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Home My WebLink AboutFinance Committee Agenda Packet - September 11, 2025CITY OF NEWPORT BEACH FINANCE COMMITTEE AGENDA Community Room 100 Civic Center Drive, Newport Beach, CA 92660 Thursday, September 11, 2025 - 3:00 PM Finance Committee Members: Joe Stapleton, Mayor / Chair Robyn Grant, Council Member Sara J. Weber, Council Member Allen Cashion, Committee Member William Collopy, Committee Member William Kenney, Committee Member Kory Kramer, Committee Member Staff Members: Grace K. Leung, City Manager Jason Al-Imam, Finance Director/Treasurer Trevor Power, Acting Deputy Finance Director Vicky Nguyen, Assistant Management Analyst NOTICE REGARDING PRESENTATIONS REQUIRING USE OF CITY EQUIPMENT Any presentation requiring the use of the City of Newport Beach’s equipment must be submitted to the Finance Director/Treasurer 24 hours prior to the scheduled Finance Committee meeting. NOTICE REGARDING PUBLIC PARTICIPATION Questions and comments may also be submitted in writing for the Finance Committee’s consideration by sending them to Jason Al-Imam, Finance Director/Treasurer, at jalimam@newportbeachca.gov. To give the Finance Committee adequate time to review your questions and comments, please submit your written comments by no later than 5 p.m. the day prior to the Finance Committee meeting. All correspondence will be made part of the record. NOTICE TO THE PUBLIC The Finance Committee meeting is subject to the Ralph M. Brown Act. Among other things, the Brown Act requires that their agenda be posted at least twenty-four (24) hours in advance of each special meeting and that the public be allowed to comment on agenda items before the Committee and items not on the agenda but are within the subject matter jurisdiction of the Finance Committee. The Chair may limit public comments to a reasonable amount of time, generally three (3) minutes per person. It is the intention of the City of Newport Beach to comply with the Americans with Disabilities Act (“ADA”) in all respects. If, as an attendee or a participant at this meeting, you will need special assistance beyond what is normally provided, the City of Newport Beach will attempt to accommodate you in every reasonable manner. If requested, this agenda will be made available in appropriate alternative formats to persons with a disability, as required by Section 202 of the Americans with Disabilities Act of 1990 (42 U.S.C. Sec. 12132), and the federal rules and regulations adopted in implementation thereof. Please contact the City Clerk’s Office at least forty-eight (48) hours prior to the meeting to inform us of your particular needs and to determine if accommodation is feasible at (949) 644-3127 or jalimam@newportbeachca.gov. 1 September 11, 2025 Page 2 Finance Committee Meeting I.CALL MEETING TO ORDER II.ROLL CALL III.PLEDGE OF ALLEGIANCE IV.PUBLIC COMMENTS Public comments are invited on agenda and non-agenda items generally considered to be within the subject matter jurisdiction of the Finance Committee. Speakers must limit comments to three (3) minutes. Before speaking, we invite, but do not require, you to state your name for the record. The Finance Committee has the discretion to extend or shorten the speakers’ time limit on agenda or non-agenda items, provided the time limit adjustment is applied equally to all speakers. As a courtesy, please turn cell phones off or set them in the silent mode. V.CONSENT CALENDAR MINUTES OF MAY 8, 2025A. Recommended Action: Approve and file. DRAFT OF MINUTES - MAY 8, 2025 5A1 WRITTEN COMMENTS MINUTES OF MAY 29, 2025B. Recommended Action: Approve and file. DRAFT OF MINUTES - MAY 29, 2025 VI.CURRENT BUSINESS ANNUAL REVIEW OF INVESTMENT PERFORMANCEA. Summary: The City's investment advisor, Chandler Asset Management, will report on the performance of the City's investment portfolio for the fiscal year ending June 30, 2025. Recommended Action: Receive and file. STAFF REPORT ATTACHMENT A 2 September 11, 2025 Page 3 Finance Committee Meeting ANNUAL REVIEW OF INVESTMENT POLICYB. Summary: The Finance Department, in coordination with Chandler Asset Management, completed its annual review of the City’s Investment Policy to ensure consistency with legal requirements, best practices, and the objectives of safety, liquidity, and return. Following the review, staff determined that no changes to the Policy are necessary at this time. Recommended Action: Receive and file. STAFF REPORT OVERVIEW OF RECREATION AND SENIOR SERVICES DEPARTMENT BUDGET C. Summary: Staff will provide the Committee with a presentation covering the budget for the Recreation and Senior Services Department. Recommended Action: Receive and file. PRESENTATION BUDGET AMENDMENTS FOR QUARTER ENDING JUNE 30, 2025D. Summary: Staff will report on the budget amendments from the prior quarter. Recommended Action: Receive and file. STAFF REPORT ATTACHMENT A WORK PLAN REVIEWE. Summary: Staff will report on the upcoming Finance Committee items. Recommended Action: Receive and file. WORK PLAN VI.ADJOURNMENT 3 Finance Committee Meeting Minutes May 8, 2025 Agenda Item No. 5A Page 1 of 10 CITY OF NEWPORT BEACH FINANCE COMMITTEE MAY 8, 2025 MEETING MINUTES I. CALL MEETING TO ORDER The meeting was called to order at 3:00 p.m. in the Crystal Cove Conference Room, Bay 2D, 100 Civic Center Drive, Newport Beach, California 92660. II. ROLL CALL PRESENT: Mayor/Chair Joe Stapleton, Councilmember Robyn Grant, Councilmember Sara Weber, Committee Member Allen Cashion, Committee Member William Collopy, Committee Member William Kenney, Committee Member Kory Kramer ABSENT: None STAFF PRESENT: City Manager Grace K. Leung, Finance Director/Treasurer Jason Al-Imam, Deputy Finance Director Shelby Burguan , Assistant Management Analyst Vicky Nguyen, Finance Manager Jessica Nguyen, Finance Manager Trevor Power, Purchasing and Contracts Administrator Jennifer Anderson, Budget Analyst Abigail Marin, Budget Analyst Anthony Alannouf, Budget Analyst Courtney Buck, Buyer Jackqueline Nguyen, Fire Chief Jeff Boyles, Utilities Director Mark Vukojevic, Harbormaster Paul Blank, Public Works Director David Webb, Senior Management Analyst Trevor Smouse, Administrative Manager Chris Miller, Administrative Manager Raymund Reyes, Assistant Management Analyst Lili Banuelos, Library Services Manager Rebecca Lightfoot, Administrative Assistant Errica Garrett, Management Fellow Sabrina Mesropian, Management Analyst Lorig Yaghsezian OTHER ENTITIES: Jonathan Foster, Davis Farr MEMBERS OF THE PUBLIC: Jim Mosher, Nancy Scarbrough III. PLEDGE OF ALLEGIANCE Committee Member Collopy led the Pledge of Allegiance IV. PUBLIC COMMENTS Chair Stapleton opened public comments. Hearing none, Chair Stapleton closed public comments. V. CONSENT CALENDAR A. MINUTES OF APRIL 10, 2025 Recommended Action: Approve and file. MOTION: Committee Member Collopy moved to approve the minutes of April 10, 2025, as amended, seconded by Committee Member Cashion. The motion carried as follows: 4 Finance Committee Meeting Minutes May 8, 2025 Agenda Item No. 5A Page 2 of 10 AYES: Cashion, Collopy, Kenney, Kramer, Grant, Weber, Stapleton NOES: None ABSTAIN: None ABSENT: None VI. CURRENT BUSINESS A. FINANCIAL STATEMENT AUDITOR’S COMMUNICATION WITH THE FINANCE COMMITTEE ACTING AS THE CITY’S AUDIT COMMITTEE Recommended Action: Receive and file. Finance Director/Treasurer Al-Imam introduced the item, noting that the City undergoes an independent annual audit of its financial statements. Davis Farr LLP, the City’s independent auditor, will begin fieldwork for the FY 2024–25 audit in the coming weeks. Interim procedures are scheduled between May and July, with final testing in October. The audit is expected to conclude in December, and results will be presented to the Finance Committee in January. Jonathan Foster, a partner with Davis Farr LLP, presented on behalf of Marc Davis. He outlined the scope of the audit, which primarily covers the City’s Annual Comprehensive Financial Report (ACFR), agreed-upon procedures on the Gann Limit, and, if applicable, a Single Audit when federal expenditures exceed $750,000 (rising to $1 million in FY 2026). He emphasized that the engagement is not a fraud audit, though procedures include fraud-risk assessments and questionnaires. Mr. Foster explained that the auditors’ responsibilities include ongoing communication with the Finance Committee, which serves as the City’s audit committee. The audit will be conducted in accordance with Generally Accepted Auditing Standards (GAAS) and Generally Accepted Government Auditing Standards (GAGAS), with the objective of issuing an opinion on the City’s financial statements. Interim fieldwork is scheduled for June and July, focusing on risk assessment and walkthroughs of internal controls. While not intended to provide an opinion on controls, any deficiencies or noncompliance identified will be communicated separately. Final fieldwork will occur in October, with a Single Audit, if required, scheduled for January 2026. Mr. Foster also highlighted the implementation of GASB Statement No. 101 on compensated absences, requiring enhanced reporting of sick and vacation leave liabilities. He noted that this may be referenced in the audit opinion, though such language should not be cause for concern. He explained that upon completion, results will be presented in January 2026, accompanied by a letter disclosing any violations of laws, audit difficulties, disagreements with management, or unusual transactions—or affirmatively stating if none are found. During discussion, Committee Member Collopy asked about the committee’s role and potential liability. Al-Imam clarified that the Finance Committee functions as the City’s audit committee, responsible for receiving communications and providing input on audit planning. Committee Member Collopy raised concerns about fiduciary responsibilities and Directors and Officers (D&O) liability insurance coverage. Committee Member Kramer noted that City officials are generally covered under the City’s liability program but recommended confirmation. Al-Imam stated that he would confirm with the City Attorney and/or the City’s Risk Manager whether members of the Finance Committee are covered under the City’s insurance policy for actions taken while serving in their capacity as the City’s Audit Committee. Committee Member Kenney asked whether auditors actively test for fraud. Mr. Foster confirmed that auditors are required to consider the risk of fraud and design audit procedures to address it. For example, this may include asking staff about potential fraud, testing journal entries, and reviewing unusual or high-risk transactions. Additional procedures are performed 5 Finance Committee Meeting Minutes May 8, 2025 Agenda Item No. 5A Page 3 of 10 if any red flags arise. Committee Member Kenney also noted that the prior year’s audit received an unmodified opinion. Chair Stapleton opened public comments. Hearing none, Chair Stapleton closed public comments. Chair Stapleton received and filed the item. B. FOLLOW UP DISCUSSION OF PROPOSED FY 2025-26 BUDGET Recommended Action: Review and discuss the proposed budget and provide any recommendations for consideration by the City Manager and City Council. Budget Manager Jessica Nguyen reviewed updates made to the proposed budget since the committee's last discussion in April. She highlighted changes to projected revenues and called specific attention to the $8.4 million increase in expected grant funding. She acknowledged that this amount was inadvertently omitted from the figure listed under Account 43, Intergovernmental Revenues, on page 19 of the proposed budget book. She apologized for the oversight and confirmed that the correction will be reflected in the final printed version of the adopted budget book. Budget Manager Nguyen reported that the $8.4 million in expected grant funds is related to planned infrastructure and environmental projects, including street improvements along Old Newport Boulevard and West Coast Highway, the Newport Dunes Infiltration Basin, and the Big Canyon Restoration Project. Funding is anticipated to come from external sources such as the Orange County Transportation Authority (OCTA), OC Parks, and the Orange County Sanitation District (OCSan). Committee Member Cashion inquired whether the $8.4 million in anticipated grant revenue would be offset by a corresponding expense or if it would result in a net increase. Budget Manager Nguyen responded that the revenue is offset by the budget for the related Capital Improvement Projects (CIP). She noted that each of the projects associated with the grant funding has been budgeted for the same amount as the expected revenue, resulting in a balanced impact on the budget. She also explained that staff needed to remove $1.3 million of opioid settlement funds from the proposed budget. She explained that the City has already received the settlement funds and is carrying over the remaining balance as a revised budget entry, rather than listing it as part of the original new budget. Finance Director/Treasurer Al-Imam clarified that this carryover amount should be removed from the original proposed budget and reflected appropriately in the revised budget documentation. Councilmember Weber sought clarification on the $8.4 million increase in grant revenue and asked whether it would result in a revision to the budget total. Budget Manager Nguyen confirmed that the total on Line 43, Intergovernmental Revenues, will increase from $13.8 million to $22.2 million to reflect the anticipated grant funding. She noted that as a result, the total proposed budget will increase by $8.4 million, bringing it to approximately $537 million. Budget Manager Nguyen reported that updates have also been made to the Capital Improvement Program (CIP) Master Plan since the April Finance Committee meeting. She advised that at that time, the CIP was budgeted at $66.1 million. She noted that the updated figure is now $66.7 million, reflecting an increase of $638,000. She explained that this increase 6 Finance Committee Meeting Minutes May 8, 2025 Agenda Item No. 5A Page 4 of 10 is attributed to adjustments in projects funded by the Tidelands Fund and the Gas Tax Fund. She further explained that the additional funds are related to the Beach and Bay Sand Management Project and the Old Newport Boulevard/West Coast Highway modifications. Committee Member Collopy asked for clarification regarding the change in the budgeted amount for the sand management project, specifically referencing a line item that increased from $60,000 to $600,000. He questioned whether the original lower figure had simply been an oversight and whether this adjustment represented an update to the Capital Improvement Plan (CIP). Finance Director/Treasurer Al-Imam confirmed that the original April presentation included a $60,000 estimate, but the revised budget reflects an updated amount of $600,000. Committee Member Collopy noted his surprise at the increase, especially given that $500,000 had been allocated to West Newport in the prior year. Finance Director/Treasurer Al-Imam clarified that this is a new project, and the $60,000 shown in April was the preliminary figure at the time. He explained that the revised amount reflects updated estimates based on more complete information. City Manager Grace Leung advised that as actual expenditures are assessed, adjustments are made to determine how much funding will carry over and how much new funding is needed. Budget Manager Nguyen referred to page 53 of the proposed budget book, which outlines transfer activity between funds. She advised that a specific adjustment was made to the transfers out of the Facilities Financing Plan Fund, which increased by $10.7 million. Budget Manager Nguyen provided an updated overview of the revised General Fund sources and uses. She reported that when projected revenues and proposed expenditures are combined, the fiscal year 2026 proposed budget reflects a surplus of $15.3 million. Finance Director/Treasurer Al-Imam provided an overview of the City's annual budget process. He explained that each year, a high-level summary of the proposed budget is presented to the Finance Committee in April. He further explained that this is followed by a more detailed review of the full proposed budget document, which ultimately goes to the City Council for adoption in June. He explained that because the budget development process begins early in the calendar year, typically in March or April, there are often adjustments that must be incorporated between the initial presentation and final adoption. He noted that these updates may reflect actions taken by the City Council after the April or May committee meetings. Finance Director/Treasurer Al-Imam reported that in order to manage these updates, staff maintains a "budget checklist" of proposed revisions. He explained that this checklist tracks changes and ensures they are accurately reflected in the final adopted budget and noted that the complete checklist will be presented to the committee later this month, following the joint meeting with the City Council. Finance Director/Treasurer Al-Imam reported that to date, seven checklist items have been identified. He noted that two of these are related to recently approved Memoranda of Understanding (MOUs): one with the Fire Department and the other with the Association of Newport Beach Ocean Lifeguards (ANBOL), and went before the City Council two weeks ago. He explained that, as required, these MOUs will be presented to the Council for approval a second time. He noted that the combined fiscal impact of the seven proposed budget revisions is estimated at $3.1 million. He explained that these are General Fund costs and will need to be added to the final adopted budget. 7 Finance Committee Meeting Minutes May 8, 2025 Agenda Item No. 5A Page 5 of 10 Finance Director/Treasurer Al-Imam reported that some of the proposed budget revisions include $91,000 for Beach Enforcement by the Police Department and a $100,000 annual reimbursement for tow operator services, as previously approved by the City Council. He explained that combined with the MOUs, these items result in an approximate $3.1 million increase to the proposed budget. He noted that all of these changes will be incorporated into the adopted budget, scheduled for City Council approval in June. He emphasized that staff maintains a continuously updated budget checklist and that the current list of changes will be shared with the committee later this month. City Manager Grace Leung emphasized that, at present, the City is actively engaged in negotiations with all of its bargaining groups. She noted that as a result, the figures currently included in the proposed budget represent only a baseline. She explained that any new Memoranda of Understanding (MOUs) that are finalized before the adoption of the budget will be added through the budget checklist process. She noted that if an agreement is not finalized by the June 10 deadline for budget adoption, any related costs will be incorporated later through a formal budget amendment to the already adopted budget. Committee Member Cashion asked for clarification on the figures discussed and whether the detailed budget adjustments would be presented at the next meeting. He recapped the preliminary numbers, referencing $90,000 for police beach enforcement and $100,000 for tow operation reimbursements. He noted that these amounts alone do not total $3.1 million and sought confirmation. City Manager Grace Leung clarified that a majority of the $3.1 million figure relates specifically to the salary and benefit adjustments associated with the two recently negotiated Memoranda of Understanding (MOUs). Finance Director/Treasurer Al-Imam noted that approximately $2.2 million is related to the Fire Department, with the remaining $600,000 associated with the lifeguard agreement. City Manager Leung also advised caution in relying too heavily on the currently projected $15 million surplus, noting that pending labor agreements and other budgetary adjustments could significantly affect that figure. Committee Member Kenney raised a question regarding potential declines in revenue. He asked what the City's response would be if there were a significant economic downturn at either the federal or local level. Finance Director/Treasurer Al-Imam explained that in such a scenario, the likely course of action would be to scale back capital expenditures to maintain fiscal stability. He elaborated on the City’s approach to maintaining a balanced budget in the event of revenue declines. He noted that, if necessary, the City would consider reducing certain capital expenditures to preserve budget stability. He explained that a cascading series of cost-saving measures was implemented during the early years of the pandemic when there was considerable uncertainty concerning revenue declines. He noted that these measures included the suspension of some capital projects and a hiring freeze for vacant positions. He emphasized that the City continues to apply conservative revenue forecasting as a safeguard. Finance Director/Treasurer Al-Imam provided an overview of how staff are monitoring revenue trends, particularly about Transient Occupancy Tax (TOT) and sales tax, which he identified as the two most vulnerable revenue sources given current economic conditions. He noted that these revenue streams are subject to fluctuations stemming from factors such as tariffs, immigration policy, and tourism activity. He informed the committee that TOT data for March is 8 Finance Committee Meeting Minutes May 8, 2025 Agenda Item No. 5A Page 6 of 10 expected to be available later this month. He noted that, if necessary, adjustments to the TOT revenue forecast can be incorporated during the next budget review meeting, if necessary. Finance Director/Treasurer Al-Imam explained that the City receives data from the State approximately 60 days after the close of each quarter for sales tax. He noted that as of this meeting, the most recent available data covers the quarter ending in December. He reported that this quarter showed strong performance, with sales tax revenue up 5.7% on an adjusted basis and approximately 17% higher on a cash basis. He explained that the data for the March quarter is not expected to be available until just before the budget is adopted. He noted that staff will continue to closely monitor revenue trends and adjust as needed through the City's quarterly budget update process. Committee Member Collopy inquired why investment income is separated by fund rather than presented as a single consolidated line item under revenues. Finance Director/Treasurer Al-Imam responded that investment earnings are allocated to individual funds due to legal restrictions. He explained that, for example, funds such as the Gas Tax Fund are subject to specific regulatory requirements that mandate the segregation and appropriate allocation of any interest earned. Committee Member Collopy then referenced the "Donations and Contributions" line item (Line 56) under revenues. He noted that for fiscal year 2025, the actual amount received was approximately $9.5 million, while the proposed amount for fiscal year 2026 is listed as $379,000. He asked for clarification on how that change reflects only a 7.45% decrease when compared to a prior adopted budget amount of $410,000. Finance Director/Treasurer Al-Imam explained that the significant difference between the adopted budget and the actual amount realized in fiscal year 2025 was due to a large, one-time contribution received by the Library Lecture Hall. Committee Member Collopy inquired about the Newport Dunes concession fees and where those are reflected in the budget. Budget Manager Nguyen directed Committee Member Collopy to Account 551010 under Property Income on page 24 of the budget book, which lists lease revenue associated with Newport Dunes. Committee Member Collopy noted that the lease revenue was shown as approximately $1,800 per year, which he noted was surprisingly low. He expressed concern about the revenue arrangement, especially given the scale of the concession operations at Newport Dunes. Deputy Finance Director Shelby Burguan clarified that the property is not owned by the City, but rather by the County of Orange, and that any concession-related revenue is likely collected by the County, not the City. Committee Member Collopy also asked about Fund 511, identified as the Civic Center Fund, which was originally established for the redevelopment of the former City Hall site on the Peninsula. He noted that although that project has long since been completed, the fund still contains a balance of approximately $485,365. He questioned the purpose of retaining the funds and suggested that the balance be reallocated or absorbed into another appropriate fund. Finance Director/Treasurer Al-Imam noted that it could go into the Facilities Financing Plan (FFP) or Equipment and Property Lease (EPL) Fund. Committee Member Collopy provided comments on the Utilities Department section located near the end of the budget document. He expressed appreciation for the inclusion of 9 Finance Committee Meeting Minutes May 8, 2025 Agenda Item No. 5A Page 7 of 10 departmental cover sheets summarizing accomplishments, budget highlights, and key metrics, noting that some departments had done an exceptional job while others were less detailed. He acknowledged that the inclusion of these summaries represented a meaningful improvement overall. He then directed attention to the performance measures for Utilities, specifically the metrics tracking waterfront and sewer fund cash reserves as a percentage of their respective reserve goals. He noted that both targets were set at 100%, with the sewer fund having achieved 9% in the prior fiscal year but estimated to rise to 12% in FY 2024–2025. Committee Member Collopy recalled that this decrease in reserves was expected and appropriate, as the City had recently approved a rate adjustment and strategically used reserves in the interim. He commended staff for managing that process effectively and reaffirmed his general support for using reserves when necessary. He raised a concern about setting the reserve target at 100%, suggesting that such a target may unintentionally imply that reserves should never be used. He acknowledged that 100% might serve as an aspirational benchmark, but he questioned whether that figure should be represented as the default target in performance reporting. Deputy Finance Director Burguan responded that the 100% target is based on recommendations from the City’s reserve study and rate study. Finance Director/Treasurer Al-Imam advised that the reserve target was reviewed and accepted by the Finance Committee. He noted that the goal represents the fully funded reserve level needed to meet long-term capital and operational needs. He clarified that the target is aspirational and not intended to suggest that reserves should never be drawn upon. He explained that, rather, the approved rate structure was designed to gradually restore the reserves to that targeted level over time. Committee Member Collopy concluded his remarks with a final observation related to the Fire Department section of the budget. He commended Fire Chief Jeff Boyles for the progress made over the past several years in developing and tracking meaningful performance metrics, noting that the department has done an excellent job in measuring and reporting on its key operational indicators. He noted the absence of a metric for the number of callouts, which he felt would be valuable in evaluating year-over-year efficiency. He acknowledged that it is difficult to benchmark one fire or police department against another, but emphasized that internal comparisons, such as call volume trends and response times, can provide meaningful insights into departmental performance. Committee Member Collopy recalled a prior discussion where Chief Boyles had highlighted the high number of calls received by the department, and he reiterated the importance of sharing that information as part of the narrative. He encouraged the department to "blow its own horn" by showcasing those call volume figures, which help illustrate the growing service demand. Chair Stapleton opened public comments. Nancy Scarborough inquired about an item listed on page 24, account 551120, labeled as "West Newport Community Center – Pacifica." She noted that in previous years, the recorded rental revenue for this location had been as high as $300,000, but in the current proposed budget, the amount appears to have dropped to $2,300. She asked whether the funding had been moved to another line item and what the current designation for that revenue might be. Finance Director/Treasurer Al-Imam clarified that the funding in question is related to Community Development Block Grant (CDBG) revenues and has been relocated. He directed Ms. Scarborough to page 2 of the budget document, where the revenue now appears under a different category. 