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06 June 12, 2019 CommissionRIVERSIDE COUNTY TRANSPORTATION COMMISSION MEETING AGENDA TIME/DATE: 9:30 a.m. / Wednesday, June 12, 2019 LOCATION: BOARD ROOM County of Riverside Administrative Center 4080 Lemon Street, First Floor, Riverside COMMISSIONERS Chair — Chuck Washington Vice Chair— Ben J. Benoit Second Vice Chair — Jan Harnik Kevin Jeffries, County of Riverside, District 1 Karen Spiegel, County of Riverside, District 2 Chuck Washington, County of Riverside, District 3 V. Manuel Perez, County of Riverside, District 4 Jeff Hewitt, County of Riverside, District 5 Art Welch / Daniela Andrade, City of Banning Lloyd White / Julio Martinez, City of Beaumont Joseph DeConinck / Johnny Rodriguez, City of Blythe Larry Smith / To Be Appointed, City of Calimesa Randall Bonner / Jeremy Smith, City of Canyon Lake Raymond Gregory / Mark Carnevale, City of Cathedral City Steven Hernandez / Megan Beaman Jacinto, City of Coachella Wes Speake / Jim Steiner, City of Corona Scott Matas / Russell Betts, City of Desert Hot Springs Clint Lorimore / Todd Rigby, City of Eastvale Linda Krupa / Russ Brown, City of Hemet Dana Reed / To Be Appointed, City of Indian Wells Waymond Fermon / Oscar Ortiz, City of Indio Brian Berkson / Chris Barajas, City of Jurupa Valley Kathleen Fitzpatrick / Robert Radi, City of La Quinta Bob Magee / Natasha Johnson, City of Lake Elsinore Bill Zimmerman / Dean Deines, City of Menifee Victoria Baca / Carla Thornton, City of Moreno Valley Scott Vinton / Randon Lane, City of Murrieta Berwin Hanna / Ted Hoffman, City of Norco Jan Harnik / Kathleen Kelly, City of Palm Desert Lisa Middleton / Jon R. Roberts, City of Palm Springs Michael M. Vargas / Rita Rogers, City of Perris Ted Weill / Charles Townsend, City of Rancho Mirage Rusty Bailey / Andy Melendrez, City of Riverside Andrew Kotyuk / Russ Utz, City of San Jacinto Michael S. Naggar / Maryann Edwards, City of Temecula Ben J. Benoit / Joseph Morabito, City of Wildomar Mike Beauchamp, Governor's Appointee Caltrans District 8 Comments are welcomed by the Commission. If you wish to provide comments to the Commission, please complete and submit a Speaker Card to the Clerk of the Board. Tara B erl From: Sent: To: Cc: Subject: Tara Byerly Wednesday, June 05, 2019 9:00 AM Tara Byerly Anne Mayer; Lisa Mobley; JOHN STANDIFORD RCTC: June Commission Agenda - June 12, 2019 Good morning Commissioners, The June Agenda for the Commission meeting scheduled for Wednesday, June 12 @ 9:30 a.m. is available. Please copy the link: https://www.rctc.org/wp-content/uploads/2019/06/Agenda.pdf Also attached for your review and information is the conflict of interest memo and form. Conflict of Conflict of Interest Forrn.pdf Interest Memo.p... Let me know if you have any questions or concerns. Thank you. Respectfully, Tara Byerly Deputy Clerk of the Board Riverside County Transportation Commission 951.787.7141 W 1951.787.7906 F 4080 Lemon St. 3rd FI.1 P.O. Box 12008 Riverside, CA 92502 rctc.org f inr Tara Bve rl From: Tara Byerly Sent: Wednesday, June 05, 2019 9:02 AM To: Tara Byerly Cc: Lisa Mobley Subject: RCTC: June Commission Agenda - June 12, 2019 Good morning Commission Alternates, The June Agenda for the Commission meeting scheduled for Wednesday, June 12 @ 9:30 a.m. is available. Please copy the link: https://www.rctc.org/wp-content/uploads/2019/06/Agenda.pdf Thank you, Tara Byerly Deputy Clerk of the Board Riverside County Transportation Commission 951.787.7141 W 1951.787.7906 F 4080 Lemon St. 3rd FI. 1 P.O. Box 12008 Riverside, CA 92502 rctc.org f in i TO: FROM: DATE: SUBJECT: RIVERSIDE COUNTY TRANSPORTATION COMMISSION Riverside County Transportation Commission Lisa Mobley, Clerk of the Board June 4, 2019 G.C. 84308 Compliance — Potential Conflict of Interest California Government Code 84308 states a Commissioner may not participate in any discussion or action concerning a contract or amendment if a campaign contribution of more than $250 is received in the past 12 months or 3 months following the conclusion from a bidder or bidder's agent. This prohibition does not apply to the awarding of contracts that are competitively bid. The Commission's procurement division asks potential vendors to disclose any contributions made to the campaigns of any Commissioner as part of their submitted bid packets. As an additional precaution, those entities are included below in an effort to give Commissioners opportunity to review their campaign statements for potential conflicts. Please note the entities listed in this memo are not encompassing of all potential conflicts and are in addition to any personal conflicts of interest such as those disclosed on Statement of Economic Interests —Form 700 or prohibited by Government Code Section 1090. Please contact me should you have any questions. Agenda Item No 9D —Recurring Contracts for Fiscal Year 2019/20 Consultant(s): AMMA Transit Planning Heather Menninger Owner/Principal 19069 Van Buren, Suite 114-378 Riverside, CA 92508 Best Best & Krieger, LLP Steven DeBaun, Partner 3390 University Avenue, 5th Flr. Riverside, CA 92501 Celtics Ventures Inc. Matt Raymond, Founder/CEO 215 Avenue I, Ste. 104 Redondo Beach, CA 90277 Bechtel Infrastructure Corp. Donald H. Wright Principal/Vice President 707 Wilshire Blvd., Suite 3088 Los Angeles, CA 90017 BLX Group LLC Glenn R. Casterline Managing Director 777 Figueroa St., Suite 3200 Los Angeles, CA 90017 ECS Imaging, Inc. Ashley Burt, Accounting Asst. 5905 Brockton Avenue, #C Riverside, CA 92506 RCTC Potential Conflicts of Interest June 4, 2019 Page 2 Epic Land Solutions, Inc. Karen Starr, President 2601 Airport Drive, Suite 115 Torrance, CA 90505 Fieldman, Rolapp & Assoc., Inc. Daniel L. Wiles, Principal 19900 MacArthur Blvd., Suite 1100 Irvine, CA 92612 Media Beef, Inc. Michael Hemry, President 6809 Indiana Ave., Suite 130 Riverside, CA 92506 Norton Rose Fulbright US LLP Victor Hsu, Partner 555 South Flower Street, 41st Floor Los Angeles, CA 90071 U.S. Bank National Association Ashraf Almurdaah, Vice President 633 W. 5th Street, 24th FI. Los Angeles, CA 90071 Stantec Sheldon Mar, Senior Associate 475 5th Avenue, 12th Floor New York, NY 10017 Exigent Systems Inc. Dustin E. Hoffman, President 1020 Nevada Street, Suite 201 Redlands, CA 92374 Iteris, Inc. Ramin Massoumi, Sr. Vice Pres. General Manager 1700 Carnegie Ave., Suite 100 Santa Ana, CA 92605 MGO, LLP Peter George, Partner 4675 MacArthur Court, Ste. 600 Newport Beach, CA 92660 Orrick, Herrington & Sutcliffe LLP Devin Brennan, Partner 405 Howard Street San Francisco, CA 94105 WSP USA Inc. Laura S. Unger U.S. Regulatory Comp. Mgr. One Penn Plaza, rd Flr. New York, NY 10119 Monsido, Inc. Jacob Riff, President 5355 Mirra Sorrento PI. Suite 725 Sam Diego, CA 92121 Agenda Item No 9H — Amendment to On -Call Station Repair and Maintenance Consultant(s): Braughton Construction Inc. .John Braughton, President 10722 Arrow Rte., Suite 810 Rancho Cucamonga, CA 91730 RCTC Potential Conflicts of Interest June 4, 2019 Page 3 Agenda Item No 91 — Approval of Agreement for Construction Management Services, Materials Testing, and Construction Surveying and Approval of Various Agreements for the Interstate 15/Railroad Canyon Road Interchange Improvements Project Consultant(s): Arcadis U.S., Inc. Nabil Fraywat, Vice President 3600 Lime Street, Suite 527 Riverside, CA 92501 Desert Sun mediagroup PART OF THE USA TODAY NETWORK PO Box 23430 Green Bay, WI 54305-3430 Tel. 760-778-4578 / Fax 760-778-4731 Email: legals@thedesertsun.com PROOF OF PUBLICATION STATE OF CALIFORNIA SS. COUNTY OF RIVERSIDE RIVERSIDE COUNTY TRANSPORTATION COMMISSION 4080 LEMON ST. 3RD FL. P.O. BOX 12008 I am over the age of 18 years old, a citizen of the United States and not a party to, or have interest in this matter. I hereby certify that the attached advertisement appeared in said newspaper (set in type not smaller than non pariel) in each and entire issue of said newspaper and not in any supplement thereof on the following dates, to wit: 05/22/ 19 I acknowledge that I am a principal clerk of the printer of The Desert Sun, printed and published weekly in the City of Palm Springs, County of Riverside, State of California. The Desert Sun was adjudicated a Newspaper of general circulation on March 24, 1988 by the Superior Court of the County of Riverside, State of California Case No. 191236. I certify under penalty of perjury, under the laws of the State of California, that the foregoing is true and correct.. Executed on this 22nd of May 2019 in Green Bay, WI, County of Brown. Ad#:0003558175 PO: # of Affidavits :1 RIVERSIDE COUNTY TRANSPORTATION COMMISSION ESTABLISHING THE ANNUAL APPROPRIATIONS LIMIT FOR FISCAL YEAR 2019/20 NOTICE IS HEREBYGIVEN the Riverside County Transportation Commission will be adopting its annual appropriations limit for Fiscal Year 2019/20 at its lneet- ing .on Wednesday, June 12, 2019, at 9:30 a.m. in the Board Room, County Ad- ministrative Center, 4080 Lemon Street, First Floor, Riverside, California, 92501. In accordance to Section 7910 of the California Government Code, which imple- ments Article XIIIB, the Commission shall establish its appropriations limit each fiscal year. Based on calculations, using the California per capita personal in- come and the population change within Riverside County, the proposed appro- priations limit is $487,698,077. Calculations supporting the proposal are availa- ble for public viewing for fifteen (15) days from the first date of this Notice, from 8 a.m, to 4 p.m., Monday through Friday, at its principal place of 'business located at 4080 Lemon Street, Third Floor, Riverside, California 92501. Comments will be accepted on the proposed FY 2019/20 annual appropriations limit goal until Friday, May 31, 2019. For questions regarding the appropria- tions limit, please contact Nl€chele Cisneros, Deputy Director of Finance, at the RCTCOffice, 4080 Lemon Street. Third Floor, Riverside, California 92501 or by calling (951) 787-7141. Published: May 22, 2019 By: Lisa Mobley, Clerk of the Board r RIVERSIDE COUNTY TRANSPORTATION COMMISSION ESTABLISHING THE ANNUAL APPROPRIATIONS LIMIT FOR FISCAL YEAR 2019/20 NOTICE IS HEREBY GIVEN the Riverside County Transportation} Commission will be adopting its annual appropriations limit for Fiscal Year 2019/20 at its meet- ing on Wednesday, June 12, 2019,.at 9:30 a.m. in the Board Room, County Ad- ministrative Center, 4080 Lemon Street, First Floor, Riverside, California, 92501. In accordance to Section 7910 of the California Government. Code, which imple- ments Article 'X1118, the Commission shall establish its appropriations limit each fiscal year. Based on calculations, using the California per capita personal in- come and the population change within Riverside County, the proposed appro- priations limit is $487,698,077. Calculations supporting the proposal are availa- ble for public viewing for fifteen (15) days from the first date of this Notice, from 8 a.m. to 4 p.m., Monday through Friday, at its principal place of business located at 4080 Lemon Street, Third Floor, Riverside, California 92.501, Comments will be accepted on the proposed FY 2019/20 annual appropriations limit goal until Friday, May 31, 2019. For questions regarding the appropria- tions limit, please contact Michele Cisneros, Deputy Director of Finance, at the RCTC Office, 4080 Lemon Street, Third Floor, Riverside, California 92501 or by calling (951) 787-7141. Published, May 22, 2019 By: Lisa Mobley, Clerk of the Board RIVERSIDE COUNTY TRANSPORTATION COMMISSION www.rctc.org MEETING AGENDA* *Actions may be taken on any item listed on the agenda 9:30 a.m. Wednesday, June 12, 2019 BOARD ROOM County of Riverside Administrative Center 4080 Lemon Street, First Floor, Riverside, CA In compliance with the Brown Act and Government Code Section 54957.5, agenda materials distributed 72 hours prior to the meeting, which are public records relating to open session agenda items, will be available for inspection by members of the public prior to the meeting at the Commission office, 4080 Lemon Street, Third Floor, Riverside, CA, and on the Commission's website, www.rctc.org. In compliance with the Americans with Disabilities Act, Government Code Section 54954.2, and the Federal Transit Administration Title VI, please contact the Clerk of the Board at (951) 787-7141 if special assistance is needed to participate in a Commission meeting, including accessibility and translation services. Assistance is provided free of charge. Notification of at least 48 hours prior to the meeting time will assist staff in assuring reasonable arrangements can be made to provide assistance at the meeting. 1. CALL TO ORDER 2. ROLL CALL 3. PLEDGE OF ALLEGIANCE 4. PUBLIC COMMENTS — Each individual speaker is limited to speak three (3) continuous minutes or less. The Commission may, either at the direction of the Chair or by majority vote of the Commission, waive this three -minute time limitation. Depending on the number of items on the Agenda and the number of speakers, the Chair may, at his/her discretion, reduce the time of each speaker to two (2) continuous minutes. In addition, the maximum time for public comment for any individual item or topic is thirty (30) minutes. Also, the Commission may terminate public comments if such comments become repetitious. Speakers may not yield their time to others without the consent of the Chair. Any written documents to be distributed or presented to the Commission shall be submitted to the Clerk of the Board. This policy applies to Public Comments and comments on Agenda Items. Under the Brown Act, the Commission should not take action on or discuss matters raised during public comment portion of the agenda that are not listed on the agenda. Commission members may refer such matters to staff for factual information or to be placed on the subsequent agenda for consideration. Riverside County Transportation Commission Meeting Agenda June 12, 2019 Page 2 5. ADDITIONS / REVISIONS — The Commission may add an item to the Agenda after making a finding that there is a need to take immediate action on the item and that the item came to the attention of the Commission subsequent to the posting of the agenda. An action adding an item to the agenda requires 2/3 vote of the Commission. If there are less than 2/3 of the Commission members present, adding an item to the agenda requires a unanimous vote. Added items will be placed for discussion at the end of the agenda. 6. APPROVAL OF MINUTES — MAY 8, 2019 7. PUBLIC HEARING — PROPOSED BUDGET FOR FISCAL YEAR 2019/20 Overview This item is for the Commission to: Page 1 1) Receive input on the proposed budget for Fiscal Year 2019/20; 2) Close the public hearing on the proposed Budget for FY 2019/20; 3) Approve the salary schedule effective July 4, 2019, located in Appendix E of the proposed budget; and 4) Adopt the proposed Budget for FY 2019/20. 8. PUBLIC HEARING — AMENDED AND RESTATED ORDINANCE OF RIVERSIDE COUNTY TRANSPORTATION COMMISSION RELATING TO THE ADMINISTRATION OF TOLLS AND THE ENFORCEMENT OF TOLL VIOLATIONS FOR THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION EXPRESS LANES Page 4 Overview This item is for the Commission to: 1) Conduct a public hearing; and 2) Adopt Ordinance No. 19-001, "An Amended and Restated Ordinance of the Riverside County Transportation Commission Relating to the Administration of Tolls and the Enforcement of Toll Violations for the Riverside County Transportation Commission Express Lanes", including approval of the toll evasion penalties and fees for a violation set forth in Schedule A of the Ordinance. 9. CONSENT CALENDAR —All matters on the Consent Calendar will be approved in a single motion unless a Commissioner(s) requests separate action on specific item(s). Items pulled from the Consent Calendar will be placed for discussion at the end of the agenda. Riverside County Transportation Commission Meeting Agenda June 12, 2019 Page 3 9A. APPROPRIATIONS LIMIT FOR FISCAL YEAR 2019/20 Page 22 Overview This item is for the Commission to adopt Resolution No. 19-010, "Resolution of the Riverside County Transportation Commission Establishing the Annual Appropriations Limit", for Fiscal Year 2019/20. 9B. QUARTERLY INVESTMENT REPORT Page 29 Overview This item is for the Commission to receive and file the Quarterly Investment Report for the quarter ended March 31, 2019. 9C. QUARTERLY FINANCIAL STATEMENTS Overview This item is for the Commission to receive and file the Quarterly Financial Statements for the nine months ended March 31, 2019. 9D. RECURRING CONTRACTS FOR FISCAL YEAR 2019/20 Overview This item is for the Commission to: Page 117 Page127 1) Approve the single -year recurring contracts in an amount not to exceed $16,982,780 for Fiscal Year 2019/20; 2) Approve the recurring contracts for specialized services in an amount not to exceed $3,439,000 in FY 2019/20 and $7,262,100 in FYs 2020/21 — 2021/22; and 3) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreements on behalf of the Commission. Riverside County Transportation Commission Meeting Agenda June 12, 2019 Page 4 9E. STATE AND FEDERAL LEGISLATIVE UPDATE Overview This item is for the Commission to: 1) Adopt the following bill positions: a) SB 742 (Allen) — Support; b) AB 1149 (Fong) — Support; and 2) Receive and file an update on state and federal legislation. 9F. 2019 STATE ROUTE 91 IMPLEMENTATION PLAN Overview Page138 Page144 This item is for the Commission to approve the 2019 State Route 91 Implementation Plan. 9G. AWARD OF CONSTRUCTION AGREEMENT WITH REYES CONSTRUCTION, INC. FOR THE RIVERSIDE DOWNTOWN LAYOVER FACILITY EXPANSION PROJECT Overview This item is for the Commission to: Page188 1) Award Agreement No. 19-33-029-00 to Reyes Construction, Inc., as the lowest responsive, responsible bidder, for the construction of the Riverside Downtown Layover Facility Expansion Project (Project) in the amount of $4,379,858, plus a contingency amount of $420,142, for a total amount not to exceed $4.8 million; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission; and 3) Authorize the Executive Director or designee to approve contingency work pursuant to the agreement terms up to the total amount. Riverside County Transportation Commission Meeting Agenda June 12, 2019 Page 5 9H. AMENDMENT TO ON -CALL STATION REPAIR AND MAINTENANCE Overview This item is for the Commission to: Page 205 1) Approve Agreement No. 18-24-001-02, Amendment No. 2 to Agreement No. 18-24-001-00, with Braughton Construction Co. Inc. (Braughton) for additional station repair, maintenance and modernization services for an additional amount of $1,222,000 and a total amount not to exceed $3,942,000; and 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the amendment on behalf of the Commission. 91. APPROVAL OF AGREEMENT FOR CONSTRUCTION MANAGEMENT SERVICES, MATERIALS TESTING, AND CONSTRUCTION SURVEYING AND APPROVAL OF VARIOUS AGREEMENTS FOR THE INTERSTATE 15/RAILROAD CANYON ROAD INTERCHANGE IMPROVEMENTS PROJECT Page 210 Overview This item is for the Commission to: 1) Award Agreement No. 19-31-030-00 to Arcadis U.S., Inc. to perform construction management services, materials testing, and construction surveying for the Interstate 15/Railroad Canyon Road Interchange Improvements Project (Project) in the amount of $ 5,450,793, plus a contingency amount of $545,079 for potential changes in scope, for a total amount not to exceed $ 5,995,872; 2) Authorize the Executive Director, or designee, to approve the use of the contingency amount as may be required for the Project; 3) Approve Agreement No. 10-72-016-07, Amendment No. 7 to Agreement No. 10-72-016-00 with the city of Lake Elsinore (City) to identify the Commission as the implementing agency for the Construction Phase and authorize $22,248,700 in Transportation Uniform Mitigation Fee (TUMF) regional arterial funds for the construction phase; 4) Approve Agreement No. 19-31-031-00 with the City for enhanced landscaping and aesthetics and the City's contribution of $755,000; 5) Approve Agreement No. 19-31-077-00, between the Commission and Caltrans that defines the roles and responsibilities for Project construction; 6) Approve Agreement No. 19-31-069-00 with the California Highway Patrol (CHP) for Construction Zone Enforcement Enhancement Program (COZEEP) for an amount not to exceed $477,300; and 7) Authorize the Chair or Executive Director, pursuant to legal counsel review, to finalize and execute the agreements on behalf of the Commission. Riverside County Transportation Commission Meeting Agenda June 12, 2019 Page 6 9J. FISCAL YEAR 2019/20 MEASURE A COMMUTER ASSISTANCE BUSPOOL SUBSIDY FUNDING CONTINUATION REQUESTS Overview This item is for the Commission to: Page 311 1) Authorize payment of the $2,350/month maximum subsidy per buspool for the period July 1, 2019 to June 30, 2020, to the existing Riverside I buspool; and 2) Require subsidy recipients to meet monthly buspool reporting requirements as supporting documentation to receive payments. 9K. FISCAL YEARS 2019/20 — 2021/22 SHORT RANGE TRANSIT PLANS Overview This item is for the Commission to: Page 315 1) Approve the Fiscal Years 2019/20 — 2021/22 Short Range Transit Plans (SRTPs) for the cities of Banning (Banning), Beaumont (Beaumont), Corona (Corona), and Riverside; Palo Verde Valley Transit Agency (PVVTA); Riverside Transit Agency (RTA); SunLine Transit Agency (SunLine); and the Commission's Commuter Rail Program; and 2) Authorize the Executive Director or designee to approve final versions of the SRTPs. 9L. POLICY UPDATE ON THE USE OF STATE TRANSIT ASSISTANCE FUNDING BY OPERATORS Page 321 Overview This item is for the Commission to approve the use of unallocated and unprogrammed State Transit Assistance (STA) funds for transit operating assistance under eligibility standards as outlined in the Transportation Development Act (TDA) Guidelines and Public Utilities Code (PUC) § 99314.6 for transit operators and PUC § 99234.9 and 99313.7 for rail services. Riverside County Transportation Commission Meeting Agenda June 12, 2019 Page 7 9M. REGIONALIZATION OF COMMUTER PROGRAMS Overview This item is for the Commission to: Page 324 1) Approve Agreement No. 19-45-080-00 with the San Bernardino County Transportation Authority (SBCTA) for a three-year term to reimburse the Commission in an amount not to exceed $4.5 million for commuter/employer rideshare (IE Commuter) and Inland Empire 511 (IE511) programs administered by the Commission, on behalf of both agencies, and for the Commission to reimburse SBCTA an amount not to exceed $350,000, for SBCTA's provision of rideshare and vanpool program web -based software, as part of an ongoing bi-county partnership; 2) Approve Memorandum of Understanding (MOU) No. 19-45-079-00, between Los Angeles County Service Authority for Freeway Emergencies (LA SAFE) and Los Angeles County Metropolitan Transportation Authority (Metro), Orange County Transportation Authority, SBCTA, and Ventura County Transportation Commission for Metro's regional 511 deployment and operations; and 3) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreements on behalf of the Commission. 10. APPROVAL OF METROLINK OPERATING AND CAPITAL SUBSIDIES FOR FISCAL YEAR 2019/20 AND RELATED MEMORANDUM OF UNDERSTANDING AND OF THE FUNDING AGREEMENT FOR THE SOUTHERN CALIFORNIA OPTIMIZED RAIL EXPANSION PROGRAM FOR THE RIVERSIDE DOWNTOWN STATION EXPANSION PROJECT Page 346 Overview This item is for the Commission to: 1) Receive and file a report on the Commission's portion of the Fiscal Year 2019/20 Southern California Regional Rail Authority (SCRRA) operating and capital budget; 2) Approve the FY 2019/20 SCRRA operating and capital budget, which results in a total operating and capital subsidy of $23,475,203 from the Commission; 3) Authorize the Executive Director to finalize and execute Memorandum of Understanding (MOU) No. 19-25-078-00 with SCRRA regarding annual funding, including subrecipient matters related to pass -through of federal funding; an 4) Authorize the Executive Director to finalize and execute Agreement No. 19-33-082-00 for the Southern California Optimized Rail Expansion (SCORE) Program Cooperative Agreement for the Riverside - Downtown Station Expansion Project Riverside County Transportation Commission Meeting Agenda June 12, 2019 Page 8 11. FISCAL YEAR 2019/20 SB 821 BICYCLE AND PEDESTRIAN FACILITIES PROGRAM FUNDING RECOMMENDATIONS Overview This item is for the Commission to: Page 420 1) Approve the Fiscal Year 2019/20 SB 821 Bicycle and Pedestrian Facilities (SB 821) program recommended project allocations in the amount of $3,901,915; 2) Direct staff to prepare memorandums of understanding (MOUs) with the project sponsors to outline the project schedules and local funding commitments; anD 3) Authorize the Chair or Executive Director to execute the MOUs with the project sponsors, pursuant to legal counsel review. 12. ITEM(S) PULLED FROM CONSENT CALENDAR AGENDA 13. COMMISSIONERS / EXECUTIVE DIRECTOR REPORT Overview This item provides the opportunity for the Commissioners and the Executive Director to report on attended meetings/conferences and any other items related to Commission activities. 14. CLOSED SESSION 14A. CONFERENCE WITH LEGAL COUNSEL: ANTICIPATED LITIGATION EXPOSURE TO LITIGATION PURSUANT TO SUBDIVISION (D)(2) OF GOVERNMENT CODE SECTION 54956.9 Potential Number of Case(s): 1 14B. CONFERENCE WITH REAL PROPERTY NEGOTIATORS Pursuant to Government Code Section 54956.8 Agency Negotiator: Executive Director or Designee Item APN(s) Property Owner Buyer(s) 1 118-160-021 RCTC C&E Investments and Brian Tressen 2 117-122-029 RCTC Pravin Kumar Riverside County Transportation Commission Meeting Agenda June 12, 2019 Page 9 14C. CONFERENCE WITH REAL PROPERTY NEGOTIATORS Pursuant to Government Code Section 54956.8 Agency Negotiator: Executive Director or Designee Item APN(s) Property Owner Buyer(s) 1 305-060-008 Mendoza, Pedro & RCTC Teresa 2 305-060-009 Fernandez, Jesse RCTC 3 305-060-029 Swift Transportation RCTC 4 465-110-001 Dilworth, Nelson S., et al. RCTC 413-380-004 5 413-380-005 Johnson, Keith W. & RCTC 413-380-013 William C. 6 413-380-021 Bouye, Steve & Diana RCTC 413-380-022 7 414-110-058 RSI Communities RCTC Calif 8 153-020-010 Schamber, Eutimio & RCTC Tammie Jo 15. ADJOURNMENT The next meeting of the Commission is scheduled to be held on Wednesday, July 10, 2019, Board Room, First Floor, County Administrative Center, 4080 Lemon Street, Riverside. RIVERSIDE COUNTY TRANSPORTATION COMMISSION ROLL CALL DUNE 12, 2019 County of Riverside, District County of Riverside, District II County of Riverside, District III County of Riverside, District IV County of Riverside, District V City of Banning City of Beaumont City of Blythe City of Calimesa City of Canyon Lake City of Cathedral City City of Coachella City of Corona City of Desert Hot Springs City of Eastvale City of Hemet City of Indian Wells City of Indio City of Jurupa Valley City of La Quinta City of Lake Elsinore City of Menifee City of Moreno Valley City of Murrieta City of Norco City of Palm Desert City of Palm Springs City of Perris City of Rancho Mirage City of Riverside City of San Jacinto City of Temecula City of Wildomar Governor's Appointee, Caltrans District 8 Present CI tzP 0 0 0 0 O RIVERSIDE COUNTY TRANSPORTATION COMMISSION COMMISSIONER SIGN -IN SHEET JUNE 12, 2019 NAME AGENCY EMAIL ADDRESS P._ C..........3.N.,zs ...-(-- r)_ - ...,..e. ,,,,... vs;yr\-”:„*-- 7. A I---'---2--—/---1 ...1-1--) giti /1,217,/..--- A v&teif 5e* 2,2e4,,,,, L. z 0 » - /1-2 7-7d/ %Ma., rib/ &._ Wreel6 triege,, r/'n Air' / ,vIF Ail w ,_ g,a.‘,,,---i :an k��r fcSe/i -3) r 1/ icbt I�!/e/ cc.:-Til ,Q'T-ciu ki..' u(L2A--- G.aauf S{Mrt(A CoLtwteiSp ,f.�iflo-d.fi A-464vs* g...--gdsci-s. ir, t2/1 ram- lei /l �Sq‘.8 v- - U ��`,vet)�j7M ./tis �if.4)v1, /,',..,i,�c awiy, ._:,as-e." ' A • c:?1 v,gok_ rE)i.Sfril Ca', eAr CO Prg'V(O j'iRJc�-6i� \ M !�g� C.A&gli/445 ke5ESAACT 8 / r.. V _ r_ - (et\Th/1,7 ;,(\' - 7 trr, ; i ,) .e,-.410 ,---7L/ Vii i/10,,,./4' . FRI-r- ie f�ew,f/ d(-3 s pfry s�wFv fti yil, , t/t4//1/0_,_ 6.--2„..7-4,,-...,) 7 ., ,_. , ki„_, _s,,,,_,./(„, _____,,,,,...„„„s.fr..,..; ,,.., A. hell �/mME,2MArl 6v/- n! / Fri u„.,, .,--...,...,...4-_-_-(- c.:„--) . r, s--A--t___A-f ,_-_,,p (--z-_,,L2) c„,-::_ J2y.csci-FS eat- sit, h KO- �t���r3 ,/`-i alWc�i/` /Sen„e1 .nclno �l�"O ' 131-6.- Rcz.ge 1-Nkiotp C9Je\\ s l° WAtitmoto fm1410^) T�JrO f.I COE4\8ral AGENDA ITEM 6 MINUTES RIVERSIDE COUNTY TRANSPORTATION COMMISSION MEETING MINUTES Wednesday, May 8, 2019 1. CALL TO ORDER The Riverside County Transportation Commission was called to order by Chair Chuck Washington at 9:31 a.m. in the Board Room at the County of Riverside Administrative Center, 4080 Lemon Street, First Floor, Riverside, California, 92501. 2. ROLL CALL Commissioners/Alternates Present Victoria Baca Rusty Bailey Ben J. Benoit Brian Berkson Randall Bonner Christy Connors Waymond Fermon Kathleen Fitzpatrick Raymond Gregory Berwin Hanna Jan Harnik Steven Hernandez Jeff Hewitt Kevin Jeffries Linda Krupa Scott Matas Bob Magee Lisa Middleton Michael Naggar V. Manuel Perez Dana Reed Todd Rigby Wes Speake Karen Spiegel Larry Smith Russ Utz Michael M. Vargas Scott Vinton Chuck Washington Ted Weill Art Welch Lloyd White Bill Zimmerman Commissioners Absent Joseph DeConinck 3. PLEDGE OF ALLEGIANCE Commissioner Karen Spiegel led the Commission in a flag salute. 4. PUBLIC COMMENTS At this time, Chair Washington and Anne Mayer presented Management Analyst Michelle McCamish with a 5-year service award. Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 2 Vicki Van Leuven, a city of Downey resident, expressed extreme concern for the 91 Express Lanes especially after dealing with years of construction and now Interstate 15/State Route 71 is a parking lot all the time even on Saturdays. She discussed her concern with the toll staff and suggested the 3+ lane requirement, which is not on the other side of the freeway puts the 2+ carpoolers back in the one lane they gained, which makes traffic congestion worse. Ms. Van Leuven suggested taking off the 3+ carpool lane to see if it alleviates the problem. She also expressed concern the $5 toll rates has gone up to $20 during peak hours and requested where these funds are going. R.A. Barney Barnett stated he has owned the Highgrove Happenings Newspaper for 25 years and he retired in 2001 as a conductor on the BNSF and the Santa Fe Railroad. He displayed a map that shows the new curved railroad track that was built to connect the Perris Valley Line track to the BNSF main line. He expressed trying to get a Metrolink stop at Highgrove for 18 years. Mr. Barnett explained when the new curve was built to go from Riverside to Perris the Metrolink trains go around that curve and by speaking to the crews at BNSF the trains are no longer assembled at the San Bernardino yard. Mr. Barnett requested to meet with staff and place an item on the agenda to answer the Commissioners questions and noted the Commission owns the property where the proposed Metrolink stop would be. He brought the May 2019 Highgrove Happenings Newspaper that was distributed to the Commissioners. 5. ADDITIONS / REVISIONS There is a revision to Attachment 1 to Agenda item 7, "Public Hearing — Adopt Two Resolutions of Necessity for the Acquisition of Fee and Temporary Construction Easement Interests in All or Portions of Certain Real Property, By Eminent Domain, More Particularly Described as Assessor Parcel Nos. 305-050-051 and 305-050-055 (CPNs 1099 and 1010), and Assessor Parcen No. 305-060-010 (CPN 1012), Located in Perris, Riverside County, California, for the Construction of an Interchange at the Intersection of Interstate 215 and Placentia Avenue, in Riverside County, California". Steve DeBaun, Legal Counsel, explained there is an additional closed session item that staff is requesting the Commission add to this agenda. The need for this item arose subsequent to the publication of this agenda based on a correspondence to and from Caltrans, the Commission, and OCTA regarding a potential connector between the SR-241 toll road and the 91 Express Lanes. Therefore, this item needs a two-thirds vote to add it to the agenda. M/S/C (Benoit/Speak) to add this closed session item to the agenda. Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 3 6. APPROVAL OF MINUTES — JANUARY 31 WORKSHOP AND APRIL 10, 2019 M/S/C (Berkson/Baca) to approve the January 31 Workshop and April 10, 2019 minutes as submitted. Abstain: Gregory on the January 31 Workshop minutes and Smith 7. PUBLIC HEARING — PUBLIC HEARING — ADOPT TWO RESOLUTIONS OF NECESSITY FOR THE ACQUISITION OF FEE AND TEMPORARY CONSTRUCTION EASEMENT INTERESTS IN ALL OR PORTIONS OF CERTAIN REAL PROPERTY, BY EMINENT DOMAIN, MORE PARTICULARLY DESCRIBED AS ASSESSOR PARCEL NOS. 305-050-051 AND 305-050-055 (CPNS 1009 AND 1010), AND ASSESSOR PARCEL NO. 305-060-010 (CPN 1012), LOCATED IN PERRIS, RIVERSIDE COUNTY, CALIFORNIA, FOR THE CONSTRUCTION OF AN INTERCHANGE AT THE INTERSECTION OF INTERSTATE 215 AND PLACENTIA AVENUE, IN RIVERSIDE COUNTY, CALIFORNIA Chair Washington called upon legal counsel to explain the nature and scope of this hearing. Steve DeBaun clarified staff will be presenting the agenda item. Mark Lancaster, Right of Way Manager, presented the two resolutions of necessity for the construction of an interchange at the intersection of Interstate 215 and Placentia Avenue and discussed the following areas: • The Commission is required to make the following findings: 1. The public interest and necessity require the proposed project; 2. The project is planned or located in a manner that will be most compatible with the greatest public good and the least private injury; 3. The real property to be acquired is necessary for the project; and 4. The offer of just compensation has been made to the property owner; • A map that depict the 1-215 Placentia Avenue interchange PS&E project overview • Maps that depicts the existing Barker Family Trust parcel and Barker Family Trust parcels after the project • A design of the original property acquisition by Caltrans At this time, Mark Lancaster stated the owner's representative who could not attend the public hearing today requested to have his letter read for the record. Mark Lancaster stated he worked with Caltrans design staff and they offered them a response, which he read for the record. Mark Lancaster explained with that response, staff is requesting the Commission adopt Resolution No. 19-005 to acquire the needed fee and temporary construction easement interests on the subject property. He reiterated an offer of just compensation for these property rights was made to the property owner on November 9, 2018. Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 4 At this time, Mark Lancaster presented the Kim Family Trust Parcel. He then stated staff is requesting the Commission adopt Resolution No. 19-006 to acquire the needed fee interests on the subject property. An offer of just compensation for the additional easement interests was made to the property owner on November 7, 2018. Chair Washington opened the public hearing, requested comments from the Commissioners, and noted there was public comments to be made. Commissioner Michael Naggar concurred the response was appropriate and it was clarified to Mr. Barker as to why his property was taken back in 1998. He asked when dealing with eminent domain how eminent does the project have to be and could Caltrans or this body exercise eminent domain, then take the property today, and use it 20 years from now. Anne Mayer replied that generally the Commission does not proceed with eminent domain action if a project is not eminent and eminent can be six months to a year later. She explained the eminent domain process is actually quite lengthy and the process is only initiated when and if the lack of possession of the parcel could interfere with the construction of the project. Anne Mayer explained this Placentia Interchange project took longer than had been anticipated and generally with a new corridor the right of way for the interchange is acquired if it is reasonably expected the interchange would be built. Commissioner Naggar clarified in the Commission's definition of eminent, after what has been learned over the years means there is funding, and the eminency means the Commission is ready to go to construction. Mark Lancaster concurred and explained for this interchange project the Commission has invested money for the plans to be developed, which are actually going to be submitted to Caltrans at a 95 percent complete level in early June 2019. He stated as Anne Mayer indicated, the eminent domain process involves port filings and proceedings and trying to get possession of the property to get the right of way certified and the plans approved by November 2019. In response to Commissioner Wes Speake's inquiry about the Barker Family Trust map if that existing Frontage Road will be abandoned, Mark Lancaster put the Barker Family Trust map slide up and stated what happens in this case, since the Barker Family Trust owns property on both sides a section of the road will be vacated. The entire roadway right of way outlined in yellow will go to the Barker Family Trust and that was included in the acreage calculation. Commissioner Scott Vinton expressed appreciation that Commissioner Speake addressed his first question and then inquired if the Kim Family Trust parcel to the south has already been purchased for the basin there. Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 5 Mark Lancaster referred to the Kim Family Trust parcel slide and stated there are actually two parcels between the Kim parcel and the Val Verde Elementary school and one of those two parcels has been acquired and the Commission settled with the owner. The second parcel staff is working with the owner on the compensation amount. He explained that to the left of the elementary school there are two parcels, they are almost the exact same size as the Kim parcel in between the Kim parcel and the elementary school, and the Commission is in acquisition on both of those parcels as well. Commissioner Vinton referred to the light blue line on the I-215/Placentia Avenue Interchange vicinity map that was included in the agenda and clarified if those are future improvements that go through that area. Mark Lancaster replied those light blue lines are the Mid County Parkway (MCP) connector so they will connect the MCP from westbound MCP to north 1-215 and another connector that will connect south 1-215 to the MCP going east, which are future connector alignments. In response to Commissioner Vinton's clarification that parcel is not going to be just a detention basin it will be future improvements, Mark Lancaster replied that is correct as the MCP sits squarely on top of that. Commissioner Russ Utz inquiry about this project as he was recently informed there is a city of Perris proposed project that is a large warehouse development more or less on top of the Val Verde Elementary school. He asked if the Commission is interfacing with the city of Perris staff to ensure that their project interlocks with the Commission's project. He suggested that any property acquisition issues are dealt with in terms of having a zoomed out approach of those properties to this negotiation as well. Mark Lancaster replied he is not aware of the warehouse project although the city of Perris and Commission staff have been coordinating closely. In fact there is a project that will be constructed at the same time as the interchange project to widen Placentia Avenue between where the Commission's project ends at Indian Avenue to Perris Boulevard. He explained east of Perris Boulevard it is a five -lane facility so the Commission is trying to make it consistent with the roadway from 1-215 to Perris Boulevard. Mark Lancaster stated currently city of Perris and Commission staff are discussing the property acquisition and design of that project. He stated the city of Perris is aware of the MCP project, its footprint and it could be in the area, and he will follow up although he doubts that warehouse project lies within the MCP corridor. Commissioner Michael Vargas clarified that potential warehouse project in the city of Perris will not impact the MCP project. At this time, Chair Washington called on the Kim family to speak. Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 6 Mr. Chang and Ms. Young Kim explained this is regarding APN 305-060-010 on behalf of his son Graham Kim who is one of the owners of the property, is a Navy Reserve and away on job duty so Mr. Young returned the Best Best and Krieger, LLP's March 7, 2019 notice. He expressed strong concern the Kims do not want to sell the whole lot since they want to develop it. Mr. Kim provided his opinion letter dated April 8, 2019, to the Commission, which was distributed to the Commissioners. At this time, Chair Washington asked if anyone from the public wanted to speak on this item. There were no other requests to speak. Chair Washington closed the public hearing and asked if there were any comments from the Commissioners. Lisa Mobley, Clerk of the Board, verified the proof of mailing that certifies the notices were sent to the property owners of said parcel numbers are on file with the Commission. Ms. Mobley stated the Commission received written correspondence from the Kim Family and a representative from the Barker Family Trust, which was distributed to the Commissioners. Commissioner Naggar expressed it is difficult to exercise eminent domain particularly when a property owner does not want to sell their property. He clarified if this property is located in the city of Perris. Mark Lancaster replied yes and stated the city limit line goes almost right through the middle of 1-215 slightly west to the freeway so the railroad property the Commission owns the Perris Valley Line in the County, but everything east of that is in the city of Perris. In response to Commissioner Naggar's inquiry for how long this interchange for the MCP been in the Riverside County or the city of Perris General Plan, Mark Lancaster replied it has been since the mid-1980s. He explained in 1988 there was a freeway agreement that is executed between the city of Perris and Caltrans, and a separate one on the County portion between the county of Riverside and Caltrans. Those identify where interchanges are to be located and cities either have already adopted them into their general plan or do so with a freeway agreement execution. In response to Commissioner Naggar's question if the city of Perris has this in their circulation element as well as the county of Riverside, Mark Lancaster replied yes they both do. Commissioner Naggar stated there lies the problem since the time to have addressed that was back then. Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 7 Commissioner Vargas expressed appreciation for the presentation as it covered all of his questions and he moved staff's recommendation. M/S/C (Vargas/Baca) to: 1) Conduct a hearing to consider the adoption of resolutions of necessity, including providing all parties interested in the affected properties and their attorneys, or their representatives, an opportunity to be heard on the issues relevant to the resolutions of necessity; 2) Make the following findings as hereinafter described in this report: a) The public interest and necessity require the proposed project; b) The project is planned or located in a manner that will be most compatible with the greatest public good and the least private injury; c) The real property to be acquired is necessary for the project; and d) The offer of just compensation has been made to the property owner. 3) Adopt Resolutions of Necessity Nos. 19-005 and 19-006, "Resolutions of Necessity for the Acquisition of Fee and Temporary Construction Easement Interests in All or Portions of Certain Real Property, by Eminent Domain, More Particularly Described as Assessor Parcel Nos. 305-050- 051 and 305-050-055 (CPNs 1009 and 1010), and Assessor Parcel No. 305- 060-010 (CPN 1012), located in Perris, Riverside County, California," for the construction of an interchange at the intersection of Interstate 215 and Placentia Avenue, in Riverside County, California. Anne Mayer explained when this Commission adopts a resolution of necessity related to an eminent domain acquisition staff always continues to work with the property owners to resolve concerns to look for an agreeable settlement so those efforts will be on going. 8. PUBLIC HEARING — PROPOSED BUDGET FOR FISCAL YEAR 2019/20 Michele Cisneros, Deputy Director of Finance, presented the Proposed Budget Fiscal Year 2019/20 and discussed the following areas: • Budget process • FY 2019/20 Budget considerations • Budget summary • Funding sources and comparison • Expenditures/expenses by department and comparison • Capital project development and delivery highlights • Expenditures/expenses by function and comparison • Next steps Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 8 At this time, Chair Washington opened the public hearing and asked for public comments. There were no requests to speak. Commissioner Vinton expressed appreciation for the presentation and asked about the CaIPERS one time disbursement since the Commission is funded at 75 percent, is this expected to continue to happen occasionally. Michele Cisneros explained by paying down the $8.1 million that will take the Commission down to a significant level although staff cannot say it is funded at 100 percent. There are fluctuations when actuarial reports come out every year and it is based on the aggregation of expected versus actual return on investments, and the inclusion of new employees. She stated the net pension liability will adjust based on the Commission's liability and what the market value is of the assets in the plan, but it would be nowhere close to what the total liability is currently. In response to Commissioner Vinton's inquiry about the sources for the FY 2018/19 budget and the projected FY 2018/19 as there was an $80 million difference, Anne Mayer had the expenditures slide brought back up. She replied in terms of the percentage the Commission is at 75 percent for classic PERS employees. The current ratio for new employees is the Commission is currently at 95 percent so as Michele Cisneros mentioned the likelihood of the Commission to be at 100 percent is unlikely due to the variations. Anne Mayer stated on an annual basis staff will analyze where the Commission is and see what can be done to be set at 100 percent. She clarified this is the Commission catching up with those costs for classic employees so as new employees come on board they will have a different pension formula at a reduced cost. Michelle Cisneros explained the major variance between the revised budget for FY 2018/19 and the projected has to do with intergovernmental reimbursements and those are based on project activity. She stated it is anticipated if everything was on schedule the Commission would be incurring engineering, construction and right of way costs and would be able to ask for state reimbursement if the costs are incurred the Commission cannot ask for that revenue. Therefore, the bulk of it is sliding from FY 2018/19 and pushing it out to FY 2019/20. In response to Commissioner Vinton's clarification that it has not been taken away from the Commission, Michele Cisneros replied no. In response to Commissioner Wes Speake's clarification for the revised, projected, and then the FY 2019/20 for the toll revenue, Michele Cisneros replied when staff developed the FY 2018/19 budget that was based on a traffic and revenue study the Commission obviously outperformed what that study has shown. Therefore, the FY 2018/19 projected is showing what the actuals were through the end of December and projected out what the rest of the fiscal year for the toll revenues will be about $48 million. She explained the FY 2019/20 budget for the Commission's toll revenues at $41.8 million is based on the current trends, which is what is happening on the actual lanes. Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 9 In response to Commissioner Speake's clarification if the difference is $36 million to $41 million and not $47 million to $41 million, Michele Cisneros replied the $36.9 million budget was very conservative and based on the study. She stated actuals have been significantly higher then what the study anticipated. Michele Cisneros reiterated the Commission has a conservative nature so the FY 2019/20 is conservative, although it is not based on the study that was originally done it is based on what is currently happening on the lanes. In response to Commissioner Speake's inquiry the actuals are $47 million and there is a 13 percent drop projected for next fiscal year, Michele Cisneros replied that is what the Commission is projecting at the end of June and the 13 percent drop is due to the Commission being conservative. She explained every January or February staff comes back with the budget adjustments and are always looking at the revenue trends, and if the Commission significantly out pass the $42 million staff will make that adjustment and bring it back to the Commission. Anne Mayer expressed staff will always use conservative numbers in a budget particularly because the Commission is making decision based on a budgeted amount and the local jurisdictions, the transit agencies use the Commission's budget numbers. The Commission is always very conservative as it has been seen in the past revenues have a tendency to fluctuate and staff is projecting to bring in this year for the TUMF program $26.7 million and TUMF revenue staff is projecting $25 million for next year. She explained since staff is projecting a year and a half out and that is why staff comes back to the Commission in the middle of the year with mid -year budget adjustments and staff monitors the revenues on a monthly basis. At this time, Chair Washington reiterated if there is anyone from the public wanting to speak. He then asked if there were additional comments from the Commissioners. There were no requests to speak from the public or the Commissioners. Chair Washington noted the public hearing remains open until June 12. M/S/C for the public hearing for the proposed Budget for FY 2019/20 to remain open until the Commission meeting on June 12, 2019. 9. CONSENT CALENDAR M/S/C (White/Baca) to approve the following Consent Calendar items. 9A. QUARTERLY SALES TAX ANALYSIS Receive and file the sales tax analysis for Quarter 3, 2018 (3Q 2018). Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 10 9B. SINGLE SIGNATURE AUTHORITY REPORT Receive and file the Single Signature Authority report for the third quarter ended March 31, 2019. 9C. STATE AND FEDERAL LEGISLATIVE UPDATE 1) Adopt the following bill position: a) AB 456 (Chiu, Bonta, Low) — Oppose; and 2) Receive and file an update on state and federal legislation. 3) 9D. AGREEMENT WITH HDR ENGINEERING, INC. FOR THE COMPLETION OF PROJECT APPROVAL/ENVIRONMENTAL DOCUMENT FOR THE INTERSTATE 15 EXPRESS LANES PROJECT -SOUTHERN EXTENSION 1) Award Agreement No. 19-31-025-00 to HDR Engineering, Inc. (HDR) to provide preliminary engineering and environmental analysis services for the Interstate 15 Express Lanes Project - Southern Extension (1-15 ELPSE), in the amount of $26,320,011, plus a contingency amount of $2,632,001, for a total amount not to exceed $28,952,012; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission; and 3) Authorize the Executive Director, or designee, to approve contingency work as may be required for the Project. 9E. AGREEMENT WITH THE ORANGE COUNTY TRANSPORTATION AUTHORITY FOR THE 15/91 EXPRESS LANES CONNECTOR PROJECT DESIGN -BUILD PHASE 1) Approve Agreement No. 19-31-067-00 with Orange County Transportation Authority (OCTA) for reimbursement for closure of the OCTA 91 Express Lanes in support of the Interstate 15/State Route 91 Express Lanes Connector Project (15/91 ELC) in the amount of $398,000, plus a contingency amount of $39,000, for a total amount not to exceed $437,000; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission; 3) Authorize the Executive Director or designee to approve contingency work up to the total amount not to exceed as required for the project; and 4) Authorize the Executive Director or designee to approve future non - funding amendments to this agreement. Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 11 9F. ADOPT RESOLUTION NO. 19-007 FOR FISCAL YEAR 2018/19 LOW CARBON TRANSIT OPERATIONS PROGRAM FUNDS FOR EXPANDED PERRIS VALLEY LINE SERVICE Adopt Resolution No. 19-007, "Resolution of the Riverside County Transportation Commission Regarding Authorization for the Execution of the Certifications and Assurances and Authorized Agent Forms for the Low Carbon Transit Operations Program for the Expanded Perris Valley Line Fiscal Year 2018/19 Funds Project in the Amount of $1,496,728." 9G. FUNDING AGREEMENT WITH THE CALIFORNIA HIGHWAY PATROL FOR FREEWAY SERVICE PATROL SUPERVISION 1) Approve Agreement No. 19-45-063-00 with the California Highway Patrol (CHP) to provide supervision and operation of the Freeway Service Patrol (FSP) program in Riverside County for a three-year term in an amount not to exceed $3,002,629; and 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission. 10. QUARTERLY PUBLIC ENGAGEMENT METRICS REPORT, JANUARY — MARCH 2O19 Cheryl Donahue, Public Affairs Manager, presented the Quarterly Public Engagement Metrics Report for January — March 2019, highlighting the following areas: • Importance of metrics • Overall public engagement activities: o Social Media — Facebok, Twitter, and Instagram: Reflects changes from previous quarter October — December 2018 o Facebook sentiment o Website — Number of sessions +16%; Top pages visited: 1) Homepage; 2) Meetings and Agendas; 3) Employment and 4) Santa Ana River Trail Project Phase One; and Desktop at 54% and Mobile at 46% o The Point E-Newsletter: +62% subscribers • 1-15 Express Lanes Project: o Social Media likes/follows; New email registrants; Email inquiries; Website visits • #RebootMy Commute program, March only: o Social Media Advertising — Facebook, Twitter, Instagram, and YouTube o Facebook sentiment o Media mentions o Community outreach o Website Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 12 M/S/C to receive and file the Quarterly Public Engagement Metrics Report for January — March 2019. 11. STATE ROUTE 60 TRUCK LANES PROJECT PUBLIC OUTREACH UPDATE Cheryl Donahue presented the SR-60 Truck Lanes Project Public Outreach, highlighting the following areas: • Location — Widen 4.5 miles of SR-60, both directions; Gilman Springs Road to 1.4 miles of Jack Rabbit Trail; and Unincorporated Riverside County Between Moreno Valley, Beaumont • Features — Add eastbound truck climbing lane; add westbound truck descending lane; Widen shoulders to standard widths; Flatten roadway curves; Increase median barrier height; and Create wildlife crossings • Graphic of the current condition and future condition • Funding — State = $76,055,000; Federal = $47,434,000; and Local = $11,186,000; Project total = $134,675,000 • Purpose — Enhance safety, separate trucks, and reduce traffic congestion • Accident rates per million miles traveled • Public Outreach Program • Upcoming Briefings/Public Events At this time, Bryce Johnston, Capital Projects Manager, presented the construction portion of the SR-60 Truck Lanes Project, highlighting the following areas: • Preliminary Schedule — Estimated start late May 2019; Westbound lane closure July — December 2019; and New lanes open Late 2021 • Six-month lane closure — Close one westbound lane from July — December 2019; One lane will remain open; will save one year of construction time; FSP will be provided; CHP construction support; extensive advanced public outreach; and additional nighttime lane closures to occur during off-peak hours • Westbound lane closure area and equipment size/scale • Moveable barrier — Install moveable k-rail within existing median barrier, 1 mile apart and will expedite emergency response • Why not use a zipper? • Neighboring Projects — Coordination with Caltrans, County of Riverside, and Corridor cities • Stay connected At this time, Commissioner Dana Reed left the meeting. Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 13 In response to Commissioner Kevin Jeffries' inquiry if the moveable barrier will remain after the construction so if there are fires or bad traffic collisions people can get out of there, Bryce Johnston replied that was not intended, this is really a construction duration type of a barrier. When construction is completed there will be a permanent barrier there that meets all of the Caltrans design standards. Commissioner Jeffries expressed concern that was his fear, as they need to be able to extradite people out of there rather than leaving them trapped on the freeway if there is a fire. Anne Mayer stated staff can certainly explore that option as she is sitting next to Christy Connors, head of Caltrans Design at Caltrans District 8, she is nodding her head yes. Those moveable barriers have been installed on 1-10 in the Banning Pass and they were added on the SR-91 Corridor in the canyon. Bryce Johnston stated this has been proposed to Caltrans if there was a way to make it a permanent facility but it is currently not part of the plan. Commissioner V. Manuel Perez expressed appreciation for the efforts specifically to the Coachella Valley however, the Commission's outreach efforts and in speaking with the communities, he did not see any outreach efforts to Coachella Valley as a whole and requested some consideration for that so the people understand what is going on there. Cheryl Donahue replied staff will be reaching out to a large array of stakeholders and contacting the desert resorts and making communication with the Coachella Valley cities staff. In the Commission's plan for now staff has been sitting with just the five cities that are in the immediate vicinity of the project area although they do plan to do outreach in the Coachella Valley. In response to Commissioner Larry Smith's inquiry about the steep turns and if those turns can be flattened, Bryce Johnston replied the curves that are in the project on the westerly side near Gilman Springs Road those curves will be smoothed out. Also, as Cheryl Donahue mentioned they will be raising the median barrier so there will be less headlight glare in those areas. In response to Commissioner Smith's question for the speed limit, Bryce Johnston replied there will be a different construction speed zone, but when the project is completed the speed limits will be the same as they are today. M/S/C to receive an oral report on the public outreach efforts for the State Route 60 Truck Lanes project. At this time, Commissioners Linda Krupa and Scott Matas left the meeting. Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 14 In response to Commissioner Jeff Hewitt's inquiry concerning a conflict due to campaign contributions related to the Logistics Mitigation Fee Nexus Study agenda item, Steve DeBaun replied if Commissioner Hewitt took a campaign contribution from a logistic company there would not be a conflict at this point. Although, there could be a conflict later on should the Commission decide to implement the fee program. 12. APPROVAL OF THE LOGISTICS MITIGATION FEE NEXUS STUDY LoreIle Moe -Luna, Multimodal Services Director, presented the Logistics Mitigation Fee Nexus Study, highlighting the following areas: • Background — A map of the Proposed World Logistics Center: o A master -planned development planned for 40.6 million square feet o Large-scale logistics operations o Covers 2,610 acres o Expected to draw as many as 14,000 truck trips per day at build -out o In comparison, Skechers is 1.8 million square feet • Challenging the environmental impact report (EIR) • Settlement agreement — Terms and conditions o Settlement reach July 2016 o Highland Fairview (HF) and Moreno Valley must contribute $100,000 each for air quality studies o HF to receive TUMF credit for widening Gilman Springs o HF to contribute: $3 million for Gilman Springs safety improvements; $2 million for widening SR-60; and $1 million for improving the Theodore Interchange • Settlement agreement — Each party: HF, Moreno Valley, County of Riverside, and the Commission to contribute $250,000 for a regional transportation study to evaluate a logistics -related regional fee • Potential regional fee: HF will pay $0.65/SF in -lieu fee if there is an established regional logistics fee program; A regional fee would need approval of the County or 75 percent of the cities; Approval must take place within 24 months of the HF and Moreno Valley $250,000 contribution for the study; and should no regional fee be approved, the fee is reduced to $0.50/SF • Study participants • Scope of work/timeline: 1) Existing and future conditions analysis— October 2017; 2) Funding and cost analysis — March 2018; 3) Nexus study — April 2019; and 4) Locational impacts assessment — April 2019 At this time, Commissioner Bill Zimmerman and Chair Washington left the meeting. Vice Chair Ben Benoit assumed the Chair position. Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 15 At this time, Lorelle Moe -Luna welcomed and introduced Darren Henderson, WSP Project Manager, to present the methodology, process, and the basic fee requirements. Darren Henderson presented the fee program requirements, highlighting the following areas: • Fee program requirements — California Mitigation Fee Act o An impact fee cannot mitigate for existing deficiencies o Existing needs and similar impacts from outside Riverside County (pass - through trips) must be excluded from a fee o No overlap with the WRCOG and CVAG TUMF programs, this study focuses only on mainline freeway truck impacts and mitigation (which are not a part of either TUMF) • Major Tasks — Model validation; forecast logistics growth; forecast truck trips; identify capacity deficiencies; attribute deficiencies to new logistics development; estimate project costs; compute fee amount; and locational impacts • Forecast Logistics Growth — EDD Warehouse and other Transportation Employment Extrapolated Trends (Riverside -San Bernardino -Ontario MSA) o Warehouse Employment Growth for Riverside County and Warehouse Building Area Growth for Riverside County • Forecast Truck Trips — Model results were analyzed to identify those truck trips generated by development within Riverside County, and those that were generated by developments elsewhere in the SAG region (and beyond) • A map of the Forecast Truck Trips — Bandwidth reflects proportional increased volume; and largest increases in truck flows would occur on SR-60 and 1-215 • A map that identified deficiencies based on new warehousing development • Attributing the share of impacts — Adjust for the following factors: Existing capacity deficiency; share of future traffic growth that is attributable to the other development activity; and Pass through trips that have a trip and outside Riverside County o Accomplished by comparing base model run to model runt that separates warehouse and logistics uses • Cost estimation methodology • A map of the conceptual design example —1-15 southbound Cajalco to Indian Truck • Total conceptual cost estimate: $385,335,000 — RCTC Truck Study and Regional Logistics Mitigation Fee and capacity improvement project conceptual cost estimate summary • Total Logistics Cost Share: $47,841,000 • Potential Logistics Impact Fee for Riverside County • Locational Impacts Assessment — Southern California warehouse distribution: Percentage share of total industrial warehouse building area by County in 2014 graphic Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 16 • Potential effects of fee on locational decisions: Average new construction cost breakdown for a 500,000 square foot warehouse o Total development costs in Western Riverside County • Comparative Fee Costs graphic — Current average development impact fee costs per square foot and portions in Inland Empire jurisdictions • Potential locational impacts At this time, Commissioner Vargas left the meeting. At this time, Commissioner Berwin Hanna left the meeting and Commissioner Reed rejoined the meeting. LoreIle Moe -Luna presented the next steps, highlighting the following: • Next steps — Approve the Logistics Mitigation Fee Nexus Study; the Commission's current governing authority does not allow for fees to be collected directly by the Commission; and should the Commission decide to pursue a fee program, staff will return with an implementation plan Commissioner Naggar expressed appreciation for the presentation as staff and the consultants undertook a complicated study that is just very broad, and an enormous amount of information had to be taken in. He referred to the ITE Trip Generation handbook, which was changed to breakdown many different warehouse uses and assigned different trip generations to each category. He asked if this Nexus Study took into account some warehouses generates very little traffic and some such as a distribution center will generate an enormous amount of traffic. Darren Henderson replied at the start of the process considerable amount of time was spent looking at what different data options were available to the Commission in order to answer the various questions that were discussed. He explained the difficulty with using ITE estimates in a study of this nature when trying to look at impacts at a regional level is it is difficult to quantify the level of development multiply it by those trip generation factors and figure out where they go on the network. The primary tool used for the Nexus Study was the SCAG Regional Model, it does incorporate ITE trip generation rates, and other data in how it determines trip generation based on the forecasts of growth within the region. He discussed how they used the SCAG Regional Model for the Commission's purposes and how reasonable results were received. Commissioner Naggar explained just a follow up to that since all the traffic studies are done by traffic consultants to the cities are based on the ITE Trip Generation handbook and take into account the SCAG model. He stated he believes they also look at Riverside Transportation Analysis Model (RIVTAM) and asked if the traffic studies have to be done versus the ITE trip generation. Commissioner Naggar inquired where the equity and the Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 17 fairness to each developer is so that developer is not paying more than they should or not paying less than they should. Darren Henderson replied it goes back to the nature of what the Commission is trying to accomplish with the Nexus Study for a program such as this, which is at a regional level. He concurred when doing a local level impact study for a single location and improvement then it is logical to use the ITE Trip Generation rates as a basis for that calculation. Darren Henderson explained when trying to look at this on average aggregate a crossed an entire county to come up with what roughly proportionate levels should look like, it is difficult to use that type of approach at that scale, so tools such as the SCAG Regional Model get to that calculation. He discussed when the Commission goes to implement a fee program with the WRCOG TUMF program as an example, which could be a strategy that could be implemented here as part of this program if the Commission decides to proceed. In response to Commissioner Naggar's inquiry about the growth rates, how future growths are predicted, and was a growth rate going down, Darren Henderson replied they looked at a range of different sources to try to determine what was the most reasonably projected growth in Riverside County in this sector. He explained settling on using the EDD approach as it was based on an actual number for 2016 and if it is interpolate that moving forward it aligned well with SCAG's forecast, but the magnitude was different. He expressed this is why these things are updated on a regular basis should the Commission decide to proceed with a program such as this. In response to Commissioner Naggar's inquiry about looking at all the variables that go into the study that was done and how long it would reasonably be good for, Darren Henderson replied the mitigation fee act it does not specifically state that the studies need to be updated on a certain timeframe. The inferred update rate is within the vicinity of four to five years, which coincides with the same timeframe the regional transportation plans will be updated. In response to Commissioner Naggar inquiry if the city of Moreno Valley and Highland Fairview paid their share of the Nexus Study, Anne Mayer replied they have not and are not required to do so until the CEQA approvals are received for the World Logistics Center. As noted in the presentation there is a requirement that in order for the per square charge to be implemented on the World Logistics Center there was a two year time clock from when they paid their money until the Commission needed to adopt a fee or they would not of had to pay that increased amount. She explained the county of Riverside and the Commission started this process in advance of payment from the city of Moreno Valley and Highland Fairview. In response to Commissioner Naggar's question if they are litigated again or does not receive approval there will be no reimbursement, Anne Mayer replied correct if they do not receive CEQA approval for the project there will not be the reimbursement. Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 18 In response to Commissioner Naggar's clarification about quantifying existing growth and how does an empty half a million square foot warehouse is included, Darren Henderson stated if the warehouse is on the ground today than it is an existing development and it would not be part of the basis for a fee program. It would be part of the 60 million square feet that is already out there. In response to Commissioner Naggar's inquiry in essence as to the fee, it would be invisible, Darren Henderson replied correct it would be excluded from the fee as it is preexisting. Commissioner Naggar explained understanding it is excluded from the fee but as it is quantified, the fee for that development coming up that would be subject to the fee it is invisible. Darren Henderson replied yes. In response to Commissioner Naggar's clarification what if that growth how it was quantified if the use on the ground actually increased, Darren Henderson replied it is rather related to Commissioner Naggar's ITE trip question from earlier. He explained that again the Commission is looking at a program of averages in looking at what is the average type of use warehouse and logistics use in terms of its trip generation. Darren Henderson stated if it was decided to proceed with implementing a fee program that is one of the things that would need to be addressed through the implementation study. He stated does the Commission want to start to differentiate different types of uses or is the Commission comfortable with the average being representative of most of the uses that needs to be dealt with. In response to Commissioner Naggar's inquiry about the pass thru trips and how was it quantified that some development is going to take pass thru trips off the freeway and some may create more on the freeway, Darren Henderson replied this is why some of these things are updated on a regular basis. As trends change regionally and not just within Riverside County overtime part of it is in the fact the model does look at based on what is being forecast to happen in Riverside County how that is influenced by other economic factors within the region in terms of growth. John Shardlow, Land Use Counsel for NAIOP, expressed to dispel of the theme that this is about fulfilling an obligation of a settlement agreement as a vote today is sanctioning the methodology and the findings in this Nexus Study. He stated NAIOP submitted a letter dated April 30 that included some additional letters NAIOP has been submitting all along and expressed this was not set for a public hearing. Mr. Shardlow explained the Commission is taking $400 million of impacts and NAIOP does not agree with that number and the methodology and then the Commission is having that single use pay $47 million of that impact while everyone else gets a free ride. He requested the Commission not Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 19 approve the Nexus Study and if it is approved, then it should be a public hearing and public noticing. He then read a letter from the city of Moreno Valley having to do with a different bill that would impact the logistics facility. Mr. Shardlow expressed the claim that the fee would not have an impact on having growth occurring in other jurisdictions that is not the case and NAIOP disagrees with that. Commissioner Rusty Bailey referred to the map that identified deficiencies based on new warehousing development slide and expressed the city of Riverside supports answers to some of the hardest questions being faced in transportation, as the city of Riverside is the most impacted. He explained it is not just by current traffic but future traffic and when there is a problem identified of 14,000 trucks and add all the new homes being developed are all coming through that pinch point, which is the city of Riverside. He expressed the bottom line is these are arterials that run through the city of Riverside and are already failing due to the level of service. He then referred to the map of the forecast truck trips slide and expressed if the impacts are not mitigated of the future whether it is trucks or cars it will affect the city of Riverside. Commissioner Bailey expressed this is a leadership moment for the Commission to do what is supposed to be done and look at the current and future problems and to collect the right data and then to find alternatives to solve some of the pressing problems occurring in transportation. He referred to the SR-60 Truck Lanes project as it was seen what a failing infrastructure causes and that is trucks, cars and damage human beings due to that. He expressed supporting this Nexus Study and to continue supporting solutions to these pressing problems for the entire County. In response to Commissioner Bob Magee's inquiry about moving to fee implementation, which the Board of Supervisors or 75 percent of the cities could enact it and if it is population or number of cities, Lorelle Moe -Luna replied no she believes that is based on our Board 75 percent of the cities. Anne Mayer expressed the distinction needs to be made here as that is the term of the settlement agreement and not part of the process for adoption of a fee program. She explained to make that distinction the County or 75 percent of the jurisdictions was a condition of the settlement agreement and if that occurs World Logistics Center pays .65 cents a square foot. If that does not occur they pay .50 cents however, that is not the same threshold for adoption of a program. Commissioner Magee referred to John Shardlow from NAIOP, stated reading both of his letters, and did an exceptional job as a number of very interesting points were raised. He asked John Shardlow what would his number be. John Shardlow replied to be honest he does not know what that number is, but it can not be based on employment data, which is extrapolated forever. Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 20 In response to Commissioner Magee's response that Mr. Shardlow's number can be zero, but if NAIOP wants something between zero and .65 cents the Commission should hear that as well. Mr. Shardlow replied NAIOP's position is that the fee should be zero especially because it singles out a use. He stated if everyone wants to pay their fair share then it makes sense or to tell them where all their money is coming to make that pie. Mr. Shardlow stated NAIOP would not stand in the way of a fee that was a fair share calculation and had each user paying its fair share. He discussed if there is a warehouse in the city of Eastvale and a truck is coming from the Port, does not get on a Riverside County network, and pays the same fee as someone sitting on 1-215 in the city of Moreno Valley, which makes no sense. Commissioner Magee referred to Mr. Henderson and inquired when outlining the truck trips chart that there were areas indicated that needed improvement and on the 1-15 from Indian Truck Trail to Baxter Road, there were no impacts and no improvements. Darren Henderson put up the total conceptual cost estimate slide and replied it goes back to the map and he put up that slide, this map is identifying the specific segments where there is a capacity deficiency in the future. This map is showing there is no capacity constraint in the vicinity Commissioner Magee identified however; it is not saying there is not an operational issue that could be addressed, which cannot be addressed through an impact fee program. At this time, Commissioner White left the meeting. Commissioner Magee expressed concern that segment was left behind once before and today from Cajalco Road to Lake Elsinore the Commission has no money to improve the 1-15. He stated to Commissioner Naggar's point the Commission does not have money to go all the way to the County Line either and so this fee as it is presented would leave the city of Lake Elsinore behind again. He referred to LoreIle Moe-Luna's presentation and stated if the Commission moves forward with an implementation of this fee the Commission would need either a joint power authority or another regional body, i.e. WRCOG, RCA, or CVAG. Since those organizations have not been particularly friendly to the city of Lake Elsinore in the past he is uncertain he would sign on with one of those groups. He explained the Commission is here because of the city of Moreno Valley and they are currently moving forward on the logistics project and suggested they may turn out to be the smartest city. If the Commission does not adopt a program, it is .50 cents a square foot if the Commission adopts the program it is .65 cents a square foot to the city of Moreno Valley and they would get the improvements and have a competitive advantage and real world improvements. Commissioner Magee stated to Chair Benoit if the Commission moves forward to implement this, the Commission needs to create a subcommittee of stakeholders and suggested NAIOP be a part of this as would the county of Riverside, cities such as Perris and Eastvale, and cities that have industrial identified Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 21 land uses on their general plan that are currently vacant. He would support moving forward on something such as that. Commissioner Naggar concurred with the Commissioners comments and asked if Caltrans is willing to accept this Nexus Study. Anne Mayer stated there is no Caltrans approval needed for this study. Commissioner Naggar explained when an EIR is completed Caltrans usually comes back with some comprehensive comments and wanting impacts to the freeway study. He explained this is dueling mitigation because if this Nexus Study is meant to implement a fee and Caltrans comes back with their comments, which most cities are very concerned with. He asked where all of this lies as it relates to freeway improvements, which is where this is going. Anne Mayer replied for this study only those segments of the freeway corridors impacted by the truck trip as Darren Henderson presented are included. The Commission has only identified about $385 million worth of limited improvements on the freeway system although there are billions of dollars of need. She explained what was identified in the study is only $385 million worth of improvements and the Commission is only saying that this study is demonstrating a $47 million contribution from this sector of the industry. She stated the projects being discussed related to this mitigation fee are more than likely going to be combined with other projects and there are other funding sources and will need to compete for other fund types at the state and local level to get the balance of these projects built. She discussed how Caltrans is concerned about the environmental impacts, but not on a project by project basis as this is an allocation of fund type. Commissioner Naggar expressed appreciation for Ms. Mayer's comments and stated looking at it from being on the ground it is not a Caltrans issue it is a CEQA issue. He asked if this fee is implemented where does that fit in the CEQA. Anne Mayer replied theoretically if she was a developer, going through a CEQA process and/or a Caltrans review of an environmental document, and they discussed the truck traffic impact on adjacent freeways that are identified and need to contribute this amount. She stated she would respond to Caltrans the Commission did a comprehensive Nexus Study that analyzed the impact of truck traffic on the freeway system. It is only identified that her fair share is this much percent on this corridor and they have a fee program, which she already paid that fee and addressed her truck impacts based on that Nexus Study. In response to Commissioner Naggar's inquiry where will the money go when it is collected, Anne Mayer replied the money that is collected goes towards the projects identified in the Nexus Study. Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 22 In response to Commissioner Naggar's clarification if the money comes to the Commission, the Commission decides where it will go, and where it goes is it directly related to the person's project who is paying the fee, Anne Mayer replied it is not directly related to the project that is paying the fee. Although in the settlement agreement with World Logistics Center, where some of those fees will go directly to SR-60 and Gilman Springs Road. She explained with respect to where the money goes and who collects the fee the Commission is not making those decisions today. Anne Mayer stated today's action is only to approve the Nexus Study and to provide direction for the next steps. Commissioner Naggar replied that the answer she provided in response to CEQA if somebody were to challenge that CEQA document to ensure that for example comments from Caltrans were mitigated. He stated one of the things that will be brought up is the Commission designated a fee however it does not go to mitigate the impacts it is going wherever the Commission approves where it is going to go so it is no mitigation. Commissioner Naggar referred to the Gilman Springs Road TUMF agreement and asked if WRCOG and the TUMF Zone Committee approved it. Darren Henderson replied that is an inherent requirement or provision of the TUMF program regardless of this specific project. If improvements are being done on a facility that is part of the TUMF network there is credit for those improvements. Commissioner Naggar referred to Anne Mayer and stated in the settlement agreement the Commission designated that a number of TUMF dollars are going to Gilman Springs Road and if WRCOG approved that and did the TUMF Zone Committee say this needs to be improved and how of that is to mitigate Highland Fairview. Anne Mayer replied she does not have the settlement agreement with her and stated the dollar amounts in the settlement agreement are related to the fee. She explained Highland Fairview has to pay either .50 cents a square foot or .65 cents a square foot. Darren Henderson replied the credit that are identifies for the TUMF program relates to the TUMF Nexus and what is already eligible in the TUMF program. It is only reiterating what they would already be eligible for under the TUMF program, as it is not introducing a new requirement or anything that would need to be approved by WRCOG. Anne Mayer stated the specific amount for Gilman Springs Road is not a TUMF allocation towards Gilman Springs Road it is part of the fee being collected from Highland Fairview, which is about .50 cents per square foot. That money will be collected at the appropriate time that will go towards Gilman Springs Road. In response to Commissioner Naggar's question including the TUMF money, Anne Mayer replied on top of TUMF, whatever happens with TUMF is going to happen, and the Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 23 settlement agreement amount does not need WRCOG or TUMF Zone Committee approval. In response to Commissioner Naggar's clarification that Gilman Springs Road is a TUMF road, Darren Henderson replied yes. In response to Commissioner Naggar's inquiry about the settlement and how Highland Fairview is a 40,000,000 square foot project yet they used 16,000 trips per day, which is ridiculously low, Darren Henderson replied he is uncertain what their methodology was when calculating it but that is why the Commission sued to challenge their findings of the environmental document. Commissioner Naggar stated not being on the Commission when the settlement occurred and maybe the ITE trip generation did not come out at the time to base it on. This is being based on things that are not current and there would be inequity as it relates to NAIOP. Anne Mayer stated at the time of the settlement the Commission based its settlement discussions on the information available at the time. She expressed that is exactly why the Commission filed lawsuit against the project, which has been the issue all along and work very hard with the city of Moreno Valley, the county of Riverside, and Highland Fairview to come up with a fair settlement. The Commission ratified that settlement agreement and the Commission is implementing to what was agreed to at the time. She explained the current Nexus Study that shows up to $1.28 so it is a different number then the settlement agreement number and it fulfilled the settlement agreement obligations for the Highland Fairview World Logistics Center. Commissioner Jeffries referred to the forecast truck trips slide and stated that in the section of 1-215 between from the city of Perris to the city of Riverside he speculates that there are probably 100 additional warehouses that are in the plans to be developed on that corridor. He expressed that freeway is already at a dead stop every morning and afternoon. Commissioner Jeffries explained respecting NAIOP's position the Commission cannot be the only ones to try to fix this as he believes in a user fee approach versus a tax approach. He stated if NAIOP's clients are a component of the solution then the Commission should support this component of it and let NAIOP and others identify to staff what the other component is to the solution. He suggested the warehouses are going to be automated as was seen with WRCOG that somewhere between 40 to 60 percent of the employees working in warehouses will probably go away due to automation. He expressed that the trucks hauling the goods in and out of those warehouses are not going to go away. Commissioner Lisa Middleton concurred with Commissioners Bailey and Jeffries' comments and stated it is important that those who are contributing to traffic issues pay their fair share of the increased traffic that is being created. Commissioner Middleton Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 24 supports the Nexus Study however, some of these trucks will be driving east, the Coachella Valley will be impacted by this, and the Coachella Valley needs to participate in the benefits that will come from some of these fees. Commissioner Manuel V. Perez expressed appreciation for Commissioner Bailey and Middleton's comments and stated this needs to be considered. He asked if there was accounting for the release of greenhouse gas emissions as diesel trucks will be releasing particulate matter and NOx, which needs to be considered not in this study but asked when will that be considered in the future. Anne Mayer replied that conversation is ongoing and it has become an increasingly important part of project specific environmental documents. She stated from this standpoint this is not a component of what the Commission is doing here. She discussed the various agencies that are having conversations about what to do next about the air quality issues, which is a relevant point just not part of this study. Commissioner Perez expressed appreciation for Anne Mayer's comment and referred to Chair Benoit and other Commissioners from the South Coast Air Quality Management District need to make sure that they integrate what is being presented related to the Nexus Study and to the future conversations when having meetings. Anne Mayer stated one of the philosophies the Commission had the past couple of years knowing that in particular AQMD as a regulatory could in fact implement regulations that could dictate what is done in terms of a land use decisions. From the Commission's stand point it has been a goal to provide the Commissioners with tools to be able to say that Riverside County is making its own decisions about what it is doing for the future in these key environmental concern areas. Therefore, the Commission does not need another layer of regulation over and above that since Riverside County is taking the lead and taking action. Commissioner Speake stated the Commission is actually doing planning as the city of Corona continues to deal with the traffic congestion since the 1980s. He expressed appreciation the Commission is planning for an impact, setting up mitigation, and having a discussion. He stated to clarify the Commission is not voting to put this in today it is a vote to accept this report and to discuss it further. He appreciates the questions but just the fact the Commission is having a discussion on whether or not to vote yes on something to carry this forward is insanity. Commissioner Speake fully supports the comments from Commissioners Bailey and Jeffries as it is the right path to carry forward. He also concurred with Commissioner Magee although he does not agree that there will not be any impacts on 1-15. He expressed concern it is absurd that there is going to be a 1 percent impact on 1-15 between the city of Lake Elsinore and the city of Corona. He suggested by proving this that the Commission is not limiting the projects that are listed. Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 25 Anne Mayer replied the Commission actually is and referred to Darren Henderson. Darren Henderson explained the 1 percent impact is the segment Commissioner Speake highlighted from new warehousing and logistic developments in Riverside County on that section of freeway. He stated that is not to say that there is not a big impact on that freeway from new development in general but specifically to this use, it does not use that freeway as much as other parts of the county. If a fee program were to be adopted it is restricting what could be applied from that fee program to that particular segment. Commissioner Speake concurred with Mr. Henderson and concurred with Commission Jeffries' comments as he works in development. He explained knowing about what every single project is going to come up in the next five years and how that number is allocated is a concern. He suggested if that piece could be set aside for additional discussion. Anne Mayer referred back to Darren Henderson's comment about an update to a Nexus Study in that there is a reason why a Nexus Study is updated every four years associated with the regional transportation plan. It gives the Commission the ongoing opportunity to validate that but the action today is the Nexus Study has been completed based on a very conservative approach and one that is defensible with respect to implementing or proposing a fee on the incremental impact of new development on existing congested corridors. Commissioner Speake suggested there is no argument to the fact the Commission needs to plan for this impact. He stated he is always leery about squeezing it down and only applying it in certain places. Anne Mayer replied the Commission has the law and governs and concurred with Commissioner Speake. However, the Commission has to comply with the law related to mitigation fees and Nexus Studies and this is staff's best recommendation as to what complies with that law. Commissioner Russ Utz expressed appreciation to staff for all their hard work putting this presentation together as it is very comprehensive on what it covers. However, he stated for the future he wanted to echo the concerns from the desert from the south areas. He explained when an update is done the Commission needs to include a countywide approach and the non -freeway impacts. Commission Utz explained from being from the city of San Jacinto and currently talking primarily about Highland Fairview Gilman Springs Road will become one of the main southbound truck highway when this project is done. He expressed understanding the settlement is exclusive from this but the settlement only gives $3 million in mitigation, which is basically a striping program. He suggested to look very broadly and look at traffic patterns more than just highways. Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 26 Darren Henderson explained the reason any of the arterial highway network are not being seen is due to the TUMF program, which accounts for all development activity includes warehouse logistics so they are already embedded in the TUMF program. The mitigation that is occurring as part of the TUMF program already builds in considerations for the impacts that warehousing and logistics uses has on the arterials, which is why that was specifically excluded. Commissioner Utz stated if that response rather negate the legitimacy of the entire program because can the opponents of this program say well the Commission already has the TUMF. Darren Henderson explained by removing consideration of any arterials since they are being addressed by TUMF program and focusing on the mainline freeway where it is not being addressed in the TUMF that is the focus of this program. Commissioner Magee stated since the Mid County Parkway the decision has been made that it stops at 1-215 and the way to relieve that pressure is the El Toro/Ethanac Expressway, which is not part of this study. He expressed this project needs to get back on the radar and need to improve that east to west corridor, which will relieve pressure off of the city of Riverside. Commissioner Karen Spiegel suggested the conversations proves that there is a need and through the whole settlement, many of the Commissioners were a part of that. She explained understanding it is not perfect and expressed appreciation for NAIOP's issues, but if the Commission delays this and does not move forward the Commission will miss the opportunities of monies to help a little bit. Also, it will just delay projects as there is too much growth in the warehouse industry. Commissioner Spiegel explained none of the local jurisdictions does not want to give up the trucks because everyone benefits from that. Commissioner Steven Hernandez stated with the fee and what is implemented and in looking at this from an equity and fairness prospective, the Commission does not mind implementing a fee moving forward on this. He stated some areas did not pay this fee and other communities had benefited from the jobs that created. He expressed there are also communities that still need employment and need investment from the private sector. There needs to be some consideration in terms of a balance or what is given to those communities in terms of how those fees are implemented. Commissioner Jan Harnik stated the Commission is talking currently about reacting to something that has occurred and the Commission does have to respond. She explained this is something the Commissioners need to think about going forward as this is a result of the Commissioner's communities and their neighboring communities land use and planning. Commissioner Harnik stated this is not just about transportation the Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 27 transportation issue is a result of that so it is something take into account and think of going forward. Commissioner Naggar explained he concurred with fees appropriately as long as the fees are applied equitably and as long as the Nexus Study fee is accurate. He discussed how back in 2003-2004 the city of Temecula sued the county of Riverside on their general plan, as it did not adequately mitigate the impacts. He then discussed when the city of Temecula was about to work on a freeway fee with the Commission. Commissioner Naggar suggested going through this entire exercise to accommodate Highland Fairview whether or not the Commission could back out of the settlement agreement or whether it should have went to trial. He expressed concern that the trips that Highland Fairview is basing this on at 16,000 is woefully inaccurate hence the Nexus Study is inaccurate and it does not help the Commission get to a place where the fee is equitable. He requested the Commissioners meet and figure out impacts from all the players that the Commissioners can all agree on. M/S/C (Bailey/Baca) to approve the Logistics Mitigation Fee Nexus Study. No: Hewitt, Magee, Naggar At this time, Commissioners Jeffries, Hernandez, and Perez left the meeting. 13. ITEM(S) PULLED FROM CONSENT CALENDAR FOR DISCUSSION There were no items pulled from the Consent Calendar. 14. COMMISSIONERS/EXECUTIVE DIRECTOR'S REPORT 14A. Anne Mayer announced the Government Finance Officers Association has provided a Certificate of Achievement for Excellence and Financial Reporting to the Commission for the Comprehensive Financial Report. She congratulated Theresia Trevino and her entire team for a great job. 14B. Commissioner Jan Harnik announced Connect SoCal will be having seven workshop meetings in Riverside County in order to provide input for land use, transportation, and how to keep the region moving. These meetings will be held from May 22 — June 11, 2019 and go to ConnectSoCal.org for more information and it is for SCAG. 14C. Commissioner Karen Spiegel congratulated Commissioner Middleton for her appointment to the CaIPERS Board. Riverside County Transportation Commission Meeting Minutes May 8, 2019 Page 28 14D. Commissioner Smith expressed appreciation for closing the meeting in honor of Council Member Jim Hyatt. There is a memorial service May 18 @ 11:00 a.m. at the Norton Young Love Senior Center in Calimesa and hoped the Commissioners could attend. Anne Mayer stated as Commissioner Harnik noted Kome Ajise has been appointed as the SCAG Executive Director. He previously served at Ca!trans as the Chief Deputy Director and has been at SCAG as the Planning Director for a couple of years now. 15. CLOSED SESSION 15A. CONFERENCE WITH REAL PROPERTY NEGOTIATORS Pursuant to Government Code Section 54956.8 Agency Negotiator: Executive Director or Designee Item APN(s) Property Owner Buyer(s) 1 117-070-032 RCTC Pravin Kumar 2 117-122-001 and 117-122- 002 RCTC Pravin Kumar 3 117-270-009 RCTC Maple Associates 15B. CONFERENCE WITH LEGAL COUNSEL: ANTICIPATED LITIGATION EXPOSURE TO LITIGATION PURSUANT TO SUBDIVISION (D)(2) OF GOVERNMENT CODE SECTION 54956.9 Potential Number of Case(s): 1 There were no announcements from the Closed Session Items. 16. ADJOURNMENT There being no further business for consideration by the Riverside County Transportation Commission, Chair Washington adjourned the meeting in memory of Council MemberJim Hyatt memory at 12:45 p.m. The next Commission meeting is scheduled to be held at 9:30 a.m., Wednesday, June 12, 2019, Board Chambers, First Floor, County Administrative Center, 4080 Lemon Street, Riverside. Respectfully submitted, Lisa Mobley Clerk of the Board AGENDA ITEM 7 PUBLIC HEARING RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: June 12, 2019 TO: Riverside County Transportation Commission FROM: Michele Cisneros, Deputy Director of Finance Theresia Trevino, Chief Financial Officer THROUGH: Anne Mayer, Executive Director SUBJECT: Proposed Budget for Fiscal Year 2019/20 STAFF RECOMMENDATION: This item is for the Commission to: 1) Receive input on the proposed budget for Fiscal Year 2019/20; 2) Close the public hearing on the proposed Budget for FY 2019/20; 3) Approve the salary schedule effective July 4, 2019, located in Appendix E of the proposed budget; and 4) Adopt the proposed Budget for FY 2019/20. BACKGROUND INFORMATION: The annual fiscal budget is the result of staff determining the operating and capital needs for FY 2019/20 and identifying the resources to fund those needs. The policy goals and objectives approved by the Commission on March 13 were the basis of this budget. The long-term policy goals that support the Commission's objectives considered during the preparation of the budget relate to promoting quality of life; achieving operational excellence; connecting the economy; being a responsible partner; and maintaining fiscal accountability. Staff presented the proposed budget to the Commission on May 8. Subsequent to that presentation, staff updated the document as a result of the following changes resulting in a net increase of $1,853,300 to the projected fund balance at June 30, 2020. Adjustments to FY 2018/19 Projected Amounts • A net $0 change as a result of a $1,552,400 increase in operating transfers for station rehabilitation and improvement projects. Adjustments to FY 2019/20 Budgeted Amounts • A $1 million increase in federal reimbursements for the Riverside Layover Facility project; Agenda Item 7 1 • A $13,203,100 net decrease in state reimbursements comprised of a $13 million decrease for the Riverside -Downtown station track and platform project moved to FY 2020/21, a $799,800 decrease for station rehabilitation and improvement projects, and a $596,700 increase for Perris Valley Line operations; • A $36,400 increase in investment income as a result of the net increase in fund balance; • A $1.3 million increase in construction expenditures for the Riverside Layover Facility project; • A $15 million decrease in right of way expenditures for the Riverside Downtown station track and platform project moved to FY 2020/21; • A $1,552,000 decrease in operating and capital disbursements for station rehabilitation and improvement projects and $1,079,000 increase in Western County and Coachella Valley specialized transit operating and capital disbursements; • A $150,000 increase for special studies; • A $3,000 increase in interest payments; and • $819,100 increase in operating transfers related to station rehabilitation and improvement projects funded by the State of Good Repair Fund. A public hearing to allow for public comment on the proposed budget is required prior to the adoption of the proposed budget, including proposed salary schedule. The Commission opened the public hearing at its May 8 meeting. After the public hearing is closed on June 12, adoption of the proposed Budget for FY 2019/20 will follow. In accordance with the Commission's fiscal policies, the budget must be adopted no later than June 15 of each year. The proposed Budget for FY 2019/20 is attached. This document contains the executive summary, as revised, that was presented at the May 8 Commission meeting; the Appropriations Limit; a summary of the budget process; fund budgets; details of program revenues and other sources; debt; department budgets; community profile; and appendices including a glossary of acronyms, salary schedule effective July4, 2019, funding definitions, and program/general terms. As approved by the Executive Committee on May 8, 2019, staff included in the FY 2019/20 budget the payoff the Commission's CaIPERS net pension liability balance of $8.1 million. The Commission's CaIPERS plans are currently funded at 75.2 percent and 94.7 percent for Classic and Public Employees' Pension Reform Act members, respectively. The payoff of the $8.1 million net pension liability, based on the most recent actuarial valuation dated June 30, 2017, results in the interest charge savings of $7.5 million over several years — funding that can be used for future Commission programs and capital projects. The Commission has available funds for this disbursement. A summary of the proposed Budget for FY 2019/20 is as follows: Agenda Item 7 Revenues and other financing sources: Sales taxes -Measure A and Local Transportation Funds Reimbursements (federal, state, and other) Transportation Uniform Mitigation Funds, including reimbursements State Transit Assistance and State of Good Repair Tolls, penalties, and fees Other revenues Interest on investments Debt proceeds Transfers in Total revenues and other financing sources Expenditures and other financing uses: Personnel salaries and fringe benefits Professional services Support services Projects and operations Capital outlay Debt service (principal and interest) Transfers out Total expenditures and other financing uses Excess (deficiency) of revenues and other financing sources over (under) expenditures and other financing uses Beginning fund balance (projected) Ending fund balance (projected) FY 2019/20 Budget $ 290,000,000 260,272,700 25,000,000 31,050,600 41,869,400 553,000 12,790,700 75,703,000 166,027,000 903,266,400 19,396,500 25,447,300 12,383,200 739,032,300 5,288,000 76,657,400 166,027,000 1,044,231,700 (140,965,300) 792, 310,100 $ 651,344,800 Attachment: FY 2019/20 Proposed Budget (Posted on Commission Website) Agenda Item 7 RIVERSIDE COUNTY TRANSPORTATION COMMISSION FISCAL YEAR 2019/20 June 12, 2019 Honorable Commissioners Riverside County Transportation Commission Riverside, California FY 2019/20 Budget Introduction RCTC: Connecting Your Life Thank you forreviewing the Fiscal Year (FY) 2019/20 budget forthe Riverside County Transportation Commission (Commission or RCTC). This document provides an opportunity to evaluate the financial backbone of an innovative and active public transportation agency that connectsthe lives of Riverside County (County) residents every day. Riverside County continues to grow faster than any other area of the state of California (California), which makes our mission to provide transportation projects and servicesabsolutely critical in protecting and improving the quality of life for2.4 million residents. The upcoming fiscal year continues a concerted effort of investment and construction in the County'stransportation infrastructure with construction intensifying on the Interstate (I) 15 Express Lanes project, construction ready to start on the State Route (SR) 60 truck lanes, and the I- 215/Placentia interchange on the near -term horizon. People Working — Building a Better Future The Commission and its project partners at the California Department of Transportation, local jurisdictions, and transit agenciesare investing in transportation using a variety of local, state, and federal sources to build projects, plan and design new improvements, and get people working and contributing to the local economy. During FY2019/20, the Commission will invest $537 million in capital projects (Chart 1) that include highway, regional arterial, local streetsand roads, and rail projects. Chart 1 —Capital Projects (in millions$) Operating and Capital Disbursements, $15.9 Regional Arte ria Is, $30.0 Local areetsand Roads, $58.6 Capital Outlay, $3.1 Personnel, Professional, and SLpport , $15.2 Program Operations, $7.7 Engineering, $21.6 2 In addition to the capital projects, the Commission's FY 2019/20 overall budget (Chart 2) of $878 million includes funding of administration management, planning and programming, rail and transit operations, smaller programs such as motorist and commuter assistance, toll operations, and debt service. Chart 2 — FY 2019/ 20 Budget (in millions$) Management Services, $14.3 Toll Operations, $19.3 Servi $76.7 I Measure A —The Funding Foundation Planning and Programming Services, $11.3 Capital Projects Development and De liv e ry, $537.2 Rail Maintenance and Operations, $45.2 Commuter Assistance, $4.6 M otorist Assistance, $6.6 The Commission'svoter-approved half -cent salestax program servesasthe main funding source for transportation funding in Riverside County. Measure A sales tax revenues are stable with average annual growth of over2.6%in the last decade; they are projected at $193 million for FY 2019/20. Although Measure A revenueshelp to fund majorprojectsincluding the 1-15 Express Lanes project, Measure A also funds local transportation priorities and needs. In FY 2019/20, the Commission will return $58.6 million in funding to local cities and the County for local street and road improvements. the Coachella Valley Association of Governments and the Western Riverside Council of Governments(WRCOG) administer Transportation Uniform Mitigation Fee (TUMF) programs that serve local and regional arterial needs. In the Coachella Valley, arterials are funded through a combination of TUMF, Measure A, and additional local contributions. In Western Riverside County, TUMFdollarsare equally split between WRCOG and the Commission with RCTC'sdollarsallocated to regional arterialsand new highway corridors. Funding transportation projectsand services requiresa combination of funding sources, and the Commission receives and programs funding from state and federal sources. This includes California's Transportation Development Act program dollars allocated primarily to the County's major public transit providers. Measure A also pays its share by funding transit fare discounts; providing fundsfor programsfor senior citizens, persons with disabilities, and ind ivid uals of limited means; allocating fundsfor commuter rail and intercity busservices; and operating a commuter assistance program that provides traveler information and ridesharing assistance to employers and commuters. 3 91 Express Lanes Surpassing Bcpectations On March 20, 2017, the Commission opened the extension of the 91 Express Lanes. The $1.4 billion 91 Project primarily consisted of two tolled express lanes, a direct express lanes connector, and an additional general purpose lane in each direction of SR-91 between the Orange County line and 1-15 in Corona. Usage and revenue continue to exceed original projections. Asa result, the Commission received an upgrade in itslong-term debt ratingsfrom Fitch Ratingsand S&P Global Ratingsduring thisfiscal year. The completion of the 91 Project also creates new responsibilities for the Commission as a toll facility operator. Thisyear'sbudget reflectsthe new revenuesand expensesgenerated by the 91 Express Lanes. The transition into toll operationsalso servesasa precursorinto a much broaderrole asa toll operator, with construction already underway on the 1-15 Express Lanes project. This$472 million effort adds one to two tolled express lanes to an approximately 15-mile section of 1-15 between SR60 and Cajalco Road. The new 15 Express Lanes will travel through the cities of Corona, Eastvale, Norco, and Jurupa Valley and open in 2020. Additional Projects and Services SR 60 Truck Lanes Ready for Construction The Commission will break ground in mid-2019on a much -needed eastbound truck -climbing lane and westbound truck -descending lane on SR60through the Badlandsarea of Western Riverside County. This 4.5-mile, $134.6 million project will include a number of additional safety features including a wider median, a higher median barrier, and better visibility in curved areas of the highway. New Vanpool Service Strengthens Transit While RCTC primarily functions as a project -driven organization, the Commission's significant funding toward public transit, motorist services, and operation of a toll facility further increases its direct interaction with the public. The Commission launched a new incentive program to spurthe creation of vanpools. Vanpoolscan be especially effective in providing transportation optionsin areasthat are hard to serve by transit and can be an attractive amenity for employers. RCTC's VanClub offers as much as$400 per month to eligible vanpools, and 75 vanpools have already formed countywide. Freeway Service Patrol Expandsto Serve More of 1-15 and 1-215 In September2018, the Commission expanded itspopular Freeway Service Patrol program on 1-15 and 1-215. The free program offers help to stranded motorists by changing flat tires, jump-starting dead batteries, cooling overheated engines, and performing other routine mechanical repairsto help get driverssafely back on theirway. The approval and voter -ratification of a recent increase in the state gastax (Senate Bill 1) enabled the Commission to provide peak -hour serviceson an additional 27 miles of the 1-15 and 12 miles on the 1-215 for drivers in Lake Elsinore, Wildomar, Menifee, Murrieta, and Temecula. Planning for an Bcciting and Uncertain Future Progress Continuing on State -Funded Riverside County Transportation Efficiency Corridor In 2017, the California Legislature approved a special award of $427 million in state funding forfive projects in northwestern Riverside County. This provided funding needed to move forward on five important projects: 4 • An express lanes connector between the 91 Express Lanes and the future 15 Express Lanes north of SR-91; • Railroad grade separationsat Jurupa Road in Jurupa Valley and McKinley Street in Corona; • An expanded interchange at 1-15 and Limonite Avenue in Eastvale; and • The replacement of the Hamner Avenue bridge overthe Santa Ana River in Norco the Commission isworking closely with agenciesthat are delivering the local projectsbut will also play the lead role on the construction of the express lanes connector that will benefit both the existing 91 Express Lanes and the future 15 Express Lanes. A design -build contract award is expected to be awarded in 2020. Funding is but one piece of determining the future of transportation. In order to help guide the Commission through the challenges of population growth, changing demographics, economic needs, and technological change, RCTC has launched an effort to develop a long-range transportation plan for Riverside County. Overall, there are a number of long-range projects envisioned for the County including Mid County Parkway, realignment of SR79, panlrnger rail service to the Coachella Valley, a variety of active transportation projects, and a new expressway along Ethanac Road. In addition to the projects, local streetsand roadsand new interchanges are equally important; a long-range plan will be useful in guiding the overall direction of transportation investment and development in the County. A Commitment to Hverside County Ensuring local funding for transportation will require ongoing outreach to the public and transparent oversight and management that ensures public confidence in the Commission's fiduciary, oversight, and visionary roles. This budget document is intended to demonstrate the Commission'scommitment to the public aswell asdocumenting the Commission'sdedication to sound budget practices. This budget document is one of many ways the Commission works to ensure public accountability and full transparency of itsactions. The Commission hasalso expanded itscommitment to communicate with the public and closely monitors its public engagement activities, which progress is reported on a quarterly basis. We welcome public input and participation and invite you to visit our website at www.rctc.org or to follow uson Facebook, Twitterand Instagram @theRCTC. (f3 GOVERNMENT FINANCE OFFICERS ASSOCIATION Distinguished Budget Presentation Award rKr:s.:ry rr:r, „ Riverside County Transportation Commission California For the Pineal Year Begin ni i, July 1, 2018 C? P cxcam,:r GFOA Distinguished Budget Award The Government Finance OfficersAssociation of the United States and Canada (GFOA) presented a Distinguished Budget Presentation Award to the Commission for its annual budget for the fiscal year beginning July 1, 2018. In order to receive this award, a governmental unit must publish a budget document that meetsprogram criteria as a policy document, an operationsguide, a financial plan, and a communicationsdevice. The award is valid for a period of one year only. The Commission believes this budget continues to conform to program requirements, and it will be submitted to GFOA to determine the Commission'seligibilityfor another award. 5 Acknowledgme nts The preparation of this budget has been a collaborative effort of the Commission's staff. the budget reflectsthe Commission'sdesire to communicate the componentsof the budget in terms that are easily understandable and supportable for the general public. Staff acknowledgesand appreciatesthe guidance, inspiration and leadership of the Board of Commissionersin advancing the future of transportation in Riverside County. Signature on file Signature on file Anne Mayer, Executive Director lheresia Trevino, Chief Financial Officer 6 Commission Introduction State of California (State or Califomia) law created the Riverside County Transportation Commission (Commission or RCTC) in 1976 to oversee the funding and coordination of all public transportation serviceswithin Riverside County (County). The Commission's mission isto assume a leadership role in improving mobility in the County. The governing body consistsof: • All five membersof the County Board of Supervisors; • One elected official from each of the County's28 cities; and • One non -voting member appointed by the Governor of California. The Commission isresponsible forsetting policies, establishing priorities, and coordinating activities among the County'svarioustransit operatorsand otheragencies. The Commission also programs and/or reviews the allocation of federal, state, and local funds for highway, transit, rail, non - motorized travel (bicycle and pedestrian), and othertransportation activities. The Commission is legally responsible for allocating Transportation Development Act (TDA) funds, the major source of funds for transit in the County. The TDA provides two sources of funding: the Local Transportation Fund (OF), derived from a one-quarterof one -cent state salestax, and State Transit Assistance (STA), derived from the statewide salestax on diesel fuel. The Commission serves asthe tax authority and implementation agency for the voter approved Measure A Transportation Improvement Program (TIP). The County's electorate originally approved Measure A in 1988 to impose a one-half of one cent transaction and use tax (salestax) to fund specific transportation programsthat commenced in July 1989 (1989 Measure A). Voters approved the 1989 Measure A for 20years, and it expired on June 30, 2009. On November5, 2002, the votersof Riverside County approved the renewal of Measure A beginning in July 2009through June 2039 (2009 Measure A). Additionally, the Commission provides motorist aid services designed to expedite traffic flow. These services include: • The Service Authority for Freeway Emergencies (SAFE), a program that provides call box service for motorists; • The Freeway Service Patrol (FSP), a roving tow truck service to assist motorists with disabled vehicleson the main highwaysof the County during peak rush hourtraffic periods; and • A traveler information system. The Commission provides these services at no charge to motorists. A $1 surcharge on vehicle registrations, a state allocation, and a portion of Senate Bill 1's(S31) recent increase in the state gastax fund these services. The Commission isdesignated asthe Congestion Management Agency (CMA) forthe County. As the CMA, the Commission coordinates with local jurisdictions to establish congestion mitigation proceduresforthe County'sroadway system. In March 2017, the Commission commenced toll operations on the RCTC 91 Express Lanes following the substantial completion of the State Route (SR) 91 corridor improvement project (91 Project). Construction started on a second managed lanes project, the Interstate (1)-15 Express Lanesproject, in FY2017/18with completion expected in 2020. The 15/91 Express Lanesconnector, a tolled connector between the existing RCTC 91 Express Lanes and the future 15 Express Lanes north of SR-91, received an allocation of state funds in FY2016/17. The Commission anticipates completion of thisproject by 2022. 