00 07/27/20201.70004/27/2017 1,004,060.00 1.7003134GBHQ8 AA+
4,000,000.00 2.1064,032,490.004,000,000.004,000,000.00Subtotal and Average
Portfolio CSRMAPData Updated: SET_SRP: 04/06/2020 09:13
Run Date: 04/06/2020 - 09:13 PM (PRF_PM2) 7.3.0
17
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Packet Pg. 82
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Moody's
Page 3
Par Value Book ValueMaturity
DateStated
RateMarket Value
March 31, 2020Portfolio Details - Investments
AverageBalanceIssuer
Portfolio ManagementSan Ramon - PM Reports
S&PYTM365CUSIP Investment #
PurchaseDate
Corporate Notes
Aa2Chevron10488 1,000,000.00 977,761.19 12/05/20222.35512/31/2018 1,013,700.00 3.246166764AB6 AAAaaJohnson & Johnson10543 1,000,000.00 1,024,549.16 03/01/20232.05003/13/2020 1,022,440.00 1.191478160BT0 AAAAa3Metlife10519 1,000,000.00 999,005.00 06/17/20222.40006/17/2019 1,006,850.00 2.44759217GDB2 AA-AaaMicrosoft10508 1,000,000.00 981,341.37 08/08/20232.00005/01/2019 1,034,060.00 2.591594918BQ6 AAAAaaNew York Life10538 1,000,000.00 996,547.62 01/22/20252.00001/22/2020 993,570.00 2.07664952WDL4 AA+Aa2Wells Fargo Bank10514 1,000,000.00 998,841.90 01/15/20212.60005/24/2019 1,004,360.00 2.75094988J5N3 A+Aa2Walmart10466 1,000,000.00 1,000,316.30 06/23/20213.12506/27/2018 1,021,780.00 3.098931142EJ8 AAAa1Exxon Mobil10410 1,000,000.00 1,000,540.64 03/01/20212.22203/31/2017 1,006,500.00 2.16030231GAV4 AA
7,978,903.18 2.4398,103,260.008,000,000.007,581,808.53Subtotal and Average
CD-FDIC
Comenity Capital Bank10500 248,000.00 247,555.09 02/15/20243.10002/19/2019 262,986.64 3.15220033AP91American Express Centurion Bk10420 248,000.00 247,725.68 08/08/20222.35008/09/2017 252,662.40 2.40202587DV47Barclays Bank10427 248,000.00 247,942.46 09/21/20201.95009/21/2017 249,076.32 2.00106740KKU0AXOS10544 248,000.00 248,000.00 03/26/20241.65003/26/2020 249,445.84 1.65105465DAK4Citibank10465 248,000.00 247,631.86 06/28/20233.30006/29/2018 262,398.88 3.35217312QN96Enerbank10527 248,000.00 247,583.93 09/27/20232.00009/30/2019 252,431.76 2.05229278TLY4Capital One10435 248,000.00 247,696.31 11/08/20222.40011/09/2017 254,252.08 2.45114042RJZ5Capital One Bank USA10385 248,000.00 247,835.95 08/17/20211.60008/18/2016 248,548.08 1.651140420B82Cross River Bank10513 248,000.00 248,000.00 05/16/20222.50005/15/2019 253,894.96 2.156227563AQ6Discover Bank10426 248,000.00 247,716.10 09/07/20222.35009/08/2017 253,679.20 2.401254673BZ8Eagle Bank10510 248,000.00 248,000.00 05/10/20222.60005/10/2019 254,390.96 2.60327002YEM4Flagstar Bank10518 248,000.00 248,000.00 06/13/20222.50006/12/2019 254,063.60 2.50033847E2J5First Missouri Bank10524 248,000.00 248,000.00 09/13/20241.85009/13/2019 251,486.88 1.85232100LCB9GNB Bank10377 248,000.00 248,000.00 06/30/20211.50006/30/2016 248,999.44 1.50136198JCC6Goldman Sachs10423 248,000.00 247,723.13 08/16/20222.35008/17/2017 253,572.56 2.40238148PMR5HSBC Bank10378 248,000.00 248,000.00 07/08/20201.40007/08/2016 248,245.52 1.40140434AZ44JP Morgan Chase Bank10381 248,000.00 247,836.28 08/16/20211.65008/17/2016 248,188.48 1.70148126XAH8Morgan Stanley Bank10450 248,000.00 247,675.87 01/11/20232.65001/12/2018 256,236.08 2.70261747MF63Morgan Stanley Private Bank10484 248,000.00 247,592.26 11/08/20233.55011/09/2018 265,320.32 3.60261760ARS0Sallie Mae Bank10415 248,000.00 248,000.00 05/04/20201.85005/03/2017 248,208.32 1.850795450A39Third Federal Sav&Loan10456 248,000.00 247,781.64 01/31/20222.50001/31/2018 253,235.28 2.28388413QBY3TIAA Bank10499 248,000.00 247,553.13 02/22/20243.00002/25/2019 262,086.40 3.05287270LBU6UBS Bank10482 248,000.00 247,593.38 10/24/20233.45010/25/2018 264,978.08 3.50290348JEV8Wells Fargo Bank10372 248,000.00 248,000.00 06/17/20211.75006/17/2016 248,979.60 1.7519497485W3
Portfolio CSRMAPData Updated: SET_SRP: 04/06/2020 09:13
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Moody's
Page 4
Par Value Book ValueMaturity
DateStated
RateMarket Value
March 31, 2020Portfolio Details - Investments
AverageBalanceIssuer
Portfolio ManagementSan Ramon - PM Reports
S&PYTM365CUSIP Investment #
PurchaseDate
5,947,443.07 2.3326,097,367.685,952,000.005,747,371.13Subtotal and Average
Municipal Bonds
Aa2State of California10532 1,000,000.00 1,013,692.49 10/01/20232.25011/27/2019 1,024,560.00 1.84313063DDG0 AA-Aa2University of California10417 500,000.00 500,000.00 05/15/20212.15005/18/2017 504,345.00 2.15091412GS97 AA
1,513,692.49 1.9441,528,905.001,500,000.001,513,844.97Subtotal and Average
2.04578,448,078.45 76,465,942.11 78,066,458.84 76,453,303.58Total and Average
Portfolio CSRMAPData Updated: SET_SRP: 04/06/2020 09:13
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Page 5
Par Value Book ValueStated
RateMarket Value
March 31, 2020Portfolio Details - Cash
AverageBalanceIssuer
Portfolio ManagementSan Ramon - PM Reports
S&PYTM365CUSIP Investment #
PurchaseDate
0.00
2.04578,448,078.45 76,465,942.11
Average Balance
78,066,458.84 76,453,303.58Total Cash and Investments
Portfolio CSRMAPData Updated: SET_SRP: 04/06/2020 09:13
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San Ramon - Maturity ReportInventory by Maturity Report
March 31, 2020
CurrentRate
ParValue
BookValue
Sec.TypeFund Date
MaturityAmount
Days toTotalDays 360 365
Maturity YTMMaturityCUSIP Investment # Issuer
PurchaseDate
2,857,109.530.3002,857,109.53 2,857,109.5307/01/2019Fidelity US Govt MMF10027SYS10027 PA1SRM 10.3000.29613,651,832.581.7403,651,832.58 3,651,832.5807/01/2019LAIF10041SYS10041 PA2SRM 11.7401.7161
2,000,000.002.3751,999,672.01 2,000,000.0002/06/2019U.S. Treasury104989128284J6 TRCSRM 04/30/2020 292.5852.549449248,000.001.850248,000.00 248,000.0005/03/2017Sallie Mae Bank10415795450A39 MC4SRM 05/04/2020 331.8501.8251,097
1,250,000.001.9001,247,822.92 1,250,000.0011/06/2019MUFG Bank1053062479LE43 ACPSRM 05/04/2020 331.9451.9181802,000,000.001.5001,997,867.31 2,000,000.0004/29/2019U.S. Treasury10505912828X96 TRCSRM 05/15/2020 442.4032.3703821,250,000.001.6401,245,900.00 1,250,000.0001/30/2020Pfizer1054071708EFC4 ACPSRM 06/12/2020 721.6731.6501341,000,000.001.830995,679.17 1,000,000.0011/20/2019Citigroup1053117327AFR3 ACPSRM 06/25/2020 851.8991.873218
248,000.001.400248,000.00 248,000.0007/08/2016HSBC Bank1037840434AZ44 MC4SRM 07/08/2020 981.4011.3821,4611,150,000.001.7001,144,623.75 1,150,000.0002/04/2020Natixis1054163873JG95 ACPSRM 07/09/2020 991.7361.7131561,000,000.001.7001,000,000.00 1,000,000.0004/27/2017FHLMC104113134GBHQ8 MC2SRM 07/27/2020 1171.7001.6771,1871,250,000.001.6401,242,312.50 1,250,000.0001/30/2020Walt Disney105392546R2HE9 ACPSRM 08/14/2020 1351.6971.6741972,100,000.001.6252,096,296.79 2,100,000.0012/22/2017FHLB104433130A66T9 FACSRM 09/11/2020 1632.0342.007994
248,000.001.950247,942.46 248,000.0009/21/2017Barclays Bank1042706740KKU0 MC4SRM 09/21/2020 1732.0011.9731,0961,000,000.001.750996,212.59 1,000,000.0002/12/2019FNMA105013136G1HY8 FACSRM 09/25/2020 1772.5542.5195911,000,000.001.625999,701.69 1,000,000.0009/29/2017FHLMC104283137EAEJ4 FACSRM 09/29/2020 1811.6871.6641,0961,000,000.001.375998,963.22 1,000,000.0005/01/2017U.S. Treasury10416912828L65 TRCSRM 09/30/2020 1821.5901.5681,2481,000,000.001.7501,000,533.14 1,000,000.0004/26/2017FHLB104133130AB3E4 FACSRM 10/05/2020 1871.6421.6201,2582,000,000.001.6801,998,517.19 2,000,000.0011/09/2017FFCB104373133EHF57 FACSRM 10/13/2020 1951.8231.7981,0691,000,000.001.750999,834.09 1,000,000.0010/31/2017FFCB104343133EHJ95 FACSRM 10/26/2020 2081.7801.7561,0911,000,000.001.375997,716.24 1,000,000.0002/21/2017U.S. Treasury10408912828L99 TRCSRM 10/31/2020 2131.7811.7571,3481,000,000.002.1251,000,880.78 1,000,000.0012/28/2016IADB104034581X0CD8 NC3SRM 11/09/2020 2221.9731.9461,4121,000,000.002.600998,841.90 1,000,000.0005/24/2019Wells Fargo Bank1051494988J5N3 MC3SRM 01/15/2021 2892.7502.7126021,000,000.002.2221,000,540.64 1,000,000.0003/31/2017Exxon Mobil1041030231GAV4 MC3SRM 03/01/2021 3342.1602.1301,431
500,000.002.150500,000.00 500,000.0005/18/2017University of California1041791412GS97 MUNSRM 05/15/2021 4092.1502.1211,458248,000.001.750248,000.00 248,000.0006/17/2016Wells Fargo Bank103729497485W3 MC4SRM 06/17/2021 4421.7511.7271,826
1,000,000.003.1251,000,316.30 1,000,000.0006/27/2018Walmart10466931142EJ8 MC3SRM 06/23/2021 4483.0983.0551,092248,000.001.500248,000.00 248,000.0006/30/2016GNB Bank1037736198JCC6 MC4SRM 06/30/2021 4551.5011.4801,826
1,000,000.001.125998,325.14 1,000,000.0008/12/2016FHLMC103873137EAEC9 FACSRM 08/12/2021 4981.2521.2351,8261,000,000.001.125991,306.73 1,000,000.0004/25/2017FHLMC104123137EAEC9 FACSRM 08/12/2021 4981.7901.7651,570
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
1,000,000.003.0001,002,464.08 1,000,000.0008/10/2018FHLB10473313383ZU8 FACSRM 09/10/2021 5272.8202.7811,1271,000,000.001.8901,000,352.33 1,000,000.0010/17/2017FFCB104333133EFDU8 FACSRM 09/21/2021 5381.8651.8391,4351,000,000.002.125999,938.02 1,000,000.0012/21/2017U.S. Treasury10442912828F21 TRCSRM 09/30/2021 5472.1292.1001,379
Portfolio CSRMAPData Updated: SET_SRM: 04/06/2020 09:25
Run Date: 04/06/2020 - 09:25 IM (PRF_IM) 7.1.1Report Ver. 7.3.6.1
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CurrentRate
ParValue
BookValue
Sec.Type
Page 2
Fund DateMaturityAmount
Days toTotalDays 360 365
Maturity YTMMaturity
Inventory by Maturity ReportSan Ramon - Maturity Report
CUSIP Investment # IssuerPurchase
Date
1,000,000.001.375999,490.40 1,000,000.0010/07/2016FNMA103913135G0Q89 FACSRM 10/07/2021 5541.4101.3911,8261,500,000.003.0001,500,053.57 1,500,000.0010/12/2018FHLB104813130AF5B9 FACSRM 10/12/2021 5592.9982.9561,0961,000,000.002.000999,070.39 1,000,000.0012/23/2016U.S. Treasury10401912828F96 TRCSRM 10/31/2021 5782.0622.0341,7731,000,000.001.950999,689.85 1,000,000.0011/06/2017FFCB104363133EHP31 FACSRM 11/02/2021 5801.9701.9431,4571,000,000.002.8001,003,676.32 1,000,000.0001/03/2019FFCB104893133EJ3B3 FACSRM 12/17/2021 6252.5752.5401,079
