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HomeMy WebLinkAbout05-08-2024 Administration Committee Meeting Complete Agenda Packet SPECIAL NOTICE PUBLIC ATTENDANCE & PARTICIPATION AT PUBLIC MEETINGS Administration Committee Meeting Wednesday, May 8, 2024 5:00 p.m. Your participation is always welcome. OC San offers several ways in which to interact during meetings. You will find information as to these opportunities below. IN-PERSON MEETING ATTENDANCE You may attend the meeting in-person at the following location: Orange County Sanitation District Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 ONLINE MEETING PARTICIPATION You may join the meeting live via Teams on your computer or similar device or web browser by using the link below: Click here to join the meeting We suggest testing joining a Teams meeting on your device prior to the commencement of the meeting. For recommendations, general guidance on using Teams, and instructions on joining a Teams meeting, please click here. Please mute yourself upon entry to the meeting. Please raise your hand if you wish to speak during the public comment section of the meeting. The Clerk of the Board will call upon you by using the name you joined with. Meeting attendees are not provided the ability to make a presentation during the meeting. Please contact the Clerk of the Board at least 48 hours prior to the meeting if you wish to present any items. Additionally, camera feeds may be controlled by the meeting moderator to avoid inappropriate content. HOW TO PARTICIPATE IN THE MEETING BY TELEPHONE To join the meeting from your phone: Dial (213) 279-1455 When prompted, enter the Phone Conference ID: 689 519 685# All meeting participants may be muted during the meeting to alleviate background noise. If you are muted, please use *6 to unmute. You may also mute yourself on your device. Please raise your hand to speak by use *5, during the public comment section of the meeting. The Clerk of the Board will call upon you by using the last 4 digits of your phone number as identification. NOTE: All attendees will be disconnected from the meeting at the beginning of Closed Session. If you would like to return to the Open Session portion of the meeting, please login or dial-in to the Teams meeting again and wait in the Lobby for admittance. WATCH THE MEETING ONLINE The meeting will be available for online viewing at: https://ocsd.legistar.com/Calendar.aspx SUBMIT A COMMENT You may submit your comments and questions in writing for consideration in advance of the meeting by using the eComment feature available online at: https://ocsd.legistar.com/Calendar.aspx or sending them to OCSanClerk@ocsan.gov with the subject line “PUBLIC COMMENT ITEM # (insert the item number relevant to your comment)” or “PUBLIC COMMENT NON-AGENDA ITEM”. You may also submit comments and questions for consideration during the meeting by using the eComment feature available online at: https://ocsd.legistar.com/Calendar.aspx. The eComment feature will be available for the duration of the meeting. All written public comments will be provided to the legislative body and may be read into the record or compiled as part of the record. For any questions and/or concerns, please contact the Clerk of the Board’s office at 714-593-7433. Thank you for your interest in OC San! May 1, 2024 NOTICE OF REGULAR MEETING ADMINISTRATION COMMITTEE ORANGE COUNTY SANITATION DISTRICT Wednesday, May 8, 2024 – 5:00 P.M. Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 ACCESSIBILITY FOR THE GENERAL PUBLIC Your participation is always welcome. Specific information as to how to participate in this meeting is detailed on the Special Notice attached to this agenda. In general, OC San offers several ways in which to interact during this meeting: you may participate in person, join the meeting live via Teams on your computer or similar device or web browser, join the meeting live via telephone, view the meeting online, and/or submit comments for consideration before or during the meeting. The Regular Meeting of the Administration Committee of the Orange County Sanitation District will be held at the above location and in the manner indicated on Wednesday, May 8, 2024 at 5:00 p.m. ADMINISTRATION COMMITTEE MEETING DATE BOARD MEETING DATE 05/08/24 05/22/24 06/12/24 06/26/24 07/17/24 * 07/24/24 AUGUST DARK 08/28/24 09/11/24 09/25/24 10/09/24 10/23/24 11/13/24 11/20/24 * 12/11/24 12/18/24 * JANUARY DARK 01/22/25 02/12/25 02/26/25 03/12/25 03/26/25 04/09/25 04/23/25 * Meeting will be held on the third Wednesday of the month ROLL CALL ADMINISTRATION COMMITTEE Finance, Information Technology, Environmental Services and Human Resources Meeting Date: May 8, 2024 Time: 5:00 p.m. Adjourn: COMMITTEE MEMBERS (13) Christine Marick, Chair Glenn Grandis, Vice-Chair Brad Avery Pat Burns Rose Espinoza Farrah Khan Jordan Nefulda Andrew Nguyen Robbie Pitts David Shawver John Withers Chad Wanke (Board Chair) Ryan Gallagher (Board Vice-Chair) OTHERS Brad Hogin, General Counsel STAFF Rob Thompson, General Manager Lorenzo Tyner, Assistant General Manager Mike Dorman, Director of Engineering Laura Maravilla, Director of Human Resources Riaz Moinuddin, Director of Operations & Maintenance Wally Ritchie, Director of Finance Lan Wiborg, Director of Environmental Services Kelly Lore, Clerk of the Board ORANGE COUNTY SANITATION DISTRICT Effective 01/23/2024 BOARD OF DIRECTORS Complete Roster AGENCY/CITIES ACTIVE DIRECTOR ALTERNATE DIRECTOR Anaheim Stephen Faessel Carlos A. Leon Brea Christine Marick Cecilia Hupp Buena Park Joyce Ahn Art Brown Cypress Scott Minikus Bonnie Peat Fountain Valley Glenn Grandis Ted Bui Fullerton Bruce Whitaker Nick Dunlap Garden Grove Stephanie Klopfenstein John O’Neill Huntington Beach Pat Burns Gracey Van Der Mark Irvine Farrah N. Khan Kathleen Treseder La Habra Rose Espinoza Jose Medrano La Palma Debbie Baker Mark I. Waldman Los Alamitos Jordan Nefulda Shelley Hasselbrink Newport Beach Brad Avery Erik Weigand Orange Jon Dumitru John Gyllenhammer Placentia Chad Wanke Ward Smith Santa Ana Johnathan Ryan Hernandez Benjamin Vazquez Seal Beach Schelly Sustarsic Lisa Landau Stanton David Shawver Carol Warren Tustin Ryan Gallagher Austin Lumbard Villa Park Robbie Pitts Jordan Wu Sanitary/Water Districts Costa Mesa Sanitary District Bob Ooten Art Perry Midway City Sanitary District Andrew Nguyen Tyler Diep Irvine Ranch Water District John Withers Douglas Reinhart Yorba Linda Water District Phil Hawkins Tom Lindsey County Areas Board of Supervisors Doug Chaffee Donald P. Wagner ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, May 8, 2024 - 5:00 PM Board Room Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 ACCOMMODATIONS FOR THE DISABLED: If you require any special disability related accommodations, please contact the Orange County Sanitation District (OC San) Clerk of the Board’s office at (714) 593-7433 at least 72 hours prior to the scheduled meeting. Requests must specify the nature of the disability and the type of accommodation requested. AGENDA POSTING: In accordance with the requirements of California Government Code Section 54954.2, this agenda has been posted outside the main gate of the OC San's Administration Building located at 10844 Ellis Avenue, Fountain Valley, California, and on the OC San’s website at www.ocsan.gov not less than 72 hours prior to the meeting date and time above. All public records relating to each agenda item, including any public records distributed less than 72 hours prior to the meeting to all, or a majority of the Board of Directors, are available for public inspection in the office of the Clerk of the Board. AGENDA DESCRIPTION: The agenda provides a brief general description of each item of business to be considered or discussed. The recommended action does not indicate what action will be taken. The Board of Directors may take any action which is deemed appropriate. MEETING RECORDING: A recording of this meeting is available within 24 hours after adjournment of the meeting at https://ocsd.legistar.com/Calendar.aspx or by contacting the Clerk of the Board at (714) 593-7433. NOTICE TO DIRECTORS: To place items on the agenda for a Committee or Board Meeting, the item must be submitted in writing to the Clerk of the Board: Kelly A. Lore, MMC, (714) 593-7433 / klore@ocsan.gov at least 14 days before the meeting. FOR ANY QUESTIONS ON THE AGENDA, BOARD MEMBERS MAY CONTACT STAFF AT: General Manager: Rob Thompson, rthompson@ocsan.gov / (714) 593-7110 Asst. General Manager: Lorenzo Tyner, ltyner@ocsan.gov / (714) 593-7550 Director of Engineering: Mike Dorman, mdorman@ocsan.gov / (714) 593-7104 Director of Environmental Services: Lan Wiborg, lwiborg@ocsan.gov / (714) 593-7450 Director of Finance: Wally Ritchie, writchie@ocsan.gov / (714) 593-7570 Director of Human Resources: Laura Maravilla, lmaravilla@ocsan.gov / (714) 593-7007 Director of Operations & Maintenance: Riaz Moinuddin, rmoinuddin@ocsan.gov / (714) 593-7269 ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, May 8, 2024 CALL TO ORDER PLEDGE OF ALLEGIANCE ROLL CALL AND DECLARATION OF QUORUM: Clerk of the Board PUBLIC COMMENTS: Your participation is always welcome. Specific information as to how to participate in a meeting is detailed in the Special Notice attached to this agenda. In general, OC San offers several ways in which to interact during meetings: you may participate in person, join the meeting live via Teams on your computer or similar device or web browser, join the meeting live via telephone, view the meeting online, and/or submit comments for consideration before or during the meeting. REPORTS: The Committee Chairperson and the General Manager may present verbal reports on miscellaneous matters of general interest to the Directors. These reports are for information only and require no action by the Directors. CONSENT CALENDAR: Consent Calendar Items are considered to be routine and will be enacted, by the Committee, after one motion, without discussion. Any items withdrawn from the Consent Calendar for separate discussion will be considered in the regular order of business. 1.2024-3560APPROVAL OF MINUTES RECOMMENDATION: Approve minutes of the Regular meeting of the Administration Committee held April 10, 2024. Originator:Kelly Lore Agenda Report 04-10-2024 Administration Committee Minutes Attachments: 2.2024-3570CONSOLIDATED FINANCIAL REPORT FOR THE THIRD QUARTER ENDED MARCH 31, 2024 RECOMMENDATION: Recommend to the Board of Directors to: Receive and file the Orange County Sanitation District Third Quarter Financial Report for the period ended March 31, 2024. Originator:Wally Ritchie Page 1 of 4 ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, May 8, 2024 Agenda Report Third Quarter Financial Report for period ended March 31 2024 Attachments: 3.2024-3589GENERAL MANAGER APPROVED PURCHASES AND ADDITIONS TO THE PRE-APPROVED OEM SOLE SOURCE LIST RECOMMENDATION: Recommend to the Board of Directors to: A. Receive and file Orange County Sanitation District purchases made under the General Manager’s authority for the period of January 1, 2024 to March 31, 2024; and B. Approve the following additions to the pre-approved Original Equipment Manufacturers (OEM) Sole Source List: ·NORIA - Lube Awareness Training ·SULZER - Pumps and Parts Originator:Wally Ritchie Agenda ReportAttachments: 4.2024-3592IBM TIVOLI MAXIMO ANNUAL SUBSCRIPTION AND SUPPORT, SPECIFICATION NO. S-2024-1448BD RECOMMENDATION: Recommend to the Board of Directors to: A. Approve a Purchase Order to ZProCis Solutions Inc. to provide the conversion of IBM Tivoli Maximo from perpetual licenses to application point licenses, Specification No. S-2024-1448BD, for a total amount not to exceed $276,498; and B. Approve a contingency in the amount of $41,475 (15%). Originator:Wally Ritchie Agenda ReportAttachments: 5.2024-3594PURCHASE ORDER FOR CALIFORNIA RECREATION COMPANY MARINA SLIP RENTAL AGREEMENT RECOMMENDATION: A. Approve a Purchase Order to California Recreation Company (CRC) Marinas for the rental of an end tie boat slip in Newport Beach Harbor, not to exceed $147,490 for the period July 1, 2024, through June 30, 2025; and B. Approve a contingency of $29,498 (20%). Page 2 of 4 ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, May 8, 2024 Originator:Lan Wiborg Agenda ReportAttachments: NON-CONSENT: 6.2024-3583PROCUREAMERICA RECOMMENDATION: Recommend to the Board of Directors to: Approve the use of ProcureAmerica to perform analysis of specific operational areas to identify potential cost savings. Originator:Wally Ritchie Agenda ReportAttachments: 7.2024-3593BUILD AMERICA BONDS PREPAYMENT RECOMMENDATION: Recommend to the Board of Directors to: Adopt Resolution No. OC SAN 24-XX entitled: “A Resolution of the Board of Directors of the Orange County Sanitation District authorizing prepayment of Orange County Sanitation District Wastewater Revenue Obligations, Series 2010A (Federally Taxable Build America Bonds) and Orange County Sanitation District Wastewater Revenue Obligations, Series 2010C (Taxable Build America Bonds) and authorizing the execution of necessary documents and related actions”, in a not to exceed amount of $225,000,000. Originator:Wally Ritchie Agenda Report Draft Resolution No. OC SAN 24-XX Attachments: INFORMATION ITEMS: 8.2024-3379INSURANCE UPDATE RECOMMENDATION: Information Item. Originator:Wally Ritchie Agenda ReportAttachments: Page 3 of 4 ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, May 8, 2024 9.2024-3602CAPITAL IMPROVEMENT PROGRAM PROPOSED BUDGET FOR FY 2024-25 & 2025-26 RECOMMENDATION: Information Item. Originator:Mike Dorman Agenda Report Presentation - CIP Budget FY2024-25 and FY2025-26 Attachments: DEPARTMENT HEAD REPORTS: CLOSED SESSION: None. OTHER BUSINESS AND COMMUNICATIONS OR SUPPLEMENTAL AGENDA ITEMS, IF ANY: BOARD OF DIRECTORS INITIATED ITEMS FOR A FUTURE MEETING: At this time Directors may request staff to place an item on a future agenda. ADJOURNMENT: Adjourn the meeting until the Regular Meeting of the Administration Committee on June 12, 2024 at 5:00 p.m. Page 4 of 4 ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2024-3560 Agenda Date:5/8/2024 Agenda Item No:1. FROM:Robert Thompson, General Manager Originator: Kelly A. Lore, Clerk of the Board SUBJECT: APPROVAL OF MINUTES GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Approve minutes of the Regular meeting of the Administration Committee held April 10, 2024. BACKGROUND In accordance with the Board of Directors Rules of Procedure,an accurate record of each meeting will be provided to the Directors for subsequent approval at the following meeting. RELEVANT STANDARDS ·Resolution No. OC SAN 22-37 ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: ·April 10, 2024 Administration Committee meeting minutes Orange County Sanitation District Printed on 4/26/2024Page 1 of 1 powered by Legistar™ Orange County Sanitation District Minutes for the ADMINISTRATION COMMITTEE Wednesday, April 10, 2024 5:00 PM Board Room Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 CALL TO ORDER A regular meeting of the Administration Committee of the Orange County Sanitation District was called to order by Committee Chairwoman Christine Marick on Wednesday, April 10, 2024 at 5:01 p.m. in the Administration Building of the Orange County Sanitation District. Director Andrew Nguyen led the pledge of allegiance. ROLL CALL AND DECLARATION OF QUORUM: Assistant Clerk of the Board Jackie Castro declared a quorum present as follows: PRESENT:Brad Avery, Pat Burns, Ryan Gallagher, Glenn Grandis, Christine Marick, Jordan Nefulda, Andrew Nguyen, Robbie Pitts, David Shawver, Chad Wanke, John Withers, Jose Medrano (Alternate) and Kathleen Treseder (Alternate) ABSENT:None STAFF PRESENT: Rob Thompson, General Manager; Lorenzo Tyner, Assistant General Manager; Mike Dorman, Director of Engineering; Laura Maravilla, Director of Human Resources; Wally Ritchie, Director of Finance; Lan Wiborg, Director of Environmental Services; Jackie Castro, Assistant Clerk of the Board; Jennifer Cabral; Mortimer Caparas; John Frattali; Al Garcia; Tina Knapp; Rob Michaels; Aldwin Ramirez; and Ruth Zintzun were present in the Board Room. OTHERS PRESENT: Brad Hogin, General Counsel, was present in the Board Room. PUBLIC COMMENTS: None. Ms. Castro announced that Late Communication was received after the publication of the agenda, for a modification to the recommendation of Item No. 5 and Item No. 6 from Director of Finance Wally Ritchie. The recommendation of both items were amended and a final version of the Ordinances were distributed to the Committee and made available to the public. REPORTS: Chair Marick and General Manager Rob Thompson did not provide a report. Page 1 of 6 ADMINISTRATION COMMITTEE Minutes April 10, 2024 CONSENT CALENDAR: 1.APPROVAL OF MINUTES 2024-3523 Originator: Kelly Lore MOVED, SECONDED, AND DULY CARRIED TO: Approve minutes of the Regular meeting of the Administration Committee held March 13, 2024. AYES:Brad Avery, Pat Burns, Ryan Gallagher, Glenn Grandis, Christine Marick, Jordan Nefulda, Andrew Nguyen, Robbie Pitts, David Shawver, John Withers, Jose Medrano (Alternate) and Kathleen Treseder (Alternate) NOES:None ABSENT:Chad Wanke ABSTENTIONS:None 2.PROFESSIONAL CONSULTANT SERVICES AGREEMENT FOR INDUSTRIAL HYGIENE SERVICES 2024-3538 Originator: Laura Maravilla MOVED, SECONDED, AND DULY CARRIED TO: Recommend to the Board of Directors to: A. Approve a Professional Consultant Services Agreement for Arcadis U.S., Inc. to provide Industrial Hygiene Services, Specification No. S-2023-1441BD, for a total amount not to exceed $443,157 for a one-year period beginning May 1, 2024 through April 30, 2025, with four one-year renewal options; and B. Approve an annual contingency of $44,316 (10%). AYES:Brad Avery, Pat Burns, Ryan Gallagher, Glenn Grandis, Christine Marick, Jordan Nefulda, Andrew Nguyen, Robbie Pitts, David Shawver, John Withers, Jose Medrano (Alternate) and Kathleen Treseder (Alternate) NOES:None ABSENT:Chad Wanke ABSTENTIONS:None 3.UPDATE TO RECORDS MANAGEMENT PROGRAM PROCEDURES AND RECORDS RETENTION SCHEDULE RESOLUTION 2024-3511 Originator: Kelly Lore Page 2 of 6 ADMINISTRATION COMMITTEE Minutes April 10, 2024 MOVED, SECONDED, AND DULY CARRIED TO: Recommend to the Board of Directors to: Adopt Resolution No. OC SAN 24-XX entitled: “A Resolution of the Board of Directors of the Orange County Sanitation District Adopting the Records Management Program Procedures and Records Retention Schedule, Authorizing Destruction of Obsolete Records, and Repealing Resolution No. OC SAN 23-21”. AYES:Brad Avery, Pat Burns, Ryan Gallagher, Glenn Grandis, Christine Marick, Jordan Nefulda, Andrew Nguyen, Robbie Pitts, David Shawver, John Withers, Jose Medrano (Alternate) and Kathleen Treseder (Alternate) NOES:None ABSENT:Chad Wanke ABSTENTIONS:None NON-CONSENT: Board Chairman Chad Wanke arrived at the meeting at 5:05 p.m. 4.SERVICE CONTRACT FOR SECURITY SERVICES 2024-3537 Originator: Laura Maravilla Director of Human Resources Laura Maravilla introduced Safety and Health Manager John Frattali who provided an overview of the item. MOVED, SECONDED, AND DULY CARRIED TO: Recommend to the Board of Directors to: A. Approve a General Services Contract for Universal Protection Service LP DBA Allied Universal Security Services (Allied Universal) to provide Security Services, Specification No. S-2023-1429BD, for a total annual amount not to exceed $2,246,973 for the period beginning June 1, 2024, through May 31, 2025, with four one-year renewal options; and B. Approve an annual contingency of $224,697 (10%) for the contract period and all remaining renewal periods. AYES:Brad Avery, Pat Burns, Ryan Gallagher, Glenn Grandis, Christine Marick, Jordan Nefulda, Andrew Nguyen, Robbie Pitts, David Shawver, Chad Wanke, John Withers, Jose Medrano (Alternate) and Kathleen Treseder (Alternate) NOES:None ABSENT:None ABSTENTIONS:None Page 3 of 6 ADMINISTRATION COMMITTEE Minutes April 10, 2024 5.PROPOSED ORDINANCE NO. OC SAN-59A AMENDING ORDINANCE NO. OC SAN- 59 TO CORRECT AN ERROR IN THE TABLE OF SECTION 2.10(B) 2024-3547 Originator: Wally Ritchie Mr. Ritchie provided a brief report of the item. MOVED, SECONDED, AND DULY CARRIED TO: Recommend to the Board of Directors to: A. Motion to read Ordinance No. OC SAN-59A by title only and waive reading of said entire Ordinance; B. Introduce Ordinance No. OC SAN-59A entitled, “An Ordinance of the Board of Directors of the Orange County Sanitation District, Amending Ordinance No. OC SAN-59 to correct an error in the table of Section 2.10(B)”; C. Set May 22, 2024 as the date of the Public Hearing to hear protests and for the second reading of Ordinance No. OC SAN-59A; and D. Direct the Clerk of the Board to publish summaries of the Ordinance as required by law. AYES:Brad Avery, Pat Burns, Ryan Gallagher, Glenn Grandis, Christine Marick, Jordan Nefulda, Andrew Nguyen, Robbie Pitts, David Shawver, Chad Wanke, John Withers, Jose Medrano (Alternate) and Kathleen Treseder (Alternate) NOES:None ABSENT:None ABSTENTIONS:None 6.PROPOSED ORDINANCE NO. OC SAN-60A AMENDING ORDINANCE NO. OC SAN- 60 TO CORRECT ERRORS IN TABLES OF ARTICLE II 2024-3548 Originator: Wally Ritchie Mr. Ritchie provided a brief report of the item. MOVED, SECONDED, AND DULY CARRIED TO: Recommend to the Board of Directors to: Page 4 of 6 ADMINISTRATION COMMITTEE Minutes April 10, 2024 A. Motion to read Ordinance No. OC SAN-60A by title only and waive reading of said entire Ordinance; B. Introduce Ordinance No. OC SAN-60A entitled, “An Ordinance of the Board of Directors of the Orange County Sanitation District, Amending Ordinance No. OC SAN-60 to correct errors in Article II, Table F and Table G”; C. Set May 22, 2024 as the date of the Public Hearing to hear protests and for the second reading of Ordinance No. OC SAN-60A; and D. Direct the Clerk of the Board to publish summaries of the Ordinance as required by law. AYES:Brad Avery, Pat Burns, Ryan Gallagher, Glenn Grandis, Christine Marick, Jordan Nefulda, Andrew Nguyen, Robbie Pitts, David Shawver, Chad Wanke, John Withers, Jose Medrano (Alternate) and Kathleen Treseder (Alternate) NOES:None ABSENT:None ABSTENTIONS:None INFORMATION ITEMS: 7.FY 2024-25 AND 2025-26 OPERATING BUDGET EXPENDITURES 2024-3552 Originator: Wally Ritchie Mr. Ritchie introduced the item and introduced Finance and Procurement Manager Ruth Zintzun who provided a PowerPoint presentation regarding FY 2024-25 and FY 2025-26 operating budget expenditures. The presentation included an overview of various expenditures including sales, wages, and benefits; repairs and maintenance; operating materials and supplies; contractual services; utilities; professional services; and other expenses. The presentation also included an overview of cost allocation, a summary of operating expenses, and key meeting dates. ITEM RECEIVED AS AN: Information Item. 8.TPAD DIGESTER FACILITY AT PLANT NO. 2, PROJECT NO. P2-128 2024-3553 Originator: Mike Dorman Director of Engineering Mike Dorman provided a PowerPoint presentation regarding an update on the TPAD Digester Facility at Plant No. 2, Project No. P2-128. The presentation included an overview of the Plant No. 2 anaerobic digesters, Class A Page 5 of 6 ADMINISTRATION COMMITTEE Minutes April 10, 2024 versus Class B biosolids, the 2017 biosolids master plan, the current biosolids program, a summary of construction cost increases, a review of the TPAD project approach, the phase 1 and 2 digestion processes, TPAD phasing, future project phasing, and a budget overview. ITEM RECEIVED AS AN: Information Item. DEPARTMENT HEAD REPORTS: Mr. Ritchie informed the Committee that ten bids were received for wastewater refunding revenue obligations, series 2024A, approved last month. He stated that the pricing was competitive and that all bids were within a good range resulting in a true interest cost of 2.72% for a savings of about 23.1 million dollars. Administration Manager Jennifer Cabral informed the Committee that OC San will be participating in the Costa Mesa Earth Day Festival on April 20 and that event details would be forwarded to the Board via the Clerk of the Board’s office. She also stated that OC San will be acknowledging Earth Day with posts on social media and the website. CLOSED SESSION: None. OTHER BUSINESS AND COMMUNICATIONS OR SUPPLEMENTAL AGENDA ITEMS, IF ANY: None. BOARD OF DIRECTORS INITIATED ITEMS FOR A FUTURE MEETING: None. ADJOURNMENT: Chair Marick declared the meeting adjourned at 5:52 p.m. to the next Regular Administration Committee meeting to be held on Wednesday, May 8, 2024 at 5:00 p.m. Submitted by: _____________________ Jackie Castro, CMC Assistant Clerk of the Board Page 6 of 6 ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2024-3570 Agenda Date:5/8/2024 Agenda Item No:2. FROM:Robert Thompson, General Manager Originator: Wally Ritchie, Director of Finance SUBJECT: CONSOLIDATED FINANCIAL REPORT FOR THE THIRD QUARTER ENDED MARCH 31, 2024 GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Recommend to the Board of Directors to: Receive and file the Orange County Sanitation District Third Quarter Financial Report for the period ended March 31, 2024. BACKGROUND Included in this consolidated report are the following quarterly financial reports for the period ended March 31, 2024: ·Third Quarter Budget Review The Budget Review Summary provides the Directors,staff,and general public with a comprehensive overview of the financial results of the Orange County Sanitation District (OC San) through the third quarter ended March 31, 2024. ·Third Quarter Treasurer’s Report This section reports on financial portfolio performance with respect to OC San’s funds.A performance summary table can be found in the Additional Information section of this agenda report.The report also contains information on the U.S.and global economic outlook from OC San’s investment manager,Insight Investment.Additionally,the Section 115 Trust performance report is included.The Section 115 trust is administered by Public Agency Retirement Services,managed by PFM Asset Management,and was established to prefund pension obligations. ·Third Quarter Certificates of Participation (COP) Report The report includes a summary of each outstanding debt issuance and a comparative chart illustrating the COP rate history. RELEVANT STANDARDS ·Quarterly financial reporting Orange County Sanitation District Printed on 4/30/2024Page 1 of 3 powered by Legistar™ File #:2024-3570 Agenda Date:5/8/2024 Agenda Item No:2. ADDITIONAL INFORMATION The third quarter treasurer’s report contained within the Consolidated Financial Report for the third quarter ended March 31,2024 is being submitted in accordance with OC San’s investment policy that requires the report be submitted to the governing body following the end of each quarter and includes the following information: ·Performance results in comparison with the ICE BAML 3-month treasury bill index for the liquid operating portfolio;and the ICE BAML Corp./Govt.1-5 Year Bond index for the long-term portfolio as identified in the investment policy;and the time-weighted total rate of return for the portfolio for the prior three months,six months,nine months,twelve months and since inception compared to the Benchmark returns for the same periods: Portfolio Performance Summary As of March 31, 2024 Liquid Operating Monies (%)Long-Term Operating Monies (%) Total Rate of Return Benchmark Total Rate of Return Benchmark 3 Months 1.34 1.37 0.27 0.20 6 Months 1.38 1.39 1.72 1.77 9 Months 1.36 1.39 1.25 1.28 12 Months 5.36 5.52 3.42 3.26 Annualized Since Inception 2.50 2.25 3.72 3.58 ·A listing of individual securities held at the end of each reporting period (see the detailed listings of each security contained within the report). ·Cost and market values of the portfolios: Liquid Operating Long-Term Cost $140.0 M $758.9 M Market Value $141.1 M $735.0 M ·Modified duration of the portfolio compared to the Benchmark: Liquid Operating Long-Term OC San Policy < 0.50 < 5.00 Benchmark 0.16 2.60 Portfolio 0.18 2.48 ·Dollar change in value of the portfolio for a one percent (1%) change in interest rates: Liquid Operating - $254,068 Long- Term - $18,154,138 ·None of the portfolios are currently invested in reverse repurchase agreements. Orange County Sanitation District Printed on 4/30/2024Page 2 of 3 powered by Legistar™ File #:2024-3570 Agenda Date:5/8/2024 Agenda Item No:2. ·The percent of the Liquid Operating Monies portfolio maturing within 90 days: 86.9% ·Average portfolio credit quality: Liquid Operating - AA Long-Term - AA ·Percent of portfolio with credit ratings below “A”by any rating agency and a description of such securities: Liquid Operating - Percent of portfolio - 0.0% Long-Term - Percent of portfolio - 0.75% Cost Maturity Date Moody S&P Fitch Virginia Electric Power Corp Callable Note $5,736,523.40 5/15/2027 A2 BBB+A ·All investments are in compliance with the investment policy and the California Government Code,except for the following Lehman Brother holdings that OC San is pursuing collection through the bankruptcy court: Lehman Brothers Note-Defaulted $600,000 par value purchased 9/19/2008 Lehman Brothers Note-Defaulted $2,000,000 par value purchased 9/18/2008 ·Sufficient funds are available for OC San to meet its operating expenditure requirements for the next six months. ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: ·Third Quarter Financial Report for period ended March 31, 2024 Orange County Sanitation District Printed on 4/30/2024Page 3 of 3 powered by Legistar™ Orange County, California Third Quarter Financial Report For the period ended March 31, 2024 Orange County Sanitation District Table of Contents Executive Summary .................................................................................................................... 1 Budget Review Section 1 – Consolidated Financial Reports ......................................................................... 1 Section 2 – Operating Budget Review Chart of Cost per Million Gallons by Department .................................................... 1 Chart of Collection, Treatment, & Disposal Expenses by Major Category ............... 1 Divisional Contributions to Cost Per Million Gallons ................................................ 2 Comparison of Expenses by Department ................................................................ 3 Summary of Collection, Treatment, & Disposal Expenses by Major Category ......... 4 Summary of Revenues ........................................................................................... 5 Summary of Collection, Treatment, & Disposal Expenses by Line Item .................. 6 Summary of Collection, Treatment, & Disposal Expenses by Process .................... 8 Chart of Staffing Trends .......................................................................................... 9 Section 3 – Capital Improvement Program Budget Review Chart of Capital Improvement Program By Process Area and Project Driver .......... 1 Summary of Capital Improvement Construction Requirements – Current Year ....... 2 Summary of Capital Improvement Construction Requirements – Project Life ......... 6 Section 4 – Capital Assets Schedule & Debt Service Budget Review Capital Assets Schedule ......................................................................................... 1 Debt Service Budget Review .................................................................................. 1 Section 5 – Self Insurance Budget Review General Liability and Property Fund Budget Review ............................................... 1 Workers’ Compensation Fund Budget Review ........................................................ 2 Treasurer’s Report ...................................................................................................................... 1 Certificates of Participation (COP) Report ................................................................................... 1 FY 2023-24 Third Quarter Financial Report This Page Intentionally Left Blank Executive Summary Page 1 Consolidated Financial Reports For the Third Quarter Ended March 31, 2024 Included in this consolidated report are the following quarterly financial reports for the period ended March 31, 2024:  Budget Review: The Consolidated Financial Reports Section 1 provides the Directors, staff, and the general public with a comprehensive overview of the financial results of the Orange County Sanitation District (OC San) through the third quarter ended March 31, 2024. Contained within the Budget Review Sections 2 through 5 is the budget-to-actual status of the Collection, Treatment and Disposal Operations, Capital Improvement Program, Debt Service, and Self-Insurance Program. Also included is a Capital Assets Schedule as of March 31, 2024. The chart below provides for a summary of these activities. Various detail information can be found in this report. Below is a descriptive summary of these activities through March 31, 2024: a) Most major expense categories are anticipated to approximate budget. b) Total revenues are at 68.2 percent of the $522.5 million budget. Except for Intra District Sewer Use-IRWD, CIP Reimbursements, CNG Sales, Rents & Leases, and Other Revenues, most revenue sources are currently tracking FY 2023-24 Third Quarter Financial Report Page 2 close to or exceeding the proportionate budget through March 31. Overall, total revenues are projected to approximate budget at year-end. More detailed information on revenues is provided within Section 1 – Pages 3 through 5. c) Collection, Treatment and Disposal Costs: As indicated within the Consolidated Financial Reports Section of this report, the net operating requirements through the third quarter of $158.4 million is currently tracking at 73.6 percent of the $215.4 million budget. In addition, net operating expenses have increased $11.1 million or 7.5 percent in comparison with the same period last year. Overall, staff expects the total operating costs to remain at or slightly below budget throughout the remainder of the year. More detailed information on operating expenses is provided within Section 1 – Pages 1 through 3. The total cost per million gallons is $3,006 based on flows of 192 million gallons per day. This is $184 per million gallons, or 5.8 percent less than the budgeted cost per million gallons per day. A further description of these costs and benchmarking with other agencies is contained within Section 1 – Pages 6 through 8. d) The total projected capital outlay cash flow of the Capital Improvement Program (CIP) for FY 2023-24 has been revised to $240.6 million, or 88.5 percent of the board approved cash outlay of $272.0 million. The actual cash outlay spending through the third quarter is $167.0 million, or 61.4 percent of the total budgeted outlay. More detailed information on the CIP budget review can be found in Section 1 – Page 9 and Section 3.  Treasurer’s Report This section reports on financial portfolio performance with respect to OC San’s funds. Both Long-Term and Liquid Operating Portfolios are summarized. A performance summary table can be found on page 2 of this section. The report also contains information on the national economic outlook from OC San’s money manager, Insight Investment (Insight). Insight notes the Long-Term Portfolio quarterly return of 50 basis points outperformed the ICE BofA 1-5 Year AAA-A US Corp & Govt Index return of 41 basis points, while the Liquid Operating Portfolio quarterly return of 45 basis equaled the ICE BofA 3-Month US Treasury Bill Index return of 45 basis points. Economic Review and Outlook Insight further notes that the decline in US headline and core inflation remained effectively stalled for a second successive quarter at 3.2% and 3.8% respectively, still some way above the Federal Reserve (Fed) target of 2%. Meanwhile the labor market remained strong with more than 200,000 new jobs reported for each of the three months in the non-farm payrolls report from the Bureau of Labor Statistics. Consumer confidence continued to increase, with the Michigan Consumer Sentiment indicator rising to almost 80 (the highest level since mid-2021). Also, forward economic indicators such as the Institute of Executive Summary Page 3 Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI) rose modestly, though it remains just below the pivotal level of 50 between contraction and expansion. Despite the positive evidence on the economy, the market began pricing in a raft of interest rate cuts. Policymakers acknowledged that as many as three quarter-point cuts could occur this year, with further easing next year also. Insight retains a positive outlook on US growth, seeing almost 2% growth both in 2024 and 2025 and there is now widespread expectation that any 'landing' for the US economy is likely to be soft, as prospects appear more skewed towards acceleration than deceleration. Meanwhile further improvements in inflation continue to take time. Having fallen from its peak of 9.1% in mid-2022, the headline rate has made no headway since June 2023, while the previous steady decline in the core rate has tailed off close to 4%. Despite these features of the US economy, the Federal Reserve seems set to begin easing policy later in 2024, though have said they envisage only three small cuts this year and with what appears likely to be an acrimonious election campaign across the country, policymakers may feel the window of opportunity could narrow quickly. Insight sees Treasury yields reflecting the gradual easing in policy rates, taking 10-year rates back down below 4% in a year’s time, though volatility may be expected in the meantime. Market Review and Outlook Governments – Government bond yields were generally less volatile in the first quarter of 2024 compared to previous quarters, as inflation continued to moderate, economies appeared to exhibit less likelihood of falling into significant recession and central banks confirmed, implicitly if not explicitly, that their tightening phase was over. Having bottomed in late December, the 10-year US Treasury yield gradually moved higher during the quarter, ending 32 basis points (bp) higher at 4.20%. Credit – Credit markets were generally stronger during the quarter as evidence was building that the economy was beginning to improve, and inflation continued to decline. The option adjusted (OAS) spread over governments for the investment grade (IG) Bloomberg US Aggregate (Agg) Corporate Index, which was already reaching low levels by historic standards, declined a further 9bp, to 90bp. The Bloomberg US Investment Grade Corporate Index generated excess returns of 64bp for the quarter. With the Federal Reserve raising its 2024 growth forecasts from 1.4% to 2.1% but maintaining its expectation that monetary policy can be eased, the risk of a US recession appears to be receding. A soft-landing scenario should be a supportive environment for corporate profits and, although spreads have tightened to reflect a more benign outlook, the absolute level of yields has drifted higher since the start of the year. This creates a more attractive entry point from an income or liability matching viewpoint, but the prospects for further spread tightening would appear limited in Insight’s view. Dispersion amongst issuers remains elevated however, providing opportunities for careful credit selection in FY 2023-24 Third Quarter Financial Report Page 4 more active strategies. There has been a surge of issuance in the first quarter of 2024 compared to the same period last year. This has been encouraged by tighter spreads and solid demand. A more stable backdrop for yields could see issuance volumes continue to increase through the year and Insight will be carefully monitoring further new issuance. Structured credit / Secured finance – Resilient growth, still tight labor markets and an expectation of lower interest rates ahead has provided a strong backdrop for structured credit markets at the start of the year, and there seems little reason to believe that will change in the months ahead. Issuers took advantage of robust levels of demand to return to markets in size, and issuance in the first two months of the year was around 50% higher than the same period in 2023. Despite the surge in issuance, many issues have been oversubscribed, particularly mezzanine tranches. Spreads have tightened from their highs but the premium available in structured credit remains elevated relative to history and this is underpinning high income-driven returns from the asset class. Insight continues to favor issues with seniority in the capital structure and robust transaction structures that divert cashflow in the event of underperformance, and strong underwriting and servicing policies, all of which should act to insulate investors if the economy weakens. Municipal bonds – The caution cited for the credit markets is not matched for municipals, as Insight sees more potential for spreads to tighten due to the profile of flows in the asset class. There are some clear areas that do offer greater risk, but Insight believes it is still possible to be selective as to the names and risks added and are adding where Insight believes there is value. Insight believes taxable municipal spreads demonstrate attractive relative value and expect spreads can compress relative to similarly structured US corporate bonds over the medium term. As capital projects typically last for decades, US taxable municipal bonds tend to have longer duration. In Insight’s view, as inflation moderates and with the Fed starting its next easing cycle, volatility should subside and longer duration positioning in this environment is likely to reward investors going forward.  