7 Riverside County Transportation Commission List of Principal Officials Board of Commissioners Name Title Agency Kevin Jeffries Member County of Riverside, District 1 Karen Spiegel Member County of Riverside, District 2 Chuck Washington Chair (Commission) County of Riverside, District 3 V. Manuel Perez Member County of Riverside, District 4 Jeff Hewitt Member County of Riverside, District 5 Art Welch Member City of Banning tJoyd White Vice Chair (Budget and Implementation City of Beaumont Committee) Joseph DeConinck Member City of Blythe Larry Smith Member City of Calimesa Randall Bonner Member City of Canyon Lake Raymond Gregory Member City of Cathedral City Steven Hernandez Member City of Coachella WesSpeake Member City of Corona Scott Matas Member City of Desert Hot firings Clint Lorimore Member City of Eastvale Linda Krupa Chair (Budget and Implementation City of Hemet Committee) Dana Reed Member City of Indian Wells Waymond Fermon Member City of Indio Brian Berkson Chair (Western Riverside County Programsand City of Jurupa Valley Projects Committee) Kathleen Fitzpatrick Member City of La Quinta Bob Magee Member City of Lake Elsinore Bill Zmmerman Member City of Menifee Victoria Baca Member City of Moreno Valley Scott Vinton Member City of Murrieta Berwin Hanna Member City of Norco Jan Harnik 2nd Vice Chair (Commission) City of Palm Desert Lisa Middleton Member City of Palm Springs Michael M. Vargas Vice Chair (Western Riverside County City of Perris Frog ramsand Projects Committee) Ted Weill Member City of Rancho Mirage Rusty Bailey Member City of Riverside Andrew Kotyuk Member City of Scan Jacinto Michael S. Naggar Member City of Temecula Ben J. Benoit Vice Chair (Commission) City of Wildomar Mike Beauchamp Governor's Appointee Caltrans, District 8 Management Staff Anne Mayer, Executive Director John aandiford, Deputy Executive Director Michael Blomquist, Toll Program Director Marlin Feenstra, Project Delivery Director Aaron Hake, External Affa irs Director Siirley Medina, Planning and Programming Director Lorelle Moe -Luna, Multimodal Director lheresia Trevino, Chief Financial Officer 8 Executive SDI m m a ry Introduction The budget for Fiscal Year (FY) 2019/20 is presented to the Board of Commissioners (Board) and the citizens of Riverside County. The budget outlines the projects and programs the Commission plans to undertake during the year and appropriatesexpendituresto accomplish these tasks. The budget also shows the funding sources and fund balancesforthese projects and programs. This document serves as the Commission's monetary guideline for the fiscal year. To provide the reader a better understanding of the projects and programs, staff included descriptive information regarding each department and major projects. The discussion in each department includes a review of accomplishments, major initiatives, and key assumptions. Policy Goa Isand Objectives Asapproved at its March 13, 2019 meeting, the Commission isdriven by fourcore goalsand underlying objectivesforthe people of Riverside County and the transportation system upon which they rely: QUALITY OF LIFE RC7C is focused on improving life for the people ofRiverside County and empowering them to live life at their • ace. Choice Environmental Stewardship Access Goods Movement RCM empowersthe residentsof Riverside County to choose how to get safely to where they are going. RCTC protectsand preserves the County's environment for our residents. RCTC providesaccess, equity, and choice in transportation; RCTC isa mobility partner. RCTC projects and programs are the connection to employment, schools, community institutions, parks, medical facilities and shopping in the community. RCTC facilitatesthe funding and delivery of projectsthat mitigate the impact of increased goodsmovement flow through Riverside County. O PERATIO NAL EXC ELLEN C E RCTC is re -•onsible and con a five steward of -x•a erdollars. State of Good Repair Promises Fulfilled Innovation Information RCTC invests in road safety and maintenance in its residents' neighborhoods. Projectsare completed on -time, on -budget; RCTC deliverson itspromisesasa steward of Riverside County residents' investment. Program and project delivery innovations drive results, savings, and greater economic opportunitiesfor Riverside County residents. RCTC operationsare transparent; customersget fast, timely, quality service. CONNECTING THE ECONOMY RCTC is a driver of economic • rowth in Riverside Coun Workforce Mobility Population Growth Economic Impact RCTC improves the economy by creating a robust workforce to workplace system; RCTC helpsmove the economy of Riverside County. 9nce 1976, RCTC hasbeen responsible forconnecting our County'seconomy asthe County'spopulation hasquadrupled from 550,000 to 2.3 million today. RCTC hasinvested $4 billion in the County'seconomy thanksto Measure A and future toll revenues, which has a multiplier impact in terms of jobs and economic opportunity throughout Riverside County. 9 RESPONSIBLE PA RTN ER M ( .. g i Streets and Roads Active Transportation Facilities d state ovemmentsto deliver road and transit pro"ects RCTC invests in local priorities for maintaining streets and roads and fixing potholes. RCTC is a partner with transit operators to provide residents mobility choices, flexibility, intercity and intercounty connectivity, and access. RCTC is a partner with agencies within the County to promote active transportation alternatives, including the building of regional trails and bicycle and pedestrian facilities in accordance with local general master and active transportation plans. RCTC isa steward of state and federal grantsto improve our communities. RCM invests Measure A dollars into projects and programs that benefit local communitiesthroughout the County. Staff used these core goalsand objectivesto prepare thisbudget and develop the following short-term objectivesto guide furtherthe development of the FY2019/20 budget. Capital Project Development and Delivery • Continue design and construction of the 15 Express Lanes and development of the 71/91 interchange improvements, SR60 truck lanes, and Mid County Parkway projects included in the Western Riverside County Delivery Plan. • Commence development of the 1-15 ExpressLanes—Southern Extension project. • Maintain and enhance communication and collaboration with the California Department of Transportation (Caltrans) to improve the Commission's ability to deliver critical projects. • Enhance corridor mobility and traveler choice with the operation of the express lanes and development of the next generation toll projects. • Collaborate with local jurisdictions to implement the Transportation Uniform Mitigation Fee (IUMF) regional arterial program projects and facilitate the delivery of eligible arterial improvements in western Riverside County (Western County). • Continue active engagement in state and federal effortsto streamline and modernize the California Environmental Quality Act (CEQA) and the National Environmental Policy Act (NEPA) to improve the Commission'sability to deliver critical projects. Toll Operations • Efficiently operate express lanes and achieve high customer satisfaction through reduction in congestion, mobility improvements, and management of demand. Regional Programs • Maintain an active involvement in state and federal legislative matters to ensure that the Commission receivesproper consideration fortransportation projectsand funding. • Complete the development of a county -wide transportation plan and the first ten-year update of the 2009 Measure A Expenditure Plan, asrequired by the ordinance. • Subsidize reliable and cost-effective Metrolink commuter rail service to and from Riverside County; Southern Califomia Regional Rail Authority (SCRRA) isthe operator of Metrolink. • Provide leadership in the planning and development of the Coachella Valley -San Gorgonio Pass corridor rail service. • Support innovative programsthat provide transit assistance in hard to serve rural areasor for riders with special transit needs. • Promote cost controlsand operating efficiency fortransit operators. • Maintain effective partnerships among commuters, employers, and govemment to increase the efficiency of our transportation system by encouraging and promoting motorized and non - motorized transportation alternatives. • Provide a motorist aid system that ensuressafety and convenience to freeway motorists. 10 Management Services • Maintain close communication with Commissioners and educate policy makers on all issues of importance to the Commission. • Develop and execute a communications and public engagement strategy for the purposes of education, information, and customerservice. • Maintain administrative program delivery costs below the policy threshold of 4% of Measure A revenues; the FY2019/20 Management Servicesbudget is2.87%of Measure A revenues. • Maintain administrative salariesand benefitsat lessthan 1%of Measure A revenues; the FY2019/20 administrative salaries and benefits is 0.73% of Measure A revenues before the one-time disbursement to pay off the Commission's California Public Employees' Retirement System (CaIPERS) net pension liability. lhe administrative program share of the $8.1 million net pension liability is$2.5 million, or31%. The inclusion of this one-time disbursement in FY2019/20 results in the administrative salaries and benefits at 1.39%of Measure A revenues; however, the one-time disbursement to pay off the net pension liability is related to the projected benefits to employees for past service. Accordingly, the impact to the administrative salaries and benefitswill be retroactively applied to priorfiscal yearswithout exceeding the 1%limitation in FY2019/20 orpriorfiscal years. • Maintain prudent cash reservesto provide some level of insulation for unplanned expenditures. • Maintain current strong bond ratingswith rating agencies. • Establish and maintain revenues and reserves generated from toll operations to be available for debt service in accordance with toll supported debt agreements; maintenance, repair, rehabilitation, administration and operations; and capital projectswithin the corridor. Linking Commission Policy Goals and Departmental Goals and Objectives the following matrix (Table 1) illustratesthe linkage of the Commission'score policy goalsdescribed in thissection to the individual departmental goalsand objectivesincluded in Section 5. Table 1 —Relationship between Commission and Departmental Goals 1 Quality of Life Operational 6cc a Ile nc e Connecting the Econom Responsible Pa rtne r Executive Mana•ement Administration ExtemaI Affairs Re • iona I Pro • rams Plannin• and Pro•rammin• Rail Maintenance and O •erations Public and Specialized Transit Commuter Assista nce Motorist Assista nc e C a p ita I Pro'e ct Development and De live Toll O • erations Budget Overview X X X X X X )MI1PF X X X X X X X X X X X X X X X X X X X X X Total sources (Table 2) are budgeted at $903,266,400, an increase of 15% over FY 2018/19 projected sources and a 1%decrease over the FY2018/19 budget. Total sources are comprised of revenues of $661,536,400, transfers in of $166,027,000, and debt proceeds of $75,703,000. the projected fund balance at June 30, 2019 available for expenditures/expenses(excluding amounts restricted for debt service of $14,422,700 and advances receivable of $22,986,000) is $754,901,400. Accordingly, total funding available forthe FY2019/20 budget totals$1,658,167,800. 11 Table 2 —Sources FY 2018-2020 FY 17/18 FY 18/19 FY 18/19 FY 19/20 Dollar Percent Actual Revised Budget Projected Budget Change Change Measure A Sales Tax $ 176,301,700 $ 192,000,000 $ 192,000,000 $ 193,000,000 $ 1,000,000 1% LTFS3lesTax 89,557,600 96,000,000 96,000,000 97,000,000 1,000,000 1% STA al le s Ta x 21, 320, 900 23, 203, 600 27,110, 700 31, 050, 600 7,847,000 34% Intergovernmental 88,207,000 249,188,300 160,549,900 260,272,700 11,084,400 4% lUMFRevenue 23,699,800 25,922,200 26,672,200 25,000,000 (922,200) -4% Tolls, Penalties, and Fees 50,446,800 36,940,500 47,756,900 41,869,400 4,928,900 13% Other Revenue 3,199,500 1,084,400 468,500 553,000 (531,400) -49% Investment Income 9,117,000 3,408,000 10,064,800 12,790,700 9,382,700 275% Transfers In 323,263,800 182,214,300 159,759,000 166,027,000 (16,187,300) -9% Debt Proceeds 735,488,800 106,081,000 61,841,100 75,703,000 (30,378,000) -29% TOTALS)urces $ 1,520,602,900 $ 916,042,300 $ 782,223,100 $ 903,266,400 $ (12,775,900) -1% Riverside County has specific competitive advantages over nearby coastal counties (Los Angeles, Orange, and San Diego), including housing that is more available and affordable as well as plentiful commercial real estate and land available for development at lower costs. Riverside County's economy is benefitting from employment gains that are a function of the County's ability to attract businesses with lower commercial rents and a skilled labor force. Population migration to the Inland Empire (i.e., Riverside and San Bernardino counties) has occurred due to these employment opportunities and a lower cost of living compared to the coastal counties. Improvements in the local labor market and housing advantages have increased economic activity contributing to stable sales tax revenue growth asnoted on Chart 3. Chart 3 —Sources: Five -Year Trend $800,000,000 $700,000,000 $600,000,000 $500,000,000 $400,000,000 $300,000,000 $200,000,000 $100,000,000 $0 FY 15/ 16 FY 16/17 FY 17/ 18 FY 18/ 19 FY 19/20 �Meaaye A Sales Tax ��L1FalesTax a STA Sales Tax •••IUM F 4•0•Federa I, Sate, Local Revenues Tall Revenue .r TransfersIn Debt Proceeds Salestax revenues have continued to remain stable during the last five fiscal years. The Commission's economic outlook for FY 2019/20 continues to be cautiously optimistic; however, availability of state and federal funds could affect funding of the Commission's capital projects and programs. Should Measure A and LTF sales tax revenues fluctuate and the availability of federal and state revenues continue to be uncertain, the timing and scope of the Commission's projects and programs may be impacted. Regardlessof the future economic conditions, the Commission facesformidable ongoing challengesin termsof providing needed infrastructure enhancementsto support a population and an economy that has outgrown the capacity of its existing infrastructure. Fortunately, the foundation of the regional economy continuesto retain many of the fundamental positive attributesthat fueled itsearlier growth, including lower priced real estate with proximity to coastal communities, a large pool of skilled workers, and increasing wealth and education levels. While the Commission's primary revenues are the Measure A and L1F sales taxes, other revenues and financing sources are required to fund the Commission's programs and projects as illustrated in Chart 4. 12 Chart 4 —Sources: Major Categories Tra n ste rs In Investment Income 1° Tolls, Penalties, and Fees5% lUM FRevenue Debt Proceed :% Intergovemmenta129% Measure A Sales Tax 21% LlFSalesTax 11% SW SaIesTax4% The California Department of Tax and Fee Administration (CDTFA), asstatutorily created and authorized successor to the former California State Board of Equalization, recently provided to cities and other agencies its projections that statewide taxable sales over the next fiscal year will increase 3.6%. Continuing its conservative projection practices, the Commission also considers short- and long-term sales tax projections from its consultants to estimate sales tax revenues. After taking the state of the local economy, recent revenue trends, and the impact of CDTFA new automation system delays into consideration, staff projects Measure A sales tax revenues of $193,000,000 for FY 2019/20. This is a 1% increase from the FY 2018/19 revised projection of $192,000,000, which reflects FY 2017/18 sales tax revenues proces9Pd in FY 2018/19 due to CDTFA's new system implementation issues. These issues caused a backlog of unproce%-rd salestax returnsat the end of FY2017/18 that were proces•zPd and reflected in FY2018/19. At midyearthe Commission will reasscPsssalestaxrevenue projectionsba%d on the economy and revenue trends. On behalf of the County, the Commission administers the LTF for public transportation needs, local streets and roads, and bicycle and pedestrian facilities. The majority of LTF funding received by the County and available for allocation is distributed to all public transit operators in the County. The Commission receives allocationsforadministration, planning, and programming in addition to funding for Western County rail operationsincluded in the commuter rail Siort Range Transit Plan (SKIP). The LTF sales tax revenue received from the State is budgeted at $97,000,000, an increase of 1%from the FY 2018/19 revised projection of $96,000,000. The CDTFA implementation issuesalso impacted LTFsalestax revenuesin FY2017/18and FY2018/19. A statewide sales tax on motor vehicle diesel fuel generates STA funds, which the State Controller allocates by formula to the Commission for allocations to the County's public transit operators. Beginning in FY2017/18, SB 1 provides additional STA revenues, including State of Good Repair(SGR) fundsfortransit maintenance, rehabilitation, and capital projects. The FY2019/20 STA/SGRallocations, based on recent State estimates, is$31,050,600. 13 Intergovernmental revenuesinclude reimbursement revenuesfrom federal sourcesof$89,718,700, state sources of $160,596,100, and local agencies of $9,957,900 for highway and rail capital projects, rail operationsand station maintenance, commuter assistance, and motorist assistance programsaswell as planning and programming activities. The increase of4%in FY2019/20 compared to the FY2018/19 budget is related to increases in federal reimbursements offset by a decrease in state and local reimbursements. Senate Bill 132 (SB 132) provides state funding for the 15/91 Express Lanes connector and pass -through funding to the County forthe I-15/Limonite interchange and Hamner Bridge widening and to the County and city of Corona for grade separation projects. Other state reimbursements will fund the SR60 truck lanes, Pachappa underpass, and station rehabilitation projects. Federal reimbursementsprovide funding forthe 1-15 Express Lanes, 1-15 Express Lanes —Southern Extension, SR60 truck lanes, Pachappa underpass, and station rehabilitation projects. Reimbursement revenues vary from yearto year depending on project activitiesand funding levels. Based on an amended Memorandum of Understanding (MOU) with the Western Riverside Council of Governments (WRCOG), the Commission receives 45.7% of TUMF revenues (as updated by the most recent Nexusstudy). IUMFrepresentsfeesa d on new residential and commercial development in Western County. The Commission projects FY2019/201UMFfeeswill remain flat at $25,000,000. The 4% decrease isrelated to additionalTUMFzone reimbursementsforthe Lake Elsinore I-15/Railroad Canyon project in FY2018/19. FY 2018/19 marked the second complete fiscal year of toll operations for the RCTC 91 Express Lanes following substantial completion of the 91 Project in March 2017. Since toll revenues surpasccd 2013 financing assumptions, the Commission obtained an updated Riverside County 91 Express Lanes Extension Investment Grade Traffic and Revenue Study in December 2018. The Commission conservatively estimates FY 2019/20 toll revenues, penalties and fees of $41,869,400 based on current operationsand the updated study. Other revenue of $553,000 includes property management generated from properties acquired in connection with varioushighway and rail properties. The Commission anticipates a 275% increase in FY 2019/20 investment income due to extremely conservative investment yield projections in the FY 2018/19 budget. The FY 2019/20 budget projects investment income at a 2%investment yield, compared to lessthan 1%in prior year budgets. Transfers in of $166,027,000 relate primarily to the transfer of available debt proceeds for highway projects; LTFfunding for general administration, planning and programming, rail operations, and grade separation project allocations; approved interfund allocationsfor specific projectsand administrative cost allocations; and debt service requirementsfrom highway, regional arterial, and local streets and roads funds. Debt proceeds consist of $75,703,000 in drawdowns from the federal Transportation Infrastructure Finance and Innovation Act (TIRA) loan related to the 1-15 ExpressLanesproject. Total uses (Table 3), including transfers out of $166,027,000, are budgeted at $1,044,231,700, a 7% decrease from the prioryear budget amount of $1,123,634,900. Program expendituresand transfersout totaling $943,160,800 represent 90%of total budgeted uses in FY2019/20. Program costsdecreased by 6%from $1,003,365,500 in FY2018/19 due to projects and programsidentified below. 14 Table 3 — Uses FY 2018-2020 FY 17/18 FY 18/19 FY 18/19 FY 19/20 Dollar Percent Actual Revised Budget Projected Budget Change Change CapitaIHighway, Rail,andRsgionaIArterials $ 517,040,000 $ 631,599,300 $ 430,098,100 $ 592,940,600 $ (38,658,700) -6% Capital Local areetsand Roads 53,176,800 58,479,500 58,479,500 58,642,300 162,800 0% Commuter Assistance 4,447,700 6,199,600 4,708,300 4,880,800 (1,318,800) -21% Debt Service 664,013,700 96,675,600 92,205,600 76,657,400 (20,018,200) -21% Management Services 22,184,500 23,593,800 19,784,300 24,413,500 819,700 3% Motorist Assistance 4,909,300 10,004,600 7,946,300 9,364,500 (640,100) -6% Planning and Programming 4,293,800 20,464,700 6,045,300 14,512,900 (5,951,800) -29% Public and a)ecialized Transit 113,456,700 210,341,400 154,221,600 194,224,800 (16,116,600) -8% Rail Maintenance and Operations 24,161,700 41,119,800 34,413,400 46,228,500 5,108,700 12% Toll Operations 11,849,700 25,156,600 21,695,000 22,366,400 (2,790,200) -11% TOTAL Uses $ 1,419,533,900 $ 1,123,634,900 $ 829,597,400 $ 1,044,231,700 $ (79,403,200) -7% Note: Management ServicesincludesExecutive Management, Administration, External Affairs, and Finance. Capital highway, rail, and regional arterials budgeted usesof $592,940,600 are 6% lower compared to the FY2018/19 budget due to project activity on the 1-15 Express Lanes, significant completion of a 2009 Measure A Western County Regional Arterial (MARA) project, and decreased transfers out related to debt proceeds from the capital projects fund to a special revenue fund to finance 2009 Measure A Western County highway projects. Local streetsand roadsexpendituresof $58,642,300 reflect an increase of $162,800 overthe FY2018/19 budget and represent the disbursements to local jurisdictions for the construction, repair, and maintenance of local streetsand roads. Commuterassistance budgeted expendituresof $4,880,800 are 21%lowerthan FY2018/19 budget due to transfersout fora transit incentive project in Western County in the prioryear. Debt service of $76,657,400 decreased 21% due to $20 million of toll -operation surplus revenues deposited to the 2013 TIFIA loan reserve fund in FY2018/19 asrequired underthe 11FIA loan agreement. Management services expenditures of $24,413,500 increased 3% primarily due to a one-time disbursement in FY2019/20to fund the Commission'sCaIPERSnet pension liability. Expenditures under management services include information technology equipment upgrades, robust communication and engagement efforts, financial advisory services, and debt service contribution. Motorist assistance expendituresof $9,364,500 decreased 6%due to higher SAFEmatching transfersout forFSPservicesin FY2018/19. Planning and programming budgeted expendituresof $14,512,900 reflect a 29%decrease from the FY 2018/19 budget due to decreased projects and operations activities in connection with LTF disbursementsforplanning and programming, other agency projects, and special studies. Public and specialized transit budgeted expendituresof $194,224,800 are 8%lowerthan the FY2018/19 budget due to decreased operating expendituresfor public transit. The rail maintenance and operationsbudgeted expendituresof $46,228,500 are 12%higherthan the FY 2018/19 budget due to funding received forthe special event train platform in the city of Indio. Toll operations expenses are budgeted at $22,366,400 to manage the operations, maintenance, and capital support of the RCTC 91 ExpressLanesand pay interest on toll revenue bonds. The 11%decrease is due to decreased transfers out related to toll operations surplus revenues to fund the 91 corridor operationsproject. Chart 5 isan illustration of total usesincluded in the FY2019/20 budget by major categories. 15 Chart 5—Uses: Major Categories Rail Maintenance and Operations 4% Public and oecialized Tra n sit 19% Planning and Programming 1% M o to rist Assista n c 1% Management services 2% Debt rvice 7% Commuter Assistance 1% Capital Local areetsand Roads 6% Commission Personnel Toll Operations 2% Capital Highway, Rail, and Regional Arterials 57% The Commission's salaries and benefits total $19,396,500for FY2019/20.Thisrepresents an increase of $9,041,800 or87/0 over the FY2018/19 budget of $10,354,700 (Chart 6). The increase relates primarily to the one-time disbursement to fund the CaIPERSnet pension liability of $8.1 million. The FY2019/20budget also includes three additional full-time equivalents (FTE) and a 4% pool for performance merit -based salary increases. The Commission's salary schedule for FY 2019/20 is included in Appendix E and complies with Government Code §20636 "Compensation Eamable" and California Code of Register §570.5, "Requirementsfora Publicly Available Pay Schedule." Chart 6—Salaries and Benefits Cost: Five -Year Comparison $25, 000,000 $20,000,000 $15, 000,000 $10,000,000 $5, 000, 000 $- r FY 15/16 FY 16/ 17 FY 17/ 18 FY 18/19 FY 19/ 20 The FTEof 54 positionsincluded in the FY2019/20 budget (Table 4) reflectsa 3.0 FTEincrease related to the recruitment of a financial analyst and a toll senior management analyst in preparation for the opening of the 15 Express Lanes and an accounting supervisor. The Commission accomplished significant organization changesoverthe past few yearsrelated to variousprojectsrequiring substantial attention at many staff levels. Management continues to be firmly committed to the intent of the Commission'senabling legislation requiring a lean organization. The Commission will continue providing 16 staff the tools needed to ensure an efficient and productive work environment. However, small should not be viewed in an absolute context; it is relative to the required tasksand the demandsto be met. Table 4-Full-Time Equivalents by Department FY 2018-2020 FY 17/ 18 FY 18/ 19 FY 19/ 20 Executive Management 0.6 0.6 Administration 5.7 5.6 Ext e m a l A ffa irs 4.5 3.7 Finance 8.3 8.3 Planning and Programming 4.2 5.3 Rail Maintenance and Operations 3.6 4.2 Public and Specialized Transit 2.2 2.5 Commuter Assistance 1.4 1.6 Motorist Assistance 0.9 1.2 Capital Project Development and Delivery 13.0 15.5 TollOperations 2.6 2.5 TOTAL 47.0 51.0 0.6 5.8 4.0 9.1 5.4 3.6 2.8 1.4 1.0 16.7 3.6 54.0 The Commission providesa comprehensive package of benefitsto employees. The package includes: health, dental, vision, life insurance, short and long-term disability, workers compensation, tuition assistance, sick and vacation leave, retirement benefits in the form of participation in the CaIPERS, postretirement health care, deferred compensation, and employee assistance program. Chart 7 illustratesthe compensation components. Chart 7- Personnel Salariesand Benefits Other Fringes 5% Health 7% Retirement 55% al la ries 33% In prior years, salaries represented more than half of personnel costs; however, in FY 2019/20, the Commission intendsto make a one-time disbursement of $8.1 million to fund the Commission'sCaIPERS net pension liability. Asa result, retirement costsin the FY2019/20 budget represent 55%of the personnel salariesand benefitsexpenditures. Department Initiatives Staff prepared each department'sbudget based on key ac,tamptions, accomplishmentsin FY2018/19, major initiatives for FY 2019/20, and department goals and related objectives. Tables 5 through 15 present the key initiativesand summary of expenditures/expensesforeach department. 17 Executive Management • Continue project development and delivery asthe key Measure A priority. • Fostergrowth in usage of express lanesand ensure theirfinancial success. • MonitorSR91 corridoroperationsand effectiveness. • Complete a long-range transportation plan (LRIP) to guide future transportation priorities for the County. • Continue planning effortsto advance pacngerrail service in the Coachella Valley -San Gorgonio Passcorridor. • Advocate forstate and federal investmentsin transportation to fund needed transportation priorities in the County and stimulate the local economy. • Maintain regional cooperation and collaboration as a significant effort consistent with the philosophy and mission of the Commission. • Support a comprehensive social media outreach program to build awareness of the Commission and itsrole in the community. • Maintain an effective mid -sized transportation agency with dedicated staff. Table 5-Executive Management FY 17/18 Actual FY 18/19 Revised Budget FY 18/19 FY 19/20 Dollar Percent Projected Budget Change Change Personnel $ 284,600 $ 253,000 $ 252,700 Professional 122,300 230,000 150,000 alp p o rt 65,500 88,600 75,300 Tra n sfe rs O ut 21,600 TOTAL $ 494,000 $ 571,600 $ 478,000 Administration $ 445,100 235,000 93,600 $ 773,700 $ 192,100 76% 5,000 2% 5,000 6% N/A $ 202,100 35°% • Provide high quality support servicesto the Commission and to internal and external customers. • Maintain an accurate and efficient electronic recordsmanagement system. • Invest in an agenda management system to improve efficienciesand enhance transparency. • Provide timely communicationsand high quality support servicesto Commissioners. • Update technology to improve internal proceaocsand interaction with the public. • Support and develop a motivated workforce with a framework of activities and practices that comply with employment lawsand regulations. • Employ and recruit a dynamic and talented workforce. Table 6-Administration FY 17/18 Actual FY 18/19 Revised Budget FY 18/19 FY 19/20 Dollar Percent Projected Budget Change Change Personnel $ 677,000 $ Pro fe ssio n a I 571,500 alp p o rt 694,100 Capital Outlay 381,900 Debt Service 24,900 Tra n sfe rs O ut 153,500 TOTAL $ 2,502,900 $ 723,700 $ 686,700 847,800 758,700 1,015,800 850,400 511,300 508,000 3,098,600 $ 2,803,800 External Affairs $ 1,483,800 1,086,500 1,089,500 461,000 $ 4,120,800 $ 760,100 105°% 238,700 28% 73,700 7°% (50,300) -10% N/A N/A $ 1,022,200 33°% • Develop effective partnershipswith transportation providersto communicate a unified message to Congressregarding mobility needs. • Advocate positions in the State Legislature and in Congress that advance the County's transportation interests. • Continue a leadership role in formulating a countywide direction on federal transportation policies. • Prepare federal transportation funding reauthorization principles in preparation for congressional and administrative deliberationson the next surface transportation law. • Conduct a concerted outreach effort to new federal and state representatives on local transportation issues. 18 • Utilize modern technology to support a robust public communication and engagement effort focusing on accessible and transparent communication of the Commission'sprojects. • Develop marketing and communication plansfor the RCTC 91 Express Lanes and the 1-15 Express Lanesproject. • Continue the public outreach program, "Operation Lifesaver", targeting schools in close proximity to railroad trackson rail safety education, engineering, and enforcement. Table 7— Edema IAffairs FY 17/18 FY 18/19 FY 18/19 FY 19/20 Dollar Percent Actual Revised Budget Projected Budget Change Change Pe rso n n e I $ 855,100 $ 849,100 $ 848,900 Professional 1,083,500 1,003,400 1,001,400 Support 101,700 412,400 323,500 Transfers Out 124,700 TOTAL $ 2,165,000 $ 2,264,900 $ 2,173,800 Rnance $ 1,542,000 1,111,000 612,900 $ 3.265.900 $ 692,900 82% 107,600 11 °% 200,500 49°% N/A $ 1,001,000 44°% • Continue appropriate uses of long- and short-term financing to advance the Commission's 2009 Measure A projects. • Provide support to the 91 ExpressLanestoll operationscontractorback officesto ensure the proper accounting of toll revenuesand operationsand maintenance costs. • Keep abreast of Governmental Accounting Standards Board (GASB) technical activities affecting the Commission's accounting and financial reporting activities and implement new pronouncements. • Upgrade the Enterprise Resource Planning (ERP) system to benefit all staff in the management of accounting and project information and automation of a paperiessworkflow system. • Manage a centralized procurementsprocessin orderto strengthen controlsand ensure consistency in the application of procurement policiesand proceduresand adherence to applicable lawsand regulations. • Support outreach activities to encourage disadvantaged business enterprise (DBE) and small businessenterprise (SBE) participation in variouscontracts. Table 8—Finance FY 17/18 Actual FY 18/19 Revised Budget FY 18/19 FY 19/20 Dollar Percent Projected Budget Change Change Personnel Pro fe ssio n a I alp port Capital Outlay Tra n sre rs O u t TOTAL $ 1,146,000 $ 1,182,300 $ 1,138,600 1,518,100 2,235,800 1,405,300 369,600 543,500 431,400 - 513,700 100,000 14, 013, 800 13,183, 400 11, 253,400 $ 17,047,500 $ 17,658,700 $ 14,328,700 Pia nning a nd Progra mming $ 2,511,300 2,200,100 608,800 845,000 10, 087, 900 $ 16,253,100 $ 1,329,000 112% (35,700) -2% 65,300 12% 331,300 64 (3,095,500) -23% $ (1,405,600) -8% • Monitor funding authority and responsibility related to the State Transportation Improvement Program (STIP). • Ensure administration and implementation of STIP/Regional Improvement Program (RIP), Active Transportation Program (ATP), and other funded projects consistent with California Transportation Commission (CTC), Caltrans, and Southern California Association of Governments (AG) policies. • Continue to strategically program projects for all local agencies countywide into the Federal Transportation Improvement Program (FTIP) and obligate funds in an expeditious manner for the maximum use of all available funding, including monitoring the use of such funding to prevent from lapsing. • Monitor all projects programmed to receive 2009 Measure A, TUMF, state, and federal funds to ensure timely delivery and prevent fundsfrom lapsing. • Focuson interregional concemsand maintain effective working relationshipsinvolving variousmulti- county transportation issues, including goodsmovement. 19 • Coordinate planning efforts with regional and local agencies relating to the development of Regional Transportation Plan/Sustainable Communities Strategy (RlP/SCS) and greenhouse gas reduction (GHG) implementation guidelines. • Participate in the CTC and Caltrans'sforumsin preparation and evaluation ofAlPprojectsforthe statewide and Metropolitan Planning Organization (MPO) funding programs to represent the County'sbest interest in program funding. • Administerthe Bicycle and Pedestrian Facilities Program (S3821). • Continue the development of a countywide integrated LRTP consistent with local, regional, and state planning requirements. Table 9—Planning and Programming FY 17/18 Actual FY 18/19 Revised Budget FY 18/19 FY 19/20 Dollar Percent Projected Budget Change Change Personnel $ 1,008,000 $ 1,037,400 $ 887,900 $ 2,186,800 $ 1,149,400 111% Professional 95,900 343,900 122,200 294,000 (49,900) -15% Sap port 22,100 19,500 16,800 21,600 2,100 11% Projects and Operations 2,779,000 18,046,500 3,991,000 8,787,100 (9,259,400) -51% Transfers Out 388,800 1,017,400 1,027,400 3,223,400 2,206,000 217% TOTAL $ 4,293,800 $ 20,464,700 $ 6,045,300 $ 14,512,900 $ (5,951,800) -29% Fail Maintenance and Operations • Asa memberof the RRA, continue active participation in the governance and operationsof the Metrolink commuter rail system. • Continue the planning and implementation of capital improvementsat the commuter rail stations in the County, including security and rehabilitation projectsand parking requirements. • Continue to support and evaluate activities related to the Perris Valley Line (PVL) service, such as promoting ridership. • Establish the best approach to build, maintain, and operate cost effective and environmentally sustainable facilitiesthat meet the public'stransportation needs. • Lead the service development process and actively coordinate with all stakeholders along the Coachella Valley -San Gorgonio Passcorridorfor intercity passcngerrail service. • Advance the next generation rail feasibility study to evaluate future growth opportunities for passcnger rail in the County. • Construct the special trainsplatform in the city of Indio to serve the music festival eventsand reduce congestion. Table 10—Rail Maintenance and Operations FY 17/18 FY 18/19 FY 18/19 FY 19/20 Dollar Percent Actual Revised Budget Proiected Bud pet Change Change Personnel $ 586,000 $ 820,900 $ 628,500 Professional 1,426,300 3,224,000 1,979,800 Support 2,250,000 3,346,800 2,399,500 Projectsand Operations 19,271,100 32,755,600 28,434,000 Capital Outlay 47,800 89,600 88,700 TransfersOut 580,500 882,900 882,900 TOTAL $ 24,161,700 $ 41,119,800 $ 34,413,400 Public and Specialized Transit $ 1,184,000 10, 332, 700 3,305,200 30, 246, 600 180,000 980,000 $ 46,228,500 $ 363,100 44% 7,108,700 220% (41,600) -1% (2,509,000) -8% 90,400 101 % 97,100 11% $ 5,108,700 12% • Coordinate the operation of all public transportation services within the County by promoting program efficiency between transit operators. • Continue public transit operator oversight and fiduciary responsibilities to ensure completion of annual fiscal auditsand state triennial performance auditsin accordance with TDA regulations. • Support innovative programsthat provide transit assistance in hard to serve rural areasor for riders having very special transit needsand monitorfunding of these programs. • Continue long-range planning activities to ensure that anticipated revenues are in line with projected levelsof service by transit operators. • Develop a TDA manual fortransit operatorsreceiving allocationsfrom the Commission. 20 Table 11 -Public and Specialized Transit FY 17/18 Actual FY 18/19 Revised Budget FY 18/19 FY 19/20 Dollar Percent Projected Budget Change Change Personnel $ 391,700 $ 450,200 $ 462,000 $ 895,100 $ 444,900 99% Professional 107,600 314,000 252,900 299,700 (14,300) -5% alp p o rt 50,300 63,900 64,000 69,200 5,300 8 % Projects and Operations 90,683,100 180,911,000 124,584,600 161,681,400 (19,229,600) -11% Transfers Out 22,224,000 28,602,300 28,858,100 31,279,400 2,677,100 9% TOTAL $ 113,456,700 $ 210,341,400 $ 154,221,600 $ 194,224,800 $ (16,116,600) -8% Commuter Assistance • Improve the suite of services and outreach to rideshare participants and employer partners, including personalized information and electronic accessand distribution. • Transition from a locally provided Inland Empire -based rideshare and vanpool system to a regional platform. • Maintain and grow employer partnershipsthrough value-added services and toolsfor ridesharing programs. • Maintain the long-term partnership with San Bernardino County Transportation Authority (SBCTA) to manage and implement a "sister' commuterassistance program forresidentsand employersin San Bernardino County. • Optimize park and ride facilitiesto support car/vanpool/buspoolarrangementsand facilitate transit connections. • Operate a cost-effective program within the County that results in reduction of single occupant vehicles. Table 12- Commuter Assistance FY 17/18 Actual FY 18/19 Revised Budget FY 18/19 FY 19/20 Dollar Percent Projected Budget Change Change Personnel $ 258,300 $ 290,000 $ 289,900 Professional 492,500 466,400 387,600 alp p o rt 178,700 362,800 88,900 Projects and Operations 2,498,000 3,383,900 2,610,200 Transfers Out 1,020,200 1,696,500 1,331,700 TOTAL $ 4,447,700 $ 6,199,600 $ 4,708,300 Motorist Assistance $ 436,500 542,700 285,800 3,313,300 302,500 $ 4,880,800 $ 146,500 51 % 76,300 16% (77,000) -21% (70,600) -2% (1,394,000) -82% $ (1,318,800) -21% • Fulfill the callbox upgrade and removal program as identified in the approved 2019 Callbox Optimization Plan. • Maintain a high benefit -to -cost ratio related to the performance of the FP program and expand service if funding opportunitiesarise. • Transition from a locally provided 1E511 system to a regional southern California 511 solution. • Continue the call box system program to serve asa "safe net" forstranded motoristsin the County. Table 13 -Motorist Assistance FY 17/18 FY 18/19 FY 18/19 FY 19/20 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 123,700 $ 198,200 $ 172,000 $ 280,900 $ 82,700 42% Professional 352,300 528,200 276,100 522,000 (6,200) -1% as p p o rt 291,000 295,900 160,600 416,400 120,500 41 % Projects and Operations 2,848,900 5,161,800 3,517,100 5,397,000 235,200 5% TransfersOut 1,293,400 3,820,500 3,820,500 2,748,200 (1,072,300) -28% TOTAL $ 4,909,300 $ 10,004,600 $ 7,946,300 $ 9,364,500 $ (640,100) -6% Capital Project Development and Delivery • Continue project work on the Western Riverside County Delivery Plan projects, including the 1-15 Express Lanes, SR60 truck lanes, Mid County Parkway, and Pachappa underpassprojects. • Provide 2009 Measure A funding to the incorporated cities and the County for local streets and roads maintenance, repair, and construction and to the Coachella Valley Association of Governments (CVAG)for highwaysand regional arterials. 21 • Provide IUMFregional arterial funding and support to local jurisdictionsfor regional arterial project engineering, right of way acquisition, and construction. • Maintain a right of way acquisition and management program in support of capital projectsand in the most cost effective manner within project schedules, while adhering to federal and state regulations. • Maintain and manage the access, use, safety, and security of Commission -owned properties including commuter rail stations, properties in acquisition process, and income -generating properties. • Develop strategiesto implement alternative financing structuresincluding public expresslanes. Table 14—Capital Project Development and Delivery FY 17/18 Actual FY 18/19 Revised Budget FY 18/19 FY 19/20 Dollar Percent Projected Budget Change Change Personnel $ 3,005,300 $ 3,911,900 $ 3,911,800 $ 7,077,600 $ 3,165,700 81% Professional 7,664,400 8,907,200 5,218,600 6,833,600 (2,073,600) -23% Sap port 429,800 1,185,100 1,016,000 1,336,900 151,800 13 % Projects and Operations 274,246,400 542,145,700 363,457,700 518,936,700 (23,209,000) -4°% Capital Outlay 2,177,200 7,224,800 6,336,700 3,052,000 (4,172,800) -58% Debt rvice 656,868,900 69,555,700 65,085,700 69,537,500 (18,200) 0% Transfers Out 282,693,700 126,704,100 108,636,800 114,346,100 (12,358,000) -10% TOTAL $1,227,085,700 $ 759,634,500 $ 553,663,300 $ 721,120,400 $ (38,514,100) -5°% Toll Operations • Manage the operationsof the RCTC 91 ExpressLanesadhering to the Commission's91 Express Lanes Toll Policy. • Manage toll operations using investment grade traffic and revenue studies and cost estimate assumptionsspecific to each expresslane facility. • Continue 15 Express Lanes toll planning through development of business rules and agency agreements. • Provide timely and effective reporting of toll operation metrics including revenue, transactions, carpool usage, and performance indicators. • Participate in the California Toll Operators Committee to advance regional and statewide tolling initiatives, technology, interoperability, and coordination among California toll agencies. Table 15—Toll Operations FY 17/18 FY 18/19 FY 18/19 FY 19/20 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 510,300 $ 638,000 $ 638,000 $ 1,353,400 $ 715,400 112% Professional 815,400 2,351,000 2,350,000 1,990,000 (361,000) -15°% 8ipport and Maintenance 2,793,400 4,576,700 3,936,800 4,543,300 (33,400) -1°% Projects and Operations 6,661,400 8,786,100 8,507,900 10,670,200 1,884,100 21% Capital Outlay 319,600 2,497,600 2,314,100 750,000 (1,747,600) -70% Debt Service 7,119,900 27,119,900 27,119,900 7,119,900 (20,000,000) -74°% TransfersOut 749,600 6,307,200 3,948,200 3,059,500 (3,247,700) -51°% TOTAL $ 18,969,600 $ 52,276,500 $ 48,814,900 $ 29,486,300 $ (22,790,200) -44% Fund Balances lhe projected total fund balance asof June 30, 2019 is$792,310,100. The Commission'sexpectsthe FY 2019/20 budgeted activitiesto result in a $140,965,300 decrease of total fund balance at June 30, 2020 to $651,344,800. the primary cause of the decrease is project activities in FY2019/20 related to the 1-15 Express Lanes project, completion of the 91 Project, Mid County Parkway project, rail station maintenance, IUMF regional arterial projects, and public transit allocations. Table 16 presents the componentsof the projected fund balance by program at June 30, 2020. 22 Table 16-Projected Fund Balances by Fund Type and Program at June 30, 2020 Measure A Sales Tax Westem County Coachella Valley Palo Verde Other Total Restricted: Bond Financing Commuter Assistance Debt Service Economic Development Highways Local reets and Roads New Corridors Planning and Programming Public and Specialized Transit Rail CEfAP Regional Arterials Motorist Assistance Toll Operations Assigned: Management Services TOTAL Fund Balance $ 11,438,300 $ 15,043,200 12,733,500 35,879,600 1,000 28,994,600 7,866,700 28, 898,100 42, 946,100 38,250,400 1,300 887,100 $ 183, 801,100 $ 39,138, 800 $ 600 17, 768, 200 69, 954, 800 289,700 140, 857, 600 20,486,100 45, 368, 500 42, 924, 700 8,958,000 77, 626, 800 $ 11,438,300 15,043,200 17,768,200 12, 733, 500 144,084,800 2,900 28,994,600 289,700 149,611,400 49,384,200 45, 368, 500 85, 870, 800 8,958,000 77, 626, 800 4,169, 900 4,169, 900 600 $ 428, 404, 300 $ 651, 344, 800 Chart 8 illustrates the actual and projected trends in fund balances for each governmental and enterprise fund type from FY2016/17 through FY2019/20. Chart 8-Projected Fund Balance Trends by Fund Type FY2017-2020 $601,000,000 $501,000,000 $401,000,000 $301,000,000 $201,000,000 $101,000,000 $1,000,000 General Fund Budget Summary Special Revenue Funds Capital Projects Debt rvice Fund Funds Enterprise Fund uFY16/17 oFY17/18 uFY18/19 II FY 19/20 lhe overall budget for FY 2019/20 is presented in Table 17 by summarized line items, Table 18 by operating and capital classifications, and Table 19 by fund type. Highway, rail, and regional arterial program expendituresby project are summarized in Table 20. 23 Table 17 — Budget Comparative by Summarized Line Item FY 2018-2020 FY 17/ 18 Actual FY 18/ 19 FY 18/ 19 Revised Budget Projected FY 19/ 20 Budget Dollar Change Percent Change Revenues Measure A Sales Tax LlFailesTax SfA SalesTax Federal Reimbursements Sate Reimbursements Local Reimbursements 1UMFRevenue Tolls, Penalties, and Fees Other Revenue Investment Income TOTAL Revenues Expend itures/Expenses Personnel Sa la ries a nd Benefits Professional and Sap port Professio na I Se ry is es Sapport Costs TOTAL Professional and Sapport Costs Projectsand Operations Program Operations Engineering Construction Design Build Right of Way/Land Operating and Capital Disbursements Special Sudies Local Streetsand Roads FegionaIArterials TOTAL Projectsand Operations Debt Service Principal Payments Interest Payments Cost of Issuance TOTAL Debt Service Capital Outlay TOTAL Expend itures/Expenses Excess(deficiency)of Revenues over (under) Expenditures/Expenses Other Rna ncing .Sources (Uses) Transfers In Tra nste rs Out Debt Proceeds TIRA Loan Proceeds Payment to Escrow Agent Bond Premium Net Rnancing .bUroes (Uses) Excess(deficiency)of Revenues over (under) Expenditures/Expensesand Other Rnancing SOUro es (Uses) $ 176,301,700 $ 192,000,000 $ 89,557,600 96,000,000 21,320,900 23,203,600 71,468,000 59,105,700 11,952,100 166,590,100 4,786,900 23,492,500 23,699,800 25,922,200 50,446,800 36,940,500 3,199,500 1,084,400 9,117,000 3,408,000 192,000,000 96,000,000 27,110,700 74,419,800 80,409,200 5,720,900 26,672,200 47,756,900 468,500 10,064,800 461,850,300 627,747,000 560,623,000 8,846,000 10,354,700 9,917,000 14,249,800 20,451,700 13,902,600 7,246,200 11,911,000 9,363,200 21,496,000 24,298,500 8,155,100 21,408,500 123,999,200 39,048,100 111,707,000 1,458,300 53,176,800 15,736,400 398,987,900 62,141,000 57,726,800 2,256,100 122,123,900 2,926,500 32,362,700 23,265,800 27,893,500 36,537,600 131,796,700 183,818,300 95,615,000 224,661,000 1,842,000 58,479,500 30,547,000 23,575,800 13,617,300 73,057,200 146,305,000 35,950,600 157,582,100 1,535,000 58,479,500 25,000,000 791,190,600 535,102,500 25,965,000 21,495,000 50,710,600 50,710,600 76,675,600 72,205,600 10,837,000 9,347,500 554,380,300 921,420,600 649,838,400 (92,530,000) (293,673,600) (89,215,400) 323, 263, 800 182, 214, 300 159, 759, 000 (323,263,800) (182,214,300) (159,759,000) 615,775,000 106,081,000 61,841,100 (541,889,800) (20,000,000) (20,000,000) 119,713,800 193,599,000 86,081,000 41,841,100 101,069,000 (207,592,600) (47,374,300) Beginning Fund Balance 738,615,400 839,684,400 839,684,400 ENDING FUND BALANCE $ 839,684,400 $ 632,091,800 $ 792,310,100 $ 193,000,000 97,000,000 31,050,600 89,718,700 160,596,100 9,957,900 25,000,000 41,869,400 553,000 12,790,700 661,536,400 19,396,500 25,447,300 12,383,200 37,830,500 30,447,100 22,436,000 156,718,000 141,583,000 93,498,500 204,286,400 1,421,000 58,642,300 30,000,000 739,032,300 27,245,000 49,412,400 76,657,400 5,288,000 878,204,700 (216,668,300) 166,027,000 (166,027,000) 75,703,000 75,703,000 (140,965,300) 792,310,100 $ 651,344,800 $ 1,000,000 1,000,000 7,847,000 30,613,000 (5,994,000) (13,534,600) (922,200) 4,928,900 (531,400) 9,382,700 33,789,400 9,041,800 4,995,600 472,200 5,467,800 2,553,600 (14,101,600) 24,921,300 (42,235,300) (2,116,500) (20,374,600) (421,000) 162,800 (547,000) (52,158,300) 1,280,000 (1,298,200) (18,200) (5,549,000) (43,215,900) 77,005,300 (16,187, 300) 16,187,300 (30,378,000) 20,000,000 (10,378,000) 1% 1% 34% 52% -4% -58% -4% 13% -49% 275% 5% 87% 24% 4% 17% 9% -39% 19% -23% -2% -9% -23% 0% -2% -7% 5% -3% N/A 0% -51 % -5% -26% -9% -9% N/A -29% -100% N/A -12% 66,627,300 -32% (47,374,300) -6% $ 19,253,000 3% 24 Table 18 - Operating and Capital Budget FY 2019/20 FY 19/ 20 FY 19/ 20 FY 19/ 20 Operating Budget Capital Budget TOTAL Budget Revenues Measure A SalesTax LTFSaIesTax STA SaIesTax Federal Reimbursements Sate Reimbursements Local Reimbursements TUM FRevenue Tolls, Penalties, and Fees Other Revenue Investment Income TOTAL Revenues Expend itures/Expenses Personnel &lariesand Benefits Professional and Support Pro fe ssio n a l Se ry is e s Support Costs TOTAL Professional and Support Costs Projects and Operations Program Operations Engineering Construction Design Build Rght of Way and Land Operating and Capital Disbursements Special audies Local areets and Roads Regional Arterials TOTAL Projects and Operations Debt Service Principal Payments Interest Payments TOTAL Debt Service Capital Outlay TOTAL Expend itures/Expenses Excess(deficiency)of Revenues over (under) Expend itures/Expenses Other Financing Sources (Uses) Tra n sfe rs In Tra nsfe rs Out 11F1A Loan Proceeds Net Financing Sources (Uses) Excess(deficiency)of Revenues over (under) Expend itures/Expensesand Other Rnancing Sources (Uses) Beginning Fund Balance ENDING FUND BALANCE $ 26, 650, 000 $ 166, 350, 000 97,000,000 31,050,600 9,480,000 80,238,700 14, 487, 200 146,108, 900 2,490,000 7,467,900 - 25,000,000 - 41,869,400 - 553,000 4,136,500 8,654,200 185,294,300 476,242,100 10,764,000 16,592,700 6,501,900 8,632,500 8,854,600 5,881,300 23,094,600 11,688,900 1,470,000 188,436,400 1,421, 000 14, 735, 900 18, 758, 200 22,436,000 155, 248, 000 141,583,000 93,498, 500 15, 850, 000 58,642,300 30, 000, 000 203, 016, 300 536, 016, 000 27, 245, 000 49,412,400 1,486,000 76,657,400 3,802,000 238, 360, 900 639, 843, 800 (53,066,600) (163,601,700) 43,258,800 (47,896,200) 122, 768, 200 (118,130, 800) 75, 703, 000 (4,637,400) 80,340,400 (57,704,000) (83,261,300) 262,128, 600 530,181, 500 $ 204,424,600 $ 446,920,200 $ 193,000,000 97, 000, 000 31,050,600 89, 718, 700 160, 596,100 9,957,900 25, 000, 000 41,869,400 553,000 12, 790, 700 661,536,400 19, 396, 500 25,447,300 12, 383, 200 37, 830, 500 30,447,100 22,436,000 156, 718, 000 141,583,000 93,498,500 204,286,400 1,421,000 58,642,300 30, 000, 000 739, 032, 300 27, 245, 000 49,412,400 76,657,400 5,288,000 878, 204, 700 (216,668,300) 166, 027, 000 (166,027,000) 75, 703, 000 75, 703, 000 (140,965,300) 792, 310,100 $ 651,344,800 Table 19 — Budget by Fund Type FY 2019/20 FY 19/ 20 General Fund oecial Revenue Capital Projects Debt Service Enterprise TOTAL Budget Revenues Measure A Sales Tax LTFSalesTax STA SalesTax Federal Reimbursements Sate Reimbursements Local Reimbursements TUM F Revenue Tolls, Pena Ries, and Fees Other I venue Investment Income TOTAL Revenues - $ 193,000,000 $ - $ - $ - $ 193,000,000 97,000,000 - 97,000,000 31,050,600 - 31,050,600 8,000,000 78,915,500 2,803,200 89,718,700 3,664,700 156,931,400 - 160,596,100 400 9,957,500 - 9,957,900 25,000,000 - 25,000,000 - 41,869,400 41,869,400 - 553,000 - 553,000 499,400 9,049,000 1,371,700 348,500 1,522,100 12,790,700 12,164,500 601,457,000 1,371,700 3,151,700 43,391,500 661,536,400 Expend itures/Expenses Personnel Se lariesand Benefits 9,324,600 8,718,500 1,353,400 19,396,500 Professional and Support ProfessionaIServices 5,013,600 18,443,700 1,990,000 25,447,300 Support Costs 2,877,000 4,962,900 4,543,300 12,383,200 TOTAL Professional and Support Costs 7,890,600 23,406,600 6,533,300 37,830,500 Projects and Operations Program Operations 2,000 19,774,900 10,670,200 30,447,100 Engineering 22,436,000 - 22,436,000 Construction 1,470, 000 155,248,000 156,718,000 Design Build 141,583,000 141,583,000 Fight of Way/Land - 93,498,500 93,498,500 Operating and Capital Disbursements 27,005,000 177,281,400 204,286,400 Special Sud ies 1,421,000 1,421,000 LocalSreetsand Roads - 58,642,300 58,642,300 %giona I Arterials - 30,000,000 - 30,000,000 TOTAL Projects and Operations 29,898,000 698,464,100 10,670,200 739,032,300 Debt Service Principa I Payments - - 27,245,000 - 27,245,000 Interest Payments - - 42,292,500 7,119,900 49,412,400 TOTAL Debt Service - - 69,537,500 7,119,900 76,657,400 Capital Outlay 1,306,000 3,232,000 - 750,000 5,288,000 TOTAL Expenditures/Expenses 48,419,200 733,821,200 69,537,500 26,426,800 878,204,700 Excess(deficiency)of Revenuesover (under) Expenditures/Expenses (36,254,700) (132,364,200) 1,371,700 (66,385,800) 16,964,700 (216,668,300) Other Fina ncing Sources (Uses) Tra nsters In 40,408,800 53,083,700 72,534,500 - 166,027,000 TranstersOut (3,394,600) (132,367,300) (24,402,400) (2,803,200) (3,059,500) (166,027,000) TIRA Loan Proceeds - 75,703,000 - 75,703,000 Net Fnancing Sources (Uses) 37,014,200 (3,580,600) (24,402,400) 69,731,300 (3,059,500) 75,703,000 Excess(deficiency)of Revenues over (under)Expenditures/Expensesand Other Fnancing Sources (Uses) 759,500 (135,944,800) (23,030,700) 3,345,500 13,905,200 (140,965,300) Beginning Fund Balance ENDING RIND BALANCE 23,699,700 597,480,600 $ 24,459,200 $ 461,535,800 $ 92,985,500 69,954,800 $ 14,422,700 63,721,600 792,310,100 17,768,200 $ 77,626,800 $ 651,344,800 26 Table 20 - Highway, Regional Arterial, and Rail Programs FY 2019/20 Description HIGHWAY ENGINEERING 60/215 Riverside- Moreno Valley express lanes $ 300,000 71/91 connector 2,500,000 Grade separation projects 4,100,000 Hamner Bridge widening 508,000 1-15 Express La nes-Sluthem Bdension 6,000,000 Mid County Parkway(MCP) 500,000 MCPI-215/Placentia interchange 300,000 MCPSNeeney mitigation 50,000 M CP construction contract package 2,000,000 Pachappa underpass 100,000 Riverside County -al nta Ana laver Trail (detailspresented in S3ctions 5.2 Planning and Programming and 5.3 Capital Projects) 850,000 SR-60 Jurup a - Riverside express lanes 325,000 SR-74 corridor- Ethanec Road 1,157,700 M-79 realignment 300,000 SR-91 downtown Riverside exp ress la nes 325,000 General (detailspresented in S?ction 5.3 Capital Projects) 86,000 SJBTOTAL HIGHWAY ENGINEERING 19,401,700 REG IONAL ARTERAL ENGINEERING 1-15 Railroad Canyon interchange 600,000 Various Western County MARA and TUM Freg ional arterial projects 364,300 SJBTOTAL REG IONAL ARTERAL ENGINEERING 964,300 RAIL ENGINEERING Moreno Valley March Reif station upgrade 900,000 Riverside layover facility 170,000 Riverside Downtown station track and platform 1,000,000 SJBTOTAL RAIL EN G IN EERiNG 2,070,000 101ALHIGHWAY, REGIONALARTEiIAL, AND RAIL ENGINEERNG E 22,436,000 HIGHWAY CONSTRiJCTION 15/91 Express La nes connector $ 1,053,000 91 Project 1,471,000 1-15 Express Lanes 7,984,000 1-15/Limonite interchange 17,000,000 1-215 corridor improvements(central segmenty ott Road to Nuevo Road 10,000 MCPI-215/Placentia interchange 13,000,000 MCPSNeeney mitigation 5,200,000 Pachappa underpass 15,900,000 Riverside County -Santa Ana River Trail (detailspresented in ctions 5.2 Planning and Programming and 5.3 Capital Projects) 5,000,000 S2-60 truck lanes 69,000,000 SJBTOTAL HIGHWAY CONSTRUCTION 135,618,000 REG IONAL ARTERIAL CONSTRUCTION 1-15 Railroad Canyon Interchange Various Western County MARA and TUM F regional arterial projects SUBTOTAL REG IONAL ARItRIAL CONSTRUCTION 5,500,000 8,400,000 13,900,000 RAIL CONSTRUCTION Perris Valley Line and other related rail projects 30,000 Riverside layover facility 5,700,000 Other Riverside Downtown station mobility imp roveme nts(costs and detailsp resented in 52ction 5.2 Rail) 1,470,000 SJBTOTAL RAIL CONSTRUCTION 7,200,000 101ALHIGHWAY, REGIONALAR1E21AL, AND RAILCONSIRUC110N $ 156,713 000 HIGHWAY DESGN BUILD 15/91 &press La nes connector $ 41,718,000 60/215 Rv a rsid e - Moreno Valley express lanes 200,000 91 comdoroperationsproject 2,729,000 91 Project 6,923,000 1-15 Express Lanes 89,613,000 M-60 Jump a - Rv a rsid a exp ress la nes 200,000 M-91 downtown Riverside exp ress la nes 200,000 TOTALHIGHWAY DESIGN BUILD $ 141,583,000 HIGHWAY RGHTOFWAY AND LAND 15/91 &press La nes connector $ 495,000 60/215 East Junction high occupancy vehicle (HOV)la ne connectors 10,000 71/91 connector 4,600,000 91 Project 16,722,000 Hamner bridge widening 149,000 1-15 Express Lanes 328,000 Jumpa Avenue grade separation 12,000,000 MclGnley Avenue grade separation 14,000,000 MCP 10,400,000 MCPI-215/Placentia interchange 13,650,000 M 91CP land acquisition in Westem County 3,000,000 Pachappa underpass 175,000 Riverside County -Santa Ana Rv er Trail (detailspresented in,ctions 5.2 Planning and Programming and 5.3 Capital Projects) 205,000 M-74/1-15 to 7th 3reet 15,000 SR-91 HOV la nes/Ad a ms Sreet to 60/91/215 interchange 505,000 General (detailspresented in.`£ction 5.3 Capital Projects) 74,500 SJBTOTAL HIGHWAY RG HTOF WAY AND LAND 76,328,500 REG IONAL ARTERIAL RG HTOF WAY AND LAND 1-15 Railroad Canyon interchange Various Western County MARA and TUM Fregional arterial projects SJBTOTAL REG IONAL ARTERIAL RG HTOF WAY AND LAND 2,200,000 12,360,000 14,560,000 RAIL RGHTOFWAY AND LAND Riverside layover facility 210,000 Riverside Downtown station track and platform 2,250,000 General 150,000 SJBTOTAL RAIL RiGHTOF WAY AND LAND 2,610,000 101ALHIGHWAY, REGIONALARTERIAL, AND RAIL RIG HT OF WAY AND LAND $ 93,498,500 GRAND 10TALHIGHWAY, REGIONALARIEIRIAL, AND RAILPROGRAMS $ 414,235,500 Gann Appropriations Limit In November 1979, the votersof the State approved Proposition 4, commonly known asthe Gann Initiative (Gann). the proposition created Article XIIIB of the State Constitution, placing limits on the amount of revenue that can be spent by public agencies from the "proceeds of taxes." In 1980, the State Legislature added Section 7910 to the Government Code, providing that the governing body of each local jurisdiction must establish, by resolution, an appropriations limit for the following year. lhe appropriations limit for any fiscal year is equal to the previous year's limit adjusted for population changesand changesin the California per capita income. the Commission is subject to the requirements of Article XIIIB. Gann appropriations limits are calculated for and applied to the Commission. In accordance with the requirements of Article XIIIB implementing legislation, the Board approved Resolution No. 19-010 on June 12, 2019, establishing appropriations limits for the Commission at $487,698,077. lbe FY 2019/20 budget appropriated $297,370,800in taxesforthe Commission, falling well within the limitsset by the Gann. Based on historic trendsand future projections, it appearsthe Commission's use of the proceeds of taxes, asdefined by Article XIIIB, will continue to fall below the appropriations limit. the calculation forthe FY2019/20 appropriationslimit isasfollows: �FY 2018/ 19 Appropriations Limit $464,186,785 f FY 2019/20 adjustment: x 1.0506505 T • Change in California per capita personal income 1.0385% ((3.85+ 100) / 100 = 1.0385) • Change in Population, Riverside County • Calculation of factor for FY 2019/20 1.01 17% U 1.17 + 1001 / 100 = 1.0117) 1.0385 x 1.01 17 = 1.0506505 i FY 2019/20 Ap propria tions Lim it $487,698.077 i • $464,186,785 x 1.0506505 = $487,698,077 Source: California per capita income —California Department of Finance Population, Riverside County —California Department of Finance 28 Financial Overview Fiscal Accountability Policies As the steward of local, state, and federal resources, RCTC maintains financial policies that promote fiduciary responsibility and organizational excellence. 1112111=120= Balanced Budget Administration Retirement Benefits Capital Projects RCTC adopts an annual budget in which operating and capital expenditures and other financing uses are equal to or less than identified revenuesand otherfinancing sourcesaswell asavailable fund balances. Allocations from local and state sources and toll operations fund administrative costs, including salariesand benefits. o Administrative salaries and benefits cannot exceed 1% of Measure A salestax revenues. o Administrative costs will not exceed 4%of Measure A sales tax revenues (inclusive of the 1%salary limitation). RCTC contributes 100% of the annual requirement related to its proportionate share of the net pension liability and to the postretirement health care benefits. Multi -year capital projects are consistent with the strategic plan and budgeted by fiscal year, based on best available estimates. RCTC establishes and maintains reserves in accordance with Measure A and 1DA policiesaswell asdebt agreements. Funding Sources Sale of Properties RCTC preparesannual and mid -year revised revenue projectionsto ensure use of current and relevant data; staff may adjust amounts during the budget processto reflect the most current economic trends. RCTC-adopted policies establish congestion pricing in order to optimize throughput on toll facilities while generating revenue to meet all financial commitmentsrelated to: o Debt issued to construct or repair any portion of the toll facility, payment of debt service, and satisfaction of other covenants and obligations related to indebtednessof the toll facility, including applicable reserves; o Development, maintenance, repair, rehabilitation, improvement, reconstruction, administration, and operation of the toll facilities, including toll collection and enforcement and applicable reserves; and o Projectswithin the corridorthat generated the revenue. RCTC uses local funding sources to maximize federal and state funding of projects. RCTC returns proceeds from the disposition of excess properties to the programsthat provided the funding sourcesforthe property acquisition. Expenditures/ Expenses Prio ritie s Accountability RCTC reviewsestablished prioritiesforplanning and programming of capital projectsannually. RCTC comparesactual expendituresiexpensesto the budget on at least a quarterly basis and appropriately notes, explains, and justifies significant deviations. RCTC ensures competitive, transparent, objective, and fair procurement selection proceoocsin accordance with policiesadopted on June 13, 2018. 29 Capital and Intangible Assets On a government -wide basis, RCTC recordscapital and intangible assetsat historical costs, estimated historical costs if purchased or constructed, or estimated fair value at date of donation. RCTC maintains such ascctsin a state of good repair and safeguards them from misuse and misappropriation. o RCTC generally does not capitalize infrastructure, which title will be vested with Caltransorother governmental agency. o RCTC depreciates capital and amortizes intangible anccts over the estimated useful life or service concession term. Debt Mana •ement Debt Limitation Management Coverage Issuance Outstanding sales tax revenue debt cannot exceed $975 million, in accordance with Measure K approved by a majority of the voters in November 2010; ROTC can issue toll -supported debt for specific highway projectsbased on amountsauthorized by the Commission. RCTC maintainsand updatesthe Debt Management Policy, asadopted on September 14, 2016, and Interest Rate Swap Policy, as adopted July 12, 2006, for matters related to sales tax revenue and toll -supported indebtedness. RCTC maintainsdebt coverage ratiosof 2.0x on all seniorsalestax revenue debt and 1.3xon all toll -supported debt. RCTC issues debt for major capital projects including engineering, right of way, construction, and design -build; RCTC will not finance operating requirements except for initial toll operations. Costs of issuance, including the standard underwriter's discount, do not exceed 2% unless specifically authorized. All salestax revenue debt maturespriorto the termination of 2009 Measure A on June 30, 2039; all toll -supported debt maturespriorto the expiration of toll facility agreements. IMIEREIMEIr Management Payments Operating Balances RCTC invests funds in order of priority (safety, liquidity, and yield) in accordance with the Investment Policy, adopted on March 13, 2019, or debt agreements. Where possible, RCM encourages receipt of funds by wire transfer to its accounts. RCTC makes cash disbursements to local jurisdictions and vendors/consultantsin a timely manner. RCTC maintains amounts in the bank operating account at the amount necessary to meet monthly expenditures/expenses. Accounting and Financial Reporting Accounting System RCTC maintains an ERP system that integrates project and toll operations accounting needsand improvesaccounting efficiency. RCTC issues a Comprehensive Annual Financial Report (CAFR); separate financial reports for the OF, STA, Proposition 1BRehabilitation and Security Project Accounts, SB 1 SGR Program, Low Carbon Transit Operations Program (LCTOP), and toll operations; and the State Controller's Transportation Planning Agency Financial Transactions Report and Government Compensation in California Report. An independent accounting firm conducts an annual audit of the Commission's accounting books and records; RCM obtains audits of Measure A and TDA funding recipientsforcompliance and other mattersin a timely manner. 30 Functional Management Unlike many governments that provide direct services to the public, the Commission's overall responsibility is to manage transportation planning and funding for the County. As a result, its budget in terms of dollars, is comprised primarily of capital -related programs and projects; the operating component of the budget isrelated to toll operationsand multimodal programs(transit planning, rail operations, and commuterand motorist assistance services). Management services, consisting of executive management, administration, external affairs, and finance, provide support to both capital and operating programs and projects. Chart 9 depictsthe organization of the Commission'soversight and management functions. Chart 9 —Functional Organization Chart FY2019/20 Board of Commissioners Policy Committees • WRC Programs & Projects • ERC Programs & Projects • Budget & Implementation Advisory Committees • Technical Advisory • Citizens Advisory Executive Committee =OW Executive Management Administration Clerk of the Board & Board Relations Claims Administration Human Resources Office & Records Management Information Technology Fna nc e Budget Development Contract Management & Procurement Disadvantaged Business Enterprise Rnancial Management Insurance Administration Investment Management Debt Management Ext a ma I Affairs Goods Movement Legislative Advocacy& Analysis Media Relations — Public Information & Communications I Multimodal Programs Call Box Program Commuter A ssist a n c e Freeway Service Patrol Rail Operations Transit Planning I Capital Project Development & Delivery Congestion Management — Highway& Rail Capital Programs New Corridors Property Management Regional Transportation Plan Sate Transportation Improvement Proa ra m - TU M F Pro g ra m Station Maintenance Toll System Development Operations Fna nc ing Chart 10 illustrates the relationship between the Commission's functional management or departmentsand the Commission'sfund structure. 31 Chart 10 —Relationship of Functional Management and Fund Structure Special Revenue Capital Debt Service Functional Mane .ement/De•artment General Fund Fund Pro'ectsFund Fund Ente .rise Fund Management cervices Executive Management Administration Bdema I Affairs Rnance Regional Programs Planning and Programming Services X Rail Maintenance and Operations X Public and Specialized Transit X Commuter Assistance Motorist Assistance Capital Projects Development and Delivery Toll Operations Budget Process X X X X X X X X X X X X X X X The budget isthe primary performance tool used to measure and control accountability of public agenciesfortaxpayerdollars. The budget communicatesto all stakeholders(i.e., elected officials, regional agencies, and citizens) how the investment they made will be put to use by providing detailed information on the specifics of resource allocation and uses. The Commission monitors progresson a monthly basis, and it makesrevisionsand updatesasneceacary to reflect changing dynamicsand accommodate unplanned requests. Thisresultsin a budget document that isuseful and meaningful as a benchmark against which to evaluate government accomplishments and/orchallengesand to arrrsscompliance with fiscal accountability. The budget process consists of six primary tasksconducted in phasesthroughout the fiscal year. Chart 11 illustrates the budget process for the development of the FY 2019/20 budget and monitoring of the FY2018/19 budget. Each task issummarized below. Chart 11 —Budget Process ID Task Name Duration 2018 2019 J AISIOIN D JIFIM A M I J 1 Short Term Strategic Direction Phase 140 days y 2 Resource Identification and Allocation Phase 200 days y 3 Needs Assessment Phase 120 days 4 Development and Review Phase 150 days y — 5 Adoption and Implementation Phase 60 days 6 Budget Roles and Responsibilities 365 days y Shot -Term Strategic Direction Phase The first phase of the budget process isto determine the direction of the Commission in the short- term and to integrate this with the Commission's long-term goals and objectives, including the Western Riverside County Delivery Plan asdiscusscd in Section 5.3. Annually a workshop isheld for the Board to evaluate and determine where the Commission plansto be and what it desiresto accomplish over the next five to ten years. Annual reviewsallow for timely responsivenessto any 32 significant political, legislative, or economic developmentsthat may occur locally, statewide, or nationally. Staff then adjusts its course based on the long-term strategic direction of the policy makers. Staff convenes beginning in early January to both a-mssactual results, compared to the current year budget, and map changes in strategy for the ensuing fiscal year. Additionally staff reviews and, if necessary, updates Commission goalsand departmental mission statements. Those goals, upon review by the Board, become the Commission'sshort-term strategic direction. Resource Identification and Allocation Phase Simultaneous with the short-term strategic direction phase, staff focuses on available funding sourcesand estimated carryoveramountsfrom the current year. The Commission analyzesitsfund balances, the excessof fund arwtsoverfund liabilities, foravailable appropriation in the following fiscal year. In actuality, resource identification occursthroughout the year, but it isfinalized in the upcoming fiscal year budget. In connection with the long-term strategic planning process, the Commission determines borrowing needs, but it adjusts such amounts in the annual budget to reflect current information. Needs Assessment Phase Staff and consultants evaluate projects and studies for consideration in the next year. Project priority and sequencing set in the long-term strategic plan are the top candidates for budget submission. However, priorities may have changed due to economic necessities or political realities, resulting in rescheduling projectsby acceleration orpostponement. The Commission may add new projectsor delete existing priorities. Development and Review Phase Using all the data and information gathered from the previously mentioned stages, department managers submit their desired budgets to the Finance Department. Finance staff compiles the information, along with staff and overhead allocations, into a preliminary or draft budget. After review by the Executive Director and inclusion of the desired changes, staff presents the draft budget to the Board for input. Adoption and Implementation Phase Staff submits the proposed budget to the Commission at its May meeting, which marks the opening of a hearing scheduled to allow for public comment on the proposed budget. The Commission may choose, after the public hearing, to adopt the budget or to request additional information and/or changes to the budget. The budget, including the salary schedule, must be adopted no later than June 15 of each year. Upon adoption by the Commission, staff entersthe budget into the ERP system effective July 1 forthe next fiscal year. Budget Development Summary Chart 12summarizesthe primary activitiesrequired for adoption of the budget. 33 Chart 12— Budget Development -timeline FY 2019/20 • Staff day elops revenue projections. • Board approves sales lax revenue projections on January 9, 2019, • Staff deve lops departnie nt goals and objectives, projected FY 2018/ 19 °chic's, and proposed FY 2019/20 Budget. December 2018 - February 2019 Budget Roles and Responsibilities March - April 2019 • Board adopts Corrr ission's FY 2019/20 gook and objeclives on March 13, 2019. •Finonce reconcilesand analyzes department budget projections and proposed budget. • Budget and I rrple men lotion Corrrittee reviewsand forwards proposed FY 2019/20 budget to Board on April 22, 2019. •Board opens public hearing on May 8, 2019 and reviews and receives comments on proposed budget. • Board receives final corrme nts, c loses public hearing, and adopts budget on June 1Z 2619_ May- June 2019 Involvement in the budget permeates all staffing levels, as presented in Chart 13, at the Commission from clerical support staff to policy makers. Each program manager develops a detailed line item budget that consistsof the operating and/or capital componentsand submits those budgets, by program, to the department director for review and concurrence. While all departments have operating components, Rail station operations and maintenance and Toll Operations represent the Commission's primary operation functions that consider long-range planning. Details on these operations are included in Section 5.2 and 5.4, respectively. The department managerssubmit their budgetsto the Chief Financial Officer by mid -March, and the Finance Department compilesthe department budgets. Both the capital and operating budgets are combined into the draft budget for the entire Commission. The Chief Financial Officer and Executive Director review the entire budget for overall consistency with both the short- and long- term strategic direction of the Commission, appropriateness offunding sourcesfor the identified projects and programs, and reasonableness of the operating and capital budget expend itures/expenses. Expenditure/expense activities of the funds are controlled at the budgetary unit, which is the financial responsibility level (General, Measure A, Motorist Assistance, LTF, STA, TUMF, Other Agency Projects, Capital Projects, Debt Service Funds, and Enterprise Fund) foreach function (i.e., administration, operations, programs, intergovernmental d istributions, debt service, capital outlay, and other financing uses). These functions provide the legal level of budgetary control (i.e., the level at which expenditures/expensescannot legally exceed the appropriated amount). Budget -to -actual reports are available to program managers and directors on a real-time basis through the ERPsystem forinformational and management purposes, including identification and evaluation of any significant budget variations. During the fiscal year, management has the discretion to transfer budgeted amounts within the financial responsibility unit according to function or may provide support for supplemental budget appropriationsrequests. SLpplemental budget appropriation requestsrequire the authorization of the Commission. The Commission may take action at any monthly meeting to amend the budget. In some years, the Finance Department may compile miscellaneous requests and submit a budget appropriations 34 adjustment at mid -year to the Commission for approval. Those budget amendments approved by the Commission are incorporated into the budget, as they occur, and are reflected in the CAFRin the final budget amounts reported in the budgetary schedules. C ha rt 13 — Staff Organization Chart FY 2019/ 20 Chief Financial Officer Procurement Manager �nior Procurement Analyst Sanior Ad ministrative Assistant �nior Financial Analyst LRnancial Analyst — Accounting Technician (2) Accounting Assistant (2) Senior Office Assistant Human Resources Administrator External Affairs Director Public Affairs Manager LSeniorManagement Deputy Clerk of the Analyst Board Commuter& Motorist Assistance Manager LManagement Analyst Executive Director Deputy Executive Director Multimodal Services Director Pail Ma nager Records Technician Manage (2)nl Analyst Management Analyst Planning & Programming Director Project Delivery Director g & Programming — Capital Projec ita nwn Managryj� �nar Management Analyst Toll Program Director `Toll Project Manager Cap ita l Projects Manager nior Ma nagement Toll Operations Analyst (3) Mana •er — Facilities Administrator Toll Technology Manager Sanior Management Analyst (2) 35 Fund Budgets Budgetary Basis The Commission accounts for its budgeted funds using the modified and current financial resources measurement focusfor governmental fundsand the accrual basisof accounting and the economic resources measurement focusfor enterprise funds. The basis of accounting is the same asthe basis of budgeting. The Commission recognizesgovemmental fund revenueswhen measurable and available to meet current year obligations. Stich revenues are available when guaranteed as to receipt, based on expenditure of funds (i.e., government matching funds), or certain to be received within 180 days of the end of the fiscal year. The Commission generally records govemmental fund expenditures when it incurs a liability; however, debt service expenditures are recorded when the payment is due. Enterprise fund revenues are recognized when earned, and expensesare recorded when a liability is incurred, regardless of the timing of related cash flows. Chart 14 illustrates total sources and uses by fund type for the FY 2019/20 budget. Chart 14—Total Sources and Uses by Fund Type FY2019/20 90% - 80 70 60% - SO% - 40% - 30% - 20% - 10% - 0% 6% 5% General Fund Special Revenue Funds Fund Structure Capital Projects Funds Debt Service Fund Enterprise Fund Id Total Sources ElTotal Uses The Commission accountsforitssourcesand usesin 31 funds(Chart 15) categorized into five fund types: General fund, special revenue funds, capital projects funds, debt service fund, and enterprise fund. All of the Commission'sfundsare budgeted. There are three fundsreported in the General fund and 24 in the special revenue funds. Two capital projectsfundsare used to account forcapital project expendituresfinanced with short-orlong-term debt proceeds. The Commission has one debt service fund to account for debt -related activity. In addition, the Commission has one enterprise fund to account forthe RCTC 91 Express Lanesoperations. 36 Chart 15 — Budgeted Funds Structure FY 2019/20 Special Revenue Funds 20e9 Meteor* A • YVeSlem Com}y • Mgr oys • local Skeels & Roods • Pubic Tron0 • Speciahed Tronsll • BuS rrarrpl • Rai Trangl & Mdn}enonoe • Conniuter ASS&Ianpe • Hew CoNdaa • Bond Fviondrg • Regional Arleelah • Ecorgmc Developrren} • Coachella valfey • Highway 8. Regional Arterla5 • LOCa1 Skeels & Raads • Speciahed Transit • Palo verde valley •LaCal Slreels& Roads • FSP • SAFE •Local TicsIsporlotion Funds *Stole ironed Assnlance *Slates o! Caadd Recce •FISMF • Coocnero valey Rpl • Ocher Agency Prciecrs Fund •Se132 General Fund Overview Ueh}Seruke Fund lhe Commission's General fund accounts for all activities not legally required or designated by Board action to be accounted for separately. For many public agencies, the General fund isthe largest fund; however, it is less significant for the Commission. The Commission's largest revenue source is Measure A, a locally levied sales tax that legally must be accounted for separately in special revenue funds. In addition to Commission administration and general operations, other General fund activities include commuter rail operationsaswell as planning and programming. Table 21 presents the FY 2019/20 budget for the General fund, followed by a discussion of significant componentsof the budget. 37 Table 21 —General Fund FY2018-2020 FY 17/18 FY 18/19 FY 18/19 FY 19/20 Dollar Percent Actual Revised Budget Projected Budget Change Change Revenues Fed era I Fbimbursements $ 4,226,900 $ 3,978,000 $ 7,855,000 Sate Reimbursements 1,197,900 3,181,700 1,312,000 Local Reimbursements 250,000 800,000 273,900 Other Revenue 286,700 313,100 Investment Income 138,400 98,600 97,600 TOTAL Revenues 6,099,900 8,371,400 9,538,500 Expenditures Personnel Sa lades and Benefits 4,647,100 5,069,600 4,677,600 Professional and Sap port Professional %ry ic es 3,211,800 4,719,400 3,367,800 alp port Costs 3,535,400 5,470,600 4,130,700 TOTAL Professiona I and Sip port Costs 6,747,200 10,190,000 7,498,500 Projects and Operations Program Operations 2,501,300 2,705,600 2,505,700 Engineering 1,650,000 Construction 1,800,000 50,000 Operating and Capital Disbursement 17,853,700 28,885,000 27,332,500 qae c is I S ud ie s 1,458, 300 1,792,000 1,500,000 TOTAL Projects and Operations 21,813,300 36,832,600 31,388,200 Debt Service Principal Payments 21,000 Interest Payments 3,900 TOTAL Debt Service 24,900 - - Capital Outlay 429,700 1,114,600 696,700 TOTAL Expend itures 33,662,200 53,206,800 44,261,000 Excess (deficiency) of Revenues over (under)Expenditures (27,562,300) (44,835,400) (34,722,500) Other Rnancing Soumes(Uses) TrandersIn 36,639,000 35,657,300 34,827,300 TransfersOut (2,162,300) (1,265,600) (2,445,600) Net Financing Sources(Uses) 34,476,700 34,391,700 32,381,700 Excess (deficiency) of Revenues over (und er) Expend it ures a nd Other Financing Spurc es (Uses) Beginning Fund Balance ENDING FUND BALANCE 6,914,400 (10,443,700) (2,340,800) 19,126,100 26,040,500 26,040,500 $ 26,040,500 $ 15,596,800 $ 23,699,700 The sourcesfor the General fund (Chart 16) consist of: $ 8,000,000 3,664,700 400 499,400 12,164,500 9,324,600 5,013,600 2,877,000 7,890,600 2,000 1,470,000 27, 005, 000 1,421,000 29, 898, 000 1,306,000 48,419,200 (36,254,700) 40,408,800 (3,394,600) 37, 014, 200 759,500 23, 699, 700 $ 24.459.200 $ 4,022,000 101 % 483,000 15% (799,600) -100% (313,100) -100% 400,800 406% 3,793,100 45% 4,255,000 84% 294,200 6% (2,593,600) -47% (2,299,400) -23% (2,703,600) -100% (1,650,000) -100% (330,000) -18% (1,880,000) -7% (371,000) -21% (6,934,600) -19% N/A N/A N/A 191,400 17% (4,787,600) -9% 8,580,700 -19% 4,751,500 13% (2,129,000) 168% 2,622,500 8% 11,203,200 -107% (2,340,800) -9% $ 8,862,400 57% • Variousfederal and state reimbursementsfor planning activitiesand commuter rail station operations; • Investment income; • Transfersfrom variousfundsfor the allocation of administrative costs; • Transfers of LTF sales tax revenues for planning, programming, and monitoring (PPM) activities; and • Transfersof LTFArticle 4 allocationsforcommuter rail operationsand capital. Chart 16—General Fund Sources FY2O19/20 Federal Reimbursements 15% Transfersln 77 % Sate Reimbursements 7% Investment Income 1% 38 Federal reimbursementsrelate to rail station preventative maintenance and PVLoperations. State reimbursements include station mobility improvements and PVL operations, as well asSTIPfunds for PPM activities. Local reimbursements relate to administrative activities. The Commission allocatesand transfersto the General fund a portion of LTFsalestaxrevenuesfor administration, planning and programming, and railtransitoperationsand capitalforthe following purposes: • General fund administration allocationsfunded with LTFsalestax revenues of $122,400 in FY2019/20 reflect a 50%increase compared to the prior year. • State law sets planning allocations at 3% of estimated LTF sales tax revenues. The FY 2019/20 budget for planning allocations is $2,910,000. The FY 2018/19 revised budget of $3,135,000 includes the effect of the mid -year projection adjustment that includes the unapportioned carryoveramount, which isnot determined until afterthe prioryear'sfiscal yearend, and revised revenue projections. • LTF sales tax revenues of $936,100 in FY 2019/20 will fund General fund allocations for planning and programming activities. • Commuter rail operating and capital needs determine the amount of LTF allocations to the extent that revenuesand reserved fund balance are available. The FY2019/20 budget includes$23,000,000in LTFallocationsprimarilyto fund operating contribution expenditures to SC RRA. The Commission allocates administrative costs based on a cost allocation plan and recognizes reimbursementsto the General fund from other fundsastransfersin. The FY2019/20 General fund administrative allocation of $7,029,100 from Measure A may be adjusted based on actual expenditures, but in no event will it exceed 4% of total Measure A revenues (including administrative salariesand benefits). Administrative transfersin from STA,TUMF, motorist assistance, toll operations, SB 132, and other agency project fundsof $6,411,200 in FY2019/20 increased from $4,191,200 in FY2018/19 due to a higher level of activity requiring administrative support. Chart 17 —General Fund Uses FY 2019/20 Tra nsre rs O ut 6% CapitalOutlay Personnel Sa la ries 2% I and Benefits 1 8 % Profe ssio na I Se ry ices 10% alp port Costs 6% Projectsand Operations 58% Chart 17 depicts General fund uses. Personnel salaries and benefits expenditures increased $4,255,000 primarily due to a one-time disbursement in FY 2019/20 to fund the Commission's CaIPERSnet pension liability. Professional costs increased 6%compared to the prior year due to increased information technology security upgrades and help -desk services. Support costs decreased 47% primarily due to station maintenance expenditures, historically funded by the General fund and now budgeted in the 2009 Measure A Western County rail special revenue fund effective FY2019/20. 39 Program operations expenditures decreased 100% due to station maintenance expenditures, historically funded by the Generalfund and now budgeted in the 2009 Measure A Western County rail special revenue fund effective FY2019/20. Engineering expendituresdecreased 100%due to a grade separation project, historically budgeted in the General fund and now budgeted in the SB 132 fund due to a special allocation. Construction expenditures include Riverside Downtown station mobility improvements. The FY 2019/20 operating and capital disbursements budget includes allocations of $27,005,000 for the Metrolink commuter rail subsidy. Special studies expenditures include long range transportation plan and next generation rail and toll studies. Capital outlay expenditures increased 17%due to information technology upgradesand station improvements. Transfersout of $1,550,000 reflect amountsto the 2009 Measure A Western County highway fund for next generation tolling studies and $1,844,600 to the General fund for administration from rail operationsand planning and programming activities. 40 Special Revenue Funds Overview lhe Commission'sspecial revenue fundsare legally restricted asto use for Measure A projectsand programs, IUMF projects, motorist assistance services, other agency project coordination, and funding transit operationsand capital in the County. Table 22 isa summary of the special revenue funds' budgets, and Tables 23 through 34 present the individual budgets along with respective discussions. Table 22-Special Revenue Funds FY 2017 -2019 FY 17/ 18 FY 18/ 19 FY 18/ 19 FY 19/ 20 Actual Revised Budget Projected Budget Dollar Change Percent Change Revenues Measure A Sales Tax LlFSalesTax STA Sales Tax Federal Reimbursements Sate Reimbursements Local Reimbursements TUM FRevenue Other Revenue Investment Income TOTAL Revenues Expenditures Personnel Sa lades and Benefits Professional and Support Professio na I Se ry ices Spport Costs TOTAL Professional and Support Costs Projects and Operations Program Operations Engineering Construction Design Build fight of Way/Land Operating and Capital Disbursements �ecial Sudies LocalSreetsand Roads Regional Arterials TOTAL Projectsand Operations Capital Outlay TOTAL Expenditures $ 176,301,700 $ 89,557,600 21,320,900 64,455,900 10,754,200 4,536,900 23,699,800 2,912,800 5,124,300 192, 000, 000 96,000,000 23,203,600 52, 327, 500 163,408,400 14,192,500 25,922,200 771,300 2,049,800 $ 192,000,000 96,000,000 27,110,700 63,770,600 79,097,200 5,445,000 26,672,200 468,500 5,147,100 398, 664,100 569, 875, 300 495, 711,300 3,688,600 4,682,100 4,601,400 9,298,000 13,671,300 8,184,800 912,800 1,863,700 1,295,700 10, 210, 800 15, 535, 000 15,135,800 8,155,100 21,408,500 123,999,200 39,048,100 93,853,300 53,176,800 15,736,400 16,401,800 34,887,600 129,996,700 183, 818, 300 95,615,000 195, 776, 000 50,000 58,479,500 30, 547, 000 9,480,500 12,562,200 13,617,300 73,007,200 146,305,000 35,950,600 130,249,600 35,000 58,479,500 25,000,000 370,513,200 2,177,200 745,571,900 495,206,400 7,224,800 6,336,700 386,589,800 773,013,800 515,625,000 Excess (deficiency) of Revenues over (under) Expenditures 12,074,300 (203,138,500) (19,913,700) Other Rnancing Sources(Uses) Transfers In 179,695,700 74,001,300 56,846,000 Transfers Out (123,468,300) (126,796,800) (123,287,000) 11RA Loan Proceeds 106,081,000 61,841,100 Net Fnancing Sources (Uses) 56,227,400 53,285,500 (4,599,900) Excess (deficiency) of Revenues over (under) Expend ituresand Other Fnancing Spurces (Uses) 68,301,700 (149,853,000) (24,513,600) Beginning Fund Balance 553,692,500 621,994,200 621,994,200 ENDING FUND BALANCE $ 621,994,200 $ 472,141,200 $ 597,480,600 $ 193,000,000 97,000,000 31,050,600 78,915,500 156,931,400 9,957,500 25,000,000 553,000 9,049,000 601,457,000 8,718,500 18,443,700 4,962,900 23,406,600 19,774,900 22,436,000 155,248,000 141,583,000 93,498,500 177,281,400 58,642,300 30,000,000 698,464,100 3,232,000 733,821,200 (132,364,200) 53,083,700 (132, 367, 300) 75,703,000 (3,580,600) (135, 944, 800) 597,480,600 $ 461.535.800 $ 1,000,000 1,000,000 7,847,000 26,588,000 (6,477,000) (4,235,000) (922,200) (218,300) 6,999,200 31,581,700 1% 1% 34% 51% -4% -30% -4% -28% 341% 6% 4,036,400 86% 4,772,400 35% 3,099,200 166% 7,871,600 51% 3,373,100 21% (12,451,600) -36% 25,251,300 19% (42,235,300) -23% (2,116,500) -2% (18,494,600) -9% (50,000) -100% 162,800 0% (547,000) -2% (47,107,800) -6% (3,992,800) -55% (39,192,600) -5% 70,774,300 -35% (20,917,600) -28% (5,570,500) 4% (30,378,000) -29% (56,866,100) -107% 13,908,200 -9% (24,513,600) -4% $ (10,605,400) -2% the Commission accounts for Measure A and LTF sales taxes, STA allocations, Western County 1UMF, state budgetary allocations, and vehicle registration fees in the 24 special revenue funds. Federal, state, and local reimbursements and transfers in consisting principally of debt proceeds supplement the Measure A salestax revenues. Chart 18 illustratesthe variousspecial revenue fund sources. 41 Chart 18—Special ibvenue Funds Sources FY 2019/ 20 Debt Proceeds 10% Tra n sfe rs I n 7% Investment Income 1% TUM FRevenue 4% Local Reimbursements 1% Measure 5alesTax 27% LTF&alesTax Sate 13% Reimbursements 22% STASalesTax 4% Federal Reimbursements 11% the Commission expendsspecial revenue funds' resourceson: • County highway, rail, regional arterial, and new corridors engineering, right of way acquisition, construction, and design -build; • Local streetsand roadsmaintenance, repair, and construction; • Economic development incentives; • Salestax bond financing; • Bicycle and pedestrian facilities; • Education and incentive programsto encourage use of alternate modesoftransportation; • Special social service transportation programs; • Public transit operationsand capital needs; and • Motorist towing and freeway call box assistance. As shown in Chart 19, projects and operations expenditures represent the primary use of special revenue fund resources. Chart 19 —Special ibvenue Funds Uses FY 2019/20 Personnel Sa la ries and Benefit 1% Tra n sfe rs Out 15% Pro fe ssio n a l 5e ry is e s 2% Support Costs 1% Projectsa nd Operations 81% 42 Measure A Special Revenue Funds Measure A sales tax revenue, which is allocated to the three geographic areas of the County (Chart 20) primarily funds 15 of the special revenue funds. There is one 1989 Measure A and ten 2009 Measure A Western County funds, three 2009 Measure A Coachella Valley funds, and one 2009 Measure A Palo Verde Valley fund. Chart 20 —Measure A Sales Tax Revenues by Geographic Area Palo V e rd e Valley 1% I Coachella Valley 21% Western County 78% Since the 1989 Measure A terminated on June 30, 2009, the remaining 1989 Measure A Western County fund will be closed upon the completion of the specific highway projects. With the commencement of the 2009 Measure A on July 1, 2009, 14 funds will be in existence for the 30- yearterm. these fundsaccount forall Measure A project and program expend ituresand transfers of debt service for capital projects. lhe Measure A special revenue fundsexpend monieson capital construction and improvements to highways, commuter rail, regional arterials, new corridors, and local streetsand roads. Funding is also reserved for commuter assistance, public and specialized transit, and economic development incentives programs aswell as bond financing costs. lhe Commission is self-help county, and, as such on major highway projects, the Commission supplements the State's spending. Upon completion of most highway projects, Caltranstakesoverthe maintenance and operationsof the projects. the Commission pledged all Measure A salestax revenuesassecurity for the Commission'ssenior salestax revenue bondsand subordinate commercial paper notes. Debt service on the bondsis recorded in the SalesTax Bondsdebt service fund, and Measure A special revenue fundsprovide most of the resourcesfor debt service through transfersout. Western County Measure A Funds the Westem County Measure A special revenue funds account for Western County's approximately 78%share of the Measure A sales tax. As demonstrated in Table 23, most of the Commission's reimbursements flow through these funds, since the sales tax leverages state and federal dollars. 43 Table 23-Westem County Measure A Funds FY2018 -2020 FY 17/18 Actual FY 18/19 Revised Budget FY 18/ 19 Projected FY 19/ 20 Budget Dollar Percent Change Change Sources Measure A Sales Tax Bond Rnancing Commuter Assistance Economic Development Incentives Highways Local3reetsand Roads New Corridors Public Bus Transit Ra it Regional Arterials Specialized Transit Total Measure A Federal Reimbursements gate Reimbursements Local Reimbursements Other F venue Investment Income Transfers In T1RA Loan Proceeds TOTAL Sources Uses Personnel Sala riesand Benefits Pro fe ssio n a I Se ry ices 3ipport Costs Projectsand Operations Program Operations Engineering Construction Design Build Rght of Way/Land Operating and Capital Disbursements Special audies Local3reetsand Roads TOTAL Projects and Operations Capital Outlay Transfers O u t TOTAL Uses Excess (deficiency) of Sources over (under) Uses $ 10,997,100 2,036,500 1,629, 200 41,544,700 39,508,100 15, 070,100 2,077,200 8,308,900 12,219,000 3,462,100 $ 11,976,000 2,218,000 1,774,000 45, 244, 000 43, 025, 000 16,412,000 2,262,000 9,049,000 13, 307, 000 3,771,000 $ 11,976,000 2,218,000 1,774,000 45, 244, 000 43, 025, 000 16,412,000 2,262,000 9,049,000 13, 307, 000 3,771,000 136,852,900 63,853,700 1,787,700 2,770,900 2,515,800 2,475,100 177, 335, 500 149, 038, 000 50,090,000 39,933,100 2,087,900 539,000 753,500 69, 284, 700 106, 081, 000 149, 038, 000 62, 033,100 751,600 3,058,000 450,500 2,453,700 51,606,000 61,841,100 387,591,600 417,807,200 331,982,000 3,025,500 3,657,600 3,657,600 6,808,900 7,848,200 4,359,400 614,700 1,489,700 1,101,800 11,806,100 10,230,900 8,076,400 3,296,600 14,129,100 2,701,400 15,093,600 76,527,600 35,784,200 121,553,300 137,725,700 130,444,000 20,660,300 59,616,400 18,468,500 9,005,300 18,150, 000 13, 050, 000 - 50,000 35,000 39,005,500 42,943,300 42,943,300 220,420,700 2,177, 200 99,058,000 359,373,000 7,224,800 91,744,900 251,502,800 6,336,700 87,497,500 332,105,000 471,338,200 354,455,800 $ 55,486,600 $ (53,531,000) $ (22,473,800) $ 12,096,000 2,240,000 1,792,000 45, 698, 000 43,458, 000 16, 577, 000 2,285,000 9,140,000 13,441,000 3,808,000 150,535,000 78,165, 500 46,797,100 2,266,000 535,000 3,603,100 47, 933, 700 75, 703, 000 405,538,400 7,032,300 5,853,000 4,513,500 12, 556, 500 15,127, 700 125,395,000 99,865,000 41,915,500 22, 020, 000 43,350,400 360, 230,100 3,232,000 95, 400, 000 476, 260, 900 $ (70 722 5001 $ 120,000 1% 22,000 1% 18,000 1% 454,000 1°% 433,000 1% 165,000 1% 23,000 1% 91,000 1% 134,000 1% 37,000 1% 1,497, 000 1% 28,075,500 56% 6,864,000 17% 178,100 9% (4,000) -1% 2,849,600 378% (21,351,000) -31% (30,378,000) -29% (12,268,800) -3% 3,374,700 92% (1,995,200) -25% 3,023,800 203% 2,325,600 23% 998,600 7% 48,867,400 64% (37,860,700) -27% (17,700,900) -30% 3,870,000 21% (50,000) -100% 407,100 1% 857,100 0% (3,992,800) -55% 3,655,100 4% 4,922,700 1% $ (17,191,500) 32% lhe budgeted Western County Measure A salestax revenuesreflect a 1%increase compared to the prioryeardue to Measure A salestax projections. Taxable saleschangesbetween jurisdictions within the County also periodically affect the geographic allocation formula from yearto year. Federal reimbursements for highway and rail projects are higher in the FY 2019/20 budget and relate primarily to funding from the Federal Transit Administration (FTA) and Congestion Mitigation and Air Quality (CMAQ). the 56% increase in federal reimbursements is primarily attributable to federal funding foractivityon the M60truck lanesproject, 1-15ExpressLanesand related projects, Pachappa underpass project, and station rehabilitation and improvement projects. State reimbursementsare higher by 17%compared to the FY2018/19 budget and reflect funding from STIP and SS 1 funding for the SR60 truck lanes project and Pachappa underpass project. Local reimbursementsremained relatively flat from the prioryear and are attributable to the commuter assistance program. Other revenue remained flat from the prior year and is attributable to property management lease revenues. Investment income increased 378%compared to the previousyear'sbudget due to extremely conservative investment yield projections in the FY2018/19 budget. As in prior years, a significant portion of transfers in consists of salestax revenue bonds proceeds of $24,402,400 to fund the 1-15 Express Lanes project. Other significant transfers in include: • $10,000,000 from the 2009 Measure A bond financing fund to fund a portion of Western County debt service; • $6,000,000 from the 1989 Measure A Western County highway fund to complete the 91 44 Project; • $2,359,000from the RCTC 91 ExpressLanesfund forthe SR-91 corridor operationsproject; • $1,550,000 from the General fund for next generation toll projects; • $2,803,200 from the Debt Service fund for Build America Bonds (BABs) subsidy payments; and • $819,100from the Rfund for station rehabilitation and improvement project. 11FIA loan proceedsof $75,703,000 will fund eligible 1-15 Express Lanesproject expenditures. Personnel salariesand benefitsexpenditures increased 92%from the prior year resulting primarily from the one-time disbursement in FY 2019/20 to fund the Commission's CaIPERS net pension liability and the addition of two new F1E's for a financial analyst and toll senior management analyst in preparation of 15 Express Lanesoperations. Measure A Western County professional services expenditures in FY 2019/20 consist of general legal services for the various programs and capital projects, specialized legal and financial advisory services related to the 1-15 Express Lanes project, and other professional services for highway, rail capital and commuter assistance projects and the Commission's debt programs. The 25% decrease in FY 2019/20 reflects the prior year activity in legal and financial advisory servicesrelated to the 91 Project and 1-15 ExpressLanesproject. Support costsrelated to highway and rail projects and property management as well as the commuter assistance program increased $3,023,800, or203%, from the prior year due to the inclusion of station maintenance in the 2009 Measure A Western County rail fund beginning in FY 2019/20, as this was historically funded by the General fund. General program operationscomprise the program management with outside consultantsforthe highway and railcapitaland commuterassistance programs, permitsrequired forcapitalprojects, and subsidies and certificates for the commuter assistance program. Such levels of operations typically fluctuate as project activitiestransition to another phase. Many of the Commission's Western County rail and highway projectsfunded by Measure A have been in various phases of engineering, construction, design -build, and right of way activity. The Commission expects engineering and construction to increase 7%and 64%, respectively, due to the 1-15 Express Lanes, 1-15 ExpressLanes—Southern Expansion, 71/91 connector, SR60truck lanes, and Pachappa underpass projects. Design -build and right of way activities decreased 27%and 30%, respectively, compared to the prior year due to 1-15 Express Lanes project activity and significant completion of the 91 Project. The 1-15 Express Lanes and 15/91 Express Lanes connector are major projects in the design -build phase, while the 91 Project design -build activities include close-out activities in FY2019/20. Other design -build related activities during FY 2019/20 include the 91 corridor operations project and next generation toll projects. Right of way acquisition, another major project activity, can be a lengthy process. Right of way acquisition activity, including utilities and railroad relocations, will benefit the 1-15 Express Lanes project, 71/91 connector project, Mid County Parkway I-215/Placentia Interchange project, and the closeout of the 91 Project. Operating and capital disbursements increased 21%compared to the FY2018/19 budget and relate to Western County intercity bus service, specialized transit expenditures, and rail capital funded by Measure A. Special studies decreased 100% compared to the prior year due to completion of feasibility studies performed in the prior year. Local streetsand roads, or turn back paymentsto local jurisdictionsand the County, increased because of higher Measure A salestax revenues. Capital outlay includesequipment and improvementsforthe rail program and reflects a 55%decrease due to station rehabilitation and improvementsin the priorfiscal year. 45 Significant tansfersout from the Western County Measure A fundsinclude: • Funding for debt service paymentsof $79,534,500; • $6,000,000 from the 1989 Measure A Western County highway fund to complete 91 Project close-out activities; • $3,000,000 loan from the 2009 Measure A Western County highway fund to establish the I- 15 Express Lanes project T1RA reserve; • $300,000 from the 2009 Measure A Western County highway fund for a TUMF regional arterial project; and • $6,565,500 for the administrative costsallocation. Coachella Valley Measure A Funds lhese special revenue fundsaccount for Coachella Valley's21%share of the Measure A salestax (Table 24). Table 24—Coachella Valley Measure A Funds FY 2018 —2020 FY 17/ 18 FY 18/ 19 FY 18/ 19 FY 19/ 20 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources Measure A &IlesTax Highways& Regional Arterials Local3reetsand Roads Specialized Transit Total Measure A Investment Income Transfers In TOTALSources $ 19,256,200 $ 20,972,000 $ 20,972,000 13, 479, 300 14,679, 000 14, 679, 000 5,776,800 6,291,000 6,291,000 38,512,300 41,942,000 41,942,000 434,800 198,300 563,800 159,400 - - 39,106, 500 42,140,300 42,505,800 Uses Personnel Salaries and Benefits 1,900 5,100 1,800 Professional Services 47,300 49,300 14,200 Rapport Costs 100 200 100 Projectsand Operations Operating and Capital Disbursements 5,153,400 6,000,000 6,000,000 LocalRreetsand Roads 13,271,800 14,597,300 14,597,300 Regional Arterials 15,736,400 30,547,000 25,000,000 TOTAL Projects and Operations 34,161,600 51,144,300 45,597,300 TransfersOut 618,800 245,800 245,800 TOTAL Uses 34,829,700 51,444,700 45,859,200 Excess(deficiency) of Sources over (under) Uses $ 4,276,800 $ (9,304,400) $ (3,353,400) $ 20, 738, 000 14, 516, 000 6,221,000 41,475,000 767,400 42, 242, 400 23,200 29,300 200 7,000,000 14, 408, 400 30, 000, 000 51,408,400 357,100 51,818,200 $ (234,000) -1°% (163,000) -1% (70,000) -1% (467,000) -1% 569,100 287% N/A 102,100 0% 18,100 355% (20,000) -41% 0% 1,000,000 17% (188,900) -1% (547,000) -2% 264,100 1% 111,300 45% 373,500 1% $ (9,575,Ann) $ (271,400) 3% Coachella Valley Measure A salestax revenuesdecreased 1%, astaxable saleschangesamong the geographic areascan impact the geographic allocation formula from yearto year. Investment income increased 287%compared to the previous year's budget due to extremely conservative investment yield projectionsin the FY2018/19 budget. Personnel salariesand benefitsexpendituresincreased 355%from the prioryear resulting primarily from the one-time disbursement in FY 2019/20 to fund the Commission's CaIPERS net pension liability. the Coachella Valley operating and capital disbursements represent specialized transit funds distributed to SunLine Transit Agency (SLnLine) for transit operations. Local streets and roads paymentsto local jurisdictionsare directly affected by changes in Measure A salestax revenues. Regional arterial projectsare highway and regional arterial projectsmanaged by CVAG. The Commission accountsfordebt service funding related to CVAG highway and regional arterial and the city of Indio local streets and roads projects, under advance funding agreements, in projectsand operationsin orderto be consistent with the accounting in the ❑T'system. Transfersout of $357,100 relate to the administrative costsallocation. 46 Palo Verde Valley Measure A Fund This special revenue fund accountsfor Palo Verde Valley's 1%share of the Measure A sales tax (Table 25). Table 25—Palo Verde Valley Measure A Fund FY2018-2020 FY 17/ 18 FY 18/ 19 FY 18/ 19 FY 19/ 20 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources Measure A Sales Tax Local areetsand Roads $ 936,500 $ 1,020,000 $ 1,020,000 Uses Local areetsand Roads 899,500 938,900 938,900 TOTAL Projectsand Operations 899,500 938,900 938,900 Transfers Out 37,000 81,100 81,100 TOTAL Uses 936,500 1,020,000 1,020,000 Excess (deficiency) of Sourcesover(under) Uses $ $ $ $ 990,000 883,500 883,500 106,500 990,000 $ (30,000) -3% (55,400) -6% (55,400) -6% 25,400 31% (30,000) -3% $ N/A Although total Measure A sales tax revenues decreased no, taxable sales changes among the geographic areasalso impact the geographic allocation formula from yearto year. Local streetsand roadsrepresent the only expendituresin the Palo Verde Valley. The Commission accountsfor debt service funding for the city of Blythe local streetsand roads projects, under an advance funding agreement, in projects and operations in order to be consistent with the accounting in the ERPsystem. Transfersout of $106,500 relate to the administrative costsallocation. Non -Measure A Special Revenue Funds The non -Measure A special revenue funds account for LTF disbursements; TUMFWestern County project costs; motorist assistance expendituresfor towing service aswell asfreeway call box and 511 traveler information system operations; transit disbursements from STA and SGR funding; Coachella Valley rail planning and development; interagency project activities; and SB 132 project activities. These activities are budgeted in the OF, TUMF, FSP, SAFE, STA, SGR Coachella Valley Rail, Other Agency Projects, and SB 132 special revenue funds, respectively. Local Transportation Fund The LTF special revenue fund derives its revenue from one quarter of one cent of the state sales tax that is returned to source and providesfor funding of public transit operations in the County, bicycle and pedestrian facility projects, planning, and administration (Table 26). Table 26—Local Transportation Fund FY2018-2020 FY 17/ 18 FY 18/ 19 FY 18/ 19 FY 19/ 20 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources LTFS3lesTax $ 89,557,600 $ 96,000,000 $ 96,000,000 Local Reimbursements 200 Investment Income 825,100 375,600 804,800 Transfers In 654,500 1,170, 000 TOTALSources 91,037,400 96,375,600 97,974,800 Uses Operating and Capital Disbursements Transfers Out TOTAL Uses Excess (deficiency) of Sourcesover (under) Uses 74, 508, 700 21,268,300 119, 388, 900 27, 566, 600 103, 999, 600 26, 270, 000 95, 777, 000 146, 955, 500 130, 269, 600 $ (4,739,600) $ (50,579,900) $ (32,294,800) $ 97, 000, 000 1,077,700 98, 077, 700 92, 290,100 28, 968, 500 121,258,600 10') 1sn onm $ 1,000,000 1% N/A 702,100 187°% N/A 1,702,100 2% (27,098,800) -23% 1,401,900 5% (25,696,900) -17% $ 27,399,000 -54°% The Commission projects LTFsales tax revenue in FY2019/20to increase 1%from the prior year. Investment income increased 187%compared to the previous year's budget due to extremely conservative investment yield projections in the FY2018/19 budget. 47 In FY 2019/20, approximately 94% and 6% of the LTF transit expenditures of $90,300,000 are for operating and capital purposes, respectively. LTFoperating allocations, subject to approval in July 2019, are comprised of 77%to Western County, 22%to Coachella Valley, and 1%to Palo Verde Valley public busoperators. Other operating and capital disbursementsinclude allocationsforSB 821 bicycle and pedestrian projectsof $1,250,100 and planning and administration allocationsof $740,000to the County Auditor -Controller and SCAG. Transfersout include allocationsto the Commission'sGeneralfund forplanning and administration of $2,820,000; rail operations of $23,000,000; grade separation projects of $2,000,000; $1,026,100 for planning, programming, and agency share of the administrative costs; and $122,400 for administrative costsallocation. Transportation Uniform Mitigation Fee Fund The TUMF fund accounts for the Commission's share of developer fee assessments on new residential and commercial developments in Western County for regional arterials and Community Environmental Transportation Acceptability Process(CETAP) corridors(Table 27). TUMF revenues includes $25,000,000 based on projected fees distributed to the Commission. Federal reimbursements decreased 100% in FY 2019/20 and will be replaced with state reimbursements of $5,800,000 for a Lake Elsinore regional arterial project. Investment income increased 318% compared to the previous year's budget due to extremely conservative investment yield projectionsin the FY2018/19 budget. The FY2019/20transfersin of$300,000 relate to funding for the SR79 realignment project from the 2009 Measure A Western County highways special revenue fund. Table 27-Transportation Uniform Mitigation Fee Fund FY2018-2020 FY 17/ 18 FY 18/ 19 FY 18/ 19 FY 19/ 20 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources Federal Reimbursements Mate Reimbursements Local Reimbursements TUMFRevenue Other Revenue Investment Income Transfers In TOTAL Sources Uses Personnel alariesand Benefits Pro fe ssio n a I ry ices Sapport Costs Projects and Operations Program Operations Engineering Construction Rght of Way/Land TOTAL Projects and Operations Tra nsfe rs Out TOTAL Uses Excess(deficiency)of Sources over (under) Uses $ $ 237,500 $ 237,500 1,315,000 307,600 23,699,800 25,922,200 25,922,200 25,200 18,000 664,000 414,400 222,400 235,900 300,000 120,000 25,939,900 242,900 407,900 3,600 293,700 2,818,200 6,314,900 18, 302,100 26,874,100 26,827,700 319,500 455,100 63,000 511,000 6,738,800 5,199,100 15,743,600 319,300 163,900 27,900 510,600 3,464,900 1,365,000 5,702,100 27, 728, 900 620,200 29,003,500 28,192,500 11,042,600 1,562,000 2,043,800 30, 592,100 13, 597, 500 $ (3,063,600) $ (3,718,000) $ 13,230,200 5,800,000 25, 000, 000 18,000 1,731,300 300,000 32,849,300 624,600 141,000 27,900 494,200 1,850,300 6,800,000 24,734,000 33, 878, 500 1,524,300 36,196,300 $ (3,347,000) $ (237,500) -100% 5,800,000 N/A N/A (922,200) -4% 18,000 N/A 1,316,900 318% 0% 5,975,200 22% 305,100 95% (314,100) -69% (35,100) -56% (16,800) -3% (4,888,500) -73% 1,600,900 31% 8,990,400 57% 5,686,000 20% (37,700) -2% 5,604,200 18% 371,000 -10°% Personnel salaries and benefits reflect an increase of 95% primarily due to the one-time disbursement in FY 2019/20 to fund the Commission's CaIPERS net pension liability. Professional se rvicesdecreased 69%primarily related to legal servicesprojected in the prior year for the Lake Elsinore regional arterial project. Support costs decreased 56% and relate to property maintenance on the Mid County Parkway project. Projects and operations costs increased 20%, as many regional arterial projects move through various stages of engineering, right of way acquisition, and construction. Approximately 67%of the projects and operations costsare attributable to programmed regional arterial projects. The remaining 33%relatesto CETAPprojectssuch asthe Mid County Parkway preliminary engineering 48 and right of way acquisitions. Transfersout represent $1,524,300 to the General fund related to the administrative cost allocation. Freeway Service Patrol Fund The FSP fund accountsfor the state and local resources provided to cover the costs of servicing stranded motoristsin covered service areasand construction zonesby meansof towing, changing tires, and providing fuel (Table 28). The State'sfunding share of $2,900,000 decreased 11%from the FY 2018/19 budget due to the state'sdirect reimbursement to the Califomia Highway Patrol (CHP) in support of a portion of FSP services beginning in FY 2019/20. Local reimbursements of $96,000 relate to local grants for weekend FSPservices on SR60. Investment income increased 620%compared to the previous year's budget due to extremely conservative investment yield projections in the FY 2018/19 budget. Transfers in represent Commission match funds of $2,400,000 from the SAFE special revenue fund. Table 28 -Freeway Service Patrol Fund FY 2018 - 2020 FY 17/ 18 FY 18/ 19 FY 18/ 19 FY 19/ 20 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources State Reimbursements $ 1,613,200 $ 3,256,900 $ 3,256,900 Local Reimbursements - 224,300 Other Revenue 366,800 225,300 Investment Income 5,500 9,500 9,500 Transfers In 1,083,600 3,600,000 3,600,000 TOTALSources 3,069,100 7,091,700 7,090,700 Uses Personnel 33lariesand Benefits Profe ssio na I Se ry is es aipport Costs Projects and Operations Program Operations Tra n sfe rs O u t TOTAL Uses Excess (d eficiency) of Sources over (under) Uses 110,600 154,400 41,200 48,000 79,700 59,100 2,831,400 5,144,200 179,000 146,400 134,600 45,000 46,700 3,500,000 146,400 3,241,900 5,552,100 3,872,700 $ (172,800) $ 1,539,600 $ 3,218,000 $ 2,900,000 96,000 68,400 2,400,000 5,464,400 212,200 63,000 64,000 5,378,000 216,600 5,933,800 taFA anni $ (356,900) -11% 96,000 N/A (225,300) -100% 58,900 620% (1,200,000) -33% (1,627,300) -23% 57,800 37% 15,000 31% 4,900 8% 233,800 5% 70,200 48% 381,700 7% $ (2,009,000) -130% Personnel salaries and benefits increased 37%primarily due to the one-time disbursement in FY 2019/20to fund the Commission'sCaIPERSnet pension liability. Professional servicesincreased 31% and relates to general legal services. Support costs are comparable to the prior year's budget. Operating costsfor towing services in FY2019/20 are higher than the FY 2018/19 budget due to increased support levelsneeded on the 1-15 Express Lanes, Pachappa underpass, and SR60truck lane projects. Transfersout to the General fund of $216,600 are administrative cost allocations. Service Authority for Freeway Emergencies Fund The SAFEfund accountsforthe $1 per vehicle registration fee levied by the State on all registered vehicles within the County. It funds the installation and implementation of emergency aid call boxes located strategically on the highwaysthroughout the County as well asthe operations of the 511 traveler information system (Table 29). 