248,000.002.500247,781.64 248,000.0001/31/2018Third Federal Sav&Loan1045688413QBY3 MC4SRM 01/31/2022 6702.2832.2511,4611,000,000.001.900993,812.33 1,000,000.0001/03/2018FFCB104493133ECHP2 FACSRM 03/11/2022 7092.2352.2041,5281,000,000.002.250989,957.23 1,000,000.0008/15/2018FHLB10476313378CR0 FACSRM 03/11/2022 7092.7962.7581,304
248,000.002.600248,000.00 248,000.0005/10/2019Eagle Bank1051027002YEM4 MC4SRM 05/10/2022 7692.6032.5671,096248,000.002.500248,000.00 248,000.0005/15/2019Cross River Bank10513227563AQ6 MC4SRM 05/16/2022 7752.1562.1271,097248,000.002.500248,000.00 248,000.0006/12/2019Flagstar Bank1051833847E2J5 MC4SRM 06/13/2022 8032.5002.4661,097
1,000,000.002.400999,005.00 1,000,000.0006/17/2019Metlife1051959217GDB2 MC3SRM 06/17/2022 8072.4472.4131,096248,000.002.350247,725.68 248,000.0008/09/2017American Express Centurion1042002587DV47 MC4SRM 08/08/2022 8592.4022.3691,825248,000.002.350247,723.13 248,000.0008/17/2017Goldman Sachs1042338148PMR5 MC4SRM 08/16/2022 8672.4022.3691,825248,000.002.350247,716.10 248,000.0009/08/2017Discover Bank10426254673BZ8 MC4SRM 09/07/2022 8892.4012.3681,825
1,000,000.002.800995,494.06 1,000,000.0009/28/2018FFCB104793133EJZH5 FACSRM 09/13/2022 8952.9962.9551,4461,000,000.002.000999,668.35 1,000,000.0010/06/2017FNMA104303135G0T78 FACSRM 10/05/2022 9172.0141.9861,8251,000,000.002.0001,000,773.12 1,000,000.0010/16/2017FNMA104313135G0T78 FACSRM 10/05/2022 9171.9671.9411,8151,000,000.002.330999,336.37 1,000,000.0005/03/2019FFCB105123133EKHN9 FACSRM 10/18/2022 9302.3572.3251,2641,000,000.002.080998,041.28 1,000,000.0011/30/2017FFCB104383133EHM91 FACSRM 11/01/2022 9442.1602.1311,797
248,000.002.400247,696.31 248,000.0011/09/2017Capital One1043514042RJZ5 MC4SRM 11/08/2022 9512.4512.4181,8251,000,000.002.355977,761.19 1,000,000.0012/31/2018Chevron10488166764AB6 MC3SRM 12/05/2022 9783.2463.2011,4351,000,000.002.5001,004,371.44 1,000,000.0012/22/2017FHLB104403130A3KM5 FACSRM 12/09/2022 9822.3272.2951,813
248,000.002.650247,675.87 248,000.0001/12/2018Morgan Stanley Bank1045061747MF63 MC4SRM 01/11/2023 1,0152.7022.6651,8251,000,000.002.375996,755.99 1,000,000.0001/23/2018FNMA104543135G0T94 FACSRM 01/19/2023 1,0232.4992.4651,8221,000,000.002.0501,024,549.16 1,000,000.0003/13/2020Johnson & Johnson10543478160BT0 MC3SRM 03/01/2023 1,0641.1911.1741,083
248,000.003.300247,631.86 248,000.0006/29/2018Citibank1046517312QN96 MC4SRM 06/28/2023 1,1833.3523.3061,8251,000,000.002.000981,341.37 1,000,000.0005/01/2019Microsoft10508594918BQ6 MC3SRM 08/08/2023 1,2242.5912.5561,5601,000,000.003.1251,000,000.00 1,000,000.0008/24/2018FHLB104713130AEQC7 MC2SRM 08/24/2023 1,2403.1253.0821,8261,000,000.003.3751,006,900.42 1,000,000.0010/23/2018FHLB10483313383YJ4 FACSRM 09/08/2023 1,2553.1563.1131,781
248,000.002.000247,583.93 248,000.0009/30/2019Enerbank1052729278TLY4 MC4SRM 09/27/2023 1,2742.0522.0231,4581,000,000.002.2501,013,692.49 1,000,000.0011/27/2019State of California1053213063DDG0 MUNSRM 10/01/2023 1,2781.8431.8171,404
248,000.003.450247,593.38 248,000.0010/25/2018UBS Bank1048290348JEV8 MC4SRM 10/24/2023 1,3013.5023.4541,8252,000,000.002.1252,048,948.47 2,000,000.0010/09/2019FNMA105293136G0X97 FACSRM 10/30/2023 1,3071.4191.4001,482
248,000.003.550247,592.26 248,000.0011/09/2018Morgan Stanley Private1048461760ARS0 MC4SRM 11/08/2023 1,3163.6023.5531,8251,000,000.002.3001,011,285.69 1,000,000.0006/04/2019FFCB105173133EKKU9 FACSRM 11/08/2023 1,3161.9711.9441,6181,005,000.002.9501,011,326.40 1,005,000.0012/31/2018FFCB104863133EJWW5 FACSRM 12/14/2023 1,3522.7672.7291,809
248,000.003.100247,555.09 248,000.0002/19/2019Comenity Capital Bank1050020033AP91 MC4SRM 02/15/2024 1,4153.1523.1091,822248,000.003.000247,553.13 248,000.0002/25/2019TIAA Bank1049987270LBU6 MC4SRM 02/22/2024 1,4223.0523.0101,823248,000.001.650248,000.00 248,000.0003/26/2020AXOS1054405465DAK4 MC4SRM 03/26/2024 1,4551.6511.6291,461
Portfolio CSRMAPData Updated: SET_SRM: 04/06/2020 09:25
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CurrentRate
ParValue
BookValue
Sec.Type
Page 3
Fund DateMaturityAmount
Days toTotalDays 360 365
Maturity YTMMaturity
Inventory by Maturity ReportSan Ramon - Maturity Report
CUSIP Investment # IssuerPurchase
Date
1,000,000.001.950998,583.29 1,000,000.0006/20/2019FFCB105203133EKQU3 FACSRM 06/13/2024 1,5341.9861.9581,8202,000,000.001.6001,994,470.00 2,000,000.0008/16/2019FFCB105223133EKA63 FACSRM 08/16/2024 1,5981.6661.6431,827
248,000.001.850248,000.00 248,000.0009/13/2019First Missouri Bank1052432100LCB9 MC4SRM 09/13/2024 1,6261.8521.8271,8272,000,000.001.6001,997,698.07 2,000,000.0009/17/2019FFCB105263133EKP75 FACSRM 09/17/2024 1,6301.6271.6051,8271,000,000.002.000996,547.62 1,000,000.0001/22/2020New York Life1053864952WDL4 MC3SRM 01/22/2025 1,7572.0762.0481,8272,000,000.001.8002,000,000.00 2,000,000.0002/12/2020FHLB105423130AJ4Q9 MC2SRM 02/12/2025 1,7781.8001.7751,827
Subtotal and Average 76,465,942.11 76,465,942.1176,453,303.58 2.017 2.045 648
76,465,942.11 76,465,942.1176,453,303.58Net Maturities and Average 2.017 2.045 648
Portfolio CSRMAPData Updated: SET_SRM: 04/06/2020 09:25
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San Ramon - Credit RatingsCredit Rating Report
March 31, 2020Sorted by Moody's - Investment Number
Security #PurchasePrincipal
BookValueInvestment #
% ofTotal
Moody's RatingIssuer
MarketValue
S&P Rating
PurchaseDate
MaturityDate
Days ToMaturity
StatedRate YTM
10027 SYS10027FGF 07/01/2019Aaa AAA2,857,109.53 2,857,109.53 2,857,109.53 1 0.300 0.300 3.7408/12/202110387 3137EAEC9FHLMC 08/12/2016Aaa AA+993,860.00 998,325.14 1,010,270.00 498 1.125 1.252 1.3110/07/202110391 3135G0Q89FNMA 10/07/2016Aaa AA+998,320.00 999,490.40 1,014,550.00 554 1.375 1.410 1.3110/31/202110401 912828F96USTR 12/23/2016Aaa AA+997,148.44 999,070.39 1,028,200.00 578 2.000 2.062 1.3111/09/202010403 4581X0CD8IADB 12/28/2016Aaa AAA1,005,620.00 1,000,880.78 1,009,550.00 222 2.125 1.973 1.3110/31/202010408 912828L99USTR 02/21/2017Aaa AA+985,546.88 997,716.24 1,007,190.00 213 1.375 1.781 1.3107/27/202010411 3134GBHQ8FHLMC 04/27/2017Aaa AA+1,000,000.00 1,000,000.00 1,004,060.00 117 1.700 1.700 1.3108/12/202110412 3137EAEC9FHLMC 04/25/2017Aaa AA+972,610.00 991,306.73 1,010,270.00 498 1.125 1.790 1.3010/05/202010413 3130AB3E4FHLB 04/26/2017Aaa AA+1,003,590.00 1,000,533.14 1,007,270.00 187 1.750 1.642 1.3109/30/202010416 912828L65USTR 05/01/2017Aaa AA+992,890.63 998,963.22 1,006,560.00 182 1.375 1.590 1.3109/29/202010428 3137EAEJ4FHLMC 09/29/2017Aaa AA+998,190.00 999,701.69 1,005,470.00 181 1.625 1.687 1.3110/05/202210430 3135G0T78FNMA 10/06/2017Aaa AA+999,340.00 999,668.35 1,036,120.00 917 2.000 2.014 1.3110/05/202210431 3135G0T78FNMA 10/16/2017Aaa AA+1,001,530.00 1,000,773.12 1,036,120.00 917 2.000 1.967 1.3109/21/202110433 3133EFDU8FFCB 10/17/2017Aaa AA+1,000,940.00 1,000,352.33 1,021,950.00 538 1.890 1.865 1.3110/26/202010434 3133EHJ95FFCB 10/31/2017Aaa AA+999,130.00 999,834.09 1,008,580.00 208 1.750 1.780 1.3111/02/202110436 3133EHP31FFCB 11/06/2017Aaa AA+999,220.00 999,689.85 1,024,100.00 580 1.950 1.970 1.3110/13/202010437 3133EHF57FFCB 11/09/2017Aaa AA+1,991,860.00 1,998,517.19 2,015,360.00 195 1.680 1.823 2.6111/01/202210438 3133EHM91FFCB 11/30/2017Aaa AA+996,270.00 998,041.28 1,041,480.00 944 2.080 2.160 1.3112/09/202210440 3130A3KM5FHLB 12/22/2017Aaa AA+1,008,070.00 1,004,371.44 1,054,080.00 982 2.500 2.327 1.3109/30/202110442 912828F21USTR 12/21/2017Aaa AA+999,843.75 999,938.02 1,028,910.00 547 2.125 2.129 1.3109/11/202010443 3130A66T9FHLB 12/22/2017Aaa AA+2,077,341.00 2,096,296.79 2,113,965.00 163 1.625 2.034 2.7403/11/202210449 3133ECHP2FFCB 01/03/2018Aaa AA+986,670.00 993,812.33 1,027,940.00 709 1.900 2.235 1.3001/19/202310454 3135G0T94FNMA 01/23/2018Aaa AA+994,220.00 996,755.99 1,053,900.00 1,023 2.375 2.499 1.3008/24/202310471 3130AEQC7FHLB 08/24/2018Aaa AA+1,000,000.00 1,000,000.00 1,009,950.00 1,240 3.125 3.125 1.3109/10/202110473 313383ZU8FHLB 08/10/2018Aaa AA+1,005,270.00 1,002,464.08 1,037,940.00 527 3.000 2.820 1.3103/11/202210476 313378CR0FHLB 08/15/2018Aaa AA+981,550.00 989,957.23 1,036,370.00 709 2.250 2.796 1.2909/13/202210479 3133EJZH5FFCB 09/28/2018Aaa AA+992,720.00 995,494.06 1,053,380.00 895 2.800 2.996 1.3010/12/202110481 3130AF5B9FHLB 10/12/2018Aaa AA+1,500,105.00 1,500,053.57 1,560,135.00 559 3.000 2.998 1.9609/08/202310483 313383YJ4FHLB 10/23/2018Aaa AA+1,009,790.00 1,006,900.42 1,101,060.00 1,255 3.375 3.156 1.3212/14/202310486 3133EJWW5FFCB 12/31/2018Aaa AA+1,013,462.10 1,011,326.40 1,090,435.05 1,352 2.950 2.767 1.3212/17/202110489 3133EJ3B3FFCB 01/03/2019Aaa AA+1,006,350.00 1,003,676.32 1,037,040.00 625 2.800 2.575 1.3104/30/202010498 9128284J6USTR 02/06/2019Aaa AA+1,994,921.88 1,999,672.01 2,003,660.00 29 2.375 2.585 2.6209/25/202010501 3136G1HY8FNMA 02/12/2019Aaa AA+987,310.00 996,212.59 1,006,880.00 177 1.750 2.554 1.3005/15/202010505 912828X96USTR 04/29/2019Aaa AA+1,981,484.38 1,997,867.31 2,003,400.00 44 1.500 2.403 2.61
Portfolio CSRMAPData Updated: SET_SRC: 04/06/2020 09:30
Run Date: 04/06/2020 - 09:30 CR (PRF_CR) 7.2.0Report Ver. 7.3.6.1
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Packet Pg. 89
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Sorted by Moody's - Investment NumberPage 2Credit Rating Report
San Ramon - Credit Ratings
Security #PurchasePrincipal
BookValueInvestment #
% ofTotal
Moody's RatingIssuer
MarketValue
S&P Rating
PurchaseDate
MaturityDate
Days ToMaturity
StatedRate YTM