10 Finance Committee Meeting Minutes May 8, 2025 Agenda Item No. 5A Page 8 of 10 Jim Mosher referenced page 153 of the budget book, which outlines the budget for the City’s Cultural and Arts function under Library Services. He raised a concern about a discrepancy between the budget figures listed in the document and the amount the City Arts Commission believes it has available to spend. He noted that the City Arts Commission, which was scheduled to meet at 5:00 p.m. that same day, routinely reviews its available budget, but continues to see inconsistencies between its understanding and the published figures. He specifically cited line items for Maintenance and Repair of Art, which shows an allocation of $4,248, and Publications and Dues, listed at $1,000. He explained that the City Arts Commission is not informed that either of these items is part of its operating budget. He asked whether the $4,248 allocated for maintenance could be used for maintaining public art or whether it is reserved for other purposes. He also questioned why the City Arts Commission is not made aware of these funds as part of its usable budget. Finance Director/Treasurer Al-Imam clarified that these funds are part of a larger allocation within the Library Services budget and that the Library Director has discretion to move funds within the department as needed. City Manager Leung explained that the $4,248 is part of the overall facilities and maintenance allocation distributed across various divisions, not specifically earmarked for public art maintenance. Councilmember Grant, drawing from prior experience serving on the City Arts Commission, recalled that maintenance of public art was once handled directly by the commission through in-house or contracted services. She noted that over time, responsibility for overseeing maintenance of art installations—such as plaques, statues, and public memorials—was shifted to the Cultural Arts Division. Deputy Finance Director Burguan explained that certain public art pieces, such as the Ben Carlson statue and the Sunset Ridge Park commemorative bench, have been maintained using funds from the Maintenance and Repair line item. She confirmed that these funds are being used for art maintenance and that those specific projects were charged to that account. Ms. Scarborough raised a question regarding an item on page 25, specifically account 551305 related to 1201 Dove Street under Property Management Revenue. She observed that the projected lease revenue for the property had decreased from $2,700 to $2,300 and asked whether this reduction was due to a loss of tenants or a decrease in rental rates. Finance Director/Treasurer Al-Iman responded that the budget forecast for that property is managed by the Community Development Department, and that department would be best positioned to explain the reason for the change. Chair Stapleton closed public comments. Committee Member Collopy raised a separate observation regarding Contract Services on page 40 of the expenses section. He noted that the budget for Contract Services increased steadily over the past several years—rising from $24 million in FY 2022, to $26 million in FY 2023, $27 million in FY 2024, and now projected at $29 million in FY 2025, with an expected increase to $41 million the following year. He inquired about the reason behind this significant $8 million increase. Budget Manager Nguyen explained that the increase is primarily due to the reclassification of the residential refuse contract, valued at approximately $6 million, which was previously categorized under Maintenance and Repair and has now been moved to Contract Services for reporting clarity. Finance Director/Treasurer Al-Iman noted that there is a corresponding reduction in the Maintenance and Repair category to reflect this adjustment. 11 Finance Committee Meeting Minutes May 8, 2025 Agenda Item No. 5A Page 9 of 10 Chair Stapleton noted that Committee Member Cashion would be submitting additional comments in the following week. There was no further discussion on the item. C. DEPARTMENTAL OVERVIEWS Recommended Action: Provide feedback on which departments to be studied in the Fall and Winter of the upcoming year. Finance Director/Treasurer Al-Iman provided a brief overview of a discussion held during the April 10 Finance Committee meeting regarding potential departments to be reviewed in future deep-dive sessions. He advised that staff prepare a report summarizing all departmental deep-dive reviews conducted over the past five to six years. He noted that the report includes a visual breakdown of the City’s overall budget by department in the form of a pie chart, illustrating the relative size of each department’s budget. Finance Director/Treasurer Al-Iman reported that the Police Department was identified as the largest departmental budget, followed by Fire, Public Works, and Utilities. He emphasized that the choice of which departments to review is open for discussion and input from the Finance Committee. He explained that the Finance Committee has conducted two departmental deep dives each fiscal year—one in the fall (typically October or November), and another in January. He invited committee members to provide feedback on which departments they would like to examine in upcoming sessions. Committee Member Collopy suggested that Community Development and Recreation and Senior Services would be appropriate departments to prioritize next. He noted that these departments are among the larger operations that have not been reviewed in several years—or potentially not at all—and were identified as candidates for the upcoming deep-dive sessions. Chair Stapleton suggested that a future review of the Police Department may be warranted in fiscal year 2026 or 2027. Committee Member Collopy agreed that allowing time for initiatives to be operational before conducting a review would provide a more meaningful assessment. Chair Stapleton opened public comments. Hearing none, Chair Stapleton closed public comments. There was no further discussion on the item. D. WORK PLAN REVIEW Recommended action: Receive and file. Chair Stapleton confirmed that the next meeting is scheduled for May 27th at 4:00 p.m. in the City Council Chambers. He noted that all committee members were encouraged to attend. He advised that during that meeting, staff will present the full proposed budget for fiscal year 2025–2026. He advised that following that, the committee will reconvene on May 29th at 3:00 p.m. for its regularly scheduled session. He explained that at that meeting, the committee will have the opportunity to make formal recommendations to the City Council regarding the proposed budget and to review the third-quarter budget report. Chair Stapleton opened public comments. Hearing none, Chair Stapleton closed public comments. Chair Stapleton received and filed the item. 12 Finance Committee Meeting Minutes May 8, 2025 Agenda Item No. 5A Page 10 of 10 VII. AJOURNMENT The Finance Committee adjourned at 3:52 p.m. Attest: ___________________________________ _____________________ Joe Stapleton, Mayor/Chair Date Finance Committee 13 From:Al-Imam, Jason To:Nguyen, Vicky Cc:Power, Trevor Subject:Comments on Finance Committee agenda item V.A (Sept. 11, 2025, meeting) Date:September 10, 2025 4:24:39 PM Attachments:image001.pngimage002.pngimage003.pngimage004.png Hi Vicky, Below are comments from Jim Mosher on the minutes. Can you share this with the Finance Committee? Thank you, Jason Al-Imam Finance Director Finance Department 949-644-3126 100 Civic Center Dr, Bay 2C Newport Beach, CA 92660 From: Jim Mosher <jimmosher@yahoo.com> Sent: September 10, 2025 3:58 PM To: Al-Imam, Jason <jalimam@newportbeachca.gov> Subject: Comments on Finance Committee agenda item V.A (Sept. 11, 2025, meeting) [EXTERNAL EMAIL] DO NOT CLICK links or attachments unless you recognize the sender and know the content issafe. Report phish using the Phish Alert Button above. In reviewing the otherwise excellent draft minutes being presented as Items V.A and V.B at tomorrow's meeting of the Newport Beach Finance Committee, I noticed two minor errors on Page 8 of 10 of the first of those (Item V.A, minutes of May 8, 2025, on handwritten page 11 of the agenda packet). 1. Paragraph 5 refers to maintenance of a "Sunset Ridge Park commemorative bench." Without benefit of a recording, I cannot verify what was said, but it seemslikely the intended reference was the "Sunset Years commemorative bench" -- a bronze statue of an elderly couple sitting on a bench, which I believe is on the boardwalk at the end of Marine Avenue on Balboa Island, facing the main harbor channel. I am not aware of an art piece requiring maintenance at Sunset Ridge Park that would be described as a commemorative bench. 2. Paragraph 6 refers to a comment by Nancy Scarbrough regarding a reduction of the anticipated revenue related to 1201 Dove Street. The draft minutes say she Item No. 5A1Draft of Minutes - May 8, 2025 Written CommentsSeptemeber 11, 2025 14 quoted the budget detail as showing the expected revenue "decreased from $2,700 to $2,300." That would be remarkably low for rental of a major office building. The budget page she referenced actually shows anticipated revenue from 1201 Dove Street falling from $2,777,861 to $2,300,000. I am guessing she may have said it showed the revenue "decreased from $2.7 to $2.3 million" or something of that sort(although "$2.8 million" would be more accurate). There could be other errors, but those are two that stood out to me. -- Jim Mosher 15 Finance Committee Meeting Minutes May 29, 2025 Agenda Item No. 5B Page 1 of 10 CITY OF NEWPORT BEACH FINANCE COMMITTEE MAY 29, 2025 MEETING MINUTES I. CALL MEETING TO ORDER The meeting was called to order at 3:00 p.m. in the Civic Center Community Room, 100 Civic Center Drive, Newport Beach, California 92660. II. ROLL CALL PRESENT: Mayor/Chair Joe Stapleton, Council Member Robyn Grant, Council Member Sara Weber, Committee Member Allen Cashion, Committee Member William Kenney, Committee Member Kory Kramer ABSENT: Committee Member William Collopy STAFF PRESENT: City Manager Grace K. Leung, Finance Director/Treasurer Jason Al-Imam, Deputy Finance Director Shelby Burguan, Assistant Management Analyst Vicky Nguyen, Finance Manager Jessica Nguyen, Finance Manager Jessica Kan, Budget Analyst Abigail Marin, Budget Analyst Anthony Alannouf, Budget Analyst Courtney Buck, Public Works Director David Webb, Administrative Manager Raymund Reyes, Senior Management Analyst Trevor Smouse, Library Services Manager Rebecca Lightfoot , Management Analyst Katie Vu OTHER ENTITIES: MEMBERS OF THE PUBLIC: Jim Mosher, Nancy Scarbrough III. PLEDGE OF ALLEGIANCE Chair Stapleton led the Pledge of Allegiance IV. PUBLIC COMMENTS Chair Stapleton opened public comments. Hearing none, Chair Stapleton closed public comments. V. CONSENT CALENDAR A. COMMITTEE RECOMMENDATION TO COUNCIL FOR THE FY 2025-26 BUDGET Recommended Action: Make final recommendations to the City Council concerning the City Manager’s Fiscal Year 2025-26 Proposed Budget. Finance Manager Jessica Nguyen provided an overview of proposed budget revisions to the General Fund budget, which includes seven adjustments to expenditures that amount to approximately $3.1 million. She noted that two of the largest adjustments relate to salary and benefit adjustments associated with recently approved Memoranda of Understanding (MOUs) associated with the Firefighters’ Association and the Association of Newport Beach Ocean Lifeguards. 16 Finance Committee Meeting Minutes May 29, 2025 Agenda Item No. 5B Page 2 of 10 Finance Manager Nguyen stated that, in addition to General Fund expenditures, adjustments have been made to Capital Improvement Program (CIP) appropriations since the Joint Committee meeting held earlier in the week. She noted that the affected projects are highlighted, resulting in a $2.1 million increase to the overall CIP plan. She further stated that the revised total for new CIP appropriations is now $68.9 million, reflecting an increase of $2.1 million from the originally proposed amount. She reported that the total proposed budget for Fiscal Year 2025–26 is $532.7 million, representing a 7.7% increase over the adopted budget for Fiscal Year 2024–25. She concluded by stating that, when revenues and expenditures are combined, the preliminary ending unrestricted fund balance for the General Fund is projected to be $12.2 million. Committee Member Kramer inquired about the origin of the six additional projects. Senior Management Analyst Trevor Smouse advised that the projects in question are already included in the project detail pages of the proposed budget book. However, he explained that there was a discrepancy between those pages and the summary pages located at the end of the document. He noted that the summary pages are the basis for the figures included in the proposed adopted budget. He clarified that this is not a matter of erroneous project inclusion, but rather a presentation inconsistency between the detailed and summary pages. Committee Member Kramer requested clarification on whether the six items were in error and being corrected. Senior Management Analyst Smouse clarified that the six items in question are correctly listed in the project pages, and the discrepancy lies only in the summary tables. Finance Director/Treasurer Jason Al-Imam explained that the issue resulted from a breakdown in communication between the Public Works and Finance departments. He further explained that typically, coordination between the departments is handled by a key staff member who is currently on maternity leave and, as a result, certain updates were not communicated as usual, leading to the misalignment. Senior Management Analyst Smouse explained that the $2.1 million being added to the budget corrects a discrepancy to ensure consistency between the budget document and the Capital Improvement Plan (CIP). Staff emphasized that this issue is not expected to recur and that the goal is to release the proposed budget and CIP in early May with full alignment and no subsequent revisions. Finance Director/Treasurer Al-Imam explained that these discrepancies were identified while preparing the budget adoption staff report. He noted that during that process, they compared the figures in the proposed budget against those in the CIP, which brought the inconsistencies to light. Committee Member Kramer inquired whether any further modifications to the budget are anticipated. Finance Director/Treasurer Al-Imam advised that no additional changes are expected at this time. Committee Member Kramer inquired if the Measure M funding allocated for the Newport Dunes Infiltration and Big Canyon Restoration Project was a one-time lump sum or if it would be distributed over multiple years. Public Works Director David Webb explained that the $8.4 million is associated with Measure M funding from the County and is structured as a cost-reimbursement grant. 17 Finance Committee Meeting Minutes May 29, 2025 Agenda Item No. 5B Page 3 of 10 Finance Director/Treasurer Al-Imam further explained that the Newport Dunes project is a multi-year effort, and the City will receive reimbursements from the County as project expenditures occur. Committee Member Kramer inquired if there would be additional funding annually. Public Works Director Webb explained that while this year’s allocation is significant, future amounts may vary. He noted that the City must competitively apply for Measure M funding each year. He further explained that funding availability depends on various factors, including County revenues generated through sales tax. He noted that it is not guaranteed that an equivalent amount will be awarded in future years. Committee Member Kramer inquired if any further review or action by City Council or staff was needed regarding project expenditures since the Finance Committee’s last meeting. Finance Director/Treasurer Al-Imam clarified that the only changes made thus far are on the expenditure side, reflecting items previously approved by the City Council since May. For example, the Council recently approved Memoranda of Understanding (MOUs) with the Firefighters’ Association and the Association of Newport Beach Ocean Lifeguards, and the costs associated with these agreements affect both the current and upcoming fiscal years and must be incorporated into the budget. He added that the proposed agreement with the Police Association was presented to the City Council for a first reading on Tuesday, May 27, and is scheduled for a second reading on June 10. The financial impacts of that agreement will also need to be included in the final budget. He noted that it is not uncommon to amend the budget at the time of adoption. For example, it was explained that once the Police Association agreement is brought forward on June 10, staff will present a formal budget amendment to update the newly adopted budget accordingly. Committee Member Kramer referenced the $3.1 million in General Fund expenditure revisions and inquired if it remains a fluid figure. Finance Director/Treasurer Al-Imam explained that after the budget is adopted on June 10, it is expected that the budget will be amended throughout the year. For example, as other labor agreements come forward, it will require amendments to the newly adopted budget. Committee Member Kramer inquired about the anticipated financial impact of the Police Association (PA) and other bargaining unit agreements. Finance Director/Treasurer Al-Imam noted that the City currently has a $12 million surplus and expects that most, if not all, of that surplus will be used to fund the finalized contracts. Committee Member Kramer suggested including the potential $9 million figure in the budget expenditure line item for transparency. Finance Director/Treasurer Al-Imam advised against doing so, citing the fact that negotiations with multiple bargaining units are still ongoing. City Manager Grace Leung explained that specifying a placeholder amount could risk telegraphing the City’s negotiating position, which is not advisable during active labor discussions. Finance Director/Treasurer Al-Imam explained that this is an unusual year in terms of labor agreements. He noted that typically, large-scale contract renewals occur every three to four years when most Memoranda of Understanding (MOUs) expire. He noted that this cycle has 18 Finance Committee Meeting Minutes May 29, 2025 Agenda Item No. 5B Page 4 of 10 led to the convergence of several significant agreements requiring incorporation into the FY 2025-26 budget. Committee Member Kramer inquired if the City Council could make changes, depending on the status of ongoing negotiations and the timing of contract approvals. Finance Director/Treasurer Al-Imam noted that the City Council retains the discretion to make further changes to the budget if necessary. He advised that the City typically processes 40 to 50 budget amendments over the course of a fiscal year. He explained that some of these fall within the City Manager's delegated authority, while others require formal City Council approval depending on the dollar amount and funding source. Committee Member Kramer inquired about the approval threshold; staff clarified that the City Manager may approve amendments of up to $10,000 or grants up to $30,000 that are offset by revenue. Committee Member Cashion inquired about the sequencing of budget revisions, particularly why certain adjustments, such as Measure M funding and other known revisions, were not incorporated into the proposed budget before the most recent City Council presentation. Finance Director/Treasurer Al-Imam acknowledged that the issue stemmed from a timing and reconciliation delay with the preparation of the budget adoption staff report. He noted that the process revealed discrepancies that ideally would have been identified earlier. He explained that one such discrepancy involved approximately $8 million in revenue that was initially missing but had already been allocated to specific projects. City Manager Leung explained that the proposed budget document must be finalized and sent to print by the end of April in order to meet publishing deadlines. She noted that as a result, any information received after that date, such as updated grant details or project funding, was not reflected in the initial version of the document. Finance Director/Treasurer Al-Imam emphasized that the Public Works and Finance departments are working closely to prevent similar issues in future budget cycles. Public Works Director Webb provided additional clarification on the composition of the $8 million in newly identified revenue. He noted that $467,000 is associated with Measure M funding, while the remaining balance relates to the Upper Bay Conservancy’s Big Canyon project, which is supported by three separate grant sources. He further explained that because the Conservancy does not have the capacity to manage construction, the City will act as the lead agency and manage project delivery, and, as such, the grant revenues must be included in the City's budget. Committee Member Cashion inquired if staff are unaware of any other unincorporated revenue channels. Public Works Director Webb explained that grant funding is typically the primary factor causing the City to experience budget “hiccups,” but noted that such items continue to be monitored for updates. He expressed confidence that with improved coordination, these types of late-stage adjustments can be avoided in future budget cycles. He further explained that grant funding is often the primary source of mid-year budget adjustments. He noted that because grants are applied for and awarded throughout the year, the timing of notifications can create the need for budget amendments throughout the year. Committee Member Cashion inquired if staff is aware of any additional grant awards pending incorporation. 19 Finance Committee Meeting Minutes May 29, 2025 Agenda Item No. 5B Page 5 of 10 Finance Director/Treasurer Al-Imam emphasized that City departments are constantly applying for new grants, which may result in future adjustments. City Manager Leung remarked regarding the reconciliation of capital projects and acknowledged that the issue in question could have been identified earlier. She expressed confidence in the reconciliation process and the accuracy of the final budget. She explained that due to the multi-year nature of capital projects, Public Works staff are actively working up to the point of final budget printing to account for project spending. She further explained that as part of this process, project savings may be identified and reallocated to other priority projects for the upcoming fiscal year. She noted that the ongoing movement of funds allows for adjustments based on project status and need. She remained confident in the final reconciliation process with the key objective to ensure that it is completed accurately and on time. Committee Member Cashion requested clarity on the status of the City’s current $12 million surplus. City Manager Leung expressed confidence that a substantial portion, potentially around $9 million, is expected to be allocated, given that $3 million is already accounted for in known commitments. Committee Member Cashion reiterated that the key takeaway is that there is no deficit spending, and the City continues to anticipate maintaining a positive surplus once all allocations are finalized. Director/Treasurer Al-Imam explained that the budget assumes full staffing levels, although in practice, there are always vacancies, which result in expenditure savings totaling millions of dollars each year. He noted that the City typically takes a conservative approach to revenue projections, which contributes to the consistent generation of budget surpluses. He explained that if certain labor agreements significantly increase personnel costs, the City may need to adjust future budgets. He further explained that it may become necessary to incorporate vacancy savings directly into the base budget to reflect more realistic staffing assumptions and to balance the budget. He advised that this will be reviewed during the next budget cycle. Committee Member Cashion encouraged staff to ensure that, during the upcoming City Council presentation, all key assumptions and contextual information are communicated. He encouraged staff to present the material in a way that is easily understood by the public, avoiding unnecessary complexity, while also emphasizing the positive aspects of the budget outlook. City Manager Leung reported that the City is still projecting a sizeable surplus for the current year. She emphasized that departments have generally remained disciplined in spending only what is necessary, and that vacancies throughout the year continue to contribute to expenditure savings. She noted that these patterns are reflected in the current third-quarter projections, which support the City’s ability to maintain fiscal stability. Committee Member Kramer noted that the City's overall budget surplus is much larger considering the City is paying additional amounts towards its pension liability. Director/Treasurer Al-Imam explained that the City is committed to paying $45 million annually to CalPERS towards its unfunded pension liability. Of this amount, approximately $30 to $35 million is required to be paid to CalPERS, whereas the remaining $10 million to $15 million represents the portion of the surplus where the City has discretionary flexibility. 