49 Table 29-Service Authority for Freeway Emergencies Fund FY2018-2020 FY 17/18 Actual FY 18/ 19 Revised Budget FY 18/ 19 FY 19/ 20 Projected Budget Dollar Percent Change Change Sources State Reimbursements Local Reimbursements Other Revenue Investment Income TOTAL Sources $ 2,012,000 155,600 5,000 64,100 $ 1,800,000 224,600 7,000 26,900 $ 1,979,800 113,700 66,400 2,236,700 2,058,500 2,159,900 Uses Personnel al lades a nd Benefits 13,200 45,600 37,400 Professional Services 311,100 480,200 231,100 Stnpport Costs 211,300 236,800 113,900 Projectsand Operations Program Operations 17,500 17,600 17,100 Transfers Out 1,114,400 3,674,100 3,674,100 TOTAL Uses 1,667,500 4,454,300 4,073,600 Excess (deficiency) of Sources over (under) Uses $ 569,200 $ (2,395,800) $ (1,913,700) $ 1,980,000 227,600 107,200 2,314,800 68,700 459,000 352,400 19,000 2,531,600 3,430,700 $ (1.115.9001 $ 180,000 3,000 (7,000) 80,300 10% 1% -100% 299% 256,300 12% 23,100 (21,200) 115,600 51% -4% 49% 1,400 8% (1,142,500) -31% (1,023,600) -23% $ 1,279,900 -53% Local reimbursements represent recoveries through a collection agency related to call box knockdownsand pass -through fundsfrom S3CTA for itsshare of the 511 traveler information system operating costs. Investment income increased 299%compared to the previousyear'sbudget due to extremely conservative investment yield projections in the FY2018/19 budget. Personnel salaries and benefits increased 51% primarily due to the one-time disbursement in FY 2019/20 to fund the Commission's CaIPERS net pension liability. Professional services remained relatively flat from FY 2018/19. Support costs increased 49% due to the call box upgrade and removal program in FY 2019/20. Projects and operations costs remained flat. The transfers out reflect a $2,400,000 match to the State'scontribution fortowing servicesin the FSPspecial revenue fund and $131,600to the General fund for administrative cost allocations. State Transit Assistance Fund The STA fund accountsfor the state budgetary allocation of gastax revenuesdesignated for rail and bustransit operations and capital requirements (Table 30). Estimates of diesel fuel sales tax revenuesprovided by the State Controller, subject to an annual state budget appropriation, serve asthe basisforthe allocation. These estimatesnow include funding from SB 1 for transit. Ta b le 30 - State Tra nsit Assista nc a Fund FY 2018 - 2020 FY 17/18 Actual FY 18/ 19 Revised Budget FY 18/ 19 FY 19/ 20 Projected Budget Dollar Percent Change Change Sources STA Sales Tax Investment Income TOTAL Sources Uses Pro fe ssio n a l Se ry is e s Operating and Capital Disbursements TOTAL Projectsand Operations Transfers Out TOTAL Uses Excess (deficiency) of Sources over (under) Uses $ 17,608,000 $ 19,506,600 $ 23,406,500 634,500 271,200 965,600 18,242,500 19,777,800 24,372,100 16,500 5,185, 900 18,000 16,900 48,601,800 7,200,000 5,185, 900 329,600 48,601,800 7,200,000 431,700 431,700 5,532,000 49,051,500 7,648,600 $ 12,710,500 $ (29,273,700) $ 16,723,500 $ 27,253,800 1,628,400 28, 882, 200 17,700 50,110, 000 50,110, 000 572,400 50, 700,100 $ (21.817.9001 $ 7,747,200 40% 1,357,200 500% 9,104,400 46% (300) -2% 1,508,200 3% 1,508,200 3% 140,700 33% 1,648,600 3% 7,455,800 -25% Investment income increased 500%compared to the previous year's budget due to extremely conservative investment yield projections in the FY2018/19 budget. The operating and capital disbursementsconsist of allocations primarily for buscapital purposes. In FY 2019/20, approximately 55% of the allocations are in Western County, 45% in Coachella Valley, and lessthan 1%in Palo Verde Valley. Smilarto the LTFallocations, the STA allocationsare subject to Commission approval in July 2019. Transfers out represent rail capital allocations of $450,000 to the Coachella Valley Rail fund and $122,400 to the General fund for administrative cost allocations. 50 State of Good Repair Fund The Rfund accountsforadditional STA funding underoe1 (The Road Repairand Accountability Act of 2017) fortransit infrastructure repair and service improvements(Table 31). These additional revenuesfund eligible transit maintenance, rehabilitation, and capital projects. Table 31 -State of Good Repair Fund FY2018 - 2020 FY 17/ 18 FY 18/ 19 FY 18/ 19 FY 19/ 20 Dollar Percent Actual Revised Budget Projected Budget Change Change B�urces STA Biles Tax $ 3,712,900 $ 3,697,000 $ 3,704,200 $ 3,796,800 $ 99,800 3°% Investment Income (13,500) 29,100 55,900 55,900 N/A TOTALSources 3,699,400 3,697,000 3,733,300 3,852,700 155,700 4% Uses Capital Disbursements 3,635,300 5,861,300 2,226,000 61% Transfers Out 81,700 1,634,100 941,500 859,800 1052% TOTAL Uses 3,717,000 1,634,100 6,802,800 3,085,800 83% Excess(deficiency) of SDurcesover (under) Uses $ 3,699,400 $ (20,000) $ 2,099,200 $ (2,950,100) $ (2,930,100) 14651% The capital disbursementsconsist of allocationsforbuscapital purposes. In FY2019/20, 73%of the allocations are in Western County, 26%in Coachella Valley, and 1%in Palo Verde Valley. Similar to the LTF and STA allocations, Commission approval of the SGRallocations occurs in July 2019. Transfers out of $819,100 relate to a station rehabilitation and improvement project in the 2009 Measure A Western County rail special revenue fund and $122,400 to the General fund for administrative costsallocations. Coachella Valley Rail Fund The Coachella Valley Rail fund accountsfor state funding for the planning and development of the new Coachella Valley -San Gorgonio Passcorridor rail service (Table 32). Table 32-Coachella Valley Rail Fund FY2018-2020 FY 17/ 18 FY 18/ 19 FY 18/ 19 FY 19/ 20 Actual Revised Budget Projected Budget Dollar Cha nge Percent Change Sources Federal Reimbursements $ 602,200 $ 2,000,000 $ 1,500,000 Bate Reimbursements Investment Income 27,300 200 27,000 TransfersIn 226,800 350,000 350,000 TOTALSDurces 856,300 2,350,200 1,877,000 Uses Personnel &Ile ries and Benefits 11,900 50,700 12,800 85,200 34,500 68°% Professional B rvices 838,800 2,210,000 1,582,300 9,673,200 7,463,200 338% Sip port Costs 4,000 3,700 3,700 (300) -8°% Projects and Operations Construction 2,400,000 (2,400,000) -100% TOTAL Projects and Operations 2,400,000 (2,400,000) -100% Transfers Out 47,700 300,600 300,600 155,300 (145,300) -48°% TOTAL Uses 898,400 4,965,300 1,899,400 9,917,400 4,952,100 100% Excess(deficiency) of Sources over (under) Uses $ (42,100) $ (2,615,100) $ (22,400) $ r9 7Fs snm (150,400) 6°% $ 750,000 5,942,500 9,400 450,000 7,151,900 $ (1,250,000) -63% 5,942,500 N/A 9,200 4600°% 100,000 29% 4,801,700 204% Federal reimbursements represent a Federal Rail Administration (FRA) grant of $750,000 for rail station planning and development. State reimbursements of $5,942,500 relate to State Rail Assistance (SRA) grant fundsfor the special train platform in the city of Indio. Investment income increased $9,200 compared to the previous year's budget due to extremely conservative investment yield projections in the FY 2018/19 budget. Transfers in of $450,000 reflect to STA allocations. Personnel salaries and benefits increased 68% primarily due to the one-time disbursement in FY 2019/20 to fund the Commission's CaIPERS net pension liability. Professional services increased 338%due to a special eventstrain platform in the city of Indio. Construction decreased 100%due 51 to continued planning and development of passenger rail options. These expenditures include detailed studies and station planning and development on the Coachella Valley -San Gorgonio Pass rail corridor. Transfers out to the General fund of $155,300 relate to administrative costs allocations. Other Agency Projects Fund The Other Agency Projects fund accounts for interagency cooperative planning and development of projects in the County (Table 33). The Commission entered into a MOU with the Riverside County Regional Park and Open Space District (District) for the Santa Ana Fiver Trail projects. The projects are a joint effort with several public and private agencies including the counties of Orange and San Bernardino. The District is the lead agency for environmental compliance for NEPA and CEQA, and the Commission is responsible for project oversight and approval, final design, and construction. Table 33-Other Agency Projects Fund FY2018-2020 FY 17/18 FY 18/19 FY 18/19 FY 19/20 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources Local Reimbursements $ 295,200 $ 11,880,000 $ 1,741,400 Investment Income (400) 200 4,800 Transfers In 466,600 TOTAL Sou rc e s 294,800 12, 346, 800 1,746,200 Uses Personnel Sala riesand Benefits 65,600 62,000 56,000 Professional rvices 25,300 51,000 46,000 &ppon Costs 900 900 1,000 Projects and Operations Program Operations 169,600 271,800 241,800 Engineering 124,700 1,169,700 650,000 Construction 10,008,000 - Right of Way/Land 85,700 255,000 280,000 TOTAL Projects and Operations 380,000 11,704,500 1,171,800 Transfers Out 466,600 466,600 TOTAL Uses 471,800 12,285,000 1,741,400 Excess (deficiency) of Sources over (under) Uses $ (177,000) $ 61,800 $ 4,800 $ 7,367,900 200 7,368,100 201,500 31,000 1,100 354,100 850,000 5,000,000 205,000 6,409,100 725,200 7,367,900 $ 200 $ (4,512,100) -38% 0°% (466,600) -100% (4,978,700) -40% 139,500 225% (20,000) -39% 200 22% 82,300 30% (319,700) -27% (5,008,000) -50% (50,000) -20% (5,295,400) -45% 258,600 55% (4,917,100) -40% $ (61,600) -100°% The District is responsible for 100% of the Santa Ana River Trail project costs. It will reimburse the Commission, including providing an advance deposit, for all salaries and benefits, professional services, support costs, project management, engineering, construction costs, and right of way. SB 132 Fund The SB 132 fund (Table 34) accounts for the $427 million appropriation from the state highway account to the Riverside County Transportation Efficiency Corridor for five major projects in Western County: • Commission's 15/91 Express Lanesconnector project; • City of Corona'sMcKnley Avenue grade separation project; • County's Jurupa Road grade separation project with the city of Jurupa Valley as its partner; • County's1-15/Limonite interchange project with the citiesof Eastvale and Jurupa Valley as itspartners; and • County'sHamner Bridge widening project with the city of Norco asitspartner. Without the state funding approved by the Governor and State Legislators in April 2017 as part package of legislation that pa-rd with SB 1, these projectswould not have been built for many yea rs. 52 Table 34 — SB 132 Fund FY 2018 — 2020 FY 17/18 FY 18/19 FY 18/19 FY 19/20 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources State Reimbursements $ 5,341,300 $ 118,418,400 $ 73,108,900 Investment Income 7,800 Transfers In TOTALSources 5,349,100 118,418,400 73,108,900 Uses Personnel Sib riesand Benefits 217,000 387,200 381,900 Professionalrvices 801,000 2,511,500 1,726,000 Sapport Costs 2,500 10,000 600 Projectsand Operations Program Operations 17,500 226,300 216,300 Engineering 1,915,600 12,850,000 6,801,000 Construction 35,862,000 35,858,000 Design Build 2,445,900 46,092,600 15,861,000 Fight of Way/Land 20,000,000 11,500,000 TOTAL Projects and Operations 4,379,000 115,030,900 70,236,300 Transfers Out 195,300 495,300 495,300 TOTAL Uses 5,594,800 118,434,900 72,840,100 Excess (deficiency) of Sources over (under) Uses $ (245,700) $ (16,500) $ 268,800 $ 93,511,800 2,000,000 95,511,800 470,800 2,176, 500 100 973,100 4,608,000 18, 053, 000 41,718,000 26, 644, 000 91, 996,100 868,300 95,511,800 $ (24,906,600) -21°% N/A 2,000,000 N/A (22,906,600) -19% 83,600 22°% (335,000) -13°% (9,900) -99% 746,800 330% (8,242,000) -64°% (17,809,000) -50°% (4,374,600) -9°% 6,644,000 33°% (23,034,800) -20% 373,000 75% (22,923,100) -19% $ 16,500 -100% Personnel salaries and benefits increased 22% primarily due to the one-time disbursement in FY 2019/20 to fund the Commission's CaIPERS net pension liability. Professional services decreased 13%due to legal services, financial advisory, and traffic and revenue study activities primarily related to the 15/91 Express Lanes connector project. Support costs decreased 99% related to general supplies and materials. Projects and operations decreased $23,034,800 primarily due to engineering, construction, and design -build activities on the 15/91 Express Lanes connector project; engineering and right of way activitieson the McKinley Avenue grade separation project; and construction on the I-15/Limonite interchange project. Transfers out to the General fund of $868,300 relate to the administrative costsallocations. 53 Capital Projects Funds Overview The capital projectsfundsaccount for all debt proceedsfrom commercial paper notes, salestax revenue bonds, and toll revenue bonds (Table 35). Table 35- Capital Projects Funds FY 2018 — 2020 FY 17/18 FY 18/19 FY 18/19 FY 19/20 Dollar Percent Actual Revised Budget Projected Budget Change Change Saurces Investment Income TOTAL Revenues Expenditures Professional ervices arpport Costs TOTAL Professional and Sip port Costs Debt rvice Principal Payments Interest Payments Cost of Issuance TOTAL Debt Service TOTAL Expenditures $ 3,646,400 $ 955,400 $ 3,349,600 3,646,400 924,600 4,600 929,200 30,000,000 7,563,500 2,256,100 39,819,600 40,748,800 955,400 3,349,600 Excess (deficiency) of Revenues over (under) Expend itures (37,102,400) 955,400 3,349,600 Other Rnancing Sources (Uses) Transfers In 38,917, 000 Transfers Out (193,939,000) (45,044,500) (27,284,000) Debt and Refunding Debt Proceeds 615,775,000 Payment to Escrow Agent (538,056,500) Bond Premium 119,713,800 Net Financing Sources (Uses) 42,410,300 (45,044,500) (27,284,000) Excess (deficiency) of Revenues over (under) Expendituresand Other Rnancing Saurces (Uses) Beginning Fund Balance 5,307,900 (44,089,100) (23,934,400) 111,612,000 116,919,900 116,919,900 ENDING FUND BALANCE $ 116,919,900 $ 72,830,800 $ 92,985,500 $ 1,371,700 1,371,700 1,371,700 (24,402,400) (24,402,400) (23,030,700) 92,985,500 $ 69,954,800 $ 416,300 44% 416,300 44% N/A N/A N/A N/A N/A N/A N/A N/A 416,300 44°% N/A 20,642,100 -46% N/A N/A N/A 20,642,100 -46% 21,058,400 -48% (23,934,400) -20% $ (2,876,000) -4% Asillustrated in the following chartsfor FY2019/20, capital projectsfundssourcesand usesconsist of investment income (Chart 21) and transfers out (Chart 22), respectively. In prior years, these charts reflected debt proceeds, including bond premium, and transfers in for sources as well as debt service payments to escrow agent for uses In FY2017/18, the Commission issued sales tax revenue bondsto finance the 1-15 ExpressLanesproject and 91 Project completion and to refund salestax revenue bondsdue to federal tax reform. The Commission doesnot anticipate any new salestax revenue debt issuances, toll revenue debt issuances, or debt refundingsin FY2019/20. 54 Chart21 —Capital Projects Funds Sources FY 2019/ 20 Investment Income 100 Chart 22—Capital Projects Funds Uses FY 2019/ 20 Tra nsfe rs O ut 100% In FY2019/20, the Commission expects to transfer out sales tax bond proceeds of $24,402,400 to the 2009 Measure A Western County Highways special revenue fund for the I-15 Express Lanes project. 55 Debt Service Fund Overview Under the 2009 Measure A program, as amended by Measure K in November 2010, the Commission has the authority to issue sales tax revenue bonds subject to a debt limitation of $975,000,000. The Debt Service fund of the Commission primarily accountsfor all activities related to the salestax revenue bondsdebt incurred by the Commission (Table 36). the Commission's largest single expenditure is debt service. The debt agreements require the trusteesto hold all debt proceeds, a portion of the salestaxrevenuesintercepted from the CDTFA, and the toll revenues from express lanes operations and to segregate all funds into separate accounts. These monies are included in the restricted investments held by trustee in the capital projects funds, debt service fund, and enterprise fund. Under the sales tax indentures, the Commission may use salestax revenuesforany lawful purpose related to the Riverside County TIP after the trustee has satisfied debt service requirements. Under the toll indentures, which include the TIF1A loans, a separate flow of funds administered by the trustee prescribes the use of toll revenuesfor each facility. In order to advance project development activities, the Commission established a commercial paper program in 2005. Periodically the Commission issues commercial paper notes and retires some of the noteswith proceedsfrom salestax revenue bonds. Table 36—Debt Service Fund FY2018-2020 FY 17/ 18 FY 18/ 19 FY 18/ 19 FY 19/ 20 Actual Revised Budget Projected Budget Dolla r Change Percent Change Sources Federal Reimbursements $ 2,785,200 $ 2,800,200 $ 2,794,200 Investment Income 240,600 162,900 339,800 TOTAL Sources 3,025,800 2,963,100 3,134,000 Expenditures Debt Service Principal Payments Interest Payments TOTAL Debt rvice TOTAL Expenditures Excess (deficiency) of Revenues over (under) Expenditures Other Financing Sources (Uses) Tra n ste rs In Tra n ste rs Out Payment to Escrow Agent Net Rnancing Sources (Uses) Excess(deficiency)of Revenues over (under) Expenditures and Other Rnancing Sources (Uses) 32,120, 000 43, 039, 500 75,159, 500 75,159, 500 25,965,000 21,495,000 43,590,700 43,590,700 69,555,700 65,085,700 69,555,700 65,085,700 (72,133,700) (66,592,600) (61,951,700) 68,012,100 (2,944,700) (3,833, 300) 61,234,100 (10,899,600) Beginning Fund Balance 21,982,500 ENDING FUND BALANCE 72,555,700 68,085,700 (2,800,200) (2,794,200) 69,755,500 65,291,500 3,162,900 3,339,800 11,082,900 11,082,900 $ 11,082,900 $ 14,245,800 $ 14,422,700 $ 2,803,200 348,500 3,151,700 27, 245, 000 42,292,500 69, 537, 500 69, 537, 500 (66,385,800) 72,534,500 (2,803,200) 69,731,300 3,345,500 14,422,700 $ 17,768,200 3,000 0% 185,600 114 % 188,600 6 % 1,280,000 5% (1,298,200) -3% (18,200) 0% (18,200) 0% 206,800 0% (21,200) 0% (3,000) 0% (24,200) 0% 182,600 6% 3,339,800 30% $ 3,522,400 25% Reimbursements consist of federal cash subsidy payments related to the 2010 Series B Bonds (2010BBonds) designated asBABs. The BABssubsidy paymentsreflect a reduction in the expected paymentsdue to federal sequestration cuts. Investment income ishigherthan the previousfiscal year due to improved investment yields. Transfers in represent the primary source of funding for the debt service funds and reserves (Chart 23) and consist of funds from the 2009 Measure A Western County Highwaysand Bond Financing special revenue funds. 56 Chart 23— Debt Service Fund Sources FY 2019/20 Federal Reimbursements 4%I r Tra n sfe rs I n 96°/a Debt Service fund uses (Chart 24) consist of debt service on the sales tax revenue bonds and transfer of the BABssubsidy paymentsto the 2009 Measure A Western County highwaysand 2009 Measure A Coachella Valley highway and regional arterialsfunds. Chart 24— Debt Service Fund Uses FY 2019/20 Tra n sfe rs O u t 4% Debt Service 96% 57 Enterprise Fund Overview The RCM 91 Express Lanes isa four -lane, eight -mile toll road in the median of SR-91 and a direct express lanes connector that extends the Orange County Transportation Authority (OCTA) 91 Express Lanes at the Orange County/Riverside County line to the SR91/1-15 interchange. Toll revenues and non -toll revenues fund maintenance and operating costs, rehabilitation, capital expenses, and debt service (Table 37). The RCTC 91 Express Lanes toll collection system is all electronic transactions, with no toll collection booths. Commuters on SR-91 in Corona have a choice of using eitherthe expresslanesorthe general purpose lanes. Table 37 -Enterprise Fund FY 2018 - 2020 FY 17/18 Actual FY 18/ 19 FY 18/ 19 Revised Budget Projected FY 19/ 20 Budget Dollar Percent Change Change Revenues Local Reimbursements $ - $ 8,500,000 $ 2,000 $ - $ (8,500,000) -100% Tolls, Penalties, and Fees 50,446,800 36,940,500 47,756,900 41,869,400 4,928,900 13% Investment Income (32,700) 141,300 1,130,700 1,522,100 1,380,800 977% TOTAL Revenues 50,414,100 45,581,800 48,889,600 43,391,500 (2,190,300) -5% Expenses Personnel alariesand Benefits Professiona I a nd &ippon Professional Services 3ipport Costs TOTAL Professional and 8apport Costs Program and Operations Program and Operations Debt Service Interest Payments Capital Outlay TOTAL Expenses Excess (deficiency)ofFt venuesover(under) Expenses Other Rnancing Sources (Uses) Tra nsfe rs Out Payment to Escrow Agent Net Financing Sources (Uses) 510,300 603,000 638,000 815,400 2,793,400 3,608,800 2,061,000 4,576,700 6,637,700 2,350,000 3,936,800 6,286,800 6,661,400 8,786,100 8,507,900 7,119, 900 319,600 18, 220, 000 7,119, 900 2,497,600 25, 644, 300 7,119, 900 2,314,100 24,866,700 32,194,100 19,937,500 24,022,900 (749,500) (6,307,200) (20, 000, 000) (3,948,200) (20, 000, 000) 1,353,400 750,400 124% 1,990,000 (71,000) -3% 4,543,300 (33,400) -1% 6,533,300 (104,400) -2°% 10,670,200 1,884,100 21% 7,119,900 0% 750,000 (1,747,600) -70% 26,426,800 782,500 3% 16,964,700 (2,972,800) -15% (3,059,500) 3,247,700 -51% 20,000,000 -100% (749,500) (26,307,200) (23,948,200) (3,059,500) 23,247,700 -88% Excess (deficiency) of Revenues over (under) Expenses and Other Rnancing Sources (Uses) 31,444,600 Beginning Fund Balance (6,369,700) 74,700 13,905,200 20,274,900 -318% 32,202,300 63,646,900 63,646,900 63,721,600 74,700 0% ENDING FUND BALANCE $ 63,646,900 $ 57,277,200 $ 63,721,600 $ 77,626,800 $ 20,349,600 36% Local reimbursements budgeted in FY 2018/19 represented the anticipated proceeds from the sale of excess properties secured during the construction of the 91 Project. Tolls, penalties, and fees revenues represent the primary revenue source for the enterprise fund (Chart 25). Such revenuesconsist of toll revenuesof $36,138,300 based on estimated toll transactionsand current RCTC 91 Express Lanes traffic and revenue data, while the balance of $5,731,100 represents penalties and fees related to toll transactions and other customer account fees. Investment income representseamingson operating and other restricted funds. 58 Chart 25—Enterprise Fund Sources FY 2019/20 Investment Income 4% t Tolls, Penalties, a nd Fees 96% r i Toll operations expenses in FY 2019/20 are nece9cary to manage the operations, maintenance, and capital support of the RCTC 91 Express Lanes (Chart 26). Personnel salaries and benefits represent 5%of the total budgeted uses. Professional and support costs is22%of budgeted uses and includes system, equipment, and road maintenance; insurance; violation enforcement; consulting services; and marketing. Program and operations of $10,670,200 consist of the contracted operators' expensesrelated to operating and maintaining the toll lane hardware and software and customer service center, toll processing, and violation collection processing. Debt service includes interest payments of $7,119,900 for the current interest portion of the 2013 Toll Revenue Bonds (2013 Toll Bonds). Capital outlay of $750,000 is related to the transition to new 6c transpondertechnology. The FY2019/20 budget doesnot include accreted interest related to the capital appreciation portion of the 2013 Toll Bonds or compounded interest on the 11FIA loan executed in July 2013 forthe 91 Project (2013 T1FIA Loan). Chart 26—Enterprise Fund Uses FY 2019/20 TransfersOut CapitalOutlay 3% Debt Service 24% Personnel Salaries and Benefits 10% 1 5°/u Profe ssio n a I a nd aipport 22% Program and Operations 36% Transfers out include $2,359,000 of surplus toll revenues to the 2009 Measure A Western County highways fund for the SR91 Corridor Operations project and a traffic and revenue study and $700,500to the General fund for the administrative costsallocations. 59 Revenues and Other Sources Total revenuesand other sourcesare budgeted at $903,266,400, and consist of: • Measure A salestax of $193,000,000 (21%of total sources); • LTFsalestax of $97,000,000 (11%of total sources); • STA revenuesof $31,050,600 (3%of total sources); • Federal revenuesof $89,718,700 (10%of total sources); • State revenuesof $160,596,100 (18%of total sources); • TUMFof $25,000,000 (3%of total sources); • Debt proceedsof $75,703,000 (8%of total sources); • Transfers in of $166,027,000 (18%of total sources); • Toll revenues, penalties, and feesof $41,869,400 (5%of total sources); and • Other revenuesof $23,301,600 (3%of total sources). Table 38 summarizesthe specific revenue funding sources. Table 38—Revenuesand Other Sources FY 2019/ 20 Sa les Tax Department/Program Measure A LTF STA Federal Sate Local/Toll/Other Funding Spurces Management cervices $ MEASJREA AND OTHER CAPITAL PROGRAMS Bond Financing CEfAP Economic Development Highways Local Sreetsand Roads New Corridors Rail Regional Arterials REGIONAL PROGRAMS Public and Specialized Transit Planning and Programming Rail Sation Maintenance/Operations Commuter Assistance Motorist Assistance - $ - $ 12,096,000 1,792,000 66,436,000 58,964,000 16,577,000 9,140, 000 13,441,000 $ - $ 82,200 56,138,700 133,266,900 24,850,000 7,042,000 5,942,500 5,800,000 223,400 13,407,600 249,700 3,499,100 578,100 876,000 14,183,800 12,314,000 97,000,000 31,050,600 - - 2,933,700 - 668,000 7,373,600 - - 8,730,000 2,996,700 692,100 2,240,000 - - 2,181,000 4,880,000 499,200 Toll Operations - - - - - 43,391,500 OTHERRNANCING SOURCES Debt Proceeds Transfers In 75,703,000 166,027,000 TOTAL Funding Sources $ 193,000,000 $ 97,000,000 $ 31,050,600 $ 89,718,700 $ 160,596,100 $ 331,901,000 Revenues —Definitions and Background $ 82,200 12,319,400 13,407,600 2,041,700 259,340,700 58,964,000 24,197,100 40,808,500 33,424,800 143,298,300 8,041,600 12,418,800 4,421,000 5,379,200 43,391,500 75,703,000 166, 027, 000 Ong 7aa Ann Measure A: Measure A is a one-half of one percent transactions and use tax that was first approved by Riverside County voters in 1988 and expired on June 30, 2009 after 20-year term. On November5, 2002, the votersof Riverside County approved the renewal of Measure A through 2039. The 2009 Measure A is expected to raise approximately $8 billion (in nominal dollars) during itslifespan. The amount raised by the Measure A levy increased asthe County and itseconomic base have grown during the past two decades, peaking in FY2017/18 at $176.3 million. Measure A revenues are projected to approximate $192,000,000 and $193,000,000 in FY 2018/19 and FY 2019/20, respectively. 60 Measure A requires that all sales taxes collected may only be used for transportation purposes including administration and the construction, capital acquisition, maintenance, and operation of streets, roads, highways, including state highways, and public transit systems and for related purposes. These purposes include expendituresfor planning, environmental reviews, engineering and design costs, and related right of way acquisition. the Commission historically obtains and updates Measure A revenue projections through consultants for budget and strategic project planning purposes. A consultant prepares long- term economic forecast semiannually, and a sales tax services consultant provides Measure A revenue projections in connection with its quarterly sales tax analysis. Measure A revenue projections, based on such updatesand otherfactors, for the next five fiscal yearsare presented in Chart 27 below. Chart 27 —Forecasted Measure A Sales Tax Revenues 2020 —2024 $220,000,000 $215,000,000 $210,000,000 $205,000,000 $200,000,000 $195,000,000 $190,000,000 $185,000,000 $180,000,000 s J 2020 Projected 2021 Projected 2022 Projected 2023 Projected 2024 Projected the Commission considered the following additional assumptions in the development of the Commission'srevenue forecast for FY2019/20: • lhe Inland Empire economy will continue to expand through FY2019/20due to steady gainsin the Inland Empire'slabormarket, population growth, and increased consumer and businessspending. • 1he State doesnot change the mixof itemssubject to the salestaxfrom what hasbeen included historically. • 1he relative sales and property tax ratesof Riverside and surrounding countiesdo not change from historical levels. • Internet saleswill have minimal impact on revenue. lhe Western Riverside County Delivery Plan financing strategy considersthese Measure A salestax revenue projections. 61 Geographic Allocation - Riverside County is comprised of three geographic areas: Western County, Coachella Valley, and Palo Verde Valley. The percentage of Measure A revenues allocated to each of these areas based on return to source is approximately 78%for Western County, 21%for Coachella Valley, and 1%for Palo Verde Valley (Chart 28). These percentages experience some slight variationsfrom year to year based on changes in levels of taxable sales among the geographic areas. Chart 28 —Geographic Allocation of Measure A Sales Tax Revenues Palo Verde Valley 1% r Westem County 78% Program Allocation - The 2009 Measure A 11P definesthe manner in which the salestax revenues are to be spent, as presented in the Table 39. In Western County, public transit includes funding for specialized transit, commuter rail, intercity bus service, and commuter assistance. For the Coachella Valley, public transit includesspecialized transit and public busservices. Table 39 - Program Allocation of2009 Measure A SalesTax Revenues Western County -Bond Financing - S% •Economic Deveboment Incentives -1% • Highways - 30% •Local Streets and Roads -29% -New Corridors - 11% • Public Transit - 12% -Regional Arterials -9% Coachella Valley •Highways and Regional Arterials - 50% •Local Streets and Roads -35% • Public Transit - 15% Palo Verde Valley -Local Streets and Roads - 100% Population (in Western County and Palo Verde Valley) or dwelling units (in Coachella Valley) and taxable salesdetermine the local streetsand roadsallocationsto the local jurisdictionswithin each geographic area. Based on the projected Measure A sales tax revenues of $193,000,000 for FY 2019/20, the geographic and program allocations a re presented in Table 40. 62 Table 40 - Geographic Allocation of Measure A SalesTax Revenues by Program FY2019/20 Pro g ra m Bond Financing Economic Development Incentives Highways Highways and Reg iona I Arterials Local3reetsand Roads New Corridors Pub lic Tra nsit Regional Arterials TOTAL Westem County Coachella Valley Palo Verde Valley Total $ 12,096,000 $ 1,792,000 45,698,000 43,458, 000 16, 577, 000 17,473, 000 13,441, 000 $ 150,535,000 $ $ 20, 738, 000 14, 516, 000 6,221,000 41,475,000 $ 990,000 990,000 $ 12,096,000 1,792,000 45, 698, 000 20,738,000 58,964,000 16, 577, 000 23,694,000 13,441,000 $ 193, 000, 000 Local Transportation Fund: One -quarter of one cent of the Slate's 7.25% sales tax funds LTF, established in state law by the TDA. The legislation provided a dependable revenue stream for public transportation operationsin Califomia. Based upon an annual projection of LTFsalestaxes that considerseconomic forecast revenue projectionsprepared by a consultant, local economic factors, and monthly receipt trends, the Commission allocatesthe vast majority of LTF revenue in the County to the eight public transit operators, including the Commission for itsshare of Metrolink operations costs. Much like Measure A revenue, LTF increased with the County'sgrowth and its economy (Chart 29); the CDTFA processing issues affecting FY2017/18 Measure A actual results and FY2018/19 projectionsalso affected LTFrevenues. Chart 29 —Local Transportation Fund SalesTax Revenue Trend 2016-2020 $98,000,000 $96,000,000 $94,000,000 $92,000,000 $90,000,000 $88,000,000 $86,000,000 $84,000,000 $82,000,000 $80,000,000 FY 15/16 Actual FY 16/17 Actual FY 17/18 Actual FY 18/19 Projected FY 19/20 Projected The Commission allocates LTF revenues for regional and local transportation planning, program administration, 33821 bicycle and pedestrian facilities projects, public bustransit, and rail transit, including the Commission'sshare forcommuterrail operationsin Western County. The Commission administersthese fundson behalf of the County in a special revenue fund. State Transit Assistance, including State of Good Repair: STA providesadditionaI TDA state funding of transit operations and capital for urban counties, including the County's eight public transit operators (Chart 30). Sales taxes on diesel fuels historically generated the STA funding; however, beginning in FY2017/18,331 providesadd itional STA revenuesfortransit operations, maintenance, rehabilitation, and capital projects. 63 Chart 30—State Transit Assistance SalesTax Revenue Trend 2016-2020 $35,00o,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5, 000, 000 FY 15/16Actual FY 16/17 Actual FY17/18ActuaI FY 18/19 Projected FY 19/20 Projected State Transportation Improvement Program: The CTC administers and funds the STIP, California's primary transportation fund, through state and federal gas tax dollars. The State'srevenues are generated by an excise tax on gasoline, including SB 1 revenuesfrom increased taxes on motor fuels and vehicle fees that took effect in November2017. Dollars are allocated to each county based on a formula that takesinto consideration population and highway centerline miles. Local transportation agenciessuch asthe Commission make project programming decisionsfor75%of STIP dollars. Asa result of alternative fuel vehicles, overall vehicle fuel efficiency, and lower gas prices, traditional STIP revenues steadily declined until SB 1. STIP reimbursement estimates are based on budgeted expendituresforspecific projectswith STIPallocationsapproved by the CTC. SB132: Caltransadministersthe $427 million appropriation from the state highway account to the Riverside County Transportation Efficiency Corridor projects in Western Riverside County aspartof a package of legislation that paced with SB 1 in April 2017. SB 132 reimbursements represent budgeted expendituresfor specific projectswith 33 132 allocations. Cap and Trade Program: State legislation in 2006 requires a reduction of GHG emissions in the State. A key element of the GHG reduction program is the Cap and Trade Program in which entitiesregulated underthe program can "trade" or buy and sell a portion of emission allowances issued by the California Air Resources Board (CARB) at auctionsheld during the year. The revenues generated for the State through these auctions are appropriated for infrastructure investments that include LCTOP and road programs, high speed rail projects, and transit and intercity rail projects. State reimbursement revenues include LCTOP revenuesfor commuter rail operations. Department of Motor Vehicles (DMV) Registration Fees: State law allowscounty S4FEagenciesto impose a $1 surcharge on vehicle registrations within the County to pay for call box purchases and operations; excess S4FE revenues may be used for 511 operations and as a match for FP operations. The call boxes enable motoriststo summon help should they encounter mechanical or emergency problemswhile on the road, whereasthe 511 system provides real-time traffic and transit trip information available via the intemet ortelephone. Caltrans Freeway Service Patrol Allocations: Caltrans is the primary sponsor of the FP and provides the majority of funding for the program; the Commission funds towing services in construction zones for projects in which the Commission is the lead agency. The State provides nearly 80%of the funding for the FP program based on population, freeway miles, and level of congestion throughout the State. Beginning in FY2017/18, State allocations increased as result of FSPfunding provided by SB 1. The Commission administersand implementsthe program along 64 with the CHP and Caltrans. Congestion Mitigation and Air Quality: The federally funded CMAQ program targets transportation improvements in areas with air quality problems. This program pays for improvements that reduce congestion while improving air quality. The Commission also uses CMAQ dollars for commuter assistance programs, high occupancy vehicle (HOV) lanes, and transit projects. CMAQ reimbursement estimates represent budgeted expenditures for specific projectswith CMAQ allocations. Federal Transit Administration: The federal govemment generally allocates FTA funds annually to urbanized areas based on calculated miles of service. On a reimbursement basis, the federal government providesfunding to the Commission for qualified capital investments in rail facilities, track, and vehicles. Transportation Uniform Mitigation Fee: In connection with the 2009 Measure A, the 1UMF program wasestablished in the Western County to provide additional funding for regional arterial projects. WRCOG administersthe TUMFprogram.lhe Commission receivesa significant portion of the 1UMF revenues, divided equally between the regional arterial and CETAP programs, based on a MOU with WRCOG. WRCOG maintains 1UMF revenues for regional arterial zone improvements and disburses funds for regional transit facilities to Riverside Transit Agency (RTA). The Commission projects 1UMF revenue (Chart 31) based on monthly receipt trends and consideration of local housing and commercial construction activity in the County. Occasionally, the Commission receiveslUMFregional arterial zone reimbursementsforlUMFprojectsin which the Commission is the lead agency. Chart31 -Transportation Uniform Mitigation Fee Revenue Trend 2016-2020 $27,000,000 $25,000,000 $23,000,000 $21,000,000 $19,000,000 $17,000,000 FY 15/16 Actual FY 16/17 Actual FY 17/ 18 Actual FY 18/ 19 Projected FY 19/20 Projected 65 Rail and Highway Licenses: The Commission owns parcels of land and right of way for highway, rail, and regional arterial projects in selected areas throughout the County. The ownership provides licensing and leasing opportunitiesfor fiber-optic cable, advertising signs, and business tenants. The amount of funding received from the licensesand leasessupportsthe cost of owning and maintaining the Commission'sland and facilities. Toll Revenue: The Commission and the OCTA entered into a cooperative agreement in 2011 for the RCTC 91 Express Lanesand OCTA 91 Express Lanesto be interoperable and operated by the same toll operator. A subsequent agreement executed in 2013 among the Commission, OCTA, and the operator resultsin a single operator providing most operationsand first line maintenance services fora single 91 Express Lanes system in Riverside and Orange counties. Notwithstanding their physical connection and use of the same toll operator, the RCTC 91 ExpressLanesand OCTA 91 Express Lanes are independent enterprises; each agency charges independent tolls for its express lanes. FY 2019/20 toll revenues represent projected tolls for the RCTC 91 Express Lanes based on estimated toll transactionsand traffic and revenue data. Non -toll Revenues: The 2011 cooperative agreement between the Commission and OCTA regarding the 91 Express Lanes also included cost and revenue sharing among other provisions. Non -toll revenues consist of revenues not attributable directly to toll transactions but are derived from transaction -based feesand account -based fees. The Commission estimated FY2019/20non- toll revenuesbased on current data from the RCTC 91 Express Lanes. Investment Income: The Commission established a prudent investment policy that is intended to provide absolute safeguardson principal and liquidity aswell maximize return, asnoted in Section 1. The Commission estimated interest earnings on the State and County investment pools and fundsheld by the trustee for debt service and projectsat 2%. Program Revenues and Other Sources The Commission allocated revenuesand other financing sourcesfor FY2019/20 asfollows: Chart 32—Program Revenues FY 2019/ 20 $300,000,000 $250,000,000 — $200,000,000 $150,000,000 $100,000,000 $50,0,0,000 $_ WIC_ d1 1 a�°�00.- �ocaF� 0�000��o a�`ep'' a 7\e <6.' \O° ��0°5 a��� 0�5 °c°o e o0Q . 6v Q °° 0\� SAP �0A SQL OK' ,e ,((,-(‘� o\o c°d cO e Go c �\° Q\Oc c o Q`� O e- o Measure A o LlF N STA o Federal o Sate u Loca VToll/Other 66 Management Services The primary funding sourcesfor management servicesare transfersin of Measure A of $7,029,100, LTF of $122,400 and $6,411,200 from TUMF, SAFE, FSP, STA, SB 132, Coachella Valley Rail, toll operations, and other agency projectsfor ad ministrative costs. Local and other revenues include $400 related to reimbursementsforadministrative activitiesand investment revenuesof $81,800. Bond Financing Measure A Western County revenuesof $12,096,000 will be used to support bond financing costs. Investment revenuesare $223,400. C ETA The Western County CETAP program anticipates$12,500,000 from TUMFfor development of new CETAP corridors. Local and other revenues include $18,000 for property lease revenues and $889,600 representing investment income. Economic Development In order to attract commercial and industrial development and jobs to locate in the Western County area, Measure A Western County revenues of $1,792,000 will be used to create an infrastructure improvement bank to improve and construct interchanges, provide public transit linkages or stations, and make other improvements to the transportation system. Investment eamingsare $249,700. Highways Funding for the highway program includes2009 Measure A sales tax revenues of $66,436,000 for Western County highways and Coachella Valley highways and regional arterial programs. The 2009 Measure A Westem County sales tax revenues will be used primarily to fund debt service related to the financing of the 91 Project and 1-15 Express Lanes project. Unexpended 1989 Measure A Western County revenuesfrom prior years will be used on remaining eligible projects such asthe Pachappa underpass project and close-out activitieson the 91 Project. Federal fundsfor highway projectsinclude: • $447,100 in CMAQ fundsforthe 3R91 HOV lanes; • $8,255,200 and $2,303,200 in CMAQ and federal earmarks, respectively forthe Pachappa underpassproject; • $2,704,000 in Surface Transportation Block Grant (SIBG) funds for the 1-15 Express Lanes project; • $6,000,000 in CMAQ fundsfor the 1-15 Expresslanes—Southern Extension project; • $33,626,000 in CMAQ fundsfor the SR60 truck lanes project; and • $2,803,200for BABssubsidypaymentsrelatedtothe 2010BBonds. State fundsfor highway projectsinclude: • STIPfund ing of$109,100for the 1-215 corridor improvements; • STIPfunding of $31,066,600 and State Highway Operation and Protection Program (SHOPP) funding of $4,307,400 for the SR60truck lanes; • SB 1 Local Partnership Program revenues of $4,272,000 for the Pachappa underpass project; and • $93,511,800 of SB 132 funding for the 15/91 Express Lanes connector, I-15/Limonite interchange, McKinley and Jurupa Avenue grade separation, and Hamner Bridge widening projects. 67 Additional local funding includes $225,400 in lease revenues, $100,000 in local reimbursements related to carpool violations, and investment revenue of $3,173,700. In FY2019/20, the Commission anticipates$75,703,000 in a federal TIFIA loan drawdown to fund the I-15 Express Lanes project. Transfers in include: • $24,402,400 in salestax bond proceedsto fund the 1-15 ExpressLanesproject; • $6,000,000 in 1989 Measure A Western County highwaysfundsforthe completion of the 91 Project; • $69,534,500 to the Sales Tax Bondsdebt service fund for Measure A Western County and Coachella Valley highwaysdebt service; • $3,000,000 to the Debt Service fund asa Commission loan to fund a TIFIA Loan reserve for the 1-15 ExpressLanesproject; • $2,000,000 LTF allocation to fund grade separation projects in the County and city of Corona; • $2,359,000 to the 2009 Measure A Western County highwaysfund from the RCTC 91 Express Lanesfund forthe 91 corridor operationsproject; • $1,550,000 LTF allocation to the 2009 Measure A Western County highwaysfund for next generation toll projects; and • $10,000,000 and $2,803,200 to the 2009 Measure A Western County highways fund from the 2009 Measure A Western County bond financing fund and federal cash subsidy from the Debt Service fund, respectively, fordebt service. Local Streets and Roads The Commission anticipatesthe allocation and distribution of $58,964,000 in Measure A funds for the local streets and roads program to the cities and the County for local street repairs, maintenance, and construction. New Corridors To leverage local, state, and federal funding for four new transportation corridors identified through CETAP, Measure A Western County revenues of $16,577,000 will be available for environmental clearance, right of way acquisition, and construction of these new corridors. State funds include SB 1 Local Partnership Program revenuesof $7,042,000 forthe Mid County Parkway/ 1-215 Placentia Interchange project. Additional local and other funds includes $9,600 in lease revenuesand $568,500 in investment revenues. Rail The Commission expects the allocation of $9,140,000 in 2009 Measure A Western County public transit program funds for rail. Federal funds consist of $17,000,000 and $7,100,000 for station rehabilitation and improvement projects and SCRRA capital projects, respectively, and $750,000 for the development of Coachella Valley -San Gorgonio Pass corridor rail service. State funds include $5,942,500 for the special trains platform in the city of Indio. Local and other revenues include $300,000 for property lease revenues and $576,000 in investment revenue. Transfers in consist of $1,269,100 from the STA fund for the development of Coachella Valley -San Gorgonio Passcorridor rail service. 68 Regional Arterials the Western County regional arterial program expects Measure A and TUMF revenues of $13,441,000 and $12,500,000, respectively. The new TUMFrevenuesalong with unexpended TUMF revenues from prior years will be the primary source of funding TUMF regional arterial projects. State revenues consist of $5,800,000 fora Lake Elsinore regional arterial project managed by the Commission. Other local revenues consist of investment income of $1,683,800. Transfers in consist of $300,000 from the 2009 Measure A Western County highway fund for the SR79 realignment project. Public and Specialized Transit The Commission anticipates LTFsalestaxrevenuesof$97,000,OOOallocated primarily for public bus and rail transit operationsand capital in the County. The Commission allocatesa small portion of these revenuesfor planning and administration aswell asSB821 bicycle and pedestrian facilities grants. The Commission also expects STA allocations of $31,050,600 for the County'spublic transit operators. Forthe FY2019/20 budget, the Commission will use unexpended LTFand STA revenues from prioryearsto fund transit operationsaswell asbicycle and pedestrian facilitiesgrants. Under the 2009 Measure A, the Commission estimates public transit funding of $12,314,000 for Westem County specialized transit and intercity bus services and Coachella Valley specialized and public transit services. Transfers in consist of $252,900 LTF for administrative costs. Local revenues represent investment income of $2,933,700. Planning and Programming STIP of $668,000 will fund PPM activities of the Commission and CVAG. Local and other revenues consist of $7,367,900 for the District's projects and investment income of $5,700. Planning and programming transfersin consist of: • An off -the -top allocation of $2,820,000, or three percent of estimated LTF revenues, for transportation planning studies; and • A LTF a llocation of $773,200 for ad ministrative costs; Rail Station Maintenance and Operations Rail operations include Metrolink operating and capital contributions, station maintenance, and support. The Commission will fund these rail activitieswith LTFallocation transfersin of $23,000,000. Federal CMAQ funds of $4,730,000 relate to SCRRA security costs and operations at the PVL stations and FTA fundsof $4,000,000 for station preventative maintenance. State reimbursements of $2,996,700 will fund operations at the PVL stations and station improvements. In addition to investment revenuesof $412,100, local and other revenuesinclude $280,000 in reimbursementsfor Metrolinkviolator citationsand miscellaneousvending machine revenues. CommuterAssistance The Commission anticipates funding of $2,240,000 from 2009 Measure A Western County public transit to the commuterassistance program forservicesto commutersand employersin promoting use of alternate modesof transportation in Western County. Local and other revenues consist of investment income of $295,000, $1,285,000 from SBCTA for support of the San Bernardino County commuter assistance program and regional ridematching, and a $601,000 Mobile Source Air Pollution Reduction Review Committee (MSRC) grant forthe vanpool program. 69 Motorist Assistance DMV registration feesof $1,980,000 and Caltransstate highway account allocationsof $2,900,000 willfund SAFEand FSPservices, respectively. lhe Commission will also receive local reimbursements of $224,600 to support SBCTA's share of the 511 traveler information system operations and cost recoveriesof $99,000 from responsible partiesrelated to call box knockdowns. Investment income is $175,600. An operating transfer in from SAFE of $2,400,000 serves as a match to the Slate's FSP contribution. Toll Operations Tolls, penalties, and fees of $41,869,400 will fund the RCTC 91 Express Lanes toll operations. Local and other revenues include $1,522,100 for investment income. 70 Commission Debt The Commission incurred debt forhighway (non -tolled and tolled), new corridor, regional arterial, and local streetsand roadsprojectsforwhich title usually vestsor, upon completion, will vest with Caltransorlocaljurisdictionsforongoing operationsand maintenance. The financed projectsare not assotsofthe Commission forwhich the Commission will have operating responsibilities, except for the intangible rights to operate the express lanes on SR-91 and 1-15. Accordingly, future operating costsrelated to the non -capitalized projectscannot be determined since they are not the Commission's responsibility and are not applicable to the annual budget. Operating budget impacts for the Commission's toll a,mts and non -financed rail as<zetsare included in the annual budget. The Commission pledged future Measure A sales taxes as security for Measure A debt service paymentson the salestax revenue bondsand commercial paper notes. Toll revenuesgenerated on the RCTC 91 Express Lanes are pledged to pay debt service on the 2013 Toll Bondsand 2013 11F1A Loan forthe 91 Project; future toll revenuesgenerated on the 1-15 ExpressLanesare pledged to pay debt service on the federal TIF1A loan executed in 2017 (201711F1A Loan) forthe 1-15 Express Lanesproject. Table 41 presents a summary of the anticipated changes in the Commission's debt during FY 2019/20. The Commission excludesaccretion amountsrelated to capital appreciation bondsand compounded interest on the TIFIA loans, asthey do not affect the annual budget activities. Table 41 —Changes in Commission Debt Projected Balance July 1,2019 Additions (Reductions) Projected Balance June 30, 2020 2010BSalesTaxBonds 2013SaIesTaxBonds 2013 Toll Bonds 2016SaIesTaxRefund ing Bonds 2017A & le s Tax Bond s 2017BSales Tax Refund ing Bonds 2018&IesTaxRefund ing Bonds 201311RA Loan-91 Express Lanes 2017 -IRA Loa n - 1-15 Express La nes Commercial Paper $ 112,370,000 $ 54, 705, 000 176, 654, 600 63, 595, 000 150,580,000 392,730,000 59, 075, 000 421, 054,400 61,841,100 - $ 75, 703, 000 (12,690,000) (5,185, 000) (4,690,000) (4,680,000) $ 1,492,605,100 $ 75,703,000 $ (27,245,000) $ 112,370,000 42,015,000 176, 654, 600 58,410, 000 145, 890, 000 392,730,000 54,395,000 421, 054, 400 137, 544,100 $ 1,541,063,100 In March 2005, the Commission established a commercial paper program to advance project development and land and right of way acquisition under the 2009 Measure A TIP. The current commercial paper program authorization is $60,000,000. The Commission generally rolls over commercial paper note maturitiesto new note issuances unless refinanced with long-term sales tax bond issuances. The Commission currently maintains P-1 and an A-1+ rating from Moody's Investors Service (Moody's) and S&P Global Ratings(S&P), respectively, on the commercial paper notes. Available commercial paper proceeds or sales tax revenues fund commercial paper interest payments. The Commission projectsno issuancesof commercial paper notes in FY2018/19 or FY 2019/20 — resulting in $0 outstanding amount of commercial paper projected at June 30, 2020. Accordingly, the FY 2019/2020 budget includes no commercial paper interest payments. The Commercial Paper capital projectsfund accountsfor commercial paperactivities. 71 Ascredit and liquidity support forthe commercial paper notes, the Commission hasan irrevocable direct draw letterofcredit inthe amount of$60,750,OOOand reimbursement agreement with State Street Bank and Trust Company (State Street Bank), which expires in October 2020. The costsfor the liquidity support are reflected in the 2009 Measure A Western County Bond Financing special revenue fund. SalesTax Revenue Bonds Under the provisions of the 2009 Measure A, the Commission has the authority to issue sales tax revenue bondssubject to a debt limitation of $975 million, reflecting an increase from the original authorization of $500 million because of the November 2010 voter approval of Measure K. The sales tax revenue bonds are limited tax bonds secured by a pledge of the 2009 Measure A revenues(Limited Tax Bonds). All salestax revenue bondsmature on or before June 2039, priorto the expiration of the 2009 Measure A. Asa meansto achieve a greater level of interest rate stability, the Commission entered into two interest rate swapsfora total notional amount of $185,000,000 at a fixed rate for20 yearseffective October2009. In connection with the commencement of the interest rate swapsin October2009, the Commission issued $185,000,000 in variable rate salestax revenue bondsto retire outstanding commercial paper notes, refund bonds issued in 2008, fund a portion of the debt service reserve, and pay issuance costs. The Commission terminated the swaps at a termination cost and refinanced all of the related variable rate salestax bonds by issuing fixed rate refunding salestax revenue bondsin September2016 and April2018. In November2010, the Commission issued $37,630,000 in fixed rate tax-exempt salestax revenue bonds (2010A Bonds) and $112,370,000 in fixed rate taxable 2010B Bonds designated as BABs under the American Recovery and Reinvestment Act. The Commission used proceeds from the aggregate amount issued of $150,000,000to retire outstanding commercial paper notes, provide funds for 2009 Measure A Western County capital projects, and pay issuance costs. The Commission refunded all of the outstanding 2010A Bonds in December 2017. The Commission designated a portion of the BABsas recovery zone economic development bonds(RZEDBs). The Commission expectsto receive a cash subsidy from the United StatesTreasury equal to 35%of the interest payable on the BABs or 45%of the interest payable on the 2010B Bonds designated as RZEDBs. However, reductions in the BABs subsidies occurred in recent years due to federal sequestration cuts. If sequestration continues, the Commission anticipates reduction in the FY 2019/20 BABs subsidy of 6.0%. Estimated net debt service payments for the 2010B Bonds in FY 2019/20 are $0 for principal and $7,649,000 for interest payments. Federal reimbursement include the $2,803,200 projected cash subsidy payment. In July 2013, the Commission issued $462,200,000 in fixed rate salestax revenue bonds (2013 Sales Tax Bonds), at a premium, in connection with the 91 Project. The Commission used the proceeds of the 2013 SalesTax Bondsto fund a substantial portion of the 91 Project costs, retire outstanding commercial paper notes, pay capitalized interest through December 2017, and pay issuance costs. The Commission refunded the callable portion of the 2013 Sales Tax Bonds in December 2017. Estimated debt service payments in FY2019/20 for the remaining 2013 Sales Tax Bonds are $12,690,000 for principal and $2,735,200 for interest payments. In September2016, the Commission issued $76,140,000 in fixed rate sales tax revenue refunding bonds(2016Refunding Bonds),ata premium, to refund all of the outstanding SeriesAbondsissued in 2009, retire all of the commercial paper notes, and pay issuance costs. Estimated debt service payments for the 2016 Refunding Bonds are $5,185,000 for principal and $2,266,100 for interest payments. In July 2017, the Commission issued $158,760,000 in fixed rate sales tax revenue bonds (2017A Bonds), at a premium, to fund the 1-15 ExpressLanesproject and completion of the 91 Project. The 72 Commission used the proceeds of the 2017A Bonds to fund 1-15 Express Lanes project costs, completion of the 91 Project, retire outstanding commercial paper notes, and pay issuance costs. Estimated debt service payments for the 2017A Bonds in FY 2019/20 are $4,690,000 for principal and $7,322,000 for interest payments. In December2017 as result of pending federal tax reform legislation that eliminated advance refundings, the Commission issued $392,730,000 in fixed rate sales tax revenue refunding bonds (2017B Refunding Bonds), at a premium, to refund all of the outstanding 2010A Bonds and the callable portion of the 2013 Sales Tax Bonds and pay issuance costs. Estimated debt service payments for the 2017B Refunding Bonds in FY 2019/20 are $0 for principal and $19,366,400 for interest payments. In April 2018 due to federal tax reform legislation impacts, the Commission issued $64,285,000 in fixed rate salestax revenue refunding bonds (2018 Refunding Bonds), at a premium, to refund all of the outstanding SeriesBand SeriesC bondsissued in 2009, finance the related swap termination payment, and pay issuance costs. Estimated debt service paymentsforthe 2018 Refunding Bonds are $4,680,000 for principal and $2,953,800 for interest payments. The Commission received long-term debt ratings of Aa2, AA+, and AA from Moody's, S&P, and Fitch Ratings (Fitch), respectively on itscurrently outstanding salestax revenue bonds. Toll Revenue Bonds and 11RA Loans 91 Project In July 2010, the Commission authorized the issuance of up to $900,000,000 in toll revenue bonds in anticipation of the financing requirementsforthe 91 Project. In July 2013, the Commission issued $176,654,600 in 2013 Toll Bonds, at a discount, that consist of $123,825,000 in current interest bonds(CIBs) and $52,829,600 in capitalappreciation bonds(CABs). The CIBs have maturity dates through June 2048, while the CABs mature at the accreted value commencing June 2022 through June 2043. Estimated debt service payments for the 2013 Toll Bonds in FY2019/20 are $0 for principal and $7,119,900 for interest payments. The 2013 Toll Bonds are secured by a lien on the trust estate, which consists primarily of toll revenues and non -toll transaction and account revenues less operating and maintenance expenses of the RCTC 91 Express Lanes. In July 2013, the Commission executed the 2013 TIF1A Loan with the United States Department of Transportation (U.S. DOT) in an amount up to $421,054,400, which provided the final puzzle piece needed forthe full funding of the 91 Project. The 2013TIF1A Loan isa toll revenue bond subordinate to the 2013 Toll Bonds unless and until the occurrence of a bankruptcy related event. The Commission obtained proceedson the full amount of the 2013 TIFIA Loan through FY2016/17 after meeting certain conditions. Interest on outstanding disbursements is3.47%and is compounded semiannually. The 2013 TIFIA Loan maturesin June 2051. Interest paymentscommence on the fifth anniversary of the substantial completion date (March 2017) or the first interest payment date occurring prior to the fifth anniversary date. Accordingly, semiannual interest payments commence December2021; principal paymentscommence annually in June 2030. The RCTC 91 Express Lanes trust estate also secures the 2013 TIFiA Loan, similar to the 2013 Toll Bonds. The Commission funded a $20,000,000 11F1A debt service reserve in June 2019 from sale proceeds of excess land acquired for the 91 Project and surplus toll revenues. The Commission included the 201311FIA Loan reserve funding in the enterprise fund. The 2013 Toll Bondsand the 2013 TIFIA Loan long-term ratingsfrom S&P and Fitch were upgraded to BBB during FY 2018/19 as a result of the strong performance compared to initial rating projections. 73 1-15 Express LanesProject In May 2017, the Commission authorized the issuance of up to $165,000,000 in toll revenue bonds in anticipation of the financing requirementsforthe I-15 Express La nes project. In July 2017, the Commission executed the 2017 T1F1A Loan with the U.S. DOTin an amount up to $152,214,260. The 2017 11FIA Loan as well as the 2017 Bonds, $110,000,000 in federal funds, and project expensesalready paid from 2009 Measure A revenuesprovided the full funding of the I-15 Express Lanesproject. The 2017 T1FIA Loan isa %niortoll revenue bond, and proceedsof the 2017 T1FIA Loan may be drawn upon after certain conditions are met. Interest on outstanding disbursements is 2.84% and is compounded semiannually. The 2017 T1FIA loan is expected to mature on the earlier of 35 yearsafter substantial completion of the 1-15 Express Lanes project or June 1, 2056. Interest payments are expected to commence on the fifth anniversary of the substantial completion date or the first interest payment date occurring prior to the fifth anniversary date. Accordingly, semiannual interest paymentsare anticipated to commence June 2025; principal paymentsare expected to commence in June 2030. The Commission isrequired to fund an $18,000,000 T1FIA debt service reserve no laterthan June 30, 2024 from toll revenues and a Commission loan from sales tax revenues to the extent that toll revenues are insufficient. The FY 2019/20 budget includes a $3,000,000 transfer from the 2009 Measure A Western County highway fund asa loan to the Debt Service fund to establish the initial reserve funding. The Commission also anticipatesproviding additional liquidity support in the form of a Commission backstop loan from salestax revenuesin the annual amount up to $3,850,000 up to a maximum total amount of$38,500,OOOfrom FY2024/25through FY2038/2039. The Commission loanswill be repaid from available toll revenuesafter meeting certain blocked payment tests. The 2017 T1F1A Loan issecured by a lien on the trust estate, which consistsprimarily of toll revenuesand non -toll revenues (including account and violations revenues) less operating and maintenance expensesof the 15ExpressLanes. Debt Capacity Analysis SalesTax Debt The Commission is legally prohibited from issuing additional sales tax revenue debt if its debt coverage ratio islessthan 1.5 to 1 on all senior salestax revenue debt. The Commission adopted a higher standard of 2 to 1 as part of its debt management policy. As Chart 33 and Table 42 indicate, the Commission successfully met its policy standard for sales tax revenue debt issued under the 2009 Measure A. The 1989 Measure A related debt consistently exceeded the Commission's standard, and coverage for the 2009 Measure A related debt of 2.9 isanticipated for FY2019/20. Any coverage lessthan 2 to 1 would necessitate using other program funding to coverall debt service expenditures. 74 Chart 33 —Measure A Sales Tax Debt Capacity Analysis $250,000,000 $200,000,000 $150,000,000 $100,000,000 $50, 000,000 $- FY 2018/ 19 FY 2019/20 Table 42 —Measure A Sales Tax Debt Capacity Analysis Sales Tax Revenues Senior Debt Service, Net of 3ibsidy Coverage Ratio -Senior Debt Long -Term Debt Rating Commercial Paper Rating Toll Debt NSeniorDebtService iiAvailable Revenues FY 18/ 19 $ 192, 000, 000 $ 66, 755, 500 2.9 Aa 2/AA+/AA P-1/A-1+ FY 19/ 20 $ 193, 000, 000 $ 66,734,300 2.9 Aa 2/AA+/AA P-1/A-1+ Upon the execution of the 2017 TIRA Loan, the toll -supported debt consists of the 2013 Toll Bonds and 201711FIA Loan assenior debt and the 201311F1A Loan assubordinate debt. Beginning in the first full fiscal year following substantial completion of the express lanes projects, the Commission isrequired to establish and collect tollsin connection with the toll road to produce net revenuesequalto or in excessof the following ratios: Coverage Ratios 2013 Toll Bonds/2013 TIRA Loan 2017 TIF1A Loan Senior lien debt Total debt Total debt plus reserve deposits and certain other funds established under the applicable indenture 150% IW- 100% -W 100 iar The Commission expects to exceed the toll coverage ratio requirements for the 2013 Toll Bonds and 2013 TIF1A Loan with a coverage ratio of 328%for FY2019/20. Aggregate Debt Service Schedule for Sales Tax Bonds Debt service requirements(Table 43 and Chart 34) forthe salestax revenue bondsare based on amortization schedulesfor the 2010BBonds, net of the BABssubsidy; 2013A Sales Tax Bonds; 2016 Refunding Bonds; 2017A Bonds; 2017B Refund ing Bonds; and 2018 Refunding Bonds. 75 Table 43—Commission Sales Tax Revenue Bonds Aggregate Net Debt Service Requirements FscaIYea r Principal Interest Subsidy Payments Net Debt Service 2020 $ 27,245,000 $ 42,292,500 $ (2,803,200) $ 66,734,300 2021 28,495,000 41,024,200 (2,982,100) 66,537,100 2022 29, 995, 000 39, 599, 300 (2,982,100) 66, 612, 200 2023 31,405,000 38,150,300 (2,982,100) 66,573,200 2024 32,635,000 36,580,100 (2,982,100) 66,233,000 2025-2029 187,520,000 158,397,800 (14,910,500) 331,007,300 2030-2034 219,185,000 111,360,400 (14,551,500) 315,993,900 2035-2039 276,575,000 46,789,600 (7,385,900) 315,978,700 Total $ 833,055,000 $ 514,194,200 $ (51,579,500) $ 1,295,669,700 Chart 34 —Commission SalesTax Revenue Bonds Aggregate Debt Service through Maturity $so,o0o,000 $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 r I iirill111IIii ri\rtirL 9;1' S ��\fib r-1)' q�\ryb rLb\� \rye ��\ryq rt` '3p° ,b\,`L ����`S ,5`5�bb ���,b5 `D�3b �b�,�1 '\��'b ��9 ry0 ry0 ry9 99 ry0 rti9 rt0 r10 ry0 ry0 , 9 99 99 ry0 rt0 rt0 ,�9 ry0 q9 ry0 FJ FJ FJ FJ �y Fy Jai lesTax Revenue Interest uSalesTax Revenue Principal Outstanding Debt and Debt Service Requirements for SalesTax Debt as of June 30, 2020 The following is summary of debt issued and secured by 2009 Measure A sales tax revenues, receipt of which began in FY2009/10: 2005 Commercial Paper Notes (Limited Tax Bonds), Series A: In February 2005, the Commission authorized a $200 million commercial paper program. In March 2005, the Commission established the program for $185,000,000 Commercial Paper Notes (Limited Tax Bonds), Series A and B. In October 2010, the Commission reduced the program to $120 million; in September 2013, the Commission further reduced the program to $60 million. The repayment of principal and interest on the commercial papernotesissecured by an irrevocable direct draw letter of credit issued by State Street Bank, and the Measure A salestaxrevenuessecure such repayment. Maturitiesof the commercial paper notes may range from one to 270 days, and interest rates are variable and dependent on current market conditions. The Commission anticipates no outstanding commercial paper notesat June 30, 2020. The note agreements require the trustee to hold all note proceeds and a portion of sales tax revenuesand to segregate all fundsinto separate accountsas required by the indentures. 2010 Sales Tax Revenue Bonds (Limited Tax Bonds), SeriesA Tax -Exempt and SeriesBTaxable: In November 2010, the Commission issued $150,000,000 principal amount of serial bondsto retire all of the outstanding principal amount of the commercial paper notes, fund project costs, and pay issuance costs. The Commission refunded the 2010A Bonds in December 2017. The outstanding 76 2010B Bonds mature in annual installments ranging from $530,000 to $17,980,000 on various dates from June 1, 2032 through June 1, 2039. The interest rate for the 2010B Bonds is 6.807%. The Commission expects to receive BAB cash subsidies from the U.S. Treasury related to the 2010B Bonds; however, sequestration cutsmay continue to affect the subsidy amounts. The 2010B Bond agreementsrequire the trustee to hold all bond proceedsand a portion of salestaxrevenuesand to segregate all fundsinto separate accountsasrequired by the indentures. Table 44summarizes the debt service requirements, net of subsidy paymentsforthe 2010B Bonds. Table 44-2010 SalesTax Revenue Bonds Net Debt Service Requirements FscalYear Principal Interest 2020 2021 2022 2023 2024 2025-2029 2030-2034 2035-2039 Total 3ibsidy Net Debt Service $ - $ 7,649,000 $ 7,649,000 7,649,000 7,649,000 7,649,000 38, 245, 000 29,170,000 37,219,200 83, 200, 000 17, 452,100 (2,803,200) $ (2,982,100) (2,982,100) (2,982,100) (2,982,100) (14,910,500) (14,551,500) (7,385,900) 4,845,800 4,666,900 4,666,900 4,666,900 4,666,900 23, 334, 500 51,837,700 93, 266, 200 $ 112,370,000 $ 131,161,300 $ (51,579,500) $ 191,951,800 2013 Sales Tax Revenue Bonds (Limited Tax Bonds), Series A Tax -Exempt: In July 2013, the Commission issued $462,200,000 principal amount of serial bonds at a premium of $38,328,800 to retire all of the outstanding principal amount of commercial papernotes, fund a portion of the 91 Project costs, pay capitalized interest during construction, and pay issuance costs. In December 2017, the Commission refunded the callable portion of the outstanding 2013 Sales Tax Bonds. The bondsmature in annual installmentsranging from $12,690,000to $14,695,000 on variousdatesfrom June 1, 2020 through June 1, 2023; the interest rate is5.00%. The 2013 Sales Tax Bond agreements require the trustee to hold all bond proceedsand a portion of salestaxrevenuesand to segregate all funds into separate accountsas required by the indentures. Table 45 summarizesdebt service requirementsforthe 2013 Sales Tax Bonds. Table 45-2013 SalesTax Revenue Fisc a I Year 2020 2021 2022 2023 Total Bonds Debt Service Requirements Principal $ 12,690,000 $ 13, 325, 000 13, 995, 000 14, 695, 000 Interest Total Debt Service 2,735,200 2,100, 800 1,434, 500 734,800 $ 54, 705, 000 $ 7,005,300 $ 15,425,200 15,425,800 15,429, 500 15,429,800 $ 61,710,300 2016 Sales Tax Revenue Refunding Bonds (Limited Tax Bonds), SeriesA Tax Exempt: In September 2016, the Commission issued $76,140,000 in fixed rate sales tax revenue refunding bonds, at a premium of $8,414,007, to refund all of the outstanding SeriesA bonds issued in 2009, retire all of the commercial paper notes, and pay issuance costs. The bonds mature in annual installments ranging from $5,185,000to $7,305,000on variousdatesfrom June 1, 2020 through June 1,2029with interest rates ranging from 2.00%to 5.00%. Table 46 summarizes debt service req uirementsfor the 2016 Refunding Bonds. 77 Table 46-2016 SalesTax Revenue Fisc a I Year 2020 2021 2022 2023 2024 2025-2029 Total %funding Bonds Debt Service Principal $ 5,185, 000 5,445, 000 5,720,000 6,005,000 6,305,000 34, 935, 000 Requirements Interest Total Debt Service $ 2,266,100 $ 7,451,100 2,006,900 7,451,900 1,734,600 7,454, 600 1,448,600 7,453,600 1,148,400 7,453,400 2,333,000 37,268,000 $ 63, 595, 000 $ 10,937,600 $ 74,532,600 2017 Sales Tax Revenue Bonds (Limited Tax Bonds), Series A Tax Exempt: In July 2017, the Commission issued $158,760,000 principal amount, at a net premium of $28,931,909, to primarily fund the 1-15 Express Lanes project and completion of the 91 Project. the bonds mature in installments ranging from $4,690,000 to $11,440,000 on various dates from June 1, 2020 through June 1, 2039 with interest rates ranging from 3.00%to 5.00%. Table 47 summarizes debt Service requirementsforthe 2017A Bonds. Table 47 -2017 A SalesTax Revenue Bonds Debt Service Requirements FscalYear 2020 2021 2022 2023 2024 2025-2029 2030-2034 2035-2039 Total Principal Interest Total Debt Service $ 4,690,000 $ 4,835,000 5,075,000 5,280,000 5,540,000 32,155, 000 40, 965, 000 52, 040, 000 7,322,000 7,181, 300 6,939,500 6,736,500 6,472,500 27, 919,100 19,103,400 8,027,200 $ 12,012,000 12, 016, 300 12,014,500 12, 016, 500 12, 012, 500 60, 074,100 60, 068,400 60, 067, 200 $ 150,580,000 $ 89,701,500 $ 240,281,500 2017 Sales Tax Revenue Refunding Bonds (Limited Tax Bonds), SeriesBTax Exempt: In December 2017, the Commission issued $392,730,000 in fixed rate sales tax revenue refunding bonds, at a premium of $80,058,109, to refund all of the outstanding 2010A Bonds, refund a portion of the 2013 Sales Tax Bonds, and pay issuance costs. the bonds mature in annual installments ranging from $15,045,000 to $30,980,000 on va rious d ates from June 1, 2024 through June 1, 2039 with interest ranging from 4.00% to 5.00%. Table 48 summarizes the debt service requirements for the 2017B Refunding Bonds. Table 48-2017 BSalesTax Revenue Refunding Bonds Debt Service Requirements Fiscal Year 2020 $ 2021 2022 2023 2024 2025-2029 2030-2034 2035-2039 Principal Interest Total Debt Service - $ 19,366,400 - 19,366,400 19, 366,400 19,366,400 15, 045, 000 19, 366, 400 87, 300, 000 84, 766,100 149, 050, 000 55, 037, 800 141, 335, 000 21, 310, 300 Total $ 392,730,000 $ 257,946,200 $ 19,366,400 19,366,400 19,366,400 19,366,400 34,411,400 172, 066,100 204, 087, 800 162, 645, 300 $ 650,676,200 2018 Sales Tax Revenue Refunding Bonds (Limited Tax Bonds), SeriesA Tax Exempt: In April 2018, the Commission igsaed $64,285,000 in fixed rate salestax revenue refunding bonds, at a premium of $10,723,789, to refund all of the outstanding Series Band Series bondsisqaed in 2009,finance 78 the swap termination payment, and pay issuance costs. The bonds mature in annual installments ranging from $4,680,000to $7,290,000 on variousdatesfrom June 1, 2020through June 1, 2029with interest rates ranging from 4.00%to 5.00%. Table 49 summarizesdebt service req uirementsfor the 2018 Refunding Bonds. Table 49-2018 Sales Tax Revenue Refunding Bonds Debt Service Requirements Fiscal Year Principal Interest Total Debt Service 2020 $ 4,680,000 $ 2,953,800 2021 4,890,000 2,719,800 2022 5,205,000 2,475,300 2023 5,425,000 2,215,000 2024 5,745,000 1,943,800 2025-2029 33,130,000 5,134,600 To t a I $ 59, 075, 000 $ 17, 442, 300 $ 76, 517, 300 $ 7,633,800 7,609,800 7,680,300 7,640,000 7,688,800 38, 264, 600 Chart 35 presentsthe allocation of the salestax revenue bondsto the 2009 Measure A programs. A significant portion of the salestax revenue bondsfunded highway and regional arterial projects in the Western County and Coachella Valley; however, lessthan 1%funded local streetsand roads projects in the Coachella Valley and Palo Verde Valley. Chart 35 —Program Long -Term Debt Hig hw aysa nd Regional Arterials 100% Chart 36 presents the allocation of the sales tax revenue bonds by the benefiting geographic area. Chart 36 — Long -Term Debt by Geographic Area Coachella Valley 2% i Western County 98% 79 Outstanding Debt and Debt Service Requirements for Toll Revenue Bonds as of June 30, 2020 Chart 37 depicts the debt service requirements for the 2013 Toll Bonds. The 2013 Toll Bond agreements require the trustee to hold all bond proceeds and segregate funds into separate accountsasrequired by the indenture. Chart 37 -Toll Revenue Bonds Debt Service through Maturity $50,000,000 $45,000,000 $40,000,000 $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 nillllllllillliu�iiiles�.��� ryoq�,yryoryO��ryo�,,yryryry�ry����,yryory��ryryryy��ryO�b�ryOry��ryO���,yryoryq���o�O�3ryo�,,y�����ryO���ryo���,5ry�y�ryo�b�,5ryo�� neo\ c:\°O, 1,? O pryoby\°o�b�pryo�\ oc?,\pa Fy FJ FJ FJ FJ FJ FJ FJ FJ Fy FJ F{ FJ FJ FJ FJ Fy FJ FJ FJ F{ FJ FJ FJ FJ Fy FJ F{ FJ FJ o To II Revenue Interest o To II Revenue Principal 2013 Toll Revenue Bonds, Series A (Current Interest Obligations): In July 2013, the Commission issued $123,825,000 principal amount of serial CIBs to fund a portion of the 91 Project, pay capitalized interest during construction, fund a debt service reserve fund, fund an initial amount foran operationsand maintenance fund, and pay issuance costs. The ClBsconsist of a serial bond maturing on June 1, 2044 in the amount of $39,315,000 at an interest rate of 5.75%and a term bond due on June 1, 2048 in the amount of $84,510,000 with annual sinking funds payments of $42,255,000 on June 1, 2047 and June 1, 2048 at an interest rate of 5.75%. Table 50 sum marizesthe debt service requirementsforthe 2013 Toll Revenue CIBs. Table 50 -2013 Toll Revenue Current Interest Obligation Bonds Debt Service Requirements FscalYear Principal Interest Total Debt Service 2020 $ $ 7,119,900 2021 7,119, 900 2022 7,119, 900 2023 7,119, 900 2024 - 7,119,900 2025-2029 - 35,599,500 2030-2034 - 35, 599, 500 2035-2039 - 35, 599, 500 2040-2044 39, 315, 000 35, 599, 500 2045-2048 84, 510, 000 17, 008, 600 To t a I $ 123, 825, 000 $ 195, 006,100 $ 7,119,900 7,119, 900 7,119, 900 7,119, 900 7,119, 900 35, 599, 500 35, 599, 500 35, 599, 500 74, 914, 500 101, 518, 600 $ 318, 831,100 2013 Toll Revenue Bonds, SeriesB(CapitalAppreciation Obligations): In July 2013, the Commission issued $52,829,600 principal amount of serial CABs to fund a portion of the 91 Project, pay capitalized interest during construction, fund a debt service reserve fund, fund an initial amount for an operations and maintenance fund, and pay issiance costs. the CABs do not pay current interest as interest is compounded semiannually and paid at maturity. therefore, the CABS increase in value, or accrete, by the accumulation of such compounded interest from its initial principal amount to the maturity value in installments ranging from $3,440,000 to $34,220,000 on various dates from June 1, 2022 through June 1, 2043. Interest rates and yield to maturity range from 5.30%to 7.15%. Table 51 summarizesthe debt service requirementsforthe 2013 Toll Revenue CABs. 80 Table 51 -2013 Toll Revenue Capital Appreciation Obligation Bonds Debt Service Requirements Accreted Fiscal Year Principal Interest Total Debt Service 2020 2021 2022 2023 2024 2025-2029 2030-2034 2035-2039 2040-2043 Total $ $ 5,150,800 5,495,300 2,396,700 5,846,900 3,098,100 6,025,400 3,739,100 6,123,000 20, 311, 000 29, 836,100 11,492,900 23,583,100 - 21,612,800 11,791,800 17,206,300 $ 52, 829, 600 $ 120, 879, 700 $ 5,150, 800 5,495, 300 8,243,600 9,123, 500 9,862,100 50,147,100 35, 076, 000 21,612,800 28, 998,100 $ 173, 709, 300 2013 11FIA Loan - 91 Project: In July 2013, the Commission executed a TIRA loan of up to $421,054,400 forthe 91 Project. In FY2016/17, the Commission drew down the balance of the TIRA loan forthe 91 Project. During construction and fora period of up to five yearsfollowing substantial completion, interest iscompounded and added to the initial T1F1A loan. The 2013TIFIA loan requires mandatory debt service payments at a minimum and scheduled debt service payments to the extent additional fundsare available. 11FIA debt service paymentscommence on December 1, 2021 through June 1, 2051. The 201311F1A Loan interest rate is3.47%. Table 52 presents mandatory debt service on the 2013 TIFIA Loan. Table 52-201311RA Loan (91 Project) Debt Service Requirements Mandatory Fiscal Year Principal Interest Total 2020-2025 $ - $ 7,683,000 $ 7,683,000 2026-2030 51,000 41,117, 000 41,168, 000 2031-2035 28,991,000 86,968,000 115,959,000 2036-2040 132, 279, 000 74, 338, 000 206, 617, 000 2041-2045 99,107, 000 55,153, 000 154, 260, 000 2046-2050 233, 347, 000 26, 550, 000 259, 897, 000 2051-2055 9,563,000 332,000 9,895,000 To t a I 503, 338, 000 $ 292,141, 000 $ 795, 479, 000 Accretion (82, 283, 600) Initial Loan $ 421,054,400 In connection with the 2013 financing for the 91 Project, the Commission covenanted to deposit amountswith the toll trustee asan equity contribution of $136,451,515 to the 91 Project through FY 2016/ 17. 201711F1A Loan -1-15 Express Lanes: In July 2017, the Commission executed the 201711RA Loan up to $152,214,260forthe 1-15ExpressLanesproject.The Commission anticipatesdrawsof$61,841,100 in FY2018/19 and $75,703,000 in FY2019/20 on the 201711FIA Loan. During construction and fora period of up to five yearsfollowing substantial completion, interest iscompounded and added to the initial TIFIA loan. The 201711FIA Loan requiresmandatory debt service paymentsat a minimum and scheduled debt service payment to the extent additional funds are available. 11FIA debt service payments are expected to commence on June 1, 2025, which is five years after the projected substantial completion date of the 1-15 ExpressLanesproject, through June 1, 2053. The interest rate of the 11FIA loan is2.84%. Based on a projected draw schedule, Table 53 presents an estimate of mandatory debt service requirements. 81 Table 53 -201711RA Loan (1-15 Express Lanes) Debt Service Requirements Mandatory Fiscal Year Principal Interest Total 2020-2025 $ 2026-2030 2031-2035 2036-2040 2041-2045 2046-2050 2051-2055 8,380,700 21,484,400 26,283,400 52, 708,100 69, 600,100 $ 2,527,000 25, 340, 900 24, 958,100 22, 892, 000 19, 809, 600 14,681,500 6,059,100 $ 2,527,000 25, 340, 900 33, 338, 800 44,376,400 46, 093, 000 67, 389, 600 75, 659, 200 178,456,700 $ 116,268,200 Accretion (26, 242,400) Initial Loan $ 152,214,300 $ 294,724,900 Outstanding SalesTax Debt and Legal Debt Margin at June 30, 2020 Table 54 presentsa summary of the Commission'soutstanding debt secured by Measure A sales tax revenuesand related legal debt margin projected at June 30, 2020: Table 54 -Legal Debt Margin Authorized &IIesTax Revenue Debt 2010B Bonds 2013 &Iles Tax Bonds 2016 Refunding Bonds 2017A Bonds 2017B Refunding Bonds 2018 Refunding Bonds Total Outstanding Debt Legal Debt Margin 2009 Measure A $ 975,000,000 112, 370, 000 42, 015, 000 58,410,000 145, 890, 000 392, 730, 000 54, 395, 000 805, 810, 000 $ 169,190, 000 82 Table 55 - Budget Comparison by Department FY 2018 -2020 FY 17/ 18 Actual FY 18/ 19 FY 18/ 19 Revised Budget Projected FY 19/ 20 Budget Dollar Change Percent Change Revenues Measure A %lesTax LlFles Tax STA Sa le s Tax Federal Reimbursements Bate Reimbursements Local Reimbursements iUM FRevenue Tolls, Penalties, and Fees Other Revenue Investment Income Total Revenues Expenditures/Expenses Management Services: Executive Management Administration External Affairs Rna nce Total Management services Regional Programs: Planning and Programming Services Rail Maintenance and Operations Public and Bpecia!bad Transit Commuter Assistance Motorist Assistance Total Regional Programs Capital Project Development and Delivery Toll Operations Debt Service Principal Payments Interest Payments Cost of Issuance Total Debt Service Total Expenditures/Expenses Brcess (deficiency) of Revenues over (under) Expend itures/Expenses Other Financing Sources (Uses) Transfers In Transfers Out Debt Proceeds 11RA Loan Proceeds Payment to Escrow Agent Bond Premium Net Rnancing Sources(Uses) Excess (deficiency) of Revenues over (under) Expenditures/Expensesand Other Rnancing Spumes (Uses) Beginning Fund Balance $ 176,301,700 89,557,600 21, 320, 900 71, 468, 000 11,952,100 4,786,900 23,699,800 50,446,800 3,199, 500 9,117, 000 461,850,300 472,400 2,324,500 2,040,300 3,033,700 $ 192,000,000 96,000,000 23,203,600 59,105,700 166,590,100 23,492,500 25,922,200 36, 940, 500 1,084,400 3,408,000 627,747,000 571,600 3,098,600 2,264,900 4,475,300 $ 192,000,000 96,000,000 27,110,700 74,419,800 80,409,200 5,720,900 26,672,200 47,756,900 468,500 10,064,800 560,623,000 478,000 2,803,800 2,173,800 3,075,300 7,870,900 10,410,400 8,530,900 3,905,000 19,447,300 5,017,900 23,581,200 40,236,900 33,530,500 91, 232, 700 181, 739,100 125, 363, 500 3,427,500 4,503,100 3,376,600 3,615,900 6,184,100 4,125,800 125,762,300 287, 523,100 11,100,100 252,110,500 171,414,300 563,374,700 18,849,400 62,141,000 25,965,000 57,726,800 50,710,600 2,256,100 122,123,900 76,675,600 379,940,800 17,746,800 21,495,000 50,710,600 72,205,600 554,380,300 921,420,600 649,838,400 (92,530,000) (293,673,600) (89,215,400) 323,263,800 (323,263,800) 615,775,000 (541,889,800) 119,713,800 182, 214, 300 159, 759, 000 (182,214,300) (159,759,000) 106,081,000 (20,000,000) 193,599,000 86,081,000 61,841,100 (20,000,000) 41,841,100 101,069,000 (207,592,600) (47,374,300) 738,615,400 839,684,400 839,684,400 Ending Fund Balance $ 839,684,400 $ 632,091,800 $ 792,310,100 $ 193,000,000 97,000,000 31,050,600 89,718,700 160,596,100 9,957,900 25,000,000 41,869,400 553,000 12, 790, 700 661,536,400 773,700 4,120,800 3,265,900 6,165,200 14,325,600 11, 289,500 45, 248, 500 162,945,400 4,578,300 6,616,300 230,678,000 537,236,800 19,306,900 27,245,000 49,412,400 76,657,400 878, 204, 700 (216, 668, 300) 166, 027, 000 (166,027,000) 75,703,000 75,703,000 (140,965,300) 792,310,100 $ 651.344.800 $ 1,000,000 1,000,000 7,847,000 30,613,000 (5,994,000) (13,534,600) (922,200) 4,928,900 (531,400) 9,382,700 33,789,400 202,100 1,022,200 1,001,000 1,689,900 3,915,200 (8,157, 800) 5,011,600 (18,793,700) 75,200 432,200 1% 1% 34% 52% -4% -58% -4% 13% -49% 275% 5% 35% 33% 44% 38% 38% -42% 12% -10% 2% 7% (21,432,500) (26,137,900) 457,500 1,280,000 (1,298,200) (18,200) (43,215,900) 77,005,300 (16,187, 300) 16,187, 300 (30,378,000) 20,000,000 (10,378,000) 66,627,300 -9% -5% 2% 5% -3% N/A 0% -5% -26% -9% -9% N/A -29% -100% N/A -12% -32% (47,374,300) -6% $ 19,253,000 3% 83 Executive Management Mission Statement: Executive Management maintains the highest level of achievement and professionalism while managing the activities of the Commission to effectuate sound transportation policies, projects, and servicesto meet Riverside County'smobility needs. Chart 38-Executive Management alp port Costs 12% Pro fe ssio n a I Costs 30% Expenditures Sa la rie s a nd Benefits 58% Executive Management has a budget of $773,700 (Table 56) for oversight of all Commission functions. The 76%increase in salariesand benefits reflectsthe one-time disbursement to fund the Commission's CaIPERSretirement net pension liability, the net allocation of I -Its, and performance merit -based salary increases. Professional costsof $235,000 include legal feesand organization al consulting services. Support costs include various membership duesand staff -related travel costs of $93,600. Table 56-Executive Management Expenditure Detail FY 17/18 FY 18/19 FY 18/19 FY 19/20 Dollar Percent Actual Revised Budget Projected Budget Change Change alb riesand Benefits Profe ssio na I Costs Legal Services ProfessionalServices - General Total Professional Costs &wort Costs Tra n sfe rs Out TOTAL Executive Management $ 284,600 $ 253,000 $ 252,700 95,300 27,000 122,300 65,500 21,600 $ 494,000 $ 175,000 100,000 55,000 50,000 230,000 150,000 88,600 75,300 571,600 $ 478,000 $ 445,100 175,000 60,000 235,000 93,600 $ 773,700 $ 192,100 76% 0% 5,000 9% 5,000 2% 5,000 6% N/A $ 202,100 35% 84 Executive Management Staffing Summary Po sit io n FY 17/ 18 FY 18/ 19 FY 19/ 20 Deputy Executive Director 0.10 0.10 Executive Director 0.38 0.32 Se niorAdministrative Assistant 0.00 0.03 SeniorOffice Assistant 0.15 0.15 FTE 0.63 0.60 Department Budget Overview Department Description 0.10 0.38 0.01 0.15 0.64 The Executive Director isresponsible fordeveloping and implementing new strategiesat the local, regional, and statewide levels to assure delivery of transportation improvements and programs throughout the County. Furthermore, Executive Management iscommitted to fostering a positive and supportive work environment for staff that emphasizes quality work and encourages teamwork and open communication, with a commitment to serving the public. This is accomplished through a productive and collaborative effort with the membersof the Commission and the oversight of the Commission's Executive Committee. Key Assum ptions for FY 2019/ 20 • The Executive Directorwill play a prominent role with external audiencesand an emphasison working with Congress, the California Legislature, Riverside County business organizations, southem California transportation agencies, and local governments regarding advancing transportation policy in California. Policy concemsinclude the need forongoing transportation investment, flexibility in project delivery methods, streamlining environmental proceryrs, and a renewed focus of the connection between transportation projects and the overall quality of life in the County. • Project delivery will be a top priority in FY2019/20 with construction continuing along the 1-15 —a project that travelsthrough the citiesof Jurupa Valley, Eastvale, Norco, and Corona. This project will generally construct two express lanes in each direction between SR60 and Cajalco Road. • Another large-scale construction project which launches in mid-2019 and will continue throughout FY 2019/20 is the addition of truck lanes in both directions of SR60 through the Badlands area of the San Gorgonio Pass. The 4.5 mile SR60 truck lanes project provides a number of safety improvementsalong a key corridorwhich IinksWestem Riverside County and the Coachella Valley. • The long-awaited Mid County Parkway project also launches construction in early 2020 with the construction of a new freeway interchange at 1-215 and Placentia Avenue. • Promoting the use of public transit will be an important Commission priority which will include marketing of the Metrolink Perris Valley Line extension and express bus service that utilizesthe 91 Exp re ss La n e s. • There will be a continued focus on enhanced cost-effective Metrolink and Los Angeles -San Diego -San Luis Obispo (LOSSAN) Rail Corridorservice along with continuing development of a Service Development Plan (SDP) and environmental document for intercity rail service forthe Coachella Valley -San Gorgonio Passcorridor. • The advancement of projectswill require a requisite increase in public outreach fortraditional and social media. This will be part of a continued effort to enhance awareness of the Commission'sactivitiesand service to the public at large. • As part of a regionwide effort, the Commission will work with local governments and stakeholdersto advance active transportation projectssuch asbicycling, walking, and transit use. 85 • The Commission will remain an active participant in a concerted statewide effort to seek, protect and utilitze transportation funding — most notably implementing and advocating projectsfunded by SB 1, the state gastax increase approved in April 2017. • The Commission will continue preconstruction activitiesforthe 15/91 ExpressLanesconnector project, which received funding from 33132. • The Commission will also coordinate the implementation of other S3 132-funded Riverside County Transportation Efficiency Corridorprojectswith the respective lead agenciesto ensure timely completion. Accomplishments in FY 2018/ 19 FY2018/19witnesq.d extraordinary accomplishmentsat the Commission, placing it in the top tier of California transportation organizations. In several areas, the Commission stood by itself in successful advocacy, innovation, and leadership. • Successfully operated the RCTC 91 Express Lanessince itsopening in March 2017. The facility continuesto surpassusage and revenue expectations. • Completed improvementsto congestion hot spotslocated at the two -end pointsand on the direct connectorfrom 1-15to the RCTC 91 Express Lanes. • Improved ridership on the Metrolink PVL extension through additional marketing and a discount program. • Continued construction on the 1-15 ExpressLanesproject which isscheduled to open in 2020. • Participated in continued efforts to seek funding and approvals for special event trains for Coachella and Stagecoach music festivals and for additional phases of the environmental work neceocary to offer future intercity rail service to the Coachella Valley -San Gorgonio Pass corridor. • Successfully resolved litigation challenging the development of the Mid County Parkway and SR 60 truck Ia nes p roject. • Launched a new vanpool program known asthe RCTC VanClub, whose numbers now total 75 work -oriented vanpool arrangementsthroughout the County. • Conducted a proactive public outreach process known as Reboot My Commute which included a new website and opportunities for the public to provide input on transportation issuesthrough social media aswell astraditional communication methods. • Commenced the design -build procurement process for the 15/91 Express Lanes connector project. • Actively engaged in statewide advocacy efforts regarding legislation impacting transportation funding, proceocos, and/or programs and in federal transportation policy development. • Actively engaged in Metrolink budget, operations, and service discussionsto ensure increased service for Riverside County Metrolink usersand to effectively manage administrative costs. • Focused on collaborative efforts with other transportation agencies including RTA, aniline, SBCTA, OCTA, WRCOG, CVAG, SLAG, and Westem Riverside County Regional Conservation Authority (RCA). • Partnered with Caltrans management at District 8 and headquartersto maintain progresson initiativesand projects. • Continued to fund the acquisition of needed habitat for the Western Riverside County Multi - Species Habitat Conservation Plan (MSHCP) as outlined in the 2009 Measure A Expenditure Plan. Major Initiatives in FY 2019/ 20 FY2019/20will bring active construction of yet another major expresslanesfacility much clo%rto completion. The 15 ExpressLanesare scheduled to open in 2020 and construction hasproceeded via a design -build contract which has shortened traditional construction times and provided flexibility for the project to be built in close proximity with local interchange improvements in the 86 cities of Corona, Jurupa Valley, and Eastvale. Thanksto its location in the center median of the existing freeway and a proactive outreach campaign, community impacts during construction have been addre-md and will not require extensive right of way acquisitions. Construction impactsto the community will be much lesspronounced. The Commission isnow a toll road operatorwith new responsibilitiesfor maintenance, operations, debt service, and marketing of the RCTC 91 Express Lanes, which opened in March 2017. The responsibilities will expand in 2020 with the opening of the 15 Express Lanes and in 2022 with the opening of the 15/91 Express Lanes connector from the RCTC 91 Express Lanes to the northern segment of 1-15. Construction will also ramp up on the SR60 truck lanes project which adds new safety improvements along 4.5 miles of SR60 though the Badlanes area of the San Gorgonio Pass. This project isexpected to open to traffic in 2022. In looking toward the future, the Commission isconducting a LRTPto guide future transportation prioritiesforthe County. The technical work and public outreach forthe plan will be completed in anticipation of Commission approval in late 2019. In addition to the technical work, the success of many of these efforts will rely on proactive external communications. While traditional media relations will continue to be used, the Commission will continue implementation of a comprehensive social media outreach program to build awarenessof the Commission and its role in the community. A key part of this effort includes completion of a revamped website that will be easier to use, more informative, and compatible with mobile devices. An expanding and systematic outreach to budnessand civic groups, focusing on Commission efforts in terrns of funding, construction, and services, will be the central feature of the communications program. The communicationsand outreach effort hasbeen titled as" Reboot My Commute" and ispart of an overall effort to raise the Commission's profile and to evaluate public support for additional transportation revenue. This could lead to seek voter approval of another salestax measure in 2020, although that decision will not be made until the completion of the outreach program and public polling. Regarding public transit, the Commission will continue altemativesanalysisand planning effortsto advance the goal of additional passengerrail service to serve the Coachella Valley -San Gorgonio Pass corridor. The Commission is seeking state and federal funding to support the second phase of the project to develop an environmental impact report and conceptual service plan. The Commission also serves asthe oversight agency for state and federal transit funding in Riverside County. Local transit providers such as RTA, am Line, and the Palo Verde Valley Transit Agency (PVVTA) provide excellent transit service to their constituencies. In the past year, there have been notable succerrs such as RTA's Route 200 to Orange County and the PVVTA's Blythe Wellness Exp re ss. Asa member of Metrolink, funding and providing public transit connectionsfor commuters isan important priority for the Commission. The Commission funded and completed construction on the PVL extension in 2016. While ridership on that line is steadily growing, a continued marketing and discount ticket effort will remain in place forthe upcoming year. The Commission istaking an active role throughout the County to advance active transportation projectsfor bicyclistsand pedestrians. Working in partnership with the District, the Commission will continue to provide project delivery support services for Santa Ana River Trail projects. The Commission will also advocate and support funding of the CV Link project in the Coachella Valley. The focuson these type of projects remainsconsistent with southern California's RTP which seeks to limit GHG emissions. 87 In termsof advancing policy, a major concern in moving forward isthe State'sfinancial position and commitment to funding infrastructure and transportation. The Commission will continue to take an aggressive and active role in protecting existing transportation funding and advocating for State investments in transportation. The April 2017 approval of SB 132 to fund five key transportation projects in Riverside County was achieved thanks to the work of State Senator Richard Roth and Ascomblywoman Sabrina Cervantes, who worked closely with Board commissionersand staff. The Commission isan active member of the Self -Help Counties Coalition (SHCC), California Association of Councilsof Governments(CALCOG), and Mobility 21. Federal funding is also an important issue for the Commission's future, and the Commission will play an active role in allocating and competing for funding which has been made available by the current transportation bill, Fixing America'sSarface Transportation Act (FASTAct). Anticipating a new emphasison infrastructure investment, the Commission will work closely with Congressional membersand the U.S. DOTshould new opportunitiesarise forfunding on the federal front. While actively participating in all of these major endeavors, the Executive Director will maintain and improve administrative efficiency and fiscally sound practices characteristic of the Commission. With 54 staff positions included in the FY 2019/20 budget, the Commission's organization remainsconsistent with the Commission'sdirection. The Commission must continue to be competitive in the employment market and retain capable staff as well as attract high quality applicants. Staff training, development, and succession planning will continue, enabling our small and dedicated staff to enhance skills, productivity, and value. The Commission'sgoal isto maintain the most effective mid -sized transportation agency in Califomia. Department Goals EM1 —Focus on timely and effective completion of capital projects and implementation of needed transportation services. (Policy Goals: Quality of Life, Responsible Partner) Objectives: • Successfully manage financial responsibilities and investments for the RCTC 91 Express Lanesasa toll operator. • Continue implementation of Toll Program management strategy with active construction of the 1-15 Express Lanes project and development of the 15/91 Express Lanes connector project. • Provide successful Metrolink service and bolster ridership on the PVLextension. • Complete and adopt the LRTPto establish integrated transportation visionsand priorities. • Continue progressand outreach for the Coachella Valley -San Gorgonio Passcorridor rail service study. • Complete the logistics -related truck impact study. • Maintain Metrolink coordination and engage in collaborative effortsto addresssignificant funding and organizational challenges. • Continue engagement in rail discussionsregarding Metrolink, LOSSAN, and high-speed rail to ensure protection of Riverside service and the Commission's rights. • aipport CVAG'stransportation initiativesand projects. • Continue collaboration with member agencieson planning, funding and construction of local and regional bike, trail, and pedestrian facilities. • Update the 2008 Transit Vision to add ress long-term transit funding challenges. • Implement the Commission'sadopted state and federal legislative platforms. • Pursue all funding opportunitiesto keep projectsfunded. • Ensure the Commission'sactive participation in RIP implementation. 88 • Place a high priority in working with neighboring counties in San Bernardino, Orange, and San Diego to addresscommuting needsthat impact highway and transit facilities. • Continue collaborative efforts with local agencies regarding priorities; communicate effectively and timely with community groupsand leaders. • Continue to expand the vanpool program to provide a new and flexible commute. EM2 — Maximize funding for transportation improvements in Riverside County through legislative advocacy. (Policy Goals: Quality of Life) Objectives: • Place an emphasis on implementing federally authorized and funded projects and services that are consistent with the federal transportation bill and the Commission's ongoing project p riorities. • Continue to advocate for federal investment in freight and goods movement infrastructure with the goal of mitigating community impacts while increasing capacity and local job creation and economic development. • Advocate for additional funding from the state's Cap and Trade programs for projects in Riverside County. • Pursue SB 1 funding of discretionary programs. EM3 —Support regional transportation solutions in cooperation with surrounding counties that are of benefit to Riverside County. (Policy Goals: Quality of Life, Operational Excellence, Responsible Partner) Objectives: • Partner with OCTA on the administration and operation of the 91 Express Lanes in both counties. This also includes careful consideration of any improvements regarding the connectionsbetween the SR241 Toll Road and the 91 Express Lanes. • Work with neighboring counties regarding corridor improvementson SR91 and 1-15. • Maintain an effective working relationship with the agenciesthat comprise Metrolinkto ensure that the County commuter rail needsare served in an efficient, effective, and safe manner. • Partner with SBCTA to enhance and publicize the Inland Empire Commuter (IE Commuter) system and work with agencies in San Diego, Orange, and Los Angeles counties to provide effective, regional511 traveler information services. • Play an active role in the implementation of intercity rail and commuter rail service in the LO SSA N ra i I corridor. • Be an active participant in discussions involving high-speed rail, especially concerning connectivity investments in the overall rail system in southern California. • Advocate for and take an active effort for additional intercity rail service to the Coachella Valley -San Gorgonio Passcorridor. EM4 — Maintain effective working relationships with Commissioners to strengthen and expand the Commission's leadership in transportation policy decision -making at all levels ofgovemmentand raise the Commission's profile in the community. (Policy Goals Quality of Life, Operational Excellence) Objectives: • Facilitate Commissioner participation at the regional, state, and federal levels to raise the interestsof the Commission and seek favorable action. • Continue regularcommunication between the Executive Director, seniorstaff, and the Board. • Continue collaborative effortswith memberagencystaff regarding local prioritiesand funding challenges. 89 • Work with other levels of local government such as the County's Transportation and Land Management Agency, County Health Department, District, and local universitieson quality of life issuesthat are connected to transportation such asairquality and the environment. • Provide assistance to Commissioners who serve on outside boards such asSCAG, Metrolink, LOSSAN, and MSRC to assist their effortsto represent the County. • Upgrade the Commission's website to be easier to use, more informative, and compatible with mobile devices. EM5 — Promote the Commission's effectiveness by improving and developing staff skills, using state-of-the-art working tools, and fostering an environment that encourages and rewards individua I and team effort. (Policy Goal: Operational Excellence) Objectives: • Make needed investmentsin information technology to ensure staff efficiency. • Continue to maintain a well -documented employee appraisal process that provides clear, understandable, and measurable performance criteria for all employees. • Maintain and encourage staff morale and seek continuous improvement of staff effectiveness. • Retain quality staff and evaluate staff retention strategiesand options. • Implement organizational initiatives. EM6 — Develop the framework for a Commission culture that enhances productivity, encourages regular and open communication among staff, and promotes the mutual achievement of individual and organizational goals and objectives. (Policy Goal: Operational Excellence) Objective: • Facilitate open communicationsand coordination between management, professional staff, and support staff through regular meetings. ID 6ce c utive Management Performance Measures and Results FY 17/ 18 Estimated FY 17/ 18 Actual FY 18/ 19 Estimated FY 19/ 20 Projected EM 1 EM3 Expenditures/ Expenses $623,575,500 $554,380,300 $649,838,400 $878,204,700 EM5 EM6 Staffing levels 50 47 51 54 EM5 Administration costsas percentage of expenditures/ expenses 1.29% 1.42% 1.31% 1.63% 90 Administration Mission Statement: Comprised of office operations, information technology, clerk of the board, and human resources, Administration provides quality and efficient services to the Board of Commissioners, staff, and external customersin compliance with applicable federal, state, and local requirements. Chart 39 -Administration Capital Outlay 11% Sap port Costs 27% Expenditures Pro fe ssio n a I Costs 26% Salariesand Benefits 36% As noted in Table 57, the Administration Department's total budget is $4,120,800 for office operations including management of office space, lease, and equipment; records; Commission and committee meetings; special events; and the Clerk of the Board and Human Resources functions. Salaries and benefits expenditures of $1,483,800 reflect an increase of 105% for the one-time disbursement to fund the Commission's CaIPERSretirement net pension liability, the net allocation of FIts, and performance merit -based salary increases. Professional costs of $1,086,500 cover various se rvicesincluding, but not limited to, Commissioners' per diem, legal fees, and consultant and other professional servicesand reflect an increase of 28%related to information technology services. Support costsof$1,089,500coveradministrative overhead including office maintenance; information technology updates, support, and maintenance; and recruitments. Capital outlay of $461,000 covers office space improvements, information technology improvements and upgrades, and equipment upgrades. Table 57-Administration Bcpenditure Detail FY 17/18 FY 18/19 FY 18/19 FY 19/20 Dollar Percent Actual Revised Budget Projected Budget Change Change Salariesand Benefits Professional Costs Commissioner Per Diem Legal Services ProfessionalServices - General Total Professional Costs alp port Costs Capital Outlay Debt Service Tra n ste rs Out TOTAL Administration $ 677,000 $ 723,700 $ 686,700 56,600 65,000 85,400 119,000 429,500 663,800 50,000 118,700 590,000 571,500 847,800 758,700 694,100 1,015,800 850,400 381,900 511,300 508,000 24,900 153,500 $ 2,502,900 $ 3,098,600 $ 2,803,800 $ 1,483,800 65,000 95,000 926,500 1,086,500 1,089,500 461,000 $ 4,120, 800 $ 760,100 105% 0% (24,000) -20% 262,700 40% 238,700 28% 73,700 7% (50,300) -10% N/A N/A $ 1,022,200 33% 91 Administration Staffing Summary Po sit io n FY 17/ 18 FY 18/ 19 FY 19/ 20 Clerk of the Board 1.00 1.00 Deputy Clerk of the Board 1.00 1.00 Deputy Executive Director 0.03 0.00 FacilitiesAdministrator 0.00 0.10 Human ResourcesAdministrator 1.00 1.00 ITAdministrator 1.00 0.87 Procurement Manager 0.00 0.00 Records Technician 1.00 1.00 SeniorAdministrative Assistant 0.10 0.08 SeniorManagement Analyst 0.00 0.00 Senior Office Assistant 0.58 0.59 SeniorProcurement Analyst 0.01 0.00 FTE 5.72 5.64 Department Budget Overview - Office Operations Department Description 1.00 1.00 0.03 0.02 1.00 1.00 0.01 1.00 0.10 0.04 0.55 0.02 5.77 Office Operationsoverseesthe daily maintenance needsof the Commission'soffice facilitiesand staff; manages information technology and records management systems; oversees the office lease with the County; purchases office supplies and equipment; posts public notices on the website and local newspaper; maintains a safe working environment for Board members, staff, and consultants; and providessupport services. Key Assum ptions for FY 2019/ 20 • Support will be provided to 54 full-time Commission staff at the Commission's Riverside office and other project -related facilities. • Information technology staff in coordination with an information technology consultant will maintain the Commission'sinvestmentsin a state of good repairand secure mannerto ensure efficient and effective operations. • The Commission will maintain an accurate and efficient recordsmanagement system. • Staff will respond to requests for public records in accordance with the California Public RecordsAct. Accomplishments in FY 2018/ 19 • Executed a new lease with the County that includes additional office space for co -location of staff and capital program management in the Commission's Riverside office. • Maintained a disaster recovery plan to ensure uninterrupted Commission operations. • Responded to public recordsrequestsin accordance with the California Public RecordsAct. • Posted legal noticeson the website and in local newspapers in a timely manner. • Implemented a new records management system to ensure accurate and efficient processing of incoming and outgoing correspondence and documentsaswell asto enhance accessibility. Major Initiatives in FY 2019/20 The Commission will invest in an agenda management system to improve efficiencies internally while enhancing transparency. 92 Office Operationswill continue to provide high quality support servicesto the Board and to internal and external customersby providing a work environment that enhancesthe overall mission of the Commission. The Commission moved to its current office in Riverside in 2002. In connection with the expansion of the office space to co -locate staff and capital program management, the Commission will complete an update of the office and workspacesto provide a productive and efficient environment in a prudent and economical manner. Department Goals —Office Operations 001 — Ensure quality service that demonstrates responsiveness and flexibility and provides services at the most reasonable cost. (Policy Goal: Operational Excellence) Objectives: • Support 54 full-time Commission staff. • Manage the Commission'sinformation technology systems. • Continue to improve administrative efficiency through automation of records processing. • Post legal notices on the Commission'swebsite and in the newspaperson a timely basis and in accordance with applicable federal, state, and local regulations. • Provide office supplies, equipment, and services consistent with intended quality and capabilitiesat the most advantageousprice afforded in the market. 002 — Facilitate access to Commission information and records. (Policy Goal: Operational Excellence) Objectives: • Respond to requests for records and information on a timely basis and in accordance with state law. • Maintain Commission agreements, amendments, MOUs, resolutions, and ordinances. Department Budget Overview —Clerk of the Board Department Description The Clerk of the Board providessupport servicesto the Board of Commissionersand itsalternates and for Commission and committee meetings. It serves as an important resource for the Commission and hasthe responsibility for: • Recording, publishing, preserving, and filing meeting proceedingsof documentsacted upon by the Commission and itscommittees; • Processing claimsagainst the Commission; • Fulfilling requirements of the Commission and the committees as it relates to the Conflict of Interest Code; • Serving as the Fling Officer for Economic Interest and Campaign Disclosure statements and legal claimsagainst the Commission; • Coordinating Commission special eventsand meetings; and • Performing all duties required by law, rules, or order of the Board. Assuch,thisdepartment hasa direct link and responsibility to serve local taxpayersand the public while supporting the actions of the Commission. The need to be accountable to the public at large is further amplified by the need to comply with federal and state law requiring prompt responsesto California Public RecordsAct requests. 93 Key Assum ptions for FY 2019/ 20 • The Clerk of the Board will provide staff support and meeting servicesto 34Commissionersand theiralternates, the Commission, standing committees, and a number of ad hoc committees. • Staff will publish and distribute monthly agenda packets and supporting documents in accordance with the Brown Act. • lhe Clerk of the Board will keep officers and members of the Commission informed by providing them with the most current and accurate data to assist them and facilitate their decision -making responsibilities. • Frequent communication with Commissioners will continue in order to provide news and updateson Commission itemsand transportation -related meetings. • Available technology will be used to provide simplified access to agenda items and Commission actionsto the public, local agencies, and staff. Accomplishments in FY 2018/ 19 • Updated the web page and the bulletin board for the agenda, minutes, and supporting documents. • Regularly advised officers and members of the Commission and their staff on changes to Commission meetingsand othertransportation-related meetings. • Arranged Commission and committee meetingsand special eventsof the Commission. • Processed and transmitted Commission -approved resolutions to appropriate agencies in a timely manner. • Implemented Laserfiche, a comprehensive recordsmanagement system. Major Initiatives in FY 2019/ 20 Each year, local agenciesmake changesto their appointments regarding representation on the Commission. Staff will continue to ensure that the newly appointed representatives, aswell astheir respective staff, are aware of operational policies of the Commission and other transportation - related meetings. there will be continued emphasis on the utilization of electronic mail with Commissionersfor more efficient communications. Clerk of the Board staff will continue to provide high quality support servicesto the Board. Staff will also continue to update technology to streamline proceuwsand proceduresforeasieraccessto Commission actions, minutes, resolutions, and ordinances, including electronic agenda distribution. Department Goals —Clerk of the Board CB1 — Ensure coordination and documentation of Commission and committee meetings and provide public accessibility to agenda items as required by state regulations. (Policy Goal: Operational Excellence) Objectives: • Provide accurate, high quality agenda packetsfor Commission and committee meetings. • Continue to provide support to Commission members, staff, and attendees of Commission and committee meetings. • Post meeting agendas and supporting documents in compliance with Brown Act requirements. • Maintain an accurate list of Commissioners and alternates and submit membership roster changesto the Secretary of State. • Maintain and file all Commission and committee meetings and official records of the Commission. 94 • Perform all dutieswithin mandated deadlines. • Maintain and promote good Commission and staff relations. CB2—Facilitate access to Commission meetings and activities. (Policy Goal: Operational Excellence) Objectives: • Implement an agenda program that iscompatible with a new recordsmanagement system and other Commission software. • Coordinate special activities, meetings, events, and conferences as requested by the Executive Director and the Commission. Department Budget Overview — Human Resources Department Description Human Resourcesresponsibilitiesinclude: • Planning, administering, and implementing human resources programs, including the recruitment, selection, and appraisal process; • Employee training and development; • Classification and compensation studies; • Benefitsadministration; • Employee relations; and • Recommending, implementing and maintaining personnel policies, procedures, and practices. Key Assumptions for FY 2019/ 20 • Staff will maintain quality service levels in all Human Resourcesprograms. • The asccssment of Human Resourcespolicies, practicesand procedureswill continue. • Continuous improvement in communication with employees regarding Human Resources information will be an ongoing process. • The Commission will comply with state and federal labor law regulations. Accomplishments in FY 2018/ 19 • Maintained the employee performance appraisal system. • Conducted annual benefitsopen enrollmentswith all employees. • Completed a classification study for select classification in variousdepartments. • Regularly provided information to employeeson changesto health insurance, 401(a) defined contribution, 457 deferred compensation plans, and the personnel policies and procedures manual through the Commission'sintranet. • Recruited and filled two temporary employees, four service retirements, and six new hires in full-time positions. • Coordinated training sessions on effective communications and continuous web -based training on software, leadership skills, time management, and conflict resolution. • Disclosed employees' compensation on the Commission's website in compliance with the State Controller's Office and CaIPERS. Major Initiatives in FY 2019/ 20 Human Resourcesfocuseson managing employeesand consistsof a framework of activitiesand practices that support and develop a motivated workforce, complying with legislation and 95 regulationsthatgovern the employer/employee relationship, and ensuring parametersforfairand consistent decision -making and good workplace practices. Staff useswritten position descriptions and performance expectations in order to obtain a clear and consistent understanding of what isexpected. Department Goals —Human Resources HR1 —Administer human resources policies, procedures, and programs in order to align personnel laws and the Commission's policies with continuous improvement principles. (Policy Goal: Operational Excellence) Objectives: • Review and update personnel policies and procedures to comply with federal and state requirements. • Provide information to enhance the employee'sknowledge of current personnel policiesand proceduresin variousformsincluding electronic access, workshops, and printed information. • Ensure that employee personnel records are documented and updated timely for various personnel actions. HR2 — Continue to employ and recruit a dynamic and talented workforce. (Policy Goal: Operational Excellence) Objectives: • Maintain a compensation program that ensures internal equity and external competitiveness within the pay structure for Commission employees. • Exercise care in making high -quality, diverse appointmentsto fill staff positions. • Maintain a comprehensive new employee orientation program. HR3 — Develop people to be their best in order to meet the needs of the organization. (Policy Goal: Operational Excellence) Objectives: • Build and maintain an effective performance system to include timely performance evaluations, personal development, and a supportive work environment. • Provide appropriate and timely training to meet the demands of the organization and professional growth and development of all staff members. • Fosterteamworkthrough cooperative effortsand support for shared success. HR4 — Understand and consistently deliver excellent customer service to all employees. (Policy Goal: Operational Excellence) Objectives: • Focus on "employee as customer" and consistently strive to exceed expectations by supporting and maintaining individual respect, appreciation, management accessibility, and communication. • Determine system requirementsand identify optionsforan employee intranet. • Assist employeesin utilizing employer -provided benefitsto enhance their health, wellness, and quality of life. 96 HR5 —Improve the quality of the work culture. (Policy Goal: Operational Excellence) Objectives: • Develop and maintain a safe and healthy working environment by retaining open lines of communication throughout the organization; complying with established federal, state, and local regulations; and implementing best practicesto promote safety and prevent legal risks. • Provide a safe working environment with the maintenance of an injury and illness prevention program. • Maintain a proactive employee relations process by facilitating a collaborative, professional working environment with all staff members. • Promote a work/family balance. • Recognize and reward individual contributions, innovation, and learning from experience. ID Administration Performance Measures and Results FY 17/ 18 Estimated FY 17/ 18 Actual FY 18/ 19 Estimated FY 19/20 Projected 001 Staff supported: Regularfull-time 50 47 51 54 002 Legal notices 25 20 22 25 CB1, CB2 Commission, Committee, and Ad Hoc meetings 47 43 50 50 CB1 Commissionerssupported (including alternates) 62 62 62 62 HR1, HR4 Employee rules/Benefitsreview sessions held 2 2 2 2 HR2 Recruitments 6 8 6 6 HR2 Positions filled 6 8 6 6 97 ate ma I Affa irs M issio n Statement: External Affairs communicates, engages in, and develops relationships with the public, key stakeholders, and governmental decision -makers to connect the lives of Riverside County residents. Chart 40 — Exte ma I Affairs alp port Costs 19%-N Pro fe ssio n a I Costs 34% Salariesand Benefits 47% Expenditures lhe External Affairs Department has a total budget of $3,265,900 (Table 58), an overall 44% increase. Salaries and benefits reflect an increase of 82%due to the one-time disbursement to fund the Commission's CaIPERS retirement net pension liability, the net allocation of I -Its, and performance merit -based salary increases. Professional costs of $1,111,000 includes legislative advocacy, graphic design, and website updates. Legislative advocacy costsremain unchanged from FY2018/19. Overall, professional costs reflect an increase of 11%due to multimedia public outreach and engagement. Support costs of $612,900 include advertising, various membership dues, and subscriptionsto businesssoftware productsand journalistic publications. Support costs also include staff -related travel costs, which remain at flat levels, to Sacramento, Washington, D.C., and professional conferences. SLpport costsreflect a 49%increase primarily due to planned public engagement and education efforts undertaken at the Commission's direction, a large component of which includes social media and online marketing, as well as restarting the Commission's Annual Report distributed to the citizensof Riverside County. 