08/08/202310508 594918BQ6MSFT 05/01/2019Aaa AAA976,240.00 981,341.37 1,034,060.00 1,224 2.000 2.591 1.2810/18/202210512 3133EKHN9FFCB 05/03/2019Aaa AA+999,099.00 999,336.37 1,036,110.00 930 2.330 2.357 1.3111/08/202310517 3133EKKU9FFCB 06/04/2019Aaa AA+1,013,870.00 1,011,285.69 1,059,960.00 1,316 2.300 1.971 1.3206/13/202410520 3133EKQU3FFCB 06/20/2019Aaa AA+998,320.00 998,583.29 1,055,020.00 1,534 1.950 1.986 1.3108/16/202410522 3133EKA63FFCB 08/16/2019Aaa AA+1,993,680.00 1,994,470.00 2,084,160.00 1,598 1.600 1.666 2.6109/17/202410526 3133EKP75FFCB 09/17/2019Aaa AA+1,997,420.00 1,997,698.07 2,085,780.00 1,630 1.600 1.627 2.6110/30/202310529 3136G0X97FNMA 10/09/2019Aaa AA+2,055,480.00 2,048,948.47 2,101,380.00 1,307 2.125 1.419 2.6801/22/202510538 64952WDL4NYL 01/22/2020Aaa AA+996,410.00 996,547.62 993,570.00 1,757 2.000 2.076 1.3002/12/202510542 3130AJ4Q9FHLB 02/12/2020Aaa AA+2,000,000.00 2,000,000.00 2,018,480.00 1,778 1.800 1.800 2.6203/01/202310543 478160BT0JNJ 03/13/2020Aaa AAA1,024,970.00 1,024,549.16 1,022,440.00 1,064 2.050 1.191 1.34
SubTotal for Aaa 54,387,772.59 54,487,532.07 55,854,214.58 71.292.0021.928727
03/01/202110410 30231GAV4XON 03/31/2017Aa1 AA1,002,310.00 1,000,540.64 1,006,500.00 334 2.222 2.160 1.31
SubTotal for Aa1 1,002,310.00 1,000,540.64 1,006,500.00 1.312.1602.222334
05/15/202110417 91412GS97UNVHGR 05/18/2017Aa2 AA500,000.00 500,000.00 504,345.00 409 2.150 2.150 0.6506/23/202110466 931142EJ8WMTPP 06/27/2018Aa2 AA1,000,770.00 1,000,316.30 1,021,780.00 448 3.125 3.098 1.3112/05/202210488 166764AB6CVX 12/31/2018Aa2 AA967,380.00 977,761.19 1,013,700.00 978 2.355 3.246 1.2801/15/202110514 94988J5N3WFB 05/24/2019Aa2 A+997,590.00 998,841.90 1,004,360.00 289 2.600 2.750 1.3110/01/202310532 13063DDG0CAS 11/27/2019Aa2 AA-1,015,040.00 1,013,692.49 1,024,560.00 1,278 2.250 1.843 1.33
SubTotal for Aa2 4,480,780.00 4,490,611.88 4,568,745.00 5.882.6642.534711
06/17/202210519 59217GDB2MET 06/17/2019Aa3 AA-998,650.00 999,005.00 1,006,850.00 807 2.400 2.447 1.31
SubTotal for Aa3 998,650.00 999,005.00 1,006,850.00 1.312.4472.400807
05/04/202010530 62479LE43BTMUFJ 11/06/2019P-1 A-11,238,125.00 1,247,822.92 1,248,225.00 33 1.900 1.918 1.6306/25/202010531 17327AFR3CG 11/20/2019P-1 A-1988,918.33 995,679.17 996,320.00 85 1.830 1.873 1.3008/14/202010539 2546R2HE9WALT 01/30/2020P-1 A-11,238,781.95 1,242,312.50 1,244,662.50 135 1.640 1.674 1.6206/12/202010540 71708EFC4PFEPP 01/30/2020P-1 A-1+1,242,369.44 1,245,900.00 1,246,100.00 72 1.640 1.650 1.6307/09/202010541 63873JG95NAT 02/04/2020P-1 A-11,141,528.33 1,144,623.75 1,145,641.50 99 1.700 1.713 1.50
SubTotal for P-1 5,849,723.05 5,876,338.34 5,880,949.00 7.681.7621.73984
10041 SYS10041LAIF 07/01/2019None None3,651,832.58 3,651,832.58 3,651,832.58 1 1.740 1.740 4.7806/17/202110372 9497485W3WFB 06/17/2016None None248,000.00 248,000.00 248,979.60 442 1.750 1.751 0.3206/30/202110377 36198JCC6GRBKIW 06/30/2016None None248,000.00 248,000.00 248,999.44 455 1.500 1.501 0.3207/08/202010378 40434AZ44HSBC 07/08/2016None None248,000.00 248,000.00 248,245.52 98 1.400 1.401 0.3208/16/202110381 48126XAH8JPMCD 08/17/2016None None247,404.80 247,836.28 248,188.48 502 1.650 1.701 0.3208/17/202110385 140420B82COFUSA 08/18/2016None None247,404.80 247,835.95 248,548.08 503 1.600 1.651 0.3205/04/202010415 795450A39SALLMA 05/03/2017None None248,000.00 248,000.00 248,208.32 33 1.850 1.850 0.3208/08/202210420 02587DV47AXP 08/09/2017None None247,417.20 247,725.68 252,662.40 859 2.350 2.402 0.32
Portfolio CSRMAPData Updated: SET_SRC: 04/06/2020 09:30
Run Date: 04/06/2020 - 09:30 CR (PRF_CR) 7.2.0Report Ver. 7.3.6.1
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Packet Pg. 90
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Sorted by Moody's - Investment NumberPage 3Credit Rating Report
San Ramon - Credit Ratings
Security #PurchasePrincipal
BookValueInvestment #
% ofTotal
Moody's RatingIssuer
MarketValue
S&P Rating
PurchaseDate
MaturityDate
Days ToMaturity
StatedRate YTM
08/16/202210423 38148PMR5GS 08/17/2017None None247,417.20 247,723.13 253,572.56 867 2.350 2.402 0.3209/07/202210426 254673BZ8DFS 09/08/2017None None247,417.20 247,716.10 253,679.20 889 2.350 2.401 0.3209/21/202010427 06740KKU0BARC 09/21/2017None None247,635.44 247,942.46 249,076.32 173 1.950 2.001 0.3211/08/202210435 14042RJZ5COFF 11/09/2017None None247,417.20 247,696.31 254,252.08 951 2.400 2.451 0.3201/11/202310450 61747MF63MSB 01/12/2018None None247,417.20 247,675.87 256,236.08 1,015 2.650 2.702 0.3201/31/202210456 88413QBY3THFDSL 01/31/2018None None247,523.84 247,781.64 253,235.28 670 2.500 2.283 0.3206/28/202310465 17312QN96CITI 06/29/2018None None247,432.08 247,631.86 262,398.88 1,183 3.300 3.352 0.3210/24/202310482 90348JEV8UBSB 10/25/2018None None247,429.60 247,593.38 264,978.08 1,301 3.450 3.502 0.3211/08/202310484 61760ARS0MSPB 11/09/2018None None247,434.56 247,592.26 265,320.32 1,316 3.550 3.602 0.3202/22/202410499 87270LBU6TIAA 02/25/2019None None247,427.12 247,553.13 262,086.40 1,422 3.000 3.052 0.3202/15/202410500 20033AP91ADS 02/19/2019None None247,427.12 247,555.09 262,986.64 1,415 3.100 3.152 0.3205/10/202210510 27002YEM4EGBN 05/10/2019None None248,000.00 248,000.00 254,390.96 769 2.600 2.603 0.3205/16/202210513 227563AQ6CRORVR 05/15/2019None None248,000.00 248,000.00 253,894.96 775 2.500 2.156 0.3206/13/202210518 33847E2J5FBC 06/12/2019None None248,000.00 248,000.00 254,063.60 803 2.500 2.500 0.3209/13/202410524 32100LCB9FMOSTB 09/13/2019None None248,000.00 248,000.00 251,486.88 1,626 1.850 1.852 0.3209/27/202310527 29278TLY4CMSO 09/30/2019None None247,523.84 247,583.93 252,431.76 1,274 2.000 2.052 0.3203/26/202410544 05465DAK4BOFI 03/26/2020None None248,000.00 248,000.00 249,445.84 1,455 1.650 1.651 0.32
SubTotal for No Specified Rating 9,595,561.78 9,599,275.65 9,749,200.26 12.462.1072.102537
Portfolio CSRMAPData Updated: SET_SRC: 04/06/2020 09:30
Run Date: 04/06/2020 - 09:30 CR (PRF_CR) 7.2.0Report Ver. 7.3.6.1
26
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Packet Pg. 91
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San Ramon - Sum by IssuerSummary by Issuer
March 31, 2020
% ofPortfolio
Average Daysto Maturity
ParValueIssuer
Number ofInvestments
AverageYTM 365Book Value
Comenity Capital Bank 247,555.09 0.32 3.1521 1,415248,000.00
American Express Centurion Bk 247,725.68 0.32 2.4021 859248,000.00
Barclays Bank 247,942.46 0.32 2.0011 173248,000.00
AXOS 248,000.00 0.32 1.6511 1,455248,000.00
MUFG Bank 1,247,822.92 1.63 1.9451 331,250,000.00
State of California 1,013,692.49 1.33 1.8431 1,2781,000,000.00
Citigroup 995,679.17 1.30 1.8991 851,000,000.00
Citibank 247,631.86 0.32 3.3521 1,183248,000.00
Enerbank 247,583.93 0.32 2.0521 1,274248,000.00
Capital One 247,696.31 0.32 2.4511 951248,000.00
Capital One Bank USA 247,835.95 0.32 1.6511 503248,000.00
Cross River Bank 248,000.00 0.32 2.1561 775248,000.00
Chevron 977,761.19 1.28 3.2461 9781,000,000.00
Discover Bank 247,716.10 0.32 2.4011 889248,000.00
Eagle Bank 248,000.00 0.32 2.6031 769248,000.00
Flagstar Bank 248,000.00 0.32 2.5001 803248,000.00
FFCB 17,002,117.27 22.24 2.05314 96917,005,000.00
Fidelity US Govt MMF 2,857,109.53 3.74 0.3001 12,857,109.53
FHLB 11,600,576.67 15.17 2.4349 83111,600,000.00
FHLMC 3,989,333.56 5.22 1.6074 3234,000,000.00
First Missouri Bank 248,000.00 0.32 1.8521 1,626248,000.00
FNMA 7,041,848.92 9.21 1.8946 8897,000,000.00
Portfolio CSRMAPData Updated: SET_ISR: 04/06/2020 09:22
Run Date: 04/06/2020 - 09:23 SI (PRF_SI) 7.1.1Report Ver. 7.3.6.1
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Packet Pg. 92
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% ofPortfolio
Average Daysto Maturity
ParValue
Page 2Summary by IssuerSan Ramon - Sum by Issuer
IssuerNumber of
Investments
March 31, 2020
AverageYTM 365Book Value
GNB Bank 248,000.00 0.32 1.5011 455248,000.00
Goldman Sachs 247,723.13 0.32 2.4021 867248,000.00
HSBC Bank 248,000.00 0.32 1.4011 98248,000.00
IADB 1,000,880.78 1.31 1.9731 2221,000,000.00
Johnson & Johnson 1,024,549.16 1.34 1.1911 1,0641,000,000.00
JP Morgan Chase Bank 247,836.28 0.32 1.7011 502248,000.00
LAIF 3,651,832.58 4.78 1.7401 13,651,832.58
Metlife 999,005.00 1.31 2.4471 8071,000,000.00
Morgan Stanley Bank 247,675.87 0.32 2.7021 1,015248,000.00
Microsoft 981,341.37 1.28 2.5911 1,2241,000,000.00
Morgan Stanley Private Bank 247,592.26 0.32 3.6021 1,316248,000.00
Natixis 1,144,623.75 1.50 1.7361 991,150,000.00
New York Life 996,547.62 1.30 2.0761 1,7571,000,000.00
Pfizer 1,245,900.00 1.63 1.6731 721,250,000.00
Sallie Mae Bank 248,000.00 0.32 1.8501 33248,000.00
Third Federal Sav&Loan 247,781.64 0.32 2.2831 670248,000.00
TIAA Bank 247,553.13 0.32 3.0521 1,422248,000.00
UBS Bank 247,593.38 0.32 3.5021 1,301248,000.00
University of California 500,000.00 0.65 2.1501 409500,000.00
U.S. Treasury 7,993,227.19 10.46 2.1926 2088,000,000.00
Walt Disney 1,242,312.50 1.62 1.6971 1351,250,000.00
Wells Fargo Bank 1,246,841.90 1.63 2.5512 3191,248,000.00
Walmart 1,000,316.30 1.31 3.0981 4481,000,000.00
Exxon Mobil 1,000,540.64 1.31 2.1601 3341,000,000.00
Total and Average 81 76,453,303.58 100.00 2.045 64976,465,942.11
Portfolio CSRMAPData Updated: SET_ISR: 04/06/2020 09:22
Run Date: 04/06/2020 - 09:23 SI (PRF_SI) 7.1.1Report Ver. 7.3.6.1
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Packet Pg. 93
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Page 1
March 31, 2020Interest Earnings Summary
Month EndingMarch 31 Fiscal Year To Date
Portfolio ManagementSan Ramon - PM Reports
CD/Coupon/Discount Investments:
190,780.95Interest CollectedPlus Accrued Interest at End of PeriodLess Accrued Interest at Beginning of Period
329,496.12( 406,012.93)
973,760.28329,484.91
( 302,867.37)Less Accrued Interest at Purchase During Period ( 0.00) ( 0.00)
Interest Earned during Period
Adjusted by Premiums and DiscountsAdjusted by Capital Gains or Losses
Earnings during Periods
114,264.14
13,210.260.00
1,000,377.82
214,083.970.00
127,474.40 1,214,461.79