Certificates of Participation (COP) Report The report includes a summary of each outstanding debt issuance and a comparative chart illustrating the interest rates. Consolidated Financial Reports Section 1 - Page 1 Third Quarter Financial Report March 31, 2024 The Financial Management Division is pleased to present the FY 2023-24 third quarter financial report. This report provides a comprehensive overview of the financial activities of the Orange County Sanitation District (OC San) and reports on the status of all capital projects in progress. A summary of the sections contained within this report is provided below. Operating Budget Review: This section reports on collection, treatment, and disposal net operating requirements. At March 31, 2024, 73.6 percent, or $158.4 million of the FY 2023-24 net operating budget of $215.4 million has been expended. Net operating expenses increased from the same period last year by $11.1 million, or 7.5 percent, mainly due to an increase of $5.4 million in Repairs and Maintenance, $2.8 million in Operating Materials and Supplies, $2.4 million in Salaries and Benefits, $1.3 million in Contractual Services, $792,000 in Other Operating Supplies, $300,000 in Training and Meetings, and $117,000 in Research and Monitoring, partially offset by a decrease of $1.1 million in Utilities, $286,000 in Printing and Publication, $214,000 in Professional Services, $212,000 in Administrative Expenses, and an increase of $273,000 in indirect costs allocated out to capital projects. These and other variances that factor into this net increase in expenses are discussed in more detail below. Overall, staff expects the total operating costs to remain at or slightly below budget through the remainder of the year. At March 31, 2024, 68.2 percent, or $356.6 million of the FY 2023-24 budgeted total revenues of $522.5 million has been recognized. Revenues increased from the same period last year by $31.5 million, or 9.7 percent, mainly due to an increase of $24.4 million in Interest Earnings, $5.2 million in Service Fees, $4.1 million in Property Taxes, $1.7 million in Other Revenues, $1.5 million in Capital Assessments-IRWD, and $560,000 in Inter District Sewer Use-SAWPA & SBSD, partially offset by a decrease of $4.0 million in Capital Facilities Capacity Charges, $516,000 in Permit Fees, $392,000 in Intra District Sewer Use-IRWD, $286,000 in Power Sales, $284,000 in CIP Reimbursements, and $214,000 in Wastehauler Fees. These and other variances that factor into this net increase in revenues are discussed in more detail below. Overall, staff expects the total revenues to approximate budget at the end of the fiscal year. Significant operating results as of March 31, 2024, include the following:  Salaries, Wages and Benefits – Personnel costs of $83.7 million are on target at 71.8 percent of the budget through the third quarter of FY 2023-24. The budget is based on a 5 percent vacancy factor, and staffing is 48 full-time equivalents (FTEs), or 7.3 percent below the total 655 FTEs approved in the FY 2023-24 budget. Salary and benefit costs are $2.4 million, or 2.9 percent higher than the $81.3 million incurred in the same period last year, mainly due to an increase of $1.0 million in Salaries and Wages, $810,000 in Group Insurances, $249,000 in Workers’ FY 2023-24 Third Quarter Financial Report Section 1 - Page 2 Compensation, and $195,000 in Employee Supplemental Benefits. Net operating personnel costs are expected to approximate budget throughout the remainder of the year.  Administrative Expenses – Administrative Expenses totaled $1.3 million, or 54.6 percent of the $2.3 million budget through March 31. These costs are $212,000, or 14.4 percent lower at March 31 in comparison with the prior year, mainly due to a decrease of $120,000 in Minor Furniture & Fixtures, $61,000 in Small Computer Items, and $50,000 in Memberships. It is anticipated that administrative costs will approximate or be below budget at year-end.  Printing and Publication Expenses – Printing and Publication Expenses totaled $204,000 or 56.3 percent of the $362,000 budget through March 31. These costs are $286,000, or 58.4 percent lower at March 31 in comparison with the prior year, primarily due to costs incurred in the prior year for Proposition 218 notifications, which are printed and mailed every five years for regional sewer service fees. Printing and publication costs are expected to approximate or be below budget at year-end.  Training and Meetings – Training and meetings of $576,000 is below target at 47.4 percent of the $1.2 million budget through March 31. This account is lower than the proportionate budget due to the timing and need for training throughout the year. These costs have increased over the same period last year by $300,000, or 108.3 percent, due to the lifting of COVID-19 pandemic restrictions. Total training and meeting costs are anticipated to be below budget at year-end.  Operating Materials and Supplies – Operating materials and supplies of $22.6 million is on target at 73.9 percent of the $30.5 million budget through March 31. Operating Materials and Supplies is higher than the prior year by $2.8 million, or 14.4 percent, mostly due to an increase of $2.6 million in Chemical Coagulants resulting from unit cost increases, $312,000 in Odor & Corrosion Control, and $173,000 in Disinfection, partially offset by a decrease of $272,000 in Tools. Based on current processes, operating materials and supplies are anticipated to approximate budget at year-end.  Contractual Services – Contractual services is on target at $16.0 million, or 73.4 percent of the $21.8 million budget through March 31. Solids Removal costs, budgeted at $14.2 million, comprise the majority of this expense category at $10.6 million, or 75.2 percent of its budget at March 31. Contractual Services is higher by $1.3 million, or 8.8 percent over the same period last year, mainly due to an increase of $403,000 in Oxygen, $325,000 in Solids Removal, $250,000 in Janitorial, $98,000 in Other Contractual Services, $61,000 in Outside Lab Services, and $59,000 in Temporary Services. County Service Fees totaled only $30,000, or 5.6 percent of the $534,000 budget through the third quarter, as the preponderance of these fees are billed by the County in the fourth quarter. Total contractual services costs are anticipated to approximate budget at year-end.  Professional Services – Professional services costs totaled $4.0 million, or 53.1 percent of the $7.6 million budget through March 31. Professional services Consolidated Financial Reports Section 1 - Page 3 costs, such as Audit and Accounting, Environmental Scientific Consulting, Software Program Consulting, Industrial Hygiene Services, Labor Negotiation Services, and Other Professional Services are proportionately low through March 31 due to a variety of factors such as timing of services and re-evaluation of need for services. These costs are $214,000, or 5.1 percent lower at March 31 in comparison with the prior year, mainly due to a decrease of $316,000 in Other Professional Services, $296,000 in Engineering, and $120,000 in Software Program Consulting, partially offset by an increase of $486,000 in Legal. It is anticipated that the costs for this category will be below budget at year-end.  Research and Monitoring – Research and monitoring costs totaled $1.0 million, or 57.1 percent of the $1.8 million budget through March 31. These costs are $117,000, or 13.0 percent higher at March 31 in comparison with the prior year, due to an increase of $109,000 in Environmental Monitoring and $39,000 in Air Quality Monitoring, offset by a decrease of $31,000 in Research. Total research and monitoring costs are anticipated to approximate or be below budget at year- end.  Repairs and Maintenance – Repairs and maintenance costs totaled $27.9 million, or 78.5 percent of the $35.5 million budget through March 31. These costs are $5.4 million, or 24.3 percent higher at March 31 in comparison with the prior year, mainly due to an increase in repair and maintenance services such as digester cleaning. It is anticipated that the costs for this category will approximate or be slightly above budget at year-end.  Utilities – Utilities costs totaled $11.5 million, or 93.9 percent of the $12.3 million budget through March 31. These costs are $1.1 million, or 9.0 percent lower at March 31 in comparison with the prior year, primarily due to a decrease of $687,000 in Natural Gas and $589,000 in Power, partially offset by an increase of $115,000 in Water. It is anticipated that the costs will be above budget at year- end.  Other Operating Supplies – Other operating supplies costs totaled $4.1 million, or 74.4 percent of the $5.5 million budget through March 31. Property and General Liability Insurance, budgeted at $3.2 million, comprise the majority of this expense category at $2.4 million. Overall, Other Operating Supplies is $792,000, or 24.0 percent higher at March 31 in comparison with the prior year, primarily due to an increase of $614,000 in Property and General Liability Insurance, $107,000 in Regulatory Operating Fees, and $70,000 in Miscellaneous Operating Expense. It is anticipated that other operating supplies costs will approximate budget at year-end.  Revenues – Service Fees and Property Taxes – Through March 31, revenues from Service Fees are at $202.9 million, or 63.7 percent of the $318.7 million budget and Property Taxes are at $82.1 million, or 70.8 percent of the $115.9 million budget. These items comprise the majority of OC San’s revenues and are mostly collected by the County through the property tax roll and distributed to OC San throughout the year based on a set distribution schedule that begins in November of each year. The increase of $5.2 million, or 2.6 percent in service fee FY 2023-24 Third Quarter Financial Report Section 1 - Page 4 revenue over the prior year is primarily due to an increase in rates. The property tax revenue increase of $4.1 million, or 5.3 percent over the prior year is mainly a result of growth in assessed property values. These revenues are expected to approximate budget at year-end.  Revenues – Permit Fees – Permit Fees are at $11.2 million, or 69.5 percent of the $16.1 million budget. The revenues through the third quarter are lower than the same period last year by $516,000, or 4.4 percent, due to the fluctuation in the number of permittees from year to year as businesses establish or cease their operations and a decrease in operation and maintenance charges based on flows received from these customers. Permit Fees revenues are expected to approximate budget at year-end.  Revenues – Inter District Sewer Use – SAWPA and SBSD – Inter District Sewer Use-SAWPA and SBSD are at $2.8 million or 94.6 percent of the $2.9 million budget. This revenue is derived from charges to the Santa Ana Watershed Protection Agency (SAWPA) and Sunset Beach Sanitary District (SBSD) for treatment of flows. The revenues through the third quarter are higher than the same period last year by $560,000, or 25.2 percent, due to an increase in operation and maintenance charges based on flows received from these agencies. These revenues are expected to be above budget at year-end.  Revenues – Intra District Sewer Use – IRWD – Intra District Sewer Use-IRWD are at $1.2 million, or 22.3 percent of the $5.4 million budget. This revenue is derived from charges to the Irvine Ranch Water District (IRWD) for treatment of flows. The revenues through the third quarter are lower than the same period last year by $392,000, or 24.6 percent, due to an increase of $725,000 in interest income and $220,000 in property tax revenues allocated to IRWD, partially offset by an increase of $553,000 in operating and maintenance charges to IRWD. These revenues are expected to be below budget at year-end.  Revenues – Sludge Disposal – IRWD – Sludge Disposal-IRWD fees are at $72,000 and does not have a budget. This revenue consists of reconciled adjustments to prior year estimates for the handling, treatment, and disposal of solids derived from flows discharged by IRWD to OC San. IRWD has constructed their own solids processing facilities and ceased sending solids to OC San’s line during FY 2021-22. No additional revenues are expected for Sludge Disposal- IRWD.  Revenues – Capital Assessments – IRWD – Capital Assessments-IRWD are at $4.5 million, or 62.7 percent of the $7.2 million budget. The revenues through the third quarter are higher than the same period last year by $1.5 million, or 52.4 percent, due to both an increase in joint capital costs and the percentage allocable to IRWD. It is estimated that IRWD capital assessments revenues will be below budget at year-end.  Revenues – Capital Facilities Capacity Charges (CFCC) – CFCC are at $11.2 million, or 60.4 percent of the $18.5 million budget. The revenues through the third quarter are lower than the same period last year by $4.0 million, or 26.2 Consolidated Financial Reports Section 1 - Page 5 percent, due to a decrease in capacity charges collected from local agencies. These revenues are expected to approximate or be below budget at year-end.  Revenues – Interest Earnings – Interest Earnings are at $36.4 million, or 258.4 percent of the $14.1 million budget. The revenues through the third quarter are higher than the same period last year by $24.4 million, or 203.5 percent, due to the higher rate of return experienced in the current year. It is estimated that interest earnings will exceed budget at year-end.  Revenues – CIP Reimbursements – CIP Reimbursements are at $650,000, or 6.4 percent of the $10.2 million budget. This revenue is $284,000 or 30.4 percent lower than the same period last year and is proportionately low to the budget through the third quarter due to timing of reimbursements for construction projects, such as from Orange County Water District for J-117B Outfall Low Flow Pump Station and for P2-122 Headworks Modifications at Plant No. 2 for GWRS Final Expansion. These revenues are expected to be below budget at year-end.  Revenues – Wastehauler – Wastehauler revenues are at $614,000, or 81.9 percent of the $750,000 budget. This revenue is derived from fees charged to wastehaulers, allowing them to dump waste into OC San’s system. The revenues through the third quarter are lower than the same period last year by $214,000, or 25.9 percent, due to a decrease in waste dumping. These revenues are expected to approximate or be slightly above budget at year-end.  Revenues – CNG Sales – CNG Sales revenues are at $125,000, or 31.2 percent of the $400,000 budget. This revenue is derived from public sales at OC San’s Compressed Natural Gas (CNG) fueling station. The revenues through the third quarter are lower than the same period last year by $145,000, or 53.7 percent, due to a decrease in compressed natural gas sales and prices. These revenues are expected to be below budget at year-end.  Revenues – Rents & Leases – Rents & Leases revenues are at $318,000, or 53.0 percent of the $600,000 budget. The revenues through the third quarter are lower than the same period last year by $31,000, or 8.8 percent. These revenues are expected to be below budget at year-end.  Revenues – Other – Other revenues are at $2.5 million, or 21.3 percent of the $11.7 million budget. These revenues are $1.7 million, or 199.6 percent higher than the same period last year, primarily due to insurance proceeds for a machinery breakdown claim on Central Generation Engine #1. These revenues are expected to be below budget at year-end.  Revenues – Power Sales – Power Sales revenues are at $73,000, or 293.5% percent of the $25,000 budget. The revenues through the third quarter are lower than the same period last year by $286,000, or 79.6 percent, due to a decrease in the buyback of surplus generated energy exported to Southern California Edison. FY 2023-24 Third Quarter Financial Report Section 1 - Page 6 Comparison of Third Quater Cost per Million Gallon Results with Budget Last Five Years As demonstrated in the preceding graph for the current and each of the last four fiscal years, the cost per million gallons at the end of the third quarter has been between 5.8 percent lower and 1.1 percent higher than the annual budget. The FY 2023-24 third quarter cost per million gallons of $3,006 is 5.8 percent lower when compared with this year’s budget. The increase in cost per million gallons of $110 from the previous year is primarily due to an increase in operating expenses, which are 7.5 percent higher than the same period last year, partially offset by an increase in flows, which are 3.6 percent higher than the same period last year. Staff believes that overall operating costs will be at or slightly below budget at year-end. The total cost per million gallons at March 31 is $3,006 based on flows of 192 million gallons per day. This is $184 per million gallons, or 5.8 percent less than the budgeted cost per million gallons of $3,190. The lower cost per million gallons is due to net expenses being 1.9% lower than the proportionate budget through March 31 and flows of 192 million gallons per day being 3.6 percent higher than the budgeted flow of 185 million gallons per day, which has an inverse relationship to cost per unit of collection, treatment, and disposal. More detailed information on operating revenues, costs, and related information is provided within Section 2. $1,600 $1,800 $2,000 $2,200 $2,400 $2,600 $2,800 $3,000 $3,200 $3,400 $3,600 19-20 20-21 21-22 22-23 23-24 $2 , 4 5 1 $2 , 5 4 0 $2 , 6 8 1 $2 , 9 7 9 $3 , 1 9 0 $2 , 3 3 5 $2 , 5 3 0 $2 , 7 1 1 $2 , 8 9 6 $3 , 0 0 6 Fiscal Year Budget Third Quarter Consolidated Financial Reports Section 1 - Page 7 Following are data tables showing the last five years of Single Family Residential User Fees (SFR) and the cost per million gallons (MG) to collect, treat, and dispose of wastewater for the Orange County Sanitation District and similar agencies. The agencies used in the tables were determined to be those that most closely resembled OC San in terms of services provided and treatment levels. The summaries demonstrate that OC San’s SFR and cost per MG are each one of the lowest in their respective groups. 2019 2020 2021 2022 2023 Agency SFR SFR SFR SFR SFR Notes San Francisco 1,076$ 1,169 1,270 1,270 1,337 Vallejo Sanitation/Flood Control District 656$ 715 747 769 885 City of San Diego 573$ 573 573 687 714 (1) Central Contra Costa Sanitary District 598$ 598 660 690 697 City of Los Angeles 597$ 636 636 636 636 (2) Union Sanitary District 421$ 421 524 530 570 (3) East Bay MUD 423$ 439 457 475 515 Dublin San Ramon Services District 447$ 469 486 496 495 City of Hayward 412$ 430 446 463 495 Sacramento County 444$ 444 444 444 444 Irvine Ranch Water District 313$ 313 313 357 399 (4) Oro Loma Sanitary District 275$ 296 318 342 368 Orange County Sanitation District 339$ 339 343 347 358 City of Fresno 309$ 309 309 309 309 (5) Los Angeles County 196$ 213 226 226 217 (6) Notes: (1) - Data represents the base sewer fee plus the average usage of 9 hundred cubic feet per month. (2) - Data is for the typical SFR customer rate using approximately 9 hundred cubic feet per month. (3) - Deferred rate increase for July 2020 incorporated into July 2021 rate. (4) - Data represents the usage of 10 hundred cubic feet per unit. (5) - Data represents the minimum SFR rate not including flow. (6) - Data represents the average service charge rates for the prior fiscal year. Benchmark Study Five-Year Single Family Residential Rate Rates as of July FY 2023-24 Third Quarter Financial Report Section 1 - Page 8 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 Agency Svc.Trt.Cost/MG Cost/MG Cost/MG Cost/MG Cost/MG Notes Central Contra Costa Sanitary District B 3 3,980$ 5,284 6,513 6,353 7,043 (1) Union Sanitary District B 2 4,838$ 5,655 5,569 5,623 6,822 Vallejo Sanitation/Flood Control District B 2 6,137$ 8,682 9,108 9,595 6,280 (2) San Francisco B 2 5,995$ 7,573 9,456 7,152 5,895 (3) City of San Diego B 3 4,180$ 3,977 4,219 4,263 4,450 East Bay MUD T 2 2,710$ 3,122 4,052 3,674 3,959 (4) Dublin San Ramon Services District B 3 3,692$ 3,441 3,570 3,406 3,889 City of Los Angeles B 3 3,046$ 3,021 2,763 3,120 3,625 Los Angeles County B 3 2,264$ 2,343 2,338 2,786 3,081 Orange County Sanitation District B 2 2,275$ 2,422 2,428 2,255 2,961 Sacramento County T 3 2,812$ 3,407 3,470 2,819 2,953 (5) City of Fresno B 3 1,945$ 1,993 2,100 2,235 2,454 Legend for Service Provided and Treatment Level: B - Agency operates both collection and treatment facilities T - Agency provides treatment services but not collection 2 - Secondary treatment 3 - Advanced secondary or secondary with some tertiary treatment Notes: (4) - FY21-22 operating expense decreased $6.7 million. (5) - FY21-22 operating expense decreased $20.8 million. Benchmark Study Five-Year Cost per MG (1) - FY18-19 operating expense decreased $36.4 million; $30.4 million due to an adjustment to the Agency's Other Post Employment Benefit Plan (OPEB) - Transition to CalPers Health Insurance. (3) - FY20-21 operating expense increased $29.9 million and average daily flow decreased 8.3MG per day. Combined stormwater/sewer system. (2) - In FY19-20, Agency updated FY18-19 Annual Comprehensive Financial Report (ACFR) treatment cost. In FY22-23, a decrease in treatment cost is reported in Agency's ACFR. Consolidated Financial Reports Section 1 - Page 9 Capital Outlay Review: As depicted by the preceding chart, Capital Outlays totaled $167.0 million, or 61.4 percent of the capital outlay cash flow budget for FY 2023-24 as of March 31, 2024. Costs are lower than the proportionate budget through the third quarter as some projects are still in the design phase or have experienced various delays or deferrals. Examples as of March 31 are Primary Treatment Rehabilitation at Plant No. 2, which has a budget of $23.9 million but actual costs of $10.0 million, Process Control Systems Upgrades, which has a budget of $9.1 million but actual costs of $3.8 million, and Electrical Power Distribution System Improvements, which has a budget of $3.5 million but actual costs of $112,000. Overall, the capital outlay costs of the capital improvement program are expected to approximate $240.6 million, or 88.5 percent of the capital outlay cash flow budget at year-end. More detailed information on the capital improvement program is provided within Section 3. Capital Assets Schedule and Debt Service Budget Review: Section 4 is the Capital Assets Schedule and Debt Service Section. This section shows the cost value of OC San’s capital facilities at March 31, 2024, as well as the debt service costs resulting from the need to provide funding for the construction of capital facilities. Principal payments on debt issues are due in February, during the third quarter of each fiscal year. As of March 31, 2024, 100.0 percent of principal payments have been made. Interest costs are expensed ratably throughout the fiscal year and are expected to approximate budget at year-end. $0 $50,000,000 $100,000,000 $150,000,000 $200,000,000 $250,000,000 $300,000,000 03/31/24 Actual Capital Outlay $167,016,818 Projected 2023-24 Capital Outlay $240,569,600 2023-24 Capital Outlay Cashflow Budget $271,974,831 FY 2023-24 Third Quarter Financial Report Section 1 - Page 10 Self-Insurance Budget Review: Section 5 is the Self-Insurance Section. Through March 31, the Self-Insurance Fund revenues totaled $3.2 million, or 75.6 percent of the budget, while expenses are at $4.6 million, or 110.3 percent of the budget. Separate fund accounting is used for recording the revenue and expenses incurred in managing these liability claims. The revenues to these funds represent charges to operating divisions. Expenses to these funds include actual claims paid, claims administration, and excess loss policies. Operating Budget Review $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200 Ex e c u t i v e M a n a g e m e n t Hu m a n R e s o u r c e s Ad m i n i s t r a t i v e S e r v i c e s En v i o r n m e n t a l S e r v i c e s En g i n e e r i n g Op e r a t i o n s & M a i n t e n a n c e Cost per Million Gallons by Department Budget and Actual March 31, 2024 Budget Actual $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 Sa l a r y & W a g e s Em p l o y e e B e n e f i t s Ad m i n i s t r a t i v e E x p e n s e s Pr i n t i n g & P u b l i c a t i o n Tr a i n i n g & M e e t i n g s Op e r a t i n g M a t e r i a l s & S u p p l i e s Co n t r a c t u a l S e r v i c e s Pr o f e s s i o n a l S e r v i c e s Re s e a r c h & M o n i t o r i n g Re p a i r s & M a i n t e n a n c e Ut i l i t i e s Ot h e r M a t e r i a l s , S u p p l i e s , & S v c s Collection, Treatment, & Disposal Expenses by Major Category Budget and Actual (in thousands) March 31, 2024 Budget Actual Section 2 - Page 1 Divisional Contributions to Cost Per Million Gallons For the Nine Months Ended March 31, 2024 2023-24 03/31/22 03/31/23 Annual 03/31/24 Actual Actual Budget Actual Flow in Million Gallons 49,257.10 50,886.92 67,525.00 52,709.42 Flow in Million Gallons per Day 179.77 185.71 185.00 191.67 Executive Management Department General Management Administration 23.37$ 34.11$ 33.71$ 42.57$ Board Services 13.84 14.02 20.28 15.66 Public Affairs 17.23 23.66 23.06 19.71 Subtotal 54.44 71.79 77.05 77.94 Human Resources Department Human Resources 70.61 63.33 70.95 61.46 Risk Management / Safety / Security 58.21 65.76 80.68 60.53 Subtotal 128.82 129.09 151.63 121.99 Administrative Services Department Administrative Services 9.32 9.11 8.96 7.19 Consolidated Services 99.22 112.90 148.26 125.89 Financial Management 62.21 67.91 62.64 69.41 Contracts, Purchasing, & Materials Mgmt.75.36 76.89 76.59 65.19 Information Technology 201.23 212.89 232.44 219.78 Subtotal 447.34 479.70 528.89 487.46 Environmental Services Department Environmental Services Administration 69.78 69.64 84.71 72.74 Resource Protection 82.29 83.45 114.18 84.26 Laboratory, Monitoring and Compliance 141.39 134.87 159.43 141.46 Subtotal 293.46 287.96 358.32 298.46 Engineering Department Engineering Administration 22.99 17.45 13.36 9.25 Planning 61.60 59.65 64.07 58.53 Project Management Office 69.43 65.24 67.42 65.15 Design 107.96 88.57 106.54 98.89 Construction Management 111.99 112.34 134.77 116.49 Subtotal 373.97 343.25 386.16 348.31 Operations & Maintenance Department Operations & Maintenance Administration 2.94 6.92 10.59 5.03 Collections Facilities O & M 225.31 289.66 286.64 237.98 Fleet Services 33.15 35.60 38.09 36.30 Plant No. 1 Operations 508.08 589.14 601.11 591.94 Plant No. 2 Operations 261.33 306.08 299.62 313.76 Plant No. 1 Maintenance 420.91 402.05 469.45 434.67 Plant No. 2 Maintenance 274.42 233.48 302.79 326.06 Subtotal 1,726.14 1,862.93 2,008.29 1,945.74 Total Operating Expenses 3,024.17 3,174.72 3,510.34 3,279.90 Cost Allocation (313.16) (278.81) (320.34) (274.35) Net Operating Requirements 2,711.01$ 2,895.91$ 3,190.00$ 3,005.55$ FY 2023-24 Third Quarter Financial Report Section 2 - Page 2 Comparison of Expenses by Department For the Nine Months Ended March 31, 2024 2023-24 03/31/22 03/31/23 Year to Date Budget % Department and Division Actual Actual Budget 03/31/24 Realized Executive Management Department General Management Administration 1,151,120$ 1,735,942$ 2,276,310$ 2,244,056$ 98.58% Board Services 681,953 713,647 1,369,414 825,504 60.28% Public Affairs 848,901 1,203,883 1,557,232 1,038,699 66.70% Subtotal 2,681,974 3,653,472 5,202,956 4,108,259 78.96% Human Resources Department Human Resources 3,478,177 3,222,729 4,790,970 3,239,303 67.61% Risk Management / Safety / Security 2,867,050 3,346,163 5,448,050 3,190,496 58.56% Subtotal 6,345,227 6,568,892 10,239,020 6,429,799 62.80% Administrative Services Department Administrative Services 458,864 463,816 604,940 378,924 62.64% Consolidated Services 4,887,070 5,745,245 10,010,973 6,635,468 66.28% Financial Management 3,064,078 3,455,891 4,229,861 3,658,477 86.49% Contracts, Purchasing, & Materials Mgmt.3,712,101 3,912,548 5,171,811 3,436,209 66.44% Information Technology 9,912,004 10,833,206 15,695,175 11,584,670 73.81% Subtotal 22,034,117 24,410,706 35,712,760 25,693,748 71.95% Environmental Services Department Environmental Services Administration 3,437,327 3,543,938 5,719,939 3,834,244 67.03% Resource Protection 4,053,427 4,246,335 7,710,253 4,441,552 57.61% Laboratory, Monitoring and Compliance 6,964,583 6,862,881 10,765,428 7,456,394 69.26% Subtotal 14,455,337 14,653,154 24,195,620 15,732,190 65.02% Engineering Department Engineering Administration 1,132,438 887,783 902,014 487,586 54.06% Planning 3,034,086 3,035,641 4,326,056 3,085,232 71.32% Project Management Office 3,420,091 3,319,911 4,552,810 3,433,818 75.42% Design 5,317,834 4,506,923 7,194,276 5,212,329 72.45% Construction Management 5,516,107 5,716,799 9,100,374 6,139,889 67.47% Subtotal 18,420,556 17,467,057 26,075,530 18,358,854 70.41% Operations & Maintenance Department Operations & Maintenance Administration 144,922 352,206 715,080 264,962 37.05% Collections Facilities O & M 11,098,136 14,739,975 19,355,501 12,543,746 64.81% Fleet Services 1,632,870 1,811,427 2,571,697 1,913,349 74.40% Plant No. 1 Operations 25,026,431 29,979,543 40,589,667 31,201,038 76.87% Plant No. 2 Operations 12,872,543 15,575,238 20,232,053 16,538,131 81.74% Plant No. 1 Maintenance 20,732,941 20,459,159 31,699,895 22,911,373 72.28% Plant No. 2 Maintenance 13,517,223 11,881,267 20,446,176 17,186,528 84.06% Subtotal 85,025,066 94,798,815 135,610,069 102,559,127 75.63% Total Operating Expenses 148,962,277 161,552,096 237,035,955 172,881,977 72.93% Cost Allocation (15,425,972) (14,188,009) (21,646,370) (14,461,246) 66.81% Net Operating Requirements 133,536,305$ 147,364,087$ 215,389,585$ 158,420,731$ 73.55% Operating Budget Review Section 2 - Page 3 Summary of Collection, Treatment, & Disposal Expenses by Major Category For the Nine Months Ended March 31, 2024 Expense Expense Increase Increase Percent Budget Through Through (Decrease)(Decrease)Budget Remaining 2023-24 03/31/24 03/31/23 $%Realized Budget Salary & Wages 91,482,196$ 64,537,771 63,494,108 1,043,663$ 1.64%70.55%26,944,425$ Employee Benefits 25,105,380 19,182,202 17,838,506 1,343,696 7.53%76.41%5,923,178 Administrative Expenses 2,305,733 1,258,061 1,470,229 (212,168) -14.43%54.56%1,047,672 Printing & Publication 361,737 203,792 489,429 (285,637) -58.36%56.34%157,945 Training & Meetings 1,215,867 576,128 276,622 299,506 108.27%47.38%639,739 Operating Materials & Supplies 30,511,514 22,556,545 19,726,421 2,830,124 14.35%73.93%7,954,969 Contractual Services 21,796,564 15,988,289 14,689,281 1,299,008 8.84%73.35%5,808,275 Professional Services 7,583,166 4,028,892 4,243,062 (214,170) -5.05%53.13%3,554,274 Research & Monitoring 1,776,363 1,014,670 897,631 117,039 13.04%57.12%761,693 Repairs & Maintenance 35,500,413 27,880,323 22,437,287 5,443,036 24.26%78.54%7,620,090 Utilities 12,259,566 11,506,216 12,643,511 (1,137,295) -9.00%93.86%753,350 Other Materials, Supplies, and Services 7,137,456 4,149,088 3,346,009 803,079 24.00%58.13%2,988,368 Net Cost Allocation (21,646,370) (14,461,246) (14,188,009) (273,237) 1.93%66.81%(7,185,124) Net Operating Requirements 215,389,585 158,420,731 147,364,087 11,056,644 7.50%73.55%56,968,854 Gallonage Flow (MG)67,525.00 52,709.42 50,886.92 1,822.50 3.58% Gallonage Flow (MGD)185.00 191.67 185.71 5.96 3.21% Gallonage Flow ($'s /MG)$3,190.00 $3,005.55 $2,895.91 $109.64 3.79% Description FY 2023-24 Third Quarter Financial Report Section 2 - Page 4 Revenue Percent Revenue Increase Increase Budget Through Budget Remaining Through (Decrease)(Decrease) Description 2023-24 03/31/24 Realized Budget 03/31/23 $% Service Fees 318,695,340$ 202,871,528$ 63.66% 115,823,812$ 197,696,240$ 5,175,288$ 2.62% Permit Fees 16,147,299 11,222,056 69.50% 4,925,243 11,738,109 (516,053) -4.40% Inter District Sewer Use-SAWPA & SBSD 2,945,000 2,784,392 94.55% 160,608 2,223,951 560,441 25.20% Intra District Sewer Use-IRWD 5,410,605 1,203,688 22.25% 4,206,917 1,595,935 (392,247) -24.58% Sludge Disposal-IRWD - 72,315 N/A (72,315) - 72,315 100.00% Capital Assessments-IRWD 7,153,000 4,483,911 62.69% 2,669,089 2,943,145 1,540,766 52.35% Capital Facilities Capacity Charges 18,533,000 11,187,372 60.36% 7,345,628 15,158,367 (3,970,995) -26.20% Property Taxes 115,850,120 82,068,568 70.84% 33,781,552 77,929,683 4,138,885 5.31% Interest Earnings 14,083,000 36,387,612 258.38% (22,304,612) 11,990,677 24,396,935 203.47% CIP Reimbursements 10,220,909 649,724 6.36% 9,571,185 933,668 (283,944) -30.41% Wastehauler 750,000 614,105 81.88% 135,895 828,526 (214,421) -25.88% CNG Sales 400,000 124,930 31.23% 275,070 270,027 (145,097) -53.73% Rents & Leases 600,000 317,927 52.99% 282,073 348,602 (30,675) -8.80% Other Revenues 11,677,396 2,486,403 21.29% 9,190,993 829,958 1,656,445 199.58% Power Sales 25,000 73,362 293.45% (48,362) 359,298 (285,936) -79.58% Other Sales 50,000 35,732 71.46% 14,268 201,555 (165,823) -82.27% Total Revenues 522,540,669$ 356,583,625$ 68.24% 165,957,044$ 325,047,741$ 31,535,884$ 9.70% Summary of Revenues For the Nine Months Ended March 31, 2024 Operating Budget Review Section 2 - Page 5 FY 2023-24 Third Quarter Financial Report Summary of Collection, Treatment, & Disposal Expenses by Line Item For the Nine Months Ended March 31, 2024 Expense Percent Expense Increase Budget Through Budget Remaining Through (Decrease) Description 2023-24 03/31/24 Expensed Budget 03/31/23 $ Salaries, Wages & Benefits Salaries & Wages 91,482,196$ 64,537,771$ 70.55% 26,944,425$ 63,494,108$ 1,043,663$ 1.64% Employee Benefits Retirement 11,709,180 8,610,913 73.54% 3,098,267 8,551,988 58,925 0.69% Group Insurances 10,975,600 8,463,988 77.12% 2,511,612 7,654,166 809,822 10.58% Tuition & Certification Reimb 95,700 67,702 70.74%27,998 70,089 (2,387) -3.41% Edu. degrees, Cert. & Lic.601,300 468,959 77.99% 132,341 469,471 (512) -0.11% Uniform Rental 300,000 231,374 77.12%68,626 209,564 21,810 10.41% Workers' Compensation 850,500 637,876 75.00% 212,624 388,872 249,004 64.03% Unemployment Insurance 8,900 16,745 188.15%(7,845) 5,190 11,555 222.64% Employee Supplemental Benefits 564,200 684,645 121.35% (120,445) 489,166 195,479 39.96% Total Benefits 25,105,380 19,182,202 76.41% 5,923,178 17,838,506 1,343,696 7.53% Salaries, Wages & Benefits 116,587,576 83,719,973 71.81% 32,867,603 81,332,614 2,387,359 2.94% Matl, Supplies, & Services Administrative Expenses Memberships 665,560 545,739 82.00% 119,821 595,815 (50,076) -8.40% Office Exp - Supplies 60,789 39,676 65.27%21,113 38,942 734 1.88% Postage 40,830 34,621 84.79%6,209 19,971 14,650 73.36% Books & Publications 38,478 11,652 30.28%26,826 9,265 2,387 25.76% Forms 626 972 155.27%(346) - 972 N/A Small Computer Items 1,247,250 563,021 45.14% 684,229 623,770 (60,749) -9.74% Minor Furniture & Fixtures 252,200 62,380 24.73% 189,820 182,466 (120,086) -65.81% Subtotal 2,305,733 1,258,061 54.56%1,047,672 1,470,229 (212,168) -14.43% Printing & Publication Repro-In-House 181,787 120,430 66.25%61,357 119,024 1,406 1.18% Printing-Outside 29,400 19,570 66.56%9,830 312,411 (292,841) -93.74% Notices & Ads 150,500 63,792 42.39%86,708 57,994 5,798 10.00% Photo Processing 50 - 0.00%50 - - N/A Subtotal 361,737 203,792 56.34%157,945 489,429 (285,637) -58.36% Training & Meetings Meetings 144,947 62,353 43.02%82,594 36,901 25,452 68.97% Training 1,070,920 513,775 47.98% 557,145 239,721 274,054 114.32% Subtotal 1,215,867 576,128 47.38%639,739 276,622 299,506 108.27% Operating Mat'ls & Supplies Chemical Coagulants 15,559,900 13,049,762 83.87% 2,510,138 10,460,022 2,589,740 24.76% Odor & Corrosion Control 10,103,104 6,094,896 60.33% 4,008,208 5,783,392 311,504 5.39% Disinfection 439,100 432,999 98.61%6,101 260,051 172,948 66.51% Chemicals - Misc & Cogen 600,000 351,543 58.59% 248,457 367,582 (16,039) -4.36% Gasoline, Diesel & Oil 831,810 520,702 62.60% 311,108 559,781 (39,079) -6.98% Tools 888,229 508,878 57.29% 379,351 780,672 (271,794) -34.82% Safety equipment/tools 937,714 784,832 83.70% 152,882 830,083 (45,251) -5.45% Solv, Paints & Jan. Supplies 134,064 96,805 72.21%37,259 80,464 16,341 20.31% Lab Chemicals & Supplies 698,327 529,907 75.88% 168,420 453,003 76,904 16.98% Misc. Operating Supplies 242,766 174,574 71.91%68,192 135,987 38,587 28.38% Property Tax Fees 76,500 11,647 15.22%64,853 15,384 (3,737) -24.29% Subtotal 30,511,514 22,556,545 73.93%7,954,969 19,726,421 2,830,124 14.35% Contractual Services Solids Removal 14,150,000 10,634,590 75.16% 3,515,410 10,309,792 324,798 3.15% Other Waste Disposal 1,195,200 717,648 60.04% 477,552 680,685 