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HomeMy WebLinkAboutCity Council Committees - Committee of the Whole - 09/19/2023 Approved Kent City Council - Committee • of the Whole KENT Committee of the Whole - WAS M IN G 7 0 N Regular Meeting Minutes September 19, 2023 Date: September 19, 2023 Time: 4:01 p.m. Place: Chambers 1. CALL TO ORDER 2. ROLL CALL Attendee Name Title Status Arrived Bill Boyce Council President Present Brenda Fincher Councilmember Present Satwinder Kaur Councilmember Present Marli Larimer Councilmember Present Zandria Michaud Councilmember Present Les Thomas Councilmember Present Toni Troutner Councilmember Excused 3. AGENDA APPROVAL A. I move to approve the agenda as presented. RESULT: APPROVED [UNANIMOUS] MOVER: Les Thomas, Councilmember SECONDER: Brenda Fincher, Councilmember AYES: Boyce, Fincher, Kaur, Larimer, Michaud, Thomas 4. DEPARTMENT PRESENTATIONS A. Approval of Minutes YES Committee of the Whole - Committee of the Whole - Regular Meeting - Sep 5, 2023 4:00 PM R SE ULT: APPROVED [UNANIMOUS] MOVER: Les Thomas, Councilmember SECONDER: Zandria Michaud, Councilmember AYES: Boyce, Fincher, Kaur, Larimer, Michaud, Thomas B. Payment of the Bills - Authorize Kent City Council - Committee of the Whole September 19, 2023 Committee of the Whole - Regular Meeting Kent, Washington Minutes MOTION: I move to approve the payment of bills received through 8/31/23 and paid on 8/31/23 and approve the checks issued for payroll 8/16/23 - 8/31/23 and paid on 9/5/23, all audited by the Committee of the Whole on 9/19/23. RESULT: MOTION PASSES [UNANIMOUS] Next: 10/3/2023 7:00 PM MOVER: Les Thomas, Councilmember SECONDER: Marli Larimer, Councilmember AYES: Boyce, Fincher, Kaur, Larimer, Michaud, Thomas C. INFO ONLY: Second Quarter 2023 Investment Report Cash and Investment Officer, Joe Bartlemay presented the Second Quarter 2023 Investment Report. D. Resolution Ratifying 2021 Countywide Planning Policy Amendments - Adopt Long Range Planning Manager, Kristen Holdsworth, provided an update on the amendments to the 2021 King County Countywide Planning Policies ("CPPs") and asked the Council to take action on a resolution to ratify the amendments. Initially adopted in the early 1990's, the CPPs create a shared and consistent framework for growth management planning for all jurisdictions in King County in accordance with RCW 36.70A.210. The CPPs were last comprehensively reviewed and updated in 2021, as a part of that update, new growth targets were adopted for the 2019-2044 planning period. Due to the complexity, overlapping nature, and the Growth Management Planning Council ("GMPC") members' desire for further discussion on some amendments, the GMPC created an Affordable Housing Committee and developed a workplan. The most substantive amendments relate to jurisdictional housing needs allocations. A breakdown of Kent's percent housing needs by level of affordability compared to King County was provided. A second substantive change creates a three-part accountability framework for equitably meeting housing needs across King County. On August 15, 2023, the Metropolitan King County Council adopted Ordinance No. 19660, which ratified the 2021 CPPs amendments to incorporate updates related to the workplan above. ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Page 2 of 8 Kent City Council - Committee of the Whole September 19, 2023 Committee of the Whole - Regular Meeting Kent, Washington Minutes Now, the amendments are presented to jurisdictions in King County for ratification. The CPPs become effective when ratified by ordinance or resolution of at least 30 percent of the city and county governments representing 70 percent of the population of King County according to the established Interlocal Agreement. A city will be deemed to have ratified the amendments to the CPPs unless the city takes legislative action to disapprove the amendments within 90 days of adoption by King County, which in this case is, November 30, 2023. MOTION: I move to adopt Resolution No. 2066, ratifying an amendment to the 2021 King County Countywide Planning Policies adopted by King County. RESULT:LTU MOTION PASSES [UNANIMOUS] Next: 10/3/2023 7:00 PM MOVER: Les Thomas, Councilmember SECONDER: Satwinder Kaur, Councilmember AYES: Boyce, Fincher, Kaur, Larimer, Michaud, Thomas