20 Finance Committee Meeting Minutes May 29, 2025 Agenda Item No. 5B Page 6 of 10 Committee Member Kramer recommended that the surplus be presented as the total available amount, with a visual breakdown showing the required obligations and the discretionary surplus separately. He noted that doing so would help contextualize the decision to pursue a greater-than-required debt paydown, which is being funded from the surplus. City Manager Leung explained that, under Council Policy, the City has committed to an aggressive pension paydown plan. Committee Member Kramer emphasized that the funding still originates from the City’s surplus and that exceeding the established threshold further demonstrates fiscal responsibility. He encouraged staff to present the surplus and related fiscal decisions as transparently and positively as possible, noting that this reflects a strong financial position and highlights the City’s commitment to sound governance. He further stated that this message often does not reach residents or business owners, despite standing in contrast to the broader fiscal challenges faced by many jurisdictions across California. He added that sharing this success story is essential to maintaining public trust and reinforcing the City’s reputation for responsible financial management. Director/Treasurer Al-Imam reported that in November, the City will conduct a more in-depth review of pension funding, which will include a presentation by a representative from CalPERS to the Finance Committee. He advised that the discussion would address the City’s efforts to significantly reduce its pension liability and its ability to exceed the actions taken by most municipalities. He noted that many cities are struggling to meet their minimum required contributions, while Newport Beach has consistently funded its obligations at levels well above the minimum, demonstrating a proactive and fiscally responsible approach. Chair Stapleton opened public comments. Mr. Jim Mosher addressed the committee and referenced a concern he had previously raised at the Joint Meeting regarding the library materials budget. He noted that the allocation for library materials had not increased from the prior year and emphasized that this was not an isolated case. He stated that many items in the proposed budget show no recommended increases, reflecting no change from the previous fiscal year. He pointed out that while much of the overall budget increase is attributed to the anticipated rise in City employee compensation, the line items related to contracted professional services, those provided by external vendors, mostly show zero increase. He expressed surprise at this, given that costs in those areas would also reasonably be expected to rise. Mr. Mosher posed a broader question regarding the budget development process, asking what a department should do if it wishes to request an increase in a line item that has historically remained flat. He shared a hypothetical strategy, which he has occasionally recommended to the Library Board, suggesting that rather than coming in under budget as a sign of fiscal restraint, departments might consider modestly exceeding their budget allocations to signal a need for increased funding in future years. He inquired whether such a tactic would be effective in securing additional resources or if there is a more appropriate strategy. Mr. Mosher observed what appeared to be a typographical error in the budget document beginning on page 206. He noted the inclusion of a detailed budget for a department labeled the “Recreation Works Department,” which he had not seen referenced elsewhere. He asked whether this represented an in-progress departmental change or was simply an error in the document. Chair Stapleton closed public comment. 21 Finance Committee Meeting Minutes May 29, 2025 Agenda Item No. 5B Page 7 of 10 Director/Treasurer Al-Imam explained that, as part of the budget development process, the Finance Department meets with individual departments to review their budgets and solicit input. He further explained that departments are asked to provide feedback on whether additional funding is needed. He noted that, however, if a department requests additional funding but has not been fully utilizing its existing budget, staff applies discretion in determining whether an increase is warranted. He noted that the City does not automatically apply CPI-based increases to departmental budgets, particularly for departments that consistently come in under budget. He emphasized that this approach is intended to strike a balance between meeting operational needs and ensuring fiscal responsibility. Chair Joe Stapleton emphasized the importance of highlighting the City’s strong financial position, including the fact that it maintains a balanced budget, holds a AAA credit rating, aggressively pays down its pension liability, and continues to operate with a surplus. The committee agreed that these strengths should be prominently featured in the budget presentation. MOTION: Committee Member Kramer moved to approve the final recommendations to the City Council concerning the City Manager’s Fiscal Year 2025-26 Proposed Budget, seconded by Committee Member Cashion. The motion carried as follows: AYES: Cashion, Kenney, Kramer, Grant, Weber, Stapleton NOES: None ABSENT: Collopy ABSTAIN: None B. THIRD QUARTER BUDGET UPDATE Recommended Action: Staff recommend that the Finance Committee review and discuss this report and provide any recommendations for consideration by the City Manager and City Council. Finance Manager Nguyen provided the third-quarter budget update for Fiscal Year 2024-25. She reported that General Fund revenues are projected to end the year approximately 0.16 percent, or $0.5 million, lower than projected in the second quarter. She explained that this decline is primarily the result of decreases in the “other taxes” category, service fees and charges, parking revenues, and license and permit fees. She noted that the decrease is partially offset by an increase in transient occupancy tax (TOT) revenue. Finance Manager Nguyen reported that property taxes remain the City’s largest single source of General Fund revenue, accounting for approximately 50 percent of the total. She advised, as noted in the second quarter update, property tax revenue for FY 2025 was projected at $152.6 million, representing an increase of $6.4 million over the prior year. She stated that third-quarter projections are consistent with those forecasts and that no adjustments are recommended. She added that these figures remain steady due to stable cash receipts from supplemental property taxes. Finance Manager Nguyen reported that the second largest General Fund revenue source is sales tax, which accounts for more than 15 percent of the total. She advised, as noted in the second quarter update, sales tax revenue for FY 2025 was projected at $45.2 million, reflecting an assumed 4 percent increase, or $1.8 million, over the prior year. She stated that sales tax data from the California Department of Tax and Fee Administration for the quarter ending March 31, 2025, is not yet available. As a result, she noted that the third quarter projection remains at $45.2 million. 22 Finance Committee Meeting Minutes May 29, 2025 Agenda Item No. 5B Page 8 of 10 Finance Manager Nguyen reported that the third largest General Fund revenue source is transient occupancy tax (TOT), which represents more than 10 percent of the total. She stated that the overall TOT projection is 4.1 percent higher than the prior year’s actuals and that the third quarter projection is 1.1 percent, or $0.4 million, higher than projected in the second quarter. Finance Manager Nguyen reported that the FY 2025 General Fund expenditure budget totals $323.4 million. She stated that spending trends for the fiscal year are generally consistent with prior years and do not indicate any cause for concern. She further reported that General Fund expenditures are projected to total $313.6 million, which is $2.2 million lower than previously forecast, with the variance primarily due to additional savings from vacant positions. Finance Manager Nguyen reported that for Fiscal Year 2025, unrestricted General Fund resources are projected to total $19.2 million. Based on the Fiscal Year 2026 proposed budget, she announced that an estimated $2.1 million will be required to fully fund the contingency reserve, leaving approximately $17.1 million expected to remain available for City Council appropriation. She added that, as in prior years, additional year-end savings are anticipated, which could further increase the final surplus. Finance Manager Nguyen reported that state requirements and increased demand for oil well maintenance have caused maintenance and repair costs, as well as other agency fees, to exceed budgeted amounts. She stated that an additional $145,000 is expected to be required in the current fiscal year. She further noted that this cost will be fully offset by higher-than-budgeted oil sale revenues, resulting in no net impact to the fund. Committee Member Kenney requested clarification regarding the $19.1 million surplus projection at the end of FY25, and whether that amount was before any additional allocations such as the $5 million set-aside for CalPERS. Director/Treasurer Al-Imam explained that in the current fiscal year, an additional $5 million allocation to CalPERS was funded at the time the Fiscal Year 2025 budget was adopted. While the $19.2 million surplus remains the current forecast, he advised that the contingency reserve will need to be funded. Based on projections in the Fiscal Year 2025–26 proposed budget, he noted that this amount had been estimated at $2 million. However, given the possibility that the $12 million surplus projected for next year may be fully utilized, he suggested that the contingency reserve funding requirement may be closer to $4 million. Director/Treasurer Al-Imam stated that the contingency reserve funding will be revisited in October, when the year-end financial report is presented. He explained that by that time, it is expected that all labor contracts will be finalized, providing a clearer picture of the City’s actual budget position. He further explained that the FY 26 budget will determine the contingency reserve set-aside amount, which in turn will define the funds available for allocation purposes. He clarified that under City Council Policy F-3, 50 percent of any surplus is typically allocated toward the paydown of long-term debt, while the remaining 50 percent is generally directed to capital project funding. He noted that the City Council has the authority to waive this policy and relies on recommendations from the Finance Committee when doing so. Committee Member Kenney inquired about the contingency reserve. Director/Treasurer Al-Imam explained that the contingency reserve is set at 25 percent of operating expenditures. He noted that to calculate this amount, the operating budget is reviewed, capital-related items and discretionary spending are subtracted, and 25 percent of the remaining total is allocated to the reserve. Based on current figures, he reported that the contingency reserve is estimated at approximately $66 million. 23 Finance Committee Meeting Minutes May 29, 2025 Agenda Item No. 5B Page 9 of 10 Chair Stapleton noted that even with a $4 million allocation to the reserve, the City would still net an estimated $15 million surplus in the current fiscal year, with $5 million already allocated to CalPERS. He confirmed that City Council policy directs how surplus funds are allocated, with past practice occasionally including policy waivers approved by the City Council. He clarified that under standard policy, 50 percent of the surplus is allocated to the paydown of long-term obligations and 50 percent to one-time capital improvement projects. Chair Stapleton opened public comments. Mr. Mosher offered comments regarding the City’s pension liability strategy. He recalled that before the City initiated its current program of aggressive pension liability paydown, there had been some pushback from certain members of the Finance Committee. He noted that what was informally referred to as the “Larry Tucker theory” suggested that, because many other cities were facing unmanageable pension liabilities, a future statewide action might occur to forgive or substantially reduce those debts. He advised that under that theory, if Newport Beach remained current on its obligations, the City might not benefit from any such amnesty program. He stated that many other cities are still paying only the minimum required contributions, as they were when this theory was first discussed. He inquired whether other cities are now facing ballooning pension liabilities and what, if any, changes they have implemented to address the issue. Chair Stapleton closed public comments. In response to the question, Director/Treasurer Al-Imam advised that a pension liability amnesty program does not exist. He explained that CalPERS is legally obligated to fund pension costs for labor only to the extent that there are actual monies available in the trust fund. He further explained that if a city stops making payments to CalPERS or fails to contribute enough to meet its obligations, CalPERS would be legally required to reduce payments to retirees. He noted that no statute would permit a pension liability amnesty program, nor could CalPERS take funds from one city to cover another city’s obligations. Committee Member Kenney referenced the state's challenging financial condition and expressed strong doubt that the state would have the capacity to fund any kind of debt reduction program for municipal pension liabilities. Chair Stapleton emphasized that any such approach would ultimately result in reductions to employee pensions, which the City is not pursuing. He stated that the City’s strategy is to pay down its pension obligations as quickly as possible, a position that has been consistently supported by the City Council over multiple terms. He likened the situation to the mortgage crisis, noting that if there were ten homes on a block and nine went into short sale while one remained current, Newport Beach would be the homeowner who continued making payments. In this scenario, while other cities may struggle to meet their obligations, Newport Beach will continue to make the payments it has committed to. Chair Stapleton acknowledged that there has been long-standing discussion about alternative strategies, including the possibility that, in a particularly strong year, the City could make a larger payment to shorten the overall payoff period. He advised that under the current plan, the goal is to fully pay off the pension liability within the next eight years. Committee Member Cashion inquired about a remedy for non-payment of pension liability. Director/Treasurer Al-Imam explained that the only remedy available to CalPERS is to reduce or stop paying retiree benefits. 24 Finance Committee Meeting Minutes May 29, 2025 Agenda Item No. 5B Page 10 of 10 City Manager Leung confirmed that in California, CalPERS cannot use funds from another agency to cover a city’s pension obligations. Chair Stapleton clarified that each agency’s assets are maintained in a separate, dedicated account rather than in a shared pool. Committee Member Cashion inquired about active discussions of a pension liability amnesty program in California. City Manager Leung confirmed that there is no active discussion of a pension liability amnesty program in California. However, she advised that there is current discussion at the state level regarding a potential enhancement of benefits for safety plans, which she characterized as a concerning development from a fiscal perspective. There was no further discussion on the item. C. WORK PLAN REVIEW Recommended action: Receive and file. Chair Stapleton noted that with the current phase of the budget process completed in June, the next step will be the presentation of the budget to the City Council at its June 10 meeting. He advised that the meeting will also include a study session to review the budget in detail. He announced that following the June 10 presentation, the Finance Committee will not meet again until September 11. He advised that at that meeting, the Committee will conduct a budget review for the Community Development Department, one of the City’s largest departments. He noted that the agenda will also include a review of the City’s investment performance and a discussion of investment philosophy. He stated that the Committee will reconvene again in October for additional items. Chair Stapleton opened public comments. Hearing none, Chair Stapleton closed public comments. Chair Stapleton received and filed the item. VI. AJOURNMENT The Finance Committee adjourned at 3:37 p.m. Attest: ___________________________________ _____________________ Joe Stapleton, Mayor/Chair Date Finance Committee 25 CITY OF NEWPORT BEACH FINANCE COMMITTEE STAFF REPORT Agenda Item No. 6A September 11, 2025 TO: HONORABLE CHAIRMAN AND MEMBERS OF THE COMMITTEE FROM: Finance Department Jason Al-Imam, Finance Director/Treasurer 949-644-3123, jalimam@newportbeachca.gov SUBJECT: ANNUAL REVIEW OF INVESTMENT PERFORMANCE SUMMARY: Guided by the City’s investment policy objectives, the City maintains a portfolio that prioritizes safety and liquidity while seeking a market rate of return consistent with its risk tolerance and the investment restrictions of the California Government Code. The portfolio has complied with all requirements of both the Government Code and the City’s Investment Policy Statement, while achieving returns comparable to the City’s established benchmarks. The City’s portfolio achieved a total rate of return of 4.96% for the twelve-month period ending June 30, 2025. RECOMMENDED ACTION: Receive and file. DISCUSSION: The City’s strategy continues to emphasize identifying value in high-quality, marketable securities across the full range of investment options while maintaining a well-diversified portfolio. The investment portfolio represents pooled assets of the City of Newport Beach, including the General Fund, special revenue funds, internal service funds, enterprise funds (such as water and wastewater), and other funds. To achieve its investment objectives, the City utilizes multiple accounts and segregated portfolios. Liquidity is maintained through a combination of demand deposit accounts (DDAs), the Local Agency Investment Fund (LAIF), the California Asset Management Program (CAMP), and a laddered investment portfolio, ensuring sufficient funds are available to meet day-to-day cash flow needs. Municipal deposits in DDAs are 110 26 Annual Review of Investment Performance September 11, 2025 Page 2 percent collateralized by bank assets, and the City receives a compensating balance credit, which may be used solely to offset banking fees. Funds designated for specific cash flows that can earn a higher return than LAIF and CAMP are invested in a laddered manner to maintain liquidity. All cash and investments are actively managed by Chandler Asset Management (Chandler) in accordance with the California Government Code and the City’s Investment Policy. Investments are held by a custody bank and registered in the City’s name. “Total return” is the accepted industry standard for comparing portfolio performance to established benchmarks. It comprises both income return and unrealized gains or losses resulting from changes in interest rates. The City’s portfolio is measured against the Bank of America ICE 1-3 Year Index, as shown below: 1 Year 2 Years 3 Years 5 Years 10 Years City Portfolio 4.96% 4.83% 3.56% 1.58% 1.83% Benchmark Index 5.67% 5.10% 3.42% 1.38% 1.61% With a duration of 0.78 years compared to the benchmark’s 1.76 years, the City’s investments are more liquid and generally offer greater protection against interest rate fluctuations, while the benchmark is more sensitive to interest rate changes. In the current declining rate environment, the benchmark outperforms the City at the one year and two year marks due to its higher duration. However, over longer periods of three, five, and ten years, the City’s conservative, short-duration strategy allows steady reinvestment at prevailing rates, maintains liquidity, and avoids large losses, enabling the portfolio to outperform the benchmark over time. Shorter maturities also provide flexibility to respond quickly to interest rate changes or cash flow needs without being locked into long-term positions. The City manages its portfolio in accordance with the California Government Code and its Investment Policy, prioritizing the safeguarding of principal and liquidity, with a secondary objective of achieving a market rate of return. Accordingly, the portfolio is designed to protect principal and ensure funds are available for cash flow needs, rather than pursuing higher yields at the expense of safety or liquidity. Prepared and Submitted by: /s/ Jason Al-Imam _____________________________ Jason Al-Imam Finance Director/Treasurer ATTACHMENT: Attachment A – Annual Investment Report for Fiscal Year Ending June 30, 2025 27 ATTACHMENT A ANNUAL INVESTMENT REPORT FOR FISCAL YEAR ENDING JUNE 30, 2025 28 Annual Investment Report City of Newport Beach Cons | Account #11134 | As of June 30, 2025 CHANDLER ASSET MANAGEMENT | chandlerasset.com Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement. Chandler Team: For questions about your account, please call (800) 317-4747, or contact clientservice@chandlerasset.com Custodian: 29    Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold.Inflationary trends have subsided, but some components remain sticky,and core levels remain above the Fed’s target.The labor market reflects improved balance between supply and demand for workers.While job creation has moderated, the unemployment rate remains low; however,continuing jobless claims remain elevated implying a less robust labor market.Given the economic outlook, we expect gradual normalization of monetary policy and a steepening yield curve. As broadly anticipated,the Federal Open Market Committee (FOMC)left the Federal Funds Rate unchanged at the range of 4.25 -4.50%at the June meeting.Fed Chair Powell continued to emphasize the Committee’s “wait and see”approach amidst economic uncertainty that remains elevated but diminished. Federal Reserve officials continued to pencil in two rate cuts in 2025. US Treasury yields declined in June. The 2-year Treasury yield fell 18 basis points to 3.72%,the 5-year Treasury dropped 17 basis points to 3.80%,and the 10-year Treasury yield also declined 17 basis points to 4.23%.The spread between the 2-year and 10-year Treasury yield points on the curve edged up to +51 basis points at June month-end versus +50 basis points at May month-end. The spread between the 2- year Treasury and 10-year Treasury yield one year ago was -36 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was -7 basis points in June, versus -6 basis points in May. ECONOMIC UPDATE 1 30 -400 -200 0 200 400 600 800 1,000 MO M C h a n g e I n T h o u s a n d s ( 0 0 0 ' s ) Nonfarm Payroll (000's) Non-farm Payroll (000's) 3-month average (000's) 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Unemployment Rate Underemployment Rate (U6) Unemployment Rate (U3) Ra t e ( % ) The U.S.economy added 147,000 jobs in June,exceeding consensus expectations, and the last two months were revised up by 16,000. Gains were primarily driven by state and local government education,while job growth in service sectors languished. The three-month moving average and six-month moving average payrolls totaled 150,000 and 130,000 respectively.The unemployment rate declined to 4.1%in June from 4.2%in May,due to a shrinking labor force.The labor participation rate dipped to 62.3%,remaining below the pre- pandemic level of 63.3%.The U-6 underemployment rate,which includes those who are marginally attached to the labor force and employed part time for economic reasons dropped to 7.7%in June.Average hourly earnings fell slightly, marking a 3.7%year-over-year increase. Source: US Department of Labor Source: US Department of Labor EMPLOYMENT 2 31 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% Consumer Price Index (CPI) CPI YOY % Change Core CPI YOY % Change YO Y ( % ) C h a n g e 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% Personal Consumption Expenditures (PCE) PCE Price Deflator YOY % Change PCE Core Deflator YOY % Change Fed Target YO Y ( % ) C h a n g e In June, the Consumer Price Index (CPI)increased 0.3%month-over-month and rose 2.7%year-over-year,while the Core CPI rose 0.2% month-over-month and 2.9%year-over-year.The Personal Consumption Expenditures (PCE)price index increased 0.1%month-over-month and rose 2.3%year-over-year in May.The Core PCE deflator,which excludes food and energy and is the Fed’s preferred gauge,increased 0.2%month-over-month and 2.7%year-over-year,up from April’s 2.6%year-over-year increase.Although inflation has trended toward the Federal Reserve’s 2% target, the overall impact of tariff policy has not yet fully flowed through to the US economy. Source: US Department of Labor Source: US Department of Commerce INFLATION 3 32 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Retail Sales YOY % Change YO Y ( % ) C h a n g e Advance Retail Sales were up 0.6%month-over-month in June, rebounding from a 0.9%decline in May and exceeding consensus forecasts.Auto sales led the increase.Control group sales,which feed into GDP,increased by 0.5%.On a year-over-year basis, Retail Sales grew 3.9%in June,following a 3.3%increase in May.The Conference Board’s Consumer Confidence Index dropped to 93.0 in June from 98.4 in May,as consumers’assessment of both the current situation and future expectations for income and labor markets soured. While the consumer has been resilient,elevated inflation expectations, concerns about trade policies and tariffs,and general economic and policy uncertainty could pose potential risks to future spending. 