98 Table 58 - BctemaI Affairs Bcpenditure Detail FY 17/ 18 Actual FY 18/19 Revised Budget FY 18/ 19 FY 19/ 20 Projected Budget Dollar Percent Change Change SalaTie sand Benefits Profe ssio na I Costs Legal services Professionalservices - General Total Professional Costs alp port Costs Transfers Out TOTAL Extema I Affairs $ 855,100 $ 849,100 $ 848,900 $ 1,542,000 $ 692,900 82% 55,500 1,028,000 1,083,500 101,700 124,700 $ 2,165, 000 41,500 961,900 1,003,400 412,400 41,500 959,900 1,001,400 323,500 $ 2,264,900 $ 2,173,800 45,000 3,500 1,066,000 104,100 1,111,000 107,600 612,900 200,500 $ 3,265,900 $ 1,001,000 8% 11% 11% 49% N/A 44% External Affairs Staffing Summary Po sit io n Deputy Executive Director External Affairs Director Legislative Affairs Manager Public Affairs Manager Se niorAdministrative Assistant SeniorManagement Analyst Senior Procurement Analyst FTE Department Budget Overview Department Description FY 17/ 18 0.59 0.84 0.95 0.67 0.69 0.64 0.15 FY 18/ 19 FY 19/ 20 0.55 0.66 0.89 0.25 0.45 0.76 0.12 4.53 3.68 0.48 0.78 0.96 0.48 0.75 0.48 0.03 3.96 the External Affairs Department managestwo core functions: legislative affairsand public affairs. These are public -facing functions with high impact on how citizens, stakeholders, and decision- makersinteract with the Commission. Leg isla tive A ffa irs Improved mobility for Riverside County residentsrequiresthe financial resourcesand public policy to implement transportation projectsand programs. Through proactive advocacy at all levelsof government, the Commission exercises leadership to advance the agenda of Riverside County taxpayers. The Commission's legislative engagement takes many forms including, but not limited to • Seeking specific itemsin state orfederal budgets; • Changing the law; • Shaping rulesand regulations; • Educating elected, appointed, and career government officials, as well as interest groups; and • Pursuing grant funds. Coverage of the many policy and funding issues that affect mobility within Riverside County requires a team approach. The Commission's historically effective and savvy approach to legislative advocacy isconsistent with the Commission'soverall theme of a lean staff and utilizing consultantsin theirareasof expertise. The Commission retainslegislative consultantswith decades 99 of experience on transportation policy and funding based in Washington, D.C. and Sacramento, providing day-to-day representation and insights that help guide staff. The consultants, often referred to as legislative advocates or lobbyists, are procured every few years through a competitive and transparent processthat seeksto acquire the greatest talent and the best value for the Commission. The FY2019/20 budget does not contemplate any increases in retainer fees for legislative consulting services, as the 2016 procurement of these consultants yielded level overall feescompared to FY2018/19. Staff, in consultation with the legislative advocates, provides recommendations and support to Commissioners, who set legislative policy priorities and are often the Commission's most effective advocates in Washington, D.C. and Sacramento. Commissioner engagement takes the form of actions such as adopting a legislative platform; taking positions on individual bills; and communicating with government decision -makers in writing, verbally, or through physical tripsto capital cities. Thus, the Commission'steam approach for legislative advocacy isbest likened to a three-legged stool held up by Commissioners, professional staff, and professional legislative consultants. An esscntial component of the Commission's legislative affairs program is participation in formal and informal coalitions of similarly -interested agencies and stakeholders. Examples of formal coalitionsare: • Mobility 21 —a coalition of public agencies, the Automobile Club of Southern California, and businessadvocacy groupsin southern California; • SHCC —an alliance of all California countieswith voter -approved salestaxesfortransportation projects; • CALCOG —a diverse alliance of transportation and planning agenciesthat are impacted by the State'slawsand regulationson land use, air quality, and transportation; • California Toll Operators Committee (CTOC) - an industry group of tolling agencies that collaborate on mattersof common interest pertaining to operations, technology, finance and public policy; and • International Bridge,Tunnel, andTumpikeAssociation —an industry group of public and private stakeholdersin the tolling industry that focuseson federal policy and developing best business practiceswithin the tolling community. Although participation in these coalitions requires staff and consultant time, they leverage the collective strength of more voices beyond the Commission, which is often necessary to affect policy change. Additionally, members of these coalitions may have expertise and resources outside of the Commission's current capability that can contribute significant value to the Commission. Active engagement by the Commission in the development and implementation of significant federal infrastructure legislation will be necessary to ensure Riverside County taxpayers receive a proportional benefit to any federal investment. Moreover, implementation of the federal FASTAct will continue, meaning significant rulemakings and release of grant funding opportunities are anticipated. A key recommendation of the Commission's Strategic Amassment isforthe Commission to pursue state and federal funding for priority projects, given the yawning gap of funding for Riverside County's long-term mobility needs. In pursuit of executing this recommendation, in 2017, the Commission developed anon -call grant writing bench comprised offourhighlyqualified firms. This bench wasutilized in FY2017/18and FY2018/19to pursue competitive state and federal funding 100 from SB 1 and the U.S. DOT. The bench will continue to be called upon in FY2019/20 and beyond to pursue additional competitive grant funding opportunities. Public Affairs The Commission's commitment to engage and educate residents, business operators, and motoristsrequiresa comprehensive public affairsprogram. The Commission continuesto develop relationshipswith the public and major stakeholdersthrough many channels, including: • Participating in or hosting public meetings; • Interacting with communities of interest and stakeholder groups, such as chambers of commerce, industry associations, service clubs, and other community -based organizations and businegms; • Producing and providing resource materials, such asfact sheets, brochures, and newsletters in print and digital form; • Maintaining and enhancing the RCTC.org website and supporting other Commission project - related websites; • Communicating with news media outlets through news releases, radio and television interviews, advertisements, and cable television recordings; • Engaging in two-way dialogue with the public via RCTC's Facebook, Twitter and Instagram platforms, with a focus on thoughtful, quick responses to questions and comments, and an increasing number of short videos; • Building awareness and support for Commission's projects, services, and funding challenges through a comprehensive, data -driven public engagement program, with tools to receive public feedback about transportation prioritiesand funding; • Producing annual reportsto the citizens of Riverside County in both digital and print formats; and • Measuring public affairs activities to aq,mssprogress toward goals and determining the most effective meansof reaching variousstakeholders. The Commission will place continued emphasis on providing communications support to major projects, such as: • 1-15 Express Lanes • SR60truck lanes • I-15/Railroad Canyon interchange • Mid County Parkway (1-215 Placentia interchange) • 91 corridoroperations • 1-15 Express Lanes —Southern Extension • SR79 realignment • 71/91 connector • 91/PVLMetrolink passongermarketing • Coachella Valley -San Gorgonio Passcorridor rail service The Commission will also continue to promote high -value public services such as FSP, VanClub, and other motorist and commuterassistance programs. Further, the Commission will educate the public about the importance of rail safety, through Operation Lifesaver International (Operation Lifesaver). Operation Lifesaver teaches target audiences, especially schoolchildren and their families, how to remain safe around train tracks, with the goal of reducing injuriesand fatalitiesassociated with trains. 101 the Commission's communications efforts also will focus on marketing and customer service for public transit operationsincluding Metrolink service, the RCTC 91 Express Lanes, and the future 15 Express Lanes. The Commission has a significant stake in ensuring positive experiences by the public with these transit and toll services. A majoremphasisforthe Commission isincreased digital communications. the FY2019/20 budget will include major investments to improve the Commission's engagement in online and mobile communications with its customers and constituents. The public can expect to see increased information from The Point, the Commission'se-newsletter and blog; RCTC.org, the Commission's website; and social media accounts. Staff will continue to produce quarterly reports to monitor the effectivenessofthese digital communication activities. Last year, based on direction provided by the Commission at the January 2018 workshop, staff began a robust public engagement program to ascertain public priorities and provide information about the Commission'sstewardship of taxpayer dollars. The Commission isgathering public feedback related to transportation prioritiesand the $12.6 billion shortfall that existsto fund capital improvementsthrough 2039. Using consultant services, the Commission isusing an array of toolsto assesspublic opinion, including digital advertising, social media, focusgroups, and polling. Resultsfrom the public engagement program will guide the Commission'sfuture decision to place a salestax measure on the ballot for voter approval. Key Assumptions for FY 2019/ 20 • The Commission will continue to implement recommendations of the RCTC Strategic Also ssm a nt • The Commission will continue its countywide multi -media public engagement program to ascertain transportation prioritiesand needsof Riverside County residentsand stakeholders. • The failure of Proposition 6 last year will allow continued funds from SB 1, the $5.2 billion transportation funding package adopted in April 2017, requiring policy engagement and public communicationsfrom the External Affairs Department. • The External Affairs Department will continue to support efforts to deliver S3132 projects and communicate progressto key state and local officials. • The Commission will adopt federal transportation funding reauthorization principles and will engage in policy and funding advocacy with Congressand the Trump Administration. • The Commission will remain an engaged party in public policy and funding matters at the state and federal levels. • Toll operations on the RCTC 91 Express Lanes and future 15 Express Lanes will necessitate focused attention on public affairsand marketing regarding the new express lanes. • Construction of the 1-15 Express Lanes and SR60 truck lanes as well as the advancement of otherCommission projectswill require ongoing public outreach and engagement. • The External Affairs Department will work internally to inform, coordinate,and support initiatives acrossall Commission departmentsto ensure a high level of collaboration and cohesiveness, especially related to external -facing work products. • The External Affairs Department will carry out an intensive overall work program, consistent with the reorganization that took place in FY 2017/18, under the leadership of the External Affairs Director with guidance from the Deputy Executive Director and Executive Director. Accomplishments in FY 2018/ 19 Legislative Affairs 102 • Sought state and federal grant funding forCommission projectssuch as1-15/Railroad Canyon interchange, 71/91 connector, 15/91 Express Lanesconnector, 91 corridoroperationsproject, and Coachella Valley -San Gorgonio Passcorridor rail service. • Supported the 1-15 Express Lanes project team by communicating with legislators and their staffsregarding project status. • Maintained communication with Sacramento officialsregarding SB 132 projects. • Developed FASTAct reauthorization principles. • Assumed position of Chair of the Southern California Legislative Roundtable, a coalition of legislative advocatesrepresenting southern California transportation agencies. • Supported 331 education effortsacross Riverside County. • Authored numerouslettersof correspondence to governmental decision-makersdetailing the Commission'spositions. • Participated in advocacy by coalitionsof which the Commission isa member. • Partnered with local business advocacy groups on advocacy tripsto Washington, D.C. and Sacramento. • Provided technical assistance and policy briefingsto legislatorsrepresenting Riverside County. Public Affairs • Produced quarterly metrics reports to the Commission on data related to social media, The Point newsletter and blog, and website activity. Met or exceeded goals set for public engagement through the tools. • Continued updatesand publicly launched the Commission'supdated website, RCTC.org, to meet modern standards and expectations, creating a more transparent and accessible platform forvisitorsto receive information about multiple transportation projectsand services. • Asa result of construction of the 1-15 Express Lanes, engaged the community through open houses, the project website, videos, construction updates, social media platforms, project helpline, emergency responder and public information officer briefings, and neighborhood canvassing. • Informed motorists of multiple weekend closures of the RCM 91 Express Lanes and general- purpose lanesforrestriping and tolling technology changes. • Created consistent branding forproject fact sheetsto help boost the Commission'sbrand and identity. • Secured constituent support for federal grant funding for the 71/91 connector project using RCTC.org. • Continued the Operation Lifesaver rail safety program throughout the County. • Hosted informational boothsand gave presentationsto numerousservice clubsand business groupsand at town hall meetingsforcitiesand County supervisors. • Promoted the 91/PVL and special trains, including the Angels Express, Football Train, and service to the Mission Inn Festival of Lights, and supported school and senior center tours on public transit and other similar efforts. • Assisted with inquiriesand marketing of the RCTC 91 Express Lanes, which marked its second yearof service in March 2019. • Conducted public education program for SB 1 funding, using city -specific fact sheets and social media postsabout projectsdelivered through thisgastax revenue. • Began Public Engagement Program activities, including digital advertising, videos, social media posts, development of an interactive web tool, and establishment of a digital "annual report. 103 • Participated in industry gatherings, such as the Mobility 21 summit and S-ICC Focus on the Future — providing informational materials and discussing the Commission's work within the transportation industry. • Supported the Rail Department with technical advisory committee meetingsforthe proposed Coachella Valley -San Gorgonio Pass corridor rail service and regional briefings for the Next Generation Rail Study. • Issued 12 news releasesto media outletsand responded to media inquiries regarding various Commission projectsand issues. • Marked 25yearsof FSPoperationsand Metrolinkservice in Riverside through variousawareness activities. Major Initiatives in FY2019/20 Legislative Affairs The Legislative Affairs team will continue monitoring and engaging in individual legislation that movesthrough Congressand the State Legislature, pluspoliciesemerging from the Gubernatorial and Presidential Administrations. The team will also aggressively pursue grant funding opportunities in collaboration with other Commission departmentsand external partners. It ispossible that a federal infrastructure funding package will move forward in FY2019/20. If such a package begins to move forward, significant Commission engagement will be necessary to ensure Riverside County isable to receive itsfairshare of funding. In the meantime, the Legislative Affairs team will prepare federal transportation funding reauthorization principlesin preparation forcongressional and administrative deliberationson the next surface transportation law that will succeed the FASTAct in 2020. In Sacramento, the Legislative Affairs team will focus on implementation of SB 1, pursuant to the Commission'sadopted state legislative platform. A priority issue in both Washington, D.C. and Sacramento will be implementation of a pilot program in the FASTAct that allowsstatessuch as California to substitute itsenvironmental law for federal environmental law. Thispilot program hasthe potential to save time on future Commission projects. Finally, the Legislative Affairsteam will continue to manage the consultant contractsthat assist the Commission in applying for state, federal, and regional grant funds and provide advocacy servicesin Washington, D.C. and Sacramento. Public Affairs An ambitious year is planned for the Commission's Public Affairs program. Staff will continue its robust and transparent communication effortsacrossRiverside County to enhance Commission's brand awarenessand to engage in two-way dialogue with constituents. The Commission'sfocus isusing modern technology to reach asmany people aspossible. Accordingly, major Public Affairs initiativesfor FY2019/20 include: • Preparing fresh content for RCTC.org and The Point enewsletter and blog to reflect Commission prioritiesand updatesto projectsand programs. Staff will increase engagement with residents by soliciting support forvariousfunding initiatives. 104 • Continuing community outreach for construction of the 1-15 Express Lanes, including weekly construction updates, videos, social media activity, presentations, roundtable meetingswith partneragencies, and rapid response to questionsfrom motoristsand residents. • Using the input from the #RebootMyCommute campaign to gain a greater understanding of the needs of residents countywide, improve Commission's communication with the public, help inform the development of the new Measure A Expenditure Plan, and provide data for potential future funding initiatives. • Continuing Operation Ufesaver'seffective rail safety education campaign at Riverside County schoolsand community sites. • Assisting the Rail Department with Metrolink marketing efforts to educate county residents about the commuting and recreational benefitsof riding Metrolink. • Initiating public outreach activities for the start of construction of the SR60 truck lanes between Moreno Valley and Beaumont. Heavy emphasis will be placed on the six-month westbound lane closure, which may begin in late summer2019. • Tracking construction start dates and planning for upcoming projects: I-215/Placentia interchange, Pachappa underpass, 91 corridor operations, 71/91 connector, 15/91 Express Lanes connector, I-15/Railroad Canyon interchange, and 1-15 Express Lanes —Southern Extension. • Measuring public engagement activities by tracking social media likes, followers, engagement, and impressions; overall social media sentiment; subscribers to The Point enewsletter; website visitors; and other metrics. Department Goals lhe External Affairs Department plays a unique role by providing broad internal support to all Commission departmentswhile also being the conduit fora wide variety of external stakeholders to receive information and advance the public's general interest in better mobility in Riverside County. To that extent, the External Affairs Department's goals truly are the Commission -wide goalsof quality of life, operational excellence, connecting the economy, and being a responsible partner. the External Affairs Department will adapt to ensure achievement of these broader organizational aims. 105 Extema I Affairs Performance Measures and Results FY17/18 Estimated FY17/18 Actual FY18/19 Estimated FY19/20 Projected Legislative action submittalsto Commission 8 9 8 8 Commission -adopted legislative positions N/A 9 8 8 State/federal/regional grantspursued 3 3 1 3 Itemsof state orfederal legislation sponsored by the Commission 1 1 0 0 Speakersbureau/stakeholderpresentations/events 116 120 100 110 Social media postingsper week (average) 5 6 6 6 Facebook"Likes' 7,467 7,774 8,000 8,500 Twitter followers 992 994 1,200 1,300 Instagram followers 170 265 500 600 "The Point" postingsper month (average) 2 3 4 4 "The Point' subscribers 800 1,484 2,000 2,500 Website visitorsper month (average) 10,000 11,244 12,000 13,000 Operation Lifesaverschool and community presentations/events 65 69 65 65 106 Finance Mission Statement: Finance safeguards the Commission's aoccts and maintains strong and prudent fiscal controls in accounting, budgeting, procurements, debt financing, investing, and financial reporting including ongoing disclosure to all interested parties. Rnance %eksfinancing altemativesthat complement the Commission'sstrategic direction. Chart41 —Finance ailariesand Benefits 15% Expenditures Pro fe ssio n a I Costs 14% Capital Outlay 5% the Finance Department's total budget is$16,253,100 (Table 59) and reflects an 8%decrease over the prior year's budget. Department staffing costs will total $2,511,300 and reflect the one-time disbursement to fund the Commission's CaIP❑RSretirement net pension liability, the net allocation of Flbs, and performance merit -based salary increases. Professional costs of $2,200,100 include various services related to general and specialized legal, financial and investment advisory, audits, debt management, CAFRand annual budget graphic design and publication, and procurement. atpport costs of $608,800 include insurance, printing, and staff training. Capital outlay of $845,000 inc ludesERP updates. Transfers out of $10,000,000 and $87,900 are related to funding a portion of the debt service interest payments and administrative coststo the General fund, respectively, from the 2009 Measure A Western County bond financing program. Table 59—Finance Expenditure Detail FY 17/ 18 Actual FY 18/19 Revised Budget FY 18/ 19 FY 19/ 20 Projected Budget Dollar Percent Change Change Salariesand Benefits Pro fe ssio n a I Costs Legal Services Audit Services Fna ncial Advisory Professional cervices- General Total Professional Costs aipport Costs Capital Outlay Tra n sfe rs O u t TOTAL Finance $ 1,146,000 $ 1,182,300 34,000 441,000 181,100 862,000 1,518,100 369,600 14, 013, 800 $ 17, 047, 500 155,000 427,500 150,000 1,503,300 2,235,800 543,500 513,700 13,183,400 $ 17,658,700 $ 1,138,600 $ 2,511,300 $ 1,329,000 112% 150,000 427,500 200,200 627,600 1,405, 300 431,400 100,000 11,253,400 $ 14,328,700 270,000 115,000 74% 573,700 146,200 34% 250,000 100,000 67% 1,106,400 (396,900) -26% 2,200,100 (35,700) -2% 608,800 65,300 12% 845,000 331,300 64% 10,087,900 (3,095,500) -23% $ 16,253,100 $ (1,405,600) -8% 107 Finance Staffing Summary Po sit io n FY 17/ 18 FY 18/ 19 FY 19/ 20 Accountant 0.98 0.98 0.94 Accounting Assistant 2.00 2.00 2.00 Accounting Supervisor 0.00 0.00 1.00 Accounting Technician 2.00 2.00 2.00 Chief Financial Officer 0.63 0.65 0.62 Deputy Directorof Finance 0.90 0.91 0.94 Procurement Manager 0.19 0.12 0.16 SeniorAdministrative Assistant 0.65 0.65 0.67 Senior FinancialAnalyst 0.59 0.60 0.42 SeniorManagement Analyst 0.00 0.00 0.01 Senior Office Assistant 0.27 0.26 0.30 Senior Procurement Analyst 0.11 0.10 0.08 FTE 8.32 8.27 9.14 Department Budget Overview Department Description Finance and Accounting Commission resources are allocated to assure financial stability and fiscal accountability. Finance activities include investing the Commission's cash resources, planning and directing financial transactions, and subsequent monitoring of legal and regulatory requirements. Adequate cash flow must be maintained while at the same time prudently investing operating and capital funds. Borrowing needsare carefully planned using both short- and long-term debt. Once debt is ivied, there are ongoing responsibilities including interaction with financial advisors, bankers, dealers and remarketing agents, underwriters, bond counsel, bond insurers, trustees, issuing and paying agents, arbitrage consultants, investment managers, and rating agenciesaswell asproviding regularand consistent information disclosure to investors. Fiscal accountability involves receiving all funds due the Commission, paying all Commission obligations, maintaining the general ledger, reporting regularly on the Commission'sfiscal results, and preparing and monitoring the budget. Fiscal accountability requires the coordination of budget planning and monitoring and the accurate and timely accounting for all funding sources, including compliance with all applicable laws and regulations governing those funds. Accounting encompass cash receipt and disbursement functions, maintenance of the general ledger including project cost accounting, payroll processing, debt and investment management, quarterly and annual financial reporting, and retention of and coordination with independent auditors. lhe Commission also recognizes the importance of accountability for the organization. As a result, the Commission is highly regarded by individuals, peers, other organizations, and government officials at a local, regional, state, and national basis. A formal organizational accountability program is in place to address fraud risk, ethical conduct, and financial and operational disclosure and to maintain the public'sconfidence in the Commission. Accordingly, measures have been implemented based on a conceptual framework related to oversight, reporting, fraud, internal control, and ethics. 108 Procurement Management Procurement management is responsible for the purchase of all goods and services, in accordance with the Commission's Procurement Policy Manual and federal and state funding requirements to ensure the implementation of the Commission's projects and programs. The procurement process is centralized and includes conducting outreach, issuing solicitations, oversight of the proposal evaluation process, conducting contract negotiations, recommending contract award, and updating procurement policiesand proceduresasrequired. After contract award and during the contract lifetime, contract administration activities include issuing contract task orders and amendments; ensuring compliance with contract terms, conditions, and deliverables; and monitoring contract balancesto prevent contract overruns. Procurement management also includes oversight of the Commission's DBE and SBE program. this includes developing DBE contract goals, attending various DBE/SBE outreach events to encourage participation on Commission contracts, monitoring DBE participation achievement, and ensuring all vendors have an equal opportunity to provide the Commission with goods and services. Risk management includes identifying Commission insurance needsto protect the Commission's asscts, such as its commuter rail stations, toll facilities, and vacant land, and to ensure that insurance requirementsfor services purchased with public fundsare applied in the Commission's best interests. Activities also include reviewing scopes of work to ensure insurance limits are adequate, tracking consultant insurance certificates, managing claims, and annually reviewing and renewing the Commission'sinsurance policies. Key Assumptions for FY 2019/ 20 • The commercial paper letter of credit facility will be maintained with strong short-term ratings. • The Commission will maintain strong AA category long-term credit ratings related to its sales tax bondsand investment grade ratingsrelated to itstoll bondsand TIFIA loans. • Proceedsfrom the 2017A Bonds, 201711RA Loan, and federal fundswill be used to fund the I- 15 ExpressLanesproject. • A consultant will perform annual arbitrage calculations related to the outstanding debt issues. • The Commission will continue development of an innovative financing option to fund Westem County highway project priorities. • The Commission will pay 100% of the actuarially determined contribution related to postretirement health care benefitsbased on a current actuarial valuation. • The Commission will fund 100%of its CaIPERSretirement net pension liability. • Finance will commence migration and implementation of a new cloud -based ERP system and will implement a comprehensive budget software tool. • The Commission will implement GASB Statement No. 87 related to the accounting and financial reporting for leases following a review of the Commission's leases with right of way staff. • Directors and program managers will continue to have adequate project budget and accounting information to make informed decisions. • Toll operationsaccounting information will be proceoccd and provided by the toll operations contractor's back office, and a service organization report, or SOC1-Type 2 report, will be obtained annually. • Construction fund bond proceeds will be invested in securities that mature in accordance with the construction draw schedule. Operating funds will be invested in state and local agency investment pools for short-term liquidity purposes and in mid-term treasury and federal agency securities as available funds are identified. The overall interest rate is conservatively projected to be 2.00% for operating funds managed by state and County 109 investment pools aswell as an investment management firm and 2.00%for debt service and construction fundsmanaged by an investment management firm. • Procurementswill be conducted in accordance with the Commission's procurement policy manual. • Procurement will continue to maintain a standardized procurement filing system and centralized procurement files. • Procurement will conduct outreach activities to encourage DBE and SBE participation in variouscontractsand projects. Accomplishments in FY 2018/ 19 • Received rating upgrades (from BBB- to BBB) related to the 91 Project toll revenue debt from Fitch and S&P due to strong performance of the 91 Express Lanes. • Prepared and submitted to 11RA the Financial Plan Annual Updatesfor the 1-15 Express Lanes project and the 91 Project. • Prepared and submitted required continuing disclosure reports related to the 91 Project and 1-15 Express Lanes project financings to TIRA and/or the Municipal Securities Rulemaking Board's Electronic Municipal Market Access(EMMA) System, asapplicable. • Fulfilled other continuing disclosure requirementswith timely filingsto EMMA. • Worked with Toll Operations staff, OCTA, and the 91 Express Lanes operator to ensure that proper accounting and financial reporting procesces were maintained for the 91 Express Lanesoperations. • Presented an update to the rating agenciesof the Commission'ssalestax and toll financing programs. • Obtained financial reporting excellence award from the Government Finance Officers Association (GFOA) (26th year) related to the CAFRfor the fiscal yea rended June 30, 2018. • Obtained GFOA distinguished budget award (23rd year) for annual budget for the fiscal year beginning July 1, 2018. • Generated approximately $9.2 million in additional Measure A sales tax revenue since the engagement of a firm in January 2008 to provide sales tax audit services in order to detect and correct salestax reporting errors. • Updated the Procurement Policy Manual. • Promoted the Commission'sDBE/SBEprogram by attending varioussmall businessnetworking events. Major Initiatives in FY2019/20 Finance and Accounting The commercial paper program has been in place for 14 years and provides short -temp, advance funding for projects included in the 2009 Measure A and related Western Rverside County Delivery Plan. The current credit and liquidity support for the commercial paper program is$60,000,000, and the existing letter of credit and reimbursement agreement with State Street Bank expires in October 2020. The Commission will monitor the credit quality of Sate Street Bank for any actions that may affect the short-term ratingsof the commercial paperprogram. The Commission will continue to invest project finance funds with the advice and assistance of an investment management and advisory firm. Operating funds available for investment are coordinated with the assistance of a second investment management and advisory firm. The Commission invests its funds in accordance with the Commission's priorities of safety, liquidity, and then yield. Staff in consultation with the investment managers and advisors will continuously review the Commission'sinvestment policy forany required updatesand otherrecommendations. Staff maintainsa comprehensive financing plan to support the highway and rail capital projectsand to assess future financing requirements. This financing plan incorporates revised sales tax revenue 110 forecastsaswell asother potential federal, state, and local revenue sources, including tolls. Based on the updated cost estimates for these projects and identified revenues, potential project funding shortfalls may result in project deferrals or require alternative financing strategies. Financing altemativesto be considered include commercial paper, long-term bond issuesto finance Measure A and toll projects, federal loan programs; and leveraging surplustoll revenues. To ensure that the Commission receivesthe proper amount of Measure A salestaxes, the Commission will continue to engage a firrn to conduct sales tax audit services. the firm will also provide quarterly salestax analysis and reporting services, of which a summary report is presented to the Commission on a quarterly basis the Commission will also continue to engage a consultant to provide semi- annual sales tax forecasts for use in the development of revenue projections for the annual budget processand comprehensive financing plan updates the Finance Department will continue to keep abreast of GAS$ technical activities affecting the Commission's accounting and financial reporting activities, including implementation related to the accounting for leases the Finance Department will continue to axcssfinancial policies, procedures, and reporting and ensure proper intemal control. Consultants may be engaged to assist staff in the development of efficient accounting and reporting procemes. Asa result of staff'sanalysisof recent and proposed state legislation aswell as options related to the amortization of the Commission's net pension liability, the Commission recently approved a plan to payoff the net pension liability of approximately $8.1 in FY 2019/20. the estimated $7.5 million of interest charge savingsfrom thisplan will provide funding forfuture Commission programsand capital projects the Finance Department will update its ERP system to integrate data processing across the Commission, automate administrative proce000s, and embrace data integration. the continued ERP efficiency gains include an automated paperless workflow system, advanced project accounting, budgeting, multi -year contract management, grant tracking, and readily available scanned images that retrievable by all users Additionally, a comprehensive budget software tool will be procured and implemented to replace current spreadsheet compilation proceqsrs and provide efficienciesfor the budget processacrossall departments Procurement Management A centralized procurements process will continue to be maintained to manage requests for proposals, qualifications, invitations for bids, small purchases, and related contract administration issues lire Procurement Policy Manual reflects best practices and applicable federal, state, and local laws and regulations the procurement system hasstrengthened controlsto ensure consistency in the development and application of procurement policies and procedures and adherence to applicable lawsand regulations, especially those related to federal and state grants Procurement utilizes PlanetBids to assist staff in its efforts to administer and manage an efficient procurement process and conduct outreach to small businerorrs and DBEs for Commission projects and programs PlanetBids is a web -based vendor and bid -management software. lhe PlanetBids e- procurement application helpsstreamline the complete bidding processand enablesthe collection and analysisof all aspectsofvend ordata, purchasing activities, and corresponding history. PlanetBids providesa better service and convenience to vendorsand automatically notifies potential vendorsof bid alerts In order to improve the efficiency and productivity of resources, the Commission will continue to outsource the administration of the insurance certificate tracking process related to agreements Procurement Management is responsible for developing, implementing, and monitoring DBE and SBEprogram requirements in coordination with contractors and other appropriate officials Dutiesand responsibilitiesinclude: 111 • Establishing DBEattainment goals; • Monitoring reporting and utilization by contractors; • Gathering and reporting statistical data and other information asrequired; • Reviewing third -party contracts and purchase requisitions for compliance with the program; • Ensuring that bid noticesand requestsforproposalsare made available to DBEsand SBEs in a timely manner; • Reporting to and advising the Executive Director and Commission on DBE and SBE matters; and • Providing outreach to DBEsand SBEsto fully advise them of contracting opportunities. Additionally, the Commission recognizes the vital role that local businessPs play in the County, and it strongly encourages, supports, and promotes the participation of local businenrrs in providing goods and services to the Commission. Procurement is committed to providing contracting opportunities to local businesccsto strengthen the County'slocal economy and to promote the development of the small, local business community. During FY 2019/20, the Commission will jointly participate in other outreach events in order to acquaint potential local, small, and disadvantaged businesscPs with the Commission's procurement procedures and opportunities. Staff also consults with the Commission's insurance broker in procuring competitive quotes, on an annual bass, for various insurance coverages secured by the Commission in order to provide cost effective solutionsto meet its diverse insurance needs. During FY2019/20, staff will conduct a review and assessment of the Commission's insurance program and risks to ensure that the Commission's a,rrtsare properly protected with appropriate insurance coverage. Department Goals F1 — Protect the Commission's cash resources by regular monitoring of investment practices to ensure consistency with established investment policy. (Policy Goal: Operational Excellence) Objectives: • Utilize investment management and advisory services to prudently invest operating and capital fundsin accordance with the Commission'sinvestment policies. • Achieve a rate of retum at least equal to the County of Riverside Treasury Pool rate for operating funds. • Establish an appropriate benchmark for the investment of debt proceeds and excess operating funds. F2 — Manage the Commission's outstanding debt ensuring compliance with applicable laws and regulations and continued investor awareness and receptivity to the Commission's program. (Policy Goal: Operational Excellence) Objectives: • Provide an annual update and review of the debt programs with at least three of the rating agenciesno laterthan June 30, 2020. • Meet continuing disclosure requirements of the sales tax and toll revenue debt programs and comply with the 1lFIA loan and salestax and toll revenue bondsreporting requirements. • Maintain the financial infomnation on the Commission's website to provide timely and useful information to investors • Prepare arbitrage calculationsasrequired. 112 F3 — Ensure the Commission and funding recipients comply with Measure A and IDA laws and regulations as they relate to the annual financial and compliance audits as well as close cooperation and coordination with independent auditors. (Policy Goal: Operational Excellence) Objectives: • Minimize the number of audit adjustment, substantive management letter comments, and compliance findingsrequiring corrective action by the Commission. • Maintain appropriate fiduciary review and monitoring procedures for Measure A recipient and IDA claimant audits. F4 — Maintain fiscal and budgetary control through monitoring of periodic results and ensuring consistency with the Commission's strategic direction. (Policy Goal: Operational Excellence) Objectives: • Obtain the GFOA Distinguished Budget Award forthe FY2019/20 budget. • Facilitate a comprehensive budgeting approach that effectively involves management staff, requiring full accountability for all department expenditures. • Fund 100%of the actuarially determined contribution related to the postretirement health care benefits. • the Commission will fund 100%of its CalPERSretirement net pension liability. F5 — Assure fiscal accountability for Commission funds with general ledger accounting and financial reporting consistent with generally accepted accounting principles. (Policy Goal: Operational Excellence) Objectives: • Ensure proactive communication and timely responses to any noted errors, corrections, and budget transfers related to program and project management reviews of accounting and budget information. • Obtain an unmodified opinion on the basic financial statements. • Receive financial reporting excellence award from the GFOA related to the preparation and isqaance of the CAFR • Say abreast of finance, accounting, and financial reporting developments by attending training and conferencesin the general areasorin specialized areasapplicable to job duties. • Update and maintain the fiscal policiesand proceduresmanual. • Update and maintain complete accounting desk procedures manual for ❑rsystem to facilitate crosstraining. • Sipport staff and consultants with training opportunities in order to effectively utilize the ERP system capabilities. • Assist local govemments with Measure A funding by providing timely allocation of funds for eligible projectsand programs. • Maintain ❑-.f'system to reflect technical updatesand current technology. 113 F6 — Develop and maintain an organizational accountability program encompassing financial and operational functions. (Policy Goal: Operational Excellence) Objectives: • Establish and implement measuresrelated to oversight, fraud, intemal control, and ethics. • Issue annual disclosure statementsrelated to financial and operational responsibilities. • Continue to revise and develop finance and accounting policiesand proceduresthat reflect the requirementsof federal, state, and local requirementsand the Commission'soperating practices. F7 — Procure goods and services from qualified consultants, contractors, and other vendors in accordance with laws and regulations at a competitive price. (Policy Goal: Operational Excellence) Objectives: • Assist departments and programs to procure and obtain goods and servicesin a cost effective and efficient manner. • Ensure that procurementsare conducted in accordance with the Procurement Policy Manual. • Ensure that agreements, amendments, and MOUs are entered into with appropriate legal considerations. • Processagreements, amendments, and MOUsin a timely and efficient manner. • Ensure that consistent procedures, process, and toolsare used for procurements. F8 — Review existing procurement policies and procedures. (Policy Goal: Operational Excellence) Objectives: • Ensure that the procurement policesreflect Commission requirementsand practices. • gregate policies and procedures so that procedures can be easily updated without Commission approval. • Ensure that procurement policies and procedures reflect the requirements of the Commission's federal, state, and otherfunding sources. • Continue to provide an easy to read desktop quick procurement policiesreference guide for use by Commission staff. • Maximize the value received for the Commission'sexpenditure of public funds. • Provide all vendorsan equal opportunity to provide needed goodsand/or services. P9 — Protect the Commission's assets by ensuring appropriate insurance is obtained. (Policy Goal: Operational Excellence) Objectives: • Ensure adequate types of insurance and limits are obtained for Commission properties and contracts. • Ensure consultant compliance with contract insurance requirements. 114 ID Finance Performance Measuresand Results FY17/18 Estimated FY17/18 Actual FY18/19 Estimated FY19/20 Projected F2 Salestax revenue bonds rating Aa2/AA+/AA Aa2/AA+/AA Aa2/AA+/AA Aa2/AA+/AA F2 To I I revenue bond rating BBB-/ BBB BBB-/ BBB BBB/ BBB BBB/ BBB F2 11RA loan rating: 2013 11RA Loan 2017 11FIA Loan BBB- BBB-/ BBB BBB- BBB-/ BBB BBB BBB-/ BBB BBB BBB-/ BBB F2 Commercial paperrating P-1/A-1+ P-1/A-1+ P-1/A-1+ P-1/A-1+ F1 Average yield on investments 0.50% operating / 0.75%debt proceeds 1.82% operating / 2.69%debt proceeds a 2.00% operating and debt proceeds o 2.00%operating and debt proceeds F5 GFOA Certificate of Achievement Awarded Awarded Awarded Awarded F4 GFOA Distinguished Budget Award Proficient Proficient Proficient Proficient F5 Accountspayable invoices processed 7700 8,016 8,100 8,100 F5 Accountspayable checks processed 4,300 4,411 4,500 4,500 F3 Audit adjustments 0 0 0 0 F5 Payroll hoursprocessed 96,400 96,812 97,000 112,300 F5 Accountsreceivable invoices proceaccd 200 200 210 210 F7 Agreementsprocessed 260 292 250 275 115 Planning and Programming Mission Statement: Planning and Programming exerts leadership in transportation planning and the programming of funds to improve mobility, foster environmental stewardship, expedite project delivery, and form partnershipswith local, regional, state, and federal agenciesresulting in maximum retumson local investment. Planning and Programming also supports coordinated regional approach to solve transportation funding issues. Chart 42 —Planning and Programming Tra n sfe rs Out 22%� Expenditures Projectsand Operations 61% Sala Hesa nd Benefits 15% Pro fe ssio n a I Costs 2% Planning and Programming expenditures of $14,512,900 decreased 29%from last year's budget (Table 60). Sala riesand benefitsrepresent 16%of total usesand reflect the one-time disbursement to fund the Commission's CaIPERSretirement net pension liability, the net allocation of I-1Es, and performance merit -based salary increases. Professional servicestotaling $294,000 decreased 15% due to a reduction in congestion management programming. Professional services include air quality analysis; project database management; local, state, and regional planning activities; on - call goods movement consultants; and legal services. Support costs increased 11%or$2,100 and include various membership dues and staff -related travel costs. Projects and operations costs decreased 51%primarily due to engineering and construction work for the Santa Ana River Trail project for the District, operating disbursements to local agencies, and regional transportation model update in the previous year. Transfers out of $1,550,000 and $1,673,400 are related to LlF funding for the next generation toll feasibility studies to the Western County Measure A Special Revenue fund and administrative coststo the General fund, respectively. 116 Table 60-Planning and Programming Expenditure Detail FY 17/18 FY 18/19 FY 18/19 FY 19/20 Dollar Percent Actual Revised Budget Projected Budget Change Change Salades and Benefits Professional Costs Legal Services Audit Services Rnancial Advisory ProfessionalServices- General Total Professional Costs Support Costs Projects and Operations Program Operations Engineering Construction Fight of Way Specialaudles Operating and Capital Disbursements Total Projects and Operations Tra n ste rs Out TOTAL PIanning and Programming $ 1,008,000 $ 1,037,400 $ 887,900 21,300 76,500 76,000 17,900 20,000 15,000 1,600 - - 55,100 247,400 31,200 95,900 343,900 122,200 22,100 19,500 16,800 174,000 271,800 124,700 2,819,700 10, 508, 000 85,700 255,000 1,272,600 1,372,000 1,122,000 2,820,000 243,500 650,000 280,000 1,250,000 1,567,500 2,779,000 18,046,500 3,991,000 388,800 1,017,400 1,027,400 $ 4,293,800 $ 20,464,700 $ 6,045,300 $ 2,186,800 73,000 15,000 206,000 294,000 21,600 356,100 850,000 5,000,000 205,000 921,000 1,455, 000 8,787,100 3,223,400 $ 14,512,900 $ 1,149,400 111% (3,500) -5% (5,000) -25% N/A (41,400) -17% (49,900) -15% 2,100 11% 84,300 31 % (1,969,700) -70% (5,508,000) -52% (50,000) -20% (451,000) -33% (1,365,000) -48% (9,259,400) -51% 2,206,000 217% $ (5,951,800) -29% Planning and Programming Staffing Summary Po sit io n FY 17/ 18 FY 18/19 FY 19/ 20 Capital Construction Manager 0.00 0.20 Capital Projects Manager 0.17 0.20 Chief Financial Officer 0.02 0.02 Deputy Executive Director 0.07 0.05 Executive Director 0.46 0.43 External Affairs Director 0.03 0.06 Management Analyst 0.00 1.00 MultimodalServicesDirector 0.00 0.05 Planning and Programming Director 0.95 0.91 Planning and Programming Manager 1.00 0.98 Procurement Manager 0.06 0.00 Project Delivery Director 0.02 0.00 Public Affairs Manager 0.00 0.00 Right of Way Manager 0.00 0.02 Se niorAdministrative Assistant 0.21 0.20 SeniorManagement Analyst 1.04 1.03 SeniorProcurement Analyst 0.03 0.15 TollOperationsManager 0.01 0.00 Toll Program Director 0.10 0.00 Toll Project Manager 0.02 0.00 FTE 4.19 5.30 Department Budget Overview Department Description 0.08 0.26 0.00 0.10 0.43 0.04 0.95 0.40 0.82 0.93 0.07 0.04 0.02 0.01 0.20 0.94 0.05 0.00 0.08 0.00 5.42 The Commission is responsible for short- and long-range transportation planning and programming. Short-range planning and programming involvesthe development of the five-year S11Pand preparation of the six -year RIP for the County. These programming documents identify projects funded from Measure A, TUMF, transit operators' SRTPs, state and federally funded 117 projects, locally funded regionally significant projects, and local jurisdiction Capital Improvement Plans(CIPs). The Commission is responsible for approving projects for RIP funds in Western County and coordinating with Caltranson the selection of Interregional Improvement Program funds as part of the STIP approved by the CTc every two years. The Commission delegated the authority to nominate projects for RIP funds in the Coachella Valley to CVAG. A MOU between the city of Blythe, representing Palo Verde Valley, and the Commission allowsthe city to trade RIP fundsfor local Measure A salestax funds. The Commission's involvement with long-range planning efforts includes the coordination and input into planning effortsthroughout the County, southern California region, and statewide. These efforts involve participation in local, bi-county, and regional corridor plans and studies, including the continued development of the CETAP corridors. • The Commission commenced itsfirst Countywide LRTP in 2017 with completion anticipated in late 2019. The LRTPwill provide a vision of Riverside County'sfuture integrated transportation system and will serve as a document to advocate for changes to transportation policy, legislation, and funding. It will also include a comprehensive review of projects, including highways, arterials, grade separations, transit, and active transportation improvements. • The RIP is a 25-year transportation plan developed by SLAG in conjunction with county transportation commissions, sub -regional agencies, local agencies, transit operators, and other interested parties within the SCAG six -county region. The SCAG 2016 RIP incorporates SCSas required under SB 375. The SCScomponent establishes goals for projects, programs, and land -use designed to reduce GHG emissions. • Statewide planning efforts involve participation in the development of the California Transportation Plan, freight/goodsmovement, interregional highways, and airquality plans, to name a few. The Commission also serves as the CMA for the County and is responsible for developing and updating the Congestion Management Program (CMP).The CMPwasdeveloped to meet federal Congestion Management System requirementssince state CMPisa voluntary program. The CMP's highways and regional arterials are regularly monitored to ensure that they are operating at acceptable levels (above Level of Service "F'). If a deficiency occursalong the CMP system, the Commission will review the cause of congestion and determine the projects and programsthat can alleviate the congestion along with potential funding. In November2006, the voters of California approved Proposition 1B, which provided $20 billion in transportation infrastructure funding and established various program categories including a $2 billion infusion into the STIP. Other competitive program categories included Corridor Mobility Improvement Account (CMIA) and Trade Corridors Improvement Fund (TCIF). The County succeeded in receiving CMIA funding forthe SR91 HOV lanesand 1-215widening projects, which were completed with the exception of the Pachappa underpass portion of the SR91 HOV lanes project. The Pachappa underpass project was split off asa separate project and will be funded with SB 1 Local Partnership Program formula funding. TCIF funding was approved for 11 grade separation projects and a ground access improvement project at the I-215/Van Buren interchange. All grade separation projectswere completed with the exception of the Avenue 66 Grade Separation Bypass, which isanticipated to commence construction in fall 2019. The FASTAct, signed into law in December2015, established a new formula freight fund underthe National Highway Freight Program fora five-yearperiod. The CTC isresponsible forallocating these funds. In October 2017, the CTC finalized guidelinesfora call for projectsthat wascombined with funding established for the Trade Corridor Enhancement Program (TCEP) under SB 1. The CTC adopted the TCEPprojectsin May2018. 118 The State Legislature and Governor approved SB 1 in April 2017. This gasoline tax provides approximately $5.2 billion in annual revenues for transportation purposes statewide, with more than $113 million to Riverside County. The Commission isresponsible forallocating the following local, state, and federal funding sources: Local Sources State Sources Federal Sources 1989 and 2009 Measure A S3821 for pedestrian and bicycle projects STBG 2009 Western County MARA S11P-RIP CMAQ Western County TUMFregional ATPMPOCountyshare arterial program Transportation Alternatives Program (TAP)* SB 1 Local Partnership Program Formula Share M SRC *TAP funds a re combined with State/MPO ATPCall for Projects administered byCTC. Programming specifically involvesthe development, review, and approval of projectsfor various funding programs, particularly those where the Commission has a responsibility for project nominations. Additionally, programming involvesthe monitoring of projectsfrom project selection through construction close-out. In order to receive federal funds and approvals, all projects funded with federal and state dollars, or local projects that are regionally significant, must be included in the RIP and FTIP in accordance with project delivery schedules and financial constraint requirements. SCAG, as the MPO, is responsible for incorporating all six -county (Imperial, Los Angeles, Orange, Riverside, San Bemardino, and Ventura) transportation improvement programs into one regional programming document or the RIP/SCS SLAG also conducts a conformity analysis with the adopted air plans to ensure compliance with the National Ambient Air Quality Standards, as stipulated by Environmental Protection Agency's Transportation Conformity Rule, and GHG reduction targetsadopted byCARB.The RTP/SCSisupdated every fouryears, and the FflPupdate effort isperformed every 18to 24 months. Multiple amendmentsoccurwithin each FTIPcycle; RIP amendments are lessfrequent asthey require air quality conformity analyses. FTIP amendments can occurforminor project changesthat do not affect the conformity determination. Partnership development, public and private, iscritical to the Commission'scontinued successin affecting positive transportation decisions to meet future demands. Commission staff works in close coordination with its partnersto advocate for federal, state, and local funding to improve mobility, mitigate the impactsof goodsmovement, and streamline the programming and project delivery process. Key Assumptions for FY 2019/ 20 • The Commission will continue itseffortsto work with transportation partnersto streamline and improve project delivery. • The Commission will maintain consultant contracts to provide assistance with the CMP, air quality analysis, LRTP, on -call grant writing, and other related planning activities. • The Commission will utilize all available funding sourceson transportation projects identified in the 2009 Measure A as well as other regional high priority projects, including TUMF regional arterial projectsand grade separation projects. • The Commission will continue participation in local, bi-county, regional and state planning efforts representing the interestsof the County, including, but not limited to, the development of the Riverside County transportation model (RIVCOM) and Inland Empire Comprehensive Multimodal Corridor Plan. 119 • The Commission will work with the CTC, Caltrans, SLAG, South Coast AirQuality Management District (SCAQMD), and local project sponsorsto implement projectsfunded with STIP/RIP, SB 1, ATP, or other available fund sources to ensure that the programming and allocations are consistent with project schedules. • The Commission will continue to assist local project sponsorswith the processing of state and federal funding approvals/obligations/allocationsand overall project delivery. • The Commission will participate in the development/updates of planning guidelines and funding program guidelines to ensure competitiveness and equitable proce.-sos are incorporated. Accomplishments in FY 2018/ 19 • Facilitated the process of over25 CTC actions that consisted of, but were not limited to ATP Cycle 3 awards, financial allocations, and extensionsof time. • Completed two local agency agreements/amendments for the implementation of TUMF regional arterial projects. • Processed over 128 project amend mentsinto the 2017 and 2019 FTIPs. • Coordinated with Caltrans and project sponsors monthly regarding the obligation of federal and state funding, met obligation deadlines, and prevented lossof funding to the County. • Monitored federal funding expenditures of inactive projects to ensure funds were not deobligated. • Advised local agencies and coordinated the use of toll credits and local match waiver for federally funded projects funded at the maximum reimbursement level, saving the Commission and local agencies up to $5,860,000 in local match funds programmed in FY2018/ 19. • Reviewed and approved the Measure A five-yearClPsfor each local agency in the County. • Worked with SLAG and southern California agenciesto develop ATP Cycle 4 Augmentation funding distribution recommendations for the MPO region programming $10.937 million for Riverside County projects. • Collaborated with local agencies and community organizations, such as the Active Transportation Network, Safe Routes to School Partnership, and Active Transportation Resource Team, to provide resourcesfor active transportation projects. • Continued to work collaboratively with other regional and statewide working groups, such as the Transportation Conformity Working Group and California Federal Programming Group, to share information and more effectively stay abreast of changesto federal and state program guidelines. • Continued to workcollaboratively with Mobility 21, SCAG'sSouthern California National Freight Gateway Collaboration, and other regional transportation planning agencies (RTPAs) on goodsmovement and freight issues. • Represented the Commission at monthly MSRC Technical Advisory Committee (TAC) meetings to monitor and track funding programsand opportunities. • Continued efforts related to the development of the LRTP. • Completed the Regional Truck Fee Study. • Released the 2019 S3821 Call for Projectsand allocated approximately $3.8 million in funds. • Facilitated the 2019 S3 821 Bicycle and Pedestrian Facilities Call for Projectsand proce9md 23 claimslextension requests. • Revised the current ATP MPO Regional Program 10-point policy to 20 points, per SCAG guidelines, which allowsthe Commission to add up to 20 pointsto each project application. • Approved and monitored a1129 member agency Measure A ClPsand amendments, totaling over$55 million. Major Initiatives in FY2019/20 Each county transportation commission throughout the State is responsible for programming RIP funds, which represents75%of the totalSTlPfunding available statewide forcapital enhancement 120 projects. the 75% funding level is then further distributed with 60% of the funds allocated to southern California and 40% to northern California. A population formula is then applied to determine county funding levelscalled " county shares." the Commission isresponsible forensuring that projects funded with STIP funding are administered and implemented consistent with CTC and Caltranspolicies. It isthe Commission'spolicy to set aside 2%off the top of new programming capacity for staff support to carry out STIP PPM activities. The remaining RIP funds are further distributed geographically among Western County, Coachella Valley, and Palo Verde Valley per the Commission's intra-county STIPformula. The Commission may also consider call for projects for RlPdiscretionaryfundswhen sufficient programming capacity isavailable. The CTC administers federal TAP funds similar to STIP funds under the Slate's All' that was created by SB 99 and Assembly Bill (AB) 101 to encourage increased use of active modes of transportation, such as biking and walking. Federal TAP funds are not subject to general fund diversions; however, TAP fundsare authorized each year by the pa9cage of the state budget. WRCOG administersthe Western County 1UMFprogram and collectsthe feesfrom participating jurisdictions. WRCOG disburses to the Commission approximately 46.4% of the 1UMF funds collected.lhe Commission furtherdistributesthese fundsequallyto the Commission'slUMFCETAP corridors and regional arterial programs. In September 2004, the Commission established a program and approved the programming of 23 regional arterial projects. To date, $152 million has been programmed forlUMFregional arterial projects. Of the 23 1UMFregional arterial projects, 18 projects completed construction, four projects are currently under construction or in pre - construction, and one project is in the development phase and remains to be programmed for future 1UMFfunds. the Planning and Programming Department also manages the 2009 Western County MARA program, and to date approximately $64 million has been programmed. the expenditures for these regional arterial capital projects are included in the Capital Project Development and Delivery Department budget. Transportation Planning the Commission'splanning role throughout the yearwill involve working with the Federal Highway Administration (FHWA), FTA, CTC, Caltrans, SLAG, councils of governments, local agencies, and the other county transportation commissions in the region on variousplanning effortsrelative to: • Implementation of the 2016 R1P/SCS • Development of 2020 RTP/SCS • Corridor and goodsmovement plans; • 2020 STIP; and • LRTP. In addition, the LR1Pwill serve as document to include regional projects and identify potential "bundling" of multimodal projects for a more systematic and holistic approach in applying for competitive grant opportunities. These planning efforts will be supported through consultant contractsin FY2019/20 using LTFplanning and STIP PPM funds. TranTortation Programming Asmentioned above, the Commission isresponsible forprogramming and allocating variouslocal, state and federal funds. lhese fundswill be monitored to ensure that regulationsare adhered to in order to prevent funds from lapsing. the following summarizes the status of these funding programs: Local Funding Western County 7UMFRegional Arterial Program: Planning and Programming staff will monitor TUMF regional arterial projects based on the agreements between local agencies and the 121 Commission. In addition, Commission staff willwork with local agenciesregarding amendmentsto agreements and any issues regarding project delivery. In May 2018, the I-15/Railroad Canyon Road Interchange wasawarded $15 million of SB1 Local Partnership Competitive funding with an additional $17 million of TUMF regional arterial funds committed to the project. To date, the Commission executed project agreements with local agencies for TUMF regional arterial funds totaling approximately $152 million. By the end of FY2019/20, the majority of expend itureswill have been reimbursed to local agencies for TUMF regional arterial projects, which expenditures are included in the Capital Projects Development and Delivery Department. Staff will coordinate future programming of additional TUMF regional arterial projects with WRCOG and local jurisdiction staff. 2009 Measure A Westem County Regional Arterial Program: Prior to 2014, the Commission programmed $40 million of MARA funds on six projects. During the 2014 multi -funding call for projects, the Commission approved five Western County projects for an additional $24 million of MARA funds. Of the 11 MARA-funded projects, nine were completed and two are under construction. 2009 Measure A Local Streetsand Roads In order to receive Measure A local streets and roads funding each year, the Commission requiresthe local jurisdictionsto submit a five-yearClP based on Measure A revenue projections. Additionally, the local jurisdictions are required to submit a Maintenance of Effort (MOE) certification consistent with adopted MOE guidelines and participate in the MS-ICP and in the local agency'srespective TUMF program, asapplicable. The Planning and Programming Department processes administrative amendmentsto ClPsforminor changesthat do not affect the total programmed amount orare within budget levels. Significant changesrequire Commission approval. State Funding SB 1: The CTC is responsible for administering the majority of the new SB 1 programs. The Commission received over $13 million in Local Partnership Program formula funds covering FYs 2017/18 and 2018/19 and allocated the fundsto the following projects: • 71/91 interchange connector (environmental revalidation); • Pachappa underpass(construction); and • Temescal Canyon widening (construction). For FY2019/20, the CTC approved Cycle 2 Local Partnership Program Formula funding for the I- 215/Placentia Interchange project. The Commission also submitted two project applications for the following SB 1 competitive programs: • Local Partnership Competitive Program — Lake Elsinore — I-15/Railroad Canyon interchange improvement (construction); and • Solutionsfor Congested Corridors Program —71/91 interchange connector (construction). The CTC selected the Lake Elsinore —1-15/Railroad Canyon interchange improvement project for the award of Local Partnership Competitive Program fundsin the amount of $15 million. S71P--RIP. In FY 2019/20 the Commission will work on the development of the 2020 STIP in addition to monitoring delivery of 2018 STIP projects to ensure the allocation and expenditure of projects by the respective deadlines. Staff will also be involved with the development and implementation of current and future SB 1 and ATP cycles, working with the CTC, Caltrans, SLAG, and RTPAs to ensure projectsin the County are successful in these funding programs. 122 SB 821: SB 821, also known as TDA Article 3, projects are funded by 2% of LTF revenues; the expendituresunderthisprogram are included in the LTFspecial revenue fund and reflected in the Public and Specialized Transit Department since the LTFactivitiesrelate primarily to transit funding. For the last call for projects released in February 2017, the Commission awarded over$3.3 million to 22 pedestrian and bicycle projects in the County. The Commission released its next call for projectsin February 2019, and an estimated $3.8 million will be available for programming. Federal Funding CMAQ, S1BG, and TAP/A7P: The Commission is responsible for allocating CMAQ and STBG funds to transportation projectsin the County. The Commission selectsand approvesCMAQ fundsand STBG funds through a call for projects in addition to programming funds for Measure A and regional priority projects. The Commission delegates the selection of projects for CMAQ funds apportioned to the Salton Sea Air Basin to CVAG. Through 9399 and AB 101, the State developed the ATP, which consolidated federal and state funding that traditionally funded bicycle and pedestrian projects, including the federal TAP. The CTC administers the ATP, a program designed to encourage increased use of active modes of transportation such asbiking and walking. The Planning and Programming Department hasbeen involved with the development of the guidelines by participating in workshops and through the RTPA group to represent the County'sbest interest for each programming cycle. Project Monitoring: The high demand for reporting and monitoring the progress of projects is essential to prevent federal and state funds from lapsing. The Planning and Programming Department assists the Capital Project Development and Delivery Department and local agenciesby participating in regularprojectdeliveryteam meetingsand preparing and submitting the request for authorization (RFA)/allocation of federal and state funding. In addition, staff monitors allocation and award deadlines, expenditures, project closeouts, and inactive projects of federal and state funded projects to prevent loss of funds. Monthly meetings with Caltrans Local Assistance are also held to coordinate and address any issues with federal funding obligationsand state funding allocations. Regional Issues- Freight The Commission will continue to focus on facilitating ongoing commitments as well as being responsive to variousemerging regional and statewide issuesrelating to freight/goodsmovement that traverse the southern California region. The Commission will continue working with partners from the Southern California Consensus Group (Ports of Long Beach and Los Angeles, Alameda Corridor Transportation Authority, Alameda Corridor East Construction Authority, SBCTA, OCTA, Los Angeles County Metropolitan Transportation Authority, Ventura County Transportation Commission, SLAG, and RRA) regarding goods movement issues. Recently the Commission coordinated with legislative staff and advocacy groups, such as Mobility 21 and SHCC, to secure funding through the FASTActforgoodsmovement-related needssuch asthe funding of Alameda Corridor East grade separations in the County. The authorization of $10.8 billion in funding dedicated to freight and goods movement wasa direct result of thiseffort nationally; $6.3 billion will be available through an existing formula based on current apportionment data and $4.5 billion will be allocated pursuant to a merit -based, multimodal competitive grant program. In January 2017, the Commission approved a consultant contract to conduct a regional truck study to evaluate a logistics -related regional fee. The Commission adopted the results of the Logistics Mitigation Fee Nexus Study in May 2019. 123 Department Goals PP1 —Build upon relationships with local, state, and federal agencies to coordinate short - and long-range planning to ensure that transportation projects receive funding and approvals. (Policy Goals: Quality of Life, Operational Excellence, Responsible Partner) Objectives: • Work with CVAG, WRCOG, Caltrans, transit operators, local agencies, and SCAG to coordinate project amendmentsto the RIP and/or FT1P. • Provide the Commissionersinformation to assist in advocating Commission projects. • Continue programming CETAPfunds related to intra-county corridorwork. • Continue working with the RCA to implement the MSHCP. • Maintain maximum flexibility in project selection for FASTAct or state fund sources(i.e., STIP/SB 1)to serve the diverse needsof the County. PP2—Continue to seek a stronger role for county transportation commissions in state and regional transportation and air quality programs in order to direct funding for programs and projects that will improve air quality, mobility, and the economy in the County. (Policy Goals Quality of Life, Connecting the Economy) Objectives: • Slapport efforts to seek additional funding at the local, state, and federal levels for projects and planning efforts. • Support ongoing effortsto regulate federal emission sources. • Support effortsthat allow more flexibility in funding transit operating and capital costs. • Continue participation in the development of guidelinesforfunding programs. PP3 — Develop a countywide long-range transportation plan to serve as a guide for decision making and as input to SCAG's next RTP/SCS. (Policy Goals Quality of Life, Responsible Partner) Objectives: • Complete the Commission'sfirst LKIP. • Direct consultant work on development of the second 10-year Western County Delivery Plan (2019-2029). • Provide LKIPproject and policy information to SCAG for the 2020 KIP/S. PP4 — Support local, regional, and state planning efforts in cooperation with SLAG, WRCOG, CVAG, Caltrans, and local agenciesincluding, but not limited to, transportation and air quality modeling updates/upgrades, corridor or focused area studies, development of active transportation plans, or any planning related to the implementation of the RTP/SCSand state and federal planning regulations. (Policy Goals Quality of Life, Responsible Partner) Objectives: • Work with Caltrans and local agencies to review project alternatives that include travel demand management or integration of mode choices as required by the federal CMP for programming of federal SIBG and CMAQ funds. • Continue to work with Caltransto monitortraffic conditionsand focustransportation fundson congested corridorsand system deficiencies. • Work with local agencies, WRCOG, CVAG, and transportation and interest groupsto develop project applicationsforAlP, state Cap and Trade, and SLAG planning funds. 124 PP5—Continue to advocate forjobs/housing balance and attracting high income jobs to the County in addition to addressing intercounty congestion. (Policy Goal: Connecting the Economy) Objectives: • Participate in ongoing studiesand activitiesto improve the job market and housing demand in Riverside County. • Support the County interests pertaining to transportation planning as population, job, and housing forecasts are developed by SLAG and the State to ensure consistency with those local forecasts. • Support efforts by local agencies to provide transportation improvement projects that will attract jobs. PP6—Maintain support of the SLAG regional HPand Ca ltra ns project data ba ses to allow for efflcient monitoring of projects a nd funding obligations with the ability to share project information with local jurisdictions. (Policy Goal: Operational Excellence) Objectives: • Work with SLAG and other county transportation commissions to refine and maintain the SCAG regional RIP database including the ability to create customized reports. • Coordinate with Caltransto assure database compatibility and promote information -sharing including timely reporting of fund obligation information. PP7 — Ensure maximum funding and flexibility for projects funded with S11P-RIP, SB 1, ATP, and federal FASTAct funds. (Policy Goal: Quality of Life) Objectives: • Participate in various state and federal forums to increase funding levels, streamline programming and allocation processes, and provide flexibility in obligating funds. • Support efforts advocating the continuation and protection of state transportation funding and the payback of loanstaken from state transportation accounts. • Advocate that RIP county share reserves receive priority programming over counties that advance shares. • Advocate that regions that program local and federal funds to replace state funding or advance an allocation due to state budget issues (or limited allocation capacity) be given high priority for repayment or in future programming in the next STIP programming cycle. • Continue to strategically program and fund projects to meet local, state, and federal goals and to obligate and/or allocate funds in an expeditious manner for the maximum use of all available funding. • Participate in Southern California Programming Roundtable meetingsto ensure that 100%of federal obligation authority (OA) for CMAQ and SIBG funding is obligated within the SCAG region. • Participate at CTC and Caltransforumsin the preparation and evaluation of ATP projectsfor the statewide and MPO funding programs. • Continue to monitor project implementation to maintain maximum funding levelsfor projects and prevent lossoffundsto the County. • Monitor and influence the development of the National Freight Network required under FAST Act, including updatesto the California Freight Network System. • Advocate to increase funding to regions based on distribution language in the FASTAct, or successorfederal transportation legislation. 125 PP8—Provide support to the Commission's Capital Project Development and Delivery and Finance departments to maintain project funding and schedules and minimize programming issues. (Policy Goals: Quality of Life, Operational Excellence) Objectives: • Provide input to the budget development process. • Attend regular meetingswith the Capital Projects Development and Delivery Department. • Serve in an oversight role regarding project reporting, invoicing, and close-outs. • Coordinate project RFA/OA packages. • Monitor progress of project milestones and RFAs as they are proce—rd through Caltrans headquartersand FHWA. • Prepare CTC allocation requests, extensions, and amendmentsforSTIP, SB 1, and other state - funded projects. PP9 — Provide assistance to local agencies in the development of Measure A CIPs, program funding guidelines, and grant applications for local, regional, state, and local funding programs, including facilitating allocation and obligation processes required for project delivery. (Policy Goals: Quality of Life, Operational Excellence) Objectives: • Continue coordination ofTAC meetings. • Provide information regarding project programming data, including funding status, to project sponsorson a continuousbasisvia emailsand TAC meeting agendas. • Provide local agencies with recommendations on project programming to minimize unnecessary requirementsand delays. • Upon request, attend local agency project delivery team meetings to provide advice on programming issues. • Meet regularly with Caltrans local assistance staff to monitor project submittals and resolve project implementation and obligation issues. • Assist local jurisdictionsto review and prepare grant applications, air quality conformity, RFAs, STIP submittals, and inactive reporting justifications. PP10 — Continue to work with state and federal agencies to streamline processes for funding and project approvals. (Policy Goals: Quality of Life, Operational Excellence) Objectives: • Maintain relationshipswith key staff at regional, state, and federal agencies. • Participate in SCAG'sNational Freight Gateway Collaboration to define a system that meets the region's long-term mobility, safety, environmental, and energy needs including developing a brand specific to goodsmovement projectsin southern California. • Identify problematic areas with project delivery and/or programming and work with state/federal lobbyiststo develop solutionsforstreamlining and clarifying proceucosunderFAST Act. • Participate in regional, state, and federal forums addressing issues related to project programming, implementation, and airquality conformity. PP11 — As a result of goods movement funding available under the FASTAct, determine where future efforts regarding addressing the County goods movement issues would prove most effective. (Policy Goal: Quality of Life). Objectives: • Work with SCAG, CTC, and Caltrans on FASTACTfreight guidelines and Critical Urban Freight Corridor/Critical Rural Freight Corridorcorridorsin Riverside County. 126 • Identify driversof demand for goodsmovement servicesand performance of modal systems and servicesaswellaspublic benefits, specific areasof inefficiency, and the impactsof goods movement on communities. • Review the Commission's 2017 Grade Separation Priority Update study and work with local jurisdictionsto apply forfunding programssuch asTCEP. • Review progressof remaining TCIFfunded projects. PP12 — Facilitate public and private investments in clean air technology in support of the broader airqua lity programs for9CAG, SCAQMD, and the County's loca I entities. (Policy Goal: Quality of Life) Objectives: • Work with SCAG, SCAQMD, CARB, and academia in monitoring GHG emission reduction from light trucksand automobilesthrough the implementation of the 2016 RIP/S. • Provide input and comments on guidelines developed by CARB, SCAQMD, and other state agenciesregarding the implementation of AB32/93375 and S3743 CEQA implementation. • Actively participate on the MSRC'sTAC to ensure equitable funding isavailable in support of emissionsreducing projectswithin the County. • Work with local agencies to identify projects that can compete for state Cap and Trade funding programs. ID Planning and Programming Measures and Results FY 17/18 Estimated FY 17/18 Actual FY 18/19 Estimated FY 19/20 Projected PP7 PP8 ppg PP10 Federal projectsmonitored forobligation authority delivery 17 24 9 10 PP8 TUMFregional arterial projectsmonitored for implementation/expenditures 4 3 3 3 PP8 TUMFagreements�amendments 2 0 0 5 PP8 MARA projectsmonitored for implementation/expenditures 6 6 4 4 PP8 MARA agreements/amendments 1 2 0 5 PP1 PP6 RIP/R1Pamended projects 128 129 130 130 PP1 PP7 STIP/TCIF/S31/A1Pprogramming, allocations, amendments, and extensionsfor Commission projects local agency projects 8 16 30 30 PP2 58821 projectsawarded and monitored for extensionsand reimbursements 33 36 23 28 PP9 2019 Measure A local streetsand roadsCIP projects N/A 238 240 240 PP9 Reviewed/processed Measure A CIP project amendmentsand extension requests 8 6 8 10 PP12 MSRC projects N/A 1 1 1 PP4 2020 RIP/SCSUpdate projects reviewed N/A N/A 747 N/A 127 Rail Mission Statement: Rail develops and supports paryrnger rail transportation options for increased mobility within Riverside County and the region. Chart43—Rail Projectsand Operations 66% Expenditures Transfers0ut 2% Salariesand Benefits 3% Pro fe ssio n a I Costs 22% Sip port Costs 7% Rail expenditures of $46,228,500 include Metrolink operations and capital support as well as maintenance and operations of the nine Commission -owned and operated commuter rail stations (Table 61). Salaries and benefits reflect a 16% decrease due to the one-time disbursement to fund the Commission's CaIPERS retirement net pension liability, the net allocation of I-1Es, and performance merit -based salary increases. Professional costs, which include legal and consultant services, increased 220%primarily due to $8.6 million in funding for the Indio special rail platform work. aipport costs include station maintenance, media ads, printing services, and marketing incentives. Projects and operations expenditures of $30,246,600 decreased 8%. Projects and operations comprise rail state of good repair and an operating contribution increase to $21 million for SCRRA Metrolink operations including the PVL service. The Commission's commuter rail program intends to utilize existing mechanisms within Metrolink to assess and monitor operations and budget performance. Program operations relate primarily to station operations. The "next generation" rail feasibility study is included in special studies. Capital outlay reflects a 101% increase and is due to a series of station related improvement projects and an increase in SCRRA Metrolink capital needs. Transfers out of $980,000 relate to administrative costs to the General fund. 128 Table 61 -Rail Expenditure Detail FY 17/18 Actual FY 18/ 19 FY 18/ 19 Revised Budget Projected FY 19/ 20 Budget Dollar Cha nge Percent Change Salaries and Benefits Professional Costs Legalrvices Professional cervices - General Total Professional Costs aipport Costs Projects and Operations Program Operations Construction a)ecialaudies Operating and Capital Disbursements Total Projects and Operations Capital Outlay Tra n sfe rs O u t TOTAL Rail Maintenance and Operations Rail Staffing Summary Po sit io n Capital Construction Manager Chief Financial Officer Deputy Executive Director External Affairs Director FacilitiesAdministrator Legislative AffairsManager Management Analyst Multimodal Services Director Procurement Manager Project Delivery Director Public Affairs Manager Rail Manager SeniorAdministrative Assistant SeniorManagement Analyst Senior Procurement Analyst $ 586,000 $ 820,900 $ 628,500 88,600 1,337,700 1,426, 300 2,250,000 170,000 3,054,000 3,224,000 3,346,800 116,300 1,863,500 1,979,800 2,399,500 2,496,900 2,705,600 2,504,000 3,700,000 50,000 185,700 420,000 250,000 16,588,500 25,930,000 25,630,000 19,271,100 32,755,600 28,434,000 47,800 89,600 88,700 580,500 882,900 882,900 $ 24,161,700 $ 41,119,800 $ 34,413,400 $ 1,184, 000 $ 363,100 225,000 10,107, 700 10, 332, 700 3,305,200 2,976,600 1,470, 000 250,000 25, 550, 000 30,246,600 180,000 980,000 $ 46,228,500 55,000 7,053,700 7,108, 700 (41,600) 271,000 (2,230,000) (170,000) (380, 000) (2,509,000) 90,400 97,100 $ 5,108,700 FY 17/ 18 FY 18/ 19 FY 19/ 20 0.00 0.00 0.01 0.02 0.03 0.10 0.00 0.05 1.00 0.90 0.00 0.01 1.00 1.00 0.00 0.29 0.14 0.20 0.03 0.00 0.02 0.15 1.00 1.00 0.04 0.05 0.13 0.05 0.24 0.40 FTE 3.64 4.22 Department Budget Overview -Rail Operations Department Description 0.01 0.00 0.03 0.00 0.79 0.00 1.00 0.30 0.11 0.00 0.05 1.00 0.06 0.10 0.16 3.61 The Commission directs efforts in the areas of regional commuter rail, intercity passenger rail, high speed rail, and capital improvements to support enhanced paaccnger and freight rail service. The entire program includes elements of planning, programming, commuter and intercity rail development and support, station and corridor management, mitigation of community and environmental impacts, legislative and regulatory advocacy, and construction of capital projects. Other Commission departments, legal counsel, and consultants manage or support many of these elements. Departmental effortscontributing to the rail program are found throughout the budget document. Coordination and consultation also occur with a variety of public and private entities including the California State Transportation Agency, CTC, Caltrans, California Public Utilities Commission, California High Speed Rail Authority (CHSRA), FRA, FTA, Amtrak, environmental agencies, University of California Riverside (UCR), transit providers, SLAG, WRCOG, CVAG, San Diego Association of Governments, LOSSAN, local govemments, private freight railroads, businesccs, and property owners. 44% 32% 231% 220% -1% 10% -60% -40% -1% -8% 101% 11% 12% 129 lhe Commission participates in the ongoing funding and governance of Metrolink through SCRRA, a joint powers authority consisting of the county transportation commissions of Riverside, San Bernardino, Orange, Los Angeles, and Ventura counties. the Commission holds two voting positions on SCRRA's eleven -member board. the role of chair rotates between the member agencies every two years. Commission staff serves on the five -county Member Agency Advisory Committee (MAAC) that negotiates service and funding levels, based upon each county's established priorities. the MAAC provides technical assistance, coordination between various SCRRA and memberagency departments, and linkagesto local communities. Of the seven commuter rail lines operated by Metrolink, three routes consisting of the Riverside, Inland Empire -Orange County (IEOC), and 91/PVL directly serve Western County. Unlike the other SCRRA member agencies, the Commission owns and operates the commuter rail stations serving the County: Riverside Downtown, Jurupa Valley — Pedley, Riverside —La Serra, Corona — West, Corona —North Main, Riverside — Hunter Park/ UCR, Moreno Valley — March Feld, Perris — Downtown, and Perris— South (Chart 44). the Riverside Downtown Operations Control Center (RDOCC), located at the west end of the Riverside Downtown station, provides monitoring of closed circuit televisions(CC1V) at the stations as well as facilities for train crews. Layover track facilities are located at the Riverside Downtown and Perris — South stations; however, SCRRA maintainsthe layoverfacilities. Station operation and maintenance costsare included in the Rail Department budget with services currently coordinated by the Capital Projects Development and Delivery Department through the Facilities Administrator. New and ongoing construction projects at the stations are described in the Capital Project Development and Delivery Department. Chart 44 — Rive rside County Metrolink Station Locations Riverside County Metrolink Service 1 Eastvale Corona • West ® Station i Corona • North Station 9, Corona 0 922�di F F no 00 Jurupa Valley Norco 0 RCTC Stations Melrolink Line r ��1 Riverside Riverside - Hunter Park/ UCR Station RIVERSIDE CO. irftimmimmit5nomftwol Moreno Valley Station 'S® Oake erns Perris l Lake Matthews Riverside • Moreno Valley/ La Sierra Station March Field Perris • Downtown Station Perris -South CD Station Canyon Lake Menifee In addition to Metrolink, the Commission participates in the governance of LOSSAN, a 351-mile network through a six -county coastal region in southern California that is the second busiest intercity pasnenger rail corridor in the United States (Chart 45). LOSSAN is joint powers authority originally formed in 1989 to increase ridership, revenue, capacity, reliability, coordination, and 130 safety on the coastal rail line between San Diego, Los Angeles, and San Luis Obispo. the Commission is the newest voting member of the 11-member Board of Directors composed of elected officials representing rail owners, operators, and planning agencies along the rail corridor. In recent years, LOSSAN has gained more local control over the management and coordination of the southern California rail services. the Commission isinvolved to promote travel optionsand connectionsfor County residentsand to be engaged in decisions impacting the rail track rights the Commission purchased for commuter rail service. Commission staff also participates in the TAC that provides technical assistance, service planning, and coordination between variousagenciesto improve customer service. Chart 45—Southem Califomia Passenger Rail System Map Passenger Roil Malian q, Amtrak reciEtc Surfliner © Melrolink O COASTER © SPRINTER flight Rcilj Passenger Rail Service - Amhvk PaciFic Surfliner Melralink Ventura County line - Meeolink Antelope valley Gne - Mph -clink SLIM Bernardino Line - Melralink Riverside line - Menafink 91 Line - Menalink Orange Crony Une Merralink Inland Empire - Orange County Line - COASTER - SPRIN7ER jl glu Rail) Key Assum ptions for FY 2019/ 20 METAOLtNK. GNClernm mr.,,n1r1r1 c..m Southern California Passenger Rail SYSTEM MAP -d LOS ANGELES COUNTY r wr r r rr 0 pr 4PV / C 5 10 15 20 30 40 Miles en•� e�ln. • the Commission and SCRRA adopt Metrolink's preliminary FY 2019/20 budget. In the event that additional funds are needed during the budget year for Metrolink operations, staff will present a mid -year budget adjustment to the Commission forapproval. • Ridership and fare revenues will continue to grow slightly on the Riverside, IEOC, and 91/PVL lines. • lhe 91/PVL extension will continue to grow ridership and provide additional options for the County'scommuters. There isan ongoing fare discount available forall the new PVLstations. • LOSSAN will continue to demonstrate itseffectivenesswith local control, and the Commission will be an active voting member in the process. 131 Accomplishments in FY 2018/ 19 • Expanded marketing effortsto establish a ridership base for the PVL and other routesserving Riverside County. • Built out the Riverside — La Serra station with additional bus bays and parking to allow for more commuter busesand park and ride opportunities. • To promote use of Metrolink for more than the regular commute, provided several successful special trains programs including the Festival of Lights Program and expanded Angels and Ramssporting eventstrains. • Actively participated asa voting member on the LOSSAN board. • Worked closely with Metrolink to secure funds for the Riverside Downtown station improvementsthrough the Southern California Optimized Rail Expansion program, known as SCORE, and a California State Transportation Agency Transit and Intercity Rail Capital Program grant. Major Initiatives in FY 2019/ 20 Over the last 26 years, the Commission has invested more than $140 million in capital improvementsto develop stationsand secure accessto support the Commission'scommuterrail services operations. The PVL and related projects added over $250 million more to the Commission'sinvestment in commuter rail. Unlike the other SCRRA member agencies, the Commission owns and maintains the nine commuter rail stations and RDOCC serving the County. A general description of each of the Commission -owned rail station facilitiesispresented in Chart 46. Chart 46 —Commission-Owned Rail Station Facilities Locution fn Service Date Sire Transit Services Prfmorylreatures 2$ �` g RIVERSIDE - DOWNTOWN Riverside Downtown [P244001) 4066 Vine Street, Riverside June 1993 26.5 acres Rail: 97JPVL IE4C Line Riverside Line Amtra k Bus: RTA OmniTrans SunLine Amtrak Mega Bus 2 platforms with 4 boarding tracks 4 parking lots (1,240 spaces) Enclosed pedestrian bridge, elevators, stairwells -- = — - — Jurupa Valley-Ped ley (P244002) 6001 Pedley Road, Jurupa Valley June 1993 4.5 acres Rail: Riverside Line Bus: RTA Platform with boarding track Parking lot (2&Sspaces) PEDLEV lie �— - f 111VOISIDE - ul Malfu Riverside -La Sierra 1P244003) 10901Indiana Avenue, Riverside October 1995 24.69 acres Rail: 91/PVL IEOC Line Bus: RTA Platform with 2 boarding tracks Parking lot 11,065 spares) Enclosed pedestrian bridge, elevators, stalrwelis p • , CaRYNN - wen Corona-West{P244004i 155 South Auto Center Drive, Carona October 1995 5.49 acres Rail: 911PVL IE0C Line Bus: RTA Corona Cruiser Platform with boarding tracks Parking lot (564 spaces) Enclosed pedestrian bridge, elevators, stairwells •I."' 1 +�� Carona -North Main [P244006j 250 East Blaine Street, Corona November 2002 6.72 acres Rail: 91/PVL IEOC Line Bus: RTA Corona Cruiser Platform with 7 boarding tracks Parking lot1579 spates) Parking structure 0,000 spaces) Enclosed pedestrian bridge, elevators, stairwells CleaNA- N MI MN 132 Location in Service Dare Sire Transit Servkes primary Features �? —;1 Perris-nowntown (P244010) 121 South Street, Perris lune 2015 (bus tra nsit CR flier opened 2010} 5.5 acres Rail: 91/PVL Bus: RTA Platform with boarding track Parking lot 044 spaces) PERRIS - aatiYHlalyll - i 1 �- § $ RID ERI DE- He1fiEA PAP WM RiversideMunter Park/UCR (P244020) 1101 Marlborough Avenue, Riverside June 2016 9.35 acres Rail: 91/PVL Bus: RTA Platform with boarding track Parking lot(528 spaces) - imz:' f k* MRRENR TM UV M hRCH rl ELO Moreno Valley/March Field (P244021) 14160 Meridian Parkway, Riverside June 20/5 14,47 acres Rail' 91/PVL Bus: RTA Amtrak Platform with boarding track Parking lot 1476 spaces] Stairwell Ile IllielliR PERRiS - MTH Perris -South (P244022) 1304 Case Road, Perris June 2016 40,57 acres Rail: 91/PVL Bus: RTA Amtrak Platform with boarding track Parking lot (907 spaces( RDQCC (P244024) 4344 Vine Street, Riverside April 2016 3,000 square feet NIA CCTV operations center Offices and meeting rooms Station maintenance includes property management, utilities, grounds maintenance, repairs, cleaning, and security services at the Commission -owned rail stations, including the RDOCC. As a result of the new PVLservice and increased stations, LTFallocations are now used for Metrolink operating contributions and 2009 Measure A Western County rail funds are used for station maintenance. Table 62 summarizesthe rail station maintenance costs. Table 62 - Rail Station Maintenance Summary FY 17/ 18 FY 18/ 19 FY 18/ 19 FY 19/ 20 Actual Budget Projected Budget Equipment maintenance and repairs Groundsmaintenance and repairs Utilitiesand support Property management and operations Security Improvements Total expenditures $ 261,092 $ 495,400 $ 265,900 784,007 398,582 1,056,455 2,143,931 47,755 989,100 894,600 527,600 1,135,200 2,351,600 89,600 413,300 1,044,000 2,163,200 88,700 $ 440,400 1,196,900 484,700 1,297,900 2,449,200 180,000 $ 4,691,822 $ 5,588,500 $ 4,869,700 $ 6,049,100 In FY 2018/19, the Commission completed the parking lot and transit center expansion at the Riverside — La Sierra station. This major capital improvement increased park and ride opportunitiesand facilitated commuter busoperationsat the station. 133 Department Goals —Rail Operations RO1 — Improve utilization and increase efficiency of commuter rail lines serving the County. (Policy Goals: Quality of Life, Responsible Partnei) Objectives: • Support improved Metrolink system safety and security initiatives. • Implement enhanced safety and security featuresat all stations. • Work with Metrolink staff to increase patronage on the County lines, including the 91/PVL. • Collaborate with Metrolink and member agencies to expand service on Metrolink lines with increased train frequencies. Current efforts include extending weekend service to Perris and implementing two new round tripsfrom Perristo Los Angeles. • Coordinate with Metrolink staff to develop future service plans that best meet the needs of the County'sresidents. • Continue to monitor Metrolink's financial performance to ensure efficient and responsible use of the County's transportation funds. This includes multi -year budget planning and programming effortsto ensure fiscal sustainability. RO2—Maximize opportunitiesfor public use of rail -related investment. (Policy Goals: Quality of Life, Responsible Partner) Objectives: • Support transit operator efforts to expand availability and use of connecting transit in order to improve access and reduce demand on parking capacity; currently the Commission budgetsfor and reimbursestransit operatorscostsassociated with transfers. • Explore track rightsopportunities. • Expand opportunities with the Commuter Assistance Program'spark and ride operations for the designation of specific carpool/vanpool/buspool parking at commuter rail stations with available capacity. • Increase opportunitiesfor interline travel through coordination of scheduleswith LOSSgN and Amtrak intercity trains, such as the Sunset Limited, and other Metrolink lines, including encouraging joint ticketing options. RO3 — Implement energy efficient systems and generate revenue to offset maintenance costs of rail properties. (Policy Goals: Quality of Life, Operational Excellence) Objectives: • Explore potential forjoint development opportunitiesat stations. • Evaluate the installation of cell phone towers asa revenue source to offset operating costs, such asthe completed Jurupa Valley —Pedley station cell tower project. • Explore additional revenue potential at the rail stations. • Agmssaltemative and emergency power systems. 134 Department Budget Overview — Rail Development In order to expand pas-Pnger rail options throughout the County, the Commission conducts feasibility studies to amass the viability of commuter rail expansion. Previously the Commission approved a commuter rail feasibility study that examined the viability of extending Metrolink commuter rail service largely within existing rail right of way on the San Jacinto Branch Line (SJBL). Although the Commission recommended advanced study of extensions to Hemet/San Jacinto and Murrieta/Temecula, the next phase of AltemativesAnalysisforthe% corridorswill be pursued in future years. The Commission engaged a consultant to perform a "next generation" rail feasibility study based on findingsfrom the RCTC Strategic Asccssment completed in January 2016. Significant planning efforts are also underway to explore intercity passenger rail service to the Coachella Valley -San Gorgonio Passcorridor. San Jacinto Branch Line The Commission holds title to and manages the 38-mile SJBL (Chart 47) and several adjacent properties, preserved for future paeoengerrail service. BNSF Railway (BNSF) holdsthe freight rights in the corridor, providing service to local shippers, and performsmaintenance on the line. Chart47—San Jacinto Branch Line San Jacinto Branch Line RIVERSIDE Co. Callmesa Ito Riverside 0 Moreno Valley •`14. Perris Lake Matthews +-1-+-++ San Jacinto Branch Line Perris Valley Line Service Area Canyon Lake ' ake Perris Men ifee a San Jacinto Hemet Banning Beau' Perris Valley Line Project The Commission substantially completed the PVL in September 2016, and operations commenced in June 2016. The construction project was a 24-mile extension of the 512-mile Metrolink commuter rail system. It extended the existing Metrolink 91 Line, which provides service between Riverside and Downtown LosAngelesvia Fullerton. There are timed connectionsto the 135 other routes out of the Riverside Downtown station. The project included the construction of four passenger stations at Riverside — Hunter Park/UCR, Moreno Valley/March Feld, Perris — Downtown, and Perris — South; construction of a park -and -ride lot at each of the four new stations, totaling approximately 2,250 parking spaces; and a layover facility at Perris —South for vehicle storage and servicing. The hours of operation are from 4:30 a.m. to 8:00 p.m. on weekdays; the FY2019/20 Metrolink operating contributionsinclude funding to initiate expanded weekday service and new weekend service. Currently there are 12 trainsa day between Perris — South and Riverside Downtown with connectionsto IEOC and Riverside line trainsaswell. 1 COACHELLA VALLEY-- SAN GORGONIO PASS CORRIDOR RAIL SERVICE In recent years the Commission also focused attention on the creation of intercity pamcnger rail service between the Coachella Valley, the Pass Area, Riverside, and the Los Angelesbasin through advocacy effortswith state, federal, and local government entities and negotiation with the freight railroads. The Commission ensured the corridor was prominently featured in the updated 2013 California State Rail Plan. In May 2013, the Caltrans Division of Rail completed the first phase of a planning study and initial alternatives analysis for the rail corridor. This planning study was very supportive of the potential for a viable service, and future studies can expand on this by determining ridership demand and better cost estimates. Caltrans also included an updated project description and analysis of the Coachella Valley -San Gorgonio Pass corridor rail service in the latest state rail plan, approved by the California State Transportation Agency on September 5, 2013. The 2018 California State Rail Plan update includes the Coachella Valley -San Gorgonio Pass corridor rail service asan integral part of future growth. Snce its inclusion of the project into the State Rail Plan, the Commission has led the planning elements required of the project in order to secure additional funding and project approvals at various state and federal levels. The Commission established a MOU with CVAG for its cooperation in the planning aswell asfunding through a new TDA bus/rail split forthe Coachella Valley. This agreement also included the application of Proposition 1B funds toward the initial Phase 1 analysis that included public outreach, development of the project Purpose and Need Statement, and development of the Preliminary Alternatives Analysis Report. As part of thiseffort, the Commission secured a letter of agreement with Caltrans for its cooperation and modeling support. The Commission completed the Phase 1 planning efforts, including the Alternatives Analysis, and the FRA approved the Phase I work. In the July 2010 Federal Register notice on High -Speed Intercity Paaccnger Rail (HSIPR) program, it clearly outlinesthe planning process needed to be eligible forHSlPRfunds. This process identifies the need fora SDPwith the following requirements: • Clearly demonstrate the purpose and need; • Analyze alternativesforthe proposed paaccngerrail service; • Identify the alternative that best meetsthe purpose and need; • Identify the discrete capital projects req uired; and • Demonstrate the operational and financial feasibility. To continue the development of this project, the Commission partnered with Caltrans and successfully applied for and was awarded a $2,900,000 FRA grant to complete the corridor study's SDP. This was the only rail corridor in the country awarded these planning grant funds. Staff worked through the multiple agreements needed in order to utilize this funding in 136 coordination with the FRA and Ca!trans. In order to expedite project development, a highly qualified consultant will prepare the SDP and lead the environmental process needed for the NEPA documentation. phis project is ongoing and incorporated in the FY 2019/20 budget. The Commission prepares an annual SRTP for the Coachella Valley -San Gorgonio Pass corridor rail service project. Asthe result of the many studies performed to date by both CVAG and the Commission, it was determined that using state -supported intercity trains presents the best alternative for developing service along the corridor. The 141-mile trip between LosAngelesand the Coachella Valley would cross four counties (Chart 48). Stops and station locations are yet to be determined. Due to the trip length and time of approximately three hours, Amtrak -style service with larger seats and food service would be more appealing to the riders. In addition, the service would operate over Union Pacific and BNSFtracks, and, in general, Amtrak hasa greater ability to initiate service over freight railroads based on a national agreement. The initial service plan anticipates two daily round trips along the corridor. The approved Altemative Analysis recommended a preferred alignment. Chart 48 —Coachella Valley -San Gorgonio Pass Corridor R3il Service —Proposed Alternative 11i1 D=;L1;S21.61r} LrJUilr'/ s1_1u,rrr Los An as? Lax High *Wed Rail Morale Valley, ::1;1 59i1111 PALS:, Caha n New ant 5 enngl Palm Spring's .amaval Ury Rancho Palm LEGEND -Altemative 1 f -Potential Stations rnoaeand rw e NdVansn Indln We la oulnla l071,:e a, iMemal 12.:1EilEthl must Indio 4 a The Commission continues to play a proactive role in the development of a statewide, high speed paarrnger rail system, including routing of the backbone corridor through the Inland Empire with possible stations in the Riverside/Corona and Murrieta/Temecula areas. With the passage of Proposition 1A in November2008, there is proposed funding mechanism to move the state high speed rail project forward. The CHSRA began work on a project level environmental assessment and corridor alignment study for the section between Los Angeles and San Diego via the Inland Empire. The Commission directed the review to include an alignment alternative along 1-15 for analysis. The Commission entered into a MOU to be supportive in the development of this high speed rail project and participates in the Southern California Inland Corridor Group meetings. The Commission actively contributed to the development of the supplemental Alternatives Analysis efforts. Work on this effort has slowed down with the release of the latest business plan that extends the development of this Phase II section from Los Angeles to San Diego via the Inland Empire to beyond 2030. The Commission signed a MOU along with the other southern California transportation entities and SLAG to commit $1 billion in unallocated Proposition 1A fundsfor early investment to be spent locally for rail transportation improvement projects. With recent developments related to the State's high speed rail project, staff will continue to monitor progress and look for opportunitiesto benefit the regional rail network. 137 Key Assumption for FY 2019/ 20 • Progress on the development of the Coachella Valley -San Gorgonio Passcorridor rail service will continue. Accomplishments in FY 2018/ 19 • Continued Phase II efforts for the Coachella Valley -San Gorgonio Pass corridor rail project and related environmental process. • Completed the environmental technical documents to prepare for the Administrative Draft of the Environmental Impact Report/Environmental Impact Statement for the Coachella Valley -San Gorgonio Passcorridor rail project. • Made significant progressand completed operationsmodeling forthe SDP. • Submitted two grant proposals for Coachella Valley rail efforts under the SRA Program, resulting in a $5.9 million SRA grant award fora special event train platform in the city of Indio to serve the music festival eventsand reduce congestion. Major Initiatives in FY 2019/20 During FY2019/20, the Commission will continue progresson the Coachella Valley -San Gorgonio Pass corridor rail project's SDP and environmental work. Additionally, the Commission will develop the "next generation" rail feasibility study to evaluate future growth opportunities for paaconger rail service in the County. In addition, work is planned to construct the special events train platform in the city of Indio with the intent to run service to the festivals as soon as the infrastructure iscompleted. Department Goals -Rail Development RD1 - Identify and plan for capital improvements necessary to increase the scope, appeal, and reliability of commuter rail operations. (Policy Goals: Quality of Life, Operational Excellence, Responsible Partner) Objectives: • Build ridership on the 91/PVLthrough ongoing marketing and discounts. • Explore panconger rail options and conduct detailed studies on the Coachella Valley -San Gorgonio Passcorridor. • Monitor high speed rail plans and programs and look for opportunities for early investment that benefit existing pa,conger rail services. • Evaluate future rail needsaspart of the "next generation" rail feasibility study. RD2 - Maintain efforts with local agencies, other southern California counties, and the state and federal governments to expand intercity passenger rail service into the County and the Coachella Valley. (Policy Goals: Quality of Life, Responsible Partner) RD3 -Continue to monitor the state efforts in the creation of a high speed passenger rail system along an Inland Empire alignment through coordination with state and local agencies. In addition, continue to identify and advocate for high speed rail funding to be spent on beneficial local rail projects in the County. (Policy Goals: Quality of Life, Responsible Partner) 138 ID Rail Performance Measures and Results FY 17/ 18 Estimated FY 17/ 18 Actual FY 18/ 19 Estimated FY 19/ 20 Projected RO1 Average daily ridership on existing commuterlines 3,795 3,880 3,721 3,962 RD1 • Riverside Line 4,599 4,632 4,624 4,784 • IEOC Line • 91/PVL 2,925 3,121 3,330 3,256 RO1 Farebox recovery ratio • Riverside Line 43.2% 48.7% 43.0% 43.7% • IEOC Line 30.0% 32.0% 31.9% 31.6% • 91/PVL 23.9% 27.9% 27.7% 26.5% 139 Public and Specialized Transit Mission Statement: Public and Specialized Transit coordinates the operation of all public transportation services within the County with a goal toward promoting compliance and improving mobility as well as program efficiency and effectiveness between transit operators. Public and Specialized Transit also maintainsand improves, as resourcesallow, mobility optionsto meet travel needsof seniors, persons with disabilities, and persons of limited means to enhance quality of life through innovative solutionsand better coordination of existing services. Chart49—Public and Specialized Transit TransfersOut 16% Expenditures S3Iadesand Benefits 1% Projectsand Operations 83 Public and specialized transit uses are budgeted at $194,224,800 for FY2019/20, as presented in Table 63, and consist primarily of capital projects and operations costs as well astransfers out to Commission funds for administration, planning, and rail purposes. lhe 99% increase in salaries and benefits reflects the one-time disbursement to fund the Commission's CaIPERS retirement net pension liability, the net allocation of F1Es, and performance merit -based salary increases. LTF disbursements consist of transit operating and capital allocations to public transit operators of $90,300,000; bicycle and pedestrian facilities allocations to cities and the County of $1,250,100; and planning and administration allocations to other agencies of $740,000. STA/SGR disbursementsof $55,971,300 are primarily for buscapital purposesin Western County, Coachella Valley, and Palo Verde Valley. the LTF, STA, and SGR transit allocations reflect the use of $23,180,900, $21,817,900, and $2,950,100 in fund balances, respectively. Measure A disbursements include $2,720,000 for Western County specialized transit funding of the second year of the 2018 Call for Projects. the majority of other Measure A disbursements relatesto other Measure A public transit programs: • $950,000forWestem County Consolidated Transportation Service Agency allocations; • $2,500,000 for Western County intercity busservices; and • $7,000,000 for Coachella Valley public and specialized transit. 140 The Commission disburses Measure A public transit allocations monthly to RTA and am Line, the major transit providersin the Western County and Coachella Valley, respectively. LTF, STA, and SGRtransfersout comprise: • $23,000,000 for rail operations; • $2,000,000 for grade separations; • $2,820,000 for planning; • $1,026,100 for administration; • $819,100 forstation rehabilitation and improvement project; and • $450,000 for Coachella Valley rail operationsand capital. Transfersout of $1,164,200 relate to administrative coststo the General fund. Table 63 -Public and Specialized Transit Expenditure Detail FY 17/18 FY 18/19 FY 18/19 FY 19/20 Dollar Percent Actual Revised Budget Projected Budget Change Change Salaries and Benefits $ 391,700 $ 450,200 $ 462,000 Professional Costs Legal rvices 12,900 6,000 6,000 Audit cervices 100,000 100,000 Rn a n c is I Advisory 15,300 16,000 15,400 Pro fe ssio n a I ry ices - Genera I 79,400 192,000 131,500 Total Professional Costs 107,600 314,000 252,900 8apport Costs 50,300 63,900 64,000 Projects and Operations Special Studies - Operating and Capital Disbursements 90,683,100 180,911,000 124,584,600 Total Projects and Operations 90,683,100 180,911,000 124,584,600 TransfersOut 22,224,000 28,602,300 28,858,100 TOTAL Public and Specialized Transit $ 113,456,700 $ 210,341,400 $ 154,221,600 $ 895,100 12,000 70,000 16,000 201,700 299,700 69,200 250,000 161,431,400 161,681,400 31,279,400 Q 1 QA 99A Ann $ 444,900 99% 6,000 100% (30,000) -30% 0% 9,700 (14,300) 5% -5% 5,300 8% 250,000 N/A (19,479,600) -11% (19,229,600) -11% 2,677,100 9% $ (16,116,600) -8% Public and Specialized Transit Staffing Summary Po sit io n FY 17/ 18 FY 18/ 19 FY 19/ 20 Accountant 0.02 0.02 Chief Financial Officer 0.05 0.03 Deputy Directorof Finance 0.00 0.00 Deputy Executive Director 0.01 0.00 ExtemalAffairsDirector 0.00 0.01 Management Analyst 1.00 1.00 MultimodalServicesDirector 0.00 0.31 Se niorAdministrative Assistant 0.09 0.14 SeniorManagement Analyst 0.01 0.00 SeniorProcurement Analyst 0.00 0.00 Transit Manager 1.00 1.00 FTE 2.18 2.51 Department Budget Overview Department Description 0.06 0.15 0.01 0.06 0.01 1.00 0.30 0.04 0.02 0.12 1.00 2.77 The Commission has public transit operator oversight and fiduciary responsibilities and ensures that annual fiscal auditsand a state triennial performance audit are conducted in accordance with TDA regulations. The Commission also reviews public transit operator activitieson an annual basis and recommends potential productivity improvementsto lower operating costs. To ensure that specialized transit allocations are expended in accordance with funding agreements, the Commission engagesaudit firmsto perform certain agreed -upon proceduresforthe Measure A specialized transit funding recipients. 