E. Interlocal Agreement for the Purpose of Pooling Capital Funds with other SKHHP Cities - Authorize Human Services Manager, Merina Hanson, provided information regarding House Bill 1590 ("HB 1590") which was approved by the Washington State Legislature in 2020 and amended RCW 82.14.530 to allow local governments to impose an additional one-tenth of one percent (0.1%) sales and use tax to fund investments in affordable housing and related services. On October 6, 2020, City Council passed Ordinance No. 4370 relating to local sales and use taxes; imposing the maximum capacity of the tax authorized under the provisions of RCW 82.14.530 for housing and related services; amending Chapter 3.16 of the Kent City Code by adding a new section 3.16.036, entitled 'Additional sales or use tax for housing and related services". The ordinance authorized the Mayor to expend any or all funds collected in accordance with this ordinance for uses authorized by RCW 82.14.530, subject to any limitations provided therein, as well as to pool funds collected with other cities and counties pursuant to the interlocal agreement with the South King Housing and Homelessness Partners (SKHHP). This Interlocal Agreement formalizes the agreement to pool revenues collected under RCW 82.14.530 with SKHHP and other SKHHP member cities for the purposes of funding affordable housing in South King County and establishes the use of funds and the administrative requirements of SKHHP for the production and preservation of affordable housing for households ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Page 3 of 8 Kent City Council - Committee of the Whole September 19, 2023 Committee of the Whole - Regular Meeting Kent, Washington Minutes earning up to sixty percent AMI who are also a population household specified in RCW 82.14.530. MOTION: I move to authorize the Mayor to sign an interlocal agreement with other "South King County Housing and Homelessness Partner" cities to pool sales and use tax receipts, subject to final terms and conditions acceptable to the Parks Director and City Attorney. RESULT: MOTION PASSES [UNANIMOUS] Next: 10/3/2023 7:00 PM MOVER: Zandria Michaud, Councilmember SECONDER: Satwinder Kaur, Councilmember AYES: Boyce, Fincher, Kaur, Larimer, Michaud, Thomas F. Washington State Department of Commerce Grant — Senior Center Solar + Storage Facilities Superintendent, Will Moore, presented information regarding the City of Kent Senior Center Solar + Storage Grant. It will consist of a rooftop solar array with ground mount battery system to supply power during extended outages. The rooftop array will utilize the south-facing roof sections across the entire building. The battery and associated equipment will be installed outside of the main electrical room, to the east, to intercept the utility power most efficiently from the existing transformer. The concrete pad, enclosure, generation panel, feeders, and conduit runs will be sized for a future expansion "phase 2" to expand the battery system for longer outages and higher loads. No future expansion is guaranteed at this time; however, a modular and flexible system concept provides the opportunity for cost savings on such an expansion. This grant is intended to cover all costs associated with Design and Construction of this Solar + Storage system. MOTION: I move to accept grant funds in an amount not to exceed $500,000 from the Washington Department of Commerce for the funding of a solar rooftop array for the Kent Senior Center, amend the budget, authorize expenditure of funds, and authorize the Mayor to sign all necessary agreements and other documents, subject to terms and conditions acceptable to the Parks Director and City Attorney. ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Page 4 of 8 Kent City Council - Committee of the Whole September 19, 2023 Committee of the Whole - Regular Meeting Kent, Washington Minutes ......................................................................................................................................................................................................................................................................................................._