36,963 5.43% Groundskeeping 200,000 156,504 78.25%43,496 131,435 25,069 19.07% Janitorial 961,705 1,060,520 110.27%(98,815) 810,643 249,877 30.82% Outside Lab Services 392,000 210,175 53.62% 181,825 149,546 60,629 40.54% Oxygen 740,000 1,032,540 139.53% (292,540) 629,736 402,804 63.96% County Service Fee 534,345 30,104 5.63% 504,241 26,265 3,839 14.62% Temporary Services 578,400 325,078 56.20% 253,322 265,632 59,446 22.38% Security Services 2,342,414 1,300,220 55.51% 1,042,194 1,263,097 37,123 2.94% Other 702,500 520,910 74.15% 181,590 422,450 98,460 23.31% Subtotal 21,796,564 15,988,289 73.35%5,808,275 14,689,281 1,299,008 8.84% Increase (Decrease) % Section 2 - Page 6 (Continued) Operating Budget Review Summary of Collection, Treatment, & Disposal Expenses by Line Item For the Nine Months Ended March 31, 2024 Expense Expense Increase Increase Budget Through Remaining Through (Decrease)(Decrease) Description 2023-24 03/31/24 Expensed Budget 03/31/23 $% Continued: Professional Services Legal 1,437,000 1,473,124 102.51% (36,124) 986,645 486,479 49.31% Audit & Accounting 273,570 125,300 45.80% 148,270 91,370 33,930 37.13% Engineering 1,740,000 1,225,006 70.40% 514,994 1,520,537 (295,531) -19.44% Enviro Scientific Consulting 870,000 139,913 16.08% 730,087 108,620 31,293 28.81% Software Prgm Consulting 723,000 359,767 49.76% 363,233 479,478 (119,711) -24.97% Energy Consulting 27,000 18,250 67.59%8,750 20,250 (2,000) -9.88% Advocacy Efforts 205,000 159,600 77.85%45,400 134,836 24,764 18.37% Industrial Hygiene Services 100,000 28,438 28.44%71,562 43,099 (14,661) -34.02% Labor Negotiation Services 40,000 - 0.00%40,000 42,993 (42,993) -100.00% Other 2,167,596 499,494 23.04% 1,668,102 815,234 (315,740) -38.73% Subtotal 7,583,166 4,028,892 53.13% 3,554,274 4,243,062 (214,170) -5.05% Research & Monitoring Environmental Monitoring 960,000 400,049 41.67% 559,951 290,991 109,058 37.48% Air Quality Monitoring 220,000 62,258 28.30% 157,742 22,823 39,435 172.79% Research 596,363 552,363 92.62%44,000 583,817 (31,454) -5.39% Subtotal 1,776,363 1,014,670 57.12% 761,693 897,631 117,039 13.04% Repairs & Maintenance Materials & Services 26,404,166 22,003,854 83.33% 4,400,312 17,371,349 4,632,505 26.67% Svc. Mtc. Agreements 9,096,247 5,876,469 64.60% 3,219,778 5,065,938 810,531 16.00% Subtotal 35,500,413 27,880,323 78.54% 7,620,090 22,437,287 5,443,036 24.26% Utilities Telephone 536,905 359,521 66.96% 177,384 368,772 (9,251) -2.51% Diesel For Generators 60,000 37,114 61.86%22,886 4,355 32,759 752.22% Natural Gas 1,596,000 1,771,306 110.98% (175,306) 2,458,306 (687,000) -27.95% Power 9,063,223 8,410,640 92.80% 652,583 8,999,452 (588,812) -6.54% Water 1,003,438 927,635 92.45%75,803 812,626 115,009 14.15% Subtotal 12,259,566 11,506,216 93.86% 753,350 12,643,511 (1,137,295) -9.00% Other Operating Supplies Outside Equip Rental 75,000 31,470 41.96%43,530 43,249 (11,779) -27.24% Insurance Premiums 51,000 49,251 96.57%1,749 42,954 6,297 14.66% Prop & Gen Liab Insurance 3,243,000 2,432,250 75.00% 810,750 1,818,748 613,502 33.73% Freight 150,000 144,875 96.58%5,125 137,156 7,719 5.63% Misc. Operating Expense 416,398 261,166 62.72% 155,232 191,257 69,909 36.55% Regulatory Operating Fees 1,571,000 1,176,768 74.91% 394,232 1,070,129 106,639 9.97% Subtotal 5,506,398 4,095,780 74.38% 1,410,618 3,303,493 792,287 23.98% General Mgr Contingency & Reappropriations 1,492,468 - 0.00% 1,492,468 - - N/A Other Non-Oper Expense 138,590 53,308 38.46%85,282 42,516 10,792 25.38% Total Materials, Supplies & Services 120,448,379 89,162,004 74.03% 31,286,375 80,219,482 8,942,522 11.15% Total Expenditures 237,035,955 172,881,977 72.93% 64,153,978 161,552,096 11,329,881 7.01% Cost Allocation (21,646,370) (14,461,246) 66.81% (7,185,124) (14,188,009) (273,237) 1.93% Net Operating Requirements 215,389,585$ 158,420,731$ 73.55%56,968,854$ 147,364,087$ 11,056,644$ 7.50% Percent Budget Section 2 - Page 7 FY 2023-24 Third Quarter Financial Report Summary of Collection, Treatment, & Disposal Expenses by Process For the Nine Months Ended March 31, 2024 Increase Increase Actual Actual (Decrease) (Decrease) 03/31/24 03/31/23 $% Process: Preliminary Treatment 8,889,936$ 7,336,594$ 1,553,342$ 21.17% Primary Treatment 20,595,979 17,963,017 2,632,962 14.66% Secondary Treatment 10,900,069 9,065,149 1,834,920 20.24% Oxygen Generation Facility (Plant 2)2,061,383 1,504,009 557,374 37.06% Effluent Disposal 1,013,903 765,005 248,898 32.54% Solids Handling 46,160,264 39,907,827 6,252,437 15.67% Cogeneration 20,520,070 23,505,800 (2,985,730) -12.70% Utilities 4,067,620 3,096,505 971,115 31.36% Electrical Distribution 2,123,835 1,964,209 159,626 8.13% Miscellaneous Buildings 10,009,417 10,546,904 (537,487) -5.10% External Location 115,373 592,258 (476,885) -80.52% Nerissa Vessel 319,546 224,383 95,163 42.41% North County Yard - 29,158 (29,158) -100.00% Laboratory 11,734,071 11,418,740 315,331 2.76% Collections 19,909,265 19,444,529 464,736 2.39% Net Operating Requirements 158,420,731$ 147,364,087$ 11,056,644$ 7.50% Section 2 - Page 8 Staffing Trends Full Time Equivalents (FTE) March 31, 2024 At March 31, 2024, the total head count was 624 employees, or a full time equivalency of 607. Operating Budget Review 450 500 550 600 650 700 750 6/30/20 6/30/21 6/30/22 6/30/23 3/31/24 606 619 595 583 607 34 20 44 64 48 Actual Vacant Budgeted FTE 640 639 639 647 655 Section 2 - Page 9 FY 2023-24 Third Quarter Financial Report This Page Intentionally Left Blank Section 2 - Page 10 Capital Improvement Program By Process Area and Project Driver For the Nine Months Ended March 31, 2024 Capital Improvement Program Budget Review Total Capital Improvement Outlays by Project Driver - $167,016,818 Rehabilitation and Replacement: 76.3% Strategic Initiatives: 10.7% Additional Capacity: 3.0% Regulatory: 10.0% Total Capital Improvement Outlays by Process Area - $167,016,818 Collections Facilities: 12.4% Liquid Treatment: 45.6% Solids Handling & Digestion: 5.2% Utility Systems: 5.1% Support Facilities: 25.6% Other: 6.1% Section 3 - Page 1 FY 2023-24 Third Quarter Financial Report Summary of Capital Improvement Construction Requirements - Current Year For the Nine Months Ended March 31, 2024 2023-24 2023-24 2023-24 Cashflow Actual at Projected Budget 3/31/2024 Outlay Collection System Improvement Projects Collections Facilities Santa Ana Trunk Sewer Rehabilitation 1,461,636$ 1,033,744$ 1,773,700$ Greenville-Sullivan Trunk Improvements 2,694,404 1,363,244 1,391,400 Taft Branch Capacity Improvements 1,024,536 686,594 838,500 Newhope-Placentia Trunk Replacement 282,746 5,202 5,300 Yorba Linda Dosing Station Installation 60,336 - - Knott - Miller Holder - Artesia Branch Rehabilitation 578,377 145,345 521,700 Westminster Blvd Force Main Replacement 2,443,226 1,687,725 2,005,500 Rehabilitation of Western Regional Sewers 6,263,898 4,500,736 8,476,700 Interstate 405 Widening Project Impacts on OC San Sewers 8,270 199 200 Seal Beach Pump Station Replacement 3,331,561 556,436 3,029,400 Bay Bridge Pump Station Replacement 3,223,088 683,848 1,246,800 Newport Beach Pump Station Pressurization Improvements 1,536,468 1,161,162 1,316,200 Fairview Trunk Sewer Rehabilitation 700,344 225,934 454,500 Gisler Red-Hill Interceptor & Baker Force Main Rehabilitation 3,935,030 5,019,317 6,619,400 MacArthur Force Main Improvement 4,262,293 534,032 2,815,800 North Trunk Improvements 192,195 - 83,200 Edinger Pumping Station Replacement 1,649,919 863,218 1,066,200 Small Construction Projects Program - Collections 6,335,471 1,183,702 3,426,000 Planning Studies Program - Collections 326,669 78,060 113,000 Sunflower and Red Hill Interceptor Repairs 455,611 871,311 947,000 Subtotal - Collections Facilities 40,766,078 20,599,809 36,130,500 Revenue Area 14 Bay Bridge Pumping Station Rehabilitation (3.62%)121,058 25,685 46,900 Newport Beach Pump Station Pressurization Improve (0.27%) 4,160 3,144 3,600 Subtotal - Revenue Area 14 125,218 28,829 50,500 Total Collection System Improvement Projects 40,891,296 20,628,638 36,181,000 Section 3 - Page 2 (Continued) Summary of Capital Improvement Construction Requirements - Current Year For the Nine Months Ended March 31, 2024 2023-24 2023-24 2023-24 Cashflow Actual at Projected Budget 3/31/2024 Outlay Treatment & Disposal Projects Headworks Headworks Rehabilitation at Plant 1 62,666,216 46,648,569 56,796,600 Headworks Modifications at P2 for GWRS Final Expansion 1,191,660 201,875 1,707,000 Subtotal - Headworks 63,857,876 46,850,444 58,503,600 Primary Treatment Primary Sedimentation Basins 3-5 Replacement at Plant 1 4,151,660 2,065,019 3,829,300 Primary Sedimentation Basins 6-31 Reliability Improv at P1 5,255,177 2,538,543 3,681,600 Primary Treatment Rehabilitation at Plant 2 23,850,031 10,024,630 12,031,500 Subtotal - Primary Treatment 33,256,868 14,628,192 19,542,400 Secondary Treatment Activated Sludge-1 Aeration Basin & Blower Rehab at P1 4,163,277 2,608,403 4,341,300 Trickling Filter Rehab at P1 1,595,604 66,393 111,700 Return Activated Sludge Piping Replacement at Plant 2 545,456 9,443 586,200 Activated Sludge Aeration Basin Rehabilitation at Plant 2 1,500,998 231,642 885,800 Subtotal - Secondary Treatment 7,805,335 2,915,881 5,925,000 Solids Handling & Digestion Digester Ferric Chloride Piping Replacement at Plant 1 254,161 1,774 1,800 Interim Food Waste Receiving Facility 134,359 721 62,300 TPAD Digester Facility at Plant 2 9,776,359 6,817,496 7,424,700 Digesters Rehabilitation at Plant No. 2 1,420,571 1,901,107 2,328,300 Truck Loading Bay Odor Control Improvements at Plant 2 107,334 6,672 34,500 Subtotal - Solids Handling & Digestion 11,692,784 8,727,770 9,851,600 Ocean Outfall Systems Ocean Outfall System Rehabilitation 16,398,771 11,214,149 16,741,500 120-inch Ocean Outfall Rehabilitation 236,862 121,456 218,100 Sodium Bisulfite Station Rehabilitation at Plant 2 858,051 428,668 645,200 Emergency Overflow Pipes & Windwall Rehabilitation at P2 120,618 16,803 36,500 Subtotal - Ocean Outfall Systems 17,614,302 11,781,076 17,641,300 Capital Improvement Program Budget Review Section 3 - Page 3 (Continued) FY 2023-24 Third Quarter Financial Report Summary of Capital Improvement Construction Requirements - Current Year For the Nine Months Ended March 31, 2024 2023-24 2023-24 2023-24 Cashflow Actual at Projected Budget 3/31/2024 Outlay Treatment & Disposal Projects (Continued) Utility Systems Electrical Power Distribution System Improvements 3,527,372 112,011 436,700 Digester Gas Facilities Rehabilitation 1,499,858 130,762 1,116,800 Central Generation Engine Overhauls at Plants 1 and 2 6,970,564 6,364,625 6,364,700 Uninterruptable Power Supply Improvements at Plant 1 4,934,135 1,842,462 2,746,600 Industrial Control System & IT Data Center Relocation at P1 271,002 10,920 56,700 Subtotal - Utility Systems 17,202,931 8,460,780 10,721,500 Information Management Systems Process Control Systems Upgrades 9,094,534 3,783,537 4,330,300 Project Management Information System 63,915 34,450 44,200 Information Technology Capital Program 978,213 618,851 1,070,600 EAM Software and Process Implementation 312,557 229,117 374,100 Subtotal - Information Management Systems 10,449,219 4,665,955 5,819,200 Strategic & Master Planning Planning Studies Program 4,200,778 1,896,426 3,789,800 Subtotal - Strategic & Master Planning 4,200,778 1,896,426 3,789,800 Water Management Projects GWRS Final Expansion Coordination 9,970 4,707 4,800 Subtotal - Water Management Projects 9,970 4,707 4,800 Research Research Program 2,844,280 896,793 3,353,200 Subtotal - Research 2,844,280 896,793 3,353,200 Section 3 - Page 4 (Continued) Summary of Capital Improvement Construction Requirements - Current Year For the Nine Months Ended March 31, 2024 2023-24 2023-24 2023-24 Cashflow Actual at Projected Budget 3/31/2024 Outlay Treatment & Disposal Projects (Continued) Support Facilities Small Construction Projects Program 19,524,403 9,244,600 14,844,500 Operations & Maintenance Capital Program 1,407,031 1,109,544 2,205,800 Laboratory Rehabilitation at Plant 1 912,699 - - Headquarters Complex 35,088,202 29,715,448 40,610,100 South Perimeter Security & Utility Improvements at Plant 1 449,665 189,026 424,300 Support Buildings Seismic Improvements at Plant 1 1,158,413 202,867 622,200 Administrative Facilities & Power Building 3A Demolition - 2,064 12,100 Collections Yard Relocation 4,970,723 1,379,860 3,701,800 Operations and Maintenance Complex at Plant 2 2,872,768 944,461 2,688,300 Subtotal - Support Facilities 66,383,904 42,787,870 65,109,100 Others Capital Improvement Program Management Services 325,656 127,077 127,100 Subtotal - Others 325,656 127,077 127,100 Total Treatment and Disposal Projects 235,643,903 143,742,971 200,388,600 Capital Equipment Purchases 12,113,000 2,645,209 4,000,000 Total Collection, Treatment and Disposal Projects and Capital Equipment Purchases 288,648,199 167,016,818 240,569,600 Less: Savings and Deferrals (16,673,368) - - Net Collection, Treatment and Disposal Projects and Capital Equipment Purchases 271,974,831$ 167,016,818$ 240,569,600$ Capital Improvement Program Budget Review Section 3 - Page 5 FY 2023-24 Third Quarter Financial Report Summary of Capital Improvement Construction Requirements - Project Life For the Nine Months Ended March 31, 2024 Current Total Approved June 30, 2023 Year Projected Remaining Project Accumulated Projected Cost at Future Budget Cost Cost June 30, 2024 Budget Collection System Improvement Projects Collections Facilities Santa Ana Trunk Sewer Rehabilitation 54,620,000$ 1,394,132$ 1,773,700$ 3,167,832$ 51,452,168$ Greenville-Sullivan Trunk Improvements 48,600,000 671,811 1,391,400 2,063,211 46,536,789 Taft Branch Capacity Improvements 27,300,000 2,266,166 838,500 3,104,666 24,195,334 Newhope-Placentia Trunk Replacement 112,000,000 109,304,113 5,300 109,309,413 2,690,587 Yorba Linda Dosing Station Installation 10,385,000 - - - 10,385,000 Santa Ana Canyon South River Trunk Rehabilitation 9,974,000 - - - 9,974,000 Knott - Miller Holder - Artesia Branch Rehabilitation 16,500,000 65,180 521,700 586,880 15,913,120 Westminster Blvd Force Main Replacement 43,900,000 41,723,251 2,005,500 43,728,751 171,249 Rehabilitation of Western Regional Sewers 94,000,000 37,559,948 8,476,700 46,036,648 47,963,352 Interstate 405 Widening Project Impacts on OC San Sewers 500,000 301,662 200 301,862 198,138 Seal Beach Pump Station Replacement 134,000,000 8,722,569 3,029,400 11,751,969 122,248,031 Los Alamitos Sub-Trunk Extension 119,522,000 - - - 119,522,000 Crystal Cove Pump Station Rehabilitation 14,431,000 - - - 14,431,000 Bay Bridge Pump Station Replacement 123,366,400 14,430,133 1,246,800 15,676,933 107,689,467 Newport Beach Pump Station Pressurization Improvements 2,692,710 797,155 1,316,200 2,113,355 579,355 Fairview Trunk Sewer Rehabilitation 19,300,000 597,725 454,500 1,052,225 18,247,775 MacArthur Pump Station Rehabilitation 9,858,000 - - - 9,858,000 Main Street Pump Station Rehabilitation 37,663,000 - - - 37,663,000 Gisler Red-Hill Interceptor & Baker Force Main Rehabilitation 55,500,000 2,561,012 6,619,400 9,180,412 46,319,588 MacArthur Force Main Improvement 8,150,000 896,978 2,815,800 3,712,778 4,437,222 North Trunk Improvements 13,997,000 - 83,200 83,200 13,913,800 Chapman-El Modena-Panorama Heights Trunk Sewer Rehab 12,776,000 - - - 12,776,000 Edinger Pumping Station Replacement 17,300,000 892,290 1,066,200 1,958,490 15,341,510 Slater Pump Station Rehabilitation 28,511,000 16,480 - 16,480 28,494,520 Bolsa Chica/Edinger/Springdale Trunk Sewer Rehab 17,500,000 - - - 17,500,000 Small Construction Projects Program - Collections 9,489,000 5,549,066 3,426,000 8,975,066 513,934 Operations & Maintenance Capital Program - Collections 568,000 270,754 - 270,754 297,246 Planning Studies Program - Collections 1,371,000 543,187 113,000 656,187 714,813 Sunflower and Red Hill Interceptor Repairs 6,750,000 5,820,501 947,000 6,767,501 (17,501) Subtotal - Collections Facilities 1,050,524,110 234,384,113 36,130,500 270,514,613 780,009,497 Revenue Area 14: Bay Bridge Pumping Station Rehabilitation (3.62%)4,633,600 541,991 46,900 588,891 4,044,709 Newport Beach Pump Station Pressurization Improve (0.27%)7,290 2,158 3,600 5,758 1,532 Subtotal - Revenue Area 14 4,640,890 544,149 50,500 594,649 4,046,241 Total Collection System Improvement Projects 1,055,165,000 234,928,262 36,181,000 271,109,262 784,055,738 Section 3 - Page 6 (Continued) Summary of Capital Improvement Construction Requirements - Project Life For the Nine Months Ended March 31, 2024 Current Total Approved June 30, 2023 Year Projected Remaining Project Accumulated Projected Cost at Future Budget Cost Cost June 30, 2024 Budget Treatment & Disposal Projects Headworks Headworks Rehabilitation at Plant 1 340,000,000 107,494,877 56,796,600 164,291,477 175,708,523 Headworks Modifications at P2 for GWRS Final Expansion 30,400,000 28,512,830 1,707,000 30,219,830 180,170 Subtotal - Headworks 370,400,000 136,007,707 58,503,600 194,511,307 175,888,693 Primary Treatment Primary Sedimentation Basins 3-5 Replacement at Plant 1 183,000,000 2,787,822 3,829,300 6,617,122 176,382,878 Primary Sedimentation Basins 6-31 Reliability Improv at P1 12,700,000 5,689,988 3,681,600 9,371,588 3,328,412 Primary Treatment Rehabilitation at Plant 2 188,000,000 78,884,288 12,031,500 90,915,788 97,084,212 B/C-Side Primary Clarifiers Rehabilitation at Plant 2 306,093,000 - - - 306,093,000 Subtotal - Primary Treatment 689,793,000 87,362,098 19,542,400 106,904,498 582,888,502 Secondary Treatment Activated Sludge-1 Aeration Basin & Blower Rehab at P1 280,000,000 1,879,104 4,341,300 6,220,404 273,779,596 Trickling Filter Rehab at P1 57,668,000 - 111,700 111,700 57,556,300 Return Activated Sludge Piping Replacement at Plant 2 10,000,000 9,413,864 586,200 10,000,064 (64) Activated Sludge Aeration Basin Rehabilitation at Plant 2 65,600,000 167,612 885,800 1,053,412 64,546,588 Subtotal - Secondary Treatment 413,268,000 11,460,580 5,925,000 17,385,580 395,882,420 Solids Handling & Digestion Digester Ferric Chloride Piping Replacement at Plant 1 1,260,000 950,436 1,800 952,236 307,764 Interim Food Waste Receiving Facility 6,300,000 1,351,536 62,300 1,413,836 4,886,164 TPAD Digester Facility at Plant 2 588,000,000 26,750,798 7,424,700 34,175,498 553,824,502 Digester P, Q, R, and S Replacement 187,318,000 - - - 187,318,000 Digesters Rehabilitation at Plant No. 2 45,000,000 1,525,991 2,328,300 3,854,291 41,145,709 Truck Loading Bay Odor Control Improvements at Plant 2 8,356,000 - 34,500 34,500 8,321,500 Subtotal - Solids Handling & Digestion 836,234,000 30,578,761 9,851,600 40,430,361 795,803,639 Ocean Outfall Systems Ocean Outfall System Rehabilitation 169,000,000 116,642,914 16,741,500 133,384,414 35,615,586 120-inch Ocean Outfall Rehabilitation 82,000,000 49,033 218,100 267,133 81,732,867 Sodium Bisulfite Station Rehabilitation at Plant 2 8,000,000 363,991 645,200 1,009,191 6,990,809 Emergency Overflow Pipes & Windwall Rehabilitation at P2 4,370,000 84,758 36,500 121,258 4,248,742 Subtotal - Ocean Outfall Systems 263,370,000 117,140,696 17,641,300 134,781,996 128,588,004 Capital Improvement Program Budget Review Section 3 - Page 7 (Continued) FY 2023-24 Third Quarter Financial Report Summary of Capital Improvement Construction Requirements - Project Life For the Nine Months Ended March 31, 2024 Current Total Approved June 30, 2023 Year Projected Remaining Project Accumulated Projected Cost at Future Budget Cost Cost June 30, 2024 Budget Treatment & Disposal Projects (Continued) Utility Systems Electrical Power Distribution System Improvements 27,700,000 3,965,786 436,700 4,402,486 23,297,514 Digester Gas Facilities Rehabilitation 190,000,000 16,526,024 1,116,800 17,642,824 172,357,176 Natural Gas Pipelines Replacement at Plants 1 and 2 2,173,718 2,173,717 - 2,173,717 1 Central Generation Engine Overhauls at Plants 1 and 2 44,000,000 13,604,719 6,364,700 19,969,419 24,030,581 Power Building Structural Seismic Improv at Plants 1 & 2 29,834 29,833 - 29,833 1 Central Generation Facilities & OOBS Seismic Upgrades 17,489,000 - - - 17,489,000 Central Generation Rehabilitation at Plant 1 39,784,000 - - - 39,784,000 Uninterruptable Power Supply Improvements at Plant 1 9,600,000 2,631,532 2,746,600 5,378,132 4,221,868 12.47 kV Switchgear Replacement at CenGen at Plant 1 15,960,000 - - - 15,960,000 Industrial Control System & IT Data Center Relocation at P1 11,399,000 - 56,700 56,700 11,342,300 Central Generation Rehabilitation at Plant 2 45,989,000 - - - 45,989,000 Subtotal - Utility Systems 404,124,552 38,931,611 10,721,500 49,653,111 354,471,441 Information Management Systems Process Control Systems Upgrades 35,500,000 3,802,025 4,330,300 8,132,325 27,367,675 Project Management Information System 2,280,000 1,597,299 44,200 1,641,499 638,501 Information Technology Capital Program 10,000,000 3,054,878 1,070,600 4,125,478 5,874,522 EAM Software and Process Implementation 9,200,000 6,858,876 374,100 7,232,976 1,967,024 Subtotal - Information Management Systems 56,980,000 15,313,078 5,819,200 21,132,278 35,847,722 Strategic & Master Planning Planning Studies Program 27,281,000 8,159,295 3,789,800 11,949,095 15,331,905 Subtotal - Strategic & Master Planning 27,281,000 8,159,295 3,789,800 11,949,095 15,331,905 Water Management Projects GWRS Final Expansion Coordination 1,400,000 1,400,872 4,800 1,405,672 (5,672) Subtotal - Water Management Projects 1,400,000 1,400,872 4,800 1,405,672 (5,672) Research Research Program 10,000,000 3,603,878 3,353,200 6,957,078 3,042,922 Subtotal - Research 10,000,000 3,603,878 3,353,200 6,957,078 3,042,922 Section 3 - Page 8 (Continued) Summary of Capital Improvement Construction Requirements - Project Life For the Nine Months Ended March 31, 2024 Current Total Approved June 30, 2023 Year Projected Remaining Project Accumulated Projected Cost at Future Budget Cost Cost June 30, 2024 Budget Treatment & Disposal Projects (Continued) Support Facilities Small Construction Projects Program 80,511,000 26,270,376 14,844,500 41,114,876 39,396,124 Operations & Maintenance Capital Program 15,054,000 2,480,330 2,205,800 4,686,130 10,367,870 Laboratory Rehabilitation at Plant 1 100,000,000 - - - 100,000,000 Headquarters Complex 169,500,000 127,057,922 40,610,100 167,668,022 1,831,978 South Perimeter Security & Utility Improvements at Plant 1 8,150,000 7,467,192 424,300 7,891,492 258,508 Support Buildings Seismic Improvements at Plant 1 23,730,000 996,729 622,200 1,618,929 22,111,071 Administrative Facilities & Power Building 3A Demolition 4,286,000 - 12,100 12,100 4,273,900 Collections Yard Relocation 8,800,000 270,765 3,701,800 3,972,565 4,827,435 Operations and Maintenance Complex at Plant 2 84,000,000 1,049,312 2,688,300 3,737,612 80,262,388 Subtotal - Support Facilities 494,031,000 165,592,626 65,109,100 230,701,726 263,329,274 Others Capital Improvement Program Management Services 1,500,000 665,392 127,100 792,492 707,508 Subtotal - Others 1,500,000 665,392 127,100 792,492 707,508 Total Treatment and Disposal Projects 3,568,381,552 616,216,594 200,388,600 816,605,194 2,751,776,358 Capital Equipment Purchases 13,113,000 - 4,000,000 4,000,000 9,113,000 Total Collection, Treatment and Disposal Projects and Capital Equipment Purchases 4,636,659,552$ $851,144,856 $240,569,600 $1,091,714,456 $3,544,945,096 Capital Improvement Program Budget Review Section 3 - Page 9 FY 2023-24 Third Quarter Financial Report This Page Intentionally Left Blank Section 3 - Page 10 Capital Assets Schedule & Debt Service Budget Review For the Nine Months Ended March 31, 2024 Balance Year-to-Date Balance 07/01/23 Activity 03/31/24 CONSTRUCTION IN PROGRESS (CIP): Collection System 117,864,236$ 20,628,638$ 138,492,874$ Treatment Plant 519,540,659 146,388,180 665,928,839 Subtotal 637,404,895 167,016,818 804,421,713 PROPERTY, PLANT & EQUIPMENT (at cost): Land and Property Rights 58,153,170 - 58,153,170 Collection Lines and Pump Stations 981,437,263 - 981,437,263 Treatment Facilities 2,871,421,987 - 2,871,421,987 Effluent disposal facilities 96,972,016 - 96,972,016 Solids disposal facilities 3,463,236 - 3,463,236 General and administrative facilities 265,647,129 - 265,647,129 Lease right-to-use asset 86,747 - 86,747 Subscription right-to-use assets 1,708,027 - 1,708,027 Excess purchase price over book value on acquired assets 19,979,000 - 19,979,000 Subtotal 4,298,868,575 - 4,298,868,575 Total Property, Plant & Equipment & CIP 4,936,273,470$ 167,016,818$ 5,103,290,288$ 2023-24 Year-to-Date Remaining Budget Payments % of Budget Budget Principal Payments by Debt Issue: 2010A BABs -$ -$ --$ 2010C BABs - - -- 2014A COP 9,085,000 9,085,000 100.00%- 2015A COP - - -- 2016A COP 5,370,000 5,370,000 100.00%- 2017A COP - - -- 2021A COP 17,125,000 17,125,000 100.00%- 2022A COP - - -- Subtotal Principal Payments 31,580,000 31,580,000 100.00%- Interest Expense by Debt Issue: 2010A BABs 2,986,574 2,426,011 81.23%560,563 2010C BABs 6,724,010 5,462,040 81.23%1,261,970 2014A COP 1,959,000 1,393,500 71.13%565,500 2015A COP 6,375,500 4,781,600 75.00%1,593,900 2016A COP 6,026,050 4,474,750 74.26%1,551,300 2017A COP 3,290,750 2,468,150 75.00%822,600 2021A COP 5,588,500 4,048,700 72.45%1,539,800 2022A COP 4,081,000 3,060,800 75.00%1,020,200 Subtotal Interest Expense 37,031,384 28,115,551 75.92%8,915,833 Total Debt Service 68,611,384$ 59,695,551$ 87.01%8,915,833$ Capital Assets Schedule & Debt Service Budget Review Capital Assets Schedule Debt Service Budget Review Section 4 - Page 1 FY 2023-24 Third Quarter Financial Report This Page Intentionally Left Blank Section 4 - Page 2 General Liability and Property Fund Budget Review For the Nine Months Ended March 31, 2024 Actual Actual 2023-24 Through Through Budget 03/31/24 03/31/23 Revenues: In-Lieu Premiums 3,243,000$ 2,432,250$ 75.00%810,750$ 1,818,748$ 613,502$ Service Department Allocations 75,000 6,660 8.88%68,340 6,660 - Total Revenues 3,318,000 2,438,910 73.51%879,090 1,825,408 613,502 Expenses: Benefits/Claims 25,000 995,852 3983.41%(970,852) 40,000 955,852 Legal Services 30,000 - 0.00%30,000 - - Professional Services 20,000 16,500 82.50%3,500 7,692 8,808 Subtotal 75,000 1,012,352 1349.80%(937,352) 47,692 964,660 Policy Premium Expense 3,243,000 3,018,750 93.09%224,250 2,217,936 800,814 Total Expenses 3,318,000 4,031,102 121.49%(713,102) 2,265,628 1,765,474 Excess Revenue (Expense)- (1,592,192) 1,592,192$ (440,220) (1,151,972) Beginning Reserves 98,000,000 98,000,000 98,000,000 - Ending Reserves 98,000,000$ 96,407,808$ 97,559,780$ (1,151,972)$ 03/31/24 Budget (Decrease) Self Insurance Budget Review Percent of Budget Remaining Through 2023-24 Increase Section 5 - Page 1 FY 2023-24 Third Quarter Financial Report Workers' Compensation Fund Budget Review For the Nine Months Ended March 31, 2024 Actual Actual 2023-24 Through Through Budget 03/31/24 03/31/24 03/31/23 Revenues: In-Lieu Premiums 850,500$ 637,875$ 75.00% 212,625$ 388,875$ 249,000$ Service Department Allocations - 74,097 N/A (74,097) 74,097 - Total Revenues 850,500 711,972 83.71%138,528 462,972 249,000 Expenses: Benefits/Claims 400,000 152,522 38.13% 247,478 681,648 (529,126) Legal Services 70,000 81,283 116.12% (11,283) 155,495 (74,212) Professional Services 70,000 88,296 126.14% (18,296) 57,176 31,120 Subtotal 540,000 322,101 59.65%217,899 894,319 (572,218) Policy Premium Expense 310,500 245,024 78.91%65,476 232,037 12,987 Total Expenses 850,500 567,125 66.68%283,375 1,126,356 (559,231) Excess Revenue (Expense)- 144,847 (144,847)$ (663,384) 808,231 Beginning Reserves 2,000,000 2,000,000 2,000,000 - Ending Reserves 2,000,000$ 2,144,847$ 1,336,616$ 808,231$ Budget (Decrease) Percent of Budget Remaining Through 2023-24 Increase Section 5 - Page 2 April 30, 2024 STAFF REPORT Treasurer’s Report For the Period Ended March 31, 2024 SUMMARY Section 18.0 of the Orange County Sanitation District's (OC San) Investment Policy includes quarterly reporting requirements for OC San's two investment portfolios. These two funds, the "Liquid Operating Monies," and the "Long-Term Operating Monies" are managed by Insight Investment (Insight), OC San’s external money manager. The ongoing monitoring of OC San's investment program by staff and Callan LLC (Callan), OC San's independent investment advisor, indicates that OC San’s investments are in compliance with OC San's adopted Investment Policy and the California Government Code, and that overall performance has tracked with benchmark indices. In addition, sufficient liquidity and anticipated revenues are available for OC San to meet budgeted expenditures for the next six months. OC San’s portfolios do not include any reverse repurchase agreements or derivative securities. ADDITIONAL INFORMATION Performance Reports The Quarterly Investment Report, prepared by Insight, and the Investment Measurement Service Quarterly Review, prepared by Callan, are attached for reference. Also included within the attachments are performance data and portfolio statistics charts that depict the performance results, cost, market value, duration, credit quality and sector diversification of OC San’s portfolios, as of March 31, 2024. The Liquid Operating portfolio, with an average maturity of 66 days, consists entirely of high quality fixed income investments consistent with OC San’s investment policy. Portfolio Performance Summary The following table presents a performance summary of OC San’s portfolios as compared to their benchmarks as of March 31, 2024. Treasurer’s Report For the Period Ended March 31, 2024 Page 2 of 4 (1) Benchmarks:  Liquid Operating Portfolio: ICE BAML 3-Month Treasury Bill Index  Long-Term Operating Portfolio: ICE BAML Corp/Govt. 1-5 Year Bond Index Portfolio Market Values Comparative marked-to-market quarter-end portfolio values are shown in the following table, and in the attached bar chart. Quarter Ending Liquid Operating Monies ($M) Long-Term Operating Monies ($M) 30 Jun 23 199.1 721.7 30 Sep 23 141.3 714.0 31 Dec 23 208.9 733.3 31 Mar 24 141.1 735.0 Portfolio Performance Summary As of March 31, 2024 Liquid Operating Monies (%) Long-Term Operating Monies (%) Total Rate of Return Benchmark(1) Total Rate of Return Benchmark(1) 3 Months 1.34 1.37 0.27 0.20 6 Months 1.38 1.39 1.72 1.77 9 Months 1.36 1.39 1.25 1.28 12 Months 5.36 5.52 3.42 3.26 Annualized Since Inception 2.50 2.25 3.72 3.58 Market Value $141.1 M $735.0 M Average Quality AA AA Purchase Yield (%) 2.78 2.78 Market Yield (%) 5.32 4.74 Quarterly Deposits (Withdrawals) ($70.0 M) $0.0 M Estimated Annual Income $4.3 M $20.3 M Treasurer’s Report For the Period Ended March 31, 2024 Page 3 of 4 Orange County Sanitation District Investment Account Balances as of March 31, 2024 Investment Accounts Book Balances March 31, 2024 Estimated Yield (%) Insight/U.S. Bank – Long-Term Portfolio Insight/U.S. Bank – Liquid Operating Portfolio State of California LAIF PARS Section 115 Trust - Moderate PARS Section 115 Trust - Balanced Banc of California – General Banc of California – Sweep Banc of California – Workers’ Compensation Banc of California – Property, Liability Claim, Exp Union Bank – Mount Langley BNY Mellon OCIP Reserve Petty Cash TOTAL Debt Service Reserves w/Trustees $734,985,357 141,148,996 42,346,347 10,315,513 5,242,360 5,000,000 1,675,738 94,417 50,000 407,599 250,000 1,500 $ 941,517,827 $ 317,121 4.74 5.32 4.23 2.19 2.42 0.60 2.53 0.60 0.60 0.66 0.00 0.00 4.73 5.20 Orange County Sanitation District Cost of Funds on Debt Issues as of March 31, 2024 Cost of Funds Issue Description Outstanding COP Balance Annual Interest Rate (%) 2010A Fixed 2010C Fixed 2014A Fixed 2015A Fixed 2016A Fixed 2017A Fixed 2021A Fixed 2022A Fixed TOTAL Weighted Avg. Cost of Funds 80,000,000 157,000,000 30,095,000 127,510,000 121,485,000 65,815,000 94,645,000 81,620,000 $758,170,000 3.68 4.11 2.34 3.30 3.02 2.55 1.06 1.59 2.90 Treasurer’s Report For the Period Ended March 31, 2024 Page 4 of 4 ATTACHMENTS 1. Insight Quarterly Review 2. Insight Quarterly Investment Report 3. Callan Investment Measurement Service Quarterly Review 4. U.S Bank Month End Investment Detail with Accruals 5. U.S. Bank Transaction History 6. Investment Transactions and Balances in LAIF 7. BNY Mellon Owner Controlled Insurance Program Escrow Account 8. PARS Section 115 Trust Quarterly Review MARCH 2024 ORANGE COUNTY SANITATION DISTRICT (OC SAN) QUARTERLY REVIEW TRICT ECONOMIC REVIEW & OUTLOOK The decline in US headline and core inflation remained effectively stalled for a second successive quarter at 3.2% and 3.8% respectively, still some way above the Federal Reserve (Fed) target of 2%. Meanwhile the labor market remained strong with more than 200,000 new jobs reported for each of the three months in the non-farm payrolls report from the Bureau of Labor Statistics. Consumer confidence continued to increase, with the Michigan Consumer Sentiment indicator rising to almost 80 (the highest level since mid-2021). Also, forward economic indicators such as the Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI) rose modestly, though it remains just below the pivotal level of 50 between contraction and expansion. Despite the positive evidence on the economy, the market began pricing in a raft of interest rate cuts. Policymakers acknowledged that as many as three quarter-point cuts could occur this year, with further easing next year also. Figure 1: Consumer Price Index growth momentum 1 We retain a positive outlook on US growth, seeing almost 2% growth both in 2024 and 2025 and there is now widespread expectation that any 'landing' for the US economy is likely to be soft, as prospects appear more skewed towards acceleration than deceleration . Meanwhile further improvements in inflation continue to take time. Having fallen from its peak of 9.1% in mid-2022, the headline rate has made no headway since June 2023, while the previous steady decline in the core rate has tailed off close to 4%. Despite these features of the US economy, the Federal Reserve seems set to begin easing policy later in 2024, though have said they envisage only three small cuts this year and with what appears likely to be an acrimonious election campaign across the country, policymakers may feel the window of opportunity could narrow quickly. We see Treasury yields reflecting the gradual easing in policy rates, taking 10-year rates back down below 4% in a year’s time, though volatility may be expected in the meantime. 1 Source: Bureau of Labor Statistics, as of April 10, 2024. Size of each bubble denotes relative importance. Figure 2: Real GDP growth and its components 2 MARKET REVIEW & OUTLOOK Governments – Government bond yields were generally less volatile in the first quarter compared to previous quarters, as inflation continued to moderate, economies appeared to exhibit less likelihood of falling into significant recession and central banks confirmed, implicitly if not explicitly, that their tightening phase was over. Having bottomed in late December, after the Q4 market rally, the 10-year US Treasury yield gradually moved higher during Q1, ending 32 basis points (bp) higher at 4.20%. Figure 3: Comparative historical US Treasury yield curves 3 Credit – Credit markets were generally stronger during the quarter as evidence was building that the economy was beginning to improve, and inflation continued to decline. The option adjusted (OAS) spread over governments for the investment grade (IG) Bloomberg US Aggregate (Agg) Corporate Index, which was already reaching low levels by historic standards, declined a further 9bp, to 90bp. The Bloomberg US Investment Grade Corporate Index generated excess returns of 64bp for the quarter. With the Federal Reserve raising its 2024 growth forecasts from 1.4% to 2.1% but maintaining its expectation that monetary policy can be eased, the risk of a US recession appears to be receding. A soft-landing scenario should be a supportive environment for corporate profits and, although spreads have tightened to reflect a more benign outlook, the absolute level of yields has drifted higher since the start of the year. This creates a more attractive entry point from an income or liability matching viewpoint, but the prospects for further spread tightening would appear limited in our view. Dispersion amongst issuers remains elevated however, providing opportunities for careful credit selection in more active strategies. There has been a surge of issuance in Q1 compared to the same period last year. This 2 Source: Bureau of Economic Analysis, as of March 28, 2024 3Source: Bloomberg, as of March 31, 2024. 