141 Public Transit The Commission is responsible for short-range transit planning and programming within the County which includes the development of the countywide SRTPs for eight public transit operatorsconsisting of: • The citiesof Banning, Beaumont, Corona, and Riverside; • SCRRA'sMetrolinkcommuter rail; • PVVTA; • RTA; and • SunUne. The Commission assists in coordinating the annual development, review, and approval of the operator SRTPs as well as allocates Measure A, LTF, STA, and FTA transit funding resources to public transit programs. The Commission disburses OF, STA including SB 1 SGR and Measure A funds for public transit. The Commission is responsible for coordinating with 9CAG the approval of the FTA Section 5307 Program of Projects annually. Commission staff works closely with each transit operator to ensure that funds are properly programmed and included in the SRTP for inclusion into the FM and/or other major planning documents as necessary for allocation or obligation of funds. Since 2015, the Commission coordinates with Riverside County transit operators the preparation and submission of transit projects to Caltrans for award of LCTOP funds under CARB's Cap and Trade Program. The LCTOP funds support operating and capital transit projects that reduce carbon emissions and improve mobility with a priority of serving disadvantaged communities. The State Controller's Office annually appropriates the LCTOP funds. Riverside County's share supported projects such asthe construction of RTA's UCR Mobility Hub, station upgradesfor the Commission's PVL to encourage active transportation, and installation and operation of a solar energy system in Palo Verde Valley. Funds may also be used to increase service frequency on selected bus routes that operate in disadvantaged communities in the Coachella Valley and city of Beaumont. The County's share of the annual allocations has fluctuated based on state appropriations. Specialized Transit The 2009 Measure A Western County specialized transit program provides valuable service to the community by serving the needs of residents, mainly seniors and persons with disabilities, whose transportation needs are not met by traditional services. Social service and nonprofit agencies typically administer specialized transit operations. The Commission awards 2009 Measure A Western County funds for specialized transit through a competitive call for projects. The 2015 Call for Projects, which provided funding for a three-year term, ended in June 2018. Under the new 2018 Call for Projects, Measure A funds will be utilized by projects until June 30, 2021. Key Assumptions for FY 2019/ 20 • LT, STA, and Measure A budgeted disbursements are based on projected allocations but may be adjusted after the Commission approves actual allocations in July 2019 through an approved SRTPamendment. • Fluctuating LTFand Measure A salestax revenueswill continue to require effortsto streamline operating expensesby all operatorswhile maintaining efficiency and quality of service. • The Commission will approve the use of STA funds for operating purposes beginning FY 2019/20. Staff will continue to review other funding formulas and transit policies for potential changesand Commission consideration. 142 Accomplishments in FY 2018/ 19 • Oversaw the first -year implementation of specialized transit services related to the 2018 Measure A Call for Projectsfunding allocation process. • Received approval notification of 17 capital projects awarded to nine successful County recipients of FTA Section 5310 urbanized area program FY 2014/15, FY 2015/16 and FY 2016/17 funding, in addition to three capital projects from two small urban and rural agencies. • Continued assisting successful County recipients to implement their respective operating and capital projects. Projects were derived from the locally -developed Coordinated Public Transit -Human ServicesTransportation Plan. • Approved the allocation of FY2018/19 S31 SGRprogram fundsfor eligible replacement and rehabilitation projects identified by transit operators following release of program funding and guidelinesby Caltrans. • Incorporated FY 2017/18 LCTOP formula funds with transit operating and capital funding sources for development of the FY 2018/19 SR -Ps following the release of program funding from Caltrans. • Worked closely with the transit operatorsto develop a comprehensive LRTP. • Evaluated and recommended revisions to existing transit policies and funding formulas for LTF, STA, and Measure A to meet the demand of future transit needs. • Developed a plan to restructure the Citizens Advisory Committee (CAC) to improve information sharing with public and social service providers, aswell usersof specialized transit service such asseniorsand personswith disabilities. • Kicked off a Pass Area Transit Provider Analysis to identify how the public transit needs can be more efficiently and effectively met between the three transit operators in the area. Major Initiatives in FY 2019/ 20 In connection with its oversight and fiduciary role under TDA, the Commission will enhance resourcesand guidance available to the public transit operators, including: • Develop a TDA Manual to better explain the Commission's role and process for allocations and reimbursements; • Improve and revise the SR1P process to streamline the annual allocation submittals by the operators; • Collaborate and work closely with operators on any funding formula or transit policy changes during this "transition year" to prepare for potential changes to be implemented beginning in FY2020/21 orthereafter. Further, the Commission will continue its oversight responsibilities related to the Western County specialized transit program with an emphasison the: • Evaluation of the existing Specialized Transit Call for Projects guidelines and eligibility requirements and possible recommendations for improvements to the program to strengthen the goals of increasing ridership and participation of travel training programs; and • Continued administration and monitoring of approved specialized transit services under the 2018 Measure A Call for Projects. The Commission will also continue to develop the CAC as an advisory body that more effectively distributes and promotes public and specialized transit information to various stakeholders. 143 Department Goals PST'1 — Provide timely information to the public regarding Commission -implemented transit projects and support public relations activities of Measure A -funded transit programs by grant recipients. (Policy Goals Operating Excellence, Responsible Partnei) Objectives: • Produce and distribute public information materials as needed including press releases, flyers, brochures, marketing materials, and newspaper ads. • Leverage the IE Commuter traveler information system in order to more fully market the availability of specialized transit programs. PST2 —Allocate Measure A specialized transit and federal funds to support services that will maintain and/or enhance mobility by alleviating transportation barriers for seniors, persons with disabilities, and the truly needy. (Policy Goals: Quality of Life, Operational Excellence, Rlesponsib/e Partne►) Objectives: • Monitor performance of specialized transit grant recipients through analysis of their monthly performance reports. • Support the consolidated FTA Section 5310 grant procearrs to improve mobility for seniors, persons with disabilities and individuals of limited means by working with Caltrans, public operators, and social service agencies to ensure a competitive process statewide for the allocation of federal transportation dollarsfor social service programs. • Provide technical assistance and program support to agencies offering specialized transit programs to ensure the maximum benefit of funding for improved mobility for seniors, personswith disabilities, and individuaIsof limited means. PST3 — Coordinate the operation of all public transportation services within the County with a goal toward promoting program efficiency and harmony between transit operators as outlined in state law. (Policy Goals: Quality of Life, Operational Excellence, Connecting the Economy, Responsible Partne►) Objectives: • Review transit planning, resource allocation, and service implementation policy requirements including appropriate coordination of commuter rail, intercounty and intercity bus, local bus and paratransit, and social service transportation services to ensure convenient service for pascengers. • Implement recommendationsresulting from the 1DA-mandated triennial performance audits of the Commission and the seven County bustransit operators. • Assure the ongoing effectiveness of the SR1Pprocessand work with the County'seight transit operators to assure productivity and efficiency as well as compliance with the productivity improvement program. • Coordinate regional transit connections among commuter rail, buses, and paratransit servicesto ensure convenient service for pascPngers. • Monitortransit operators' quarterly capital grantsreports. • Monitor transit operators performance through analysis of their quarterly performance reportsusing the TransTrackcomputer-based tracking program. • Continue working with the transit operator partners in providing connecting bus services to the new PVLstations. 144 PST4 — Continue to provide staff resources to assist and support the coordination of transit services within the County and throughout the State. (Policy Goals: Quality of Life, Operational Excellence, Connecting the Economy, responsible Partner) Objectives: • Participate and influence intercounty discussions between Riverside, Orange, San Diego, and San Bernardino counties regarding the enhancement of intermodal options. phis includesadditional transit services(rail and expressbus) and rideshare services. • Regularly participate in meetings that focus on the coordination of transit services, such as the California Association for Coordinated Transportation, SunLine's Access Committee, RTA's Americans with Disabilities Act (ADA) Committee, the Riverside County Foundation on Aging Board of Directors, Riverside Regional Coalition, and the Commission's Citizens Advisory Committee/Social Service Transportation Advisory Council. • Continue the development of a marketing and distribution network for communicating specialized transit mobility optionsto seniors, the disabled, and personsof limited means. ID Public and Specialized Transit Performance Measures and Results FY 17/18 Estimated FY 17/18 Actual FY 18/19 Estimated FY 19/20 Projected P513 SRlPssubmitted by operatorsand reviewed 9 9 9 9 PS13 SRTPamend ments 3 3 3 4 P5r2 Specialized Transit grantsawarded/monitored 17 17 18 18 PST2 Specialized Transit site visits 0 0 18 9 PST1 Specialized Transit brochuresdistributed N/A N/A 3,500 3,500 PST3 Transit operator quarterly coordination meetings N/A N/A 16 32 PST4 Social service/partnering agenciesmonitored in database N/A N/A 412 416 PST4 Meetings attended with regional partners(i.e. Board meetings, CAC, SLAG working groups, workshops) N/A N/A 35 40 145 CommuterAssistance Mission Statement: Commuter Assistance helps constituents discover their best commute through meaningful employer and community engagement, rideshare incentives, and advancing technology in orderto reduce drive alone trips, regional congestion and vehicle emissions. Chart 50— Commuter Assistance Projectsa nd Operations 68% Expenditures ler Transfers Salariesand Out Benefits 6%l 9% \ Professiona I Costs 11% SJpport Costs AiLliiii 6% Commuter Assistance expend itures total $4,880,800, which represents 21%decrease from last year's budget (Table 64) due to sunset of Route 200/205 start-up funds. Salaries and benefits of $436,500 reflect a 51% increase due to the one-time disbursement to fund the Commission's CaIPERSretirement net pension liability, the net allocation of I -Its, and performance merit -based salary increases. Professional costs of $542,700 increased 16% over the prior year due to anticipated one-time expenditures for transitioning rideshare and vanpool systems to more regional -based system platforms. Support costs of $285,800, which include mail and printing services, communications, and other office expenditures, decreased 21% due to reduced media outreach during transitioning rideshare and vanpool systems. Projectsand operationsexpendituresof $3,313,300 consist of: • Regional transportation consultant services totaling $2,203,300 to manage and implement the program; • Vanpool subsidiesand commuter incentivesvalued at $960,000; and • Park and ride lease paymentsof $150,000. Reimbursements from S3CTA for rideshare services provided by the Commission are included in local revenues to offset a portion of these expenditures. Transfers out include $302,500 for administrative costs and reflect a decrease of 82%due to funding fora transit incentive project in Western County in the prior year. 146 Table 64- Commuter Assistance UsesDetail FY 17/18 FY 18/19 FY 18/19 FY 19/20 Dollar Percent Actual Revised Budget Projected Budget Change Change allariesand Benefits $ 258,300 $ 290,000 $ 289,900 $ 436,500 $ 146,500 51% Professional Costs Legal Services 29,800 31,000 4,000 31,000 0% Rnancial Advisory 7,600 8,000 7,800 8,000 0% Professional ervices- General 455,100 427,400 375,800 503,700 76,300 18% Total Professional Costs 492,500 466,400 387,600 542,700 76,300 16% aipport Costs 178,700 362,800 88,900 285,800 (77,000) -21% Projects and Operations Program Operations 2,498,000 3,383,900 2,610,200 3,313,300 (70,600) -2°% Transfers Out 1,020,200 1,696,500 1,331,700 302,500 (1,394,000) -82% TOTALCommuter Assistance $ 4,447,700 $ 6,199,600 $ 4,708,300 $ 4,880,800 $ (1,318,800) -21% Commuter Assistance Staffing Summary Po sit io n FY 17/ 18 FY 18/ 19 FY 19/ 20 Chief Financial Officer 0.01 0.01 Commuterand Motorist Assistance Manager 0.71 0.65 Deputy Executive Director 0.01 0.02 Extemal Affairs Director 0.02 0.00 Management Analyst 0.56 0.60 MultimodalServicesDirector 0.00 0.28 Procurement Manager 0.01 0.00 Public Affairs Manager 0.00 0.05 Se niorAdministrative Assistant 0.06 0.00 SeniorManagement Analyst 0.05 0.02 FTE 1.43 1.63 Department Budget Overview Department Description 0.00 0.65 0.01 0.10 0.55 0.00 0.04 0.01 0.00 0.05 1.41 While much of the Commission's work focuses on enhancing transportation infrastructure, there is significant value in ensuring that the transportation systems are used efficiently. To foster a more efficient use of these systems, the Commission's Commuter Assistance Program seeks to increase the awareness of all commute options and incentives available to commuter constituents and to increase consideration for alternative modes of transportation such as riding a busor train, carpooling, vanpooling, walking, bicycling, ortelecommuting. The Commuter Assistance Program, through its IE Commuter brand seeks to influence driver behavior by nurturing a mode -shifting decision at both the employer and commuter fronts via the following methods: • Partner with and serve as a resource to employers to implement employer -based rideshare programsand incentivesat worksitesthroughout the region; • Leverage regional campaigns, local outreach, employer events, and social media to increase the awarenessand consideration fortransportation alternatives; • Provide both online access (IECommuter.org) and personal support (866-RIDES-IARE) to disscminate custom commute information servicesto commuters or employers interested in rid a sh a re ; • Incentivize commuters for beginning and then maintaining a mode-shift/rideshare arrangement; and • Leverage technology to deliver easy -to -use online resources and tools to more efficiently serve employer partners, theiremployees, and othercommuters. 147 lhe Commission implemented the Commuter Assistance Program in Western County as a specific requirement under Measure A to addresscongestion mitigation. In addition to improving mobility overall, Commuter Assistance helps improve the quality of life on the commuter front, helpsto lower costs and increase productivity on the employer front, and has positive impact on the environment. Key Assum ptions for FY 2019/ 20 • In partnership with regional county transportation partners, the Commission will transition from a locally -provided Inland Empire based rideshare and vanpool system to a regional platform solution. • 1he Commission will continue to contract with a consulting firm to administer an Inland Empire Commuter Assistance Program (IECommuter) and Western County Vanpool Program (VanClub). • Maintaining its long-term partnership with the Commission, SBCTA will contract with the Commission to manage and implement a "sister" Commuter Assistance Program for its residentsand employersin San Bernardino County. Accomplishments in FY 2018/ 19 • Provided rideshare services, support, and/or incentives to more than 500 worksites in Riverside County (133 employers) netting an estimated reduction of 14.1 million miles driven and 7.6 tonsof emissionsovera twelve-month period (based on survey data). • Continued to grow the Commission's new vanpool subsidy program (VanClub), which compliments transit options and provides an attractive commute option for commuters traveling to worksitesin Western Riverside County. • Enhanced the IE Commuter rideshare system with a website refresh including a new design and on-line resources and tools for employers to more effectively manage employee commutersand market rideshare within theirorganizations. • Garnered 7,836 participant pledgesto rideshare as part of IECommuter's2018 "It's Your Life, Enjoy the Ride" Rideshare Week campaign — resulting in an estimated reduction of 195,488 milesdriven and 245,380 poundsof emissions. • Launched a new incentive, "Rideshare Spotlight", providing regular ridesharing commuters who log their trips in IE Commuter with opportunities to win monthly prizes and share their rideshare storiesand to also serve astestimonialsfor alternative commutes. • Continued leasesfor park and ride facilitiesat the following locations: M urrieta Temecula Canyon Community Church of the Nazarene Living Truth Christian Fellowship Corona FriendsChurch Tom's Farms Lake Elsinore Market Lake Esinore Outlets Shepherd of Life Mulligan'sFamily Fun Center Promise Lutheran Church Orchard Christian Fellowship St. lhomasof Canterbury United Methodist Church 148 Major Initiatives in FY 2019/20 A cornerstone of the Commuter Assistance Program isitscontinued partnership with commuters, employers, and government. The partnership, based on voluntary efforts, makes a collective difference to increase the efficiency of the County's transportation system —local roads, freeways, commuter rail, and public bus. The combined effort results in less congestion, decreased vehicle miles traveled, and improved air quality. The major initiatives to continue these partnershipsand effortsin FY2019/20 are described below. • Regionalize the Rdeshare Platform: In partnership with regional county transportation partners, the Commission will transition from a locally -provisioned Inland Empire -based rideshare and vanpool system to a regional platform solution. Transitioning to a regional system will expand the commuter database and improve the ridematching potential for those interested in sharing the ride to work via carpool orvanpool. Additionally, the regional platform will offer enhanced functionality and reporting that will better support program administration staff and employer worksite efforts to increase participation in alternative modes. Thisapproach will also net additional cost savingsfor the Commission. • Maximize Employer Partnerships. Given that the highest percentage of rideshare arrangements is formed at work sites, voluntary employer participation is critical to address congestion and air quality goals. Employers are the conduit to directly influence their employees' personal transportation choices. The ongoing success of the core Western County rideshare program is a testament to the significance of employer partnerships. However, the prior economic downturn created a corporate culture of doing more with less. Many employer transportation coordinators(EICs) feel spread too thin to commit to offering a rideshare program. Delivery of in person/worksite rideshare support value-added services and tools to make the EIC,'s job easier is a critical motivation to continue rideshare partnershipsand development of new ones. • Expand with New Market Development: The primary go -to -market strategy has been to leverage larger employer (250+) partnerships to cost effectively access and market to employee commuters. While this channel has historically proven to be efficient over the years, it results in a rather limited base of commuters compared to the broader universe of commuters available. Therefore, in addition to maximizing the number of employer partners and maximizing rideshare participation within those employers, a direct business -to - consumer strategy will continue to be phased in to expand the awareness and consideration of rideshare options. • Support Multimodal Travel: In addition to ridematching, information services, and incentives to facilitate ridesharing, the Commuter Assistance Program also provides park and ride facilities to support ridesharing efforts. The last Caltrans park and ride facility in the County was built in 1999. The Commission leases park and ride spaces from property owners to supplement the network of park and ride spaces in the County. A continued focus for FY 2019/20 will be increasing the number of leased spaces and coordinating with ridesharers, transit/rail partners, and western Riverside County cities to identify areas where the lease program can help support car/vanpool arrangementsand facilitate transit connections. Department Goals CA1 — Operate a cost-effective Commuter Assistance Program resulting in a demonstrable reduction in single occupant vehicle trips, thus assisting with congestion mitigation and improving air quality. (Policy Goals: Quality of Life, Responsible Partner) Objectives: • Leverage Commuter Assistance Program resources to support outreach and transportation demand management objectivesof major Commission projects, including but not limited to, the Commission'sVanClub program, Metrolink's91/PVLwrvice, and expresslanesfacilities. 149 • Continue to enhance the IE Commuter user experience with improvements in functionality and servicesoffered through the website. • Continue to offer short-term incentives for commuters to try a transportation mode other than driving alone. • Continue to provide a rewards program for long-term ridesharers to encourage their continued use of alternative modesof transportation. • Ensure the effectivenessof the Commuter Assistance Program through program analysisand regularascPssmentsof program participation and cost/benefit. • Increase participation and use of online tools and resources available on the IE Commuter website to employer partners. • Optimize the numberof leased park and ride spacesand addressgapsin the system. CA2 — Ensure the coordination of ridesharing programs throughout the Inland Empire and the southem Califomia region. (Policy Goals: Quality of Life, Operational Excellence, and Responsible Patine!) Objectives: • Continue to administer "sister" Commuter Assistance Program in San Bernardino County on a contract basis, thus expanding the reach and effectiveness of commuter programs throughout the Inland Empire area. • Continue to provide leadership with the ongoing operation, maintenance, and enhancement of the bi-county ridematching system with regional reach. • Continue to explore opportunities and implement regional programs, systems, and/or outreach with neighboring rideshare agenciesand transit partners. CA3 — Broaden the reach of the program to encourage altemative transportation modes a mongst all travelers and continue to grow the core base of employers and their employees. (Policy Goals Quality of Life, Operational Excellence, Responsible Partne►) Objectives: • Continue to grow and support on-line resources and toolsfor employers to more effectively manage and market their organizations' rideshare programs. • Provide program resultsto both commuter incentive participantsand employer partnersthat translate individual or worksite rideshare participation into money saved, congestion reduced, and emissionsreduced. • Publicize the participation of local employers in the Commuter Assistance Program through variousmedia channels. ID Commuter Assistance Performance Measures and Results FY 17/18 Estimated FY 17/18 Actual FY 18/19 Estimated FY 19/20 Projected CA1 Number of one-way single occupant vehicle trips reduced asa result of Rideshare Incentives 171,000 232,548 247,350 260,100 CA2 Number of Rideshare Plus Rewards Members 1,700 2,039 2,250 2,500 CA2 Number of incoming 1-866-RIDES-IAREtelephone calls 5,340 5,340 5,200 5,200 C3 VanClub vanpools N/A 49 75 90 Numberofservicesprovided bylECommuterto support employer trip reduction effortsat wo rksites: CA3 • Employerworksitesrequesting survey services 177 152 155 160 CA3 • RideGuidesproduced 12,100 35,080 36,000 37,000 150 M oto rist Assista nc e Mission Statement: Motorist Assistance improves safety, reduces congestion, and enhances access to traveler information for motoriststhrough the provision of a comprehensive motorist aid system. Chart 51 — Motorist Assistance TransfersOut, 29% Expenditures Salariesand Benefits Professiona I Costs 3%_ 6% alp port Costs 4% Projectsand Operations 58% Motorist Assistance expenditures and uses are budgeted at $9,364,500, a decrease of 6% compared to the prior year budget (Table 65) due to reductions in transfers to FSP and incremental SB 1 FSP funding. Salaries and benefits reflect an increase of 42% due to the one- time disbursement to fund the Commission's CaIPERS retirement net pension liability, the net allocation of RTEs, and performance merit -based salary increases. Professional costs of $522,000 reflect a decrease of 1%. Support costs of $416,400 increased $120,500, or 41%, due to anticipated one-time expenditures for call box upgrades and removals. Reimbursement from S3CTA for half of all locally -provided 511 system related expenditures is included in local revenues. Program operations include $4,000,000 in towing contract costs for the FSP program. Projects and operations costs increased 5% due to FSP expansion into south Riverside County and incremental grant funded weekend service. Transfers out represent 94FE matching funds of $2,400,000 for FSP se rvic es a nd a $348,200 allocation fo r ad m in istra tive costs. 151 Table 65 - Motorist Assistance Uses Detail FY 17/18 FY 18/19 FY 18/19 FY 19/20 Dollar Percent Actual Revised Budget Projected Budget Change Change S3lariesand Benefits Professiona I Costs Legal rvices ProfessionalServices - General Total Professional Costs aipport Costs Projectsand Operations Program Operations Transfers Out TOTAL Motorist Assistance $ 123,700 $ 198,200 $ 172,000 15,500 336,800 352,300 291,000 30,500 497,700 528,200 295,900 29,000 247,100 276,100 160,600 2,848,900 5,161,800 3,517,100 1,293,400 3,820,500 3,820,500 $ 4,909,300 $ 10,004,600 $ 7,946,300 $ 280,900 44,500 477,500 522,000 416,400 5,397,000 2,748,200 $ 9.364.500 $ 82,700 42% 14,000 46% (20,200) -4% (6,200) -1% 120,500 41% 235,200 5% (1,072,300) -28% $ (640,100) -6% Motorist Assistance Staffing Summary Po sit io n FY 17/ 18 FY 18/ 19 FY 19/ 20 Commuterand Motorist Assistance Manager 0.29 0.35 External Affairs Director 0.00 0.08 Legislative Affairs Manager 0.04 0.05 Management Analyst 0.44 0.40 MultimodalServicesDirector 0.00 0.07 Procurement Manager 0.01 0.05 Public Affairs Manager 0.00 0.05 SeniorAdministrative Assistant 0.00 0.05 SeniorManagement Analyst 0.04 0.02 SeniorProcurement Analyst 0.09 0.07 FIE 0.91 1.19 0.35 0.00 0.00 0.45 0.00 0.05 0.02 0.05 0.06 0.02 1.00 Department Budget Overview Department Description Asa SAFE, the Commission is responsible for providing a motorist aid system for the County. phis system iscomprised of three components: • The 511 traveler information system is a telephone, website, and mobile app-based service that delivers real-time traffic information, including incidentsand travel times, bus and rail trip planning, and rideshare information; • The FP program clears debris in freeway lanes and assists stranded motorists on the most congested Riverside County freeways by towing, changing flat tires, and temporarily taping cooling system hoses at no charge to motorists. FP service is also provided in construction zones through separate funding agreements with Caltrans and Commission -funded construction projectsto help mitigate congestion; and • The call box system allows motorists to call for assistance in the event of a mechanical breakdown, accident, orotheremergency on the freeway. Key Assumptions for FY 2019/ 20 • In partnership with regional county transportation partners, the Commission will transition from a locally -provided 511 system to a regional southern California 511 solution. • The FSPwill continue aslong asstate funding support isavailable. • Tow truck contractor costs for the twelve existing FP beats will be based on Commission - approved contracts. • The call box upgrades and removals identified in the approved 2019 Call Box Optimization Plan will be fulfilled. • The call box system program will continue to serve as "safety -net" for stranded motorists in the County. 152 Accomplishments in FY 2018/ 19 • Expanded FSP service south along the 1-15 and 1-215 as result of SB 1 funding. New service will benefit commuters traveling from and through Lake Elsinore, Wildomar, Menifee, Murrieta, and Temecula. • Implemented incremental weekend FSP service within the SR91 corridor in Riversideand along a segment of SR60 in Moreno Valley. • Provided special FSP service along the 1-15 in the city of Lake Elsinore in response to heavy weekend traffic congestion caused by the 2019 Wildflower&per Bloom. • Continued to achieve one of the highest benefit -to -cost ratio statewide for FSP in the latest statewide FSP Management Information System Report. • Provided traveler information service through the locally -provided 511 system to support 17,000 monthly IE511.org web visits and 9,000 monthly 511 phone calls. To date, more than 66,000 usershave downloaded the 1E511 mobile application. • Continued to coordinate with local transportation agencies to migrate the locally -provided 511 system to a regional traveler information system. Major Initiatives in FY 2019/20 Since 2010, the Commission, along with its partner, SBCTA, has operated, maintained, and enhanced the 511 system which includes website interface and an interactive voice response telephone system that serves Riverside and San Bernardino counties residents and commuters. While the system has served local commuters garnering thousands of monthly web visits and calls plus mobile application downloads, the program will transition to a regional and more cost effective 511 solution in partnership with local southern California transportation agencies. Other initiativeswillfocuson long-term SUEplanning, system efficiencies, and evaluating and/or implementing new program services such as a mobile call box program. Staff will focus on maintaining a high benefit -to -cost ratio for FSP and maximize incremental SB 1 MD funding to provide the greatest benefit. Department Goal MA1 — Provide efficient delivery of a comprehensive motorist aid system (511, FSP, Call Box) and an outstanding level of service to the traveling public. (Policy Goals: Quality of Life, Operational Excellence, Responsible Partne4 Objectives: • Reduce 511 costsand enhance accessto real-time traveler information bytransitioning to a regional 511 southern California solution. • Maximize available FSP funding by continually evaluating opportunities to provide more efficient FSPcoverage through changes in service days, service hours, or number of vehicles assigned to each beat. • Review proposed construction projects with Commission, Caltrans, and local cities and coordinate the use of temporary construction tow service to mitigate congestion. • Continue coordination with San Bernardino SAFE to monitor the operation of the call answering centercontractor. 153 ID Motorist Assistance Performance Measures and Results FY 17/ 18 Estimated FY 17/ 18 Actual FY 18/ 19 Estimated FY 19/20 Projected MA1 Number of call boxes 240 241 241 131 MA1 Number of call box calls 2,074 1,598 1,466 796 MA1 Number of vehicle assists 38,904 41,417 46,184 50,802 MA1 Number of 511 phone calls 162,000 142,287 108,000 92,000 MA1 Numberof511 web visits 425,000 286,260 205,000 225,000 154 Capital Project Development and Delivery Mission Statement: Capital Project Development and Delivery (Capital Projects) keeps the Commission's contract with the voters of the County by accelerating the planning, programming, and implementation of projects and programs in the Measure A TIP, as enhanced by the Toll Program, to the extent that funds are available. Capital Projects ensures that capital projects are environmentally acceptable, expertly designed, and implemented in a cost effective manner. Capital Projects acquiresand managesrequired right of way in the fairest, most economical, efficient, and timely manner possible. Chart 52 —Capital Project Development and Delivery Debt Service 10% Expenditures Tra n sfe rs Out 16% 3alariesand Benefits 1% Pro fe ssio n a I Costs 1% Projectsand Operations 72% The budgeted expend itures and transfers out total $721,120,400 to coverall of the Commission's major capital projects(Table 66). S3lariesand benefitsexpenditures represent lessthan 1%of the budgeted uses and reflect an increase of 81% due the one-time disbursement to fund the Commission's CaIPERSretirement net pension liability, the net allocation of REs, and performance merit -based salary increases. Professional costsof$6,833,600 primarily relate to general legal costs, specialized legal and financial advisory services related to the toll program, public communications, and property management services. Support costs of $1,336,900 consist primarily of services needed to maintain the Commission's real properties in a condition that complieswith all local codesand regulationsgoveming property maintenance. General project costs of $7,733,900 comprise program management provided by Bechtel Infrastructure (Bechtel) and permitsforhighway and rail capital projects. Sgnificant projects included in engineering expend itures of $21,586,000 relate to the 1-15 Express Lanes —Southern Extension project; Mid County Parkway; the 71/91 connector project; the I- 15/Railroad Canyon interchange (on behalf of the city of Lake Ashore); grade separation projects; various commuter rail improvement and rehabilitation projects; and various Western County TUMFregional arterial projects. 155 Construction expend itures of $150,248,000 primarily relate to the 1-15 Express Lanes project; 15/91 ExpressLanesconnectorproject; the I-15/Limonite interchange; SR60 truck lanes; the Pachappa underpass; 1-215 Placentia Avenue interchange, Mid County Parkway's first construction package; Mid County Parkway Sweeney mitigation site; various Western County Measure A and lUMF regional arterial projects; Santa Ana River Trail; and rail improvement and rehabilitation projects. Design -build costsof$141,583,000 pertain to the 1-15 ExpressLanesproject, the 15/91 Express Lanes connector project, 91 corridor operationsproject, and completion of the 91 Project. Right of way expenditures of $93,293,500 on significant projects include the 91 Project; 71/91 connector project; Mid County Parkway; Mid County Parkway — I-215/Placentia interchange; McKinley Avenue and Jurupa Avenue grade separation projects; I-15/Railroad Canyon interchange (on behalf of the city of Lake Elsinore); and various Western County TUMF regional arterial projects. Funding will also be provided for MS-ICP land mitigation. Local tumback payments to jurisdictions and the County for local streets and roads repair, maintenance, and construction amount to $58,642,300. Disbursements to CVAG for the 2009 Measure A Coachella Valley highway and regional arterial program comprise substantially all of the regional arterial expenditures. the Planning and Programming Department monitors the eligibility for local streets and roads funding and reviews reimbursement claims for Coachella Valley highway and regional arterial program expenditures. Operating and capital disbursements of $15,850,000 will be made for commuter rail capital projects. Interest payments on outstanding sales tax revenue bonds(2010B Bonds, 2013 Sales Tax Bonds, 2016 Refunding Bonds, 2017A Bonds, 2017B Refunding Bonds, and 2018 Refunding Bonds) are $42,292,500.1he Commission will make principal paymentsof $27,245,000forthe outstanding sales tax revenue bonds. Significant tran4ersout consist of the following: • $6,000,000 in 1989 Measure A Western County highway fund to the 2009 Measure A County highway fund forthe 91 Project completion; • $24,402,400 in salestax revenue bond proceedsto fund the 1-15 ExpressLanesproject; • $69,534,500 from 2009 Measure A Western County highway fund to the Debt Service fund for salestax revenue bondsdebtservice; • $8,306,000 from Measure A, SB 132, and IUMFforthe allocation of administrative coststo the General fund; • $3,000,000 from 2009 Measure A Western County highway fund to the Debt Service fund for the 1-15 ExpressLanesproject 11RA reserve; • $300,000 from 2009 Measure A Western County highway fund to the TUMFregional arterial fund forthe SR79 realignment project; and • $2,803,200 from the Debt Service fund to the 2009 Measure A Western County highway and Coachella Valley highway fundsfor BABssubsidy reimbursements. 156 Table 66 - C a p ita I Project Development and Delivery Uses Detail FY 17/18 Actual FY 18/ 19 FY 18/ 19 Revised Budget Projected FY 19/ 20 Budget Dollar Change Percent Change Sala riesand Benefits $ 3,005,300 $ 3,911,900 Professiona I Costs Le g a l £e ry is e s 4,625,700 Audit rvices 7,300 Rn a nc is I Advisory 540,900 Professional cervices- General 2,490,500 Total Professional Costs 7,664,400 apport Costs 429,800 Projectsand Operations Program Operations 9,619,300 Engineering 8,030,400 Construction 21,408,500 Design Build 123,999,200 Fight of Way and Land 38,962,400 Local3reetsand Roads 53,176,800 ♦ e g io n a l A rte ria Is 15, 736,400 6pecialaudies Operating and Capital Disbursements 3,313,400 Total Projectsand Operations 274,246,400 CapitalOutlay 2,177,200 Debt ice 656,868,900 Tra nsfe rs Out 282,693,700 TOTAL Capital Project Development and Delivery $ 1,227,085,700 $ 4,228,200 27,000 473,900 4,178,100 $ 3,911,800 3,591,200 29,000 118,800 1,479,600 8,907,200 5,218,600 1,185,100 1,016,000 7,584,300 33,717,900 117,498,700 183, 908, 300 95,360,000 58,479,500 30, 547, 000 50,000 15, 000, 000 542,145, 700 7,224,800 69,555,700 126, 704,100 759,634,500 6,193,100 12,967,300 73,007,200 146,305,000 35,670,600 58,479,500 25, 000, 000 35,000 5,800,000 363,457,700 6,336,700 65,085,700 108, 636, 800 $ 553,663,300 Capital Project Development and Delivery Staffing Summary Po sit io n Capital Construction Manager Capital Projects Manager Chief Financial Officer Deputy Directorof Finance Deputy Executive Director Executive Director External Affairs Director FacilitiesAdministrator Financial Analyst ITAdministrator Legislative Affairs Manager Management Analyst Planning and Programming Director Planning and Programming Manager Procurement Manager Project Delivery Director Public Affairs Manager Right of Way Manager Se niorAdministrative Assistant Senior Financial Analyst SeniorManagement Analyst SeniorProcurement Analyst Toll Operations Manager Toll Program Director Toll Project Manager Toll Senior Management Analyst Toll Technology Manager FTE $ 7,077,600 3,400,300 35,000 406,400 2,991,900 6,833,600 1,336,900 7,733,900 21,586,000 150,248,000 141,583,000 93,293,500 58,642,300 30,000,000 15, 850, 000 518,936,700 3,052,000 69,537,500 114, 346,100 $ 721.120.400 FY 17/ 18 FY 18/ 19 FY 19/ 20 0.00 2.83 0.24 0.04 0.10 0.15 0.11 0.00 0.00 0.00 0.01 1.00 0.05 0.00 0.51 0.95 0.31 1.00 0.16 0.05 2.09 0.28 0.62 0.75 0.98 0.01 0.62 12.86 1.80 2.80 0.27 0.06 0.08 0.25 0.12 0.00 0.00 0.03 0.05 1.00 0.09 0.02 0.48 1.00 0.50 0.98 0.35 0.10 2.12 0.16 0.70 0.65 1.00 0.30 0.60 15.51 1.91 2.74 0.21 0.02 0.17 0.17 0.07 0.19 0.50 0.00 0.04 0.05 0.18 0.07 0.54 0.96 0.42 0.99 0.12 0.15 3.30 0.47 0.60 0.59 1.00 0.65 0.60 16.71 $ 3,165,700 (827,900) 8,000 (67,500) (1,186, 200) (2,073,600) 151,800 149,600 (12,131,900) 32,749,300 (42,325,300) (2,066,500) 162,800 (547,000) (50,000) 850,000 (23,209,000) (4,172,800) (18,200) (12,358,000) $ (38,514,100) 81 %I -20% 30% -14% -28% - 23% 13% 2% - 36% 28% -23 % -2% 0% -2% -100 % 6% -4% - 58% 0% -10% -5% 157 Department Budget Overview Department Description The primary responsibility of Capital Projects is the development and delivery of major highway and rail capital projectswhere the Commission is identified asthe lead agency. The delivery of a capital project can include taskssuch asfeasibility studies, preliminary engineering, environmental clearance, final design, right of way acquisition, utility relocation, construction, construction management, and design -build in addition to the management of varioustypesof agreements. Capital Projects also develops and delivers a limited number of highway and regional arterial projectson behalf of local jurisdictions; these effortsare funded by the local jurisdictionsthrough funding agreements with the Commission. Approximately 70% of the Commission's FY 2019/20 budgeted expenditures originates in this department managed by the Toll Program and Project Delivery Directorsresponsible for the capital program. Capital Projectsacceleratesdelivery of the Measure A, toll, state, and federally funded highway, regional arterial, and rail capital improvement projects throughout the County. Highway improvements currently in progress include the addition of mixed flow, truck climbing and descending, and tolled express lanes; widening and realignment projects; interchange improvements; and a new CETAP corridor. Commuter rail capital improvements include the expansion of commuter rail service in Western County and related station improvement and rehabilitation projects. Regional arterial capital improvements include Western County TUMF and Measure A regional arterial projectsadministered bythe Planning and Programming Department and reimbursements to CVAG related to the highway and regional arterial program that it administersin the Coachella Valley. Capital Projects may develop and deliver Western County regional arterial projects on behalf of local jurisdictions, asnoted previously. The 2009 Measure A program includes funding to the incorporated cities and the County unincorporated areas for local streets and roads maintenance, repair, and construction. The budgeted amount isset by formula established in the Measure A TIP. Each jurisdiction'srespective allocation is based on population (Western County and Palo Verde Valley) or dwelling units (Coachella Valley) and the amount of sales tax generated. The Planning and Programming Department administersthe local streetsand roadsfunding eligibility reviews. Capital Projects providesthe necessary coordination between the Commission and Caltransfor the development of scope, cost, and project delivery schedules for Measure A projects that include STIPfunding. Given the support required to oversee and participate in the project development work, costsfor Commission staff and related support are included in this department budget. The projects identified in the FY2019/20 budget funded by Measure A, TUMF, state, or federal fundsaswell as existing and future toll revenues require the continued support of the Bechtel program management team which includes program managers, project engineers, construction engineers, inspectors, contractsadministration, and support staff. Right of Way Acquisition and &wort Services The primary goal of the Right of Way Management Division is the delivery of right of way in the most cost-effective manner and within project schedules, while adhering to federal and state regulations. To implement the Commission's directive, the Commission maintains on -call agreements with right of way consultant services in the fields of right of way engineering and surveying, environmental a,rrssment, appraisal and appraisal review, acquisition and relocation, feasibility studies and cost estimates, property management, and utility relocation. The Right of 158 Way Management Division supervisesand managesright of way servicesand related support for individual projectsthat are included in the Capital Projects Department budget. Property Management The Commission strivesto manage its real property with the objective of maximizing existing and future public transportation benefits, safety, and income by means of professional property management policies and procedures. This includes issuing licenses and rights of entry for authorized third -party uses, as well as investigating and resolving issues regarding uses not authorized by the Commission. During FY 2014/15 the Commission performed a comprehensive analysis of existing licenses and encroachments. The Commission resolved private use and utility encroachments on the SJBL, resulting in additional licenses. The Commission will continue to monitor, identify and, if necemary, enter into new licensesor eliminate encroachmentson SJBL. In certain limited situations, the Commission may also grant easements. The property management scope of work on all Commission -owned propertiesconsistsof general maintenance activities and security measures. The property management function includesthe demolition and clearance of structuresand otherimprovementson acquired property, excluding commuter rail stations. Additionally, the Commission must manage real property acquired for a project until required for construction. Since 1990, the Commission acquired property arts in the course of rail and highway project implementation. To date the rail properties number over 225 parcels. The Commission acquired approximately 500 parcels for the SR74 widening project (Segments 1 and 2) and transferred to Caltrans most of these parcels, which were related to Segment 1. The Commission hasclosed or is in escrow for23 of the 26 excessSR74 parcels. In addition, properties have been acquired for SR-91 HOV lanes, Mid County Parkway, SR79 realignment, I-215/Placentia interchange, 60/215 east junction HOV connectors, and I-15/Railroad Canyon Interchange. Property acquisition forthe 91 Project began in 2010 with all of the 197 required parcelsacquired and delivered to the design -builder by June 2015; the Commission acquired 98 parcels through escrow and 97 parcels through eminent domain actions. The remaining 2 parcels acquired through condemnation actions are in active litigation. The Commission acquired fee and permanent easement rightsthat are in the process of being transferred primarily to Caltrans, the County, and the city of Corona. Upon project completion, all remaining portionsof propertieswithin every project are reassed and deemed surpluswhen it has been determined that the continued retention of the property no longersupportsthe Commission'spolicygoalsand objectives. In connection with the 2013TIRA Loan for the 91 Project, the Commission is required to establish a $20 million T1F1A debt service reserve by June 30, 2019. The Commission used proceeds from the sales of excess properties related to the 91 Project through June 2019 to fund the reserve in addition to surplusrevenuesfrom the RC TC 91 Express Lanes. Long -Term Strategic Planning The Commission completed a significant effort in December 2006 to develop an implementation plan strategy for the 2009 Measure A state highway program, with a focuson the first 10 yearsof the program through 2019. The effort, known as the Western County Highway Delivery Plan, included an objective -based arrrssment of the Western County portion of the 2009 Measure A TIP along with the prioritization of the program of projects. The Commission selected four highway corridors(1-215, 1-15, 1-10, and SR-91) asthe priority focusfor the first 10 years of the 2009 Measure A program, and long-term development work wasapproved for large-scale projectssuch asthe development of the Mid County Parkway and realignment of SR79. 159 Project development activities for these projects have been ongoing, including an update and reprioritization in January 2010 in response to the economic downturn. Since 2010, the Commission completed a scope reevaluation of the 1-15 Express Lanes project and adopted a new scope of work that consists of tolled express lanes on the northern 15 miles of 1-15 in the County. The Commission deferred the 1-10 truck climbing lanes project several years and replaced it with added safety improvements on SR60. For the strategic projects, the Commission completed preliminary engineering and environmental clearance for the Mid County Parkway, SR79 realignment and the SR60 truck lanes. Right of way acquisition forthe first construction package of the Mid County Parkway is proceeding and acquisitions for the remainder of Mid County Parkway will be considered for extraordinary acquisitionson a pay-as-you-go basis. Project costs and anticipated funding forthese projectsare updated annually, and a statusupdate hasbeen included in each of the annual Commission workshopssince 2011. The Commission's Future Funding Initiativesad hoc committee isdeveloping a recommendation to update the capital project delivery plan for the second ten-year period of the 2009 Measure A, as required by the 2009 Measure A. CVAG developed a strategic plan for Coachella Valley highway and regional arterial projectsbased upon a transportation project prioritization study that isupdated periodically. The PVL project, included in the 1989 and 2009 Measure A programs, is now complete and in operation since June 2016. The Commission develops other rail capital projects in coordination with SCRRA or based on a rail station plan that isupdated periodically. Station operation costsare included in the Rail Department (Section 5.2). Four new Western County transportation corridorswere identified through CETAPand are eligible for 2009 Measure A Western County new corridor and 1UMF CETAP funding. Given the size and anticipated cost of these new corridors, they are moving forward on varied schedules with the work on the internal corridors, the Mid County Parkway and 1-215 corridor improvement project (south segment completed in 2013 and central segment completed fall 2016), being the most advanced. Additionally, the Commission will participate in the improvement of a wildlife corridor crossing underSR91, BCanyon, in collaboration with Caltrans, U.S. Fish and Wildlife, U.S. National Forest, California Department of Fish and Wildlife, and the California Department of Parks and Recreation. These strategic planning activities play a significant part of the Commission's annual budget process, in particularthe capital budget. Key Assumptions for FY 2019/ 20 • The Commission will continue its emphasis on the closeout of the 1989 Measure A Western County highway projects, including Pachappa underpassand SR91 HOV projects. • The Western County Highway Delivery Plan, as updated for2019-2029, will serve as the basis for defining capital project selection and prioritization. • In connection with agreements for the advancement of 2009 Measure A funds with CVAG and cities participating in the Commission's debt programs, the Commission will deduct annual principal and interest payments for these loans from each agency's respective disbursementsbased on the termsof the loan agreements. • The Commission will develop highway project costsbased on engineers estimatesand scope agreementswith Caltrans. • The Commission will competitively bid construction projectsto minimize costsand comply with public contracting law. • The Commission will competitively procure design -build projects using a best value selection processto maximize value to the Commission. 160 • All projectswill be built to required federal and state standards. • Upon project completion, the Commission will transferall highway projects, with the exception of tolled expresslane facilities, to Caltrans; operation and maintenance of these facilitiesisthe responsibility of Caltrans. lhe Commission will operate and maintain tolled express lane facilities, when completed, for the term agreed to by Caltrans and the Commission. Toll operationscostsare included in Section 5.4ofthisdocument. • the Commission will develop strategiesto implement innovative financing structuresincluding public toll facilities. • Construction of the Mid County Parkway will proceed based on construction packages carefully scoped to provide maximum immediate public benefit while also matching funding availability. • lhe Planning and Programming Department administers the Western County IUMFregional arterial projectsapproved by the Commission in 2004; however, Capital Projectswill continue project development of the I-15/Railroad Canyon Road interchange project on behalf of the city of Lake Elsinore. Accomplishments in FY 2018/ 19 • Continued implementation of the Western County Highway Delivery Plan. • Completed work on right of way acquisition, railroad agreement work, and design for the Pachappa underpassproject. • Completed 91 Project construction work, including submittal of the final Financial Plan annual update related to project completion, and obtained upgrades from two rating agencies related to the Commission'stoll revenue bond ratings. • Continued environmental study and preliminary engineering work and commenced final design work for the 91 corridor operationsproject authorized by the Commission in 2018. • Continued right of way acquisition and performed utility relocations for the 71/91 connector project; submitted an application to the federal Infrastructure for Rebuilding America grant program for project construction funding. • Continued to advance the development of the 1-15 ExpressLanesproject in numerousareas: • Sgnificantly advanced final design of the civil and toll improvements and continued construction; • Completed final design and construction of the toll Regional Operations Center; and • Reaffirmed the Commission'stol1 revenue bond ratings. • Continued environmental study and preliminary engineering work for the 15/91 Express Lanes connector project and commenced a design -build procurement for the final design and construction of the civil improvements. • Awarded a professional servicescontract for the Project Approval/Environmental Document phase of the 1-15 Express Lanes-Southem Extension project from Cajalco Road to SR74. • Completed the Next Generation Toll Feasibility Study and obtained Commission approval to start project development on three new expresslanescorridors. • Acquired most of the property required for environmental mitigation for the Mid County Parkway project and commenced required cultural and biological resource mitigation forthe project. • Continued final design for the I-215/Placentia interchange project, the first construction package of Mid County Parkway. • Continued post environmental impact report/environmental impact statement closeout tasks including cultural and biological resource mitigation forthe M-79 realignment project. • Completed construction and substantially completed closeout of the PVLproject that began service in June 2016. • Completed design and construction of the Riverside -La Sierra station parking lot expansion project. • Commenced construction of the Riverside Downtown station pedestrian improvements project. 161 • Completed design, right of way acquisition, and construction of the PVL station pedestrian sh a Ite rs. • Completed environmental approval and commenced construction management of the Riverside Layover Facility. • Completed procurement of on -call design and environmental services and construction management and construction support servicesfor rail projects. • Awarded construction contract of SR60truck lanesproject. • Completed construction (plant establishment) of the 1-215 central widening project. • Continued final design and right-of-way phases for the I-15/Railroad Canyon interchange project for the city of Lake Bsinore. • Continued preliminary engineering and environmental clearance workforthe Santa Ana River Trail project for the District. • Commenced preliminary engineering and environmental clearance work for the Santa Ana River Trail -Green River golf course trail project forthe District. • Supported public outreach activities by providing graphics from the right of way project management database for Commission presentations to facilitate public understanding of project issues. • Continued to declare property no longer needed for transportation purposes as surplus and sold 41 surplusproperties. Major Initiatives in FY2019/20 FY2019/20 will mark the eleventh year of the 2009 Measure A program asthe Commission closes out the 1989 Measure A highway program and continues project activities related to the 2009 Measure A programs. lhe highway, rail, regional arterial, and local streets and roads programs represent the majority of the Capital Project funding allocations. All of the 1989 Measure A highway projectshave been completed, except forthe Pachappa underpassproject, which isa portion removed from the SR91 HOV lanes project and will begin construction in FY 2019/20. Variousstagesof project development work forprojectsincluded in the Western County Highway Delivery Plan such asthe 1-15 ExpressLanesproject will continue in FY2019/20. Detailed descriptions of the capital projects, including local streets and roads funding, that are included in the FY2019/20 budget follow the Performance Measuresand Results. Department Goals CAP1 —Build upon and strengthen the partnership with Ca ltra ns towa rd timely delivery of identified Measure A, toll program, and STIP projects. (Policy Goals: Quality of Life, Connecting the Economy) Objectives: • Develop agreementswith Caltransand FHWA, asmay be required, to finalize project scoping and cost issuesforthe STIP, toll, and Measure A funded highway projectsin the County. • Meet the project milestonesidentified in agreementsbetween Commission, Caltrans, and the CTC. CAP2 —To the extent permitted by law, pursue reasonable involvement of local DBE and SBEfirms in contract work. (Policy Goal: Operational Excellence) Objective: • Maintain and monitor goal fora minimum DBEparticipation in all federally -funded contracts. 162 CAPS — Provide effective communication of project progress to the Board, city councils, the County Board of Supervisors, Caltrans, CTC, FTA, and FHWA. (Policy Goal: Operational Excellence) Objective: • Develop a strategy with Caltrans District 8 that would allow the Commission to advance specific projectsidentified in the Western County Highway Delivery Plan to take advantage of any unexpected state or federal funding which may become available through increased state orfederal budget authorizations, federal stimulus, orpotential loan programsto advance construction. CAP4 — Work with Caltrans and other agencies toward completion of preliminary engineering and environmental clearance of all projects. (Policy Goal: Quality of Life) Objective: • Work with Caltrans, the County, and the cities in the County to complete preliminary design and environmental clearance for Measure A projects that could be eligible to receive additional or early funding from various sources that could become available if a project is sufficiently developed. CAP5 —Construct the highway projects identified in the budget. (Policy Goals: Quality of Life, Operational Excellence, Connecting the Economy) Objective: • Achieve closeout of completed highway construction projects. CAPE — In coordination with the Rail Program Manager, construct capital improvements at existing commuter railstationsasidentified in the budget. (Policy Goals Quality of Life, Operational Excellence, Responsible Partner) Objectives: • Complete closeout activities related to the PVL. • Commence or continue construction of rail station capital improvements and rehabilitation projects. CAP7—Acquire right of way for rail and highway projects identified in the budget. (Policy Goals: Quality of Life, Operational Excellence) Objectives: • Acquire right of way for the following projects: Mid County Parkway, 71/91 connector project, Pachappa underpass, I-15/Railroad Canyon interchange, and I-215/Placentia interchange. • Protect and maintain propertiesacquired forfuture projects. • Dispose of Commission -approved excess land in a timely manner and in accordance with applicable regulations. CAP8 — Identify innovative financing strategies to fully fund projects identified in the Western County Highway Delivery Plan. (Policy Goals Quality of Life, Operational Excellence) Objectives: • Continue the axossment and evaluation of available innovative financing strategiesthrough the Future Funding Initiativesad hoc Committee and other means, including federal credit assistance. 163 Chart 53—Location ofFY2019/20 Major Capital Projects within Rye rside County [GEOGRAPHICSTO INSERT MAP HERE] 1) 9R79 Continue preliminary engineering work for realignment between Gilman Springs Road and Domenigoni Parkway. 2) SR-91 (A) Commence construction of the Pachappa underpass. (B) Continue closeout activitiesfor the 91 Project. (C) Continue design and right of way activities of the 71/91 connector project. (D) Continue design and advertise a construction contract forthe 91 corridor operationsproject. 3) Mid County Parkway (A) Continue design and right of way and begin construction related to the I-215/Placentia interchange. (B) Continue environmental permitting work and acquisition of property forenvironmental mitigation related to the entire length of the project. 4) 1-15 (A) Continue design -build and toll services activities for the tolled expresslanesfrom SR60to Cajalco Road in Corona. (B) Continue design -build and toll servicesdevelopment for the addition of the 15/91 Express Lanesconnector. (C) Begin environmental studies and preliminary engineering for the 1-15 Express Lanes—Southem Extension project. 5) SR60 Truck Lanes Begin construction of the safety improvements, including additional lanes. 6) Local Streetsand Roads Allocate Measure A revenuesto each city and the County to improve, maintain, and repair high priority local streets and roads. 7) I-15/Railroad Canyon Interchange Finalize design and right of way acquisition and begin construction forthe modified interchange. 8) Santa Ana River Trail Complete environmental and design phases and begin construction of a multi -use trail. 9) Next Generation Express Lanes Start project development to develop expresslanesin three new corridors. 164 ID Capital Project Development & Delivery Performance Measures and Results FY17/18 Estimated FY17/18 Actual FY18/19 Estimated FY19/20 Projected CAP1 CAP4 Project initiation (project study reports) and preliminary engineering (project reportsand environmental documentation) contractsawarded 2 3 1 2 CAP1 Plans, specifications, and estimate contractsawarded 5 2 1 1 CAPE Numberof projectswith active right of way acquisition 7 6 6 5 CAP1 Construction, design -build, and toll system awards 3 2 5 5 CAPE License agreementsmanaged 550 500 475 450 CAPE Appraisal and appraisal reviews completed 85 80 75 60 Capital ProjectsSummary The following is summary of the capital projects included in the FY2019/20 budget with costs generally categorized by preliminary engineering, final design, right of way, construction, and design -build phasesin addition to otherproject-related costssuch assalariesand benefits, Bechtel project management, and legal fees. Westem County Highway and Regional Arterial Projects SR 60 Truck Lanes(PO03029) Provide funding and support for construction for eastbound climbing and westbound descending truck climbing lanesfrom Gilman SpringsRoad to west of Jack Rabbit Trail; upgrade existing shouldersto standard widths. Construction of the project isexpected to be completed by 2021. The total project cost isestimated at $138 million. FY 2019/ 20 Cost Measure A Budget Impact Operating Budget Impact $ 69,000,000 Construction/construction support $ 680,300 Other project -related costs Costs funded with CMAQ, STIP/RIP, SHOPP, and 2009 Measure A highway funds. Caltrans is the lead agency for preliminary engineering and design. lhe Commission isthe lead agency for right of way acquisition and construction. N/A; state highway operationsare the responsibility of Caltrans. SR 79 Realignment (PO03003) Complete post -environmental phase work and permitting for realignment from Gilman bprings Road to Domenigoni Parkway. The total estimated project cost is $1.2 billion. Initiation of subsequent phaseswill be dependent upon the availability of funding. FY2019/20 Cost $ 300,000 Preliminary engineering $ 45,900 Other project -related costs Measure A Budget Impact Costs funded using 1UMF regional arterial, 2009 Measure A highway, and federal funds. Operating Budget Impact N/A; state highway operationsare the responsibility of Caltrans. 165 91 Project (P003028) Continue to closeout right-of-way, soundwall construction, and other activities for the tolled express and mixed flow lanes project from the Orange County line to Pierce Street, including tolled express lanes connectivity to 1-15 and improvements to the 15/91 interchange. Project development activitiesbegan in September2007 and laneswere open to traffic in March 2017. the 91 Project cost isestimated at $1.4 billion, including financing costs. FY 2019/ 20 Cost Measure A Budget Impact Operating Budget Impact $ 1,471,000 Construction $ 16,722,000 Right of way acquisition/support services $ 6,923,000 De sig n-build $ 1,179,400 Other project -related costs Costsfunded using 2009 Measure A highway and new corridor funds including sales tax revenue bonds and commercial paper, toll revenue bonds, a federal 11F1A loan, STIP and State Local Partnership Program funds, and 1989 Measure A contribution. Operation and maintenance of the tolled express lanes facilitiesare the responsibility of the Commission, while all other state highway operations are the responsibility of Caltrans. Current estimatesof annual operating and maintenance costs are $19 million. Such costs are paid from the collection of toll revenues. Toll operating costsare included in Toll Operations, as discu%rd in Section 5.4. 71/91 Connector Project(P003021) Continue right of way acquisition and utility relocation work and environmental revalidation workforimprovementsto the 71/91 connectorin anticipation of funding from the 931 programs. Final design began in March 2012. the total estimated project cost is$118 million. FY 2019/ 20 C o st Measure A Budget Impact Operating Budget Impact $ 2,500,000 Final design $ 4,600,000 Right of way acquisition/support services $ 275,700 Other project -related costs Costs for right of way acquisition and utility relocation work primarily funded using Congressionally -designated federal funding remaining from previous area projects. Other costs funded with 2009 Measure A highway funds. N/A; state highway operationsare the responsibility of Caltrans. SR-91 HOV LaneslAdamsStreetto 60/91/215Interchange (P003005) Construction of the project was completed in fall 2016. Project closeout has been completed except for right of way and utility relocation. FY 2019/ 20 Cost Measure A Budget Impact Operating Budget Impact $ 505,000 Right of way acquisition/support services, including utility relocation $ 14,500 Other project -related costs Remaining right of way costs funded with CMAQ and 1989 Measure A highway funds. Caltransisthe lead agency. N/A; state highway operationsare the responsibility of Caltrans. 166 91 Corridor Operations Project (P623046) Complete environmental approvals, final design, and advertise a construction contract fora westbound general purpose lane from the Green River Road on -ramp to SR241 in Orange County. Project development activitiesbegan in May 2018, and construction isdependent on funding. The project cost isestimated at $43,000,000, including contingency. FY 2019/ 20 Cost Measure A Budget Impact Operating Budget Impact $ 2,729,000 Design -build $ 378,200 Other project -related costs Costs for environmental and final design work will be funded using surplus toll revenues. The Commission's authorizing legislation, SB 1316, requires that all RCTC 91 Express Lanes surplusrevenue be spent fortransportation purposeswithin the SR-91 corridor. Operation and maintenance of the tolled express lanes facilities are the responsibility of the Commission (Section 5.4), while all other state highway operations are the responsibility of Caltrans. 1-15 Express Lanes Project (P003027) Continue design -build and toll system design and construction to add two tolled express lanes in each direction from SR60 to Cajalco Road in Corona. The project is using the design -build method of project delivery. Project development activities began in April 2008, and lanes are expected to be open to traffic in 2020. The estimated total project cost is$472 million, including financing costs. FY2019/20 Cost Measure A Budget Impact Operating Budget Impact $ 7,984,000 Construction/support services $ 328,000 Right of way/support services $ 89,613,000 Design -build $ 4,884,400 Other project -related costs Project development costs funded using 2009 Measure A highway funds. Federal CMAQ and STBG funds to fund interagency support and a portion of design -build costs. A federalTlRA loan secured by the Commission will fund a portion of design -build and toll system costs. Proceeds from sales tax revenuesdebt completed the project financing. Operation and maintenance of future tolled express lanes facilitiesare the responsibility of the Commission, while all other federal and state highway operations are the responsibility of Caltrans. Preliminary estimates of annual operating and maintenance costsare $14 million. Rich costswill be paid from the collection of toll revenues. 167 15/91 Express Lanes Connector(P003039) Continue design and construction to add an express lanesconnectorbetween SR-91 and 1-15 to the north. The project is using the design -build method of project delivery for some of the work through amend mentsto existing contracts related to the 91 Project (P003028) and the 1-15 Express Lanes project (P003027), as permitted by AB 115 signed by the Governor in June 2017. The remaining work will be accomplished through a competitive design -build procurement that began March 2019. Project development activitiesbegan in May 2017, and lanesare expected to be open to traffic by 2023 or earlier. The estimated total project cost is$210-230 million. FY 2019/ 20 Cost Measure A Budget Impact Operating Budget Impact $ 1,053,000 Construction $ 495,000 Right of way/support services $ 41,718,000 Design -build $ 3,582,200 Other project -related costs Costs funded primarily by state SB 132 funds with RCTC 91 Express Lanessurplustoll revenuesor potential federal grantsfor the balance. Operation and maintenance of future tolled express lanes facilitiesare the responsibility of the Commission. Such costswill be paid from the collection of 15 Express Lanestoll revenues. 1-15 Express Lanes—Southem Bctension (P003044) Preliminary engineering and environmental studies commenced in May 2019 to add express lanesbetween 3R74 and Cajalco Road. The project seeksto extend expresslanessouth of the 1-15 ExpressLanesproject (P003027) currently under construction. Project development activities began in September2017when the Board approved STIP funds for the next phase of project development. FY 2019/ 20 Cost Measure A Budget Impact Operating Budget Impact $ 6,000,000 Preliminary engineering $ 1,522,400 Other project -related costs All project development costs funded by Federal CMAQ and Measure A funds. CMAQ funds subsequently replaced STIP funds. Operation and maintenance of future tolled express lanes facilitiesare the responsibility of the Commission, while all other federal and state highway operations are the responsibility of Caltrans. Commission costs will be paid from the collection of toll revenues. Next Generation Express Lanes (P003047, P003048 8, P003049) In January 2019 the Commission approved starting the development of expresslanesin three new corridors(SR91 downtown Riverside, 60/215 Riverside -Moreno Valley, and SR60 Jurupa-Riverside) through the development of Project Initiation Documents. FY 2019/ 20 Cost Measure A Budget Impact Operating Budget Impact $ 950,000 Preliminary engineering $ 600,000 Design -Build $ 309,700 Other project -related costs All project development costsfunded by State STIP PPM and/or OF planning funds. Operation and maintenance of future tolled express lanes facilitiesare the responsibility of the Commission, while all other federal and state highway operations are the responsibility of Caltrans. Commission costs will be paid from the collection of toll revenues. 168 1-15/Railroad Canyon Interchange (005104) Continue final design and right-of-way acquisition of Phase 1 for the city of Lake !Elsinore. The estimated total project cost is$35 million. FY 2019/ 20 Cost Measure A Budget Impact Operating Budget Impact $ 600,000 Final design $ 5,500,000 Construction/construction support $ 2,200,000 Right of way/support services $ 469,500 Other project -related costs None; costsfunded using TUMF, SB 1 Local Partnership Program, and S11P. N/A; federal highway operations are the responsibility of Caltrans. 1-215 Corridor Improvements/Scott Road to Nuevo Road (Central Segment) (P003023) Project closeout has been completed. Project added one mixed flow lane in each direction. Preliminary engineering began in 2007 and wascompleted in 2011. Final design began in 2011 and was completed in December 2012; construction began in 2013 and was completed in 2016. The total project cost isestimated at $120 million. FY2019/20 Cost $ 10,000 Construction/construction $ 99,100 management/support services Other project -related costs Measure A Budget Impact Costs funded using CMIA, S11P-RIP, and 2009 Measure A highway funds. Operating Budget Impact N/A; federal highway operations are the responsibility of Caltrans. Mid County Parkway (P002302, P002324, P612317 8, P612320) Complete design and commence construction of I-215/Placentia interchange, the first construction package, commence design forthe second construction package, and perform activities related to post-environmental/permitting, design and right of way fora new corridor from 1-215 to SR79. Construction of this new facility will be completed over many years as funding becomesavailable and isestimated to cost $1.7 to $1.9 billion. FY 2019/ 20 Cost Measure A Budget Impact Operating Budget Impact $ 2,850,000 Preliminary engineering/final design $ 18,200,000 Construction/construction management/support services $ 24,050,000 Right of way acquisition/support services $ 1,924,600 Other project -related costs Costsfunded with TUMFCETAPfundsand 2009 Measure A new corridorfunds. N/A; responsibility for highway operations has not been determined. 169 Pachappa Underpass(PO03038) Perform activities related to right of way and construction phases. Design was performed by Caltrans. Project will remove the Pachappa shoofly and construct the retaining wall, drainage, and track work for the permanent Pachappa underpass. The total project cost isestimated at $18 million with an anticipated completion date in 2020. FY2019/20 Cost Measure A Budget Impact Operating Budget Impact $ 100,000 Engineering support services $ 15,900,000 Construction/construction management/support services $ 175,000 Right of way acquisition/support services $ 570,000 Other project -related costs Costs funded with federal earmarks, CMAQ, and SB 1 Local Partnership funds. N/A; federal highway operations are the responsibility of Caltrans and railroad operations are the responsibility of Union Pacific Railroad. Various Westem County Fiverside County Transportation Efficiency Corridor Projects (PO03040, PO03041, PO03042, P003043 8, PO03132) Provide funding and support to local jurisdictionsforthe engineering, construction, and right of way activities related to four Western County projects including I-15/Limonite interchange, Hamner bridge widening, and Jurupa Avenue and McKinley grade separation projectsfunded by SB 132. FY2019/20 Cost Measure A Budget Impact Operating Budget Impact $ 4,608,000 Preliminary engineering/final design $ 17,000,000 Construction $ 26,149,000 Right of way acquisition/support costs $ 38,300 Other project -related costs Costsfunded using state SB 132 funds. N/A; federal highway operations are the responsibility of Caltrans; grade separation operations are the responsibility of the local jurisdiction. Sa nta Ana Fiver Trail (PO07201 & PO07202) Provide support to the District forthe Santa Ana RiverTrail project undera cooperative planning and development agreement. The District isthe lead agency forenvironmental compliance for NEPA and CEQA, and the Commission is responsible for project oversight and approval, final design, and construction. The District isresponsible for 100%of costs. FY2019/20 Cost Measure A Budget Impact Operating Budget Impact $850,000 Preliminary engineering $5,000,000 Construction/construction support services $205,000 Fight of way acquisition/support costs $587,700 Other project -related costs None; costswill be funded by the District. N/A; operationsare the responsibility of the District. Costsforthis project are reported in the Planning and Programming Department; however, the project details are summarized in the Capital Projects Department as Capital Projects staff is providing the support forthe project. 170 VariousWestem County Highway Projects(P003001, P003017, P005134, P623999, P613999, P615133, P622402 & P735000) Provide funding and support for the engineering, construction, and right of way activities related to various Western County highway and grade separation projects, including the 60/215 East Junction HOV lane connectors, SR74/1-15 to 7th Street, SR74 corridor-Ethanac Road projects. FY2019/20 Cost Measure A Budget Impact Operating Budget Impact $ 1,243,700 Engineering/final design $ 99,500 Right of way acquisition/support costs $ 2,968,700 Other project -related costs Costsfunded using primarily 1989 and 2009 Measure A highway funds. N/A; federal highway operations are the responsibility of Ca Itra ns. VariousWestem County Measure A and TUMFRegional Arterial Projects (P005203, P005207 P005102, P005107, P005116, P005127, P725000, P665102 8, P005200) Provide Western County Measure A and 1UMFfund ing and support through the Planning and Programming Department for the engineering, right of way, and construction activities related to various Western County Measure A and IUMF regional arterial projects approved by the Commission. Total project costs approved for MARA and 11JMF regional arterial projects approximate $143 million. FY2019/20 Cost Measure A Budget Impact Operating Budget Impact $ 364,300 Engineering/material testing $ 8,400,000 Construction $ 12,360,000 Right of way acquisition/support costs $ 163,000 Other project -related costs Costsfunded using 1UMFregional arterial and 2009 Measure A regional arterial funds with various local jurisdictions as lead agency fortheir respective projects. N/A; regional arterial operations are the responsibility of the local jurisdictions. MSHCP Land Acquisition in Western County (P002800) Provide funding and support for the acquisition of land as mitigation for the cumulative and indirect impacts associated with construction of future highway projects as required by 2009 Measure A. lhe annual commitment through December2019 is$3 million. FY2019/20 Cost Measure A Budget Impact Operating Budget Impact $ 3,000,000 Land acquisition Costsfunded using 2009 Measure A highway funds. N/A; land mitigation operationsare the responsibility of RCA. 171 Rail Projects Perris Valley Line and Other Rail Projects(P653823 & P004025) Complete closeout of extension of commuter rail services to Perris. Project commenced in December 2007 when the Commission received approval from FTA to move into project development. Other rail projects include adding a fourth main track between the Riverside Downtown station to the connector to the SJBL branch line at Highgrove. Project was substantially completed in September 2016 for a total project cost of $248.3 million, excluding other rail project costs. Revenue service commenced in June 2016. FY2019/20 Cost Measure A Budget Impact Operating Budget Impact $ 30,000 Construction management/support services $ 48,000 Other project -related costs Costs will be funded using FTA, CMAQ, Surface Transportation Program, STJP, and 1989 Measure A Western County and 2009 Measure A Western County rail fundsaswell asproceedsfrom salesof surplus properties. Rail service and capital operations will be the responsibility of Metrolink and will be funded by the Commission with LlF and STA based on an allocation determined by Metrolink. Annual operating costsfor nine stations and the RDOCC approximate $6.2 million and are included in Rail Operations asdiscusccd in Section 5.2. Station operations costs will be funded by the Commission with 2009 Measure A Western County rail fundsand property management revenues. Riverside Layover Facility (P653822) Continue construction of improvements to Metrolink's West Layover Facility north of the Riverside Downtown station. Improvements include expansion of the facility to accommodate three storage tracks with an overall storage capacity of three 6-train sets. The total estimated project cost is$6.3 million. FY2019/20 Cost Measure A Budget Impact Operating Budget Impact $ 170,000 Engineering support services $ 5,700,000 Construction/construction management $ 210,000 Right of way support costs $ 550,100 Other project -related costs Costsfunded using FTA Section 5307 grant funds. Operationswill be the responsibility of RRA. Moreno Valley — March Feld Station Upgrade (P004026) Perform activities related to engineering and construction to add an additional platform and pedestrian overpass, rehabilitate and replace an existing second track, and add a new signal system. Engineering and construction are expected to be completed by 2022. The total project cost isestimated at $40 million. FY2019/20 Cost Measure A Budget Impact Operating Budget Impact $ 900,000 Final design/engineering support services $ 123,400 Other project -related costs Costsfunded using FTA Section 5307 grant funds. Operationswill be the responsibility of the Commission and are funded using 2009 Measure A Western County rail funds. 172 Riverside Station Track and Platform (P004027) Begin environmental studiesfor expand ing operational flexibility through the construction of an additional center platform and asx)ciated tracks on the south side of the station, extend the existing pedestrian bridge, and add an additional elevator for the new platform. Engineering, construction, and right of way are expected to be completed by 2024. The total project cost is estimated at $24 million. FY2019/20 Cost Measure A Budget Impact Operating Budget Impact $ 1,000,000 Environmental engineering $ 2,250,000 Right of way support costs $ 212,500 Other project -related costs Costsfunded using FTA Section 5307 grant funds. Operationswill be the responsibility of the Commission and are funded using 2009 Measure A Western County rail funds. Station Rehabilitation and Security (P004011 & P004017) Provide funding and support for station upgrades, improvements and security at the Riverside Downtown, Riverside —La Sierra, Corona —North Main, West Corona, and Jurupa Valley —Pedley stations. Improvements include solar lighting project, parking lot repaving and restriping, elevator modernization, HD camera replacement, fencing, paqmngerdrop off areas, sig nage, station painting and ADA access improvements. Construction began in FY 2017/18 with completion anticipated in FY2020/21. FY2019/20 Cost $ 2,640,000 Property improvements (capital outlay) $ 15,142,400 Other project -related costs Measure A Budget Impact Costsfunded using FTA, Proposition 1Bsecurity funds, and 2009 Measure A Western County rail funds. Operating Budget Impact Operationswill be the responsibility of the Commission and are funded using 2009 Measure A Western County rail funds. VariousWestem County Rail Projects(P654199, P653826 & P652402) Provide Measure A funding and support for right of way activities related to various rail projects. FY2019/20 Cost Measure A Budget Impact Operating Budget Impact $ 150,000 Right of way support services $ 4,016,900 Other project -related costs Costsfunded using 2009 Measure A Western County rail funds. N/A; these rail projects may be improvements beyond the rail station boundaries that benefit local jurisdictions who are responsible for operationsin those areas. Rail Station Maintenance (P244001, P244002, P244003, P244004, P244006, P244010, P244020, P244021, P244022, P244024 & P244199) Provide maintenance, improvements, and security at the Riverside Downtown, Jurupa Valley — Ped ley, Riverside —La Sierra, Corona —West, Corona —North Main, Perris —Downtown, Riverside —Hunter Park/UCR, Moreno Valley —March Feld, Perris —South, and RDOCC. FY2019/20 Cost Measure A Budget Impact Operating Budget Impact $ 180,000 Property improvements (capita I outlay) $ 6,212,700 Other project -related costs Costsfunded using 2009 Measure A Western County rail funds. Station maintenance isthe responsibility of the Commission and are funded using 2009 Measure A Western County rail funds. 173 Local Streets and Roads Westem County Area Distribute local return funding for local streets and roads projects in Western County. FY 2019/ 20 Cost Measure A Budget Impact Operating Budget Impact $ 627,000 Banning 1,000,000 Beaumont 182,000 Calimesa 197,000 Canyon Lake 4,486,000 C o ro n a 1,436,000 Ea stva le 1,856,000 Hemet 2,221,000 Jurupa Valley 1,441,000 Lake Elsinore 1,847,000 M e n ife e 4,248,000 Moreno Valley 2,577,000 Murrieta 713,000 Norco 2,003,000 Perris 7,886,000 Riverside 927,000 San Jacinto 3,211,000 Temecula 680,000 Wild o m a r 5,920,000 Riverside County 43,458,000 Total Western County (107,600) Less: Allocation of administrative costs $ 43,350,400 Total Western County, net All costs distributed in accordance with 2009 Measure A local streetsand roadsfunds. N/A; local streetsand roadsoperationsare the responsibility of the local jurisdiction. Coachella Valley Area Distribute local return funding for local streetsand roadsprojectsin Coachella Valley. FY 2019/ 20 Cost Measure A Budget Impact Operating Budget Impact $ 1,537,000 Cathedral City 628,000 Coachella 507,000 Desert Hot Springs 267,000 Indian Wells 2,054,000 Indio 1,590,000 La Quinta 2,842,000 Palm Desert 2,240,000 Palm Sp ring s 965,000 Rancho Mirage 1,886,000 Riverside County 14516,000 Total Coachella Valley (107,600) Less: Allocation of administrative costs $ 14,408,400 Total Coachella Valley, net All costs distributed in accordance with 2009 Measure A local streetsand roadsfunds. N/A; local streetsand roadsoperationsare the responsibility of the local jurisdiction. 174 Palo Verde Valley Area Distribute local return funding for local streetsand roads projects in Palo Verde Valley. FY 2019/ 20 Cost $ 782,000 Blythe 208,000 Riverside County Measure A Budget Impact Operating Budget Impact 990,000 Total Palo Verde Valley (106,500) Less: Allocation of administrative costs $ 883,500 Total Palo Verde Valley, net All costs distributed in accordance with 2009 Measure A local streetsand roadsfunds. N/A; local streetsand roadsoperationsare the responsibility of the local jurisdiction. 175 Toll Operations Mission Statement: Toll Operations efficiently operates express lanes with high customer satisfaction to reduce congestion, improve mobility, and manage demand. Chart 54 —Toll Operations TranrsOut 10 10% Debt rvice�r 24% CapitalOutlay 3% Expenditures Salariesand Benefits 5% Professional Costs 7% aipport and Maintenance Costs 15% Program Operations 36% Toll operations expenses of $29,486,300 represent the third full year of operating expenses and debt service for the RCTC 91 Express Lanes (Table 67). The 1-15 Express Lanes project capital expenditures are included in the Capital Project Development and Delivery Department. Approximately 52%of the expenses and other uses are comprised of operations, maintenance, and support costs. Salaries and benefits reflect an increase of 112% due to the one-time disbursement to fund the Commission's CaIPERSretirement net pension liability, the net allocation of FTEsaffected by two new toll -related positions, and performance merit -based salary increases. Professional costs of $1,990,000, or 7% of expenses and other uses, consist of toll services consultants, traffic and revenue consultants, financial advisors, general and specialized legal counsel, audit and financial services, and rating agency and 11F1A loan servicing fees. Support and maintenance costs of $4,543,300 include road and systems maintenance, insurance, credit card processing fees, violations enforcement, transponder costs, marketing, lease, travel, and other support costs. Program operations costs of $10,670,200, or36%of expenses and other uses, primarily includes the Commission's share of the toll contractor cost to operate the 91 Express Lanes, system changesto comply with statewide technology requirements, and FSPservices. Debt service includes a $7,119,900 interest payment for the 2013 Toll Bonds. Transfers out comprise 176 $2,359,000 of toll operations surplus revenues to fund the 91 corridor operations project and $700,500 forthe administrative cost allocation. Table 67-Toll Operations Uses Detail &ilariesand Benefits Professional Costs Legal Services Audit cervices Financial Advisory ProfessionalServices - General Total Professional Costs aipport and Maintenance Costs Projects and Operations Program Operations Capital Outlay Debt Service Transfers Out TOTAL Toll Operations FY 17/ 18 FY 18/ 19 FY 18/ 19 Actual Revised Budget Projected FY 19/20 Dollar Percent Budget Change Change $ 510,300 $ 638,000 $ 638,000 $ 1,353,400 $ 715,400 112% 58,700 300,000 300,000 350,000 50,000 17% 47,000 47,000 47,000 - 0% 34,800 75,000 75,000 75,000 - 0% 721,900 1,929,000 1,928,000 1,518,000 (411,000) -21% 815,400 2,351,000 2,350,000 1,990,000 (361,000) -15% 2,793,400 4,576,700 3,936,800 4,543,300 (33,400) -1% 6,661,400 8,786,100 8,507,900 10, 670, 200 1,884,100 21 319,600 2,497,600 2,314,100 750,000 (1,747,600) -70% 7,119,900 27,119,900 27,119,900 7,119,900 (20,000,000) -74% 749,600 6,307,200 3,948,200 3,059,500 (3,247,700) -51% $ 18,969,600 $ 52,276,500 $ 48,814,900 $ 29,486,300 $ (22,790,200) -44% Toll Operations Staffing Summary Po sit io n FY 17/ 18 FY 18/ 19 FY 19/ 20 Chief Financial Officer 0.04 0.00 Deputy Director of Finance 0.06 0.03 Deputy Executive Director 0.06 0.10 Executive Director 0.01 0.00 External Affairs Director 0.00 0.02 Financial Analyst 0.00 0.00 ITAdministrator 0.00 0.10 Procurement Manager 0.08 0.15 Right of Way Manager 0.00 0.00 SeniorFinancial Analyst 0.36 0.30 SeniorManagement Analyst 0.00 0.00 Senior Procurement Analyst 0.09 0.00 TollOperationsManager 0.37 0.30 Toll Program Director 0.15 0.35 Toll Project Manager 0.00 0.00 Toll SeniorManagementAnalyst 0.99 0.70 Toll Technology Manager 0.38 0.40 FIE 2.59 2.45 Department Budget Overview Department Description Express Lane Facility Planning History 0.02 0.03 0.02 0.02 0.00 0.50 0.00 0.02 0.00 0.43 0.00 0.05 0.40 0.33 0.00 1.35 0.40 3.57 In December 2006, the Commission adopted the Western Riverside County Delivery Plan that serves as a 10-year capital improvement plan from 2009-2019 for Western County freeways and highways. To address unprecedented population, economic, and travel demand growth in Western County, the Commission desired to provide freeway corridorimprovementsbeyond what traditional funding sourceswould be able to provide.Ihe Commission studied innovative funding sources, including tolling, in advance of the adoption of the Western Riverside County Delivery Plan asa meansto provide more transportation improvements. 177 In 2006,the Commission conducted a toll feasibility study that determined thatSR91 and 1-15were both feasible corridors to introduce tolling via high occupancy toll lanes (now referred to as express lanes). The Western Riverside County Delivery Plan detailed ambitious improvements to the SR-91 and 1-15 corridors including the addition of two tolled express lanes in each direction and the ability to operate and maintain these tolled express lanes for a long-term period. The Commission's commitment in 2006 to tolling also indicated its future intent to become an operating toll agency and establish the Toll Operations Department. In FY 2017/18, the Commission initiated a second toll feasibility study (Next Generation Toll Feasibility Study) to assist in the determination of the location and type of future toll projects. This study is more fully described in the Capital Project Development and Delivery Department in Section 5.3. First Exp re ss La nes Project In FY2018/19, the Commission completed itssecond full year of operation of the RCTC 91 Express Lanes. The completed 91 Project connectsthe OCTA 91 Express Laneswith the RCTC 91 Express Lanes using a two-mile long mixing area, which allows vehicles to use either or both sections of the 91 Express Lanes (Chart 55). The RCTC 91 Express Lanescontinue approximately eight milesto the 1-15 interchange in Riverside County. A two-lane (one lane in each direction) direct tolled connector approximating 2.8 milesprovidesthe RCTC 91 ExpressLaneswith access/egressto 1-15 south of the SR91/1-15 interchange. The Commission hasthe authority to charge tollson the RCTC 91 Express Lanesfor 50 yearsfollowing the March 2017 opening of the express lanes, based on a toll facility agreement between the Commission and Caltrans. Chart 55—RCIC 91 Express Lanes Exit a! County One tot destinations in Riverside County: • Green River Rd • Maple suw art? sr • SR•7I • Lincoln St • Sedas Club E7t . Main St Exit at County Lrnefor destinations in Orange County: • Gypsum Canyon Rd • 241 Tod Rood • Vied Canyon Rdtiori,a bide 9lvd • lmperioiHwy • Lakeview Ave Leeend Existing 91 Express Lanes 91 Express Lanes Extension 1. County Line Entry/Exit Zone Q Carpool Verification Point 91 Express lanes EntlExit Points and Price Signs {Posted price is For the entire trip) OCTA owns and operates the Orange County portion of the 91 Express Lanes. Under a cooperative agreement entered into in December2011, the Commission and OCTA agreed on use of the same operator for the operation of the 91 Express Lanes. The joint operation of the 91 Express Lanesprovidesforcost sharing and a seamlesscustomer experience. Commission staff, as supported by the operator, operates and maintains the RCTC 91 Express Lanes from the existing Toll Operations Center and administrative offices in Anaheim and Customer Service Center in Corona. The operator's responsibilitiesfor the RCTC 91 Express Lanes include processing of toll transactions, collection of revenue, opening and management of customer accounts, violation processing, traffic operations center management, customer service, financial management, reporting, maintenance of the Revenue and Account Management System and toll lane system, and maintenance of the Anaheim and Corona fa c ilities. 178 Toll Operations providesdirect oversight to the operator and administerscontractswith the CHP performing toll enforcement, Caltrans performing road maintenance, and various maintenance contracts that fall outside of the operator's scope of work. Staff coordinates ongoing joint 91 ExpressLanesmarketing effortswith OCTA; the Commission utilizesa marketing servicesconsultant and CTOC for planning and implementing marketing effortsrelated to the RCTC 91 Express Lanes and future 15 Express Lanes. Toll Operations prepares and/or distributes all required reports and providessupport forthe annual financial audit of the RCTC 91 Express Lanes. While the Commission and OCTA jointly operate and maintain the 91 Express Lanes, tollsfor each of the RCTC 91 Express Lanes and the OCTA 91 Express Lanes are charged independently and reported separately. In connection with an agreement between the Commission, OCTA, and a mastercustodian, tollsrelated to the RCTC 91 ExpressLanesand the Commission'sportion of non - toll revenues are deposited with the Commission's trustee into the trust estate for the 2013 Toll Bonds and 2013 TIRA Loan. The Commission uses these revenues to pay for operation and maintenance expenses and debt service related to the 2013 Toll Bonds and 2013 TTRA Loan as well asfund repair and rehabilitation reserves. Future Exp re ss La nes Projects After securing the financing in July 2017, the Commission commenced design and construction of the 1-15 Express Lanesproject (Chart 56). A component of the project includesacquisition and development of a toll Regional Operations Center located in Corona for the 15 Express Lanes back office support, Toll Operations Center, and Customer Service Center. The Commission also isdeveloping an expresslanesconnectorto connect the RCTC 91 ExpressLanesto the 15 Express Lanesnorth of the 15/91 interchange. Toll Operationssupportsproject development by providing comprehensive input to the tolling concept of operations, contractor procurements, systems design, agency agreements, public outreach, toll Regional Operations Center development, creation of toll policiesand businessrules, and othersupport. The costsforthe development of the 1-15 ExpressLanesproject, the 15/91 ExpressLanesconnector project, and the toll Regional OperationsCenterare included in the Capital Project Development and Delivery Department. The Commission's 15 Express Lanesare scheduled to open in 2020with the 15/91 Express Lanes connector anticipated to open by the end of 2022, at which time the daily operations and maintenance and related costs will become part of the 15 Express Lanes and the responsibility of the Toll Operations Department. Under a toll facility agreement with Caltrans, similar to the RCTC 91 Express Lanes, the Commission will have the authority to charge tollson the 15 ExpressLanesfora 50-year period upon commencement of operations. 179 Chart 56 — Future 15 Express Lanes LEGE Na Express Lanes ❑ Express Lane Ingress E Express Lane Egress 6.- Express Lane IngressfEgress r Tolling Point OS ACELES CO OAlIl6E SO • Jurupa Valley unonne Ave. Eastvale A. • Riverside • "cond.. • Norco Htltlun Paley Navy. Magnolia Ave. State and Regional Toll Efforts Toll Operations is also working on several important efforts related to tolling. The Commission is coordinating with SBCTA regarding its development of express lanes on the 1-15 corridor that commence near the vicinity of the Riverside/San Bernardino County line to the north. Staff is actively involved in the CTOC, which addresses many statewide toll issues including toll technology to improve the customer experience across the state, create synergy among toll agencies, improve legislation related to tolling, and comply with State'sTitle 21 transition to new 6c transpondertechnology. Key Assumptions for FY 2019/ 20 • Construction of the 1-15 Express Lanes project will continue with the 15 Express Lanesto open in 2020. • Tolled express lane facilities, when completed, will be operated and maintained by the Commission forthe term agreed to by Caltransand the Commission. 180 • The Commission will estimate RCTC 91 Express Lanes toll revenues based on actual performance and the recent update to the investment grade traffic and revenue study. • The Commission will estimate RCM 91 Express Lanes toll operation costs based on actual expensesfrom past operationsand anticipated improvements. • The Commission will maintain a small Toll Operationsstaff and contract fora significant portion of toll operation services. • The Commission will hire a new Senior Management Analyst to support overall Toll Operations and a FnancialAnalysttosupport toll accounting activitiesin advance of the 15ExpressLanes opening. Accomplishments in FY 2018/ 19 • Successfully operated the RCTC 91 Express Lanes in itssecond full fiscal year. • Supported presentations to the rating agencies regarding the successful operation of the RCM 91 Express La n e s. • Transitioned the RCTC 91 Exp ress La nesla ne system to allow for the processing of statewide 6c technology. • Procured new 6c transponders. • Participated in the CTOC efforts to establish a statewide plan for transition to the 6C transponder technology, express lanes signage, statewide clean air vehicle processing, statewide marketing, toll enforcement legislation, and advancement of toll collection technology related to clean air vehicles. • Performed extensive coordination with the 1-15 Express Lanes and 15/91 Express Lanes connectorproject'sto11 services provider and design -builder for the toll system design. • Developed Riverside Express Lanes brand name and logo. • Developed proposal documentswith OCTA forthe reprocurement of the 91 Express Lanes back office operator. • Relocated the 91 Express Lanes customer call center and walk-in center to the Commission -owned building in Corona. • Made improvements to the toll facility and maintenance building, providing occupancy to the 15 Express Lanestoll services providerwho also operatesthe RCTC 91 Express Lanes lane system. The toll servicesproviderispreparing forthe installation of the 15 Express Lanes and operatesthe 91 Express Lanes lanessystems. Major Initiatives in FY 2019/20 Toll Operationswill manage the operationsof the RCTC 91 ExpressLanesin a mannerthat adheres to the RCTC 91 Express Lanes Toll Policy: • Provide a safe, reliable, and predictable commute for 91 Express Lanescustomers; • Optimize vehicle throughput at free flow speeds; • Pay debt service and maintain debt service coverage; • Increase average vehicle occupancy; • Balance capacity and demand to serve customers who pay tolls as well ascarpoolerswith three or more personswho are offered discounted tolls; • Generate sufficient revenue to sustain the financial viability of the RCTC 91 Express Lanes; • Ensure all covenantsin the financing documentsare met; and • Provide net revenuesforRiverside freeway/SR-91 corridor improvements, as allowable under SB 1316. Monitoring and reporting on actual toll transactions and related toll revenues is a primary responsibility for Toll Operations. Actual transactions and revenue will be compared to projected revenue utilizing the Riverside County 91 Express Lanes Extension Investment Grade Study update prepared by Stantec Consulting Services Inc. (Stantec) and adopted by the Commission in December 2018. Toll Operations projected the FY2019/20 budgeted toll revenue of $36,138,300 181 based on actual performance to date for a nine month period; accordingly, the budgeted FY 2019/20 toll revenuesare conservative compared to the revised aantec estimates. Toll Operations projected FY 2019/20 non -toll revenues using actual results since opening and considering OCTA and Commission -approved changesto the 91 Express Lanestranspondersand account plans as a result of the 6c transponder technology transition. SLch changes are not expected to significantly affect the budgeted non -toll revenues. For the third full year of operations, the Engineer's Technical Report assumed costs of approximately $15.3 million, whereas the FY 2019/20 budget is approximately $20.0 million, including an intemal administrative cost allocation. The FY2019/20 budget amount is$4.7 million, or30.7%above Engineer's Technical Report projection and related to the following: • The statewide transition to 6c transpondertechnology; • Higher credit card feesdue to highertransactionsthan originally estimated; • Costsrelated to the reprocurement of the 91 Express Lanescustomerservice system and back office operation; and • The relocation of the toll equipment on the existing direct connector due to the 1-15 Express Lanesproject. In addition to monitoring toll revenues, Toll Operations will monitor and analyze these operation and maintenance costsduring the fiscal year. Toll Operationswill also continue to support the design and development of the 1-15 Express Lanes and 15/91 Express Lanes connector projects, which will consist of facility design with the design - builder and toll system design with the toll systems provider. Toll Operations will also support the development of new express lane corridors recently approved by the Commission in January 2019. Consultant, Commission staff, and other costs for the projects and new express lane corridorsare included in the Capital Project Development and Delivery Department. Toll Operations will also continue efforts in the area of environmental management and public outreach. Toll Operations will manage the operations and maintenance activities for the new Regional Operations Center and Facilitiesand Maintenance Building in Corona. Cash Flows from Toll Operations The Commission pledged toll revenues as security for the toll -supported debt for the RCTC 91 Express Lanes. Information regarding the 2013 Toll Bondsand 2013 TIRA Loan isincluded in Section 4, Commission Debt. The Commission doesnot anticipate any depositsto the repairand rehabilitation fund nordoesit expect any major repair and rehabilitation expenses permitted under the master indenture and 2013 TIFIA Loan agreement during the third full year of operations. The financial model for the 91 Project also did not assume such funding or expenses. The projected cash flows for the RCTC 91 Express Lanes for the year ending June 30, 2020 are presented in Table 68. The cash balancesat June 30, 2020 include surplustoll revenues. 182 Table 68—RCTC 91 Bcpress Lanes Projected Cash Flows FY 2019/ 20 Cash balance at July1, 2019, asprojected $ 63,721,600 Cash flows from operating activities: Sources of operating funds: Toll revenue Non -toll revenue Total sources of operating funds 36,138, 300 5,731,100 41,869,400 Uses of fund s for op erations a nd maintenance: Salaries and benefits 1,353,400 Professional costs 1,990,000 Support and maintenance costs 4,543,300 Projectsand operations 10,670,200 Capital outlay 750,000 Total uses offundsforoperations and maintenance 19,306,900 Net cash provided by operations 22,562,500 Cash flows from non -capital financing activities: 91 Corridor Operations project Administrative allocation to General fund Net cash used by non -capital financing activities Cash flows from capital and related financing activities: Interest paid on 2013 Toll Bonds Net cash used by capital and related financing activities Cash flows from investing activities: Interest on investments Net cash provided by investing activities Net increase in cash Cash balance at June 30, 2020, asprojected Department Goals (2,359,000) (700, 500) (3,059,500) (7,119,900) (10,179,400) 1,522,100 1,522,100 13, 905, 200 $ 77,626,800 TO1 — Provide effective communication of project progress and toll operations to the Board members, city councils, County Board of Supervisors, Caltrans, CTC, FHWA, 11F1A, and bondholders. (Policy Goal: Operational Excellence) Objectives: • Provide timely and effective reporting of toll operation metricsincluding revenue, transactions, carpool usage, and other performance indicators. • Share certain expresslane traffic information with Caltransand other agenciesasrequested. • Comply with continuing disclosure requirementsto bondholders and TIFIA regarding express Ianesdevelopment and operations. 183 TO2 — Focus on timely and effective completion of toll -related capital projects and implementation of needed transportation services. (Policy Goals: Quality of Life, Connecting the Economy, Responsible Partner) Objectives: • Rapport the development of the Commission's toll capital projects in all areas of planning, financing, design, and construction. • Provide opportunity for expansion of express bus services to employment centers, as this will contribute to congestion relief on impacted corridors. TO3 — Support regional transportation solutions in cooperation with toll operators in surrounding counties that are of benefit to Riverside County. (Policy Goals Quality of Life, Operational Excellence, Responsible Partner) Objectives: • Coordinate with surrounding countiesin theirdevelopment of toll facilitiesin general and those toll facilitiesthat impact the Commission'stoll operations in particular. • Participate in CTOC to advance regional and statewide tolling initiatives, technology interoperability, and coordination among California toll agencies. ID Toll Operations Performance Measures and Results FY17/18 Estimated FY17/18 ActuaIs FY18/19 Estimated FY19/20 Projected 701 Toll transactions 10,776,000 14,518,302 14,490,100 13,286,800 101 Toll revenues $31,682,000 $42,778,306 $40,187,000 $36,138,300 701 Non -toll revenues excluding investment income $5,259,000 $7,668,518 $7,569,900 $5,731,100 184 Community Profile Riverside County is the fourth largest county in California, stretching westward nearly 200 miles from the Colorado Riverand comprising more than 7200square milesthat include 28incorporated cities. the County can trace itsbeginning back to 1893 when votersapproved the formation of a new county. lhe area wascarved from partsof San Bemardino and San Diego counties. Over its more than 126 yearsof existence, the County'seconomy hasdiversified and prospered. Originally, the County wasa very agricultural area, known fora wide variety of cropsgrown on its fertile soils. the County remainsa strong agricultural area, but it isincreasingly becoming a leader in manufacturing, transportation, construction, and tourism. Demographics lhe successof the area hasbrought dramatic population growth to the County (Chart 57). Snce the 1980's, the County hasbeen one of the fastest growing countiesin the State. Chart 57 — Population — Last Ten Years 2,450,000 2,400,000 2,350,000 2,300,000 2,250,000 2,200,000 2,10,000 2,100,000 2,050,000 2,000,000 ■ I I Oti0 Oti1 Otis O�� Otip Otis ti ti ti ti ti ti Source: California Department of Finance i I 1 lhe available and affordable housing in the County has attracted many people to the County (Chart 58); however, housing is gradually recovering from a slowdown due to the effect of the subprime mortgages, ensuing credit crisis, and last recession. Chart 58—Home Price Advantage $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 Home Value Advantage Riverside County and Southem California Markets(March, 2019) ❑Median Home Values $412,000 $525,520 113,520 $523,800 $211,800 $640,000 $228,00 $809,500 1r$397,500 Rive rsid e Source: California Association of Realtors Los Angeles s'6n DiTgo oun Y Ventura Orange During the growth period, jobs also increased as many firms relocated to the area and moved away from older communities. During the last recession, the County'sunemployment rate rose to an all-time high; however, the unemployment rate has decreased significantly during the recovery period (Chart 59). 185 Chart 59— Unemployment Rate (%)—Last Ten Years 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Source: California Employment Development Department ■ The area ispreparing for itsfuture aswell in supporting bettereducation. The County ishome to a numberof collegesand universitiesincluding UCR Riverside County'seconomy isbenefitting from employment gains. Population migration to the Inland Empire has occurred due to the area's employment opportunitiesand a lowercost of living compared to the coastal counties. Although wage growth has been flat and centered on lower and moderate income, improvements in the local labor market with increased economic activity support stable salestax revenue growth. Statistical Information Retail Sales Asa result of demographic changesand growth, retail sales(Chart 60 and Table 69) in the County have shown continued improvementsfollowing the last recession. Chart 60—Retail Sales(%) - $34 1241lion-2017 Data Totalallother services& outlets 29.20% OtherRetailSalesJ 7.16% Automotive 22.92% Apparelaores 6.10% General Merchandise 8.58% Food Sores 4.61 % Eating & Drinking 10.66% Household & Electronics I 4.79% • LBuilding Materials 5.98% 186 Table 69-Rvenside County Taxable Sales by Business Type (in 000's) -Last Five Years 20171 2016 2015 2014 2013 Apparel Gores $ 2,190,228 $ 2,136,727 $ 1,989,623 $ 1,771,603 General Merchandise 3,052,409 3,040,243 3,289,057 3,298,920 Food Sores 1,574,030 1,727,517 1,509,403 1,421,590 Eating & Drinking 3,648,980 3,384,494 3,093,862 2,836,388 Household & Electronics 1,386,985 1,135,234 1,030,454 996,484 Building Materials 1,965,101 1,826,293 1,706,183 1,535,178 Automotive 7,751,812 7,693,172 7,844,773 7,421,523 Other Retail &Iles 2,452,591 2,338,039 2,182,987 1,781,754 Total all otherservices & outlets 10,209,008 9,629,185 9,389,345 9,002,027 2,199, 512 3,101,256 1,666,910 3,852,674 1,730,702 2,161,593 8,282,532 2,586,770 10,550,866 $ 36,132, 815 $ 34, 231,144 $ 32, 910, 904 $ 32, 035, 687 $ 30, 065, 467 Source: Sate Board of Equalization Yea rrep rese nts mo3 recent data available The 2017 taxable sales generation by jurisdiction in the County, including ranking compared to 2006, ispresented in Table 70. Table 70 Taxable Sales Generation by Jurisdiction in Riverside County for20171 Taxable S3les(in 000's) %ofTotaI2 2017 2007 City of Riverside $ 5,534,294 15.3% 2 2 City of Corona 3,663,277 10.1% 3 3 City of Temecula 3,209,067 8.9% 4 4 City of Moreno Valley 1,652,123 4.6% 5 6 City of Palm Desert 1,624,653 4.5% 6 5 City ofMurrieta 1,522,525 4.2% 7 7 City of Perris 1,462,211 4.0% 8 14 City of Palm a>rings 1,149,888 3.2% 9 9 City of Hemet 1,042,103 2.9% 10 8 City of Indio 1,008,113 2.8% 11 12 City ofJurupa Valley 968,336 2.7/0 12 N/A City of Lake Osinore 821,250 2.3°/a 13 13 City of Cathedral City 809,572 2.2% 14 11 City of La Quinta 751,449 2.1% 15 10 CityofEastvale 742,347 2.1% 16 N/A City of M enifee 683,385 1.9% 17 N/A City of Norco 603,813 1.7% 18 15 City of Rancho Mirage 485,920 1.3% 19 16 City of Beaumont 429,064 1.2% 20 18 City of Coachella 307,443 0.9% 21 17 City of Stan Jacinto 258,202 0.7% 22 21 City of Banning 226,170 0.6% 23 19 City of Blythe 152,961 0.4% 24 20 City ofWildomar 152,142 0.4% 25 N/A City of Desert Hot firings 138,947 0.4% 26 22 City of Indian Wells 102,766 0.3% 27 23 City ofCalimesa 72,082 0.2% 28 24 City of Canyon Lake 20,912 0.1% 29 25 Incorporated 29,595,015 81.9% Unincorporated county area 6,537,798 18.1% 1 1 Countywide $ 36,132,814 100.0% Ca lifo m is $ 672,486,581 Source: California State Board of Equalization Yea rrep resentsmosl recent data available 2 Subject to rounding differences 187 Measure A Sales Taxes Measure A is one-half of one cent transaction and use tax for transportation improvements in the County. The County had an 8.00% sales tax rate including the Measure A rate through December2016. In January 2017, it increased 0.25%to 8.25%and in April 2018, it decreased 0.50% to 7.75% (Ta b le 71). Table 71 -Direct and Overlapping Sales Tax Rates -Last Five Years Fiscal Year Measure A Direct Rate County of Riverside 2019 0.50% 7.75% 2018 0.50% 7.75% 2017 0.50% 8.25% 2016 0.50% 8.00% 2015 0.50% 8.00% Source: Commission Finance Department and CDTFA Since the end of the last recession, changeshave occurred in the economic categoriesin which the Measure A sales tax was generated (Table 72). However, general retail and transportation continue to represent the two highest economic categories with approximately 53.5% of sales taxes generated in these categories through the fourth quarter of 2018. Transportation has decreased in recent yearsdue to lowerfuel pricesoffset by increasesin new auto purchases. Table 72- SalesTax by Economic Category Economic Category 2015/4 2016/4 2017/4 2018/4 %of Total %of Total %of Total %of Total General Retail 28.8% 28.9% 28.3% 289% Transportation 25.9% 25.1% 25.3% 24.6% Food Products 17.3% 17.7% 17.6% 17.8% Business to Business 15.1% 15.3% 15.6% 16.3% Construction 10.8% 10.8% 10.8% 10.8% Miscellaneous 2.1% 2.2% 2.4% 1.6% Total 100.0% 100.0% 100.0% 100.0% Source: MuniServices, LLC Each economic category consists of several economic segments, which provide additional information regarding economic activity in the County. In 2012 the top six economic segments consisted of service stations, department stores, auto sales -new, restaurants, building materials - wholesale, and miscellaneousretail. Overthe next six calendaryears, auto sales -new, restaurants, and department stores moved into the top three economic segments. The top six economic segmentsin 2018 with comparisonsto previousyearsare presented in Table 73. Table 73 -Sales Tax by Economic Segment Top &Economic Se gments(Category) Auto &Iles- New (Transportation) Resta ura nts (Food Products) Department 3ores(General Retail) Service Sations(Transportation) Miscellaneous Retail (Miscellaneous) Building Materials- Wholesale (Construction) Source: MuniServices, LLC 2015/ 4 2016/ 4 2017/ 4 2018/ 4 %of Total %of Total %of Total %of Total 11.7% 11.8% 11.5% 11.2% 11.0% 11.4% 11.5% 11.2% 10.4% 10.1 % 9.9% 9.6% 8.5% 7.2% 7.7% 7.8% 7.2% 7.4% 7.4% 9.0% 6.2% 6.1 % 6.0% 6.6% 188 Commission Facts Programs and Services Measure A: The Commission administers Measure A, the local half -cent sales tax for new transportation projects in the County. Under Measure A, funding is used to improve highways, commuter rail, regional arterials, local streets and roads, transit and specialized transportation servicesincluding commuterassistance, economic development, new corridors, and Commission administration. Measure A expiresin 2039. Transportation Development Act: The TDA iscomprised of two elements: Local Transportation Fund and State Transit Assistance funding. The Commission administersthe LTFone-quarter of one cent of the state sales tax on behalf of the County. STA is generated from the statewide sales tax on diesel fuel and 93 1 gas tax and is allocated by the State to the Commission on the basis of population and asa percentage of transit fare revenues. TDA funding isallocated primarily to bus and rail transit operators for transit operating and capital needs. Additionally, OF funding is available for bicycle and pedestrian facilities, planning, and administration and allocated to the Commission and local jurisdictionsin the County. Highways: The Commission assistswith the planning and funding forhighway improvements. State highway maintenance isgenerally the responsibility of Caltrans; however, the Commission will be responsible for the operations and maintenance of toll facilities during a 50-year term upon commencement of toll operationsfor each facility. Local Streets and Roads: The Commission administers funding to local jurisdictions to improve streets, intersections, signal coordination, and pavement. Local streetsand roads maintenance is the responsibility of the local jurisdictions. Commuter Rail: The Commission fundsand overseesMetrolink rail serviceswithin the County. The Commission's three Metrolink lines are the Riverside, IEOC, and 91/Perris Valley Lines. The Commission ownsand maintainsnine Metrolinkstationsand an operationscontrolcenterlocated at: ➢ Riverside Downtown operations control center, 4344 Vine Street, Riverside ➢ Pe rris—So u t h , 1304 Case Road , Perris ➢ Perris —Downtown, 121 South C Street, Perris ➢ Moreno Valley/March Feld, 14160 Meridian Parkway, Riverside ➢ Riverside —Hunter Park/UCR, 1101 Marlborough Avenue, Riverside ➢ Riverside Downtown station, 4066 Vine Street, Riverside ➢ Riverside —La Serra station, 10901 Indiana Avenue, Riverside ➢ Jurupa Valley—Pedley station, 6001 Ped ley Road, Riverside ➢ Corona —North Main station, 250 East Blaine Street, Corona ➢ Corona —West station, 155 South Auto Center Drive, Corona Motorist Assistance: The Commission provides emergency call boxes and the 511 traveler information system through the SAFEand offers emergency towing servicesthrough the FSP. CommuterAssistance: The Commission providesa variety of rideshare servicesboth to employers and commuters. Through voluntary participation, commuters and employers receive a direct benefit from their salestax dollars, and the entire region benefitsfrom reduced traffic congestion and improved air quality. Specialized Transit: The Commission maintains a strong commitment to assist in the mobility of those with specialized transit needs. Through its Specialized Transit Program, the Commission has 189 provided millions of dollars to public and nonprofit transit operators to assist in the provisions of special transit servicesto improve the mobility of seniorsand personswith disabilities. Tolled Expressed Lanes: In March 2017, the Commission opened its RCTC 91 Express Lanes, including a tolled direct connector from SR-91 to 1-15 south, following the substantial completion of the 91 Project through the city of Corona. A second facility on 1-15 from SR60 to Cajalco Road in Corona iscurrently under construction with opening of the 15 Express Lanesexpected in 2020. the Commission commenced project development for the 15/91 Express Lanes connector, a tolled direct connector from SR91 to 1-15 north; completion is expected prior to 2023. This connector's operations will be included in the 15 Express Lanes operations. In 2017, the Commission began preliminary engineering and environmental studiesto add expresslaneson I- 15 between Cajalco Road and SR74. In 2019, the Commission approved the start of project development forthree new expresslanescorridors. 