Pass Through Securities:
0.00Interest CollectedPlus Accrued Interest at End of PeriodLess Accrued Interest at Beginning of Period
0.00( 0.00)
0.000.00
( 0.00)Less Accrued Interest at Purchase During Period ( 0.00) ( 0.00)
Interest Earned during Period
Adjusted by Premiums and DiscountsAdjusted by Capital Gains or Losses
Earnings during Periods
0.00
0.000.00
0.00
0.000.00
0.00 0.00
Cash/Checking Accounts:
4,582.20Interest CollectedPlus Accrued Interest at End of PeriodLess Accrued Interest at Beginning of Period
33,441.90( 28,475.65)
56,307.9033,441.90
( 8,457.32)
Interest Earned during Period 9,548.45 81,292.48
Total Interest Earned during Period
Total Adjustments from Premiums and Discounts
Total Capital Gains or Losses
Total Earnings during Period
123,812.59
13,210.26
0.00
1,081,670.30
214,083.97
0.00
137,022.85 1,295,754.27
Portfolio CSRMAPData Updated: SET_SRP: 04/06/2020 09:13
Run Date: 04/06/2020 - 09:13 PM (PRF_PM6) 7.3.0Report Ver. 7.3.6.1
29
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Packet Pg. 94
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San Ramon - Interest ReportsInterest Earnings
Sorted by Security Type - Maturity DateMarch 1, 2020 - March 31, 2020Yield on Beginning Book Value
MaturityDate
CurrentRate
EndingPar Value
EndingIssuerFund Book Value
BeginningBook Value
Adjusted Interest Earnings
AccretionAmortization/
EarningsAdjusted InterestAnnualized
YieldCUSIP Investment #InterestEarned
Security Type: Money Market Funds
2,857,109.5310027 2,857,109.53 0.300FGF 2,277.54 0.00 2,277.540.605SRM 4,435,399.71SYS10027
2,857,109.53Subtotal 2,857,109.53 0.605 2,277.540.002,277.544,435,399.71
Security Type: State Pool - LAIF
3,651,832.5810041 3,651,832.58 1.740LAIF 7,270.91 0.00 7,270.911.392SRM 6,151,832.58SYS10041
3,651,832.58Subtotal 3,651,832.58 1.392 7,270.910.007,270.916,151,832.58
Security Type: Supranationals
1,000,880.7810403 1,000,000.00 2.125IADB 11/09/2020 1,770.83 -121.20 1,649.631.940SRM 1,001,001.984581X0CD8
1,000,000.00Subtotal 1,000,880.78 1.940 1,649.63-121.201,770.831,001,001.98
Security Type: Commercial Paper Disc. -Amortizing
1,247,822.9210530 1,250,000.00 1.900BTMUFJ 05/04/2020 0.00 2,045.14 2,045.141.933SRM 1,245,777.7862479LE431,245,900.0010540 1,250,000.00 1.640PFEPP 06/12/2020 0.00 1,765.28 1,765.281.671SRM 1,244,134.7271708EFC4
995,679.1710531 1,000,000.00 1.830CG 06/25/2020 0.00 1,575.84 1,575.841.866SRM 994,103.3317327AFR31,144,623.7510541 1,150,000.00 1.700NAT 07/09/2020 0.00 1,683.48 1,683.481.734SRM 1,142,940.2763873JG951,242,312.5010539 1,250,000.00 1.640WALT 08/14/2020 0.00 1,765.27 1,765.271.675SRM 1,240,547.232546R2HE9
5,900,000.00Subtotal 5,876,338.34 1.773 8,835.018,835.010.005,867,503.33
Security Type: Federal Agency Non-Callable
0.0010475 0.00 2.540FFCB 03/23/2020 3,104.44 127.45 3,231.892.681SRM 1,999,872.553133EJPV52,096,296.7910443 2,100,000.00 1.625FHLB 09/11/2020 2,843.75 694.35 3,538.101.988SRM 2,095,602.443130A66T9
996,212.5910501 1,000,000.00 1.750FNMA 09/25/2020 1,458.34 653.00 2,111.342.497SRM 995,559.593136G1HY8999,701.6910428 1,000,000.00 1.625FHLMC 09/29/2020 1,354.17 50.28 1,404.451.654SRM 999,651.413137EAEJ4
1,000,533.1410413 1,000,000.00 1.750FHLB 10/05/2020 1,458.34 -86.92 1,371.421.614SRM 1,000,620.063130AB3E41,998,517.1910437 2,000,000.00 1.680FFCB 10/13/2020 2,800.00 231.69 3,031.691.786SRM 1,998,285.503133EHF57
999,834.0910434 1,000,000.00 1.750FFCB 10/26/2020 1,458.33 24.28 1,482.611.746SRM 999,809.813133EHJ95998,325.1410387 1,000,000.00 1.125FHLMC 08/12/2021 937.50 102.33 1,039.831.226SRM 998,222.813137EAEC9
Portfolio CSRMAPData Updated: SET_SRI: 04/06/2020 09:27
Run Date: 04/06/2020 - 09:27 IE (PRF_IE) 7.2.0Report Ver. 7.3.6.1
30
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Packet Pg. 95
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Book Value
Adjusted Interest Earnings
AccretionAmortization/
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March 1, 2020 - March 31, 2020Interest Earnings
San Ramon - Interest Reports
AnnualizedYieldCUSIP Investment #
InterestEarned
Security Type: Federal Agency Non-Callable
991,306.7310412 1,000,000.00 1.125FHLMC 08/12/2021 937.50 531.16 1,468.661.745SRM 990,775.573137EAEC91,002,464.0810473 1,000,000.00 3.000FHLB 09/10/2021 2,500.00 -142.43 2,357.572.769SRM 1,002,606.51313383ZU81,000,352.3310433 1,000,000.00 1.890FFCB 09/21/2021 1,575.00 -19.95 1,555.051.830SRM 1,000,372.283133EFDU8
999,490.4010391 1,000,000.00 1.375FNMA 10/07/2021 1,145.83 28.00 1,173.831.383SRM 999,462.403135G0Q891,500,053.5710481 1,500,000.00 3.000FHLB 10/12/2021 3,750.00 -2.92 3,747.082.941SRM 1,500,056.493130AF5B9
999,689.8510436 1,000,000.00 1.950FFCB 11/02/2021 1,625.00 16.30 1,641.301.933SRM 999,673.553133EHP311,003,676.3210489 1,000,000.00 2.800FFCB 12/17/2021 2,333.33 -179.04 2,154.292.527SRM 1,003,855.363133EJ3B3
993,812.3310449 1,000,000.00 1.900FFCB 03/11/2022 1,583.34 265.18 1,848.522.191SRM 993,547.153133ECHP2989,957.2310476 1,000,000.00 2.250FHLB 03/11/2022 1,875.00 430.40 2,305.402.743SRM 989,526.83313378CR0995,494.0610479 1,000,000.00 2.800FFCB 09/13/2022 2,333.33 153.26 2,486.592.941SRM 995,340.803133EJZH5999,668.3510430 1,000,000.00 2.000FNMA 10/05/2022 1,666.67 11.01 1,677.681.976SRM 999,657.343135G0T78
1,000,773.1210431 1,000,000.00 2.000FNMA 10/05/2022 1,666.67 -25.66 1,641.011.931SRM 1,000,798.783135G0T78999,336.3710512 1,000,000.00 2.330FFCB 10/18/2022 1,941.66 21.71 1,963.372.313SRM 999,314.663133EKHN9998,041.2810438 1,000,000.00 2.080FFCB 11/01/2022 1,733.34 63.19 1,796.532.120SRM 997,978.093133EHM91
1,004,371.4410440 1,000,000.00 2.500FHLB 12/09/2022 2,083.34 -135.48 1,947.862.283SRM 1,004,506.923130A3KM5996,755.9910454 1,000,000.00 2.375FNMA 01/19/2023 1,979.17 96.55 2,075.722.452SRM 996,659.443135G0T94
1,006,900.4210483 1,000,000.00 3.375FHLB 09/08/2023 2,812.50 -167.35 2,645.153.093SRM 1,007,067.77313383YJ42,048,948.4710529 2,000,000.00 2.125FNMA 10/30/2023 3,541.67 -1,139.22 2,402.451.380SRM 2,050,087.693136G0X971,011,285.6910517 1,000,000.00 2.300FFCB 11/08/2023 1,916.67 -261.04 1,655.631.927SRM 1,011,546.733133EKKU91,011,326.4010486 1,005,000.00 2.950FFCB 12/14/2023 2,470.63 -142.38 2,328.252.710SRM 1,011,468.783133EJWW5
998,583.2910520 1,000,000.00 1.950FFCB 06/13/2024 1,625.00 28.11 1,653.111.949SRM 998,555.183133EKQU31,994,470.0010522 2,000,000.00 1.600FFCB 08/16/2024 2,666.67 105.33 2,772.001.637SRM 1,994,364.673133EKA631,997,698.0710526 2,000,000.00 1.600FFCB 09/17/2024 2,666.66 43.00 2,709.661.597SRM 1,997,655.073133EKP75
35,605,000.00Subtotal 35,633,876.42 2.072 65,218.041,374.1963,843.8537,632,502.23
Security Type: Treasury Coupon Securities
1,999,672.0110498 2,000,000.00 2.375USTR 04/30/2020 4,045.33 350.60 4,395.932.589SRM 1,999,321.419128284J61,997,867.3110505 2,000,000.00 1.500USTR 05/15/2020 2,554.95 1,502.58 4,057.532.393SRM 1,996,364.73912828X96
998,963.2210416 1,000,000.00 1.375USTR 09/30/2020 1,164.62 176.60 1,341.221.581SRM 998,786.62912828L65997,716.2410408 1,000,000.00 1.375USTR 10/31/2020 1,171.01 332.38 1,503.391.775SRM 997,383.86912828L99999,938.0210442 1,000,000.00 2.125USTR 09/30/2021 1,799.86 3.51 1,803.372.123SRM 999,934.51912828F21999,070.3910401 1,000,000.00 2.000USTR 10/31/2021 1,703.29 49.86 1,753.152.066SRM 999,020.53912828F96
8,000,000.00Subtotal 7,993,227.19 2.189 14,854.592,415.5312,439.067,990,811.66
Portfolio CSRMAPData Updated: SET_SRI: 04/06/2020 09:27
Run Date: 04/06/2020 - 09:27 IE (PRF_IE) 7.2.0Report Ver. 7.3.6.1
31
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Packet Pg. 96
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Book Value
Adjusted Interest Earnings
AccretionAmortization/
EarningsAdjusted Interest
March 1, 2020 - March 31, 2020Interest Earnings
San Ramon - Interest Reports
AnnualizedYieldCUSIP Investment #
InterestEarned
Security Type: Federal Agency Coupon Callable
1,000,000.0010411 1,000,000.00 1.700FHLMC 07/27/2020 1,416.66 0.00 1,416.661.668SRM 1,000,000.003134GBHQ81,000,000.0010471 1,000,000.00 3.125FHLB 08/24/2023 2,604.17 0.00 2,604.173.066SRM 1,000,000.003130AEQC72,000,000.0010542 2,000,000.00 1.800FHLB 02/12/2025 3,000.00 0.00 3,000.001.766SRM 2,000,000.003130AJ4Q9
4,000,000.00Subtotal 4,000,000.00 2.067 7,020.830.007,020.834,000,000.00
Security Type: Corporate Notes
998,841.9010514 1,000,000.00 2.600WFB 01/15/2021 2,166.67 122.34 2,289.012.699SRM 998,719.5694988J5N31,000,540.6410410 1,000,000.00 2.222XON 03/01/2021 1,851.67 -49.15 1,802.522.121SRM 1,000,589.7930231GAV41,000,316.3010466 1,000,000.00 3.125WMTPP 06/23/2021 2,604.16 -21.47 2,582.693.040SRM 1,000,337.77931142EJ8
999,005.0010519 1,000,000.00 2.400MET 06/17/2022 2,000.00 37.50 2,037.502.401SRM 998,967.5059217GDB2977,761.1910488 1,000,000.00 2.355CVX 12/05/2022 1,962.50 692.08 2,654.583.199SRM 977,069.11166764AB6
1,024,549.1610543 1,000,000.00 2.050JNJ 03/01/2023 1,025.00 -420.84 604.161.132SRM 0.00478160BT0981,341.3710508 1,000,000.00 2.000MSFT 08/08/2023 1,666.66 463.76 2,130.422.557SRM 980,877.61594918BQ6996,547.6210538 1,000,000.00 2.000NYL 01/22/2025 1,666.66 59.84 1,726.502.040SRM 996,487.7864952WDL4
8,000,000.00Subtotal 7,978,903.18 2.458 15,827.38884.0614,943.326,953,049.12
Security Type: CD-FDIC