0 20 40 60 80 100 120 140 160 In d e x L e v e l Consumer Confidence Recession Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09) CONSUMER 4 33 Components of GDP 6/24 9/24 12/24 3/25 1.9% 2.5% 2.7% 0.3% 1.5% 0.2% -1.0% 3.9% -0.9% -0.4% 0.3% -4.6% 0.3% 0.6% 0.3% -0.3% 0.3% 0.3% 0.3% 0.2% 3.0% 3.1% 2.5% -0.5% State and Local (Consumption and Gross Investment) Personal Consumption Expenditures Gross Private Domestic Investment Net Exports and Imports Federal Government Expenditures Total -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% Gross Domestic Product (GDP) GDP QOQ % Change GDP YOY % Change Source: US Department of Commerce Source: US Department of Commerce Real GDP decreased at an annualized rate of 0.5%in the first quarter of 2025,according to the third and final estimate from the Bureau of Economic Analysis,a downward revision from the previously estimated 0.2%decline. This marks the first negative quarter since 2022. The primary driver of the downward revision was weaker personal consumption expenditures.Net exports remained the primary drag on growth,as imports rose sharply in anticipation of higher tariffs.Gross investment contributed positively,powered by business decisions to get ahead of possible cost increases.The consensus projection calls for 2.1%growth for the second quarter and 1.5%for the full year 2025. GROSS DOMESTIC PRODUCT (GDP) 5 34 Source: Bloomberg Source: Bloomberg 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% US Treasury Note Yields 2-Year 5-Year 10-Year Yi e l d ( % ) 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% US Treasury Yield Curve Jun-25 Mar-25 Jun-24 Yi e l d ( % ) At the end of June, the 2-year Treasury yield was 103 basis points lower,and the 10-Year Treasury yield was 17 basis points lower,year- over-year.The spread between the 2-year and 10-year Treasury yield points on the curve edged up to +51 basis points at June month-end versus +50 basis points at May month-end. The recent yield curve inversion which began in July 2022 was historically long.The average historical spread (since 2005)is about +99 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was -7 basis points in June, versus -6 basis points in May. BOND YIELDS 6 35 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 PORTFOLIO SUMMARY Portfolio Characteristics Sector Allocation Account Summary Maturity Distribution Top Issuers Credit Quality (S&P) Average Modified Duration 0.78 Average Coupon 2.93% Average Purchase YTM 4.06% Average Market YTM 4.11% Average Credit Quality*AA+ Average Final Maturity 0.91 Average Life 0.80 End Values as of 06/30/2024 End Values as of 06/30/2025 Market Value 397,485,683.97 413,579,842.84 Accrued Interest 1,138,137.62 1,174,239.54 Total Market Value 398,623,821.59 414,754,082.38 Income Earned 959,900.87 14,377,466.48 Cont/WD (15,877,234.95)(2,580,038.19) Par 404,044,243.39 414,878,622.84 Book Value 401,223,343.48 413,083,027.68 Cost Value 400,214,480.18 410,871,859.94 Government of The United States 30.25% LAIF 16.08% California Asset Mgmt Program 13.27% FHLMC 4.76% Federated Hermes, Inc.3.56% JPMorgan Chase & Co.1.57% Apple Inc.1.56% Royal Bank of Canada 1.21% 7 36 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 STATEMENT OF COMPLIANCE Rules Name Limit Actual Compliance Status Notes AGENCY MORTGAGE SECURITIES (CMOS) Max % (MV)100.0 4.8 Compliant Max % Issuer (MV; Agencies & Agency CMOs)30.0 1.0 Compliant Max Maturity (Years)5.0 4.7 Compliant ASSET-BACKED SECURITIES (ABS), MBS, CMO Max % (MV)20.0 2.1 Compliant Max % Issuer (MV)5.0 0.3 Compliant Max Maturity (ABS; Years)5.0 5.0 Compliant Min Rating (AAA by 1)0.0 0.0 Compliant BANKERS' ACCEPTANCES Max % (MV)40.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Days)180 0.0 Compliant Min Rating (A-1 by 1 or A- by 1)0.0 0.0 Compliant CAMP Max Concentration (MV)75.0 54.9 Compliant COLLATERALIZED TIME DEPOSITS (NON-NEGOTIABLE CD/TD) Max % (MV)30.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)2.0 0.0 Compliant COMMERCIAL PAPER Max % (MV)40.0 8.2 Compliant Max % Issuer (MV)5.0 1.2 Compliant Max Maturity (Days)270 147 Compliant Min Rating (A-1 by 1 or A- by 1)0.0 0.0 Compliant CORPORATE MEDIUM TERM NOTES Max % (MV)30.0 13.2 Compliant Max % Issuer (MV)5.0 0.9 Compliant Max Maturity (Years)5 4 Compliant Min Rating (A- by 1)0.0 0.0 Compliant FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE CD/ TD) Max % (MV)30.0 0.0 Compliant 8 37 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 STATEMENT OF COMPLIANCE Rules Name Limit Actual Compliance Status Notes Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)2 0.0 Compliant FEDERAL AGENCIES Max % (MV)100.0 1.8 Compliant Max % Issuer (MV; Agencies & Agency CMOs)30.0 1.0 Compliant Max Callables (MV)20.0 0.0 Compliant Max Maturity (Years)5 2 Compliant LOCAL AGENCY INVESTMENT FUND (LAIF) Max Concentration (MV)75.0 66.5 Compliant MONEY MARKET MUTUAL FUNDS Max % (MV)20.0 4.5 Compliant Max % Issuer (MV)20.0 3.6 Compliant Min Rating (AAA by 2)0.0 0.0 Compliant MUNICIPAL SECURITIES (CA, LOCAL AGENCY) Max % (MV)30.0 0.3 Compliant Max % Issuer (MV)5.0 0.3 Compliant Max Maturity (Years)5 4 Compliant Min Rating (A- by 1)0.0 0.0 Compliant MUNICIPAL SECURITIES (CA, OTHER STATES) Max % (MV)30.0 0.2 Compliant Max % Issuer (MV)5.0 0.2 Compliant Max Maturity (Years)5 4 Compliant Min Rating (A- by 1)0.0 0.0 Compliant MUTUAL FUNDS Max % (MV)20.0 0.0 Compliant Max % Issuer (MV)10.0 0.0 Compliant Min Rating (AAA by 2)0.0 0.0 Compliant NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD) Max % (MV)30.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)2 0.0 Compliant Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit)0.0 0.0 Compliant REPURCHASE AGREEMENTS Max Maturity (Days)30.0 0.0 Compliant 9 38 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 STATEMENT OF COMPLIANCE Rules Name Limit Actual Compliance Status Notes Min Rating (A by 1 or A-1 by 1)0.0 0.0 Compliant REVERSE REPURCHASE AGREEMENTS Max % (MV)10.0 0.0 Compliant Max Maturity (Days)30.0 0.0 Compliant Min Rating (A by 1 or A-1 by 1)0.0 0.0 Compliant SUPRANATIONAL OBLIGATIONS Max % (MV)20.0 0.0 Compliant Max % Issuer (MV)10.0 0.0 Compliant Max Maturity (Years)5 0.0 Compliant Min Rating (AA- by 1)0.0 0.0 Compliant U.S. TREASURIES Max % (MV)100.0 30.2 Compliant Max % Issuer (BV)100.0 30.4 Compliant Max Maturity (Years)5 4 Compliant 10 39 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 RECONCILIATION SUMMARY Accrual Activity Summary Fair Market Activity Summary Month to Date Fiscal Year to Date(01/01/2025) Beginning Book Value 422,251,441.47 377,352,704.61 Maturities/Calls (17,850,000.00)(129,767,000.00) Principal Paydowns (306,375.84)(6,433,827.00) Purchases 50,042,767.26 351,183,746.92 Sales (31,511,663.03)(181,862,514.21) Change in Cash, Payables, Receivables (9,922,382.94)351,609.61 Amortization/Accretion 379,240.75 2,237,571.30 Realized Gain (Loss)0.01 20,736.46 Ending Book Value 413,083,027.68 413,083,027.68 Month to Date Fiscal Year to Date (01/01/2025) Beginning Market Value 422,174,273.32 376,123,336.74 Maturities/Calls (17,850,000.00)(129,767,000.00) Principal Paydowns (306,375.84)(6,433,827.00) Purchases 50,042,767.26 351,183,746.92 Sales (31,511,663.03)(181,862,514.21) Change in Cash, Payables, Receivables (9,922,382.94)351,609.61 Amortization/Accretion 379,240.75 2,237,571.30 Change in Net Unrealized Gain (Loss)573,983.31 1,726,183.02 Realized Gain (Loss)0.01 20,736.46 Ending Market Value 413,579,842.84 413,579,842.84 Maturities / Calls Month to Date (17,850,000.00) Fiscal Year to Date (129,767,000.00) Principal Paydowns Month to Date (306,375.84) Fiscal Year to Date (6,433,827.00) Purchases Month to Date 50,042,767.26 Fiscal Year to Date 351,183,746.92 Sales Month to Date (31,511,663.03) Fiscal Year to Date (181,862,514.21) Interest Received Month to Date 1,099,359.41 Fiscal Year to Date 5,238,373.35 Purchased / Sold Interest Month to Date (17,334.33) Fiscal Year to Date (179,777.17) 11 40 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 HOLDINGS REPORT Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/S&P/Fitch Maturity Duration ABS 05602RAD3 BMWOT 2022-A A3 3.21 08/25/2026 83,779.23 05/10/20223.23%83,774.8783,778.13 99.824.56%83,627.9544.82 0.02%(150.17)Aaa/AAANA 1.150.14 47787JAC2 JDOT 2022 A3 2.32 09/15/2026 114,930.38 03/10/2022 2.34% 114,904.96 114,923.98 99.72 4.16% 114,603.51 118.51 0.03% (320.47) Aaa/NA AAA 1.21 0.15 362554AC1 GMCAR 2021-4 A3 0.68 09/16/2026 1,613.05 10/13/2021 0.68% 1,613.01 1,613.04 99.84 4.51% 1,610.51 0.46 0.00% (2.53) Aaa/AAA NA 1.21 0.04 380146AC4 GMCAR 2022-1 A3 1.26 11/16/2026 17,704.04 01/11/20221.27%17,702.5017,703.65 99.864.72%17,678.939.29 0.00%(24.71)NA/AAAAAA 1.380.04 44935DAD1 HALST 2025-B A3 4.53 04/17/2028 405,000.00 04/24/2025 4.53% 404,963.43 404,965.52 100.69 4.19% 407,785.47 815.40 0.10% 2,819.94 NA/AAA AAA 2.80 1.78 362962AD4 GMALT 2025-2 A3 4.58 05/22/2028 590,000.00 05/20/20254.84%589,990.21589,990.51 100.644.23%593,767.92825.67 0.14%3,777.41 NA/AAAAAA 2.901.62 096912AD2 BMWLT 2025-1 A3 4.43 06/26/2028 325,000.00 06/03/2025 4.82% 324,992.85 324,992.99 100.57 4.16% 326,859.91 839.85 0.08% 1,866.93 NA/AAA AAA 2.99 1.80 58768YAD7 MBALT 2025-A A3 4.61 04/16/2029 645,000.00 05/14/20254.66%644,921.37644,923.63 101.144.13%652,324.681,321.53 0.16%7,401.05 NA/AAAAAA 3.792.15 47800DAD6 JDOT 2025 A3 4.23 09/17/2029 610,000.00 03/04/2025 5.09% 609,961.63 609,964.23 100.25 4.16% 611,506.46 1,146.80 0.15% 1,542.22 Aaa/NA AAA 4.22 2.18 437921AD1 HAROT 252 A3 4.15 10/15/2029 400,000.00 04/29/20254.15%399,955.32399,956.81 100.204.09%400,793.28737.78 0.10%836.47 Aaa/NAAAA 4.292.14 44935CAD3 HART 2025-A A3 4.32 10/15/2029 770,000.00 03/04/2025 4.84% 769,886.43 769,893.94 100.39 4.16% 772,974.20 1,478.40 0.19% 3,080.26 NA/AAA AAA 4.29 1.98 44935XAD7 HART 2025-B A3 4.36 12/17/2029 490,000.00 06/03/2025 4.36% 489,955.75 489,956.29 100.64 4.09% 493,136.98 1,186.89 0.12% 3,180.69 NA/AAA AAA 4.47 2.07 92348KDY6 VZMT 2025-3 A1A 4.51 03/20/2030 955,000.00 03/25/20254.51%954,958.94954,961.02 100.444.39%959,191.881,316.04 0.23%4,230.86 Aaa/NAAAA 4.721.62 02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 1,050,000.00 05/06/2025 4.28% 1,049,980.99 1,049,981.51 100.61 4.08% 1,056,422.54 1,997.33 0.26% 6,441.03 NA/AAA AAA 4.79 2.58 362549AD9 GMCAR 2025-2 A3 4.28 04/16/2030 310,000.00 05/06/20254.71%309,954.37309,955.59 100.544.07%311,668.17552.83 0.08%1,712.58 Aaa/AAANA 4.792.14 92970QAJ4 WFCIT 2025-1 A 4.34 05/15/2030 1,015,000.00 06/03/2025 4.33% 1,014,983.15 1,014,983.35 100.78 4.09% 1,022,949.28 2,569.64 0.25% 7,965.93 NA/AAA AAA 4.87 2.65 17305EHA6 CCCIT_25-A1 4.3 06/21/2030 1,000,000.00 06/18/20254.31%999,728.70999,729.44 100.584.09%1,005,826.70597.22 0.24%6,097.26 NA/AAANA 4.972.76 12 41 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 HOLDINGS REPORT Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/S&P/Fitch Maturity Duration Total ABS 8,783,026.70 4.49%8,782,228.488,782,273.63 100.574.16%8,832,728.3715,558.48 2.14%50,454.74 4.242.14 AGENCY 3135G05X7 FEDERAL NATIONAL MORTGAGE ASSOCIATION 0.375 08/25/2025 3,500,000.00 12/02/20211.14%3,401,720.003,496,028.36 99.394.48%3,478,548.544,593.75 0.84%(17,479.83)Aa1/AA+AA+0.150.15 3130ATUS4 FEDERAL HOME LOAN BANKS 4.25 12/10/2027 4,000,000.00 01/30/2023 3.77% 4,084,480.00 4,042,502.06 101.10 3.77% 4,044,130.24 9,916.67 0.98% 1,628.18 Aa1/AA+ AA+ 2.45 2.30 Total Agency 7,500,000.00 2.55%7,486,200.007,538,530.43 100.314.10%7,522,678.7814,510.42 1.82%(15,851.65)1.391.30 AGENCY CMBS 3137BM7C4 FHMS K-051 A2 3.308 09/25/2025 1,537,590.50 05/16/2022 2.99% 1,549,542.87 1,538,207.52 99.57 4.46% 1,530,904.75 4,238.62 0.37% (7,302.78) Aa1/AA+ AAA 0.24 0.19 3137BTUM1 FHMS K-061 A2 3.347 11/25/2026 2,888,615.34 10/05/20224.47%2,768,895.772,849,193.51 98.834.13%2,854,793.418,056.83 0.69%5,599.90 Aa1/AA+AAA 1.411.26 3137F2LJ3 FHMS K-066 A2 3.117 06/25/2027 2,338,600.00 10/20/2022 4.88% 2,177,181.79 2,271,342.41 98.23 4.04% 2,297,201.40 6,074.51 0.56% 25,858.99 Aa1/AA+ AAA 1.99 1.74 3137FJXV6 FHMS K-083 A2 4.05 09/25/2028 2,000,000.00 05/07/20254.15%1,990,546.881,990,938.15 99.944.02%1,998,731.406,750.00 0.48%7,793.25 Aa1/AA+AAA 3.242.96 3137FK4M5 FHMS K-085 A2 4.06 10/25/2028 2,000,000.00 05/07/2025 4.16% 1,990,703.13 1,991,078.61 99.96 4.02% 1,999,200.60 6,766.67 0.48% 8,121.99 Aaa/AA+ AA+ 3.32 3.02 3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 1,500,000.00 05/02/20254.17%1,473,925.791,475,000.01 98.764.03%1,481,415.904,612.50 0.36%6,415.89 Aaa/AA+AA+3.573.21 3137FLMV3 FHMS K-090 A2 3.422 02/25/2029 2,000,000.00 03/26/2025 4.37% 1,931,250.00 1,935,758.20 97.84 4.04% 1,956,767.20 5,703.33 0.47% 21,009.00 Aa1/AAA AA+ 3.66 3.32 3137H9D71 FHMS K-750 A2 3.0 09/25/2029 1,750,000.00 12/04/20244.47%1,646,367.191,658,608.70 96.044.10%1,680,659.054,375.00 0.41%22,050.35 Aa1/AA+AAA 4.243.55 3137FQ3Z4 FHMS K-101 A2 2.524 10/25/2029 2,000,000.00 03/17/2025 4.42% 1,844,531.25 1,854,201.11 93.86 4.09% 1,877,266.40 4,206.67 0.45% 23,065.29 Aa1/AA+ AA+ 4.32 3.95 3137HA4B9 FHMS K-751 A2 4.412 03/25/2030 2,000,000.00 03/24/2025 4.40% 1,998,593.75 1,998,668.75 100.99 4.13% 2,019,728.20 7,353.33 0.49% 21,059.45 Aaa/AA+ AA+ 4.73 3.92 Total Agency CMBS 20,014,805.84 4.29% 19,371,538.42 19,562,996.97 98.45 4.10% 19,696,668.31 58,137.47 4.76% 133,671.34 3.01 2.66 CASH 13 42 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 HOLDINGS REPORT Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/S&P/Fitch Maturity Duration 90CASH$03 Cash 20,998,745.22 -- 1.23% 20,998,745.22 20,998,745.22 1.00 1.23% 20,998,745.22 0.00 5.08% 0.00 NA/NA NA 0.00 0.00 CCYUSD Receivable 12,842.35 --12,842.3512,842.35 1.000.00%12,842.350.00 0.00%0.00 Aaa/AAAAAA 0.000.00 CCYUSD Receivable 17,036.65 --17,036.65 17,036.65 1.00 0.00% 17,036.65 0.00 0.00% 0.00 Aaa/AAA AAA 0.00 0.00 CCYUSD Receivable 22,955.23 --22,955.2322,955.23 1.000.00%22,955.230.00 0.01%0.00 Aaa/AAAAAA 0.000.00 CCYUSD Receivable 502,232.72 --502,232.72 502,232.72 1.00 0.00% 502,232.72 0.00 0.12% 0.00 Aaa/AAA AAA 0.00 0.00 Total Cash 21,553,812.17 1.23%21,553,812.1721,553,812.17 1.001.20%21,553,812.170.00 5.21%0.00 0.000.00 COMMERCIAL PAPER 46590DUB4 J.P. Morgan Securities LLC 07/11/2025 5,000,000.00 12/17/20244.51%4,874,111.114,993,888.89 99.874.38%4,993,320.000.00 1.21%(568.89)P-1/A-1+F1+0.030.03 00915SUF7 Air Products and Chemicals, Inc. 07/15/2025 1,925,000.00 05/21/2025 4.44% 1,912,439.38 1,921,743.54 99.82 4.33% 1,921,533.08 0.00 0.46% (210.47) P-1/A-1 NA 0.04 0.04 78015CUJ9 Royal Bank of Canada New York Branch 07/18/2025 5,000,000.00 12/17/20244.46%4,871,916.674,989,729.17 99.784.34%4,989,175.000.00 1.21%(554.17)P-1/A-1+F1+0.050.05 34108AUJ4 Florida Power & Light Company 07/18/2025 1,400,000.00 06/04/2025 4.35% 1,392,759.28 1,397,137.39 99.78 4.46% 1,396,882.20 0.00 0.34% (255.19) P-1/A-1 F1 0.05 0.05 59157TW25 MetLife Short Term Funding LLC 09/02/2025 3,000,000.00 03/27/2025 4.35% 2,943,778.33 2,977,582.50 99.24 4.40% 2,977,095.00 0.00 0.72% (487.50) P-1/A-1+ F1+ 0.18 0.17 62479LW50 MUFG Bank, Ltd., New York Branch 09/05/2025 5,000,000.00 03/05/20254.35%4,891,133.334,960,950.00 99.194.48%4,959,250.000.00 1.20%(1,700.00)P-1/A-1NA 0.180.18 02079NWF4 Alphabet Inc. 09/15/2025 4,000,000.00 06/17/2025 4.37% 3,957,280.00 3,963,520.00 99.08 4.42% 3,963,004.00 0.00 0.96% (516.00) P-1/A-1+ NA 0.21 0.21 03785DWK8 Apple Inc. 09/19/2025 5,000,000.00 06/17/20254.37%4,944,200.004,952,000.00 99.034.40%4,951,590.000.00 1.20%(410.00)P-1/A-1+NA 0.220.22 47816FX14 Johnson & Johnson 10/01/2025 2,000,000.00 06/04/2025 4.31% 1,972,138.89 1,978,277.78 98.89 4.38% 1,977,860.00 0.00 0.48% (417.78) P-1/A-1+ NA 0.25 0.25 89233GYQ3 Toyota Motor Credit Corporation 11/24/2025 2,000,000.00 03/05/20254.30%1,938,840.001,966,176.67 98.264.36%1,965,260.000.00 0.48%(916.67)P-1/A-1+F1 0.400.39 14 43 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 HOLDINGS REPORT Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/S&P/Fitch Maturity Duration Total Commercial Paper 34,325,000.00 4.39%33,698,596.9934,101,005.93 99.334.40%34,094,969.280.00 8.24%(6,036.66)0.150.15 CORPORATE 69371RR99 PACCAR FINANCIAL CORP 3.55 08/11/2025 2,000,000.00 03/11/20254.40%1,992,980.001,998,106.45 99.904.39%1,998,010.2627,611.11 0.48%(96.19)A1/A+NA 0.110.11 26442UAA2 DUKE ENERGY PROGRESS LLC 3.25 08/15/2025 2,422,000.00 -- 3.25% 2,421,770.62 2,421,927.12 99.84 4.54% 2,418,029.30 29,736.78 0.58% (3,897.82) Aa3/A NA 0.13 0.12 931142EW9 WALMART INC 3.9 09/09/2025 2,000,000.00 03/28/20254.41%1,995,500.001,998,055.56 99.914.33%1,998,199.9224,266.67 0.48%144.36 Aa2/AAAA 0.190.19 02665WDN8 AMERICAN HONDA FINANCE CORP 1.0 09/10/2025 2,200,000.00 03/10/2025 4.55% 2,162,028.00 2,185,267.69 99.35 4.43% 2,185,621.26 6,783.33 0.53% 353.57 A3/A- A 0.20 0.19 756109BE3 REALTY INCOME CORP 4.625 11/01/2025 2,000,000.00 05/21/2025 4.58% 2,000,200.00 2,000,121.57 99.99 4.62% 1,999,822.30 15,416.67 0.48% (299.27) A3/A- NA 0.34 0.33 61747YET8 MORGAN STANLEY 4.679 07/17/2026 2,000,000.00 08/10/20224.34%2,018,580.002,000,277.83 99.986.05%1,999,690.5842,630.89 0.48%(587.25)A1/A-A+1.050.04 09247XAN1 BLACKROCK FINANCE INC 3.2 03/15/2027 2,000,000.00 07/06/2022 3.47% 1,976,760.00 1,991,551.56 98.64 4.03% 1,972,767.62 18,844.44 0.48% (18,783.94) Aa3/AA- NA 1.71 1.63 665859AW4 NORTHERN TRUST CORP 4.0 05/10/2027 3,000,000.00 --4.01%2,998,940.002,999,553.54 99.884.07%2,996,331.0317,000.00 0.72%(3,222.51)A2/A+A+1.861.76 931142EX7 WALMART INC 3.95 09/09/2027 1,000,000.00 09/08/2022 3.91% 1,001,920.00 1,000,823.93 100.09 3.91% 1,000,872.19 12,288.89 0.24% 48.26 Aa2/AA AA 2.19 1.98 66815L2K4 NORTHWESTERN MUTUAL GLOBAL FUNDING 4.35 09/15/2027 2,200,000.00 -- 4.65% 2,170,840.00 2,186,974.34 100.37 4.17% 2,208,233.19 28,178.33 0.53% 21,258.86 Aa1/AA+ AAA 2.21 2.06 40139LBG7 GUARDIAN LIFE GLOBAL FUNDING 5.55 10/28/2027 2,755,000.00 10/25/2022 5.55% 2,754,173.50 2,754,615.72 102.98 4.19% 2,836,994.81 26,757.94 0.69% 82,379.09 Aa1/AA+ NA 2.33 2.15 87612EBU9 TARGET CORP 4.35 06/15/2028 475,000.00 06/05/20254.35%474,995.25474,995.34 100.604.13%477,855.001,205.31 0.12%2,859.66 A2/AA 2.962.67 89236TLL7 TOYOTA MOTOR CREDIT CORP 4.65 01/05/2029 1,200,000.00 02/12/2024 4.78% 1,193,208.00 1,195,119.79 101.19 4.28% 1,214,225.86 27,280.00 0.29% 19,106.06 A1/A+ A+ 3.52 3.14 14913UAJ9 CATERPILLAR FINANCIAL SERVICES CORP 4.85 02/27/2029 1,200,000.00 04/30/20245.13%1,185,672.001,189,127.96 102.304.16%1,227,657.5320,046.67 0.30%38,529.57 A2/AA+3.663.28 06405LAH4 BANK OF NEW YORK MELLON 4.729 04/20/2029 1,500,000.00 06/17/2025 4.40% 1,512,765.00 1,512,604.98 101.41 4.52% 1,521,192.00 13,595.88 0.37% 8,587.02 Aa2/AA- AA 3.80 2.58 15 44 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 HOLDINGS REPORT Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/S&P/Fitch Maturity Duration 24422EXT1 JOHN DEERE CAPITAL CORP 4.85 06/11/2029 1,000,000.00 06/07/20245.01%993,130.00994,578.49 102.464.17%1,024,584.872,694.44 0.25%30,006.38 A1/AA+3.953.56 437076DC3 HOME DEPOT INC 4.75 06/25/2029 1,250,000.00 06/25/2024 4.82% 1,246,312.50 1,247,060.10 102.07 4.18% 1,275,915.78 989.58 0.31% 28,855.67 A2/A A 3.99 3.53 06051GHM4 BANK OF AMERICA CORP 4.271 07/23/2029 1,750,000.00 11/06/20244.98%1,708,192.501,715,479.48 99.674.73%1,744,235.2932,803.65 0.42%28,755.81 A1/A-AA-4.062.79 438516BU9 HONEYWELL INTERNATIONAL INC 2.7 08/15/2029 1,500,000.00 08/22/2024 4.18% 1,401,405.00 1,418,325.59 94.34 4.21% 1,415,038.31 15,300.00 0.34% (3,287.29) A2/A A 4.13 3.80 69371RT48 PACCAR FINANCIAL CORP 4.0 09/26/2029 1,750,000.00 10/09/2024 4.31% 1,725,745.00 1,729,278.84 99.47 4.14% 1,740,670.28 18,472.22 0.42% 11,391.44 A1/A+ NA 4.24 3.82 00287YBX6 ABBVIE INC 3.2 11/21/2029 1,500,000.00 04/28/20254.40%1,426,560.001,429,335.48 95.654.30%1,434,753.625,333.33 0.35%5,418.14 A3/A-NA 4.394.02 857449AE2 STATE STREET BANK AND TRUST CO 4.782 11/23/2029 1,500,000.00 -- 4.83% 1,496,535.00 1,496,879.68 102.13 4.24% 1,531,950.92 7,571.50 0.37% 35,071.23 Aa2/AA- AA 4.40 3.92 64952WFK4 NEW YORK LIFE GLOBAL FUNDING 4.6 12/05/2029 1,500,000.00 01/16/20254.86%1,483,275.001,484,822.74 101.114.32%1,516,723.644,983.33 0.37%31,900.89 Aa1/AA+AAA 4.433.96 46647PAX4 JPMORGAN CHASE & CO 4.452 12/05/2029 1,500,000.00 03/26/2025 4.74% 1,485,600.00 1,486,624.76 100.19 4.71% 1,502,814.44 4,823.00 0.36% 16,189.68 A1/A AA- 4.43 3.14 59217GFT1 METROPOLITAN LIFE GLOBAL FUNDING I 4.9 01/09/2030 1,500,000.00 01/06/20254.99%1,493,835.001,494,419.09 102.024.40%1,530,238.9735,116.67 0.37%35,819.88 Aa3/AA-AA-4.533.94 57629TBV8 MASSMUTUAL GLOBAL FUNDING II 4.95 01/10/2030 1,500,000.00 01/16/2025 4.97% 1,498,680.00 1,498,799.74 102.11 4.43% 1,531,637.18 35,268.75 0.37% 32,837.44 Aa3/AA+ AA+ 4.53 3.94 63743HFX5 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP 4.95 02/07/2030 1,500,000.00 02/05/2025 4.88% 1,504,310.00 1,503,964.24 102.28 4.40% 1,534,257.71 29,700.00 0.37% 30,293.47 A2/NA A 4.61 3.94 532457CV8 ELI LILLY AND CO 4.75 02/12/2030 1,500,000.00 02/12/2025 4.82% 1,495,185.00 1,495,549.09 102.53 4.14% 1,537,914.41 27,510.42 0.37% 42,365.31 Aa3/A+ NA 4.62 3.98 17275RBX9 CISCO SYSTEMS INC 4.75 02/24/2030 1,500,000.00 03/11/20254.56%1,512,390.001,511,616.93 102.244.21%1,533,537.8325,135.42 0.37%21,920.89 A1/AA-NA 4.654.01 478160DJ0 JOHNSON & JOHNSON 4.7 03/01/2030 1,500,000.00 03/24/2025 4.37% 1,521,120.00 1,519,953.28 102.35 4.14% 1,535,316.24 25,654.17 0.37% 15,362.96 Aaa/AAA NA 4.67 4.03 57636QAP9 MASTERCARD INC 3.35 03/26/2030 1,500,000.00 05/01/20254.25%1,440,735.001,442,722.65 96.454.18%1,446,811.9213,260.42 0.35%4,089.27 Aa3/A+NA 4.744.28 194162AT0 COLGATE-PALMOLIVE CO 4.2 05/01/2030 685,000.00 04/28/2025 4.21% 684,636.95 684,648.89 100.41 4.10% 687,824.58 4,715.08 0.17% 3,175.70 Aa3/A+ NA 4.84 4.24 16 45 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 HOLDINGS REPORT Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/S&P/Fitch Maturity Duration 037833EZ9 APPLE INC 4.2 05/12/2030 1,500,000.00 06/17/20254.31%1,492,800.001,492,852.32 100.454.10%1,506,692.918,575.00 0.36%13,840.59 Aaa/AA+NA 4.874.27 74153WCW7 PRICOA GLOBAL FUNDING I 4.7 05/28/2030 650,000.00 05/20/2025 4.72% 649,538.50 649,547.09 101.11 4.44% 657,229.83 2,800.42 0.16% 7,682.73 Aa3/AA- AA- 4.91 4.33 Total Corporate 54,537,000.00 4.51%54,120,317.8254,205,581.85 100.414.36%54,743,651.52612,350.31 13.24%538,069.67 2.952.53 LAIF 90LAIF$00 Local Agency Investment Fund State Pool 66,501,385.10 --4.27%66,501,385.1066,501,385.10 1.004.27%66,501,385.100.00 16.08%0.00 NA/NANA 0.000.00 Total LAIF 66,501,385.10 4.27% 66,501,385.10 66,501,385.10 1.00 4.27% 66,501,385.10 0.00 16.08% 0.00 0.00 0.00 LOCAL GOV INVESTMENT POOL 90CAMP$00 CAMP 54,865,897.21 -- 4.43% 54,865,897.21 54,865,897.21 1.00 4.43% 54,865,897.21 0.00 13.27% 0.00 NA/AAAm NA 0.00 0.00 Total Local Gov Investment Pool 54,865,897.21 4.43%54,865,897.2154,865,897.21 1.004.43%54,865,897.210.00 13.27%0.00 0.000.00 MONEY MARKET FUND 38141W323 GOLDMAN:FS TRS O INST 3,763,947.96 --4.18%3,763,947.963,763,947.96 1.004.18%3,763,947.960.00 0.91%0.00 Aaa/AAAm NA 0.000.00 60934N104 FEDERATED HRMS GV O INST 11,045,693.51 -- 4.21% 11,045,693.51 11,045,693.51 1.00 4.21% 11,045,693.51 0.00 2.67% 0.00 Aaa/AAAmAAA 0.00 0.00 60934N104 FEDERATED HRMS GV O INST 3,688,054.35 --4.21%3,688,054.353,688,054.35 1.004.21%3,688,054.350.00 0.89%0.00 Aaa/ AAAm AAA 0.000.00 Total Money Market Fund 18,497,695.82 4.20%18,497,695.8218,497,695.82 1.004.20%18,497,695.820.00 4.47%0.00 0.000.00 17 46 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 HOLDINGS REPORT Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/S&P/Fitch Maturity Duration MUNICIPAL BONDS 13063DRE0 CALIFORNIA ST 2.5 10/01/2029 1,500,000.00 03/24/20254.33%1,388,340.001,394,967.91 94.034.04%1,410,507.009,375.00 0.34%15,539.09 Aa2/AA-AA 4.253.95 57582TEA6 MASSACHUSETTS COMMONWEALTH 4.35 06/01/2030 750,000.00 06/10/20254.32%750,975.00750,967.99 100.884.15%756,612.001,178.13 0.18%5,644.01 Aa1/AA+AA+4.924.38 Total Municipal Bonds 2,250,000.00 4.33%2,139,315.002,145,935.90 96.424.08%2,167,119.0010,553.13 0.52%21,183.10 4.494.10 US TREASURY 912797NX1 UNITED STATES TREASURY 07/03/2025 6,000,000.00 01/06/20254.27%5,878,268.255,998,624.50 99.984.25%5,998,603.020.00 1.45%(21.48)P-1/A-1+F1+0.010.01 912797QA8 UNITED STATES TREASURY 07/15/2025 5,000,000.00 03/19/2025 4.29% 4,932,156.25 4,991,881.94 99.84 4.22% 4,991,925.70 0.00 1.21% 43.76 P-1/A-1+ F1+ 0.04 0.04 912797QC4 UNITED STATES TREASURY 07/29/2025 5,000,000.00 04/02/20254.30%4,931,953.134,983,715.28 99.684.22%4,983,861.100.00 1.21%145.82 P-1/A-1+F1+0.080.08 91282CHN4 UNITED STATES TREASURY 4.75 07/31/2025 5,000,000.00 10/09/2024 4.28% 5,018,164.06 5,001,853.48 100.03 4.34% 5,001,339.45 99,067.68 1.21% (514.03) Aa1/AA+ AA+ 0.08 0.08 912797PG6 UNITED STATES TREASURY 07/31/2025 4,000,000.00 01/30/20254.31%3,916,337.783,986,133.33 99.654.24%3,986,112.000.00 0.96%(21.33)P-1/A-1+F1+0.080.08 912797MG9 UNITED STATES TREASURY 08/07/2025 5,000,000.00 05/07/2025 4.32% 4,946,758.68 4,978,352.43 99.56 4.33% 4,978,156.50 0.00 1.20% (195.93) P-1/A-1+ F1+ 0.10 0.10 91282CFE6 UNITED STATES TREASURY 3.125 08/15/2025 5,000,000.00 10/09/2024 4.26% 4,953,125.00 4,993,173.54 99.83 4.45% 4,991,466.00 58,701.66 1.21% (1,707.54) Aa1/AA+ AA+ 0.13 0.12 912828K74 UNITED STATES TREASURY 2.0 08/15/2025 2,300,000.00 04/05/20222.77%2,243,218.752,297,917.56 99.694.45%2,292,929.0917,281.77 0.55%(4,988.47)Aa1/AA+AA+0.130.12 91282CAJ0 UNITED STATES TREASURY 0.25 08/31/2025 5,000,000.00 11/25/2024 4.50% 4,843,164.06 4,965,586.36 99.30 4.51% 4,964,941.40 4,177.99 1.20% (644.96) Aa1/AA+ AA+ 0.17 0.16 9128284Z0 UNITED STATES TREASURY 2.75 08/31/2025 5,000,000.00 12/16/20244.34%4,945,312.504,987,019.70 99.704.51%4,985,221.3545,957.88 1.21%(1,798.35)Aa1/AA+AA+0.170.16 912797QM2 UNITED STATES TREASURY 09/02/2025 5,000,000.00 05/07/2025 4.31% 4,931,790.63 4,963,271.88 99.25 4.36% 4,962,692.20 0.00 1.20% (579.68) P-1/A-1+ F1+ 0.18 0.17 912797MH7 UNITED STATES TREASURY 09/04/2025 5,000,000.00 11/06/20244.31%4,826,966.814,962,634.03 99.234.35%4,961,552.950.00 1.20%(1,081.08)P-1/A-1+F1+0.180.18 18 47 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 HOLDINGS REPORT Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/S&P/Fitch Maturity Duration 9128285C0 UNITED STATES TREASURY 3.0 09/30/2025 5,000,000.00 10/09/20244.23%4,941,992.194,985,130.39 99.674.29%4,983,723.9537,704.92 1.21%(1,406.44)Aa1/AA+AA+0.250.25 9128285C0 UNITED STATES TREASURY 3.0 09/30/2025 5,000,000.00 05/05/2022 2.99% 5,001,953.13 5,000,142.99 99.67 4.29% 4,983,723.95 37,704.92 1.21% (16,419.04) Aa1/AA+ AA+ 0.25 0.25 912797MS3 UNITED STATES TREASURY 10/02/2025 5,000,000.00 10/09/20244.20%4,800,736.984,948,091.15 98.914.33%4,945,386.700.00 1.20%(2,704.45)P-1/A-1+F1+0.260.25 912797QF7 UNITED STATES TREASURY 10/16/2025 5,000,000.00 05/22/2025 4.30% 4,915,543.06 4,938,103.48 98.75 4.30% 4,937,702.20 0.00 1.19% (401.28) P-1/A-1+ F1+ 0.30 0.29 91282CAT8 UNITED STATES TREASURY 0.25 10/31/2025 5,000,000.00 11/06/2024 4.35% 4,805,273.44 4,933,640.67 98.67 4.33% 4,933,251.95 2,105.98 1.19% (388.72) Aa1/AA+ AA+ 0.34 0.33 912828M56 UNITED STATES TREASURY 2.25 11/15/2025 5,000,000.00 11/25/20244.42%4,897,851.564,960,467.98 99.244.32%4,961,848.9514,368.21 1.20%1,380.97 Aa1/AA+AA+0.380.37 91282CJS1 UNITED STATES TREASURY 4.25 12/31/2025 5,000,000.00 12/16/2024 4.26% 4,999,414.06 4,999,717.08 100.00 4.25% 