190 Appendix A — Glossary of Acronyms AB Artrmbly Bill ADA America nswith Disabilities Act AlP Active Transportation Program BABs — Build America Bonds Bechtel — Bechtel Infrastructure BNSF — BNSF Ra ilway Board — Board of Commissioners for the Riverside County Transportation Commission CABs — Capitalized Appreciation Bonds CAC — Citizens Advisory Committee CAFR — Comprehensive Annual Financial Report CALCOG California Association of Councilsof Governments California State of California CaIPERS California Public Employees Retirement System Caltrans California Department of Transportation Capital Projects — Capital Projects Development and Delivery, a RCTC department CARB — California Air Resources Board CCTV — Closed -Circuit Television CDTFA — California Department of Tax and Fee Administration CEQA — California Environmental Quality Act CETAP — Community Environmental Transportation Acceptability Process CHP California Highway Patrol CHSRA California High Speed Rail Authority CIBs Current Interest Bonds CIP — Capital Improvement Plan CMA — Congestion Management Agency CMAQ* — Congestion Mitigation and Air Quality CMIA* — Corridor Mobility Improvement Account (Proposition 1B funding category) CMP — Congestion Management Program Commission Riverside County Transportation Commission County County of Riverside CTC California Transportation Commission CTOC California Toll Operators Committee CVAG — Coachella Valley Association of Governments DBE — Disadvantaged Business Enterprise District — Riverside County Regional Park and Open Space District DMV — Department of Motor Vehicles EMMA — Electronic Municipal Market Access system managed by the Municipal Securities Rulemaking Board ERP — Enterprise Resource Planning EIG — Employer Transportation Coordinators FASTAct Fixing America's Surface Transportation Act FHWA* Federal Highway Administration Fitch Fitch Ratings FRA — Federal Railroad Administration FSP — Fre e w a y Se ry is e Pa t ro I FTA* — Federal Transit Administration FIE — Full-time Equivalent FTIP — Federal Transportation Improvement Program FY — Fisc a I Ye a r 191 Gann — Gann Initiative approved by California voters in 1979 GASB — Governmental Accounting Standards Board GFOA — Government Finance Officers Association GHG — Greenhouse Gas HOV — High Occupancy Vehicle (Carpool Lane) HSIPR High Speed Intercity PagmngerRail I Interstate IECommuter Inland Empire Commuter rideshare system IEOC — Inland Empire —Orange County Metrolink Service Inland Empire — Region covering Riverside and San Bernardino counties LCTOP — Low Carbon Transit Operations Programs Limited Tax Bonds — Indebtednesssecured by specified tax or group of taxes LOSSA N — Los Angeles -San Diego -San Luis Obispo, a rail corridor Lkll' — Long Range Transportation Plan LTF* — Local Transportation Fund MAAC — Member Agency Advisory Committee MARA 2009 Measure A Regional Arterial funding for Western County MCP Mid County Parkway Measure K — Increase of salestax revenue bondsdebt limit to $975 million approved by votersin November2010 Metrolink — Operating Name for SCRRA (see RRA) MOE — Maintenance of Effort Moody's — Moody'slnvestorsService MOU — Memorandum of Understanding MPO — Metropolitan Planning Organization MSHCP — Multi -Species Habitat Conservation Plan MSRC — Mobile Source Air Pollution Reduction Review Committee (AB2766) NEPA — National Environmental Policy Act OA — Obligation Authority OCTA — Orange County Transportation Authority Operation Lifesaver — Operation Lifesaver International, an education program regarding the importance of rail safety Perris Valley Line — Perris Valley Line Metrolink Extension Project PPM — Planning, Programming, and Monitoring PVL — Perris Valley Line Metrolink Extension Project PVVTA — Palo Verde Valley Transit Agency RCA — Western Riverside County Regional Conservation Authority RCTC — Riverside County Transportation Commission RCTC 91 Express Lanes — Express lanes on SR91 from the Orange County line to 1-15 owned and operated by the Commission RDOCC — Riverside Downtown Operations Control Center RFA — Request for Authorization RIP* — Regional Improvement Program RTA — Riverside Transit Agency RTP — Regional Transportation Plan RTPA — Regional Transportation Planning Agencies RZEDBs Recovery Zone Economic Development Bonds S&P S&P Global Ratings SAFE Service Authority for Freeway Emergencies Salestax — Reference including transaction and use tax such as Measure A SB — Senate Bill 192 SB 1 — State legislation that increased state gas tax for transportation purposes and was signed by the Governor in April 2017 SB 132 — State appropriation approved in April 2017 that provides $427 million in funding for five Riverside County Transportation Efficiency Corridor projects SB821 — State legislation that provides funding for bicycle and pedestrian projectsthrough the TDA SBCTA — San Bernardino County Transportation Authority SBE — Small Business Enterprise SCAG — Southern Califomia Association of Governments SCAQMD — Southern California Air Quality Management District SCRRA — Southern California Regional Rail Authority SCS — Sustainable Communities Strategy SDP — Service Development Plan SGR — State of Good Repair(SB 1 Program) SHCC Self -Help Counties Coalition SHOPP State Highway Operations and Protection Program SJBL — San Jacinto Branch Line SR — State Route SRA — State Rail Account SRIP — Short Range Tra n sit Plan STA* — State Transit Assistance Stantec — Stantec Consulting ServicesInc. State — State of California State Street Bank — State Street Bank and Trust Company ST3G* — Surface Transportation Block Grant (replaced STP) STIP* State Transportation Improvement Program SunLine — SunLine Transit Agency TAC — Technical Advisory Committee TAP — Transportation Alternatives Prog ram TCEP — Trade Corridor Enhancement Program TCIF* — Trade Corridors Improvement Fund (Proposition 1B funding category) TDA* — Transportation Development Act TIFIA* — Transportation Infrastructure Finance and Innovation Act TIP — Transportation Improvement Plan TUMF* — Transportation/Traffic Uniform Mitigation Fee (Western County/Coachella Valley) U.S DOT — United StatesDepartment of Transportation UCR — University of Califomia at Riverside VanClub — RCTC'svanpool subsidy program Westem County — Western area of Riverside County WRCOG — Western Riverside Council of Governments 91 Express Lanes — Tolled expresslaneson SR91 in Orange County operated by OCTA (OCTA 91 Express Lanes) and in Riverside County by the Commission (RCM 91 Express Lanes) 91 Project — SR-91 corridor improvement project consisting of two tolled express lanes in each direction of SR-91 between the Orange County line and 1-15 and a direct connector, the addition of a general purpose lane between SR71 and 1-15, and other improvements 1989 Measure A* — Original 1/2 cent transportation salestax measure approved by voters in November 1988 that expired in June 2009 193 2009 Measure A* 2010A Bonds 2010B Bo n d s 2013 Sales Tax Bonds 201311F1A Loan 2013 Toll Bonds 2016 Refunding Bonds 2017A Bonds 2017B Refund ing Bonds 2017 11F1A Loan 2018 Refunding Bonds - Extension of sales tax measure approved by voters in November2002which became effective upon expiration of original salestax measure on July 1, 2009 fora 30-yearperiod - Sales Tax Revenue Bonds, Series A Tax-exempt issued in November2010 Sales Tax Revenue Bonds, Series B Taxable issued in November2010 SalesTax Revenue Bondsisqaed in July 2013forthe 91 Project - TIFIA Loan executed in July 2013 forthe 91 Project - Toll Revenue Bonds issued in July 2013 for the 91 Project - Sales Tax Revenue Refunding Bonds issued in September 2016 to refund the SeriesA portion of bonds issued in 2009 - Sales Tax Revenue Bonds issued in July 2017 for the 1-15 ExpressLanesproject and completion of the 91 Project - Sales Tax Revenue Refunding Bonds issued in December 2017 to refund all of the outstanding 2010A Bonds and a portion of the 2013 Sales Tax Bonds — TIRA Loan executed in July 2017 for the 1-15 Express Lanes project - Sales Tax Revenue Refunding Bonds issued in April 2018 to refund all of the SeriesBand SeriesC bonds issued in 2009 *Additional information provided in Funding Definitions. 194 Appendix B—Glossary of Funding Definitions Federal Funding Sources Transportation Infrastructure Finance and Innovation Act The 11FIA program providescredit assistance forqualified projectsof regional and national significance that are critical improvementsto the nation'ssurface transportation system. It is designed to fill market gaps and leverage substantial private and non-federal co - investment by providing supplemental and subordinate capital. TIFIA credit assistance is often available on more advantageous terms than in the financial market making it possible to obtain financing, in the form of a secured loan, loan guarantee, and/or standby line of credit, for needed projectswhen it might not otherwise be possible. Federal Transit Administration Section 5307 formula funds made available to urbanized areas for operating subsidies, capital projects and planning. Operating match is up to 50%of the net operating cost; capital and planning match is80%federal and 20%local. Section 5309 discretionary funds generally provided to urbanized areas for funding new start rail projects, major busfleet replacement, and transit facility construction. Matching ratios range from 50/50to 80%federal and 20%local. Section 5310 funds made available to statesfor providing capital support to private non- profit and, in certain circumstances, public transit operators. This is a state administered discretionary program providing fundson an 88.53%federal and 11.47%local basis. Section 5311 funds provided to support rural transit operating subsidies and capital projects. Operating match is up to 50% of the net operating cost; capital match is 80% federal and 20%local. Federal Highway Administration In 1991, the Intermodal Sirface Transportation Efficiency Act (ISTEA) was approved by Congressto replace the former Federal Aid Urban/Federal Aid System funding programs. ISTEA was established as six -year funding program and was reauthorized for another six years in 1997. Thisnew transportation act wasrenamed asthe Transportation Equity Act of the Twenty-first Century (TEA21) and was extended through August 10, 2005 when the President signed into law the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETFA-LU). Nine short-term extensions of SAFETEA-LU were passod until July 2012 when Moving Ahead for Progress in the 21st Century (MAP-21) was enacted. In December2015, the Fixing America's Surface Transportation (FAST) Act was signed into law and became the first federal law in over decade to provide long-term funding certainty for surface transportation infrastructure. Under these programs the following fund sources are allocated to each county, and the Commission further allocatesthese fundsbased on federal provisions. Surface Transportation Block Grant (fomierly Sirface Transportation Program) Fundsallocated by the Commission and administered by Caltransthat provide funding for local street and road improvements. Current matching rate is88.53%federal and 11.47% local. Congestion Mitigation and AirQuality Funds allocated by the Commission for transportation related air quality improvement projects in air quality non -attainment areas. Current matching rate is 88.53% federal and 11.47%local. Safety projectscan qualify for 100%of CMAQ funding. 195 American Recovery and Reinvestment Act of 2009 Commonly referred to asthe Stimulusorlhe Recovery Act, ARRA isan economic stimulus package "intended to create jobs and promote investment and consumer spending" during the recent recession. It includesdomestic spending in infrastructure with investment transportation, environmental protection, and other infrastructure providing long-term economic benefits. ARRA also created the Build America Bond program, which authorized state and local governments to issue in 2009 and 2010 such bonds as taxable bonds to finance capital expenditures for which would otherwise be financed with tax-exempt governmental bonds. State and local governments issuing BABs receive a direct federal subsidy payment for a portion of their borrowing costson BABsequal to 35 to 45 percent of the total coupon interest paid to investors. The BABprogram wasintended to assist state and local govemmentsfinance capital projectsat lower borrowing costsand to stimulate the economy and create jobs. State Local Funding Sources Transportation Development Act The TDA is comprised of two elements: LTFand STA funds. LTFfundsare derived from 1/4ofone cent of the state salestaxand are returned to source. There are three areas of apportionment within Riverside County comprised of Western County, Coachella Valley, and Palo Verde Valley (Blythe). The Commission administersthe LTFon behalf of the County of Riverside. Funds are provided for program administration, Southern California Association of Governments regional planning, local transportation planning, and transit services in Western County and the Coachella Valley. In the Palo Verde Valley, funds support transit services and local street and road improvements. Additionally, under S3821, 211/0of LTFfundsare made available for bicycle and pedestrian projects. STA fundsare generated from the statewide salestax on diesel fuel and are allocated by the state to the Commission based on population and as a percentage of transit fare revenue. The Commission hasgenerally used these fundsto support capital purchasesand improvementsasthese fundshave been subject to state budgetary actions. State Transportation Improvement Program The STIP consists of RIP and IIP funds. The RIP and IIP programs are mainly supported by Proposition 42 funding. The RIP component represents 75% of STIP funds available for capacity projects. Regional Transportation Planning Agenciesare responsible forselection of projectsproposed forRlPfunds. The IlPcomponent representsthe remaining 25%of STIP funds available for capacity projects and Caltrans is responsible for the selection of IIP- funded projects. The Commission and Caltrans District 8 work closely in coordinating projectsforthese fund sources. Senate Bill 1 (The GasTax) and Senate Bill 132 Commonly referred to asthe Gas Tax, isthe Road Repair and Accountability Act of 2017, SB 1 was approved by California's Legislature and Governor in April 2017. The Gas Tax generatesfundsforourtransportation infrastructure through increased gasoline taxesand annual vehicle fees. SB 1 providessupport for state and local systemsto meet four critical needs: road rehabilitation, congestion relief, trade corridor improvements, and improved transit/rail travel. It began providing fundsto citiesand countiesin November2017. In June 2018, California votersapproved Proposition 69, which amended the State Constitution to prevent SB1 fundsfrom being diverted or borrowed for other purposes. SB 132 was part of a package of legislation that pani-rd with SB 1 and provided state funding for five major transportation projects in Riverside County. These projects included 196 in the Riverside County Transportation Efficiency Corridor would not be underway without this state funding. The projects are comprised of the Commission's 15/91 Express Lanes connector project; the County's I-15/Limonite Avenue interchange project with the cities of Eastvale and Jurupa Valley asit partners; the County'sJurupa Avenue grade separation project with the city of Jurupa Valley as its partner; the city of Corona's McKinley Avenue grade separation project; and the County'sHamnerBridge widening project with the city of Norco asitspartner. Cap and Trade State legislation in 2006 requires GHG emissions in the State to be reduced. A key element of the GHG reduction program isthe Cap and Trade Program in which entities regulated underthe program can "trade" or buy and sell portion of emission allowancesiaed by the CARBat auctions held during the year. The revenuesgenerated for the State through these auctions are appropriated for infrastructure investments that include LCTOP and road programs, high speed rail projects, and transit and intercity rail projects. Proposition 1BProgram In November2006, the votersin California approved Proposition 1B, which will fund various transportation programs from bonds issued by the state of California. Programs to be funded include CMIA, transit capital, transit security, STIP supplement, goods movement (TGIF), State and Local Partnership Program funds, and citiesand counties. Local Funding Sources Measure A Measure A isa half -cent local retail transaction and use tax that wasinitially approved by the voters in November 1988 for 20 years (Ordinance 88-1) and extended in November 2002 for an additional 30 years (Ordinance 02-001), through June 2039, to help fund key transportation improvements in Riverside County. It provides funds to improve highways, regional arterials, and local streetsand roads; to develop new transportation corridors; to expand commuter rail, public transit, specialized transportation services, and commuter programs; develop a program of economic incentives to attract commercial and industrial development and jobs; and support bond financing. These types of improvements are needed to maintain and improve the quality of life in the County, reduce current congestion, and provide adequate transportation facilities to accommodate reasonable growth. Snce existing state and federal sources provide only a limited amount of funding for a limited number of projects, Measure A will cover the shortfall for key projects with a funding source that is under local control. It will use the revenue generated in Western County, Coachella Valley, and Palo Verde Valley to meet the unique transportation needsof each of those areas. Transportation Uniform Mitigation Fee The TUMF program was adopted by all local jurisdictions in the Western County area of Riverside County in July 2003. Under this program, which is administered by the WRCOG, feesare asseq:Pd on new residential and commercial development in Western County to ensure that new development pays its fair share toward providing the needed infrastructure improvements on the regional system of highways and arterials. In accordance with the extension of Measure A in 2002 and an amended MOU with WRCOG, the Commission shall receive 48.7% of the TUMF revenues to fund equally the regional arterial system and the development of new corridors. 197 Appendix C —Glossary of Program Terms The following explanations of terms are presented to aid in understanding the various program termsused and discurfrd in the narrative. Bicycle and Pedestrian LTF provides revenuesforthe construction of bicycle and pedestrian facilitiesand related right-of-way costs. Bond Financing In order to accomplish the construction of the highway and rail projects and implementation of the local streets and roads and other programs identified in the Measure A TIP as soon as possible, some level of borrowing will be required. A portion of the revenuesgenerated in the Western County will be made available forthispurpose. Commuter Assistance The purpose of this program is to provide short-term incentives to encourage single occupant vehicle drivers to use alternate modes of transportation including carpools, vanpools, bus pools, public bus, commuter rail, walking, and bicycling. Commuter Rail Measure A provides operating and capital revenue for commuter rail service to Orange and Los Angeles counties. LTF provides revenue for commuter rail operations in Riverside County. These trains operate on existing railroad tracks parallel to major freeways. Commuter rail service provides a safe and reliable transit alternative to driving alone during the peak period. Plansto expand commuterrail%rvice in Western Riverside County from Riverside to Perrisvia Moreno Valley are currently underway. Economic Development Measure A will be used to create an infrastructure improvement bank to improve existing interchanges, construct new interchanges, provide public transit linkagesor stations, and make other improvements to the transportation system in Western County. These incentives are intended to attract commercial and industrial development and jobs to locate within the Westem County area. Highways Measure A provides revenues to widen existing highways, expand interchanges, and improve remote freeways. These improvements are needed to control traffic congestion in Western County and improve access and safety in Coachella Valley. Costs of these improvements will be covered by funds from state and federal sources. Measure A revenue will be used to supplement —not replace —these othersourcesand to accelerate work on projectsdeferred for lack of funding. Local Streetsand Roads Measure A provides revenues to local jurisdictions for the construction, repair, and maintenance of local streets and roads. The County and local cities are required to supplement those expenditures with other previously dedicated revenue sources to maintain road improvements at a level equal to or greater than the base year amount. LTF provides revenue for local street and road improvements in the Palo Verde Valley. Metrolink The Commission's commuter rail program is part of the regional network operated by SCRRA operating under the name of Metrolink, a five -county joint powers agency composed of the transportation commissions of Los Angeles, San Bernardino, Orange, 198 Riverside, and Ventura. The purpose of this agency is to manage the operation and maintenance of commuter rail in the five -county metropolitan area. Motorist Assistance The Motorist Assistance program hasthree elements. The FSPisa special team of tow trucks that travel on selected Riverside County freeways during peak commute hours to assist drivers when their cars break down. Another element is the call box system, which installation and operation is made possible with revenue provided by the public. Call boxesare being provided by the Commission, which servesasthe County'sSAFE. The third element is the 511 traveler information system. One dollar per year from every motor vehicle registration pays for the call boxes and their operation and maintenance, 511 operations, and matching fundsforFSP. New Corridors Fournew transportation corridorswere identified through the CETAP. Measure A and TUMF funds will be used for environmental clearance, right of way, and construction of these new corridors. Public Transit The Commission is the agency responsible for short-range transportation planning and programming and coordinating the operation of all public transportation service within the County. The Commission allocatesand disburseslDA aswell asMeasure A fundsto the transit operatorsfor operating and capital purposes. Regional Arterials Measure A funds generated within the Western County and Coachella Valley areas are used for major regional road projects. The system is to be implemented with a mix of funding required from new development undera Transportation Uniform Mitigation Fee to be paid by developersfrom new development and from Measure A fundsretumed to the Western County and Coachella Valley areas. The Transportation Uniform Mitigation Fee schedule shall be established in order to generate at least the equivalent of Measure A funding toward the regional arterial system. Specialized Transit Measure A provides public transit revenues to improve transportation services for seniors, personswith disabilitiesand commuters. For seniorsand personswith disabilities, it provides dial -a -ride cab service at night for emergency purposes, guarantees half-price busfares, and assists centers with their transit programs. For commuters, it improves express bus service and expands ridesharing programs. In the Coachella Valley, revenues also are available for busreplacement and local busservice. Transportation Improvement Plan Thisplan also actsasthe County'sexpenditure plan and wasprepared by the Commission for the proposed 1/2% local retail transaction and use tax for transportation purposes to be collected. Thiswasproposed by the Commission asa meansto fill the funding shortfall to implement needed highway, regional arterial, economic development incentives, and new corridors; local street and road programs; commuter rail projects and operations; public bus transit and specialized transportation improvements; commuter assistance programs; and bond financing. 199 Appendix D —Glossary of General Terms The following explanationsoftermsare presented to aid in understanding the narrative discussions and illustrations included in this budget document and the terminology generally used in governmental accounting, auditing, financial reporting, and budgeting. Accountability The state of being obliged to explain one'sactions,tojustify what one does. Accountability requiresa government to answerto itscitizenry to justify the raising of public resourcesand the purposesfor which they are used. Accounting System The methodsand recordsestablished to identify, agmmble, analyze, classify, record, and report a government's transactions and to maintain accountability for the related a -.rats and liabilities. Accrual Basisof Accounting The accounting of the financial effects of transactions, events, and interfund activities when they occur, regardlessof when cash isreceived or paid. Audit A systematic collection of the sufficient, competent evidential matter needed to attest to the faimessof management'saq,zPrtionsin the financial statementsorto evaluate whether management has efficiently and effectively carried out its responsibilities. The auditor obtainsthisevidential matterthrough inspection, observation, inquiries, and confirmations with third parties. Balanced Budget The identification of revenues and other financing sources as well as available fund balances to fund operating and capital expenditures and other financing uses on an annual basis. Basisof Accounting A term used to refer to when the effects of transactions or events are recognized for financial reporting purposes. For example, the timing of recognition can be when the transaction or event occurs(accrual basis) orwhen cash isreceived or paid (cash basis). Bond A written promise to pay a specified sum of money (face or principal amount) at a specified date or dates in the future (maturity date), together with periodic interest at a specified rate. Bondsare primarily used to finance capital projects. Budget A plan of financial activity for a specified period indicating all planned revenues and expendituresfor the budget period. Annual budgetsare usually required by law and are e-mntial to sound financial management. The Commission prepares an annual budget that isapplicable to a single fiscal year. Budgetary Control The control or management of a govemment in accordance with an approved budget to keep expenditures within the limitations of available appropriations and available revenues. 200 Budget Document The instrument used by the budget -making authority to present a comprehensive financial program to the appropriating governing body. Capital Outlay Expenditures resulting in the acquisition of or addition to the government's capital aw,ts oraryrtsto be transferred to Caltrans, such as highway projects. Capital Project A long-term strategic project requiring relatively large sums of revenues, accumulated reserves, and/or financing to acquire, develop, construct, improve, and/or maintain a capital asset such asland, buildings, and infrastructure. Capital Projects Fund A governmental fund type created to account for financial resourcesto be used for the acquisition or construction of major capital projects. The Commission has two capital projectsfundsfor Commercial Paper and Sales Tax Bondsto account for debt proceeds from 2009 Measure A commercial paper notes and sales tax revenue bonds related to highway, commuter rail, regional arterial, and local streets and roadsprojects. Commercial Paper An unsecured short-term promissory note issued primarily by corporations with maturities ranging from two to 270 days. The credit risk of almost all commercial paper israted by a rating service. Comprehensive Annual Financial Report A financial report that encompascPs all funds of the government. In the financial section of the CAFR are the basic financial statements and required supplementary information aswellascombining and ind ivid ual fund financial statements, asnecessary. The CAFRaIso contains introd uctory information and statistical data. Current Financial Resources Measurement Focus A measurement focus that reports on the near -term or current inflows, outflows, and balances of spendable financial resources. This focus is unique to accounting and financial reporting for state and local govemmentsand is used for reporting the financial position and resultsof operationsof governmental funds. Debt An obligation resulting from the borrowing of money or from the purchase of goods and services. Debtsof governments include bonds, time warrants, and notes. Debt Coverage Ratio The ratio of pledged revenuesto related debt service fora given year. Debt Limit The maximum amount of outstanding grossor net debt legally permitted. Debt Proceeds The difference between the face amount of debt and the issuance discount or the sum of the face amount and the issuance premium. Debt proceeds differ from cash receipts to the extent issuance costs, such asunderwriters' fees, are withheld by the underwriter. 201 Debt Service Fund A govemmental fund type created to account forthe accumulation of resourcesfor and payment of general long-term debt principal and interest. The Commission hasone debt service fund for itssalestax revenue bonds. Economic Resources Measurement Focus A measurement focus that reports on all inflows, outflows, and balances affecting or reflecting the entity's net position. This focus is used for proprietary funds as well as for govemment-wide financial reporting. Enterprise Fund A proprietary fund type created to account for the toll and non -toll revenueseamed on the Commission's express lanes. These revenues are restricted to pay operations and maintenance costs, repairand rehabilitation costs, debt service, and otherin accordance with the toll bond indenture. Expenditures Represents decreases in net financial resources on the transfer of property orservicesfor acquiring an apt, service, or settling a loss. Financial Advisor In the context of the issuance of debt, a consultant who advises the issuer on any of a variety of matters related to the issuance. The financial advisor sometimes also is referred to asthe fiscal consultant. Financial Audit An audit made to provide independent assurance whether the financial statementsof a government are presented fairly in conformity with generally accepted accounting principles. Financial Resources Resources that are or will become available for spending and include cash, resources ordinarily expected to be converted to cash such as receivables, inventory, and prepaid a ssets. Fiscal Year For the Commission, the 12-month period that begins July 1 and ends June 30 of the designated fiscal or operating yearfor accounting and budgeting purposes. Fund A fiscal and accounting entity with a self -balancing set of accounts in which cash and other financial resources, all related liabilities, and residual equities or balances, and changes therein, are recorded and segregated to carry on specific activities or attain certain objectives in accordance with special regulations, restrictions, or limitations. Fund Balance The excessofa governmental fund'saocotsover its liabilities. Fund Type Any one of eleven classifications into which all funds are categorized in governmental accounting. Govemmental fund types include general, special revenue, debt service, capital projects, and permanent funds. Proprietary fund types include enterprise and internal service funds. Fiduciary fund types include pension trust, investment trust, and private -purpose trust fundsand agency funds. 202 GASB 68 Statement No. 68, Accounting and Financial Reporting for Pensions, issued by the Governmental Accounting Standards Board implemented by the Commission in FY 2014/15. GASB 48 requires reporting the net pension liability of the plan on the accrual accounting -based financial statements and enhancing the notes to the financial statementsto provide a more comprehensive picture of the pension obligation and costs. General Fund The governmental fund type used to account for all financial resources, except those required to be accounted for in anotherfund. General Ledger A record containing the accounts needed to reflect the financial position and the results of operations of a government. In double -entry bookkeeping, debit balances equal the credit balancesin the general ledger. Generally Accepted Accounting Principles(GAAP) Minimum standards and guidelines for financial accounting and reporting. GAAP encomparyrsthe conventions, rules, and procedures that serve as the norm for the fair presentation of financial statements. lhe GASBisthe primary authoritative accounting and financial reporting standard -setting body on the application of GAAPto state and local governments. Generally Accepted Auditing Standards(GAAS) Rules and procedures established by the American Institute of Certified Public Accountants (AICPA) for the conduct of a financial audit. There are ten basic GAAS, classified into three broad categories: general standards, standards of fieldwork, and standards of reporting. The Auditing Standards Board of the AICPA publishes Statements on Auditing Standards(S4S) and related interpretations to comment and expand upon these basic standards. Generally Accepted Government Auditing Standards(GAGAS) Standards established by the General Accounting Office (GAO) in its publication, Government Auditing Standards, for the conduct and reporting of both financial and performance auditsin the public sector. GAGASset forth general standardsapplicable to both types of audits and separate standards of fieldwork and reporting for financial and performance audits. The GAGASstandardsof fieldwork and reporting for financial audits incorporate and build upon GAAS. Governmental Funds Funds generally used to account for tax -supported activities. The Commission's governmental fundsare comprised of general, special revenue, debt service, and capital projectsfunds. Grant A contribution by a government or other organization to support a particular function or program. Independent Auditor An auditor meeting the independence criteria set forth in GAASand GAGAS Internal Control Policies and procedures established to provide reasonable assurance that specific govemment objectiveswill be achieved. 203 Legal Level of Budgetary Control lhe level at which a government's management may not reallocate resources without special approval from the legislative body. Loans Receivable An apt account reflecting amountsloaned to individualsororganizationsextemalto the Commission, including notestaken assecurity for such loans. Measurement Focus lhe objective of a measurement that is what is being expressed in reporting a govemment's financial performance and position. A particular measurement focus considers not only which resourcesare measured (financial or economic), but also when the effects of transactions or events involving those resources are recognized (basis of accounting). The measurement focusof the Commission'sgovemment-wide and fiduciary fund financial statements is economic resources, whereas the measurement focus of govemmental fund financial statements iscurrent financial resources. Modified Accrual Basis the accrual basisof accounting adapted to the governmental funds' measurement focus according to which revenues and other financial resource increments (e.g., bond issue proceeds) are recognized when they become susceptible to accrual, that is when they become both "measurable" and "available to finance expenditures of the current period." Expenditures are recognized when the fund liability is incurred except for unmatured interest on general long-term debt and certain similar accrued obligations when due. The Commission's governmental funds are accounted for using the modified accrual basisof accounting. Other Financing Sources Amounts classified separately from revenues to avoid distorting revenue trends that represent an increase in current financial resources. Other financing sources generally include general long-term debt proceeds, amountsequalto the present value of minimum lease paymentsarising from capital leases, proceedsfrom the sale of capital assets, and transfers in. Other Financing Uses Amounts classified separately from expenditures to avoid distorting expenditure trends and represent a decrease in current financial resources. Other financing uses generally include transfers out and the amount of refunding bond proceeds deposited with the escrow agent. Overhead Indirect costs that cannot be specifically associated with a given service, program, or department and thus, cannot be clearly associated with a particularfunctional category. Principal In the context of bonds other than deep -discount debt, the face value or par value of a bond or issue of bondspayable on stated datesof maturity. Pro g ra m Group activities, operations, ororganizational unitsdirected to attaining specific purposes or objectives. Program Budget A budget wherein expenditures are based primarily on the functions or activities of a govemment ratherthan to specific itemsof cost orto specific departments. 204 Purchase Order A document authorizing the delivery of specified merchandise orthe rendering of certain servicesand the making of a charge forthem. Refunding Bonds Bonds issued to retire bonds already outstanding. The proceeds of refunding bonds may be used to repay the previously issued debt (current refunding) or to be placed with an escrow agent and invested until used to pay principal and interest on old debt at a future date (advance refunding). Reimbursement Grant A grant for which a potential recipient must first incur qualifying expend ituresto be eligible. Restricted Fund Balance Those portions of fund balance which are restricted for specific purposes by third parties or enabling legislation. Special Revenue Fund A governmental fund type used to account for the proceedsof specific revenue sources (other than major capital projects) that are legally restricted to expenditure for specified purposes. The Commission maintainsspecial revenue fundsfor Measure A Western County, Coachella Valley, and Palo Verde Valley; Local Transportation Fund; State Transit Assistance; State of Good Repair; Transportation Uniform Mitigation Fee; Freeway Service Patrol; Service Authority for Freeway Emergencies; Coachella Valley/San Gorgonio Pass; SB 132; and Other Agency Projects. Tra nsfe rs All interfund transfers representing flows of asscts between funds of the govemment without equivalent flowsof arrrtsin return and without a requirement for repayments. Trustee A fiduciary holding property on behalf of another. 205 Appendix E- Salary Schedule Effective 7/4/2019 Department/Position Exempt/ Range Monthly Monthly Non - FIE No. Minimum Maximum Exempt ADMINISTRATION Clerk of the Board 1.0 45 $ 8,205 $ 11,077 E Deputy Clerk of the Board 1.0 32 $ 5,973 $ 8,064 NE Human ResouroesAdministrator 1.0 45 $ 8,205 $ 11,077 E I.T. Administrator 1.0 45 $ 8,205 $ 11,077 E Records Technician 1.0 17 $ 4,144 $ 5,595 NE SeniorAdministrative Assistant 1.0 25 $ 5,037 $ 6,800 NE SeniorOffice Assistant 1.0 13 $ 3,759 $ 5,074 NE Administration Subtotal: 7.0 CAPITAL PROJECTDEVELOPMEdTAND DEJVERy Capital Projects Manager 5.0 53 $ 9,973 $ 13,464 E FacilitiesAdministrator 1.0 45 $ 8,205 $ 11,077 E Project Delivery Director 1.0 67 $ 14,034 $ 18,945 E Flight of Way Manager 1.0 53 $ 9,973 $ 13,464 E SeniorManagement Analyst 3.0 43 $ 7,814 $ 10,549 E Capital ProjectDevelopment and Delivery Subtotal: 11.0 !AEC WIVE MANAGEMENT Deputy Executive Director Executive Director FINANCE Accountant Executive Ma na ge me nt Subtota I: 1.0 75 $ 17,058 $ 23,028 E 1.0 83 $ 20,734 $ 27,991 E 2.0 1.0 33 $ 6,123 $ 8,266 E Accounting Assistant 2.0 17 $ 4,144 $ 5,595 NE Accounting Supervisor 1.0 44 $ 8,005 $ 10,807 E Accounting Technician 2.0 25 $ 5,037 $ 6,800 NE Chief Financial Officer 1.0 67 $ 14,034 $ 18,945 E Deputy Directorof Finance 1.0 57 $ 10,996 $ 14,844 E Financial Analyst 1.0 35 $ 6,429 $ 8,679 E Procurement Manager 1.0 53 $ 9,973 $ 13,464 E SeniorRnancialAnalyst 1.0 43 $ 7,814 $ 10,549 E SeniorProcurement Analyst 1.0 43 $ 7,814 $ 10,549 E Finance Subtotal: 12.0 atema I Affairs External AffairsDirector 1.0 63 $ 12,729 $ 17,184 E Legislative AffairsManager 1.0 51 $ 9,498 $ 12,823 E Public AffairsManager 1.0 51 $ 9,498 $ 12,823 E SeniorAdministrative Assistant 1.0 25 $ 5,037 $ 6,800 NE �niorManagement Analyst 1.0 43 $ 7,814 $ 10,549 E Exte ma I Affa irs Subtotal: 5.0 M ULTIMODAL SERVICES Commuterand Motorist Assistance Manager 1.0 51 $ 9,498 $ 12,823 E Management Analyst 2.0 35 $ 6,429 $ 8,679 E MultimodalServicesDirector 1.0 63 $ 12,729 $ 17,184 E Transit Manager 1.0 51 $ 9,498 $ 12,823 E MultimodaIServices SUbtotaI: 5.0 _ PLANNING AND PROGRAMMING SERVICES Management Analyst 1.0 35 $ 6,429 $ 8,679 E Planning and Programming Director 1.0 63 $ 12,729 $ 17,184 E Planning and Programming Manager 1.0 51 $ 9,498 $ 12,823 E SeniorManagement Analyst 1.0 43 $ 7,814 $ 10,549 E Planning and Programming &rvices Subtota I: 4.0 RAILMAINTEJANCEAND OPERATIONS Rsil Manager 1.0 51 $ 9,498 $ 12,823 E Management Anayst 1.0 35 $ 6,429 $ 8,679 E Rai1Maintenance and Operations SLbtotaI: 2.0 TO LLO PERATIO NS SeniorManagement Analyst 2.0 43 $ 7,814 $ 10,549 E Toll Operations Manager 1.0 63 $ 12,729 $ 17,184 E Toll Program Director 1.0 71 $ 15,472 $ 20,887 E Toll Project Manager 1.0 65 $ 13,365 $ 18,043 E Toll Technology Manager 1.0 53 $ 9,973 $ 13,464 E Toll Operations SLbtotaI: 6.0 _ TOTAL AUTHORIZED POSITIONS Administration 7.0 Capital Project Development and Delivery 11.0 Executive Management 2.0 Finance 12.0 External Affairs 5.0 MultimodalServices 5.0 Planning and Programming Services 4.0 Rail Maintenance and Operations 2.0 Toll Operations 6.0 To ta I Authorized Positions 54.0 206 PRO POSED BUDG ET FIAL YEAR 2019/ 20 Michele Cisneros, Deputy Directorof Irinance Th e re sia Trevino, Chief 1 min a n c is 1 Officer Budget Adjustments FY2019/20 Ending Fund Balance (as reported 5/8/19) FY2019/20 Budget Adjustments: Increase in federal reimbursements Decrease in state reimbursements Increase in investment income Increase in transfersin Increase in construction expenditures Decrease in right of way expenditures Decrease in operating and capital disbursem Increase in special studies Increase in debt service Increase in transfersout FY2019/20 Ending Fund Balance ents, net 649,491,500 1,000,000 (13,203,100) 36,400 819,100 (1,300,000) 15, 000, 000 473,000 (150,000) (3,000) 819,100 651,344,800 Budget Summary Beginning Fund Balance Total Estimated Revenues/Sources 903,266,400 Revenues Debt Proceeds Transfers In $661,536,400 75,703,000 166,027,000 Total Estimated Expenditures/Expenses/Uses (1,044,231,700) Expenditures/Expenses Debt Service Transfers Out $801,547,300 76,657,400 166,027,000 Revenues/Sources under Expenditures/Expenses/U%s (140,965,300) Ending Fund Balance FY2019/20 Revenues/SourcesComparison Measure A Sales Tax LTFSaIesTax STA SalesTax Federal reimbursements State reimbursements Local reimbursements TUM F Tolls, Penalties, and Fees Otherrevenues Investment income Total Revenues Debt proceeds 11FIA loan proceeds Transfers in Total RevenuesJSources $ FY 2018/ 19 FY 2018/ 19 FY2017/18Actual Revised Bud •et Pro'ected 176,301,700 89,557,600 21,320,900 71,468,000 11,952,100 4,786,900 23,699,800 50,446,800 3,199,500 9,117,000 $ 192,000,000 96,000,000 23,203,600 59,105,700 166,590,100 23,492,500 25,922,200 36,940,500 1,084,400 3,408,000 $ 192,000,000 96,000,000 27,110,700 74,419,800 80,409,200 5,720,900 26,672,200 47,756,900 468,500 10,064,800 461,850,300 735,488,800 323,263,800 627,747,000 560,623,000 106,081,000 61,841,100 182,214,300 159,759,000 $ 1,520,602,900 $ 916,042,300 $ 782,223,100 FY 2019/ 20 Bucket $ 193,000,000 97,000,000 31,050,600 89,718,700 160,596,100 9,957,900 25,000,000 41,869,400 553,000 12,790,700 661,536,400 75,703,000 166,027,000 $ 903.266.400 Percent Chan. e 1% 1% 34 52% -4 -58% -4 % ill 13% -49% 275% Summary of Expenditures, Expenses, and Uses Management Services Regional Programs Capital Project Development and Delivery Toll Operations Debt Service TransfersOut Total Expenditures, Expenses, and Uses FY2019/20 Budget $ 14, 325, 600 230,678,000 537,236,800 19, 306, 900 76,657,400 166, 027, 000 $ 1,044,231,700 Pe rc a nta g e of Uses 1% 22% 52% 2% 7% 16% 100% Management Services Expe nditures/ Uses FY2018/19 FY2018/19 FY2017/18 Actual Revised Bud • et Pro'ected FY 2019/ 20 Bud•et Executive Management Administration Extemal Affairs Finance Debt Service Total Expenditures Transfers Out Total Management Services it Executive Management 5% $ 472,400 $ 2,324,500 2,040,300 3,033,700 24,900 571,600 $ 3,098,600 2,264,900 4,475,300 478,000 2,803,800 2,173,800 3,075,300 $ 773,700 4,120,800 3,265,900 6,165,200 7,895,800 14,313,600 10,410,400 13,183,400 8,530,900 14,325,600 11,253,400 10,087,900 $ 22,209,400 $ 23,593,800 $ 19,784,300 I $ 24,413,500 raF Regional Programs Expenditures/Uses FY 2017/ 18 Actual FY 2018/ 19 Revised Bud • et FY 2018/ 19 Pro'e c to d FY 2019/ 20 Bud •et Planning and Programming Services Rail Maintenance and Operations Public and Specialized Transit CommuterAssistance Motorist Assistance Total Expenditures TransfersOut Total Regional Programs Rail Maintenance and Operations 19% $ 3,905,000 23,581,200 91,232,700 3,427,500 3,615,900 $ 19,447,300 40,236,900 181,739,100 4,503,100 6,184,100 $ 5,017,900 33,530,500 125,363,500 3,376,600 4,125,800 125,762,300 25,506,900 252,110,500 36,019,600 171,414,300 35,920,600 $ 151,269,200 $ 288,130,100 $ 207,334,900 Public and Specialized Transit 71% Commuter Assistance s Motorist Assistance $ 11,289,500 45,248,500 162,945,400 4,578,300 6,616,300 230,678,000 38,533,500 $ 269,211,500 Capital Project Development & Delivery Expenditures/Uses FY 2018/ 19 FY2017/18Actual Revised Bud FY 2018/ 19 Pro'e c to d FY 2019/ 20 Bud•et Percentage of 6cpe nd iture s / Uses Salariesand benefits Professional costs aipport costs Projectsand operations: Program operations Engineering Construction Design build Right of way and land Local streetsand roads Regional arterials Other(specialstudies/operating & capitaldisbursements) Capital outlay Debt service Total Expenditures Transfersout Total Capital Project Development & Delivery $ 3,005,300 $ 7,664,400 429,800 9,619,300 8,030,400 21,408,500 123,999,200 38,962,400 53,176,800 15,736,400 3,313,400 2,177,200 656,868,900 3,911,900 $ 8,907,200 1,185,100 7,584,300 33,717,900 117,498,700 183,908,300 95,360,000 58,479,500 30,547,000 15,050,000 7,224,800 69,555,700 3,911,800 5,218,600 1,016,000 6,193,100 12,967,300 73,007,200 146,305,000 35,670,600 58,479,500 25,000,000 5,835,000 6,336,700 65,085,700 944,392,000 282,693,700 $ 1,227,085,700 632,930,400 126,704,100 $ 759,634,500 445,026,500 108,636,800 $ 553,663,300 $ 7,077,600 6,833,600 1,336,900 7,733,900 21,586,000 150,248,000 141,583,000 93,293,500 58,642,300 30,000,000 15,850,000 3,052,000 69,537,500 606,774,300 114,346,100 $ 721,120,400 I I I 1% 1% 0% 1% 3% 21% 20% 13% 8% 4% 2% 0% 10% i 84% 16% 100% Capital Project Highlights 1-15 Express Lane s 15/91 Express Lanes Connector -15/Limonite Interchange Toll Operations FY 2018/ 19 FY2017/18Actual Revised Bud et FY 2018/ 19 FY 2019/ 20 Pro'e c to d Bud • et Sources Local Reimbursements Tolls, Penalties, and Fees Investment Income Total Sources Expenses/Uses Personnel Salariesand Benefits Professional Services Support Costs Program Operations Capital Outlay Debt Service Transfers Out Total Expenses/Uses Excess(deficiency)of revenuesover(under) expenses/usesand otherfinancing sources(uses) Beginning Fund Balance Ending Fund Balance $ $ 50,446,800 (32,700) 50,414,100 8,500,000 $ 36,940,500 141,300 2,000 47,756,900 1,130, 700 45,581,800 48,889,600 510,300 815,400 2,793,400 6,661,400 319,600 7,119,900 749,500 603,000 2,061,000 4,576,700 8,786,100 2,497,600 27,119,900 6,307,200 638,000 2,350,000 3,936,800 8,507,900 2,314,100 27,119,900 3,948,200 18, 969, 500 51,951,500 48,814,900 31,444,600 32,202,300 (6,369,700) 63,646,900 74,700 63,646,900 $ 63,646,900 $ 57,277,200 $ 63,721,600 $ 41,869,400 1,522,100 43,391,500 1,353,400 1,990,000 4,543,300 10,670,200 750,000 7,119,900 3,059,500 29,486,300 13,905,200 63,721,600 $ 77,626,800 Personnel Professional aipport Projectsand operations Capital outlay Debt service Total Expenditures/Expenses Transfersout Total Expenditures/Expenses/Uses Function Breakdown $ FY 2017/ 18 Actual 8,846,000 14,249,800 7,246,200 398,987,900 2,926,500 664,013,700 1,096,270,100 323,263,800 $ 1,419,533,900 FY 2018/ 19 Revised Bud • et $ 10,354,700 20,451,700 11,911,000 791,190, 600 10,837,000 96,675,600 941,420,600 182,214,300 $ 1,123,634,900 FY 2018/ 19 Pro'ected $ 9,917,000 13,902,600 9,363,200 535,102,500 9,347,500 92,205,600 669,838,400 159,759,000 $ 829,597,400 FY 2019/ 20 Percentage of Bud • e Function $ 19,396,500 25,447,300 12,383,200 739,032,300 5,288,000 76,657,400 878,204,700 166,027,000 $ 1,044,231,700 2% 2% 1% 71% 1% 7% 84 % 16% 100% FY 2019/20 Budget Measure A Administrative Costs Salaries & Benefits (without net pension liability pay off), 0.73% Administrative Costs, 1.48% Salaries & Benefits (share of net pension liability pay off), 0.66% o.oel° 15lo ,Dolo 1fD010 1 oeo 1,L`)o'o 1 ��o'o T 11qIo 2 oelo Z,L`.0) 2 vg10 2igk ' oDok Close public hearing Authorization and adoption Continue monitorin Next Steps • Review the final budget document • Close the public hearing • Approve salary schedule effective 7/4/19 • Adopt Proposed FY2019/20 Budget • Measure A administrative salariesand benefits • Funding needsforprojectsand transit operations • Salestax and TUMFrevenue trends • Timelinessof federal and state reimbursements J AGENDA ITEM 8 PUBLIC HEARING RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: June 12, 2019 TO: Riverside County Transportation Commission FROM: Toll Policy and Operations Committee Jennifer Crosson, Toll Operations Manager THROUGH: Anne Mayer, Executive Director SUBJECT: Amended and Restated Ordinance of Riverside County Transportation Commission Relating to the Administration of Tolls and the Enforcement of Toll Violations for the Riverside County Transportation Commission Express Lanes TOLL POLICY AND OPERATIONS COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to: 1) Conduct a public hearing; and 2) Adopt Ordinance No. 19-001, "An Amended and Restated Ordinance of the Riverside County Transportation Commission Relating to the Administration of Tolls and the Enforcement of Toll Violations for the Riverside County Transportation Commission Express Lanes", including approval of the toll evasion penalties and fees for a violation set forth in Schedule A of the Ordinance. BACKGROUND INFORMATION: In June 2016, the Commission adopted Ordinance 16-001 establishing the administrative procedures and penalties for the enforcement of toll violations on the 91 Express Lanes (Original Ordinance). The purpose of this Amended and Restated Ordinance No. 19-001 (Amended Ordinance) is to correct a minor typographical error in the definition of Violation, to update the penalty amounts in Schedule A and to expand the ordinance to include future Commission - operated Express Lanes. The Commission currently operates the Riverside segment of the 91 Express Lanes and will operate the 15 Express Lanes in the near future. California Vehicle Code (CVC) 23302, et seq., establishes that it is unlawful for a person to evade payment of a toll on a toll highway and provides that such acts are subject to civil penalties. CVC 40250, et seq., provides for the enforcement of civil penalties for violations of CVC 23302.5 and any ordinance enacted by local authorities pursuant to civil administrative procedures set for in Article 4 of Chapter 1 of Division 17 of the Code. Agenda Item 8 4 The ordinance sets forth the administrative procedures and penalties to ensure compliance with the state statute and to ensure fairness in the treatment of toll violators. The ordinance establishes administrative procedures for the issuance of toll evasion violation notices, the processing of contested violations, the escalation of delinquent violations to allowable collection methods, and the termination of the process in accordance with the statutes, all in accordance with state law. DISCUSSION: The Commission has been processing toll evasion violations in accordance with the Original Ordinance since March 2017. During that time two items included in the Original Ordinance have been noted for amendment: (i) correction of a minor typographical error in the definition of Violation, and (ii) a desired change in the amount of Penalties applied once a toll evasion violation becomes eligible for collection action. The definition of Violation in the Original Ordinance contains a minor typographical error and inadvertently references an incorrect section of the ordinance. This minor error has been corrected in the Amended Ordinance. This correction is intended to be effective as of the date of adoption of the Original Ordinance. The Original Ordinance includes Schedule A, a Schedule of Penalties. The schedule includes escalating Penalties for delinquent toll evasion violations. Note that the term "Penalties" as defined in the ordinance includes penalties and administrative fees. The amount of the Penalties for a single toll violation increases if a customer incurs multiple violations within a twelve-month period. After analyzing the collection results for the Commission's 91 Express Lanes toll evasion violations and having discussions with the other California Toll Operators, staff believes that the reduction of the Penalties for repeat violators would increase the rate of collection or resolution, reduce collection costs and improve customer service. The table below illustrates the current and proposed Penalty schedule. Current Proposed Initial Penalty $25 $25 Delinquent Penalty (+ 60 days) $30 $30 Collection Fee (+90 days) $25 Up to $25 Collection Assessment: One Violation $20 Up to $20 Two Violations $70 regardless of Three Violations $120 quantity Currently when a violator incurs three or more violations in a 12-month period the violation can escalate to $200 in penalties. The violator would owe $600 for three violations. The revised schedule would cap that amount at $100 per violation or $300 for three violations. The amount Agenda Item 8 5 of Penalties for a motorist with three toll violations can reach levels, which may be difficult to pay resulting in unpaid violations and extensive collection efforts by the Commission staff and its contractors. This issue escalates if additional violations are incurred. It is important to point out that if a customer makes one full-length trip on the 91 Express Lanes without payment of the required tolls they will receive a violation from OCTA and a violation from RCTC, resulting in two violations for a single trip. As proposed under the Amended Ordinance, the Penalties set forth in Schedule A are not -to - exceed amounts. The intent is to provide flexibility in the use of Penalties on the Commission's separately operated toll facilities by allowing for Penalties less than the amounts shown in Schedule A to be applied. However, Penalty amounts will be assessed consistently on a Commission toll facility in accordance with the business rules for the toll facility, and as approved by the Executive Director. For example, the 91 Express Lanes may charge a $25 collection fee and a $20 collection assessment while the 15 Express Lanes may charge no collection fee or collection assessment. This flexibility is being requested as the two facilities have different Contractors with varying approaches to collections. In addition, the 91 Express Lanes in Riverside County are being operated cooperatively with the 91 Express Lanes in Orange County. The Amended Ordinance includes a new Schedule A, Schedule of Penalties and Fees, that provides for the inclusion of two fees: a non -sufficient funds check fee and a Department of Motor Vehicles Registration Lien Fee. The Original Ordinance failed to include a fee for checks returned by the bank as unpaid. A $25 non -sufficient fund check fee has been added to the amended schedule to cover the Commission's bank charge for such payments. At the time of the Original Ordinance, the 91 Express Lanes contractor did not utilize the Department of Motor Vehicles (DMV) registration lien program for the collection of delinquent violations. The contractor for the 15 Express Lanes and the future 91 Express Lanes contractor will utilize the DMV program. The DMV charges a fee for each toll evasion violation notice attached to a vehicle registration. The current fee is $3. The DMV collection program is an effective low cost solution for the recovery of unpaid toll evasion violations. It is being proposed that Schedule A include a DMV fee of $3 for violations placed on a vehicle registration by the DMV. The fee would be adjusted if the DMV increases or decreases it to match the amount paid by the Commission. The Original Ordinance and proposed Amended Ordinance provide for the Commission's Executive Director to amend the Penalty amounts from time to time provided that any amended Penalty amounts do not exceed the amounts set forth in the CVC. Any amendments to the Penalties shall be posted on the Express Lanes and Commission websites 90 days in advance of the enactment. Agenda Item 8 6 The Original Ordinance has been amended, under the Amended Ordinance, to include the 15 Express Lanes and any future RCTC operated Express Lanes. The Original Ordinance will be superseded by the Amended Ordinance, if and once adopted by the Commission. Adopt Ordinance No. 19-001 for enforcement of toll violations for the Riverside Express Lanes will allow the Commission to continue to process toll evasion violations for motorists who use the 91 Express Lanes but fail to pay the toll at the time of travel, and to process such toll evasion violations for motorists who use any of the other Riverside Express Lanes. The maintenance and establishment of a toll enforcement program is critical to the protection of toll revenue and ensures compliance with statute and fairness in the treatment of violators. If adopted, the Additional Collection Agency Assignment Fees included in Schedule A of the Ordinance, which are currently applicable under the Original Ordinance, would no longer be applied to transactions occurring after January 1, 2020. This timeframe is to allow for coordination of the phasing out of these fees with the toll contractor and OCTA. Financial Impact The Commission recognizes violation revenues upon receipt of payments from customers. Unpaid violation fees are recorded as an accounts receivable and corresponding unearned revenues liability. The fiscal impact related to the adoption of the revised violation fees and expected reduction in collection costs is conservatively estimated to be revenue neutral and possibly revenue positive. Therefore, staff does not anticipate any impact on the ability to pay operations and maintenance expenses, debt service, or major repair and rehabilitation expenses. RECOMMENDATION: Staff recommends the Committee approve the Ordinance No. 19-001, including the penalty and fee schedule, and forward to the Commission for final action. Attachment: RCTC Ordinance No. 19-001 Agenda Item 8 7 ORDINANCE NO. 19-001 AN AMENDED AND RESTATED ORDINANCE OF THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION RELATING TO THE ADMINISTRATION OF TOLLS AND THE ENFORCEMENT OF TOLL VIOLATIONS FOR THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION EXPRESS LANES WHEREAS, Section 130244 (c) of the Public Utilities Code authorizes the Riverside County Transportation Commission ("Commission") to collect tolls on the Riverside County portion of State Highway Route 91 Express Lanes ("91 Express Lanes"); and WHEREAS, Section 149.8 of the Streets and Highways Code authorizes the Commission to collect tolls on the Interstate 15 Express Lanes within Riverside County ("15 Express Lanes"), once completed and placed into operation; and WHEREAS, the 91 Express Lanes and the 15 Express Lanes and any other toll lanes operated by the Commission are collectively referred to in this Ordinance as the "Riverside Express Lanes"; and WHEREAS, Section 23302.5 of the California Vehicle Code ("Code") provides that it is unlawful for a person to evade or attempt to evade the payment of tolls or other charges on any vehicular crossing or toll highway, and provides that such acts are subject to civil penalties; and WHEREAS, Section 40250, et seq., of Chapter 1 of Division 17 of the Code provides for enforcement of civil penalties for violation of Code Section 23302.5 and any ordinance enacted by local authorities pursuant to civil administrative procedures set forth in Article 4 of Chapter 1 of Division 17 of the Code; and WHEREAS, the Riverside Express Lanes, which are owned, maintained and operated by Commission constitutes a "toll highway" for the purposes of section 23302.5 of the Code; and WHEREAS, the Commission deems it necessary to establish penalties for passing through the Riverside Express Lanes without payment of the proper toll, pursuant to section 23302.5 and 40250, et. seq., of the Code and to establish the procedures for issuing of violation notices and enforcement of penalties, consistent with sections 40250, et seq., of the Code; and WHEREAS, this Ordinance No. 19-001 ("Ordinance") is intended to amend and restate, in its entirety, Ordinance No. 16-001, which was adopted by the Commission on June 8, 2016 ("Original Ordinance"), and governed administration of tolls and enforcement of toll policies for the 91 Express Lanes; and 8 WHEREAS, the purpose of this Ordinance is to expand the toll administration and enforcement provisions to cover the Riverside Express Lanes, and to correct a Scrivener's error in the definition of "Violation" included in the Original Ordinance; and WHEREAS, as of the effective date of this Ordinance, Ordinance No. 16-001 shall have no further force or effect, and this Ordinance will be retroactive to June 8, 2016 as applies to correction of the Scrivener's error in the Original Ordinance. NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE COMMISSION DOES HEREBY ORDAIN THAT AMENDED AND RESTATED ORDINANCE NO. 19-001 RELATING TO THE ADMINISTRATION OF TOLLS AND THE ENFORCEMENT OF TOLL VIOLATIONS FOR THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION IS AS FOLLOWS: Section 1. Definitions The following terms shall have the meanings as set forth below: a) "Code" shall mean the California Vehicle Code. b) "Commission" shall mean the Riverside County Transportation Commission. c) "Department" shall mean the California Department of Motor Vehicles or other state's department of motor vehicles. d) "Due Date" shall mean the date specified in the Notice of Toll Evasion Violation or the Notice of Delinquent Toll Evasion Violation, as applicable, by which payment of the Penalty or affidavit of non -liability or written explanation of the contest must be received by the Processing Agency, which date shall provide no less than the minimum time required by the relevant Code section for such receipt. e) "Motorists" shall mean and include the Registered Owner, rentee, lessee and driver of a Vehicle. f) "Notice of Delinquent Toll Evasion Violation" shall mean the written notice provided to the Registered Owner of a Vehicle when the payment of the Penalty or completion of an affidavit of non -liability or written explanation of contest has not been returned by the due date. g) "Notice of Toll Evasion Violation" shall mean the written notice provided to the Registered Owner of a Vehicle which has committed a Violation. 9 h) "Processing Agency" shall mean the entity under contract with the Commission, which may be a private vendor or another public agency, as provided in Code Section 40252, for the processing of the Notice of Toll Evasion and Notice of Delinquent Toll Evasions. i) "Registered Owner' shall mean a person registered by the Department as the owner of a Vehicle or a person registered as the owner of the Vehicle by the appropriate agency or authority of another state, the District of Columbia, or a territory or possession of the United States j) "Repeat Violator" shall mean any Registered Owner for whom more than five violations have been issued within the preceding 12-month period. k) "Riverside Express Lanes" shall mean the 91 Express Lanes, the 1-15 Express Lanes and any other toll lanes in the future constructed and operated by the Commission in accordance with its legal authority 1) "Toll" shall mean the monetary charges established by the Commission for use of the Riverside Express Lanes. m) "Toll Enforcement Officer" shall mean any member of the California Highway Patrol or any employee or contractor of Commission whose duties include the enforcement of the payment of tolls. n) "Toll Evasion Penalty" or "Penalty" shall mean, but is not limited to, any penalty, late payment penalty, administrative fee, fine, assessment, and costs of collection as provided by law. o) "Transponder" shall mean a FasTrak electronic device issued by any of the California toll operators that meets the specifications of California Code of Regulations Title 21 and is used to pay Toll(s) electronically. p) "Vehicle" shall mean any vehicle as defined in California Vehicle Code Section 670. q) "Violation" shall mean the commission of any activity proscribed in Section 3(a) hereof. Section 2 Payment of Proper Toll a) All Vehicles travelling on the Riverside Express Lanes shall have a Transponder located in or on the Vehicle in a location so as to be visible for the purpose of enforcement at all times when the Vehicle is located on the Riverside Express Lanes as prescribed by Code 10 Section 23302 (a)(2), unless otherwise permitted by the operating policies of the Commission, . b) The Transponder shall be associated with an account with a balance sufficient to pay the Toll amount as prescribed by Code Section 23302 (a)(1). c) Vehicles qualifying for a carpool discount shall pass through the designated carpool lane to receive any available carpool discount. d) Vehicles using the designated carpool lane or declaring carpool occupancy utilizing technology implemented or approved by the Commission without the qualifying number of vehicle occupants will be subject to payment of the full price Toll charge and may be subject to a Penalty. Section 3 Liability for Failure to Pay Toll a) No person shall cause a Vehicle to pass through or attempt to pass through the Riverside Express Lanes without payment of the proper Toll for the Vehicle. b) Except as provided herein, the Registered Owner(s), driver, rentee or lessee of a Vehicle which is the subject of any Violation shall be jointly and severally liable for the Penalties imposed under this Ordinance, unless the Registered Owner can show that the Vehicle was used without the express or implied consent of the Registered Owner. Anyone who pays any Penalty pursuant to this Ordinance shall have the right to recover the same from the driver, rentee or lessee. c) The driver, rentee or lessee of a Vehicle who is not the owner of the Vehicle may contest the Notice of Toll Evasion Violation in accordance with this Ordinance. d) Any Motorists assessed a Penalty for a Violation shall be deemed to be charged with a non -criminal, civil violation, pursuant to Section 23302.5 subdivision (a) of the Code. Section 4 Penalties and Processing of Violation(s) a) The Penalties for a Violation of this Ordinance shall be the amounts set forth in the Schedule of Penalties, attached hereto as Schedule A and incorporated by reference herein. The Schedule of Penalties, as prescribed under Schedule A, may be amended from time to time by the Commission's Executive Director provided they do not exceed the amounts set forth in Code Section 40258(a). Any increases to the Penalties shall be posted on the applicable Riverside Express Lanes website and the Commission website 90 days in advance of enactment. If the Executive Director determines it is in the best interest of the Commission, Penalties in amounts less than specified in Schedule A may be implemented for any portion of the Riverside Express Lanes or categories of Penalties may not be applied, all in accordance with documented Commission business rules. b) If a Vehicle is found by automated devices, by visual observation, or otherwise, to have evaded Tolls on the Riverside Express Lanes, the Commission or the Processing Agency 11 shall, within 21 days of the Violation, deliver by first-class mail a Notice of Toll Evasion Violation to the Registered Owner at the address as shown on the record of the Department. If accurate information concerning the identity and address of the Registered Owner is not available to the Processing Agency within 21 days of the Violation, the Processing Agency shall have an additional 45 calendar days to obtain such information and forward the Notice of Toll Evasion. Where the Registered Owner is a Repeat Violator, the Processing Agency shall forward the Notice of Toll Evasion Violation within 90 calendar days of the Violation. c) The Processing Agency shall use its best efforts to obtain accurate information concerning the identity and address of the Registered Owner for the purpose of forwarding a Notice of Toll Evasion Violation. d) Toll evasion Penalties shall be collected as civil penalties. Section 5 Notice of Toll Evasion Violation a) The Notice of Toll Evasion Violation shall contain (1) the date, approximate time and location of the alleged violation, (2) the section of the Code allegedly violated, (3) the Vehicle license plate number, and if practicable, the make and registration expiration date of the Vehicle (4) the Penalty due for the Violation, (5) the procedure to follow for payment of the amount due, including the address of the person authorized to receive payments (6) a statement in bold that payments may be sent through the mail (7) the Due Date for payment, contesting the Notice or submission of the affidavit of non -liability and (8) a clear and concise explanation of the procedures for contesting the violation and appealing an adverse decision pursuant to Code section 40255 and 40256. b) The Notice of Toll Evasion Violation shall contain, or be accompanied with, an affidavit of non -liability and information of what constitutes non -liability, information as to the effect of executing the affidavit, and instructions for returning the affidavit to the issuing agency, as further specified below. Section 6 Basis for Non -Liability; Return of Affidavit of Non -Liability a) If the affidavit of non -liability is returned to the Processing Agency by the Due Date set forth in the Notice of Toll Evasion Violation together with proof that the driver at the time of the Violation did not possess express or implied consent to drive the Vehicle evidenced by a stolen vehicle police report, and if the Processing Agency is satisfied that the Registered Owner is not responsible for the Violation, the Processing Agency shall terminate proceedings against the originally served Registered Owner and proceed against the unauthorized driver at the time of the Violation. 12 b) If the affidavit of non -liability is returned to the Processing Agency by the Due Date set forth in the Notice of Toll Evasion Violation with proof that the Registered Owner given the Notice of Toll Evasion Violation has made a bona fide sale or transfer of the Vehicle and has delivered possession thereof to the purchaser prior to the date of the alleged Violation and either (1) has complied with section 5602 of the Code, or (2) the Processing Agency is satisfied with evidence establishing that the transfer of ownership and possession of the Vehicle occurred prior to the date of the alleged Violation, and has obtained verification from the Department of either of the foregoing, then the Processing Agency shall terminate proceedings against the originally served Registered Owner and proceed against the new owner of the Vehicle. c) If the affidavit of non -liability is returned to the Processing Agency by the Due Date on the Notice of Toll Evasion Violation together with proof of an executed written rental agreement or lease between a bona fide renting or leasing company and its customer that identifies the rentee or lessee and provides the driver's license number, name and address of the rentee or lessee, the Processing Agency shall serve or mail to the rentee or lessee identified in the affidavit of non -liability a Notice of Toll Evasion Violation. Section 7 Dismissal of Notice of Toll Evasion Violation a) If, after a copy of a Notice of Toll Evasion Violation has been sent to the Motorist, the Processing Agency determines that due to failure of proof of apparent Violation the Notice of Toll Evasion Violation should be dismissed, the Processing Agency shall cancel the Notice of Toll Evasion Violation, and the Motorist shall be notified by first-class mail. b) Under no circumstances shall a personal relationship with any law enforcement officer, public official, law enforcement agency, processing agency or toll operations agency or entity be ground for dismissal of the Violation. c) If non -liability has been established pursuant to an affidavit of non -liability as detailed in Section 6 of this Ordinance, proceedings against the party found not liable shall terminate, unless otherwise specified in Section 6 above. d) If the description of the Vehicle in the Notice of Toll Evasion Violation does not match the corresponding information on the registration card for that Vehicle, or other information provided by the Department, the Processing Agency may, on written request of the Motorists, cancel the Notice of Toll Evasion Violation without the necessity of appearance by that person. e) If the full amount of the Penalty is received by the person authorized to receive it by the Due Date, and there is no contest as to that Violation, proceedings under this Ordinance shall terminate. 13 Section 8 Notice of Delinquent Toll Evasion Violation; Failure to Pay Penalties a) If payment of the Penalty is not received by the Processing Agency by the Due Date on the Notice of Toll Evasion Violation, and proceedings hereunder have not otherwise been terminated, the Processing Agency shall deliver by first-class mail to the Registered Owner a Notice of Delinquent Toll Evasion Violation. b) The Processing Agency shall provide to the Registered Owner, upon request, a photo- static copy of the original Notice of Toll Evasion Violation Notice or an electronically produced facsimile of the original Notice of the Toll Evasion Violation within 15 days of a request. The Commission may charge a fee sufficient to recover the actual cost of providing the copy, not to exceed $2. Until the Processing Agency complies with the request for a copy of the original Notice of Toll Evasion Violation, the Processing Agency may not proceed to collection of the Penalty due. c) The Notice of Delinquent Toll Evasion Violation shall contain information required to be contained in the original Notice of Toll Evasion Violation and additionally, shall contain a notice to the Registered Owner that, unless the Registered Owner pays the Penalty, contests the Violation pursuant to the procedure set forth in the Notice of Delinquent Toll Evasion Violation, or completes and returns to the Processing Agency an affidavit of non - liability, as provided with the Notice of Delinquent Toll Evasion Violation, within the Due Date set forth in the Notice of Delinquent Toll Evasion Violation: (1) the Penalty shall be considered a debt due and owing to the Commission, (2) the renewal of the Vehicle registration shall be contingent upon compliance with the Notice of Delinquent Toll Evasion Violation at the Commission's election and (3) the Commission may seek recovery of the debt in any lawful manner, as provided for in section 13 below. d) The Notice of Delinquent Toll Evasion Violation shall contain, or be accompanied with, an affidavit of non -liability and information of what constitutes non -liability, information as to the effect of executing the affidavit, and instructions for returning the affidavit to the Processing Agency. Non -liability may be established pursuant to an affidavit of non - liability returned to the Processing Agency by the Due Date set forth in the Notice of Delinquent Toll Evasion Violation, on any basis set forth in Section 6 of this Ordinance. e) If a rentee or lessee identified by a bona fide renting or leasing company in the affidavit of non -liability, in accordance with the requirements in Section 6(c) above, is forwarded the Notice of Delinquent Toll Evasion Violation, and the rentee or lessee does not pay the Penalty, contest the Violation pursuant to the procedure set forth in the Notice of Delinquent Toll Evasion Violation, or complete and return to the Processing Agency an affidavit of non -liability, as provided with the Notice of Delinquent Toll Evasion Violation, within the Due Date set forth in the Notice of Delinquent Toll Evasion Violation, the Penalty shall be considered a debt due and owing the Commission and the Commission may seek recovery in any lawful manner, as provided for in section 13 below. 14 Section 9 Payment After Notice of Delinquent Toll Evasion Violation a) Unless paragraph (b) below applies, if a Motorist who was mailed a Notice of Delinquent Toll Evasion Violation pursuant to section 8, or any other person who presents the Notice of Toll Evasion Violation or Notice of Delinquent Toll Evasion Violation, deposits the Penalty due with a person authorized to receive it, then the Processing Agency shall terminate all proceedings where the amount deposited satisfies the amount due. If the Registered Owner, by appearance or by mail, makes payment to the Processing Agency by the Due Date set forth in the Notice of Delinquent Toll Evasion Violation, the Penalty shall consist of the amount of the Penalty set forth in the notice, without any additional administrative fees or charges. b) If the Notice of Delinquent Toll Evasion Violation has been filed with the Department pursuant to subdivision (a) of Code section 40267 or a civil judgment has been entered pursuant to Code section 40267(b) and payment of the Penalty together with the administrative fee of the Department and the administrative service fee of the Processing Agency for costs of service and any applicable assessment is received, the Processing Agency shall immediately transmit the payment information to the Department in the manner prescribed by the Department, and terminate proceeding on the Notice of Delinquent Toll Evasion Violation. Section 10 Contest of Notice of Toll Evasion Violation or Notice of Delinquent Toll Evasion Violation a) A person may contest a Notice of Toll Evasion Violation or Notice of Delinquent Toll Evasion Violation by the Due Date set forth in the applicable notice. b) The Processing Agency shall establish and implement a fair and impartial investigation process to investigate the circumstance of the notice with respect to the contestant's written explanation of reasons for contesting a Violation. The Processing Agency shall investigate with its own records and staff the circumstances of the notice with respect to the contestant's written explanation of reasons for contesting the Violation. If based upon the results of that investigation, the Processing Agency is satisfied that the Violation did not occur or that the Registered Owner was not responsible for the Violation, the Processing Agency shall cancel the Notice of Toll Evasion Violation or Notice of Delinquent Toll Evasion Violation and make an adequate record of the reasons for cancelling the notice. The Processing Agency shall mail the results of the investigation to the person who contested the Notice of Toll Evasion Violation or the Notice of Delinquent Toll Evasion Violation. c) A person who contests a Notice of Toll Evasion Violation or Notice of Delinquent Toll Evasion Violation and is not satisfied with the results of the investigation may, within 15 15 days of the mailing of the results of the investigation, deposit the amount determined pursuant to paragraph (d) below, and request an administrative review. An administrative review shall be held within 90 calendar days following the receipt of the request for an administrative review accompanied by the required deposit amount. The person requesting the administrative review may request one continuance, not to exceed 21 calendar days. The person requesting the administrative review shall indicate to the Processing Agency his or her election for a review by mail or personal conference. d) The deposit for requesting an administrative review shall be as follows: 1) Except as provided herein, an individual seeking an administrative review shall deposit the full amount of the Penalty due at the time of the request. 2) For Violations arising out of the same set of operative facts and belonging to the same Registered Owner, the maximum amount of the Penalty to be deposited shall be a) $250 or b) $250 plus 10 percent of Penalty above $1,000, whichever is greater. 3) Individuals unable to pay the required deposit may apply for a hardship exception. e) If the person requesting an administrative review is a minor, that person shall be permitted to appear at an administrative review or admit responsibility for a Violation without the necessity of the appointment of a guardian. The Processing Agency may proceed against that person in the same manner as if that person were an adult. f) As evidence of the Violation, the Processing Agency shall produce the Notice of Toll Evasion Violation or a copy thereof, information received from the Department identifying the Registered Owner of the Vehicle, and a statement under penalty of perjury from the person authorized to issue a notice of Violation that the Tolls or other charges and any applicable fee were not paid in accordance with the Commission's policies. This documentation in proper form shall be prima facie evidence of the Violation. Section 11 Hearing Officers; Administrative Reviews a) The Commission's Executive Director shall designate a hearing officer or reviewer to conduct administrative reviews. The hearing officer shall demonstrate the qualifications, training and objectivity necessary to perform fair and impartial reviews. The hearing officer's employment, performance evaluation, compensation and benefits shall not be directly or indirectly linked to the outcome of reviews or the revenue generated by such reviews. b) Reviews shall be conducted in accordance with the written procedures established by the Processing Agency, which shall ensure fair and impartial review of contested Toll evasion Violations. The hearing officer's final decision may be delivered personally or by first-class mail. 16 c) If a notice of appeal to the California Superior Court is not filed within the period set forth in section 12, the decision of the hearing officer shall be deemed final. Section 12 Appeal to Superior Court A person who requests an administrative review and is not satisfied with the results of the review, may within 20 days after the mailing of the administrative review final decision, seek review by filing an appeal to the California Superior Court. The matter shall be heard de novo, except that the contents of the Processing Agency's file in the case on appeal shall be received in evidence. For the purpose of computing the 20-day period, Section 1013 of the Code of Civil Procedure shall be applicable. The Processing Agency shall admit into evidence as prima facie evidence of the facts stated therein, a copy of the Notice of Toll Evasion Violation and/or Delinquent Toll Evasion Violation. A copy of the notice of appeal shall be served in person or by first-class mail upon the Processing Agency by the contestant. The fee for filing the notice of appeal shall be the amount specified in Section 40256 of the Code. If the appellant prevails this fee, together with any deposit of the Penalty made by the contestant, shall be promptly refunded by the Processing Agency in accordance with the judgment of the court. Section 13 Collection of Unpaid Penalties If payment is not received within the time periods set forth herein, and no contest has been timely filed, or has been resolved in favor of Commission, Commission and the Processing Agency are authorized to proceed under one or more of the following options for the collection of unpaid Penalties: a) Transmit an itemization of unpaid Penalties to the Department for collection with the registration of the Vehicle. Commission shall pay the fees assessed by the Department associated with the recording of the Notice of Delinquent Toll Evasion Violation and may charge the amount of the fee to the Motorist. b) If more than four hundred dollars ($400) in unpaid Penalties have been accrued by any person or Registered Owner, Commission may file proof of that fact with the Superior Court with the same effect as a civil judgment. Execution may be levied and other measures may be taken for the collection of the judgement as are authorized for the collection of any unpaid civil judgment entered against a defendant in an action on a debt. The court may assess costs against a judgment debtor to be paid upon satisfaction of the judgment. The Processing Agency shall mail a notice by first-class mail to the person or Registered Owner indicating that a judgment shall be entered for the unpaid Penalties, fees and costs and that after 30 days from the date of the mailing of the notice, the judgment shall have the same effect as an entry of judgment against a judgement debtor. The person or Registered Owner shall also be notified at that time that execution may be 17 levied against his or her assets, liens may be placed against his or her property, his or her wages may be garnished, and other steps may be taken to satisfy the judgment amount. The notice shall include all information required by Code section 40267. The filing fee and any costs of the collection shall be added to the judgment amount. c) If the Processing Agency has determined that registration of the Vehicle has not been renewed for 60 days beyond the renewal date, and the Penalty has not been collected by the Department pursuant to section 4770 of the Code, file proof of unpaid Penalties with the court with the same effect as a civil judgment as provided above, except that if the amount of the unpaid Penalty is not more than four hundred dollars ($400), the filling fee shall be collectible by the court from the debtor. d) Contract with a collection agency to collect the outstanding tolls and Penalty amounts. e) Submit a request to the California State Controller for an offset of unpaid Penalty amounts owing by a Motorist against any amount owing the person or entity by a claim for a refund from the Franchise Tax Board under Personal Income Tax Law or the Bank and Corporation Law or from winnings in the California State Lottery, as authorized by California Government Code section 12419.10. Commission shall provide a notice of intent to request an offset by first-class mail to the Motorist 30 days prior to the request date, or within such time as required by law. f) Pursue such other remedies and enforcement procedures that are authorized under laws of the State of California. Section 14 Termination of Proceedings The Commission and/or the Processing Agency shall terminate proceedings on the Notice of Delinquent Toll Evasion Violation: a) Upon receipt of collected Penalties and administrative fees remitted by the Department under Section 4772 for that Notice of Delinquent Toll Evasion Violation. b) If the Notice of Delinquent Toll Evasion Violation was returned to the Processing Agency pursuant to section 4774 and five years have elapsed since the date of the Violation. c) The Processing Agency received information, which it verified, that the Penalty has been paid to the Department pursuant to Section 4772. d) If the Registered Owner of the Vehicle provides proof to the Processing Agency that he or she was not the registered owner on the date of the toll evasion violation. 18 e) This section does not limit or impair the ability or the right of the Commission to pursue the collection of delinquent Penalties from the person who was the Registered Owner or lessee of the Vehicle on the date of the alleged Violation. Section 15 Confidentiality Any information obtained through the use of automated devices during the enforcement of Violations hereunder shall not be used for any purpose other than to identify and obtain the mailing address information of the Toll evasion violator in order to facilitate the serving of Notices of Toll Evasion Violations and Notices of Delinquent Toll Evasion Violations. Section 16 Other Notices Nothing herein shall prohibit the Commission or the Processing Agency from establishing informal methods of notifying Motorists of Violations and from collecting Tolls and Penalties for Violations through such means. Section 17 Implementation The Executive Director of the Commission is hereby authorized and directed to develop procedures, forms, documents and directives which may be necessary to implement the terms of this Ordinance and may delegate his/her duties and obligation under this Ordinance to the Toll Program Manager. Section 18 Severability If any term, covenant or condition of this Ordinance shall be held by a court of competent jurisdiction to be invalid or unenforceable, then the remainder of this Ordinance shall not be affected and each remaining provision shall be valid and enforceable to the fullest extent permitted by law unless any of the stated purposes of this Ordinance would be defeated. 19 ORDINANCE NO. 19-001 AN AMENDED AND RESTATED ORDINANCE OF THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION RELATING TO THE ADMINISTRATION OF TOLLS AND THE ENFORCEMENT OF TOLL VIOLATIONS FOR THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION EXPRESS LANES ADOPTED BY THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION ON 2019 Chuck Washington, Chair Riverside County Transportation Commission ATTEST: Lisa Mobley, Clerk of the Board Riverside County Transportation Commission VOTE: AYES: NOES: ABSTAIN: ABSENT: 20 Schedule "A" Schedule of Penalties and Fees Description Amount Notice of Toll Evasion Violation (NTEV) Penalty $25.00 Notice of Delinquent Toll Evasion Violation (NDTEV) Penalty $30.00 Collection Agency Assignment Fee $25.00 Collection Demand Notice Fee $20.00 DMV Registration Hold Administrative Fee $3.00 Non -Sufficient Fund Check Administrative Fee $25.00 The following fees shall only apply on the 91 Express Lanes for the period from adoption of the Ordinance through no later than December 31, 2019. Following such date, these fees shall no longer be applied. Additional Collection Agency Assignment Fees Amount Second violation in one year $70.00 Third and additional violations in one year $120.00 21 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Amended Ordinance to Administer Tolls & Enforce Violations Jennifer Crosson, Toll Operations Manager June 12, 2019 RiversideExpress Background • Adopted Ordinance 16-001 prior to the 91 Express Lanes opening • Ordinance required to set the administrative procedures for processing toll evasion violations and to establish the penalty schedule • The penalty schedule adopted in 2016 was the same that OCTA used Express l Lanes 2 RiversideExpress Why Amending? • Include the 15 Express Lanes and future Express Lanes • Correct a reference error • Change the penalty schedule Express l Lanes 3 :14 RiversideExpress Penalty Schedule Proposed Initial Penalty Delinquent Penalty (+ 60 days) Collection Fee (+90 days) Collection Assessment: One Violation Two Violations Three Violations $25 $30 $25 $20 $70 $120 $25 $30 Up to $25 Up to $20 regardless of quantity Express 1 Lanes 4 One Violation Two Violation Three Violatio • $100 Current • $100 Revised • $300 Current • $200 Revised • $600 Current • $300 Revised 5 RiversideExpress Benefit of Reduced Penalties Express 1 Lanes • Easier resolution for customers with multiple violations • Less expended on collection efforts • Expected net financial impact of zero • Consistency with other California toll operators 6 la RiversideExpress Other Fees Added • DMV fee of $3 • Non -sufficient fund check fee $25 • Express 1 Lanes RiversideExpress Recommendation • Adopt Ordinance 19-001 Express 1 Lanes 8 RIVERSIDE COUNTY TRANSPORTATION COMMISSION QUESTIONS AGENDA ITEM 9A RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: June 12, 2019 TO: Riverside County Transportation Commission FROM: Michele Cisneros, Deputy Director of Finance THROUGH: Anne Mayer, Executive Director SUBJECT: Appropriations Limit for Fiscal Year 2019/20 STAFF RECOMMENDATION: This item is for the Commission to adopt Resolution No. 19-010, "Resolution of the Riverside County Transportation Commission Establishing the Annual Appropriations Limit', for Fiscal Year 2019/20. BACKGROUND INFORMATION: Section 7910 of the California Government Code implements Article XIIIB of the California Constitution by requiring each local jurisdiction to establish, by resolution, its appropriations limit for each fiscal year and to make documentation used to determine the appropriations limit available to the public 15 days prior to adoption of the resolution establishing the appropriations limit. Staff performed the calculations necessary to determine the limit. The resolution and documents supporting the calculation are attached. The Commission chose to use the percentage change in the California per capita personal income and population change within Riverside County as the factors in determining the appropriations limit. As required, the adoption of the Commission's FY 2019/20 Appropriations Limit, which was posted in the Press Enterprise, and the Desert Sun. Attachments: 1) Resolution No. 19-010 2) California Per Capita Income and Population, Riverside County— California Department of Finance Agenda Item 9A 22 ATTACHMENT 1 RESOLUTION NO. 19-010 "RESOLUTION OF THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION ESTABLISHING THE ANNUAL APPROPRIATIONS LIMIT" WHEREAS, Article XIIIB of the California Constitution places an annual limitation upon appropriations from proceeds of taxes by each local government of the State of California; and WHEREAS, in 1988, pursuant to Article XIIIB, section 4 of the California Constitution, the Riverside County Transportation Commission established its appropriations limit at $75 million for fiscal year 1988-1989 under ordinance No. 88-1; and WHEREAS, Section 7910 of the California Government Code implements Article XIIIB of the California Constitution by requiring each local jurisdiction to establish, by resolution, its appropriations limit for each fiscal year and to make the documentation used in determining the appropriations limit available to the public fifteen days prior to adoption of the resolution establishing the appropriations limit; and WHEREAS, in accordance with Senate Constitutional Amendment No. 1 approved by the voters of the State effective June 6, 1990, beginning with fiscal year 1990-1991 and for each fiscal year thereafter, the Commission's Board of Commissioners is required to select either the percentage change in California per capita personal income or the percentage change in the local assessment roll due to the addition of local non-residential construction, and either the population change within the Commission or the population change within Riverside County, as the two factors to be applied in calculating the appropriations limit for each fiscal year; and WHEREAS, this Board wishes to select, as factors in determining the Commission's appropriation limit for fiscal year 2019-2020 the percentage change in California per capita personal income and also the population change within Riverside County; and WHEREAS, this Commission has documented its calculations of the Commission's appropriations limit for fiscal year 2019-2020 and said calculations have been made available to the public at least fifteen days prior to the adoption of this resolution. NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Riverside County Transportation Commission as follows: 23 1. For fiscal year 2019-2020, the factors selected for calculating the appropriations limit are (a) the percentage change in California per capita personal income, and (b) the population change within the County of Riverside. 2. The appropriations limit applicable to this Agency pursuant to Article XIIIB of the California Constitution for fiscal year 2019-2020 are hereby established and determined to be $487,698,077. 3. A copy of the documentation used in the determination of the appropriations limit for fiscal year 2019-2020 shall be affixed hereto and shall be available for public inspection. 4. Pursuant to Section 7910 of the California Government Code, any judicial action or proceeding to attack, review, set aside, void, or annul the establishment of the appropriations limit as set forth herein must be commenced within forty-five days of the adoption of this resolution. ADOPTED this 12th day of June, 2019. Chuck Washington, Chair Riverside County Transportation Commission ATTEST: Lisa Mobley, Clerk of the Board Riverside County Transportation Commission 24 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 2019/20 APPROPRIATONSLJMII 2018/19 Appropriations Limit $ 464,186,785 2019/20 adjustment Change in California per capita personal income Per capita cost of living converted to a ratio: Change in population, Riverside County Population converted to a ratio: Calculation of factorfor FY2019/20: Per capita cost of living ratio Population ratio FY 2019/ 20 factor 2018/ 19 Appropriations Limit FY 2019/ 20 factor 3.85% 1.0385 1.0117 1.0385 1.0117 1.0506505 $ 464,186,785 1.0506505 2019/20 Appropriations Limit $ 487,698,077 Source: California per capita income - California Department of Finance Population, Riverside County - California Department of Finance 25 ATTACHMENT 2 Et4Y gA. A. i i Q' Z ' 'a~ Z 1.0 a IIII n m DEPARTMENT OF C'4�1FORHP F I N A N C E GAV1N NEWSCIM GOVERNOR 91 S L STREET ■ SACRAMENTO CA ■ 9581 4-3705 ■ WWW.00F.CA.GOV May 2019 Dear Fiscal Officer: Subject: Price Factor and Population Information Appropriations Limit California Revenue and Taxation Code section 2227 requires the Department of Finance to transmit an estimate of the percentage change in population to local governments. Each local jurisdiction must use their percentage change in population factor for January 1, 2019, in conjunction with a change in the cost of living, or price factor, to calculate their appropriations limit for fiscal year 2019-20. Attachment A provides the change in California's per capita personal income and an example for utilizing the price factor and population percentage change factor to calculate the 2019-20 appropriations limit. Attachment B provides the city and unincorporated county population percentage change. Attachment C provides the population percentage change for counties and their summed incorporated areas. The population percentage change data excludes federal and state institutionalized populations and military populations. Population Percent Change for Special Districts Some special districts must establish an annual appropriations limit. California Revenue and Taxation Code section 2228 provides additional information regarding the appropriations limit. Article XIII B, section 9(C) of the California Constitution exempts certain special districts from the appropriations limit calculation mandate. The code section and the California Constitution can be accessed at the following website: http://leginfo.legislature.ca.gov/faces/codes.xhtml. Special districts required by law to calculate their appropriations limit must present the calculation as part of their annual audit. Any questions special districts have on this requirement should be directed to their county, district legal counsel, or the law itself. No state agency reviews the local appropriations limits. Population Certification The population certification program applies only to cities and counties. California Revenue and Taxation Code section 11005.6 mandates Finance to automatically certify any population estimate that exceeds the current certified population with the State Controller's Office. Finance will certify the higher estimate to the State Controller by June 1, 2019. Please Note: The prior year's city population estimates may be revised. If you have any questions regarding this data, please contact the Demographic Research Unit at (916) 323-4086. KEELY BOSLER Director By: Vivek Viswanathan Chief Deputy Director Attachment 26 May 2019 Attachment A A. Price Factor: Article XIII B specifies that local jurisdictions select their cost of living factor to compute their appropriation limit by a vote of their governing body. The cost of living factor provided here is per capita personal income. If the percentage change in per capita personal income is selected, the percentage change to be used in setting the fiscal year 2019-20 appropriation limit is: Per Capita Personal Income Fiscal Year (FY) Percentage change over prior year 2019-20 3.85 B. Following is an example using sample population change and the change in California per capita personal income as growth factors in computing a 2019-20 appropriation limit. 2019-20: Per Capita Cost of Living Change = 3.85 percent Population Change = 0.47 percent Per Capita Cost of Living converted to a ratio: Population converted to a ratio: 3.85 + 100 = 1.0385 100 0.47 + 100 = 1.0047 100 Calculation of factor for FY 2019-20: 1.0385 x 1.0047 = 1.0434 27 Fiscal Year 2019-20 Attachment B Annual Percent Change in Population Minus Exclusions* January 1, 2018 to January 1, 2019 and Total Population, January 1, 2019 County Percent Change --- Population Minus Exclusions --- City 2018-2019 1-1-18 1-1-19 Riverside Total Population 1-1-2019 Banning 0.30 30,950 31,044 31,044 Beaumont 3.99 46,545 48,401 48,401 Blythe 0.40 13,827 13,882 19,428 Calimesa 0.87 9,080 9,159 9,159 Canyon Lake 0.64 11,213 11,285 11,285 Cathedral City 0.81 54,419 54,859 54,907 Coachella 1.25 45,777 46,351 46,351 Corona 0.65 167,013 168,101 168,101 Desert Hot Springs 0.51 29,102 29,251 29,251 Eastvale 0.54 65,725 66,078 66,078 Hemet 0.39 84,423 84,754 84,754 Indian Wells 1.04 5,389 5,445 5,445 Indio 1.37 88,194 89,406 89,406 Jurupa Valley 1.58 104,661 106,318 106,318 Lake Elsinore 1.14 62,096 62,804 62,949 La Quinta 0.83 41,753 42,098 42,098 Menifee 2.95 90,775 93,452 93,452 Moreno Valley 1.09 206,046 208,297 208,297 Mu rrieta 0.99 116,970 118,125 118,125 Norco 0.33 23,886 23,966 26,386 Palm Desert 0.61 53,298 53,625 53,625 Palm Springs 0.71 48,390 48,733 48,733 Perris 0.93 76,260 76,971 76,971 Rancho Mirage 1.05 18,297 18,489 18,489 Riverside 0.56 326,211 328,042 328,101 San Jacinto 2.67 47,607 48,878 48,878 Temecula 0.51 113,248 113,826 113,826 Wildomar 1.21 35,635 36,066 36,066 Unincorporated 1.83 386,738 393,833 394,200 County Total 1.17 2,403,528 2,431,539 2,440,124 'Exclusions include residents on federal military installations and group quarters residents in state mental institutions, state and federal correctional institutions and veteran homes. 