248,000.0010415 248,000.00 1.850SALLMA 05/04/2020 390.74 0.00 390.741.855SRM 248,000.00795450A39248,000.0010378 248,000.00 1.400HSBC 07/08/2020 294.88 0.00 294.881.400SRM 248,000.0040434AZ44247,942.4610427 248,000.00 1.950BARC 09/21/2020 410.73 10.32 421.052.000SRM 247,932.1406740KKU0248,000.0010372 248,000.00 1.750WFB 06/17/2021 368.60 0.00 368.601.750SRM 248,000.009497485W3248,000.0010377 248,000.00 1.500GRBKIW 06/30/2021 315.94 0.00 315.941.500SRM 248,000.0036198JCC6247,836.2810381 248,000.00 1.650JPMCD 08/16/2021 347.54 10.11 357.651.699SRM 247,826.1748126XAH8247,835.9510385 248,000.00 1.600COFUSA 08/17/2021 337.00 10.11 347.111.649SRM 247,825.84140420B82247,781.6410456 248,000.00 2.500THFDSL 01/31/2022 526.57 10.11 536.682.550SRM 247,771.5388413QBY3248,000.0010510 248,000.00 2.600EGBN 05/10/2022 547.64 0.00 547.642.600SRM 248,000.0027002YEM4248,000.0010513 248,000.00 2.500CRORVR 05/16/2022 528.02 0.00 528.022.507SRM 248,000.00227563AQ6248,000.0010518 248,000.00 2.500FBC 06/13/2022 526.58 0.00 526.582.500SRM 248,000.0033847E2J5247,725.6810420 248,000.00 2.350AXP 08/08/2022 494.98 9.89 504.872.400SRM 247,715.7902587DV47247,723.1310423 248,000.00 2.350GS 08/16/2022 494.98 9.90 504.882.400SRM 247,713.2338148PMR5247,716.1010426 248,000.00 2.350DFS 09/07/2022 494.98 9.90 504.882.400SRM 247,706.20254673BZ8247,696.3110435 248,000.00 2.400COFF 11/08/2022 505.52 9.90 515.422.450SRM 247,686.4114042RJZ5247,675.8710450 248,000.00 2.650MSB 01/11/2023 558.18 9.90 568.082.701SRM 247,665.9761747MF63247,631.8610465 248,000.00 3.300CITI 06/28/2023 695.08 9.64 704.723.351SRM 247,622.2217312QN96247,583.9310527 248,000.00 2.000CMSO 09/27/2023 421.26 10.12 431.382.052SRM 247,573.8129278TLY4247,593.3810482 248,000.00 3.450UBSB 10/24/2023 726.67 9.69 736.363.502SRM 247,583.6990348JEV8
Portfolio CSRMAPData Updated: SET_SRI: 04/06/2020 09:27
Run Date: 04/06/2020 - 09:27 IE (PRF_IE) 7.2.0Report Ver. 7.3.6.1
32
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Packet Pg. 97
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Page 4
Book ValueBeginning
Book Value
Adjusted Interest Earnings
AccretionAmortization/
EarningsAdjusted Interest
March 1, 2020 - March 31, 2020Interest Earnings
San Ramon - Interest Reports
AnnualizedYieldCUSIP Investment #
InterestEarned
Security Type: CD-FDIC
247,592.2610484 248,000.00 3.550MSPB 11/08/2023 747.74 9.60 757.343.602SRM 247,582.6661760ARS0247,555.0910500 248,000.00 3.100ADS 02/15/2024 652.96 9.75 662.713.152SRM 247,545.3420033AP91247,553.1310499 248,000.00 3.000TIAA 02/22/2024 631.89 9.74 641.633.052SRM 247,543.3987270LBU6248,000.0010544 248,000.00 1.650BOFI 03/26/2024 67.27 0.00 67.271.650SRM 0.0005465DAK4248,000.0010524 248,000.00 1.850FMOSTB 09/13/2024 389.67 0.00 389.671.850SRM 248,000.0032100LCB9
5,952,000.00Subtotal 5,947,443.07 2.381 11,624.10148.6811,475.425,699,294.39
Security Type: Municipal Bonds
500,000.0010417 500,000.00 2.150UNVHGR 05/15/2021 895.83 0.00 895.832.110SRM 500,000.0091412GS971,013,692.4910532 1,000,000.00 2.250CAS 10/01/2023 1,875.00 -326.01 1,548.991.799SRM 1,014,018.5013063DDG0
1,500,000.00Subtotal 1,513,692.49 1.901 2,444.82-326.012,770.831,514,018.50
76,465,942.11Total 76,453,303.58 1.983 137,022.8513,210.26123,812.5981,245,413.50
Portfolio CSRMAPData Updated: SET_SRI: 04/06/2020 09:27
Run Date: 04/06/2020 - 09:27 IE (PRF_IE) 7.2.0Report Ver. 7.3.6.1
33
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Packet Pg. 98
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San Ramon - Interest ReportsAccrued Interest
Sorted by Fund - FundMarch 1, 2020 - March 31, 2020
MaturityDate
SecurityType
CurrentRate
ParValue
* BeginningAccrued Interest
* EndingAccrued Interest
Adjusted Acc'd Int.at Purchase
During PeriodCUSIP Investment #InterestEarned
InterestReceived
City of San Ramon
4,582.2010027SYS10027 2,857,109.53 0.300PA1 2,277.54 4,582.20 2,277.540.0023,893.4510041SYS10041 3,651,832.58 1.740PA2 7,270.91 0.00 31,164.360.00
6,611.11104034581X0CD8 1,000,000.00 2.125NC3 11/09/2020 1,770.83 0.00 8,381.940.008,400.00104333133EFDU8 1,000,000.00 1.890FAC 09/21/2021 1,575.00 9,450.00 525.000.006,076.39104343133EHJ95 1,000,000.00 1.750FAC 10/26/2020 1,458.33 0.00 7,534.720.006,445.83104363133EHP31 1,000,000.00 1.950FAC 11/02/2021 1,625.00 0.00 8,070.830.00
12,880.00104373133EHF57 2,000,000.00 1.680FAC 10/13/2020 2,800.00 0.00 15,680.000.006,933.33104383133EHM91 1,000,000.00 2.080FAC 11/01/2022 1,733.34 0.00 8,666.670.008,972.22104493133ECHP2 1,000,000.00 1.900FAC 03/11/2022 1,583.34 9,500.00 1,055.560.00
22,295.56104753133EJPV5 0.00 2.540FAC 03/23/2020 3,104.44 25,400.00 0.000.0013,066.67104793133EJZH5 1,000,000.00 2.800FAC 09/13/2022 2,333.33 14,000.00 1,400.000.00
6,341.27104863133EJWW5 1,005,000.00 2.950FAC 12/14/2023 2,470.63 0.00 8,811.900.005,755.56104893133EJ3B3 1,000,000.00 2.800FAC 12/17/2021 2,333.33 0.00 8,088.890.008,608.06105123133EKHN9 1,000,000.00 2.330FAC 10/18/2022 1,941.66 0.00 10,549.720.007,219.44105173133EKKU9 1,000,000.00 2.300FAC 11/08/2023 1,916.67 0.00 9,136.110.004,225.00105203133EKQU3 1,000,000.00 1.950FAC 06/13/2024 1,625.00 0.00 5,850.000.001,333.33105223133EKA63 2,000,000.00 1.600FAC 08/16/2024 2,666.67 0.00 4,000.000.00
14,577.78105263133EKP75 2,000,000.00 1.600FAC 09/17/2024 2,666.66 16,000.00 1,244.440.007,097.22104133130AB3E4 1,000,000.00 1.750FAC 10/05/2020 1,458.34 0.00 8,555.560.005,694.44104403130A3KM5 1,000,000.00 2.500FAC 12/09/2022 2,083.34 0.00 7,777.780.00
16,114.58104433130A66T9 2,100,000.00 1.625FAC 09/11/2020 2,843.75 17,062.50 1,895.830.0014,250.0010473313383ZU8 1,000,000.00 3.000FAC 09/10/2021 2,500.00 15,000.00 1,750.000.0010,625.0010476313378CR0 1,000,000.00 2.250FAC 03/11/2022 1,875.00 11,250.00 1,250.000.0017,375.00104813130AF5B9 1,500,000.00 3.000FAC 10/12/2021 3,750.00 0.00 21,125.000.0016,218.7510483313383YJ4 1,000,000.00 3.375FAC 09/08/2023 2,812.50 16,875.00 2,156.250.00
593.75103873137EAEC9 1,000,000.00 1.125FAC 08/12/2021 937.50 0.00 1,531.250.00593.75104123137EAEC9 1,000,000.00 1.125FAC 08/12/2021 937.50 0.00 1,531.250.00
6,861.11104283137EAEJ4 1,000,000.00 1.625FAC 09/29/2020 1,354.17 8,125.00 90.280.005,500.00103913135G0Q89 1,000,000.00 1.375FAC 10/07/2021 1,145.83 0.00 6,645.830.008,111.11104303135G0T78 1,000,000.00 2.000FAC 10/05/2022 1,666.67 0.00 9,777.780.008,111.11104313135G0T78 1,000,000.00 2.000FAC 10/05/2022 1,666.67 0.00 9,777.780.002,770.83104543135G0T94 1,000,000.00 2.375FAC 01/19/2023 1,979.17 0.00 4,750.000.007,583.33105013136G1HY8 1,000,000.00 1.750FAC 09/25/2020 1,458.34 8,750.00 291.670.00
14,284.72105293136G0X97 2,000,000.00 2.125FAC 10/30/2023 3,541.67 0.00 17,826.390.00
Portfolio CSRMAPData Updated: SET_SRI: 04/06/2020 09:27
Run Date: 04/06/2020 - 09:27 AI (PRF_AI) 7.2.8Report Ver. 7.3.6.1
* Beginning Accrued may not include investments that redeemed in the previous month that had outstanding accrued interest.
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* EndingAccrued Interest
Adjusted Acc'd Int.at Purchase
During Period
Accrued InterestSan Ramon - Interest Reports
CUSIP Investment #InterestEarned
InterestReceived
City of San Ramon
6,703.3010401912828F96 1,000,000.00 2.000TRC 10/31/2021 1,703.29 0.00 8,406.590.004,608.5210408912828L99 1,000,000.00 1.375TRC 10/31/2020 1,171.01 0.00 5,779.530.005,747.9510416912828L65 1,000,000.00 1.375TRC 09/30/2020 1,164.62 6,875.00 37.570.008,883.2010442912828F21 1,000,000.00 2.125TRC 09/30/2021 1,799.86 10,625.00 58.060.00
15,920.33104989128284J6 2,000,000.00 2.375TRC 04/30/2020 4,045.33 0.00 19,965.660.008,818.6810505912828X96 2,000,000.00 1.500TRC 05/15/2020 2,554.95 0.00 11,373.630.00
607.64104713130AEQC7 1,000,000.00 3.125MC2 08/24/2023 2,604.17 0.00 3,211.810.001,900.00105423130AJ4Q9 2,000,000.00 1.800MC2 02/12/2025 3,000.00 0.00 4,900.000.005,855.56104113134GBHQ8 1,000,000.00 1.700MC2 07/27/2020 1,416.66 0.00 7,272.220.005,625.8310488166764AB6 1,000,000.00 2.355MC3 12/05/2022 1,962.50 0.00 7,588.330.00
0.0010543478160BT0 1,000,000.00 2.050MC3 03/01/2023 1,025.00 0.00 1,025.000.004,933.331051959217GDB2 1,000,000.00 2.400MC3 06/17/2022 2,000.00 0.00 6,933.330.001,277.7810508594918BQ6 1,000,000.00 2.000MC3 08/08/2023 1,666.66 0.00 2,944.440.002,166.671053864952WDL4 1,000,000.00 2.000MC3 01/22/2025 1,666.66 0.00 3,833.330.003,322.221051494988J5N3 1,000,000.00 2.600MC3 01/15/2021 2,166.67 0.00 5,488.890.005,902.7810466931142EJ8 1,000,000.00 3.125MC3 06/23/2021 2,604.16 0.00 8,506.940.00
11,110.001041030231GAV4 1,000,000.00 2.222MC3 03/01/2021 1,851.67 11,110.00 1,851.670.00315.951050020033AP91 248,000.00 3.100MC4 02/15/2024 652.96 610.83 358.080.00351.281042002587DV47 248,000.00 2.350MC4 08/08/2022 494.98 0.00 846.260.00
2,146.391042706740KKU0 248,000.00 1.950MC4 09/21/2020 410.73 2,411.38 145.740.000.001054405465DAK4 248,000.00 1.650MC4 03/26/2024 67.27 0.00 67.270.00
1,435.001046517312QN96 248,000.00 3.300MC4 06/28/2023 695.08 0.00 2,130.080.0040.771052729278TLY4 248,000.00 2.000MC4 09/27/2023 421.26 394.08 67.950.00
1,858.981043514042RJZ5 248,000.00 2.400MC4 11/08/2022 505.52 0.00 2,364.500.00141.3310385140420B82 248,000.00 1.600MC4 08/17/2021 337.00 0.00 478.330.00
1,797.0510513227563AQ6 248,000.00 2.500MC4 05/16/2022 528.02 0.00 2,325.070.002,810.2210426254673BZ8 248,000.00 2.350MC4 09/07/2022 494.98 2,906.02 399.180.00
353.311051027002YEM4 248,000.00 2.600MC4 05/10/2022 547.64 512.31 388.640.001,358.901051833847E2J5 248,000.00 2.500MC4 06/13/2022 526.58 0.00 1,885.480.002,136.881052432100LCB9 248,000.00 1.850MC4 09/13/2024 389.67 2,287.72 238.830.00
315.951037736198JCC6 248,000.00 1.500MC4 06/30/2021 315.94 611.50 20.390.00223.541042338148PMR5 248,000.00 2.350MC4 08/16/2022 494.98 0.00 718.520.00504.151037840434AZ44 248,000.00 1.400MC4 07/08/2020 294.88 0.00 799.030.00156.951038148126XAH8 248,000.00 1.650MC4 08/16/2021 347.54 0.00 504.490.00900.271045061747MF63 248,000.00 2.650MC4 01/11/2023 558.18 0.00 1,458.450.00
2,749.741048461760ARS0 248,000.00 3.550MC4 11/08/2023 747.74 0.00 3,497.480.001,481.0710415795450A39 248,000.00 1.850MC4 05/04/2020 390.74 0.00 1,871.810.00
526.581045688413QBY3 248,000.00 2.500MC4 01/31/2022 526.57 0.00 1,053.150.00
Portfolio CSRMAPData Updated: SET_SRI: 04/06/2020 09:27
Run Date: 04/06/2020 - 09:27 AI (PRF_AI) 7.2.8Report Ver. 7.3.6.1
* Beginning Accrued may not include investments that redeemed in the previous month that had outstanding accrued interest.