5.37 4.62 4.21 4.20 3.00 4.00 5.00 6.00 3 m 6 m 1 yr 2 yr 3 yr 4 yr 5 yr 6 yr 7 yr 8 yr 9 yr 10 yr 03/31/24 12/31/23 03/31/23 has been encouraged by tighter spreads and solid demand. A more stable backdrop for yields could see issuance volumes continue to increase through the year and we will be carefully monitoring further new issuance. Figure 4: Number of mentions of “recession” in S&P 500 companies’ earnings calls4 Structured credit / Secured finance Resilient growth, still tight labor markets and an expectation of lower interest rates ahead has provided a strong backdrop for structured credit markets at the start of the year, and there seems little reason to believe that will change in the months ahead. Issuers took advantage of robust levels of demand to return to markets in size, and issuance in the first two months of the year was around 50% higher than the same period in 2023. Despite the surge in issuance, many issues have been oversubscribed, particularly mezzanine tranches. Spreads have tightened from their highs but the premium available in structured credit remains elevated relative to history and this is underpinning high income-driven returns from the asset class. We continue to favor issues with seniority in the capital structure and robust transaction structures that divert cashflow in the event of underperformance, and strong underwriting and servicing policies, all of which should act to insulate investors if the economy weakens. Municipal bonds The caution cited for the credit markets is not matched for municipals, as we see more potential for spreads to tighten due t o the profile of flows in the asset class. There are some clear areas that do offer greater risk, but we believe it is still possible to be selective as to the names and risks added and are adding where we believe there is value. We believe taxable municipal spreads demonstrate attractive relative value and expect spreads can compress relative to similarly structured US corporate bonds over the medium term. As capital projects typically last for decades, US taxable municipal bonds tend to have longer duration. In our view, as inflation moderates and with the Fed starting its next easing cycle, volatility should subside and longer duration positioning in this environment is likely to reward investors going forward. LONG TERM PORTFOLIO Insight onboarded the Long Term portfolio beginning March 2024. Consistent with our economic and monetary policy outlooks for 2024, the preferred portfolio strategy is to overweight portfolio duration and corporate sector exposures versus the passive benchmark. From a portfolio duration perspective, the rationale for this strategy considers the likely outcome for Fed policy relative to market expectations. While market pricing has been predicting a start to the cutting cycle, it has been shy in terms of Insight’s anticipated pace for cuts and ultimate stopping point. This leaves scope for performance from a long position relative to the benchmark in our view. We also believe that investments in the corporate sector, known as medium term notes by investment policy, will offer prudent yield enhancement versus Treasury securities. Insight’s economic outlook supports this view as we expect growth to moderate towards 2% 4 Source: Bloomberg, as of April 1, 2024. but not slow enough to introduce recession risk. Corporate yield spreads versus Treasuries remain narrow by historical standards and may remain narrow for some time, as has been observed in previous cycles. The recession forecast scenario has diminished in our view, but it remains a risk to this overweight strategy. Analysis of the onboarded portfolio revealed portfolio duration and sector allocations close to our preferred view. The challenge to making positioning changes rests with managing the unrealized losses currently held in the portfolio. This challenge is consistent across Insight strategies as investments purchased during the near-zero interest rate environment in 2020 and 2021 have suffered price depreciation from the significant rise in interest rates. Insight’s approach is to minimize portfolio realized losses while migrating to preferred portfolio positioning. This approach may change if we become concerned with specific portfolio investments or believe with high conviction that market opportunity warrants a greater degree of portfolio turnover. Consultation with OC San concerning portfolio turnover may also guide the management approach. To sum, portfolio activity focused on extending portfolio duration and corporate credit exposures. Shorter Treasury securities were sold to extend into preferred five-year corporate exposures, as rated by Insight analysts. Notably, we sold one small exposure to a non- agency residential mortgage securitization that was recently downgraded prior to onboarding with Insight, and we considered a risk from a credit perspective. There was no significant impact from this sale on portfolio performance. Figure 5: Long Term Portfolio Performance (gross of investment management fees)5 March 2024 Inception Long Term Portfolio 0.50% 0.50% ICE BofA 1-5 Year AAA-A US Corporate & Government Index 0.41% 0.41% Difference 0.09% 0.09% Figure 6: Long Term Portfolio Characteristics March 2024 Final Maturity (years) 2.71 Effective Duration (years) 2.48 Purchase Yield 2.78 Market Yield 4.74 Credit Quality (S&P) AA Total Market Value ($, excludes accrued interest) 734,538,503 LIQUID OPERATING PORTFOLIO Insight onboarded the Liquid Operating portfolio beginning March 2024. Similar to the investment strategy for the Long Term portfolio, preferred positioning is to anticipate a lowering of the Federal Funds rate sometime in 2024. Unique to the Liquid Operating portfolio strategy is that anticipating the timing of the rate move is more critical than the magnitude of the anticipated change of 25bps. Since the money market curve is inverted, longer maturity investments are yielding less than shorter maturity investments, making them expensive unless there is certainty on the timing of the move. The onboarded Liquid Operating portfolio was concentrated in short Treasury securities and offered ample opportunity to diversify into higher yielding investments. With liquidity strategies, Insight evaluates investments based on their yield pickup versus the overnight custody sweep rate and the 3-month Treasury bill as the passive benchmark. Corporate, commercial paper, and supranational obligations all offered attractive yield enhancement relative to these yield bogeys. Initial investments were focused on maturity dates in March as Insight awaited updated cash flow forecasts. Once these forecasts were received, Insight refocused investments to the expected drawdown dates at upcoming month-ends. Those investments with maturity dates at month ends are desirable. There were 35 transactions executed for the month, and Insight anticipates creating a broadly diversified strategy that adds incremental yield while preparing for known cash flows. The strategy shall remain sufficiently liquid to manage unanticipated cash flows, which may occur with a debt service payment in May. 5 Performance i0nception date: February 29, 2024. Figure 7: Performance (gross of investment management fees)6 March 2024 YTD Liquid Operating Portfolio 0.45% 0.45% ICE BofA US 3-Month Treasury Bill Index 0.45% 0.45% Difference - - Figure 8: Liquid Operating Portfolio Characteristics March 2024 Final Maturity (years) 0.18 Effective Duration (years) 0.18 Purchase Yield 2.78 Market Yield 5.32 Credit Quality (S&P) AA Total Market Value ($, excludes accrued interest) 140,506,815 BROAD MARKET DATA Source: Bloomberg. As of March 31, 2024. BBond yields (10--yyear) QQuarterly change (bp) USA 4.20% +32 Germany 2.30% +28 Japan 0.73% +11 UK 3.93% +40 BBond spreads (over govts) Bloomberg US Corporate Index 90bp -9 Bloomberg Euro Corporate Index 114bp -24 Bloomberg Sterling Corporate Index 119bp -20 Bloomberg US Corporate High Yield Index 299bp -24 Bloomberg Pan-European High Yield Index 347bp -34 EEquities QQuarterly change (%) S&P 500 5,254 +10.2% Stoxx Europe 600 512.7 +7.0% FTSE 100 7,953 +2.8% Nikkei 225 40,369 +20.6% Hang Seng 16,541 -3.0% CCurrencies EUR/USD 1.079 -2.3% JPY/USD 151.4 -6.8% GBP/USD 1.262 -0.8% CCommodities Oil price (Brent crude), $ per barrel 87.5 +13.6% Gold price, $ per oz. 2,230 +8.1% CRB Commodity Index 536 +5.1% 6 Performance inception date: February 29, 2024. IMPORTANT INFORMATION IMPORTANT DISCLOSURES This document has been prepared by Insight North America LLC (INA), a registered investment adviser under the Investment Advisers Act of 1940 and regulated by the US Securities and Exchange Commission. INA is part of ‘Insight’ or ‘Insight Investment’, the corporate brand for certain asset management companies operated by Insight Investment Management Limited including, among others, Insight Investment Management (Global) Limited, Insight Investment International Limited and Insight Investment Management (Europe) Limited (IIMEL). Opinions expressed herein are current opinions of Insight, and are subject to change without notice. Insight assumes no responsibility to update such information or to notify a client of any changes. Any outlooks, forecasts or portfolio weightings presented herein are as of the date appearing on this material only and are also subject to change without notice. Insight disclaims any responsibility to update such views. No forecasts can be guaranteed. Nothing in this document is intended to constitute an offer or solicitation to sell or a solicitation of an offer to buy any product or service (nor shall any product or service be offered or sold to any person) in any jurisdiction in which either (a) INA is not licensed to conduct business, and/or (b) an offer, solicitation, purchase or sale would be unavailable or unlawful. This document should not be duplicated, amended, or forwarded to a third party without consent from INA. This is a marketing document intended for institutional investors only and should not be made available to or relied upon by retail investors. This material is provided for general information only and should not be construed as investment advice or a recommendation. You should consult with your adviser to determine whether any particular investment strategy is appropriate. Assets under management (AUM) represented by the value of the client’s assets or liabilities Insight is asked to manage. These will primarily be the mark-to-market value of securities managed on behalf of clients, including collateral if applicable. Where a client mandate requires Insight to manage some or all of a client’s liabilities (e.g. LDI strategies), AUM will be equal to the value of the client specific liability benchmark and/or the notional value of other risk exposure through the use of derivatives. Regulatory assets under management without exposures can be provided upon request. Unless otherwise specified, the performance shown herein is that of Insight Investment (for Global Investment Performance Standards (GIPS), the ‘firm’) and not specifically of Insight North America. A copy of the GIPS composite disclosure page is available upon request. Past performance is not a guide to future performance, which will vary. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes). Future returns are not guaranteed and a loss of principal may occur. Targeted returns intend to demonstrate that the strategy is managed in such a manner as to seek to achieve the target return over a normal market cycle based on what Insight has observed in the market, generally, over the course of an investment cycle. In no circumstances should the targeted returns be regarded as a representation, warranty or prediction that the specific deal will reflect any particular performance or that it will achieve or is likely to achieve any particular result or that investors will be able to avoid losses, including total losses of their investment. The information shown is derived from a representative account deemed to appropriately represent the management styles herein. Each investor’s portfolio is individually managed and may vary from the information shown. The mention of a specific security is not a recommendation to buy or sell such security. The specific securities identified are not representative of all the securities purchased, sold or recommended for advisory clients. It should not be assumed that an investment in the securities identified will be profitable. Actual holdings will vary for each client and there is no guarantee that a particular client’s account will hold any or all of the securities listed. The quoted benchmarks within this document do not reflect deductions for fees, expenses or taxes. These benchmarks are unmanaged and cannot be purchased directly by investors. Benchmark performance is shown for illustrative purposes only and does not pre dict or depict the performance of any investment. There may be material factors relevant to any such comparison such as differences in volatility, and regulatory and legal restrictions between the indices shown and the strategy. Insight Investment 200 Park Avenue, 7th Floor New York, NY 10166 inquiries@insightinvestment.com company/insight-investment-north-america @InsightInvestUS www.insightinvestment.com Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changes in market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. Insight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment. Information herein may contain, include or is based upon forward-looking statements within the meaning of the federal securities laws, specifically Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include all statements, other than statements of historical fact, that address future activities, events or developments, including without limitation, business or investment strategy or measures to implement strategy, competitive strengths, goals expansion and growth of our business, plans, prospects and references to future or success. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Words such as ‘anticipate’, ‘estimate’, ‘expect’, ‘project’, ‘intend’, ‘plan’, ‘believe’, and other similar words are intended to identify these forward-looking statements. Forward-looking statements can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining our actual future results or outcomes. Consequently, no forward-looking statement can be guaranteed. Our actual results or outcomes may vary materially. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Insight and BNY Mellon Securities Corporation (BNYMSC) are subsidiaries of BNY Mellon. BNYMSC is a registered broker and FINRA member. BNY Mellon is the corporate brand of the Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of the Bank of New York Mellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any government entity) and are not guaranteed by or obligations of the Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Mellon Corporation assumes no responsibility for the accuracy or completeness of the above data and disclaims all expressed or implied warranties in connection there with. Personnel of certain of our BNY Mellon affiliates may act as: (i) registered representatives of BNYMSC (in its capacity as a registered broker-dealer) to offer securities, (ii) officers of the Bank of New York Mellon (a New York chartered bank) to offer bank-maintained collective investment funds and (iii) associated persons of BNYMSC (in its capacity as a registered investment adviser) to offer separately managed accounts managed by BNY Mellon Investment Management firms. Disclaimer for Non-US Clients: Prospective clients should inform themselves as to the legal requirements and tax consequences within the countries of their citizenship, residence, domicile and place of business with respect to the purchase and ongoing provision of advisory services. No regulator or government authority has reviewed this document or the merits of the products and services referenced herein. This document is directed and intended for ‘institutional investors’ (as such term is defined in various jurisdictions). By accepting this document, you agree (a) to keep all information contained herein (the ‘Information’) confidential, (b) not use the Information for any purpose other than to evaluate a potential investment in any product described herein, and (c) not to distribute the Information to any person other than persons within your organization or to your client that has engaged you to evaluate an investment in such product. Telephone conversations may be recorded in accordance with applicable laws. © 2024 Insight Investment. All rights reserved. 1MPR00151MPR0015 FOR PROFESSIONAL CLIENTS ONLY,NOT TO BE DISTRIBUTED TO RETAIL CLIENTSTHIS DOCUMENT SHOULD NOT BE REPRODUCED IN ANY FORM WITHOUT PRIOR WRITTEN APPROVAL PLEASE REFER TO THE RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT Orange County Sanitation Client investment report: Q1 2024 This document has been prepared by Insight North America LLC (INA), a registered investment adviser under the Investment Advisers Act of 1940 and regulated by the US Securities and Exchange Commission. INA is part of ‘Insight’ or ‘Insight Investment’, the corporate brand for certain asset management companies operated by Insight Investment Management Limited including, among others, Insight Investment Management (Global) Limited and Insight Investment International Limited. Unless otherwise stated, the performance presented is that of Insight and should not specifically be viewed as the performance of INA. The performance of Insight is being presented to show the historical performance of the portfolio management team responsible for managing the strategy. The track records presented include all accounts managed by Insight with substantially similar investment objectives, policies and strategies for which the strategy management teams were responsible. Advisory services referenced herein are available in the US only through INA. INA and its Insight affiliates are part of the GIPS®firm Insight Investment, which claims compliance with GIPS. Please refer to the important disclosures at the back of this document. Performance presented is that of Insight Investment and should not specifically be viewed as the performance of Insight North America LLC. Please refer to the important disclosures at the back of this document. 3MPR0214 •Economic review and outlook •Portfolio update •Compliance summary •Important disclosures Agenda Economic review and outlook 5MPR0214 Source: Insight, as of March 31, 2024. Any projections or forecasts contained herein are based upon certain assumptions considered reasonable. Projections are speculative in nature and some or all of the assumptions underlying the projections may not materialize or vary significantly from the actual results. Accordingly, the projections are only an estimate. Opinions expressed herein are as of the date stated and are subject to change without notice. Insight assumes no responsibility to update such information or to notify a client of any changes. 2023 2024 2025 •The US economy remains resilient, but macro fundamentals paint a more nuanced picture, with ample evidence that growth is slowly moderating •Even though the Fed is wary of cutting rates prematurely, we continue to expect 50-75bps of rate cuts this year •We believe that risks to the upside and downside are evenly balanced Key takeaways 1.9 1.717 2.2 3.6 4.6 2.5 4.1 5.4 1919 2.4Real GDP Consumer Price Index Policy rate (year-end) 6MPR0214 Source: Bureau of Economic Analysis, as of March 28, 2024 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 % Personal consumptionNonresidential investmentResidential investmentChange in inventoriesExportsImports Real GDP growth and its components US economy powers ahead Consumer spending continues to be a strong contributor to overall economic growth 7MPR0214 Source: Census Bureau, April 1, 2024. Value of construction put in place, $bn Fiscal policy helped propel the domestic investment boom A surge in construction spending spurred by recently enacted legislations has helped buoy the economy 250 300 350 400 450 500 50 70 90 110 130 150 170 190 210 230 250 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 $b n $b n Private manufacturing (LHS) Public non-residential (RHS) CHIPS and Science Act Infrastructure Investment and Jobs Act 8MPR0214 *An index measuring the dispersion of employment gains across industries. A midpoint of 50 indicates an even distribution of job gains and losses across all industriesSource: Bureau of Labor Statistics, April 5, 2024. Nonfarm payrolls diffusion index* Hiring breadth is slowing down Hiring diffusion index, which tracks the number of industries adding jobs, points to a slowdown in the width of hiring 0 10 20 30 40 50 60 70 80 90 100 Jan-00 Jul-01 Jan-03 Jul-04 Jan-06 Jul-07 Jan-09 Jul-10 Jan-12 Jul-13 Jan-15 Jul-16 Jan-18 Jul-19 Jan-21 Jul-22 Jan-24 Recessions 3-month 6-month 9MPR0214 Source: Bureau of Labor Statistics, as of April 10, 2024. Size of each bubble denotes relative importance. Food Energy Household furnishings & supplies Apparel New vehicles Used cars & trucks Medical care goods Recreation goods Rent of primary residence Owners' equivalent rent Medical care services Transportation services Recreation services -20 -15 -10 -5 0 5 10 15 20 -6 -4 -2 0 2 4 6 8 10 12 14 % 3 - m o n t h a n n u a l g r o w t h r a t e % year-over-year CPI growth momentum, % Disinflation hits a speed bump Shelter prices continue to exert an upward pressure on prices 10MPR0214 Source: Bloomberg, as of April 3, 2024. Number of expected Fed hikes/cuts priced in Tempered expectations Robust macro data and hawkish comments from Fed officials have caused the markets to reassess the odds of deep cuts in 2024 -8 -7 -6 -5 -4 -3 -2 -1 0 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 As of January 12, 2024 As of February 16, 2024 As of April 3, 2024 11MPR0214 Banks reporting stronger demand for consumer loans, 4-quarter moving average Demand for consumer loans remains weak The current high-interest rate environment continues to be a burden on consumer credit demandThe current high-interest rate environment continues to be a burden on consumer credit demand -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 Jan-12 Oct-12 Jul-13 Apr-14 Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19 Apr-20 Jan-21 Oct-21 Jul-22 Apr-23 Jan-24 % Credit cards Autos Other Source: Federal Reserve, as of February 5, 2024 12MPR0214 Source: National Federation of Independent Business, as of April 9, 2024. Single most important problem for small business owners, % of respondents Inflation remains top-of-mind for small businesses The labor quality issues are improving, but small business owners are increasingly concerned about poor sales 0.0 5.0 10.0 15.0 20.0 25.0 Inflation Quality of labor Taxes Cost of labor Poor sales Regulations Cost/availabilityof insurance Interest rates Competitionfrom largebusiness Other % 12-months ago 6-months ago Latest 13MPR0214 Source: Bloomberg, as of April 1, 2024. Number of mentions of “recession” in S&P 500 companies’ earnings calls The fears of a recession are abating Corporate executives are notably more sanguine about the economic outlook 0 500 1,000 1,500 2,000 2,500 Q12019 Q22019 Q32019 Q42019 Q12020 Q22020 Q32020 Q42020 Q12021 Q22021 Q32021 Q42021 Q12022 Q22022 Q32022 Q42022 Q12023 Q22023 Q32023 Q42023 Q12024 14MPR0214 Tr u m a n Ei s e n h o w e r Ke n n e d y Jo h n s o n Ni x o n Fo r d Ca r t e r Re a g a n H. W . B u s h Cl i n t o n W. B u s h Ob a m a Tr u m p Bi d e n Source: Bureau of Labor Statistics, Insight Investment, as of April 10, 2024. -5.0 0.0 5.0 10.0 15.0 20.0 25.0 Jan-50 Jan-56 Jan-62 Jan-68 Jan-74 Jan-80 Jan-86 Jan-92 Jan-98 Jan-04 Jan-10 Jan-16 Jan-22 % Inflation Unemployment rate Misery index Misery index (unemployment rate plus inflation), % The outcome of 2024 elections will likely hinge on the state of the economy The current levels of the unemployment rate and inflation have historically favored incumbents’ reelection bids Portfolio update Orange County Liquid Operating 17MPR0214 Orange County Liquid Operating Portfolio summary as of March 31, 2024 Source: Insight/Northern Trust/Rimes.Inception date for performance purposes: February 29, 2024.Returns are gross of fees.Benchmark history provided at the end of this section Portfolio summary ●Value: $141,131,004 ●Benchmark: ICE BofA US 3-Month Treasury Bill Performance blank Since inception % Portfolio 0.45 Benchmark 0.45 Relative 0.01 18MPR0214 Orange County Liquid Operating Portfolio characteristics as of March 31, 2024 Approach used for credit rating: Average. All durations are effective duration. *Excludes Treasury. Top issuers* (%)Holding Federal Home Loan Banks 15.27 MetLife Funding Inc 4.67 Pfizer Inc 4.16 Morgan Stanley 3.60 MassMutual Global Funding II 3.59 Bristol-Myers Squibb Co 3.53 Coca-Cola Co/The 3.50 John Deere Capital Corp 2.32 Bank of America Corp 1.45 New York Life Global Funding 1.42 Issuer overweight*Contribution to duration (years) Portfolio Benchmark Relative Federal Home Loan Banks 0.04 -0.04 Bristol-Myers Squibb Co 0.01 -0.01 Coca-Cola Co/The 0.01 -0.01 MetLife Funding Inc 0.01 -0.01 John Deere Capital Corp 0.00 -0.00 Pfizer Inc 0.00 -0.00 Morgan Stanley 0.00 -0.00 Truist Financial Corp 0.00 -0.00 Fannie Mae 0.00 -0.00 American Honda FCorp 0.00 -0.00 Total 0.08 -0.08 Rating (%)John D o Y e r o C 2.1 73.2 20.0 0.1 4.7 100.0 0 50 100 150 AAA AA A BBB BIG Cash NRPortfolioBenchmark Duration (%) f D r a e0.1 5.5 7.4 74.0 13.1 100.0 0 40 80 120 1 day 2-7 days 8-30 days 31-90 91-180 181+Portfolio Benchmark Summary Portfolio Benchmark Relative Yield to worst (%)5.4 5.4 0.0 Effective duration (years)0.2 0.2 0.0 Average coupon 1.5 0.0 1.5 Average life / Maturity 0.2 0.2 0.0 Average rating AA AA+ 19MPR0214 Orange County Liquid Operating Portfolio allocation as of March 31, 2024 Sector (%)Market Value Portfolio Benchmark Relative Agency 16.9 -16.9 Industrial 14.2 -14.2 Financial Institutions 10.7 -10.7 Cash and other 5.4 -5.4 Treasury 52.7 100.0 -47.3 Total 100.0 100.0 20MPR0214 Orange County Liquid Operating Contribution to duration as of March 31, 2024 All durations are effective duration. Sector Contribution to duration (years) Portfolio Benchmark Relative (CTD) Agency 0.0 -0.0 Industrial 0.0 -0.0 Financial Institutions 0.0 -0.0 Treasury 0.1 0.2 -0.1 Total 0.2 0.2 21MPR0214 Orange County Liquid Operating Contribution to duration as of March 31, 2024 Approach used for credit rating: Average. All durations are effective duration. Ratings Contribution to duration (years) Rating Portfolio Benchmark Relative AAA --- AA 0.14 0.16 -0.02 A 0.03 -0.03 BBB --- BIG --- NR 0.01 -0.01 Total 0.18 0.16 0.02 0.1 0.0 0.0 0.2 0 1 AAA AA A BBB BIG NR Portfolio Benchmark Duration Contribution to duration (years) Portfolio Benchmark Relative 1 day --- 2-7 days --- 8-30 days 0.01 -0.01 31-90 0.14 0.16 -0.02 91-180 0.04 -0.04 181+--- Total 0.18 0.16 0.02 0.0 0.1 0.0 0.2 0 1 1 day 2-7 days 8-30 days 31-90 91-180 181+ Portfolio Benchmark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range County Long Term 26MPR0214 Orange County Long Term Portfolio summary as of March 31, 2024 Source: Insight/Northern Trust/Rimes.Inception date for performance purposes: February 29, 2024.Returns are gross of fees.Benchmark history provided at the end of this section Portfolio summary ●Value: $739,439,003 ●Benchmark: ICE BofA 1-5 Year AAA-A US Corporate & Government Index Performance blank Since inception % Portfolio 0.50 Benchmark 0.41 Relative 0.09 27MPR0214 Orange County Long Term Portfolio characteristics as of March 31, 2024 Approach used for credit rating: Average. All durations are effective duration. *Excludes Treasury. Top issuers* (%)Holding Fannie Mae 5.84 Freddie Mac 5.55 Inter American Development Bank 4.34 International Bank for Reconstruct & Development 4.05 Federal Home Loan Banks 3.01 Bank of America Corp 2.03 JPMorgan Chase & Co 2.02 Toronto-Dominion Bank 1.58 Royal Bank of Canada 1.41 Morgan Stanley 1.40 Issuer overweight*Contribution to duration (years) Portfolio Benchmark Relative Inter American Dev Bank 0.13 0.01 0.12 Freddie Mac 0.11 0.01 0.10 Fannie Mae 0.07 0.01 0.06 Federal Home Loan Banks 0.07 0.01 0.06 Toronto-Dominion Bank 0.05 0.00 0.04 ERAC USA Finance LLC 0.04 0.00 0.04 Royal Bank of Canada 0.04 0.00 0.04 John Deere Capital Corp 0.04 0.00 0.03 Merck & Co Inc 0.03 0.00 0.03 Tennessee Valley Authority 0.03 0.00 0.03 Total 0.61 0.05 0.56 Rating (%)Toront a e A Fi 17.1 60.2 22.6 0.14.4 79.8 15.8 0 50 100 AAA AA A BBB BIG Cash NRPortfolioBenchmark Duration (%) a t C D k e 12.4 27.0 19.1 28.9 12.6 4.9 33.9 27.0 23.5 10.6 0 10 20 30 40 0-1 1-2 2-3 3-4 4-5 5+Portfolio Benchmark Summary Portfolio Benchmark Relative Yield to worst (%)4.7 4.7 0.0 Effective duration (years)2.5 2.6 -0.1 Average coupon 2.7 2.7 0.0 Average life / Maturity 2.7 2.7 0.0 Average rating AA AA 28MPR0214 Orange County Long Term Portfolio allocation as of March 31, 2024 Sector (%)Market Value Portfolio Benchmark Relative ABS 8.1 -8.1 Agency 12.3 4.9 7.4 Supranational 9.0 2.9 6.1 Financial Institutions 15.9 10.8 5.1 Industrial 10.1 6.1 4.1 CMBS 3.0 -3.0 Utility 0.8 0.6 0.2 Cash and other 0.1 -0.1 CMO 0.1 -0.1 Local Authority -0.7 -0.7 Sovereign -0.9 -0.9 Treasury 40.7 73.2 -32.4 Total 100.0 100.0 29MPR0214 Orange County Long Term Contribution to duration as of March 31, 2024 All durations are effective duration. Sector Contribution to duration (years) Portfolio Benchmark Relative (CTD) Industrial 0.3 0.1 0.1 Financial Institutions 0.4 0.3 0.1 Agency 0.2 0.1 0.1 ABS 0.1 0.0 0.1 Supranational 0.3 0.2 0.1 CMBS 0.1 -0.1 Utility 0.0 0.0 0.0 CMO 0.0 -0.0 Local Authority -0.0 0.0 Sovereign -0.0 0.0 Treasury 1.2 1.8 -0.6 Total 2.5 2.6 30MPR0214 Orange County Long Term Contribution to duration as of March 31, 2024 Approach used for credit rating: Average. All durations are effective duration. Ratings Contribution to duration (years) Rating Portfolio Benchmark Relative AAA 0.34 0.21 0.13 AA 1.61 2.00 -0.39 A 0.54 0.39 0.15 BBB --- BIG --- NR --- Total 2.48 2.60 -0.12 0.3 1.6 0.5 0.2 2.0 0.4 0 1 2 3 AAA AA A BBB BIG NR Portfolio Benchmark Duration Contribution to duration (years) Portfolio Benchmark Relative 0-1 0.07 0.05 0.03 1-2 0.38 0.51 -0.12 2-3 0.48 0.67 -0.18 3-4 1.02 0.83 0.19 4-5 0.52 0.45 0.08 5+-0.10 -0.10 Total 2.48 2.60 -0.12 0.1 0.4 0.5 1.0 0.5 0.0 0.5 0.7 0.8 0.4 0.1 0 1 2 0-1 1-2 2-3 3-4 4-5 5+ Portfolio Benchmark *$6%'(326,7$1',19(670(175,6.',6&/2685( $VRI0DUFK 25$1*(&2817</21*7(503257)2/,2 &XVLS 6 3 UDWLQJ 0RRG\ UDWLQJ +LVWRULFDO FRVW 3RUWIROLR KLVWFRVW 0DUNHW YDOXH 3RUWIROLR PNWYDOXH (IIHFWLYH GXU \UV 'HVFULSWLRQ &RXSRQ 0DWXULW\ GDWH &DOOGDWH 3DUYDOXHRU VKDUHV 8QLWHG6WDWHV7UHDVXU\1RWH%RQG =/86$75($685<  $$ $DD       &)(86$75($685<  $$ $DD       &$086$75($685<  $$ $DD      &)386$75($685<  $$ $DD      &%&86$75($685<  $$ $DD       &%+86$75($685<  $$ $DD       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)UHGGLH0DF1RQ*ROG3RRO 6:=)5('',(0$&)+  $$ $DD     ,VVXHUWRWDO      *UDQGWRWDO       44MPR0214 Compliance summary 46MPR0214 Portfolio compliance report As of March 31, 2024 Reference:Orange County Sanitation District - Administrative Policy Directives and Procedures Manual - Investment Objectives and Parameters Effective Date of Policy:January 8, 2024 Description Policy Guidelines Compliant U.S. Treasuries •10% minimum; 1-year max maturity Yes Federal Agencies •20% max per agency of the U.S. Government, which does not provide the full faith and credit of the U.S. government; 1-year maxmaturity; Securities, obligations, participations, or other instruments of, or issued by, or fully guaranteed as to principal and interest by theUS Government , a federal agency, or a US Government-sponsored enterprise Yes Supranational Obligations •"AA" rated or better by a NRSRO; 30% max; 5-year max maturity; U.S. dollar denominated senior unsecured unsubordinated obligationsissued or unconditionally guaranteed by the International Bank for Reconstruction and Development ("IBRD"), the International FinanceCorporation ("IFC") or the Inter-American Development Bank ("IADB") Yes Municipal Securities •"A" rated or higher by a NRSRO; or as otherwise approved by the Board of Directors; Taxable or tax-exempt municipal bonds issuedbyany of the 50 states; 10% max; 5% max issuer; 1-year max maturity Yes Corporate Medium-Term Notes •"A" rating category or better by a NRSRO; 30% max; 5% max per issuer; 5-year max maturity; Issued by corporations organized andoperating within the U.S. or issued by depository institutions licensed by the U.S. or any state and operating within the U.S.1 with AUM>$500 million yes, except noted1 Non- Agency Asset-Backed Securities, Mortgage-Backed Securities, CMOs •"AA" rating category or better by a NRSRO; 20% max (combined MBS/CMO/ABS); 5% max issuer (except U.S. government or itsagencies) ; 5-year max maturity 2 ; Mortgage pass-through security, collateralized mortgage obligation, mortgage-backed or other pay-through bond, equipment lease-backed certificate, consumer receivable pass-through certificate, or consumer receivable-backed bond yes, except noted 2 Negotiable Certificates of Deposit (NCD)•"A" rating or better long-term debt by a NRSRO; or highest short-term rating for deposits by a NRSRO; or as otherwise approved by the Board of Directors; 30% max; 5% max issuer; 1-year max maturity; Negotiable certificates of deposit issued by a nationally or state-chartered bank or state of federal savings and loan association, as defined by Section 5102 of the California Financial Code Yes Certificates of Deposit •5% max issuer; 1-year max maturity; Secured (collateralized) time deposits issued by a nationally or state-chartered bank or state orfederal savings and loan association, as defined by Section 5102 of the California Financial Code and having a net operating profit in the two most recently completed fiscal years; Collateral must comply with California Government Code Yes Banker’s Acceptances •A-1 rated or highest short-term rating by a NRSRO; 40% max; 5% max issuer; 180 days max maturity; Acceptance is eligible for purchaseby the Federal Reserve System Yes 1 & 2 –Please see Appendix 1 47MPR0214 Reference:Orange County Sanitation District - Administrative Policy Directives and Procedures Manual - Investment Objectives and Parameters Effective Date of Policy:January 8, 2024 Description Policy Guidelines Compliant Commercial Paper •A-1 rated or better by a NRSRO; "A" long term debt rating or better by a NRSRO; Issued by a domestic corporation organized and operating in the U.S. with assets > $500 million; 40% max; 5% max issuer; 10% max of the outstanding commercial paper of any singleissuer; 270 days max maturity Yes Mutual Fund & Money Market Mutual Fund •Highest rating or "AAA" rated by two NRSROs; or SEC registered adviser with AUM >$500 million and experience > than 5 years; 20%max in Mutual Funds; 10% max per one Mutual Fund; 20% max per issuer on Money Market Mutual Funds and are not subject to the10% stipulation Yes Local Agency Investment Fund (LAIF)•No more than the statutory maximum may be invested in LAIF; Not used by investment adviser; Investment of OCSD funds in LAIF shallbe subject to investigation and due diligence prior to investing, and on a continual basis to a level of review pursuant to the policy Yes Orange County Treasurer's Money Market Commingled Investment Pool (OCCIP) •15% max; Not used by investment adviser; Orange County Treasurer's Money Market Commingled Investment Pool; Investment of OCSD funds in OCCIP would be subject to investigation and due diligence prior to investing and on continual basis to a level of review pursuant to the policy Yes Repurchase Agreements •20% max; 102% collateralization Yes Reverse Repurchase Agreements •5% max, 90 days max maturity Yes Prohibited •Mortgage Derivatives, which include interest-only payments (IOs) and principal-only payments (POs); Inverse floaters, and RE-REMICS(Real Estate Mortgage Investment Conduits)Yes Securities Downgrade •If securities owned by the OCSD are downgraded below the quality required by the Investment Policy, it shall be OCSD’s policy to reviewthe credit situation and make a determination as to whether to sell or retain such securities in the portfolio. If a decision is made to retainthe downgraded securities in the portfolio, their presence in the portfolio will be monitored and reported quarterly to the OCSD GeneralManager, the Administration Committee and Board of Directors Yes Avg Duration •Not to exceed 180 days in Liquid Operating account Yes Max Per Holding •5% max of the total debt outstanding of any issuer per individual holding Yes Portfolio compliance report (continued) As of March 31, 2024 48MPR0214 Portfolio compliance report (continued) As of March 31, 2024 Reference:Orange County Sanitation District - Administrative Policy Directives and Procedures Manual - Investment Objectives and Parameters Effective Date of Policy:January 8, 2024 Description Policy Guidelines Compliant Max Per Issuer •5% max per issuer (except Supranationals, U.S. Government, Agencies, Mutual Funds); 20% max per issuer on Money Market Mutual Funds) Yes Maximum Maturity •1-year max maturity per security in Liquid Operating account Yes Maximum Maturity •5-year max maturity per security in Long Term account Yes, except noted 2 Maximum Duration •5-year max portfolio effective duration in Long Term account Yes Maximum Duration •Duration of portfolio should be between 80% to 120% in Long Term account Yes 2 –Please see Appendix 1 49MPR0214 Portfolio compliance report As of March 31, 2024 Reference:Orange County Sanitation District - Administrative Policy Directives and Procedures Manual - Investment Objectives and Parameters Effective Date of Policy:January 8, 2024 Description Policy Guidelines Appendix 1 • 1 –Medium term notes issued by depository institution not licensed in US. Insight assumed investments from prior OC San advisor. Insight will monitor these investments from a credit perspective and recommends holding these securities until market value sufficiently recover versus purchase costs. Insight will seek to sell these investments as marketopportunities present. • 2 -US Agency MBS securities with legal final maturity greater than five years. Insight assumed investments from prior OC San advisor. Insight recommends holding these securities given their small size and negligible impact on the portfolio. Insight will seek to sell the remainder of these investments as market opportunities present. Important disclosures 51MPR0214 This document has been prepared by Insight North America LLC (INA), a registered investment adviserunder the Investment Advisers Act of 1940 and regulated by the US Securities and ExchangeCommission. INA is part of ‘Insight’or ‘Insight Investment’,the corporate brand for certain assetmanagement companies operated by Insight Investment Management Limited including, among others,Insight Investment Management (Global) Limited, Insight Investment International Limited and InsightInvestment Management (Europe) Limited (IIMEL).Opinions expressed herein are current opinions of Insight, and are subject to change without notice.Insight assumes no responsibility to update such information or to notify a client of any changes. Anyoutlooks, forecasts or portfolio weightings presented herein are as of the date appearing on this materialonly and are also subject to change without notice. Insight disclaims any responsibility to update suchviews. No forecasts can be guaranteed.Nothing in this document is intended to constitute an offer or solicitation to sell or a solicitation of an offerto buy any product or service (nor shall any product or service be offered or sold to any person) in anyjurisdiction in which either (a) INA is not licensed to conduct business, and/or (b) an offer, solicitation,purchase or sale would be unavailable or unlawful.This document should not be duplicated, amended, or forwarded to a third party without consent fromINA. This is a marketing document intended for institutional investors only and should not be madeavailable to or relied upon by retail investors. This material is provided for general information only andshould not be construed as investment advice or a recommendation. You should consult with youradviser to determine whether any particular investment strategy is appropriate.Assets under management include exposures and cash, and are calculated on a gross notional basis.Regulatory assets under management without exposures shown can be provided upon request. Unlessotherwise specified, the performance shown herein is that of Insight Investment (for Global InvestmentPerformance Standards (GIPS®), the ‘firm’)and not specifically of INA. See the GIPS® compositedisclosure page for important information and related disclosures about firm performance.Past performance is not a guide to future performance, which will vary. The value of investments andany income from them will fluctuate and is not guaranteed (this may partly be due to exchange ratechanges). Future returns are not guaranteed and a loss of principal may occur.Certain performance numbers used in the analysis are gross returns. The performance reflects thereinvestment of all dividends and income. INA charges management fees on all portfolios that theymanage and these fees will reduce the returns on the portfolios. For example, assume that $30 million isinvested in an account with INA, and this account achieves a 5.0% annual return compounded monthly,gross of fees, for a period of five years. At the end of five years that account would have grown to$38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per yearare deducted monthly from the account, the value at the end of the five year period would