28 AGENDA ITEM 9B RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: June 12, 2019 TO: Riverside County Transportation Commission FROM: Megan Kavand, Senior Financial Analyst Theresia Trevino, Chief Financial Officer THROUGH: Anne Mayer, Executive Director SUBJECT: Quarterly Investment Report STAFF RECOMMENDATION: This item is for the Commission to receive and file the Quarterly Investment Report for the quarter ended March 31, 2019. BACKGROUND INFORMATION: Prior to Fiscal Year 2013/14, the Commission's quarterly investment reports reflected investments primarily concentrated in the Riverside County Pooled Investment Fund. Other investments included the state Local Agency Investment Fund and mutual funds. As a result of significant project financings such as the State Route 91 Corridor Improvement Project (91 Project or 91 CIP) and the Interstate 15 Express Lanes Project (1-15 ELP), the Commission determined it would be prudent to engage an investment manager for the bond proceeds and other required funds. Additionally, the Commission desired to engage an investment manager to provide investment advisory and management services related to the Commission's operating funds. In May 2013, following a competitive procurement, the Commission awarded two investment management services agreements to Logan Circle Partners, L.P. (Logan) for the 91 Project's proceeds generated from the issuance of sales tax revenue bonds and toll revenue bonds and to Payden & Rygel Investment Management (Payden & Rygel) for Commission operating funds. At its April 2017 meeting and based on a competitive procurement, the Commission awarded an investment management services agreement to Logan related to the issuance of the sales tax revenue bonds for the 1-15 ELP. Commencing in July 2013, Logan invested the 91 Project debt proceeds and subsequent 91 Project equity contributions in separate accounts of the Short -Term Actively Managed Program (STAMP). Consistent with financing expectations, the Commission expended substantially all of the 91 Project debt proceeds and equity contributions, except for the toll revenue bonds debt service reserve, and subsequent to commencement of operations, established other required accounts. The Commission authorized Payden & Rygel to make Agenda Item 9B 29 specific investments for the Commission's operating funds beginning with the third quarter of FY 2014/15. In July 2017, the 1-15 ELP project and 91 Project completion financing (2017 Financing) was completed and sales tax bond proceeds approximating $154.6 million were received. Logan invested the 2017 Financing debt proceeds in accounts of a separate STAMP portfolio during the first quarter of FY 2017/18. The quarterly investment report for the third quarter of FY 2018/19, as required by state law and Commission policy, reflects the investment activities resulting from the 91 Project, 2017 Financing, and available operating cash. The quarterly investment report includes the following information: • Investment Portfolio Report; • 91 CIP STAMP Portfolio by Investment Category; • 91 CIP STAMP Portfolio by Account; • 91 CIP STAMP Portfolio Transaction Report by Account; • 91 CIP STAMP Portfolio Summary of investments by credit rating, industry group, asset class, security type, and market sector; • 91 CIP STAMP Portfolio Toll Revenue Series A & Series B Reserve Fund Summary of investments by credit rating, industry group, asset class, security type, and market sector; • 91 CIP STAMP Portfolio Residual Fund Required Retained Balance Summary of investments by credit rating, industry group, asset class, security type, and market sector; • 2017 Financing STAMP Portfolio by Investment Category; • 2017 Financing STAMP Portfolio by Account; • 2017 Financing STAMP Portfolio Transaction Report by Account; • 2017 Financing STAMP Portfolio Summary of investments by credit rating, industry group, asset class, security type, and market sector; • 2017 Financing STAMP Portfolio 1-15 ELP Sales Tax Senior Lien TIFIA Project Fund Summary of investments by credit rating, industry group, asset class, security type, and market sector; • 2017 Financing STAMP Portfolio Ramp Up Fund Summary of investments by credit rating, industry group, asset class, security type, and market sector; • Logan Circle Partners, L.P. Short Duration First Quarter 2019 Review; • Payden & Rygel Operating Portfolio by Investment Category; • Payden & Rygel Operating Portfolio Transaction Report; • Payden & Rygel Operating Portfolio First Quarter 2019 Review; and • County of Riverside Investment Report for the Quarter Ended March 31, 2019. The Commission's investments were in full compliance with the Commission's Investment Policy adopted March 13, 2019, and investments securities permitted under the indenture for the Commission's sales tax revenue bonds and the master indentures for the Commission's toll revenue bonds. Additionally, the Commission has adequate cash flows for the next six months. Agenda Item 9B 30 Attachments: 1) Investment Portfolio Report 2) 91 CIP STAMP Portfolio by Investment Category 3) 91 CIP STAMP Portfolio by Account 4) 91 CIP STAMP Portfolio Transaction Report by Account 5) 91 CIP STAMP Portfolio Summary of Investments 6) 91 CIP STAMP Portfolio Toll Revenue Series A & Series B Reserve Fund Summary of Investments 7) 91 CIP STAMP Portfolio Residual Fund Required Retained Balance Summary of investments 8) 2017 Financing STAMP Portfolio by Investment Category 9) 2017 Financing STAMP Portfolio by Account 10) 2017 Financing STAMP Portfolio Transaction Report by Account 11) 2017 Financing STAMP Portfolio Summary of Investments 12) 2017 Financing STAMP Portfolio 1-15 ELP Sales Tax Senior Lien TIFIA Project Fund Summary of Investments 13) 2017 Financing STAMP Portfolio Ramp Up Fund Summary of Investments 14) Payden & Rygel Operating Portfolio by Investment Category 15) Payden & Rygel Operating Portfolio Transaction Report 16) Logan Circle Partners, L.P. Short Duration Quarterly Review 17) Payden & Rygel Operating Portfolio Quarterly Review 18) County of Riverside Investment Report Agenda Item 9B 31 ATTACHMENT 1 Riverside County Transportation Commission Investment Portfolio Report Period Ended: March 31, 2019 RATING COUPON PAR PURCHASE MATURITY YIELD TO PURCHASE MARKET UNREALIZED FAIR VALUE MOODYS / S&P RATE VALUE DATE DATE MATURITY COST VALUE GAIN (LOSS) OPERATING FUNDS City National Bank Deposits 12,694,241 A3/BBB+ N/A N/A County Treasurer's Pooled Investment Fund 462,249,557 Aaa-bf/AAA-V1 N/A 2.33% Local Agency Investment Fund (LAIF) 3,776,980 N/A N/A N/A Subtotal Operating Funds 478,720,778 FUNDS HELD IN TRUST County Treasurer's Pooled Investment Fund: Local Transportation Fund 65,175,941 Aaa-bf/AAA-V1 N/A 2.33% Subtotal Funds Held in Trust 65,175,941 COMMISSION MANAGED PORTFOLIO US Bank Payden & Rygel Operating 52,305,826 See attached report for details First American Government Obligation Fund 49,090,086 N/A N/A N/A Subtotal Commission Managed Portfolio 101,395,911 STAMP PORTFOLIO for 91 CIP Series A & Series B Reserve Fund Residual Fund Required Retained Balance Subtotal STAMP Portfolio - 91 CIP STAMP PORTFOLIO for 2017 Financing Sales Tax 115 ELP Project Revenue Fund Sales Tax Revenue Fund Ramp Up Fund Subtotal STAMP Portfolio - 2017 Financing TOTAL All Cash and Investments $500,000,000 $450,000,000 $400,000,000 $350,000,000 $300,000,000 $250,000,000 $200,000,000 $150,000,000 $100,000,000 $50,000,000 $- 18,329,421 15,954,206 34,283,627 70,229,147 8,113,617 78,342,765 $ 757,919,022 Nature of Investments ■ STAMP Portfolio for 91 CIP Reserve ■ STAMP Portfolio for 91 CIP Residual Fund ■ STAMP Portfolio for 2017 Financing 115 ELP Project Revenue Fund ■ STAMP Portfolio for 2017 Financing Ramp Up Fund ■ Commission Managed Portfolio ■ Trust Funds ■ Operating Funds See attached report for details See attached report for details See attached report for details See attached report for details See attached report for details 0.45% Money Market Funds 21.31% Fixed Income 0.50% LAIF 6.48% Mutual Funds 71.26% County Pool/Cash 32 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 3137EADB2 3135GOD75 3137EADR7 Agency Agency Agency 256350023 LC -Sr Lien Reserve Fund-1 3134G9V38 Agency 256350021 LC-RCTC 2013 Residual Fund 3134GTINI Agency 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 91 CIP STAMP Portfolio by Investment Category for quarter ended March 31, 2019 Federal Home Loan Mortgage Corporation Federal National Mortgage Association Fannie Mae Federal Home Loan Mortgage Corporation Federal Home Loan Mortgage Corporation Freddie Mac 3136A72D3 Agency CMO Federal National Mortgage Association Fannie Mae 3137ASNH3 Agency CMO Federal Home Loan Mortgage Corporation 3137AUPE3 Agency CMO Federal Home Loan Mortgage Corporation 31395EZP5 Agency CMO Federal Home Loan Mortgage Corporation 383771Z89 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Though Securities 38377RVK8 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Though Securities 38378TAF7 Agency CM0 The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 38378CRT6 Agency CMO The Government National Morte Association Guaranteed REMIC Pass -Though Securities 38376GB33 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Though Securities 38376T5Z7 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Though Securities 38376WA62 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Though Securities 38377RSZ9 Agency CMO The Government National Morl a Ae Association Guaranteed REMIC Pass -Though Securities 38378B7F0 Agency CMO Government National Mortgage Association 3137AJMF8 Agency CMO Federal Home Loan Mortgage Corporation 3137ATRW4 Agency CMO Federal Home Loan Mortgage Corporation 38380AZ34 Agency CMO The Government National Morl a Ae Association Guaranteed REMIC Pass -Though Securities 3137AXHP1 Agency CMO Federal Home Loan Mortgage Corporation 3137A5FP4 Agency CMO Federal Home Loan Mortgage Corporation 38378CDK0 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 38377LQT8 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Though Securities 38378AWX5 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 38378DDC6 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Though Securities 31398QTP2 Agency CMO Federal Home Loan Mortgage Corporation 38375KCX8 Agency CMO Government National Mortgage Association 38379HLE3 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 38377F2N0 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Though Securities 38378VC45 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 383771M59 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Though Securities 3136A5KR6 Agency CMO Federal National Mortgage Association Fannie Mae 38378HXH4 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Though Securities 38375CBH2 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 3137B5A60 Agency CMO Federal Home Loan Mortgage Corporation 3137B4HDI Agency CMO Federal Home Loan Mortgage Corporation 256350021 LC-RCTC 2013 Residual Fund 3137AILC5 256350021 LC-RCTC 2013 Residual Fund 3137A5FP4 Agency CMO Federal Home Loan Mortgage Corporation Agency CMO Federal Home Loan Mortgage Corporation 256350021 LC-RCTC 2013 Residual Fund 38378CDK0 Agency CMO 256350021 LC-RCTC 2013 Residual Fund 38378AWX5 Agency CMO 256350021 LC-RCTC 2013 Residual Fund 3137APP53 256350021 LC-RCTC 2013 Residual Fund 3137AIN90 The Government National Mortgage Association Guaranteed REMIC Pass -Though Securities The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities Agency CMO Federal Home Loan Mortgage Corporation Agency CMO Federal Home Loan Mortgage Corporation 256350021 LC-RCTC 2013 Residual Fund 31397LUK3 Agency CM() 256350021 LC-RCTC 2013 Residual Fund 3136A5KR6 Agency CMO 256350021 LC-RCTC 2013 Residual Fund 31358TPC7 Federal National Mortgage Association Fannie Mae Federal National Mortgage Association Fannie Mae Agency CMO Federal National Mortgage Association Fannie Mae 256350021 LC-RCTC 2013 Residual Fund 3137ABFH9 Agency CMO 256350021 LC-RCTC 2013 Residual Fund 38375CBH2 Agency CMO 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 Federal Home Loan Mortgage Corporation The Government National Mortgage Association Guaranteed REMIC Pass -Though Securities 31417YKF3 Agency MBS Federal National Mortgage Association Fannie Mae 3138IPEB0 Agency MBS Federal National Mortgage Association Fannie Mae 3837810CW4 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 38378B6A2 Agency MBS Government National Mortgage Association 38378KSL4 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 38378KRS0 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass -Though Securities 38378XP62 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 38378KWU9 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass -Though Securities 383791SDN5 Agency MBS Government National Mortgage Association 3138L33G8 Agency MBS Federal National Mortgage Association Fannie Mae 3138IQ6B7 Agency MBS Federal National Mortgage Association Fannie Mae 3136A7MN9 Agency MBS Federal National Mortgage Association Fannie Mae 3137B1U75 Agency MBS Federal Home Loan Mortgage Corporation 3138EJPZ5 Agency MBS Federal National Mortgage Association Fannie Mae 3138IT4E7 Agency MBS Federal National Mortgage Association Fannie Mae 36202F2H8 Agency MBS Ginnie Mae II 3136AHAE0 Agency MBS Federal National Mortgage Association Fannie Mae 3138FYYTA Agency MBS Federal National Mortgage Association Fannie Mae 3136AC7J4 Agency MBS Federal National Mortgage Association Fannie Mae 3138IR5T7 Agency MBS Federal National Mortgage Association Fannie Mae 3138NIAE8 Agency MBS Federal National Mortgage Association Fannie Mae 31381N7G2 Agency MBS Federal National More Association Fannie Mae 3138IQB54 Agency MBS Federal National Mortgage Association Fannie Mae 3138L1 W62 Agency MBS Federal National Mortgage Association Fannie Mae 31381SV18 Agency MBS Federal National Mortgage Association Fannie Mae 256350021 LC-RCTC 2013 Residual Fund 31416BVR6 Agency MBS 256350021 LC-RCTC 2013 Residual Fund 3137B1UF7 Federal National Mortgage Association, Inc. Agency MBS Federal Home Loan Mortgage Corporation 256350021 LC-RCTC 2013 Residual Fund 3137AXHN6 Agency MBS 256350021 LC-RCTC 2013 Residual Fund 3137AWQG3 Agency MBS 256350021 LC-RCTC 2013 Residual Fund 3137B2GW4 Agency MBS 256350021 LC-RCTC 2013 Residual Fund 3138IRZ23 Federal Home Loan Mortgage Corporation Federal Home Loan Mortgage Corporation Federal Home Loan Mortgage Corporation Agency MBS Federal National Mortgage Association Fannie Mae 256350021 LC-RCTC 2013 Residual Fund 3138IRLL6 Agency MBS 256350021 LC-RCTC 2013 Residual Fund 3138IQB54 Federal National Mortgage Association Fannie Mae Agency MBS Federal National Mortgage Association Fannie Mae 256350021 LC-RCTC 2013 Residual Fund 3138L2GH4 Agency MBS 256350021 LC-RCTC 2013 Residual Fund 31381SV18 Federal National Mortgage Association Fannie Mae Agency MBS Federal National Mortgage Association Fannie Mae ATTACHMENT 2 01/13/2022 - 950,000.00 942,921.50 --- 952,641.00 2,933.67 2.375 2.271 06/22/2020 05/06/2015 600,000.00 593,490.00 --- 593,544.00 (4,847.10) 1.500 2.392 AAA 05/01/2020 05/15/2015 475,000.00 471,527.75 --- 469,618.25 (4,600.48) 1.375 2.435 AAA 07/27/2021 08/28/2018 04/01/2021 03/29/2019 04/25/2022 07/03/2013 09/25/2021 07/03/2013 06/25/2022 08/15/2019 07/09/2013 10/20/2039 07/05/2013 04/20/2039 07/20/2041 07/05/2013 10/20/2040 05/22/2014 10/16/2044 01/23/2015 01/16/2039 01/26/2015 10/20/2039 06/16/2039 12/16/2042 10/25/2021 08/05/2015 05/25/2022 04/20/2046 11/28/2016 09/25/2022 09/29/2017 01/15/2021 03/20/2035 03/16/2018 12/20/2037 01/20/2036 03/28/2018 04/20/2038 06/20/2018 05/15/2038 06/26/2018 01/20/2037 09/18/2018 05/20/2043 10/18/2018 06/20/2038 09/28/2018 12/16/2041 11/23/2018 10/20/2039 11/21/2018 10/25/2022 01/25/2019 09/16/2027 03/08/2019 03/16/2035 03/19/2019 10/15/2028 03/20/2019 12/15/2042 03/20/2019 08/15/2020 01/17/2018 01/15/2021 01/30/2018 03/20/2035 01/30/2018 01/20/2036 01/30/2018 10/25/2020 05/18/2018 06/25/2020 06/26/2018 06/25/2023 10/10/2018 10/25/2022 01/25/2019 02/25/2023 02/11/2019 06/25/2021 03/15/2019 03/16/2035 03/19/2019 01/01/2030 11/01/2020 09/26/2014 02/16/2037 12/11/2014 11/16/2052 01/22/2015 250 000.00 500 000.00 297,427.94 65,400.50 379,000.00 614.15 49,181.31 109,096.81 124 151.99 49,785.78 121,298.66 75,911.23 215,317.36 52,008.43 450 000.00 29,504.48 282,110.00 140,090.48 140 000.00 95,520.93 20 407.50 19,277.95 83 258.93 121 034.84 73,933.37 23,608.97 114,481.79 5,121.76 153,956.37 87.261.84 84 397.02 18,553.70 61,888.83 27,269.96 49 079.91 245 225.00 04/27/2019 499 950.00 07/01/2019 282,556.54 63,911.11 366,344.03 649.75 50,685.56 111,273.39 124 170.70 48,074.39 124,508.87 79,308.26 220,733.87 53,640.92 427 324/2 30,525.61 278,085.13 144,014.11 142 089.06 95,531.73 20 503.16 19,284.84 83 707.74 121 852.77 75,380.27 23,782.35 114,320.80 5,112.96 148,399.52 85,080.29 83 236.56 17,589.95 61,511.70 26,963.18 50 690.35 248 007.50 499,850.50 296,321.51 64,908.69 377,294.50 615.29 49,995/6 109,320.46 123 744.77 49,009.12 121,405.41 76,528.39 222,717.82 52,692.35 181632 1.500 2.488 (99.50) 2.600 2.615 3,601.69 2.482 2.683 (204.84) 1.459 2.735 3,117.58 2.396 2.506 (0.03) 4.500 0.143 (235.66) 3.500 2.698 (1,098.39) 3.000 2.875 (288.96) 2.500 2.584 654.76 2.000 2.496 (428.58) 3.500 2.953 (1,699.41) 3.000 2.641 1,426.33 4.000 2.840 (79.84) 4.500 2.486 412 537.50 (23 890.59) 2.273 4.179 29,718.09 280,741.77 140,926.82 140 018.20 95,249.65 20 423.22 19,275.06 83 443.76 121 293.85 74,915.94 23,645.09 116,604.28 5,116.43 151,194.39 85,949.43 83 436.58 17,904.50 61,501.41 27,071.16 51321.39 (167.55) 2.968 2.569 1,916.80 2.373 2.499 (2,564.05) 3.000 2.876 (I 380.10) 2.573 2.529 (228.58) 2.500 2.673 (27.23) 3.000 2.688 17.63 3.000 2.537 (78.08) 3.000 2.649 (221.48) 3.500 2.968 173.56 4.500 2.597 (1.00) 5.500 3.010 2,310.69 3.500 2.657 5.35 3.000 2.638 2,648.52 2.250 2.839 795.43 2.500 3.132 175.01 1.750 2.817 317.37 1.250 2.746 6.03 1.250 3.233 112.84 2.500 2.808 591.36 4.500 2.799 9,020.41 8,990.82 - 8,974.95 _(23.38) 2.000 3.054 34 146.86 34 232.23 34 049.88 (140.79) 2.500 2.673 36,733.51 37,072.14 - 36,761.79 _1141.81) 3.000 2.688 27,752.98 8,730.65 65,000.00 184,812.26 129,646.03 123,444.86 206,000.00 108,571.24 140,040.97 249,705.30 1I0 478.14 113,750.56 28,021.83 8,623.21 65,594.14 188,537.38 127,863.39 123,824.12 209,846.41 107,909.64 146,756A2 262,931.88 109 943.02 110,164.74 27,814.59 8,667.70 65,359.45 188,321.84 128,170.66 123,838.65 210,505.22 107,891.58 146,303.60 252,566.92 107 711.77 105,683.37 (103.40) 3.000 2.649 9.50 1.781 2.738 64.21 3.531 2.829 637.09 4.500 2.669 268.84 1.750 2.817 27.52 3.336 3.133 716.22 3.989 2.755 10.58 1.250 3.233 (96.43) 4.500 3.112 105.77 3.370 2.327 (2 535.54) 1.705 3.696 (6,061.32) 1.826 4.302 12/16/2046 - 425 000.00 415 829.11 --- 393 078.25 (25 408.01) 2.811 3.942 07/16/2043 05/08/2015 05/16/2055 05/14/2015 11/16/2041 09/16/2055 08/05/2015 06/01/2020 11/12/2015 06/01/2021 07/15/2016 05/25/2022 08/29/2016 01/25/2023 08/29/2016 07/01/2022 08/29/2016 03/01/2022 10/25/2016 01/20/2027 04/25/2023 10/28/2016 03/01/2023 03/25/2023 02/21/2018 09/01/2021 08/29/2018 12/01/2020 09/13/2018 10/01/2020 09/25/2018 03/01/2021 11/07/2018 12/01/2022 02/21/2019 11/01/2021 02/22/2019 12/01/2020 01/17/2018 09/25/2022 01/25/2018 02/25/2022 01/25/2018 04/25/2022 01/30/2018 03/25/2020 06/29/2018 08/01/2021 11/02/2018 07/01/2021 11/02/2018 03/01/2021 11/07/2018 07/01/2021 12/19/2018 11/01/2021 02/22/2019 450,000.00 434,460.94 - 423,288.00 (18,202.30) 2.389 4.001 273,662.41 277,040.43 --- 263,495.85 (12,895.32) 2.500 3.362 127,611.14 150,707.79 100,000.00 296,697.20 380,000.00 167,094.31 116056.23 275,566.65 50814.85 130,000.00 19,033.42 18,113.56 130,943.29 166,198.99 107,642.83 29,077.92 16,665.95 29,137.40 34239.70 96,966.50 61,184.90 53,015.00 100,389.86 91,921.10 86,114.26 121,714.12 146,857.67 99,875.00 305,180.89 394,917.97 288259.65 172,226.18 271,649.60 132,747.27 19,253.49 18,180.08 133,654.23 165,212.18 108,181.05 29,732.18 16,421.17 28,736.77 96,337.73 62,093.11 53,801.95 102,468.24 89,422.01 86,544.84 120,010.62 142,568.06 99,124.00 294,216.81 273754.12 169,106.12 274,566.34 133,251.30 19,352.23 18,242.17 135,375.72 165,647.21 29,730.72 16,45739 28,773.77 96,581.55 62,508.94 54,396.57 103,788.06 90,609.39 87,382.72 AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA 256350021 LC-RCTC 2013 Residual Fund 3138LIW62 Agency MBS 256350021 LC-RCTC 2013 Residual Fund 31397UPF0 Federal National Mortgage Association Fannie Mae Agency MBS Federal National Mortgage Association Fannie Mae 33 127.093.34 169,516.61 126,338.73 171,953.41 126,671.39 172,742.51 325.57 2.500 2.577 AAA Page 2 of 34 ISFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio by Investment Category for quarter ended March 31, 2019 IIIMMIEIMEM11 -AdMillIllallMillEnllIlli 256- 350021 LC-RCTC 2013 Residual Fund 025821GN4 Asset Backed American Express Credit Account Master Trust 05/15/2019 01/16/2018 100,000.00 100,351.56 --- 100,041.00 (34.37) 2.854 2.555 AAA 256350021 LC-RCTC 2013 Residual Fund 161571FK5 Asset Backed Chase Issuance Trust O8/15/2019 01/25/2018 115,000.00 113,827.54 --- 114,557.25 (157.41) 1.580 2.619 AAA 256350021 LC-RCTC 2013 Residual Fund 65479AAD4 Asset Backed Nissan Auto Lease Trust 2017-A 04/15/2020 01/25/2018 43,987.89 43,786.84 --- 43,913.99 (38.87) 1.910 2.714 AAA 256350021 LC-RCTC 2013 Residual Fund 055657AC4 Asset Backed Bmw Vehicle lease Trust 2017-1 256350021 LC-RCTC 2013 Residual Fund 05522RCV8 Asset Backed BA Credit Card Trust 256350021 LC-RCTC 2013 Residual Fund 65478DAD9 Asset Backed Nissan Auto Receivables 2018-A Owner Trust 256350021 LC-RCTC 2013 Residual Fund 02587AA13 Asset Backed American Express Credit Account Master Trust 256350021 LC-RCTC 2013 Residual Fund 65478HAD0 Asset Backed 256350021 LC-RCTC 2013 Residual Fund 05584PAD9 Asset Backed 256350021 LC-RCTC 2013 Residual Fund 43814TAD4 Asset Backed 256350021 LC-RCTC 2013 Residual Fund 477891AB2 NAROT 17-C BMW Vehicle (case Trust 2017-2 Honda Auto Receivables 2007-1 Owner Trust Asset Backed John Deere Owner Trust 2019 256350021 LC-RCTC 2013 Residual Fund 55379WGM2 CD MUFG Bank Ltd. 05/20/2020 01/29/2018 63,230.09 63,042.38 --- 63,128.92 (69.41) 1.980 2.792 AAA 05/15/2019 06/29/2018 100,000.00 100,214.84 - 100,040.00 (10.42) 2.874 2.583 AAA 05/16/2022 06/29/2018 85,000.00 84,561.72 --- 85,072.25 364.68 2.650 2.604 AAA 02/18/2020 06/29/2018 04/18/2022 09/25/2018 02/20/2020 10/11/2018 06/21/2023 10/11/2018 10/15/2021 03/05/2019 04/08/2019 03/19/2019 100,000.00 70,000.00 150,000.00 200,000.00 105,000.00 300 000.00 98,515.63 68,908.98 148,652.34 196,375.00 104,995.21 299 997.45 99,392.00 69,629.00 149,430.00 198,316.00 105,179.55 300 009.00 203.76 1.930 2.639 417.52 2.120 2.546 140.10 2.070 2.830 1,294.47 2.050 2.481 184.24 2.850 2.706 9.89 2.540 2.375 AAA AAA AAA AAA AAA AAA 256350021 LC-RCTC 2013 Residual Fund 869581L72 CD Svenska Handelsbanken AB 256350023 LC -Sr Lien Reserve Fund-1 62888VAA6 CMO 256350021 LC-RCTC 2013 Residual Fund 62888VAA6 CMO 256350021 LC-RCTC 2013 Residual Fund 62888UAB6 CMO 256350021 LC-RCTC 2013 Residual Fund 13607RAB6 Corporate 256350021 LC-RCTC 2013 Residual Fund 46625HKA7 Corporate 256350021 LC-RCTC 2013 Residual Fund 38141E808 Corporate 256350021 LC-RCTC 2013 Residual Fund 06406HCU1 Corporate 256350021 LC-RCTC 2013 Residual Fund 06051GFN4 Corporate 256350021 LC-RCTC 2013 Residual Fund 86787EAS6 Corporate 256350021 LC-RCTC 2013 Residual Fund 780082AC7 NCUA Guaranteed Notes Trust 2011-R1 NCUA Guaranteed Notes Trust 2011-R1 NCUA Guaranteed Notes Trust 2010-R2 Canadian Imperial Bank of Commerce JPMorgan Chase & Co. The Goldman Sachs Group, Inc. The Bank of New York Mellon Corporation Bank of America Corporation SunTrast Bank Corporate Royal Bank of Canada 256350021 LC-RCTC 2013 Residual Fund 61747WAF6 Corporate 256350021 LC-RCTC 2013 Residual Fund 06416CAC2 Corporate 256350021 LC-RCTC 2013 Residual Fund 254010AC5 Corporate 256350021 LC-RCTC 2013 Residual Fund 369550BA5 Corporate 256350021 LC-RCTC 2013 Residual Fund 31677QBB4 Corporate 256350021 LC-RCTC 2013 Residual Fund 17275RBG6 Corporate 256350021 LC-RCTC 2013 Residual Fund 40428HPN6 Corporate 256350021 LC-RCTC 2013 Residual Fund 89114QAS7 Corporate 256350021 LC-RCTC 2013 Residual Fund 06367TPX2 Corporate 256350021 LC-RCTC 2013 Residual Fund 375558BB8 Corporate 256350021 LC-RCTC 2013 Residual Fund 46625HHS2 Corporate 256350021 LC-RCTC 2013 Residual Fund 0258MOEE5 Corporate 256350021 LC-RCTC 2013 Residual Fund 69353RFC7 Corporate 256350021 LC-RCTC 2013 Residual Fund 06051GEC9 Corporate 256350021 LC-RCTC 2013 Residual Fund 06406FAB9 Corporate 256350021 LC-RCTC 2013 Residual Fund 55279HAN0 Corporate 256350021 LC-RCTC 2013 Residual Fund 90331BNP4 Corporate 256350021 LC-RCTC 2013 Residual Fund 49327M2P8 Corporate 256350021 LC-RCTC 2013 Residual Fund 69350BR81 CP 256350021 LC-RCTC 2013 Residual Fund 50000ER89 CP 256350021 LC-RCTC 2013 Residual Fund 74456DRB3 CP 256350021 LC-RCTC 2013 Residual Fund 43357MR51 CP 256350021 LC-RCTC 2013 Residual Fund 07274MRA5 CP 256350021 LC-RCTC 2013 Residual Fund CCYUSD Currency 256350021 LC-RCTC 2013 Residual Fund CCYUSD Currency 256350023 LC -Sr lien Reserve Fund-1 31846V401 MM Fund 256350021 LC-RCTC 2013 Residual Fund 31846V401 MM Fund 256350021 LC-RCTC 2013 Residual Fund 459058GK3 Morgan Stanley The Bank of Nova Scotia Dignity Health General Dynamics Corporation Fifth Third Bank Cisco Systems, Inc HSBC USA Inc. The Toronto -Dominion Bank Bank of Montreal Gilead Sciences, Inc. JPMorgan Chase & Co. American Express Credit Corporation PNC Bank, National Association Bank of America Corporation The Bank of New York Mellon Corporation Manufacturers and Traders Trust Company U.S. Bank National Association KeyBenk National Association PPG Industries, Inc. Koch Industries, Inc. Public Service Electric and Gas Company Hitachi Capital America Corp. Bayerische Landesbank UNITED STATES OF AMERICA UNITED STATES OF AMERICA First American Funds, Inc. First American Funds, Inc. Non -US Gov International Bank for Reconstruction and Development 256350023 LC -Sr Lien Reserve Fund-1 912828SA9 TIPS 256350023 LC -Sr Lien Reserve Fund-1 912828V49 TIPS 256350023 LC -Sr Lien Reserve Fund-1 912828UH1 TIPS 256350021 LC-RCTC 2013 Residual Fund 912828UH1 TIPS 256350021 LC-RCTC 2013 Residual Fund 912828SA9 TIPS 256350023 LC -Sr Lien Reserve Fund-1 912828658 US Gov 256350023 LC -Sr Lien Reserve Fund-1 912828XB1 US Gov 256350023 LC -Sr Lien Reserve Fund-1 912828G38 US Gov 256350023 LC -Sr Lien Reserve Fund-1 912828L99 US Gov 256350023 LC -Sr Lien Reserve Fund-1 912828L57 US Gov 256350023 LC -Sr Lien Reserve Fund-1 912828VV9 US Gov 256350021 LC-RCTC 2013 Residual Fund 912828UF5 US Gov 256350021 LC-RCTC 2013 Residual Fund 912828B58 US Gov 256350021 LC-RCTC 2013 Residual Fund 912828VV9 US Gov 256350021 LC-RCTC 2013 Residual Fund 912828L57 US Gov 256350021 LC-RCTC 2013 Residual Fund 912828VA5 US Gov 256350021 LC-RCTC 2013 Residual Fund 912828Y53 US Gov 256350021 LC-RCTC 2013 Residual Fund 9128285H9 US Gov 256350021 LC-RCTC 2013 Residual Fund 56052FHZ1 VRDN 256350021 LC-RCTC 2013 Residual Fund 658886DZ6 VRDN Treasury United States Department of Treasury, United States Department of Treasury United States Department of Treasury, United States Department of Treasury, United States Department of Treasury, United States Department of Treasury, United States Department of Treasury, United States Department of Treasury United States Department of Treasury, United States Department of Treasury, United States Department of Treasury, United States Department of Treasury United States Department of Treasury, United States Department of Treasury United States Department of Treasury, United States Department of Treasury United States Department of Treasury, United States Department of Maine State Housing Authority North Dakota Housing Finance Agency 04/03/2019 03/18/2019 10/07/2020 01/22/2019 10/07/2020 01/22/2019 11/05/2020 03/15/2019 09/06/2019 O1/23/2020 01/25/2018 03/15/2020 05/15/2019 01/25/2018 04/21/2020 01/25/2018 O1/31/2020 01/25/2018 10/14/2020 O1/25/2021 01/29/2018 04/26/2021 11/O1/2019 03/15/2018 05/11/2020 04/25/2019 06/29/2018 09/20/2019 06/29/2018 11/13/2019 06/29/2018 07/02/2019 12/12/2019 09/01/2020 07/22/2020 03/03/2020 05/19/2020 10/10/2018 07/01/2020 05/03/2021 10/11/2018 08/17/2020 10/11/2018 04/26/2021 10/11/2018 08/22/2019 10/11/2018 04/08/2019 03/08/2019 04/08/2019 03/14/2019 04/11/2019 03/15/2019 04/05/2019 03/15/2019 04/10/2019 03/31/2019 03/31/2019 03/31/2019 03/25/2019 03/31/2019 08/21/2020 O1/15/2022 O1/15/2027 O1/15/2023 02/05/2018 O1/15/2023 O1/15/2022 06/29/2018 O1/31/2021 05/15/2025 300,000.00 109,702.84 84,155.60 177,428.66 200,000.00 100 000.00 200,000.00 100,000.00 100,000.00 100 000.00 200,000.00 100 000.00 200,000.00 24 000.00 225.000.00 300,003.99 109,741.42 84,185.19 177,692.04 197,801.00 99 577.00 12/23/2019 208,651.00 99,974.00 04/15/2019 99,537.00 100 644.00 12/31/2019 196,622.00 108 369.00 194,126.00 23 897.52 224,409.50 200,000.00 199,518.00 150.000.00 147.883.50 100,000.00 200,000.00 200,000.00 135,000.00 140 000.00 160,000.00 250,000.00 200,000.00 200 000.00 250,000.00 250 000.00 250,000.00 250,000.00 250,000.00 320,000.00 275,000.00 580,000.00 0.00 0.00 0.00 0.00 315,000.00 461 500.75 291,751.60 190 827.00 98,139.60 200,169.00 - 1,375,000.00 99,140.00 199,006.00 197,898.00 133,439.10 142 963.00 157,949.40 02/01/2020 245,222.50 04/19/2020 207,806.00 193 708.00 04/03/2021 244,707.50 07/17/2020 249 395.00 03/26/2021 247,367.50 249,425/1 249,572.92 319,349.60 274,558.85 579,400.84 (499,986.11) 101,471.13 31,570.50 544,875.30 315,116.40 463 803.40 290,408.75 188 328.92 96,269.28 196,823.02 300,003.00 109,915.67 84,318.86 177,577.70 199,104.00 99 635.00 204,660.00 99,934.00 99,472.00 100 304.00 198,578.00 105 017.00 197,046.00 23 988/4 225,744.75 199,964.00 149.172.00 99,747.00 199,746.00 199,362.00 134,821.80 143 141.60 159,257.60 248,395.00 207,032.00 197 408.00 247,952.50 252 347.50 248,927.50 249,877.50 249,877.50 319,776.00 274,923.00 579,634.60 - (499,986.11) 101,471.13 31,570.50 544,875.30 314,952.75 457 794.90 289,087.91 188 643.94 97,016.88 198,561.64 2.50 2.555 2.419 178.42 2.931 3.156 136.87 2.931 3.156 (108.60) 2.983 2.802 (71.79) 1.600 2.636 (189.54) 2.250 2.703 78.05 5.375 2.898 (63.68) 2.200 2.696 (306.48) 2.250 2.758 52.28 3.274 2.757 959.63 2.100 2.573 (162.75) 5.750 2.901 1,438.33 1.875 2.611 25.56 2.637 2.719 1,149.45 2.875 2.571 3.04 2.375 2.598 (6.23) 1.400 2.575 139.37 2.375 2.785 42.88 2.125 2.607 494.78 2.100 2.559 961.80 2.550 2.644 1032/0 4.400 2.648 552.76 2.200 2.709 1,791.73 2.000 2.574 1,290.89 5.625 2.753 2 597.43 1050 2.690 1,951.43 2.050 2.656 2 844.11 3.150 2.663 151.67 1.600 2.687 7.29 0.000 1.970 (2.92) 0.000 1.970 16.89 0.000 2.112 7.03 0.000 1.687 5.10 0.000 2.073 0.00 0.000 0.000 0.00 0.000 0.000 0.00 1.940 1.890 0.00 1.940 1.890 (141.15) 2.650 2.699 (5149.86) 0.125 0.413 (1,577.34) 0.375 0.494 (260.82) 0.125 0.428 412.30 0.125 0.428 1,032.46 0.125 0.413 1,405,890.24 - 1,370,325.00 (15,975.69) 2.125 2.314 - 1,350,000.00 1,373,695.32 11/15/2024 04/18/2017 10/31/2020 09/30/2022 1,350,000.00 1,369,037.11 - 1250 000.00 1 239 802.73 - 1,400,000.00 O8/31/2020 07/14/2017 12/31/2019 O1/31/2021 08/31/2020 100,000.00 545,000.00 550 000.00 - 1,060,000.00 09/30/2022 06/29/2018 04/30/2020 07/31/2020 10/31/2020 11/15/2052 06/29/2018 07/01/2038 06/29/2018 100 000.00 925,000.00 645 000.00 100,000.00 100,000.00 1,335,919.50 (29,390.81) 2.125 2.308 - 1,347,367.50 (17,049.51) 2.250 2.287 1 231 100.00 (14176.42) 1.375 2.350 1,386,564.45 - 1,377,138.00 (13,901.74) 1.750 2.237 101,667.97 534,363.09 541 754.30 1,047,463.28 96167.97 901,532.23 645 163.99 100,000.00 04/30/2019 100,000.00 99,672.00 539,740.75 548 130.00 1,056,523.20 98 367.00 912,494.00 644400.15 100,000.00 100,000.00 (1,093.20) 2.125 2.360 671.91 1.125 2.418 4454.55 2.125 2.314 5,536.09 2.125 2.360 1547.73 1.750 2.237 3,114.92 1.125 2.390 (728.43) 2.468 2.577 AAA AAA AAA AAA AA A A AAA AAA AA AA AA AA AAA AAA AA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA 0.00 2.430 2.430 AA 0.00 2.390 2.390 AA 34 Page 3 of 34 ATTACHMENT 3 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LGRCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LGRCTC 2013 Residual Fund 256350021 LC -RCM 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LGRCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LGRCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 91 CIP STAMP Portfolio by Account for quarter ended March 31, 2019 3134GTB11 AgencY Freddie Mac 3137A1LC5 Agency CMO Federal Home Loan Mortgage Corporation 3137A5FP4 Agency CMO Federal Home Loan Mortgage Corporation 38378CDK0 Agency CMO The Government National M. age Association Guaranteed REMIC Pass -Through Securities 38378AWX5 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 3137APP53 Agency CMO Federal Home Loan Mortgage Corporation 3137AIN90 Agency CMO Federal Home Loan Mortgage Corporation 31397LUK3 Agency CMO Federal National Mortgage Association Farmie Mae 3136A5KR6 Agency CMO Federal National Mortgage Association Fannie Mae 31358TPC7 Agency CMO Federal National Mortgage Association Fannie Mae 3137ABFH9 Agency CMO Federal Home Loan Mortgage Corporation 38375CBH2 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 31416BVR6 Agency MBS Federal National Mortgage Association, Inc. 3137B1UF7 Agency MBS Federal Home Loan Mortgage Corporation 3137AXHN6 Agency MBS Federal Home Loan Mortgage Corporation 3137AWQG3 Agency MBS Federal Home Loan Mortgage Corporation 3137B2GW4 Agency MBS Federal Home Loan Mortgage Corporation 31381RZ23 Agency MBS Federal National Mortgage Association Fannie Mae 31381RLL6 Agency MBS Federal National Mortgage Association Fannie Mae 31381QB54 Agency MBS Federal National Mortgage Association Famde Mae 3138L2GH4 Agency MBS Federal National Mortgage Association Fannie Mae 31381SV18 Agency MBS Federal National Mortgage Association Fannie Mae 3138L1W62 Agency MBS Federal National Mortgage Association Famde Mae 31397UPF0 Agency MBS Federal National Mortgage Association Fannie Mae 025821GN4 As. Backed American Express Credit Account Master Trust 161571FK5 Asset Backed Chase Issuance Trust 65479AAD4 Asset Backed Nissan Auto Lease Trust 2017-A 055657AC4 Asset Backed Bmw Vehicle Lease Trust 2017-1 05522RCV8 Asset Backed BA Credit Card Trust 65478DAD9 Asset Backed Nissan Auto Receivables 2018-A Owner Trust 02587AA13 Asset Backed American Express Credit Account Master Trust 65478HAD0 Asset Backed NAROT 17-C 04/01/2021 03/29/2019 O8/15/2020 01/17/2018 O1/15/2021 01/30/2018 03/20/2035 01/30/2018 O1/20/2036 01/30/2018 10/25/2020 05/18/2018 06/25/2020 06/26/2018 Base Net Total Curealiactl 500000.00 499950.00 07/01/2019 499850.50 (99.50) 2.600 2.615 AAA 9 020.41 8 990.82 - 8,974.95 (23.38) 2.000 3.054 AAA 34146.86 34,232.23 - 34049.88 (140.79) 2.500 2.673 AAA 36,733.51 37,072.14 -- 36,761.79 (141.81) 3.000 2.688 AAA 27 752.98 28 021.83 - 27 814.59 8,730.65 8,623.21 65 000.00 65 594.14 06/25/2023 10/10/2018 184,812.26 188,537.38 8,667.70 (103.40) 3.000 2.649 AAA 9.50 1.781 2.738 AAA 65 359.45 64.21 3.531 2.829 AAA 188,321.84 637.09 4.500 2.669 AAA 10/25/2022 01/25/2019 129 646.03 127 863.39 - 128 170.66 268.84 1.750 2.817 AAA 02/25/2023 02/11/2019 123444.86 123824.12 - 123838.65 27.52 3.336 3.133 AAA 06/25/2021 03/15/2019 206000.00 209846.41 - 210505.22 716.22 3.989 2.755 AAA 03/16/2035 03/19/2019 108571.24 107909.64 12/01/2020 01/17/2018 09/25/2022 01/25/2018 02/25/2022 01/25/2018 04/25/2022 01/30/2018 03/25/2020 06/29/2018 08/01/2021 11/02/2018 07/01/2021 11/02/2018 107,891.58 10.58 1.250 3.233 AAA 29 077.92 29 732.18 - 29 730.72 327.03 5.000 0.338 AAA 16,665.95 16421.17 29137.40 28 736.77 34,239.70 33,517.45 16,457.79 (13.65) 1.785 2.485 AAA 28773.77 (52.35) 1.749 2.536 AAA 33,722.68 34.60 1.583 2.495 AAA 96966.50 96337.73 - 96581.55 19.42 2.313 2.638 AAA 61,184.90 62,093.11 62,508.94 558.23 3.840 2.710 AAA 53 015.00 53 801.95 - 54 3%.57 724.16 3.840 2.366 AAA 03/01/2021 11/07/2018 100,389.86 102,468.24 - 103,788.06 1,693.48 4.410 2.111 AAA 07/01/2021 12/19/2018 11/01/2021 02/22/2019 91921.10 89422.01 - 90609.39 904.31 1.870 2.651 AAA 86,114.26 86,544.84 12/01/2022 02/21/2019 127093.34 126338.73 06/25/2021 03/15/2019 169,516.61 171953.41 87,382.72 126 671.39 172,742.51 852.61 3.330 2.659 AAA 325.57 2.500 2.577 AAA 830.13 3.763 2.652 AAA 05/15/2019 01/16/2018 100000.00 100351.56 - 100041.00 (34.37) 2.854 2.555 AAA 08/15/2019 01/25/2018 115,000.00 113,827.54 04/15/2020 01/25/2018 05/20/2020 01/29/2018 114,557.25 (157.41) 1.580 2.619 AAA 43 987.89 43 786.84 - 43 913.99 (38.87) 1.910 2.714 AAA 63,230.09 63,042.38 - 63,128.92 (69.41) 1.980 2.792 AAA 05/15/2019 06/29/2018 100000.00 100214.84 - 100040.00 (10.42) 2.874 2.583 AAA 05/16/2022 06/29/2018 85,000.00 84,561.72 -- 85,072.25 364.68 2.650 2.604 AAA 02/18/2020 06/29/2018 100000.00 98515.63 - 99392.00 203.76 1.930 2.639 AAA 04/18/2022 09/25/2018 70,000.00 68,908.98 69629.00 417.52 2.120 2.546 AAA 256350021 LC-RCTC 2013 Residual Fund 05584PAD9 Asset Backed BMW Vehicle Lease Trust 2017-2 02/20/2020 10/11/2018 150 000.00 148 652.34 149 430.00 140.10 2.070 2.830 AAA 256350021 LC-RCTC 2013 Residual Fund 256350021 LGRCTC 2013 Residual Fund 43814TAD4 Asset Backed Honda Auto Receivables 2007-1 Owner Trust 477891AB2 Asset Backed John Deere Owner Trust 2019 06/21/2023 10/11/2018 200,000.00 196,375.00 198,316.00 1,294.47 2.050 2.481 AAA 10/15/2021 03/05/2019 105000.00 104995.21 - 105179.55 184.24 2.850 2.706 AAA 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 55379WGM2 CD MUFG Bank, Ltd. 869581172 CD Svenska Handelsbanken AB 04/08/2019 03/19/2019 300,000.00 299,997.45 300,009.00 9.89 2.540 2.375 AAA 04/03/2019 03/18/2019 300000.00 300003.99 - 300003.00 2.50 2.555 2.419 AAA 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 62888VAA6 CMO NCUA Guaranteed Notes Trust 2011-R1 62888UAB6 CMG, NCUAGuaranteed Notes Trust 2010-R2 13607RAB6 Corporate Canadian Imperial Bank of Commerce 256350021 LC-RCTC 2013 Residual Fund 46625HKA7 Corporate JPMorgan Chase & Co. 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LGRCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 38141EA58 Corporate The Goldman Sachs Group, Inc. 06406HCUl Corporate The Bank of New York Mellon Corporation 06051GFN4 Corporate Bank of America Corporation 86787EAS6 Corporate SunTrust Bank 780082AC7 Corporate Royal Bank of Canada 61747WAF6 Corporate Morgan Stanley 06416CAC2 Corporate The Bank of Nova Scotia 256350021 LC-RCTC 2013 Residual Fund 254010AC5 Corporate Dignity Health 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LGRCTC 2013 Residual Fund 256350021 LC -RCM 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 369550BA5 Corporate General Dynamics Corporation 316770BB4 Corporate Fifth Third Bank 17275RBG6 Corporate Cisco Systems, Inc. 40428HPN6 Corporate HSBC USA Inc. 89114QAS7 Corporate The Toronto -Dominion Bank 06367TPX2 Corporate Bank of Montreal 375558BB8 Corporate Gilead Sciences, Inc. 256350021 LC-RCTC 2013 Residual Fund 46625HHS2 Corporate 1PMorgan Chase & Co. 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LGRCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LGRCTC 2013 Residual Fund 0258MOEE5 Corporate American Express Credit Corporation 69353RFC7 Corporate PNC Bank, National Association 06051GEC9 Corporate Bank of America Corporation 06406FAB9 Corporate The Bank of New York Mellon Corporation 55279HAN0 Corporate Manufacturers and Traders Trust Company 90331HNP4 Corporate U.S. Bank National Association 256350021 LC-RCTC 2013 Residual Fund 49327M2P8 Corporate KeyBank National Association 256350021 LC-RCTC 2013 Residual Fund 69350BR81 CP PPG Industries Inc. 10/07/2020 01/22/2019 84,155.60 84,185.19 - 84,318.86 136.87 2.931 3.156 AAA 11/05/2020 03/15/2019 177428.66 177692.04 - 177577.70 (108.60) 2.983 2.802 AAA 09/06/2019 200,000.00 197,801.00 199,104.00 (71.79) 1.600 2.636 AA O1/23/2020 01/25/2018 100000.00 99577.00 12/23/2019 99635.00 (189.54) 2.250 2.703 A 03/15/2020 200,000.00 208,651.00 204,660.00 78.05 5.375 2.898 A 05/15/2019 01/25/2018 100000.00 99974.00 04/15/2019 99934.00 (63.68) 2.200 2.696 A 04/21/2020 01/25/2018 100,000.00 99,537.00 99,472.00 (306.48) 2.250 2.758 A O1/31/2020 01/25/2018 100000.00 100644.00 12/31/2019 100304.00 52.28 3.274 2.757 A 10/14/2020 - 200000.00 196622.00 - 198,578.00 959.63 2.100 2.573 AAA O1/25/2021 01/29/2018 100000.00 108369.00 - 105017.00 (162.75) 5.750 2.901 A 04/26/2021 11/01/2019 03/15/2018 05/11/2020 200,000.00 194,126.00 197,046.00 1,438.33 1.875 2.611 AAA 24 000.00 23 897.52 - 23 988.24 25.56 2.637 2.719 A 225,000.00 224,409.50 04/25/2019 06/29/2018 200000.00 199518.00 09/20/2019 06/29/2018 150,000.00 147,883.50 225,744.75 1,149.45 2.875 2.571 A 199 964.00 149,172.00 3.04 2.375 2.598 A (6.23) 1.400 2.575 AA 11/13/2019 06/29/2018 100000.00 99140.00 - 99747.00 139.37 2.375 2.785 A 07/02/2019 -- 200,000.00 199,006.00 - 199,746.00 42.88 2.125 2.607 AA 12/12/2019 - 200000.00 197898.00 - 199362.00 494.78 2.100 2.559 AA 09/01/2020 - 135,000.00 133,439.10 - 134,821.80 961.80 2.550 2.644 A 07/22/2020 - 140 000.00 142 963.00 - 143 141.60 1 032.20 4.400 2.648 A 03/03/2020 -- 160,000.00 157,949.40 02/01/2020 159,257.60 552.76 2.200 2.709 A 05/19/2020 10/10/2018 250000.00 245,222.50 04/19/2020 248395.00 I791.73 2.000 2.574 A 07/01/2020 200,000.00 207,806.00 207 032.00 1290.89 5.625 2.753 A 05/03/2021 10/11/2018 200000.00 193708.00 04/03/2021 197408.00 2597.43 2.050 2.690 A 08/17/2020 10/11/2018 250,000.00 244,707.50 07/17/2020 247,952.50 1,951.43 2.050 2.656 A 04/26/2021 10/11/2018 250000.00 249395.00 03/26/2021 252347.50 2844.11 3.150 2.663 AA O8/22/2019 10/11/2018 250,000.00 247,367.50 - 248,927.50 151.67 1.600 2.687 A 04/08/2019 03/08/2019 250000.00 249425.21 - 249877.50 7.29 0.000 1.970 AA 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 50000ER89 CP Koch Idustnes Inc. 74456DRB3 CP Public Service Electric and Gas Company 43357M1251 CP Hitachi Capital America Corp. 07274MRA5 CP Bayerische Landesbank 256350021 LC-RCTC 2013 Residual Fund CCYUSD Currency UNITED STATES OF AMERICA 256350021 LGRCTC 2013 Residual Fund CCYUSD Currency UNITED STATES OF AMERICA 256350021 LC-RCTC 2013 Residual Fund 31846V401 MM Fund First American Funds Inc. 256350021 LC-RCTC 2013 Residual Fund 459058GK3 Non -US Gov International Bank for Reconstruction and Development 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LGRCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LGRCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fuel 912828UH1 TIPS Treasury, United States Department of 912828SA9 TIPS Treasury United States Department of 912828UF5 US Gov Treasury, United States Department of 912828B58 US Gov Treasury United States Department of 912828V V9 US Gov Treasury, United States Department of 912828L57 US Gov Treasury United States Department of 912828VA5 US Gov Treasury, United States Department of 912828Y53 US Gov Treasury United States Department of 9128285H9 US Gov Treasury, United States Department of 56052FHZ1 VRDN Maine State Housing Authority 04/08/2019 03/14/2019 250000.00 249572.92 249,877.50 (2.92) 0.000 1.970 AAA 04/11/2019 03/15/2019 320000.00 319349.60 - 319776.00 16.89 0.000 2.112 04/05/2019 03/15/2019 275,000.00 274,558.85 04/10/2019 03/31/2019 580 000.00 579 400.84 0.00 (499,986.11) 274,923.00 579 634.60 (499,986.11) 7.03 0.000 1.687 AA 5.10 0.000 2.073 AAA 0.00 0.000 0.000 AAA 03/31/2019 - 0.00 101471.13 - 101471.13 0.00 0.000 0.000 AAA 03/31/2019 -- 0.00 544875.30 - 544,875.30 0.00 1.940 1.890 AAA O8/21/2020 - 315000.00 315116.40 - 314952.75 (141.15) 2.650 2.699 AAA 01/15/2023 - 98,139.60 96,269.28 - 97,016.88 412.30 0.125 0.428 AAA O1/15/2022 06/29/2018 200169.00 196823.02 - 198561.64 1032.46 0.125 0.413 AAA 12/31/2019 O1/31/2021 08/31/2020 545,000.00 534,363.09 550 000.00 541 754.30 1,060,000.00 1,047,463.28 539,740.75 671.91 1.125 2.418 AAA 548130.00 4454.55 2.125 2.314 AAA 1,056,523.20 5,536.09 2.125 2.360 AAA 09/30/2022 06/29/2018 100000.00 96167.97 - 98367.00 1547.73 1.750 2.237 AAA 04/30/2020 925,000.00 901,532.23 912,494.00 3,114.92 1.125 2.390 AAA 07/31/2020 - 645000.00 645163.99 - 644400.15 (728.43) 2.468 2.577 AAA 10/31/2020 - 950,000.00 949,671.42 - 948,632.00 (1,064.55) 2.470 2.604 AAA 11/15/2052 06/29/2018 100000.00 100000.00 04/30/2019 100000.00 0.00 2.430 2.430 AA 35 Page 4 of 34 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio by Account for quarter ended March 31, 2019 EIM11=1111EMMI,._ 256350021 LC-RCTC 2013 Residual Fuel 658886DZ6 VRDN North Dakota Housing Finance Agency 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Find-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Find-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 3137EADB2 Agency Federal Home Loan Mortgage Corporation 3135GOD75 Agency Federal National Mortgage Association Fantle Mae 3137EADR7ency Federal Home Loan Mortgage Corporation 3134G9V38 Agency Federal Home Loan Mortgage Corporation 3136A72D3 Agency CMO Federal National Mortgage Association Fannie Mae 3137ASNH3 Agency CMO Federal Home Loan Mortgage Corporation 3137AUPE3 Agency CMO Federal Home Loan Mortgage Corporation 31395EZP5 Agency CMO Federal Home Loan Mortgage Corporation 383771Z89 Agency CMO The Govennment National Mortgage Association Guaranteed REMIC Pass -Through Securities 38377RVK8 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 38378TAF7 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 38378CRT6 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 38376GB33 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 38376T5Z1 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 38376WA62 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 38377RSZ9 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 38378B7F0 Agency CMO Gover®ent National Mortgage Association 3137AJMF8 Agency CMO Federal Home Loan Mortgage Corporation 3137ATRW4 Agency CMO Federal Home Loan Mortgage Corporation 38380AZ34 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 3137AXHP1 Agency CMO Federal Home Loan Mortgage Corporation 3137A5FP4 Agency CMO Federal Home Loan Mortgage Corporation 38378CDK0 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 38377LQT8 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 38378AWX5 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 38378DDC6 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 31398QTP2 Agency CMO Federal Home Loan Mortgage Corporation 38375KCX8 Agency CMO Government National Mortgage Association 38379HLE3 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 38377F2N0 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 38378VC45 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 383771M59 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 3136A5KR6 Agency CMO Federal National Mortgage Association Famtle Mae 38378HXH4 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 38375CBH2 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 3137B5A60 Agency CMO Federal Home Loan Mortgage Corporation 3137B4HDI Agency CMO Federal Home Loan Mortgage Corporation 31417YKF3 Agency MBS Federal National Mortgage Association Fantle Mae 31381PEB0 Agency MBS Federal National Mortgage Association Fannie Mae 38378KXW4 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 38378B6A2 Agency MBS Government National Mortgage Association 38378KSL4 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 38378KRS0 Agency MBS The Gover®ent National Mortgage Association Guaranteed REMIC Pass -Through Securities 38378XP62 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 38378KWU9 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 38379KDN5 Agency MBS Government National Mortgage Association 3138L33G8 Agency MBS Federal National Mortgage Association Fannie Mae 31381Q6B7 Agency MBS Federal National Mortgage Association Fantle Mae 3136A7MN9 Agency MBS Federal National Mortgage Association Fannie Mae 3137B1U75 Agency MBS Federal Home Loan Mortgage Corporation 3138EIPZ5 Agency MBS Federal National Mortgage Association Fannie Mae 31381T4E7 Agency MBS Federal National Mortgage Association Fannie Mae 36202F2H8 Agency MBS Ginnie Mae II 3136AHAE0 Agency MBS Federal National Mortgage Association Fannie Mae 3138EKXL4 Agency MBS Federal National Mortgage Association Fannie Mae 3136AC714 Agency MBS Federal National Mortgage Association Fantle Mae 31381R5T7 Agency MBS Federal National Mortgage Association Fannie Mae 3138NIAE8 Agency MBS Federal National Mortgage Association Fannie Mae 31381N7G2 Agency MBS Federal National Mortgage Association Fannie Mae 31381QB54 Agency MBS Federal National Mortgage Association Fannie Mae 3138L1W62 Agency MBS Federal National Mortgage Association Fannie Mae 313815,718 Agency MBS Federal National Mortgage Association Fannie Mae 62888VAA6 CMO NCUA Guaranteed Notes Trust 2011-RI 07/01/2038 06/29/2018 100,000.00 100-000.00 - 100,000.00 0.00 2.390 2.390 AA 15.820.292.17 15.885.547.84 15.954206.21 41389.66 01/13/2022 - 950000.00 942921.50 - 952641.00 2933.67 2.375 2.271 AAA 06/22/2020 05/06/2015 600,000.00 593,490.00 - 593,544.00 (4,847.10) 1.500 2.392 AAA 05/01/2020 05/15/2015 475000.00 471527.75 - 469618.25 (4600.48) 1.375 2.435 AAA 07/27/2021 08/28/2018 250.000.00 245.225.00 04/27/2019 248007.50 I816.72 1.500 2.488 AAA 04/25/2022 07/03/2013 297427.94 282556.54 - 296321.51 3601.69 2.482 2.683 AAA 09/25/2021 07/03/2013 06/25/2022 08/15/2019 07/09/2013 10/20/2039 07/05/2013 65,400.50 63,911.11 379 000.00 366 344.03 614.15 649.75 64908.69 (204.84) 1.459 2.735 AAA 377294.50 3117.58 2.396 2.506 AAA 615.29 (0.03) 4.500 0.143 AAA 49181.31 50685.56 - 49995.26 (235.66) 3.500 2.698 AAA 04/20/2039 - 109096.81 III 273.39 - 109320.46 (I 098.39) 3.000 2.875 AAA 07/20/2041 07/05/2013 124151.99 124170.70 - 123744.77 (288.96) 2.500 2.584 AAA 10/20/2040 05/22/2014 49,785.78 48,074.39 - 49,009.12 654.76 2.000 2.496 AAA 10/16/2044 01/23/2015 121,298.66 124508.87 - 121405.41 (428.58) 3.500 2.953 AAA 01/16/2039 01/26/2015 75911.23 79308.26 76528.39 (1699.41) 3.000 2.641 AAA 10/20/2039 - 215317.36 220733.87 - 222717.82 1426.33 4.000 2.840 AAA 06/16/2039 52,008.43 53,640.92 52,692.35 (79.84) 4.500 2.486 AAA 12/16/2042 - 450000.00 427324.22 - 412537.50 (23890.59) 2.273 4.179 AAA 10/25/2021 08/05/2015 29,504.48 30,525.61 29,718.09 067.55) 2968 2.569 AAA 05/25/2022 - 282110.00 278085.13 - 280741.77 I916.80 2.373 2A99 AAA 04/20/2046 11/28/2016 140,090.48 144,014.11 - 140926.82 (2,564.05) 3.000 2.876 AAA 09/25/2022 09/29/2017 140000.00 142089.06 - 140018.20 (I 380.10) 2.573 2.529 AAA 01/15/2021 03/20/2035 03/16/2018 12/20/2037 01/20/2036 03/28/2018 95,520.93 95,531.73 95,249.65 (228.58) 2.500 2.673 AAA 20407.50 20503.16 - 20423.22 (27.23) 3.000 2.688 19,27795 19,284.84 83,258.93 83 707.74 04/20/2038 06/20/2018 121,034.84 121,852.77 05/15/2038 06/26/2018 01/20/2037 09/18/2018 19275.06 17.63 3.000 2.537 AAA 83 443.76 (78.08) 3.000 2.649 AAA 121,293.85 (221.48) 3.500 2.968 AAA 73 933.37 75 380.27 - 74 915.94 173.56 4.500 2.597 AAA 23,608.97 23,782.35 - 23,645.09 (1.00) 5.500 3.010 AAA 05/20/2043 10/18/2018 114481.79 114320.80 - 116604.28 2310.69 3.500 2.657 AAA 06/20/2038 09/28/2018 5 121.76 5 112.96 5116.43 5.35 3.000 2.638 AAA 12/16/2041 11/23/2018 153956.37 148399.52 - 151194.39 2648.52 2.250 2.839 AAA 10/20/2039 11/21/2018 10/25/2022 01/25/2019 09/16/2027 03/08/2019 03/16/2035 03/19/2019 10/15/2028 03/20/2019 12/15/2042 03/20/2019 87,261.84 85,080.29 84397.02 83,236.56 18,553.70 17,589.95 85,949.43 795.43 2.500 3.132 AAA 83 436.58 175.01 1.750 2.817 AAA 17,904.50 317.37 1.250 2/46 AAA 61888.83 61511.70 - 61501.41 6.03 1.250 3.233 AAA 27 269.96 26 963.18 - 27 071.16 112.84 2.500 2.808 AAA 49079.91 50690.35 - 51321.39 591.36 4.500 2.799 AAA 01/01/2030 - 140,040.97 146,756.42 - 146,303.60 (96.43) 4.500 3.112 AAA 11/01/2020 09/26/2014 249705.30 262931.88 - 252566.92 105.77 3.370 2.327 AAA 02/16/2037 12/11/2014 110478.14 109 943.02 107711.77 (2535.54) 1.705 3.696 AAA 11/162052 01R7J2015 113750.56 110164.74 - 105683.37 (6061.32) 1.826 4.302 AAA 12/16/2046 425,000.00 415,829.11 07/16/2043 05/08/2015 450000.00 434460.94 05/16/2055 05/14/2015 273,662.41 277,040.43 393,078.25 (25,408.01) 2.811 3942 AAA 423288.00 (18202.30) 2.389 4.001 AAA 263,495.85 (12,895.32) 2.500 3.362 AAA 11/16/2041 - 127611.14 121714.12 - 120010.62 (3395.50) 1.400 4.341 AAA 09/16/2055 08/05/2015 150,707.79 146,857.67 - 142,568.06 (6,391.80) 2.129 3.713 AAA 06/01/2020 11/12/2015 100000.00 99875.00 - 99124.00 (715.14) 2.010 2.634 AAA 06/01/2021 07/15/2016 182,849.06 202,791.04 - 188,707.54 (3,153.60) 4.295 2.659 AAA 05/25/2022 08/29/2016 296697.20 305180.89 - 294216.81 (6451.41) 2.349 2.771 AAA 01/25/2023 08/29/2016 380000.00 394917.97 377195.60 (10929.79) 2.522 2.724 AAA 07/01/2022 08/29/2016 271393.00 288,259.65 - 273754.12 (7099.39) 2.973 2.649 AAA 03/01/2022 10/25/2016 259,774.53 271,413.66 01/20/2027 167 094.31 172,226.18 260418.77 (4922.37) 2.670 2.547 AAA 169106.12 (2461.50) 3.000 2.525 AAA 04/25/2023 10/28/2016 116,056.23 118,558.69 - 116620.26 (I 299.05) 2.636 2.460 AAA 03/01/2023 - 275566.65 271649.60 - 274566.34 2068.39 2.350 2.455 AAA 03/25/2023 02/21/2018 50,814.85 49,979.19 - 50,720.33 558.84 2.523 2.765 AAA 09/01/2021 08/29/2018 130000.00 132747.27 - 133251.30 I107.86 3.770 2.641 AAA 12/01/2020 09/13/2018 10/01/2020 09/25/2018 19,033.42 19,253.49 18113.56 18180.08 03/01/2021 11/07/2018 130943.29 133,654.23 19,352/3 99.16 3.630 2/93 AAA 18242.17 34.24 3.270 2.558 AAA 135375.72 2208.88 4.410 2.111 AAA 12/01/2022 02/21/2019 166198.99 165,212.18 - 165647.21 425.74 2.500 2.577 AAA 11/01/2021 02/22/2019 107,642.83 108,181.05 109228.41 1065/5 3.330 2.659 AAA 10/07/2020 01/22/2019 109702.84 109741.42 - 109915.67 178A2 2.931 3.156 AAA 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Find-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 31846V401 MM Fund First American Funds, Inc. 912828SA9 TIPS Treasury United States Department of 912828V49 TIPS Treasury United States 1:: artment of 912828UH1 TIPS Treasury United States Department of 912828B58 US Gov Treasury, United States Department of 912828XB1 US Gov Treasury United States Department of 912828G38 US Gov Treasury, United States Department of 912828L99 US Gov Treasury United States Department of 912828L57 US Gov Treasury United States Department of 912828V V9 US Gov Treasury United States Department of 03/31/2019 03/25/2019 0.00 31,570.50 - 31,570.50 0.00 1.940 1.890 AAA 01/15/2022 - 461500.75 463803.40 - 457794.90 (5149.86) 0.125 0.413 AAA 01/15/2027 291751.60 290408.75 289087.91 (I 577.34) 0.375 0.494 AAA 01/15/2023 02/05/2018 190827.00 188328.92 - 188643.94 (260.82) 0.125 0.428 01/31/2021 05/15/2025 1,375,000.00 1,405,890.24 1 350 000.00 1 373 695.32 11/15/2024 04/18/2017 1,350,000.00 1,369,037.11 1,370,325.00 1335 919.50 1,347,367.50 (15,975.69) 2.125 2.314 AAA (29390.81) 2.125 2.308 AAA (17,049.51) 2.250 2.287 AAA 10/31/2020 - 1 250 000.00 1 239 802.73 - 1,231100.00 (14176.42) 1.375 2.350 AAA 09/30/2022 -- I400000.00 I386564.45 - 1 377 138.00 (13901.74) 1.750 2.237 AAA 08/31/2020 07/14/2017 100000.00 101667.97 - 99672.00 (I 093.20) 2.125 2.360 AAA 18.486.869.18 18.572.297.23 18.329.421.10 (222.161.38) 34307.16135 34.457.845.07 34.283.627.31 (180.771.72) 36 Page 5 of 34 ATTACHMENT 4 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2019 Source Account Account Identifier Dcscri scion Beginning Base M arket Value Base Purchases Base Sales Base Base Change In Base Maturities and Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued Redem ttions Base Pactlmvns Gain/Loss ccretion Cain/Loss Market Value Income Balance 25635002 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 912828SA9 UNITED STATES TREASURY 61747WAF6 MORGAN STANLEY 8141EA58 GOLDMAN SACHS GROUP INC 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 06051GEC9 BANK OF AMERICA CORP 06051GEC9 BANK OF AMERICA CORP 256350021 LC-RCTC 2013 Residual Fund 38141EA58 GOLDMAN SACHS GROUP INC 195,204.84 104,265.00 102,236.00 103,378.00 103,378.00 102,236.00 (701.57) (686.77) (664.78) (559.92) (558.70) (502. 12) 4,058.37 1,438.77 758.78 697.92 696.70 596. 12 198,561.64 105,017.00 102,330.00 103,516.00 103,516.00 102,330.00 52.53 1,054.17 238.89 1,406.25 1,406.25 238.89 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 3I397LUK3 FNR 0845C DB 46625HHS2 JPMORGAN CHASE & CO 31381QB54 FN 467260 912828UH1 UNITED STATES TREASURY 02582JGN4 AMXCA 141 A 203,890.00 101,809.00 103,984.15 63,486.48 100,065.00 (15,187:74) (578.37) (245.12) (10.67) (318.95) (273.48) (241.81) (226.86) (146.27) 183.65 708.48 634.75 1,418.30 122.27 188,321.84 102,244.00 103,788.06 64,677.92 100,041.00 693.05 843.33 368.93 17.17 134.76 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 ResiduaIF d 256350021 LC-RCTC 2013 Residual Fund 912828UH1 46625HHS2 3137A1N90 UNITED STATES TREASURY JPMORGAN CHASE & CO FHMS K008 A2 05522RCV8 BACCT 161 A 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 31416BVR6 FN 995324 1381RZ2 468861 86787EAS6 SUNTRUST BANK 31,743.24 40,723.60 65,336.05 100,065.00 39,465.37 62,813.00 99,904.00 (131.00) (116.30) (100.27) (97.74) 726.72 290.30 123.67 72.74 (9,711.34) (344.60) 27.30) (4.6 (93.01) (90.66) (82.68) 97.00 35.8 482.68 32,338.96 40,897.60 65,359.45 00,040.00 29,730.72 62,508.94 00,304.00 54,396.57 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 31381RLL6 FN 468431 31381PTG3 3137ABFH9 31397UPF0 FN 466851 FHMS KAIV A2 FNA IIM1 A3 54,617.69 67,409:94 209,846.41 171,953.41 (278.35) (66,257:07) (3.71) (502.18) (82.62) (65.70) (57.41) (41.03) 43.56 (584.99) 716.22 830.13 210,505.22 172,742.S1 8.59 337.33 191.26 35.70 21.16 202.32 545.73 75.30 684.78 531.58 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 38378CDK0 GNR 11169G AK 38375CBH2 GNR 1257F LD 42,240.45 107,909.64 (5,532.30) (28.29) (32.29) (28.63) 114.23 10.58 36,761.79 107,891.58 91.83 113.10 256350021 LC-RCTC 2013 Residual Fund 89114QBF4 TORONTO-DOMINION BANK 50,013.00 (50,000.00) (21.14) 8.14 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 38378AWX5 GNR 11157E QA 912828Y53 UNITED STATES TREASURY 30,695.08 344,820.60 (2,930.44) (18.55) (19.28) (18.12) 87.78 (123.33) 27,814.59 344,679.15 69.38 1,412.76 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256150021 LC RCTC 2011 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 31381SVJ8 FN 469617 3I358TPC7 FNR G935 F 45905RGK3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 3137A5FP4 FHA 3791E DA 86,753.17 130,590.04 (207.30) (6,745.20) (1.03) (20.84) 219.927.40 37,692.88 (3,764.77) (5.24) (14.72) (12.87) (10.501 (6.87) 852.61 27.52 50.10 133.87 87,382.72 123,838.65 219.967.00 34,049.88 246.93 68.72 625.96 71.14 256350021 LC-RCTC 2013 Residual Fund 62888UAB6 NGN 10R2 2A 177,692.04 (5.74) (108.60) 177,577.70 382.27 256350021 LC-RCTC 2013 Residual Fund 912828Y53 UNITED STATES TREASURY 299,844.00 (5.64) (117.36) 299,721.00 1,228.49 256350021 LC-RCTC 2013 Residual Fund 86958JL72 Svenska Handelsbanken AB 300,003.99 (3.49) 2.50 300,003.00 5,748.75 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 62888VAA6 NGN I0R1 IA 459058GK3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 14,995.05 89,472.79 (5,285.74) (1.77) (3.29) (0.74) 136.87 3.44 84,318.86 14,997.75 173.60 42.68 256350021 LC-RCTC 2013 Residual Fund 459058GK3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 65,031.20 (0.72) (40.23) 64,990.25 184.94 256350021 LC-RCTC 2013 Residual Fund 05531FAQ6 BB&T CORP 99,939.00 (100,000.00) (0.31) 61.31 256350021 LC-RCTC 2013 Residual Fund 31846V401 FIRST AMERGVT OBLG D 32,883.29 7,031,081.51 (6,519,089.50) 544,875.30 256350021 LC-RCTC 2013 Residual Fund CCYUSD Payable (499,986.11) 256350021 LC-RCTC 2013 Residual Fund CCYUSD Receivable 101,471.13 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 56052FHZ1 MAINE ST HSG AUTH MTG PUR 658886DZ6 NORTH DAKOTA ST HSG FIN AGY MTG REV 100,000.00 100,000.00 100,000.00 100,000.00 900.58 598.29 256350021 I,CRCTC 201 SR A IFund 45905RGK3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVET OPM 14.995 05 2 70 IA 997.75 42 6R 256350021 LC-RCTC 2013 Residual Fund 3134GSTK1 FEDERAL HOME LOAN MORTGAGE CORP 100,032.00 (100,000.00) (32.00) 256350021 LC-RCTC 2013 Residual Fund 3134GTBJ1 FEDERAL HOME LOAN MORTGAGE CORP 499,950.00 (99.50) 499,850.50 36.11 256350021 LC-RCTC 2013 Residual Fund 47789JAB2 JDOT 2019 A2 104,995.21 0.10 184.24 105,179.55 149.63 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 55379WGM2 MUFG Bank, Ltd. 9128285H9 UNTIED STATES TREASURY 549,169.50 299,997.45 1.66 1.99 9.89 36.51 300,009.00 549,208.00 5,693.83 2,254.06 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 3137A1LC5 FHB. 3710F AB 20030NCP4 COMCAST CORP 12,534.45 100,383.00 (100,813.20) (3,591.85) 9.15 850.23 2.21 4.72 21.00 (424.75) 8,974.95 15.03 256150021 LC-RCTC 2011 Residual Fund 06406HCI11 BANK OF NEW YORK MELLON CORP 99.769.00 4.75 160.25 99.934.00 831.11 256350021 LC-RCTC 2013 Residual Fund 3138L1W62 FN AM1568 126,566.80 (229.44) 1.39 7.07 325.57 126,671.39 273.60 256350021 LC-RCTC 2013 Residual Fund 3137APP53 FHMS KO18 Al 10,395.43 (1,768.09) 15.12 8.11 17.13 8,667.70 12.96 256350021 LC-RCTC 2013 Residual Fund 3137BIUF7 FHMS K027 Al 17,565.95 (1,218.35) 14.64 10.50 85.04 16,457.79 24.79 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 369550BA5 GENERAL DYNAMICS CORP 61746BDM5 MORGAN STANLEY 25,017.25 99,959.00 (100,000.00) 10.92 14.58 54.58 26.42 25,082.75 279.51 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256150021 LC RCTC 2011 Residual Fund 254010AC5 DIGNITY HEALTH 3I37AXHN6 FHMS K024 Al 808513AW5 CHARLES SCHWAB CORP 23,859.84 31,009.09 150.712.00 (151.138.501 (2,416.30) 26.56 1.392.59 15.72 17.79 19.25 112.68 136.63 (1.005.141 23,988.24 28,773.77 263.70 42.47 256350021 LC-RCTC 2013 Residual Fund 9128285H9 UNITED STATES TREASURY 399,686.75 22.59 (285.34) 399,424.00 1,639.32 256350021 LC-RCTC 2013 Residual Fund 65477XAE4 NALT 16B A4 38,863.04 (38,910.91) 18.86 23.09 5.91 256350021 LC-RCTC 2013 Residual Fund 055657AC4 BMWLT 171 A3 93,240.60 (30,361.48) 19.07 24.00 206.73 63,128.92 38.25 256350021 LC-RCTC 2013 Residual Fund 65479AAD4 NALT 17A A3 49,750.50 (6,012.11) 5.22 33.22 137.15 43,913.99 37.34 256350021 LC-RCTC 2013 Residual Fund 3137AWQG3 FHMS K023 Al 36,157.48 (2,668.12) 44.55 34.84 153.92 33,722.68 45.17 256350021 LC-RCTC 2013 Residual Fund 71112KN49 The Peoples Gas Light And Coke Company 149,977.50 (150,000.00) 35.00 (12.50) 256350021 LC-RCTC 2013 Residual Fund 3136A5KR6 FNR 1231G AD 139,060.41 (11,353.12) 158.88 35.65 268.84 128,170.66 189.07 256350021 LC-RCTC 2013 Residual Fund 0258MOEE5 AMERICAN EXPRESS CREDIT CORP 19,785.00 40.25 81.95 19,907.20 34.22 256350021 LC-RCTC 2013 Residual Fund 0258MOEE5 AMERICAN EXPRESS CREDIT CORP 19,785.00 40.52 81.68 19,907.20 34.22 256350021 LC-RCTC 2013 Residual Fund 0258MOEE5 AMERICAN EXPRESS CREDIT CORP 19,785.00 40.70 81.50 19,907.20 34.22 256350021 LC-RCTC 2013 Residual Fund 375558BB8 GILEAD SCIENCES INC 34,716.85 47.16 189.79 34,953.80 74.38 256350021 LC-RCTC 2013 Residual Fund 06051GFN4 BANK OF AMERICA CORP 98,931.00 51.02 489.98 99,472.00 1,000.00 256350021 LC-RCTC 2013 Residual Fund 46625HKA7 JPMORGAN CHASE & CO 99,004.00 52.94 578.06 99,635.00 425.00 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 65478DAD9 NAROT 18A A3 90331HNP4 US BANK NA 84,595.40 250,230.00 55.00 57.08 421.85 2,060.42 85,072.25 252,347.50 100.11 3,390.63 256150021 LC RCTC 2011 Residual Fund 02360SN46 Ameren Coroorati 274.958.75 (275.000.Gal 63.71 (22.461 256350021 LC-RCTC 2013 Residual Fund 912828UF5 UNITED STATES TREASURY 29,558.10 66.77 85.63 29,710.50 84.84 256350021 LC-RCTC 2013 Residual Fund 3137B2GW4 FHMS K713 A2 96,808.87 (555.26) 2.60 76.93 96,581.55 256350021 LC-RCTC 2013 Residual Fund 64587BQE5 New Jersey Natural Gas Company 149,922.71 (150,000.00) 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 369550BA5 GENERAL DYNAMICS CORP 200,138.00 279,742.17 200,662.00 279,823.60 2,236.11 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 912828VV9 UNITED STATES TREASURY 49,668.00 98,613.00 49,836.00 99,289.00 256350021 LC-RCTC 2013 Residual Fund 99,105.00 256350021 LC-RCTC 2013 Residual Fund 64587BN73 New Jersey Natural Gas ComPanV 274,898.25 (275,000.00) 256350021 LC-RCTC 2013 Residual Fund 912828VA5 UNITED STATES TREASURY 39,246.80 37 Page 6 of 34 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2019 Beginning Base Base Maturities and Base Base Change In Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued 256350021 LC-RCTC 2013 Residual Fund 216884AN2 COOPERATIEVE RABOBANK UA(NEW YORK BRANCH) 249,085.00 (250,390.00) 256350021 LC-RCTC 2013 Residual Fund 46107KQN3 Interstate Power and Light Company 274,857.2 (275,000.00) 256350021 LC -ROTC 2013 Residual Fund 89114Q4S7 TORONTO-DOMINION BANK 256350021 LC-RCTC 2013 Residual Fund 31677QBB4 FIFTH THIRD BANK 256350021 LC-RCTC 2013 Residual Fund 89114Q4S7 TORONTO-DOMINION BANK 256350021 LC-RCTC 2013 Residual Fund 375558BB8 GILEAD SCIENCES INC 99,625.00 199,588.00 99,625.00 99,191.00 256350021 LC-RCTC 2013 Residual Fund 07274MRA5 Bayerische Lando bank 256350021 LC-RCTC 2013 Residual Fund 23337UP45 DTE Gas Company 256350021 LC-RCTC 2013 Residual Fund 46107KQV5 Interstate Power and Light Company 299,658.67 299,848.33 299,844.25 (300,000.00) (300,000.00) 2,128.59 41.82 4237 43.25 46.40 47.10 47.36 49.33 (965.42) 04.75 229.60 00.90 529.64 99,873.00 99,964.00 99,873.00 99,868.00 00 299:811.00 525.35 2,058.33 525.35 212.50 51.67 55.75 256350021 LC-RCTC 2013 Residual Fund 40428HPN6 HSBC USA INC (NEW) 99,363.00 56.44 227.56 99,747.00 910.42 25635002 LC-RCTC 2013 Residual Fund 65478HAD0 NAROT 17C A3 69,127.10 160.59 41.3 69,629.00 65.96 256350021 LC-RCTC 2013 Residual Fund 13607RAB6 CANADIAN IMPERIAL BANK OF COMMERCE 256350021 LC -ROTC 2013 Residual Fund 69511KPC0 PaclfiCorp 99,098.00 174,818.29 (175,000.00) 170.57 181.71 283.43 99,552.00 256350021 LC-RCTC 2013 Residual Fund 06416C4C2 BANK OF NOVA SCOTIA 97,638.00 186.82 698.18 98,523.00 807.29 256350021 LC-RCTC 2013 Residual Fund 161571FK5 CHAIT 124 A 256350021 LC-RCTC 2013 Residual Fund 06367TPX2 BANK OF MONTREAL 114,063.90 99,051.00 256350021 LC-RCTC 2013 Residual Fund 06367TPX2 BANK OF MONTREAL 99,051.00 190.95 302.40 114,557.25 197.43 432.57 199.78 430.22 99,681.00 80.76 635.83 99,681.00 635.83 256350021 LC-RCTC 2013 Residual Fund 912828L57 UNITED STATES TREASURY 256350021 LC-RCTC 2013 Residual Fund 0258MOEE5 AMERICAN EXPRESS CREDIT CORP 97,359.00 98,925.00 213.03 220.43 794.97 390.57 98,367.00 99,536.00 4.78 171.11 256350021 LC-RCTC 2013 Residual Fund 23336KNR9 DTE Electric Company 274,777.33 (275,000.00) 222.67 256350021 LC-RCTC 2013 Residual Fund 02587AAI3 AMXCA 171 A 98,817.00 227.08 347.92 99,392.00 85.78 256350021 LC-RCTC 2013 Residual Fund 67021KQU6 NSTAR Electric Company 274,756.70 (275,000.00) 243.30 256350021 LC-RCTC 2013 Residual Fund 36164QMS4 GE CAPITAL INTERNATIONAL FUNDING CO 193,012.00 (195,526.00) (1,130.18) 259.07 3,385.12 256350021 LC-RCTC 2013 Residual Fund 3138L2GH4 FN AM1999 90,496.36 (600.56) 15.68 264/6 433.66 90,609.39 148.02 256350021 LC-RCTC 2013 Residual Fund 7800824C7 ROYAL BANK OF CANADA 98,613.00 269.50 406.50 99,289.00 974.17 256350021 LC-RCTC 2013 Residual Fund 23337UNE5 DTE Gas Company 274,758.00 (275,000.00) 270.95 (28.95) 256350021 LC -ROTC 2013 Residual Fund 912828VA5 UNITED STATES TREASURY 68,681.90 273.17 98.53 69,053.60 330.66 256350021 LC-RCTC 2013 Residual Fund 912828B58 UNITED STATES TREASURY 256350021 LC -ROTC 2013 Residual Fund 13607RAB6 CANADIAN IMPERIAL BANK OF COMMERCE 262,962.15 99,098.00 295.54 841.31 264,099.00 933.36 300.45 153.55 99,552.00 111.11 256350021 LC-RCTC 2013 Residual Fund 50000ER89 Koch Industries, In 249,572.92 307.50 (2.92) 249,877.50 256350021 LC-RCTC 2013 Residual Fund 74456DPB5 Public Service Electric and Gas Company 149,682.75 (150,000.00) 317.25 256350021 LC-RCTC 2013 Residual Fund 06416C4C2 BANK OF NOVA SCOTIA 97,638.00 319.18 565.82 98,523.00 807.29 256350021 LC-RCTC 2013 Residual Fund 05584PAD9 BMWLT 172 A3 148,885.50 323.74 220.76 149,430.00 94.88 256350021 LC-RCTC 2013 Residual Fund 43814TAD4 HAROT 171 A4 197,362.00 348.56 605.44 198,316.00 113.89 256350021 LC-RCTC 2013 Residual Fund 43357MR51 Hitachi Capital America Corp. 256350021 LC-RCTC 2013 Residual Fund 92780KQR2 Virginia Electric and Power Company 274,558.85 199,614.33 (200,000.00) 357.12 385.67 7.03 274,923.00 256350021 LC-RCTC 2013 Residual Fund 92780KPT9 Virginia Electric and Power Company 249,590.56 (250,000.00) 409.44 256350021 LC-RCTC 2013 Residual Fund 74456DRB3 Public Service Electric and Gas Company 319,349.60 409.51 16.89 319,776.00 256350021 LC-RCTC 2013 Residual Fund 17275RBG6 CISCO SYSTEMS INC 148,654.50 431.34 86.16 149,172.00 64.17 256350021 LC-RCTC 2013 Residual Fund 69350BR81 PPG Industries, Inc. 249,425/1 445.00 7.29 249,877.50 256350021 LC-RCTC 2013 Residual Fund 912828W9 UNITED STATES TREASURY 456,945.60 471.93 1,073.67 458,491.20 850.00 256350021 LC-RCTC 2013 Residual Fund 912828VA5 UNITED STATES TREASURY 256350021 LC-RCTC 2013 Residual Fund 74456DQD0 Public Service Electric and Gas Company 132,457.95 199,495.83 (200,000.00) 487.17 504.17 229.68 133,174.80 637.71 256350021 LC RCTC 2011 Residual Fund 912828858 UNITED STATES TREASURY 282.808.35 535.75 686.90 284.031.00 1.003.80 256350021 LC-RCTC 2013 Residual Fund 43357MNR7 Hitachi Capital America Corp. 274,538.00 (275,000.00) 550.00 (88.00) 256350021 LC-RCTC 2013 Residual Fund 43357MQK9 Hitachi Capital America Corp. 274,422.50 (275,000.00) 577.50 256350021 LC-RCTC 2013 Residual Fund 06406FAB9 BANK OF NEW YORK MELLON CORP 195,206.00 593.60 1,608.40 197,408.00 1,685.56 256350021 LC-RCTC 2013 Residual Fund 43357MPE4 Hitachi Capital America Corp. 274,35335 (275,000.00) 646.25 256350021 LC-RCTC 2013 Residual Fund 912828VA5 UNITED STATES TREASURY 196,234.00 664.58 397.42 197,296.00 944.75 256350021 LC-RCTC 2013 Residual Fund 55279HAN0 MANUFACTURERS AND TRADERS TRUST CO 256350021 LC-RCTC 2013 Residual Fund 69353RFC7 PNC BANK NA 245,075.00 246,110.00 697.25 729.92 2,180.25 1,555.08 247,952.50 248,395.00 626.39 1,833.33 256350021 LC-RCTC 2013 Residual Fund 26055BQL1 The Dow Chemical Company 274,26436 (275,000.00) 735.24 256350021 LC-RCTC 2013 Residual Fund 49327M2P8 KEYBANK NA 247,775.00 758.52 393.98 248,927.50 433.33 256350021 LC-RCTC 2013 Residual Fund 912828UF5 UNITED STATES TREASURY 231,538.45 776.56 417.24 232,732.25 664.59 256350021 LC-RCTC 2013 Residual Fund 26055BPB4 The Dow Chemical Company 299,216.25 (300,000.00) 783.75 256350021 LC-RCTC 2013 Residual Fund 912828W9 UNITED STATES TREASURY 546,348.00 988.36 859.64 548,196.00 1,016.30 256350021 LC -ROTC 2013 Residual Fund 912828UF5 UNITED STATES TREASURY 275,875.60 1,109.29 313.11 277,298.00 791.85 256350021 LC-RCTC 2013 Residual Fund 912828VA5 UNITED STATES TREASURY 470,961.60 13,813,940.77 15,282,363.81 (7,316,875.20) (8,275,000.00) (216,508.81) 1,964.14 3,152.12 19,171.67 584.66 473,510.40 2,267.40 42,476.82 15,954,206.21 65,235.10 256350023 LC -Sr Lien Reserve Fund4 256350023 LC -Sr Lien Reserve Fund-1 912828SA9 UNITED STATES TREASURY 912828V49 UNITED STATES TREASURY 271,117.84 223,719.87 (1,365.84) (1,045.89) 6,028.07 9,628.80 275,780.06 232,302.78 72.96 184.58 256350023 LC -Sr Lien Reserve Fund4 31381Q6B7 FN 468066 189,516.46 (895.97) (47.38) (1,035.72) 1,170.16 188,707.54 676.26 256350023 LGSr Lien Reserve Fund-1 912828SA9 UNITED STATES TREASURY 256350023 LC -Sr Lien Reserve Fund4 3138EIPZ5 FN AL2239 178,937.77 273,297.35 (1,718.63) (63.04) (915.89) (807.68) 3,992.96 3,046.13 182,014.84 273,754.12 48.15 694.79 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund4 256350023 LC -Sr Lien Reserve Fund4 912828XB1 UNITED STATES TREASURY 912828UH1 UNITED STATES TREASURY 912828858 UNITED STATES TREASURY 1,167,756.00 185,168.90 724.386.30 (765.11) (764.19) (667.95) 20,493.11 1,187,484.00 4,239.23 188,643.94 3.799.65 727.518.1)0 9,650.55 50.08 2.571.13 256350023 LC -Sr Lien Reserve Fund4 3137BIU75 FHMS KS01 A2 374,585.00 (665.88) 3,276.48 377,195.60 798.63 256350023 LGSr Lien Reserve Fund-1 912828°38 UNITED STATES TREASURY 1,326,739.50 (600.27) 21,228.27 1,347,367.50 11,495.51 256350023 LC -Sr Lien Reserve Fund4 3138174E7 FN 470721 260,067.34 (1,694.28) (38.33) (512.23) 2,596.27 260,418.77 597.26 256350023 LGSr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund4 31381PEB0 FN 466430 313647MN9 FNA 12M8 A2 253,207.06 295,512.00 (1,258.15) (3,302.80) (15.40) (45.90) (491.52) (451.04) 1,124.93 2,504.55 252,566.92 294,216.81 724.63 580.88 256350023 LGSr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund4 3137EADB2 FREDDIE MAC 31381QB54 FN 467260 199,204.00 135,631.49 (754.40) (13.91) (346.61) (315.40) 1,698.61 827.94 200,556.00 135,375.72 1,029.17 481.22 256150023 LC Sr Lien Reserve Fund-1 912828V49 UNITED STATES TREASURY 54.687.IA (281.06) 2.379. 11) 56.785.12 45. 12 256350023 LC -Sr Lien Reserve Fund4 31381R5T7 FN 468958 132,672.80 (279.36) 857.86 133,251.30 422.03 256350023 LGSr Lien Reserve Fund-1 3137EADB2 FREDDIE MAC 199,204.00 (265.13) 1,617.13 200,556.00 1,029.17 256350023 LC -Sr Lien Reserve Fund4 912828B58 UNITED STATES TREASURY 233,192.85 (260.27) 1,268.42 234,201.00 827.69 256350023 LGSr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund4 912828B58 UNITED STATES TREASURY 31364HAE0 FNA 13M14 APT 99,231.00 116,059.35 (425.95) (7.30) (244.50) (185.08) 673.50 1,179.25 99,660.00 116,620.26 352.21 254.94 256350023 LGSr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund4 912828B58 UNITED STATES TREASURY 912828W9 UNITED STATES TREASURY 143,884.95 99,336.00 (175.87) (132.07) 797.92 468.07 144,507.00 99,672.00 510.70 184.78 256350023 LGSr Lien Reserve Fund-1 31398QTP2 FHR 3747C HW 85,274.28 (10,029.42) (119.18) (131.36) (78.38) 74,915.94 277.25 256350023 LC -Sr Lien Reserve Fund4 36202F2H8 G2 005276 142,516.83 (7,501.95) (252.58) (128.53) 1,911.55 136,545.32 337.30 256350023 LGSr Lien Reserve Fund-1 3137AXHP1 FHMS K024 A2 138,454.40 (117.83) 1,681.63 140,018.20 300.18 38 Page 7 of 34 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2019 Base Base Change In Source Beginning Base Base Maturities and Net Total Realized Amortization/A Net Unrealized Account Account Identifier Descri'don Market Value Base Purchases Base Sales Redem'lions Base Pavdowns Gain/Loss °credo» Gain/Loss Ending Base Ending Accrued Market Value Income Balance 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 8378DDC6 GNR 1216E GB 38377RSZ9 GNR 10162D PQ 912828B58 UNITED STATES TREASURY 3137AUPE3 FHMS K021 A2 38375KCX8 GNR 0726C MA 38376T5Z1 GNR 104A PD 139,361.86 47,373.72 114,115.65 141,858.72 37,669.86 80,275.42 (18,014.17) (5,270.28) (13,941.48) (4,630,79) (81.35) (79.00) (45.56) (144.02) ( 13.60) (] 10.63) (107.60) (100.30) (86.07) 68.69) 41.12 17.04 600.95 1,593.58 48.34 1,096.47 21,293.85 42,030.86 14,609.00 43,352.00 23,645.09 76,528.39 53.02 55.57 405.04 287.52 08.21 89.78 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 31417YKF3 FN MA0293 38377RSZ9 GNR 10162D PQ 31381PTG3 FN 466851 912828B58 UNITED STATES TREASURY 3137AIME8 FHMS K016 A2 74,376.26 12,016.75 44,939.97 49,615.50 29,714.87 (3,336.76) (167.62) (56.59) (1,336.85) (32.45) (44.45) (44,171.38) (334.79) (43.80) (43.35) (163.52) (2.26) (43.13) 511.11 58.50 (389.99) 257.85 212.13 71,326.38 10,661.49 49,830.00 29,718.09 256.02 39.46 176.11 72.96 256350023 LC -Sr Lien Reserve Fund-1 38378AWX5 GNR 11157E QA 256350023 LGSr Lien Reserve Fund-1 38376WA62 GNR 1015C PD 256350023 LGSr Lien Reserve Fund-1 38378CRT6 GNR 1213E EG 92,085.24 163,184.47 50,486.75 (159,046.85) (8,791.34) (30.41) (41.65) 221.92 83,443.76 208.15 (29.62) (4,108.00) (2,109.40) 58.96 (27.21) 600.02 49,009.12 82.98 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 38376GB33 GNR 116 BA 31381N7G2 FN 466295 38377RVKS GNR 10166F GP 31381SVJ8 FN 469617 3138N1AE8 FN FN0004 126,149.17 18,296.42 34,817.15 22,740.54 108,441.47 (4,991.95) (103.98) (1,772.31) (259.12) (3,379.67) (20.76) (0.63) (45.61) (1.30) (37.84) (26.85) (24.26) (20.33) (18.40) (17.22) 295.80 74.62 185.74 1,065.75 46.41 121,405.41 18,242.17 33,164.63 109,228.41 19,352.23 353.79 51.00 82.74 308.67 59.50 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 38377RVK8 GNR 10166F GP 38375CBH2 GNR 1257F LD 38379HLE3 GNR 14184H WK. 58,028.58 125.042.20 61,511.70 (2,953.86) (8,654.261 (42.01) 13.04 (16.97) (16.32) (16.051 258.66 6.03 219.36 55,274.39 61,501.41 116,604.28 37.90 64.47 333.91 256350023 LC -Sr Lien Reserve Fund-1 38378CDK0 GNR 11169G AK 256350023 LC -Sr Lien Reserve Fund-1 3137A5FP4 FHR 3791E DA 23,466.91 63,052.31 (3,073.50) (7.53) (11.92) 49.26 20,423.22 51.02 (6,297.68) (8.76) (11.49) 223.94 56,958.33 119.00 256350023 LC -Sr Lien Reserve Fund-1 38380AZ34 GNR 16147C DA 144,613.27 (5,265.57) (128.03) (9.74) 1,716.89 140,926.82 350.23 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 38376WA62 GNR 1015C PD 38376WA62 GNR 1015C PD 39,689.25 38,807.26 (2,103.96) (2,057.20) (134.51) (68.48) (7.69) (5.62) (289.05) (347.57) 37,154.04 36,328.39 119.73 117.07 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 3137B5A60 FHR 4257G EK 36202F2H8 G2005276 33,984.77 26,963.18 (1,788.93) (1.38) (4.86) (4.65) 112.84 370.98 27,071.16 32,560.80 56.81 80.43 256350023 LC-S Lien Reserve Fund-1 38377LQT8 GNR 10128D KE 20,298.98 (5,601.55) 4.49 (4.53) 3.93 14,701.32 36.76 256350023 256350023 256350023 256350023 256350023 LC -Sr Lien Reserve Fund-1 LC -Sr Lien Reserve Fund-1 LC -Sr Lien Reserve Fund-1 LC -Sr Lien Reserve Fund-1 LC -Sr Lien Reserve Fund-1 62888VAA6 31395EZP5 38378HXH4 3138L33G8 38378TAF7 NGN I0R1 IA FHR 2835G MD GNR 12119 KB FN AM3498 GNR 1371A GA 3,204.99 98,638.00 129,312.64 116,634:18 17,589:95 (6,890.34) (2,591.23) (6,635.94) (2.31) (7.92) 6.26 (4.29) (3.85) (2.82) (2.67) (1.56) 178.42 13.30 317.37 488.67 1,063.37 M.9615:679 61529 17,904.50 99,124.00 123,744.77 226.30 2.30 19.33 173.08 258.65 1256350023 LC -Sr Lien Reserve Fund-1 38377LOT8 GNR 10128D KE 6,315.24 (1,742.701 2.09 (0.731 (0.151 4,573.74 11.44 256350023 LC -Sr Lien Reserve Fund-1 38377F2N0 GNR 1073E IN 9,116.10 (4,004.02) 7.83 (0.13) (3.34) 5,116.43 12.80 256350023 LC -Sr Lien Reserve Fund-1 31846V401 FIRST AMER:GVT OBLG D 132,050.10 546,45419 (646,934.19) 31,570.50 256350023 LC -Sr Lien Reserve Fund-1 3134GSTK1 FEDERAL HOME LOAN MORTGAGE CORP 200,064.00 (200,000.00) (64.00) 256350023 LC -Sr Lien Reserve Fund-1 3137ATRW4 FHMS K020 A2 123,166.25 0.24 1,227/6 124,393.75 247.19 256350023 LC -Sr Lien Reserve Fund-1 3137A5FP4 FHA 3791E DA 42,388.11 (4,233.73) 12.94 4.62 119.38 38,291.31 80.00 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 38378KXW4 GNR 13105 A 38377RVKS GNR 10166F GP 108,770.79 21,921.90 (1,685.61) (1,115.90) 3.55 16.14 5.16 6.30 617.88 53.00 107,711.77 20,881.43 156.97 52.10 256350023 LC-S Lien Reserve Fund-1 38378KWU9 GNR 1396 A 14,259.45 (130.621 1.29 6.52 (17.751 14,118.90 17.52 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 31417YKF3 FN MA0293 3138L1W62 FN AM1568 75,794.21 165,510.43 (1,023.80) (300.03) (42.63) 1.82 8.35 9.25 241.08 425.74 74,977.22 165,647.21 269.13 357.79 256350023 LC -Sr Lien Reserve Fund-1 38376WA62 GNR 1015C PD 155,376.36 (8,450.90) (147.80) 11.38 2,446.35 149,235.39 480.92 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 38378XP62 GNR 14166 PL 3136A5KR6 FNR 1231G AD 282,997.21 90,525.60 (18,258.85) (7,390.66) (182.37) 10143 14.15 23.20 (1,074.30) 175.01 263,495.85 83,436.58 570.13 123.08 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 38378KWU9 GNR 1396 A 38377WL77 GNR 1194A AB 53,472.95 13,375.58 (489.82) (13,399.83) 5.91 30.75 23.56 24.64 (66.73) (31.15) 52,945.87 65.68 256350023 LC -Sr Lien Reserve Fund-1 38378KSL4 GNR 1374 AL 208,233.00 28.77 (161.521 208,100.25 526.98 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 3138EKXL4 FN AL3382 3138EKXL4 FN AL3382 14,780.19 18,475/3 (91.06) (113.82) 3.13 3.24 34.45 34.96 114.72 152.17 14,841.42 18,551.78 30.14 37.68 256350023 LC -Sr Lien Reserve Fund-1 912828L99 UNITED STATES TREASURY 146,953.50 38.03 740.47 147,732.00 866.02 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 3137B4HD1 FHR 4247A AK 3136AC7I4 FNA 13M62A 50,732.27 50,690.35 (300.27) 4.01 39.69 41.21 591.36 243.11 51,321.39 50,720.33 184.05 106.84 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 3137ASNH3 FHMS K019 Al 38378B6A2 GNR 1312A AB 81,420.48 106,435.29 (16,839.10) (671.40) 81.84 12.08 52.60 59.13 192.86 (151.74) 64,908.69 105,683.37 79.52 173.09 256350023 LC-S Lien Reserve Fund-1 38377JZ89 GNR 10117A GK 52,417.81 (2,682.591 (52.881 64.79 248. 14 49,995.26 143.45 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 383771M59 GNR 10111F PE 38378KSL4 GNR 1374 AL 90,027.52 185,096.00 (4,749.44) 117.66 81.08 85.55 472.62 (203.55) 85,949.43 184,978.00 181.80 468.42 256350023 LC -Sr Lien Reserve Fund-1 38379KDN5 GNR 1529 AD 151,565.50 (11,713.98) 143.38 99.16 2,474.00 142,568.06 267.36 256350023 LC -Sr Lien Reserve Fund-1 38378B7F0 GNR 1333 B 256350023 LC -Sr Lien Reserve Fund-1 3138EKXL4 FN AL3382 184,226.00 240,178.04 (1,479.69) 13.13 102.30 108.00 (978.30) 183,350.00 2,353.66 241,173.14 378.83 489.82 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 912828XB1 3137EADR7 38378VC45 UNITED STATES TREASURY FREDDIE MAC GNR 13116D MA 145,969.50 467,666.00 155,305.22 (5,384.971 194.26 175.49 177.49 190.61 2,290.51 1,774.76 889.28 148,435.50 469,618.25 151,194.39 1,206.32 2,721.35 288.67 256350023 LC -Sr Lien Reserve Fund-1 912828L57 UNITED STATES TREASURY 256350023 LGSr Lien Reserve Fund-1 3137ATRW4 FHMS K020 A2 535,474.50 154,805/0 256350023 LC -Sr Lien Reserve Fund-1 38378KRS0 GNR 1378 AG 423,904.50 204.37 5,339.63 224.35 271.92 1,318.47 541,018.50 156,348.02 26.30 310.69 (888.42) 423,288.00 895.72 256350023 LGSr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 38378KWU9 GNR 1396 A 38378B7F0 GNR 1333 B 53,472.94 230,282.50 (489.82) 31.71 286.64 303.43 (355.61) (1,398.43) 52,945.86 229,187.50 65.68 473.54 256350023 LGSr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 3135GOD75 FEDERAL NATIONAL MORTGAGE ASSOCIATION 3134G9V38 FEDERAL HOME LOAN MORTGAGE CORP 591,222.00 247,230.00 321.27 404.28 2,000.73 373.22 593,544.00 2,475.00 248,007.50 666.67 256350023 LGSr Lien Reserve Fund-1 912828L57 UNITED STATES TREASURY 827,551.50 404.98 8,163.02 836,119.50 40.64 256350023 LC -Sr Lien Reserve Fund-1 3136A72D3 FNA 12M9 A2 313,565.57 (19,247.39) 319.16 410.29 1,273.88 296,321.51 256350023 LGSr Lien Reserve Fund-1 3137AUPE3 FHMS K021 A2 231,505.55 256350023 LC -Sr Lien Reserve Ftmd-1 3137EADB2 FREDDIE MAC 547,811.00 256350023 LGSr Lien Reserve Fund-1 912828L99 UNITED STATES TREASURY 1,077,659.00 39 Page 8 of 34 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2019 Base Base Change In Source Beginning Base Base Maturities and Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued M ark Val Ras •P ir-has s Ras Sal s R m [inns Rase IN ".,.i Mark tVal iio • ., 31,916,382.14 16,538,80E9S (7,963,809.39) (5,475,000.00) (536,267.30) 1,890.99 11,190.29 188,946.66 34,283,627.31 130,584.54 40 Page 9 of 34 IOWRIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio Summary of Investments for quarter ended March 31, 2019 ATTACHMENT 5 C rcdit Rating 30,000,000 25.000.000 8 20,000,004 m co 15.000,000 10.000,004 5.000.000 CO 0 AAA rAA+ AA ` AA- A+ A Money Market Funds 13.894` ) Asset Class Cash I•i:o99761 Pfirrd Income(97,206%) Chart cslcvlalad by: Base Market Va11r9 • Accrued *Negative cash reflects securities in transit at month end Industry Group —1+ Security Type CP (4.753%) GStMA �— (4.904%) G NMA CMO (6.369%1 AGCY BONO 17.877%) Chart calculated by: Base Market Va11r9 • Accrued minor ;11.51674r Cash [rrah 6] Seri (2.98 F) ssrv;x.9ea%I Agency Collet CMO (5.920%) FNMA Collateral (7.492%) Banks 111.792%j Connnlerclal NIBS (13 517%) Sovereign 144.196%] Char) c.a.cuu teq aV 121a5e Market value - Accrued Market Sector Other ;1 Aa04S1 Gash 1x.79498� Industrlel- (2.94374) Aaset Backed 0.20874 Agency (7.577%) Financial 114.760%) Mortgage Backed 129.719%1 � Government (37.218%1 Chart calculated by: Base Market Value + Acprueu 41 OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio Series A & Series B Reserve Fund Summary of Investments for quarter ended March 31, 2019 ATTACHMENT 6 20.000.000 _ Credit Rating �i 15.000.000 4 t 03 • 1a,v❑❑.aa❑ m m 5,000,000 — co {N� m ❑ r AAA -- Asset Class MO nay Market FUnda t0.172` 1 cash (0.067%h 'Fixed Income (90.7629%) Chart ce Orietod by: Base Markel Valle Acgruod *Negative cash reflects securities in transit at month end Security Type other {4.957%) Y1P8 (6.06556]�. (6177%) GNMA - (9.591 %) GNMA CMO (11.24T%) AGCY BON I3- (12.337%) FNMA (13.624%) Industry Group GNMA2 Collateral (0.921%), Agency Collet PAC CMO (3.721%] Agency Collet / CMQ (7.029%) ' FNMA Collalami (11.312%) Commercial MESS {22A18%) sovereign (94.303%) Crrerl calculaled by; Base Market Vans • Rccruea VS GOV 1d6-922.44 Crryort Calmlaled by: Base Markel ValUe t Accruodl Market Sector Agency (12.357%) Govern merit (42.006%) Cash (0.23a%) - Mortgage 6)ac%ec 145.398%i Chart caleblaled by: Base Minket Value Accrued 42 OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio Residual Fund Required Retained Balance Summary of Investments for quarter ended March 31, 2019 ATTACHMENT 7 Credit Rating 12.500,000 �i g 10,000,000 ra Q q3 7.500,000 5,000,060 m di 2,500,{7170 N M rll AAA AA- AA AA _ ■ r A � � rA•1�-1 A_2 1 Asset Class Money M1fkOt Funds (3.410%1 cash Fixed Income (99.078%). Crier! Calculaled by: Base Markel Valtte + Accrued *Negative cash reflects securities in transit at month end Industry Group Other {17.884%] Cfe ire card ABS (2.58770 FNMA Corrals cal [3.474'%)~ = Commercial MRS 13.56144) Agency Collat CMO (4-939'4) Diversified Flnan Sery (5.526%) 'sovereign pi -TOWN Banks {25.923941 Chart calculaled by, Base haa,ket Value . Rccruea Security Type Other (15.579%] AAMF11Nd (3.410%J co -�� (3.617%] FNMA (4,566%) ABS (7-052%1 CP (10.44rtk) lIS GOV (2s.74g%1 'CORP C23,397%) Crier! Calculaled by: Base Markel Valve + Accrued Market Sector caner (2.180%) Vlllfly �� [1.99656] Agency j' (3.120%),- Induatrtel (6.470%] Asset Backed (7.032544 Mortgage Backed (13.175%) Government 137.557%1 Financial 02.449%) Chart calcutoted by: Base Market Value Accrued: 43 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio by Investment Category for quarter ended March 31, 2019 240907004 LC RCTC Toll Revenue: -I-15 3130ABGH2 Agency Federal Home Loan Banks 013iee of Finance 07/05/2019 03/22R019 1,500,000.00 1,500,112.50 ATTACHMENT 8 1,499,925.00 (179.78) 2.632 2.474 AAA 240907004 240907020 240907020 LC-RCTC Toll Revenue: -1-15 RCTC I-15 Pd RAMP UP RESERVE RCTC I-15 Prj RAMP UP RESERVE 3135G0U68 3130AEC17 3134GTBJ1 Agency Axenov Agency Federal National Mortgage Association Fannie Mae Federal Home Loan Banks Office of Finance Freddie Mac 240907020 RCTC I-15 Pd RAMP UP RESERVE 3137AH6C7 Agency CMO Federal Home Loan Mortgage Corporation 240907020 RCTC I-15 Prj RAMP UP RESERVE 240907020 RCTC I-15 Pd RAMP UP RESERVE 3137A1MF8 Agency CMO Federal Home Loan Mortgage Corporation 383742C76 Agency CMO Government National Mortgage Association 10/30/2019 10/25/2018 05/28/2020 07/032018 04/01/2021 03/29/2019 07252021 11292018 10/25/2021 11/29/2018 08/162037 01/312018 375,000.00 350.000.00 125,000.00 100.000.00 98,348.26 75.517.48 375,000.00 350,150.50 124,987.50 100,179.69 98,021.71 77,405.42 07/01/2019 375,075.00 350.756.00 124,962.63 101352.00 99,060.30 77.198.50 75.00 659.26 (24.88) 1,094.87 1,024.32 162.52 2.470 2.625 2.600 3.230 2.968 4.000 2.436 2.434 2.615 2.545 2.569 2.800 AAA AAA AAA AAA AAA AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38375102 Agency CMO Government National Mortgage Association 12/16/2037 01/31/2018 14,402.73 14,447.74 14,412.67 1.92 5.305 3.530 AAA 240907020 RCTC I-15 Pd RAMP UP RESERVE 3137ATRW4 Agency CMO Federal Home Loan Mortgage Corporation 05252022 09262018 100.000.00 97.238.28 99.515.00 1.923.08 2.373 2.499 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137ASR97 Agency CMO Federal Home Loan Mortgage Corporation 01/25/2022 02/27/2018 30,442.74 29,757.78 29,993.10 73.10 1.573 2.509 AAA 240907020 RCTC I-15 Pd RAMP UP RESERVE 313970WZ7 Agency CMO Federal National Mortgage Association Fannie Mae 09252029 09282018 64.566.75 65,131.71 65.036.15 105.85 4.000 2.858 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378HXH4 Agency CMO The Govemment National Mortgage Association Guaranteed REMIC Pass -Through Securities 09/16/2027 03/08/2019 8,433.51 7,995.44 8,138.42 144.26 1.250 2.746 AAA 240907020 RCTC I-15 Pd RAMP UP RESERVE 38375KCX8 Agency CMO Government National Mortgage Association 01202037 09/182018 77.572.33 78,142.00 77.691.02 (3.29) 5.500 3.010 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3139216N4 Agency CMO Federal National Mortgage Association Fannie Mae 04/25/2023 12/05/2017 459,471.94 499,850.73 - 474,781.55 (16,145.96) 5.500 3.123 AAA 240907020 RCTC I-15 Pd RAMP UP RESERVE 38377F2N0 Agency CMO The Govemment National Mortgage Association Guaranteed REMIC Pass -Through Securities 06202038 09282018 25.608.80 25,56438 25.582.17 26.75 3.000 2.638 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 313768453 Agency CMO Federal Home Loan Mortgage Corporation 02/15/2029 01/31/2018 118,698.69 117,214.95 117,413.18 69A4 2A00 2.571 AAA 240907020 RCTC I-15 Pd RAMP UP RESERVE 313975E83 Agency CMO Federal National Mortgage Association Fannie Mae 02252039 01/302018 7.807.40 7,851.32 7.794.21 (7.25) 4.000 2.818 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137A5FP4 Agency CMO Federal Home Loan Mortgage Corporation 01/15/2021 01/30/2018 58,560.57 58,706.97 58,394.26 (241.46) 2.500 2.673 AAA 240907020 RCTC I-15 Pd RAMP UP RESERVE 38375CBH2 Agency CMO The Govemment National Mortgage Association Guaranteed REMIC Pass -Through Securities 03/162035 03/192019 27.481.32 27,313.86 27.309.29 2.68 1.250 3.233 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31398N2K9 Agency CMO Federal National Mortgage Association Fannie Mae 11/25/2025 01/31/2018 1,636.68 1,642.82 1,633.05 (4.29) 3.500 3.471 AAA 240907020 RCTC I-15 Pd RAMP UP RESERVE 38378CDK0 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 03202035 01/302018 85.711.52 86,501.67 85.777.52 (330.89) 3.000 2.688 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378AWX5 Agency CMO The Govemment National Mortgage Association Guaranteed REMIC Pass -Through Securities 01/20/2036 01/30/2018 138,764.88 140,109.16 139,072.93 (517.03) 3.000 2.649 AAA 240907020 RCTC I-15 Pd RAMP UP RESERVE 38378DDC6 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 04202038 06202018 72.620.90 73,111.66 72.776.31 (132.89) 3.500 2.968 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38376PJ35 Agency CMO Govemment National Mortgage Association 05/16/2037 10/30/2018 54,490.62 54,677.93 54,530.40 (5.04) 4.000 3.124 AAA 240907020 RCTC I-15 Pd RAMP UP RESERVE 38379HLE3 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 05202043 10/182018 81.772.71 81,657.72 83.288.78 1.650.49 3.500 2.657 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378VC45 Agency CMO The Govemment National Mortgage Association Guaranteed REMIC Pass -Through Securities 12/16/2041 11/23/2018 69,014.93 66,523.92 67,776.80 1,187.27 2.250 2.839 AAA 240907020 RCTC I-15 Pd RAMP UP RESERVE 383771M59 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 10202039 11212018 39.204.58 38,224.48 38.614.95 357.35 2.500 3.132 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137ARBX3 Agency CMO Federal Home Loan Mortgage Corporation 03/15/2039 03/14/2019 46,742.70 46,078.08 46,606.68 526.22 2.834 2.958 AAA 240907004 LC-RCTC Toll Revenue:-I-15 3137B2GW4 Agency MBS Federal Home Loan Mortgage Corporation 03252020 06292018 581.799.01 578,026.41 579.489.27 116.54 2.313 2.638 AAA 240907004 LC-RCTC Toll Revenue:-I-15 36225B5Y0 Agency MBS Government National Mortgage Association 06/15/2019 12/21/2017 222.00 224.50 221.65 (035) 5.500 4.272 AAA 240907020 RCTC I-15 Pd RAMP UP RESERVE 31283K5N4 Agency MBS Federal Home Loan Mortgage Corporation 08/012020 12/052017 405.093.05 414,217.36 411.141.08 (7.291.321 5.000 2.185 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3620A9WV9 Agency MBS Government National Mortgage Association 12/15/2024 05/23/2018 13,415.23 13,708.69 13,83392 159.24 4A00 2.472 AAA 240907020 RCTC I-15 Pd RAMP UP RESERVE 3138NJAE8 Agency MBS Federal National Mortgage Association Fannie Mae 12/012020 09/132018 33.837.19 34,228.44 34.403.96 176.29 3.630 2.293 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31381N7G2 Agency MBS Federal National Mortgage Association Fannie Mae 10/01/2020 09/25/2018 36,227.13 36,360.16 36,484.35 68.50 3.270 2.558 AAA 240907020 RCTC I-15 Pd RAMP UP RESERVE 31381RL1.6 Agency MBS Federal National Mortgage Association Fannie Mae 07/012021 11/022018 45.702.58 46,380.99 46.893.59 624.27 3.840 2.366 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 313815VJ8 Agency MBS Federal National Mortgage Association Fannie Mae 11/01/2021 02/22/2019 43,057.13 43,272.42 43,691.37 426.30 3.330 2.659 AAA 240907020 RCTC I-15 Pd RAMP UP RESERVE 3136AC714 Agency MBS Federal National Mortgage Association Fannie Mae 03252023 02212018 42.345.71 41,649.32 42.266.94 465.70 2.523 2.765 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137B1U75 Agency MBS Federal Home Loan Mortgage Corporation 01/25/2023 02/27/2018 120,000.00 117,965.63 119,114.40 709.27 2.522 2.724 AAA 240907020 RCTC I-15 Pd RAMP UP RESERVE 3137B3NW4 Agency MBS Federal Home Loan Mortgage Corporation 09252022 09262018 95.296.22 94,477.27 95.206.64 677.18 2.778 2.741 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137AXHN6 Agency MBS Federal Home Loan Mortgage Corporation 02/25/2022 01/25/2018 69,481.50 68,526.13 68,614.37 (124.83) 1.749 2.536 AAA 240907020 RCTC I-15 Pd RAMP UP RESERVE 31418ASD1 Agency MBS Federal National Mortgage Association, Inc. 04/012023 01/312018 68.445.51 67,780.78 67.659.07 (187.72) 2.000 2.625 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3136AMM48 Agency MBS Federal National Mortgage Association Fannie Mae 07/25/2022 09/26/2018 94,125.11 92,718.45 9390391 999.55 2.509 2.620 AAA 240907020 RCTC I-15 Pd RAMP UP RESERVE 3137B1UF7 Agency MBS Federal Home Loan Mortgage Corporation 09252022 01252018 35.712.75 35,188.22 35.266.70 (29.251 1.785 2.485 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3620ARB67 Agency MBS Government National Mortgage Association 05/15/2025 05/23/2018 28,071.27 28,737.98 28,896.01 229.88 4A00 2.626 AAA 240907020 RCTC I-15 Pd RAMP UP RESERVE 3136A96F0 Agency MBS Federal National Mortgage Association Fannie Mae 11252022 02272018 69.692.85 67,550.35 68.804.27 723.83 2.184 2.734 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 313810654 Agency MBS Federal National Mortgage Association Fannie Mae 03/01/2021 11/07/2018 56,742.10 57,916.84 58,662.82 957.18 4.410 2A 11 AAA 240907004 LC-RCTC Toll Revenue:-I-15 025821GN4 Asset Backed American Express Credit Account Master Trust 05/152019 467.000.00 468,062.31 467.191.47 (75.161 2.854 2.555 AAA 240907004 LC-RCTC Toll Revenue:-I-15 65478AAD5 Asset Backed Nissan Auto Receivables 2015-C Owner Trust 05/15/2020 12/21/2017 85,485.36 85,201.52 85,375.08 (64.13) 1.370 2.911 AAA 240907004 LC-RCTC Toll Revenue:-I-15 05522RCV8 Asset Backed BA Credit Card Trust 05/152019 06292018 750.000.00 751,611.33 750.300.00 (78.151 2.874 2.583 AAA 240907004 LC-RCTC Toll Revenue:-I-15 161571HC1 Asset Backed Chase Issuance Trust 06/17/2019 763,000.00 758,373A5 760993.31 (1,46631) 1.370 2.602 AAA 240907004 LC-RCTC Toll Revenue:-I-15 161571H16 Asset Backed Chase Issuance Twist 01/152020 03232018 500.000.00 501,347.66 500.680.00 (583.66) 2.784 2.630 AAA 240907004 LC-RCTC Toll Revenue:-I-15 02587AA13 Asset Backed American Express Credit Account Master Trust 02/18/2020 06/29/2018 650,000.00 640,351.56 646,048.00 1,324.44 1.930 2.639 AAA 240907004 LC-RCTC Toll Revenue:-I-15 58769DAD2 Asset Backed Mercedes-Benz Auto Lease Twist 2017-A 03/162020 07272017 655.554.84 656,195.03 654.446.95 (1.147.041 1.790 2.946 AAA 240907004 LC-RCTC Toll Revenue:-I-15 65479AAD4 Asset Backed Nissan Auto Lease Trust 2017-A 04/15/2020 01/25/2018 747,794.06 744,376.40 746,537.76 (660.71) 1910 2.714 AAA 240907004 LC-RCTC Toll Revenue:-I-15 65478GAC4 Asset Backed Nissan Auto Receivables 2017-B Owner Trust 05/152020 06292018 127.991.76 127,966.77 127.991.76 (47.30) 2.584 2.705 AAA 240907004 LC-RCTC Toll Revenue:-I-15 65478DAD9 Asset Backed Nissan Auto Receivables 2018-A Owner Trust 05/16/2022 06/29/2018 600,000.00 596,906.25 600,510.00 2,574.24 2.650 2.604 AAA 240907004 LC-RCTC Toll Revenue:-I-15 477891AB2 Asset Backed John Deere Owner Trust 2019 10/152021 03/052019 530.000.00 529,975.83 530.906.30 929.95 2.850 2.706 AAA 240907004 LC-RCTC Toll Revenue:-I-15 60700A5L4 CD Mizuho Bank, Ltd. 04/09/2019 03/13/2019 1,500,000.00 1,500,267.11 - 1,500,150.00 70.86 2.760 2.385 AAA 240907004 LC-RCTC Toll Revenue:-I-15 869581132 CD Svenska Handelsbanken AB 1.500.000.00 1,500,019.94 - 1.500.015.00 AAA 240907004 LC-RCTC Toll Revenue:-I-15 NCUA Guaranteed Notes Trust 2011-R1 422,280.83 422,42930 423,100.06 AAA 240907004 LC-RCTC Toll Revenue: -1-15 NCUA Guaranteed Notes Trust 2010-R2 266.143.00 266,538.06 266.366.56 AAA 240907020 RCTC 1-15 Pd RAMP UP RESERVE 62888VAA6 CM° NCUA Guaranteed Notes Trust 2011-R1 10/07/2020 85,658.39 85,792.70 85,824.56 AAA 240907004 LC-RCTC Toll Revenue: -1-15 46625HHL7 Corporate JPMoman Chase & Co. 1.000.000.00 1,075,520.00 - 1.001.940.00 240907004 LC-RCTC Toll Revenue: -1-15 3814IEA58 Corporate The Goldman Sachs Group, Inc. 500,000.00 540,800.00 511,650.00 240907004 LC-RCTC Toll Revenue: -1-15 172967HIM6 Corporate Citigroup Inc. 1.000.000.00 1,010,110.00 999.960.00 240907004 LC-RCTC Toll Revenue: -1-15 31677()BB4 Corporate Fffill Third Bank 04/25/2019 06/29/2018 1,000,000.00 997,590.00 999,820.00 240907004 LC-RCTC Toll Revenue: -1-15 225460AN7 Corporate Credit Suisse AG 1.000.000.00 1,009,340.00 999.490.00 240907004 LC-RCTC Toll Revenue: -1-15 89114()AS7 Corporate The Toronto -Dominion Bank 1,000,000.00 1,007,670.00 998,730.00 AA 240907004 LC-RCTC Toll Revenue: -1-15 90260(11E5 Corporate UBS AG 850.000.00 857,505.50 849.133.00 AA 240907004 LC-RCTC Toll Revenue: -1-15 06416CAA6 Corporate The Bank of Nova Scotia 1,525,000.00 1,514,64525 - 1,521,477.25 AAA 240907004 LC-RCTC Toll Revenue: -1-15 40428HPN6 Corporate H5BC USA Inc. 1.000.000.00 1,010,720.00 997.470.00 240907004 LC-RCTC Toll Revenue: -1-15 1740IQAB7 Corporate Citizens Bank, National Association 1,000,000.00 997,580.00 240907004 LC-RCTC Toll Revenue: -1-15 46625HKA7 Corporate JPMoman Chase & Co. 500.000.00 498.175.00 240907004 LC-RCTC Toll Revenue: -1-15 61747YDW2 Corporate Morgan StanleY 500,000.00 506,130.00 499,440.00 240907004 LC-RCTC Toll Revenue: -1-15 780082AA1 Corporate Royal Bank of Canada 1.500.000.00 1,497,390.00 - 1.490.355.00 AAA 240907004 LC-RCTC Toll Revenue: -1-15 172967J11 Corporate Citigroup Inc. 500,000.00 503,600.00 498,060.00 240907004 LC-RCTC Toll Revenue: -1-15 06051GFN4 Corporate Bank of America Corporation 1.000.000.00 997,850.00 994.720.00 240907004 LC-RCTC Toll Revenue: -1-15 07330NAL9 Corporate Branch Banking and Trust Company 1,000,000.00 998,720.00 240907004 LC-RCTC Toll Revenue: -1-15 49327M2P8 Corporate KeyBank National Association 1.000.000.00 995,550.00 995.710.00 240907004 LC-RCTC Toll Revenue: -1-15 24422E138 Corporate John Deere Capital Corporation 1,125,000.00 - 1,116,652.50 240907004 LC-RCTC Toll Revenue: -1-15 17275RBG6 Corporate Cisco Systems. Inc. 09/20/2019 06/29/2018 1.050.000.00 1,035,184.50 - 1.044.204.00 AA 240907004 LC-RCTC Toll Revenue: -1-15 06367TPX2 Corporate Bank of Montreal 1,000,000.00 1,005,160.00 996,810.00 AA 240907004 LC-RCTC Toll Revenue: -1-15 14912L6Y2 Corporate Caterpillar Financial Services Corporation 1.000.000.00 1,008,020.00 995.690.00 240907004 LC-RCTC Toll Revenue: -1-15 0258MOEE5 Corporate American Express Credit Corporation 500,000.00 497,680.00 240907004 LC-RCTC Toll Revenue: -1-15 3755581105 Corporate Gilead Sciences. Inc. 09/20/2019 - 1495.000.00 1,496,206.00 - 1,495.627.90 240907004 LC-RCTC Toll Revenue: -1-15 04/10/2019 - 2,320,000.00 - 2,318,53840 AAA 240907004 LC-RCTC Toll Revenue: -1-15 PPG Industnes. Inc. 1.500.000.00 1,496,55125 - 1,499.265.00 AA 240907004 LC-RCTC Toll Revenue: -1-15 Koch Industries, Inc. 1,500,000.00 1,497,437.51 - 1,499,265.00 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: -1-15 Public Service Electric and Gas Company Hitachi Capital America Corp. 1.500.000.00 1,200,000.00 1,496,95125 1,198,075.00 - 1,498.950.00 - 1,199,664.00 44 Page 13 of 34 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio by Investment Category for quarter ended March 31, 2019 240907004 240907004 240907020 RCTC I-15 Pri RAMP UP RESERVE LC-RCTC Toll Revenue: -I-15 LC-RCTC Toll Revenue: -I-15 92780RR34 CCYUSD Currency CCYUSD Currency CP Vvv,mia Electric and Power Company UNITED STATES OF AMERICA UNITED STATES OF AMERICA 240907004 LC-RCTC Toll Revenue:-I-15 846V203 MM Fund Firs[ American Ponds, Inc. 240907020 RCTC I-15 Prj RAMP UP RESERVE 31846V203 MM Fund Fvst American Funds. Inc. 240907004 LC RCTC Toll Revenue: - I-15 70914PPD8 Muni Pennsylvania, Commonwealth o 240907004 LC-RCTC Toll Revenue:-I-15 392274A89 Muni Greater Orlando Aviation Autho. Base Net Total Final Next Call Unrealized Summarized Maturity Trade Date Current Face Value Original Cost Date Base Market Value Gain/Loss Coupon Yield Credit Rating 04/03/2019 03/20/2019 03/31/2019 - 03/31/2019 - 03/31/2019 1,500,000.00 0.00 0.00 0.00 1,498,477.50 (4,990,454.17) (250,391.58) 5,124,203.43 1,499,790.00 (4,990,454.17) 7.50 0.000 1.264 0.00 0.000 0.000 (250.391.581 5,124,203A3 0.00 0.000 0.000 0.00 2.090 2.040 AAA AAA AAA AAA 03/3l/2019 0.00 140,244.92 40.244.92 0.00 2.090 2.040 AAA 07/15/2019 09/18/2018 0/01/2019 07262017 240907004 LC-RCTC Toll Revenue: -I-15 64972HV66 Muni New York City Transitional Finance Authori 240907004 LC-RCTC Toll Revenue: -I-15 459058GIC3 Non -US Gov International Bank for Reconstruction and Developmen 240907020 RCTC I-15 Pri RAMP UP RESERVE 912828SA9 TIPS Treasury, United States Department o 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828UH1 TIPS Treasury, United States Department o 240907004 LC-RCTC Toll Revenue:-I-15 912828UF5 US Go Treasury, United States Department o 240907004 LC-RCTC Toll Revenue:-I-15 9128282T6 US Gov Treasury, United States Department o 07/15/2019 10/17/2018 05,000.00 308,080.50 06,189.50 90.78 4.050 2.693 AA 700.000.00 724,094.00 - 702.800.00 (2.905.291 3.483 2.681 AA 665,000.00 664,507.90 665,678.30 874.77 2.900 2.536 AA 08/2 2020 - 1.510.000.00 1,510,367.00 - 1.509.773.50 (492.79) 2.650 2.699 AAA 01/15/2022 - 322,494.50 320,133.48 - 319,904.87 (929.82) 0.125 0.413 AAA 0 /152023 02/052018 81.783.00 80,712.39 80.847.40 (111.78) 0.125 0.428 AAA 2/31/2019 06/29/2018 700,000.00 3,627,156.25 664,295.00 881.05 1.125 2.418 AAA 08/312019 03262019 2.000.000.00 1,989,687.50 1.989.680.00 (271.921 1.250 2.485 AAA 240907004 LC-RCTC Toll Revenue :-I-15 912828Y53 US Go Treasury, United States Department o 07/31/2020 - 6,050,000.00 6,051,328.49 6,044,373.50 6,588.15) 2.468 2.577 AAA 240907004 LC-RCTC Toll Revenue: -I-15 9128285H9 US Gov Treasury, United States Department o 0/312020 l2/062018 5.300.000.00 5199,852.27 5.292.368.00 (7.508.751 2.470 2.604 AAA 240907004 LC-RCTC Toll Revenue: -I-15 912796UZ0 US Go Treasury, United States Department o 04/30/2019 03/29/2019 5,000,000.00 4,990,454.17 4,990,350.00 (104.17) 0.000 2.212 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828UF5 US Gov Treasury, United States Department o 2/312019 - 435.000.00 426,695.70 430.802.25 (398.82) 1.125 2.418 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 912828VA5 US Go Treasury, United States Department of 04/30/2020 - 665,000.00 648,627.54 656,009.20 988.08 1.125 2.390 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828V V9 US Gov Treasury, United States Department o 08/312020 775.000.00 766,685.54 772.458.00 3.234.49 2.125 2.360 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 912828658 US Gov Treasury, United States Department of 01/31/2021 07/05/2018 20,000.00 316,212.50 18,912.00 1,638.84 2.125 2.314 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828F62 US Gov Treasury, United States Department o 0/312019 02202019 700.000.00 695,132.81 - 696.087.00 193.40 1.500 2.462 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 912828Y53 US Gov Treasury, United States Department o 07/31/2020 - 525,000.00 525,025.13 - 524,511.75 (484.90) 2.468 2.577 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 9128285H9 US Gov Treasury, United States Department o 0/312020 l2/062018 550.000.00 549,984.67 - 549.208.00 (779.211 2.470 2.604 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 912796UV9 US Gov Treasury, United States Department of 04/02/2019 02/27/2019 175,000.00 174,671.97 - 174,987.75 (0.53) 0.000 0.639 AAA 240907004 LC RCTC Toll Revenue:-I-15 64986U4H7 VRDN New York State Housinc Finance Acenc /012048 07/022018 1,400,000.00 1,400,000.00 04/152019 1,400,000.00 0.00 2.420 2.420 AA 78,441,324.12 78,510,501.28 78,342,764.65 (87,212.511 45 Page 14 of 34 INV RIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio by Account for quarter ended March 31, 2019 ATTACHMENT 9 Source Account Account 240907004 LC -ROTC To Revenue. -I-15 Security Type Identifier Category OH2 Agency Federal Home Loan Banks Orifice of Finance 240907004 LC -ROTC Toll Revenue: - I-l5 240907004 LC-RCTC Toll Revenue:-I-15 3135G0U68 Agency 3137B2GW4 Agency MBS Federal National Mortgage Association Fannie Mae Federal Home Loan Mortgage Corporation Next Call Base Net Total Summarized Final Maturity Trade Date Current Face Value Original Cost Date Base Market Value Unrealized Cain/Loss Coupon Yield Credit Rating 07/052019 03/222019 1,500.000.00 1.500, 112.50 - 1.499,925.00 (179.78) 2.632 2.474 AAA 10/302019 10252018 375,000.00 03252020 06292018 581.799.01 375.000.00 578.026.41 375,075.00 579,489. 75.00 2.470 2.436 116.54 2.313 2.638 AAA AAA 240907004 LC -ROTC Tall Revenue: - I-l5 240907004 LC-RCTC Toll Revenue:-I-15 240907004 LC -ROTC Toll Revenue: -I-lS 36225B5Y0 Agency MRS 025821GN4 Asset Backed 65478AAD5 Asset Backed Government National Mortgage Association American Express Credit Account Master Trust Nissan Auto Receivables 2015-C Owner Trust 06/152019 12212017 05/152019 - 05/152020 12212017 222.00 467.000.00 85,485.36 224.50 468,062.31 85.201.52 221.65 463191.47 85,375.08 (0.35) (75.16) (64.13) 5.500 4/72 2A54 2.555 1.370 2.911 AAA AAA AAA 240907004 LC-RCTC Toll Revenue:-I-15 05522RCV8 Ass Backed BA Credit Card Trust 240907004 LC -ROTC Tall Revenue: - I-l5 161571HC1 Arse[ Backed Chase Issuance Trust 240907004 LC-RCTC Toll Revenue:-I-15 61571 H16 Ass e[Backed Chase Issuance Trust 240907004 LC -ROTC Toll Revenue. -I-lS 240907004 LC-RCTC Toll Revenue:-I-15 02587AAM Asset Backed 58769DAD2 Asset Backed American Express Credit Account Master Trust Mercedes-Benz Auto Lease Trust 2017-A 05/152019 06292018 06472019 0t/152020 03/2 018 02/182020 06292018 03/162020 07272017 750.000.00 763,000.00 500.000.00 650,000.00 655.554.84 751.611.33 758.373.05 501.347.66 640,351.56 656.195.03 750.300.00 760.993.31 500.680.00 646,048.00 654.446.95 (78.15) 2.874 2.583 (1,466.31) 1.370 2.602 (583.66) 2.784 2.630 1,324.44 1.930 2.639 (1.147.00 1.790 2.946 AAA AAA AAA AAA AAA 240907004 LC -ROTC Toll Revenue.-I-lS 240907004 LC-RCTC Toll Revenue:-I-15 65479AAD4 Asset Backed Nissan Auto Lease Trust 2017-A 65478GAC4 Asset Backed Nissan Auto Receivables 2017-B Owner Trust 240907004 LC -ROTC Toll Revenue.-I-lS 65478DAD9 Asset Backed Nissan Auto Receivables 2018-A Owner Trust 04/152020 01252018 05/152020 06292018 05/162022 06292018 747,794.06 127.991.76 600,000.00 744.376.40 127.966.77 596,906.25 746,537.76 127.991.76 600,510.00 (660.71) (47.30) 2,574.24 1.910 2.714 2.584 2.705 2.650 2.604 AAA AAA AAA 240907004 LC-RCTC Toll Revenue:-I-15 47789IAB2 Ass 240907004 LC -ROTC Toll Revenue: -I-l5 240907004 LC-RCTC Toll Revenue:-I-15 240907004 LC -ROTC Toll Revenue. -I-lS 240907004 LC-RCTC Toll Revenue:-I-15 60700A5L4 CD 869581L72 CD 62888VAA6 CMG 62888UAB6 CMO Backed John Deere Owner Trust 2019 izuha Bank, Ltd. Svenska Handelsbavken AB NCUA Guaranteed Notes Trust 2011-R1 NCUA Guaranteed Notes Trust 2010-R2 10/152021 04/092019 04/032019 10/072020 11/052020 03/052019 03/132019 03/182019 01222019 03/152019 530.000.00 1,500,000.00 L500.000.00 422,280.83 266.143.00 529.975.83 I,500,267.11 1.500.019.94 422,429.30 266.538.06 530,906.30 1,500, 1.500.015.00 423,100.06 - 266.366.56 929.95 70.86 2.51 686.83 (162.90) 1850 2360 2.555 2.931 1983 2.706 2.385 2.419 3.156 2.802 AAA AAA AAA AAA AAA 240907004 LC -ROTC Toll Revenue. -I-lS 240907004 LC-RCTC Toll Revenue:-I-15 46625HHL7 Corporate 38141EA58 Corporate 1PMormn Chase & Co. The Goldman Sachs Group. Inc. 04232019 07252017 03/152020 07262017 1,000,000.00 500.000.00 1,075,520.00 540.800.00 1,001,94 511.650.00 (766.10) 6.300 3.294 (3.579.91) 5.375 2.898 A A 240907004 LC -ROTC Toll Revenue. -I-lS 17296711M6 Corporate Citigr up Inc. 04/082019 07252017 1,000,000.00 1,010,110.00 999,960.00 (158.31) 2.550 2.678 A 240907004 LC-RCTC Toll Revenue:-I-15 31677OBB4 Corporate Fifth Thud Bank 04252019 06292018 1.000.000.00 997.590.00 999.820.00 15.20 1375 2.598 A 240907004 LC -ROTC Toll Revenue. -I-lS 225460AN7 Corporate Credit Suisse AG 05282019 07262017 1,000,000.00 1,009,340.00 999,490.00 (1,336.23) 2.300 2.592 A 240907004 LC-RCTC Toll Revenue:-I-15 89114OAS7 Corporate The Toronto -Dominion Bank 07/022019 07272017 1.000.000.00 1.003670.00 998.730.00 (2.310.71) 2.125 2.607 AA 240907004 LC -ROTC Toll Revenue. -I-lS 240907004 LC-RCTC Toll Revenue:-I-15 90261XHE5 Corporate 06416CAA6 Corporate UBS AG The Bank of Nova Scotia 08/142019 07252017 09/112019 10/042018 850,000.00 857,505.50 --- 849,133.00 (2,277.33) 2.375 2.642 1.525.000.00 1.514.645.25 - 1.521477.25 1.473.17 2.125 2.642 AA AAA 240907004 LC -ROTC Toll Revenue. -I-lS 240907004 LC-RCTC Toll Revenue:-I-15 40428HPN6 Corporate 17401OAB7 Corporate HSBC USA Inc. Citizens Banc. National Association 11/132019 07262017 12/042019 07262017 1,000,000.00 1.000.000.00 1,010,720.00 1.008.450.00 11 /04/2019 997,470.00 997.580.00 (549731) 2.375 2.785 (4.700.14) 2.450 2.809 A A 240907004 LC -ROTC Toll Revenue. -I-lS 46625H1CA7 Corporate 1PMOrgan Chase & Co. 01232020 07252017 500,000.00 503,005.00 12232019 498,175.00 (2,764.64) 2/50 2.703 A 240907004 LC-RCTC Toll Revenue:-I-15 61747YDW2 Corporate Morgan Stanley 01272020 07252017 500.000.00 506.130.00 499.440.00 (2.640.83) 2.650 2.785 A 240907004 LC -ROTC Toll Revenue. -I-lS 780082AA1 Corporate Royal Bank of Canada 02/052020 07262017 1,500,000.00 1497.390.00 1,490,355.00 (8,742.55) 1.875 2.643 AAA 240907004 LC-RCTC Toll Revenue:-I-15 172967111 Corporate Cinaoup Inc. 02/182020 07252017 500.000.00 503.600.00 498,060.00 (3.221.90) 2.400 2.845 A 240907004 LC -ROTC Toll Revenue. -I-lS 06051GFN4 Corporate Bank ofAmerim Corporation 04/212020 12/042017 1,000,000.00 997.850.00 994,720.00 (4,316.09) 2.250 2.758 A 240907004 LC-RCTC Toll Revenue:-I-15 07330NAL9 Corporate Branch Bavkive and Trust Company 05/102019 07272017 1.000.000.00 995.340.00 04/102019 998.720.00 (990.97) 1.450 2.563 A 240907004 LC -RCTC Tall Revenue: - I 493274288 Cprnorat KevBavk NatipvaI A 08222019 07242017 1000.000.00 995.550.00 995710.00 S3415081 1.600 2.687 A 240907004 240907004 240907004 240907004 240907004 240907004 240907004 LC-RCTC Toll Revenue: -I-15 LC -ROTC Toll Revenue.- I-l5 LC-RCTC Toll Revenue: -I-15 LC -ROTC Tall Revenue.- I-l5 LC-RCTC Toll Revenue: -I-15 LC -ROTC Toll Revenue.- I-l5 LC-RCTC Toll Revenue: -I-15 24422ETI8 17275RBG6 06367TPX2 14912L6Y2 0258MOEE5 375558BQ5 07274MRA5 Corporate Corporate Corporate Corporate Corporate Corporate CP John Deere Capital Corporation Cisco Systems, Inc. Bank of Montreal Caterpillar Financial Services Corporation American Express Credit Corporation Gilead Sciences, Inc. Baverische Landesbank 10/092019 09202019 12/122019 01/102020 03/032020 09202019 04/102019 07262017 06292018 07262017 07262017 07252017 1.125.000.00 1,050,000.00 1.000.000.00 1,000,000.00 500.000.00 1,495,000.00 2.320.000.00 1.114.650.00 1,035,184.50 1.005.160.00 1,008,020.00 503.990.00 1,496,206.00 2.317.625.03 02/012020 1.116.652.50 1,044,204.00 996.810.00 995.690.00 497.680.00 1,495,627.90 2.318538.40 (5.821.58) (43.60) (4753.24) (6,920.44) (3.683.32) 160.71 20.15 1.250 1.400 2.100 2.100 2.200 2.883 0.000 2.675 2.575 2.559 2.659 2.709 2.782 2.073 A AA AA A A A AAA 240907004 LC -ROTC Toll Revenue I 5 69350BR81 CP PPG Industries, Inc 04/082019 03/082019 1.500,000.00 1,496,551.25 1,499.265.00 43.75 0.000 1.970 AA 240907004 LC-RCTC Toll Revenue:-I-15 50000ER89 CP Koch Industries. Inc. 04/082019 03/142019 1500.000.00 IA93437.51 - 1499,265.00 (17.50) 0.000 1.970 AAA 240907004 LC -ROTC Tall Revenue: - I-l5 74456DRB3 CP Public Service Electric and Gas Company 04/112019 03/152019 1,500,000.00 1,496,951.25 1,498,950.00 79.17 0.000 2.112 AAA 240907004 LC-RCTC Toll Revenue:-I-15 43357MR51 CP Hitachi Capital America Corp. 04/052019 03/152019 1200.000.00 1.198.075.00 - 1.199.664.00 30.67 0.000 1.687 AA 240907004 LC -ROTC Tall Revenue: - I-l5 92780KR34 CP Virginia Electric and Power Company 04/032019 03202019 1,500,000.00 1498,477.50 1499.790.00 7.50 0.000 1.264 AAA 240907004 LC-RCTC Toll Revenue:-I-15 CCYUSD Currency UNITED STATES OF AMERICA 03/312019 0.00 (4.990 454.17) - (4.990 454.17) 0.00 0.000 0.000 AAA 240907004 LC -ROTC Tall Revenue: - I-l5 31846V203 MM Fund First American Funds, Inc. 03/312019 0.00 5,124,203.43 5,124,203.43 0.00 2.090 2.040 AAA 240907004 LC-RCTC Toll Revenue:-I-15 70914PPD8 Muni Pennsylvania, Commonwealth of 07/152019 09/182018 305.000.00 308.080.50 306.189.50 9038 4.050 2.693 AA 240907004 LC -ROTC Tall Revenue: - I 392274A89 Muni Greater Orlando Aviation Authority 10/012019 07262017 700,000.00 724,094.00 702,800.00 (2,905.29) 3.483 2.681 AA 240907004 240907004 240907004 240907004 240907004 240907004 240907004 LC-RCTC Toll Revenue: -I-15 LC -ROTC Tall Revenue.- I-l5 LC-RCTC Toll Revenue: -I-15 LC -ROTC Tall Revenue.- I-l5 LC-RCTC Toll Revenue: -I-15 LC -ROTC Tall Revenue.- I-l5 LC-RCTC Toll Revenue: -I-15 64972HV66 459058GK3 912828UF5 9128282T6 912828Y53 9128285H9 912796UZ0 Muni Nov -US Gov US Gov US Gov US Gov US Gov US Gov New Yak City Transitional Finance Authority International Bank for Reconstruction and Development Treasury. United Stem Department of Treasury, United States Deparnncot of Treasury. United Stem Department of Treasury, United States Department of Treasury. United Stem Department of 07/152019 08/212020 12/312019 08/312019 07/312020 10/312020 04/302019 10/172018 06292018 03262019 12/062018 03292019 665.000.00 1,510,000.00 3300.000.00 2,000,000.00 6.050.000.00 5,300,000.00 5.000.000.00 664507.90 1,510,367.00 3.623156.25 1,989,687.50 6.051,328.49 5,299,852.27 4.990,454.17 - 665.678.30 -- 1,509,773.50 - 3.664.295.00 -- 1,989,680.00 - 6.044.373.50 -- 5,292,368.00 - 4.990.350.00 874.77 (492.79) 881.05 (271.92) (6.588.15) (7,508.75) (104.17) 2.900 2.650 1.125 1.250 2.468 2.470 0.000 2.536 2.699 2.418 2.485 2.577 2.604 2.212 AA AAA AAA AAA AAA AAA AAA 240907004 LC -ROTC Toll Revenue. -I-lS 64986U4H7 VRDN New York State Housing Finance Agency 11/012048 07/022018 1,400,000.00 1,400,000.00 04/152019 1,400,000.00 0.00 2.420 2.420 AA 70,217,270.86 70,401,806.65 70,229,147.28 (80,827.45) 240907020 RCTC I-15 Pri RAMP UP RESERVE 3130AEC17 Agency Federal Home Loan Banks Office of Finance 05282020 07/032018 350.000.00 350,150.50 350.756.00 659/6 2.625 2A34 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3134GTBII Agency 240907020 RCTC I-15 Pri RAMP UP RESERVE 3137AH6C7 Agency CMG Freddie Mac Federal Hone Loan Mortgage Corporation 04/012021 03292019 07252021 11292018 125,000.00 100.000.00 124,987.50 07/012019 124,962.63 100,179.69 101.252.00 (24.88) 2A00 2.615 1.094.87 3.230 2.545 AAA AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3137A1MF8 Agency CMO 240907020 RCTC I-15 Pn RAMP UP RESERVE 383742C76 Agency CMG Federal Home Loan Mortgage Corporation Government National Mortgage Association 10252021 11292018 O8/162037 01/312018 98,348/6 75.517.48 98,021.71 73405.42 99.060.30 73198.50 1,024.32 2.968 2.569 162.52 4.000 2.800 AAA AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 383751C12 Agency CMO 240907020 RCTC I-15 Pri RAMP UP RESERVE 3137ATRW4 Agency CMG Government National Mortgage Association Federal Hone Loan Mortgage Corporation 12/162037 01/312018 05252022 09262018 14,40233 100.000.00 14,447.74 93238.28 14,412A7 99.515.00 1.92 5.305 3.530 1.923.08 2.373 2.499 AAA AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3137ASR97 Agency CMO 240907020 RCTC I-15 Pri RAMP UP RESERVE 31397OWZ7 Agency CMG Federal Home Loan Mortgage Corporation Federal National Mortgage Association Fannie Mae 01252022 02272018 09252029 09282018 30,442.74 64.566.75 29,757.78 65,131.71 29,993.10 65,036.15 73.10 1.573 2.509 105 A5 4.000 2A58 AAA AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 38378HXH4 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 09/162027 03/082019 8,433.51 7,995.44 8,138.42 144/6 1/50 2.746 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 38375KCX8 Agency CMG Government National Mortgage Association 01202037 09/182018 77.572.33 78.142.00 77.691.02 (3.29) 5.500 3.010 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3139216N4 Agency CMO Federal National Mortgage Association Fannie Mae 04252023 12/052017 459,471.94 499,850.73 474,781.55 (16,145.96) 5.500 3.123 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 38377F2N0 Agency CMG The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 25.608.80 25564.78 25582.17 AAA 240907020 RCTC I-15 Pr) RAMP UP RESERVE 3137B84S3 ARO., CMO Federal Home Loan Mortgage Corporation 240907020 RCTC 1-15 Pri RAMP UP RESERVE 313975E83 Agency CMG Federal National Mortgaee Association Formic Mae 7.807.40 117.214.95 7.851.32 117,413.18 7394.21 AAA 240907020 RCTC I-15 Prt RAMP UP RESERVE 3137A5FP4 Agency CMG Federal Home Loan Mortgage Corporation 46 Page 15 of 34 INV RIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio by Account for quarter ended March 31, 2019 Source Account Account Identifier Security Type Category er Next Call Base Net Total Summarized Final Maturity Trade Date Current Face Value Original Cost Date Base Market Value Unrealized Cain/Loss Condon Yield Credit Rating 240907020 RCTC I-15 Pri RAMP UP RESERVE 8375CBH2 Aden CMO The Govemment National Menage ociation G teed REMIC P Through S itie 240907020 RCTC I-15 Pri RAMP UP RESERVE 31398N2K9 A¢eney CMO Federal National Mongage Association Fannie Mae 240907020 RCTC I-15 Pri RAMP UP RESERVE 8378CDK0 Agency CMO 240907020 RCTC I-15 Pri RAMP UP RESERVE 38378AWX5 Agency CMO 240907020 RCTC I-15 Pri RAMP UP RESERVE 38378DDC6 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Secunne e Government National Mon Association Guaranteed REMIC PaThroughSecurine The Government National Mortgage Association Guaranteed REMIC Pass -Through Seenrin 03//62035 11252025 03202035 01202036 04202038 03//92019 01/312018 01/302018 01/302018 06202018 27.481.32 1,636.68 85.711.52 138,764.88 72.620.90 27.313.86 1,642.82 86,501.67 140,109.16 73,111.66 27.309/9 1,633.05 85,777.52 139,072.93 72,776.31 2.68 (4.29) (330.89) (517.03) (132.89) 1.250 500 3.471 .000 2.688 3.000 2.649 3.500 2.968 AAA AAA AAA AAA AAA 240907020 RCTC I-15 Pn RAMP UP RESERVE 383761'135 Agency CMO Government National Mortgage Assoclanon 05/162037 10/302018 54,490.62 54,677.93 54,530.40 (5.04) 4.000 3.124 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 383791ILE3 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 05202043 10/182018 81.77231 81,657.72 83,288.78 1.650.49 3.500 2.657 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 38378VC45 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 12/162041 11232018 69,01493 66,523.92 67,776.80 1,187/7 2/50 2.839 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 383771M59 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 10202039 11212018 39.204.58 38,224.48 38,614.95 357.35 2.500 3.132 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3137ARBX3 Agency CMO Federal Home Loan Mortgage Corporation 03/152039 03/142019 46,742.70 46,078.08 46,606.68 526.22 2.834 2.958 AAA 240907020 RCTC I-15 Pn RAMP UP RESERVE 31283K5N4 Agency MBS Federal Home Loan Mortgage Comomtion 08/012020 12/052017 405,093.05 414,217.36 411,141.08 (7.291.32) 5.000 2.185 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3620A9WV9 Agency MBS Government National Mortgage Association 12/152024 05232018 13,415 23 13.708.69 13,833.92 159.24 4.000 2.472 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3138N1AE8 Agency MBS Federal National Mortgage Association Fannie Mae 12/012020 09/132018 33.837.19 34,228.44 34,403.96 176.29 3.630 2.293 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 31381N7G2 Agency MBS Federal National Mortgage Association Fannie Mae 10/012020 09252018 36,227.13 36.360.16 36.484.35 68.50 3.270 2.558 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 31381RLL6 Agency MBS Federal National Mortgage Association Fannie Mae 07/012021 11/022018 45.702.58 46,380.99 46,893.59 624.27 3.840 2.366 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 31381SV18 Agency MBS Federal National Mortgage Association Fannie Mae I I/012021 02222019 43,057.13 43,272.42 43.691.37 426.30 3.330 2.659 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3136AC714 Agency MBS Federal National Mortgage Association Fannie Mae 03252023 02212018 42.34531 41,649.32 42,266.94 46530 2.523 2265 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3137B1U75 Agency MBS Federal Home Loan Mortgage Corporation 01252023 02272018 120,000 00 117,96363 119,114.40 709.27 2322 2224 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3137B3NW4 Agency MBS Federal Home Loan Mortgage Corporation 09252022 09262018 95.296.22 94,477.27 95,206.64 677.18 2378 1741 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3137AXHN6 Agency MBS Federal Home Loan Mortgage Corporation 02252022 01252018 69,481.50 68,526.13 68,614.37 (124.83) 1.749 2336 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 31418ASD1 Agency MBS Federal National Mortgage Association. Inc. 04/012023 01/312018 6K445.51 67,780.78 67,659.07 (187.72) 2.000 2.625 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3136AMM48 Agency MBS Federal National Mortgage Ix Ion Fmmie Mae 07252022 09262018 94,125.11 92,718A5 93.903.91 999.55 2309 2.620 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3137BIUF7 Agency MBS Federal Home Loan Mortgage Corporation 09252022 01252018 35.71235 35,188.22 35,266.70 (29.25) 1385 2A85 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3620ARB67 Agency MBS Government National Mortgage Association 05/152025 05232018 28,071 27 28.737.98 28,896.01 229.88 4.000 2.626 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3136A96F0 Agency MBS Federal National Mortgage Association Fannie Mae 11252022 02272018 69.692.85 67,550.35 68,804.27 723.83 2.184 2.734 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 313810B54 Agency MBS Federal National Mortgage Association Fannie Mae 03/012021 11/072018 56,742.10 57,916.84 58,662.82 957.18 4.410 2.111 AAA 240907020 RCTC I-15 Pn RAMP UP RESERVE 62888VAA6 CMO NCUA Guaranteed Notes Trust 2011-RI 10/072020 85,658.39 85,792.70 85,824.56 8430 2.931 3A56 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE CCYUSD Currency UNITED STATES OF AMERICA 03/312019 0.00 (250.391.58) (250.391.58) 0.00 0.000 0.000 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 31846V203 MM Fund First American Funds. Inc. 03/312019 0.00 140,244.92 140,244.92 0.00 2.090 2.040 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 912828SA9 TIPS Treasury, United States Dmamnent of 01/152022 322,49430 320,133.48 319.904.87 (929.82) 0.125 0.413 AAA 240907020 240907020 240907020 240907020 240907020 240907020 240907020 RCTC I-15 Pn RAMP UP RESERVE RCTC I-15 Pri RAMP UP RESERVE RCTC I-15 Pri RAMP UP RESERVE RCTC I-15 Pri RAMP UP RESERVE RCTC I-15 Pri RAMP UP RESERVE RCTC I-15 Pri RAMP UP RESERVE RCTC I-15 Pri RAMP UP RESERVE 912828UH1 TIPS 912828UF5 US Gov 912828VA5 US Gov 912828VV9 US Gov 912828B58 US Gov 912828F62 US Gov 912828Y53 US Gov Treasury. United States Department of Treasury, United States Dmamnem of Treasury. United States Department of Treasury, United States Dmamnem of Treasury. United States Department of Treasury, United States Dmamnent of Treasury. United States Department of 01/152023 12/312019 04/302020 08/312020 01/312021 10/312019 07/312020 02/052018 07/052018 02202019 81.783.00 435,00000 665,000.00 775,000 00 320,000.00 700,000 00 525,000.00 80,712.39 426,695.70 648,627.54 766,685.54 316,212.50 695,132.81 525,025.13 80,847.40 430,802.25 656,009.20 772,458.00 318,912.00 696,087.00 524,511.75 (111.78) (398.82) 988.08 3,234.49 1.638.84 193.40 (48490) 0A25 1.125 1.125 2.125 2A25 1.500 2.468 0A28 2A18 2.390 2.360 2.314 2A62 2.577 AAA AAA AAA AAA AAA AAA AAA 240907020 RCTC I-15 Pn RAMP UP RESERVE 9128285H9 US Gov 240907020 RCTC I-15 Pri RAMP UP RESERVE 912796UV9 US Gov Treasury, United States Dmamnent of Treasury. United States Department of 10/312020 12/062018 04/022019 02272019 550,000.00 549.984.67 175.000.00 174,671.97 549.208.00 174,987.75 (779.21) 2.470 2.604 AAA (0.53) 0.000 0.639 AAA 8,224,053.26 8,108,694.63 8,113,617.37 (6,385.05) Total 78,441,324.12 78,510501.28 78,342,764.65 (87,212.511 47 Page 16 of 34 ATTACHMENT 10 RERIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2019 Base Base Change In Source Beginning Base Base Maturities and Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued 240907004 RCTC Toll Revenue -I-15 46625HHL7 IPMORGAN CHASE & CO 1,009,780.00 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 8141EA58 GOLDMAN SACHS GROUP INC 92274A89 GREATER ORLANDO AVIATION AUIH ORLANDO FLA ARPT FAC 72967HM6 CTDGROUP INC 22546QAN7 CREDIT SUISSE AG (NEW YORK BRANCH) 40428HPN6 HSBC USA INC (NEW) 89114QAS7 TORONTO-DOMINION BANK 17401QAB7 CITIZENS BANK NA 511,180.00 702,296.00 998,570.00 997,040.00 993,630.00 996,250.00 992,910.00 (11,070.39) (3,901.86) (2,795.60) (1,521.18) (1,304.58) (1,188.62) (1,017.81) (947.20) 23O.39 71.86 3,299.60 2,911.18 3,754.58 5,028.62 3,497.81 5,617.20 1,001,940.00 511,650.00 702,800.00 999,960.00 999,490.00 997,470.00 998,730.00 997,580.00 27,650.00 I,194.44 2,190.50 12,254.17 7,858.33 9,104.17 5,253.47 7,96150 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 70914PPD8 PENNSYLVANIA(COMMONWEALTH OF) 90261XHE5 UBS AG (STAMFORD BRANCH) 0258MODK2 AMERICAN EXPRESS CREDIT CORP 14912L6Y2 CATERPILLAR FINANCIAL SERVICES CORP 05522RCV8 BACCT 161A 61747YDW2 MORGAN STANLEY 06367TPX2 BANK OF MONTREAL 307,000.80 846,557.50 998,370.00 990,240.00 750,487.50 496,245.00 990.510.00 (1,000,000.00) (937.24) (928.41) (865.42) (829.30) (733.06) (619.57) (550.21) 125.94 3,503.91 2,495.42 6,279.30 545.56 3,814.57 6,850.21 306,189.50 849,133.00 995,690.00 750,300.00 499,440.00 996.810.00 2,607.75 2,635.59 4,725.00 1,017.79 2,355.56 6,358.33 _40907004 LC-RCTC Toll Revenue: - I-15 0258MOEE5 AMERICAN EXPRESS CREDIT CORP 494,625.00 (400.40) 3,455.40 497,680.00 855.56 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 61746BDM5 MORGAN STANLEY 02582JGN4 AMXCA 141 A 172%71I1 CITIGROUP INC 1615711116 CHAFE 171 A 46625HKA7 WMORGAN CHASE & CO 05522RCQ9 BACCT 141 A 912828Y53 UNTIED STATES TREASURY 999,590.00 252,163.80 495,460.00 500,245.00 495,020.00 1,100,077.00 4,197.816.00 (1,000,000.00) (I,100,000.00) (391.94) 801.94 - - (368.61) 308.13 252,103.32 339.60 (353.33) 2,953.33 498,060.00 1,433.33 (328.56) 763.56 500,680.00 657.27 (317.25) 3,472.25 498,175.00 2,125.00 (263.36) 186.36 - - (253.42) (I 468.58) 4196,094.00 17, 198.82 240907004 LC-RCTC Toll Revenue: - I-15 37555813Q5 GILEAD SCIENCES INC 899,064.00 (244.46) 1,558.46 900,378.00 912.60 240907004 LC-RCTC Toll Revenue:-I-15 69353REV6 PNC BANK NA 998,260.00 - - (1,000,000.00) - - (190.72) 1,930.72 - - 240907004 LC-RCTC Toll Revenue: -I-15 60700A5L4 Mizuho Bank, Ltd. - 1,500,267.11 - - - (187.97) 70.86 1,500,150.00 9,430.00 240907004 LC-RCTC Toll Revenue:-I-15 86565BQD6 Sumitomo Mitsui Banking Corporation 1,500,100.17 - (1,500,000.00) - - (100.17) - - - 240907004 LC-RCTC Toll Revenue: - I-15 025821GN4 AMXCA 141 A - 215,176.37 - - - - (99.68) 11.46 215,088.15 289.73 240907004 LC-RCTC Toll Revenue: - I-15 718172BF5 PHBdP MORRIS INTERNATIONAL INC 999,550.00 - - (1,000,000.00) - - (81.43) 531.43 - - 240907004 LC-RCTC Toll Revenue: - I-15 58769DAD2 MBALT 17A A3 962,105.00 - - - (309,445.16) (26.88) (54.74) 1,868.73 654,446.95 521.53 240907004 LC-RCTC Toll Revenue: - I-15 65478GAC4 NAROT 17B A2B 257,078.66 - - - (129,086.90) (57.03) (27.20) 84.24 127,991.76 156.16 _40907004 LC-RCTC Toll Revenue: - I-15 912828Y53 UNITED STATES TREASURY 449,766.00 (24.74) (159.76) 449,581.50 I842.73 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 4590580K3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 86958/1.72 Svenska Handelsbanken AB 3136AK2A0 FNA 14M10 AS2 62888VAA6 NGN IORI IA 4590580K3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 4590580K3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 62888UAB6 NGN 10R22A 499,835.00 - - - - - (23.75) 113.75 1,500,019.94 - - - - (17.45) 12.51 203,964.52 - - - (205,263.83) 326.98 (16.71) 989.04 448,961:70 - - (26,523.09) (8.88) (16.51) 686.83 299,901.00 - - - - (14.32) 68.32 184,938.95 - - - - - (9.11) 42.41 266,538.06 - - - - (8.60) (162.90) 499,925.00 1,500,015.00 423,100.06 299,955.00 184,972.25 266.366.56 1,422.64 28,743.75 871.12 853.58 526.38 573.40 240907004 LC-RCTC Toll Revenue:-I-15 3130ABQH2 FEDERAL HOME LOAN BANKS - 1,500,112.50 - - - - (7.72) (179.78) 1,499,925.00 9,431.33 240907004 LC-RCTC Toll Revenue:-I-15 36225B5Y0 GN 781763 1,061.83 - - - (840.47) (1.47) (1.62) 3.39 221.65 1.02 240907004 LC-RCTC Toll Revenue: - I-15 31397Q4Q8 FNR 10155B JA 39,470.06 - - - (39,53529) (0.88) (0.85) 66.96 - 240907004 LC-RCTC Toll Revenue:-I-15 31846V203 FIRSTAMER:GVT OBLG Y 2,384,289.16 77,845,261.81 (75,105,347.54) - - - - - 5,124,203.43 240907004 LC-RCTC Toll Revenue: - I-15 CCYUSD Payable - - - - - - (4,990,454.17) - 240907004 LC-RCTC Toll Revenue: - I-15 64986U4H7 NEW YORK ST HSG FIN AGY REV 1,400,000.00 - - - - - - - 1,400,000.00 2,670.36 240907004 LC-RCTC Toll Revenue: - I-15 43814LAC3 HAROT 154 A3 0.00 - - - - (0.00) - 0.00 - - 240907004 LC-RCTC Toll Revenue: - I-15 58768MAC5 MBALT 16B A3 46,972.31 - - - (46,995.80) (0.01) - 23.50 - - 240907004 LC-RCTC Toll Revenue: - I-15 37555813Q5 GILEAD SCIENCES INC 594,381.20 - - - - - - 868.70 595,249.90 603.33 240907004 LC-RCTC Toll Revenue: - I-15 355185PF0 FRANKLIN WIS 374,902.50 - - (375,000.00) - 97.50 - - 240907004 LC-RCTC Toll Revenue: - I-15 4590580K3 RNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 524,826.75 - - - - - - 94.50 524,921.25 1,493.77 240907004 LC-RCTC Toll Revenue :-I-15 3135G0U68 FEDERAL NATIONAL MORTGAGE ASSOCIATION 374,958.75 - - - - - - 116.25 375,075.00 1,542.08 240907004 LC-RCTC Toll Revenue: - I-15 459058GM9 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM - 800,000.00 - (800,000.00) - - - - - - 240907004 LC-RCTC Toll Revenue: - I-15 9127%UZ0 UNTIED STATES TREASURY - 4,990,454.17 - - - - - (104.17) 4,990,350.00 - 240907004 LC-RCTC Toll Revenue: - I-15 477891AB2 ]DOT 2019 A2 - 529,975.83 - - - - 0.52 929.95 530,906.30 755.25 240907004 LC-RCTC Toll Revenue: - I-15 58768MAC5 MBALT 16B A3 27,901.55 - - - (27,915.51) (0.00) 5.61 35 - - 240907004 LC-RCTC Toll Revenue: - I-15 9128285H9 UNITED STATES TREASURY 5,291,997.00 - - - - - 19.16 351.84 5,292,368.00 21,720.94 240907004 LC-RCTC Toll Revenue :-I-15 064159HC3 BANK OF NOVA SCOTIA 399,848.00 - - (400,000.00) - - 19.46 132.54 - - 240907004 LC-RCTC Toll Revenue: - I-15 05582XAD4 BMWLT 162 A3 277,609.50 - - - (278,023.76) 0.01 28.74 385.51 - - 240907004 LC-RCTC Toll Revenue: - I-15 89114QBE7 TORONTO-DOMINION BANK 369,781.70 - - (370,000.00) - - 31.01 187.29 - - 240907004 LC-RCTC Toll Revenue: - I-15 161571HC1 CHAFE 162 A 12,902.24 - - - - - 39.21 24.36 12,965.81 7.92 240907004 LC-RCTC Toll Revenue: - I-15 912828Y53 UNTIED STATES TREASURY - 1,399,404.08 - - - - 52.45 (758.53) 1,398,698.00 5,732.94 240907004 LC-RCTC Toll Revenue: - I-15 61746BDM5 MORGAN STANLEY 499,795.00 - - (500,000.00) - - 72.89 132.11 - - 240907004 LC-RCTC Toll Revenue: - I-15 65478AAD5 NAROT 15C A3 207,616.55 - - - (122,793.52) 111.50 89.26 351.29 85,375.08 52.05 240907004 LC-RCTC Toll Revenue: - I-15 14912EN29 Caterpillar Financial Services Corp on 1500,000.00 - - (1,500,000.00) - - ]03.33 (103.33) - - 240907004 LC-RCTC Toll Revenue-I-15 78355BN24 Ryder System, Inc. 1,500,000.00 - - (1,500,000.00) - - 116.67 (116.67) - - 240907004 LC-RCTC Toll Revenue: - I-15 64972HV66 NEW YORKN Y CITY TRANSITIONAL FIN AUTH BLDG AID R 664,753.95 - - - - - 168.40 755.95 665,678.30 8,356.83 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 97665SNU0 Wisconsin Electric Power Company 65477XAF4 NALT 16B A4 06051GEN4 BANK OF AMERICA CORP 7811082AA1 ROYAL BANK OF CANADA 9128282T6 UNTIED STATES TREASURY 07274MRA5 Bayerische Landesbank 02360SN46 Ameren Corporation 864,814.03 - (865,000.00) - - 185.97 - 349,767.40 - - - (350,198.15) 169.74 207.81 53.20 - - 989,310.00 - - - - 222.20 5,187.80 994,720.00 10,000.00 1,484,370.00 - - - - 260.41 5,724.59 1,490,355.00 4,375.00 1,989,687.50 - - - - 264.42 (271.92) 1,989,680.00 2,173.91 1,218,876.59 - - - - 345.66 9.15 1,219,231.40 - 1,499,775.00 - - (1,500,000.00) - - 347.50 (122.50) - - 240907004 LC-RCTC Toll Revenue: - I-15 65478DAD9 NAROT 18A A3 597, 144.00 8823 2,977.77 600,510.00 706.67 240907004 LC-RCTC Toll Revenue: - I-15 69511KPK2 PacifiCorp 499,571 - (I 500,000.00) - - 428.34 240907004 LC-RCTC Toll Revenue: - I-15 3137B20W4 FHMS K713 A2 580,853.25 (3,331.54) 15.60 461.54 1,490.42 579,489.27 121.42 240907004 LC-RCTC Toll Revenue: - I-15 49327M2P8 KEYBANK NA 991,100.00 542.65 4,067.35 995,710.00 1,7 240907004 LC-RCTC Toll Revenue: - I-15 07274MRA5 Bayerische Landesbank 1,098,748.44 - - - - 547.56 11.00 1,099,307.00 240907004 LC-RCTC Toll Revenue: - I-15 65479AAD4 NALT 17A A3 240907004 LC-RCTC Toll Revenue: - I-15 161571HC1 CHAFE 162 A 240907004 LC-RCTC Toll Revenue: - I-15 07274MN76 Bayensche Landesbank 845,758.50 744,360.00 ,499,445.00 (102,205.95) 88.89 564.81 2,331.51 746,537.76 634.79 601.95 3,065.55 748,027.50 456.67 (1,500,000.00) - - 640.00 (85.00) 240907004 LC-RCTC Toll Revenue: - I-15 46107KQ86 E¢erstate Power and Light Com 1,249,355.90 - (1,250,000.00) - - 644.10 240907004 LC-RCTC Toll Revenue: - I-15 07330NAL9 BRANCH BANKING AND TRUST CO 994,200.00 666.98 3,853.02 998,720.00 5,679.17 240907004 LC-RCTC Toll Revenue: - I-15 74456DQD0 Public Service Elxtric and Gas Com 1,209,300.89 - (1,210,000.00) - - 699.11 240907004 LC-RCTC Toll Revenue: - I-15 31677QBB4 FIFTH THIRD B 997.940.00 732.01 1.147.99 999.820.00 10,291.67 240907004 LC-RCTC Toll Revenue: - I-15 93884FP7I Washington Gas Light Company 1,399,262.28 - (1,400,000.00) - - 737.72 240907004 LC-RCTC Toll Revenue: - I-15 0405611QS2 Arizona Public Service Company ,499,256.26 - (1,500,000.00) - - 743.74 240907004 LC-RCTC Toll Revenue: - I-15 71112KP 13 The Peoples Gas Light And Coke Company 1,499,247.50 - (1,500,000.00) - - 752.50 240907004 LC-RCTC Toll Revenue: - I-15 54866HQE5 Lowe's Comp 1,499,247.50 - (1,500,000.00) - - 752.50 240907004 LC-RCTC Toll Revenue: - I-15 23337UP45 DTE Gas Comp 1,499,241.66 - (1,500,000.00) - - 758.34 48 Page 17 of 34 RERIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2019 PIIMI=1/1/1111L 240907004 LGRCTC Toll Revenue:-I-15 New Jersey Natural Gas Company 240907004 LC-RCTC Toll Revenue: - I-15 Interstate Power and Light Company 240907004 LC-RCTC Toll Revenue: - I-15 Interstate Power and Light Company 240907094 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 '40907004 LC-RCTC Toll Revenue: - I-15 64587BQE5 46107KQN3 46107KQV5 670211086 63743DN98 97684HN80 26055BQN7 23337UQ69 64587BN99 93884FN99 71112KQD6 67021KNJ4 50000ENB6 97684HP13 24422E1'78 50000EQ49 67021KPL7 92780KR34 64587BNU2 71112KQS3 02587AA13 69511KPC0 43357MR51 69511KNV0 313384AY5 64587BP89 34108BNF8 71112KPK1 50000ER89 74456DRB3 912828P53 74456DP41 97684HQL8 23337UNV7 93884FQB1 92780KQJ0 69372BNQ9 63873KPF8 69350BR81 06416CAA6 34108BPL3 78355BQU9 NSTAR Electric Company National Rural Utilities Cooperative Finance Corpo Wisconsin Public Service Corporation The Dow Chemical Company DTE Gas Company New Jersey Natural Gas Company Washington Gas Light Company The Peoples Gas Light And Coke Company NSTAR Electric Company Koch Industries, Inc. Wisconsin Public Service Corporation JOHN DEERE CAPITAL CORP Koch Industries, Inc. NSTAR Electric Company Virginia Electric and Power Company New Jersey Natural Gas Company The Peoples Gas Light And Coke Company AMXCA 171 A PacifiCorp Hitachi Capital America Corp. PacifiCorp FEDERAL HOME LOAN BANKS New Jersey Natural Gas Company Florida Power & Light Company The Peoples Gas Light And Coke Company Koch Industries, Inc. Public Service Electric and Gas Company UNTIED STATES TREASURY Public Service Electric and Gas Company Wisconsin Public Service Corporation DTE Gas Company Washington Gas Light Company Virginia Electric and Power Company PACCAR Financial Corp. Natixis PPG Industries, Inc. BANK OF NOVA SCOTIA Florida Power & Light Company Ryder System, Inc Beginning Base Base Base Change In Base Maturities and Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued 1,499,227.08 1,499,22125 (1,500,000.00) (1,500,099.00) 1,499,235.00 1,499,340.00 1,499,235.00 1,499,235.09 1,499,010.00 1,499,221.25 1,499,200.01 1,499,140.00 1,399,097.09 1,499,043.75 1,498,975.09 698,897.50 (1,500,000.00) (1,500,099.00) (1,500,000.00) (1,500,099.00) (1,500,000.00) (1,400,099.00) (1,500,000.00) (1,500,000.00) (1,500,000.00) (1,500,000.00) (1,500,000.00) (700,009.00) 772.92 778.75 778.75 799.99 816.67 816.67 860.00 903.00 (51.67) (156.67) 933.33 950.00 956.25 1,025.00 (168.33) (185.09) 1,029.16 (39:16) 1,102.50 1,109,441:25 - - - - 1,18691 6,024:34 1,116,652.50 1,498,785.09 - (1,500,099.00) - - 1,215.00 - 1,498,780.01 - (1,500,000.00) - - 1,219.99 - - 1,498,477.50 - - - - 1,305.00 7.50 1,499,790.00 1,498,650.00 - (1,500,000.00) - - 1,350.00 - - 1,498,591.67 - (1,500,099.00) - - 1,408.33 - - 642,310.50 - - - - 1,476.00 2,261.50 646,048.00 1,498,442.51 - (1,500,000.00) - - 1,557.49 - - 1,198,075.00 - - - - 1,558.33 30.67 1,199,664.00 1,498,425.09 - (1,500,099.00) - - 1,575.00 - - 1,498,420.01 - (1,500,000.00) - - 1,579.99 - 1,498,419.17 - (1,500,099.00) - - 1,580.83 - 1,498,575.00 - - (1,500,000.00) - - 1,604.17 (179.17) 1,097,866.00 1,498,362.50 - (1,500,099.00) - - 1,637.50 - - 1,497,437.51 - - - - 1,844.99 (17.50) 1,499,265.00 1,496,951.25 - - - - 1,919.58 79.17 1,498,950.09 (1,100,000.00) - - 1,975.63 158.37 - 997,977.78 - (1,000,099.00) - - 2,022.22 - 1,497,957.50 - (1,500,000.00) - - 2,042.50 - - 1,497,816.66 - (1,500,099.00) - - 2,183.34 1,497,708.33 - (1,500,000.00) - - 2,291.67 1,497,672.50 - (1,500,099.00) - - 2,327.50 1,497,585:00 - - (1,500,000.00) - - 2,386.25 28.