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MaturityDate
SecurityType
CurrentRate
ParValue
Sorted by Fund - Fund Page 3
* BeginningAccrued Interest
* EndingAccrued Interest
Adjusted Acc'd Int.at Purchase
During Period
Accrued InterestSan Ramon - Interest Reports
CUSIP Investment #InterestEarned
InterestReceived
City of San Ramon
163.071049987270LBU6 248,000.00 3.000MC4 02/22/2024 631.89 0.00 794.960.00140.661048290348JEV8 248,000.00 3.450MC4 10/24/2023 726.67 679.79 187.540.00154.57103729497485W3 248,000.00 1.750MC4 06/17/2021 368.60 344.82 178.350.00
5,875.001053213063DDG0 1,000,000.00 2.250MUN 10/01/2023 1,875.00 0.00 7,750.000.003,165.281041791412GS97 500,000.00 2.150MUN 05/15/2021 895.83 0.00 4,061.110.00
434,488.5870,565,942.11Subtotal 362,938.02123,812.59 195,363.150.00
0.0070,565,942.11Total 362,938.02123,812.59 195,363.15434,488.58
Portfolio CSRMAPData Updated: SET_SRI: 04/06/2020 09:27
Run Date: 04/06/2020 - 09:27 AI (PRF_AI) 7.2.8Report Ver. 7.3.6.1
* Beginning Accrued may not include investments that redeemed in the previous month that had outstanding accrued interest.
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San Ramon - Interest Reports
Sorted By Investment TypeSales/Calls/Maturities: March 1, 2020 - March 31, 2020
Realized Gains and Losses
Investment #
Maturity DateCurrent Rate
Par Value
Book ValueMaturity/Sale
ProceedsRealized
Gain/Loss
Sale DateTotal
Earnings Yield 365Inv.Type
PurchaseDate Term
Days Held
Net EarningsTotal Total
Issuer
Federal Agency Non-Callable
85,204.442,000,000.00104752.540 03/23/2020
2,000,000.00 2,000,000.00 0.00FAC 03/23/2020 85,204.4408/13/2018 2.645588588
FFCB
85,204.442,000,000.00 2,000,000.00 0.00 85,204.44 2.645Federal Agency Non-Callable Subtotals
85,204.442,000,000.00 2,000,000.00 0.00 85,204.44 2.645Total Realized Gains/Losses
Portfolio CSRMAPData Updated: SET_SRI: 04/06/2020 09:27
Run Date: 04/06/2020 - 09:27 CG (PRF_CGR1) 7.1.1Report Ver. 7.3.6.1
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City of San RamonTransaction Activity Report
March 1, 2020 - March 31, 2020Sorted by Fund - Transaction Date
All Funds
TotalCashInterest
PrincipalPaydowns
NewPrincipalFundInvestment # IssuerTransactionDateTransactionTypeInv DescripCUSIP
10534 PF 5,000,000.00 5,000,000.00FHLB03/13/2020RedemptionFHLB ZERO CPN313384UF4
Totals for San Ramon Project Fund 5,000,000.00 5,000,000.00
10377 SRM 305.75 305.75GNB Bank03/02/2020InterestGRBKIW 1.5% MAT36198JCC610410 SRM 11,110.00 11,110.00Exxon Mobil03/02/2020InterestXON 2.222% MAT30231GAV410426 SRM 2,906.02 2,906.02Discover Bank03/09/2020InterestDFS 2.35% MAT254673BZ810483 SRM 16,875.00 16,875.00FHLB03/09/2020InterestFHLB 3.375% MAT313383YJ410473 SRM 15,000.00 15,000.00FHLB03/10/2020InterestFHLB 3.% MAT313383ZU810510 SRM 512.31 512.31Eagle Bank03/10/2020InterestEGBN 2.6% MAT27002YEM410443 SRM 17,062.50 17,062.50FHLB03/11/2020InterestFHLB 1.625% MAT3130A66T910449 SRM 9,500.00 9,500.00FFCB03/11/2020InterestFFCB 1.9% MAT3133ECHP210476 SRM 11,250.00 11,250.00FHLB03/11/2020InterestFHLB 2.25% MAT313378CR010543 SRM 1,025,653.33 -1,025,653.33Johnson & Johnson03/13/2020PurchaseJNJ 2.05% MAT478160BT010479 SRM 14,000.00 14,000.00FFCB03/13/2020InterestFFCB 2.8% MAT3133EJZH510524 SRM 2,287.72 2,287.72First Missouri Bank03/13/2020InterestFMOSTB 1.85% MAT32100LCB910500 SRM 610.83 610.83Comenity Capital Ban03/16/2020InterestADS 3.4% MAT20033AP9110372 SRM 344.82 344.82Wells Fargo Bank03/17/2020InterestWFC 1.75% MAT9497485W310526 SRM 16,000.00 16,000.00FFCB03/17/2020InterestFFCB 1.6% MAT3133EKP7510427 SRM 2,411.38 2,411.38Barclays Bank03/20/2020InterestBARC 1.95% MAT06740KKU010475 SRM 2,000,000.00 2,000,000.00FFCB03/23/2020RedemptionFFCB 2.54% MAT3133EJPV510433 SRM 9,450.00 9,450.00FFCB03/23/2020InterestFFCB 1.89% MAT3133EFDU810475 SRM 25,400.00 25,400.00FFCB03/23/2020InterestFFCB 2.54% MAT3133EJPV510482 SRM 679.79 679.79UBS Bank03/24/2020InterestUBSB 3.45% MAT90348JEV810501 SRM 8,750.00 8,750.00FNMA03/25/2020InterestFNMA 1.75% MAT3136G1HY810544 SRM 248,000.00 -248,000.00AXOS03/26/2020PurchaseBOFI 1.65% MAT05465DAK410527 SRM 394.08 394.08Enerbank03/27/2020InterestCMSO 2.% MAT29278TLY410377 SRM 305.75 305.75GNB Bank03/30/2020InterestGRBKIW 1.5% MAT36198JCC610428 SRM 8,125.00 8,125.00FHLMC03/30/2020InterestFHLMC 1.625% MAT3137EAEJ410416 SRM 6,875.00 6,875.00U.S. Treasury03/31/2020InterestUSTR 1.375% MAT912828L6510442 SRM 10,625.00 10,625.00U.S. Treasury03/31/2020InterestUSTR 2.125% MAT912828F21
Totals for City of San Ramon 1,273,653.33 2,000,000.00 190,780.95 917,127.62
Grand Total 1,273,653.33 7,000,000.00 190,780.95 5,917,127.62
Portfolio CSRMAP
Run Date: 04/06/2020 - 09:31 TA (PRF_TA) 7.1.1Report Ver. 7.3.6.1
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Quarterly Economic and Market Update
March 2020
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Economic and Market Update
*Estimates for the current quarter/month, some data are lagged Sources: FHN Main Street and Bloomberg
3/31/20
Item 3/31/20 12/31/19 Change
U.S. Payrolls Monthly Change (701,000) 184,000 (885,000)
Unemployment Rate 4.4% 3.5% 0.9%
Labor Force Participation 62.7% 63.2% (0.5%)
Effective Fed Funds Rate 0.08% 1.55% (1.47%)
2 Year T-Note 0.25% 1.57% (1.32%)
3 Month T-Bill 0.09% 1.55% (1.46%)
3 Year T-Note 0.30% 1.61% (1.32%)
5 Year T-Note 0.38% 1.69% (1.31%)
10 Year T-Note 0.67% 1.92% (1.25%)
U.S. Fed Debt Avg Yield* 2.39% 2.36% 0.03%
30 Year Mortgage Rate 3.86% 3.86% 0.00%
1-5 Yr Agency Spread 0.26% 0.04% 0.22%
1-5 Yr A-AAA Corporate Spread 1.88% 0.36% 1.52%
Dow Jones 21,917 28,538 (23.2%)
S&P 500 2,585 3,231 (20.0%)
Consumer Price Index YOY* 2.4% 2.3% 0.1%
U.S. Avg Regular Unleaded $1.98 $2.59 ($0.60)
Retail Sales YOY* 2.8% 5.4% (2.6%)
Case-Shiller Home Prices YOY* 3.1% 2.6% 0.5%
Consumer Confidence 120.0 128.2 (8.2)
Gold (per ounce) $1,577.18 $1,517.27 $59.91
Dollar Index 99.05 96.39 2.66
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Economic and Market Update
* Real Rate (Inflation Adjusted)
Source: Bureau of Economic Analysis
Estimate: Bloomberg's Survey of Economists
As of: 3/31/20
3/31/20
2.9
-0.1
4.7
3.2
1.7
0.5
0.5
3.6
0.5
3.2
3.2
-1.1
5.5
5.0
2.3
3.2
3.0
1.3
0.1
2.0
1.9 2
.2
2.0 2
.3
2.2
3.2 3
.5
2.5
3.5
2.9
1.1
3.1
2.0 2.1
2.1
1.0
-0.4
1.5
2.2
-2
-1
0
1
2
3
4
5
6
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
Q3
20
16
Q4
20
16
Q1
20
17
Q2
20
17
Q3
20
17
Q4
20
17
Q1
20
18
Q2
20
18
Q3
20
18
Q4
20
18
Q1
20
19
Q2
20
19
Q3
20
19
Q4
20
19
Q1
20
20
Q2
20
20
Q3
20
20
Q4
20
20
Pe
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U.S. GDP (Quarter over Quarter Annualized)*
Estimates
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Economic and Market Update
* Real Rate (Inflation Adjusted)
Source: Bureau of Economic Analysis
3/31/20
Estimate: Bloomberg's Survey of Economists
As of: 3/31/20
8.7
8.0
4.1
4.7
-0.6
7.1
2.1
2.1
-0.7
6.9
2.6
2.6
6.1
4.4
5.8
6.5 6.6
2.7
4.9
3.1
0.2
3.3
5.3 5
.6-0
.5 -0.2
5.4
4.6
5.5
3.2
-0.3
2.5
-1.8
4.6
7.2
4.2
3.5
3.5
4.2
3.7
1.9
-0.1
3.5
2.8
4.0
2.7
3.8
4.4 4.5 4
.84
.11
.01
.72
.93
.83
.52
.91
.9-0
.1-2
.52
.61
.62
.21
.82
.5 2.9
1.6
2.4
2.9
2.3
1.1
-5
-4
-3
-2
-1
0
1
2
3
4
5
6
7
8
9
19
50
19
52
19
54
19
56
19
58
19
60
19
62
19
64
19
66
19
68
19
70
19
72
19
74
19
76
19
78
19
80
19
82
19
84
19
86
19
88
19
90
19
92
19
94
19
96
19
98
20
00
20
02
20
04
20
06
20
08
20
10
20
12
20
14
20
16
20
18
20
20
Pe
rce
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U.S. Annual GDP *
1980s 3.2% 1990s 3.2% 2000s 1.9% 2010s 2.3%1960s 4.5% 1970s 3.3%1950s 4.2%
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Economic and Market Update
Source: Bureau of Labor Statistics
12 Month Average Job Change 125,333
3/31/20
-800
-600
-400
-200
0
200
400
600
Sep
-15
De
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5
Mar
-16
Jun
-16
Sep
-16
De
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Mar
-17
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-17
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-17
De
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-19
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-19
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Tho
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U.S. Monthly Non-Farm Payrolls Change
2
3
4
5
6
7
Sep
-15
De
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5
Mar
-16
Jun
-16
Sep
-16
De
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6
Mar
-17
Jun
-17
Sep
-17
De
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7
Mar
-18
Jun
-18
Sep
-18
De
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8
Mar
-19
Jun
-19
Sep
-19
De
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Pe
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Unemployment RatesNevada
U.S.A
California
Idaho
Washington
Hawaii
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Economic and Market Update
Source: Bureau of Labor Statistics
3/31/20
128
130
132
134
136
138
140
142
144
146
148
150
152
154
Mar
-10
Oct
-10
May
-11
De
c-1
1
Jul-
12
Feb
-13
Sep
-13
Ap
r-1
4
No
v-1
4
Jun
-15
Jan
-16
Au
g-1
6
Mar
-17
Oct
-17
May
-18
De
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8
Jul-
19
Feb
-20
Mill
ion
s
U.S. Number of EmployedFull-Time and Part-TIme
62.0
62.5
63.0
63.5
64.0
64.5
65.0
65.5
Mar
-10
Oct
-10
May
-11
De
c-1
1
Jul-
12
Feb
-13
Sep
-13
Ap
r-1
4
No
v-1
4
Jun
-15
Jan
-16
Au
g-1
6
Mar
-17
Oct
-17
May
-18
De
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8
Jul-
19
Feb
-20
Pe
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U.S. Labor Force Participation Rate
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Economic and Market Update
Source: Department of Labor and Bloomberg
3/31/20
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.