5,000,048.85 577.45 1.21% 331.77 Aa1/AA+ AA+ 0.50 0.49 91282CEF4 UNITED STATES TREASURY 2.5 03/31/2027 5,000,000.00 06/06/20223.02%4,883,203.134,957,612.97 97.863.77%4,893,164.0531,420.77 1.18%(64,448.92)Aa1/AA+AA+1.751.68 91282CEN7 UNITED STATES TREASURY 2.75 04/30/2027 5,000,000.00 06/02/2022 2.92% 4,959,960.94 4,985,074.72 98.23 3.76% 4,911,328.10 23,165.76 1.19% (73,746.62) Aa1/AA+ AA+ 1.83 1.76 91282CET4 UNITED STATES TREASURY 2.625 05/31/2027 3,000,000.00 07/08/20223.12%2,933,203.132,973,842.57 97.933.75%2,938,007.826,670.08 0.71%(35,834.75)Aa1/AA+AA+1.921.84 91282CEW7 UNITED STATES TREASURY 3.25 06/30/2027 5,000,000.00 08/17/2022 3.05% 5,045,703.13 5,018,749.34 99.11 3.72% 4,955,273.45 441.58 1.20% (63,475.89) Aa1/AA+ AA+ 2.00 1.91 91282CFH9 UNITED STATES TREASURY 3.125 08/31/2027 5,000,000.00 09/08/20223.39%4,940,429.694,974,067.08 98.773.72%4,938,476.5552,224.86 1.19%(35,590.53)Aa1/AA+AA+2.172.05 9128283F5 UNITED STATES TREASURY 2.25 11/15/2027 5,000,000.00 11/28/2022 3.93% 4,623,828.13 4,820,010.48 96.70 3.72% 4,834,960.95 14,368.21 1.17% 14,950.47 Aa1/AA+ AA+ 2.38 2.27 91282CGC9 UNITED STATES TREASURY 3.875 12/31/2027 3,250,000.00 01/26/2023 3.60% 3,289,736.33 3,270,166.35 100.42 3.70% 3,263,710.94 342.22 0.79% (6,455.42) Aa1/AA+AA+2.502.36 91282CFT3 UNITED STATES TREASURY 4.0 10/31/2029 2,500,000.00 02/12/2025 4.49% 2,448,828.13 2,452,931.39 100.95 3.76% 2,523,828.13 16,847.83 0.61% 70,896.73 Aa1/AA+ AA+ 4.34 3.92 Total US Treasury 126,050,000.00 3.98%123,854,872.93125,327,912.67 99.264.17%125,103,237.29463,129.74 30.25%(224,675.38)0.740.70 Total Portfolio 414,878,622.84 4.06% 410,871,859.94 413,083,027.68 61.06 4.11% 413,579,842.84 1,174,239.54 100.00% 496,815.16 0.91 0.78 19 48 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 HOLDINGS REPORT Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/S&P/Fitch Maturity Duration Total Market Value + Accrued 414,754,082.38 20 49 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 TRANSACTION LEDGER Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/ Sold Total Amount Gain/Loss ACQUISITIONS Purchase 06/02/2025 60934N104 5,000,000.00 FEDERATED HRMS GV OINST 1.000 4.19%(5,000,000.00)0.00 (5,000,000.00)0.00 Purchase 06/02/2025 60934N104 106,250.00 FEDERATED HRMS GV O INST 1.000 4.19%(106,250.00)0.00 (106,250.00)0.00 Purchase 06/02/2025 60934N104 45,625.00 FEDERATED HRMS GV O INST 1.000 4.19%(45,625.00)0.00 (45,625.00)0.00 Purchase 06/02/2025 60934N104 5,000,000.00 FEDERATED HRMS GV OINST 1.000 4.19%(5,000,000.00)0.00 (5,000,000.00)0.00 Purchase 06/03/2025 60934N104 17,718.12 FEDERATED HRMS GV O INST 1.000 4.18%(17,718.12)0.00 (17,718.12)0.00 Purchase 06/03/2025 38141W323 12,494.79 GOLDMAN:FS TRS O INST 1.000 4.18%(12,494.79)0.00 (12,494.79)0.00 Purchase 06/03/2025 60934N104 25,743.56 FEDERATED HRMS GV O INST 1.000 4.17%(25,743.56)0.00 (25,743.56)0.00 Purchase 06/05/2025 34108AUJ4 1,400,000.00 Florida Power & Light Company 07/18/2025 99.483 4.35%(1,392,759.28)0.00 (1,392,759.28)0.00 Purchase 06/05/2025 47816FX14 2,000,000.00 Johnson & Johnson10/01/2025 98.607 4.31%(1,972,138.89)0.00 (1,972,138.89)0.00 Purchase 06/05/2025 60934N104 67,890.00 FEDERATED HRMS GV O INST 1.000 4.15%(67,890.00)0.00 (67,890.00)0.00 Purchase 06/10/2025 096912AD2 325,000.00 BMWLT 2025-1 A3 4.4306/26/2028 99.998 4.82%(324,992.85)0.00 (324,992.85)0.00 Purchase 06/10/2025 87612EBU9 475,000.00 TARGET CORP 4.35 06/15/2028 99.999 4.35%(474,995.25)0.00 (474,995.25)0.00 Purchase 06/10/2025 92970QAJ4 1,015,000.00 WFCIT 2025-1 A 4.3405/15/2030 99.998 4.33%(1,014,983.15)0.00 (1,014,983.15)0.00 Purchase 06/10/2025 60934N104 85,000.00 FEDERATED HRMS GV O INST 1.000 4.16%(85,000.00)0.00 (85,000.00)0.00 Purchase 06/11/2025 44935XAD7 490,000.00 HART 2025-B A3 4.3612/17/2029 99.991 4.36%(489,955.75)0.00 (489,955.75)0.00 Purchase 06/11/2025 60934N104 1,995,188.89 FEDERATED HRMS GV O INST 1.000 4.15%(1,995,188.89)0.00 (1,995,188.89)0.00 21 50 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 TRANSACTION LEDGER Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/ Sold Total Amount Gain/Loss Purchase 06/11/2025 60934N104 4,811.11 FEDERATED HRMS GV OINST 1.000 4.15%(4,811.11)0.00 (4,811.11)0.00 Purchase 06/11/2025 60934N104 24,250.00 FEDERATED HRMS GV O INST 1.000 4.15%(24,250.00)0.00 (24,250.00)0.00 Purchase 06/12/2025 60934N104 189,296.25 FEDERATED HRMS GV OINST 1.000 4.15%(189,296.25)0.00 (189,296.25)0.00 Purchase 06/12/2025 60934N104 3,810,703.75 FEDERATED HRMS GV O INST 1.000 4.15%(3,810,703.75)0.00 (3,810,703.75)0.00 Purchase 06/16/2025 60934N104 15,638.73 FEDERATED HRMS GV O INST 1.000 4.15%(15,638.73)0.00 (15,638.73)0.00 Purchase 06/16/2025 60934N104 67,174.16 FEDERATED HRMS GV OINST 1.000 4.15%(67,174.16)0.00 (67,174.16)0.00 Purchase 06/18/2025 06405LAH4 1,500,000.00 BANK OF NEW YORK MELLON 4.729 04/20/2029 100.851 4.40%(1,512,765.00)(11,034.33)(1,523,799.33)0.00 Purchase 06/18/2025 03785DWK8 5,000,000.00 Apple Inc. 09/19/2025 98.884 4.37%(4,944,200.00)0.00 (4,944,200.00)0.00 Purchase 06/18/2025 02079NWF4 4,000,000.00 Alphabet Inc. 09/15/2025 98.932 4.37%(3,957,280.00)0.00 (3,957,280.00)0.00 Purchase 06/18/2025 57582TEA6 750,000.00 MASSACHUSETTS COMMONWEALTH 4.35 06/01/2030 100.130 4.32%(750,975.00)0.00 (750,975.00)0.00 Purchase 06/18/2025 037833EZ9 1,500,000.00 APPLE INC 4.2 05/12/2030 99.520 4.31%(1,492,800.00)(6,300.00)(1,499,100.00)0.00 Purchase 06/18/2025 60934N104 16,754.83 FEDERATED HRMS GV OINST 1.000 4.16%(16,754.83)0.00 (16,754.83)0.00 Purchase 06/20/2025 60934N104 4,987,341.67 FEDERATED HRMS GV O INST 1.000 4.16%(4,987,341.67)0.00 (4,987,341.67)0.00 Purchase 06/20/2025 60934N104 12,658.33 FEDERATED HRMS GV O INST 1.000 4.16%(12,658.33)0.00 (12,658.33)0.00 Purchase 06/20/2025 60934N104 5,165.49 FEDERATED HRMS GV O INST 1.000 4.16%(5,165.49)0.00 (5,165.49)0.00 Purchase 06/25/2025 60934N104 88,705.88 FEDERATED HRMS GV O INST 1.000 4.20%(88,705.88)0.00 (88,705.88)0.00 Purchase 06/25/2025 60934N104 239,201.68 FEDERATED HRMS GV OINST 1.000 4.20%(239,201.68)0.00 (239,201.68)0.00 22 51 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 TRANSACTION LEDGER Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/ Sold Total Amount Gain/Loss Purchase 06/26/2025 17305EHA6 1,000,000.00 CCCIT_25-A1 4.306/21/2030 99.973 4.31%(999,728.70)0.00 (999,728.70)0.00 Purchase 06/30/2025 90CAMP$00 225,450.16 CAMP 1.000 4.43%(225,450.16)0.00 (225,450.16)0.00 Purchase 06/30/2025 60934N104 5,000,000.00 FEDERATED HRMS GV O INST 1.000 4.21%(5,000,000.00)0.00 (5,000,000.00)0.00 Purchase 06/30/2025 60934N104 221,875.00 FEDERATED HRMS GV OINST 1.000 4.21%(221,875.00)0.00 (221,875.00)0.00 Purchase 06/30/2025 60934N104 144,218.75 FEDERATED HRMS GV O INST 1.000 4.21%(144,218.75)0.00 (144,218.75)0.00 Purchase 06/30/2025 90CASH$03 2,776.23 Cash 1.000 1.23%(2,776.23)0.00 (2,776.23)0.00 Purchase 06/30/2025 90CASH$03 10,557.70 Cash 1.000 1.23%(10,557.70)0.00 (10,557.70)0.00 Purchase 06/30/2025 90CASH$03 3,292,703.31 Cash 1.000 1.23%(3,292,703.31)0.00 (3,292,703.31)0.00 Total Purchase 50,170,193.39 (50,042,767.26)(17,334.33)(50,060,101.59)0.00 TOTAL ACQUISITIONS 50,170,193.39 (50,042,767.26)(17,334.33)(50,060,101.59)0.00 DISPOSITIONS Maturity 06/11/2025 14912DTB5 (2,000,000.00)Caterpillar Financial Services Corporation 06/11/2025 100.000 4.34%2,000,000.00 0.00 2,000,000.00 0.00 Maturity 06/12/2025 912797LN5 (4,000,000.00)UNITED STATES TREASURY 06/12/2025 100.000 5.10%4,000,000.00 0.00 4,000,000.00 0.00 Maturity 06/18/2025 03785DTJ5 (1,850,000.00)Apple Inc. 06/18/2025 100.000 4.33%1,850,000.00 0.00 1,850,000.00 0.00 Maturity 06/20/2025 19121ATL5 (5,000,000.00)The Coca-Cola Company 06/20/2025 100.000 4.35%5,000,000.00 0.00 5,000,000.00 0.00 Maturity 06/30/2025 91282CHL8 (5,000,000.00)UNITED STATES TREASURY 4.625 06/30/2025 100.000 4.42%5,000,000.00 0.00 5,000,000.00 0.00 Total Maturity (17,850,000.00)17,850,000.00 0.00 17,850,000.00 0.00 Sale 06/05/2025 90CAMP$00 (1,000,000.00)CAMP 1.000 4.43%1,000,000.00 0.00 1,000,000.00 0.00 Sale 06/05/2025 60934N104 (3,364,898.17)FEDERATED HRMS GV O INST 1.000 4.16%3,364,898.17 0.00 3,364,898.17 0.00 Sale 06/10/2025 60934N104 (1,814,971.25)FEDERATED HRMS GV OINST 1.000 4.16%1,814,971.25 0.00 1,814,971.25 0.00 23 52 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 TRANSACTION LEDGER Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/ Sold Total Amount Gain/Loss Sale 06/11/2025 60934N104 (489,955.75)FEDERATED HRMS GV OINST 1.000 4.15%489,955.75 0.00 489,955.75 0.00 Sale 06/12/2025 90CAMP$00 (3,000,000.00)CAMP 1.000 4.43%3,000,000.00 0.00 3,000,000.00 0.00 Sale 06/12/2025 90CAMP$00 (4,000,000.00)CAMP 1.000 4.43%4,000,000.00 0.00 4,000,000.00 0.00 Sale 06/17/2025 90CAMP$00 (2,000,000.00)CAMP 1.000 4.43%2,000,000.00 0.00 2,000,000.00 0.00 Sale 06/18/2025 60934N104 (7,068,234.83)FEDERATED HRMS GV OINST 1.000 4.16%7,068,234.83 0.00 7,068,234.83 0.00 Sale 06/18/2025 60934N104 (3,773,874.33)FEDERATED HRMS GV O INST 1.000 4.16%3,773,874.33 0.00 3,773,874.33 0.00 Sale 06/26/2025 60934N104 (999,728.70)FEDERATED HRMS GV OINST 1.000 4.18%999,728.70 0.00 999,728.70 0.00 Sale 06/30/2025 90CAMP$00 (4,000,000.00)CAMP 1.000 4.43%4,000,000.00 0.00 4,000,000.00 0.00 Total Sale (31,511,663.03)31,511,663.03 0.00 31,511,663.03 0.00 TOTAL DISPOSITIONS (49,361,663.03)49,361,663.03 0.00 49,361,663.03 0.00 OTHER TRANSACTIONS Cash Transfer 06/05/2025 CCYUSD (1,000,000.00)Cash 0.00%(1,000,000.00)0.00 (1,000,000.00)0.00 Cash Transfer 06/12/2025 CCYUSD (7,000,000.00)Cash 0.00%(7,000,000.00)0.00 (7,000,000.00)0.00 Cash Transfer 06/17/2025 CCYUSD (2,000,000.00)Cash 0.00%(2,000,000.00)0.00 (2,000,000.00)0.00 Cash Transfer 06/30/2025 CCYUSD (707,296.69)Cash 0.00%(707,296.69)0.00 (707,296.69)0.00 Total Cash Transfer (10,707,296.69)(10,707,296.69)0.00 (10,707,296.69)0.00 Coupon 06/01/2025 3137F2LJ3 0.00 FHMS K-066 A2 3.117 06/25/2027 4.88%6,074.51 0.00 6,074.51 0.00 Coupon 06/01/2025 3137H9D71 0.00 FHMS K-750 A2 3.009/25/2029 4.47%4,375.00 0.00 4,375.00 0.00 Coupon 06/01/2025 3137BTUM1 0.00 FHMS K-061 A2 3.347 11/25/2026 4.47%8,073.28 0.00 8,073.28 0.00 Coupon 06/01/2025 3137FQ3Z4 0.00 FHMS K-101 A2 2.52410/25/2029 4.42%4,206.67 0.00 4,206.67 0.00 24 53 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 TRANSACTION LEDGER Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/ Sold Total Amount Gain/Loss Coupon 06/01/2025 3137HA4B9 0.00 FHMS K-751 A2 4.41203/25/2030 4.40%7,353.33 0.00 7,353.33 0.00 Coupon 06/01/2025 3137FLMV3 0.00 FHMS K-090 A2 3.422 02/25/2029 4.37%5,703.33 0.00 5,703.33 0.00 Coupon 06/01/2025 3137FKZZ2 0.00 FHMS K-088 A2 3.6901/25/2029 4.17%4,612.50 0.00 4,612.50 0.00 Coupon 06/01/2025 3137FK4M5 0.00 FHMS K-085 A2 4.06 10/25/2028 4.16%6,766.67 0.00 6,766.67 0.00 Coupon 06/01/2025 3137FJXV6 0.00 FHMS K-083 A2 4.05 09/25/2028 4.15%6,750.00 0.00 6,750.00 0.00 Coupon 06/01/2025 3137BM7C4 0.00 FHMS K-051 A2 3.30809/25/2025 2.99%4,788.00 0.00 4,788.00 0.00 Coupon 06/05/2025 64952WFK4 0.00 NEW YORK LIFE GLOBAL FUNDING 4.6 12/05/2029 4.86%34,500.00 0.00 34,500.00 0.00 Coupon 06/05/2025 46647PAX4 0.00 JPMORGAN CHASE & CO4.452 12/05/2029 4.74%33,390.00 0.00 33,390.00 0.00 Coupon 06/10/2025 3130ATUS4 0.00 FEDERAL HOME LOAN BANKS 4.25 12/10/2027 3.77%85,000.00 0.00 85,000.00 0.00 Coupon 06/11/2025 24422EXT1 0.00 JOHN DEERE CAPITALCORP 4.85 06/11/2029 5.01%24,250.00 0.00 24,250.00 0.00 Coupon 06/15/2025 47800DAD6 0.00 JDOT 2025 A3 4.23 09/17/2029 5.09%2,150.25 0.00 2,150.25 0.00 Coupon 06/15/2025 44935CAD3 0.00 HART 2025-A A3 4.3210/15/2029 4.84%2,772.00 0.00 2,772.00 0.00 Coupon 06/15/2025 58768YAD7 0.00 MBALT 2025-A A3 4.61 04/16/2029 4.66%1,982.30 0.00 1,982.30 0.00 Coupon 06/15/2025 44935DAD1 0.00 HALST 2025-B A3 4.5304/17/2028 4.53%1,528.88 0.00 1,528.88 0.00 Coupon 06/15/2025 02582JKP4 0.00 AMXCA 2025-2 A 4.28 04/15/2030 4.28%3,994.67 0.00 3,994.67 0.00 Coupon 06/15/2025 437921AD1 0.00 HAROT 252 A3 4.15 10/15/2029 4.15%1,706.11 0.00 1,706.11 0.00 Coupon 06/15/2025 47787JAC2 0.00 JDOT 2022 A3 2.3209/15/2026 2.34%272.00 0.00 272.00 0.00 25 54 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 TRANSACTION LEDGER Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/ Sold Total Amount Gain/Loss Coupon 06/16/2025 362549AD9 0.00 GMCAR 2025-2 A3 4.2804/16/2030 4.71%1,179.38 0.00 1,179.38 0.00 Coupon 06/16/2025 380146AC4 0.00 GMCAR 2022-1 A3 1.26 11/16/2026 1.27%40.67 0.00 40.67 0.00 Coupon 06/16/2025 362554AC1 0.00 GMCAR 2021-4 A3 0.6809/16/2026 0.68%12.47 0.00 12.47 0.00 Coupon 06/20/2025 362962AD4 0.00 GMALT 2025-2 A3 4.58 05/22/2028 4.84%1,576.28 0.00 1,576.28 0.00 Coupon 06/20/2025 92348KDY6 0.00 VZMT 2025-3 A1A 4.51 03/20/2030 4.51%3,589.21 0.00 3,589.21 0.00 Coupon 06/25/2025 437076DC3 0.00 HOME DEPOT INC 4.7506/25/2029 4.82%29,687.50 0.00 29,687.50 0.00 Coupon 06/25/2025 05602RAD3 0.00 BMWOT 2022-A A3 3.21 08/25/2026 3.23%315.09 0.00 315.09 0.00 Coupon 06/30/2025 91282CHL8 0.00 UNITED STATES TREASURY4.625 06/30/2025 4.42%115,625.00 0.00 115,625.00 0.00 Coupon 06/30/2025 91282CJS1 0.00 UNITED STATES TREASURY 4.25 12/31/2025 4.26%106,250.00 0.00 106,250.00 0.00 Coupon 06/30/2025 91282CGC9 0.00 UNITED STATES TREASURY3.875 12/31/2027 3.60%62,968.75 0.00 62,968.75 0.00 Coupon 06/30/2025 91282CEW7 0.00 UNITED STATES TREASURY 3.25 06/30/2027 3.05%81,250.00 0.00 81,250.00 0.00 Total Coupon 0.00 652,743.85 0.00 652,743.85 0.00 Dividend 06/30/2025 90CAMP$00 0.00 CAMP 4.43%225,450.16 0.00 225,450.16 0.00 Dividend 06/30/2025 60934N104 0.00 FEDERATED HRMS GV O INST 4.21%39,992.63 0.00 39,992.63 0.00 Dividend 06/30/2025 38141W323 0.00 GOLDMAN:FS TRS O INST 4.18%12,069.89 0.00 12,069.89 0.00 Dividend 06/30/2025 90CASH$03 0.00 Cash 1.23%13,333.93 0.00 13,333.93 0.00 Total Dividend 0.00 290,846.61 0.00 290,846.61 0.00 Principal Paydown 06/01/2025 3137BTUM1 5,897.70 FHMS K-061 A2 3.347 11/25/2026 4.47%5,897.70 --5,897.70 0.00 Principal Paydown 06/01/2025 3137BM7C4 199,291.38 FHMS K-051 A2 3.30809/25/2025 2.99%199,291.38 --199,291.38 0.00 26 55 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 TRANSACTION LEDGER Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/ Sold Total Amount Gain/Loss Principal Paydown 06/15/2025 47787JAC2 25,761.58 JDOT 2022 A3 2.3209/15/2026 2.34%25,761.58 --25,761.58 0.00 Principal Paydown 06/16/2025 380146AC4 21,024.36 GMCAR 2022-1 A3 1.26 11/16/2026 1.27%21,024.36 --21,024.36 0.00 Principal Paydown 06/16/2025 362554AC1 20,388.22 GMCAR 2021-4 A3 0.6809/16/2026 0.68%20,388.22 --20,388.22 0.00 Principal Paydown 06/25/2025 05602RAD3 34,012.60 BMWOT 2022-A A3 3.21 08/25/2026 3.23%34,012.60 --34,012.60 0.00 Total Principal Paydown 306,375.84 306,375.84 --306,375.84 0.01 TOTAL OTHER TRANSACTIONS (10,400,920.85)(9,457,330.39)0.00 (9,457,330.39)0.01 27 56 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 INCOME EARNED Cusip Security Description Trade Date Settle DateUnits Book Value: BeginBook Value: AcqBook Value: Disp Book Value: End Prior AccruedInc. ReceivedEnding Accrued Total Interest Accr. Of DiscountAmort. Of PremiumNet Accret/Amort Income Earned Total Income 60934N104 14,733,747.86 5,074,199.6927,171,211.20 (17,511,663.03) 14,733,747.86 0.0043,461.68 0.00 43,461.68 0.000.00 0.00 43,461.68 43,461.68 Total 14,733,747.86 5,074,199.6927,171,211.20(17,511,663.03) 14,733,747.86 0.0043,461.680.00 43,461.68 0.000.000.00 43,461.68 43,461.68 CASH & EQUIVALENTS 00915SUF7 Air Products and Chemicals, Inc. 07/15/2025 05/21/202505/22/20251,925,000.00 1,914,765.42 0.00 0.00 1,921,743.54 0.00 0.00 0.00 0.00 6,978.12 0.00 6,978.12 6,978.12 6,978.12 02079NWF4 Alphabet Inc. 09/15/2025 06/17/2025 06/18/20254,000,000.00 0.003,957,280.00 0.00 3,963,520.00 0.000.00 0.00 0.00 6,240.000.00 6,240.00 6,240.00 6,240.00 03785DTJ5 Apple Inc. 06/18/2025 04/02/2025 04/03/2025 0.00 1,846,252.210.00(1,850,000.00) 0.00 0.000.000.00 0.00 3,747.790.003,747.79 3,747.79 3,747.79 14912DTB5 Caterpillar Financial Services Corporation 06/11/2025 05/21/2025 05/22/2025 0.00 1,997,594.45 0.00(2,000,000.00)0.00 0.00 0.000.000.00 2,405.56 0.002,405.562,405.56 2,405.56 19121ATL5 The Coca-Cola Company 06/20/2025 05/29/202505/30/2025 0.00 4,988,547.23 0.00(5,000,000.00)0.00 0.00 0.000.000.00 11,452.77 0.0011,452.7711,452.77 11,452.77 34108AUJ4 Florida Power & Light Company 07/18/2025 06/04/202506/05/2025 1,400,000.00 0.00 1,392,759.28 0.001,397,137.39 0.00 0.00 0.000.00 4,378.11 0.00 4,378.114,378.11 4,378.11 28 57 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 INCOME EARNED Cusip Security Description Trade Date Settle DateUnits Book Value: BeginBook Value: AcqBook Value: Disp Book Value: End Prior AccruedInc. ReceivedEnding Accrued Total Interest Accr. Of DiscountAmort. Of PremiumNet Accret/Amort Income Earned Total Income 38141W323 GOLDMAN:FS TRS O INST 3,763,947.96 3,751,453.1712,494.79 0.00 3,763,947.96 0.0012,494.79 0.00 12,494.79 0.000.00 0.00 12,494.79 12,494.79 90CASH$03 Cash 20,998,745.22 17,692,707.983,306,037.240.00 20,998,745.22 0.0013,333.930.00 13,333.93 0.000.000.00 13,333.93 13,333.93 CCYUSD Receivable 555,066.95 10,477,449.890.000.00 555,066.95 0.000.000.00 0.00 0.000.000.00 0.00 0.00 CCYUSD Cash 0.00 0.00 0.000.000.00 0.00 0.000.000.00 0.00 0.000.000.00 0.00 Total Cash & Equivalents 32,642,760.13 42,668,770.34 8,668,571.31(8,850,000.00)32,600,161.06 0.00 25,828.720.0025,828.72 35,202.35 0.0035,202.3561,031.07 61,031.07 FIXED INCOME 00287YBX6 ABBVIE INC 3.2 11/21/2029 04/28/2025 04/29/2025 1,500,000.00 1,428,013.820.000.00 1,429,335.48 1,333.330.005,333.33 4,000.00 1,321.660.001,321.66 5,321.66 5,321.66 02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 05/06/2025 05/13/2025 1,050,000.00 1,049,981.19 0.000.001,049,981.51 2,247.00 3,994.671,997.333,745.00 0.32 0.000.323,745.32 3,745.32 02665WDN8 AMERICAN HONDA FINANCE CORP 1.0 09/10/2025 03/10/202503/11/2025 2,200,000.00 2,179,042.78 0.000.002,185,267.69 4,950.00 0.006,783.331,833.33 6,224.92 0.006,224.928,058.25 8,058.25 037833EZ9 APPLE INC 4.2 05/12/2030 06/17/202506/18/2025 1,500,000.00 0.00 1,492,800.00 0.001,492,852.32 0.00 (6,300.00) 8,575.002,275.00 52.32 0.00 52.322,327.32 2,327.32 29 58 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 INCOME EARNED Cusip Security Description Trade Date Settle DateUnits Book Value: BeginBook Value: AcqBook Value: Disp Book Value: End Prior AccruedInc. ReceivedEnding Accrued Total Interest Accr. Of DiscountAmort. Of PremiumNet Accret/Amort Income Earned Total Income 03785DWK8 Apple Inc. 09/19/2025 06/17/2025 06/18/20255,000,000.00 0.004,944,200.00 0.00 4,952,000.00 0.000.00 0.00 0.00 7,800.000.00 7,800.00 7,800.00 7,800.00 05602RAD3 BMWOT 2022-A A3 3.21 08/25/2026 05/10/2022 05/18/202283,779.23 117,790.170.00(34,012.60) 83,778.13 63.02315.0944.82 296.89 0.560.000.56 297.45 297.45 06051GHM4 BANK OF AMERICA CORP 4.271 07/23/2029 11/06/2024 11/07/2024 1,750,000.00 1,714,553.170.000.00 1,715,479.48 26,575.110.0032,803.65 6,228.54 926.310.00926.31 7,154.85 7,154.85 06405LAH4 BANK OF NEW YORK MELLON 4.729 04/20/2029 06/17/2025 06/18/2025 1,500,000.00 0.00 1,512,765.000.001,512,604.98 0.00 (11,034.33)13,595.882,561.55 0.00 (160.02)(160.02)2,401.52 2,401.52 09247XAN1 BLACKROCK FINANCE INC 3.2 03/15/2027 07/06/202207/08/2022 2,000,000.00 1,991,144.08 0.00 0.001,991,551.56 13,511.11 0.00 18,844.445,333.33 407.48 0.00 407.485,740.81 5,740.81 096912AD2 BMWLT 2025-1 A3 4.43 06/26/2028 06/03/202506/10/2025325,000.00 0.00 324,992.85 0.00 324,992.99 0.00 0.00 839.85 839.85 0.14 0.00 0.14 839.99 839.99 13063DRE0 CALIFORNIA ST 2.5 10/01/2029 03/24/202503/25/20251,500,000.00 1,392,938.96 0.00 0.00 1,394,967.91 6,250.00 0.00 9,375.00 3,125.00 2,028.95 0.00 2,028.95 5,153.95 5,153.95 14913UAJ9 CATERPILLAR FINANCIAL SERVICES CORP 4.85 02/27/2029 04/30/2024 05/02/20241,200,000.00 1,188,884.010.00 0.00 1,189,127.96 15,196.670.00 20,046.67 4,850.00 243.950.00 243.95 5,093.95 5,093.95 17275RBX9 CISCO SYSTEMS INC 4.75 02/24/2030 03/11/2025 03/12/2025 1,500,000.00 1,511,825.870.000.00 1,511,616.93 19,197.920.0025,135.42 5,937.50 0.00(208.94)(208.94) 5,728.56 5,728.56 30 59 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 INCOME EARNED Cusip Security Description Trade Date Settle DateUnits Book Value: BeginBook Value: AcqBook Value: Disp Book Value: End Prior AccruedInc. ReceivedEnding Accrued Total Interest Accr. Of DiscountAmort. Of PremiumNet Accret/Amort Income Earned Total Income 17305EHA6 CCCIT_25-A1 4.3 06/21/2030 06/18/2025 06/26/20251,000,000.00 0.00999,728.70 0.00 999,729.44 0.000.00 597.22 597.22 0.740.00 0.74 597.97 597.97 194162AT0 COLGATE-PALMOLIVE CO 4.2 05/01/2030 04/28/2025 05/02/2025685,000.00 684,642.920.000.00 684,648.89 2,317.580.004,715.08 2,397.50 5.970.005.97 2,403.47 2,403.47 24422EXT1 JOHN DEERE CAPITAL CORP 4.85 06/11/2029 06/07/2024 06/11/2024 1,000,000.00 994,465.620.000.00 994,578.49 22,902.7824,250.002,694.44 4,041.67 112.870.00112.87 4,154.54 4,154.54 26442UAA2 DUKE ENERGY PROGRESS LLC 3.25 08/15/2025 2,422,000.00 2,421,878.53 0.000.002,421,927.12 23,177.19 0.0029,736.786,559.58 48.59 0.0048.596,608.17 6,608.17 3130ATUS4 FEDERAL HOME LOAN BANKS 4.25 12/10/2027 01/30/202302/01/2023 4,000,000.00 4,043,931.51 0.00 0.004,042,502.06 80,750.00 85,000.00 9,916.6714,166.67 0.00 (1,429.44) (1,429.44)12,737.23 12,737.23 3135G05X7 FEDERAL NATIONAL MORTGAGE ASSOCIATION 0.375 08/25/2025 12/02/202112/03/20213,500,000.00 3,493,862.01 0.00 0.00 3,496,028.36 3,500.00 0.00 4,593.75 1,093.75 2,166.35 0.00 2,166.35 3,260.10 3,260.10 3137BM7C4 FHMS K-051 A2 3.308 09/25/2025 05/16/202205/19/20221,537,590.50 1,737,916.14 0.00 (199,291.38) 1,538,207.52 4,788.00 4,788.00 4,238.62 4,238.62 0.00 (417.23) (417.23) 3,821.39 3,821.39 3137BTUM1 FHMS K-061 A2 3.347 11/25/2026 10/05/2022 10/11/20222,888,615.34 2,852,582.300.00 (5,897.70) 2,849,193.51 8,073.288,073.28 8,056.83 8,056.83 2,508.910.00 2,508.91 10,565.74 10,565.74 3137F2LJ3 FHMS K-066 A2 3.117 06/25/2027 10/20/2022 10/25/2022 2,338,600.00 2,268,459.940.000.00 2,271,342.41 6,074.516,074.516,074.51 6,074.51 2,882.470.002,882.47 8,956.98 8,956.98 31 60 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 INCOME EARNED Cusip Security Description Trade Date Settle DateUnits Book Value: BeginBook Value: AcqBook Value: Disp Book Value: End Prior AccruedInc. ReceivedEnding Accrued Total Interest Accr. Of DiscountAmort. Of PremiumNet Accret/Amort Income Earned Total Income 3137FJXV6 FHMS K-083 A2 4.05 09/25/2028 05/07/2025 05/12/20252,000,000.00 1,990,703.390.00 0.00 1,990,938.15 6,750.006,750.00 6,750.00 6,750.00 234.760.00 234.76 6,984.76 6,984.76 3137FK4M5 FHMS K-085 A2 4.06 10/25/2028 05/07/2025 05/12/20252,000,000.00 1,990,853.320.000.00 1,991,078.61 6,766.676,766.676,766.67 6,766.67 225.290.00225.29 6,991.96 6,991.96 3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 05/02/2025 05/07/2025 1,500,000.00 1,474,414.070.000.00 1,475,000.01 4,612.504,612.504,612.50 4,612.50 585.940.00585.94 5,198.44 5,198.44 3137FLMV3 FHMS K-090 A2 3.422 02/25/2029 03/26/2025 03/31/2025 2,000,000.00 1,934,288.13 0.000.001,935,758.20 5,703.33 5,703.335,703.335,703.33 1,470.06 0.001,470.067,173.39 7,173.39 3137FQ3Z4 FHMS K-101 A2 2.524 10/25/2029 03/17/202503/20/2025 2,000,000.00 1,851,384.64 0.00 0.001,854,201.11 4,206.67 4,206.67 4,206.674,206.67 2,816.46 0.00 2,816.467,023.13 7,023.13 3137H9D71 FHMS K-750 A2 3.0 09/25/2029 12/04/202412/09/20241,750,000.00 1,656,808.48 0.00 0.00 1,658,608.70 4,375.00 4,375.00 4,375.00 4,375.00 1,800.22 0.00 1,800.22 6,175.22 6,175.22 3137HA4B9 FHMS K-751 A2 4.412 03/25/2030 03/24/202503/27/20252,000,000.00 1,998,645.31 0.00 0.00 1,998,668.75 7,353.33 7,353.33 7,353.33 7,353.33 23.44 0.00 23.44 7,376.77 7,376.77 362549AD9 GMCAR 2025-2 A3 4.28 04/16/2030 05/06/2025 05/14/2025310,000.00 309,954.830.00 0.00 309,955.59 626.541,179.38 552.83 1,105.67 0.760.00 0.76 1,106.43 1,106.43 362554AC1 GMCAR 2021-4 A3 0.68 09/16/2026 10/13/2021 10/21/2021 1,613.05 22,001.140.00(20,388.22) 1,613.04 6.2312.470.46 6.69 0.120.000.12 6.81 6.81 32 61 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 INCOME EARNED Cusip Security Description Trade Date Settle DateUnits Book Value: BeginBook Value: AcqBook Value: Disp Book Value: End Prior AccruedInc. ReceivedEnding Accrued Total Interest Accr. Of DiscountAmort. Of PremiumNet Accret/Amort Income Earned Total Income 362962AD4 GMALT 2025-2 A3 4.58 05/22/2028 05/20/2025 05/29/2025590,000.00 589,990.240.00 0.00 589,990.51 150.121,576.28 825.67 2,251.83 0.270.00 0.27 2,252.10 2,252.10 380146AC4 GMCAR 2022-1 A3 1.26 11/16/2026 01/11/2022 01/19/202217,704.04 38,727.490.00(21,024.36) 17,703.65 20.3340.679.29 29.63 0.510.000.51 30.15 30.15 40139LBG7 GUARDIAN LIFE GLOBAL FUNDING 5.55 10/28/2027 10/25/2022 10/28/2022 2,755,000.00 2,754,602.140.000.00 2,754,615.72 14,016.060.0026,757.94 12,741.88 13.580.0013.58 12,755.45 12,755.45 437076DC3 HOME DEPOT INC 4.75 06/25/2029 06/25/2024 06/26/2024 1,250,000.00 1,246,999.49 0.000.001,247,060.10 25,729.17 29,687.50989.584,947.92 60.62 0.0060.625,008.53 5,008.53 437921AD1 HAROT 252 A3 4.15 10/15/2029 04/29/202505/08/2025 400,000.00 399,955.98 0.00 0.00399,956.81 1,060.56 1,706.11 737.781,383.33 0.83 0.00 0.831,384.16 1,384.16 438516BU9 HONEYWELL INTERNATIONAL INC 2.7 08/15/2029 08/22/202408/23/20241,500,000.00 1,416,698.61 0.00 0.00 1,418,325.59 11,925.00 0.00 15,300.00 3,375.00 1,626.98 0.00 1,626.98 5,001.98 5,001.98 44935CAD3 HART 2025-A A3 4.32 10/15/2029 03/04/202503/12/2025770,000.00 769,891.91 0.00 0.00 769,893.94 1,478.40 2,772.00 1,478.40 2,772.00 2.03 0.00 2.03 2,774.03 2,774.03 44935DAD1 HALST 2025-B A3 4.53 04/17/2028 04/24/2025 04/30/2025405,000.00 404,964.510.00 0.00 404,965.52 815.401,528.88 815.40 1,528.88 1.010.00 1.01 1,529.89 1,529.89 44935XAD7 HART 2025-B A3 4.36 12/17/2029 06/03/2025 06/11/2025 490,000.00 0.00489,955.750.00 489,956.29 0.000.001,186.89 1,186.89 0.540.000.54 1,187.43 1,187.43 33 62 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 INCOME EARNED Cusip Security Description Trade Date Settle DateUnits Book Value: BeginBook Value: AcqBook Value: Disp Book Value: End Prior AccruedInc. ReceivedEnding Accrued Total Interest Accr. Of DiscountAmort. Of PremiumNet Accret/Amort Income Earned Total Income 46590DUB4 J.P. Morgan Securities LLC 07/11/2025 12/17/2024 12/17/20245,000,000.00 4,975,555.560.00 0.00 4,993,888.89 0.000.00 0.00 0.00 18,333.330.00 18,333.33 18,333.33 18,333.33 46647PAX4 JPMORGAN CHASE & CO 4.452 12/05/2029 03/26/2025 03/27/20251,500,000.00 1,486,304.520.000.00 1,486,624.76 32,648.0033,390.004,823.00 5,565.00 320.240.00320.24 5,885.24 5,885.24 47787JAC2 JDOT 2022 A3 2.32 09/15/2026 03/10/2022 03/16/2022 114,930.38 140,683.590.00(25,761.58) 114,923.98 145.07272.00118.51 245.44 1.970.001.97 247.41 247.41 47800DAD6 JDOT 2025 A3 4.23 09/17/2029 03/04/2025 03/11/2025 610,000.00 609,963.54 0.000.00609,964.23 1,146.80 2,150.251,146.802,150.25 0.70 0.000.702,150.95 2,150.95 478160DJ0 JOHNSON & JOHNSON 4.7 03/01/2030 03/24/202503/25/2025 1,500,000.00 1,520,310.44 0.00 0.001,519,953.28 19,779.17 0.00 25,654.175,875.00 0.00 (357.16) (357.16)5,517.84 5,517.84 47816FX14 Johnson & Johnson 10/01/2025 06/04/202506/05/20252,000,000.00 0.00 1,972,138.89 0.00 1,978,277.78 0.00 0.00 0.00 0.00 6,138.89 0.00 6,138.89 6,138.89 6,138.89 532457CV8 ELI LILLY