............................................................................................................................................................................................................... RESULT: MOTION PASSES [UNANIMOUS] Next: 9/19/2023 7:00 PM MOVER: Zandria Michaud, Councilmember SECONDER: Satwinder Kaur, Councilmember AYES: Boyce, Fincher, Kaur, Larimer, Michaud, Thomas G. Mother Africa Building Economic Empowerment Program Agreement - Authorize Senior Human Services Coordinator, Brittany Gaines, shared information about the American Rescue Plan Act funds. They are intended for the recovery of the pandemic and workforce/economic instability impacts experienced by residents in Kent. The Human Services Commission recommends $200,000 to implement the Economic Empowerment Program at Mother Africa. Mother Africa will provide workforce development workshops, financial and digital literacy sessions, entrepreneurship classes, and offer case management services to ensure participants maintain gainful employment to increase economic stability for refugee and immigrant communities. MOTION: I move to authorize the Mayor to sign an agreement with Mother Africa for the Economic Empowerment Program, providing up to $200,000 in ARPA funds, subject to final terms and conditions acceptable to the Parks Director and City Attorney. RESULT: MOTION PASSES [UNANIMOUS] Next: 10/3/2023 7:00 PM MOVER: Zandria Michaud, Councilmember SECONDER: Satwinder Kaur, Councilmember AYES: Boyce, Fincher, Kaur, Larimer, Michaud, Thomas H. Washington Traffic Safety Commission Interagency Agreement for the Walker and Roller Safety Grant Program - Authorize Police Commander, Michael O'Reilly, provided information on the Walker and Roller Safety Grant Program which emphasizes safety for all walkers and rollers along Pacific Highway South from Federal Way north to Tukwila. WTSC reviewed crash data for the state of Washington and south King County has the highest number of serious injury and fatal crashes involving pedestrians. Because of this, WTSC is increasing investments in traffic safety programming for all of King County. This Walker and Roller program will continue work along Pacific Highway South during the upcoming fiscal year and it will also expand safety work ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Page 5 of 8 Kent City Council - Committee of the Whole September 19, 2023 Committee of the Whole - Regular Meeting Kent, Washington Minutes beyond this one stretch of roadway to other parts of south King County showing high numbers of pedestrian/bicycle and vehicle crashes. During this fiscal year, one strategy will be to develop a Pedestrian Safety Task Force for King County. Another strategy will be to continue the education and outreach work. Driver observation studies will also be completed. This agreement is a three-year agreement with a total funding amount of $614,000 spread over each year (year 1 = $134,000). The funding will become available October 1, 2023 and will run through September 30, 2026. MOTION: I move to accept grant funds in the amount of $614,000 from the Washington Traffic Safety Commission for the Walker and Roller Safety Grant Program, amend the budget, authorize expenditure of funds, and authorize the Mayor to sign all necessary agreements and other documents, subject to final terms and conditions acceptable to the Police Chief and City Attorney. RESULT: MOTION PASSES [UNANIMOUS] Next: 10/3/2023 7:00 PM 1 MOVER: Satwinder Kaur, Councilmember SECONDER: Zandria Michaud, Councilmember AYES: Boyce, Fincher, Kaur, Larimer, Michaud, Thomas I. Consultant Services Agreement with KBA, Inc. for East Valley Highway - Authorize Capital Projects Supervisor, Jason Barry, provided information about the 84th Avenue South (East Valley Highway) Preservation Project. The South 212th Street to South 196th Street project is a federally-funded project to replace failing asphalt pavement with new concrete pavement at the north and southbound approaches to South 212th Street. Along with milling and replacing existing asphalt pavement and improving ADA curb ramps between South 212th Street and South 196th Street on East Valley Highway. The consultant contract is needed to provide contract administration, construction management, quality control, and inspection on this federally funded project. Through the selection process, following WSDOT Local Agency Guidelines, the City selected KBA, Inc. to provide these services. ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Page 6 of 8 Kent City Council - Committee of the Whole September 19, 2023 Committee of the Whole - Regular Meeting Kent, Washington Minutes MOTION: Move to authorize the Mayor to sign the Consultant Services Agreement with KBA, Inc. in the amount of $401,453, subject to final terms and conditions acceptable to the Public Works Director and City Attorney. RESULT: MOTION PASSES [UNANIMOUS] Next: 10/3/2023 7:00 PM MOVER: Brenda Fincher, Councilmember SECONDER: Les Thomas, Councilmember AYES: Boyce, Fincher, Kaur, Larimer, Michaud, Thomas J. Lake Fenwick Alum Treatment - Award Environmental Supervisor, Rowena Valencia-Gica, provided information on the alum treatment project at Lake Fenwick. This treatment is to minimize phosphorous and algae blooms, which is necessary to improve water quality in Lake Fenwick. A Request for Proposals was advertised for two weeks in August and proposals for the Lake Fenwick Alum Treatment Project were due on September 1, 2023. One proposal received; it was submitted by SOLitude Lake Management in the amount of $114,255.17. It was responsive and the proposer is qualified. MOTION: I move to award the Lake Fenwick Alum Treatment Project to SOLitude Lake Management in the amount of $114,255.17 and authorize the Mayor to sign all necessary documents, subject to final terms and conditions acceptable to the City Attorney and Public Works Director. RESULT: MOTION PASSES [UNANIMOUS] Next: 10/3/2023 7:00 PM MOVER: Brenda Fincher, Councilmember SECONDER: Satwinder Kaur, Councilmember AYES: Boyce, Fincher, Kaur, Larimer, Michaud, Thomas K. Info Only: 2024 Sub-Regional Opportunity Fund Application Earthworks Canyon Sediment Pond Culvert Replacement Environmental Engineer 2, Melissa Dahl, gave information regarding the King County Flood Control District's (District) an annual levy which is collected from properties within King County. Through the District's Sub-Regional Opportunity Fund, approximately ten percent of the levy collected within each jurisdiction is granted back to the jurisdiction to be used for stormwater or habitat projects to reduce flood risks. ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Page 7 of 8 Kent City Council - Committee of the Whole September 19, 2023 Committee of the Whole - Regular Meeting Kent, Washington Minutes ......................................................................................................................................................................................................................................................................................................._............................................................................................................................................................................................................... The 2024 annual reimbursement to Kent is approximately $213,858 with the final amount to be determined in November 2023. The City will prepare an application to use these funds for planning, preliminary design and scoping to replace drainage culverts at the Earthworks Canyon Sediment Pond, which is consistent with the goals and purposes of the opportunity fund. The project will replace two culverts with a larger and more robust culvert for improved flood storage, drainage conveyance, and fish passage. This replacement is critical for continued maintenance access to the sediment pond to reduce flood risk and for continued trail access through Mill Creek Canyon and Earthworks Park. Applications for the 2024 Sub-Regional Opportunity Fund are due October 6, 2023. S. ADJOURNMENT Meeting ended at 4:49 p.m. Kerley A. Ko-wwto- City Clerk ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Page 8 of 8 4 Ty�N4 H4� Amendments t2021 King County o V�a7 Countywide f Planning Policies 1 I Committee of _ Whole 1 !r ML rh g KENT o Growth Management Act (GMA) Washington State Legislature Y Multicounty Planning Policies(MPPs) CITY OF KENT / \ I COMPREHENSIVE PLAN V ISIOI V �OS Puget Sound Regional Council (PSRC) � APlanfortheCentralPugetSoundRegion Countywide Planning Policies '. �a•- �-r' � � King County � �� i I 't`.