200
700
1,200
1,700
2,200
2,700
3,200
19
93
19
94
19
95
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96
19
97
19
98
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99
20
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20
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Weekly Initial Jobless Claims (4 Week Moving Average)
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*Real: Inflation Adjusted
Source: U.S. Census Bureau Source: Conference Board
3/31/20
-0.6-0.4-0.2
00.20.40.60.8
11.21.41.61.8
22.22.42.62.8
33.23.43.63.8
44.2
Sep
-15
Dec
-15
Mar
-16
Jun
-16
Sep
-16
Dec
-16
Mar
-17
Jun
-17
Sep
-17
Dec
-17
Mar
-18
Jun
-18
Sep
-18
Dec
-18
Mar
-19
Jun
-19
Sep
-19
Dec
-19
Pe
rce
nt
U.S. Real* Retail Sales YOY % Change
40
50
60
70
80
90
100
110
120
130
140
Sep
-09
Mar
-10
Sep
-10
Mar
-11
Sep
-11
Mar
-12
Sep
-12
Mar
-13
Sep
-13
Mar
-14
Sep
-14
Mar
-15
Sep
-15
Mar
-16
Sep
-16
Mar
-17
Sep
-17
Mar
-18
Sep
-18
Mar
-19
Sep
-19
Mar
-20
Ind
ex
Val
ue
U.S. Consumer Confidence
46
5.5.b
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CPIX: Consumer Price Index, excluding food and energy PCEC: Personal Consumption Expenditure Core
Source: Bureau of Labor Statistics and Bureau of Economic Analysis
3/31/20
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Sep
-15
Dec
-15
Mar
-16
Jun
-16
Sep
-16
Dec
-16
Mar
-17
Jun
-17
Sep
-17
Dec
-17
Mar
-18
Jun
-18
Sep
-18
Dec
-18
Mar
-19
Jun
-19
Sep
-19
Dec
-19
Pe
rce
nt
CPI and CPIX YOY % Change
CPI CPIX
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Sep
-15
Dec
-15
Mar
-16
Jun
-16
Sep
-16
Dec
-16
Mar
-17
Jun
-17
Sep
-17
Dec
-17
Mar
-18
Jun
-18
Sep
-18
Dec
-18
Mar
-19
Jun
-19
Sep
-19
Dec
-19
Pe
rce
nt
PCE and PCEC YOY % ChangePCE PCEC
47
5.5.b
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Economic and Market Update
Sources: New (U.S. Census Bureau),Existing (National Assoc. of Realtors)
Source: Case-Shiller Seasonally Adjusted Annual Rate
3/31/20
-6
-4
-2
0
2
4
6
8
10
12
14
Oct
-11
Mar
-12
Au
g-1
2
Jan
-13
Jun
-13
No
v-1
3
Ap
r-1
4
Sep
-14
Feb
-15
Jul-
15
Dec
-15
May
-16
Oct
-16
Mar
-17
Au
g-1
7
Jan
-18
Jun
-18
No
v-1
8
Ap
r-1
9
Sep
-19
YO
Y P
erc
en
t
Case-Shiller 20 City U.S. Home Price IndexYOY % Increase
200
300
400
500
600
700
800
900
3.0
3.5
4.0
4.5
5.0
5.5
6.0
Sep
-11
Mar
-12
Sep
-12
Mar
-13
Sep
-13
Mar
-14
Sep
-14
Mar
-15
Sep
-15
Mar
-16
Sep
-16
Mar
-17
Sep
-17
Mar
-18
Sep
-18
Mar
-19
Sep
-19
Ne
w-T
ho
usa
nd
s
Exis
tin
g-M
illio
ns
U.S. New and Existing Home Sales
Existing-Left
New-Right
48
5.5.b
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Economic and Market Update
Source: U.S. Treasury
3/31/20
$9
$10
$11
$12
$13
$14
$15
$16
$17
$18
$19
$20
$21
$22
$23
$24
$25
Mar
-10
Sep
-10
Mar
-11
Sep
-11
Mar
-12
Sep
-12
Mar
-13
Sep
-13
Mar
-14
Sep
-14
Mar
-15
Sep
-15
Mar
-16
Sep
-16
Mar
-17
Sep
-17
Mar
-18
Sep
-18
Mar
-19
Sep
-19
Trill
ion
s
U.S. Federal Debt Outstanding
1.9
2.0
2.1
2.2
2.3
2.4
2.5
2.6
Mar
-10
Sep
-10
Mar
-11
Sep
-11
Mar
-12
Sep
-12
Mar
-13
Sep
-13
Mar
-14
Sep
-14
Mar
-15
Sep
-15
Mar
-16
Sep
-16
Mar
-17
Sep
-17
Mar
-18
Sep
-18
Mar
-19
Sep
-19
Pe
rce
nt
U.S. Treasury Interest Bearing Debt Avg Rate
49
5.5.b
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Economic and Market Update
Source: Bloomberg
3/31/20
0.00
0.05
0.10
0.15
0.20
0.25
Ap
r-2
02
0
May
-20
20
Jun
-20
20
Jul-
20
20
Au
g-2
02
0
Sep
-20
20
Oct
-20
20
No
v-2
02
0
Dec
-20
20
Jan
-20
21
Feb
-20
21
Mar
-20
21
Ap
r-2
02
1
May
-20
21
Jun
-20
21
Jul-
20
21
Au
g-2
02
1
Sep
-20
21
Oct
-20
21
No
v-2
02
1
Dec
-20
21
Jan
-20
22
Feb
-20
22
Mar
-20
22
Ap
r-2
02
2
May
-20
22
Jun
-20
22
Jul-
20
22
Au
g-2
02
2
Sep
-20
22
Oct
-20
22
No
v-2
02
2
Dec
-20
22
Jan
-20
23
Feb
-20
23
Mar
-20
23
Pe
rce
nt
Fed Funds Futures
50
5.5.b
Packet Pg. 115
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Economic and Market Update
Source: Bloomberg
Figures may not total due to rounding
3M
Maturity
-1.320.251.572Y
-1.420.161.581Y
-1.440.151.596M
-1.460.091.55
1.92 0.67 -1.25
Change3/31/2012/31/19
3/31/20
3Y 1.61 0.30 -1.32
30Y 2.39 1.32 -1.07
5Y 1.69 0.38 -1.31
10Y
0.0
0.5
1.0
1.5
2.0
2.5
3M 6M 1Y 2Y 3Yr 5Y 10Y 30Y
Pe
rce
nt
U.S. Treasury Yield Curve Change
3/31/20
12/31/19
-160
-140
-120
-100
-80
-60
-40
-20
0
3M
6M 1Y
2Y
3Yr 5Y
10
Y
30
Y
Bas
is P
oin
ts
Basis Point Change
51
5.5.b
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Economic and Market Update
Source: Bloomberg
3/31/20
-0.25
0.00
0.25
0.50
0.75
1.00
1.25
1.50
1.75
2.00
2.25
2.50
2.75
Mar
-15
Jun
-15
Sep
-15
Dec
-15
Mar
-16
Jun
-16
Sep
-16
Dec
-16
Mar
-17
Jun
-17
Sep
-17
Dec
-17
Mar
-18
Jun
-18
Sep
-18
Dec
-18
Mar
-19
Jun
-19
Sep
-19
Dec
-19
Mar
-20
Pe
rce
nt
U.S. Treasury Yields: 3M and 1Y
1Y
3M
0.00
0.25
0.50
0.75
1.00
1.25
1.50
1.75
2.00
2.25
2.50
2.75
3.00
3.25
Mar
-15
Jun
-15
Sep
-15
Dec
-15
Mar
-16
Jun
-16
Sep
-16
Dec
-16
Mar
-17
Jun
-17
Sep
-17
Dec
-17
Mar
-18
Jun
-18
Sep
-18
Dec
-18
Mar
-19
Jun
-19
Sep
-19
Dec
-19
Mar
-20
Pe
rce
nt
U.S. Treasury Yields: 2Y and 5Y
5Y
2Y
52
5.5.b
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Economic and Market Update
Source: Bloomberg
3/31/20
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
Jan
-54
Jan
-56
Jan
-58
Jan
-60
Jan
-62
Jan
-64
Jan
-66
Jan
-68
Jan
-70
Jan
-72
Jan
-74
Jan
-76
Jan
-78
Jan
-80
Jan
-82
Jan
-84
Jan
-86
Jan
-88
Jan
-90
Jan
-92
Jan
-94
Jan
-96
Jan
-98
Jan
-00
Jan
-02
Jan
-04
Jan
-06
Jan
-08
Jan
-10
Jan
-12
Jan
-14
Jan
-16
Jan
-18
Jan
-20
Pe
rce
nt
U.S. Treasury Yields 2Yr and 5Yr - Fed Funds Target Rate
5Yr
2Yr
Fed Funds
53
5.5.b
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Economic and Market Update
Source: Bloomberg
3/31/20
Global Treasury Rates
2 Year Yields 5 Year Yields 10 Year Yields
-0.70%
-0.68%
-0.60%
-0.20%
-0.15%
-0.08%
0.12%
0.25%
0.25%
0.33%
0.42%
-4.0% -2.0% 0.0% 2.0% 4.0%
Germany
Switzlnd
France
Spain
Japan
Portugal
England
USA
Australia
Italy
Canada
-0.66%
-0.60%
-0.35%
-0.12%
0.15%
0.20%
0.34%
0.38%
0.39%
0.58%
0.91%
-4.0% -2.0% 0.0% 2.0% 4.0%
Germany
Switzlnd
France
Japan
Spain
England
Australia
USA
Portugal
Canada
Italy
-0.47%
-0.38%
-0.02%
0.01%
0.35%
0.67%
0.67%
0.69%
0.76%
0.86%
1.52%
-2.0% 0.0% 2.0%
Germany
Switzlnd
France
Japan
England
USA
Spain
Canada
Australia
Portugal
Italy
54
5.5.b
Packet Pg. 119
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Economic and Market Update
ICE BofAML Index (option adjusted spread vs. Treasury) ICE BofAML Index (option adjusted spread vs. Treasury)
1-5Yr Non-Callable Agency (GVPB) Corporate A-AAA Excluding Yankee (CVAC)
Source: ICE BofAML Indices
3/31/20
Current Spread is 26 Current Spread is 188
0
50
100
150
200
250
300
350
400
450
500
550
600
650
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: 1-5Yr Agency vs Treasury
0
50
100
150
200
250
300
350
400
450
500
550
600
650
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: 1-5Yr A-AAA Corporate vs Treasury
55
5.5.b
Packet Pg. 120
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*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
oin
ts
Spread: 0-3Yr Agency CMO vs Treasury
56
5.5.b
Packet Pg. 121
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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
cen
t
Selected Sector Quarterly Total Returns
57
5.5.b
Packet Pg. 122
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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
t
Selected Sector Year-Over-Year Total Returns
58
5.5.b
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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
59
5.5.b
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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
5.5.b
Packet Pg. 125
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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
Dreyfus Govt Cash Mgmt X9USDYRUT 0.19% n/a 2,563,703.63 2,563,703.63 2019 COP
Dreyfus Govt Cash Mgmt X9USDYRUT 0.19% n/a 10,829.05 10,829.05 2019 COP
18,439,758.77$ 18,588,270.44$
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FINANCE COMMITTEE STAFF REPORT
DATE: April 27, 2020
TO: Finance Committee/City Manager
FROM: Eva Phelps, Administrative Services Director
By: Vivian Gong, Senior Administrative Analyst
SUBJECT: Quarterly Revenue and Expenditure Reports for the Period Ending March
31, 2020
This item is discussion only. Please refer any questions to the Administrative Services Director, City of
San Ramon, (925) 973-2514.
ATTACHMENT:
A: 3Q2020 Rev
B: 3Q2020 Exp
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DESCRIPTION 3/31/2020 3/31/2019 DIFF ESTIMATE BUDGET DIFF
Property Tax 12,460,064$ 11,862,881$ 597,183$ 21,501,974$ 21,262,824$ 239,150$
Sales and Use Tax 6,901,887 6,398,846 503,041 9,973,509 10,072,818 (99,309)
Property Transfer Tax 466,349 457,318 9,031 658,701 842,453 (183,752)
Transient Occupancy Taxes (TOT) 1,902,995 1,938,191 (35,196) 2,384,612 3,453,365 (1,068,753)
Franchise Fees 2,305,786 2,383,548 (77,762) 5,349,507 5,709,514 (360,007)
Licenses and Permits 1,763,198 2,212,717 (449,519) 1,982,739 2,234,927 (252,188)
Intergovernmental 355,056 403,510 (48,454) 379,378 203,138 176,240
Charges for Services 4,965,273 5,436,865 (471,592) 4,543,919 5,640,309 (1,096,390)
Fines and Forfeitures 155,352 194,809 (39,457) 284,320 328,000 (43,680)
Investment Income 42,933 83,467 (40,534) 100,000 75,000 25,000
Miscellaneous Revenue 1,868,872 1,907,658 (38,786) 2,535,176 2,921,207 (386,031)
Total Revenues Excluding Transfers 33,187,765$ 33,279,810$ (92,045)$ 49,693,835$ 52,743,555$ (3,049,720)$
Major Variance Analysis
Property Tax - The $597K increase reflects higher assessed valuation.