AND CO 4.75 02/12/2030 02/12/202502/13/20251,500,000.00 1,495,469.94 0.00 0.00 1,495,549.09 21,572.92 0.00 27,510.42 5,937.50 79.15 0.00 79.15 6,016.65 6,016.65 57582TEA6 MASSACHUSETTS COMMONWEALTH 4.35 06/01/2030 06/10/2025 06/18/2025750,000.00 0.00750,975.00 0.00 750,967.99 0.000.00 1,178.13 1,178.13 0.00(7.01) (7.01) 1,171.12 1,171.12 57629TBV8 MASSMUTUAL GLOBAL FUNDING II 4.95 01/10/2030 01/16/2025 01/17/2025 1,500,000.00 1,498,777.970.000.00 1,498,799.74 29,081.250.0035,268.75 6,187.50 21.770.0021.77 6,209.27 6,209.27 34 63 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 INCOME EARNED Cusip Security Description Trade Date Settle DateUnits Book Value: BeginBook Value: AcqBook Value: Disp Book Value: End Prior AccruedInc. ReceivedEnding Accrued Total Interest Accr. Of DiscountAmort. Of PremiumNet Accret/Amort Income Earned Total Income 57636QAP9 MASTERCARD INC 3.35 03/26/2030 05/01/2025 05/02/20251,500,000.00 1,441,728.820.00 0.00 1,442,722.65 9,072.920.00 13,260.42 4,187.50 993.820.00 993.82 5,181.32 5,181.32 58768YAD7 MBALT 2025-A A3 4.61 04/16/2029 05/14/2025 05/21/2025645,000.00 644,921.980.000.00 644,923.63 825.961,982.301,321.53 2,477.88 1.650.001.65 2,479.53 2,479.53 59157TW25 MetLife Short Term Funding LLC 09/02/2025 03/27/2025 03/28/2025 3,000,000.00 2,966,907.500.000.00 2,977,582.50 0.000.000.00 0.00 10,675.000.0010,675.00 10,675.00 10,675.00 59217GFT1 METROPOLITAN LIFE GLOBAL FUNDING I 4.9 01/09/2030 01/06/2025 01/09/2025 1,500,000.00 1,494,317.80 0.000.001,494,419.09 28,991.67 0.0035,116.676,125.00 101.29 0.00101.296,226.29 6,226.29 61747YET8 MORGAN STANLEY 4.679 07/17/2026 08/10/202208/12/2022 2,000,000.00 2,000,798.77 0.00 0.002,000,277.83 34,832.56 0.00 42,630.897,798.33 0.00 (520.93) (520.93)7,277.40 7,277.40 62479LW50 MUFG Bank, Ltd., New York Branch 09/05/2025 03/05/202503/05/20255,000,000.00 4,943,200.00 0.00 0.00 4,960,950.00 0.00 0.00 0.00 0.00 17,750.00 0.00 17,750.00 17,750.00 17,750.00 63743HFX5 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP 4.95 02/07/2030 02/05/202502/07/20251,500,000.00 1,504,036.27 0.00 0.00 1,503,964.24 23,512.50 0.00 29,700.00 6,187.50 0.00 (72.03) (72.03) 6,115.47 6,115.47 64952WFK4 NEW YORK LIFE GLOBAL FUNDING 4.6 12/05/2029 01/16/2025 01/17/20251,500,000.00 1,484,541.330.00 0.00 1,484,822.74 33,733.3334,500.00 4,983.33 5,750.00 281.410.00 281.41 6,031.41 6,031.41 665859AW4 NORTHERN TRUST CORP 4.0 05/10/2027 3,000,000.00 2,999,534.450.000.00 2,999,553.54 7,000.000.0017,000.00 10,000.00 34.24(15.15)19.08 10,019.08 10,019.08 35 64 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 INCOME EARNED Cusip Security Description Trade Date Settle DateUnits Book Value: BeginBook Value: AcqBook Value: Disp Book Value: End Prior AccruedInc. ReceivedEnding Accrued Total Interest Accr. Of DiscountAmort. Of PremiumNet Accret/Amort Income Earned Total Income 66815L2K4 NORTHWESTERN MUTUAL GLOBAL FUNDING 4.35 09/15/2027 2,200,000.00 2,186,489.510.00 0.00 2,186,974.34 20,203.330.00 28,178.33 7,975.00 484.830.00 484.83 8,459.83 8,459.83 69371RR99 PACCAR FINANCIAL CORP 3.55 08/11/2025 03/11/2025 03/12/20252,000,000.00 1,996,720.920.000.00 1,998,106.45 21,694.440.0027,611.11 5,916.67 1,385.530.001,385.53 7,302.19 7,302.19 69371RT48 PACCAR FINANCIAL CORP 4.0 09/26/2029 10/09/2024 10/10/2024 1,750,000.00 1,728,877.270.000.00 1,729,278.84 12,638.890.0018,472.22 5,833.33 401.570.00401.57 6,234.91 6,234.91 74153WCW7 PRICOA GLOBAL FUNDING I 4.7 05/28/2030 05/20/2025 05/28/2025 650,000.00 649,539.51 0.000.00649,547.09 254.58 0.002,800.422,545.83 7.58 0.007.582,553.42 2,553.42 756109BE3 REALTY INCOME CORP 4.625 11/01/2025 05/21/202505/22/2025 2,000,000.00 2,000,180.39 0.00 0.002,000,121.57 7,708.33 0.00 15,416.677,708.33 0.00 (58.82) (58.82)7,649.51 7,649.51 78015CUJ9 Royal Bank of Canada New York Branch 07/18/2025 12/17/202412/18/20245,000,000.00 4,971,604.17 0.00 0.00 4,989,729.17 0.00 0.00 0.00 0.00 18,125.00 0.00 18,125.00 18,125.00 18,125.00 857449AE2 STATE STREET BANK AND TRUST CO 4.782 11/23/2029 1,500,000.00 1,496,821.39 0.00 0.00 1,496,879.68 1,594.00 0.00 7,571.50 5,977.50 62.41 (4.12) 58.29 6,035.79 6,035.79 87612EBU9 TARGET CORP 4.35 06/15/2028 06/05/2025 06/10/2025475,000.00 0.00474,995.25 0.00 474,995.34 0.000.00 1,205.31 1,205.31 0.090.00 0.09 1,205.40 1,205.40 89233GYQ3 Toyota Motor Credit Corporation 11/24/2025 03/05/2025 03/05/2025 2,000,000.00 1,959,226.670.000.00 1,966,176.67 0.000.000.00 0.00 6,950.000.006,950.00 6,950.00 6,950.00 36 65 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 INCOME EARNED Cusip Security Description Trade Date Settle DateUnits Book Value: BeginBook Value: AcqBook Value: Disp Book Value: End Prior AccruedInc. ReceivedEnding Accrued Total Interest Accr. Of DiscountAmort. Of PremiumNet Accret/Amort Income Earned Total Income 89236TLL7 TOYOTA MOTOR CREDIT CORP 4.65 01/05/2029 02/12/2024 02/14/20241,200,000.00 1,195,005.770.00 0.00 1,195,119.79 22,630.000.00 27,280.00 4,650.00 114.020.00 114.02 4,764.02 4,764.02 912797LN5 UNITED STATES TREASURY 06/12/2025 06/25/2024 06/26/20240.00 3,994,067.640.00(4,000,000.00) 0.00 0.000.000.00 0.00 5,932.360.005,932.36 5,932.36 5,932.36 912797MG9 UNITED STATES TREASURY 08/07/2025 05/07/2025 05/08/2025 5,000,000.00 4,960,800.350.000.00 4,978,352.43 0.000.000.00 0.00 17,552.080.0017,552.08 17,552.08 17,552.08 912797MH7 UNITED STATES TREASURY 09/04/2025 11/06/2024 11/07/2024 5,000,000.00 4,945,388.20 0.000.004,962,634.03 0.00 0.000.000.00 17,245.83 0.0017,245.8317,245.83 17,245.83 912797MS3 UNITED STATES TREASURY 10/02/2025 10/09/202410/10/2024 5,000,000.00 4,931,346.35 0.00 0.004,948,091.15 0.00 0.00 0.000.00 16,744.79 0.00 16,744.7916,744.79 16,744.79 912797NX1 UNITED STATES TREASURY 07/03/2025 01/06/202501/07/20256,000,000.00 5,977,992.00 0.00 0.00 5,998,624.50 0.00 0.00 0.00 0.00 20,632.50 0.00 20,632.50 20,632.50 20,632.50 912797PG6 UNITED STATES TREASURY 07/31/2025 01/30/202501/31/20254,000,000.00 3,972,266.67 0.00 0.00 3,986,133.33 0.00 0.00 0.00 0.00 13,866.67 0.00 13,866.67 13,866.67 13,866.67 912797QA8 UNITED STATES TREASURY 07/15/2025 03/19/2025 03/20/20255,000,000.00 4,974,486.110.00 0.00 4,991,881.94 0.000.00 0.00 0.00 17,395.830.00 17,395.83 17,395.83 17,395.83 912797QC4 UNITED STATES TREASURY 07/29/2025 04/02/2025 04/03/2025 5,000,000.00 4,966,267.360.000.00 4,983,715.28 0.000.000.00 0.00 17,447.920.0017,447.92 17,447.92 17,447.92 37 66 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 INCOME EARNED Cusip Security Description Trade Date Settle DateUnits Book Value: BeginBook Value: AcqBook Value: Disp Book Value: End Prior AccruedInc. ReceivedEnding Accrued Total Interest Accr. Of DiscountAmort. Of PremiumNet Accret/Amort Income Earned Total Income 912797QF7 UNITED STATES TREASURY 10/16/2025 05/22/2025 05/23/20255,000,000.00 4,920,749.310.00 0.00 4,938,103.48 0.000.00 0.00 0.00 17,354.170.00 17,354.17 17,354.17 17,354.17 912797QM2 UNITED STATES TREASURY 09/02/2025 05/07/2025 05/08/20255,000,000.00 4,945,782.300.000.00 4,963,271.88 0.000.000.00 0.00 17,489.580.0017,489.58 17,489.58 17,489.58 9128283F5 UNITED STATES TREASURY 2.25 11/15/2027 11/28/2022 11/29/2022 5,000,000.00 4,813,782.470.000.00 4,820,010.48 5,197.010.0014,368.21 9,171.20 6,228.010.006,228.01 15,399.21 15,399.21 9128284Z0 UNITED STATES TREASURY 2.75 08/31/2025 12/16/2024 12/17/2024 5,000,000.00 4,980,635.94 0.000.004,987,019.70 34,748.64 0.0045,957.8811,209.24 6,383.75 0.006,383.7517,592.99 17,592.99 9128285C0 UNITED STATES TREASURY 3.0 09/30/2025 10,000,000.00 9,980,418.45 0.00 0.009,985,273.38 50,819.67 0.00 75,409.8424,590.16 4,902.07 (47.14) 4,854.9329,445.09 29,445.09 912828K74 UNITED STATES TREASURY 2.0 08/15/2025 04/05/202204/06/20222,300,000.00 2,296,529.26 0.00 0.00 2,297,917.56 13,469.61 0.00 17,281.77 3,812.15 1,388.29 0.00 1,388.29 5,200.45 5,200.45 912828M56 UNITED STATES TREASURY 2.25 11/15/2025 11/25/202411/26/20245,000,000.00 4,951,811.33 0.00 0.00 4,960,467.98 5,197.01 0.00 14,368.21 9,171.20 8,656.65 0.00 8,656.65 17,827.84 17,827.84 912828ZT0 UNITED STATES TREASURY 0.25 05/31/2025 10/05/2021 10/06/20210.00 0.000.00 0.00 0.00 0.006,250.00 0.00 6,250.00 0.000.00 0.00 6,250.00 6,250.00 91282CAJ0 UNITED STATES TREASURY 0.25 08/31/2025 11/25/2024 11/26/2024 5,000,000.00 4,948,661.620.000.00 4,965,586.36 3,158.970.004,177.99 1,019.02 16,924.740.0016,924.74 17,943.76 17,943.76 38 67 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 INCOME EARNED Cusip Security Description Trade Date Settle DateUnits Book Value: BeginBook Value: AcqBook Value: Disp Book Value: End Prior AccruedInc. ReceivedEnding Accrued Total Interest Accr. Of DiscountAmort. Of PremiumNet Accret/Amort Income Earned Total Income 91282CAT8 UNITED STATES TREASURY 0.25 10/31/2025 11/06/2024 11/07/20245,000,000.00 4,917,322.800.00 0.00 4,933,640.67 1,086.960.00 2,105.98 1,019.02 16,317.870.00 16,317.87 17,336.89 17,336.89 91282CEF4 UNITED STATES TREASURY 2.5 03/31/2027 06/06/2022 06/07/20225,000,000.00 4,955,619.850.000.00 4,957,612.97 21,174.860.0031,420.77 10,245.90 1,993.120.001,993.12 12,239.02 12,239.02 91282CEN7 UNITED STATES TREASURY 2.75 04/30/2027 06/02/2022 06/03/2022 5,000,000.00 4,984,404.430.000.00 4,985,074.72 11,956.520.0023,165.76 11,209.24 670.300.00670.30 11,879.54 11,879.54 91282CET4 UNITED STATES TREASURY 2.625 05/31/2027 07/08/2022 07/11/2022 3,000,000.00 2,972,719.93 0.000.002,973,842.57 215.16 39,375.006,670.0845,829.92 1,122.64 0.001,122.6446,952.55 46,952.55 91282CEW7 UNITED STATES TREASURY 3.25 06/30/2027 08/17/202208/18/2022 5,000,000.00 5,019,520.92 0.00 0.005,018,749.34 68,232.04 81,250.00 441.5813,459.53 0.00 (771.58) (771.58)12,687.95 12,687.95 91282CFE6 UNITED STATES TREASURY 3.125 08/15/2025 10/09/202410/10/20245,000,000.00 4,988,622.57 0.00 0.00 4,993,173.54 45,752.76 0.00 58,701.66 12,948.90 4,550.97 0.00 4,550.97 17,499.87 17,499.87 91282CFH9 UNITED STATES TREASURY 3.125 08/31/2027 09/08/202209/09/20225,000,000.00 4,973,083.53 0.00 0.00 4,974,067.08 39,487.09 0.00 52,224.86 12,737.77 983.55 0.00 983.55 13,721.32 13,721.32 91282CFT3 UNITED STATES TREASURY 4.0 10/31/2029 02/12/2025 02/13/20252,500,000.00 2,452,039.380.00 0.00 2,452,931.39 8,695.650.00 16,847.83 8,152.17 892.010.00 892.01 9,044.19 9,044.19 91282CGC9 UNITED STATES TREASURY 3.875 12/31/2027 01/26/2023 01/27/2023 3,250,000.00 3,270,828.990.000.00 3,270,166.35 52,879.8362,968.75342.22 10,431.14 0.00(662.64)(662.64) 9,768.50 9,768.50 39 68 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 INCOME EARNED Cusip Security Description Trade Date Settle DateUnits Book Value: BeginBook Value: AcqBook Value: Disp Book Value: End Prior AccruedInc. ReceivedEnding Accrued Total Interest Accr. Of DiscountAmort. Of PremiumNet Accret/Amort Income Earned Total Income 91282CHD6 UNITED STATES TREASURY 4.25 05/31/2025 05/30/2024 05/31/20240.00 0.000.00 0.00 0.00 0.00106,250.00 0.00 106,250.00 0.000.00 0.00 106,250.00 106,250.00 91282CHL8 UNITED STATES TREASURY 4.625 06/30/2025 11/25/2024 11/26/20240.00 5,000,760.450.00(5,000,000.00) 0.00 97,099.45115,625.000.00 18,525.55 0.00(760.45)(760.45) 17,765.10 17,765.10 91282CHN4 UNITED STATES TREASURY 4.75 07/31/2025 10/09/2024 10/10/2024 5,000,000.00 5,003,706.950.000.00 5,001,853.48 79,385.360.0099,067.68 19,682.32 0.00(1,853.48)(1,853.48) 17,828.85 17,828.85 91282CJS1 UNITED STATES TREASURY 4.25 12/31/2025 12/16/2024 12/17/2024 5,000,000.00 4,999,670.70 0.000.004,999,717.08 89,226.52 106,250.00577.4517,600.93 46.38 0.0046.3817,647.31 17,647.31 92348KDY6 VZMT 2025-3 A1A 4.51 03/20/2030 03/25/202503/31/2025 955,000.00 954,960.34 0.00 0.00954,961.02 1,316.04 3,589.21 1,316.043,589.21 0.68 0.00 0.683,589.89 3,589.89 92970QAJ4 WFCIT 2025-1 A 4.34 05/15/2030 06/03/202506/10/20251,015,000.00 0.00 1,014,983.15 0.00 1,014,983.35 0.00 0.00 2,569.64 2,569.64 0.20 0.00 0.20 2,569.84 2,569.84 931142EW9 WALMART INC 3.9 09/09/2025 03/28/202503/31/20252,000,000.00 1,997,222.22 0.00 0.00 1,998,055.56 17,766.67 0.00 24,266.67 6,500.00 833.33 0.00 833.33 7,333.33 7,333.33 931142EX7 WALMART INC 3.95 09/09/2027 09/08/2022 09/12/20221,000,000.00 1,000,856.070.00 0.00 1,000,823.93 8,997.220.00 12,288.89 3,291.67 0.00(32.14) (32.14) 3,259.52 3,259.52 Total Fixed Income 246,134,832.54 239,366,639.2913,977,534.59(9,306,375.83) 244,381,836.45 1,321,431.61787,284.521,174,239.54 640,092.45 351,416.69(7,378.29)344,038.40 984,130.85 984,130.85 LAIF 40 69 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 INCOME EARNED Cusip Security Description Trade Date Settle DateUnits Book Value: BeginBook Value: AcqBook Value: Disp Book Value: End Prior AccruedInc. ReceivedEnding Accrued Total Interest Accr. Of DiscountAmort. Of PremiumNet Accret/Amort Income Earned Total Income 90LAIF$00 Local Agency Investment Fund State Pool 66,501,385.10 66,501,385.10 0.000.0066,501,385.10 0.00 0.000.000.00 0.00 0.000.000.00 0.00 Total LAIF 66,501,385.10 66,501,385.10 0.000.0066,501,385.10 0.00 0.000.000.00 0.00 0.000.000.00 0.00 LOCAL GOV INVESTMENT POOL 90CAMP$00 CAMP 54,865,897.21 68,640,447.05225,450.16 (14,000,000.00) 54,865,897.21 0.00225,450.16 0.00 225,450.16 0.000.00 0.00 225,450.16 225,450.16 Total Local Gov Investment Pool 54,865,897.21 68,640,447.05225,450.16(14,000,000.00) 54,865,897.21 0.00225,450.160.00 225,450.16 0.000.000.00 225,450.16 225,450.16 TOTAL PORTFOLIO 414,878,622.84 422,251,441.4750,042,767.26 (49,668,038.86) 413,083,027.68 1,321,431.611,082,025.08 1,174,239.54 934,833.01 386,619.05(7,378.29) 379,240.75 1,314,073.76 1,314,073.76 41 70 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 CASH FLOW REPORT Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount JULY 2025 07/02/2025 Dividend 38141W323 0.00 12,069.89 12,069.89 07/02/2025 Dividend 60934N104 0.00 17,038.69 17,038.69 07/02/2025 Dividend 60934N104 0.00 22,953.94 22,953.94 07/03/2025 Maturity 912797NX1 (6,000,000.00)UNITED STATES TREASURY 07/03/2025 6,000,000.00 6,000,000.00 07/07/2025 Coupon 89236TLL7 0.00 TOYOTA MOTOR CREDIT CORP 4.65 01/05/2029 27,900.00 27,900.00 07/09/2025 Coupon 59217GFT1 0.00 METROPOLITAN LIFE GLOBAL FUNDING I 4.9 01/09/2030 36,750.00 36,750.00 07/10/2025 Coupon 57629TBV8 0.00 MASSMUTUAL GLOBAL FUNDING II 4.9501/10/2030 37,125.00 37,125.00 07/11/2025 Maturity 46590DUB4 (5,000,000.00)J.P. Morgan Securities LLC 07/11/2025 5,000,000.00 5,000,000.00 07/15/2025 Final Maturity 00915SUF7 1,925,000.00 Air Products and Chemicals, Inc. 07/15/2025 1,925,000.00 1,925,000.00 07/15/2025 Coupon 02582JKP4 1,050,000.00 AMXCA 2025-2 A 4.28 04/15/2030 3,745.00 3,745.00 07/15/2025 Coupon 437921AD1 400,000.00 HAROT 252 A3 4.15 10/15/2029 1,383.33 1,383.33 07/15/2025 Coupon 44935CAD3 770,000.00 HART 2025-A A3 4.32 10/15/2029 2,772.00 2,772.00 07/15/2025 Coupon 44935DAD1 405,000.00 HALST 2025-B A3 4.53 04/17/2028 1,528.88 1,528.88 07/15/2025 Coupon 44935XAD7 490,000.00 HART 2025-B A3 4.36 12/17/2029 2,017.71 2,017.71 07/15/2025 Coupon 47787JAC2 114,930.38 JDOT 2022 A3 2.32 09/15/2026 224.24 224.24 07/15/2025 Principal Paydown 47787JAC2 114,930.38 JDOT 2022 A3 2.32 09/15/2026 33,697.41 33,697.41 07/15/2025 Coupon 47800DAD6 610,000.00 JDOT 2025 A3 4.23 09/17/2029 2,150.25 2,150.25 07/15/2025 Coupon 58768YAD7 645,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,477.88 2,477.88 07/15/2025 Dividend 90LAIF$00 66,501,385.10 Local Agency Investment Fund State Pool 502,232.72 502,232.72 07/15/2025 Final Maturity 912797QA8 5,000,000.00 UNITED STATES TREASURY 07/15/2025 5,000,000.00 5,000,000.00 07/15/2025 Coupon 92970QAJ4 1,015,000.00 WFCIT 2025-1 A 4.34 05/15/2030 4,282.74 4,282.74 07/16/2025 Coupon 362549AD9 310,000.00 GMCAR 2025-2 A3 4.28 04/16/2030 1,105.67 1,105.67 07/16/2025 Coupon 362554AC1 1,613.05 GMCAR 2021-4 A3 0.68 09/16/2026 14.65 14.65 07/16/2025 Principal Paydown 362554AC1 1,613.05 GMCAR 2021-4 A3 0.68 09/16/2026 18,488.12 18,488.12 07/16/2025 Coupon 380146AC4 17,704.04 GMCAR 2022-1 A3 1.26 11/16/2026 28.26 28.26 07/16/2025 Principal Paydown 380146AC4 17,704.04 GMCAR 2022-1 A3 1.26 11/16/2026 19,089.58 19,089.58 07/17/2025 Coupon 61747YET8 2,000,000.00 MORGAN STANLEY 4.679 07/17/2026 46,790.00 46,790.00 07/17/2025 Effective Maturity 61747YET8 2,000,000.00 MORGAN STANLEY 4.679 07/17/2026 2,000,000.00 2,000,000.00 07/18/2025 Final Maturity 34108AUJ4 1,400,000.00 Florida Power & Light Company 07/18/2025 1,400,000.00 1,400,000.00 42 71 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 CASH FLOW REPORT Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 07/18/2025 Final Maturity 78015CUJ9 5,000,000.00 Royal Bank of Canada New York Branch 07/18/2025 5,000,000.00 5,000,000.00 07/21/2025 Coupon 362962AD4 590,000.00 GMALT 2025-2 A3 4.58 05/22/2028 2,355.08 2,355.08 07/21/2025 Coupon 92348KDY6 955,000.00 VZMT 2025-3 A1A 4.51 03/20/2030 3,589.21 3,589.21 07/23/2025 Coupon 06051GHM4 1,750,000.00 BANK OF AMERICA CORP 4.271 07/23/2029 37,371.25 37,371.25 07/25/2025 Coupon 05602RAD3 83,779.23 BMWOT 2022-A A3 3.21 08/25/2026 224.11 224.11 07/25/2025 Principal Paydown 05602RAD3 83,779.23 BMWOT 2022-A A3 3.21 08/25/2026 31,009.03 31,009.03 07/25/2025 Coupon 096912AD2 325,000.00 BMWLT 2025-1 A3 4.43 06/26/2028 1,937.81 1,937.81 07/25/2025 Coupon 3137BM7C4 1,537,590.50 FHMS K-051 A2 3.308 09/25/2025 4,238.62 4,238.62 07/25/2025 Principal Paydown 3137BM7C4 1,537,590.50 FHMS K-051 A2 3.308 09/25/2025 116,559.69 116,559.69 07/25/2025 Coupon 3137BTUM1 2,888,615.34 FHMS K-061 A2 3.347 11/25/2026 8,056.83 8,056.83 07/25/2025 Principal Paydown 3137BTUM1 2,888,615.34 FHMS K-061 A2 3.347 11/25/2026 6,262.64 6,262.64 07/25/2025 Coupon 3137F2LJ3 2,338,600.00 FHMS K-066 A2 3.117 06/25/2027 6,074.51 6,074.51 07/25/2025 Coupon 3137FJXV6 2,000,000.00 FHMS K-083 A2 4.05 09/25/2028 6,750.00 6,750.00 07/25/2025 Coupon 3137FK4M5 2,000,000.00 FHMS K-085 A2 4.06 10/25/2028 6,766.67 6,766.67 07/25/2025 Coupon 3137FKZZ2 1,500,000.00 FHMS K-088 A2 3.69 01/25/2029 4,612.50 4,612.50 07/25/2025 Coupon 3137FLMV3 2,000,000.00 FHMS K-090 A2 3.422 02/25/2029 5,703.33 5,703.33 07/25/2025 Coupon 3137FQ3Z4 2,000,000.00 FHMS K-101 A2 2.524 10/25/2029 4,206.67 4,206.67 07/25/2025 Coupon 3137H9D71 1,750,000.00 FHMS K-750 A2 3.0 09/25/2029 4,375.00 4,375.00 07/25/2025 Coupon 3137HA4B9 2,000,000.00 FHMS K-751 A2 4.412 03/25/2030 7,353.33 7,353.33 07/29/2025 Final Maturity 912797QC4 5,000,000.00 UNITED STATES TREASURY 07/29/2025 5,000,000.00 5,000,000.00 07/31/2025 Final Maturity 912797PG6 4,000,000.00 UNITED STATES TREASURY 07/31/2025 4,000,000.00 4,000,000.00 07/31/2025 Coupon 91282CHN4 5,000,000.00 UNITED STATES TREASURY 4.75 07/31/2025 118,750.00 118,750.00 07/31/2025 Final Maturity 91282CHN4 5,000,000.00 UNITED STATES TREASURY 4.75 07/31/2025 5,000,000.00 5,000,000.00 July 2025 Total 41,104,401.70 392,660.53 41,497,062.23 AUGUST 2025 08/07/2025 Coupon 63743HFX5 1,500,000.00 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP 4.95 02/07/2030 37,125.00 37,125.00 08/07/2025 Final Maturity 912797MG9 5,000,000.00 UNITED STATES TREASURY 08/07/2025 5,000,000.00 5,000,000.00 08/11/2025 Coupon 69371RR99 2,000,000.00 PACCAR FINANCIAL CORP 3.55 08/11/2025 35,500.00 35,500.00 08/11/2025 Final Maturity 69371RR99 2,000,000.00 PACCAR FINANCIAL CORP 3.55 08/11/2025 2,000,000.00 2,000,000.00 08/12/2025 Coupon 532457CV8 1,500,000.00 ELI LILLY AND CO 4.75 02/12/2030 35,625.00 35,625.00 43 72 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 CASH FLOW REPORT Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 08/15/2025 Coupon 02582JKP4 1,050,000.00 AMXCA 2025-2 A 4.28 04/15/2030 3,745.00 3,745.00 08/15/2025 Coupon 26442UAA2 2,422,000.00 DUKE ENERGY PROGRESS LLC 3.25 08/15/2025 39,357.50 39,357.50 08/15/2025 Final Maturity 26442UAA2 2,422,000.00 DUKE ENERGY PROGRESS LLC 3.25 08/15/2025 2,422,000.00 2,422,000.00 08/15/2025 Coupon 437921AD1 400,000.00 HAROT 252 A3 4.15 10/15/2029 1,383.33 1,383.33 08/15/2025 Coupon 438516BU9 1,500,000.00 HONEYWELL INTERNATIONAL INC 2.7 08/15/2029 20,250.00 20,250.00 08/15/2025 Coupon 44935CAD3 770,000.00 HART 2025-A A3 4.32 10/15/2029 2,772.00 2,772.00 08/15/2025 Coupon 44935DAD1 405,000.00 HALST 2025-B A3 4.53 04/17/2028 1,528.88 1,528.88 08/15/2025 Coupon 44935XAD7 490,000.00 HART 2025-B A3 4.36 12/17/2029 1,780.33 1,780.33 08/15/2025 Coupon 47787JAC2 114,930.38 JDOT 2022 A3 2.32 09/15/2026 159.09 159.09 08/15/2025 Principal Paydown 47787JAC2 114,930.38 JDOT 2022 A3 2.32 09/15/2026 30,531.50 30,531.50 08/15/2025 Coupon 47800DAD6 610,000.00 JDOT 2025 A3 4.23 09/17/2029 2,150.25 2,150.25 08/15/2025 Coupon 47800UAD8 1,000,000.00 JDOT 25B A3 4.47 12/17/2029 3,476.67 3,476.67 08/15/2025 Coupon 58768YAD7 645,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,477.88 2,477.88 08/15/2025 Coupon 912828K74 2,300,000.00 UNITED STATES TREASURY 2.0 08/15/2025 23,000.00 23,000.00 08/15/2025 Final Maturity 912828K74 2,300,000.00 UNITED STATES TREASURY 2.0 08/15/2025 2,300,000.00 2,300,000.00 08/15/2025 Coupon 91282CFE6 5,000,000.00 UNITED STATES TREASURY 3.125 08/15/2025 78,125.00 78,125.00 08/15/2025 Final Maturity 91282CFE6 5,000,000.00 UNITED STATES TREASURY 3.125 08/15/2025 5,000,000.00 5,000,000.00 08/15/2025 Coupon 92970QAJ4 1,015,000.00 WFCIT 2025-1 A 4.34 05/15/2030 3,670.92 3,670.92 08/18/2025 Coupon 362549AD9 310,000.00 GMCAR 2025-2 A3 4.28 04/16/2030 1,105.67 1,105.67 08/18/2025 Coupon 362554AC1 1,613.05 GMCAR 2021-4 A3 0.68 09/16/2026 4.18 4.18 08/18/2025 Effective Maturity 362554AC1 1,613.05 GMCAR 2021-4 A3 0.68 09/16/2026 7,368.38 7,368.38 08/18/2025 Coupon 380146AC4 17,704.04 GMCAR 2022-1 A3 1.26 11/16/2026 8.21 8.21 08/18/2025 Effective Maturity 380146AC4 17,704.04 GMCAR 2022-1 A3 1.26 11/16/2026 7,822.92 7,822.92 08/20/2025 Coupon 362962AD4 590,000.00 GMALT 2025-2 A3 4.58 05/22/2028 2,355.08 2,355.08 08/20/2025 Coupon 92348KDY6 955,000.00 VZMT 2025-3 A1A 4.51 03/20/2030 3,589.21 3,589.21 08/25/2025 Coupon 05602RAD3 83,779.23 BMWOT 2022-A A3 3.21 08/25/2026 141.16 141.16 08/25/2025 Principal Paydown 05602RAD3 83,779.23 BMWOT 2022-A A3 3.21 08/25/2026 29,985.43 29,985.43 08/25/2025 Coupon 096912AD2 325,000.00 BMWLT 2025-1 A3 4.43 06/26/2028 1,291.88 1,291.88 08/25/2025 Coupon 17275RBX9 1,500,000.00 CISCO SYSTEMS INC 4.75 02/24/2030 35,625.00 35,625.00 08/25/2025 Coupon 3135G05X7 3,500,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION 0.375 08/25/2025 6,562.50 6,562.50 44 73 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 CASH FLOW REPORT Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 08/25/2025 Final Maturity 3135G05X7 3,500,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION 0.375 08/25/2025 3,500,000.00 3,500,000.00 08/25/2025 Coupon 3137BM7C4 1,537,590.50 FHMS K-051 A2 3.308 09/25/2025 3,917.31 3,917.31 08/25/2025 Principal Paydown 3137BM7C4 1,537,590.50 FHMS K-051 A2 3.308 09/25/2025 391,626.19 391,626.19 08/25/2025 Coupon 3137BTUM1 2,888,615.34 FHMS K-061 A2 3.347 11/25/2026 8,039.36 8,039.36 08/25/2025 Principal Paydown 3137BTUM1 2,888,615.34 FHMS K-061 A2 3.347 11/25/2026 5,936.18 5,936.18 08/25/2025 Coupon 3137F2LJ3 2,338,600.00 FHMS K-066 A2 3.117 06/25/2027 6,074.51 6,074.51 08/25/2025 Coupon 3137FJXV6 2,000,000.00 FHMS K-083 A2 4.05 09/25/2028 6,750.00 6,750.00 08/25/2025 Coupon 3137FK4M5 2,000,000.00 FHMS K-085 A2 4.06 10/25/2028 6,766.67 6,766.67 08/25/2025 Coupon 3137FKZZ2 1,500,000.00 FHMS K-088 A2 3.69 01/25/2029 4,612.50 4,612.50 08/25/2025 Coupon 3137FLMV3 2,000,000.00 FHMS K-090 A2 3.422 02/25/2029 5,703.33 5,703.33 08/25/2025 Coupon 3137FQ3Z4 2,000,000.00 FHMS K-101 A2 2.524 10/25/2029 4,206.67 4,206.67 08/25/2025 Coupon 3137H9D71 1,750,000.00 FHMS K-750 A2 3.0 09/25/2029 4,375.00 4,375.00 08/25/2025 Coupon 3137HA4B9 2,000,000.00 FHMS K-751 A2 4.412 03/25/2030 7,353.33 7,353.33 08/27/2025 Coupon 14913UAJ9 1,200,000.00 CATERPILLAR FINANCIAL SERVICES CORP 4.85 02/27/2029 29,100.00 29,100.00 August 2025 Total 20,695,270.60 429,708.41 21,124,979.00 SEPTEMBER 2025 09/02/2025 Coupon 478160DJ0 1,500,000.00 JOHNSON & JOHNSON 4.7 03/01/2030 37,404.17 37,404.17 09/02/2025 Final Maturity 59157TW25 3,000,000.00 MetLife Short Term Funding LLC 09/02/2025 3,000,000.00 3,000,000.00 09/02/2025 Final Maturity 912797QM2 5,000,000.00 UNITED STATES TREASURY 09/02/2025 5,000,000.00 5,000,000.00 09/02/2025 Coupon 9128284Z0 5,000,000.00 UNITED STATES TREASURY 2.75 08/31/2025 68,750.00 68,750.00 09/02/2025 Final Maturity 9128284Z0 5,000,000.00 UNITED STATES TREASURY 2.75 08/31/2025 5,000,000.00 5,000,000.00 09/02/2025 Coupon 91282CAJ0 5,000,000.00 UNITED STATES TREASURY 0.25 08/31/2025 6,250.00 6,250.00 09/02/2025 Final Maturity 91282CAJ0 5,000,000.00 UNITED STATES TREASURY 0.25 08/31/2025 5,000,000.00 5,000,000.00 09/02/2025 Coupon 91282CFH9 5,000,000.00 UNITED STATES TREASURY 3.125 08/31/2027 78,125.00 78,125.00 09/04/2025 Final Maturity 912797MH7 5,000,000.00 UNITED STATES TREASURY 09/04/2025 5,000,000.00 5,000,000.00 09/05/2025 Final Maturity 62479LW50 5,000,000.00 MUFG Bank, Ltd., New York Branch 09/05/2025 5,000,000.00 5,000,000.00 09/09/2025 Coupon 931142EW9 2,000,000.00 WALMART INC 3.9 09/09/2025 39,000.00 39,000.00 09/09/2025 Final Maturity 931142EW9 2,000,000.00 WALMART INC 3.9 09/09/2025 2,000,000.00 2,000,000.00 09/09/2025 Coupon 931142EX7 1,000,000.00 WALMART INC 3.95 09/09/2027 19,750.00 19,750.00 45 74 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 CASH FLOW REPORT Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 09/10/2025 Coupon 02665WDN8 2,200,000.00 AMERICAN HONDA FINANCE CORP 1.0 09/10/2025 11,000.00 11,000.00 09/10/2025 Final Maturity 02665WDN8 2,200,000.00 AMERICAN HONDA FINANCE CORP 1.0 09/10/2025 2,200,000.00 2,200,000.00 09/15/2025 Final Maturity 02079NWF4 4,000,000.00 Alphabet Inc. 09/15/2025 4,000,000.00 4,000,000.00 09/15/2025 Coupon 02582JKP4 1,050,000.00 AMXCA 2025-2 A 4.28 04/15/2030 3,745.00 3,745.00 09/15/2025 Coupon 09247XAN1 2,000,000.00 BLACKROCK FINANCE INC 3.2 03/15/2027 32,000.00 32,000.00 09/15/2025 Coupon 437921AD1 400,000.00 HAROT 252 A3 4.15 10/15/2029 1,383.33 1,383.33 09/15/2025 Coupon 44935CAD3 770,000.00 HART 2025-A A3 4.32 10/15/2029 2,772.00 2,772.00 09/15/2025 Coupon 44935DAD1 405,000.00 HALST 2025-B A3 4.53 04/17/2028 1,528.88 1,528.88 09/15/2025 Coupon 44935XAD7 490,000.00 HART 2025-B A3 4.36 12/17/2029 1,780.33 1,780.33 09/15/2025 Coupon 47787JAC2 114,930.38 JDOT 2022 A3 2.32 09/15/2026 100.06 100.06 09/15/2025 Principal Paydown 47787JAC2 114,930.38 JDOT 2022 A3 2.32 09/15/2026 29,737.16 29,737.16 09/15/2025 Coupon 47800DAD6 610,000.00 JDOT 2025 A3 4.23 09/17/2029 2,150.25 2,150.25 09/15/2025 Coupon 47800UAD8 1,000,000.00 JDOT 25B A3 4.47 12/17/2029 3,725.00 3,725.00 09/15/2025 Coupon 58768YAD7 645,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,477.88 2,477.88 09/15/2025 Coupon 66815L2K4 2,200,000.00 NORTHWESTERN MUTUAL GLOBAL FUNDING4.35 09/15/2027 47,850.00 47,850.00 09/15/2025 Coupon 92970QAJ4 1,015,000.00 WFCIT 2025-1 A 4.34 05/15/2030 3,670.92 3,670.92 09/16/2025 Coupon 362549AD9 310,000.00 GMCAR 2025-2 A3 4.28 04/16/2030 1,105.67 1,105.67 09/19/2025 Final Maturity 03785DWK8 5,000,000.00 Apple Inc. 09/19/2025 5,000,000.00 5,000,000.00 09/22/2025 Coupon 362962AD4 590,000.00 GMALT 2025-2 A3 4.58 05/22/2028 2,355.08 2,355.08 09/22/2025 Coupon 92348KDY6 955,000.00 VZMT 2025-3 A1A 