be$38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation.INA’sinvestment advisory fees are discussed in Part 2A of its Form ADV. A full description of INA’s advisoryfees are described in Part 2A of Form ADV available from INA at www.adviserinfo.sec.gov.Targeted returns intend to demonstrate that the strategy is managed in such a manner as to seek toachieve the target return over a normal market cycle based on what Insight has observed in the market,generally, over the course of an investment cycle. In no circumstances should the targeted returns beregarded as a representation, warranty or prediction that the specific deal will reflect any particularperformance or that it will achieve or is likely to achieve any particular result or that investors will be ableto avoid losses, including total losses of their investment.The information shown is derived from a representative account deemed to appropriately represent themanagement styles herein. Each investor’s portfolio is individually managed and may vary from theinformation shown. The mention of a specific security is not a recommendation to buy or sell suchsecurity. The specific securities identified are not representative of all the securities purchased, sold orrecommended for advisory clients. It should not be assumed that an investment in the securitiesidentified will be profitable. Actual holdings will vary for each client and there is no guarantee that aparticularclient’s account will hold any or all of the securities listed.The quoted benchmarks within this document do not reflect deductions for fees, expenses or taxes. These benchmarks are unmanaged and cannot be purchased directly by investors. Benchmarkperformance is shown for illustrative purposes only and does not predict or depict the performance ofany investment. There may be material factors relevant to any such comparison such as differences involatility, and regulatory and legal restrictions between the indices shown and the strategy.Transactions in foreign securities may be executed and settled in local markets. Performancecomparisons will be affected by changes in interest rates. Investment returns fluctuate due to changes inmarket conditions. Investment involves risk, including the possible loss of principal. No assurance can begiven that the performance objectives of a given strategy will be achieved.Insight does not provide tax or legal advice to its clients and all investors are strongly urged to consulttheir tax and legal advisors regarding any potential strategy or investment.Information herein may contain, include or is based upon forward-looking statements within the meaningof the federal securities laws, specifically Section 21E of the Securities Exchange Act of 1934, asamended. Forward-looking statements include all statements, other than statements of historical fact,that address future activities, events or developments, including without limitation, business orinvestment strategy or measures to implement strategy, competitive strengths, goals expansion andgrowth of our business, plans, prospects and references to future or success. You can identify thesestatements by the fact that they do not relate strictly to historical or current facts. Words such as‘anticipate,’ ‘estimate,’ ‘expect,’ ‘project,’ ‘intend,’ ‘plan,’ ‘believe,’and other similar words are intended toidentify these forward-looking statements. Forward-looking statements can be affected by inaccurateassumptions or by known or unknown risks and uncertainties. Many such factors will be important indetermining our actual future results or outcomes. Consequently, no forward-looking statement can beguaranteed. Our actual results or outcomes may vary materially. Given these uncertainties, you shouldnot place undue reliance on these forward-looking statements.Insight and BNY Mellon Securities Corporation (BNYMSC) are subsidiaries of BNY Mellon. BNYMSC isa registered broker and FINRA member. BNY Mellon is the corporate brand of the Bank of New YorkMellon Corporation and may also be used as a generic term to reference the Corporation as a whole orits various subsidiaries generally. Products and services may be provided under various brand namesand in various countries by subsidiaries, affiliates and joint ventures of the Bank of New York MellonCorporation where authorized and regulated as required within each jurisdiction. Unless you are notifiedto the contrary, the products and services mentioned are not insured by the FDIC (or by any governmententity) and are not guaranteed by or obligations of the Bank of New York Mellon Corporation or any of itsaffiliates. The Bank of New York Mellon Corporation assumes no responsibility for the accuracy orcompleteness of the above data and disclaims all expressed or implied warranties in connection therewith. Personnel of certain of our BNY Mellon affiliates may act as: (i) registered representatives ofBNYMSC (in its capacity as a registered broker-dealer) to offer securities, (ii) officers of the Bank of NewYork Mellon (a New York chartered bank) to offer bank-maintained collective investment funds and (iii)associated persons of BNYMSC (in its capacity as a registered investment adviser) to offer separatelymanaged accounts managed by BNY Mellon Investment Management firms.Disclaimer for Non-US Clients: Prospective clients should inform themselves as to the legalrequirements and tax consequences within the countries of their citizenship, residence, domicile andplace of business with respect to the purchase and ongoing provision of advisory services. No regulatoror government authority has reviewed this document or the merits of the products and servicesreferenced herein.This document is directed and intended for ‘institutional investors’(as such term is defined in variousjurisdictions). By accepting this document, you agree (a) to keep all information contained herein (the‘Information’)confidential, (b) not use the Information for any purpose other than to evaluate a potentialinvestment in any product described herein, and (c) not to distribute the Information to any person otherthan persons within your organization or to your client that has engaged you to evaluate an investment insuch product.Telephone conversations may be recorded in accordance with applicable laws.© 2024 Insight Investment. All rights reserved. Important disclosures March 31, 2024 Orange County Sanitation District Investment Measurement Service Quarterly Review Important Disclosures regarding the use of this document are included at the end of this document. These disclosures are an integral part of this document and should be considered by the user. Orange County Sanitation District Executive Summary for Period Ending March 31, 2024 Asset Allocation Performance * Current Quarter Target = 80.0% ML 1-5 Govt/Corp and 20.0% FTSE 3mo T-Bills. Recent Developments ⎯ Effective March 1, 2024 Insight Investment Management became the investment manager for the District’s Long-Term Operating Fund and the Liquid Operating Monies, replacing Chandler Asset Management. Organizational Issues ⎯ N/A Fixed Income Market Snapshot ⎯ Bond yields rose modestly in 1Q as expectations dwindled for aggressive rate cuts amid stubbornly high inflation. The U.S. Treasury 10-year yield rose from 3.88% as of year-end 2023 to 4.20% at the end of 1Q 2024. The Bloomberg U.S. Aggregate Bond Index fell 0.8% for the quarter. Ten- year breakeven spreads, a measure of the market’s expectation for inflation over the next decade, rose from 2.16% to 2.32%. U.S. TIPS outperformed nominal U.S. Treasuries (Bloomberg U.S. TIPS: -0.1%; Bloomberg U.S. Treasury: -1.0%). Investment grade corporate bonds outperformed U.S. Treasuries by 89 bps on a duration-adjusted basis, fueled by strong demand that easily absorbed record supply for a first quarter and the second largest quarterly issuance ever. High March 31, 2024 December 31, 2023 Market Value Weight Net New Inv. Inv. Return Market Value Weight Domestic Fixed IncomeChandler Long Term 0 0.00%(731,911,247)(1,392,011)733,303,258 77.83%Insight Long Term 734,985,357 83.89%731,911,247 3,074,110 --Chandler Liquid 0 0.00%(210,516,844)1,594,828 208,922,016 22.17%Insight Liquid 141,148,996 16.11%140,516,844 632,152 -- Total Fund $876,134,353 100.00%$(70,000,000)$3,909,079 $942,225,274 100.00% Last Last Last Last Last 3 5 7 Quarter Year Years Years Years Domestic Fixed Income Long Term Operating Fund^0.27% 3.42%(0.02%)1.39% 1.53% Blmbg Govt/Cred 1-5 Year Idx 0.14% 3.16%(0.38%)1.24% 1.41% ML 1-5 Govt/Corp 0.20% 3.26%(0.36%)1.26% 1.44% Liquid Operating Monies^1.34% 5.36% 2.62% 2.10% 1.97% Citigroup 3-Month Treasury Bill 1.37% 5.52% 2.70% 2.07% 1.93% Total Fund 0.48% 3.82% 0.46% 1.52% 1.60%Target*0.43% 3.71% 0.25% 1.43% 1.54% 2 Orange County Sanitation District yield corporates (Bloomberg HY: +1.5%) outperformed the investment grade market despite an uptick in the default rate to 5.7%, according to data from Barclays Research. Leveraged loans performed even better (CS Leveraged Loan: +2.3%). Municipal bonds outperformed taxable bonds for the quarter. The Bloomberg Municipal Bond Index fell 0.4% with lower quality sharply outperforming higher quality (AAA: -0.8%; BAA: +0.6%). The Bloomberg Managed Money Short/Intermediate Index fell 0.9%. Robust demand easily absorbed supply and most municipal/Treasury ratios remained well below historical averages. Investment Manager Performance ⎯ Once the newly-retained strategies from Insight have achieved one full quarter’s worth of performance history, detailed manager commentary will commence in this section. Please reach out to me should you have any questions or need any additional information. Cordially, Alexander Ford Senior Vice President, Fund Sponsor Consulting Callan LLC Table of Contents March 31, 2024 Capital Market Review 1 Active Management Overview Market Overview 7 Domestic Fixed Income 8 Asset Allocation Investment Manager Asset Allocation 10 Investment Manager Returns 11 Asset Class Risk and Return 15 Manager Analysis Chandler-Long Term Operating Fund 17 Chandler-Liquid Operating Money 21 Callan Research/Education 23 Definitions 26 Disclosures 3131                     Capital Market Review     Russell 3000 Russell 1000 Russell 1000 Growth Russell 1000 Value S&P 500 Russell Midcap Russell 2500 Russell 2000 U.S. Equity: Quarterly Returns 10.0% 10.3% 11.4% 9.0% 10.6% 8.6% 6.9% 5.2% Russell 3000 Russell 1000 Russell 1000 Growth Russell 1000 Value S&P 500 Russell Midcap Russell 2500 Russell 2000 U.S. Equity: One-Year Returns 29.3% 29.9% 39.0% 20.3% 29.9% 22.3% 21.4% 19.7% Source: S&P Dow Jones Indices S&P Sector Returns, Quarter Ended 3/31/24 Last Quarter 15.8% 5.0% 7.5% 13.7%12.5% 8.8%11.0%12.7% 8.9% -0.5% 4.6% Services Communication Discretionary Consumer Staples Consumer Energy Financials Health Care Industrials Technology Information Materials Real Estate Utilities U.S. EQUITIES Best first quarter in 5 years –The U.S. equity markets were off to an exceptional start with the S&P 500 posting a YTD gain of 11%, its best first quarter since 2019. Performance was buoyed by continued optimism around a “soft landing” scenario, strong corporate earnings, and the Fed’s projected interest rate cuts in mid-2024. –Almost all of the 11 S&P 500 sectors posted gains in 1Q24. Real estate was the only sector that posted losses, challenged by the interest rate environment and continued negative sentiment around office real estate. –The best-performing sector was Communication Services, which generated a nearly 16% return during the quarter. Energy, Financials, Information Technology, and Industrials also posted double-digit returns. Large cap stocks dominate again –Growth outpaced value across the market cap spectrum once again, and large cap stocks continued to outperform small cap stocks. –The “Magnificent Seven” in aggregate continues to outpace the other constituents of the S&P 500 in terms of earnings growth and total returns. –However, signs point to the broadening of returns within the index including: 1) The narrowing of dispersion in the premium gap of returns/earnings growth; as of 3/31/24, the premium gap of returns/earnings growth between the “Magnificent Seven” and the other 493 stocks in the index was 10%. In recent periods, the gap has been >25%; 2) Only two stocks of the “Magnificent Seven” (Meta and NVIDIA) were among the top 10 performers within the index for the quarter. –Returns within the “Magnificent Seven” cohort also show signs of disaggregation. Three stocks—Tesla, Apple, and Alphabet—exhibited negative to single-digit returns vs. other constituents, which generated low to high double-digit returns in 1Q24. In 2023, the entire cohort demonstrated positive double-and triple-digit returns. Capital Markets Overview 1Q24 Sources: FTSE Russell, S&P Dow Jones Indices Capital Markets Overview (continued) 1Q24 MSCI EAFE MSCI ACWI MSCI World MSCI ACWI ex USA MSCI World ex USA MSCI ACWI ex USA SC MSCI World ex USA SC MSCI Europe ex UK MSCI United Kingdom MSCI Pacific ex Japan MSCI Japan MSCI Emerging Markets MSCI China MSCI Frontier Markets Global Equity: Quarterly Returns 5.8% 8.2% 8.9% 4.7% 5.6% 2.1% 2.6% 5.9% 3.1% -1.7% 11.0% 2.4% -2.2% 5.3% MSCI EAFE MSCI ACWI MSCI World MSCI ACWI ex USA MSCI World ex USA MSCI ACWI ex USA SC MSCI World ex USA SC MSCI Europe ex UK MSCI United Kingdom MSCI Pacific ex Japan MSCI Japan MSCI Emerging Markets MSCI China MSCI Frontier Markets Global Equity: One-Year Returns 15.3% 23.2% 25.1% 13.3% 15.3% 12.8% 10.0% 15.1% 10.9% 2.4% 25.8% 8.2% -17.1% 14.0% Source: MSCI GLOBAL EQUITIES Another strong quarter for Japan –Broad markets delivered strong returns on the decreasing expected probability of a recession in the U.S. and continued optimism around artificial intelligence. –Small caps once again trailed large caps in a higher interest rate environment, which tends to more negatively impact smaller companies with more significant borrowing needs. –Japan performed well yet again, beating the S&P 500 in 1Q24, driven by continued stock buybacks, economic resiliency, and a weakening yen, which helped exports. Emerging markets struggle but exporters thrive –Emerging markets underperformed developed markets as China struggled with increased regulatory scrutiny and a continued economic slowdown. –Exporting countries such as Peru and Colombia benefited from increasing commodity prices. Turkey also performed well with a return to orthodox monetary policies after experimenting with counterintuitive methodologies. Value benefits from rising commodity prices –Energy’s volatility continued; after struggling in 4Q23, energy rebounded and helped deliver stronger performance in the commodity-heavy value space. U.S. dollar gains as rate cut expectations fall –The U.S. dollar rose in 1Q as investors recalibrated their interest rate expectations, with conventional wisdom now indicating that the U.S. may only enact one rate cut in 2024. Positive tailwinds –End of deflation –Most prolonged stint of consumption gains since mid-1990s –Increase in exports (positive impact to GDP) –Reforms support the Japanese equity market through increased M&A and improved corporate governance Slow growth in China ‒Sluggish growth continues, with weak home sales and deflationary pressures. Market valuation in China ‒With Chinese markets now down 60% from a high-water mark in early 2021, Chinese equities are at decade-low allocations in global portfolios. Fast growth in India ‒Highest real GDP growth and one of the only major countries with accelerating GDP growth. Market valuation in India ‒The MSCI India Index traded at 22.1 times forward earnings — above its 10-year average of 18.9 times. Bloomberg Gov/Cr 1-3 Yr Bloomberg Interm Gov/Cr Bloomberg Aggregate Bloomberg Long Gov/Cr Bloomberg Universal CS Leveraged Loans Bloomberg High Yield Bloomberg TIPS U.S. Fixed Income: Quarterly Returns 0.4% -0.2% -0.8% -2.4% -0.5% 2.5% 1.5% -0.1% Bloomberg Gov/Cr 1-3 Yr Bloomberg Interm Gov/Cr Bloomberg Aggregate Bloomberg Long Gov/Cr Bloomberg Universal CS Leveraged Loans Bloomberg High Yield Bloomberg TIPS U.S. Fixed Income: One-Year Returns 3.5% 2.7% 1.7% -1.1% 2.7% 12.4% 11.2% 0.5% 3% 4% 5% 6% 0 5 10 15 20 25 30 Maturity (Years) 03/31/2024 12/31/2023 03/31/2023 U.S. Treasury Yield Curves U.S. FIXED INCOME Big increase in 10-year Treasury yield –Markets’ enthusiasm for multiple rate cuts starting in early 2024 was tempered by stronger-than-expected economic data. –10-year U.S. Treasury yield rose from 3.88% as of year-end to close the quarter at 4.21%. –The yield curve remained inverted but less so than one year ago (2-year/10-year 42 bps vs. 57 one year ago). Aggregate falls as rates climb –The Bloomberg US Aggregate Bond Index fell 0.8% as rates rose. –Investment grade corporates outperformed like-duration Treasuries, while mortgages underperformed. –Lower quality also outperformed, with high yield corporates and leveraged loans posting the highest returns. –Investment grade and high yield corporate spreads are now tighter than one standard deviation from the trailing 10-year average. Record corporate bond issuance –Highest first quarter of new issuance on record, with $529 billion in investment grade corporates, surpassing 2020’s $479 billion. –High yield quarterly issuance was just as significant with a volume of $85 billion, a level not seen since 2021. –Both were met with strong investor demand. –Corporate bond spreads continued to tighten across all qualities amid strong investor demand. Investment grade credit OAS declined 8 bps to 85 bps, while high yield corporates fell 24 bps, crossing the 300 bp level for the first time since January 2022. –Investment grade credit spreads are now in the lowest 13th percentile over the last 20 years, while high yield bonds are in the 8th percentile. Bank loans are relatively more attractive, with spreads in the 42nd percentile since June 2008. –However, all-in yields continue to provide high levels of income, with investment grade credit in the 77th percentile over the last 20 years, while high yield is in the 58th percentile. Bank loan yields, which are benefitting from the inverted yield curve, are in the 81st percentile since June 2008. Capital Markets Overview (continued) 1Q24 Sources: Bloomberg, Credit Suisse Bloomberg Global Aggregate Bloomberg Global Agg (hdg) Bloomberg Global High Yield Bloomberg Global Agg ex US JPM EMBI Global Diversified JPM GBI-EM Global Diversified JPM EMBI Gl Div/JPM GBI-EM Gl Div JPM CEMBI Global Fixed Income: Quarterly Returns -2.1% 0.0% 2.1% -3.2% 2.0% -2.1% -0.1% 2.1% Bloomberg Global Aggregate Bloomberg Global Agg (hdg) Bloomberg Global High Yield Bloomberg Global Agg ex US JPM EMBI Global Diversified JPM GBI-EM Global Diversified JPM EMBI Gl Div/JPM GBI-EM Gl Div JPM CEMBI Global Fixed Income: One-Year Returns 0.5% 4.1% 12.9% -0.7% 11.3% 4.9% 8.1% 7.5% Change in 10-Year Global Government Bond Yields MUNICIPAL BONDS Municipal bonds posted fairly flat returns in 1Q –Yields rose, but less than for U.S. Treasuries. –10-year AAA municipal bond yield closed at 2.52%, up from 2.27% as of year-end. –10-year U.S. Treasury yield rose to 4.20% from 3.88%. –Strong demand easily absorbed robust issuance. BBBs performed best for quarter and year –AAA: -0.8% –AA: -0.6% –A: +0.1% –BBB: +0.6% –High Yield: +1.5% Valuations vs. U.S. Treasuries remained rich –10-year AAA Muni/10-year U.S. Treasury yield ratio 60% –Well below 10-year median of 86% GLOBAL FIXED INCOME Central banks close to rate cuts –Central banks largely kept rates on hold but are getting closer to rate cuts as inflation moderates. –Switzerland was the first to raise rates with a 25 bps increase. –Japan was the last to exit negative interest rate policy, raising rates from -0.1% to a range of 0.0%-0.1%. U.S. dollar strengthened –Major currencies weakened relative to the dollar, a reversal of fortune from 4Q23. –Hedged investors saw better returns. Emerging markets were mixed –Hard currency EM debt performed relatively well, especially high yield. The JPM EMBI Global Diversified Index rose 2.0%, with the high yield component up 4.9%. –Local currencies generally lost ground to the U.S. dollar, hurting returns for the JPM GBI-EM Global Diversified Index. Capital Markets Overview (continued) 1Q24 Sources: Bloomberg, JP Morgan 32 bps 27 bps 40 bps 36 bps 11 bps 0 10 20 30 40 U.S. Treasury Germany U.K. Canada Japan 4Q23 to 1Q24                     Active Management Overview     Market Overview Active Management vs Index Returns Market Overview The charts below illustrate the range of returns across managers in Callan’s Separate Account database over the most recent one quarter and one year time periods. The database is broken down by asset class to illustrate the difference in returns across those asset classes. An appropriate index is also shown for each asset class for comparison purposes. As an example, the first bar in the upper chart illustrates the range of returns for domestic equity managers over the last quarter. The triangle represents the S&P 500 return. The number next to the triangle represents the ranking of the S&P 500 in the Large Cap Equity manager database. Range of Separate Account Manager Returns by Asset Class One Quarter Ended March 31, 2024 Re t u r n s (10%) (5%) 0% 5% 10% 15% 20% Large Cap Small Cap Non-US Domestic Non-US Real Equity Equity Equity Fixed Income Fixed Income Estate vs vs vs vs vs vs S&P 500 Russell 2000 MSCI EAFE Blmbg Aggr Bd Citi Non-US Govt NCREIF Index (61) (68)(48) (94) (79)(93) 10th Percentile 14.77 10.89 7.94 (0.14)(0.16)0.92 25th Percentile 12.97 7.82 6.86 (0.26)(1.05)(0.81) Median 11.41 6.09 5.71 (0.46)(2.23)(1.70) 75th Percentile 9.37 4.88 4.15 (0.62)(3.33)(2.10)90th Percentile 7.72 3.42 2.54 (0.72)(3.68)(2.83) Index 10.56 5.18 5.78 (0.78)(3.42)(3.02) Range of Separate Account Manager Returns by Asset Class One Year Ended March 31, 2024 Re t u r n s (30%) (20%) (10%) 0% 10% 20% 30% 40% 50% 60% Large Cap Small Cap Non-US Domestic Non-US Real Equity Equity Equity Fixed Income Fixed Income EstatevsvsvsvsvsvsS&P 500 Russell 2000 MSCI EAFE Blmbg Aggr Bd Citi Non-US Govt NCREIF Index (55) (53)(43) (86)(86) (63) 10th Percentile 44.10 27.01 20.19 3.31 6.89 5.63 25th Percentile 39.15 23.68 17.10 2.78 3.68 1.06Median31.06 19.91 14.52 2.49 1.99 (6.28) 75th Percentile 24.75 16.21 11.88 2.08 0.70 (10.68) 90th Percentile 20.21 13.51 9.42 1.40 (2.23)(14.82) Index 29.88 19.71 15.32 1.70 (1.46)(9.07) 7Orange County Sanitation District Domestic Fixed Income Active Management Overview Bond yields rose modestly in 1Q as expectations dwindled for aggressive rate cuts amid stubbornly high inflation. The U.S. Treasury 10-year yield rose from 3.88% as of year-end 2023 to 4.20% at the end of 1Q 2024. The Bloomberg US Aggregate Bond Index fell 0.8% for the quarter. Ten-year breakeven spreads, a measure of the markets expectation for inflation over the next decade, rose from 2.16% to 2.32%. Investment grade corporate bonds outperformed U.S. Treasuries by 89 bps on a duration-adjusted basis, fueled by strong demand that easily absorbed record supply for a first quarter and the second largest quarterly issuance ever. High yield corporates (Bloomberg HY: +1.5%) outperformed the investment grade market and leveraged loans performed even better (CS Leveraged Loan: +2.3%). Separate Account Style Group Median Returns for Quarter Ended March 31, 2024 (4%) (3%) (2%) (1%) 0% 1% 2% 3% 4% 0.73 Defensive 0.06 Intermed (0.46 ) Core Bond (0.11 ) Core Plus (2.21 ) Extended Maturity 2.47 Bank Loans 1.69 High Yield Re t u r n s Blmbg Aggregate:(0.78%) Blmbg High Yield:1.47% Blmbg Long Gov/Cred:(2.41%) Separate Account Style Group Median Returns for One Year Ended March 31, 2024 (5%) 0% 5% 10% 15% 20% 4.42 Defensive 3.29 Intermed 2.49 Core Bond 3.41 Core Plus (0.61 ) Extended Maturity 12.18 Bank Loans 10.89 High Yield Re t u r n s Blmbg Aggregate:1.70% Blmbg High Yield:11.15% Blmbg Long Gov/Cred:(1.15%) 8Orange County Sanitation District                     Asset Allocation     Investment Manager Asset Allocation The table below contrasts the distribution of assets across the Fund’s investment managers as of March 31, 2024, with the distribution as of December 31, 2023. The change in asset distribution is broken down into the dollar change due to Net New Investment and the dollar change due to Investment Return. Asset Distribution Across Investment Managers March 31, 2024 December 31, 2023 Market Value Weight Net New Inv. Inv. Return Market Value Weight Domestic Fixed Income Chandler Long Term 0 0.00%(731,911,247)(1,392,011)733,303,258 77.83% Insight Long Term 734,985,357 83.89% 731,911,247 3,074,110 -- Chandler Liquid 0 0.00%(210,516,844)1,594,828 208,922,016 22.17% Insight Liquid 141,148,996 16.11% 140,516,844 632,152 -- Total Fund $876,134,353 100.00%$(70,000,000)$3,909,079 $942,225,274 100.00% *Insight replaced Chandler during the 1st quarter of 2024. Assets were transferred in-kind as of 03/01/2024. 10Orange County Sanitation District Investment Manager Returns The table below details the rates of return for the Fund’s investment managers over various time periods ended March 31, 2024. Negative returns are shown in red, positive returns in black. Returns for one year or greater are annualized. The first set of returns for each asset class represents the composite returns for all the fund’s accounts for that asset class. Returns for Periods Ended March 31, 2024 Last Last Last Last Last 3 5 7 Quarter Year Years Years Years Domestic Fixed Income Long Term Operating Fund^0.27%3.42%(0.02%)1.39% 1.53% Blmbg Govt/Cred 1-5 Year Idx 0.14%3.16%(0.38%)1.24% 1.41% ML 1-5 Govt/Corp 0.20%3.26%(0.36%)1.26% 1.44% Liquid Operating Monies^1.34%5.36% 2.62% 2.10% 1.97% Citigroup 3-Month Treasury Bill 1.37% 5.52% 2.70% 2.07% 1.93% Total Fund 0.48% 3.82% 0.46% 1.52% 1.60% Target*0.43%3.71% 0.25% 1.43% 1.54% * Current Quarter Target = 80.0% ICE Corp/Gov 1-5 Yr and 20.0% FTSE 3 Mo T-Bill. ^Assets were transferred in kind to Insight on 3/1/2024. Performance from 12/1/2014 to 3/1/2024 represents Chandler. Previous performance reflects PIMCO. 11Orange County Sanitation District Investment Manager Returns The table below details the rates of return for the Fund’s investment managers over various time periods ended March 31, 2024. Negative returns are shown in red, positive returns in black. Returns for one year or greater are annualized. The first set of returns for each asset class represents the composite returns for all the fund’s accounts for that asset class. Returns for Periods Ended March 31, 2024 Last Last Last 10 15 28-1/2 Years Years Years Domestic Fixed Income Long Term Operating Fund^1.49%2.07%3.72% Blmbg Govt/Cred 1-5 Year Idx 1.40%1.88%3.55% ML 1-5 Govt/Corp 1.44%1.95%3.58% Liquid Operating Monies^1.47%1.05%2.50% Citigroup 3-Month Treasury Bill 1.39%0.96%2.25% Total Fund 1.47%1.88%3.53% Target*1.43%1.75%3.31% * Current Quarter Target = 80.0% ICE Corp/Gov 1-5 Yr and 20.0% FTSE 3 Mo T-Bill. ^Assets were transferred in kind to Insight on 3/1/2024. Performance from 12/1/2014 to 3/1/2024 represents Chandler. Previous performance reflects PIMCO. 12Orange County Sanitation District Investment Manager Returns The table below details the rates of return for the Fund’s investment managers over various time periods. Negative returns are shown in red, positive returns in black. Returns for one year or greater are annualized. The first set of returns for each asset class represents the composite returns for all the fund’s accounts for that asset class. 12/2023- 3/2024 2023 2022 2021 2020 Domestic Fixed Income Long Term Operating Fund^0.27%4.96%(4.75%) (0.79%)4.42% Blmbg Govt/Cred 1-5 Year Idx 0.14%4.89%(5.50%) (0.97%)4.71% ML 1-5 Govt/Corp 0.20%4.89%(5.54%) (0.87%)4.65% Liquid Operating Monies^1.34%5.17% 1.30% 0.15% 0.84% Citigroup 3-Month Treasury Bill 1.37% 5.26% 1.50% 0.05% 0.58% Total Fund 0.48% 5.01%(3.70%) (0.61%)3.73% Target*0.43%4.97%(4.16%) (0.68%)3.82% * Current Quarter Target = 80.0% ICE Corp/Gov 1-5 Yr and 20.0% FTSE 3 Mo T-Bill. ^Assets were transferred in kind to Insight on 3/1/2024. Performance from 12/1/2014 to 3/1/2024 represents Chandler. Previous performance reflects PIMCO. 13Orange County Sanitation District Investment Manager Returns The table below details the rates of return for the Fund’s investment managers over various time periods. Negative returns are shown in red, positive returns in black. Returns for one year or greater are annualized. The first set of returns for each asset class represents the composite returns for all the fund’s accounts for that asset class. 2019 2018 2017 2016 2015 Domestic Fixed Income Long Term Operating Fund^4.70%1.60% 1.18% 1.58% 0.85% Blmbg Govt/Cred 1-5 Year Idx 5.01% 1.38% 1.27% 1.56% 0.97% ML 1-5 Govt/Corp 5.08% 1.40% 1.28% 1.62% 1.05% Liquid Operating Monies^2.39% 1.90% 0.91% 0.47% 0.22% Citigroup 3-Month Treasury Bill 2.25% 1.86% 0.84% 0.27% 0.03% Total Fund 4.26% 1.72% 1.02% 1.15% 0.80% Target*4.51%1.49% 1.19% 1.35% 0.85% * Current Quarter Target = 80.0% ICE Corp/Gov 1-5 Yr and 20.0% FTSE 3 Mo T-Bill. ^Assets were transferred in kind to Insight on 3/1/2024. Performance from 12/1/2014 to 3/1/2024 represents Chandler. Previous performance reflects PIMCO. 14Orange County Sanitation District Asset Class Risk and Return The charts below show the seven year annualized risk and return for each asset class component of the Total Fund. The first graph contrasts these values with those of the appropriate index for each asset class. The second chart contrasts them with the risk and return of the median portfolio in each of the appropriate CAI comparative databases. In each case, the crosshairs on the chart represent the return and risk of the Total Fund. Seven Year Annualized Risk vs Return Asset Classes vs Benchmark Indices 0.6%0.8%1.0%1.2%1.4%1.6%1.8%2.0%2.2%2.4%2.6%2.8%3.0% 1.30% 1.40% 1.50% 1.60% 1.70% 1.80% 1.90% 2.00% Total Fund Blmbg Gov/Cred 1-5 Yr FTSE 3 Mo T-Bill Total Fund Target ICE Corp/Gov 1-5 Yr Standard Deviation Re t u r n s Seven Year Annualized Risk vs Return Asset Classes vs Asset Class Median 0.6%0.8%1.0%1.2%1.4%1.6%1.8%2.0%2.2%2.4% 1.55% 1.60% 1.65% 1.70% 1.75% 1.80% 1.85% 1.90% 1.95% 2.00% Total Fund Callan Money Market Funds Callan Short Fixed Inc Standard Deviation Re t u r n s 15Orange County Sanitation District                     Manager Analysis     Long Term Operating Fund Period Ended March 31, 2024 Investment Philosophy Standish Mellon’s 1-5 Year strategy seeks to capitalize on market inefficiencies, use multiple sources of alpha and make diverse bets in an effort to achieve superior total return versus the Barclays Capital Aggregate Index over a full market cycle on an absolute and risk-adjusted basis. We employ a disciplined team structure that relies on fundamental proprietary analysis and research to identify individual securities with the greatest capital appreciation potential. We customize every portfolio to meet each client’s return objectives, liquidity needs, and risk tolerance. We emphasize diversification across sectors, industries, issuers and credit quality. Under most circumstances, we limit our duration exposure to within a range of +/- 15% versus the benchmark. We add value for our clients’ portfolios by using a disciplined team structure that relies on fundamental, proprietary research analysis to identify individual securities with the greatest capital appreciation potential. Assets were transferred in kind to Insight on 3/1/2024. Performance from 12/1/2014 to 3/1/2024 represents Chandler. Previous performance reflects PIMCO. Quarterly Summary and Highlights Long Term Operating Fund’s portfolio posted a 0.27% return for the quarter placing it in the 97 percentile of the Callan Short Term Fixed Income group for the quarter and in the 94 percentile for the last year. Long Term Operating Fund’s portfolio outperformed the ICE Corp/Gov 1-5 Yr by 0.07% for the quarter and outperformed the ICE Corp/Gov 1-5 Yr for the year by 0.16%. Quarterly Asset Growth Beginning Market Value $733,303,258 Net New Investment $0 Investment Gains/(Losses)$1,682,099 Ending Market Value $734,985,357 Performance vs Callan Short Term Fixed Income (Gross) (2%) (1%) 0%1% 2%3%4% 5%6%7% Last Quarter Last Last 3 Years Last 5 Years Last 9-1/4 Last 7 Years Last 10 Years Last 28-1/2 Year Years Years A(97)B(99)(98) A(94)B(100)(100) A(90)B(99)(99) A(95)B(99)(99)A(83)B(94)(91)A(91)B(97)(97)A(81)B(91)(84) A(31) B(53)(49) 10th Percentile 1.11 5.69 1.71 2.46 2.31 2.46 2.28 4.01 25th Percentile 0.85 5.16 1.09 2.09 2.04 2.11 1.97 3.76 Median 0.73 4.42 0.83 1.83 1.79 1.93 1.75 3.57 75th Percentile 0.64 4.02 0.40 1.61 1.64 1.71 1.62 3.36 90th Percentile 0.39 3.59 (0.01)1.46 1.44 1.55 1.40 3.05 Long Term Operating Fund A 0.27 3.42 (0.02)1.39 1.47 1.53 1.49 3.72 Blmbg Govt/Cred 1-5 Year Idx B 0.14 3.16 (0.38)1.24 1.41 1.41 1.40 3.55 ICE Corp/Gov 1-5 Yr 0.20 3.26 (0.36)1.26 1.44 1.44 1.44 3.58 Relative Return vs ICE Corp/Gov 1-5 Yr Re l a t i v e R e t u r n s (0.8%) (0.6%) (0.4%) (0.2%) 0.0% 0.2% 0.4% 0.6% 0.8% 2017 2018 2019 2020 2021 2022 2023 24 Long Term Operating Fund Callan Short Term Fixed Income (Gross) Annualized Seven Year Risk vs Return 0 1 2 3 4 5 6 1.2% 1.4% 1.6% 1.8% 2.0% 2.2% 2.4% 2.6% 2.8% 3.0% 3.2% Blmbg Govt/Cred 1-5 Year Idx Long Term Operating Fund ICE Corp/Gov 1-5 Yr Standard Deviation Re t u r n s 17Orange County Sanitation District Long Term Operating Fund Return Analysis Summary Return Analysis The graphs below analyze the manager’s return on both a risk-adjusted and unadjusted basis. The first chart illustrates the manager’s ranking over different periods versus the appropriate style group. The second chart shows the historical quarterly and cumulative manager returns versus the appropriate market benchmark. The last chart illustrates the manager’s ranking relative to their style using various risk-adjusted return measures. Assets were transferred in kind to Insight on 3/1/2024. Performance from 12/1/2014 to 3/1/2024 represents Chandler. Previous performance reflects PIMCO. Performance vs Callan Short Term Fixed Income (Gross) (8%) (6%) (4%) (2%) 0% 2% 4% 6% 8% 12/23- 3/24 2023 2022 2021 2020 2019 2018 2017 2016 2015 A(97)B(99)98 A(81)B(86)86 A(81) B(95)95 A(89)B(99)94 B(23)A(33)24 B(22) A(35)20 A(66)B(87)86 B(59)A(65)58 A(48)B(49)47 B(34)A(61)26 10th Percentile 1.11 6.38 (1.90)0.75 5.12 5.48 2.02 2.30 2.81 1.18 25th Percentile 0.85 5.74 (2.90)0.14 4.55 4.96 1.83 1.76 2.19 1.05Median 0.73 5.39 (3.34) (0.22)3.98 4.53 1.69 1.34 1.55 0.90 75th Percentile 0.64 5.05 (4.49) (0.45)3.56 4.06 1.53 0.95 1.16 0.76 90th Percentile 0.39 4.82 (4.93) (0.82)2.41 3.56 1.33 0.66 1.04 0.62 Long TermOperating Fund A 0.27 4.96 (4.75) (0.79)4.42 4.70 1.60 1.18 1.58 0.85 Blmbg Govt/Cred 1-5 Year Idx B 0.14 4.89 (5.50) (0.97)4.71 5.01 1.38 1.27 1.56 0.97 ICE Corp/Gov1-5 Yr 0.20 4.89 (5.54) (0.87)4.65 5.08 1.40 1.28 1.62 1.05 Cumulative and Quarterly Relative Returns vs ICE Corp/Gov 1-5 Yr Qu a r t e r l y R e l a t i v e R e t u r n s Cu m u l a t i v e R e l a t i v e R e t u r n s (0.6%) (0.4%) (0.2%) 0.0% 0.2% 0.4% 0.6% 0.8% (6%) (4%) (2%) 0% 2% 4% 6% 8% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 24 Long Term Operating Fund Blmbg Govt/Cred 1-5 Year Idx Callan Short Fixed Inc Risk Adjusted Return Measures vs ICE Corp/Gov 1-5 Yr Rankings Against Callan Short Term Fixed Income (Gross) Seven Years Ended March 31, 2024 (0.4) (0.2) 0.0 0.2 0.4 0.6 0.8 1.0 1.2 Alpha Sharpe Excess Return Ratio Ratio A(83)B(90)A(85)B(92) A(80) B(100) 10th Percentile 0.90 0.20 0.65 25th Percentile 0.58 0.09 0.53 Median 0.36 0.01 0.40 75th Percentile 0.17 (0.08)0.2790th Percentile (0.02)(0.17)0.12 Long Term Operating Fund A 0.03 (0.15)0.21 Blmbg Govt/Cred 1-5 Year Idx B (0.02)(0.18)(0.21) 18Orange County Sanitation District Long Term Operating Fund Bond Characteristics Analysis Summary Portfolio Characteristics This graph compares the manager’s portfolio characteristics with the range of characteristics for the portfolios which make up the manager’s style group. This analysis illustrates whether the manager’s current holdings are consistent with other managers employing the same style. Fixed Income Portfolio Characteristics Rankings Against Callan Short Term Fixed Income as of March 31, 2024 (1) 0 1 2 3 4 5 6 7 Average Effective Coupon OA Duration Life Yield Rate Convexity (15)(8)(23)(21) (96) (92)(88) (10)(11) 10th Percentile 2.56 3.08 6.22 4.96 0.09 25th Percentile 2.05 2.66 5.50 4.36 0.06 Median 1.85 2.18 5.24 4.06 0.03 75th Percentile 1.77 1.97 5.05 3.28 0.01 90th Percentile 0.89 1.30 4.96 2.87 (0.08) Long Term Operating Fund 2.48 2.71 -2.74 0.09 ICE Corp/Gov 1-5 Yr 2.59 2.80 4.77 2.95 0.09 Sector Allocation and Quality Ratings The first graph compares the manager’s sector allocation with the average allocation across all the members of the manager’s style. The second graph compares the manager’s weighted average quality rating with the range of quality ratings for the style. Sector Allocation March 31, 2024 0%10%20%30%40%50%60%70%80% US Trsy 40.636.8 63.7 Corp (incl 144A) 26.8 50 % Mg r M V 50 % Mg r M V 41.128.1 Gov Related 21.31.1 8.2 ABS 8.1 16.4 CMBS 3.03.6 Cash 0.10.7 CMOs 0.10.2 RMBS 0.1 Long Term Operating Fund Callan Short Term Fixed Income ICE Corp/Gov 1-5 Yr Quality Ratings vs Callan Short Term Fixed Income A- A A+ AA- AA AA+ AAA Trsy Weighted Average Quality Rating (68)(68) 10th Percentile AA 25th Percentile AA Median AA 75th Percentile AA- 90th Percentile A Long TermOperating Fund AA ICE Corp/Gov 1-5 Yr AA 19Orange County Sanitation District Long Term Operating Fund Portfolio Characteristics Summary As of March 31, 2024 Portfolio Structure Comparison The charts below compare the structure of the portfolio to that of the index from the three perspectives that have the greatest influence on return. The first chart compares the two portfolios across sectors. The second chart compares the duration distribution. The last chart compares the distribution across quality ratings. Sector Allocation Long Term Operating Fund US Trsy 41% Cash 0% Corp (incl 144A)27% CMOs 0% Gov Related 21% CMBS 3% ABS 8% ML:Corp/Gov 1-5 Yr US Trsy 64% Gov Related 8% Corp (incl 144A) 28% Duration Distribution 0% 10% 20% 30% 40% 50% 60% 70% 80% <1 12.4 2.7 1-3 46.1 61.4 3-5 41.5 35.9 5-7 0.0 0.0 7-10 0.0 0.0 >10 0.0 0.0 Years Duration Pe r c e n t o f P o r t f o l i o Weighted Average:Duration Long Term Operating Fund: ML:Corp/Gov 1-5 Yr: 2.48 2.59 Quality Distribution 0% 20% 40% 60% 80% 100% AAA 17.1 3.9 AA 60.2 69.4 A 22.6 13.4 BBB 0.0 13.3 BB 0.0 0.1 B 0.0 0.0 CCC 0.0 0.0 CC 0.0 0.0 C 0.0 0.0 N/R 0.1 0.0 Quality Rating Pe r c e n t o f P o r t f o l i o Weighted Average:Quality Long Term Operating Fund: ML:Corp/Gov 1-5 Yr: AA AA 20Orange County Sanitation District Liquid Operating Money Period Ended March 31, 2024 Investment Philosophy Assets were transferred in kind to Insight on 3/1/2024. Performance from 12/1/2014 to 3/1/2024 represents Chandler. Previous performance reflects PIMCO. Quarterly Summary and Highlights Liquid Operating Money Net’s portfolio posted a 1.31% return for the quarter placing it in the 36 percentile of the Callan Money Market Funds group for the quarter and in the 48 percentile for the last year. Liquid Operating Money Net’s portfolio underperformed