Sales and Use Tax - The $503K increase reflects a change in business to business sales, one-time adjustments, and full year City Center.
Transient Occupancy Tax (TOT) - The $35K reflects decreased hotel occupancy.
Franchise Fee - The $78K decrease reflects lower collections from cable, video, and waste recylcing fees.
Licenses and Permits - The $450K decrease reflects fewer electrical, plumbing, heating permits, and building permits
fees received from the City Center project in the prior year.
Intergovernmental - The $48K decrease reflects a $164K federal grant (STEP) received in the prior year, offset by
increase in state grant (SLESF) and SB90 Mandated Costs reimbursements.
Charges for Services - The $472K decrease reflects lower fees received for aquatics, teen, and sports programs, coupled by a change in
accounting methodology for all Parks & Community Services revenues; offset by increases in Encroachment permits and Engineering Inspections.
Fines and Forfeitures - The $39K decrease reflects fewer vehicle codes fines and abatement fees received in the current year.
Investment Income - The $41K decrease reflects lower earnings on investments.
Miscellaneous - The $39K reflects decreases in facility, field, and gym rentals; offset by increase in reimbursement billing.
CITY OF SAN RAMON
General Fund Revenues - March 31, 2020
3 MONTHS ENDING FULL YEAR 19/20
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CITY OF SAN RAMON
FUND # FUND DESCRIPTION 3/31/2020 3/31/2019 DIFF ESTIMATE BUDGET DIFF
101 General Fund 33,187,765$ 33,279,810$ (92,045)$ 49,693,835$ 52,743,555$ (3,049,720)$
201-207
217-218 Mitigation Funds 1,800,985 2,240,288 (439,303) 2,625,642 2,723,707 (98,065)
208 Gas Tax 2,325,703 1,896,736 428,967 3,537,022 3,537,022 -
209 Park Development 238 264 (26) 238 931,804 (931,566)
210 Henry Ranch Park Development 557 675 (118) 557 - 557
211 Crow Canyon Project 29 34 (5) 29 - 29
212 SCCJEPA 831,115 1,111,455 (280,340) 769,999 1,150,824 (380,825)
213 Street Maintenance & Improvement 1,398,474 1,290,833 107,641 2,641,835 2,507,732 134,103
214 Traffic Improvement 61,917 140,450 (78,533) 59,167 593,290 (534,123)
215 Tri-Valley Transportation Fund 30,873 61,138 (30,265) 29,229 196,318 (167,089)
216 Pub Educ & Gov (PEG) Fund 111,750 116,512 (4,762) 255,000 255,000 -
251 CFD 2014-1 (ACRES) 19,407 18,748 659 34,917 34,917 -
252 CFD 2014-1 (The Preserves) 90,731 38,596 52,135 184,444 184,444 -
301 Citywide Landscaping 942,605 922,787 19,818 1,717,539 1,717,539 -
302 Citywide Lighting 456,446 429,408 27,038 794,369 794,369 -
303-319 Landscaping & Lighting Special Districts 681,691 676,104 5,587 1,218,222 1,218,222 -
330 The Preserve Faria 33,862 6,619 27,243 33,862 - 33,862
341 Canyon Park 1,443 17,909 (16,466) 10,990 10,990 -
342 Village Ctr Common Area 421 508 (87) 6,006 6,006 -
343 Dougherty Valley 9,493,770 8,615,483 878,287 18,718,644 18,207,722 510,922
344 Solid Waste 791,880 715,294 76,586 977,217 977,217 -
345 Non Point Drainage 679,758 1,766 677,992 1,227,486 1,227,486 -
346 Street Smarts Program 77,804 148,482 (70,678) 223,750 223,750 -
3 MONTHS ENDING FULL YEAR 19/20
Revenue by Fund - March 31, 2020
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CITY OF SAN RAMON
FUND # FUND DESCRIPTION 3/31/2020 3/31/2019 DIFF ESTIMATE BUDGET DIFF
3 MONTHS ENDING FULL YEAR 19/20
Revenue by Fund - March 31, 2020
347 TDM Programs 122,828 117,044 5,784 641,323 641,323 -
348 Local Law Enforcement Block Grant 37 44 (7) 37 - 37
349 Police Services Donations 551 600 (49) 551 - 551
350 Narcotic Asset Forfeiture 68,722 89,620 (20,898) 68,722 - 68,722
351 Measure J - Traffix Program 128,584 102,778 25,806 155,000 155,000 -
361 GHAD - DV 1,155,181 1,174,182 (19,001) 2,059,050 2,059,050 -
362 GHAD - NWSR 138,346 26,027 112,319 296,738 296,738 -
371 San Ramon Housing 33,540 6,519 27,021 1,000,000 1,000,000 -
401 Capital Improvement Project Fund 173,773 776,844 (603,071) 2,670,000 2,670,000 -
Total Revenues Excluding Transfers 54,840,786$ 54,023,557$ 817,229$ 91,651,420$ 96,064,025$ (4,412,605)$
Major Variance Analysis
Mitigation Funds - The $439K decrease reflects development fees received from the City Center Project in the prior year.
Gas Tax - The $429K increase reflects higher gas prices and collection received from SB1 Road Maintenance fees.
SCCJEPA - This revenue is based on developer fees received from Contra Costa County and the Town of Danville.
The City of San Ramon receives a percentage per the Joint Exercise Powers Agreement. The revenue varies from year to year.
Street Maintenant Improvement - The $108K increase reflects Measure J funding received from the CCTA .
Traffic Improvement - The $79K decrease reflects fees received from the City Center project in the prior year.
Dougherty Valley - The $878K reflects increase in assessment revenue received from the Contra Costa County for DV-CSA.
Solid Waste - The $76K reflects higher collections from the AB939 fees for program administration.
Non Point Drainage - The $678K increase reflects a timing difference of payment received from the County Flood Control District.
Street Smarts - This is a reimbursement received from CALTRANS based on funds spent to date for the Safe Route to School Program.
The last invoice submitted to CCTA was on July 9, 2018 for expenditures incurred through December 2017 in the amount of $53K.
GHAD/NWSR - The $112K increase reflects assessment revenues received to build reserves for future maintenance costs.
CIP - Different grants are received for CIP each fiscal year and revenue amounts will vary.
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CITY OF SAN RAMONOperating Expenditure Budget SummaryFor the Month Ending March 2020 - 9th Month
Staffing Levels Expenditures Y-T-D Expenditures Full Year
Auth Funded Current Actual Budget Difference Annualized Budget Difference
General Government
City Council 0.00 0.00 0.00 183,526 212,627 (29,101) 244,701 283,503 (38,802)
City Manager 4.00 4.00 4.00 764,747 806,878 (42,131) 1,019,663 1,075,837 (56,174)
City Attorney 3.00 3.00 3.00 515,738 561,597 (45,859) 687,651 748,796 (61,145)
City Clerk 3.00 3.00 3.00 374,507 393,305 (18,798) 499,343 524,407 (25,064)
Total General Government 1,838,518 1,974,407 (135,889) 2,451,357 2,632,543 (181,186)
Administrative Services
Finance 1,214,208 1,273,355 (59,147) 1,618,944 1,697,807 (78,863)
Human Resources 903,632 1,023,969 (120,337) 1,204,843 1,365,292 (160,449)
Information Technology 1,203,121 1,272,133 (69,012) 1,604,161 1,696,177 (92,016)
Total Administrative Services 20.00 20.00 18.00 3,320,961 3,569,457 (248,496) 4,427,948 4,759,276 (331,328)
Community Development
Planning 817,257 972,441 (155,184) 1,089,676 1,296,588 (206,912)
Building 1,617,244 1,995,570 (378,326) 2,156,325 2,660,760 (504,435)
Total Community Development 17.00 16.00 16.00 2,434,501 2,968,011 (533,510) 3,246,001 3,957,348 (711,347)
Housing 96,062 95,085 977 126,780 126,780 (0)
Police
Administration 4,433,453 5,100,072 (666,619) 5,911,271 6,800,096 (888,825)
Crime Prevention & Comm Relations 747,792 763,433 (15,641) 997,056 1,017,911 (20,855)
Investigation 1,643,248 1,897,577 (254,329) 2,190,997 2,530,103 (339,106)
Patrol 7,127,992 7,731,313 (603,321) 9,503,989 10,308,417 (804,428)
Traffic Safety 1,037,320 1,150,319 (112,999) 1,383,093 1,533,759 (150,666)
School Resources 500,273 730,445 (230,172) 667,031 973,926 (306,895)
Emergency Preparedness 97,799 82,718 15,082 130,399 110,290 20,109
Fleet 305,671 334,291 (28,620) 407,561 445,721 (38,160)
Total Police 88.00 88.00 81.00 15,893,548 17,790,167 (1,896,619) 21,191,397 23,720,223 (2,528,826)
Public Works
Transportation Services Division
Total Transportation 4.00 4.00 4.00 988,548 1,246,155 (257,607) 1,318,064 1,661,540 (343,476)
Engineering Services Division
Total Engineering 20.00 20.00 20.00 3,164,194 3,806,449 (642,255) 4,218,925 5,075,265 (856,340)
Public Services Division
Administration 1,340,932 1,526,377 (185,445) 1,787,909 2,035,169 (247,260)
Solid Waste 357,091 577,166 (220,075) 476,121 769,554 (293,433)
Aquatic Maintenance 934,510 1,341,623 (407,113) 1,246,013 1,788,830 (542,817)
Facilities Maintenance 1,903,299 2,456,681 (553,382) 2,537,732 3,275,574 (737,842)
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CITY OF SAN RAMONOperating Expenditure Budget SummaryFor the Month Ending March 2020 - 9th Month
Staffing Levels Expenditures Y-T-D Expenditures Full Year
Auth Funded Current Actual Budget Difference Annualized Budget Difference
Landscaping Maintenance 5,037,911 5,675,063 (637,152) 6,717,215 7,566,750 (849,535)
Parks Maintenance 4,842,960 5,650,035 (807,075) 6,457,280 7,533,380 (1,076,100)
SR Service Center 567,203 655,402 (88,199) 756,271 873,869 (117,598)
Roadway Maintenance 1,832,522 2,161,277 (328,755) 2,443,363 2,881,703 (438,340)
Flood Control 529,559 584,939 (55,380) 706,079 779,919 (73,840)
Total Public Services 79.75 79.75 75.75 17,345,987 20,628,561 (3,282,574) 23,127,983 27,504,748 (4,376,765)
Total Public Works 103.75 103.75 99.75 21,498,729 25,681,165 (4,182,436) 28,664,972 34,241,553 (5,576,581)
Parks & Community Services
Administration 1,178,386 1,308,211 (129,825) 1,571,181 1,744,281 (173,100)
Aquatics 658,260 778,214 (119,954) 877,680 1,037,619 (159,939)
Facilities 801,382 957,862 (156,480) 1,068,509 1,277,149 (208,640)
The Arts 887,174 869,881 17,293 1,182,899 1,159,841 23,058 *
Special Programs & Events 390,444 520,634 (130,190) 520,592 694,179 (173,587)
Youth/Teen Services 495,117 609,296 (114,179) 660,156 812,394 (152,238)
Adult & Senior Enrichment 294,141 345,519 (51,378) 392,188 460,692 (68,504)
Adult & Youth Sports 424,183 505,507 (81,324) 565,577 674,009 (108,432)
Total Parks & Com Serv. 34.00 29.00 28.00 5,129,087 5,895,123 (766,036) 6,838,783 7,860,164 (1,021,381)
Total All Departments 272.75 266.75 252.75 50,211,406 57,973,415 (7,762,009) 66,947,238 77,297,887 (10,350,649)
Expenditures are under budget authorization
* Includes seasonal expenditures
6 Unfunded Positions:
1 Assistant Planner (Community Development)
1 Program Manager (Parks & Community Services)
1 Recreation Coordinator (Parks & Community Services)
3 Office Technicians (Parks & Community Services)
14 Vacant Positions:
1 Administrative Coordinator (Administrative Services / Finance)
1 Senior Administrative Analyst (Aministrative Services / IT)
1 Lieutenant (Police Svcs)
1 Sergeant (Police Svcs)
1 Corporal (Police Svcs)
4 Officers (Police Svcs)
1 Administrative Coordinator (Public Works)
3 Maintenance Specialist (Public Works)
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
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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]
Client Contact:
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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: PARS Pension Stabilization Trust for the Period Ending March 31, 2020
ATTACHMENT:
A: PARS Statement - March 2020
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CITY OF SAN RAMON
PARS Post-Employment Benefits Trust 3/1/2020 to 3/31/2020
Joseph Gorton
City Manager
City of San Ramon
7000 Bollinger Canyon Rd.
San Ramon, CA 94583
Account Summary
Source 3/1/2020 Contributions Earnings Expenses Distributions Transfers 3/31/2020
PENSION 1002 $2,766,828.26 $0.00 -$275,954.18 $1,398.28 $0.00 $0.00 $2,489,475.80
Totals $2,766,828.26 $0.00 -$275,954.18 $1,398.28 $0.00 $0.00 $2,489,475.80
Investment Selection
Source
PENSION
Investment Objective
Source
PENSION
Investment Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years
PENSION -9.97% -12.63% -5.01% - - - 3/14/2018
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.
Account Report for the Period
Balance as of
Moderate HighMark PLUS
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