�� �� ' `''ti Kent Comprehensive Plan �I � 1 w ''•: ��';�;� � �'' ���; City Council b "1' --r � "� ' � Kent Functional Plans - - �� Regulations City Council roject Summary of CPP Amendments 1 . Monitor and report housing needs Development Patterns 2. Establish jurisdictional affordable housing needs a i Housing Chapter 3. Create an accountability and implementation framework s 4. Amend CPPs to reflect steps 1 -3 Housing Technical � . . - KENT o K E N T W A G 0 V w—I.a, "s 2044 Growth T Kent 2044 New Housing Units By Affordability _ 5,000 4,489 4,500 4,000 10,200 new 3,500 housing units 2,856 3,000 2,500 got=)% 2,000 1,500 !Fftmi 1,000 788 820 929 500 318 32,000 new a jobs 0-30% >30-_<<50% >50-_<<80% >80-<_100% >100-<_120% >120% KENT o K E N T W A G 0 V w-I.a, Kent and King County wth Targets ----- ..... % of New 2044 Housing Units Needed by Affordability Level (Area Median Income) 50% 45% 40% 40% 35% 30% 28% 26% 25% 20% 16% 15% 10/° 8% 7% 8% 9% ° 5% 5/° 0% ■ � 0 j ■ 0/° 0-<_30% >30-<_50% >50-<_80% >80-_<100% >100-<_120% >120% ■ Kent ■ King County .V KENT o K E N T W A . G 0 V w.s —T Accountability Framework 1 . Review Plans. The AHC will review and comment on draft housing elements for alignment with CPP Housing Chapter before Comprehensive Plan adoption 2. Monitor and Report. After adoption of 2024 Comprehensive Plan, the AHC will measure jurisdictional progress through a dashboard. 3. Mid-Cycle Check-in and Adjustment. Five years after the Comprehensive Plan adoption, the GMPC will review monitoring and reporting information and identify jurisdictions with significant shortfalls, provide findings that describe the nature of the shortfalls, and make recommendations that a jurisdiction take action to address them. � o KENT o K E N T W A G 0 V w.s� �r Quest*ions'.P Kristen Holdsworth, AICP I Long Range Planning Manager Economic and Community Development KHoldsworth@ KentWA.gov e KENT o K E N T W A G 0 V r • •- y- - - S - .2. '�sr.Y-.• �!g�'�S'`S^+5'.;�•y�C: �" =Y�y.�i::' �� _ ,r�y'�:�• L-- rQ ---'IN6-SAA._ -: --- - 1 Sl% 84th Ave S. (East Valley Highway) Legend • Pavement Preservation Project -S.212th St.to S. 196th St. - �rl�I�e` Project Limits IV K E N T - _ iJje r = W A$ H I N G T O N - j y- ... � JE- LZ - - — r - • .a7 �.k= r�7�R*RN + • - I�ri IL 21 t" .. �. - n Lake Fenwick Alum Treatment Contract City ofKentCommittee oftheWhole • September2023 Alum Treatment h 1. 516 'uv Sf '� K � Rusae 11 C� R" ►y yy Park VF Smith 51 R'v...... W Meeker 51 Aluminum salt + water = Aluminum 3011 Complex el hydroxide (floc)516 t� � - - - S+I�esti.de 9 Lalcb Fenw ck Location e o ti yak Fos Aluminum hydroxide + Phosphorus - " LB,1 Pa �•.' .'irl�•I r Aluminum phosphate + water V - I r SOLitude Lake ement Alum Treatment Aquatic(aka HAB Solutions) $114,p255. 17 - Oct-Nov 2023 gi a` King County Flood Control District Sub - Regional Opportunity Fund Earthworks Sediment Pond Culvert Replacement let Committee of the Whole — September 19, 2023 King County Flood Control District Sub - Regional Opportunity Fund Earthworks Sediment Pond Culvert Replacement "arty rWr,•©"� � ,.»„r, 1922059211 a . r4.•�r+.F... 'Jw 4 1 I City of Kent Investment Portfolio Q2 - 2023 ' CITY OF KENT INVESTMENT PORTFOLIO June 30, 2023 Purchase Market Value Investment Date Investment Description Yield Maturity 6 30 2023 Total 06/30/23 Cash - US Bank 5.250% Overnight 7,036,123 7,036,123 06/30/23 WA State LGIP 5.200% Overnight 158,681,650 158,681,650 06/30/23 PFM Managed Portfolio 1.730% 771 Days 189,790,739 200,959,051 355,508 512 366 676,824 Kent Portfolio ■Cash ■WA State LGIP ■U.S. Treasuries ■Supra National Bonds ■Municipal Bonds ■Gov't. Agencies ■Corporate Notes Commercial Paper Bank Notes CITY OF KENT CASH AND INVESTMENTS BY TYPE QUARTER ENDING BALANCES 400,000,000 2022 Q2-04 AND 2023 Q1-Q2 350,000,000 300,000,000 250,000,000 200,000,000 -- --- Total C&I Other Investments 150,000,000 —� LGIP —� Cash 100,000,000 50,000,000 2nd quarter 2022 3rd Quarter 2022 4th quarter 2022 1st quarter 2023 2nd quarter 2023 CASH AND INVESTMENTS MONTH ENDING BALANCES 2021 12022 12023 400.000_000 350.000_000 300_000_000 250_000_000 a 2023 200.000_000 2022 --- --- 2021 150.000_000 100.000_000 50.000_000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC *In June 2021 and in June 2022, the City received one-time funds of $14.1M of ARPA grant