the Citigroup 3-Month Treasury Bill by 0.06% for the quarter and underperformed the Citigroup 3-Month Treasury Bill for the year by 0.31%. Quarterly Asset Growth Beginning Market Value $208,922,016 Net New Investment $-70,000,000 Investment Gains/(Losses)$2,226,980 Ending Market Value $141,148,996 Performance vs Callan Money Market Funds (Net) 0% 1% 2% 3% 4% 5% 6% 7% 8% Last Quarter Last Last 3 Years Last 5 Years Last 9-1/4 Last 7 Years Last 10 Years Last 28-1/2 Year Years Years (36)(22) (48)(27) (45)(11) (34)(24) (29)(23)(32)(25) (29)(22) (11)(19) 10th Percentile 1.61 6.57 2.73 2.30 1.92 2.17 1.79 2.37 25th Percentile 1.34 5.66 2.58 2.06 1.48 1.94 1.36 2.20 Median 1.28 5.19 2.45 1.86 1.29 1.69 1.19 2.07 75th Percentile 1.23 4.97 2.32 1.74 1.20 1.57 1.11 1.97 90th Percentile 1.13 4.73 1.89 1.58 1.07 1.41 0.98 1.85 Liquid Operating Money Net 1.31 5.21 2.47 1.95 1.43 1.82 1.32 2.34 Citigroup 3-Month Treasury Bill 1.37 5.52 2.70 2.07 1.50 1.93 1.39 2.25 Relative Returns vs Citigroup 3-Month Treasury Bill Re l a t i v e R e t u r n s (0.30%) (0.20%) (0.10%) 0.00% 0.10% 0.20% 0.30% 0.40% 2017 2018 2019 2020 2021 2022 2023 24 Liquid Operating Money Net Callan Money Market Funds (Net) Annualized Seven Year Risk vs Return 0 1 2 3 4 5 6 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% Citigroup 3-Month Treasury Bill Liquid Operating Money Net Standard Deviation Re t u r n s 21Orange County Sanitation District Liquid Operating Money Net Return Analysis Summary Return Analysis The graphs below analyze the manager’s return on both a risk-adjusted and unadjusted basis. The first chart illustrates the manager’s ranking over different periods versus the appropriate style group. The second chart shows the historical quarterly and cumulative manager returns versus the appropriate market benchmark. The last chart illustrates the manager’s ranking relative to their style using various risk-adjusted return measures. Assets were transferred in kind to Insight on 3/1/2024. Performance from 12/1/2014 to 3/1/2024 represents Chandler. Previous performance reflects PIMCO. Performance vs Callan Money Market Funds (Net) (2%) (1%) 0% 1% 2% 3% 4% 5% 6% 7% 8% 12/23- 3/24 2023 2022 2021 2020 2019 2018 2017 2016 2015 3622 4530 6117 8822 2426 2827 2312 3530 2932 2236 10th Percentile 1.61 6.22 1.57 0.19 1.70 3.20 1.89 1.42 1.32 0.28 25th Percentile 1.34 5.49 1.43 0.03 0.62 2.32 1.72 0.91 0.39 0.06 Median 1.28 4.97 1.27 0.01 0.34 1.96 1.53 0.61 0.14 0.01 75th Percentile 1.23 4.75 0.38 0.01 0.27 1.76 1.31 0.42 0.05 0.01 90th Percentile 1.13 4.56 (0.95) (0.03)0.19 1.50 1.07 0.23 0.01 0.00 Liquid Operating Money Net 1.31 5.02 1.14 (0.00)0.69 2.24 1.75 0.76 0.32 0.07 Citigroup 3-MonthTreasury Bill 1.37 5.26 1.50 0.05 0.58 2.25 1.86 0.84 0.27 0.03 Cumulative and Quarterly Relative Returns vs Citigroup 3-Month Treasury Bill Qu a r t e r l y R e l a t i v e R e t u r n s Cu m u l a t i v e R e l a t i v e R e t u r n s (0.15%) (0.10%) (0.05%) 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 0.35% (3.0%) (2.5%) (2.0%) (1.5%) (1.0%) (0.5%) 0.0% 0.5% 1.0% 1.5% 2.0% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 24 Liquid Operating Money Net Callan Money Market Funds Risk Adjusted Return Measures vs Citigroup 3-Month Treasury Bill Rankings Against Callan Money Market Funds (Net) Seven Years Ended March 31, 2024 (5) (4) (3) (2) (1) 0 1 Alpha Sharpe Excess Return Ratio Ratio (22)(33) (35) 10th Percentile 0.02 0.16 0.21 25th Percentile (0.11)0.03 0.02 Median (0.25)(0.23)(2.50)75th Percentile (0.36)(0.38)(3.37) 90th Percentile (0.52)(0.58)(3.68) Liquid Operating Money Net (0.08)(0.09)(0.74) 22Orange County Sanitation District Callan Research/Education  Quarterly Highlights The Callan Institute provides research to update clients on the latest industry trends, carefully structured educational programs to enhance the knowledge of industry professionals, and events to enhance dialogue among investing professionals. Visit www.callan.com/ research-library to see all of our publications, and www.callan.com/blog to view our blog. For more information contact Barb Gerraty at 415- 274-3093 / institute@callan.com. New Research from Callan’s Experts 2024-2033 Capital Markets Assumptions | View our interactive webpage and charticle outlining our 10-year assumptions. Our white paper and associated webinar also detail the process involved in creating our assumptions and the reasoning behind them. Callan Periodic Table of Investment Returns: Year-end 2023 | The Periodic Table of Investment Returns depicts annual returns for key asset classes, ranked from best to worst performance for each calendar year. Rental Housing Primer: 1Q24 RAR | Callan’s Aaron Quach pro- vides analysis of the key subsectors within the rental housing sector. STAR Report Executive Summary: Year-End 2023 | The Style, Trend, Analysis & Research (STAR) report provides in-depth analysis of asset flows across public strategies and discussion of alternatives. Webinar Replays Research Café: ESG Interview Series | This session features Tom Shingler, Callan ESG practice leader, interviewing Chris Fidler, from the Codes & Standards team at the CFA Institute. Blog Highlights SEC Releases Final Climate Disclosure Rule | The objective for these rules is to aid investors in making relatable comparisons of companies by providing transparency into the potential financial ef- fects of climate-related risks. A Strong Finish to 2023 Bodes Well for Hedge Funds in 2024 | Hedge funds finished off 2023 on a strong note with the HFRI Fund Weighted Composite ending 8.1% higher and the Callan Institutional Hedge Fund Peer Group gaining 7.5%. The Magnificent Seven and Large Cap Portfolios | The Seven’s presence, both in weight and attribution, affected just about every investment managers’ large cap portfolio. Quarterly Updates Private Equity Update, 4Q23 | A high-level summary of private eq- uity activity in the quarter through all the investment stages Active vs. Passive Charts, 4Q23 | A comparison of active manag- ers alongside relevant benchmarks over the long term Market Pulse, 4Q23 | A quarterly market reference guide covering trends in the U.S. economy, developments for institutional investors, and the latest data on the capital markets Capital Markets Review, 4Q23 | Analysis and a broad overview of the economy and public and private markets activity each quarter across a wide range of asset classes Hedge Fund Update, 4Q23 | Commentary on developments for hedge funds and multi-asset class (MAC) strategies Real Assets Update, 4Q23 | A summary of market activity for real assets and private real estate during the quarter Private Credit Update, 4Q23 | A review of performance and fund- raising activity for private credit during the quarter Callan Target Date Index™, 4Q23 | Tracks the performance and asset allocation of available target date mutual funds and CITs Callan DC Index™, 4Q23 | Provides underlying fund performance, asset allocation, and cash flows of more than 100 large defined con- tribution plans representing approximately $400 billion in assets. Education 1st Quarter 2024 Events A complete list of all upcoming events can be found on our web- site: callan.com/events-education. Please mark your calendar and look forward to upcoming invitations: June Regional Workshops June 25, 2024 – Atlanta June 27, 2024 – San Francisco For more information about events, please contact Barb Gerraty: 415-274-3093 / gerraty@callan.com Education Founded in 1994, the “Callan College” offers educational sessions for industry professionals involved in the investment decision-mak- ing process. Introduction to Investments June 11-12, 2024 – Chicago This program familiarizes institutional investor trustees and staff and asset management advisers with basic investment theory, terminology, and practices. This course is designed for individuals with less than two years of experience with asset-management oversight and/or support responsibilities. Alternative Investments Aug. 21-22, 2024 – Virtual Alternative investments like private equity, hedge funds, and real estate can play a key role in any portfolio. In our “Callan College” on Alternatives, you will learn about the importance of allocations to alternatives, and how to consider integrating, evaluating, and monitoring them. Our virtual sessions are held over two to three days with virtual modules of 2.5-3 hours, while in-person sessions run either a full day or one-and-a-half days. Virtual tuition is $950 per person and includes instruction and digital materials. In-person tuition is $2,350 per person and includes instruction, all materials, break- fast and lunch on each day, and dinner on the first evening with the instructors. Additional information including registration can be found at: callan.com/events-education Unique pieces of research the Institute generates each year50+ Total attendees of the “Callan College” since 19944,845 Attendees (on average) of the Institute’s annual National Conference525 Education: By the Numbers Callan “Research is the foundation of all we do at Callan, and sharing our best thinking with the investment community is our way of helping to foster dialogue to raise the bar across the industry.” Greg Allen, CEO and Chief Research Officer                     Definitions     Risk/Reward Statistics The risk statistics used in this report examine performance characteristics of a manager or a portfolio relative to a benchmark (market indicator) which assumes to represent overall movements in the asset class being considered. The main unit of analysis is the excess return, which is the portfolio return minus the return on a risk free asset (3 month T-Bill). Alpha measures a portfolio’s return in excess of the market return adjusted for risk. It is a measure of the manager’s contribution to performance with reference to security selection. A positive alpha indicates that a portfolio was positively rewarded for the residual risk which was taken for that level of market exposure. Beta measures the sensitivity of rates of portfolio returns to movements in the market index. A portfolio’s beta measures the expected change in return per 1% change in the return on the market. If a beta of a portfolio is 1.5, a 1 percent increase in the return on the market will result, on average, in a 1.5 percent increase in the return on the portfolio. The converse would also be true. Downside Risk stems from the desire to differentiate between "good risk" (upside volatility) and "bad risk" (downside volatility). Whereas standard deviation punishes both upside and downside volatility, downside risk measures only the standard deviation of returns below the target. Returns above the target are assigned a deviation of zero. Both the frequency and magnitude of underperformance affect the amount of downside risk. Excess Return Ratio is a measure of risk adjusted relative return. This ratio captures the amount of active management performance (value added relative to an index) per unit of active management risk (tracking error against the index.) It is calculated by dividing the manager’s annualized cumulative excess return relative to the index by the standard deviation of the individual quarterly excess returns. The Excess Return Ratio can be interpreted as the manager’s active risk/reward tradeoff for diverging from the index when the index is mandated to be the "riskless" market position. Information Ratio measures the manager’s market risk-adjusted excess return per unit of residual risk relative to a benchmark. It is computed by dividing alpha by the residual risk over a given time period. Assuming all other factors being equal, managers with lower residual risk achieve higher values in the information ratio. Managers with higher information ratios will add value relative to the benchmark more reliably and consistently. R-Squared indicates the extent to which the variability of the portfolio returns are explained by market action. It can also be thought of as measuring the diversification relative to the appropriate benchmark. An r-squared value of .75 indicates that 75% of the fluctuation in a portfolio return is explained by market action. An r-squared of 1.0 indicates that a portfolio’s returns are entirely related to the market and it is not influenced by other factors. An r-squared of zero indicates that no relationship exists between the portfolio’s return and the market. Relative Standard Deviation is a simple measure of a manager’s risk (volatility) relative to a benchmark. It is calculated by dividing the manager’s standard deviation of returns by the benchmark’s standard deviation of returns. A relative standard deviation of 1.20, for example, means the manager has exhibited 20% more risk than the benchmark over that time period. A ratio of .80 would imply 20% less risk. This ratio is especially useful when analyzing the risk of investment grade fixed-income products where actual historical durations are not available. By using this relative risk measure over rolling time periods one can illustrate the "implied" historical duration patterns of the portfolio versus the benchmark. Residual Portfolio Risk is the unsystematic risk of a fund, the portion of the total risk unique to the fund (manager) itself and not related to the overall market. This reflects the "bets" which the manager places in that particular asset market. These bets may reflect emphasis in particular sectors, maturities (for bonds), or other issue specific factors which the manager considers a good investment opportunity. Diversification of the portfolio will reduce or eliminate the residual risk of that portfolio. 27 Risk/Reward Statistics Rising Declining Periods refer to the sub-asset class cycles vis-a-vis the broader asset class. This is determined by evaluating the cumulative relative sub-asset class index performance to that of the broader asset class index. For example, to determine the Growth Style cycle, the S&P 500 Growth Index (sub-asset class) performance is compared to that of the S&P 500 Index (broader asset class). Sharpe Ratio is a commonly used measure of risk-adjusted return. It is calculated by subtracting the "risk-free" return (usually 3 Month Treasury Bill) from the portfolio return and dividing the resulting "excess return" by the portfolio’s risk level (standard deviation). The result is a measure of return gained per unit of risk taken. Sortino Ratio is a downside risk-adjusted measure of value-added. It measures excess return over a benchmark divided by downside risk. The natural appeal is that it identifies value-added per unit of truly bad risk. The danger of interpretation, however, lies in these two areas: (1) the statistical significance of the denominator, and (2) its reliance on the persistence of skewness in return distributions. Standard Deviation is a statistical measure of portfolio risk. It reflects the average deviation of the observations from their sample mean. Standard deviation is used as an estimate of risk since it measures how wide the range of returns typically is. The wider the typical range of returns, the higher the standard deviation of returns, and the higher the portfolio risk. If returns are normally distributed (ie. has a bell shaped curve distribution) then approximately 2/3 of the returns would occur within plus or minus one standard deviation from the sample mean. Total Portfolio Risk is a measure of the volatility of the quarterly excess returns of an asset. Total risk is composed of two measures of risk: market (non-diversifiable or systematic) risk and residual (diversifiable or unsystematic) risk. The purpose of portfolio diversification is to reduce the residual risk of the portfolio. Tracking Error is a statistical measure of a portfolio’s risk relative to an index. It reflects the standard deviation of a portfolio’s individual quarterly or monthly returns from the index’s returns. Typically, the lower the Tracking Error, the more "index-like" the portfolio. Treynor Ratio represents the portfolio’s average excess return over a specified period divided by the beta relative to its benchmark over that same period. This measure reflects the reward over the risk-free rate relative to the systematic risk assumed. Note: Alpha, Total Risk, and Residual Risk are annualized. 28 Fixed Income Portfolio Characteristics All Portfolio Characteristics are derived by first calculating the characteristics for each security, and then calculating the market value weighted average of these values for the portfolio. Allocation by Sector - Sector allocation is one of the tools which managers often use to add value without impacting the duration of the portfolio. The sector weights exhibit can be used to contrast a portfolio’s weights with those of the index to identify any significant sector bets. Average Coupon - The average coupon is the market value weighted average coupon of all securities in the portfolio. The total portfolio coupon payments per year are divided by the total portfolio par value. Average Moody’s Rating for Total Portfolio - A measure of the credit quality as determined by the individual security ratings. The ratings for each security, from Moody’s Investor Service, are compiled into a composite rating for the whole portfolio. Quality symbols range from Aaa+ (highest investment quality - lowest credit risk) to C (lowest investment quality - highest credit risk). Average Option Adjusted (Effective) Convexity - Convexity is a measure of the portfolio’s exposure to interest rate risk. It is a measure of how much the duration of the portfolio will change given a change in interest rates. Generally, securities with negative convexities are considered to be risky in that changes in interest rates will result in disadvantageous changes in duration. When a security’s duration changes it indicates that the stream of expected future cash-flows has changed, generally having a significant impact on the value of the security. The option adjusted convexity for each security in the portfolio is calculated using models developed by Lehman Brothers and Salomon Brothers which determine the expected stream of cash-flows for the security based on various interest rate scenarios. Expected cash-flows take into account any put or call options embedded in the security, any expected sinking-fund paydowns or any expected mortgage principal prepayments. Average Option Adjusted (Effective) Duration - Duration is one measure of the portfolio’s exposure to interest rate risk. Generally, the higher a portfolio’s duration, the more that its value will change in response to interest rate changes. The option adjusted duration for each security in the portfolio is calculated using models developed by Lehman Brothers and Salomon Brothers which determine the expected stream of cash-flows for the security based on various interest rate scenarios. Expected cash-flows take into account any put or call options embedded in the security, any expected sinking-fund paydowns or any expected mortgage principal prepayments. Average Price - The average price is equal to the portfolio market value divided by the number of securities in the portfolio. Portfolios with an average price above par will tend to generate more current income than those with an average price below par. Average Years to Expected Maturity - This is a measure of the market-value-weighted average of the years to expected maturity across all of the securities in the portfolio. Expected years to maturity takes into account any put or call options embedded in the security, any expected sinking-fund paydowns or any expected mortgage principal prepayments. Average Years to Stated Maturity - The average years to stated maturity is the market value weighted average time to stated maturity for all securities in the portfolio. This measure does not take into account imbedded options, sinking fund paydowns, or prepayments. Current Yield - The current yield is the current annual income generated by the total portfolio market value. It is equal to the total portfolio coupon payments per year divided by the current total portfolio market value. 29 Fixed Income Portfolio Characteristics Duration Dispersion - Duration dispersion is the market-value weighted standard deviation of the portfolio’s individual security durations around the total portfolio duration. The higher the dispersion, the more variable the security durations relative to the total portfolio duration ("barbellness"), and the smaller the dispersion, the more concentrated the holdings’ durations around the overall portfolio’s ("bulletness"). The purpose of this statistic is to gauge the "bulletness" or "barbellness" of a portfolio relative to its total duration and to that of its benchmark index. Effective Yield - The effective yield is the actual total annualized return that would be realized if all securities in the portfolio were held to their expected maturities. Effective yield is calculated as the internal rate of return, using the current market value and all expected future interest and principal cash flows. This measure incorporates sinking fund paydowns, expected mortgage principal prepayments, and the exercise of any "in-the-money" imbedded put or call options. Weighted Average Life - The weighted average life of a security is the weighted average time to payment of all remaining principal. It is calculated by multiplying each expected future principal payment amount by the time left to the payment. This amount is then divided by the total amount of principal remaining. Weighted average life is commonly used as a measure of the investment life for pass-through security types for comparison to non-pass-through securities. 30                     Disclosures    List of Callan’s Investment Manager Clients Confidential – For Callan Client Use Only Callan takes its fiduciary and disclosure responsibilities to clients very seriously. We recognize that there are numerous potential conflicts of interest encountered in the investment consulting industry, and that it is our responsibility to manage those conflicts effectively and in the best interest of our clients. At Callan, we employ a robust process to identify, manage, monitor, and disclose potential conflicts on an ongoing basis. The list below is an important component of our conflicts management and disclosure process. It identifies those investment managers that pay Callan fees for educational, consulting, software, database, or reporting products and services. We update the list quarterly because we believe that our fund sponsor clients should know the investment managers that do business with Callan, particularly those investment manager clients that the fund sponsor clients may be using or considering using. Please note that if an investment manager receives a product or service on a complimentary basis (e.g., attending an educational event), they are not included in the list below. Callan is committed to ensuring that we do not consider an investment manager’s business relationship with Callan, or lack thereof, in performing evaluations for or making suggestions or recommendations to its other clients. Please refer to Callan’s ADV Part 2A for a more detailed description of the services and products that Callan makes available to investment manager clients through our Institutional Consulting Group, Independent Adviser Group, and Fund Sponsor Consulting Group. Due to the complex corporate and organizational ownership structures of many investment management firms, parent and affiliate firm relationships are not indicated on our list. Fund sponsor clients may request a copy of the most currently available list at any time. Fund sponsor clients may also request specific information regarding the fees paid to Callan by particular fund manager clients. Per company policy, information requests regarding fees are handled exclusively by Callan’s Compliance department. Quarterly List as of December 31, 2023 December 31, 2023 Manager Name abrdn ABS Global Investments Acadian Asset Management LLC Adams Street Partners, LLC Aegon Asset Management AEW Capital Management, L.P. AllianceBernstein Allspring Global Investments, LLC Altrinsic Global Advisors, LLC American Century Investments Amundi US, Inc. Antares Capital LP Apollo Global Management, Inc. AQR Capital Management Ares Management LLC Ariel Investments, LLC Aristotle Capital Management, LLC Atlanta Capital Management Co., LLC Manager Name AXA Investment Managers Baillie Gifford International, LLC Baird Advisors Barings LLC Baron Capital Management, Inc. Barrow, Hanley, Mewhinney & Strauss, LLC Belle Haven Investments L.P. BentallGreenOak Beutel, Goodman & Company Ltd. BlackRock Blackstone Group (The) Blue Owl Capital, Inc. BNY Mellon Asset Management Boston Partners Brandes Investment Partners, L.P. Brandywine Global Investment Management, LLC Brookfield Asset Management Inc. Brown Brothers Harriman & Company December 31, 2023 2 Manager Name Brown Innvestment Advisory & Trust Company Capital Group CastleArk Management, LLC CIBC Asset Management Inc. ClearBridge Investments, LLC Cohen & Steers Capital Management, Inc. Columbia Threadneedle Investments NA Comvest Partners Covenant Capital Group CQS Credit Suisse Asset Management, LLC D.E. Shaw Investment Management, LLC DePrince, Race & Zollo, Inc. Diamond Hill Capital Management, Inc. Dimensional Fund Advisors L.P. Doubleline DWS EARNEST Partners, LLC Fayez Sarofim & Company Federated Hermes, Inc. Fidelity Institutional Asset Management Fiera Capital Corporation First Eagle Investment Management, LLC First Hawaiian Bank Wealth Management Division First Sentier Investors Fisher Investments Franklin Templeton Fred Alger Management, LLC GAM (USA) Inc. GlobeFlex Capital, L.P. GoldenTree Asset Management, LP Goldman Sachs Golub Capital Guggenheim Investments GW&K Investment Management Harbor Capital Advisors Harding Loevner LP Hardman Johnston Global Advisors LLC Heitman LLC Hotchkis & Wiley Capital Management, LLC Manager Name Impax Asset Management LLC Income Research + Management Insight Investment Intech Investment Management LLC Intercontinental Real Estate Corporation Invesco J.P. Morgan Janus Jennison Associates LLC Jobs Peak Advisors KeyCorp Kohlberg Kravis Roberts & Co. L.P. (KKR) Lazard Asset Management LGIM America Lincoln National Corporation Longview Partners Loomis, Sayles & Company, L.P. Lord, Abbett & Company LSV Asset Management MacKay Shields LLC Macquarie Asset Management (MAM) Manulife Investment Management Marathon Asset Management, L.P. MetLife Investment Management MFS Investment Management MidFirst Bank Mondrian Investment Partners Limited Montag & Caldwell, LLC Morgan Stanley Investment Management MUFG Union Bank, N.A. Natixis Investment Managers Neuberger Berman Newton Investment Management Northern Trust Asset Management Nuveen Oaktree Capital Management, L.P. P/E Investments Pacific Investment Management Company Pantheon Ventures Parametric Portfolio Associates LLC December 31, 2023 3 Manager Name Partners Group (USA) Inc. Pathway Capital Management, LP PFM Asset Management LLC PGIM DC Solutions PGIM Fixed Income PGIM Quantitative Solutions LLC Pictet Asset Management PineBridge Investments Polen Capital Management, LLC Pretium Partners, LLC Principal Asset Management Putnam Investments, LLC Raymond James Investment Management RBC Global Asset Management Regions Financial Corporation Robeco Institutional Asset Management, US Inc. Rockpoint S&P Dow Jones Indices Sands Capital Management Schroder Investment Management North America Inc. Segall Bryant & Hamill SLC Management Smith Graham & Co. Investment Advisors, L.P. State Street Global Advisors Manager Name Strategic Global Advisors, LLC T. Rowe Price Associates, Inc. TD Global Investment Solutions – TD Epoch The Carlyle Group The TCW Group, Inc. Thompson, Siegel & Walmsley LLC Top Tier Capital Partners Tri-Star Trust Bank Turning Rock Partners, L.P. UBS Asset Management VanEck Versus Capital Group Victory Capital Management Inc. Virtus Investment Partners, Inc. Vontobel Asset Management Voya Walter Scott & Partners Limited WCM Investment Management Wellington Management Company, LLP Western Asset Management Company LLC Westfield Capital Management Company, LP William Blair & Company LLC Xponance, Inc. Important Disclosures Information contained in this document may include confidential, trade secret and/or proprietary information of Callan and the client. It is incumbent upon the user to maintain such information in strict confidence. Neither this document nor any specific information contained herein is to be used other than by the intended recipient for its intended purpose. The content of this document is particular to the client and should not be relied upon by any other individual or entity. There can be no assurance that the performance of any account or investment will be comparable to the performance information presented in this document. Certain information herein has been compiled by Callan from a variety of sources believed to be reliable but for which Callan has not necessarily verified for accuracy or completeness. Information contained herein may not be current. Callan has no obligation to bring current the information contained herein. Callan’s performance, market value, and, if applicable, liability calculations are inherently estimates based on data available at the time each calculation is performed and may later be determined to be incorrect or require subsequent material adjustment due to many variables including, but not limited to, reliance on third party data, differences in calculation methodology, presence of illiquid assets, the timing and magnitude of unrecognized cash flows, and other data/assumptions needed to prepare such estimated calculations. In no event should the performance measurement and reporting services provided by Callan be used in the calculation, deliberation, policy determination, or any other action of the client as it pertains to determining amounts, timing or activity of contribution levels or funding amounts, rebalancing activity, benefit payments, distribution amounts, and/or performance-based fee amounts, unless the client understands and accepts the inherent limitations of Callan’s estimated performance, market value, and liability calculations. Callan’s performance measurement service reports estimated returns for a portfolio and compares them against relevant benchmarks and peer groups, as appropriate; such service may also report on historical portfolio holdings, comparing them to holdings of relevant benchmarks and peer groups, as appropriate ("portfolio holdings analysis"). To the extent that Callan’s reports include a portfolio holdings analysis, Callan relies entirely on holdings, pricing, characteristics, and risk data provided by third parties including custodian banks, record keepers, pricing services, index providers, and investment managers. Callan reports the performance and holdings data as received and does not attempt to audit or verify the holdings data. Callan is not responsible for the accuracy or completeness of the performance or holdings data received from third parties and such data may not have been verified for accuracy or completeness. Callan’s performance measurement service may report on illiquid asset classes, including, but not limited to, private real estate, private equity, private credit, hedge funds and infrastructure. The final valuation reports, which Callan receives from third parties, for of these types of asset classes may not be available at the time a Callan performance report is issued. As a result, the estimated returns and market values reported for these illiquid asset classes, as well as for any composites including these illiquid asset classes, including any total fund composite prepared, may not reflect final data, and therefore may be subject to revision in future quarters. The content of this document may consist of statements of opinion, which are made as of the date they are expressed and are not statements of fact. The opinions expressed herein may change based upon changes in economic, market, financial and political conditions and other factors. Callan has no obligation to bring current the opinions expressed herein. The information contained herein may include forward-looking statements regarding future results. The forward-looking statements herein: (i) are best estimations consistent with the information available as of the date hereof and (ii) involve known and unknown risks and uncertainties. Actual results may vary, perhaps materially, from the future results projected in this document. Undue reliance should not be placed on forward-looking statements. Callan is not responsible for reviewing the risks of individual securities or the compliance/non-compliance of individual security holdings with a client’s investment policy guidelines. This document should not be construed as legal or tax advice on any matter. You should consult with legal and tax advisers before applying any of this information to your particular situation. Reference to, or inclusion in this document of, any product, service or entity should not necessarily be construed as recommendation, approval, or endorsement or such product, service or entity by Callan. This document is provided in connection with Callan’s consulting services and should not be viewed as an advertisement of Callan, or of the strategies or products discussed or referenced herein. The issues considered and risks highlighted herein are not comprehensive and other risks may exist that the user of this document may deem material regarding the enclosed information. Please see any applicable full performance report or annual communication for other important disclosures. Unless Callan has been specifically engaged to do so, Callan does not conduct background checks or in-depth due diligence of the operations of any investment manager search candidate or investment vehicle, as may be typically performed in an operational due diligence evaluation assignment and in no event does Callan conduct due diligence beyond what is described in its report to the client. Any decision made on the basis of this document is sole responsibility of the client, as the intended recipient, and it is incumbent upon the client to make an independent determination of the suitability and consequences of such a decision. Callan undertakes no obligation to update the information contained herein except as specifically requested by the client. Past performance is no guarantee of future results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"  #                      $   #  $5 &!& #'()*+)''+3 , ,-". / 0    -# 1  5 # #,% (  $  %#$ 2 '  $ . 3   # 7$% +2 0.  !' # 7$)%& (  0 #!( . . . . . .0.  . . .  5 +((8 #,% (  $  %#$ 2 '  $ . 3   # 7$% +2 0. !' # 7$)%& (  0 #!( . . . . . . . . . .  5 % +#$'$ (  $  %#$ 2 '  $ . 3   # 7$% +2 0. !' # 7$)%& (  0 #!( . . .0. . . . . . .  5 $#% !($ (  $  %#$ 2 '  $ . 3   # 7$% +2 0. !' # 7$)%& (  0 #!( . . . . . . . . . .      25(*174'1867,()# 2(*174'1867,()   2+,++ 99999 :& 99999 Par Value Book Value Market Value Rate Yield Balance 3/1/2024 $43,246,347 $43,246,347 $43,246,347 4.23 4.23 Deposits: 3/7/2024 27,400,000 27,400,000 27,400,000 4.23 4.23 Total Deposits 27,400,000 27,400,000 27,400,000 4.23 4.23 Quarterly Interest Distribution - - - 4.23 4.23 Withdrawals: 3/5/2024 (2,700,000) (2,700,000) (2,700,000) 4.23 4.23 3/6/2024 (4,900,000) (4,900,000) (4,900,000) 3/13/2024 (5,600,000) (5,600,000) (5,600,000) 3/20/2024 (4,200,000) (4,200,000) (4,200,000) 3/27/2024 (10,900,000) (10,900,000) (10,900,000) 4.23 4.23 Total Withdrawals (28,300,000) (28,300,000) (28,300,000) 4.23 4.23 Balance 3/31/2024 $42,346,347 $42,346,347 $42,346,347 4.23 4.23 Orange County Sanitation District Investment Transactions and Balances in the State of California Local Agency Investment Fund March 31, 2024 The Bank of New York Mellon may utilize subsidiaries and affiliates to provide services and certain products to the Account. Subsidiaries and affiliates may be compensated for their services and products. The value of securities set forth on this Account Statement are determined by The Bank of New York Mellon for Corporate Trust on the basis of market prices and information obtained by The Bank of New York Mellon from unaffiliated third parties (including independent pricing vendors) ("third party pricing services"). The Bank of New York Mellon has not verified such market values or information and makes no assurances as to the accuracy or correctness of such market values or information or that the market values set forth on this Account Statement reflect the value of the securities that can be realized upon the sale of such securities. In addition, the market valuesfor securities set forth in this Account Statement may differ from the market prices and information for the same securities used by other business units of The Bank of New York Mellon or its subsidiaries or affiliates based upon market prices and information received from other third party pricing services utilized by such other business units. Corporate Trust does not compare its market values with those used by, or reconcile different market valuesused by, other business units of The Bank of New York Mellon or its subsidiaries or its affiliates. The Bank of New York Mellon shall not be liable for any loss, damage or expense incurred as a result of or arising from or related to the market values or information provided by third party pricing services or the differences in market prices or information provided by other third party pricing services. No Transactions This Period Accrued Estimated Market Shares/Par Value Asset Description Market Price Market Value Cost Average Cost Income Income Yield Realized Transaction Date Transaction Description Income Principal Cost Gains/Losses Statement Period 03/01/2024 Through 03/31/2024 Statement of Assets Held by Asset Classification Statement of Transactions by Transaction Date Account 00300282 Base Currency = USDOCSD LIBERTY MUTUAL CASH BALANCE 250,000.00 250,000.00 0.00000 0.00 0.00 0.00% Total Market Value Plus Total Accrued Income 250,000.00 Cumulative realized capital gain and loss position from 12/31/2023 for securities held in principal of account: Short Term: 0.00 * Long Term: 0.00 * * The above gain and loss position does not include transactions where tax cost information is incomplete or unavailable. CASH AND SHORT TERM Total CASH AND SHORT TERM 250,000.00 250,000.00 0.00 0.00 0.00% ACCOUNT TOTALS 250,000.00 250,000.00 0.00 0.00 0.00% e 0 9 7 1 8 3 n 0 8 3 0 0 0 a 0 1 t D O M i W I s 3 1 7 , 2 0 1 Orange County Sanitation District PARS 115 Trust Client Review April 18, 2024 ORANGE COUNTY SANITATION DISTRICT ڞ 2 Contacts Jennifer Meza, CEBS Senior Manager, Consulting (800) 540-6369 x141 jmeza@pars.org J. Keith Stribling, CFA Senior Portfolio Manager (949) 966-3373 james.stribling@pfmam.com Ashley Baires Client Services Coordinator (800) 540-6369 x170 abaires@pars.org ORANGE COUNTY SANITATION DISTRICT ڞ 3 Pars 115 Trust Team Trust Administrator & Consultant 40 Years of Experience(1984-2024) 2,000+ Plans under Administration 1,000+ Public AgencyClients $7.6 B Assets under Administration Investment Manager •Investment sub-advisor to trustee U.S. Bank •Institutional asset management solutions •Fixed income and multi asset portfolios •Active and passive platform options •Customized portfolios (with minimum asset level) 40+ Years of Experience(As of 12/31/23) $229.8 B * Assets under Management & Advisement Trustee •5th largest commercial bank and one of the nation’s largest trustees for Section 115 trusts •Safeguard plan assets •Oversight protection as plan fiduciary •Custodian of assets 161 Years of Experience(1863-2024) $10.3 T Assets under Administration 500+ 115 Trust Clients •Serves as record-keeper, consultant, and central point of contact •Sub-trust accounting •Coordinates all agency services •Monitors plan compliance (IRS/GASB/State Government Code) •Processes contributions/disbursements •Hands-on, dedicated support teams 500 K+ Plan Participants * Assets under management and advisement as of December 31, 2023 includes fixed income and multi asset class portfolios ORANGE COUNTY SANITATION DISTRICT ڞ 4 Subaccounts OPEB and pension assets are individually sub-accounted, and can be divided by dept., bargaining group, or cost center. Assets in the PARS Section 115 Combination Trust can be used to address unfunded liabilities. Financial Stability Allows separate investment strategies for OPEB and pension subaccounts. Flexible Investing OPEB and pension assets aggregate and reach lower fees on tiered schedule sooner –saving money! Economies-of-ScaleAnytime Access Trust funds are available anytime; OPEB for OPEB and pension for pension. No set-up costs, no minimum annual contribution amounts, and no fees until assets are added. No Set Up Cost or Minimums Retiree Medical Benefits Prefund OPEB GASB 75 OPEB Reimburse agency; or Pay benefits provider Pension Rate Stabilization Program Prefund Pension (PRSP)GASB 68 Pension Reimburse agency; or Pay retirement system Assets can be used to:Assets can be used to: prefundeither or both General Fund PARS IRS-Approved Section 115 Trust ORANGE COUNTY SANITATION DISTRICT ڞ 5 Plan Type:IRC Section 115 Irrevocable Exclusive Benefit Trust Trustee Approach:Discretionary Plan Effective Date:November 17, 2021 Plan Administrator:General Manager Current “OC SAN A1” Investment Strategy:Moderate HighMark PLUS (Active) Strategy; Individual Account Current “OC SAN B1” Investment Strategy:Balanced HighMark PLUS (Active) Strategy; Individual Account Summary of Agency’s 115 Trust $62) 0$5&+   OC SAN A1 OC SAN B1 TOTAL January 2022: $5,000,000 January 2022: $15,000,000 $0 ,QLWLDO&RQWULEXWLRQ $GGLWLRQDO&RQWULEXWLRQV 7RWDO&RQWULEXWLRQV 'LVEXUVHPHQWV 1HW,QYHVWPHQW (DUQLQJV $FFRXQW%DODQFH January 2022: $10,000,000 $0 $10,000,000 $0 $217,388 $10,315,513 $0 $5,000,000 $0 $121,952 $5,242,360 $15,000,000 $0 $339,340 $15,557,873 ORANGE COUNTYSANITATIONDISTRICT ڞ  2022 ACFR Valuation Date: June 30, 2021 2023 ACFR Measurement Date: June 30, 2023 Total Pension Liability $20.4 M $20.1 M Fiduciary Net Position (Asset)$0 $0 Net Pension Liability $20.4 M $20.1 M Funded Ratio 0.00% 0.00% Service Cost $835 K $545 K (FY 21-22)(FY 22-23) Discount Rate 3.69% 3.86% Pension Funding Status As of June 30, 2023, Orange County Sanitation District’s ARBA pension plan is funded as *: * Data from Agency’s Annual Comprehensive Financial Report for FYE 2022 and 2023. ORANGE COUNTYSANITATIONDISTRICT ڞ  2022 ACFR Valuation Date: June 30, 2021 2023 ACFR Measurement Date: June 30, 2023 Approximate Total Pension Liability Proportionate Share for OCERS $146.8 M (8.72%) $10.5 M (.20%) Fiduciary Net Position (Asset)$178.7 M $10.6 M Proportionate Share of Unfunded Net Pension Liability ($31.9 M) ($127 K) Funded Ratio 121.74% 101.22% Employer Contribution Amount $8.5 M $8.8 M (FY 21-22)(FY 22-23) Discount Rate 7.00% 7.00% Pension Funding Status As of June 30, 2023, Orange County Sanitation District’s OCERS pension plan is funded as *: * Data from Agency’s Annual Comprehensive Financial Report for FYE 2022 and 2023. 