4.51 03/20/2030 3,589.21 3,589.21 09/25/2025 Coupon 05602RAD3 83,779.23 BMWOT 2022-A A3 3.21 08/25/2026 60.95 60.95 09/25/2025 Effective Maturity 05602RAD3 83,779.23 BMWOT 2022-A A3 3.21 08/25/2026 22,784.77 22,784.77 09/25/2025 Coupon 096912AD2 325,000.00 BMWLT 2025-1 A3 4.43 06/26/2028 1,291.88 1,291.88 09/25/2025 Coupon 3137BM7C4 1,537,590.50 FHMS K-051 A2 3.308 09/25/2025 2,837.73 2,837.73 09/25/2025 Final Maturity 3137BM7C4 1,537,590.50 FHMS K-051 A2 3.308 09/25/2025 1,029,404.63 1,029,404.63 09/25/2025 Coupon 3137BTUM1 2,888,615.34 FHMS K-061 A2 3.347 11/25/2026 8,022.81 8,022.81 09/25/2025 Principal Paydown 3137BTUM1 2,888,615.34 FHMS K-061 A2 3.347 11/25/2026 5,954.92 5,954.92 09/25/2025 Coupon 3137F2LJ3 2,338,600.00 FHMS K-066 A2 3.117 06/25/2027 6,074.51 6,074.51 09/25/2025 Coupon 3137FJXV6 2,000,000.00 FHMS K-083 A2 4.05 09/25/2028 6,750.00 6,750.00 46 75 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 CASH FLOW REPORT Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 09/25/2025 Coupon 3137FK4M5 2,000,000.00 FHMS K-085 A2 4.06 10/25/2028 6,766.67 6,766.67 09/25/2025 Coupon 3137FKZZ2 1,500,000.00 FHMS K-088 A2 3.69 01/25/2029 4,612.50 4,612.50 09/25/2025 Coupon 3137FLMV3 2,000,000.00 FHMS K-090 A2 3.422 02/25/2029 5,703.33 5,703.33 09/25/2025 Coupon 3137FQ3Z4 2,000,000.00 FHMS K-101 A2 2.524 10/25/2029 4,206.67 4,206.67 09/25/2025 Coupon 3137H9D71 1,750,000.00 FHMS K-750 A2 3.0 09/25/2029 4,375.00 4,375.00 09/25/2025 Coupon 3137HA4B9 2,000,000.00 FHMS K-751 A2 4.412 03/25/2030 7,353.33 7,353.33 09/26/2025 Coupon 57636QAP9 1,500,000.00 MASTERCARD INC 3.35 03/26/2030 25,125.00 25,125.00 09/26/2025 Coupon 69371RT48 1,750,000.00 PACCAR FINANCIAL CORP 4.0 09/26/2029 35,000.00 35,000.00 09/30/2025 Coupon 9128285C0 5,000,000.00 UNITED STATES TREASURY 3.0 09/30/2025 75,000.00 75,000.00 09/30/2025 Coupon 9128285C0 5,000,000.00 UNITED STATES TREASURY 3.0 09/30/2025 75,000.00 75,000.00 09/30/2025 Final Maturity 9128285C0 5,000,000.00 UNITED STATES TREASURY 3.0 09/30/2025 5,000,000.00 5,000,000.00 09/30/2025 Final Maturity 9128285C0 5,000,000.00 UNITED STATES TREASURY 3.0 09/30/2025 5,000,000.00 5,000,000.00 09/30/2025 Coupon 91282CEF4 5,000,000.00 UNITED STATES TREASURY 2.5 03/31/2027 62,500.00 62,500.00 September 2025 Total 52,287,881.47 701,193.14 52,989,074.60 OCTOBER 2025 10/01/2025 Coupon 13063DRE0 1,500,000.00 CALIFORNIA ST 2.5 10/01/2029 18,750.00 18,750.00 10/01/2025 Final Maturity 47816FX14 2,000,000.00 Johnson & Johnson 10/01/2025 2,000,000.00 2,000,000.00 10/02/2025 Final Maturity 912797MS3 5,000,000.00 UNITED STATES TREASURY 10/02/2025 5,000,000.00 5,000,000.00 10/15/2025 Coupon 02582JKP4 1,050,000.00 AMXCA 2025-2 A 4.28 04/15/2030 3,745.00 3,745.00 10/15/2025 Coupon 437921AD1 400,000.00 HAROT 252 A3 4.15 10/15/2029 1,383.33 1,383.33 10/15/2025 Coupon 44935CAD3 770,000.00 HART 2025-A A3 4.32 10/15/2029 2,772.00 2,772.00 10/15/2025 Coupon 44935DAD1 405,000.00 HALST 2025-B A3 4.53 04/17/2028 1,528.88 1,528.88 10/15/2025 Coupon 44935XAD7 490,000.00 HART 2025-B A3 4.36 12/17/2029 1,780.33 1,780.33 10/15/2025 Coupon 47787JAC2 114,930.38 JDOT 2022 A3 2.32 09/15/2026 42.57 42.57 10/15/2025 Effective Maturity 47787JAC2 114,930.38 JDOT 2022 A3 2.32 09/15/2026 22,018.87 22,018.87 10/15/2025 Coupon 47800DAD6 610,000.00 JDOT 2025 A3 4.23 09/17/2029 2,150.25 2,150.25 10/15/2025 Coupon 47800UAD8 1,000,000.00 JDOT 25B A3 4.47 12/17/2029 3,725.00 3,725.00 10/15/2025 Coupon 58768YAD7 645,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,477.88 2,477.88 10/15/2025 Coupon 92970QAJ4 1,015,000.00 WFCIT 2025-1 A 4.34 05/15/2030 3,670.92 3,670.92 10/16/2025 Coupon 362549AD9 310,000.00 GMCAR 2025-2 A3 4.28 04/16/2030 1,105.67 1,105.67 10/16/2025 Final Maturity 912797QF7 5,000,000.00 UNITED STATES TREASURY 10/16/2025 5,000,000.00 5,000,000.00 47 76 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 CASH FLOW REPORT Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 10/20/2025 Coupon 06405LAH4 1,500,000.00 BANK OF NEW YORK MELLON 4.729 04/20/2029 35,073.42 35,073.42 10/20/2025 Coupon 362962AD4 590,000.00 GMALT 2025-2 A3 4.58 05/22/2028 2,355.08 2,355.08 10/20/2025 Coupon 92348KDY6 955,000.00 VZMT 2025-3 A1A 4.51 03/20/2030 3,589.21 3,589.21 10/27/2025 Coupon 096912AD2 325,000.00 BMWLT 2025-1 A3 4.43 06/26/2028 1,291.88 1,291.88 10/27/2025 Coupon 3137BTUM1 2,888,615.34 FHMS K-061 A2 3.347 11/25/2026 8,006.20 8,006.20 10/27/2025 Principal Paydown 3137BTUM1 2,888,615.34 FHMS K-061 A2 3.347 11/25/2026 6,317.83 6,317.83 10/27/2025 Coupon 3137F2LJ3 2,338,600.00 FHMS K-066 A2 3.117 06/25/2027 6,074.51 6,074.51 10/27/2025 Coupon 3137FJXV6 2,000,000.00 FHMS K-083 A2 4.05 09/25/2028 6,750.00 6,750.00 10/27/2025 Coupon 3137FK4M5 2,000,000.00 FHMS K-085 A2 4.06 10/25/2028 6,766.67 6,766.67 10/27/2025 Coupon 3137FKZZ2 1,500,000.00 FHMS K-088 A2 3.69 01/25/2029 4,612.50 4,612.50 10/27/2025 Coupon 3137FLMV3 2,000,000.00 FHMS K-090 A2 3.422 02/25/2029 5,703.33 5,703.33 10/27/2025 Coupon 3137FQ3Z4 2,000,000.00 FHMS K-101 A2 2.524 10/25/2029 4,206.67 4,206.67 10/27/2025 Coupon 3137H9D71 1,750,000.00 FHMS K-750 A2 3.0 09/25/2029 4,375.00 4,375.00 10/27/2025 Coupon 3137HA4B9 2,000,000.00 FHMS K-751 A2 4.412 03/25/2030 7,353.33 7,353.33 10/28/2025 Coupon 40139LBG7 2,755,000.00 GUARDIAN LIFE GLOBAL FUNDING 5.5510/28/2027 76,451.25 76,451.25 10/31/2025 Coupon 91282CAT8 5,000,000.00 UNITED STATES TREASURY 0.25 10/31/2025 6,250.00 6,250.00 10/31/2025 Final Maturity 91282CAT8 5,000,000.00 UNITED STATES TREASURY 0.25 10/31/2025 5,000,000.00 5,000,000.00 10/31/2025 Coupon 91282CEN7 5,000,000.00 UNITED STATES TREASURY 2.75 04/30/2027 68,750.00 68,750.00 10/31/2025 Coupon 91282CFT3 2,500,000.00 UNITED STATES TREASURY 4.0 10/31/2029 50,000.00 50,000.00 October 2025 Total 17,028,336.70 340,740.86 17,369,077.56 NOVEMBER 2025 11/03/2025 Coupon 194162AT0 685,000.00 COLGATE-PALMOLIVE CO 4.2 05/01/2030 14,305.08 14,305.08 11/03/2025 Coupon 756109BE3 2,000,000.00 REALTY INCOME CORP 4.625 11/01/2025 46,250.00 46,250.00 11/03/2025 Final Maturity 756109BE3 2,000,000.00 REALTY INCOME CORP 4.625 11/01/2025 2,000,000.00 2,000,000.00 11/10/2025 Coupon 665859AW4 3,000,000.00 NORTHERN TRUST CORP 4.0 05/10/2027 60,000.00 60,000.00 11/12/2025 Coupon 037833EZ9 1,500,000.00 APPLE INC 4.2 05/12/2030 31,500.00 31,500.00 11/17/2025 Coupon 02582JKP4 1,050,000.00 AMXCA 2025-2 A 4.28 04/15/2030 3,745.00 3,745.00 11/17/2025 Coupon 362549AD9 310,000.00 GMCAR 2025-2 A3 4.28 04/16/2030 1,105.67 1,105.67 11/17/2025 Coupon 437921AD1 400,000.00 HAROT 252 A3 4.15 10/15/2029 1,383.33 1,383.33 11/17/2025 Coupon 44935CAD3 770,000.00 HART 2025-A A3 4.32 10/15/2029 2,772.00 2,772.00 48 77 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 CASH FLOW REPORT Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 11/17/2025 Coupon 44935DAD1 405,000.00 HALST 2025-B A3 4.53 04/17/2028 1,528.88 1,528.88 11/17/2025 Coupon 44935XAD7 490,000.00 HART 2025-B A3 4.36 12/17/2029 1,780.33 1,780.33 11/17/2025 Coupon 47800DAD6 610,000.00 JDOT 2025 A3 4.23 09/17/2029 2,150.25 2,150.25 11/17/2025 Coupon 47800UAD8 1,000,000.00 JDOT 25B A3 4.47 12/17/2029 3,725.00 3,725.00 11/17/2025 Coupon 58768YAD7 645,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,477.88 2,477.88 11/17/2025 Coupon 9128283F5 5,000,000.00 UNITED STATES TREASURY 2.25 11/15/2027 56,250.00 56,250.00 11/17/2025 Coupon 912828M56 5,000,000.00 UNITED STATES TREASURY 2.25 11/15/2025 56,250.00 56,250.00 11/17/2025 Final Maturity 912828M56 5,000,000.00 UNITED STATES TREASURY 2.25 11/15/2025 5,000,000.00 5,000,000.00 11/17/2025 Coupon 92970QAJ4 1,015,000.00 WFCIT 2025-1 A 4.34 05/15/2030 3,670.92 3,670.92 11/20/2025 Coupon 362962AD4 590,000.00 GMALT 2025-2 A3 4.58 05/22/2028 2,355.08 2,355.08 11/20/2025 Coupon 92348KDY6 955,000.00 VZMT 2025-3 A1A 4.51 03/20/2030 3,589.21 3,589.21 11/21/2025 Coupon 00287YBX6 1,500,000.00 ABBVIE INC 3.2 11/21/2029 24,000.00 24,000.00 11/24/2025 Coupon 857449AE2 1,500,000.00 STATE STREET BANK AND TRUST CO 4.782 11/23/2029 35,865.00 35,865.00 11/24/2025 Final Maturity 89233GYQ3 2,000,000.00 Toyota Motor Credit Corporation 11/24/2025 2,000,000.00 2,000,000.00 11/25/2025 Coupon 096912AD2 325,000.00 BMWLT 2025-1 A3 4.43 06/26/2028 1,291.88 1,291.88 11/25/2025 Coupon 3137BTUM1 2,888,615.34 FHMS K-061 A2 3.347 11/25/2026 7,988.57 7,988.57 11/25/2025 Principal Paydown 3137BTUM1 2,888,615.34 FHMS K-061 A2 3.347 11/25/2026 5,993.73 5,993.73 11/25/2025 Coupon 3137F2LJ3 2,338,600.00 FHMS K-066 A2 3.117 06/25/2027 6,074.51 6,074.51 11/25/2025 Coupon 3137FJXV6 2,000,000.00 FHMS K-083 A2 4.05 09/25/2028 6,750.00 6,750.00 11/25/2025 Coupon 3137FK4M5 2,000,000.00 FHMS K-085 A2 4.06 10/25/2028 6,766.67 6,766.67 11/25/2025 Coupon 3137FKZZ2 1,500,000.00 FHMS K-088 A2 3.69 01/25/2029 4,612.50 4,612.50 11/25/2025 Coupon 3137FLMV3 2,000,000.00 FHMS K-090 A2 3.422 02/25/2029 5,703.33 5,703.33 11/25/2025 Coupon 3137FQ3Z4 2,000,000.00 FHMS K-101 A2 2.524 10/25/2029 4,206.67 4,206.67 11/25/2025 Coupon 3137H9D71 1,750,000.00 FHMS K-750 A2 3.0 09/25/2029 4,375.00 4,375.00 11/25/2025 Coupon 3137HA4B9 2,000,000.00 FHMS K-751 A2 4.412 03/25/2030 7,353.33 7,353.33 11/28/2025 Coupon 74153WCW7 650,000.00 PRICOA GLOBAL FUNDING I 4.7 05/28/2030 15,275.00 15,275.00 November 2025 Total 9,005,993.73 425,101.09 9,431,094.82 DECEMBER 2025 12/01/2025 Coupon 57582TEA6 750,000.00 MASSACHUSETTS COMMONWEALTH 4.35 06/01/2030 14,771.88 14,771.88 49 78 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 CASH FLOW REPORT Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 12/01/2025 Coupon 91282CET4 3,000,000.00 UNITED STATES TREASURY 2.625 05/31/2027 39,375.00 39,375.00 12/05/2025 Coupon 46647PAX4 1,500,000.00 JPMORGAN CHASE & CO 4.452 12/05/2029 33,390.00 33,390.00 12/05/2025 Coupon 64952WFK4 1,500,000.00 NEW YORK LIFE GLOBAL FUNDING 4.612/05/2029 34,500.00 34,500.00 12/10/2025 Coupon 3130ATUS4 4,000,000.00 FEDERAL HOME LOAN BANKS 4.25 12/10/2027 85,000.00 85,000.00 12/11/2025 Coupon 24422EXT1 1,000,000.00 JOHN DEERE CAPITAL CORP 4.85 06/11/2029 24,250.00 24,250.00 12/15/2025 Coupon 02582JKP4 1,050,000.00 AMXCA 2025-2 A 4.28 04/15/2030 3,745.00 3,745.00 12/15/2025 Coupon 437921AD1 400,000.00 HAROT 252 A3 4.15 10/15/2029 1,383.33 1,383.33 12/15/2025 Coupon 44935CAD3 770,000.00 HART 2025-A A3 4.32 10/15/2029 2,772.00 2,772.00 12/15/2025 Coupon 44935DAD1 405,000.00 HALST 2025-B A3 4.53 04/17/2028 1,528.88 1,528.88 12/15/2025 Coupon 44935XAD7 490,000.00 HART 2025-B A3 4.36 12/17/2029 1,780.33 1,780.33 12/15/2025 Coupon 47800DAD6 610,000.00 JDOT 2025 A3 4.23 09/17/2029 2,150.25 2,150.25 12/15/2025 Coupon 47800UAD8 1,000,000.00 JDOT 25B A3 4.47 12/17/2029 3,725.00 3,725.00 12/15/2025 Coupon 58768YAD7 645,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,477.88 2,477.88 12/15/2025 Coupon 87612EBU9 475,000.00 TARGET CORP 4.35 06/15/2028 10,618.23 10,618.23 12/15/2025 Coupon 92970QAJ4 1,015,000.00 WFCIT 2025-1 A 4.34 05/15/2030 3,670.92 3,670.92 12/16/2025 Coupon 362549AD9 310,000.00 GMCAR 2025-2 A3 4.28 04/16/2030 1,105.67 1,105.67 12/22/2025 Coupon 17305EHA6 1,000,000.00 CCCIT 2025-A1 A1 4.3 06/21/2030 20,902.78 20,902.78 12/22/2025 Coupon 362962AD4 590,000.00 GMALT 2025-2 A3 4.58 05/22/2028 2,355.08 2,355.08 12/22/2025 Coupon 92348KDY6 955,000.00 VZMT 2025-3 A1A 4.51 03/20/2030 3,589.21 3,589.21 12/25/2025 Coupon 096912AD2 325,000.00 BMWLT 2025-1 A3 4.43 06/26/2028 1,291.88 1,291.88 12/25/2025 Coupon 3137BTUM1 2,888,615.34 FHMS K-061 A2 3.347 11/25/2026 7,971.86 7,971.86 12/25/2025 Principal Paydown 3137BTUM1 2,888,615.34 FHMS K-061 A2 3.347 11/25/2026 6,355.27 6,355.27 12/25/2025 Coupon 3137F2LJ3 2,338,600.00 FHMS K-066 A2 3.117 06/25/2027 6,074.51 6,074.51 12/25/2025 Coupon 3137FJXV6 2,000,000.00 FHMS K-083 A2 4.05 09/25/2028 6,750.00 6,750.00 12/25/2025 Coupon 3137FK4M5 2,000,000.00 FHMS K-085 A2 4.06 10/25/2028 6,766.67 6,766.67 12/25/2025 Coupon 3137FKZZ2 1,500,000.00 FHMS K-088 A2 3.69 01/25/2029 4,612.50 4,612.50 12/25/2025 Coupon 3137FLMV3 2,000,000.00 FHMS K-090 A2 3.422 02/25/2029 5,703.33 5,703.33 12/25/2025 Coupon 3137FQ3Z4 2,000,000.00 FHMS K-101 A2 2.524 10/25/2029 4,206.67 4,206.67 12/25/2025 Coupon 3137H9D71 1,750,000.00 FHMS K-750 A2 3.0 09/25/2029 4,375.00 4,375.00 12/25/2025 Coupon 3137HA4B9 2,000,000.00 FHMS K-751 A2 4.412 03/25/2030 7,353.33 7,353.33 12/26/2025 Coupon 437076DC3 1,250,000.00 HOME DEPOT INC 4.75 06/25/2029 29,687.50 29,687.50 50 79 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 CASH FLOW REPORT Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 12/31/2025 Coupon 91282CEW7 5,000,000.00 UNITED STATES TREASURY 3.25 06/30/2027 81,250.00 81,250.00 12/31/2025 Coupon 91282CGC9 3,250,000.00 UNITED STATES TREASURY 3.875 12/31/2027 62,968.75 62,968.75 12/31/2025 Coupon 91282CJS1 5,000,000.00 UNITED STATES TREASURY 4.25 12/31/2025 106,250.00 106,250.00 12/31/2025 Final Maturity 91282CJS1 5,000,000.00 UNITED STATES TREASURY 4.25 12/31/2025 5,000,000.00 5,000,000.00 December 2025 Total 5,006,355.27 628,353.42 5,634,708.69 JANUARY 2026 01/02/2026 Coupon 74464AAC5 1,500,000.00 PUBLIC STORAGE OPERATING CO 4.37507/01/2030 32,994.79 32,994.79 01/05/2026 Coupon 89236TLL7 1,200,000.00 TOYOTA MOTOR CREDIT CORP 4.65 01/05/2029 27,900.00 27,900.00 01/09/2026 Coupon 59217GFT1 1,500,000.00 METROPOLITAN LIFE GLOBAL FUNDING I 4.9 01/09/2030 36,750.00 36,750.00 01/12/2026 Coupon 57629TBV8 1,500,000.00 MASSMUTUAL GLOBAL FUNDING II 4.9501/10/2030 37,125.00 37,125.00 01/15/2026 Coupon 02582JKP4 1,050,000.00 AMXCA 2025-2 A 4.28 04/15/2030 3,745.00 3,745.00 01/15/2026 Coupon 437921AD1 400,000.00 HAROT 252 A3 4.15 10/15/2029 1,383.33 1,383.33 01/15/2026 Coupon 44935CAD3 770,000.00 HART 2025-A A3 4.32 10/15/2029 2,772.00 2,772.00 01/15/2026 Coupon 44935DAD1 405,000.00 HALST 2025-B A3 4.53 04/17/2028 1,528.88 1,528.88 01/15/2026 Coupon 44935XAD7 490,000.00 HART 2025-B A3 4.36 12/17/2029 1,780.33 1,780.33 01/15/2026 Coupon 47800DAD6 610,000.00 JDOT 2025 A3 4.23 09/17/2029 2,150.25 2,150.25 01/15/2026 Coupon 47800UAD8 1,000,000.00 JDOT 25B A3 4.47 12/17/2029 3,725.00 3,725.00 01/15/2026 Coupon 58768YAD7 645,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,477.88 2,477.88 01/15/2026 Coupon 92970QAJ4 1,015,000.00 WFCIT 2025-1 A 4.34 05/15/2030 3,670.92 3,670.92 01/16/2026 Coupon 362549AD9 310,000.00 GMCAR 2025-2 A3 4.28 04/16/2030 1,105.67 1,105.67 01/20/2026 Coupon 362962AD4 590,000.00 GMALT 2025-2 A3 4.58 05/22/2028 2,355.08 2,355.08 01/20/2026 Coupon 92348KDY6 955,000.00 VZMT 2025-3 A1A 4.51 03/20/2030 3,589.21 3,589.21 01/23/2026 Coupon 06051GHM4 1,750,000.00 BANK OF AMERICA CORP 4.271 07/23/2029 37,371.25 37,371.25 01/26/2026 Coupon 096912AD2 325,000.00 BMWLT 2025-1 A3 4.43 06/26/2028 1,291.88 1,291.88 01/26/2026 Coupon 3137BTUM1 2,888,615.34 FHMS K-061 A2 3.347 11/25/2026 7,954.13 7,954.13 01/26/2026 Principal Paydown 3137BTUM1 2,888,615.34 FHMS K-061 A2 3.347 11/25/2026 6,032.77 6,032.77 01/26/2026 Coupon 3137F2LJ3 2,338,600.00 FHMS K-066 A2 3.117 06/25/2027 6,074.51 6,074.51 01/26/2026 Coupon 3137FJXV6 2,000,000.00 FHMS K-083 A2 4.05 09/25/2028 6,750.00 6,750.00 51 80 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 CASH FLOW REPORT Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 01/26/2026 Coupon 3137FK4M5 2,000,000.00 FHMS K-085 A2 4.06 10/25/2028 6,766.67 6,766.67 01/26/2026 Coupon 3137FKZZ2 1,500,000.00 FHMS K-088 A2 3.69 01/25/2029 4,612.50 4,612.50 01/26/2026 Coupon 3137FLMV3 2,000,000.00 FHMS K-090 A2 3.422 02/25/2029 5,703.33 5,703.33 01/26/2026 Coupon 3137FQ3Z4 2,000,000.00 FHMS K-101 A2 2.524 10/25/2029 4,206.67 4,206.67 01/26/2026 Coupon 3137H9D71 1,750,000.00 FHMS K-750 A2 3.0 09/25/2029 4,375.00 4,375.00 01/26/2026 Coupon 3137HA4B9 2,000,000.00 FHMS K-751 A2 4.412 03/25/2030 7,353.33 7,353.33 January 2026 Total 6,032.77 257,512.60 263,545.37 FEBRUARY 2026 02/09/2026 Coupon 63743HFX5 1,500,000.00 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP 4.95 02/07/2030 37,125.00 37,125.00 02/12/2026 Coupon 532457CV8 1,500,000.00 ELI LILLY AND CO 4.75 02/12/2030 35,625.00 35,625.00 02/16/2026 Coupon 362549AD9 310,000.00 GMCAR 2025-2 A3 4.28 04/16/2030 1,105.67 1,105.67 02/16/2026 Coupon 437921AD1 400,000.00 HAROT 252 A3 4.15 10/15/2029 1,383.33 1,383.33 02/16/2026 Coupon 44935CAD3 770,000.00 HART 2025-A A3 4.32 10/15/2029 2,772.00 2,772.00 02/16/2026 Coupon 47800DAD6 610,000.00 JDOT 2025 A3 4.23 09/17/2029 2,150.25 2,150.25 02/16/2026 Coupon 47800UAD8 1,000,000.00 JDOT 25B A3 4.47 12/17/2029 3,725.00 3,725.00 02/16/2026 Coupon 58768YAD7 645,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,477.88 2,477.88 02/17/2026 Coupon 02582JKP4 1,050,000.00 AMXCA 2025-2 A 4.28 04/15/2030 3,745.00 3,745.00 02/17/2026 Coupon 438516BU9 1,500,000.00 HONEYWELL INTERNATIONAL INC 2.7 08/15/2029 20,250.00 20,250.00 02/17/2026 Coupon 44935DAD1 405,000.00 HALST 2025-B A3 4.53 04/17/2028 1,528.88 1,528.88 02/17/2026 Coupon 44935XAD7 490,000.00 HART 2025-B A3 4.36 12/17/2029 1,780.33 1,780.33 02/17/2026 Coupon 92970QAJ4 1,015,000.00 WFCIT 2025-1 A 4.34 05/15/2030 3,670.92 3,670.92 02/20/2026 Coupon 362962AD4 590,000.00 GMALT 2025-2 A3 4.58 05/22/2028 2,355.08 2,355.08 02/20/2026 Coupon 92348KDY6 955,000.00 VZMT 2025-3 A1A 4.51 03/20/2030 3,589.21 3,589.21 02/24/2026 Coupon 17275RBX9 1,500,000.00 CISCO SYSTEMS INC 4.75 02/24/2030 35,625.00 35,625.00 02/25/2026 Coupon 096912AD2 325,000.00 BMWLT 2025-1 A3 4.43 06/26/2028 1,291.88 1,291.88 02/25/2026 Coupon 3137BTUM1 2,888,615.34 FHMS K-061 A2 3.347 11/25/2026 7,937.30 7,937.30 02/25/2026 Principal Paydown 3137BTUM1 2,888,615.34 FHMS K-061 A2 3.347 11/25/2026 6,051.80 6,051.80 02/25/2026 Coupon 3137F2LJ3 2,338,600.00 FHMS K-066 A2 3.117 06/25/2027 6,074.51 6,074.51 02/25/2026 Coupon 3137FJXV6 2,000,000.00 FHMS K-083 A2 4.05 09/25/2028 6,750.00 6,750.00 02/25/2026 Coupon 3137FK4M5 2,000,000.00 FHMS K-085 A2 4.06 10/25/2028 6,766.67 6,766.67 52 81 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 CASH FLOW REPORT Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 02/25/2026 Coupon 3137FKZZ2 1,500,000.00 FHMS K-088 A2 3.69 01/25/2029 4,612.50 4,612.50 02/25/2026 Coupon 3137FLMV3 2,000,000.00 FHMS K-090 A2 3.422 02/25/2029 5,703.33 5,703.33 02/25/2026 Coupon 3137FQ3Z4 2,000,000.00 FHMS K-101 A2 2.524 10/25/2029 4,206.67 4,206.67 02/25/2026 Coupon 3137H9D71 1,750,000.00 FHMS K-750 A2 3.0 09/25/2029 4,375.00 4,375.00 02/25/2026 Coupon 3137HA4B9 2,000,000.00 FHMS K-751 A2 4.412 03/25/2030 7,353.33 7,353.33 02/27/2026 Coupon 14913UAJ9 1,200,000.00 CATERPILLAR FINANCIAL SERVICES CORP 4.85 02/27/2029 29,100.00 29,100.00 February 2026 Total 6,051.80 243,079.73 249,131.53 MARCH 2026 03/02/2026 Coupon 478160DJ0 1,500,000.00 JOHNSON & JOHNSON 4.7 03/01/2030 35,250.00 35,250.00 03/02/2026 Coupon 91282CFH9 5,000,000.00 UNITED STATES TREASURY 3.125 08/31/2027 78,125.00 78,125.00 03/09/2026 Coupon 931142EX7 1,000,000.00 WALMART INC 3.95 09/09/2027 19,750.00 19,750.00 03/16/2026 Coupon 02582JKP4 1,050,000.00 AMXCA 2025-2 A 4.28 04/15/2030 3,745.00 3,745.00 03/16/2026 Coupon 09247XAN1 2,000,000.00 BLACKROCK FINANCE INC 3.2 03/15/2027 32,000.00 32,000.00 03/16/2026 Coupon 362549AD9 310,000.00 GMCAR 2025-2 A3 4.28 04/16/2030 1,105.67 1,105.67 03/16/2026 Coupon 437921AD1 400,000.00 HAROT 252 A3 4.15 10/15/2029 1,383.33 1,383.33 03/16/2026 Coupon 44935CAD3 770,000.00 HART 2025-A A3 4.32 10/15/2029 2,772.00 2,772.00 03/16/2026 Coupon 44935DAD1 405,000.00 HALST 2025-B A3 4.53 04/17/2028 1,528.88 1,528.88 03/16/2026 Coupon 44935XAD7 490,000.00 HART 2025-B A3 4.36 12/17/2029 1,780.33 1,780.33 03/16/2026 Coupon 47800DAD6 610,000.00 JDOT 2025 A3 4.23 09/17/2029 2,150.25 2,150.25 03/16/2026 Coupon 47800UAD8 1,000,000.00 JDOT 25B A3 4.47 12/17/2029 3,725.00 3,725.00 03/16/2026 Coupon 58768YAD7 645,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,477.88 2,477.88 03/16/2026 Coupon 66815L2K4 2,200,000.00 NORTHWESTERN MUTUAL GLOBAL FUNDING4.35 09/15/2027 47,850.00 47,850.00 03/16/2026 Coupon 92970QAJ4 1,015,000.00 WFCIT 2025-1 A 4.34 05/15/2030 3,670.92 3,670.92 03/20/2026 Coupon 362962AD4 590,000.00 GMALT 2025-2 A3 4.58 05/22/2028 2,355.08 2,355.08 03/20/2026 Coupon 92348KDY6 955,000.00 VZMT 2025-3 A1A 4.51 03/20/2030 3,589.21 3,589.21 03/25/2026 Coupon 096912AD2 325,000.00 BMWLT 2025-1 A3 4.43 06/26/2028 1,291.88 1,291.88 03/25/2026 Coupon 3137BTUM1 2,888,615.34 FHMS K-061 A2 3.347 11/25/2026 7,920.43 7,920.43 03/25/2026 Principal Paydown 3137BTUM1 2,888,615.34 FHMS K-061 A2 3.347 11/25/2026 7,092.09 7,092.09 03/25/2026 Coupon 3137F2LJ3 2,338,600.00 FHMS K-066 A2 3.117 06/25/2027 6,074.51 6,074.51 53 82 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 CASH FLOW REPORT Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 03/25/2026 Principal Paydown 3137F2LJ3 2,338,600.00 FHMS K-066 A2 3.117 06/25/2027 17,940.07 17,940.07 03/25/2026 Coupon 3137FJXV6 2,000,000.00 FHMS K-083 A2 4.05 09/25/2028 6,750.00 6,750.00 03/25/2026 Coupon 3137FK4M5 2,000,000.00 FHMS K-085 A2 4.06 10/25/2028 6,766.67 6,766.67 03/25/2026 Coupon 3137FKZZ2 1,500,000.00 FHMS K-088 A2 3.69 01/25/2029 4,612.50 4,612.50 03/25/2026 Coupon 3137FLMV3 2,000,000.00 FHMS K-090 A2 3.422 02/25/2029 5,703.33 5,703.33 03/25/2026 Coupon 3137FQ3Z4 2,000,000.00 FHMS K-101 A2 2.524 10/25/2029 4,206.67 4,206.67 03/25/2026 Coupon 3137H9D71 1,750,000.00 FHMS K-750 A2 3.0 09/25/2029 4,375.00 4,375.00 03/25/2026 Coupon 3137HA4B9 2,000,000.00 FHMS K-751 A2 4.412 03/25/2030 7,353.33 7,353.33 03/26/2026 Coupon 57636QAP9 1,500,000.00 MASTERCARD INC 3.35 03/26/2030 25,125.00 25,125.00 03/26/2026 Coupon 69371RT48 1,750,000.00 PACCAR FINANCIAL CORP 4.0 09/26/2029 35,000.00 35,000.00 03/31/2026 Coupon 91282CEF4 5,000,000.00 UNITED STATES TREASURY 2.5 03/31/2027 62,500.00 62,500.00 March 2026 Total 25,032.16 420,937.86 445,970.02 APRIL 2026 04/01/2026 Coupon 13063DRE0 1,500,000.00 CALIFORNIA ST 2.5 10/01/2029 18,750.00 18,750.00 04/15/2026 Coupon 02582JKP4 1,050,000.00 AMXCA 2025-2 A 4.28 04/15/2030 3,745.00 3,745.00 04/15/2026 Coupon 437921AD1 400,000.00 HAROT 252 A3 4.15 10/15/2029 1,383.33 1,383.33 04/15/2026 Coupon 44935CAD3 770,000.00 HART 2025-A A3 4.32 10/15/2029 2,772.00 2,772.00 04/15/2026 Coupon 44935DAD1 405,000.00 HALST 2025-B A3 4.53 04/17/2028 1,528.88 1,528.88 04/15/2026 Coupon 44935XAD7 490,000.00 HART 2025-B A3 4.36 12/17/2029 1,780.33 1,780.33 04/15/2026 Coupon 47800DAD6 610,000.00 JDOT 2025 A3 4.23 09/17/2029 2,150.25 2,150.25 04/15/2026 Coupon 47800UAD8 1,000,000.00 JDOT 25B A3 4.47 12/17/2029 3,725.00 3,725.00 04/15/2026 Coupon 58768YAD7 645,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,477.88 2,477.88 04/15/2026 Coupon 92970QAJ4 1,015,000.00 WFCIT 2025-1 A 4.34 05/15/2030 3,670.92 3,670.92 04/16/2026 Coupon 362549AD9 310,000.00 GMCAR 2025-2 A3 4.28 04/16/2030 1,105.67 1,105.67 04/20/2026 Coupon 06405LAH4 1,500,000.00 BANK OF NEW YORK MELLON 4.729 04/20/2029 35,467.50 35,467.50 04/20/2026 Coupon 362962AD4 590,000.00 GMALT 2025-2 A3 4.58 05/22/2028 2,355.08 2,355.08 04/20/2026 Coupon 92348KDY6 955,000.00 VZMT 2025-3 A1A 4.51 03/20/2030 3,589.21 3,589.21 04/27/2026 Coupon 096912AD2 325,000.00 BMWLT 2025-1 A3 4.43 06/26/2028 1,291.88 1,291.88 04/27/2026 Coupon 3137BTUM1 2,888,615.34 FHMS K-061 A2 3.347 11/25/2026 7,900.64 7,900.64 04/27/2026 Principal Paydown 3137BTUM1 2,888,615.34 FHMS K-061 A2 3.347 11/25/2026 6,093.49 6,093.49 04/27/2026 Coupon 3137F2LJ3 2,338,600.00 FHMS K-066 A2 3.117 06/25/2027 6,027.91 6,027.91 54 83 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 CASH FLOW REPORT Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 04/27/2026 Principal Paydown 3137F2LJ3 2,338,600.00 FHMS K-066 A2 3.117 06/25/2027 3,540.06 3,540.06 04/27/2026 Coupon 3137FJXV6 2,000,000.00 FHMS K-083 A2 4.05 09/25/2028 6,750.00 6,750.00 04/27/2026 Coupon 3137FK4M5 2,000,000.00 FHMS K-085 A2 4.06 10/25/2028 6,766.67 6,766.67 04/27/2026 Coupon 3137FKZZ2 1,500,000.00 FHMS K-088 A2 3.69 01/25/2029 4,612.50 4,612.50 04/27/2026 Coupon 3137FLMV3 2,000,000.00 FHMS K-090 A2 3.422 02/25/2029 5,703.33 5,703.33 04/27/2026 Coupon 3137FQ3Z4 2,000,000.00 FHMS K-101 A2 2.524 10/25/2029 4,206.67 4,206.67 04/27/2026 Coupon 3137H9D71 1,750,000.00 FHMS K-750 A2 3.0 09/25/2029 4,375.00 4,375.00 04/27/2026 Coupon 3137HA4B9 2,000,000.00 FHMS K-751 A2 4.412 03/25/2030 7,353.33 7,353.33 04/28/2026 Coupon 40139LBG7 2,755,000.00 GUARDIAN LIFE GLOBAL FUNDING 5.55 10/28/2027 76,451.25 76,451.25 04/30/2026 Coupon 91282CEN7 5,000,000.00 UNITED STATES TREASURY 2.75 04/30/2027 68,750.00 68,750.00 04/30/2026 Coupon 91282CFT3 2,500,000.00 UNITED STATES TREASURY 4.0 10/31/2029 50,000.00 50,000.00 April 2026 Total 9,633.56 334,690.22 344,323.78 MAY 2026 05/01/2026 Coupon 194162AT0 685,000.00 COLGATE-PALMOLIVE CO 4.2 05/01/2030 14,385.00 14,385.00 05/11/2026 Coupon 665859AW4 3,000,000.00 NORTHERN TRUST CORP 4.0 05/10/2027 60,000.00 60,000.00 05/12/2026 Coupon 037833EZ9 1,500,000.00 APPLE INC 4.2 05/12/2030 31,500.00 31,500.00 05/15/2026 Coupon 02582JKP4 1,050,000.00 AMXCA 2025-2 A 4.28 04/15/2030 3,745.00 3,745.00 05/15/2026 Coupon 437921AD1 400,000.00 HAROT 252 A3 4.15 10/15/2029 1,383.33 1,383.33 05/15/2026 Coupon 44935CAD3 770,000.00 HART 2025-A A3 4.32 10/15/2029 2,772.00 2,772.00 05/15/2026 Coupon 44935DAD1 405,000.00 HALST 2025-B A3 4.53 04/17/2028 1,528.88 1,528.88 05/15/2026 Coupon 44935XAD7 490,000.00 HART 2025-B A3 4.36 12/17/2029 1,780.33 1,780.33 05/15/2026 Coupon 47800DAD6 610,000.00 JDOT 2025 A3 4.23 09/17/2029 2,150.25 2,150.25 05/15/2026 Coupon 47800UAD8 1,000,000.00 JDOT 25B A3 4.47 12/17/2029 3,725.00 3,725.00 05/15/2026 Coupon 58768YAD7 645,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,477.88 2,477.88 05/15/2026 Coupon 9128283F5 5,000,000.00 UNITED STATES TREASURY 2.25 11/15/2027 56,250.00 56,250.00 05/15/2026 Coupon 92970QAJ4 1,015,000.00 WFCIT 2025-1 A 4.34 05/15/2030 3,670.92 3,670.92 05/18/2026 Coupon 362549AD9 310,000.00 GMCAR 2025-2 A3 4.28 04/16/2030 1,105.67 1,105.67 05/20/2026 Coupon 362962AD4 590,000.00 GMALT 2025-2 A3 4.58 05/22/2028 2,355.08 2,355.08 05/20/2026 Coupon 92348KDY6 955,000.00 VZMT 2025-3 A1A 4.51 03/20/2030 3,589.21 3,589.21 05/21/2026 Coupon 00287YBX6 1,500,000.00 ABBVIE INC 3.2 11/21/2029 24,000.00 24,000.00 05/25/2026 Coupon 096912AD2 325,000.00 BMWLT 2025-1 A3 4.43 06/26/2028 1,291.88 1,291.88 55 84 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 CASH FLOW REPORT Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 05/25/2026 Coupon 3137BTUM1 2,888,615.34 FHMS K-061 A2 3.347 11/25/2026 7,883.65 7,883.65 05/25/2026 Principal Paydown 3137BTUM1 2,888,615.34 FHMS K-061 A2 3.347 11/25/2026 6,451.52 6,451.52 05/25/2026 Coupon 3137F2LJ3 2,338,600.00 FHMS K-066 A2 3.117 06/25/2027 6,018.72 6,018.72 05/25/2026 Principal Paydown 3137F2LJ3 2,338,600.00 FHMS K-066 A2 3.117 06/25/2027 3,802.82 3,802.82 05/25/2026 Coupon 3137FJXV6 2,000,000.00 FHMS K-083 A2 4.05 09/25/2028 6,750.00 6,750.00 05/25/2026 Coupon 3137FK4M5 2,000,000.00 FHMS K-085 A2 4.06 10/25/2028 6,766.67 6,766.67 05/25/2026 Coupon 3137FKZZ2 1,500,000.00 FHMS K-088 A2 3.69 01/25/2029 4,612.50 4,612.50 05/25/2026 Coupon 3137FLMV3 2,000,000.00 FHMS K-090 A2 3.422 02/25/2029 5,703.33 5,703.33 05/25/2026 Coupon 3137FQ3Z4 2,000,000.00 FHMS K-101 A2 2.524 10/25/2029 4,206.67 4,206.67 05/25/2026 Coupon 3137H9D71 1,750,000.00 FHMS K-750 A2 3.0 09/25/2029 4,375.00 4,375.00 05/25/2026 Coupon 3137HA4B9 2,000,000.00 FHMS K-751 A2 4.412 03/25/2030 7,353.33 7,353.33 05/26/2026 Coupon 857449AE2 1,500,000.00 STATE STREET BANK AND TRUST CO 4.78211/23/2029 35,865.00 35,865.00 05/28/2026 Coupon 74153WCW7 650,000.00 PRICOA GLOBAL FUNDING I 4.7 05/28/2030 15,275.00 15,275.00 May 2026 Total 10,254.34 322,520.28 332,774.63 Grand Total 737,055,252.37 145,185,244.09 4,496,498.14 149,681,742.23 56 85 City of Newport Beach Cons | Account #11134 | As of June 30, 2025 IMPORTANT DISCLOSURES Chandler Asset Management, Inc. (“Chandler”) is an SEC registered investment adviser. For additional information about our firm, please see our current disclosures (Form ADV). To obtain a copy of our current disclosures, you may contact your client service representative by calling the number on the front of this statement or you may visit our website at www.chandlerasset.com. Information contained in this monthly statement is confidential and is provided for informational purposes only and should not be construed as specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of this statement, but may become outdated or superseded at any time without notice. Custody: Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified custodian. Chandler does not have any authority to withdraw or deposit funds from/to the custodian account. Valuation: Prices are provided by IDC, an independent pricing source. In the event IDC does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A. Performance: Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio. Source ICE Data Indices, LLC (“ICE”), used with permission. ICE PERMITS USE OF THE ICE INDICES AND RELATED DATA ON AN “AS IS” BASIS; ICE, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. 