funding. In addition, the City received $3.6M of SST Mitigation for the period of July 1, 2020 - June 30,2021 in June of 2021. Quarterly Interest Earnings Q2-Q4, 2022 and Q1-Q2, 2023 2,500,000 2,211,243 2,000,000 1,500,000 1,457,825 1,189,070 1,000,000 671,936 628,673 500,000 1 8-29 434 099 495,631 243,844 117,476 Q2 2022 Q3 2022 Q4 2022 Q12023 Q2 2023 ■ General Fund ■Other Funds Total Cash and Investments By Fund June 30, 2023 1000 General Fund 56,753,435 1100 Street Fund 17,011,251 1200 PS Retiree Healthcare Fund 1,050,213 1300 Lodging Tax Fund 428,592 1400 Youth/Teen Fund 994,843 1500 Capital Resources Fund 42,271,067 1600 Criminal Justice Fund 12,440,495 1800 Housing & Comm Dev Fund 9,793,143 1900 Other Operating Projects Fund 15,148,657 1950 Kent Events Center Operating Fund 1,918,429 2200 Non-Voted Debt Service Fund 1,341,844 2500 Spec Assess Debt Service Fund 460,988 3100 Street Capital Projects Fund 21,381,192 3200 Parks Capital Projects Fund 15,451,364 3300 Other Capital Projects Fund 1,880,829 3400 Technology Capital Projects Fund 9,723,341 3500 Facilities Capital Projects Fund 7,886,289 4100 Water Fund 40,798,606 4300 Sewer Fund 15,396,967 4400 Drainage Fund 42,804,124 4700 Solid Waste Fund 400,408 4800 Golf Fund 2,052,673 5100 Fleet Service Fund 6,521,333 5200 Central Services Fund 2,591,747 5400 Facilities Management Fund 6,685,298 5600 Insurance Fund 27,993,081 5900 Deferred Compensation Fund 157,205 6200 Firefighters Pension Fund 2,326,056 6400 Deferred Comp Fund - 6500 Payroll Clearing Fund 259,942 6600 Subsystem Clearing Fund 813 6700 Utility Clearing Fund 1,170,556 6800 Agency Clearing Fund 1,314,649 7100 Special Events Center-PFD 267,395 Total: 3665676,824 pfm) asset management Portfolio Summary and Statistics For the Month Ending June 30,2023 CITY OF KENT- 48820000 Sector Allocation Description Par Value Market Value Percent U.S.Treasury Band�Nate 114,210,90D,00 106,599,767.48 56.17 Corporate Nate 24.82% Supra-National Agency Band/Note 10.750,00.00 10,150,429.75 5.35 Municipal Band/Note 4,400,000.00 4,220,162.30 2.22 Federal Agency Bond f Note 23,500,DDD.00 21,709,738.56 11.44 Corporate Note 50,165,999.00 47,110,640.87 24.82 Managed Account Sub-Total 203,025,0Dt}.00 189,790,739.97 100.00% Accrued Interest 789,DD3.35 Total Portfolio 203,025,0D0.00 190e579,742.32 Fed Agy Band/ Note 11.44% HumUnsettled Trades 0.00 0.00 222 Sand{Note .224b Supra-National gency Band{Note US TSY Bond/Note 5.35°lo- 58,17°�0 MatUTItY Distribution 34.d19B Yield to Maturity at Cask 1.73% Yield to Maturity at Market 5.04% Weighted Average Days to Maturity 771 17.3896 14.d63fo $.4a9ro 3.t6"%a aaaeb 0-6 Maras 6-12 Manths 1-1 Yews 1-3 Years 3-4 Years 4-5 Years 4Ner 5 Years PFM Asset Management LLC Aroount4BE20000 Page 2 For the Quarter Ended June 30,2023 CITY OF KENT Account Summery Sector Allocation Analytics U-S.Treasury-$106,941,050 30.1}% Federal Agency-$21,796,290 0 6.1% Supranational-$10,183,813 2.99 Municipal-$4,240,431 1 1.2% Corporate-$47.41 B.158ME 13.3% Local Government Investment Pool-$158,681,650 44.6% Bank Deposits-$7,036,123 1 2.0% 0_0% 20.0% 40.0% 60.0% 80.0% 100.0% PortfolioNbcation =Sector Lim it for Analysis` For infvrmatronaYanafytic.W purposes only and is rrof provided for eomphance assurance fncJudes a=uad irMgmsf. `Sadur Lfmrt for Analyses fs as dem+ed ftm"fnlerprefafiw o€your masf recent hrvestmenf PdVcy as provided. 4�PFM Asset Management LLC pfmam_com For the Quarter Ended June 30,2023 CITY OF KENT Portfolio Characteristics Sector Allocation Review - CITY OF SCENT TotalSecurity Type Sep-22 %of .- Total U.S-Treasury $100.1 53.2% $103.8 55.1% $107.5 56.2% $106.6 56-2% Federal Agency $23.1 12.3% 521.7 11.5% $21.9 11.5% $21.7 11.4% 5upranational $14.1 7.5% 511.8 6.3% $10_2 5.3% $10.2 5.4% Municipal $4.2 2.2% $4.2 2.2% $4.2 2.2% $4.2 2-2% Corporate $46-8 24.8% $447.0 24.9% $47A 24.6% 547.1 24-8% Total $188.0 100.0% i188.5 100.0% $1912 100.0% $189.8 100.0% U.S.Treasury =FedaralAgency =Supranational Municipal Corporate $200-0 $160.0 $120_o 4 $60-0 $40-0 I $0.0 M M M M Septernber202-2 t)eoember2022 March 2023 June 2023 Marker values,exchtdlng accrued interest Only fmkides fixed-inowne secunbas held wiPhin It*separately managed a Dwarfs)and LGIPs managed by FFMAM.aeW may not add m miai due to ramdog- M1 PFM Aaaat Management LLC pfmam xom