3/1/2024 to 3/31/2024 ORANGE COUNTY SANITATION DISTRICT PARS Post-Employment Benefits Trust Orange County Sanitation District 10844 Ellis Ave. Fountain Valley, CA 92708 Account Summary Source 3/1/2024 Contributions Earnings Expenses Distributions Transfers 3/31/2024 OC SAN A1 1128 $10,098,124.39 $0.00 $221,244.31 $3,855.97 $0.00 $0.00 $10,315,512.73 OC SAN B1 1129 $5,120,408.75 $0.00 $123,905.87 $1,954.34 $0.00 $0.00 $5,242,360.28 Totals $15,218,533.14 $0.00 $345,150.18 $5,810.31 $0.00 $0.00 $15,557,873.01 Investment Selection Source OC SAN A1 OC SAN B1 Investment Objective Source OC SAN A1 OC SAN B1 Investment Return Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years OC SAN A1 2.19%4.20%13.83%---1/14/2022 OC SAN B1 2.42%5.07%15.93%---1/14/2022 Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value Headquarters - 4350 Von Karman Ave., Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949.250.1250 www.pars.org Account balances are inclusive of Trust Administration, Trustee and Investment Management fees Annualized Return Investment Return: Annualized rate of return is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year return. Past performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns. Information is deemed reliable but may be subject to change. Individual account based on Balanced - Strategic Blend. The dual goals of the Balanced Strategy are growth of principal and income. While dividend and interest income are an important component of the objective's total return, it is expected that capital appreciation will comprise a larger portion of the total return. The portfolio will be allocated between equity and fixed income investments. Account Report for the Period Balance as of Orange County SD - PEN A1 Balance as of Individual account based on Moderate - Strategic Blend. The dual goals of the Moderate Strategy are growth of principal and income. It is expected that dividend and interest income will comprise a significant portion of total return, although growth through capital appreciation is equally important. The portfolio will be allocated between equity and fixed income investments. Orange County SD - PEN B1 Plan's Inception Date PFM Asset Management LLC NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE pfmam.com PFM Asset Management Introduction Sub-Advisor for Investment Management of PARS OPEB Trust As of Q3 2023 ᶡ Specialist in customized, investment- grade fixed income and Multi-Asset portfolios ᶡ Fixed income strategies include: ᶥ Liquidity management ᶥ Enhanced cash ᶥ 1–3, 1–5, and 1–10 year mandates ᶡ Outsourced Chief Investment Officer (OCIO) builds Multi-Asset portfolios based on client’s risk/return objectives PFM Asset Management LLC 2As of September 30, 2023. 43 years of experience National Reach: PFMAM Offices 280+ professionals $216.9b Total assets nationwide $166.3b Discretionary assets under management $50.6b Assets under advisement ᶡ Focus on exclusively serving institutional investors ᶡ Customizable multi-asset portfolios including LDI and other specialized solutions ᶡ Experienced investment committee supported by dedicated manager research and portfolio construction teams ᶡ Transparency as a Fiduciary to our clients ᶥ Assets managed with our clients’ best interests in mind ᶥ No commissions ᶥ No fees or soft dollars from third parties ᶥ Global Investment Performance Standards (GIPS®) ᶡ Robust client communications and reporting Our Outsourced Chief Investment Officer (OCIO) Business 3 As of September 30, 2023. Includes PFM Asset Management discretionary OCIO assets under management and sub-advisory assets under management. First discretionary OCIO client dates to August 2000. Multi-Asset Class experience includes legacy organizations. Professionals as of September 30, 2023. $25.2 b OCIO Mandates* 23 years of OCIO experience building customized solutions for clients 40+ professionals dedicated to Institutional OCIO Ranked #24 in P&I Top OCIO Providers by AUM $7.0 $8.3 $10.9 $10.5 $13.8 $16.0 $19.9 $16.9 $25.2 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 2015 2016 2017 2018 2019 2020 2021 2022 Q3 2023 PFMAM OCIO AUM In billions ᶡ Efficient frontier of portfolios with varying ranges of equities and fixed income, with active and passive implementation options. Establish: Determine your Strategic Asset Allocation Strategy 4Each Investment Objective reflects the associated PARS Diversified Portfolio as of 9/30/2023. A client’s portfolio construction may vary depending on the client's investment needs, objectives, and restrictions as well as the prevailing market conditions at the time of investment. Ranges and allocations subject to change. Ex p e c t e d R e t u r n Expected Standard Deviation (Volatility) Conservative Moderately Conservative Moderate Balanced Capital Appreciation Equity Fixed Income Cash Conservative 5-20% 60-95% 0-20% Moderately Conservative 20-40% 50-80% 0-20% Moderate 40-60% 40-60% 0-20% Balanced 50-70% 30-50% 0-20% Capital Appreciation 65-85% 10-30% 0-20% Asset Class Our Q4 2023 Investment Outlook Comments U.S. Equities Large-Caps Mid-Caps Small-Caps •Continuing hawkish Fed stance gave rise to higher for longer rate narrative which led to a rapid increase in 10-year yields and a sell-off across equities. Moderating inflation and improving earnings growth expectations are positives but offset by higher rates. •Mid cap and small cap valuations are attractive, but outperformance is unlikely until monetary policy becomes less hawkish and investor sentiment/earnings growth improves. Non-U.S. Equities Developed Markets Emerging Markets International Small-Caps •International equities continue to trade at a discount to U.S. equities, but sustained tightening in global financial conditions is a headwind. A strong US dollar and slowing growth in China are also headwinds to international equity returns. •EM equities trade at attractive valuations despite the fact that relative economic growth outside of China is expected to improve. Chinese equities are expected to be negatively impacted by investor sentiment. Currently, we remain equal weight to EM due to near-term risk factors and continue to monitor for attractive points to add to the position. •International small caps provide exposure to local revenue streams and are trading at attractive valuations. Fixed Income Long-Duration, Interest Rate-Sensitive Sectors Credit-Sensitive Sectors •The Fed’s recent guidance points towards soft landing scenario with another hike possible before the year-end. Yields at short end of the curve look attractive while rising long-term yields have weighed on recent returns. We expect the yields to come down from the recent highs as inflation continues to moderate. •Credit markets remain attractive due to strong corporate fundamentals. We continue to seek diversified credit exposure and are closely watching signs for any distress in the corporate credit space. Alternatives Real Estate Private Equity Private Debt Commodities •Higher interest rates and rising foreclosure for office buildings are headwinds for real estate returns. We remain cautious in the near term •Private equity is facing headwinds from higher leverage costs and falling valuations. Debt strategies may benefit from banks’ tighter lending standards, but risk is elevated as the economy continues to slow, which will likely lead to higher default rates. •Commodities are being impacted by supply shocks in the near-term. Over the next year, we expect slowing global demand to offset price increases from supply shocks. 5The view expressed within this material constitute the perspective and judgment of PFM Asset Management LLC at the time of distribution (9/30/2023) and are subject to change. Current outlook Outlook one quarter ago Negativ e Slightly Negativ e Neutral Slightly Positive Positive ᶡ 23 years of OCIO experience ᶡ Over 40 professionals dedicated to building customized solutions for institutional clients ᶡ 8-member institutional investment committee ᶡ Strategic asset allocation forms the foundation of the portfolio ᶡ Tactical asset allocation to enhance returns ᶡ Rebalancing strategies focused on “buying low and selling high” ensures that the portfolio is aligned with client goals and objectives ᶡ 5 investment objectives ᶥ Conservative ᶥ Moderately conservative ᶥ Moderate ᶥ Balanced ᶥ Capital Appreciation ᶡ Multiple implementation options and vehicles ᶥ Passive only ᶥ Active and passive Strength and longevity Disciplined investment process Flexible investment options Working With Us 6 Source: As of September 30, 2023. Includes PFM Asset Management discretionary OCIO assets under management and sub-advisory assets under management. First discretionary OCIO client dates to August 2000. Multi-Asset Class experience includes legacy organizations. Professionals as of September 30, 2023. Capital Market Assumptions Asset Allocation Summary 8Representative as of 12/20/2023. Asset allocations and assumptions are subject to change. Please see important disclosures at the end of this presentation for additional information. PARS Conservative PARS Moderately Conservative PARS Moderate PARS Balanced PARS Capital Appreciation Equity 15.0% 30.0% 50.0% 60.0% 75.0% Domestic Equity 11.5% 23.0% 39.0% 47.0% 57.5% International Developed Equity 2.0% 4.0% 6.0% 7.0% 10.3% Emerging Markets Equity 1.0% 2.0% 3.3% 4.0% 5.3% REITs 0.5% 1.0% 1.8% 2.0% 2.0% Fixed Income 80.0% 65.0% 45.0% 35.0% 20.0% Short-Term Bonds 25.8% 14.0% 10.0% 6.8% 3.0% Core Fixed Income 52.3% 49.3% 33.5% 27.0% 16.0% High Yield 2.0% 1.8% 1.5% 1.3% 1.0% Cash 5.0% 5.0% 5.0% 5.0% 5.0% Intermediate-Term (5 Years) Expected Return 6.2% 6.7% 7.0% 7.2% 7.5% Standard Deviation 4.3% 5.9% 8.3% 9.7% 11.9% Return / Standard Deviation 1.44 1.14 0.84 0.74 0.63 Long-Term (30 Years) Expected Return 5.0% 5.6% 6.3% 6.6% 7.1% Standard Deviation 4.3% 5.9% 8.3% 9.7% 11.9% Return / Standard Deviation 1.17 0.97 0.75 0.68 0.60 Disclaimer Investment advisory services are provided by PFM Asset Management LLC (“PFMAM”), an investment adviser registered with the U.S. Securities and Exchange Commission and a subsidiary of U.S. Bancorp Asset Management, Inc. (“USBAM”). USBAM is a subsidiary of U.S. Bank National Association (“U.S. Bank”). U.S. Bank is a separate entity and subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, services or performance of PFMAM.The information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request. Public Agency Retirement Services (“PARS”) serves as program administrator to the PARS Section 115 Other Post Employment Benefits (“OPEB”) Trust (the “Trust”). U.S. Bank National Association (“U.S. Bank”) serves as the discretionary trustee to the Trust. In its capacity as discretionary trustee, U.S. Bank delegates the investment management of the Trust to PFM Asset Management LLC (“PFMAM”) through a sub-advisory agreement. PFMAM is an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”) and an indirect subsidiary of U.S. Bank. For more information regarding PFMAM’s services please visit www.pfmam.com. NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE DisclaimerDisclaimer 9 April 30, 2024 STAFF REPORT Certificates of Participation (COP) Report For the Period Ended March 31, 2024 Summary The Orange County Sanitation District (OC San) began issuing Certificates of Participation (COPs) in 1990. These COPs were a part of our long-term financing plan that included both variable interest rate and traditional fixed rate borrowing. There remains no variable interest rate COPs at OC San. Following are the current outstanding debt issues of OC San: In May 2010, OC San issued $80 million of fixed rate Build America Bonds (BABs), Series 2010A at a true interest cost of 3.68 percent for the issue. In December 2010, OC San issued $157 million of fixed rate BABs, Series 2010C at a true interest cost of 4.11 percent for the issue. In August 2014, OC San issued $85.09 million of fixed rate COPs, Series 2014A, refunding a portion of Series 2007B debt. The true interest cost for the issue is 2.34 percent. In February 2015, OC San issued $127.51 million of fixed rate COPs, Series 2015A, refunding $152.99 million of the Series 2007B debt. The true interest cost for the issue is 3.30 percent. In March 2016, OC San issued $145.88 million of fixed rate COPs, Series 2016A, refunding $162.78 million of the Series 2009A fixed rate debt. The true interest cost for the issue is 3.02 percent. In February 2017, OC San issued $66.37 million of fixed rate COPs, Series 2017A, refunding $91.885 million of the Series 2007A debt. The true interest cost for the issue is 2.55 percent. In July 2021, OC San issued $133.51 million of fixed rate COPs, Series 2021A, refunding $61.575 million of the Series 2011A fixed rate debt and $102.2 million of the Series 2018A fixed rate debt. The true interest cost for the issue is 1.06 percent. COP Report For the Mid-Year Ended March 31, 2024 Page 2 of 2 In February 2022, OC San issued $81.62 million of fixed rate COPs, Series 2022A, refunding $100.645 million of the Series 2012A fixed rate debt and $6.67 million of the Series 2012B fixed rate debt. The true interest cost for the issue is 1.59 percent. COP Rate Report The chart below shows the various fixed interest rates of OC San’s eight debt issues. Orange County Sanitation DistrictFinancial Management Division10844 Ellis Avenue Fountain Valley, California 92708-7018714.962.2411 | www.ocsan.gov 03/31/24 ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2024-3589 Agenda Date:5/8/2024 Agenda Item No:3. FROM:Robert Thompson, General Manager Originator: Wally Ritchie, Director of Finance SUBJECT: GENERAL MANAGER APPROVED PURCHASES AND ADDITIONS TO THE PRE-APPROVED OEM SOLE SOURCE LIST GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Recommend to the Board of Directors to: A. Receive and file Orange County Sanitation District purchases made under the General Manager’s authority for the period of January 1, 2024 to March 31, 2024; and B. Approve the following additions to the pre-approved Original Equipment Manufacturers (OEM) Sole Source List: ·NORIA - Lube Awareness Training ·SULZER - Pumps and Parts BACKGROUND Staff provides the Administration Committee and the Board of Directors quarterly reports of General Manager approved and executed purchases between $50,000 and $150,000;maintenance and repair Services Task Orders between $50,000 and $500,000;and additions to the pre-approved OEM Sole Source List. The list of additions to the pre-approved OEM Sole Source List displays the OEM added this quarter that require sole source procurement to maintain,service,or replace equipment currently in operation at District facilities,because the parts and/or service can only be provided by the OEM or their designated representative. RELEVANT STANDARDS ·Quarterly financial reporting ·Ensure the public’s money is wisely spent Orange County Sanitation District Printed on 5/1/2024Page 1 of 5 powered by Legistar™ File #:2024-3589 Agenda Date:5/8/2024 Agenda Item No:3. PRIOR COMMITTEE/BOARD ACTIONS December 2016 -Minute Order 12(b)authorized the General Manager to ratify additions or deletions to the OEM Sole Source list on the General Manager’s quarterly approved purchases agenda report. ADDITIONAL INFORMATION In accordance with Board purchasing policies,Ordinance No.OC SAN-61,the General Manager has authority to approve and execute purchases between $50,000 and $150,000.Below is a summary of General Manager approved purchases,in amounts exceeding $50,000,for the third quarter of fiscal year 2023-24: Vendor Name Amount Department Description/Discussion AGILENT TECHNOLOGIES INC $54,824.40 Environmental Services Annual PO for Crosslab Silver Science Service Plan 4/7/24 - 4/6/25 Board Approved OEM Sole Source List M.O. 12/14/16, Item 12(B) AVO TRAINING INSTITUTE INC. $125,728.00 Operations & Maintenance Substation Maintenance I On-Site Training Board Approved OEM Sole Source List M.O. 8/23/17, Item 9(B) BENTLY NEVADA LLC $97,000.00 Operations & Maintenance Training Services for Bently Nevada Vibration Monitoring Systems (BNVMS)Sole Source Justification 2781 Reason: Unique Product/Service BRAX COMPANY, INC. $59,661.00 Operations & Maintenance Purchase of One (1) Sulzer/ABS Submersible Dry-Pit Pump for Lido Pump Station Sole Source Justification 2780 Reason: OEM Equipment/Part/Service BURKE, WILLIAMS AND SORENSEN, LLP $65,000.00 Human Resources Blanket PO for Confidential Professional Services 1/5/23 - 12/17/24 Control Number: 2023-1130 CDW GOVERNMENT INC $78,427.78 Administrative Services Purchase of One (1) Milestone Husky IVO 1800R Standalone NVR and One (1) Milestone Husky IVO 350T Tower Workstation Sourcewell Contract # 081419- CDW, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases COLLICUTT ENERGY SERVICES INC. $90,000.00 Operations & Maintenance Convenience Blanket PO for Urgent Support and Corrective Maintenance on EPSA and Headworks Generator at Plant 2 4/5/24 - 3/31/25 GM Article 2, Section 2.2 (b) (1) COOPER MACHINERY SERVICES LLC $50,599.82 Operations & Maintenance Customized On-Site Training for Instrumentation Staff Board Approved OEM Sole Source List M.O. 5/22/22, Item 15(B) CUBIC ITS, INC.$71,548.00 Engineering Purchase of Cubic ITS Traffic Cameras and Parts for the 2-49 Taft Branch Improvement Project Sole Source Justification 2775 Reason: OEM Equipment/Part/Service EJ USA, INC $97,446.10 Administrative Services Stock Item Purchase of Twenty (20) 24-Inch and One Hundred (100) 36-Inch Manhole Frames and Covers Specification No. E- 2022-1367BD EPLUS TECHNOLOGY, INC. $91,352.11 Administrative Services Purchase of Spare Parts for ICS Network Upgrade Project (J-117B) at Plant No. 2 NASPO Valuepoint AR3227 # 7-20-70-47- 01, in Accordance with Ordinance OC SAN- 61 Section 2.03 (B) Cooperative Purchases FLO-SYSTEMS, INC. $62,199.56 Operations & Maintenance Purchase of One (1) Fairbanks Morse Pump for MacArthur Pump Station and One (1) Hidrostal Rotating Assembly for Edinger Pump Station Board Approved OEM Sole Source List M.O. 8/28/19, Item 3(B) (Fairbanks); M.O. 2/24/21 Item 10(B) (Hidrostal) INTEGRATED POWER SERVICES LLC $67,249.00 Operations & Maintenance Purchase of One (1) New Toshiba Severe Duty Horizontal AC Induction Motor Informal Bid 131875-OR INTERTECH INCORPORATED $72,630.00 Operations & Maintenance Technical Education for Modicon Unity Combined On-Site Training for Instrumentation Staff Board Approved OEM Sole Source List M.O. 2/23/22, Item 12(B) ISMG MACHINERY AND TOOLING AGENCY $77,948.67 Operations & Maintenance Purchase of One (1) Colchester 21” Variable Speed Gap Bed with Standard Equipment and Accessories Approved CORF Budget FY22/23 Informal Bid 132115-OR JL GROUP, LLC $60,000.00 Human Resources Blanket PO for Confidential Professional Services 3/25/24 - 3/24/25 Control Number: 2024-1135 MERRIMAC ENERGY GROUP $100,000.00 Operations & Maintenance Purchase of Renewable Diesel Fuel #2 For Vehicles and Portable Equipment County of Orange Master Agreement # RCA-017- 23010002, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases MONTROSE ENVIRONMENTAL GROUP, INC. $83,400.00 Environmental Services Required Supercritical Water Oxidation (SCWO) Research Project Emissions Testing at Plant No. 1 Informal Bid 132907- OR NEWPORT HARBOR SHIPYARD $145,000.00 Environmental Services Paint and Repair Services for the Nerissa Vessel Board Approved OEM Sole Source List M.O. 8/24/22, Item 4(B) PHILIP J. W. ROBERTS, PHD, PE $140,000.00 Environmental Services Consultant to Conduct a National Pollutant Discharge Elimination System (NPDES) Permit Update Following the Completion of the Groundwater Replenishment System Final Expansion Project Sole Source Justification 2778 Reason: Unique Product/Service PONTON INDUSTRIES, INC. $121,942.00 Environmental Services Purchase of Twelve (12) Hach AS950 Portable Samplers Board Approved OEM Sole Source List M.O. 12/14/16, Item 12(B) PUTZMEISTER AMERICA INC $90,000.00 Operations & Maintenance Blanket PO to Conduct Annual Services on Putzmeister HPUs, Augers, and Support Equipment at Plant No. 2 6/1/24 - 5/31/25 Board Approved OEM Sole Source List M.O. 5/27/20, Item 14(B) QUADIENT LEASING USA, INC. $66,000.00 Administrative Services Mail Automation Services, Equipment and Subscription 3/27/24 - 3/27/29 NASPO Contract # CTR058809, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases SADDLEBACK ENVIRONMENTAL EQUIPMENT, INC. $96,680.00 Administrative Services Stock Item Purchase of Two (2) Gooch Thermal Systems Spiral Heat Exchangers Board Approved OEM Sole Source List M.O. 2/24/21, Item 10(B) SCHWING BIOSET $56,292.42 Administrative Services Stock Item Purchase of Sludge Transfer Pump Parts Board Approved OEM Sole Source List M.O. 12/14/16, Item 12(B) TONY DEMARIA ELECTRIC INC. $90,000.00 Operations & Maintenance Convenience Blanket PO for Urgent Electrical Parts and Services at Plant Nos. Nos. 1 and 2 5/30/24 to 6/30/25 GM Article 2, Section 2.2 (b) (1) TUTTNAUER USA CO. LTD. $61,051.00 Environmental Services Purchase of One (1) Pre-Vac Steam Sterilizer and One (1) Reverse Osmosis Water Treatment System Informal Bid 132385-OR VEOLIA WTS SERVICES USA, INC. $51,358.82 Operations & Maintenance Purchase of Bar Screen Repair Parts for Plant No. 2 Board Approved OEM Sole Source List M.O. 8/23/17, Item 9(B) WHITTINGHAM PUBLIC AFFAIRS ADVISORS $78,000.00 General Manager’s Office Blanket PO for Local Legislative Advocacy Services 3/20/24 - 3/19/25 with 4 Optional 1- Year Renewal Periods Orange County Sanitation District Printed on 5/1/2024Page 2 of 5 powered by Legistar™ File #:2024-3589 Agenda Date:5/8/2024 Agenda Item No:3. Vendor Name Amount Department Description/DiscussionAGILENTTECHNOLOGIESINC$54,824.40 EnvironmentalServices Annual PO for Crosslab Silver ScienceService Plan 4/7/24 - 4/6/25 BoardApproved OEM Sole Source List M.O.12/14/16, Item 12(B)AVO TRAININGINSTITUTE INC.$125,728.00 Operations &Maintenance Substation Maintenance I On-Site TrainingBoard Approved OEM Sole Source ListM.O. 8/23/17, Item 9(B)BENTLY NEVADALLC $97,000.00 Operations &Maintenance Training Services for Bently NevadaVibration Monitoring Systems (BNVMS)SoleSource Justification 2781 Reason: UniqueProduct/ServiceBRAX COMPANY,INC.$59,661.00 Operations &Maintenance Purchase of One (1) Sulzer/ABSSubmersible Dry-Pit Pump for Lido PumpStation Sole Source Justification 2780Reason: OEM Equipment/Part/ServiceBURKE, WILLIAMSAND SORENSEN,LLP $65,000.00 HumanResources Blanket PO for Confidential ProfessionalServices 1/5/23 - 12/17/24 Control Number:2023-1130CDWGOVERNMENT INC $78,427.78 AdministrativeServices Purchase of One (1) Milestone Husky IVO1800R Standalone NVR and One (1)Milestone Husky IVO 350T TowerWorkstation Sourcewell Contract # 081419-CDW, in Accordance with Ordinance OCSAN-61 Section 2.03 (B) CooperativePurchasesCOLLICUTTENERGY SERVICESINC.$90,000.00 Operations &Maintenance Convenience Blanket PO for Urgent Supportand Corrective Maintenance on EPSA andHeadworks Generator at Plant 2 4/5/24 -3/31/25 GM Article 2, Section 2.2 (b) (1)COOPERMACHINERYSERVICES LLC $50,599.82 Operations &Maintenance Customized On-Site Training forInstrumentation Staff Board Approved OEMSole Source List M.O. 5/22/22, Item 15(B) CUBIC ITS, INC.$71,548.00 Engineering Purchase of Cubic ITS Traffic Cameras and Parts for the 2-49 Taft Branch Improvement Project Sole Source Justification 2775 Reason: OEM Equipment/Part/Service EJ USA, INC $97,446.10 Administrative Services Stock Item Purchase of Twenty (20) 24-Inch and One Hundred (100) 36-Inch Manhole Frames and Covers Specification No. E- 2022-1367BD EPLUS TECHNOLOGY, INC. $91,352.11 Administrative Services Purchase of Spare Parts for ICS Network Upgrade Project (J-117B) at Plant No. 2 NASPO Valuepoint AR3227 # 7-20-70-47- 01, in Accordance with Ordinance OC SAN- 61 Section 2.03 (B) Cooperative Purchases FLO-SYSTEMS, INC. $62,199.56 Operations & Maintenance Purchase of One (1) Fairbanks Morse Pump for MacArthur Pump Station and One (1) Hidrostal Rotating Assembly for Edinger Pump Station Board Approved OEM Sole Source List M.O. 8/28/19, Item 3(B) (Fairbanks); M.O. 2/24/21 Item 10(B) (Hidrostal) INTEGRATED POWER SERVICES LLC $67,249.00 Operations & Maintenance Purchase of One (1) New Toshiba Severe Duty Horizontal AC Induction Motor Informal Bid 131875-OR INTERTECH INCORPORATED $72,630.00 Operations & Maintenance Technical Education for Modicon Unity Combined On-Site Training for Instrumentation Staff Board Approved OEM Sole Source List M.O. 2/23/22, Item 12(B) ISMG MACHINERY AND TOOLING AGENCY $77,948.67 Operations & Maintenance Purchase of One (1) Colchester 21” Variable Speed Gap Bed with Standard Equipment and Accessories Approved CORF Budget FY22/23 Informal Bid 132115-OR JL GROUP, LLC $60,000.00 Human Resources Blanket PO for Confidential Professional Services 3/25/24 - 3/24/25 Control Number: 2024-1135 MERRIMAC ENERGY GROUP $100,000.00 Operations & Maintenance Purchase of Renewable Diesel Fuel #2 For Vehicles and Portable Equipment County of Orange Master Agreement # RCA-017- 23010002, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases MONTROSE ENVIRONMENTAL GROUP, INC. $83,400.00 Environmental Services Required Supercritical Water Oxidation (SCWO) Research Project Emissions Testing at Plant No. 1 Informal Bid 132907- OR NEWPORT HARBOR SHIPYARD $145,000.00 Environmental Services Paint and Repair Services for the Nerissa Vessel Board Approved OEM Sole Source List M.O. 8/24/22, Item 4(B) PHILIP J. W. ROBERTS, PHD, PE $140,000.00 Environmental Services Consultant to Conduct a National Pollutant Discharge Elimination System (NPDES) Permit Update Following the Completion of the Groundwater Replenishment System Final Expansion Project Sole Source Justification 2778 Reason: Unique Product/Service PONTON INDUSTRIES, INC. $121,942.00 Environmental Services Purchase of Twelve (12) Hach AS950 Portable Samplers Board Approved OEM Sole Source List M.O. 12/14/16, Item 12(B) PUTZMEISTER AMERICA INC $90,000.00 Operations & Maintenance Blanket PO to Conduct Annual Services on Putzmeister HPUs, Augers, and Support Equipment at Plant No. 2 6/1/24 - 5/31/25 Board Approved OEM Sole Source List M.O. 5/27/20, Item 14(B) QUADIENT LEASING USA, INC. $66,000.00 Administrative Services Mail Automation Services, Equipment and Subscription 3/27/24 - 3/27/29 NASPO Contract # CTR058809, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases SADDLEBACK ENVIRONMENTAL EQUIPMENT, INC. $96,680.00 Administrative Services Stock Item Purchase of Two (2) Gooch Thermal Systems Spiral Heat Exchangers Board Approved OEM Sole Source List M.O. 2/24/21, Item 10(B) SCHWING BIOSET $56,292.42 Administrative Services Stock Item Purchase of Sludge Transfer Pump Parts Board Approved OEM Sole Source List M.O. 12/14/16, Item 12(B) TONY DEMARIA ELECTRIC INC. $90,000.00 Operations & Maintenance Convenience Blanket PO for Urgent Electrical Parts and Services at Plant Nos. Nos. 1 and 2 5/30/24 to 6/30/25 GM Article 2, Section 2.2 (b) (1) TUTTNAUER USA CO. LTD. $61,051.00 Environmental Services Purchase of One (1) Pre-Vac Steam Sterilizer and One (1) Reverse Osmosis Water Treatment System Informal Bid 132385-OR VEOLIA WTS SERVICES USA, INC. $51,358.82 Operations & Maintenance Purchase of Bar Screen Repair Parts for Plant No. 2 Board Approved OEM Sole Source List M.O. 8/23/17, Item 9(B) WHITTINGHAM PUBLIC AFFAIRS ADVISORS $78,000.00 General Manager’s Office Blanket PO for Local Legislative Advocacy Services 3/20/24 - 3/19/25 with 4 Optional 1- Year Renewal Periods Orange County Sanitation District Printed on 5/1/2024Page 3 of 5 powered by Legistar™ File #:2024-3589 Agenda Date:5/8/2024 Agenda Item No:3. Vendor Name Amount Department Description/DiscussionAGILENTTECHNOLOGIESINC$54,824.40 EnvironmentalServices Annual PO for Crosslab Silver ScienceService Plan 4/7/24 - 4/6/25 BoardApproved OEM Sole Source List M.O.12/14/16, Item 12(B)AVO TRAININGINSTITUTE INC.$125,728.00 Operations &Maintenance Substation Maintenance I On-Site TrainingBoard Approved OEM Sole Source ListM.O. 8/23/17, Item 9(B)BENTLY NEVADALLC $97,000.00 Operations &Maintenance Training Services for Bently NevadaVibration Monitoring Systems (BNVMS)SoleSource Justification 2781 Reason: UniqueProduct/ServiceBRAX COMPANY,INC.$59,661.00 Operations &Maintenance Purchase of One (1) Sulzer/ABSSubmersible Dry-Pit Pump for Lido PumpStation Sole Source Justification 2780Reason: OEM Equipment/Part/ServiceBURKE, WILLIAMSAND SORENSEN,LLP $65,000.00 HumanResources Blanket PO for Confidential ProfessionalServices 1/5/23 - 12/17/24 Control Number:2023-1130CDWGOVERNMENT INC $78,427.78 AdministrativeServices Purchase of One (1) Milestone Husky IVO1800R Standalone NVR and One (1)Milestone Husky IVO 350T TowerWorkstation Sourcewell Contract # 081419-CDW, in Accordance with Ordinance OCSAN-61 Section 2.03 (B) CooperativePurchasesCOLLICUTTENERGY SERVICESINC.$90,000.00 Operations &Maintenance Convenience Blanket PO for Urgent Supportand Corrective Maintenance on EPSA andHeadworks Generator at Plant 2 4/5/24 -3/31/25 GM Article 2, Section 2.2 (b) (1)COOPERMACHINERYSERVICES LLC $50,599.82 Operations &Maintenance Customized On-Site Training forInstrumentation Staff Board Approved OEMSole Source List M.O. 5/22/22, Item 15(B)CUBIC ITS, INC.$71,548.00 Engineering Purchase of Cubic ITS Traffic Cameras andParts for the 2-49 Taft Branch ImprovementProject Sole Source Justification 2775Reason: OEM Equipment/Part/ServiceEJ USA, INC $97,446.10 AdministrativeServices Stock Item Purchase of Twenty (20) 24-Inchand One Hundred (100) 36-Inch ManholeFrames and Covers Specification No. E-2022-1367BDEPLUSTECHNOLOGY, INC.$91,352.11 AdministrativeServices Purchase of Spare Parts for ICS NetworkUpgrade Project (J-117B) at Plant No. 2NASPO Valuepoint AR3227 # 7-20-70-47-01, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative PurchasesFLO-SYSTEMS,INC.$62,199.56 Operations &Maintenance Purchase of One (1) Fairbanks Morse Pumpfor MacArthur Pump Station and One (1)Hidrostal Rotating Assembly for EdingerPump Station Board Approved OEM SoleSource List M.O. 8/28/19, Item 3(B)(Fairbanks); M.O. 2/24/21 Item 10(B)(Hidrostal)INTEGRATEDPOWER SERVICESLLC $67,249.00 Operations &Maintenance Purchase of One (1) New Toshiba SevereDuty Horizontal AC Induction Motor InformalBid 131875-ORINTERTECHINCORPORATED$72,630.00 Operations &Maintenance Technical Education for Modicon UnityCombined On-Site Training forInstrumentation Staff Board Approved OEMSole Source List M.O. 2/23/22, Item 12(B)ISMG MACHINERYAND TOOLINGAGENCY $77,948.67 Operations &Maintenance Purchase of One (1) Colchester 21” VariableSpeed Gap Bed with Standard Equipmentand Accessories Approved CORF BudgetFY22/23 Informal Bid 132115-ORJL GROUP, LLC $60,000.00 HumanResources Blanket PO for Confidential ProfessionalServices 3/25/24 - 3/24/25 Control Number:2024-1135MERRIMACENERGY GROUP $100,000.00 Operations &Maintenance Purchase of Renewable Diesel Fuel #2 ForVehicles and Portable Equipment County ofOrange Master Agreement # RCA-017-23010002, in Accordance with OrdinanceOC SAN-61 Section 2.03 (B) CooperativePurchasesMONTROSEENVIRONMENTALGROUP, INC.$83,400.00 EnvironmentalServices Required Supercritical Water Oxidation(SCWO) Research Project EmissionsTesting at Plant No. 1 Informal Bid 132907-ORNEWPORTHARBORSHIPYARD$145,000.00 EnvironmentalServices Paint and Repair Services for the NerissaVessel Board Approved OEM Sole SourceList M.O. 8/24/22, Item 4(B)PHILIP J. W.ROBERTS, PHD, PE $140,000.00 EnvironmentalServices Consultant to Conduct a National PollutantDischarge Elimination System (NPDES)Permit Update Following the Completion of the Groundwater Replenishment System Final Expansion Project Sole Source Justification 2778 Reason: Unique Product/Service PONTON INDUSTRIES, INC. $121,942.00 Environmental Services Purchase of Twelve (12) Hach AS950 Portable Samplers Board Approved OEM Sole Source List M.O. 12/14/16, Item 12(B) PUTZMEISTER AMERICA INC $90,000.00 Operations & Maintenance Blanket PO to Conduct Annual Services on Putzmeister HPUs, Augers, and Support Equipment at Plant No. 2 6/1/24 - 5/31/25 Board Approved OEM Sole Source List M.O. 5/27/20, Item 14(B) QUADIENT LEASING USA, INC. $66,000.00 Administrative Services Mail Automation Services, Equipment and Subscription 3/27/24 - 3/27/29 NASPO Contract # CTR058809, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases SADDLEBACK ENVIRONMENTAL EQUIPMENT, INC. $96,680.00 Administrative Services Stock Item Purchase of Two (2) Gooch Thermal Systems Spiral Heat Exchangers Board Approved OEM Sole Source List M.O. 2/24/21, Item 10(B) SCHWING BIOSET $56,292.42 Administrative Services Stock Item Purchase of Sludge Transfer Pump Parts Board Approved OEM Sole Source List M.O. 12/14/16, Item 12(B) TONY DEMARIA ELECTRIC INC. $90,000.00 Operations & Maintenance Convenience Blanket PO for Urgent Electrical Parts and Services at Plant Nos. Nos. 1 and 2 5/30/24 to 6/30/25 GM Article 2, Section 2.2 (b) (1) TUTTNAUER USA CO. LTD. $61,051.00 Environmental Services Purchase of One (1) Pre-Vac Steam Sterilizer and One (1) Reverse Osmosis Water Treatment System Informal Bid 132385-OR VEOLIA WTS SERVICES USA, INC. $51,358.82 Operations & Maintenance Purchase of Bar Screen Repair Parts for Plant No. 2 Board Approved OEM Sole Source List M.O. 8/23/17, Item 9(B) WHITTINGHAM PUBLIC AFFAIRS ADVISORS $78,000.00 General Manager’s Office Blanket PO for Local Legislative Advocacy Services 3/20/24 - 3/19/25 with 4 Optional 1- Year Renewal Periods Additionally,in accordance with Board purchasing policies,Ordinance No.OC SAN-61,the General Manager has authority to approve and execute maintenance and repair Services Task Orders between $50,000 and $500,000.Below is a summary of General Manager approved maintenance and repair Services Task Orders,in amounts exceeding $50,000,for the third quarter of fiscal year 2023-24: Vendor Name Amount Department Description/Discussion J R FILANC CONSTRUCTION $413,775.00 Operations & Maintenance Waste Sidestream Pump Station (WSSPS) Pump Replacement at Plant No.1 Specification No. TOB-2023-1438 of Master Service Contract S-2021-1234BD-2 Orange County Sanitation District Printed on 5/1/2024Page 4 of 5 powered by Legistar™ File #:2024-3589 Agenda Date:5/8/2024 Agenda Item No:3. ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: N/A Orange County Sanitation District Printed on 5/1/2024Page 5 of 5 powered by Legistar™ ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2024-3592 Agenda Date:5/8/2024 Agenda Item No:4. FROM:Robert Thompson, General Manager Originator: Wally Ritchie, Director of Finance SUBJECT: IBM TIVOLI MAXIMO ANNUAL SUBSCRIPTION AND SUPPORT,SPECIFICATION NO.S-2024- 1448BD GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Recommend to the Board of Directors to: A. Approve a Purchase Order to ZProCis Solutions Inc. to provide the conversion of IBM Tivoli Maximo from perpetual licenses to application point licenses,Specification No. S-2024- 1448BD, for a total amount not to exceed $276,498; and B. Approve a contingency in the amount of $41,475 (15%). BACKGROUND Orange County Sanitation District (OC San)has been using IBM Tivoli Maximo as a computerized maintenance and management system for the last 10 years to maintain and manage all work performed on OC San assets at Plant Nos.1 and 2,and the Collections System.OC San has been purchasing the annual subscription and support for the last 10 years and would like to continue purchasing the same for the upcoming fiscal year,2024-2025.IBM is changing their licensing model from perpetual licenses to application point licenses.Application point licensing is based on user types.Users in Maximo are divided into two categories:administrator users and application users. Depending on the level of access needed,users are further classified as:premium,base,limited,and self-service.The change from perpetual licensing to application point licensing should not significantly impact the cost to OC San. RELEVANT STANDARDS ·Protect OC San assets ·Ensure the public’s money is wisely spent ·Maintain a culture of improving efficiency to reduce the cost to provide the current service level or standard ·Maintain a proactive asset management program Orange County Sanitation District Printed on 4/30/2024Page 1 of 3 powered by Legistar™ File #:2024-3592 Agenda Date:5/8/2024 Agenda Item No:4. PROBLEM OC San’s Asset Management program needs to use IBM Tivoli Maximo for maintaining and managing OC San’s assets.To receive continued support and updates from IBM,the annual subscription and support needs to be purchased. PROPOSED SOLUTION Procure the conversion of IBM Tivoli Maximo from perpetual licenses to application point licenses through ZProCis Solutions Inc. TIMING CONCERNS The current perpetual licenses expire on June 30, 2024. RAMIFICATIONS OF NOT TAKING ACTION OC San will not be able to receive software support and required updates from IBM. PRIOR COMMITTEE/BOARD ACTIONS May 2022 -Approved a Contingency Increase of $10,472 (6.03%)to the IBM Tivoli Maximo and Websphere (EnterpriseOne)Annual Subscription and support contract with Dataskill,Specification No.S-2019-1045BD,for the period July 1,2022 through June 30,2023,for a new total contingency amount not to exceed $36,538 (21.03%);and approved an annual contingency of $34,754 (20%)for one remaining renewal period. May 2019 -Approved an Annual Purchase Order Contract with Dataskill,Inc.for the renewal of software licensing and maintenance for IBM Maximo and Websphere,for an amount not to exceed $173,774,for the period beginning July 1,2019 through June 30,2020,with four (4)one-year renewal options; and approved a contingency of $26,066 (15%). ADDITIONAL INFORMATION On February 1,2024,OC San issued a Notice Inviting Bids for the conversion of IBM Tivoli Maximo from perpetual licenses to application point licenses via PlanetBids.Bids were due on March 1, 2024.OC San received two (2)bids,one of which is valid for 180 calendar days from the bid opening date, and the other was valid until March 29, 2024. Company Name Bid Determination ZProCis Solutions Inc.$ 276,498.00 Responsive Miracle Software Systems, Inc.$ 278,693.22 Responsive Based on these results,staff recommends approving a Purchase Order to ZProCis Solutions Inc. The term of this Purchase Order will begin on the date of the Notice to Proceed. Orange County Sanitation District Printed on 4/30/2024Page 2 of 3 powered by Legistar™ File #:2024-3592 Agenda Date:5/8/2024 Agenda Item No:4. CEQA N/A FINANCIAL CONSIDERATIONS This request complies with authority levels of OC San’s Purchasing Ordinance.This item has been budgeted (FY2022-23 &2023-24 Budget,IT Operating Budget,Section 6,Page 35)and the budget is sufficient for the recommended action. ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: N/A Orange County Sanitation District Printed on 4/30/2024Page 3 of 3 powered by Legistar™ ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2024-3594 Agenda Date:5/8/2024 Agenda Item No:5. FROM:Robert Thompson, General Manager Originator: Lan C. Wiborg, Director of Environmental Services SUBJECT: PURCHASE ORDER FOR CALIFORNIA RECREATION COMPANY MARINA SLIP RENTAL AGREEMENT GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: A. Approve a Purchase Order to California Recreation Company (CRC) Marinas for the rental of an end tie boat slip in Newport Beach Harbor, not to exceed $147,490 for the period July 1, 2024, through June 30, 2025; and B. Approve a contingency of $29,498 (20%). BACKGROUND For almost two decades,Orange County Sanitation District (OC San)has rented a 60-foot by 19-foot boat slip from CRC Marinas for docking its 58-foot monohull ocean monitoring vessel Nerissa in Newport Beach Harbor.OC San’s Nerissa is now nearing the end of service life.Her frame and structure have experienced significant wear and tear,which pose potential safety hazards to the crew and vessel if failure occurs to deck systems under load.Additionally,new engine emission regulations issued by CARB will require that all commercial harbor craft be equipped with the cleanest fuel emission system possible by January 2026. After extensive research and consultation with other public agencies with similar needs and a thorough cost-benefit analysis,OC San’s Ocean Monitoring staff have determined that the Nerissa should be replaced with a new vessel equipped with a hybrid propulsion system.This will enable OC San to meet CARB regulations,minimize workflow interruption due to breakage on an aging vessel, and ensure the safety of field crew. An end tie boat slip is needed to ensure efficient and safe boat operation with the planned new vessel.However,end tie boat slips are in high demand in all harbors ranging from Los Angeles to Dana Point,where there is usually a 10-year waiting list.After a prolonged and extensive search, staff was able to secure an 82-foot end tie boat slip in Newport Beach Harbor with CRC Marinas in January 2024 and has been docking the Nerissa there ever since.The end tie boat slip is in an area where tidal extremes would not impede navigating a vessel to and from the marina. Orange County Sanitation District Printed on 5/1/2024Page 1 of 3 powered by Legistar™ File #:2024-3594 Agenda Date:5/8/2024 Agenda Item No:5. RELEVANT STANDARDS ·Ensure the public’s money is wisely spent ·Protect OC San assets ·Commitment to safety & reducing risk in all operations ·Sustain 1, 5, 20-year planning horizons ·Comply with environmental permit requirements PROBLEM The cost of a boat slip continues to increase across Southern California and end tie boat slips are in short supply with a 10-year waiting list.If OC San does not renew the current rental,it will be extremely difficult to find another end tie boat slip rental for the Nerissa and the planned new vessel. PROPOSED SOLUTION By maintaining the current end tie boat slip rental with CRC Marinas,OC San will have a suitable place to dock the Nerissa,as well as the planned new vessel.The end tie boat slip includes amenities such as a dedicated charging station to support hybrid propulsion engines. OC San currently pays $11,366 per month (at a rate of $138.61 per linear foot)for the end tie boat slip.Staff have observed a 5%fee increase every six months on the boat slip rental in the past two years. Thus,staff is proposing issuance of a purchase order to CRC Marinas to renew the rental of the end tie boat slip in Newport Beach Harbor,not to exceed $147,490 for the period July 1,2024,through June 30, 2025; with a contingency of $29,498 (20%). TIMING CONCERNS The current purchase order with CRC Marinas is set to expire on June 30, 2024. RAMIFICATIONS OF NOT TAKING ACTION If a new purchase order is not issued,OC San will no longer have a suitable place to dock our current vessel Nerissa after July 1st,or the planned replacement vessel in 2026.Docking the replacement vessel at a mooring ball is not feasible because the replacement vessel will require shore power to meet the minimum 30%power supplied by a source other than a diesel generator as required by CARB beginning in 2026.In addition,getting to and from the moored vessel via a motorized dinghy will cut into the sampling time of each monitoring survey,which may impact OC San’s ability to meet NPDES permit compliance monitoring of the receiving water. PRIOR COMMITTEE/BOARD ACTIONS N/A Orange County Sanitation District Printed on 5/1/2024Page 2 of 3 powered by Legistar™ File #:2024-3594 Agenda Date:5/8/2024 Agenda Item No:5. ADDITIONAL INFORMATION It is common practice for marinas to rent boat slips on a month-to-month basis.As staff have observed a 5%rate increase every six months on the boat slip rental in the past two years,the new purchase order is estimated to be $147,490 for the next twelve months (FY 2024-25) based on: ·A 5%increase on the current rate of $11,366 per month ($11,934 per month)for the first six months, totaling $71,604; ·Another 5%increase on $11,934 per month ($12,531 per month)for the next six months, totaling $75,186; and ·A total of $700 per annum for the utility fee. CEQA N/A FINANCIAL CONSIDERATIONS This request complies with the authority levels of OC San’s Purchasing Ordinance.This item has been budgeted (FY 2023-24 Budget Update,Environmental Services,Page 35)and the budget is sufficient for the recommended action. Date of Approval Contract Amount Contingency 05/08/2024 $147,490 $29,498 ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: N/A Orange County Sanitation District Printed on 5/1/2024Page 3 of 3 powered by Legistar™ ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2024-3583 Agenda Date:5/8/2024 Agenda Item No:6. FROM:Robert Thompson, General Manager Originator: Wally Ritchie, Director of Finance SUBJECT: PROCUREAMERICA GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Recommend to the Board of Directors to: Approve the use of ProcureAmerica to perform analysis of specific operational areas to identify potential cost savings. BACKGROUND ProcureAmerica provides government agencies with business intelligent services to identify cost savings of indirect expense categories through Enterprise Strategic Plans (ESP).The firm supports over 115 California government agencies,including:counties,cities,school districts,water districts, hospitals,universities,and community colleges.Each engagement and subsequent ESP are specifically designed to deliver hard dollar expense reduction,provide operational efficiency,and supplier transparency.The company’s industry specific practice groups include: ·Utilities ·Telecommunications ·Print Management ·Treasury ·Waste Services ·Technology ProcureAmerica has a review team for each practice group staffed with highly experienced professionals who come directly from the industry in which they practice.The team of experts review and analyze the billing rates and contracts for services in these practice groups and identify opportunities for savings or alternative arrangements for services. RELEVANT STANDARDS ·Ensure the public’s money is wisely spent ·Maintain a culture of improving efficiency to reduce the cost to provide the current service level or standard Orange County Sanitation District Printed on 4/30/2024Page 1 of 2 powered by Legistar™ File #:2024-3583 Agenda Date:5/8/2024 Agenda Item No:6. PROBLEM There may be unidentified potential savings related to each of the areas of focus. PROPOSED SOLUTION Engage the services of ProcureAmerica to review current services and identify potential saving opportunities through a phased approach. TIMING CONCERNS N/A RAMIFICATIONS OF NOT TAKING ACTION OC San continues to pay existing cost arrangements for all services. PRIOR COMMITTEE/BOARD ACTIONS N/A ADDITIONAL INFORMATION ProcureAmerica has provided similar services to other agencies within Orange County,including the cities of Dana Point,Fullerton,and Santa Ana,as well as the County of Orange.ProcureAmerica services are available through a Regional Cooperative Agreement (RCA)entered into by the County of Orange and ProcureAmerica.Under this arrangement,the agencies receive the negotiated terms and conditions of the original RCA. CEQA N/A FINANCIAL CONSIDERATIONS There is no net financial impact associated with ProcureAmerica services.ProcureAmerica fees are 30%of cost savings/refunds actualized if recommendations are implemented.If no recommendations are implemented or cost savings/refunds are obtained,then ProcureAmerica will receive no compensation for services rendered.ProcureAmerica continues to monitor billing rates, market changes,and regulation changes throughout the contract engagement and brings forth any additional recommendations to optimize services to achieve cost savings. ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: N/A Orange County Sanitation District Printed on 4/30/2024Page 2 of 2 powered by Legistar™ ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2024-3593 Agenda Date:5/8/2024 Agenda Item No:7. FROM:Robert Thompson, General Manager Originator: Wally Ritchie, Director of Finance SUBJECT: BUILD AMERICA BONDS PREPAYMENT GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Recommend to the Board of Directors to: Adopt Resolution No.OC SAN 24-XX entitled:“A Resolution of the Board of Directors of the Orange County Sanitation District authorizing prepayment of Orange County Sanitation District Wastewater Revenue Obligations,Series 2010A (Federally Taxable Build America Bonds)and Orange County Sanitation District Wastewater Revenue Obligations,Series 2010C (Taxable Build America Bonds) and authorizing the execution of necessary documents and related actions”,in a not to exceed amount of $225,000,000. BACKGROUND In May 2010,Orange County Sanitation District (OC San)issued $80,000,000 of fixed rate (5.58%) Wastewater Revenue Obligations, Series 2010A (Federally Taxable Build America Bonds). In December 2010,OC San issued $157,000,000 of fixed rate (6.40%)Wastewater Revenue Obligations, Series 2010C (Federally Taxable Build America Bonds). The U.S.Treasury provides a subsidy to offset a portion of the interest bringing the effective rate on the Series 2010A to 3.68% and on the Series 2010C to 4.11%. RELEVANT STANDARDS ·Ensure the public’s money is wisely spent ·Sustain 1, 5, 20-year planning horizons PROBLEM Current interest rates make it advantageous to pay off debt and save money over time. Orange County Sanitation District Printed on 5/1/2024Page 1 of 3 powered by Legistar™ File #:2024-3593 Agenda Date:5/8/2024 Agenda Item No:7. PROPOSED SOLUTION Prepay certain portions of the Series 2010A and Series 2010C Revenue Obligations to achieve long term interest cost savings. TIMING CONCERNS If the prepayment is not executed in a timely manner,interest rates may move and the potential cost savings may diminish. RAMIFICATIONS OF NOT TAKING ACTION OC San will continue to pay the current cost of the debt obligations. PRIOR COMMITTEE/BOARD ACTIONS October 2010 -Approved Resolution No.OCSD 10-19,authorizing the execution and delivery by the District of an Installment Purchase Agreement,a Trust Agreement,and a Continuing Disclosure Agreement in connection with the execution and delivery of Orange County Sanitation District Certificates of Participation to be referred to as Wastewater Revenue Obligations,Series 2010C, authorizing the execution and delivery of such revenue obligations evidencing principal in an aggregate amount of not to exceed $157,000,000,approving a Notice of Intention to Sell,authorizing the distribution of an Official Notice Inviting Bids and an Official Statement in connection with the offering and sale of such revenue obligations and authorizing the execution and delivery of necessary documents and related actions. April 2010 -Approved Resolution No.OCSD 10-05,authorizing the execution and delivery by the District of an Installment Purchase Agreement,a Trust Agreement,and a Continuing Disclosure Agreement in connection with the execution and delivery of Orange County Sanitation District Certificates of Participation to be referred to as Wastewater Revenue Obligations -Series 2010A, authorizing the execution and delivery of such revenue obligations evidencing principal in an aggregate amount of not to exceed $80,000,000,approving a Notice of Intention to Sell,authorizing the distribution of an Official Notice Inviting Bids and an Official Statement in connection with the offering and sale of such revenue obligations and authorizing the execution and delivery of necessary documents and related actions. ADDITIONAL INFORMATION The Build America Bonds were issued at taxable interest rates with a bi-annual subsidy being provided by the U.S.Treasury to mitigate a portion of the taxable interest rates.Prepaying portions of the Series 2010A and Series 2010C Revenue Obligations will help reduce OC San’s exposure to the subsidy reduction risk and will result in an interest cost savings of more than $30 million.The transaction will also reduce the final debt payment for OC San’s total debt portfolio by five years,from 2044 to 2039. CEQA N/A Orange County Sanitation District Printed on 5/1/2024Page 2 of 3 powered by Legistar™ File #:2024-3593 Agenda Date:5/8/2024 Agenda Item No:7. FINANCIAL CONSIDERATIONS Adjustments in the current year capital program result in funds available to prepay the obligations and will save money in long term interest cost.This action will not affect the rates to the residents or alter the future of the capital program. ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: ·Draft Resolution No. OC SAN 24-XX Orange County Sanitation District Printed on 5/1/2024Page 3 of 3 powered by Legistar™ Norton Rose Fulbright US LLP draft 4/15/24 139706960.3 (District Resolution – OCSD 2024A) RESOLUTION NO. OC SAN 24-XX A RESOLUTION OF THE BOARD OF DIRECTORS OF THE ORANGE COUNTY SANITATION DISTRICT AUTHORIZING PREPAYMENT OF ORANGE COUNTY SANITATION DISTRICT WASTEWATER REVENUE OBLIGATIONS, SERIES 2010A (FEDERALLY TAXABLE BUILD AMERICA BONDS) AND ORANGE COUNTY SANITATION DISTRICT WASTEWATER REVENUE OBLIGATIONS, SERIES 2010C (TAXABLE BUILD AMERICA BONDS) AND AUTHORIZING THE EXECUTION OF NECESSARY DOCUMENTS AND RELATED ACTIONS WHEREAS, to finance the acquisition, construction and installation of certain improvements to its wastewater system (the “2010A Prior Project”), the Orange County Sanitation District (the “District”) has heretofore purchased the 2010A Prior Project from the Orange County Sanitation District Financing Corporation (the “Corporation”), and the Corporation has heretofore sold the 2010A Prior Project to the District, for the installment payments (the “2010A Prior Installment Payments”) made by the District pursuant to the Installment Purchase Agreement, dated as of May 1, 2010 (the “2010A Installment Purchase Agreement”), by and between the District and the Corporation; WHEREAS, to provide the funds necessary to finance the 2010A Prior Project, the District caused the execution and delivery of the Orange County Sanitation District Wastewater Revenue Obligations, Series 2010A (Federally Taxable Build America Bonds) (the “2010A Obligations”), evidencing direct, undivided fractional interests in the 2010A Prior Installment Payments; WHEREAS, to finance the acquisition, construction and installation of certain improvements to its wastewater system (the “2010C Prior Project” and, together with the 2010A Prior Project, the “Prior Projects”), the District has heretofore purchased the 2010C Prior Project from the Corporation, and the Corporation has heretofore sold the 2010C Prior Project to the District, for the installment payments (the “2010C Prior Installment Payments” and, together with the 2010A Prior Installment Payments, the “Prior Installment Payments”) made by the District pursuant to the Installment Purchase Agreement, dated as of December 1, 2010 (the “2010C Installment Purchase Agreement”); WHEREAS, to provide the funds necessary to finance the 2010C Prior Project, the District caused the execution and delivery of the Orange County Sanitation District Wastewater Revenue Obligations, Series 2010C (Taxable Build America Bonds) (the “2010C Obligations” and, together with the 2010A Obligations, the “Prior Obligations”), evidencing direct, undivided fractional interests in the 2010C Prior Installment Payments; WHEREAS, the 2010A Obligations are currently outstanding in the principal amount of $80,000,000, and the 2010C Obligations are currently outstanding in the principal amount of $157,000,000; and WHEREAS, the District desires to prepay all or a portion of the remaining Prior Installment Payments, and the interest thereon to the date of prepayment, thereby causing all or a portion of the remaining Prior Obligations to be prepaid; 139706960.3 OC SAN 24-XX-2 WHEREAS, to cause the Prior Obligations to be prepaid, the District desires to authorize and approve certain documents and actions in connection therewith; WHEREAS, all acts, conditions and things required by the Constitution and laws of the State of California to exist, to have happened and to have been performed precedent to and in connection with the consummation of the transactions authorized hereby do exist, have happened and have been performed in regular and due time, form and manner as required by law, and the District is now duly authorized and empowered, pursuant to each and every requirement of law, to consummate such transactions for the purpose, in the manner and upon the terms herein provided; NOW, THEREFORE, the Board of Directors of the District DOES HEREBY RESOLVE, DETERMINE AND ORDER: Section 1. All of the recitals herein contained are true and correct and the Board of Directors of the District (the “Board”) so finds. Section 2. The Board hereby authorizes the prepayment of all or a portion of the remaining principal components of the Prior Installment Payments, and the interest components thereof to the dates of prepayment, and the Prior Obligations, evidencing interests therein, as determined by any Authorized Officer (as defined herein), is hereby authorized, and approved; provided the prepayment price shall not exceed $225,000,000. The Chairperson of the Board, and such other members of the Board as the Chairperson may designate, the General Manager of the District, the Assistant General Manager of the District, the Director of Finance of the District, and such other officers of the District as the General Manager, the Assistant General Manager or the Director of Finance may designate (the “Authorized Officers”), are, and each of them is, hereby authorized and directed, for and in the name of the District, to determine the date or dates on which the Prior Installment Payments will be prepaid. Section 3. Each Authorized Officer is authorized (ii) to transfer lawfully available funds of the District, in an amount sufficient to pay the prepayment price and accrued interest authorized under Section 2 hereof and (ii) to pay from the District’s funds the associated costs and expenses of such prepayment. Such District funds are hereby appropriated for such purposes. Section 4. The Authorized Officers are, and each of them hereby is, authorized and directed to execute and deliver any and all documents and instruments and to do and cause to be done any and all acts and things necessary or proper for carrying out the transactions contemplated by the notices, agreements and documents referenced in this Resolution. Section 5. All actions heretofore taken by the officers and employees of the District with respect to transactions authorized hereby, or in connection with or related to any of the agreements or documents referenced in this Resolution, are hereby approved, confirmed, and ratified. Section 6. This Resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED at a regular meeting of the Board of Directors of the Orange County Sanitation District held on May 22, 2024. 139706960.3 OC SAN 24-XX-3 Chad P. Wanke Board Chairperson ATTEST: Kelly A. Lore, MMC Clerk of the Board APPROVED AS TO FORM: Bradley R. Hogin General Counsel 139706960.3 OC SAN 24-XX-4 STATE OF CALIFORNIA ) ) ss COUNTY OF ORANGE ) I, Kelly A. Lore, Clerk of the Board of Directors of the Orange County Sanitation District, do hereby certify that the foregoing Resolution No. OC SAN 24-XX was passed and adopted at a regular meeting of said Board on the 22nd day of May 2024, by the following vote, to wit: AYES: NOES: ABSTENTIONS: ABSENT: IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of Orange County Sanitation District this 22nd day of May 2024. Kelly A. Lore, MMC Clerk of the Board of Directors Orange County Sanitation District ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2024-3379 Agenda Date:5/8/2024 Agenda Item No:8. FROM:Robert Thompson, General Manager Originator: Wally Ritchie, Director of Finance SUBJECT: INSURANCE UPDATE GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Information Item. BACKGROUND Staff and Broker will provide an update on the status of the Insurance Program as the budget process is underway and the insurance renewals are upcoming. RELEVANT STANDARDS ·Protect OC San Assets ·Commitment to safety & reducing risk in all operations ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: N/A Orange County Sanitation District Printed on 5/1/2024Page 1 of 1 powered by Legistar™ ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2024-3602 Agenda Date:5/8/2024 Agenda Item No:9. FROM:Robert Thompson, General Manager Originator: Mike Dorman, Director of Engineering SUBJECT: CAPITAL IMPROVEMENT PROGRAM PROPOSED BUDGET FOR FY 2024-25 & 2025-26 GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Information Item. BACKGROUND Staff will present the proposed CIP budget to be included in the upcoming Fiscal Year 2024-25 & 2025-26 Budget recommendation. RELEVANT STANDARDS ·Protect OC San assets ·Ensure the public’s money is wisely spent ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: ·Presentation Orange County Sanitation District Printed on 4/30/2024Page 1 of 1 powered by Legistar™ 4/30/2024 1 CAPITAL IMPROVEMENT PROGRAM PROPOSED BUDGET FOR FY 2024-25 & 2025-26 Presented by: Justin Fenton, Engineering Manager Administration Committee May 8, 2024 Information Item v Orange CountySanitation District70thAnniversary Operating $215.4 38% Capital $272.0 48% Debt $68.6 12% Other $7.7 2% 2 Total Expenses ‐$563.7 1 2 4/30/2024 2 v Orange CountySanitation District70thAnniversary The CIP includes all  costs to plan, design,  and construct capital  facilities based on  4 key drivers: •Additional Capacity •Regulations •Strategic Initiative •Rehabilitation &  Replacement 3 v Orange CountySanitation District70thAnniversary CIP includes:  •$4.72 Billion of  Authorization •121 Active projects •24 Upcoming projects  (not yet started) •Capital Equipment •56 Future projects  (not authorized) 4 3 4 4/30/2024 3 v Orange CountySanitation District70thAnniversary •Review all projects each year: •Active Projects •Budget •Schedule •Duration •Upcoming/Future Projects •Scope •Budget •Start Date •Duration 5 v Orange CountySanitation District70thAnniversary $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 FY24‐25 FY25‐26 FY26‐27 FY27‐28 FY28‐29 FY29‐30 FY30‐31 FY31‐32 FY32‐33 FY33‐34 Mi l l i o n s Proposed CIP (FY 2024/25)Adopted CIP (FY 2023/24) $223M Increase Over 10 Years 6 $63M Increase Over 5 Years 5 6 4/30/2024 4 v Orange CountySanitation District70thAnniversary 7 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 24‐25 25‐26 26‐27 27‐28 28‐29 29‐30 30‐31 31‐32 32‐33 33‐34 34‐35 35‐36 36‐37 37‐38 38‐39 39‐40 40‐41 41‐42 42‐43 43‐44 Mi l l i o n s Fiscal Year Authorized Projects Future Projects Prior Year Net CIP $657M Increase Over 20 Years v Orange CountySanitation District70thAnniversary 8 Budget ChangeProject NameProject # $190,000,000Activated Sludge‐1 and Secondary Clarifier RehabilitationP1‐140 ($187,318,000)Digester P, Q, R, and S ReplacementP2‐129 ($45,989,000)Central Generation Rehabilitation at Plant No. 2P2‐119 $45,103,000North Tustin‐Orange Sewer Improvements7‐69 $42,500,000Operations and Maintenance Complex at Plant No. 2.P2‐138 ($39,784,000)Central Generation Rehabilitation at Plant No. 1P1‐127 $34,652,000Headworks Electrical Distribution Improvements at Plant No. 2P2‐141 $28,200,000Central Generation Engine Overhauls at Plant No. 1 and 2J‐135 $19,378,000Small Construction Projects ProgramM‐FE $19,200,000Edinger Pump Station Replacement11‐33 $18,000,000Bay Bridge Pump Station Replacement5‐67 $17,089,000Slater Pump Station Rehabilitation11‐34 ($12,776,000)Chapman ‐El Modena ‐Panorama Heights Sewer Rehab7‐70 $11,315,000Fullerton ‐Placentia Sewer Facilities Demo and Rehab2‐73 ($10,688,00)Trickling Filter Medial Replacement at Plant No. 1P1‐142 7 8 4/30/2024 5 v Orange CountySanitation District70thAnniversary 9 •Complete Rehab (1970s) •Process Upgrade: Full  Denitrification •Add 20+ years of Life •Cost Increase of $190M •$280M ‐‐> $470M •Verified all Scope Elements •Condition Assessments •Updated Estimate v Orange CountySanitation District70thAnniversary Host Pipe CIPP •Cost Increase of $45.1M •Rehab, Replacement, & Capacity •Increased Scope: •Project No. 7‐70 ($12.8M)  •Additional Assets •Updated Estimate 10 Pipe Replacement MH Rehab 9 10 4/30/2024 6 v Orange CountySanitation District70thAnniversary •Former Project – $84M •Replace the Operations Complex •Improve Maintenance Building •Revised Project – $126.5M •Single new O&M Complex •Improved coordination, proximity to  process, seismic resilience, etc. 11 Operations Complex Maintenance BuildingNew O&M Complex v Orange CountySanitation District70thAnniversary 12 $223 Million Planning 4%Design 20% Construction 76% Rehabilitation and  Replacement 80% Strategic  Initiatives 11% Additional  Capacity 6% Regulatory 3% 11 12 4/30/2024 7 v Orange CountySanitation District70thAnniversary 13 Proposed  FY 25‐26 Proposed FY 24‐25 Estimated FY 23‐34 $303$238.1$235Capital Improvement Program $14$15$4.0Capital Equipment ($38)($30)($5.8)CIP Savings and Deferrals $0.2‐‐Future Rehabilitation $279$223$233Net Capital Expenses $291$288$272Prior Budget ($12)($65)($39)Change from Prior Budget 96%77%86%Percentage of Prior Budget CAPITAL EXPENSES (Millions) v Orange CountySanitation District70thAnniversary 14 $0 $50 $100 $150 $200 $250 CIP Reserves Net CIP $223 50% of  10‐Year CIP $161 Replacement  and  Refurbishment $75 Mi l l i o n s 13 14 4/30/2024 8 v Orange CountySanitation District70thAnniversary 15 January February March April May June Budget Assumptions  and Calendar Board Revenues and  Reserves Operations Administration Expenditures Operations Administration CIP Operations Administration Proposed 2‐Year  Budget Operations Administration Board Insurance Administration Questions? 1954 - 2024 Orange County Sanitation District70thAnniversary 16 15 16 ORANGE COUNTY SANITATION DISTRICT COMMON ACRONYMS ACWA Association of California Water Agencies LOS Level Of Service RFP Request For Proposal APWA American Public Works Association MGD Million Gallons Per Day RWQCB Regional Water Quality Control Board AQMD Air Quality Management District MOU Memorandum of Understanding SARFPA Santa Ana River Flood Protection Agency ASCE American Society of Civil Engineers NACWA National Association of Clean Water Agencies SARI Santa Ana River Interceptor BOD Biochemical Oxygen Demand NEPA National Environmental Policy Act SARWQCB Santa Ana Regional Water Quality Control Board CARB California Air Resources Board NGOs Non-Governmental Organizations SAWPA Santa Ana Watershed Project Authority CASA California Association of Sanitation Agencies NPDES National Pollutant Discharge Elimination System SCADA Supervisory Control And Data Acquisition CCTV Closed Circuit Television NWRI National Water Research Institute SCAP Southern California Alliance of Publicly Owned Treatment Works CEQA California Environmental Quality Act O & M Operations & Maintenance SCAQMD South Coast Air Quality Management District CIP Capital Improvement Program OCCOG Orange County Council of Governments SOCWA South Orange County Wastewater Authority CRWQCB California Regional Water Quality Control Board OCHCA Orange County Health Care Agency SRF Clean Water State Revolving Fund CWA Clean Water Act OCSD Orange County Sanitation District SSMP Sewer System Management Plan CWEA California Water Environment Association OCWD Orange County Water District SSO Sanitary Sewer Overflow EIR Environmental Impact Report OOBS Ocean Outfall Booster Station SWRCB State Water Resources Control Board EMT Executive Management Team OSHA Occupational Safety and Health Administration TDS Total Dissolved Solids EPA US Environmental Protection Agency PCSA Professional Consultant/Construction Services Agreement TMDL Total Maximum Daily Load FOG Fats, Oils, and Grease PDSA Professional Design Services Agreement TSS Total Suspended Solids gpd gallons per day PFAS Per- and Polyfluoroalkyl Substances WDR Waste Discharge Requirements GWRS Groundwater Replenishment System PFOA Perfluorooctanoic Acid WEF Water Environment Federation ICS Incident Command System PFOS Perfluorooctanesulfonic Acid WERF Water Environment & Reuse Foundation IERP Integrated Emergency Response Plan POTW Publicly Owned Treatment Works WIFIA Water Infrastructure Finance and Innovation Act JPA Joint Powers Authority ppm parts per million WIIN Water Infrastructure Improvements for the Nation Act LAFCO Local Agency Formation Commission PSA Professional Services Agreement WRDA Water Resources Development Act ORANGE COUNTY SANITATION DISTRICT GLOSSARY OF TERMS ACTIVATED SLUDGE PROCESS – A secondary biological wastewater treatment process where bacteria reproduce at a high rate with the introduction of excess air or oxygen and consume dissolved nutrients in the wastewater. BENTHOS – The community of organisms, such as sea stars, worms, and shrimp, which live on, in, or near the seabed, also known as the benthic zone. BIOCHEMICAL OXYGEN DEMAND (BOD) – The amount of oxygen used when organic matter undergoes decomposition by microorganisms. Testing for BOD is done to assess the amount of organic matter in water. BIOGAS – A gas that is produced by the action of anaerobic bacteria on organic waste matter in a digester tank that can be used as a fuel. BIOSOLIDS – Biosolids are nutrient rich organic and highly treated solid materials produced by the wastewater treatment process. This high-quality product can be recycled as a soil amendment on farmland or further processed as an earth-like product for commercial and home gardens to improve and maintain fertile soil and stimulate plant growth. CAPITAL IMPROVEMENT PROGRAM (CIP) – Projects for repair, rehabilitation, and replacement of assets. Also includes treatment improvements, additional capacity, and projects for the support facilities. COLIFORM BACTERIA – A group of bacteria found in the intestines of humans and other animals, but also occasionally found elsewhere, used as indicators of sewage pollution. E. coli are the most common bacteria in wastewater. COLLECTIONS SYSTEM – In wastewater, it is the system of typically underground pipes that receive and convey sanitary wastewater or storm water. CERTIFICATE OF PARTICIPATION (COP) – A type of financing where an investor purchases a share of the lease revenues of a program rather than the bond being secured by those revenues. CONTAMINANTS OF POTENTIAL CONCERN (CPC) – Pharmaceuticals, hormones, and other organic wastewater contaminants. DILUTION TO THRESHOLD (D/T) – The dilution at which the majority of people detect the odor becomes the D/T for that air sample. GREENHOUSE GASES (GHG) – In the order of relative abundance water vapor, carbon dioxide, methane, nitrous oxide, and ozone gases that are considered the cause of global warming (“greenhouse effect”). GROUNDWATER REPLENISHMENT SYSTEM (GWRS) – A joint water reclamation project that proactively responds to Southern California’s current and future water needs. This joint project between the Orange County Water District and OCSD provides 70 million gallons per day of drinking quality water to replenish the local groundwater supply. LEVEL OF SERVICE (LOS) – Goals to support environmental and public expectations for performance. N-NITROSODIMETHYLAMINE (NDMA) – A N-nitrosamine suspected cancer-causing agent. It has been found in the GWRS process and is eliminated using hydrogen peroxide with extra ultra-violet treatment. NATIONAL BIOSOLIDS PARTNERSHIP (NBP) – An alliance of the NACWA and WEF, with advisory support from the EPA. NBP is committed to developing and advancing environmentally sound and sustainable biosolids management practices that go beyond regulatory compliance and promote public participation to enhance the credibility of local agency biosolids programs and improved communications that lead to public acceptance. PER- AND POLYFLUOROALKYL SUBSTANCES (PFAS) – A large group (over 6,000) of human-made compounds that are resistant to heat, water, and oil and used for a variety of applications including firefighting foam, stain and water-resistant clothing, cosmetics, and food packaging. Two PFAS compounds, perfluorooctanesulfonic acid (PFOS) and perfluorooctanoic acid (PFOA) have been the focus of increasing regulatory scrutiny in drinking water and may result in adverse health effects including developmental effects to fetuses during pregnancy, cancer, liver damage, immunosuppression, thyroid effects, and other effects. PERFLUOROOCTANOIC ACID (PFOA) – An ingredient for several industrial applications including carpeting, upholstery, apparel, floor wax, textiles, sealants, food packaging, and cookware (Teflon). PERFLUOROOCTANESULFONIC ACID (PFOS) – A key ingredient in Scotchgard, a fabric protector made by 3M, and used in numerous stain repellents. PLUME – A visible or measurable concentration of discharge from a stationary source or fixed facility. PUBLICLY OWNED TREATMENT WORKS (POTW) – A municipal wastewater treatment plant. SANTA ANA RIVER INTERCEPTOR (SARI) LINE – A regional brine line designed to convey 30 million gallons per day of non-reclaimable wastewater from the upper Santa Ana River basin to the ocean for disposal, after treatment. SANITARY SEWER – Separate sewer systems specifically for the carrying of domestic and industrial wastewater. SOUTH COAST AIR QUALITY MANAGEMENT DISTRICT (SCAQMD) – Regional regulatory agency that develops plans and regulations designed to achieve public health standards by reducing emissions from business and industry. SECONDARY TREATMENT – Biological wastewater treatment, particularly the activated sludge process, where bacteria and other microorganisms consume dissolved nutrients in wastewater. SLUDGE – Untreated solid material created by the treatment of wastewater. TOTAL SUSPENDED SOLIDS (TSS) – The amount of solids floating and in suspension in wastewater. ORANGE COUNTY SANITATION DISTRICT GLOSSARY OF TERMS TRICKLING FILTER – A biological secondary treatment process in which bacteria and other microorganisms, growing as slime on the surface of rocks or plastic media, consume nutrients in wastewater as it trickles over them. URBAN RUNOFF – Water from city streets and domestic properties that carry pollutants into the storm drains, rivers, lakes, and oceans. WASTEWATER – Any water that enters the sanitary sewer. WATERSHED – A land area from which water drains to a particular water body. OCSD’s service area is in the Santa Ana River Watershed.