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Ratings: Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy. Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a high rating by S&P, Moody’s and Fitch respectively. 57 86 CITY OF NEWPORT BEACH FINANCE COMMITTEE STAFF REPORT Agenda Item No. 6B September 11, 2025 TO: HONORABLE CHAIRMAN AND MEMBERS OF THE COMMITTEE FROM: Finance Department Jason Al-Imam, Finance Director/Treasurer 949-644-3123, jalimam@newportbeachca.gov SUBJECT: ANNUAL REVIEW OF INVESTMENT POLICY SUMMARY: Consistent with Section K-2 of Council Policy F-1, Statement of Investment Policy (the Policy), the Finance Department has completed an annual review of the Policy to ensure its consistency with the overall objectives of preservation of principal, liquidity, and return, as well as its relevance to current law and financial and economic trends. The investment of City funds is governed by the California Government Code (Sections 53600-53610), which prescribes the investment vehicles in which local agencies are permitted to invest available funds. Staff, working with the City’s investment advisor Chandler Asset Management (Chandler), has completed a comprehensive review of the Policy including compliance with relevant sections of the Government Code, as well as, incorporating best investment practices. No changes are proposed to the Policy at this time. RECOMMENDED ACTION: Receive and file. DISCUSSION: California Government Code Section 53600.5 mandates that the City Treasurer shall follow three objectives when investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing public funds. The primary objective of the City Treasurer shall be to safeguard the principal of the funds under his or her control. The secondary objective shall be to meet the liquidity needs of the City. The third objective shall be to achieve a market rate of return on the funds under his or her control. Guided by the Policy and constrained by California Government Code, the City’s core investment objectives are to provide safety of the invested principal by maintaining a well- 87 Annual Review of Investment Policy September 11, 2025 Page 2 diversified, high-quality portfolio of liquid assets while earning a market rate of return commensurate with the City’s conservative risk profile. Based on recent reviews by Staff and Chandler, there are currently no proposed changes to the Policy. However, the City is monitoring California Senate Bill 595 (Local Government: Investments and Financial Reports) and Senate Bill 858 (Local Government Omnibus Act of 2025), which propose the following changes to the Government Code governing investments: • SB 595 – Extends until January 1, 2031, provisions currently set to expire in 2026 that (1) allow agencies with more than $100 million in assets to invest up to 40% of their portfolio in commercial paper, and (2) permit investment in certain U.S. government securities that may accrue zero or negative interest if held to maturity. • SB 858 – Extends the maximum maturity for investments in prime quality commercial paper from 270 days to 397 days, providing greater flexibility for public agency investments. If these bills are approved by the Legislature and signed into law by the Governor, staff will return to the Finance Committee with proposed amendments to the Policy to ensure compliance with the updated Government Code provisions. Prepared and Submitted by: /s/ Jason Al-Imam _____________________________ Jason Al-Imam Finance Director/Treasurer 88 6C. PRESENTATION OVERVIEW OF RECREATION AND SENIOR SERVICES DEPARTMENT BUDGET 89 OPERATIONS & BUDGET OVERVIEW 1 SEPTEMBER 11, 2025 RECREATION & SENIOR SERVICES 90 DEPARTMENT STATISTICS 2 ACREAGE MANAGED Parks 628 Buck Gully Open Space 254 Upper Bay Open Space 136 Beaches 264 TOTAL PARKS & FACILITIES MANAGED Parks 66 Outdoor Basketball Courts 20 Community Centers 11 Swimming Pools (NMUSD)2 Playgrounds & Tot Lots 34 Sports Fields 39 Tennis Courts 16 Beach Volleyball Courts 69 Pickleball Courts 12 Leased Properties on City Land 4 Handball Courts 10 91 ORGANIZATIONAL CHART 3 FY 2025-26 FULL TIME EMPLOYEES 42.5 & PART TIME EMPLOYEES 37.85 TOTAL FTES: 80.35 92 FY 2025-26 BUDGET RECREATION & SENIOR SERVICES DEPARTMENT 4 Budget Overview FY 2024-25 FY 2025-26 Expenditures Salaries & Benefits $9,016,833 $9,181,955 Maintenance & Operations $7,082,859 $6,733,664 Capital Outlay $51,439 $51,439 RSS Department Expenditures $16,151,131 $15,967,058 FiiN Fund Expenditures $223,758 $236,487 RSS Equipment Fund Expenditures $200,000 $220,000 RSS Department Revenues $6,596,230 $7,023,012 Revenue to Expenditure Cost Recovery: 44% NRPA Median Cost Recovery: 27.2% 93 5 BUDGET RECREATION AND SENIOR SERVICES (GENERAL FUND & FIIN) Account Type Actual FY22/23 Actual FY23/242,3 Actual FY24/25 Original Budget FY25/26 Salaries & Benefits $ 7,482,270 $ 8,111,149 $ 8,622,235 $ 9,181,955 Contract Services $ 3,686,969 $ 4,059,382 $ 4,345,247 $ 4,178,369 Utilities (Electricity, Water, Gas, etc.)$ 343,932 $ 355,951 $ 373,265 $ 383,177 Maintenance & Repair $ 436,159 $ 333,163 $ 402,073 $ 214,813 General Expenses1 $ 636,951 $ 696,740 $ 702,504 $ 765,353 Insurance/Internal $ 1,351,572 $ 1,504,951 $ 1,451,352 $ 1,428,438 Capital $ 85,571 $ 78,857 $ 69,265 $ 51,439 General Expenses $ 118,830 $ 149,948 $ 206,059 $ 236,487 Total RSS Expense $ 14,142,254 15,290,141 $ 16,171,999 $ 16,440,032 5 1Includes FiiN Fund Expenses 2Reclassification of PT Recreation Positions 3Covid reductions in expenditures & revenues reinstated 94 6 PERFORMANCE METRICS Performance Measure Actual FY 23-24 Actual FY 24-25 Projected FY 25-26 Target Workload Indicators Recreational Program Attendance/Registrations 337,670 348,706 358,234 373,183 Senior Transportation Participants 10,190 10,599 10,810 11,000 Recreational Classes Offered 3,795 4,295 3,800 3,800 Performance Metric Satisfaction with Recreation Programs (1-5)4.4 4.5 4.5 4.65 95 Note: Cost-Benefit Pyramid Analysis Concept from www.ILparks.org; “Cost Recovery in Public Parks and Recreation” by Chris Dropinski; 2007 Mostly Individual Benefits Fulfill demands for specialized programming Serves small groups of community members Community & Individual Benefits Provides safe and enriching experiences for youth and seniors Promotes health and wellness Extend higher benefits to residents Provides admin support for programs Benefits Community at Large Benefits large groups of community members Proactively manage assets for entire community Provides active and passive drop in locations Promotes learn, play & be active philosophy Creates sense of community and prevents isolation Provides admin support for largest programs Supports economic vitality Protects natural resources and promotes environmental stewardship High Recovery Adult Sports Rec Contract Classes Oasis Fitness Center Special Events Permits Appeals Sp Evt Permits Lvl 3, Nonres Medium Recovery Aquatics Youth Sports Preschool Programs After-school / Teen Programs and Camps Senior Services Contract Classes Special Events Permits Level 2-3, Resident Special Events Permits Level 1-2, Nonres Class refunds for $75 or more Admin Processing Fee Zero to Low Recovery Special Events for Community Special Events Permits Level 1, Resident Park Patrol Park, Playground and Rec Facility Management Senior Services /Oasis Transportation Oasis Social Services Class refunds for $74 or less; Badge Replacement Natural Resources Programming; Land Management COST-BENEFIT PYRAMID ANALYSIS 96 MUNICIPAL CODE 3.36.030 – COST RECOVERY Cost Recovery Percentages Percentage of Cost or Amount to Be Recovered from Direct Fees Adult Sports 50%—95% Administrative Processing Fee $5 Badge Replacement $5 After School/Camp Programs 20%—50% Aquatics 20%—50% Contract Classes 50%—95% Class Refunds $74 or less $10 $75 or more $20 Youth Sports 20%—50% Special Events—Levels 1, 2, 3 Resident, Level 1 and Late Fees for Level 1 0%—20% Resident, Levels 2—3 and Late Fees for Levels 2—3 20%—50% Nonresident, Levels 1—2 and Late Fees for Level 1 20%—50% Nonresident, Level 3 and Late Fees for Levels 2—3 50%—95% Appeal to City Council—Appellant Successful 0% Appeal to City Council—Appellant Unsuccessful 50%—95% Natural Resources Programs 0%—20% Senior Services OASIS Transportation $1—$3 Contract Classes 20%—50% Fitness Center 50%—95%97 REVENUE BY ACCOUNT TYPE 9 Contract Classes 60% Other 1% Aquatics 2% OASIS Transportation 3% OASIS Fitness 7% Special Event Permits 2% Rentals 8% Adult and Youth Programming 17% FY 2024-25 $7,204,555 98 CONTRACT CLASSES 10 Health & Fitness 33% Private Surf 17%Pickleball/Tennis 11% Enrichment 10% Sports 9% Arts & Theatre/Music 8% Gymnastics 7% Dance 4% Other 1% CONTRACT CLASSES $1,565,374 NES -A.C.E 28% Eastbluff A.C.E. 6% Lincoln Elementary A.C.E.11%Mariners El A.C.E.19% Newport Heights A.C.E. 5% Newport Coast A.C.E. 31% AFTER CLASS ENRICH (ACE) $482,277 Art & Theater 5% Dance & Music 2% Sports & Fitness 9% Special Interests 3% STEM +8% Beach & Bay 73% SUMMER CAMPS $1,231,556 92 Instructor Contracts 1,467 subcontractors Total Class Revenue $4,672,720 Contract Instructor Services $3,279,207 Avg Contractor Split 70.2% 99 ADULT SPORTS Adult Leagues 11 Staff/Contractor Administered: 4,962 Participants Basketball, Softball, Soccer, Pickleball Revenue: $259,115 Contracted: 3,409 Participants Flag Football, Volleyball, Kickball Revenue: $79,599 100 YOUTH SPORTS Volunteer Youth Sports Groups Participants – 5,917 Attendance – 218,982 Club Sports Groups Participants – 4,807 Attendance – 283,740 Matt Leinart Flag Football Participants – 1,347 Attendance – 25,593 Youth Track Meet Participants – 275 12 101 YOUTH PROGRAMS Revenue: $468,088 •Active Kids (Afterschool) – $221,351 •Summer Day Camp – $226,423 •Preschool Summer Camp – $20,314 13 Participation Attendance •Active Kids – 33,853 •Summer Day Camp – 7,619 •Mayor’s Youth Council – 209 •Teen Leader Program – 850 102 AQUATICS TOTAL REVENUE: $146,088 • Aquatics Attendance: 15,083 • Lap Swim: 8,703 • 285 Aquatics Classes Offered Pools • Marian Bergeson Aquatics Center • Newport Harbor High School Aquatics Complex 14 103 15 FACILITY RENTALS FACILITY RENTALS: 1,341 Community Centers 1,045 Parks 296 104 OASIS TOTAL REVENUE: $1,543,573 16 Facility Rentals 145 Facility Use 4,226 Program Attendance 143,241 Human Services Attendance 27,872 Transportation Attendance 10,599 Fitness Center Attendance 76,507 Volunteer Hours 15,018 105 17 FRIENDS OF OASIS • 2,400 Members • $583,400 Operating Budget • $200,000 through Donations and Rummage Sale • Offerings include Sailing Club (200 members) and Travel Program (4,000 participants) 17 106 SPECIAL EVENTS Special Events •4th is for Families Attendance: 2,000 •Movies in the Park (MITP, 4) Attendance: 1,600 •Concert in the Park Attendance: 350 •Spooktacular Attendance: 3,500 •Mayor’s Egg Roll Attendance: 1,000 •Track Meet Attendance: 268 •Surf Contest Attendance: 260 Special Event Permits •Number of Permits Issued: 271 •Permitted Events Attendance: 462,770 Special Event Grants •Signature Events: 7 Events •Community & Charitable Events: 20 Events 18 107 PARK PATROL 15,275 Contacts Miles Patrolled in FY 2024-25: 14,405 Park Visits (Parks, Facilities, etc.): 27,435 19 108 FiiN •FY 2025-26 Budget: $236,487 •512 Students Natural Resources •Tidepool Field Trips: 125 students •Tidepool Observed Visitors: 70,191 •Marine Education Contacts: 21,174 20 FIIN AND NATURAL RESOURCES 109 FACILITIES MASTER PLAN (FMP) 21 110 22 FACILITIES MAINTENANCE MASTER PLAN (FMMP) 22 New roof and exterior refurbishments at Carol Beek Community Center HVAC replacement at Community Youth Center Carpet replacement at OASIS Senior Center and Mariners VJC Room 111 2323 PARK MAINTENANCE MASTER PLAN (PMMP) 23 FY24 Actual $994,138 Sports lighting repairs, handball court, shade structures FY25 Actual $586,077 Drinking fountains, irrigation controls, shade structures FY26 Budgeted $2,350,250 Site lighting, pedestrian concrete, park fencing, shade structures FY27 Projected $2,108,970 Site lighting, pedestrian concrete, retaining walls FY28 Projected $2,163,480 Site lighting, Civic Center pathway, Pickleball soundproofing 112 RECENT AND UPCOMING HIGHLIGHTS Completed construction of universally accessible playground at San Miguel Park. Implemented an Adaptive Sailing Program in Partnership with Orange Coast College. Installation of 17 AEDs in 14 parks. Received $46,000 in grant funding from the CA State Parks Division of Boating and Waterways. Opening and operation of Witte Lecture Hall coming 2026 24 113 QUESTIONS? 25 114 CITY OF NEWPORT BEACH FINANCE COMMITTEE STAFF REPORT Agenda Item No. 6D September 11, 2025 TO: HONORABLE CHAIR AND MEMBERS OF THE COMMITTEE FROM: Finance Department Jason Al-Imam, Finance Director/Treasurer 949-644-3123 or jalimam@newportbeachca.gov SUBJECT: BUDGET AMENDMENTS FOR QUARTER ENDING JUNE 30, 2025 EXECUTIVE SUMMARY The purpose of this memorandum is to report on the budget amendments for the fourth quarter of Fiscal Year 2024-25. All budget amendments are in compliance with City Council Policy F-3, Budget Adoption and Administration. DISCUSSION City Council Policy F-3, Budget Adoption and Administration, identifies how appropriations can be transferred, increased or reduced. The Finance Committee reviews a quarterly report of City Council and City Manager budget amendments including their effect on fund balance. Please find the list of budget amendments included as Attachment A. Prepared by: Submitted by: /s/ Courtney Buck /s/ Jason Al-Imam Courtney Buck Jason Al-Imam Budget Analyst Finance Director/Treasurer ATTACHMENT: Attachment A - Budget Amendments Fiscal Year 2024-25 Quarter Ending June 30, 2025 115 ATTACHMENT A BUDGET AMENDMENTS FISCAL YEAR 2024-25 QUARTER ENDING JUNE 30, 2025 116 BA #Date Amendment Type Fund Revenues Expenditures Net Effect on Fund Balance Increase/(Decrease)Department Explanation GENERAL FUND 4,536,730.67 1,025,923.50 3,510,807.17 Finance OTS GRANT FUND 147.50 - 147.50 59 04/02/2025 City Manager GENERAL FUND 8,642.80 8,642.80 - Library To accept private and foundation donations and to accept Santiago Library Systems (SLS) grant money and expensing to the various accounts for programming materials and funding special projects. 61 04/29/2025 City Council GENERAL FUND - 127,947.97 (127,947.97) Human Resources To increase expenditure appropriations to fund the agreement with The Association of Newport Beach Ocean Lifeguards (ANBOL) for the remainder of FY 2024-25. 62 04/10/2025 City Manager GENERAL FUND - - - Fire/Police/Human Resources To transfer budget from Fire and Police estimated savings in Cafeteria Allowances to Human Resources Outside Counsel Advisory for costs associated with Labor Negotiations. 63 04/29/2025 City Council GENERAL FUND - 422,413.15 (422,413.15) Human Resources To increase expenditure appropriations to fund the agreement with The Newport Beach Fire Association (NBFA) for the remainder of FY 2024-25. 64 05/13/2025 City Council GENERAL FUND 46,000.00 46,000.00 - RSS To recognize revenues from the State of California Division of Boating and Waterways (State DBW) grant in Marina Park Sailing and increase expenditures associated with the grant in Marina Park Equipment NOC. 66 04/22/2025 City Manager GENERAL FUND 34,160.89 31,359.70 2,801.19 Police On June 27, 2023, City Council approved the acceptance of the Officer Wellness and Mental Health Grant. The total approved amount was for $94,079.08. At the time of approval, a budget amendment was approved for 1/3 of the award as timing of expenditures were unknown and remaining balances were to be appropriated in FY24-25 and FY25-26 as part of the annual budget preparation and adoption process. The revenues were received and are currently sitting in a cash account until the revenues are recognized to align with expenses. The grant must be expended by December 1, 2025. To prevent funds from lapsing and timing of additional expenses remains unknown, the remaining portion of the grant will be appropriated in FY25; remaining funds at the end of FY25 will be carried over via budget amendment in FY26 to facilitate reporting and tracking of expenditures. This action will also remove appropriation of any funds related to the grant from the FY26 budget development process. Per Financial Policy F-3, grant related appropriations approved by City Council may be carried forward to the following fiscal year(s) as long as the grant terms remain valid. Additionally, the City Manager may appropriate the funds when they are received, provided the expenditures clearly meet the amount, terms, nature and intent of the grant or donation previously approved by City Council. GENERAL FUND - - - TIDE & SUBMERGED LANDS FUND - - - WATER ENTERPRISE FUND - - - WASTEWATER ENTERPRISE FUND - - - City of Newport Beach Fiscal Year 2024-25 Budget Amendments Quarter Ending June 30, 2025 57 To adjust revenue and expenditure appropriations based on the Fiscal Year 2025-26 Quarter 2 Staff Report.04/29/2025 City Council UtilitiesCity Council04/29/202567 To transfer budget within divisions in Utilities to offset increases in expenses in certain line items from projected savings from various maintenance, operating, salary and benefit accounts. This does not transfer budget within different funds; transfers net out within their respective funds. After a Quarter 3 review, Finance and Utilities discussed the need to transfer budget amongst accounts where the department is able to absorb expenses prior to requesting any increases in budget in a quarterly report to council. 117 BA #Date Amendment Type Fund Revenues Expenditures Net Effect on Fund Balance Increase/(Decrease)Department Explanation City of Newport Beach Fiscal Year 2024-25 Budget Amendments Quarter Ending June 30, 2025 68 05/02/2025 City Manager TIDE & SUBMERGED LANDS FUND - - - Harbor Transfer funds from Harbor's Uniform account (871006) and their Office Furniture account (911039) to their Professional Services account (811008). 69 06/10/2025 City Council GENERAL FUND - 361,588.92 (361,588.92) Police To increase expenditure appropriations to fund the agreement with The Newport Beach Police Association (NBPA) for the remainder of FY 2024-25. 70 05/15/2025 City Manager GENERAL FUND - - - Public Works To transfer budget within divisions in Public Works to offset increases in expenses in certain line items from projected savings from various maintenance, operating, salary and benefit accounts. After a Quarter 3 review, Finance and Public Works discussed the need to transfer budget amongst accounts where the department is able to absorb expenses prior to requesting any increases in budget in a quarterly report to council. GENERAL FUND 460,793.06 - 460,793.06 TIDE & SUBMERGED LANDS FUND 145,000.00 145,000.00 - 72 05/21/2025 City Manager GENERAL FUND - - - Public Works / CDD To transfer revenue budget from Public Work's Demolition Permits to Community Development Department's Demolition Permits since CDD will now be collecting future demolition permits. 73 05/21/2025 City Manager GENERAL FUND - - - Police To transfer funds from the Police Department's Helicopter account (811025) to the PD's SWAT Supplies (841024), Uniforms (871006), Office Furniture (911039), Traffic Supplies (841015) and Shooting Range Supplies (841023). 74 05/27/2025 City Manager GENERAL FUND - - - Human Resources To transfer budget from Supplies Office NOC and Services Professional to Equipment NOC for the purchase and installation of a Monitor in the Lido Conference Room. 75 06/03/2025 City Manager GENERAL FUND 4,659.00 4,659.00 - Library To appropriate the remaining 10% of the California State Library Literacy Services (CLLS) grant previously accepted by City Council on November 20, 2024. GENERAL FUND - 16,196.00 (16,196.00) WATER ENTERPRISE FUND - 9,770.00 (9,770.00) WASTEWATER ENTERPRISE FUND - 3,329.00 (3,329.00) EQUIPMENT FUND - 2,268.00 (2,268.00) AIR QUALITY MGMT DISTRICT FUND - 770,296.00 (770,296.00) ENVIRONMENTAL LIABILITY FUND - 270,000.00 (270,000.00) 78 06/11/2025 City Council GENERAL FUND 171,580.00 171,580.00 - Police Accept Department of Homeland Security Operation Stonegarden Grant Funds - Grant supports enhanced cooperation and coordination among Customs and Border Protection, United States Border Patrol, and local law enforcement. 79 06/11/2025 City Council CONTRIBUTIONS FUND 130,000.00 130,000.00 - Public Works To recognize an increase in revenues in the Contributions Fund CIP from a donation from the Newport Beach Public Library Foundation (NBPLF) and increase CIP expenditures for the full cost of a larger LED screen wall. HRCity Council06/14/202576 To increase expenditure appropriations to fund the agreement with The Newport Beach Employees League for the remainder of FY 2024-25. To adjust revenue and expenditure appropriations based on the Fiscal Year 2024-25 Quarter 3 Staff Report.UtilitiesCity Council06/24/202571 To increase expenditure appropriations in the Air Quality Management District (AQMD) Fund and Environmental Liability Fund for the City's Corporation Yard Improvement CNG Fueling Station CIP project (20F14). Public WorksCity Council06/05/202577 118 BA #Date Amendment Type Fund Revenues Expenditures Net Effect on Fund Balance Increase/(Decrease)Department Explanation City of Newport Beach Fiscal Year 2024-25 Budget Amendments Quarter Ending June 30, 2025 80 06/12/2025 City Manager CONTRIBUTIONS FUND 9,542.00 9,542.00 - Public Works To recognize an increase in revenues in the Contributions Fund CIP from a donation from the Newport Beach Public Library Foudation (NBPLF) and increase CIP expenditures for the Witte Hall seating plates. 81 07/08/2025 City Manager GENERAL FUND - - - Public Works To transfer budget from projected salary savings and refuse collection to various accounts to pay outstanding invoices. 82 07/08/2025 City Manager GENERAL FUND - - - Police To transfer budget from Patrol Salaries Part Time to Detectives Contracted Set Up to fund unanticipated expenses related to the drone program (architectural/engineering building permit preparation, fencing, construction costs for three rooftop installations and furniture/fixtures/computers for the CIC and DFR pilot console). 83 07/15/2025 City Manager GENERAL FUND - - - Police To transfer budget from Patrol Salaries Part Time to Detectives Other Insurance to fund unanticipated insurance costs related to the drone program. 84 07/23/2025 City Manager GENERAL FUND 4,091.85 4,091.85 - Police To recognize additional revenue and increase expenditures associated with billing the NMUSD for school crossing guard services. 85 08/07/2025 City Manager GENERAL FUND - - - Finance To transfer budget around from various org objects as part of a FY25 end true up. 86 08/06/2025 City Manager GENERAL FUND - - - CDD Transferring funds to true up over budget accounts in the Community Development Department with funds from accounts which had expenses which were under budget in FY 2024-25. 87 08/06/2025 City Manager GENERAL FUND - - - Fire Transferring funds to true up over budget accounts in the Fire Department with funds from accounts which had expenses which were under budget in FY 2024-25. 119 9/11/25 Scheduled Date Agenda Title Report Type Agenda Description Thursday, October 9, 2025 Overview of Sales Tax Allocations for Automobile Sales Presentation The City's sales tax consultant, HdL Companies, will provide the Committee with an overview of how sales tax is allocated for automobile sales, with a particular focus on non-traditional auto dealerships, such as Tesla, which has adopted a direct-to-consumer sales model. Overview of Community Development Department Budget Presentation Staff will provide the Committee with a presentation covering the budget for the Community Development Department. Year-End Budget Results and Surplus Allocation Presentation Staff will provide a presentation regarding the year-end budget results for Fiscal Year 2024-25 and recommendations for allocation of any year-end budget surplus. Budget Amendments for Quarter Ending September 30, 2025 Receive and File Staff will report on the budget amendments from the prior quarter. Work Plan Review Receive and File Staff will report on the upcoming Finance Committee items. Thursday, November 13, 2025 First Quarter Budget Update Presentation Staff will provide a presentation regarding the year-to-date and projected Fiscal Year 2025-26 budget performance. OPEB Actuarial Valuation Report Update Presentation Staff will provide the Committee with an overview of the Fiscal Year 2024-25 actuarial valuation report prepared by the City's actuary. CalPERS Update Presentation Staff will provide the Committee with an overview of the data from the latest actuarial reports from CalPERS as well as their impact on prior projections of the paydown of the City's unfunded pension liability. Internal Audit Program Update Presentation Presentation of internal audit reports, findings, and recommendations from the Fiscal Year 2024-25 audit program. Work Plan Review Receive and File Staff will report on the upcoming Finance Committee items. Newport Beach Finance Committee Work Plan October 2025 November 2025 December 2025 Committee Recess 1120