-75 - 997,410.09 - (1,000,099.00) - - 2,590.00 - 1,517,085.25 1,4%,551.25 - - - - 2,670.00 43.75 1,499,265.00 - - - 2,770.10 1,621.90 1,521,477.25 1,497,096.66 - (1,500,000.00) - - 2,903.34 - - 1,497,030.09 - (1,500,099.00) - - 2,970.00 - - 6,718.75 557.56 1,800.35 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 43357MNR7 Hitachi Capital America Corp. 17275RBG6 CISCO SYSTEMS INC 69350BQT6 PPG Industries, Inc. 43357MQK9 Hitachi Capital America Corp. 43357MEE4 Hitachi Capital America Corp. 1,497,480.00 - - (1,500,000.00) - - 3,000.00 (480.00) - - 1,040,581.50 - - - - - 3,019.35 603.15 1,044,204.00 449.17 1,4%,908.34 - (1,500,000.00) - - 3,091.66 - - - 1,496,850.00 - (1,500,099.00) - - 3,150.00 - 1,3%,710.00 - (1,400,000.00) - - 3,290.00 - - - 240907004 LC-RCTC Toll Revenue: - I-15 26055BQD9 The Dow Chemical Company 1,496,562.50 - (1,500,099.00) - - 3,437.50 240907004 LC-RCTC Toll Revenue: - I-15 43357MPR5 Hitachi Capital America Corp. 1,4%,240.00 - (1,500,000.00) - - 3,760.00 240907004 LC-RCTC Toll Revenue: - I-15 34108BQD0 Florida Power & Light Company 1,496,203.33 - (1,500,000.00) - - 3,796.67 240907004 LC-RCTC Toll Revenue: - I-15 26055BPB4 The Dow Chemical Company 1,4%,081.25 - (1,500,000.00) - - 3,918.75 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 912796XJ3 UNITED STATES TREASURY 912828UF5 UNTIED STATES TREASURY - 4,494,628.13 - (4,500,099.00) - - 5,371.87 - - - 3,645,499.00 - - - - - 12,051.04 6,744.96 3,661,295.00 10,463.74 75,980,096.44 168,140,126.15 (75,105,347.54) (91,270,011.00) (2,742,15897) 617.55 93,789.19 122,478.63 70,229,147.28 281,450.81 240907020 RCTC I-15 Prj RAMP UP RESERVE 240907020 RCTC I-15 Prj RAMP UP RESERVE 31283K5N4 FH G11753 3139216N4 FNR 0323B EQ 529,710.34 (114,842.50) (4,367.90) (3,304.91) 3,946.05 411,141.08 1,687.89 524,828.76 (48,423.58) (3,457.83) (2,085.18) 3,919.37 474,781.55 2,105.91 240907020 RCTC I-15 Prj RAMP UP RESERVE 38377QTC1 GNR 1125C AB 40,024.32 - - - (40,051.13) (1,427.62) (I 483.33) 2,937.77 240907020 RCTC I-15 Prj RAMP UP RESERVE 240907020 RCTC I-15 Prj RAMP UP RESERVE 240907020 RCTC I-15 Prj RAMP UP RESERVE 240907020 RCTC I-15 Prj RAMP UP RESERVE 240907020 RCTC I-15 Prj RAMP UP RESERVE 240907020 RCTC I-15 Pry RAMP UP RESERVE 240907020 RCTC I-15 Prj RAMP UP RESERVE 240907020 RCTC I-15 Pry RAMP UP RESERVE 240907020 RCTC I-15 Prj RAMP UP RESERVE 240907020 RCTC I-15 Pry RAMP UP RESERVE 240907020 RCTC I-15 Prj RAMP UP RESERVE 240907020 RCTC I-15 Pry RAMP UP RESERVE 240907020 RCTC I-15 Prj RAMP UP RESERVE 240907020 RCTC I-15 Pry RAMP UP RESERVE 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828SA9 UNTIED STATES TREASURY 912828UHI UNITED STATES TREASURY 912828SA9 UNTIED STATES TREASURY 9128285A9 UNITED STATES TREASURY 38375KCX8 GNR 0726C MA 81QB54 FN 467260 383742C76 GNR 0832B PA 38376P135 GNR 09116C NH 38378AWX5 GNR 11157E QA 97QWZ7 FNR I I I5F VB 38378CDK0 GNR 11169G 8 RLL6 PN 468431 38378DDC6 GNR 1216E GB 3137B8453 FHR 4305A CT 31381N7G2 FN 466295 162,670.70 79,358.10 75,912.99 75,912.99 123,772.40 58,773.65 81,909.01 81,475.53 153,475.40 74,495.58 98,561.05 47,084.21 83,617.12 127,756.13 36,592.86 (45,807.72) 326.91) (4,859.53) (26,873.44) (14,652.23) (9,411.73) (12,908.70) (239.96) (10,808.50) (11,024.04) (20796) (149.69) (6.03) (103.86) (57.49) (92.73) (61.14) (66.01) (3.20) (48.81) 118.42 (1.26) (728.17) 327.51) (318.04) 2.06) (282.79) (136.67) (121.74) (107.65) (%.38) (83.88) (75.35) (71.22) (68.16) (63.67) (48.52) 3,525.50 1,816.81 1,623.47 ,617.49 158.82 58.77 374.63 93.44 438.88 97.32 266.53 123.76 84.67 626.34 149.24 165,468.04 80,847.40 77,218.42 77,218.42 77,691 58,662.82 77,198.50 54,530.40 19.072.93 65,0 15 85,777.52 46,893.59 72,776.31 117,413.18 36,484.35 43.78 21.46 20.43 20.43 355.54 208.53 251.72 181.64 346.91 215.22 214.28 151.12 211.81 197.83 102.01 '40907020 RCTC I-15 Prj RAMP UP RESERVE 31381PTG3 FN 466851 44,939.97 (44,171.38) (334.79) (43.80) (389.99) 240907020 RCTC I-15 Prj RAMP UP RESERVE 240907020 RCTC I-15 Prj RAMP UP RESERVE 240907020 RCTC I-15 Prj RAMP UP RESERVE 240907020 RCTC I-15 Prj RAMP UP RESERVE 240907020 RCTC I-15 Prj RAMP UP RESERVE 240907020 RCTC I-15 Prj RAMP UP RESERVE 240907020 RCTC I-15 Prj RAMP UP RESERVE 3138NJAE8 FN FN0004 40,427.63 - - - (6,008.30) (67.27) (30.61) 82.51 34,403.% 105.77 3620ARB67 GN 737261 30,534.81 - - - (1,739.44) (37.87) (24.67) 163.19 28,896.01 93.57 912828Y53 UNTIED STATES TREASURY 399,792.00 - - - - - (21.01) (142.99) 399,628.00 1,637.98 3130AEC17 FEDERAL HOME LOAN BANKS 350,504.09 - - - (20.43) 272.43 350,756.09 3,139.06 3137AH6C7 FHMS K015 A2 100,681.00 - - - - - (17.20) 588.20 101,252.00 269.17 3137A5FP4 FHR 3791E DA 64,641.87 - - - (6,456.45) (8.97) (11.78) 229.59 58,394.26 122.00 3620A9WV9 GN 723460 14,690.85 - - - (905.99) (18.04) (11.71) 78.81 13,833.92 44.72 240907020 RCTC I-15 Prj RAMP UP RESERVE 38379HLE3 GNR 14184H WK 89,315.86 (6,181.62) 9.32 (11.47) 156.68 83,288.78 238.50 240907020 RCTC I-15 Prj RAMP UP RESERVE 240907020 RCTC I-15 Pry RAMP UP RESERVE 240907020 RCTC I-15 Prj RAMP UP RESERVE 240907020 RCTC I-15 Pry RAMP UP RESERVE 240907020 RCTC I-15 Prj RAMP UP RESERVE 240907020 RCTC I-15 Pry RAMP UP RESERVE 240907020 RCTC I-15 Prj RAMP UP RESERVE 62888VAA6 NGN lOR11A 41,029:40 - - - (3,409.06) (6.66) (11.24) 39.91 37,642.35 77.50 3138151/J8 FN 469617 43,376.59 - - (103.65) (0.52) (7.36) 426.30 43,691.37 123.47 38375CBH2 GNR 1257F LD - 27,313.86 - - - - (7.25) 2.68 27,309.29 28.63 383751C12 GNR 0668 D 18,483.49 - - - (4,063.76) (2.54) (4.84) 0.32 14,412.67 63.67 62888VAA6 NGN lOR11A - 51,127.31 - - (3,020.42) (1.01) (1.88) 78.22 48,182.21 99.20 38378HXH4 GNR 12119 KB - 7,995.44 - - - - (1.28) 144.26 8,138.42 8.78 31398N2K9 FNR 10123B DL 4,013.68 - - - (2,384.95) (2.16) (1.10) 7.58 1,633.05 4.77 1240907020 RCTC I-15 Prj RAMP UP RESERVE 38377F2N0 GNR 1073E LN 45,580.48 - - - (20,020.06) 39.10 (0.63) (16.72) 25,582.17 64.02 49 Page 18 of 34 RER IVERSIOE COUNTY TRAM 5 PO RTAT ION COMMISSION 2017 Financing STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2019 PIIM1=1/11111L 240907020 RCTC I-15 Po RAMP UP RESERVE 31846V203 FMSTAMEKGVT OBLGY 240907020 RCTC 1-15 Pry RAMP OP RESERVE CCYUSD Payable 240907020 RCTC I-15 Pp RAMP UP RESERVE 912828Y53 UNITED STATES TREASURY Beginning Base Base Base Change In Base Maturities and Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued 240907020 RCTC I-15 Pry RAMP UP RESERVE 3134GSTK1 FEDERAL HOME LOAN MORTGAGE CORP 240907020 RCTC I-15 Pp RAMP UP RESERVE 3134GTB31 FEDERAL HOME LOAN MORTGAGE CORP 240907020 RCTC I-15 Pry RAMP UP RESERVE 31418ASD1 FN MA1415 240907020 RCTC I-15 Pp RAMP UP RESERVE 313975E83 ERR 1136C PA 240907020 RCTC I-15 Pry RAMP UP RESERVE 9128285H9 UNITED STATES TREASURY 31,320:09 1,513,972/3 (1,405,047A0) 150,048.00 124,882:95 (150,000.00) 1,161.91 12,824.03 549,169.50 124,987:50 0.80 140,244.92 (250,391.58) 124,883.75 511.87 (48.00) - - - (24.88) 124,962.63 9.03 (110.76) 1.14 0.46 4.44 1,057.17 1.78 (5,035.13) 1.12 0.88 3.31 7,794.21 26.02 1.99 36.51 549,208.00 2,254.06 240907020 RCTC I-15 Pp RAMP UP RESERVE 3137ARBX3 FHR 4061C CF 240907020 RCTC I-15 Pry RAMP UP RESERVE 38377WL77 GNR 1194A AB 240907020 RCTC I-15 Pp RAMP UP RESERVE 3137AIMF8 FHMS K016 A2 240907020 RCTC 1-15 Pry RAMP UP RESERVE 3137B3NW4 FHMS K031 Al 240907020 RCTC I-15 Pp RAMP UP RESERVE 3137BIUF7 FHMS K027 AI 240907020 RCTC 1-15 Pry RAMP UP RESERVE 31418ASD1 FN MA1415 240907020 RCTC I-15 Pp RAMP UP RESERVE 3137AIMF8 FHMS K016 A2 5,981/7 101,311.06 37,641.33 73,200.18 99.049.56 46,078.08 98,564.% (99,668.24) - - 2.38 526.22 46,606.68 58.87 (5,992.11) 13.75 11.02 (13.93) - (545.06) 1.77 14.31 1,024.32 99,060.30 243.22 (6,529.05) 53.01 21.86 349.77 95,206.64 220.61 (2,610.74) 31.37 22.50 182.24 35,266.70 53.12 (6,978.11) 62.23 23.61 293.98 66,601.90 112.29 - - 26.47 592.21 - - _40907020 RCTC I-15 Pn RAMP UP RESERVE 3136AC714 FNA 13M62A 42,276.89 (250.23) 3.35 34.34 20239 42,266R4 89.03 240907020 RCTC I-15 Pp RAMP UP RESERVE 38377%459 GNR 10111E PE 240907020 RCTC I-15 Pry RAMP UP RESERVE 3137ASR97 FHMS K020 Al 240907020 RCTC I-15 Pp RAMP UP RESERVE 3137AXHN6 FHMS K024 AI 240907020 RCTC I-15 PO RAMP UP RESERVE 38378VC45 GNR 13116D MA 240907020 RCTC I-15 Pp RAMP UP RESERVE 3136AMM48 FNA 15M4B AV2 240907020 RCTC I-15 PO RAMP UP RESERVE 3136A96F0 FNA 12M17 A2 240907020 RCTC I-15 Pp RAMP UP RESERVE 3137BIU75 FHMS K501 A2 240907020 RCTC I-15 PO RAMP UP RESERVE 3130AAMQ8 FEDERAL HOME LOAN BANKS 240907020 RCTC I-15 Pp RAMP UP RESERVE 3137ATRW4 FHMS K020 A2 240907020 RCTC I-15 PO RAMP UP RESERVE 912828P53 UNITED STATES TREASURY 240907020 RCTC I-15 Pp RAMP UP RESERVE 9127%UV9 UNTIED STATES TREASURY 240907020 RCTC I-15 Pry RAMP UP RESERVE 912828B58 UNITED STATES TREASURY 240907020 RCTC I-15 Pp RAMP UP RESERVE 912828P53 UNTIED STATES TREASURY 240907020 RCTC I-15 Pry RAMP UP RESERVE 9128281JF5 UNITED STATES TREASURY 240907020 RCTC I-15 Pp RAMP UP RESERVE 912828V V9 UNTIED STATES TREASURY 40,447.13 - 32,267.70 - 73,944.76 - 69,619.58 - %,728.46 - 71,107.79 - 118,290.00 - 224,885.25 - 98,533.00 - 349,781.25 174,671.97 317,539.20 - 239,534.40 - 187,201.30 471,846.00 (225,000.00) (350,000.00) (240,000.00) (2,133.80) 52.85 36A2 212.34 38,614.95 81.68 (2,476.09) 44.39 37.99 119.11 29,993.10 39.91 (5,761.96) 63.34 42A2 325.82 68,614.37 101.27 (2,413.94) 87.07 85.44 398.64 67,776.80 129.40 (3,334.31) 44.01 87.84 377.91 93,903.91 1%.80 (2,736.05) 66.90 98.05 267.59 68,804.27 126.84 - - 102.79 721.61 119,114.40 252.20 128.23 (13.48) - 177.52 804.48 99,515.00 197.75 - - 218.75 - - - 316.31 (0.53) 174,987.75 - 358.34 1,014.46 318,912.00 1,127.07 - - 431.05 34.55 - - 453.89 511.31 188,166.50 537.33 487.32 1,108.68 473,442.00 877.72 240907020 RCTC I-15 Pry RAMP UP RESERVE 912828V V9 UNITED STATES TREASURY 298,008.00 501.56 506.44 299,016.00 554.35 240907020 RCTC I-15 Pp RAMP UP RESERVE 912828VA5 UNTIED STATES TREASURY 240907020 RCTC I-15 Pry RAMP UP RESERVE 912828E62 UNITED STATES TREASURY 161,893.05 695,132.81 595A2 280.73 162,769.20 779A2 760.79 193.40 696,087.00 4,408.84 240907020 RCTC I-15 Pp RAMP UP RESERVE 912828UF5 UNTIED STATES TREASURY 241,391.15 797.97 446.63 242,635.75 692.87 240907020 RCTC I-15 PO RAMP UP RESERVE 912828VA5 UNITED STATES TREASURY 490,585.00 1,661.46 993.54 493,240.00 2,36138 8,038,371.76 3,158,216.71 (1,405,047.40) (965,000.00) (485,81035) (9,630.27) (2,404.13) 35,312.64 8,113,61737 28,502.56 84.018,468.20 171,298,342.86 (76,510394.94) (92,235.000.00) (3,227369.32) (9,012.72) 91385.06 157,791/6 78342,764.65 309,953.37 50 Page 19 of 34 1151r- RIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio Summary of Investments for quarter ended March 31, 2019 ATTACHMENT 11 t 50, 000,000 a m 40,000,000 c� d Y 20,000.000 ro 2 10,000,44a m 30,000.00❑ 0 Credit Rating Asset Class Money Market Funds 16.692%1 Cash 141.659%) Fixed Income (99.666%) Chart calculated by: Pass Market Value . Accrued *Negative cash reflects securities in transit at month end Industry Group other 120.037 %) Multi -national (1-925%) Agency CoNa CMG (2.776%) f US Municipals 0.942%) Credit Card ABS (3.976%1 Diversified Plnan Son, (4.726%) sovereign (36.796%1 Banks (26416%) anart calculateq PY' PAY. Markel Value r Aecruect Security Type T-BILL (6.567%) CA Ski (-6.656%) Other A%)126249 NIMFIINO (6.692%) ADS (7.472%] CA 1+2.095%) !CORP (26,664%) US oitV (26.716%1 Chart calculated by; Base frlarket VA4.19 • Acq-ued - Market Sector Other (3.640%1 uul ley f3lpal.at2�&l�_ M unlc��� -Government (9.942%) / (35.716%) Mortgage Backed (5.72670 Asset Backed 17.472%) Industrwi (9.744%) Financial (90.644%) Chart calculated by; Base Market Value + Acsrued 51 OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio Sales Tax Revenue Fund Summary of Investments for quarter ended March 31, 2019 ATTACHMENT 12 35,000.000 la 30,000,000 Q 25,000,C/00 'a' 201000,000 15.000.000 10,000.000 tl] 5.000,000 !T] 0 I Credit Rating M+ AA AA li+ A R- A-14- Asset Class Money Markel Funds (7.267%) Cart 1.7.072%t 'Fixed Income (99.605%) Chart Calculaled by: Base Markel Value t Accrued `Negative cash reflects securities in transit at month end Other [18.891%) Electric (2.127%) Mu147./0) erlalN 17.14T°hl US Municipals (4.3979b) Credit Card ABS (4A37%) Diversified Finan. SeN [5-2729bj Industry Group • Sovereign 03.931%) dank* 128-799%} :hart calcu.,aled by. Base Martial Vaiue « a.ccr..ern Security Type Other (18.75474) 'CORP (29.966 0. CASH I.7.07.2%1 T-dILL -- (7.077%) MMFUND01111:L. (7.267.4) ABS _- "US Gov [6.335%) (24-779%) CP (13-494%) Chart calwlaled by: BeSe Merkel VaWe t Accrued Market Sector Other (1-996' Aponcy (2.67656)�� VHllty / (4.253%)' Municipal' (4-3979kt Asset Hacked (8-33S%) Industrial (lo-ace%) 1 J Government' (33-404%) Financial (3.4-070%) Churl ealeti kited by: Base Merk9t Value Accrued' 52 OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio Ramp Up Fund Summary of Investments for quarter ended March 31, 2019 10,000,000 8.000,060 Q Q, 6.000,000 7 ▪ 4.000,060 65 m � 2.066,{]00 Credit Rating AAA A-1. Asset Class Money &lancet Funds (1.716 ) Cash [3.075'h1 liked Income (101 s8o%) Chart Calcnlaled by: Base Markel Valve + Accrued *Negative cash reflects securities in transit at month end (11-21250 FGLMC (5.071 %1 AGCY BOND----- Is.s62%). (6.us7%) FMMACMO [6.775xJ FHLMC CMO I6.7877.4 Security Type ATTACHMENT 13 Industry Group - - -US GOV (48.885%1 Chart calculated by: Baas. Markel Valve + Accrued Cae [-1.3 Agency Collet °Shur 10.527 Y j 1 n PAC CMo I7.56650 FNMA ColiateraI (9.945%) F0LMC ❑ollataral 15.071%0 Commercial MBS 00.67/%1 Agency collet CMO (111.333%) 8eve reign (61.84050 Chart calcu.aled by, Base MarK t Value «,Accrued. Market Sector GDVarnment (5s.75sx) Churl calculated by, Base Market Value - A. -,trued 53 OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION Payden & Rygel Operating Portfolio by Investment Category for Quarter ended March 31, 2019 ATTACHMENT 14 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM CUSIP Security Type Category Issuer Next Call Final Maturity Trade Date Date Original Cost Base Market Value Unrealized Gain/Loss Accrued Income Coupon Yield Credit Rating U1U1531L/N2 Taxable Muni ALAMEDA UN I Y DA J I 2.S6b% b/U1/21 Ub/U1/2021 U4/24/2U1S 2bb,000.UU Yb/,UUb.Sb Y,UUb.Sb 2,4315.1U 1.8/ 2.t3b1b143U/ AA+ 037833BS8 Credit APPLE INC 2.250% 2/23/21 02/23/2021 02/23/2016 01/23/2021 495,675.00 498,200.00 2,525.00 1,187.50 2.25 2.264652300 AA+ 037833CS7 Credit APPLE INC 1.800% 5/11/20 05/11/2020 05/11/2017 484,505.30 481,226.70 -3,278.60 3,395.00 1.8 1.816438771 AA+ 053015AD5 Credit AUTOMATIC DATA 2.250% 9/15/20 09/15/2020 09/15/2015 08/15/2020 452,969.04 447,435.00 -5,534.04 450.00 2.25 2.257993296 AA 05582QAD9 Asset -Backed BMW VEHICLE OWNER 1.160% 11/25/20 11/25/2020 07/20/2016 133,378.23 132,797.31 -580.92 25.79 1.16 1.163852351 N/A 05584PAD9 Asset -Backed BMW VEHICLE LEASE 2.070% 10/20/20 10/20/2020 10/25/2017 99,999.92 99,620.00 -379.92 63.25 2.07 2.076624432 N/A 06050TMJ8 Credit BANK OF AMERICA MTN 3.335% 1/25/23 01/25/2023 01/25/2019 01/25/2022 520,000.00 526,500.00 6,500.00 3,179.37 3.34 3.304041135 A+ 06406FAA1 Credit BANK OF NY MTN 2.500% 4/15/21 04/15/2021 02/19/2016 03/15/2021 756,466.21 748,177.50 -8,288.71 8,645.83 2.5 2.512007395 A 06406HBM0 Credit BANK NY MELLON MTN 5.450% 5/15/19 05/15/2019 05/12/2009 245,229.45 242,801.02 -2,428.43 4,982.51 5.45 5.441728573 A 084664CK5 Credit BERKSHIRE HATHAWAY 1.300% 8/15/19 08/15/2019 08/15/2016 159,844.80 159,249.60 -595.20 265.78 1.3 1.305365050 AA 084670BQ0 Credit BERKSHIRE HATHAWAY 2.200% 3/15/21 03/15/2021 03/15/2016 02/15/2021 466,436.01 468,847.53 2,411.52 460.53 2.2 2.212522879 AA 13063BFS6 Taxable Muni CALIFORNIA ST BUILD 6.650% 3/01/22 03/01/2022 04/01/2010 474,067.48 467,721.00 -6,346.48 2,355.21 6.65 6.086956522 AA- 13063DGA0 Taxable Muni CALIFORNIA ST 2.800% 4/01/21 04/01/2021 04/25/2018 500,008.42 504,515.00 4,506.58 7,000.00 2.8 2.783964365 AA- 13066YTY5 Taxable Muni CALIFORNIA ST DEPT 1.713% 5/01/21 05/01/2021 09/28/2016 105,052.47 104,696.96 -355.51 757.44 1.71 1.739209893 AA 13077CT38 Taxable Muni CALIFORNIA ST 1.982% 11/01/19 11/01/2019 08/05/2015 130,182.82 129,525.50 -657.32 1,073.58 1.98 1.987884137 AA- 156549AA5 Taxable Muni CENTURY HOUSING CORP 3.824% 11/01/20 11/01/2020 02/07/2019 110,000.00 110,039.60 39.60 630.96 3.82 3.824497185 AA- 166764AN0 Credit CHEVRON CORP 2.193% 11/15/19 11/15/2019 11/18/2014 501,681.22 498,615.00 -3,066.22 4,142.33 2.19 2.198165689 AA 166764AU4 Credit CHEVRON CORP 3.26813% 3/03/22 03/03/2022 03/03/2015 503,785.18 503,295.00 -490.18 1,316.33 3.15 3.245218557 AA 17275RAX0 Credit CISCO SYSTEMS INC 2.450% 6/15/20 06/15/2020 06/17/2015 599,952.00 599,046.00 -906.00 4,328.33 2.45 2.452968091 AA- 17275RBG6 Credit CISCO SYSTEMS INC 1.400% 9/20/19 09/20/2019 09/20/2016 39,955.60 39,779.20 -176.40 17.11 1.4 1.406978614 AA- 17305EGB5 Asset -Backed CITIBANK CREDIT 1.920% 4/07/22 04/07/2022 04/11/2017 229,933.74 228,422.20 -1,511.54 2,134.40 1.92 1.932581103 AAA 30231GAV4 Credit EXXON MOBIL 2.222% 3/01/21 03/01/2021 03/03/2016 02/01/2021 495,685.00 497,730.00 2,045.00 925.83 2.22 2.235502435 AA+ 3130AF4M6 Agencies F H L B DEB 3.360% 10/18/22 10/18/2022 10/18/2018 04/18/2019 254,617.50 255,073.95 456.45 3,879.40 3.36 3.360000000 AA+ 3130AF5B9 Agencies F H L B DEB 3.000% 10/12/21 10/12/2021 10/12/2018 619,597.00 630,676.40 11,079.40 8,731.67 3 2.957150884 AA+ 3134GBTL6 Agencies F H L M C M T N 2.100% 6/29/22 06/29/2022 06/29/2017 06/29/2019 484,720.00 496,350.00 11,630.00 2,683.33 2.1 2.119970119 AA+ 3134GSQ57 Agencies F H L M C M T N 3.000% 1/18/22 01/18/2022 01/18/2019 04/18/2019 260,000.00 260,026.00 26.00 1,581.67 3 3.000000000 AA+ 3136131XP4 Mortgage -Backed F N M A GTD REMIC 3.560% 9/25/21 09/25/2021 04/01/2018 171,269.83 170,928.76 -341.07 500.77 3.56 3.516535620 N/A 3137BNN26 Mortgage -Backed F H L M C MLTCL MTG 1.780% 7/25/19 07/25/2019 04/01/2016 24,489.09 24,353.58 -135.51 36.29 1.78 1.786451891 N/A 3137EAEL9 Agencies F H L M C M T N 2.375% 2/16/21 02/16/2021 02/16/2018 508,653.60 510,494.70 1,841.10 1,514.06 2.38 2.375665186 AA+ 3137FGZN8 Mortgage -Backed F H L M C MLTCL 2.53283% 2/25/23 02/25/2023 08/14/2018 185,391.78 185,078.47 -313.31 91.30 2.69 2.534125504 N/A 3137FJXN4 Mortgage -Backed F H L M C MLTCL 2.5795% 2/25/23 02/25/2023 10/31/2018 200,000.00 199,736.00 -264.00 100.31 2.74 2.579086946 N/A 3137FJYA1 Mortgage -Backed F H L M C MLTCL MTG 3.454% 5/25/23 05/25/2023 11/01/2018 350,587.74 357,560.08 6,972.34 1,009.14 3.45 3.389331161 N/A 31846V203 FIRST AM GOVT OB FD CL Y 373,595.00 373,595.00 0.00 551.06 2.042978000 419792YL4 Taxable Muni HAWAII ST SER FX 2.770% 1/01/22 01/01/2022 02/21/2019 190,000.00 191,202.70 1,202.70 584.78 2.77 2.763312783 AA+ 43814PAC4 Asset -Backed HONDA AUTO 1.790% 9/20/21 09/20/2021 09/29/2017 149,983.76 149,022.00 -961.76 96.96 1.79 1.801095146 AAA 45750TAG8 Taxable Muni INLAND VLY CA DEV 3.627% 3/01/20 03/01/2020 05/15/2014 231,523.54 231,922.80 399.26 695.18 3.63 3.600428835 AA 46647PBB1 Credit JPMORGAN CHASE CO 3.207% 4/01/23 04/01/2023 03/22/2019 04/01/2022 1,050,000.00 1,056,321.00 6,321.00 841.84 3.21 3.199321628 A- 47787XAC1 Asset -Backed JOHN DEERE OWNER 1.780% 4/15/21 04/15/2021 03/02/2017 206,749.96 205,788.93 -961.03 163.59 1.78 1.787130651 N/A 47789JAD8 Asset -Backed JOHN DEERE OWNER 2.910% 7/17/23 07/17/2023 03/13/2019 259,968.05 261,664.00 1,695.95 378.30 2.91 2.896905985 N/A 478160CH5 Credit JOHNSON JOHNSON 1.950% 11/10/20 11/10/2020 11/10/2017 249,732.50 248,105.00 -1,627.50 1,909.38 1.95 1.965230537 AAA 544445AZ2 Taxable Muni LOS ANGELES CA DEPT 2.092% 5/15/20 05/15/2020 12/06/2016 98,788.00 99,468.00 680.00 790.31 2.09 2.103971598 AA 54465AGK2 Taxable Muni LOS ANGELES CA 1.125% 9/01/19 09/01/2019 08/25/2016 266,868.00 268,377.30 1,509.30 253.13 1.13 1.130085384 AA 58769DAD2 Asset -Backed MERCEDES BENZ AUTO 1.790% 4/15/20 04/15/2020 04/26/2017 251,346.90 250,927.84 -419.06 199.96 1.79 1.792545414 AAA 594918BV5 Credit MICROSOFT CORP 1.850% 2/06/20 02/06/2020 02/06/2017 499,665.00 497,040.00 -2,625.00 1,413.19 1.85 1.859595513 AAA 649791EJ5 Taxable Muni NEW YORK ST REF SER 3.600% 9/01/19 09/01/2019 03/30/2011 504,884.94 501,720.00 -3,164.94 1,500.00 3.6 3.589876548 AA+ 65478BAD3 Asset -Backed NISSAN AUTO LEASE 3.250% 9/15/21 09/15/2021 10/24/2018 199,982.52 201,552.00 1,569.48 288.89 3.25 3.223055258 AAA 65478NAD7 Asset -Backed NISSAN AUTO 3.220% 6/15/23 06/15/2023 12/12/2018 449,913.78 455,877.00 5,963.22 644.00 3.22 3.182981920 AAA 65479BAD2 Asset -Backed NISSAN AUTO LEASE 2.050% 9/15/20 09/15/2020 10/10/2017 219,961.57 219,298.20 -663.37 200.44 2.05 2.055405717 N/A 65479KAD2 Asset -Backed NISSAN AUTO 2.900% 10/16/23 10/16/2023 02/13/2019 319,951.52 322,368.00 2,416.48 412.44 2.9 2.882474555 N/A 697379UD5 Taxable Muni PALO ALTO CA 2.291% 8/01/20 08/01/2020 08/14/2012 321,873.50 324,324.00 2,450.50 1,240.96 2.29 2.297801492 AAA 717081DU4 Credit PFIZER INC 1.450% 6/03/19 06/03/2019 06/03/2016 249,715.00 249,522.50 -192.50 1,188.19 1.45 1.451771161 AA 717081EM1 Credit PFIZER INC 3.000% 9/15/21 09/15/2021 09/07/2018 249,662.50 254,015.00 4,352.50 333.33 3 2.970032373 AA 742718EZ8 Credit PROCTER GAMBLE CO 1.750% 10/25/19 10/25/2019 10/25/2017 149,947.50 149,257.50 -690.00 1,137.50 1.75 1.758900034 AA- 76116FAE7 Agencies RESOLUTION FD CORP STRIP 10/15/20 10/15/2020 10/15/1990 S4 483,083.43 490,691.40 7,607.97 0.00 0 0.000000000 N/A OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION Payden & Rygel Operating Portfolio by Investment Category for Quarter ended March 31, 2019 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM CUSIP Security Type Category Issuer Next Call Final Maturity Trade Date Date Original Cost Base Market Value Unrealized Gain/Loss Accrued Income Coupon Yield Credit Rating IdbUfLIAI2 Taxable Muni SAUKAMEN I U GA Z./12% 11/U1/19 11/U1/2019 Ub/M/2U1S 130,000.UU 130,001.30 1.30 1,4by.UU 1./1 2./123/9/33 AA+ 797299LR3 Taxable Muni SAN DIEGO CA PUBLIC 2.698% 10/15/19 10/15/2019 06/21/2018 500,000.00 500,210.00 210.00 6,220.39 2.7 2.697379603 AA- 797299LT9 Taxable Muni SAN DIEGO CA PUBLIC 2.994% 10/15/21 10/15/2021 06/21/2018 200,000.00 202,504.00 2,504.00 2,761.13 2.99 2.967676708 AA- 797669XT0 Taxable Muni SAN FRANCISCO CA 2.169% 7/01/20 07/01/2020 12/28/2017 100,000.00 99,606.00 -394.00 542.25 2.17 2.179001617 AA+ 79770GGM2 Taxable Muni SAN FRANCISCO CITY 2.000% 8/01/20 08/01/2020 11/30/2017 299,607.00 298,047.00 -1,560.00 1,000.00 2 2.014484141 AA- 798170AC0 Taxable Muni SAN JOSE CA REDEV 2.259% 8/01/20 08/01/2020 12/21/2017 190,000.00 189,327.40 -672.60 715.35 2.26 2.269713046 AA 79876CBQ0 Taxable Muni SAN MARCOS CA REDEV 2.000% 10/01/20 10/01/2020 12/14/2017 109,256.40 108,926.40 -330.00 1,100.00 2 2.021467990 AA- 801096AP3 Taxable Muni SANTA ANA CA CMNTY 3.346% 9/01/21 09/01/2021 11/08/2018 240,000.00 244,500.00 4,500.00 669.20 3.35 3.295999685 AA 80136PCY7 Taxable Muni SANTA BARBARA CA 3.300% 12/01/21 12/01/2021 11/28/2018 125,000.00 127,158.75 2,158.75 1,409.38 3.3 3.256782496 AA 80168FMA1 Taxable Muni SANTA CLARA VLY CA 2.387% 6/01/21 06/01/2021 03/30/2016 397,756.00 398,636.00 880.00 3,182.67 2.39 2.401094424 N/A 857477AS2 Credit STATE STREET CORP 2.550% 8/18/20 08/18/2020 08/18/2015 792,421.15 787,558.72 -4,862.43 2,400.12 2.55 2.554009795 A 882723UC1 Taxable Muni TEXAS ST REF WTR 2.036% 8/01/20 08/01/2020 02/05/2015 250,869.67 248,747.50 -2,122.17 848.33 2.04 2.047795301 AAA 88579YBF7 Credit 3M COMPANY MTN 2.750% 3/01/22 03/01/2022 02/22/2019 02/01/2022 249,882.50 252,180.00 2,297.50 744.79 2.75 2.739207522 AA- 89190BAD0 Asset -Backed TOYOTA AUTO 1.760% 7/15/21 07/15/2021 05/17/2017 481,457.94 478,909.23 -2,548.71 376.64 1.76 1.769769126 AAA 89238MAD0 Asset -Backed TOYOTA AUTO 1.730% 2/16/21 02/16/2021 03/15/2017 261,228.92 260,013.46 -1,215.46 200.88 1.73 1.738204324 AAA 89239AAD5 Asset -Backed TOYOTA AUTO 2.910% 7/17/23 07/17/2023 02/13/2019 339,938.05 342,417.40 2,479.35 439.73 2.91 2.891235879 AAA 90290AAC1 Asset -Backed USAA AUTO OWNER 1.700% 5/17/21 05/17/2021 09/20/2017 114,188.87 113,642.47 -546.40 86.29 1.7 1.707084400AAA 90331 HNG4 Credit US BANK NA MTN 2.050% 10/23/20 10/23/2020 10/24/2017 09/23/2020 249,950.00 247,865.00 -2,085.00 2,249.31 2.05 2.068033250 AA- 90331 HPA5 Credit US BANK NA MTN 3.000% 2/04/21 02/04/2021 02/04/2019 01/04/2021 519,578.80 523,317.60 3,738.80 2,470.00 3 2.987095746 AA- 91159HHQ6 Credit US BANCORP MTN 3.41925% 1/24/22 01/24/2022 01/24/2017 12/23/2021 251,770.01 251,622.50 -147.51 1,590.90 3.42 3.398924432 A+ 911759MU9 Agencies U S DEPT HSG & URB 2.570% 8/01/21 08/01/2021 03/28/2019 100,000.00 99,970.00 -30.00 21.42 2.57 2.576363618 N/A 9128282Q2 Treasuries U S TREASURY NT 1.500% 8/15/20 08/15/2020 08/15/2017 1,457,105.41 1,440,460.26 -16,645.15 2,718.65 1.5 1.518387675 N/A 9128284P2 Treasuries U S TREASURY NT 2.625% 5/15/21 05/15/2021 05/15/2018 ' 888,550.98 896,221.10 6,844.14 8,841.61 2.63 2.612850246 N/A 9128284T4 Treasuries U S TREASURY NT 2.625% 6/15/21 06/15/2021 06/15/2018 639,675.00 645,024.00 5,349.00 4,938.46 2.63 2.611420613 N/A 9128284W7 Treasuries U S TREASURY NT 2.750% 8/15/21 08/15/2021 08/15/2018 1,937,444.55 1,956,459.15 19,014.60 6,614.81 2.75 2.727308791 N/A 9128284Y3 Treasuries U S TREASURY NT 2.625% 8/31/20 08/31/2020 08/31/2018 5,093,238.49 5,116,728.00 23,767.06 11,834.25 2.63 2.618767334 N/A 9128285A4 Treasuries U S TREASURY NT 2.750% 9/15/21 09/15/2021 09/15/2018 507,948.05 515,977.20 8,029.15 647.89 2.75 2.725605828 N/A 912828562 Treasuries U S TREASURY NT 2.750% 9/30/20 09/30/2020 09/30/2018 2,130,361.92 2,147,084.10 16,722.18 29,516.67 2.75 2.738007527 N/A 9128285F3 Treasuries U S TREASURY NT 2.875% 10/15/21 10/15/2021 10/15/2018 1,026,577.07 1,045,614.80 19,037.73 13,667.31 2.88 2.841049459 N/A 9128285G1 Treasuries U S TREASURY NT 2.875% 10/31/20 10/31/2020 10/31/2018 515,301.71 519,166.35 3,864.64 6,216.99 2.88 2.856035921 N/A 9128285L0 Treasuries U S TREASURY NT 2.875% 11/15/21 11/15/2021 11/15/2018 1,036,211.22 1,051,135.65 14,924.43 11,261.34 2.88 2.839730547 N/A 9128285V8 Treasuries U S TREASURY NT 2.500% 1/15/22 01/15/2022 01/15/2019 2,484,430.86 2,506,832.40 22,401.54 13,069.06 2.5 2.490263071 N/A 9128285X4 Treasuries U S TREASURY NT 2.500% 1/31/21 01/31/2021 01/31/2019 4,727,379.10 4,745,267.76 17,845.58 19,595.30 2.5 2.496479963 N/A 9128285Z9 Treasuries U S TREASURY NT 2.500% 1/31/24 01/31/2024 01/31/2019 260,898.05 264,038.04 3,139.99 1,081.49 2.5 2.487859247 N/A 9128286C9 Treasuries U S TREASURY NT 2.500% 2/15/22 02/15/2022 02/15/2019 1,174,975.78 1,183,624.50 8,648.72 3,651.59 2.5 2.490660025 N/A 9128286D7 Treasuries U S TREASURY NT 2.500% 2/28/21 02/28/2021 02/28/2019 1,788,795.51 1,796,927.30 8,131.79 3,891.30 2.5 2.495707383 N/A 912828Y20 Treasuries U S TREASURY NT 2.625% 7/15/21 07/15/2021 07/16/2018 249,619.14 251,962.50 2,343.36 1,377.76 2.63 2.611238772 N/A 91412G2R5 Taxable Muni UNIV OF CALIFORNIA 1.877% 5/15/20 05/15/2020 09/28/2017 90,000.00 89,298.90 -701.10 638.18 1.88 1.892175245 AA- 91412G2S3 Taxable Muni UNIV OF CALIFORNIA 2.112% 5/15/21 05/15/2021 09/28/2017 140,000.00 138,731.60 -1,268.40 1,117.01 2.11 2.136030341 AA- 91412HDJ9 Taxable Muni UNIV OF CA 3.283% 5/15/22 05/15/2022 06/05/2018 285,988.14 290,839.65 4,851.51 3,534.70 3.28 3.232635538 AA- 931142DY6 Credit WALMART STORES INC 1.750% 10/09/19 10/09/2019 10/20/2017 294,994.10 293,545.65 -1,448.45 2,466.53 1.75 1.756781175 AA 931142EA7 Credit WALMART STORES INC 1.900% 12/15/20 12/15/2020 10/20/2017 489,760.00 495,680.00 5,920.00 2,797.22 1.9 1.921307298 AA 931142EJ8 Credit WALMART INC 3.125% 6/23/21 06/23/2021 06/27/2018 129,993.50 131,783.60 1,790.10 1,105.90 3.13 3.095070667 AA 94988J5Q6 Credit WELLS FARGO MTN 3.27238% 7/23/21 07/23/2021 07/23/2018 07/23/2020 500,000.00 500,745.00 745.00 2,811.79 3.27 3.266076472 A+ 94988J5T0 Credit WELLS FARGO MTN 3.625% 10/22/21 10/22/2021 10/23/2018 09/21/2021 529,941.70 539,932.20 9,990.50 8,432.15 3.63 3.569705265 A+ SS OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION Payden & Rygel Operating Portfolio by Investment Category for Quarter ended March 31, 2019 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM CUSIP Security Type Category Issuer Next Call Base Market Final Maturity Trade Date Date Original Cost Value Unrealized Gain/Loss Accrued Income Credit Coupon Yield Rating 52,078,426.99 52,305,825.52 226,807.02 277,050.29 56 OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COM Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2019 ATTACHMENT 15 Transaction Settlement Date Trade Date Date CUSIP Descri•tion Units Miscellaneous Price Commissions SEC Fees Fees Net Cash Amount Amount o erm Federal Tax Cost Gain/Loss Amount ong erm Gain/Loss Amount INTEREST EARNED ON F F C B DEB 2.41925% 8/01/22 $1 PV ON 01/02/2019 3133EHTJ2 230000.0000 SHARES DUE 1/1/2019 0.0000 0.000000 0.00 0.00 0.00 479.15 0.00 0.00 0.00 01/02/2019 01/02/2019 01/02/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 1,563.6500 1.000000 0.00 0.00 0.00 -1,563.65 1,563.65 0.00 0.00 01/02/2019 INTEREST EARNED ON FIRST AM GOVT OB FD CL Y UNIT ON 0.0000 31846V203 SHARES DUE 12/31/2018 INTEREST FROM 12/1/18 TO 12/31/18 0.0000 0.000000 0.00 0.00 0.00 542.75 0.00 0.00 0.00 01/02/2019 INTEREST EARNED ON SAN FRANCISCO CA 2.169% 7/01/20 $1 PV 797669XT0 ON 100000.0000 SHARES DUE 1/1/2019 0.0000 0.000000 0.00 0.00 0.00 1,084.50 0.00 0.00 0.00 01/03/2019 01/03/2019 01/03/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 542.7500 1.000000 0.00 0.00 0.00 -542.75 542.75 0.00 0.00 01/07/2019 INTEREST EARNED ON F F C B 2.4595 % 9/06/22 $1 PV ON 3133EHXH1 260000.0000 SHARES DUE 1/6/2019 0.0000 0.000000 0.00 0.00 0.00 550.65 0.00 0.00 0.00 01/07/2019 01/07/2019 01/07/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 550.6500 1.000000 0.00 0.00 0.00 -550.65 550.65 0.00 0.00 01/14/2019 INTEREST EARNED ON F F C B DEB 2.51238 % 7/13/22 $1 PV ON 3133EHRD7 310000.0000 SHARES DUE 1/13/2019 0.0000 0.000000 0.00 0.00 0.00 670.67 0.00 0.00 0.00 01/14/2019 01/14/2019 01/14/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 670.6700 1.000000 0.00 0.00 0.00 -670.67 670.67 0.00 0.00 01/15/2019 INTEREST EARNED ON CHASE ISSUANCE TRUST 1.370 % 6/15/21 $1 PV ON 856.2500 SHARES DUE 1/15/2019 $0.00114/PV ON 750,000.00 161571HC1 PV DUE 1/15/19 0.0000 0.000000 0.00 0.00 0.00 856.25 0.00 0.00 0.00 01/15/2019 AMORTIZED PREMIUM ON CHASE ISSUANCE TRUST 1.370% 6/15/21 161571HC1 CURRENT YEAR AMORTIZATION 0.0000 0.000000 0.00 0.00 0.00 0.00 -0.60 0.00 0.00 01/15/2019 01/15/2019 01/15/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 91,308.8400 1.000000 0.00 0.00 0.00 -91,308.84 91,308.84 0.00 0.00 01/15/2019 INTEREST EARNED ON JOHN DEERE OWNER 1.780% 4/15/21 $1 PV ON 404.9800 SHARES DUE 1/15/2019 $0.00148/PV ON 273,017.23 PV 47787XAC1 DUE 1/15/19 0.0000 0.000000 0.00 0.00 0.00 404.98 0.00 0.00 0.00 01/15/2019 01/15/2019 01/15/2019 47787XAC1 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 1.780 % 4/15/21 -22,698.3400 0.000000 0.00 0.00 0.00 22,698.34 -22,695.11 0.00 3.23 01/15/2019 INTEREST EARNED ON MERCEDES BENZ AUTO 1.790% 4/15/20 $1 PV ON 551.9200 SHARES DUE 1/15/2019 $0.00149/PV ON 370,000.00 58769DAD2 PV DUE 1/15/19 0.0000 0.000000 0.00 0.00 0.00 0.00 0.00 01/15/2019 01/15/2019 01/15/2019 58769DAD2 PAID DOWN PAR VALUE OF MERCEDES BENZ AUTO 1.790% 4/15/20 -32,913.0900 0.000000 0.00 0.00 0.00 32,913.09 -32,912.34 0.00 0.75 01/15/2019 INTEREST EARNED ON NISSAN AUTO LEASE 3.250 % 9/15/21 $1 PV ON 541.6700 SHARES DUE 1/15/2019 $0.00271/PV ON 200,000.00 PV 65478BAD3 DUE 1/15/19 0.0000 0.000000 0.00 0.00 0.00 0.00 0 0.00 01/15/2019 INTEREST EARNED ON NISSAN AUTO 3.220 % 6/15/23 $1 PV ON 1328.2500 SHARES DUE 1/15/2019 $0.00295/PV ON 450,000.00 PV 65478NAD7 DUE 1/15/19 0.0000 0.000000 0.00 0.00 0.00 1,328.25 0.00 0.00 0.00 01/15/2019 INTEREST EARNED ON NISSAN AUTO LEASE 2.050% 9/15/20 $1 PV ON 375.8300 SHARES DUE 1/15/2019 $0.00171/PV ON 220,000.00 PV 65479BAD2 DUE 1/15/19 0.0000 0.000000 0.00 0.00 0.00 375.83 0.00 0. 0.00 01/15/2019 INTEREST EARNED ON TOYOTA AUTO 1.760 % 7/15/21 $1 PV ON 762.6700 SHARES DUE 1/15/2019 $0.00147/PV ON 520,000.00 PV DUE 89190BAD0 1/15/19 0.0000 0.000000 0.00 0.00 0.00 762.67 0.00 0.00 0.00 01/15/2019 INTEREST EARNED ON TOYOTA AUTO 1.730% 2/16/21 $1 PV ON 487.3300 SHARES DUE 1/15/2019 $0.00144/PV ON 338,031.39 PV DUE 89238MAD0 1/15/19 0.0000 0.000000 0.00 0.00 0.00 487.33 0.00 0.00 0.00 01/15/2019 01/15/2019 01/15/2019 89238MAD0 PAID DOWN PAR VALUE OF TOYOTA AUTO 1.730% 2/16/21 -26,091.1300 0.000000 0.00 0.00 0.00 26,091.13 -26,088.06 0.00 3.07 01/15/2019 INTEREST EARNED ON USAA AUTO OWNER 1.700% 5/17/21 $1 PV ON 198.3300 SHARES DUE 1/15/2019 $0.00142/PV ON 140,000.00 PV 90290AAC1 DUE 1/15/19 0.0000 0.000000 0.00 0.00 0.00 198.33 0.00 0.00 0.00 01/15/2019 01/15/2019 01/15/2019 90290AAC1 PAID DOWN PAR VALUE OF USAA AUTO OWNER 1.700% 5/17/21 -817.8000 0.000000 0.00 0.00 0.00 817.80 -817.71 0.00 0.09 01/15/2019 INTEREST EARNED ON U S TREASURY NT 2.625% 7/15/21 $1 PV 912828Y20 ON 250000.0000 SHARES DUE 1/15/2019 0.0000 0.000000 0.00 0.00 0.00 3,281.25 ii 0.00 0.00 0.00 01/18/2019 01/16/2019 01/18/2019 SOLD PAR VALUE OF F F C B DEB 2.51238 % 7/13/22 /J.P. MORGAN 3133EHRD7 SECURITIES LLC/310,000 PAR VALUE AT 99.7652 % -310,000.0000 0.997652 0.00 0.00 0.00 309,272.12 -310,000.00 0.00 -727.88 01/18/2019 01/18/2019 RECEIVED ACCRUED INTEREST ON SALE OF F F C B DEB 3133EHRD7 2.51238% 7/13/22 , 0.0000 0.000000 0.00 0.00 0.00 111.69� 0.00 � 0.00 17 00 01/18/2019 01/16/2019 01/18/2019 PURCHASED PAR VALUE OF F H L M C M T N 3.000 % 1/18/22 /J.P. 3134GSQ57 MORGAN SECURITIES LLC/260,000 PAR VALUE AT 100 % 260,000.0000 1.000000 0.00 0.00 0.00 -260,000.00 260,000.00 0.00 0.00 01/18/2019 01/18/2019 01/18/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 309,607.5600 1.000000 0.00 0.00 0.00 -309,607.56 309,607.56 0.00 0.00 01/18/2019 01/18/2019 01/18/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -260,000.0000 1.000000 0.00 0.00 0.00 260,000.00 -260,000.00 0.00 0.00 01/18/2019 INTEREST EARNED ON HONDA AUTO 1.790% 9/20/21 $1 PV ON 223.7500 SHARES DUE 1/18/2019 $0.00149/PV ON 150,000.00 PV DUE 43814PAC4 1/18/19 rt 0.00 0.00 0.00 223.75 0.00 0.00 0.00 0.0000 0.000000 01/22/2019 01/18/2019 01/22/2019 SOLD PAR VALUE OF ALAMEDA CNTY CA JT 2.485 % 6/01/19 010831DL6 /OPPENHEIMER & CO. INC./260,000 PAR VALUE AT 99.896 % -260,000.0000 0.998960 0.00 0.00 0.00 259,729.60 -260,000.00 -270.40 0.00 01/22/2019 01/22/2019 RECEIVED ACCRUED INTEREST ON SALE OF ALAMEDA CNTY CA JT 010831DL6 2.485% 6/01/19 ' 0.0000 0.000000 0.00 0.00 0.00 �15.3 0.00 0.00 01/22/2019 INTEREST EARNED ON BMW VEHICLE LEASE 2.070 % 10/20/20 $1 PV ON 172.5000 SHARES DUE 1/20/2019 $0.00173/PV ON 100,000.00 PV 05584PAD9 DUE 1/20/19 0.0000 0.000000 0.00 0.00 0.00 172.50 0.00 0.00 0.00 01/22/2019 AMORTIZED PREMIUM ON CALIFORNIA ST HIGH 1.593% 4/01/19 13063DAB4 CURRENT YEAR AMORTIZATION 0.0000 0.000000 0.00 0.00 0.00 0.00 -1.10 0.00 0.00 57 Page 26 of 34 OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COM Transaction Settlement Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2019 Date Trade Date Date CUSIP Description Units Price Commissions SEC Fees Fees Net Cash Amount Amount Amount Amount 01/22/2019 01/17/2019 01/22/2019 SOLD PAR VALUE OF CALIFORNIA ST HIGH 1.593 % 4/01/19 /JANNEY 13063DAB4 MONTGOMERY SCOTT INC./350,000 PAR VALUE AT 99.778 % -350,000.0000 0.997780 0.00 0.00 0.00 349,223.00 -350,002.61 0.00 -779.61 01/22/2019 01/22/2019 RECEIVED ACCRUED INTEREST ON SALE OF CALIFORNIA ST HIGH 13063DAB4 1.593% 4/01/19 0.0000 0.000000 0.00 0.00 0.00 1,719.11 0.00 0.00 0.00 01/22/2019 01/22/2019 01/22/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 933,950.0800 1.000000 0.00 0.00 0.00 -933,950.08 933,950.08 0.00 0.00 01/22/2019 01/22/2019 01/22/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y • -929,105.4500 1.000000 0.00 0.00 0.00 929,105.45 -929,105.45 0.00 0.00 01/22/2019 01/17/2019 01/22/2019 SOLD PAR VALUE OF SAN JOSE CA 2.098 % 8/01/19 /STIFEL, 798170AB2 NICOLAUS & CO.,INC./320,000 PAR VALUE AT 99.688 % -320,000.0000 0.996880 0.00 0.00 0.00 319,001.60 -320,000.00 0.00 -998.40 01/22/2019 01/22/2019 RECEIVED ACCRUED INTEREST ON SALE OF SAN JOSE CA 798170AB2 2.098% 8/01/19 0.0000 0.000000 0.00 0.00 0.00 3,188.96 0.00 0.00 0.00 01/22/2019 01/17/2019 01/22/2019 PURCHASED PAR VALUE OF U S TREASURY NT 2.500% 1/15/22 9128285V8 /MLPFS INC/FIXED INCOME/930,000 PAR VALUE AT 99.85546882 % 930,000.0000 0.998555 0.00 0.00 0.00 -928,655.86 928,655.86 0.00 0.00 01/22/2019 r 01/22/2019 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 9128285V8 2.500% 1/15/22 I 0.0000 0.000000 0.00 0.00 0.00 -449.59 0.00 0.00 0.00 01/23/2019 01/23/2019 01/23/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -10,221.5100 1.000000 0.00 0.00 0.00 10,221.51 -10,221.51 0.00 0.00 01/23/2019 01/18/2019 01/23/2019 SOLD PAR VALUE OF LOS ANGELES CA DEPT 1.750 % 5/15/19 544445AY5 /RAYMOND JAMES/FI/100,000 PAR VALUE AT 99.695 % -100,000.0000 0.996950 0.00 0.00 0.00 99,695.00 -100,000.00 0.00 -305.00 01/23/2019 01/23/2019 RECEIVED ACCRUED INTEREST ON SALE OF LOS ANGELES CA DEPT 544445AY5 1.750% 5/15/19 0.0000 0.000000 0.00 0.00 0.00 330.56 0.00 0.00 0.00 01/23/2019 i INTEREST EARNED ON US BANK NA MTN 2.350% 1/23/20 $1 PV ON 90331HNJ8 255000.0000 SHARES DUE 1/23/2019 • 0.0000 0.000000 0.00 0.00 0.00 2,996.25 0.00 0 0.00 01/23/2019 01/18/2019 01/23/2019 PURCHASED PAR VALUE OF U S TREASURY NT 2.500% 1/15/22 9128285V8 /MLPFS INC/FIXED INCOME/1,300,000 PAR VALUE AT 99.68359385 % 1,300,000.0000 0.996836 0.00 0.00 0.00 -1,295,886.72 1,295,886.72 0.00 0.00 01/23/2019 01/23/2019 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 9128285V8 2.500% 1/15/22 0.0000 0.000000 0.00 0.00 0.00 -718.23 0.00 0.00 0.00 01/23/2019 01/18/2019 01/23/2019 SOLD PAR VALUE OF U S TREASURY NT 2.625% 7/31/20 /J.P. 912828Y46 MORGAN SECURITIES LLC/780,000 PAR VALUE AT 99.96875 % -780,000.0000 0.999688 0.00 0.00 0.00 779,756.25 -779,299.22 457.03 0.00 01/23/2019 01/23/2019 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 912828Y46 2.625% 7/31/20 0.0000 0.000000 0.00 0.00 0.00 9,792.39 0.00 0.00 0.00 01/23/2019 01/18/2019 01/23/2019 SOLD PAR VALUE OF UNIV OF CA 1.169% 5/15/19 /RAYMOND 91412GD36 JAMES/FI/140,000 PAR VALUE AT 99.517 % -140,000.0000 0.995170 0.00 0.00 0.00 139,323.80 -140,000.00 0.00 -676.20 01/23/2019 01/23/2019 RECEIVED ACCRUED INTEREST ON SALE OF UNIV OF CA 91412GD36 1.169% 5/15/19 0.0000 0.000000 0.00 0.00 0.00 309.14 0.00 0.00 0.00 01/23/2019 01/18/2019 01/23/2019 SOLD PAR VALUE OF UNIV OF CA 2.003 % 5/15/19 /RAYMOND 91412GWV3 JAMES/FI/250,000 PAR VALUE AT 99.772 % -250,000.0000 0.997720 0.00 0.00 0.00 249,430.00 -250,000.00 0.00 -570.00 ' 01/23/2019 91412GWV3 2.003% 5D 519 ACCRUED INTEREST ON SALE OF UNIV OF CA RECEIVE01/23/2019 ' 0.0000 0.000000 0.00 0.00 0.00 ' 945.86 _ 0.00 0.00 01/23/2019 INTEREST EARNED ON WELLS FARGO MTN 2.97719 % 7/23/21 $1 PV 94988J5Q6 ON 500000.0000 SHARES DUE 1/23/2019 0.0000 0.000000 0.00 0.00 0.00 3,804.19 0.00 0.00 0.00 01/24/2019 01/22/2019 01/24/2019 SOLD PAR VALUE OF BANK OF AMERICA NA 25.6138 % 8/28/20 /RBC 06050TMH2 CAPITAL MARKETS, LLC/410,000 PAR VALUE AT 99.8953 % -410,000.0000 0.998953 0.00 0.00 0.00 409,570.73 -410,000.00 -429.27 0.00 01/24/2019 01/24/2019 RECEIVED ACCRUED INTEREST ON SALE OF BANK OF AMERICA NA 06050TMH2 25.6138% 8/28/20 0.0000 0.000000 0.00 0.00 0.00 1,919.46 0.00 0.00 0.00 01/24/2019 01/24/2019 01/24/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 411,490.1900 1.000000 0.00 0.00 0.00 -411,490.19 411,490.19 0.00 0.00 01/24/2019 01/24/2019 01/24/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 3,996.1000 1.000000 0.00 0.00 0.00 -3,996.10 3,996.10 0.00 0.00 01/24/2019 INTEREST EARNED ON US BANCORP MTN 3.12738% 1/24/22 $1 PV 91159HHQ6 ON 500000.0000 SHARES DUE 1/24/2019 0.0000 0.000000 0.00 0.00 0.00 3,996.10 0.00 0.00 0.00 01/24/2019 AMORTIZED PREMIUM ON US BANCORP MTN 3.12738 % 1/24/22 91159HHQ6 CURRENT YEAR AMORTIZATION 0.0000 0.000000 0.00 0.00 0.00 0.00 -70.40 0.00 0.00 01/25/2019 INTEREST EARNED ON BMW VEHICLE OWNER 1.160% 11/25/20 $1 PV ON 199.3700 SHARES DUE 1/25/2019 $0.00097/PV ON 206,244.64 05582QAD9 PV DUE 1/25/19 0.0000 0.000000 0.00 0.00 0.00 199.37 0.00 0.00 0.00 01/25/2019 01/25/2019 01/25/2019 05582QAD9 PAID DOWN PAR VALUE OF BMW VEHICLE OWNER 1.160% 11/25/20 -25,405.6800 0.000000 0.00 0.00 0.00 25,405.68 -25,405.57 0.00 0.11 01/25/2019 01/22/2019 01/25/2019 PURCHASED PAR VALUE OF BANK OF AMERICA MTN 3.335% 1/25/23 06050TMJ8 /MLPFS INC/FIXED INCOME/520,000 PAR VALUE AT 100 % 520,000.0000 1.000000 0.00 0.00 0.00 -520,000.00 520,000.00 0.00 0.00 01/25/2019 INTEREST EARNED ON F N M A GTD REMIC 3.560 % 9/25/21 $1 PV 3136B1XP4 ON 185763.4400 SHARES DUE 1/25/2019 PEN PAYMENT 0.0000 0.000000 0.00 0.00 0.00 35.25 0.00 0.00 0.00 01/25/2019 INTEREST EARNED ON F N M A GTD REMIC 3.560 % 9/25/21 $1 PV ON 551.1000 SHARES DUE 1/25/2019 $0.00297/PV ON 185,763.44 PV 3136B1XP4 DUE 1/25/19 0.00 0.00 551.10 0.00 M 0.00 0.00 0.0000 0.000000 0.00 01/25/2019 AMORTIZED PREMIUM ON F N M A GTD REMIC 3.560 % 9/25/21 3136B1XP4 CURRENT YEAR AMORTIZATION 0.0000 0.000000 0.00 0.00 0.00 0.00 -71.29 0.00 0.00 01/25/2019 01/25/2019 01/25/2019 3136B1XP4 PAID DOWN PAR VALUE OF F N M A GTD REMIC 3.560% 9/25/21 -10,620.0800 0.000000 0.00 0.00 0.00 10,620.08 -10,785.48 -165.40 0.00 01/25/2019 INTEREST EARNED ON F H L M C MLTCL MTG 1.780 % 7/25/19 $1 PV ON 41.6800 SHARES DUE 1/25/2019 $0.00148/PV ON 28,100.89 PV 3137BNN26 DUE 1/25/19 0.0000 0.000000 0.00 0.00 0.00 41.68 0.00 0.00 0.00 01/25/2019 AMORTIZED PREMIUM ON F H L M C MLTCL MTG 1.780% 7/25/19 3137BNN26 CURRENT YEAR AMORTIZATION 0.0000 0.000000 0.00 0.00 0.00 0.00 -5.69 0.00 0.00 01/25/2019 01/25/2019 01/25/2019 3137BNN26 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 1.780 % 7/25/19 -1,833.0900 0.000000 0.00 0.00 0.00 1,833.09 -1,835.89 0.00 -2.80 58 Page 27 of 34 ipir RIVERSIDE COUNTY TRANSPORTATION COMMISSION Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COM Transaction Settlement Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2019 sae 01/25/2019 ra•e ra ra I rescrlp INTEREST EARNED ON F H L M C MLTCL 2.63184% 2/25/23 $1 PV ON 421.1200 SHARES DUE 1/25/2019 $0.00219/PV ON 192,012.98 PV DUE 3137FGZN8 1/25/19 _au_ 0.0000 SK:1-1-1MIDTiF- 0.000000 .'IM.ii: � 0.00 �.ra0M-VII-NIliff""TMlli_1TInili_iTlnl= 0.00 421.12 0.00 0.00 01/25/2019 INTEREST EARNED ON F H L M C MLTCL 2.6835% 2/25/23 $1 PV ON 3137FJXN4 200000.0000 SHARES DUE 1/25/2019 0.0000 0.000000 0.00 0.00 0.00 447.25 0.00 0.00 0.00 01/25/2019 INTEREST EARNED ON F H L M C MLTCL MTG 3.454 % 5/25/23 $1 PV ON 1188.2100 SHARES DUE 1/25/2019 $0.00313/PV ON 379,101.79 PV 3137FJYA1 DUE 1/25/19 0.0000 0.000000 0.00 0.00 0.00 1,188.21 0.00 0.00 0.00 01/25/2019 01/25/2019 01/25/2019 3137FJYA1 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 3.454% 5/25/23 -4,135.4600 0.000000 0.00 0.00 0.00 4,135.46 -4,135.35 0.11 0.00 01/25/2019 01/25/2019 01/25/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 482.5000 1.000000 0.00 0.00 0.00 -482.50 482.50 0.00 0.00 01/25/2019 01/25/2019 01/25/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -475,604.2100 1.000000 0.00 0.00 0.00 475,604.21 -475,604.21 0.00 0.00 01/28/2019 TRUST FEES COLLECTED CHARGED FOR PERIOD 12/01/2018 THRU 12/31/2018 COLLECTED BY DISBURSEMENT 0.0000 0.000000 0.00 0.00 0.00 -538.61 0.00 0.00 0.00 01/28/2019 01/28/2019 01/28/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -538.6100 1.000000 0.00 0.00 0.00 538.61 -538.61 0.00 0.00 01/30/2019 01/30/2019 01/30/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 504 703.0900 1.000000 0.00 0.00 0.00 -504,703.09 504,703.09 0.00 0.00 01/30/2019 01/28/2019 01/30/2019 SOLD PAR VALUE OF US BANK NA MTN 2.350% 1/23/20 /PERSHING 90331HNJ8 LLC/255,000 PAR VALUE AT 99.532 % -255,000.0000 0.995320 0.00 0.00 0.00 253,806.60 -254,885.25 0.00 -1,078.65 01/30/2019 01/30/2019 RECEIVED ACCRUED INTEREST ON SALE OF US BANK NA MTN 90331HNJ8 2.350% 1/23/20 0.0000 0.000000 0.00 0.00 0.00 116.52 0.00 0.00 0.00 01/30/2019 AMORTIZED PREMIUM ON US BANCORP MTN 3.12738% 1/24/22 91159HHQ6 CURRENT YEAR AMORTIZATION 0.0000 0.000000 0.00 0.00 0.00 0.00 -20.36 0.00 0.00 01/30/2019 01/28/2019 01/30/2019 SOLD PAR VALUE OF US BANCORP MTN 3.12738% 1/24/22 /US 91159HHQ6 BANCORP INVESTMENTS INC./250,000 PAR VALUE AT 100.255 % -250,000.0000 1.002550 0.00 0.00 0.00 250,637.50 -251,770.02 0.00 -1,132.52 01/30/2019 01/30/2019 RECEIVED ACCRUED INTEREST ON SALE OF US BANCORP MTN 91159HHQ6 3.12738% 1/24/22 0.0000 0.000000 0.00 0.00 0.00 142.47 0.00 0.00 0.00 01/31/2019 01/31/2019 01/31/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 13,781.2500 1.000000 0.00 0.00 0.00 -13,781.25 13,781.25 0.00 0.00 01/31/2019 INTEREST EARNED ON U S TREASURY NT 2.625% 7/31/20 $1 PV 912828Y46 ON 1050000.0000 SHARES DUE 1/31/2019 0.0000 0.000000 0.00 0.00 0.00 13,781.25 0.00 0.00 0.00 02/01/2019 INTEREST EARNED ON F F C B DEB 2.67299% 8/01/22 $1 PV ON 3133EHTJ2 230000.0000 SHARES DUE 2/1/2019 0.0000 0.000000 0.00 0.00 0.00 512.94 0.00 0.00 0.00 02/01/2019 02/01/2019 02/01/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -16.4600 1.000000 0.00 0.00 0.00 16.46 -16.46 0.00 0.00 02/01/2019 02/01/2019 02/01/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 11,943.3300 1.000000 0.00 0.00 0.00 -11,943.33 11,943.33 0.00 0.00 02/01/2019 INTEREST EARNED ON FIRST AM GOVT OB FD CL Y UNIT ON 0.0000 31846V203 SHARES DUE 1/31/2019 INTEREST FROM 1/1/19 TO 1/31/19 0.0000 0.000000 0.00 0.00 0.00 279.91 0.00 0.00 0.00 02/01/2019 INTEREST EARNED ON PALO ALTO CA 2.291% 8/01/20 $1 PV ON 697379UD5 325000.0000 SHARES DUE 2/1/2019 0.0000 0.000000 0.00 0.00 0.00 3,722.88 0.00 la 0.00 02/01/2019 INTEREST EARNED ON SAN FRANCISCO CITY 2.000% 8/01/20 $1 PV 79770GGM2 ON 300000.0000 SHARES DUE 2/1/2019 0.0000 0.000000 0.00 0.00 0.00 3,000.00 0.00 0.00 0.00 02/01/2019 E- + INTEREST EARNED ON SAN JOSE CA REDEV 2.259% 8/01/20 $1 PV 798170AC0 ON 190000.0000 SHARES DUE 2/1/2019 0.0000 0.000000 0.00 0.00 0.00 2,146.05 0.00 .00 02/01/2019 INTEREST EARNED ON TEXAS ST REF WTR 2.036% 8/01/20 $1 PV 882723UC1 ON 250000.0000 SHARES DUE 2/1/2019 0.0000 0.000000 0.00 0.00 0.00 2,545.00 0.00 0.00 0.00 02/01/2019 AMORTIZED PREMIUM ON TEXAS ST REF WTR 2.036% 8/01/20 882723UC1 CURRENT YEAR AMORTIZATION 0.0000 0.000000 0.00 0.00 0.00 0.00 -46.05 0.00 0.00 02/04/2019 02/04/2019 02/04/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -519,298.8900 1.000000 0.00 0.00 0.00 519,298.89 -519,298.89 0.00 0.00 02/04/2019 01/28/2019 02/04/2019 PURCHASED PAR VALUE OF US BANK NA MTN 3.000% 2/04/21 /US 90331HPA5 BANCORP INVESTMENTS I_NC./520,000 PAR VALUE AT 99.919 % 520,000.0000 0.999190 0.00 0.00 0.00 -519,578.80 519,578.80 0.00 0.00 02/05/2019 02/05/2019 02/05/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 35,151.7000 1.000000 0.00 0.00 0.00 -35,151.70 35,151.70 0.00 0.00 02/05/2019 02/01/2019 02/05/2019 SOLD PAR VALUE OF U S TREASURY NT 2.750% 11/30/20 /CITIGROUP GLOBAL MARKETS INC./3,990,000 PAR VALUE AT 9128285Q9 100.37422607 % -3,990,000.0000 1.003742 0.00 0.00 0.00 WM 4,004,931.62 -3,989,220.70 15,710.92 0.00 02/05/2019 02/05/2019 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 9128285Q9 2.750% 11/30/20 0.0000 0.000000 0.00 0.00 0.00 20,196.63 0.00 0.00 0.00 02/05/2019 02/01/2019 02/05/2019 PURCHASED PAR VALUE OF U S TREASURY NT 2.500% 1/31/21 /CITIGROUP GLOBAL MARKETS INC./3,990,000 PAR VALUE AT 9128285X4 99.96488195 % 3,990,000.0000 0.999649 0.00 0.00 0.00 r -3,988,598.79 3,988,598.79 0.00 0.00 02/05/2019 02/05/2019 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 9128285X4 2.500% 1/31/21 0.0000 0.000000 0.00 0.00 0.00 -1,377.76 0.00 0.00 0.00 02/06/2019 INTEREST EARNED ON F F C B 2.59275% 9/06/22 $1 PV ON 3133EHXH1 260000.0000 SHARES DUE 2/6/2019 0.0000 0.000000 0.00 0.00 0.00 580.49 0.00 0.00 0.00 02/06/2019 02/06/2019 02/06/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 5,205.4900 1.000000 0.00 0.00 0.00 -5,205.49 5,205.49 0.00 0.00 02/06/2019 Mr INTEREST EARNED ON MICROSOFT CORP 1.850% 2/06/20 $1 PV 594918BV5 ON 500000.0000 SHARES DUE 2/6/2019 0.0000 0.000000 0.00 0.00 0.00 4,625.00 0.00 0.00 0.00 02/07/2019 02/01/2019 02/07/2019 PURCHASED PAR VALUE OF CENTURY HOUSING CORP 3.824% 11/01/20 /MERRILL LYNCH,PIERCE,FENNER &/110,000 PAR VALUE AT 156549AA5 100 % 110,000.0000 1.000000 0.00 0.00 0.00 -110,000.00 110,000.00 0.00 0.00 02/07/2019 02/07/2019 02/07/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -110,000.0000 1.000000 0.00 0.00 0.00 110,000.00 -110,000.00 0.00 0.00 02/08/2019 AMORTIZED PREMIUM ON CHASE ISSUANCE TRUST 1.370% 6/15/21 161571HC1 CURRENT YEAR AMORTIZATION 0.0000 0.000000 0.00 0.00 0.00 0.00 -0.87 0.00 0.00 02/08/2019 02/06/2019 02/08/2019 SOLD PAR VALUE OF CHASE ISSUANCE TRUST 1.370% 6/15/21 /BARCLAYS CAPITAL INC. FIXED IN/750,000 PAR VALUE AT 161571HC1 99.50390667 % -750,000.0000 0.995039 0.00 0.00 0.00 746,279.30 -750,005.65 0.00 -3,726.35 59 Page 28 of 34 OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COM Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2019 Transaction Settlement Date Trade Date Date CUSIP Descri tion Units Miscellaneous Price Commissions SEC Fees Fees Net Cash Amount Amount o erm ong erm Federal Tax Cost Gain/Loss Gain/Loss Amount Amount RECEIVED ACCRUED INTEREST ON SALE OF CHASE ISSUANCE 02/08/2019 02/08/2019 161571HC1 TRUST1.370% 6/15/21 0.0000 0.000000 0.00 0.00 0.00 656.46 0.00 0.00 0.00 02/08/2019 _ ACCREDITED DISCOUNT ON F F C B DEB 2.960 % 9/13/21 3133EJZD4 CURRENT YEAR MARKET DISCOUNT 0.0000 0.000000 0.00 0.00 0.00 0.00 1,079.00 0.00 0.00 02/08/2019 02/08/2019 02/08/2019 3133EJZD4 FULL CALL PAR VALUE OF F F C B DEB 2.960 % 9/13/21 /CALLS/ -260,000.0000 1.000000 0.00 0.00 0.00 260,000.00 -260,000.00 0.00 0.00 02/08/2019 • INTEREST EARNED ON F F C B DEB 2.960 % 9/13/21 $1 PV ON 3133EJZD4 260000.0000 SHARES DUE 2/8/2019 0.0000 0.000000 0.00 0.00 0.00 3,099.78 0.00 0.00 0.00 02/08/2019 02/08/2019 02/08/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 3,099.7800 1.000000 0.00 0.00 0.00 -3,099.78 3,099.78 0.00 0.00 02/08/2019 02/08/2019 02/08/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 746,616.5400 1.000000 0.00 0.00 0.00 -746,616.54 746,616.54 0.00 0.00 02/08/2019 02/05/2019 02/08/2019 PURCHASED PAR VALUE OF U S TREASURY NT 2.500% 1/15/22 /BMO CAPITAL MARKETS CORP/BONDS/260,000 PAR VALUE AT 9128285V8 99.95703077 % 260,000.0000 0.999570 0.00 0.00 0.00 -259,888.28 259,888.28 0.00 0.00 02/08/2019 02/08/2019 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT - 9128285V8 2.500% 1/15/22 0.0000 0.000000 0.00 0.00 0.00 -430.94 0.00 0.00 0.00 02/13/2019 02/13/2019 02/13/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -659,889.5700 1.000000 0.00 0.00 0.00 659,889.57 -659,889.57 0.00 0.00 02/13/2019 02/05/2019 02/13/2019 PURCHASED PAR VALUE OF NISSAN AUTO 2.900 % 10/16/23 65479KAD2 /MITSUBISHI UFJ SECURITIES USA/320,000 PAR VALUE AT 99.98485 % 320,000.0000 0.999849 0.00 0.00 0.00 -319,951.52 319,951.52 0.00 0.00 02/13/2019 02/05/2019 02/13/2019 PURCHASED PAR VALUE OF TOYOTA AUTO 2.910 % 7/17/23 /MITSUBISHI UFJ SECURITIES USA/340,000 PAR VALUE AT 99.98177941 89239AAD5 % 340,000.0000 0.999818 0.00 0.00 0.00 -339,938.05 339,938.05 0.00 0.00 02/14/2019 02/14/2019 02/14/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 255,340.9500 1.000000 0.00 0.00 0.00 -255,340.95 255,340.95 0.00 0.00 02/14/2019 02/12/2019 02/14/2019 SOLD PAR VALUE OF 3M COMPANY MTN 3.000% 9/14/21 88579YBA8 /PERSHING LLC/55,000 PAR VALUE AT 100.909 % -55,000.0000 1.009090 0.00 0.00 0.00 55,499.95 -54,887.25 612.70 0.00 02/14/2019 02/14/2019 RECEIVED ACCRUED INTEREST ON SALE OF 3M COMPANY MTN 88579YBA8 3.000% 9/14/21 0.0000 0.000000 0.00 0.00 0.00 687.50 0.00 0.00 0.00 02/14/2019 02/12/2019 02/14/2019 SOLD PAR VALUE OF 3M COMPANY MTN 3.000% 9/14/21 /MORGAN 88579YBA8 STANLEY & CO. LLC/195,000 PAR VALUE AT 100.88 % -195,000.0000 1.008800 0.00 0.00 0.00 196,716.00 -194,600.25 2,115.75 0.00 02/14/2019 02/14/2019 RECEIVED ACCRUED INTEREST ON SALE OF 3M COMPANY MTN 88579YBA8 3.000% 9/14/21 0.0000 0.000000 0.00 0.00 0.00 2,437.50 0.00 0.00 0.00 02/15/2019 INTEREST EARNED ON BERKSHIRE HATHAWAY 1.300 % 8/15/19 $1 084664CK5 PV ON 160000.0000 SHARES DUE 2/15/2019 0.0000 0.000000 0.00 0.00 0.00 1,040.00 0.00 0.00 0.00 02/15/2019 INTEREST EARNED ON CISCO SYSTEMS INC 4.950 % 2/15/19 $1 PV 17275RAE2 ON 360000.0000 SHARES DUE 2/15/2019 0.0000 0.000000 0.00 0.00 0.00 8,910.00 0.00 0.00 0.00 02/15/2019 AMORTIZED PREMIUM ON CISCO SYSTEMS INC 4.950 % 2/15/19 17275RAE2 CURRENT YEAR AMORTIZATION 0.0000 0.000000 0.00 0.00 0.00 0.00 -1,445.54 0.00 0.00 02/15/2019 02/15/2019 02/15/2019 MATURED PAR VALUE OF CISCO SYSTEMS INC 4.950 % 2/15/19 17275RAE2 360,000 PAR VALUE AT 100 % -360,000.0000 1.000000 0.00 0.00 0.00 360,000.00 -360,000.00 0.00 0.00 02/15/2019 02/14/2019 02/15/2019 SOLD PAR VALUE OF F F C B DEB 2.67299 % 8/01/22 /CITIGROUP 3133EHTJ2 GLOBAL MARKETS INC./230,000 PAR VALUE AT 99.5349 % -230,000.0000 0.995349 0.00 0.00 0.00 228,930.27 -230,000.00 0.00 -1,069.73 02/15/2019 02/15/2019 02/15/2019 RECEIVED ACCRUED INTEREST ON SALE OF F F C B DEB 3133EHTJ2 2.67299% 8/01/22 0.0000 0.000000 0.00 0.00 0.00 0.69 0.00 0.00 0.00 02/14/2019 02/15/2019 SOLD PAR VALUE OF F F C B 2.59275 % 9/06/22 /CITIGROUP 3133EHXH1 GLOBAL MARKETS INC./260,000 PAR VALUE AT 99.5299 % -260,000.0000 0.995299 0.00 0.00 0.00 258,777.74 -260,000.00 0.00 -1,222.26 02/15/2019 02/15/2019 RECEIVED ACCRUED INTEREST ON SALE OF F F C B 2.59275 3133EHXH1 9/06/22 0.0000 0.000000 0.00 0.00 0.00 168.55 0.00 0.00 0.00 02/15/2019 02/15/2019 02/15/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 1,207.5000 1.000000 0.00 0.00 0.00 -1,207.50 1,207.50 0.00 0.00 02/15/2019 02/15/2019 02/15/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 1,261,715.9100 1.000000 0.00 0.00 0.00 -1,261,715.91 1,261,715.91 0.00 0.00 02/15/2019 INTEREST EARNED ON JOHN DEERE OWNER 1.780% 4/15/21 $1 PV ON 371.3100 SHARES DUE 2/15/2019 $0.00148/PV ON 250,318.89 PV 47787XAC1 DUE 2/15/19 0.0000 0.000000 0.00 0.00 0.00 371.31 0.00 0.00 0.00 02/15/2019 02/15/2019 02/15/2019 47787XAC1 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 1.780% 4/15/21 -27,279.3300 0.000000 0.00 0.00 0.00 27,279.33 -27,275.45 0.00 3.88 02/15/2019 INTEREST EARNED ON MERCEDES BENZ AUTO 1.790 % 4/15/20 $1 PV ON 502.8200 SHARES DUE 2/15/2019 $0.00149/PV ON 337,086.91 58769DAD2 PV DUE 2/15/19 0.0000 0.000000 0.00 0.00 0.00 502.82 0.00 0.00 0.00 02/15/2019 02/15/2019 02/15/2019 58769DAD2 PAID DOWN PAR VALUE OF MERCEDES BENZ AUTO 1.790% 4/15/20 -37,694.6100 0.000000 0.00 0.00 0.00 37,694.61 -37,693.75 0.00 0.86 02/15/2019 AMORTIZED PREMIUM ON NEW YORK ST SER B 3.600 % 2/15/19 649791EV8 CURRENT YEAR AMORTIZATION 0.0000 0.000000 0.00 0.00 0.00 0.00 -581.66 0.00 0.00 02/15/2019 02/15/2019 02/15/2019 MATURED PAR VALUE OF NEW YORK ST SER B 3.600 % 2/15/19 649791EV8 250,000 PAR VALUE AT 100 % -250,000.0000 1.000000 0.00 0.00 0.00 250,000.00 -250,000.00 0.00 0.00 02/15/2019 INTEREST EARNED ON NEW YORK ST SER B 3.600 % 2/15/19 $1 PV 649791EV8 ON 250000.0000 SHARES DUE 2/15/2019 0.0000 0.000000 0.00 0.00 0.00 4,500.00 0.00 0.00 0.00 02/15/2019 INTEREST EARNED ON NISSAN AUTO LEASE 3.250 % 9/15/21 $1 PV ON 541.6700 SHARES DUE 2/15/2019 $0.00271/PV ON 200,000.00 PV 65478BAD3 DUE 2/15/19 0.0000 0.000000 0.00 0.00 0.00 541.67 0.00 0.00 0.00 02/15/2019 INTEREST EARNED ON NISSAN AUTO 3.220% 6/15/23 $1 PV ON 1207.5000 SHARES DUE 2/15/2019 $0.00268/PV ON 450,000.00 PV 65478NAD7 DUE 2/15/19 0.0000 0.000000 0.00 0.00 0.00 1,207.50 0.00 0.00 0.00 60 Page 29 of 34 ipir RIVERSIDE COUNTY TRANSPORTATION COMMISSION Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COM Transaction Settlement Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2019 sae 02/15/2019 ra•e ra ra I rescrlp INTEREST EARNED ON NISSAN AUTO LEASE 2.050 % 9/15/20 $1 PV ON 375.8300 SHARES DUE 2/15/2019 $0.00171/PV ON 220,000.00 PV 65479BAD2 DUE 2/15/19 _au_ 0.0000 s 0.000000 0.00 'IM.ii 0.00 0.00 .ra0M-VII-NIliff""TMlli_1TInili_iTlnl= 375.83 0.00 0.00 0.00 0.00 02/15/2019 INTEREST EARNED ON TOYOTA AUTO 1.760 % 7/15/21 $1 PV ON 762.6700 SHARES DUE 2/15/2019 $0.00147/PV ON 520,000.00 PV DUE 89190BAD0 2/15/19 0.0000 0.000000 0.00 0.00 0.00 762.67 0.00 0.00 02/15/2019 02/15/2019 02/15/2019 89190BAD0 PAID DOWN PAR VALUE OF TOYOTA AUTO 1.760 % 7/15/21 -3,977.5900 0.000000 0.00 0.00 0.00 3,977.59-3,977.28 0.00 0.31 02/15/2019 INTEREST EARNED ON TOYOTA AUTO 1.730 % 2/16/21 $1 PV ON 449.7100 SHARES DUE 2/15/2019 $0.00144/PV ON 311,940.26 PV DUE 89238MAD0 2/15/19 0.0000 0.000000 0.00 0.00 0.00 449.71 0.00 0.00 0.00 02/15/2019 02/15/2019 02/15/2019 89238MAD0 PAID DOWN PAR VALUE OF TOYOTA AUTO 1.730 % 2/16/21 -26,473.5400 0.000000 0.00 0.00 0.00 26,473.54-26,470.42 0.00 3.12 02/15/2019 INTEREST EARNED ON USAA AUTO OWNER 1.700% 5/17/21$1 PV ON 197.1700 SHARES DUE 2/15/2019 $0.00142/PV ON 139,182.20 PV 90290AAC1 DUE 2/15/19 0.0000 0.000000 0.00 0.00 0.00 197.17 0.00 0.00 0.00 02/15/2019 02/15/2019 02/15/2019 90290AAC1 PAID DOWN PAR VALUE OF USAA AUTO OWNER 1.700% 5/17/21 -12,991.1600 0.000000 0.00 0.00 0.00 12,991.16-12,989.79 0.00 1.37 02/15/2019 INTEREST EARNED ON U S TREASURY NT 1.500 % 8/15/20 $1 PV 9128282Q2 ON 1458000.0000 SHARES DUE 2/15/2019 0.0000 0.000000 0.00 0.00 0.00 10,935.00 0.00 0.00 0.00 02/15/2019 INTEREST EARNED ON U S TREASURY NT 2.750% 8/15/21 $1 PV 9128284W7 ON 1935000.0000 SHARES DUE 2/15/2019 0.0000 0.000000 0.00 0.00 0.00 26,606.25 0.00 0.00 0.00 02/15/2019 AMORTIZED PREMIUM ON U S TREASURY NT 2.750% 8/15/21 9128284W7 CURRENT YEAR AMORTIZATION 0.0000 0.000000 0.00 0.00 0.00 0.00-109.64 0.00 0.00 02/19/2019 INTEREST EARNED ON F H L M C M T N 2.375% 2/16/21 $1 PV ON 3137EAEL9 510000.0000 SHARES DUE 2/16/2019 0.0000 0.000000 0.00 0.00 0.00 6,056.25 0.00 0.00 0.00 02/19/2019 02/19/2019 02/19/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -980,614.7200 1.000000 0.00 0.00 0.00 980,614.72-980,614.72 0.00 0.00 02/19/2019 INTEREST EARNED ON HONDA AUTO 1.790% 9/20/21 $1 PV ON 223.7500 SHARES DUE 2/18/2019 $0.00149/PV ON 150,000.00 PV DUE 43814PAC4 2/18/19 0.0000 0.000000 W. 0.00 0.00 0.00 223.75 0.00Rai. A 02/19/2019 INTEREST EARNED ON STATE STREET CORP 2.550 % 8/18/20 $1 PV 857477AS2 ON 788000.0000 SHARES DUE 2/18/2019 0.0000 0.000000 0.00 0.00 0.00 10,047.00 0.00 0.00 0.00 02/19/2019 AMORTIZED PREMIUM ON STATE STREET CORP 2.550% 8/18/20 857477AS2 CURRENT YEAR AMORTIZATION 0.0000 0.000000 0.00 0.00 0.00 0.00-388.20 O. 02/19/2019 02/14/2019 02/19/2019 SOLD PAR VALUE OF U S TREASURY NT 2.625% 12/15/21 /NOMURA 9128285R7 SECURITIES/FIX INCOME/520,000 PAR VALUE AT 100.42642885 % -520,000.0000 1.004264 0.00 0.00 0.00 522,217.43-518,090.63 4,126.80 0.00 02/19/2019 02/19/2019 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 9128285R7 2.625 % 12/15/21 0.0000 0.000000 0.00 0.00 0.00 2,475.00 0.00 0.00 0.00 02/19/2019 02/15/2019 02/19/2019 PURCHASED PAR VALUE OF U S TREASURY NT 2.500% 1/31/21 9128285X4 /MLPFS INC/FIXED INCOME/1,000,000 PAR VALUE AT 99.969085 % 1,000,000.0000 0.999691 0.00 0.00 0.00 -999,690.85 999,690.85 0.00 0.00 02/19/2019 I 02/19/2019 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 9128285X4 2.500% 1/31/21 0.0000 0.000000 0.00 0.00 0.00 -1,312.15 0.00 0.00 0.00 02/19/2019 02/14/2019 02/19/2019 PURCHASED PAR VALUE OF U S TREASURY NT 2.500% 2/15/22 /NOMURA SECURITIES/FIX INCOME/520,000 PAR VALUE AT 100.09375 9128286C9 % 520,000.0000 1.000938 0.00 0.00 0.00 -520,487.50 520,487.50 0.00 0.00 02/19/2019 02/19/2019 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 9128286C9 2.500% 2/15/22 0.0000 0.000000 0.00 0.00 0.00 -143.65 0.00 0.00 0.00 02/20/2019 INTEREST EARNED ON BMW VEHICLE LEASE 2.070 % 10/20/20 $1 PV ON 172.5000 SHARES DUE 2/20/2019 $0.00173/PV ON 100,000.00 PV 05584PAD9 DUE 2/20/19 0.0000 0.000000 0.00 0.00 0.00 172.50 0.00 0.00 0.00 02/20/2019 02/20/2019 02/20/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 172.5000 1.000000 0.00 0.00 0.00 -172.50 172.50 0.00 0.00 02/21/2019 02/21/2019 02/21/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -190,000.0000 1.000000 0.00 0.00 0.00 190,000.00-190,000.00 0.00 0.00 02/21/2019 02/07/2019 02/21/2019 PURCHASED PAR VALUE OF HAWAII ST SER FX 2.770% 1/01/22 419792YL4 /MERRILL LYNCH,PIERCE,FENNER 8J190,000 PAR VALUE AT 100 % 190,000.0000 1.000000 0.00 0.00 0.00 -190,000.00 190,000.00 0.00 0.00 02/, 22/2019 02/22/2019 02/22/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -249,913.0900 1.000000 0.00 0.00 0.00 249,913.09-249,913.09 0.00 0.00 02/22/2019 02/12/2019 02/22/2019 PURCHASED PAR VALUE OF 3M COMPANY MTN 2.750% 3/01/22 88579YBF7 /MORGAN STANLEY & CO. LLC/250,000 PAR VALUE AT 99.953 % 250,000.0000 0.999530 0.00 0.00 0.00 -249,882.50 249,882.50 0.00 0.00 02/22/2019 FED BASIS OF U S TREASURY NT 2.500% 1/31/21 ADJUSTED BY - 9128285X4 40.88 FIXED FEDRL TX CST FROM $260908.34 TO $260867.46 0.0000 0.000000 0.00 0.00 0.00 0.00 -40.88 0.00 0.00 02/22/2019 FED BASIS OF U S TREASURY NT 2.500% 1/31/21 ADJUSTED BY 9128285X4 40.88 FIXED FEDRL TX CST FROM $260919.31 TO $260960.19 0.0000 0.000000 0.00 0.00 0.00 0.00 40.88 0.00 0.00 02/22/2019 02/21/2019 02/22/2019 SOLD PAR VALUE OF U S TREASURY NT 2.500% 1/31/21 /CITADEL 9128285X4 SECURITIES LLC/261,000 PAR VALUE AT 99.94921839 % -261,000.0000 0.999492 0.00 0.00 0.00 260,867.46-260,867.46 0.00 0.00 02/22/2019 02/22/2019 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 9128285X4 2.500% 1/31/21 0.0000 0.000000 0.00 0.00 0.00 396.55 0.00 0.00 0.00 02/22/2019 02/21/2019 02/22/2019 PURCHASED PAR VALUE OF U S TREASURY NT 2.500% 1/31/24 9128285Z9 /CITADEL SECURITIES LLC/261,000 PAR VALUE AT 99.9609387 % 261,000.0000 0.999609 0.00 0.00 0.00 -260,898.05 260,898.05 0.00 0.00 02/22/2019 02/22/2019 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 9128285Z9 2.500% 1/31/24 0.0000 0.000000 0.00 0.00 0.00 396.55 0.00 0.00 0.00 02/25/2019 TRUST FEES COLLECTED CHARGED FOR PERIOD 01/01/2019 THRU 01/31/2019 COLLECTED BY DISBURSEMENT 0.0000 0.000000 0.00 0.00 0.00 -539.97 0.00 0.00 0.00 02/25/2019 INTEREST EARNED ON APPLE INC 2.250 % 2/23/21 $1 PV ON 037833BS8 500000.0000 SHARES DUE 2/23/2019 0.0000 0.000000 0.00 0.00 0.00 5,625.00 0.00 0.00 0.00 61 Page 30 of 34 OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2019 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COM Transaction Settlement Miscellaneous Federal Tax Cost Short Term Gain/Loss Long Term Gain/Loss Date Trade Date Date CUSIP Description Units Price Commissions SEC Fees Fees Net Cash Amount Amount Amount Amount 02/25/2019 INTEREST EARNED ON BMW VEHICLE OWNER 1.160% 11/25/20 $1 PV ON 174.8100 SHARES DUE 2/25/2019 $0.00097/PV ON 180,838.96 05582QAD9 PV DUE 2/25/19 0.0000 0.000000 0.00 0.00 0.00 174.81 0.00 0.00 0.00 02/25/2019 02/25/2019 02/25/2019 05582QAD9 PAID DOWN PAR VALUE OF BMW VEHICLE OWNER 1.160% 11/25/20 -25,327.8000 0.000000 0.00 0.00 0.00 25,327.80 -25,327.69 0.00 0.11 02/25/2019 INTEREST EARNED ON F N M A GTD REMIC 3.560% 9/25/21 $1 PV ON 519.5900 SHARES DUE 2/25/2019 $0.00297/PV ON 175,143.36 PV 3136B1XP4 DUE 2/25/19 0.0000 0.000000 0.00 0.00 0.00 519.59 0.00 0.00 0.00 02/25/2019 ■ AMORTIZED PREMIUM ON F N M A GTD REMIC 3.560% 9/25/21 3136B1XP4 CURRENT YEAR AMORTIZATION 0.0000 0.000000 0.00 0.00 0.00 0.00 -86.81 0.00 0.00 02/25/2019 02/25/2019 02/25/2019 3136B1XP4 PAID DOWN PAR VALUE OF F N M A GTD REMIC 3.560% 9/25/21 -2,910.4100 0.000000 0.00 0.00 0.00 2,910.41 -2,954.29 -43.88 0.00 02/25/2019 INTEREST EARNED ON F N M A GTD REMIC 3.560% 9/25/21 $1 PV 3136B1XP4 ON 175143.3600 SHARES DUE 2/25/2019 PEN PAYMENT 0.0000 0.000000 0.00 0.00 0.00 9.38 0.00 0.00 0.00 02/25/2019 INTEREST EARNED ON F H L M C MLTCL MTG 1.780% 7/25/19 $1 PV ON 38.9600 SHARES DUE 2/25/2019 $0.00148/PV ON 26,267.80 PV 3137BNN26 DUE 2/25/19 0.0000 0.000000 0.00 0.00 0.00 38.96 0.00 0.00 0.00 02/25/2019 AMORTIZED PREMIUM ON F H L M C MLTCL MTG 1.780% 7/25/19 3137BNN26 CURRENT YEAR AMORTIZATION 0.0000 0.000000 0.00 0.00 0.00 0.00 -6.87 0.00 0.00 02/25/2019 02/25/2019 02/25/2019 3137BNN26 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 1.780% 7/25/19 -49.9000 0.000000 0.00 0.00 0.00 49.90 -49.96 0.00 -0.06 02/25/2019 INTEREST EARNED ON F H L M C MLTCL 2.79278% 2/25/23 $1 PV ON 446.8700 SHARES DUE 2/25/2019 $0.00233/PV ON 192,012.98 PV DUE 3137FGZN8 2/25/19 0.0000 0.00 0.00 446.87 0.00 0.00 0.00 0.000000 0.00 02/25/2019 02/25/2019 02/25/2019 3137FGZN8 PAID DOWN PAR VALUE OF F H L M C MLTCL 2.79278% 2/25/23 -6,621.2000 10.775615 0.00 0.00 0.00 6,621.20 -6,621.20 0.00 0.00 02/25/2019 INTEREST EARNED ON F H L M C MLTCL 2.84445% 2/25/23 $1 PV ON 3137FJXN4 200000.0000 SHARES DUE 2/25/2019 0.0000 0.000000 0.00 0.00 0.00 474.07 0.00 0.00 0.00 02/25/2019 INTEREST EARNED ON F H L M C MLTCL MTG 3.454% 5/25/23 $1 PV ON 1597.5600 SHARES DUE 2/25/2019 $0.00426/PV ON 374,966.33 PV 3137FJYA1 DUE 2/25/19 0.0000 0.000000 0.00 0.00 0.00 1,597.56 0.00 0.00 0.00 02/25/2019 02/25/2019 02/25/2019 3137FJYA1 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 3.454% 5/25/23 -17,169.3100 0.000000 0.00 0.00 0.00 17,169.31 -17,168.85 0.46 0.00 02/25/2019 02/25/2019 02/25/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 52,873.3700 1.000000 0.00 0.00 0.00 -52,873.37 52,873.37 0.00 0.00 02/25/2019 02/25/2019 02/25/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 7,551.5200 1.000000 0.00 0.00 0.00 -7,551.52 7,551.52 0.00 0.00 02/27/2019 02/27/2019 02/27/2019 3134GSWC5 FULL CALL PAR VALUE OF F H L M C M T N 2.900% 8/27/21 /CALLS/ -510,000.0000 1.000000 0.00 0.00 0.00 510,000.00 -510,000.00 0.00 0.00 02/27/2019 INTEREST EARNED ON F H L M C M T N 2.900% 8/27/21 $1 PV ON 3134GSWC5 510000.0000 SHARES DUE 2/27/2019 _ 0.0000 0.000000 0.00 0.00 0.00 7,395.00 0.00 0.00 0.00 02/27/2019 02/27/2019 02/27/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 517,395.0000 1.000000 0.00 0.00 0.00 -517,395.00 517,395.00 0.00 0.00 02/28/2019 02/28/2019 02/28/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y al_ 77,634.3800 1.000000 0.00 0.00 0.00 -77,634.38 77,634.38 0.00 0.00 02/28/2019 INTEREST EARNED ON U S TREASURY NT 2.625% 8/31/20 $1 PV 9128284Y3 ON 5915000.0000 SHARES DUE 2/28/2019 0.0000 0.000000 0.00 0.00 0.00 77,634.38 0.00 0.00 0.00 03/01/2019 INTEREST EARNED ON CALIFORNIA ST BUILD 6.650% 3/01/22 $1 PV 13063BFS6 ON 425000.0000 SHARES DUE 3/1/2019 0.0000 0.000000 0.00 0.00 0.00 14,131.25 0.00 0.00 0.00 03/01/2019 AMORTIZED PREMIUM ON CALIFORNIA ST BUILD 6.650% 3/01/22 13063BFS6 CURRENT YEAR AMORTIZATION 0.0000 0.000000 0.00 0.00 0.00 0.00 -2,593.27 0.00 0.00 03/01/2019 INTEREST EARNED ON EXXON MOBIL 2.222% 3/01/21 $1 PV ON 30231GAV4 500000.0000 SHARES DUE 3/1/2019 0.0000 0.000000 0.00 0.00 0.00 5,555.00 0.00 0.00 0.00 03/01/2019 03/01/2019 03/01/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -747,819.3300 1.000000 0.00 0.00 0.00 747,819.33 -747,819.33 0.00 0.00 03/01/2019 INTEREST EARNED ON FIRST AM GOVT OB FD CL Y UNIT ON 0.0000 31846V203 SHARES DUE 2/28/2019 INTEREST FROM 2/1/19 TO 2/28/19 0.0000 0.000000 0.00 0.00 0.00 1,060.28 0.00 0.00 0.00 03/01/2019 INTEREST EARNED ON INLAND VLY CA DEV 3.627% 3/01/20 $1 PV 45750TAG8 ON 230000.0000 SHARES DUE 3/1/2019 0.0000 0.000000 0.00 0.00 0.00 4,171.05 0.00 0.00 0.00 03/01/2019 AMORTIZED PREMIUM ON INLAND VLY CA DEV 3.627% 3/01/20 45750TAG8 CURRENT YEAR AMORTIZATION 0.0000 0.000000 0.00 0.00 0.00 0.00 -242.56 0.00 0.00 03/01/2019 INTEREST EARNED ON LOS ANGELES CA 1.125% 9/01/19 $1 PV 54465AGK2 ON 270000.0000 SHARES DUE 3/1/2019 0.0000 0.000000 0.00 0.00 0.00 1,518.75 0.00 0.00 0.00 03/01/2019 INTEREST EARNED ON NEW YORK ST REF SER 3.600% 9/01/19 $1 PV 649791EJ5 ON 500000.0000 SHARES DUE 3/1/2019 0.0000 0.000000 0.00 0.00 0.00 9,000.00 0.00 lin 0.00 03/01/2019 AMORTIZED PREMIUM ON NEW YORK ST REF SER 3.600% 9/01/19 649791EJ5 CURRENT YEAR AMORTIZATION 0.0000 0.000000 0.00 0.00 0.00 0.00 -1,611.06 0.00 0.00 03/01/2019 INTEREST EARNED ON SANTA ANA CA CMNTY 3.346% 9/01/21 $1 PV 801096AP3 ON 240000.0000 SHARES DUE 3/1/2019 0.0000 0.000000 0.00 0.00 0.00 2,520.65 0.00 0.00 Tr-0.00 03/01/2019 02/28/2019 03/01/2019 PURCHASED PAR VALUE OF U S TREASURY NT 2.500% 2/28/21 /BMO CAPITAL MARKETS CORP/BONDS/785,000 PAR VALUE AT 9128286D7 99.95703185 % 785,000.0000 0.999570 0.00 0.00 0.00 -784,662.70 784,662.70 0.00 0.00 03/01/2019 03/01/2019 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 9128286D7 2.500% 2/28/21 0.0000 0.000000 0.00 0.00 0.00 -53.33 0.00 0.00 0.00 03/04/2019 INTEREST EARNED ON CHEVRON CORP 3.26813% 3/03/22 $1 PV 166764AU4 ON 500000.0000 SHARES DUE 3/3/2019 0.0000 0.000000 0.00 0.00 0.00 4,130.55 0.00 0.00 0.00 03/04/2019 AMORTIZED PREMIUM ON CHEVRON CORP 3.26813% 3/03/22 166764AU4 CURRENT YEAR AMORTIZATION 0.0000 0.000000 0.00 0.00 0.00 0.00 -199.24 0.00 0.00 03/04/2019 03/04/2019 03/04/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 5,190.8300 1.000000 0.00 0.00 0.00 -5,190.83 5,190.83 0.00 0.00 03/06/2019 03/06/2019 03/06/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 1,735.0400 1.000000 0.00 0.00 0.00 -1,735.04 i 1,735.04 0.00 0.00 03/06/2019 03/04/2019 03/06/2019 SOLD PAR VALUE OF U S TREASURY NT 2.500% 12/31/20 /MLPFS 9128285S5 INC/FIXED INCOME/480,000 PAR VALUE AT 99.87520625 % -480,0041MP° 0.998752 0.00 0.00 0.00 479,400.99 -479,793.75 -392.76 0.00 Page 31 of 34 OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COM Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2019 Transaction Settlement Date Trade Date Date CUSIP Descri tion Units Miscellaneous o erm ong erm Federal Tax Cost Gain/Loss Gain/Loss Price Commissions SEC Fees Fees Net Cash Amount Amount Amount Amount 03/06/2019 03/06/2019 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT� 03/06/2019 9128285S5 2.500% 12/31/20 PURCHASED PAR VALUE OF U S TREASURY NT 2.500% 2/28/21 9128286D7 /MLPFS INC/FIXED INCOME/480,000 PAR VALUE AT 99.921875 03/04/2019 03/06/2019 0.0000 0.000000 0.00 0.00 0.00 2,154.70 480.000.0000 0.999219 0.00 0.00 0.00 -479.625.00 0.00 0.00 479.625.00 0.00 0.00 0.00 03/06/2019 7 03/06/2019 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 9128286D7 2.500% 2/28/21 0.0000 0.000000 0.00 0.00 0.00 -195.65 0.00 0.00 0.00 03/07/2019 03/07/2019 03/07/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -126,996.9000 1.000000 0.00 0.00 0.00 126,996.90 -126,996.90 0.00 0.00 03/07/2019 03/05/2019 03/07/2019 PURCHASED PAR VALUE OF U S TREASURY NT 2.500% 2/15/22 9128286C9 /J.P. MORGAN SECURITIES LLC/655,000 PAR VALUE AT 99.92187481 % 655,000.0000 0.999219 0.00 0.00 0.00 -654,488.28 654,488.28 0.00 0.00 03/07/2019 03/07/2019 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 9128286C9 2.500% 2/15/22 0.0000 0.000000 0.00 0.00 0.00 -904.70 0.00 0.00 0.00 03/07/2019 03/05/2019 03/07/2019 PURCHASED PAR VALUE OF U S TREASURY NT 2.500% 2/28/21 9128286D7 /J.P. MORGAN SECURITIES LLC/525,000 PAR VALUE AT 99.90624952 % 525,000.0000 0.999063 0.00 0.00 0.00 -524,507.81 524,507.81 0.00 0.00 03/07/2019 03/07/2019 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 9128286D7 2.500% 2/28/21 0.0000 0.000000 0.00 0.00 0.00 -249.66 0.00 0.00 0.00 03/07/2019 03/05/2019 03/07/2019 SOLD PAR VALUE OF U S TREASURY NT 2.625% 7/31/20 /BMO CAPITAL MARKETS CORP/BONDS/1,050,000 PAR VALUE AT 100.04654 912828Y46 % -1,050,000.0000 1.000465 0.00 0.00 0.00 1,050,488.67 -1,049,056.64 1,432.03 0.00 03/07/2019 03/07/2019 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 912828Y46 2.625% 7/31/20 0.0000 0.000000 0.00 0.00 0.00 2,664.88 0.00 0.00 0.00 03/12/2019 03/12/2019 03/12/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 415,986.0700 1.000000 0.00 0.00 0.00 -415,986.07 415,986.07 0.00 0.00 03/12/2019 ACCREDITED DISCOUNT ON U S TREASURY NT 2.625% 8/31/20 9128284Y3 MARKET DISCOUNT 0.0000 0.000000 0.00 0.00 0.00 0.00 162.38 0.00 0.00 03/12/2019 03/11/2019 03/12/2019 SOLD PAR VALUE OF U S TREASURY NT 2.625% 8/31/20 /NOMURA 9128284Y3 SECURITIES/FIX INCOME/415,000 PAR VALUE AT 100.15200964 % -415,000.0000 1.001520 0.00 0.00 0.00 415,630.84 -415,190.23 440.61 0.00 03/12/2019 03/12/2019 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 9128284Y3 2.625% 8/31/20 0.0000 0.000000 0.00 0.00 0.00 355.23 0.00 0.00 0.00 03/13/2019 03/13/2019 03/13/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -259,968.0500 1.000000 0.00 0.00 0.00 259,968.05 -259,968.05 0.00 0.00 03/13/2019 03/05/2019 03/13/2019 PURCHASED PAR VALUE OF JOHN DEERE OWNER 2.910% 7/17/23 /CITIGROUP GLOBAL MARKETS INC./260,000 PAR VALUE AT 47789JAD8 99.98771154 % 260,000.0000 0.999877 0.00 0.00 0.00 -259,968.05 259,968.05 0.00 0.00 03/15/2019 INTEREST EARNED ON AUTOMATIC DATA 2.250% 9/15/20 $1 PV 053015AD5 ON 450000.0000 SHARES DUE 3/15/2019 0.0000 0.000000 0.00 0.00 0.00 5,062.50 0.00 0.00 0.00 03/15/2019 AMORTIZED PREMIUM ON AUTOMATIC DATA 2.250% 9/15/20 053015AD5 CURRENT YEAR AMORTIZATION 0.0000 0.000000 0.00 0.00 0.00 0.00 -418.79 0.00 0.00 03/15/2019 INTEREST EARNED ON BERKSHIRE HATHAWAY 2.200% 3/15/21 $1 084670BQ0 PV ON 471000.0000 SHARES DUE 3/15/2019 0.0000 0.000000 0.00 0.00 0.00 5,181.00 0.00 0.00 0.00 03/15/2019 03/15/2019 03/15/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 162,151.1700 1.000000 0.00 0.00 0.00 -162,151.17 162,151.17 0.00 0.00 03/15/2019 INTEREST EARNED ON JOHN DEERE OWNER 1.780% 4/15/21 $1 PV ON 330.8400 SHARES DUE 3/15/2019 $0.00148/PV ON 223,039.56 PV 47787XAC1 DUE 3/15/19 0.0000 0.000000 0.00 0.00 0.00 330.84 0.00 0.00 0.00 03/15/2019 03/15/2019 03/15/2019 47787XAC1 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 1.780% 4/15/21 -16,260.1600 1.519346 0.00 0.00 0.00 16,260.16 -16,257.84 0.00 2.32 03/15/2019 INTEREST EARNED ON MERCEDES BENZ AUTO 1.790% 4/15/20 $1 PV ON 446.5900 SHARES DUE 3/15/2019 $0.00149/PV ON 299,392.30 58769DAD2 PV DUE 3/15/19 0.0000 0.000000 0.00 0.00 0.00 446.59 0.00 0.00 0.00 03/15/2019 03/15/2019 03/15/2019 58769DAD2 PAID DOWN PAR VALUE OF MERCEDES BENZ AUTO 1.790% 4/15/20 -48,039.6700 0.514259 0.00 0.00 0.00 48,039.67 -48,038.57 0.00 1.10 03/15/2019 INTEREST EARNED ON NISSAN AUTO LEASE VON 200,0 % 1 $1 PV ON 541.6700 SHARES DUE 3/15/2019 $0.00271/PV ON 200,000.00 PV 65478BAD3 DUE 3/15/19 0.0000 0.000000 0.00 0.00 0.00 541.67 0.00 0.00 0.00 03/15/2019 INTEREST EARNED ON NISSAN AUTO 3.220% 6/15/23 $1 PV ON 1207.5000 SHARES DUE 3/15/2019 $0.00268/PV ON 450,000.00 PV 65478NAD7 DUE 3/15/19 0.0000 0.000000 0.00 0.00 0.00 1,207.50 0.00 0.00 0.00 03/15/2019 INTEREST EARNED ON NISSAN AUTO LEASE 2.050% 9/15/20 $1 PV ON 375.8300 SHARES DUE 3/15/2019 $0.00171/PV ON 220,000.00 PV 65479BAD2 DUE 3/15/19 0.0000 0.000000 0.00 0.00 0.00 375.83 0.00 0.00 0.00 03/15/2019 INTEREST EARNED ON NISSAN AUTO 2.900% 10/16/23 $1 PV ON 824.8900 SHARES DUE 3/15/2019 $0.00258/PV ON 320,000.00 PV DUE 65479KAD2 3/15/19 0.0000 0.000000 0.00 0.00 0.00 824.89 0.00 0.00 0.00 03/15/2019 INTEREST EARNED ON PFIZER INC T 3.000% 9/15/21 $1 PV ON 717081EM1 250000.0000 SHARES DUE 3/15/2019 0.0000 0.000000 0.00 0.00 0.00 3,916.67 0.00 0.00 0.00 03/15/2019 INTEREST EARNED ON TOYOTA AUTO 1.760% 7/15/21 $1 PV ON 756.8300 SHARES DUE 3/15/2019 $0.00147/PV ON 516,022.41 PV DUE 89190BAD0 3/15/19 0.0000 0.000000 0.00 0.00 0.00 756.83 0.00 0.00 0.00 03/15/2019 03/15/2019 03/15/2019 89190BAD0 PAID DOWN PAR VALUE OF TOYOTA AUTO 1.760% 7/15/21 -34,527.5500 0.715510 0.00 0.00 0.00 34,527.55 -34,524.90 0.00 2.65 03/15/2019 INTEREST EARNED ON TOYOTA AUTO 1.730% 2/16/21 $1 PV ON 411.5500 SHARES DUE 3/15/2019 $0.00144/PV ON 285,466.72 PV DUE 89238MAD0 3/15/19 0.0000 0.000000 0.00 0.00 0.00 411.55 0.00 0.00 0.00 03/15/2019 03/15/2019 03/15/2019 89238MAD0 PAID DOWN PAR VALUE OF TOYOTA AUTO 1.730% 2/16/21 -24,207.0500 1.020563 0.00 0.00 0.00 24,207.05 -24,204.20 0.00 2.85 63 Page 32 of 34 OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COM Transaction Settlement Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2019 Date 03/15/2019 Trade Date Date CUSIP 89239AAD5 Description INTEREST EARNED ON TOYOTA AUTO 2.910% 7/17/23 $1 PV ON 879.4700 SHARES DUE 3/15/2019 $0.00259/PV ON 340,000.00 PV DUE 3/15/19 Uni 0.0000 rice 0.000000 Commissions 0.00 SEC Fees 0.00 Fees 0.00 Net Cash Amount Amount Amount Amount 0.00 879.47 0.00 0.00 03/15/2019 90290AAC1 INTEREST EARNED ON USAA AUTO OWNER 1.700% 5/17/21 $1 PV ON 178.7700 SHARES DUE 3/15/2019 $0.00142/PV ON 126,191.04 PV DUE 3/15/19 0.0000 0.000000 0.00 0.00 0.00 178.77 0.00 0.00 0.00 03/15/2019 03/15/2019 03/15/2019 90290AAC1 PAID DOWN PAR VALUE OF USAA AUTO OWNER 1.700% 5/17/21 -11,990.1300 2.060429 0.00 0.00 0.00 11,990.13-11,988.87 0.00 1.26 03/15/2019 9128285A4 INTEREST EARNED ON U S TREASURY NT 2.750% 9/15/21 $1 PV ON 510000.0000 SHARES DUE 3/15/2019 0.0000 0.000000 0.00 0.00 0.00 7,012.50 0.00 0.00 0.00 03/18/2019 03/18/2019 03/18/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 223.7500 1.000000 0.00 0.00 0.00 -223.75 223.75 0.00 0.00 • 03/18/2019 43814PAC4 INTEREST EARNED ON HONDA AUTO 1.790% 9/20/21 $1 PV ON 223.7500 SHARES DUE 3/18/2019 $0.00149/PV ON 150,000.00 PV DUE 3/18/19 0.0000 i 0.00 0.00 0.00 223.75 0.00 0.00 0.00 0.000000 03/19/2019 03/19/2019 03/19/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 854,348.8100 1.000000 0.00 0.00 0.00 -854,348.81 854,348.81 0.00 0.00 03/19/2019 48125LRJ3 AMORTIZED PREMIUM ON JP MORGAN MTN 2.92506% 9/23/19 CURRENT YEAR AMORTIZATION 0.0000 0.000000 0.00 0.00 0.00 0.00-775.60 0.00 0.00 03/19/2019 03/15/2019 03/19/2019 48125LRJ3 SOLD PAR VALUE OF JP MORGAN MTN 2.92506% 9/23/19 /WELLS FARGO SECURITIES, LLC/845,000 PAR VALUE AT 100.219 % -845,000.0000 1.002190 0.00 0.00 0.00 846,850.55-846,872.81 0.00 -22.26 03/19/2019 ' 03/19/2019 48125LRJ3 RECEIVED ACCRUED INTEREST ON SALE OF JP MORGAN MTN 2.92506% 9/23/19 0.0000 0.000000 0.00 0.00 0.00 6,810.91 air 0.00 0.00 ir-0.00 03/19/2019 03/15/2019 03/19/2019 80168FMA1 PURCHASED PAR VALUE OF SANTA CLARA VLY CA 2.387% 6/01/21 /NATIONAL FINANCIAL SERVICES CO/400,000 PAR VALUE AT 99.439 % 400,000.0000 0.994390 0.00 0.00 0.00 -397,756.00 397,756.00 0.00 0.00 03/19/2019 03/19/2019 80168FMA1 PAID ACCRUED INTEREST ON PURCHASE OF SANTA CLARA VLY CA 2.387% 6/01/21 0.0000 0.000000 0.00 0.00 0.00 -2,864.40 0.00 0.00 0.00 03/19/2019 03/15/2019 03/19/2019 9128284Y3 SOLD PAR VALUE OF U S TREASURY NT 2.625% 8/31/20 /NATWEST MKTS SECS/FIXED INCOME/400,000 PAR VALUE AT 100.1914075 % -400,000.0000 1.001914 0.00 0.00 0.00 400,765.63-399,796.87 968.76 0.00 03/19/2019 03/19/2019 9128284Y3 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.625% 8/31/20 0.0000 0.000000 0.00 0.00 0.00 542.12 0.00 0.00 0.00 03/20/2019 05584PAD9 INTEREST EARNED ON BMW VEHICLE LEASE 2.070% 10/20/20 $1 PV ON 172.5000 SHARES DUE 3/20/2019 $0.00173/PV ON 100,000.00 PV DUE 3/20/19 0.0000 0.000000 0.00 0.00 0.00 172.50 0.00 0.00 0.00 03/20/2019 17275RBG6 INTEREST EARNED ON CISCO SYSTEMS INC 1.400% 9/20/19 $1 PV ON 40000.0000 SHARES DUE 3/20/2019 0.0000 0.000000 0.00 0.00 0.00 280.00 0.00 0.00 0.00 03/20/2019 03/20/2019 03/20/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 452.5000 1.000000 0.00 0.00 0.00 -452.50 452.50 0.00 0.00 03/22/2019 03/22/2019 03/22/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -1,050,000.0000 1.000000 0.00 0.00 0.00 1,050,000.00-1,050,000.00 0.00 0.00 03/22/2019 03/15/2019 03/22/2019 46647PBB1 PURCHASED PAR VALUE OF JPMORGAN CHASE CO 3.207% 4/01/23 /J.P. MORGAN SECURITIES LLC/1,050,000 PAR VALUE AT 100 % 1,050,000.0000 1.000000 0.00 0.00 0.00 -1,050,000.00 1,050,000.00 0.00 0.00 03/25/2019 05582QAD9 INTEREST EARNED ON BMW VEHICLE OWNER 1.160% 11/25/20 $1 PV ON 150.3300 SHARES DUE 3/25/2019 $0.00097/PV ON 155,511.16 PV DUE 3/25/19 0.0000 0.000000 0.00 0.00 0.00 150.33 0.0� 0.00 0.00 03/25/2019 _ 03/25/2019 03/25/2019 05582QAD9 PAID DOWN PAR VALUE OF BMW VEHICLE OWNER 1.160% 11/25/20 -22,132.3200 0.000000 0.00 0.00 0.00 _ 22Eli,132.32-22,132.22 0.00 _.. 0.10 03/25/2019 • 3136B1XP4 ON 5110.96 OA HARES DUE 25/ 019 $0. OI 97/PV ON 9/172?232.95 PV DUE 3/25/19 0.0000 ' 0.000000 0.00 0.00 ' 0.00 ilir 510.96 0.00 0.00 0.00 03/25/2019 3136B1XP4 AMORTIZED PREMIUM ON F N M A GTD REMIC 3.560% 9/25/21 CURRENT YEAR AMORTIZATION 0.0000 0.000000 0.00 0.00 0.00 0.00 -77.11 0.00 0.00 03/25/2019 03/25/2019 03/25/2019 3136B1XP4 PAID DOWN PAR VALUE OF F N M A GTD REMIC 3.560% 9/25/21 -3,432.7600 0.000000 0.00 0.00 0.00 3,432.76-3,482.98 -50.22 0.00 03/25/2019 3136B1XP4 INTEREST EARNED ON F N M A GTD REMIC 3.560% 9/25/21 $1 PV ON 172232.9500 SHARES DUE 3/25/2019 PEN PAYMENT 0.0000 0.000000 0.00 0.00 0.00 10.24 0.00 0.00 0.00 03/25/2019 3137BNN26 INTEREST EARNED ON F H L M C MLTCL MTG 1.780% 7/25/19 $1 PV ON 38.8900 SHARES DUE 3/25/2019 $0.00148/PV ON 26,217.90 PV DUE 3/25/19 0.0000 0.000000 0.00 0.00 0.00 38.89 0.00 0.00 0.00 03/25/2019 3137BNN26 AMORTIZED PREMIUM ON F H L M C MLTCL MTG 1.780% 7/25/19 CURRENT YEAR AMORTIZATION 0.0000 0.000000 0.00 0.00 0.00 0.00 -6.19 0.00 0.00 03/25/2019 03/25/2019 03/25/2019 3137BNN26 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 1.780% 7/25/19 -1,753.9900 116.680061 0.00 0.00 0.00 1,753.99-1,755.79 0.00 -1.80 03/25/2019 3137FGZN8 INTEREST EARNED ON F H L M C MLTCL 2.53283% 2/25/23 $1 PV ON 391.3100 SHARES DUE 3/25/2019 $0.00211/PV ON 185,391.78 PV DUE 3/25/19 0.0000 0.000000 0.00 0.00 0.00 391.31 0.00 0.00 0.00 03/25/2019 3137FJXN4 INTEREST EARNED ON F H L M C MLTCL 2.5795% 2/25/23 $1 PV ON 200000.0000 SHARES DUE 3/25/2019 0.0000 0.000000 0.00 0.00 0.00 429.92 0.00 0.00 0.00 03/25/2019 3137FJYA1 INTEREST EARNED ON F H L M C MLTCL MTG 3.454% 5/25/23 $1 PV ON 1154.4800 SHARES DUE 3/25/2019 $0.00323/PV ON 357,797.02 PV DUE 3/25/19 0.0000 0.000000 0.00 0.00 0.00 1,154.48 0.00 0.00 0.00 03/25/2019 03/25/2019 03/25/2019 3137FJYA1 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 3.454% 5/25/23 -7,199.8000 21.948037 0.00 0.00 0.00 7,199.80-7,199.61 0.19 0.00 03/25/2019 03/25/2019 03/25/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 10,587.3200 1.000000 0.00 0.00 0.00 -10,587.32 10,587.32 0.00 0.00 03/25/2019 03/25/2019 03/25/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 26,617.6800 1.000000 0.00 0.00 0.00 -26,617.68 26,617.68 0.00 0.00 03/26/2019 TRUST FEES COLLECTED CHARGED FOR PERIOD 02/01/2019 THRU 02/28/2019 COLLECTED BY DISBURSEMENT 0.0000 0.000000 0.00 0.00 0.00 -541.87 0.00 0.00 0.00 03/26/2019 03/26/2019 03/26/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -541AZDO 1.000000 0.00 0.00 0.00 541.87-541.87 0.00 0.00 Page 33 of 34 OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COM Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2019 Transaction Settlement Date Trade Date Date CUSIP Descri•tion Units Miscellaneous Price Commissions SEC Fees Fees Federal Tax Cost Net Cash Amount Amount o erm ong erm Gain/Loss Gain/Loss Amount Amount 03/28/2019 INTEREST EARNED ON F N M A M T N 3136G4SW4 260000.0000 SHARES DUE 3/28/2019 2.900% 6/28/21 $1 PV ON 0.0000 0.000000 0.00 0.00 0.00 1,885.00 0.00 0.00 0.00 03/28/2019 ACCREDITED DISCOUNT ON F N M A M T N 2.900 % 6/28/21 3136G4SW4 CURRENT YEAR MARKET DISCOUNT 0.0000 0.000000 0.00 0.00 0.00 0.00 130.00 0.00 0.00 03/28/2019 03/28/2019 03/28/2019 3136G4SW4 FULL CALL PAR VALUE OF F N M A M T N 2.900 % 6/28/21 /CALLS/ -260,000.0000 1.000000 0.00 0.00 0.00 260,000.00 -260,000.00 0.00 0.00 03/28/2019 03/28/2019 03/28/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y ME1 160,000.0000 1.000000 0.00 0.00 0.00 -160,000.00 160,000.00 0.00 0.00 03/28/2019 03/28/2019 03/28/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -98,115.0000 1.000000 0.00 0.00 0.00 98,115.00 -98,115.00 0.00 0.00 03/28/2019 03/20/2019 03/28/2019 PURCHASED PAR VALUE OF U S DEPT HSG & URB 2.570 % 8/01/21 911759MU9 /MLPFS INC/FIXED INCOME/100,000 PAR VALUE AT 100 % 100,000.0000 1.000000 0.00 0.00 0.00 -100,000.00 100,000.00 0.00 0.00 03/28/2019 03/20/2019 03/28/2019 PURCHASED PAR VALUE OF U S DEPT HSG & URB 2.570 % 8/01/21 911759MU9 /MLPFS INC/FIXED INCOME/100,000 PAR VALUE AT 100 % 100,000.0000 1.000000 0.00 0.00 0.00 -100,000.00 100,000.00 0.00 0.00 03/29/2019 03/29/2019 03/29/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 1 100,000.0000 1.000000 0.00 0.00 0.00 -100,000.00 100,000.00 0.00 0.00 03/29/2019 03/20/2019 03/28/2019 PURCHASE -REV PAR VALUE OF U S DEPT HSG & URB 2.570% 911759MU9 8/01/21 /MLPFS INC/FIXED INCOME/100,000 PAR VALUE AT 100 % -100,000.0000 -1.000000 0.00 0.00 0.00 100,000.00 -100,000.00 0.00 0.00 Total - - - - 355,153.54 24,513.43 (12,286.34) 65 Page 34 of 34 ATTACHMENT 16 LOGA\CIRCLE P ll TNER �] A MetLife Affiliate Riverside County Transportation Commission SHORT DURATION FIXED INCOME Client Review May 1, 2019 Contents Firm Highlights Market Review Portfolios Logan Circle Partners, L.P. MetLife Investment Management One MetLife Way Whippany, NJ 07981 66 GLOBAL PRESENCE ➢ Logan Circle Partners, L.P. ("Logan Circle" or "LCP") is a MetLife, Inc. company and is part of MetLife Investment Management ("MIM"), MetLife Inc.'s Institutional Investment Management Business. ➢ MetLife has 49,000 employees worldwide with offices in more than 40 countries. • • • London —• • • • • • • • • Regional Investment Offices Additional Investment Offices • • • • •-Ein LOGANCIRCLE P A R T N ER 5 67 A MetLife Affiliate 2 FIRM HIGHLIGHTS Business Structure MetLife, Inc. Insurance LCP Employees Investment Management (MIM) I Logan Circle Partners, L.P. Personnel Portfolio Management 10 Research 50 Trading 25 Risk Management / Portfolio Analytics 2 Client Services 16 Legal / Compliance 5 Administration / Operations 16 Total 124 ➢ Logan Circle Partners, L.P. ("Logan Circle" or "LCP") is a MetLife, Inc. company and is part of MetLife Investment Management, MetLife Inc.'s Institutional Investment Management Business. ➢ We are dedicated solely to the institutional marketplace and have $40.5 billion' in total assets under management. ➢ The senior members of the short duration Investment team have worked together on fixed income portfolios for 20 years. ➢ LCP offers a suite of fixed income investment strategies includes broad coverage of both the risk spectrum (Enhanced Cash to High Yield) and the term structure (Short -Term to Long Duration). LCP Clients Assets by Client Type' ($ trillions) Corporate $17,635 Sub -Advisory $14,490 Public $4,158 Health Care $1,204 Insurance $968 Non -Profit $209 Taft -Hartley $830 Other $1,042 Total $40,535 1 Based on unaucited estimates and are subject to change. Fee paying assets undermanagerrent as of 3i31/19. LOGANCIRCLE P A R TN ER 5 A MetLife Affiliate 68 3 FIXED INCOME TEAM Fundamental z RESEARCH Credit Brian Funk, CFA Head of Credit Research Park Benjarrin, CFA Zach Bauer, CFA Kevin Bovdes, CFA Ian Bowman Marc Brorrberg, CFA David Caras, CFA Jadk Chan, CFA Rid< Corbit Richard Davis, CFA Joseph ID Carlo, CFA Stephen Driscoll Michael Frey Brent Garrels Elyse Goldschrridt Matthew Higgins, CFA John Jennings, CFA Leo Keiser, CFA Brian Kish, CFA Kevin K loeblen, CFA Richard Lee Jack Maine Christopher Meyer, CFA Helene Moehlman, CFA Scott O'Donnell Mchael Recdhiuti Thongs Sarkis, CFA Yahyin Shen, CFA Joel Trujillo Scott Wancier Susan Young Credit Strategy Juan Peruyero Bryan Hartigan Jiming Tao, CFA Short Term Credit David W eeler, CFA Municipal Sharon Carroll Joseph Gankievvicz, CFA Robert Moore, CFA Trevor O'Connell, CFA Wiliam Schramm,, CFA Structured Products Francisco Paez, CFA Angela Best Andrew Butville, CFA Loritta Cheng, CFA David Glenn Kevin Hendrickson, CFA Andrew Jacobs Vivian Kern CFA Meena Pursnani Sovereign Neev Wanvari, CFA Mario Cortes' Jean -Luc Eberiin' Bei Fu' Risk Management 1 Technical Jude Driscoll Head of Public Fixed Income Todd Howard, CFA Portfolio Manager Andrew Kronschnabel, CFA Head of Investment Grade Credit Alfro bone, CFA Head of Structured Products Joshua Lofgren, CFA Portfolio Manager Peter Mahoney Portfolio Manager Sett Moses, CFA Head of Emerging IVhrket Debt Stephen Mullin, CFA Head of Long Duration Fixed Income Scott Pavlak, CFA Head of Short Duration Fixed Incorre Timothy Rabe, CFA Head of High Yield RISK NIANAGENENT / PORTFOLIO ANALYTICS Ryan Dougherty Jordan Marron, CFA TRADING FRgh Grade Dana Cottrell Head of IG Trading Anthony DeMaria Ryan Dougherty Steven Kelly, CFA Lou Petriello, CFA Ryan Reilly High Yield Thomas McClintic Head of HYTrading Robb Barrett Ameera Besspiata James Grace Spencer Tullo Sovereign Carrie Bierrer, CFA Nike DeFazo Christopher Magnus Structured Products Jason Valentino Head of SF Trading Michael Brown Paul D'Eramo, CFA Sean Lyng, CFA John Palphreyrran, CFA Pala Pathak Timothy Rose, CFA Joseph Watkins Money Markets / Rates Phillip Tran Municipal Vincent Del Vecchio Kimberley Slough LOGANCIRCLE P A R TN ER 5 A Met Life Affiliate 69 CREDIT RESEARCH TEAM Brian Funk, CFA Head of Credit Research 39 Professionals Covering Corporate and Municipal Credit Consumer Energy Telecom, Media Utilities Credit & Healthcare & Basic Materials Financials Industrials & Technology & Midstream Municipals Strategy Ian Bowman Brent Garrels Scott O'Donnell John Jennings, CFA 1 Zachary Bauer, CFA Leo Keiser, CFA Joe Gankiewicz, CFA Juan Peruyero Elyse Goldschmidt Park Benjamin, CFA Joseph Di Carlo, CFA Richard Davis, CFA Kevin Bowles, CFA Marc Bromberg, CFA Sharon Carroll Bryan Hartigan Brian Kish, CFA Rick Corbit Jack Maine Matthew Higgins, CFA David Caras, CFA Michael Frey Robert Moore, CFA Jiming Tao, CFA Kevin Kloeblen, CFA Stephen Driscoll Helene Moehlman, CFA Richard Lee Jack Chan, CFA Susan Young Trevor O'Connell, CFA Yahyin Shen, CFA Michael Recchiuti Thomas Sarkis, CFA Christopher Meyer, CFA William Schramm, CFA Joel Trujillo Scott Wancier, CFA Regional Credit Teams London Hong Kong CEEMEACredit Asia Credit Santiago Latin America Credit Jean -Luc Eberlin 10 professionals covering EMEA Bei Fu Mario Cortes 15 professionals covering Asia 12 professionals covering Latin America LOGANCIRCLE P A R TN ER 5 70 A Met Life Affiliate 5 MARKET REVIEW Outlook and Current Themes ➢ GDP - Downshift in global growth spills over to U.S. in the first quarter with a pullback in consumption as concerns over central bank policies, trade and Brexit weigh on sentiment despite solid underlying fundamentals. Full -year U.S. growth will fall below 2018's level but remains above the longer -term 2% trend. Drivers include a rebound by the consumer, increased business and government spending and a firming in housing. Fiscal stimulus will continue to support activity, albeit with diminishing impact. Signs of improvement in developed markets, including China and the EU, begin to emerge. ➢ Business - Sentiment along with manufacturing and service surveys, while off of recent highs, remain healthy. Fourth-quarter earnings topped consensus estimates at +15% but forward guidance has been cut as companies grow cautious due to lack of visibility on trade issues as well as rising pressure on margins due to input costs. As a trade agreement with China appears increasingly likely, we expect the earnings picture to improve. Reset lower in interest rates and flat yield curve may pressure bank earnings but disciplined balance sheet growth, sound asset quality and robust capital levels leave bank fundamentals strong. Somewhat surprising for this stage of the cycle are signs of improving productivity, as inefficient capacity is shut (e.g. underperforming retail) while M&A activity continues to wring costs out of businesses across multiple sectors. ➢ Consumer - Recent weakness in spending should prove transitory as wages and income continue to outpace inflation and strengthen consumer balance sheets. Confidence measures, while down from their recent peaks, remain high by historical standards. Debt service and financial obligations ratios, which provide a broad view of consumer health, along with an elevated savings rate (as a percent of disposable personal income) should lend further support to a rebound in consumption. ➢ Employment - Despite the recent easing in the pace of job growth, the U.S. labor market remains strong and is expected to prevail throughout the year. The continued challenge on the part of employers to find qualified candidates to fill open positions amid above -trend economic growth will maintain upward pressure on wage growth which has reached multiyear highs. Recent job indicators have been more uneven and inconsistent, however, average hourly earnings and the Employment Cost Index continue to provide evidence of growth of real wages. ➢ Central Banks / International - Given the soft patch in global economic growth experienced in the first quarter along with prior -quarter financial market turbulence, trade -related uncertainty and unsettled Brexit outcome, central banks have broadly backed off monetary policy normalization. Below -target inflation readings in some regions give central bankers leeway and time to extend policies to support growth. China's stimulus measures have triggered improved market confidence. A disorderly Brexit outcome could result in a temporary risk -off market move while a positive resolution to the prolonged U.S.- China trade negotiations is expected to remove an impediment to growth and support higher interest rates globally. ➢ Residential / Commercial Real Estate - Housing affordability remains a challenge although the recent decline in mortgage rates provides some respite. Steady demand from millennials and historically low housing inventory supports modest home price appreciation in 2019, particularly for more affordable properties. Multifamily properties should still benefit from low rental vacancy rates. A slower pace of new construction results in better balanced CRE supply and demand while positive NOI and stable cap rates support steady price appreciation. The strength of e-commerce still presents challenges for lower quality retail properties. In some geographies, office properties continue to grapple with higher vacancies brought on by recent new construction. ➢ U.S. Monetary & Fiscal Policy - The Federal Reserves pivot to a policy stance emphasizing patience places future rate hikes on hold through 1 H2O19 and has resulted in a tempering of its balance sheet runoff earlier than anticipated. Markets have priced in a Fed rate cut before year end, however, given an expected rebound in the pace of economic growth and gradual rise in inflation, we anticipate the Fed will not ease in 2019 but re-engage in its effort to normalize monetary policy to more closely approach its long-term neutral range by hiking interest rates once this year. Fiscal policy remains stimulative, as the CBO's federal budget deficit estimate approaching $1 trillion, although the boost from growth benefits of the 2017 tax reform package lessen. ➢ Inflation - Inflation measures have been largely range -bound and have not yet broken sustainably above the Federal Reserve's 2% target, which it has more recently characterized as symmetrical, despite continued upward pressure on wages. Given recent indications of weak global economic growth and spillover drag effects on the U.S. economy, any pickup in inflation is expected to be gradual. With a resumption in above -trend growth and the Fed's unexpectedly dovish pivot, we expect indicators of future inflation (e.g. TIPS breakevens, consumer expectations) to surprise on the upside. The views presented above are Logan Qrde's and are subfed to dia ge over tirre. There can be no asset that the views expressed above witl prove accurate and should not be relied upon as a reliable ircficator of future events. LOGANCIRCLE P A R T NERS A Met Life Affiliate 6 71 MARKET REVIEW Yields (%) — as of March 31, 2019 3.00% 2.50% 2.00% 1.50% 1.00% 3-Month LIBOR ■ 3/31/2018 U.S. Treasury 3-Morrth ❑ 6/30/2018 U.S. Treasury 2-Year U.S. Treasury 5-Year U.S. Treasury 10-Year ■ 9/30/2018 ❑ 12/31/2018 ■ 3/29/2019 LOGANCIRCLE P A R TN ER 5 A Met Life Affiliate 72 Source: Bloomberg MARKET REVIEW Central Bank Assets — as of March 31, 2019 16,000 14,000 12,000 10,000 €79- 8,000 6,000 4,000 $5,025 $3, $5,247 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 ECB FED ■ BOJ Central Bank 12/31/2008 12/31/2013 10/31/2017 3/31/2019 European Central Bank $2,855 $3,141 Federal Reserve $2,239 $4,033 Bank of Japan $1,354 $2,129 $5,091 $5,247 $3,956 $5,025 $4,456 Fed balance sheet reduction begins $4,559 Total $6,448 $9,303 $14,106 $14,228 Figures are in billions ($USD) LOGANCIRCLE P A R TN ER 5 A Met Life Affiliate 73 Source: Federal FOseive, Bank of Japan, European Central Bank MARKET REVIEW U.S. Treasury Securities - as of December 31, 2018 19,000 17,000 15,000 13,000 11,000 9,000 7,000 5,000 3,000 17,603 I� ` � O � N M � Ln Cfl f� 00 ` § 'A N 'A 'A V A `A ` � Congressional Budget Office - as of January 31, 2019 ($ Billions) 1973 1983 1993 2003 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019* 2020* Revenues 231 601 1,154 1,782 2,524 2,105 2,163 2,304 2,450 2,775 3,022 3,250 3,268 3,316 3,329 3,515 3,686 Outlays 246 808 1,409 2,160 2,983 3,518 3,457 3,603 3,537 3,455 3,506 3,688 3,853 3,982 4,108 4,412 4,589 Social Security 48 169 302 470 612 678 701 725 768 808 845 882 910 939 982 1,039 1,102 Medicare 9 56 143 274 456 500 520 560 551 585 600 634 692 702 704 768 821 Medicaid 5 19 76 161 201 251 273 275 251 265 301 350 368 375 389 406 420 Income Security 14 64 117 196 261 350 437 404 354 340 311 301 304 293 285 299 302 Retirement & Disability 12 45 68 100 129 138 138 144 144 153 158 161 164 163 163 170 178 Defense 77 210 292 405 612 657 689 699 671 626 596 583 585 590 622 664 648 Other 63 156 212 401 458 758 502 566 580 458 466 553 589 657 637 682 658 Net Interest 17 90 199 153 253 187 196 230 220 221 229 223 240 263 325 383 460 Deficit (-) or Surplus Total -15 -208 -255 -378 -459 -1,413 -1,294 -1,300 -1,087 -680 -485 -438 -585 -665 -779 -897 -903 *Indicates estimates LOGANCIRCLE P A R T V ER S A Met Life Affiliate 74 Source: Congrassional Budget ice, SIFM4 MARKET REVIEW FOMC Projections 2019 2020 2021 Real GDP December=17 Projection 2.1% 2.0% N/A March -18 Projection 2.4% 2.0% N/A June-18 Projection 2.4% 2.0% N/A September-18 Projection 2.5% 2.0% 1.8% December=18 Projection 2.3% 2.0% 1.8% Marcf -19 Projection 2.1 % 1.9% 1.8% Unemployment Rate December=17 Projection 3.9% 4.0% N/A March -18 Projection 3.6% 3.6% N/A June-18 Projection 3.5% 3.5% N/A September-18 Projection 3.5% 3.5% 3.7% December-18 Projection 3.5% 3.6% 3.8% March -19 Projection 3.7% 3.8% 3.9% PCE Inflation December-17 Projection 2.0% 2.0% N/A March -18 Projection 2.0% 2.1 % N/A June-18 Projection 2.1 % 2.1 % N/A September-18 Projection 2.0% 2.1 % 2.1 % December-18 Projection 1.9% 2.1 % 2.1 % March -19 Projection 1.8% 2.0% 2.0% LOGANCIRCLE P A R TN ER 5 A Met Life Affiliate 75 Source: Federal Reserve 10 MARKET REVIEW Fed Expectations vs Fed Funds Futures Rate — as of March 31, 2019 4.000 3.500 0 0 a 3.000 - 2.500 - 2.000 1.500 •• i •••• • •• ••• ii••�� Ii•• • • • • • • • 0.19% difference 0.74% difference • •••• • • 0.77% difference • • •••• • 400 • •••••• 2019 2020 • FOMC Vote — — Fed Fund Futures contracts (as of 9/30/18) Fed Fund Futures contracts (as of 3/31/19) 2021 X Median FOMC Estimate Longer Faun • • • • Fed Fund Futures contracts (as of 12/31/18) LOGANCIRCLE P A R TN ER 5 A Met Life Affiliate 76 Source: Federal Reserve, Bloomberg 11 MARKET REVIEW U.S. Yield Curve — as of March 31, 2019 175 150 125 w 100 c 2 75 2 o� 50 25 0 -25 § §§§r§§M ‘MM IMMIN; (1 °a) Lca' 5-Year Less 2-Year Fed Tightening U.S. Yield Curve — as of March 31, 2019 § § § § § § 1 8 M Recession - - - 5-Year Less 2-Year Avg. oti N 8 O N Cr) • Ln CO ti CO Oimp gap N N ON ON N ON ON N gi Irk ON 10-Year Less 3-Month Fed Tightening Recession -10-Year Less 3-Month Avg. 3 LOGANCIRCLE P A R T NERS A Met Life Affiliate 77 Source: Bloomberg; National Bureau ofEconorrc Research 12 MARKET REVIEW U.S. GDP Growth Real GDP Consumer Fixed Government Net Year Quarter QoQ(%) Spending Investment Spending Exports Inventories 2009 1Q -4.40 -0.52 -5.07 0.92 2.40 -2.14 2Q -0.60 -1.03 -2.11 1.22 2.39 -1.04 3Q 1.50 1.92 0.25 0.23 -0.61 -0.33 4Q 4.50 -0.39 0.32 0.17 -0.07 4.44 2010 1Q 1.50 1.32 -0.02 -0.33 -0.72 1.30 2Q 3.70 2.16 2.03 0.30 -1.67 0.92 3Q 3.00 1.90 0.32 -0.57 -0.94 2.28 4Q 2.00 1.80 1.08 -0.52 0.91 -1.25 2011 1Q -1.00 1.17 -0.09 -1.01 -0.02 -1.02 2Q 2.90 0.62 1.34 -0.55 0.45 1.03 3Q -0.10 1.07 2.42 -1.16 -0.21 -2.23 4Q 4.70 0.52 1.55 -0.04 -0.36 3.06 2012 1Q 3.20 2.19 1.90 -0.34 0.00 -0.59 2Q 1.70 0.41 1.25 -0.41 0.27 0.21 3Q 0.50 0.45 0.09 -0.12 -0.08 0.20 4Q 0.50 1.22 1.13 -0.76 0.57 -1.70 2013 1Q 3.60 1.44 1.10 -0.68 0.40 1.33 2Q 0.50 0.20 0.52 -0.13 -0.33 0.23 3Q 3.20 1.10 1.12 -0.40 -0.14 1.48 4Q 3.20 2.31 0.89 -0.58 1.23 -0.62 2014 1Q -1.00 1.02 0.60 -0.26 -1.08 -1.28 2Q 5.10 2.92 1.69 0.00 -0.51 1.02 3Q 4.90 2.98 1.35 0.51 0.12 -0.03 4Q 1.90 3.10 0.72 -0.07 -1.08 -0.77 2015 1Q 3.30 2.36 -0.01 0.40 -1.58 2.16 2Q 3.30 2.28 0.63 0.70 -0.01 -0.25 3Q 1.00 1.91 0.51 0.33 -1.05 -0.73 4Q 0.4.0 1.52 -0.33 0.12 -0.21 -0.70 2016 1Q 1.50 1.62 0.31 0.60 -0.36 -0.62 2Q 2.30 2.30 0.46 -0.15 0.29 -0.62 3Q 1.90 1.79 0.52 0.17 0.03 -0.59 4Q 1.80 1.75 0.28 0.03 -1.32 1.03 2017 1Q 1.80 1.22 1.60 -0.13 -0.10 -0.80 2Q 3.00 1.95 0.72 0.01 0.08 0.23 3Q 2.80 1.52 0.44 -0.18 0.01 1.04 4Q 2.30 2.64 1.04 0.41 -0.89 -0.91 2018 1Q 2.20 0.36 1.34 0.27 -0.02 0.27 2Q 4.20 2.57 1.10 0.43 1.22 -1.17 3Q 3.40 2.37 0.21 0.44 -1.99 2.33 4Q 2.20 1.66 0.54 -0.07 -0.08 0.11 Average (2009-2018) 2.06 1.49 0.59 -0.03 -0.13 0.13 LOGANCIRCLE P A R TN ER 5 A Met Life Affiliate 78 Source: Bureau of Economb Analysis 13 MARKET REVIEW 150 140 130 120 110 100 90 80 70 60 50 U.S. Real Median Household Income 64,000 62,000 60,000 58,000 56,000 54,000 52,000 50,000 48,000 46,000 44,000 0h 00 01 04' 0Q' 00 0'� or1, On' OD 00 00 01 OQ' O0 ,�O NN <1, r�" � r�� <0 <3 K1 �0 �0 �0 �0 <0 rO rO �O �O �O �O �O �O �O �O �O Consumer Confidence and S&P 500 — as of March 31, 2019 I �.2,8342'850 3,050 124. 2012 2013 2014 2015 Consumer Confidence (LHS) 2016 2017 S&P 500 Index (RHS) 2018 2,650 2,450 2,250 2,050 1,850 1,650 1,450 1,250 LOGANCIRCLE PAR T N ER 5 A Met Life Affiliate 79 Sauce: US Census Bureau, Bioorrterg MARKET REVIEW Non -Farm Payroll / Participation Rate — as of March 31, 2019 Labor Force Unemployment Non -Farm Participation Rate Rate Payroll Average (1982- 2016) Current Average (2017 - 2019) 65.5% 6.3% 129,876 63.0% 3.8% 196,000 62.9% 4.1 % 199,000 U.S. Average Earnings — as of March 31, 2019 3.4% 3.2% 3.0% L 2.8% 0 2.8% L r 2.4% 2.2% 2.0% 1.8% 2012 2013 2014 2015 2016 2017 3.20% 2018 LOGANCIRCLE P A R T NERS A Met Life Affiliate 80 Source: Bureau of Labor Statistics 15 MARKET REVIEW U.S. Total Quits Rate — as February 28, 2019 2.3% 2.1% 1.9% 1.7% 1.5% 1.3% 1.1% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Recession U.S. Total Quits Rate Number of Unemployed Persons Per Job Opening— as of February 28, 2019 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 � t: r h :n b i t �5 1 ' dui � �: :5 ,;: tov ■ Recession Nun r of Unemployed Persons Per Job Opening LOGANCIRCLE P A R TN ER 5 A Met Life Affiliate 81 Wire: Bureau of Labor Statistics, National Bureau of Econorric Research 16 MARKET REVIEW CPI Core Breakdown — as of March 31, 2019 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% - 0.5% - 1.0% - 1.5% Dee 14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Al Items (Less Food and Energy) Goods (Less Food and Energy) Services (Less Energy Services) 5-Year TIPS Breakeven Rate — as of March 31, 2019 230 210 190 170 A 150 130 110 90 Dee 14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec 17 Jun-18 Dec 18 79 LOGANCIRCLE P A R TN ER 5 A Met Life Affiliate 82 Source: Bureau of Labor Statistics, Bloomberg 17 MARKET REVIEW Size and Composition of the U.S. Credit Index — as of March 31, 2019 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 201. 2,c 3z 758 706 30 18 ■ A to NV\ Rated ■ BBB -Rated LOGANCIRCLE P A R TN ER 5 A Met Life Affiliate 83 Source: Bloomberg Bardays MARKET REVIEW NFIB Small Business Optimism Index — as of March 31, 2019 110 105 1 nn 85 80 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 101.8 S&P 500 Dividends And Buybacks — as of December 31, 2018 400 350 300 250 200 0 .6% 150 100 50 0 ■ S&P 500 Dividends ■ S&P 500 Buybacks LOGANCIRCLE P A R TN ER 5 A Met Life Affiliate 84 Source: Bloomberg 19 MARKET REVIEW Investment Grade Leverage — as of December 31, 2018 2.70 2.60 2.50 2.4.0 2.30 2.20 2.10 2.00 1.90 1.80 1.70 .: `.7g•-2..i1a� Zx��n�.A°�Ya +i '�,rx`a?' sr, �4a� t G -.t�. ,,sr' 1" :i, `;ia�A: `- i. oOcb 000 000 000 Or\O OHO ONN O�� OPti 0<1, ONO OtO Or\O' O,\D' Oh O<h OPO O<O 0�1 or�1 or��b OHO �� O� �� Oi �( O( �9 O� �� OCV �C O� �(1O(1�� O(1�(1O(1�(1O(1�� O� O O 4 O. O- O- O- 4 4 6-6-4 C� O 4 4 4 O- 6-4 O O Trailing 12-Month Leverage (Grass) Investment Grade Revenue — as of December 31, 2018 2,500 2,000 � 1,000 500 0 000 000 OHO OHO ON\ O� O<I O<1 O<O O<O ONE O� O<e O<r OtO OHO O� OK\ O <Oie O<O 6 O, O ds O C3 6 O O O O O, O O O O O O 6 C� \J\ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ 1 Quarterly Revenue (LHS) YoY Growth (RHS) 20% 15% 10% 5% LOGANCIRCLE P A R TN ER S A Met Life Affiliate 85 Source.' Bloomberg 20 MARKET REVIEW Investment Grade EBITDA- as of December 31, 2018 400 -g 300 f f.� 200 100 0 00 00 005 00 t�0 �O t\t\ it\ KV ,��' t\b t\1' t\� t\� t\r3 Kr3 <O �O �'� �'� �O t`b �O �O �O �O �O (O (O (O �O �O �O �O (O (O (1 �O (O a� a0 O� 0- O� Can- 0 0- O� 0- O� On' O` O�' O� On' 4` C30 O` On' O` On' mm Quarterly EBITDA (LHS) EBITDA Margin (RHS) Investment Grade Leverage Comparisons - as of December 31, 2018 22% 21% 20% 19% 18% 17% LTM Revenue LTM EBITDA LTM Leverage Current QoQ % YoY % Current QoQ % YoY % Current QoQ % YoY % Current vs Industry Sector Quarter Change Change Quarter Change Change Quarter Change Change Median* Median Rasic Industry 301,151 1% 11% 60,233 3% 13% 2.04 -4% -12% 2.17 (0.13) Capital Goods 940,455 2% 8% 159,879 10% 20% 2.89 -9% -153/0 4.01 (1.12) Communications 620,902 2% 7% 191,733 -2% 3% 2.98 8% 7% 2.17 0.81 Consumer Cyclical 2,133,779 1% 8% 261,494 2% 12% 2.4.0 0% -4% 2.11 0.30 Consumer Non Cyclical 2,097,867 1% 5% 325,614 2% 5% 2.70 1% 2% 2.01 0.69 Energy 1,328,224 3% 21% 261,821 6% 34% 2.22 -5% -23% 1.30 0.92 Industrial Other 47,182 1% 7% 3,610 2% 0% 2.08 -5% 2% 1.75 0.33 Technology 1,155,152 1 % 10% 339,061 0% 10% 1.47 -1% -16% 0.92 0.55 Transportation 298,335 2% 9% 69,339 3% 5% 1.78 7% 17%o 1.50 0.29 Electric 282,268 1% 3% 90,002 -3% -4% 5.28 10% 16% 4.30 0.98 Natural Cis 46,816 1% 5% 14,078 -2% -1% 2.90 9% 7% 2.87 0.03 Total 9,252,132 2% 9% 1,776,864 23% 11% 244 0% -6% 2.14 0.30 Ex -Energy 7,923,908 1% 7% 1,515,043 2% 8% 2.48 1% -3% 2.35 0.13 Ex -Energy & IVVM 7,867,997 1% 7% 1,502,671 2% 8% 2.49 1% -3% 2.35 0.14 ilibdian range is 4Q 2008- 4Q 2018 LOGANCIRCLE P A R TN ER 5 A Met Life Affiliate 86 Source.' Bloomberg MARKET REVIEW FDIC Banks Capital Ratios — as of December 31, 2018 14% 0% 1934 1944 1954 1964 1974 1984 1994 2004 2014 FDIC Banks Non -Performing Assets — as of December 31, 2018 $350 $250 $100 $80 $0 Via`. z F.ffiik _�' Win.. ',*` �`,� ` P }aqttitet-allf,CAZN. 1111111111111111111111111 ■■■■■■■I g§§` g § § g g g § r O7 § O i S S N I S I,,; N N N N R1 a CV GV Non -performing Assets (LHS) —NPA Ratio (RHS) 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% LOGANCIRCLE P A R TN ER 5 A Met Life Affiliate 87 Source: FDIC, NY Federal Reserve, Barclays 22 MARKET REVIEW ICE BofAML Corporate 1-5 Year OAS — as of March 31, 2019 170 150 130 90 70 50 Dee 13 Jurr14 Dec-14 Jur}15 Dec-15 Jun-16 Dec-16 Jun-17 Dec 17 Jurr18 Dee18 9 OAS (bps) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Corporate(1-5) 70 61 65 62 196 639 166 136 227 110 89 99 121 96 61 114 79 Financial(1-5) 51 50 57 56 212 663 204 158 308 126 93 96 104 100 60 116 81 Industrial (1-5) 86 73 75 69 181 624 135 116 164 96 85 103 134 92 61 112 76 Utility (1-5) 79 63 73 71 175 576 155 131 169 110 99 89 120 101 64 126 90 Corporate (Al) 94 83 92 91 200 573 180 161 252 152 128 144 173 130 99 159 127 Hgh Yield (Al) 418 309 371 289 591 1803 622 531 709 526 400 504 695 422 363 533 405 LOGANCIRCLE P A R TN ER 5 A Met Life Affiliate 88 Source: ICE Data Services PORTFOLIO REVIEW — 2017 Toll Revenue 1-15 Project Fund Portfolio Characteristics As of December 31, 2018 Actual Portfolio Yield to Maturity 2.82% Duration 0.33 Years Average Quality (Moody's) Aa3 Portfolio Market Value $76,231,006 As of March 31, 2019 Actual Portfolio Yield to Maturity 2.61% Duration 0.27 Years Average Quality (Moody's) Aa2 Portfolio Market Value $70,510,557 4% Asset Allocation CM3S 1% 4% Portfolio Performance) Since 1 Q 2019 1-Year Inception (8/1/2017) 2017 Toll Revenue 1-15 Project Fund (Gross of Fees) 0.76% 2.50% 1.88% 2017 Toll Revenue I-15 Project Fund (Net of Fees) 0.74% 2.41 % 1.78% FTSE 6-Month Treasury Bill 0.61 % 2.18% 1.80% 'Past performance is not indicative of future results. The Since Inception performance returns of the portfolio is as of the first full month following the funding date. The performance benchmark shovel for the I3verside County 1-15 tress Lanes 2017 Toll Revenue Prgect Portfolio is the ICE EofANL 0-2 Year US. Treasury Index, which is a broad -based index consisting of US Treasury securities with an outstanding par greaterthan or equal to $1 billion and a maturity range from zero to two year reflecting total retum. LOGANCIRCLE P A R TN ER 5 A Met Life Affiliate 89 24 PORTFOLIO REVIEW — 2013 SR-91 Project Residual Portfolio Characteristics As of December 31, 2018 Actual Portfolio Yield to Maturity 2.86% Duration 1.10 Years Average Quality (Moody's) Aa2 Portfolio Market Value $13,878,556 As of March 31, 2019 Actual Portfolio Yield to Maturity 2.57% Duration 0.83 Years Average Quality (Moody's) Aa2 Portfolio Market Value $16,019,549 Asset Allocation clVBs Agency RIVES 5% 3% 3% RIVES 6% AgencY 5% Munidpal 1% CM3S 7% CD 4% Portfolio Performancel 1Q 2019 Since Inception (2/1/2018) Riverside county 2013 SR 91 Project Residual Fund (Gross of Fees) 0.98% 2.45% Riverside County 2013 SR 91 Project Residual Fund (Net of Fees) 0.96% 2.35% ICE BofAMI_ U.S. Treasury Index 0-2 Year 0.79% 2.22% 1 Past performance is not inckatiye of future results. Inception date 1/4/18. Performance returns are calculated as of the first full month following the funding date. The performance benchrnerk shown for the R erside County 2013 Residual Fund Portfolio is the ICE BofA1VL 1-3 Year US Treasury Index, which is a broad -based index consisting of U.S. Treasury securities with an outstanding par greater than or equal to $1 billion and maturity range from one to three year reflecting total retum. LOGANCIRCLE P A R TN ER S A Met Life Affiliate 90 25 PORTFOLIO REVIEW — 2017 Toll Revenue 1-15 Ramp Up Reserve Portfolio Characteristics As of December 31, 2018 Actual Portfolio Yield to Maturity 2.63% Duration 1.30 Years Average Quality (Moody's) Aaa Portfolio Market Value $8,068,645 As of March 31, 2019 Actual Portfolio Yield to Maturity 2.52% Duration 1.16 Years Average Quality (Moody's) Aaa Portfolio Market Value $8,140,875 Asset Allocation Agency 9% Agency 6% Portfolio Perfommancel 1 Q 2019 Since Inception (1/1/2018) 2017 Toll Revenue 1-15 Ramp Up Reserve (Gross of Fees) 0.90% 2.46% 2017 Toll Revenue I-15 Ramp Up Rcscrve (Net of Fees) 0.87% 2.36% ICE BofAIVL U.S. Treasury Index 0-2 Year 0.79% 2.07% 1 Past performance is not indicative of future results. Inception date 12/5/17. Performance returns are calculated as of the first full month following the funding date. Tice performance benchmark shown for the R erside County 1-15 Evress Lanes Toll Revenue Reserve Portfolio is the ICE EofAM_ 1-3 Year U.S Treasury Index, which is a broad -based index testing of U.S. Treasury securities with an outstanding par greater than or equal to $1 billion and a maturity range from one to three years, reflecting total return. LOGANCIRCLE P A R TN ER S A Met Life Affiliate 91 26 PORTFOLIO REVIEW — Debt Reserve Fund Portfolio Characteristics As of December 31, 2018 Actual Portfolio Yield to Maturity 2.80% Duration 3.17 Years Average Quality (Moody's) Aaa Portfolio Market Value $18,167, 370 As of March 31, 2019 Actual Portfolio Yield to Maturity 2.60% Duration 3.01 Years Average Quality (Moody's) Aaa RMBS Portfolio Market Value $18,406,380 13% Asset Allocation Portfolio Performance' 1Q2019 1-Year Since Inception (8/1/2013) Total Debt Service Fund (Gross of Fees) 1.32% 3.37% 2.11 Total Debt Service Fund (Net of Fees) 1.29% 3.27% 2.01 % ICE BofAM_ U.S. Troakiry Index 1-3 Year 0.98% 2.72% 0.94% ICE BofAML U.S. Tronsury Index 3-7 Year 1.80% 4.24% 1.85% 1 Past performance is not indicative of future results. Performance returns for periods greater than one year are annualized. The performance benchmark shown for the Rverside County Debt Reserve Find is the ICE BofAIYL US Treasury 3-7 Year, which is a braxd-based index consisting of US. Treasury securities with an outstan°'ing par greater or equal to $1 billion and a maturity range from three to seven years, indusive, refl